From Tactical to Strategic Capturing Value Through Portfolio Management Jane Mather, Ph.D., Critical...

From Tactical to Strategic

Capturing Value Through Portfolio Management Jane Mather, Ph.D., Critical Core, Inc.

CoreNet New York City ChapterAugust 12, 2009

CoreNet Global Executive Development Program

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Goals and Agenda

Agenda

“Once a purely tactical and reactionary discipline, CRE asset management is moving to an orientation that is strategic, agile, data-driven, and geared toward optimization of the entire portfolio.”

First paragraph, CORE 2010 Asset Management and Portfolio Optimization

Copyright © 2008 Critical Core, Inc.

Goals • New ways to think about and add value through corporate real estate

• Share challenges and solutions

– It’s about the business not just the real estate

– Develop a long-term perspective and manage risks

– Develop a portfolio perspective to take advantage of

• Economies of scale

• Coordination

– Follow a strategy and portfolio management process

• How can we be more strategic? How can we keep our jobs?

Moving From Tactical to Strategic – Pyramid

PortfolioManagement

Asset Mgmt

Tactical ActivitiesTransactions, Project Management,

Facility Management

Planning(Strategic not Tactical)

Strategy

Source: CoreNet EDP Performance Portfolio Management

- 4 -

Webster’s Definitions – Tactical and Strategic

Strategic

• 1 : of, relating to, or marked by strategy <a strategic retreat>

• 2 a : necessary to or important in the initiation, conduct, or completion of a strategic plan

• 2 b : required for the conduct of war and not available in adequate quantities domestically <strategic materials>

• 2 c : of great importance within an integrated whole or to a planned effect <emphasized strategic points>

• 3 : designed or trained to strike an enemy at the sources of its military, economic, or political power <a strategic bomber>

Tactical

• 1 : of or relating to combat tactics : as a

• (1) : of or occurring at the battlefront <a tactical defense> <a tactical first strike>

• (2) : using or being weapons or forces employed at the battlefront <tactical missiles> b of an air force : of, relating to, or designed for air attack in close support of friendly ground forces

• 2 a : of or relating to tactics : as

• (1) : of or relating to small-scale actions serving a larger purpose

• (2) : made or carried out with only a limited or immediate end in view

• 2 b : adroit in planning or maneuvering to accomplish a purpose


http://www.m-w.com/dictionary/strategy

http://www.m-w.com/dictionary/tactics

http://www.m-w.com/dictionary/tactics

- 5 -

Business Definitions - Strategy

Liam Fahey, The Portable MBA in Strategy.

• "Few words are as abused in the lexicon of organizations, as ill-defined in the management literature, and as open to multiple meanings as strategy.“

Michael Porter, “From Competitive Advantage to Corporate Strategy,” On Competition

• "Corporate strategy concerns two different questions: What businesses the corporation should be in, and how the corporate office should manage the array of business units."

• “Corporate strategy is what makes the corporate whole add up to more than the sum of its business unit parts.”

• Strategic planning - "the most important, difficult, and encompassing challenge that confronts any private or public organization: how to lay the foundation for tomorrow's success while competing to win in today's marketplace."


- 6 -

Moving From Tactical to Strategic – “Not Delta”

Short Term Long Term

Individual

Portfolio - geographic - resource type RE, IT, HRCoordinationEconomies of Scale

TACTICAL

STRATEGIC


- 7 -

Adding Value – Coordination

• How could it be more effective? – Know your subject – Think long-term – searches can last days and weeks– Coordinate portfolio of resources

• What would a search look like if the search was about the dogs, short-term focused and uncoordinated?

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Adding Value – Economies of Scale

• Centralization economies of scale

• Different kids / business units / properties to manage


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Adding Value – Long-Term Perspective


- 10 -

Strategy and Portfolio Planning ActivitiesFrom SPP community


ppSupply Analysis vs Demand Forecasting

Value Creation/Optimizing Capital

Metrics/KPIs

Portfolio Planning Technologies

5. Risk Management

Sub-Portfolio/Cluster Analysis/Consolidation

Master and Cluster Planning

7. Cost Reduction Strategies

8. Portfolio Consolidation/Downsizing

Linking CRE to Core Business

Metrics and Financial Decision Making

CRE Organization Structure and Processes

M&A

Cost Reduction Strategies for Today's Economy

Impact of AWS on Planning

- 11 -

Strategic ActivitiesBlue and green activities are part of strategic planning and portfolio management. Yellow activities are tactical.

Business Requirements – Demand

Corporate StrategyBusiness Unit Demand Forecasts and Requirements


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Adding Value – Know Your Business


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Adding Value – Role of Forecasting

“The only thing that you can be certain about is that your forecast is likely to be wrong.” - Anonymous

“The old model . . . persistent pursuers of the right headcount numbers.” . . . “They (business units) really have no idea.” -Keith Tabacek, Sun Microsystems, on business leaders ability to provide headcount forecasts.

"A good forecaster is not smarter than everyone else, he merely has his ignorance better organized. “-Anonymous


- 14 -

Adding Value - Scenarios not Forecasts

NCAA Championship

Cinderella team

Consider what might happen and whether you can respond.

1% means 1 in 100.


2003 – Syracuse wins NCAA championship with Carmelo Anthony

2005 - UVM beats Syracuse

Unlikely things happen

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Adding Value - Better Scenarios

Talk with business units - Customer Relationship Management• Ask about the business - workplace professionals are more interested in

long-term issues than others are• “At those levels, management does not tend to discuss the things

that really impact the future.” Keith Tabacek, Sun• Explore what might happen – scenario planning• Understand ranges rather than point estimates

Review revenue forecasts and historical experience

Go beyond employees• Include contractors, workers from other business units• Adjust for alternative officing and changes in multi-user space

Talk with senior executives – business units tend to be optimistic


Know Your Business - Trends

• Mission, Values, Culture

• Who - Customers and Markets• Locations• Contract terms• Business cycles

• What - Products

• How – Suppliers, Production and Delivery• People / talent• Processes• Constraints• Technology

• How – Organization and Finance• Financial criteria• Mergers and acquisitions• Capital availability

• External – Competition and Regulation• Innovation• Regulation• Globalization• Sustainability

What’s changing?

What might happen?

Major factors and risks?


Company needs someone on the inside

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Business Scenarios – What Is The Impact?

Business Trend

Business Unit Types or Selected Business Units


- 18 -

Estimating the range of outcomes

For more comprehensive estimates of the range of possible growth, evaluate business units based on type and historical workforce and revenue changes.

Business UnitCategories

Share of Workforce

Range of Rates of Change for Workforce / Revenue

RecoveryAverage Recession

Mature business units – stable, low variance

Mature business units – cyclical, high variance

Timing for Workforce / Revenue

Time to closure

Average rate of change

Time to maturity

New, growing business units

Contracting business units


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Organizational Framework

Goals


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Know Your Business - Priorities

How can we add value? Need to know what adds value.

CRE Goal – To provide the best balance of:

• Enhancing Productivity / Quality / Sustainability

• Reducing Costs

• Reducing Risk

• Increasing Speed-to-occupancy

Challenge – How do we find the right trade-offs?

• Different for every company

• Very subjective


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Know Your Business – Cost vs Productivity

Goals

• Understand 10% - 2% trade-off

• Identify cost savings that do not negatively impacting productivity

• Identify workplace environments that improve productivity with similar or reduced costs

• Example – alternative workplaces

In tough times, do we focus too much on reducing costs?

Average salary and benefits per person

• $30,000 to $200,000

• Consider $50,000 worker

• Productivity reduction that would offset cost reduction

= $1,000 / $50,000 = 2%

Average occupancy costs per person

• $6,000 to $14,000

• Consider 10% reduction at $10,000 = $1,000


- 22 -

Know Your Business – Cost – Speed Trade-off

Revenue per worker

• Google - $976,118

• AT&T - $384,880

• Cisco in 2000?

High-tech boom in early 2000

• Cisco’s business slowed, lots of excess space

• Loss per worker if don’t have space when needed?

• Cost per worker to carry excess space?

• Manage expectations


Other ways to manage risk

• Coordination

- 23 -

Whirlpool - real estate financial structure decision model that ranks financial options based on defined characteristics and goals

Goals - Financial Criteria

Source: Whirlpool Corporation, Lee Utke, CoreNet presentation

FINANCIALSTRUCTURES & RULES

SCORING MATRIX

P&L ImpactEarnings from Continuing Operations10 Yr. cumulative. GAAP Income

Profitability RatiosEPS on a Diluted BasisOperating Profit/Net SalesReturn on AssetsReturn on EquityReturn on Total Capital

Strategic Importance Core Non-CoreProperty Characteristics Facility Size Replacement Cost Degree of Company Specific TI’s Market Value / Replacement Cost

Operational Issues Length of Commitment Certainty of Occupancy Flexibility: Control of Environment Liquidity

FINANCIAL MEASUREMENTS

Market Issues Market Size Supply & Demand Value & Rent Trends Economic Growth Whirlpool Occupancy/Total Market Space

RANKINGS

OTHER CONSIDERATIONSPROPOSED ACTIONS

NON-FINANCIALFACTORS

Cash FlowsNet Present Value After Tax

Balance Sheet Impact Total Debt to Capital Capital Requirement

Credit RiskEBIT / EBITDA Interest CoverageFree Cash FlowsFunds from Operations/Total Debt

Discussion: What is your CFO interested in? Why are many CFOs so focused on accounting earnings?

Discussion: What is your CFO interested in? Why are many CFOs so focused on accounting earnings?

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Metrics and Data – Supply and Current Usage

Portfolio Overviews and Metrics Detailed Data




Goals

Organization

Procurement

Technology


- 25 -

Data and Metrics

“The single most important reason why corporate real estate and facilities managers fail to have an influence in the boardroom is that they lack the information to demonstrate that they are doing a great job.”

Christopher Hedley,Occupiers Property Databank, UK,“Getting to grips with information”


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Possible Metrics – Balanced Scorecard

• WPR / CRE expense / revenue, corporate expenses

• WPR / CRE expense / persons housed

• WPR / CRE expense / demand driver

• CRE impact on balance sheet

• Cost saving achieved through initiatives – consolidation, flexible officing, outsourcing

• WPR / CRE expense by business group

• Business revenue / real estate supply measure – revenue per store

• Client satisfaction measure

• Workplace quality measure

• Marketing, brand, image value

• Business continuity measure, space concentration

• Project completion time • Disruption, churn rates

• How readily can portfolio contract or expand to meet changing needs – time and cost measure

• WPR / CRE expense / SF (including sub-components and additions for cost of capital

• WPR / CRE expense / seat

• CRE overhead expenses / persons housed

• Cost per move, seat reconfiguration, other real estate activity

• Contract rent relative to market rent

• Utilization rate • SF / persons housed

• SF / other demand driver (engineer, clients, product, etc.)

• Persons housed / seat

• Share of FTE or workstations moved per year

• Forecast of workload

• Share of authorized projects completed

• Planning results vs goals

• Commitment duration (lease vs. own, lease term distribution)

• How much can be disposed or added within time period

• WPR / CRE expense / other demand drivers

• SF / Seat

• Share of space devoted to site services, team space

• Forecasted percentage change in space by classification

• Share of persons served by work type (traditional, mobile, telework)

• SF managed / planner

• Persons housed / planner

• Measure of ability to switch space between usage and types

• Share of expensive fixed improvements in core space

CEO, CFOBusiness Group

Executives CRE ExecutivePlanning and

Strategy Team

StakeholdersMetrics

Categories

Financial Cost

Customer Asset Quality

Volume

Process and Service Quality

Process Flexibility


- 27 -




Strategic Framework

Segment Portfolio

Portfolio Initiatives

Functional Guidelines

Term Lengths

Financing Strategy

Portfolio Metrics Targets




Goals

Organization

Procurement

Technology


- 28 -

Strategic Framework

Identify Space Categories and Clusters

Set Policies and Guidelines - Base on Desired Balance for Cost, Productivity / Quality, Risk, Speed

• Location Strategy

• Functional Guidelines

• Term Length Strategy

• Financing Strategy

Set Targets for Portfolio Metrics

Find Opportunities

Identify Portfolio Initiatives

• Alternative Officing, Shared Workspaces

• Sustainability


- 29 -

Adding Value – Manage Risk and Expectations


- 30 -

Uncertainty - Segment Financial Structure

Long-termleases

Short-term leases

Owned

Owned

Long-term leases

Short-term leases

Sq

uare

fee

t

Stable organization High tenant-specific TIs

Volatile organization Low tenant-specific TIs

Design to accommodate Demand Volatility and Tenant-Specific Improvements

OptionsOptions


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CoRE 2010 Resource Classifications

Definition Examples

Critical Core

Long or indeterminate duration, essential to the business, not easily replaced

Data centers, corporate headquarters, R&D labs, production facilities or retail bank locations

Key

Shorter-term duration, currently strategic yet may be disposable in the longer term

Regional offices, call centers, sales offices or back-office operations

Fluid

Low strategic value and no significant duration

Special projects, emerging markets, start-up organizations or short-term contract space

Captive

Low strategic value but significant financial, geographic, political or pre-existing risk / obligation

Specific use, legacy buildings that have high infrastructure, cleanup and / or reconfiguration costs

Segment portfolio – different duration strategies for different property types.

This classifications reflects both business variability and the extent of tenant specific improvements.

Source: CoreNet Global, Core 2010

- 32 -

Questions

• What have been your most successful portfolio initiatives?

• What risks are you most concerned about and how can you develop portfolio policies to address them?

- 33 -

Adding Value – Identify Opportunities

• Centralization economies of scale

• Different kids / business units / properties to manage


• Identify where additional attention is needed

• How do you find them?

- 34 -

Metrics – Find Opportunities

• Total annual cost

• Total rentable square feet

• Cost per worker

• Vacancy rate

• Usable square foot per worker

• Rentable square foot per worker

• Cost per rentable square foot

• Savings per 1% vacancy rate reduction

• Savings per 20 usf / worker density reduction

• Potential productivity increases?

Thousands of numbers?

If a picture is worth a thousands words, could a picture be worth a thousand numbers?


- 35 -

Portfolio Visualization – Excess Space

Which properties need attention? – ABN AMRO

Source: Rob Wright, ABN AMRO, “How to challenge the international space budget,” Papers from the Sixth OPD Conference

square meter per workspace

euros per square meter

size of circle – volume of space in sq meters

- 36 -

Portfolio Visualization – Extra Cost Total Cost, Worker Density and Lease Rate

Notes: Size of bubble equals total annual cost. Gross lease rate excludes any additional TI costs.

M2

N2

S1E1

F2

N1

P2

F1

P3

J1

C1

T1

P1

I1

M1

Gross Lease Rate

250

$10

200

400

300

350

150

$15 $20 $25 $35$30

Lease Type

North

Other

Delegated leases

PBS Lease – Gov’t space

PBS Lease – Agency space

Lease Location

USF / Worker

P4


- 37 -

Portfolio Visualization – Early Renewals

Which properties need attention? - CP Analytics

Source: CP Analytics

- 38 -

Portfolio Visualization – Software Solutions

Software solutions

• Excel - recent versions

• PortView – no dates

• Gensight – broader approach, very expensive

- 39 -

Questions

• What ways have you been most effective in identifying outliers?

• What metrics have been helpful?

- 40 -




Strategic Framework

Segment Portfolio



Term Lengths

Financing Strategy

Portfolio Metrics Targets

Asset and Capital Plans

Portfolio Activities

Find Opportunities

Cluster / Sub-Portfolio Plans

Long-Term Plans

Support Immediate Business Changes

Disaster Recovery Plans




Goals

Organization

Procurement

Technology


- 41 -


• Working as a team is more successful than operating individually


- 42 -


Investment portfolio

• Diversification

• Risk management


- 43 -

Coordination - Segment Financial Structure

Long-termleases

Short-term leases

Owned

Owned

Long-term leases

Short-term leases

Sq

uare

fee

t

Stable organization High tenant-specific TIs

Volatile organization Low tenant-specific TIs

Design to accommodate Demand Volatility and Tenant-Specific Improvements

OptionsOptions


- 44 -

Coordination – Staggered Leases and Options

Cancellation option for Lease F

Square Feet (millions)

Owned Space

4

2

2004

2008

Building planned for owned land

1

2006

2010

3

Leased Space

Expansion option for Lease C

Bldg A

Bldg B

Lease D

Lease C

Lease ELease F

Lease G

Space required with forecasted

growthLease H

Space required with high-growth

scenario

Space required with low-growth

scenario

2012

Plan for a range of outcomes. Flexibility can be achieved through options and staggered lease expirations.

© Copyright 2007 Critical Core, Inc. Copyright © 2008 Critical Core, Inc.

- 45 -

Coordination - Clustering

0

50

100

150

200

250

300

350

400

1 2 3 4

Time Periods

'00

0 S

qu

are

Fe

et

0

50

100

150

200

250

300

350

400

450

Maximum Space Required Over Time

'00

0 S

qu

are

Fe

et

Declining BU

New BU C

New BU B

New BU A

Variable BU

Stable BU

Corporate

Clustering reduces space requirements and mitigates risk

GE CEO Immelt HBR Interview – “fewer rooftops”

Clustering GroupsIf groups are in one building or in a cluster of buildings, as one group shrinks another group

can absorb that space.

Individual SpacesIf each groups has its own location, then each group needs enough space to accommodate

its maximum requirement. In total, more space is required.


- 46 -

Portfolio Optimization – Regional / Campus PlansRelocate business units to reduce life-cycle costs (leases, operations, construction, relocation) while improving or maintaining adjacencies and satisfaction with space.

Facility 2

Facility 3

Facility 1

Facility 4

Business Unit A

Business Unit B

Business Unit C

Business Unit D

Vacant

Number of business units into buildings

1 into 1

2 into 2

3 into 3

4 into 4

4 into 6

5 into 8

6 into 10

Number ofpossible solutions

1

4

27

256

1,296

32,768

1,000,000


- 47 -

Questions

• What have your challenges been for mergers, acquisitions, growth consolidations and campus plans?

• How have you addressed them?

- 48 -

Adding Value – Portfolio Optimization

Portfolio optimization techniques for different segments• Not just portfolio improvement

• Manufacturing, warehouse and distribution – supply-chain optimization and logistics

• Retail and service locations, cell towers – coverage / service

• McDonalds and Starbucks

• Sprint MOSAIC

• Regional and campus plans – Core Planning

• Geographically-distributed “fungible” locations – call-centers, back-office – Core Planning

In tough times, look for ways to find lower costs without reducing productivity


Coordination through portfolio optimization • Consider all resources – CRE, HR, IT

- 49 -

Portfolio Optimization - Coverage

Deploy locations with minimum costs without exceeding service requirements - maximum time for customers to reach retail location or maximum time for service personnel to reach clients.

Sprint MOSAIC

Results:

• Reduced drive times for customers or service personnel

• Lower real estate and transportation costs.

Source: Sprint Nextel, CoreNet Presentation Fall 2007

- 50 -

Sample Situation – What do you do?Feasible Locations

• Specified by group• No new space

Adjacencies• Corporate in one building – Sen Exec, core Fin, core HR Admin• For business units B and E – if Management in building, also some

Engineers• Some Sales in same building as Corporate marketing

Results• Leave NS Old vacant• Reconfigure SE Call Center to add seats


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Comprehensive ConsiderationGrowing importance of HR and data and telecom infrastructure issues.

Business Group Existing Conditions Employee locations in facilities, regions, cities,

countries Special-use spaces (labs, trading floors, etc.)

Business Group Requirements Workspaces required in future by year and type Shared workplaces Special-use space future requirements Feasible and preferred locations Adjacency requirements IT and telecom infrastructure required Amenities - parking, security, etc.

Real Estate Existing Conditions Facility sizes and configuration Lease rates, operating expenses, expiration dates,

options Accounting values - depreciation, book value Space efficiency – rentable sf, usable sf, density Amenities - parking, security

Real Estate Opportunities Feasible new locations and costs Market rents and trends Sublease benefits and costs Purchase, construction and sale prices

Employee Costs Wage rates and trends Relocation costs Hiring, training and severance costs

Relocation and Improvement Costs Reconfiguration costs (demolition, construction,

furniture, wiring) Required capital improvements

Occupancy Strategy Location occupancy by time period Leasing, purchases, subleases and

sales Construction and infrastructure Relocations

Annual and NPV Costs By geography, business unit,

facility By capital and expense Cash and GAAP Lease rates, operating expenses Purchases, sales, and subleases Construction costs

Performance Metrics Projections Cost per worker Cost per square foot Vacancy rates Space utilization

Scenario Comparisons Sensitivities to growth and cost

assumptions Costs of alternative business

requirements Impact of alternative workplace

strategies

Inputs OutputsCore

Planning


- 52 -

Optimization ModelingPortfolio optimization - project steps are similar to standard spreadsheet analysis but faster, more comprehensive, and find lowest cost solution.

Fit Cost

Fit

Collect and Organize DataIdentify Goals

Collect and Organize DataIdentify Goals

S

Optimization search

Lowest cost solutionthat satisfies requirements

S

Lowest cost solutionthat satisfies new requirements

Cost

Fit Cost

SLowest cost solutionthat satisfies new requirements

Time

Spreadsheet Approach

Core Planning Approach

2 hours to 2 days

1 to 6 weeks 10 to 30 minutes

1 day to 1 week, comprehensive analysis of hundreds of scenarios

Review and revise

Review and revise

Solutions Evaluated

Solutions Evaluated

Several days to weeks, limited number of scenarios


- 53 -

Portfolio Optimization – Subjective Assessments

Optimal solutions - lowest cost for specified business requirements (green diamonds)

To assess qualitative considerations: • Change business requirements – horizontal axis• Identify cost difference – vertical axis• Assess whether additional requirements warrant additional costs

Core Planning Optimal Solutions

High Cost

Low Cost

Few Business Requirements

All Business Requirements

Feasible Boundary

Not Possible

Typical Planning Solutions

Req. A Req. B Req. C


- 54 -

Solution – Reconfigure Desirable Space

Solution• Vacancy rate increases –

too costly to reconfigure

• Reconfigure to add seats

• Comprehensive analysis considers other spaces


- 55 -

Reports – Occupancy over TimeCharts can show how building occupancy changes over time

• Each chart represents a building• Each bar in the chart is a year


- 56 -

Intuitive SolutionNPV Savings: $50 million (6%)

Core Planning SolutionNPV Savings: $80 million (10%)

CC Project: National financial services firm Back-office consolidation to support merger

Employees: 14,000 initially with 10% reduction with mergerInitial locations: 18

New location required in NJ increases real estate costs and requires new hires.

Other consolidations reduce real estate and labor costs.

Core Planning locations have more opportunities for retraining existing employees resulting in additional savings with fewer layoffs (1,127 vs 2,127 in Intuitive Solution). Leads to $20 million in additional savings.

Careful consideration of real estate costs leads to $20 million in additional savings.

Portfolio Optimization – Back Office, Call Centers

CBRE LAG Project: National financial services firmCall center reorganization post mergerRelocate activities to match labor skills in location

CBRE LAG Project: National financial services firmCall center reorganization post mergerRelocate activities to match labor skills in location


- 57 -

Adding Value – Portfolio Optimization

Beyond spreadsheets

• Find lowest cost solution that satisfies requirements – 5% - 10% of portfolio costs as additional savings

• Traditional solutions – lower vacancy rates and vacate short-term leases – may not be optimal

• Comprehensive consideration

– Real estate and business needs at the same time

– All of relevant portfolio rather than just tactical requirements

– Long-term implications of initial moves

– Long-term requirements by planning group, making sure to have the right space not just enough space

• Revise recommendations quickly as business plans change

• Provide information needed to diffuse political situations

• Enhance credibility with answers prepared for what-if questions


- 58 -


Funding Requests / Budgets

IndividualActivities

Operations

Leasing / Purchases

Purchases / Sales

Sale-Leasebacks

Construction



Strategic Framework

Workplace Goals CPQRS

Segment Portfolio



Term Lengths

Financing Strategy

Portfolio Metrics TargetsAsset and

Capital Plans

Portfolio Activities

Find Opportunities

Cluster / Sub-Portfolio Plans

Long-Term Plans

Support Immediate Business Changes

Disaster Recovery Plans




Goals

Organization

Procurement

Technology


- 59 -

Workshop Summary – From Tactical to Strategic


• Long-term perspective• Scenarios not just forecasts – 1 in 100• Manage risk• Manage expectations

• Portfolio perspective – economies of scale• Identify opportunities• Pictures not just numbers

• Portfolio perspective – coordination• Consider all costs – RE, capital improvements, IT, HR• Stagger leases and options• Clusters provide risk management – “fewer rooftops”

• Know your business

• 10% CRE to 2% labor – don’t reduce cost too much

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