Lecture 13: Financing Sustainable Real Estate at the Asset Level [Siqi Zheng]
Big picture: Sustainable finance; equity and debt financing in sustainable real estate
Debt: Mortgage markets
- Mortgage markets and climate risks (-): default risk and securitization
- Mortgage markets and sustainable buildings (+): default risk and green mortgages
Equity: Private equity funds for sustainable real estate
Readings
Kaza, N., R.G. Quercia, and C.Y. Tian (2014). “Home Energy Efficiency and Mortgage Risks.” Cityscape 16(1): 279–298.
Economic and Housing Research group (2020). “Unraveling Perceptions of Flood Risk: Examining Changes in Home Prices in Harris County, Texas in the Aftermath of Hurricane Harvey.” September 10, 2020 report, Freddie Mac.
Blown Cover (2019). “Changing Weather Could Put Insurance Firms Out of Business.” The Economist, September 19, 2019.
Lecture 14: Financing Sustainable Real Estate at the Portfolio Level [Siqi Zheng]
Sustainable real estate investments at portfolio level :
- Equity: Real Estate Investment Trusts (REITs)
- Debt: Green Bond
Benchmarking & Disclosure
Readings
Eichholtz, P., N. Kok, and E. Yonder (2012). “Portfolio Greenness and the Financial Performance of REITs.” Journal of International Money and Finance 31(7): 1911–1929.
Devine, A., A. Sanderford, and C. Wang (2022). “Sustainability and Private Equity Real Estate Returns.” Journal of Real Estate Finance and Economics, published online 16 June 2022.
Lecture 15: Design Strategies for Sustainability and Resilience [Carlos Cerezo Davila]
[No video or lecture notes available]
A framework for sustainable design (with Jamie von Klemperer)
Building scale strategies:
- Passive and active thermal design
- Occupant health and wellbeing
- Embodied carbon and lifecycle design
Site and urban scale strategies:
- Climate, microclimate, and future climate
- Stormwater control, flood mitigation, and landscape
- District systems, electrification, and mobility
Readings
No readings assigned.
