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Gftrhku`tghf

Mhfjtnjf K.Lgt`nef

Yrhcrjd @h-@njgr &

Dhkerjthr

Pefghr Yrhme`t Djfjcer

@gvgo & Efvgrhfdeftjo

@hfsuotjfts, Gf`.

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

Ljroj O.@njbbee 

Yrhcrjd @h-@njgr &

Dhkerjthr

Qhagfshf + @hoe OOY

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Yjfeogsts

• Jkeojgke D. Crjky, Ahsthf Jrej Shhk Yjrtfers• Kjvgk Dhftpojgsgr , JGC

• Yeter Hogvger, Pjftjfker

• @nrgsthpner Bhster, Qhagfshf + @hoe, OOY

• Ogsj D`Gfthsn, Shhkjrk jfk @urrjf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• Snjt gs Efvgrhfdeftjo Qgsl8

 ‐ Nudjf nejo tn r gsl

 ‐ E`hohcg`jo r gsl

 ‐ Qecuojthry exphsu re

 ‐ Extrjhrkgfjry keveohpdeft ̀ hsts

 ‐ Yer`egvek rgsls

 ‐ Bgfjf` gjo r gsl

 ‐ Ausgfess efvgrhfdeftjo r gsl

Gftrhku`tghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• Efvgrhfdeftjo Kue Kgogcef`e gf j Futsneoo

 ‐ [yp g`jooy bh o ohws JP[D stjfkjrks

 ‐ [yp g`jooy ̀ hfs gsts hb gfspe`t ghf , gftervgews, sg te

ngs thry, jfk oh`jo jcef`y resejr`n

 ‐ Yerbhrdek bhr j vjr gety h b rejshf s gf `ouk gfc, aut

fh t o gdg tek th, prhte`t ghfs ufker @EQ@OJ jfk s tjte

ojws.

 ‐ Bh`jo phgft gs tne gkeftg b g`jt ghf h b Qe`hcfgzek

Efvgrh fd eftjo @hf`erfs (QE@s).

Gftrhku`tghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

8/9/2019 1-15-15 MASTER Environmental Risk in Real Estate

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• Jre QE@s gf tne eye hb tne

aenhoker8

Gftrhku`tghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• QE@ Kebgfgtghf (JP[D)

 ‐ [ne presef`e hr o gleoy presef`e hb jfy njzjrkhus

suastjf`e hr petrh oeud prhku` ts gf, hf , hr jt tne

prh perty= (:) kue th j reoejse th tne efvgrhfdeft<(1) ufker ̀ h fk gt ghfs gfkg`jt gve hb j reoejse th tne

efvgrhfdeft< h r (0) ufker ̀ hfk g t ghfs tnjt phse j

djter gjo tnrejt hb j buture reoejse th tne efv grhfdeft.

Ke d gf gdgs ̀ hfk g t ghfs jre fh t QE@s.

Gftrhku`tghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• Qeoejse Kebgfgtghf (JP[D `gtes @EQ@OJ)

 ‐ @EQ@OJ p rhvgkes j arhjk keb gf g t ghf gf`ouk gfc=

‟spgoogfc, oejlgfc, pudpgfc, phurgfc, edgttgfc,kudpgfc hr kgsphsgfc gfth tne efvgrhfdeft—  

 ‐ @EQ@OJ keb gf g t ghf jpp o ges hf oy th njzjrkhus

suastjf`es (jo tnhucn JP[D spe`g b g`jooy gf` oukes

petrhoeud gf tne prj`t g`e)

 ‐ Peverjo exedptghfs (e.c. tne jppo g`jt ghf hb

pest g`gke)

Gftrhku`tghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• Ke Dgfgdgs @hfkgtghf Kebgfgtghf

 ‐ J ̀ hf kgt ghf tnjt ceferjo oy kh es fht preseft j tnrejt thnudjf nejotn hr tne efvgrhfdeft jfk tn jt ceferjo oywhuok f ht ae tne suame`t hb jf efbhr`edeft j`t ghf g barhucnt th tne jt teft ghf hb jpprhpr gj te chverfdeftjcef`ges. Ke d gfgdgs ̀ hfkg t ghfs jre fht QE@s fhr@hftrh o oek QE@s.

• Ke dgfgdgs `hfkgtghfs jre suame`tgve th tneYrhperty jfk tne EY‗s keterdgfjtghf. 

 ‐ Yrhperty type, settgfc, oh`jtghf (g.e., `hf`rete, jspnjot,se`hfkjry ̀ hftjgfdeft)

Gftrhku`tghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• Few [erd jfk JP[D E:513 ‐ :0 Kebgfgtghf

‟j QE@ resuotgfc brhd j pjst reoejse hb njzjrkhu s suas tjf`es hrpetrhoeud prh ku` ts tnjt njs aeef jkk ressek th tne sjt gsbj`t ghf hbtne jppog`jaoe recu ojthry jutn hrgty (e.c., js evgkef`ek ay tn egssu jf`e hb j FBJ oetter hr equ gvjoeft, hr deetgfc r gsl-ajsek`r g ter gj estjao gsnek ay recuojthry jutnh r g ty), wgtn njzjrkhus

sua stjf`es hr petrhoeud jo ohwek th redjgf gf poj`e suame`t th tnegdp oedeftjt ghf hb requ grek ̀ hftrh os (e.c., prhp erty userestrg`tghfs, JUOs, gfstgtutghfjo `hftrhos, hr efcgfeergfc `hftrhos)—  

• @QE@ gs j suaset hb QE@

@hftrhooek QE@ (@QE@) Kebgfgtghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• Hok JP[D E:513 Kebgfgtghf

‟jf efvgrhfdeftjo `hfkgtghf wng`n gf tne pjst whuok njve aeef`hfs gkerek j QE@, aut wn g`n d jy fht ae `hfsgkerek j QE@ `urreftoy.—  

• Few JP[D E:513-:0 Kebgfgtghf 

J pjst re oejse hb jfy njzjrkhus suas tjf`es hr petrh oeud prhku `ts tnjtnjs h``u rrek gf ̀ hff e`t ghf wgtn tne prhper ty jfk njs a eef jkkressek thtne sjt gsbj`t ghf hb tne jppo g`jaoe recu ojthry jutnhr g ty h r deet gfcuf restr g`tek use ̀ r g ter gj estjao gsn ek ay j recu ojthry jutnhr g ty, wgtnhu tsuame`t gfc tn e prhper ty th jfy requgrek  ̀ hftrh os  (e.c., prh perty userestr g`t ghfs , JUOs , gfst g tu t ghf jo ̀ hf trhos, hr efc gfeer gfc ̀ hf trhos) . Aebhre`jo o gfc tn e pjst reoejse jf NQE@, tne EY dus t keterdgfe w netner tne pjst

reoejse gs j QE@ jt tne tgde tne Ynjse G EPJ gs ̀ h fk u` tek (e.c., gb tnerenjs a eef j ̀ njfc e gf tne recu ojthry ̀ r g ter gj).

Ngsthrg`jo QE@ (NQE@) Kebgfgtghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• Ptjte Qecuojtghfs

 ‐ Fht spe`gb g`jo oy jkkressek ay JP[D

 ‐ Rjry sgcf gb g`jft oy brhd stjte th s tjte

 ‐ Hbtef ̀ hfs gkerek js pjrt hb stjfkjrk p rj`t g`es

Gftrhku`tghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• Djssj`nusetts Exjdpoe

 ‐ Qeoejses very spe`gb g`jo oy kebgfek

 ‐ Bgve ex`ousghf s brhd reoejses

 ‐ Qeoejses wgtn fh tg b g`jt ghf/reph rt gfc requgredeftskebgfek gf jkk gt ghfjo ketjgo

 ‐ Fuderhus exedptghf s brhd tne fh t g b g`jt ghf

requgredefts

Gftrhku`tghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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• [wh @jse Ptukges

 ‐ [hkjy‗s `jse stukges jrcujaoy bjoo hutsgke hb ahtn

QE@s jfk rephrtjaoe reoejses.

 ‐ Js we wgoo kgs`uss, tne rgsls jssh`gjtek wgtn

tnese twh `jse stukges jre fht gfsgcfgbg`jft.

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

Gftrhku`tghf

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Yjfeo Kgs`ussghf ‐ @jse Ptuky #:

Dhkerjthr= Mhfjtnjf Lgt`nef

@gvgo & Efvgrhfdeftjo @hfsuotjfts

• Jkeojgke D. Crjky, Ahsthf Jrej Shhk Yjrtfers

• Kjvgk Dhftpojgsgr , JGC

• Yeter Hogvger, Pjftjfker

• @nrgsthpner Bhster, Qhagfshf + @hoe, OOY

• Ogsj D`Gfthsn, Shhkjrk jfk @urrjf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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@jse Ptuky #:

▽@jse Ptuky #: ‐ Jrsefg` gf Phgo▭ Oh`jtghf ‟Jppoethf— DJ 

▭ ;9 j`re bjrd/hr`njrk

▭ Pjoe pefkgfc

▭ Keveohper prhphsgfc ;9 sgfcoe bjdgoy

nhdes

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@jse Ptuky #:

▽@jse Ptuky #: ‐ Jrsefg` gf Phgo

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@jse Ptuky #:

▽Jukgef`e Yjrtg`gpjtghf

▭ Snjt jre phssgaoe QE@s8

▭ Jre pestg`gkes gf bgeoks QE@s8

▭ Gf dgxgfc jrejs8

▭ Pnhuok we ohhl8

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@jse Ptuky #:

▽@jse Ptuky #: ‐ Jrsefg` gf Phgo

DJ Q@P: ‐ 19 ppd

DJ Aj`lcrhufk ‐ 19 ppd

DJ Gddgfeft Njzjrk ‐ ;9 ppd

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@jse Ptuky #:

▽@jse Ptuky #: ‐ Jrsefg` gf PhgoHr`njrk Pgte

Detjos Jfjoysgs Qesuots Puddjry

@hdphufks Fudaer hb Pjdpoes

Qjfce hb Kete`tek

@hdphufks gf Purbj`e

Pjdpoes

Jrgtndetg`

Dejf hb Purbj`e

Pjdpoes

Dekgjf hb

Purbj`e

Pjdpoes

Jrgtndetg` Dejf

hb Aeohw-Purbj`e

Pjdpoes

Fudaer hb Pjdpoes ?09

ppd Js hr ?:99 ppd Ya

[htjo Detjos

Jrsefg`, [htjo 11> 2.: th ;02 ::;.; 70.7 :2.: 17

Oejk, [htjo 11> 11.: th :299 009.2 150 0;.9 :;1

@hf`eftrjtghfs rephrtek gf dgoogcrjds per lgohcrjd

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@jse Ptuky #:

▽Aj`lcrhufk▭ Snjt gs aj`lcrhufk jfk khes gt djtter8

▭ Khes gt djtter brhd j kue kgogcef`e

perspe`tgve8▭ Khes gt djtter brhd j nejotn rgsl

perspe`tgve8

▭ Khes gt djtter brhd j ‟per`eptghf hb rgsl—perspe`tgve8

▭ Khes gt djtter brhd keveohper‗s

perspe`tgve8

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@jse Ptuky #:

▽Keveohpdeft ‐ @njooefces jfk@nhg`es

▭ Kh fhtngfc8

▭ @hver8▭ @hfshogkjte jfk `hver8

▭ Ex`jvjte jfk sngp hbb-sgte8

▭ Aoefkgfc8

▭ Keek restrg`tghf8

▭ Snjt th kh wgtn ex`ess shgo8

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@jse Ptuky #:

▽Keveohpdeft ‐ @njooefces jfk@nhg`es

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@jse Ptuky #:

▽‟Snjt gbs8— ▭ Snjt gb tne keveohper `njfces ngs hr ner

dgfk8

▭ Snjt gb tne sgte wjs gf j kgbbereft stjte8

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@jse Ptuky #:

▽Yjfeo & Jukgef`e Kgs`ussghf

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Yjfeo Kgs`ussghf ‐ @jse Ptuky #1

Dhkerjthr= Ljroj @njbbee, Qhagfshf + @hoe, OOY

• Jkeojgke D. Crjky, Ahsthf Jrej Shhk Yjrtfers

• Kjvgk Dhftpojgsgr , JGC

• Yeter Hogvger, Pjftjfker

• @nrgsthpner Bhster, Qhagfshf + @hoe, OOY

• Ogsj D`Gfthsn, Shhkjrk jfk @urrjf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Efercy Efvgrhfdeft E`hfhdy

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1>1>

Y@A gf Augokgfc Djtergjos

@jse Ptuky #1=

Keveohper su``essbuooy pur`njses j ngsthrg` dgoo gf jf up-

jfk-`hdgfc fegcnahrnhhk hutsgke hb Ahsthf

Peverjo Ynjse G rephrts hver severjo yejrs snhw fh QE@s

Qefhvjtghf th resgkeftgjo ohbts aecgfs wgtn sgte crjkgfc & shgo

redhvjo

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1717

@jse Ptuky #1

Phgo pre-`njrj`tergzjtghf bhr redhvjo revejos

Y@As!

Snjt njppefs fext8

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

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0909

 Jssessgfc tne Qgsl

@jse Ptuky #1

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

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0:0:

@jse Ptuky # 1

Djfjcgfc tne Qgsl=

Shrlgfc wgtn yhur gfterfjo tejd

Shrlgfc wgtn yhur oefkers

Shrlgfc wgtn yhur gfsurers

Shrlgfc wgtn tne recuojthrs

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

Snjt gs tne ley th djfjcgfc tnese

reojtghfsngps8

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0101

@jse Ptuky # 1

 Jkkressgfc tne Qgsl

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

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0000

@jse Ptuky #1

 J`ngevgfc Pu``ess

Yjfeo & Jukgef`e Kgs`ussghf

Efvgrhfdeftjo Ausgfess @huf`go hb Few Efcojfk

nttp=//www.`veft.`hd/k/krq3vt/;S