49
AUGUST 21-23, 2018 • CLEVELAND, OHIO
A U G U S T 2 1 - 2 3 2 0 1 8 bull C L E V E L A N D O H I O
Business Case 20 New Research Around High Performing Buildings
Thursday 23rd 20181030am ndash 1200pm
Paul Mathew
Staff Scientist and Department Head of Whole Building SystemsLawrence Berkeley National Laboratory
Paolo Issler
Real Estate and Financial Markets Lab DirectorUniversity of California Berkeley
Erin Hopkins
Assistant Professor of Property ManagementVirginia Tech
Andrew White
Associate ManagerRE Tech Advisors
Panelists
Energy and Default Risk in Commercial Mortgages
4
Paulo IsslerReal Estate amp Financial Markets Lab DirectorUniversity of California Berkeley
5
Acknowledgements Holly Carr (US DOE) Cindy Zhu (US DOE)
Philip Coleman (LBNL) Jeff Deason (LBNL) Tianzhen Hong (LBNL) Paulo Issler (UCB) Paul Mathew (LBNL) Emily McLaughlin (IMT) Baptiste Ravache (LBNL) Kaiyu Sun (LBNL) Nancy Wallace (UCB)
6
The link between energy and CRE mortgages Net Operating Income (NOI) the key financial measure for CRE valuation and mortgage risk Energy cost is one of the largest components of Net Operating Income (NOI)
Energy prices are highly volatile Poor CRE property management can severely impact energy consumption
Current practice does not fully account for these factors in calculation of Net Operating Income (NOI) Usually based on historical average cost data if available Does not account for energy use and price volatility during mortgage term
Key question How much do these factors ldquomove the needlerdquo for NOI and default risk
Energy Use VolumeElectricity kWhkW fuel therms etc
Driven by bldg features operations climate
Energy Use Volatility+- change over mortgage term
Driven by bldg operations weather variation
Energy Price$kWh $kW $therm
Set by rate structure
Energy Price Volatility+- change over mortgage term
Driven by rate structure forward price curves
7
Approach Impact of energy on default rateMortgage Default Rate = f (EUI ElecPriceGap CouponSpread LTV Region more controlshellip)
TREPPLoan Dataset
geocode
Benchmark Disclosure
Dataset
Expanded Benchmark Disclosure
match
Combined TREPP mortgage performance and Benchmarking Disclosure Datasets
ISO ElectricityHH Nat Gas
Datasets
match amp calc
Interest Rate Proxy
Dataset
match amp calc
Empirical analysis combiningbull Mortgage loan data (TREPP) bull Energy use data (Benchmarking disclosure)
8
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Business Case 20 New Research Around High Performing Buildings
Thursday 23rd 20181030am ndash 1200pm
Paul Mathew
Staff Scientist and Department Head of Whole Building SystemsLawrence Berkeley National Laboratory
Paolo Issler
Real Estate and Financial Markets Lab DirectorUniversity of California Berkeley
Erin Hopkins
Assistant Professor of Property ManagementVirginia Tech
Andrew White
Associate ManagerRE Tech Advisors
Panelists
Energy and Default Risk in Commercial Mortgages
4
Paulo IsslerReal Estate amp Financial Markets Lab DirectorUniversity of California Berkeley
5
Acknowledgements Holly Carr (US DOE) Cindy Zhu (US DOE)
Philip Coleman (LBNL) Jeff Deason (LBNL) Tianzhen Hong (LBNL) Paulo Issler (UCB) Paul Mathew (LBNL) Emily McLaughlin (IMT) Baptiste Ravache (LBNL) Kaiyu Sun (LBNL) Nancy Wallace (UCB)
6
The link between energy and CRE mortgages Net Operating Income (NOI) the key financial measure for CRE valuation and mortgage risk Energy cost is one of the largest components of Net Operating Income (NOI)
Energy prices are highly volatile Poor CRE property management can severely impact energy consumption
Current practice does not fully account for these factors in calculation of Net Operating Income (NOI) Usually based on historical average cost data if available Does not account for energy use and price volatility during mortgage term
Key question How much do these factors ldquomove the needlerdquo for NOI and default risk
Energy Use VolumeElectricity kWhkW fuel therms etc
Driven by bldg features operations climate
Energy Use Volatility+- change over mortgage term
Driven by bldg operations weather variation
Energy Price$kWh $kW $therm
Set by rate structure
Energy Price Volatility+- change over mortgage term
Driven by rate structure forward price curves
7
Approach Impact of energy on default rateMortgage Default Rate = f (EUI ElecPriceGap CouponSpread LTV Region more controlshellip)
TREPPLoan Dataset
geocode
Benchmark Disclosure
Dataset
Expanded Benchmark Disclosure
match
Combined TREPP mortgage performance and Benchmarking Disclosure Datasets
ISO ElectricityHH Nat Gas
Datasets
match amp calc
Interest Rate Proxy
Dataset
match amp calc
Empirical analysis combiningbull Mortgage loan data (TREPP) bull Energy use data (Benchmarking disclosure)
8
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
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ST
AR
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ore
Ener
gy u
se
BR
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M
Ener
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Perf
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ates
(U
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BO
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Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Paul Mathew
Staff Scientist and Department Head of Whole Building SystemsLawrence Berkeley National Laboratory
Paolo Issler
Real Estate and Financial Markets Lab DirectorUniversity of California Berkeley
Erin Hopkins
Assistant Professor of Property ManagementVirginia Tech
Andrew White
Associate ManagerRE Tech Advisors
Panelists
Energy and Default Risk in Commercial Mortgages
4
Paulo IsslerReal Estate amp Financial Markets Lab DirectorUniversity of California Berkeley
5
Acknowledgements Holly Carr (US DOE) Cindy Zhu (US DOE)
Philip Coleman (LBNL) Jeff Deason (LBNL) Tianzhen Hong (LBNL) Paulo Issler (UCB) Paul Mathew (LBNL) Emily McLaughlin (IMT) Baptiste Ravache (LBNL) Kaiyu Sun (LBNL) Nancy Wallace (UCB)
6
The link between energy and CRE mortgages Net Operating Income (NOI) the key financial measure for CRE valuation and mortgage risk Energy cost is one of the largest components of Net Operating Income (NOI)
Energy prices are highly volatile Poor CRE property management can severely impact energy consumption
Current practice does not fully account for these factors in calculation of Net Operating Income (NOI) Usually based on historical average cost data if available Does not account for energy use and price volatility during mortgage term
Key question How much do these factors ldquomove the needlerdquo for NOI and default risk
Energy Use VolumeElectricity kWhkW fuel therms etc
Driven by bldg features operations climate
Energy Use Volatility+- change over mortgage term
Driven by bldg operations weather variation
Energy Price$kWh $kW $therm
Set by rate structure
Energy Price Volatility+- change over mortgage term
Driven by rate structure forward price curves
7
Approach Impact of energy on default rateMortgage Default Rate = f (EUI ElecPriceGap CouponSpread LTV Region more controlshellip)
TREPPLoan Dataset
geocode
Benchmark Disclosure
Dataset
Expanded Benchmark Disclosure
match
Combined TREPP mortgage performance and Benchmarking Disclosure Datasets
ISO ElectricityHH Nat Gas
Datasets
match amp calc
Interest Rate Proxy
Dataset
match amp calc
Empirical analysis combiningbull Mortgage loan data (TREPP) bull Energy use data (Benchmarking disclosure)
8
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Energy and Default Risk in Commercial Mortgages
4
Paulo IsslerReal Estate amp Financial Markets Lab DirectorUniversity of California Berkeley
5
Acknowledgements Holly Carr (US DOE) Cindy Zhu (US DOE)
Philip Coleman (LBNL) Jeff Deason (LBNL) Tianzhen Hong (LBNL) Paulo Issler (UCB) Paul Mathew (LBNL) Emily McLaughlin (IMT) Baptiste Ravache (LBNL) Kaiyu Sun (LBNL) Nancy Wallace (UCB)
6
The link between energy and CRE mortgages Net Operating Income (NOI) the key financial measure for CRE valuation and mortgage risk Energy cost is one of the largest components of Net Operating Income (NOI)
Energy prices are highly volatile Poor CRE property management can severely impact energy consumption
Current practice does not fully account for these factors in calculation of Net Operating Income (NOI) Usually based on historical average cost data if available Does not account for energy use and price volatility during mortgage term
Key question How much do these factors ldquomove the needlerdquo for NOI and default risk
Energy Use VolumeElectricity kWhkW fuel therms etc
Driven by bldg features operations climate
Energy Use Volatility+- change over mortgage term
Driven by bldg operations weather variation
Energy Price$kWh $kW $therm
Set by rate structure
Energy Price Volatility+- change over mortgage term
Driven by rate structure forward price curves
7
Approach Impact of energy on default rateMortgage Default Rate = f (EUI ElecPriceGap CouponSpread LTV Region more controlshellip)
TREPPLoan Dataset
geocode
Benchmark Disclosure
Dataset
Expanded Benchmark Disclosure
match
Combined TREPP mortgage performance and Benchmarking Disclosure Datasets
ISO ElectricityHH Nat Gas
Datasets
match amp calc
Interest Rate Proxy
Dataset
match amp calc
Empirical analysis combiningbull Mortgage loan data (TREPP) bull Energy use data (Benchmarking disclosure)
8
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Paulo IsslerReal Estate amp Financial Markets Lab DirectorUniversity of California Berkeley
5
Acknowledgements Holly Carr (US DOE) Cindy Zhu (US DOE)
Philip Coleman (LBNL) Jeff Deason (LBNL) Tianzhen Hong (LBNL) Paulo Issler (UCB) Paul Mathew (LBNL) Emily McLaughlin (IMT) Baptiste Ravache (LBNL) Kaiyu Sun (LBNL) Nancy Wallace (UCB)
6
The link between energy and CRE mortgages Net Operating Income (NOI) the key financial measure for CRE valuation and mortgage risk Energy cost is one of the largest components of Net Operating Income (NOI)
Energy prices are highly volatile Poor CRE property management can severely impact energy consumption
Current practice does not fully account for these factors in calculation of Net Operating Income (NOI) Usually based on historical average cost data if available Does not account for energy use and price volatility during mortgage term
Key question How much do these factors ldquomove the needlerdquo for NOI and default risk
Energy Use VolumeElectricity kWhkW fuel therms etc
Driven by bldg features operations climate
Energy Use Volatility+- change over mortgage term
Driven by bldg operations weather variation
Energy Price$kWh $kW $therm
Set by rate structure
Energy Price Volatility+- change over mortgage term
Driven by rate structure forward price curves
7
Approach Impact of energy on default rateMortgage Default Rate = f (EUI ElecPriceGap CouponSpread LTV Region more controlshellip)
TREPPLoan Dataset
geocode
Benchmark Disclosure
Dataset
Expanded Benchmark Disclosure
match
Combined TREPP mortgage performance and Benchmarking Disclosure Datasets
ISO ElectricityHH Nat Gas
Datasets
match amp calc
Interest Rate Proxy
Dataset
match amp calc
Empirical analysis combiningbull Mortgage loan data (TREPP) bull Energy use data (Benchmarking disclosure)
8
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Acknowledgements Holly Carr (US DOE) Cindy Zhu (US DOE)
Philip Coleman (LBNL) Jeff Deason (LBNL) Tianzhen Hong (LBNL) Paulo Issler (UCB) Paul Mathew (LBNL) Emily McLaughlin (IMT) Baptiste Ravache (LBNL) Kaiyu Sun (LBNL) Nancy Wallace (UCB)
6
The link between energy and CRE mortgages Net Operating Income (NOI) the key financial measure for CRE valuation and mortgage risk Energy cost is one of the largest components of Net Operating Income (NOI)
Energy prices are highly volatile Poor CRE property management can severely impact energy consumption
Current practice does not fully account for these factors in calculation of Net Operating Income (NOI) Usually based on historical average cost data if available Does not account for energy use and price volatility during mortgage term
Key question How much do these factors ldquomove the needlerdquo for NOI and default risk
Energy Use VolumeElectricity kWhkW fuel therms etc
Driven by bldg features operations climate
Energy Use Volatility+- change over mortgage term
Driven by bldg operations weather variation
Energy Price$kWh $kW $therm
Set by rate structure
Energy Price Volatility+- change over mortgage term
Driven by rate structure forward price curves
7
Approach Impact of energy on default rateMortgage Default Rate = f (EUI ElecPriceGap CouponSpread LTV Region more controlshellip)
TREPPLoan Dataset
geocode
Benchmark Disclosure
Dataset
Expanded Benchmark Disclosure
match
Combined TREPP mortgage performance and Benchmarking Disclosure Datasets
ISO ElectricityHH Nat Gas
Datasets
match amp calc
Interest Rate Proxy
Dataset
match amp calc
Empirical analysis combiningbull Mortgage loan data (TREPP) bull Energy use data (Benchmarking disclosure)
8
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
The link between energy and CRE mortgages Net Operating Income (NOI) the key financial measure for CRE valuation and mortgage risk Energy cost is one of the largest components of Net Operating Income (NOI)
Energy prices are highly volatile Poor CRE property management can severely impact energy consumption
Current practice does not fully account for these factors in calculation of Net Operating Income (NOI) Usually based on historical average cost data if available Does not account for energy use and price volatility during mortgage term
Key question How much do these factors ldquomove the needlerdquo for NOI and default risk
Energy Use VolumeElectricity kWhkW fuel therms etc
Driven by bldg features operations climate
Energy Use Volatility+- change over mortgage term
Driven by bldg operations weather variation
Energy Price$kWh $kW $therm
Set by rate structure
Energy Price Volatility+- change over mortgage term
Driven by rate structure forward price curves
7
Approach Impact of energy on default rateMortgage Default Rate = f (EUI ElecPriceGap CouponSpread LTV Region more controlshellip)
TREPPLoan Dataset
geocode
Benchmark Disclosure
Dataset
Expanded Benchmark Disclosure
match
Combined TREPP mortgage performance and Benchmarking Disclosure Datasets
ISO ElectricityHH Nat Gas
Datasets
match amp calc
Interest Rate Proxy
Dataset
match amp calc
Empirical analysis combiningbull Mortgage loan data (TREPP) bull Energy use data (Benchmarking disclosure)
8
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Approach Impact of energy on default rateMortgage Default Rate = f (EUI ElecPriceGap CouponSpread LTV Region more controlshellip)
TREPPLoan Dataset
geocode
Benchmark Disclosure
Dataset
Expanded Benchmark Disclosure
match
Combined TREPP mortgage performance and Benchmarking Disclosure Datasets
ISO ElectricityHH Nat Gas
Datasets
match amp calc
Interest Rate Proxy
Dataset
match amp calc
Empirical analysis combiningbull Mortgage loan data (TREPP) bull Energy use data (Benchmarking disclosure)
8
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Default risk and source EUI (cont)
The coefficient estimates for BOTH the Electricity Price Gap and Source EUI are significant at better than the 05 level of statistical significance
bull The higher the Source EUI (the more energy usage per square foot) the higher the likelihood of default
bull The higher the Electricity Price Gap (the larger the difference between the actual and the expected electricity prices since the loan origination) the higher the likelihood of default
Office + Retail ndash Linear probability model
9
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Default risk and source EUI
Coefficient Estimate Standard Error
Intercept -040444 018466Log Source EUI 007335 003129
Origination Loan-to-Value Ratio 000258 000096
Coupon Spread to 10 Year Treasury 002188 001565
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000189 000060
Origination Year Fixed Effects Yes
473 observations R2 = 1052 plt01 plt005 plt001
Office + Retail ndash Linear probability model
10
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Default risk and source EUI (cont)
Coefficient estimates are significant and robust for three cohorts all buildings Office + multiuse + retail office only Coefficient estimates for electricity price gap significant for all buildings
office + multiuse + retail Consistent results for linear probability and logistic regression models
11
Analysis using Scaled Source EUI ndash Linear probability model
Ratio of Source EUI to NOI(floor area)
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
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Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Default risk and source EUI (cont)
Coefficient Estimate Standard Error
Intercept -000538 011067Scaled Source EUI 000183 0000369
Origination Loan-to-Value Ratio 000263 000117
Coupon Spread to 10 Year Treasury 000751 0040
Electricity Price Gap 000003 000001
Time to Maturity on Balloon -000203 000068
Origination Year Fixed Effects Yes
339 observations R2 = 1768 plt01 plt005 plt001
Scaled Source EUI (Office + MU + Retail) ndash Linear probability model
12
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
What are the impacts on specific loansCollaborate with lenders to 1 Demonstrate impact of energy use and price on specific mortgage loans2 Develop recommendations
Approach Compile info from Appraisals PCAs
other sources Estimate source EUI variations
Simulation and empirical approaches
Compute electricity price gap using forward curves
Compute default risk impact due to source EUI and electricity price gap
13
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Case Studies
Denver Office
Denver Hotel
San Francisco Multi-family
San Jose Office Sonoma Office
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Denver Office ndash energy use and default riskFacilities Management factors HVAC schedule Thermostat setback Supply air temp control VAV min flow control Economizer controls Lighting controlsLevels good average poor
Occupancy factors Occupant density Occupant schedule Plug load density Plug load controlsLevels goodlow average poorhigh
CaseFacilities mgmtfactors
OccupancyFactors
Source EUI change ()
Default risk change (bp)
1 Good GoodLow -54 -248
2 Good Ave -33 -127
3 Ave Ave - -
4 Good PoorHigh +4 +12
5 Poor GoodLow +64 +158
6 Poor Ave +76 +181
7 Poor PoorHigh +132 +268
15
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Denver Office ndash energy price and default risk
16
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Case Studies ndash summary of risks impacts
Building Source EUI variation ()
Default rate variation (bp)
Default rate variation relative to TREPP avg ()
Denver Office -54 to +132 -248 to +268 -31 to +34
Sonoma Office -40 to +183 -161 to +331 -20 to +41
San Jose Office -62 to +119 -308 to +249 -39 to +31
Denver Hotel -11 to +17 -37 to +49 -5 to +6
San Francisco Multi-family -20 to +26 -72 to +74 -9 to +9
Wholesale price region Default rate variation (bp) Default rate variation relative to TREPP avg ()
Denver area +159 to +501 +20 to +63
Northern California -49 to +705 -6 to +88
Compare to TREPP average default rate of 800bp
17
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Case Studies ndash business impactThese results showing the impact of energy on default risk are clearly meaningful I dont currently consider energy efficiency when making a loan and seeing this makes me think I would want to ask about itrdquo
I would like to apply these findings but would want an easy way to use it A simple score or ratio for energy risk would be good In fact I would be interested to pilot test it
Keith Hanley Silicon Valley Bank
18
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Looking Ahead
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Looking Ahead ndash our visionTo have energy factors fully and routinely incorporated in commercial mortgage valuation accelerating demand for buildings with lower energy risk
20
Show that energy matters
Develop and pilot
interventions Disseminate
best practices Institutionalize
Analysis of energy impacts
Long term
Case studies on actual mortgage loans
Protocols and tools for lenders and owners
Industry Standards
Scope of current effort
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
RecommendationsLenders Ask owners to provide info on energy cost range
Account for variations in energy use and energy price Could be done as part of Property Condition Assessment Can reference ASTM standard
Incorporate energy risk factor into underwriting and terms eg Interest rate discount for lower risk
Offer additional loan proceeds for EE investments
Owners Ask lenders to account for energy efficiency when setting mortgage
terms Provide data on energy costs to lender
Historical and anticipated In appraisal andor PCA
21
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Thank you
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Money Matters Exploring the Financial Impacts of Green Certifications in the Multifamily Rental Sector
Erin A Hopkins PhD CAPS LEED Green AssociateAssistant Professor of Property Management
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
bull Sample 153 properties from 2 of National Multifamily Housing Councilrsquos 2016 50 Largest Apartment Managers
bull Green-certified 2288 of properties (35 properties)bull Methodology Multiple Regression Analysisbull Controls Location Fitness Center Pool Outdoor Common Area Walk
Score of Unfurnished Apartments Average Apartment Unit Size Age Building Mix
bull Limitations Building class not directly taken into account
Overview of Research
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Certifications Represented in Sample
Austin Energy Green Buildingreg (AEGB)
Rating System(3)
ENERGY STARreg
(1)
Florida Green Building Coalition
(FGBC)(1)
GreenPoint Rated(4)
LEEDreg
(16)
National Green Building Standardtrade
(NGBS)(11)
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
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Non
-ene
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atur
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Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Properties by City
2
4
2 2 21 1
3
1 1 12 2
1 1 1
6
1 1
8
11
4
6
14
3
1
19
3
1 1
7
43
2
9
18
2 2
0
2
4
6
8
10
12
14
16
18
20
Summary Statistics of City Datan=153
Summary Satistics of City Data Green Bldgs Summary Satistics of City Data Non-Green Comparables
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Descriptive
97
71
100
31
89
69
93
24
0
20
40
60
80
100
120
Fitness Center Pool Outdoor Common Area Mixed-Use Property
Summary Statistics of Green vs Non-Green Propertiesn = 153
Green Non-Green
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
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Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Descriptive
73228
866
2011
74
259
894
2003
0
500
1000
1500
2000
2500
Walk Score Average Number of Units Average Apt Unit Size (sf) Age
Summary Statistics of Green vs Non-Green Properties
n = 153
Green Non-Green
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Findings
Total Rents Collected1047
Total Maintenance1254
Property Insurance1319
Total Expenses1311
Higher rents and expenses
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
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AR
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ENER
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Ener
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M
Ener
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orm
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ates
(U
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BO
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Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Financial Impacts of Green
Dependent Variable Per Square Foot Per Apartment Per PropertyTotal Rents Collected 247$ 2189$ 551683$ Subtotal Maintenance 020$ 178$ 44843$ Property Insurance 005$ 42$ 10601$ Total Expenses 112$ 990$ 249535$
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
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ENER
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Ener
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ates
(U
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Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Log(Vacancies amp Rent Loss rentable sf) | Log(Total Rents Collected rentable sf) | Log(Total Actual Collections rentable sf) | Log(Management Fee rentable sf) | Log(Total Utilities Rentable sf) | Log(MampR rentable sf) | Log(Subtotal Maintenance rentable sf) | Log(Property Insurance rentable sf) | Log(Total All Expenses Rentable sf) | Log(NOI Rentable sf) | Concessions rentable sf | ||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Certified (1=yes 0=no)[Yes] | -00318 | 01047 | 00991 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym (1=yes 0=no)[Yes] | 01060 | 00708 | 00767 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | Pool (1=yes 0=no)[Yes] | 01126 | 00089 | 00131 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | Outdoor Common Area (1=yes 0=no)[Yes] | 02673 | -00803 | -00764 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | Walk Score | 00102 | 00065 | 00066 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | of Unfurnished Apartments | -00003 | -00009 | -00008 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | Average Apt Unit Size | -00003 | -00002 | -00002 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | Age | -00026 | 00008 | 00015 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099 | 00043 | 00252 | ||||||||||||||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | ||||||||||||||||||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | ||||||||||||||||||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | ||||||||||||||||||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | ||||||||||||||||||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | ||||||||||||||||||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | ||||||||||||||||||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | ||||||||||||||||||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | ||||||||||||||||||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | ||||||||||||||||||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | ||||||||||||||||||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
| Y | Term | Practical Interpretation increasedecrease | Probgt|t| | Total Rents Collected | Subtotal Maintenance | Property Insurance | Total Expenses | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 009 | 130837635934 | 13311489362 | 01847683215 | 67633617021 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1254 | 010 | 267662568114 | 08839769656 | 0489370035 | 133484365708 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1319 | 005 | 44887430941 | 07758149459 | 02417429373 | 41261056301 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 1311 | 003 | 103066299601 | 12390720963 | 00474343371 | 5067818194 | |||||||||||||||||||||
| 206907297628 | 2385711159 | 02072356932 | 9194606526 | |||||||||||||||||||||||||
| 318766961061 | 22633758919 | 04452208547 | 128154919371 | |||||||||||||||||||||||||
| 92461669878 | 09545425866 | 01280485733 | 38832017239 | |||||||||||||||||||||||||
| 143925847783 | 15966970999 | 02187893202 | 54018796992 | |||||||||||||||||||||||||
| 176714125561 | 02006495648 | 02876780533 | 58992020575 | |||||||||||||||||||||||||
| 232897515382 | 0726170332 | 00787094673 | 69517596041 | |||||||||||||||||||||||||
| Non-green sf average | Financial Green Impact sf | Financial green impact differencesf | Green impactapt | Green impactproperty | 51780910259 | 05203453537 | 00494304264 | 22609306646 | ||||||||||||||||||||
| 178353784788 | 17547710996 | 02048626598 | 95961490345 | |||||||||||||||||||||||||
| Total Rents Collected sf | 1047 | 2356 | 2603 | $ 247 | $ 2189 | $ 551683 | 113769814112 | 12206875575 | 03432049607 | 118156743193 | ||||||||||||||||||
| Subtotal Maintenance sf | 1254 | 160 | 180 | $ 020 | $ 178 | $ 44843 | 301239240258 | 10561596849 | 0204970258 | 110903994641 | ||||||||||||||||||
| Property Insurance sf | 1319 | 036 | 041 | $ 005 | $ 42 | $ 10601 | 918584487 | 08376649832 | 00914663991 | 4146546939 | ||||||||||||||||||
| Total Expenses sf | 1311 | 852 | 963 | $ 112 | $ 990 | $ 249535 | 265183769576 | 19294929362 | 03500602344 | 108447158033 | ||||||||||||||||||
| 226055903548 | 13557897255 | 03988791741 | 10971207244 | |||||||||||||||||||||||||
| 334894587007 | 17970717884 | 05122599181 | 124640467569 | |||||||||||||||||||||||||
| 5542518821 | 31394328066 | 04875650977 | 200668786372 | |||||||||||||||||||||||||
| 112655732059 | 13445692884 | 02031297086 | 43995867235 | |||||||||||||||||||||||||
| 129139526152 | 1168069688 | 00518980213 | 4651511283 | |||||||||||||||||||||||||
| Avg Apt Size | Avg of Units | 151098478261 | 13975 | 02004130435 | 51873478261 | |||||||||||||||||||||||
| 192155046737 | 21015937064 | 02616549091 | 8357602264 | |||||||||||||||||||||||||
| 887 | 252 | 514840434082 | 52766375656 | 02375463267 | 174375582672 | |||||||||||||||||||||||
| 81421971535 | 06694487849 | 00899424521 | 2748686222 | |||||||||||||||||||||||||
| 30246817244 | 21594341279 | 03308639536 | 97277207077 | |||||||||||||||||||||||||
| 488523197409 | 27727612187 | 0646599696 | 130752346177 | |||||||||||||||||||||||||
| 318750561687 | 38903340576 | 03852711795 | 142409683793 | |||||||||||||||||||||||||
| 310384048163 | 43119745565 | 03335824966 | 138846874251 | |||||||||||||||||||||||||
| Green Certification Impacts | 48578215663 | 0350218077 | 03095574205 | 23695139998 | ||||||||||||||||||||||||
| Dependent Variable | Per Square Foot | Per Apartment | Per Property | 192237574111 | 13374121765 | 02053242615 | 84027476689 | |||||||||||||||||||||
| Total Rents Collected | $ 247 | $ 2189 | $ 551683 | 62979912788 | 05343191729 | 00816289996 | 45390243161 | |||||||||||||||||||||
| Subtotal Maintenance | $ 020 | $ 178 | $ 44843 | 148378959661 | 14651715909 | 02004049722 | 80900580942 | |||||||||||||||||||||
| Property Insurance | $ 005 | $ 42 | $ 10601 | 196798863889 | 11267176542 | 02499920663 | 90266351433 | |||||||||||||||||||||
| Total Expenses | $ 112 | $ 990 | $ 249535 | 281508617823 | 09686995581 | 01118170881 | 119863342059 | |||||||||||||||||||||
| 58584849751 | 0106864586 | 04187933949 | 44180073736 | |||||||||||||||||||||||||
| 126756167712 | 1265684516 | 02796423029 | 87538414144 | |||||||||||||||||||||||||
| 176550549412 | 24957340254 | 02343899179 | 88904473415 | |||||||||||||||||||||||||
| 252421786235 | 28063734042 | 03142238564 | 133776179357 | |||||||||||||||||||||||||
| 191875932907 | 13637043757 | 03440324697 | 987034902 | |||||||||||||||||||||||||
| 159508092934 | 13109374847 | 02091697013 | 98967206196 | |||||||||||||||||||||||||
| 342739845467 | 09614092295 | 03929892961 | 129755936769 | |||||||||||||||||||||||||
| 192510355167 | 32804720611 | 01743191858 | 134560085596 | |||||||||||||||||||||||||
| 257829360401 | 13666691797 | 01527100011 | 56329812754 | |||||||||||||||||||||||||
| 358622391559 | 14251973427 | 03437553732 | 101098436889 | |||||||||||||||||||||||||
| 217744157919 | 24046486586 | 01864745418 | 68711016642 | |||||||||||||||||||||||||
| 222112557003 | 22022148788 | 07879755849 | 97807110765 | |||||||||||||||||||||||||
| 202535763689 | 04548110217 | 10003436751 | 127886698915 | |||||||||||||||||||||||||
| 155879815194 | 23816051158 | 04816227091 | 119033557201 | |||||||||||||||||||||||||
| 11066078843 | 23413202706 | 06413902496 | 81812176347 | |||||||||||||||||||||||||
| 151924709838 | 18873401649 | 05711000232 | 105403544539 | |||||||||||||||||||||||||
| 163604010853 | 16052949068 | 02714509557 | 82030431823 | |||||||||||||||||||||||||
| 133974400047 | 11018949984 | 03560839935 | 59096477943 | |||||||||||||||||||||||||
| 133528448829 | 13647819036 | 02538331588 | 66159357367 | |||||||||||||||||||||||||
| 187400008959 | 16889788117 | 030870974 | 115752907975 | |||||||||||||||||||||||||
| 155246293804 | 18308314258 | 03852380906 | 116657595614 | |||||||||||||||||||||||||
| 34082816218 | 05447090935 | 09838411173 | 13641308574 | |||||||||||||||||||||||||
| 201220131342 | 11192465065 | 03188344246 | 93786154242 | |||||||||||||||||||||||||
| 139108532616 | 13313944086 | 03887737775 | 69698295902 | |||||||||||||||||||||||||
| 191656858207 | 15717927807 | 06002115982 | 119380046581 | |||||||||||||||||||||||||
| 200921599083 | 12597596226 | 03267106334 | 82474085087 | |||||||||||||||||||||||||
| 57536742874 | 00453219212 | 00300766262 | 10569757217 | |||||||||||||||||||||||||
| 120548294116 | 11607892527 | 03275736725 | 74435143659 | |||||||||||||||||||||||||
| 123188534664 | 1404028789 | 03510968138 | 78762080781 | |||||||||||||||||||||||||
| 59543029729 | 0899713372 | 01652374748 | 28143456117 | |||||||||||||||||||||||||
| 144215639215 | 19193238703 | 02899837711 | 67370054173 | |||||||||||||||||||||||||
| 340046684831 | 19619729415 | 04325060698 | 120608464163 | |||||||||||||||||||||||||
| 208244777176 | 28183367899 | 037 | 73104355304 | |||||||||||||||||||||||||
| 234349752613 | 19432301154 | 0351134881 | 107484594815 | |||||||||||||||||||||||||
| 136370903402 | 17029933791 | 01989576534 | 50899930579 | |||||||||||||||||||||||||
| 149968383478 | 14209793679 | 02735642323 | 63813718869 | |||||||||||||||||||||||||
| 81145819519 | 0920766851 | 00474564037 | 30674168785 | |||||||||||||||||||||||||
| 226307446224 | 12529424404 | 02036192613 | 69235920453 | |||||||||||||||||||||||||
| 132787305462 | 08047482453 | 01232346659 | 41808605432 | |||||||||||||||||||||||||
| 251519090044 | 21798380428 | 0376480317 | 80396623551 | |||||||||||||||||||||||||
| 492269138212 | 12196979039 | 02981674812 | 128316943664 | |||||||||||||||||||||||||
| 107177195916 | 08016374211 | 0113808252 | 40618650625 | |||||||||||||||||||||||||
| 128238528886 | 10751217142 | 01843492552 | 6476830365 | |||||||||||||||||||||||||
| 57582611557 | 11908427448 | 0874334536 | 134004066235 | |||||||||||||||||||||||||
| 43835651097 | 34822540694 | 03904989384 | 146763800425 | |||||||||||||||||||||||||
| 205787355386 | 1429219053 | 02624404931 | 5321754079 | |||||||||||||||||||||||||
| 463148430769 | 07709353846 | 06150738462 | 101617384615 | |||||||||||||||||||||||||
| 377949548611 | 28670972222 | 08296944444 | 109743576389 | |||||||||||||||||||||||||
| 360087564176 | 03501711352 | 18551055334 | 110041072447 | |||||||||||||||||||||||||
| 18371979614 | 18232783153 | 07267294459 | 61184870906 | |||||||||||||||||||||||||
| 678035276363 | 13443501226 | 10431616676 | 167533484248 | |||||||||||||||||||||||||
| 56073359244 | 10138647576 | 01591318768 | 51440832304 | |||||||||||||||||||||||||
| 189431314891 | 05101557395 | 03677787459 | 41010945328 | |||||||||||||||||||||||||
| 383550342095 | 23244425576 | 04086557393 | 98151764619 | |||||||||||||||||||||||||
| 115544349685 | 03310482653 | 037 | 40344851625 | |||||||||||||||||||||||||
| 7552318246 | 0955023726 | 01241945851 | 24368780848 | |||||||||||||||||||||||||
| 133083101881 | 19451300341 | 00938801919 | 48731378614 | |||||||||||||||||||||||||
| 122308363087 | 13760780005 | 01439989014 | 45100624828 | |||||||||||||||||||||||||
| 84908269322 | 10857071617 | 01155797799 | 36082570734 | |||||||||||||||||||||||||
| 263116048067 | 10733627163 | 041902582 | 60372732395 | |||||||||||||||||||||||||
| 76183752731 | 09621126305 | 01069925907 | 26170373239 | |||||||||||||||||||||||||
| 172494454001 | 11781600332 | 03919686814 | 59016193131 | |||||||||||||||||||||||||
| 342076422068 | 22741368431 | 03165622465 | 73557085549 | |||||||||||||||||||||||||
| 215534567901 | 1485497076 | 02210396361 | 49118778428 | |||||||||||||||||||||||||
| 314593058927 | 23798916958 | 02751353803 | 121998559501 | |||||||||||||||||||||||||
| 586535191691 | 21029046354 | 02109026171 | 91979074439 | |||||||||||||||||||||||||
| 138093310078 | 14595490221 | 02142269839 | 44286283792 | |||||||||||||||||||||||||
| 227203645682 | 04584630891 | 05737147639 | 93344680527 | |||||||||||||||||||||||||
| 572754455737 | 17713614269 | 01642228739 | 92545561671 | |||||||||||||||||||||||||
| 60603870458 | 04541110154 | 01180884676 | 15902125521 | |||||||||||||||||||||||||
| 358781017266 | 33847643857 | 06854022643 | 139200146946 | |||||||||||||||||||||||||
| 342079216629 | 24477703832 | 0463059603 | 67166143833 | |||||||||||||||||||||||||
| 651201231187 | 51019950176 | 12529595849 | 222094150831 | |||||||||||||||||||||||||
| 369798669702 | 21700816928 | 0444474205 | 101410502507 | |||||||||||||||||||||||||
| 421838575952 | 28823013788 | 05443272608 | 151399739597 | |||||||||||||||||||||||||
| 626095189209 | 20826275416 | 04947814184 | 184651096472 | |||||||||||||||||||||||||
| 214882899762 | 25034709712 | 06359683889 | 109534721722 | |||||||||||||||||||||||||
| 274037120739 | 26718517094 | 037 | 67504928595 | |||||||||||||||||||||||||
| 252667703737 | 25588590114 | 05379535858 | 109041874345 | |||||||||||||||||||||||||
| 59253832495 | 01099622961 | 04620367393 | 19262874847 | |||||||||||||||||||||||||
| 150862851538 | 18053109961 | 07398729558 | 71488607075 | |||||||||||||||||||||||||
| 111196959019 | 00928417366 | 037 | 09427894164 | |||||||||||||||||||||||||
| 667360269858 | 07921160191 | 02989609494 | 104670639024 | |||||||||||||||||||||||||
| 2356 | 160 | 036 | 852 |
| Log(Vacancies amp Rent Loss rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | -00318 | 00916 | -00313 | 07289 | |||||
| Fitness Center | 01008 | 01480 | 01060 | 04969 | |||||
| Pool | 01126 | 01133 | 01192 | 03253 | |||||
| Outdoor Common Area | 02673 | 01691 | 03064 | 01162 | |||||
| Walk Score | 00102 | 00041 | 00102 | 00140 | |||||
| of Unfurnished Apartments | -00003 | 00006 | -00003 | 06769 | |||||
| Average Apt Unit Size | -00003 | 00005 | -00003 | 06067 | |||||
| Age | -00026 | 00056 | -00026 | 06428 | |||||
| Building Mix | 00099 | 01008 | 00099 | 09219 | |||||
| Note R2 = 645 | |||||||||
| Log(Total Rents Collected rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00996 | 00591 | 01047 | 00941 | |||||
| Fitness Center | 00684 | 00962 | 00708 | 04783 | |||||
| Pool | 00089 | 00916 | 00089 | 09231 | |||||
| Outdoor Common Area | -00837 | 01126 | -00803 | 04587 | |||||
| Walk Score | 00065 | 00028 | 00065 | 00218 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00290 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05298 | |||||
| Age | 00008 | 00037 | 00008 | 08237 | |||||
| Building Mix | 00043 | 00695 | 00043 | 09507 | |||||
| Note R2 = 3318 | |||||||||
| Log(Total Actual Collections rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00944 | 00579 | 00991 | 01052 | |||||
| Fitness Center | 00739 | 00942 | 00767 | 04343 | |||||
| Pool | 00130 | 00886 | 00131 | 08834 | |||||
| Outdoor Common Area | -00794 | 01102 | -00764 | 04721 | |||||
| Walk Score | 00066 | 00027 | 00066 | 00176 | |||||
| of Unfurnished Apartments | -00008 | 00004 | -00008 | 00322 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 05034 | |||||
| Age | 00015 | 00037 | 00015 | 06799 | |||||
| Building Mix | 00249 | 00678 | 00252 | 07140 | |||||
| Note R2 = 3219 | |||||||||
| Log(Management Fee rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00199 | 00593 | 00201 | 07382 | |||||
| Fitness Center | -00082 | 00958 | -00082 | 09319 | |||||
| Pool | 00174 | 00772 | 00176 | 08236 | |||||
| Outdoor Common Area | 00153 | 01104 | 00154 | 08898 | |||||
| Walk Score | 00070 | 00028 | 00071 | 00139 | |||||
| of Unfurnished Apartments | -00014 | 00004 | -00014 | 00007 | |||||
| Average Apt Unit Size | -00005 | 00003 | -00005 | 01317 | |||||
| Age | 00014 | 00037 | 00014 | 07146 | |||||
| Building Mix | -00674 | 00657 | -00652 | 03066 | |||||
| Note R2 = 1697 | |||||||||
| Log(Total Utilities Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00873 | 00646 | 00912 | 01786 | |||||
| Fitness Center | 01176 | 01048 | 01248 | 02639 | |||||
| Pool | 00116 | 00929 | 00116 | 09012 | |||||
| Outdoor Common Area | 00223 | 01217 | 00225 | 08551 | |||||
| Walk Score | 00069 | 00030 | 00069 | 00228 | |||||
| of Unfurnished Apartments | -00007 | 00004 | -00007 | 01153 | |||||
| Average Apt Unit Size | -00003 | 00004 | -00003 | 03381 | |||||
| Age | 00049 | 00041 | 00049 | 02314 | |||||
| Building Mix | -01198 | 00742 | -01129 | 01087 | |||||
| Note R2 = 2171 | |||||||||
| Log(MampR rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00937 | 00639 | 00983 | 01447 | |||||
| Fitness Center | 00038 | 01036 | 00038 | 09711 | |||||
| Pool | 01320 | 00887 | 01411 | 01414 | |||||
| Outdoor Common Area | -00522 | 01198 | -00508 | 06639 | |||||
| Walk Score | 00110 | 00029 | 00111 | 00002 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00377 | |||||
| Average Apt Unit Size | 00001 | 00004 | 00001 | 08665 | |||||
| Age | 00076 | 00040 | 00077 | 00586 | |||||
| Building Mix | 00598 | 00727 | 00616 | 04122 | |||||
| Note R2 = 2620 | |||||||||
| Log(Subtotal Maintenance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01181 | 00708 | 01254 | 00976 | |||||
| Fitness Center | 00409 | 01149 | 00418 | 07221 | |||||
| Pool | 01516 | 01008 | 01637 | 01377 | |||||
| Outdoor Common Area | -00781 | 01332 | -00751 | 05587 | |||||
| Walk Score | 00119 | 00033 | 00120 | 00004 | |||||
| of Unfurnished Apartments | -00008 | 00005 | -00008 | 00838 | |||||
| Average Apt Unit Size | 00005 | 00004 | 00005 | 01980 | |||||
| Age | 00104 | 00045 | 00105 | 00207 | |||||
| Building Mix | 02440 | 00812 | 02764 | 00031 | |||||
| Note R2 = 3218 | |||||||||
| Log(Property Insurance rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01239 | 00627 | 01319 | 00503 | |||||
| Fitness Center | -00035 | 01025 | -00035 | 09726 | |||||
| Pool | 00227 | 01040 | 00230 | 08273 | |||||
| Outdoor Common Area | 00156 | 01207 | 00157 | 08974 | |||||
| Walk Score | 00073 | 00030 | 00073 | 00175 | |||||
| of Unfurnished Apartments | -00010 | 00004 | -00010 | 00180 | |||||
| Average Apt Unit Size | -00006 | 00004 | -00006 | 00739 | |||||
| Age | 00010 | 00040 | 00010 | 08091 | |||||
| Building Mix | -00520 | 00749 | -00507 | 04887 | |||||
| Note R2 = 3902 | |||||||||
| Log(Total All Expenses Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01232 | 00565 | 01311 | 00311 | |||||
| Fitness Center | 00096 | 00919 | 00097 | 09168 | |||||
| Pool | 01610 | 00847 | 01747 | 00607 | |||||
| Outdoor Common Area | -00362 | 01072 | -00355 | 07361 | |||||
| Walk Score | 00087 | 00026 | 00088 | 00012 | |||||
| of Unfurnished Apartments | -00009 | 00004 | -00009 | 00216 | |||||
| Average Apt Unit Size | -00002 | 00003 | -00002 | 06220 | |||||
| Age | 00016 | 00036 | 00016 | 06614 | |||||
| Building Mix | 00158 | 00658 | 00159 | 08106 | |||||
| Note R2 = 2943 | |||||||||
| Log(NOI Rentable sf) | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 00932 | 00702 | 00977 | 01863 | |||||
| Fitness Center | 01113 | 01144 | 01177 | 03325 | |||||
| Pool | -00609 | 01107 | -00591 | 05838 | |||||
| Outdoor Common Area | -01393 | 01341 | -01300 | 03006 | |||||
| Walk Score | 00045 | 00033 | 00045 | 01797 | |||||
| of Unfurnished Apartments | -00007 | 00005 | -00007 | 01306 | |||||
| Average Apt Unit Size | -00002 | 00004 | -00002 | 06220 | |||||
| Age | 00035 | 00045 | 00035 | 04386 | |||||
| Building Mix | 00489 | 00829 | 00501 | 05562 | |||||
| Note R2 = 3669 | |||||||||
| Concessions rentable sf | |||||||||
| Independent Variable | Estimate | Std Error | Practical Interpretation | Probgt|t| | |||||
| Green Certified | 01111 | 01815 | 01175 | 05416 | |||||
| Fitness Center | -05094 | 02955 | -03991 | 00871 | |||||
| Pool | -00886 | 02792 | -00848 | 07519 | |||||
| Outdoor Common Area | 04576 | 03456 | 05803 | 01876 | |||||
| Walk Score | 00121 | 00086 | 00121 | 01609 | |||||
| of Unfurnished Apartments | -00007 | 00012 | -00007 | 05606 | |||||
| Average Apt Unit Size | -00003 | 00010 | -00003 | 07532 | |||||
| Age | 00130 | 00115 | 00131 | 02598 | |||||
| Building Mix | -03720 | 02130 | -03106 | 00828 | |||||
| Note R2 = 2402 |
| Y | Term | ~Bias | Estimate | EXP estimate | Practical Interpretation increasedecrease | Std Error | DFDen | t Ratio | Probgt|t| | Estimate | Std Error | Practical Interpretation | Significance | ||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Intercept | 00893029328 | 10934118365 | 934 | 06116337119 | 1083785495375 | 01460072116 | 08841869197 | Green Cert | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Green Certified (1=yes 0=no)[Yes] | -0031825668 | 09686754385 | -313 | 009164153 | 139931853592 | -03472843369 | 07288994904 | Gym | ||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Gym (1=yes 0=no)[Yes] | 01007730854 | 11060256399 | 1060 | 01479591517 | 1412043780621 | 0681087207 | 0496931725 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Pool (1=yes 0=no)[Yes] | 01125884395 | 11191712315 | 1192 | 0113345701 | 506840641957 | 09933190097 | 032527325 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 02672618233 | 13063824429 | 3064 | 01690835398 | 1429144230275 | 15806495624 | 01161688791 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Walk Score | 00101642302 | 10102160615 | 102 | 00040763935 | 1219632686439 | 24934369735 | 00139912712 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | of Unfurnished Apartments | -0000250981 | 09997490505 | -003 | 00006011213 | 142449410245 | -04175214322 | 06769256723 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Average Apt Unit Size | -00002575258 | 09997425074 | -003 | 00004990119 | 1315989429881 | -05160713681 | 06066705884 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Age | -00026152008 | 09973882158 | -026 | 00056263988 | 1391583522195 | -04648090107 | 06427946925 | |||||||||||||||||||||
| Log(Vacancies amp Rent Loss rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00099001013 | 10099492694 | 099 | 0100821633 | 1384002310718 | 00981942166 | 09219201454 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Intercept | 30195696974 | 204824761253 | 194825 | 04164909532 | 1420770663705 | 72500246992 | 0 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00996165255 | 11047471944 | 1047 Hopkins Erin Hopkins Erincant provide a confidencd interval for it | 00590542761 | 1286416575023 | 16868638818 | 0094053065 | 0099617 | 00590542761 | 1047 | ||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Gym (1=yes 0=no)[Yes] | 00684081888 | 10708023088 | 708 | 0096210834 | 1330244953516 | 07110237581 | 04783143732 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Pool (1=yes 0=no)[Yes] | 00088712036 | 10089106694 | 089 | 00916333982 | 708572236354 | 00968119025 | 09231490817 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00836597449 | 09197441505 | -803 | 01126005752 | 1404546011941 | -07429779537 | 04587359136 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Walk Score | 0006479206 | 10065002414 | 065 | 0002794287 | 1413201347208 | 23187331419 | 00218436949 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | of Unfurnished Apartments | -00008678845 | 0999132492 | -009 | 00003932429 | 1359586026848 | -22069932213 | 00289920945 | variance components to talk about how much of the total error that is attribuatle to city | ||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Average Apt Unit Size | -00002078918 | 09997921298 | -002 | 00003300088 | 1382568544162 | -06299582685 | 05297616269 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Age | 00008364704 | 10008368204 | 008 | 00037477419 | 1387794745176 | 02231931757 | 08237133506 | |||||||||||||||||||||
| Log(Total Rents Collected rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00042999624 | 10043092206 | 043 | 0069466499 | 142786243042 | 00618998008 | 09507291881 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Intercept | 30681072891 | 215011686418 | 205012 | 04070110501 | 1415072794017 | 75381424868 | 0 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00944491888 | 10990533175 | 991 | 00578900924 | 1291837028308 | 16315259643 | 01052148631 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Gym (1=yes 0=no)[Yes] | 00739127176 | 10767128233 | 767 | 0094247393 | 1335821297113 | 07842415071 | 04342868782 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Pool (1=yes 0=no)[Yes] | 00130418887 | 10131273051 | 131 | 00885804441 | 654593026021 | 01472321442 | 08834013324 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00794248992 | 0923647384 | -764 | 01101507414 | 1410305976559 | -07210564195 | 04720684016 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Walk Score | 00065530115 | 10065745295 | 066 | 00027272037 | 14047408887 | 24028316857 | 00175745575 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | of Unfurnished Apartments | -0000833078 | 09991672689 | -008 | 00003850262 | 1365168778586 | -21636916411 | 00322285543 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Average Apt Unit Size | -00002169447 | 09997830788 | -002 | 00003233576 | 1393662972101 | -06709126047 | 05033865944 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Age | 00015178151 | 10015189676 | 015 | 0003670824 | 1398532082324 | 04134807595 | 06798877496 | |||||||||||||||||||||
| Log(Total Actual Collections rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00249154485 | 10252284322 | 252 | 0067842812 | 1423468871242 | 03672525904 | 07139760316 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Intercept | -02128803278 | 08082528568 | -1917 | 04254329778 | 585619088893 | -0500385111 | 06186792644 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Green Certified (1=yes 0=no)[Yes] | 0019865513 | 10200641454 | 201 | 00593086525 | 1354977267554 | 03349513461 | 07381797603 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Gym (1=yes 0=no)[Yes] | -00082052627 | 09918283086 | -082 | 00958032958 | 1386068833723 | -00856469772 | 09318706455 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Pool (1=yes 0=no)[Yes] | 00174275629 | 10175803089 | 176 | 00771880661 | 202180965349 | 02257805358 | 08236388274 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00153191452 | 10154370848 | 154 | 01103651216 | 1423896402644 | 01388042255 | 08898009734 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Walk Score | 00070459229 | 10070708039 | 071 | 00028008303 | 805559990921 | 25156550566 | 0013868745 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | of Unfurnished Apartments | -0001358177 | 09986427449 | -014 | 00003916726 | 1421224837061 | -34676335479 | 00006950146 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Average Apt Unit Size | -00005130214 | 09994871101 | -005 | 00003375961 | 1007585612206 | -15196307445 | 0131735624 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Age | 00013613923 | 10013623194 | 014 | 00037151697 | 1277713043957 | 03664414822 | 07146417588 | |||||||||||||||||||||
| Log(Management Fee rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00674463479 | 09347778721 | -652 | 00657081953 | 1299283630266 | -10264525997 | 03065854809 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Intercept | -03748562337 | 06873880949 | -3126 | 04464274077 | 1402143832266 | -08396801522 | 04025171642 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00873163337 | 10912418217 | 912 | 0064576715 | 1358457024729 | 13521334071 | 01785794114 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Gym (1=yes 0=no)[Yes] | 01175979311 | 11247917766 | 1248 | 01048349264 | 1384172144229 | 11217438221 | 02639135776 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Pool (1=yes 0=no)[Yes] | 00115680134 | 10116351816 | 116 | 00928512423 | 72633370166 | 01245865221 | 09011950626 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00222539972 | 10225034645 | 225 | 01216524447 | 1425571484619 | 01829309493 | 0855112103 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Walk Score | 00068649233 | 10068885409 | 069 | 00029812807 | 1396033046894 | 23026759291 | 00227754146 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | of Unfurnished Apartments | -00006773222 | 09993229071 | -007 | 00004273761 | 1401067188346 | -15848386198 | 01152575495 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Average Apt Unit Size | -00003442022 | 0999655857 | -003 | 00003581401 | 1425120147852 | -09610825805 | 03381384619 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Age | 00048795122 | 10048914364 | 049 | 00040600929 | 1425855030198 | 12018227897 | 02314244716 | |||||||||||||||||||||
| Log(Total Utilities Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -01198355423 | 08870663096 | -1129 | 00742421382 | 1413320388001 | -16141176043 | 01087323819 | |||||||||||||||||||||
| Log(MampR rentable sf) | Intercept | -09030689887 | 04053238148 | -5947 | 0437858541 | 1384008312652 | -20624674504 | 00410332652 | |||||||||||||||||||||
| Log(MampR rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00937424436 | 10982768413 | 983 | 00639155521 | 1376081716673 | 14666609392 | 01447499128 | |||||||||||||||||||||
| Log(MampR rentable sf) | Gym (1=yes 0=no)[Yes] | 00037664885 | 10037735907 | 038 | 01036113865 | 1396450691334 | 00363520715 | 09710535435 | |||||||||||||||||||||
| Log(MampR rentable sf) | Pool (1=yes 0=no)[Yes] | 01319613595 | 11410642271 | 1411 | 00887446725 | 719561267791 | 14869778183 | 0141389644 | |||||||||||||||||||||
| Log(MampR rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00521515872 | 09491849716 | -508 | 01197720975 | 1428478988157 | -04354235112 | 06639122497 | |||||||||||||||||||||
| Log(MampR rentable sf) | Walk Score | 00110131704 | 10110740386 | 111 | 00029197236 | 1385662208531 | 37719907631 | 00002391344 | |||||||||||||||||||||
| Log(MampR rentable sf) | of Unfurnished Apartments | -00008849955 | 09991153959 | -009 | 00004219429 | 1410140957414 | -20974297602 | 0037740228 | |||||||||||||||||||||
| Log(MampR rentable sf) | Average Apt Unit Size | 00000594506 | 10000594524 | 001 | 0000353075 | 1429981472006 | 01683796031 | 08665225748 | |||||||||||||||||||||
| Log(MampR rentable sf) | Age | 0007624822 | 1007653965 | 077 | 00039990018 | 142990029884 | 19066812998 | 00585678315 | |||||||||||||||||||||
| Log(MampR rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00598131349 | 10616381449 | 616 | 00727173027 | 1406732379184 | 08225433659 | 04121598071 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Intercept | -07997344997 | 04494482769 | -5506 | 0489167182 | 1380935604874 | -16348899298 | 01043496414 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01180969773 | 11253532398 | 1254 | 00707986514 | 1348907221481 | 16680681771 | 00976219515 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Gym (1=yes 0=no)[Yes] | 00409351965 | 10417845921 | 418 | 01148796072 | 1378640116803 | 03563312718 | 07221372278 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Pool (1=yes 0=no)[Yes] | 01515780559 | 11636691295 | 1637 | 0100780712 | 617547240206 | 15040383505 | 01376688864 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -0078076377 | 09248937833 | -751 | 01331885868 | 1426567369893 | -05862092154 | 05586613077 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Walk Score | 0011889233 | 10119601909 | 120 | 00032614069 | 1377504918879 | 36454307183 | 00003773801 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | of Unfurnished Apartments | -00008153416 | 09991849907 | -008 | 00004682078 | 1398534995511 | -17414095506 | 00838107083 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Average Apt Unit Size | 00005083484 | 10005084776 | 005 | 00003930253 | 1428434249161 | 12934242295 | 01979520949 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Age | 00104106727 | 10104650523 | 105 | 00044515054 | 1428449267664 | 23386858733 | 00207383998 | |||||||||||||||||||||
| Log(Subtotal Maintenance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 02440298206 | 12763823925 | 2764 | 0081177414 | 1402563601749 | 30061295196 | 00031359748 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Intercept | -08916874806 | 04099633635 | -5900 | 04516384713 | 1429624291993 | -19743390727 | 00502702101 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01239058141 | 11319092561 | 1319 | 0062692592 | 1281678143933 | 19764027959 | 00502564371 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Gym (1=yes 0=no)[Yes] | -0003522638 | 09964835593 | -035 | 01024969537 | 1314939748594 | -0034368221 | 09726356404 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Pool (1=yes 0=no)[Yes] | 00227423743 | 10230029538 | 230 | 01040308572 | 1125700947624 | 02186118131 | 08273482928 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | 00155809876 | 10157030041 | 157 | 01206677853 | 1368483458399 | 01291230096 | 08974498986 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Walk Score | 00072977866 | 10073244804 | 073 | 00030353828 | 1428602075435 | 24042392705 | 00174877086 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | of Unfurnished Apartments | -00010061941 | 09989943119 | -010 | 0000420017 | 1337858380697 | -23956034086 | 00179774093 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Average Apt Unit Size | -00006330482 | 09993671521 | -006 | 00003514502 | 1338864329416 | -18012458048 | 0073914725 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Age | 00009661099 | 10009665767 | 010 | 00039921418 | 1338497494964 | 02420028921 | 08091483095 | |||||||||||||||||||||
| Log(Property Insurance rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -00520208103 | 09493091112 | -507 | 00749301111 | 1411273861679 | -06942577501 | 04886618561 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Intercept | 17410862845 | 57035357214 | 47035 | 03946731547 | 141889623796 | 44114636723 | 00000201648 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 01231722438 | 11310792255 | 1311 | 00565275641 | 1341244163534 | 21789766772 | 00310802733 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Gym (1=yes 0=no)[Yes] | 00096244971 | 10096709615 | 097 | 00919378962 | 1370603130567 | 01046847658 | 09167789899 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Pool (1=yes 0=no)[Yes] | 01610294116 | 11747195186 | 1747 | 00846545666 | 801516751987 | 19021940341 | 00607378863 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -00361842114 | 09644626121 | -355 | 01071504659 | 1418739239709 | -03376953252 | 07360919324 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Walk Score | 00087371658 | 10087754463 | 088 | 00026426023 | 1411809488418 | 33062734678 | 00011989895 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | of Unfurnished Apartments | -00008720665 | 09991283137 | -009 | 00003752966 | 1389800988186 | -23236728617 | 00215934791 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Average Apt Unit Size | -0000155413 | 0999844599 | -002 | 00003145108 | 1409449329598 | -0494142052 | 06219751067 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Age | 00015666155 | 10015678433 | 016 | 00035695206 | 1412387206124 | 04388868073 | 06614142124 | |||||||||||||||||||||
| Log(Total All Expenses Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00157918953 | 10159172462 | 159 | 00657593447 | 1424551160559 | 02401467861 | 08105616925 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Intercept | 27416093787 | 155119295878 | 145119 | 049686036 | 1426328429735 | 55178669889 | 0000000157 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Green Certified (1=yes 0=no)[Yes] | 00932241108 | 10977077159 | 977 | 00701671113 | 1292740226257 | 13286012361 | 01863200879 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Gym (1=yes 0=no)[Yes] | 0111280688 | 11177085902 | 1177 | 0114413579 | 13320261997 | 09726178396 | 03325061802 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Pool (1=yes 0=no)[Yes] | -00608871507 | 0940929417 | -591 | 01107002034 | 838263437204 | -05500184174 | 05837693269 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Outdoor Common Area (1=yes 0=no)[Yes] | -01393113526 | 08699571229 | -1300 | 01340931949 | 1397855428856 | -10389144106 | 03006382455 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Walk Score | 00045000262 | 10045101666 | 045 | 0003337636 | 1423581725818 | 13482675372 | 01797136327 | |||||||||||||||||||||
| Log(NOI Rentable sf) | of Unfurnished Apartments | -00007116645 | 09992885887 | -007 | 00004679272 | 1358400867851 | -15208872073 | 01306124688 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Average Apt Unit Size | -00001937801 | 09998062387 | -002 | 00003921685 | 1372175013367 | -04941245389 | 06220083144 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Age | 00034607088 | 1003466704 | 035 | 00044548378 | 1376438770548 | 07768428318 | 04385844885 | |||||||||||||||||||||
| Log(NOI Rentable sf) | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | 00488697769 | 10500835966 | 501 | 00828565286 | 1429949688826 | 05898120243 | 0556247504 | |||||||||||||||||||||
| Concessions rentable sf | Intercept | 0091580439 | 10959049266 | 959 | 12772069558 | 1418541020247 | 00717036801 | 09429387231 | |||||||||||||||||||||
| Concessions rentable sf | Green Certified (1=yes 0=no)[Yes] | 01110697527 | 11174728508 | 1175 | 01814813765 | 1293641668833 | 06120173584 | 05416004511 | |||||||||||||||||||||
| Concessions rentable sf | Gym (1=yes 0=no)[Yes] | -05094051331 | 06008529 | -3991 | 02955403985 | 1336296409402 | -17236395961 | 00870857294 | |||||||||||||||||||||
| Concessions rentable sf | Pool (1=yes 0=no)[Yes] | -00886152984 | 09151975838 | -848 | 02791864929 | 69298361986 | -03174053928 | 07518903943 | |||||||||||||||||||||
| Concessions rentable sf | Outdoor Common Area (1=yes 0=no)[Yes] | 04576291372 | 15803228114 | 5803 | 03455726285 | 1408379747117 | 13242632646 | 01875606951 | |||||||||||||||||||||
| Concessions rentable sf | Walk Score | 00120688741 | 10121419968 | 121 | 00085630896 | 1409791646097 | 14094064916 | 01609170757 | |||||||||||||||||||||
| Concessions rentable sf | of Unfurnished Apartments | -00007045588 | 09992956894 | -007 | 00012075862 | 1364744404696 | -05834438741 | 05605574922 | |||||||||||||||||||||
| Concessions rentable sf | Average Apt Unit Size | -00003193903 | 09996806607 | -003 | 00010135961 | 1389703034326 | -03151061148 | 07531537379 | |||||||||||||||||||||
| Concessions rentable sf | Age | 00130223218 | 10131074815 | 131 | 00115086772 | 139464867267 | 11315220311 | 02597773256 | |||||||||||||||||||||
| Concessions rentable sf | Building Mix (0=multifamily 1 = mixed-use)[Mixed] | -03719888249 | 06893619462 | -3106 | 02129597676 | 1426034459287 | -17467563435 | 00828326573 |
Discussion
bull Assume efficient operations will offset the higher rent
bull Philanthropic motivesbull Prestige motivesbull Green buildings tend to be newermore
likely to offer the more sought-after amenities and finishes
bull Tend to be in higher-income areaslikely have higher rents
Different motivations for paying higher rent may be in
play
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
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AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Discussion
Higher Operating Expenses a Surprise
Does not align with much of the existing researchhellipbut no research on effects of green certification on total operating expenses within multifamily rental sector
Many of the certifications represented in this study focus on the design phase of the property vs the operations and maintenance phase
And although promotion of sustainability is on the rise in the multifamily housing sector staff may remain unfamiliar with the unique operations and maintenance of green
buildings
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Final Thoughts
Apartment homes represent $13 trillion to the US economy and 5 million new rental households are expected by 2023 (National Multifamily Housing Council 2015)
Upfront capital constraints regulatory issues knowledge limitations and marketing concerns may diminish the attractiveness of multifamily rental green building
certification if not properly managed
Most studies focus on office sector andor strictly rents or property value
This study begins to look at the multifamily rental sector and offer a more comprehensive analysis
Further research is needed with larger datasets to understand effects of green certification on income statement components in the apartment industry as NOI
ultimately determines property market valueOptimism that this study can be the impetus for further research contributions on the
financial environmental and resident satisfaction impacts of green practices and certifications on the multifamily rental sector
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Contact informationErin A Hopkinserinz1vtedu
Acknowledgementsbull Todd Feist Sustainability Program Manager at The Institute of
Real Estate Management (IREMreg) for his assistance with this research project
bull Yardi and IREMreg for the grant awarded to support this researchbull The two property management companies for sharing their data
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
BUILDING PERFORMANCE
UNLOCKINGVALUE
New DOE-driven Research Around High Performing Buildings
AUGUST 23 2018
ANDREW WHITEASSOCIATE MANAGERawhiteretechadvisorscom
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
2015-2016 bull Research design working group pilot study data lab
2017 bull Connect to Real Estate Research Institute (RERI) Literature review and gap analysis
2018 bull Research agenda request for proposals research project selection and execution
Context Setting ndash DOE Research EffortWhat are the impacts of energy efficiency and high-performance building
features on financial performance of commercial real estate
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
RERIrsquos mission is to encourage and reward research on real estate as an investment and as an asset class that is both academically rigorous and of value to the institutional real estate investment profession In addition RERI serves to provide a forum through which the real estate academic professional and regulatory communities can interact facilitating the exchange of insights amongst these stakeholders
RERI Overview
Sponsors
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Build upon DOErsquos Review of Studies in the Market
bull Focus explicitly on peer-reviewed papers Gap analysis of existing research to
identifybull Questions that have already been
sufficiently provenbull Holes in existing body of research
Academic Inputbull Guidance on which studies to includebull Suggestions for how to conduct analysis
Literature Review Objectives
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Literature Review Results
LEED
ENER
GY
ST
AR
labe
l
ENER
GY
ST
AR
sc
ore
Ener
gy u
se
BR
EEA
M
Ener
gy
Perf
orm
anc
e Cer
tific
ates
(U
K)
BO
MA
B
EST
Wal
kabi
lity
Non
-ene
rgy
gree
n fe
atur
es
Oth
er
Rent 20 18 1 2 2 2 1 1 1Rent concessions 1 1 1Sales price 9 11 1 1 1 1Assessed value 2 2Market value 1 2 1 2 1Occupancy 10 9 1Lease renewals 1 1 1Service charge 1Operating cost 2 3Energy cost 2 3Tenant satisfaction 1 1 1Sales time 1 1Default rate 2 1Capitalization rate 1 2 2 1Net operating income 1 1 1Loan to value ratio 1 1Debt service coverage ratio 1 1Worker productivity 1 1Other 5 4 1 4 2 2
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
There is considerable evidence that green building certifications correlate with increased economic value primarily via higher rents and sales prices
bull How do we move beyond certification to analyze performancebull Correlation vs Causation
bull What is driving added value Is it green features and efficiency the green labels themselves or other desirable features often included in certified buildings
Panel studies could help reduce some of the uncertainty and noise Full results presented at ACEEE Summer Study
bull Raising the Rent Premium Moving Green Building Research Beyond Certifications and Rent
bull Cindy Zhu Andrew White Paul Mathew Jeff Deason Philip Coleman
Literature Review Results
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Research Agenda Core QuestionldquoHow does ltenergygreen metricgt affect ltfinancial value metricgtrdquo
EnergyGreen Metric
Site energy use or EUI
Source energy use or EUI
Energy cost or costsf
ENERGY STAR score
ENERGY STAR label
Green Building Certification (LEED BOMA 360)
Green Building Certification level (eg LEED Silver Gold)
Financial Value Metric
VacancyOccupancy Sales Price
Leasing Velocity (absorption speed of sales leasing)
Regulatory amp Compliance Risk
Tenant Renewals Insurance (rates ability)
Tenant Satisfaction Default Risk
Rental Income and Rent Concessions Debt Service Coverage Ratio
Marketing Costs Access to Funding
Utility Costs Maintenance OpEx Interest Rates
Obsolescence Reserves
Capitalization Rates
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
12 proposals received 5 projects selected Criteria
bull Department of Energy goals
bull Impact on Commercial Real Estate (CRE) Industry
bull Feasibility and Interest
bull Quality and Validity
Proposal Reviews
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Jim Clayton Avis Devine (York University) and Rogier Holtermans(University of Guelph) Analyzing four types of energy
efficiency interventions on financial components that impact property-level NOI
bull How do interventions impact different aspects of building operations and their subsequent financial impact
Beyond Environmental Building Certification The Impact of Environmental Interventions on Commercial Real Estate Operations
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Piet Eichholtz and Nils Kok (Maastricht University) and RogierHoltermans (University of Guelph) Three key questions
bull How is environmental building certification related to commercial building energy consumption
bull How does aging affect the energy consumption of the commercial building stock
bull To what extent do specific energy efficiency investments affect energy consumption in commercial real estate
The Dynamics of Energy Consumption in Commercial Real Estate
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Sofia Dermisi Chris Lee and YoungjinChoe (University of Washington) Exploring the effect of disclosure
policies on office building marketability while assessing potential links between market performance of sustainable assets
bull Before and after the disclosure policies while considering market cycles
bull Before and after ENERGY STAR andor LEED certification
Markets included San Francisco Washington DC
Effect of Energy Benchmarking and Disclosure on Office Building Marketability
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Dirk Brounen (Tilburg University) and Gianluca Marcato (Reading University) Analyzing the adoption of GRESB within the public real estate markets and
predicting a potential impact of GRESB scores on REIT returns
Sustainable Insights and Public Real Estate Performance GRESB Effects in REIT Markets
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Constantine Kontokosta (New York University) Franz Fuerst(Cambridge University) Gary Pivo (University of Arizona) amp Jacob Sagi (UNC Chapel Hill) Utilizing NYC data to empirically model
bull the spread between the premium for labeled (energy efficient) buildings and the cost to retrofit an under-performing building to meet the same standard which will allow us to understand how much of the observed premium is attributable to energy efficiency and how much can be assigned to other perceived benefits (marketing construction quality etc)
bull the hurdle rate for energy retrofit investments using actual audit data and permitted renovation work
Estimating Office and Residential Building Energy Retrofit Hurdle Rates and Risk Arbitrage in Energy Efficiency Investments
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Collecting data for continued Data Lab analysis Presenting Research findings
bull Interim research results ndash IPC Research Symposium (October)bull Greenbuild Session (November)bull RERI Research Conference (April)bull Final research results ndash Better Buildings Webinars Summit 2019 (TBA)
Work with DOE case study and data analysis opportunities abound
Next Steps
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
Paul Mathew
Lawrence Berkeley National Laboratorypamathewlblgov
Paulo Issler
University of California Berkeleypauloisslerberkeleyedu
Erin Hopkins
Virginia Techerinz1vtedu
Andrew White
RE Tech Advisorsawhiteretechadvisorscom
Contact Info
