CBRE Seminar. 30 th March Creating Shareholder Value. Budgeting Operational Expenses Commercial
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1 CBRE Seminar Creating Shareholder Value Budgeting Operational Expenses Commercial 30 th March 2010
2 General Structure Share Holder Value Free Cash Flow Market Update - Changes Impacts on Budgeting Procedures Overview on Costs and Real World Examples Summary CB Richard Ellis Page 2
3 Share Holder Value Definition Notation: FCF - firm s free cash flow V - value of the firm Main Idea: cost of capital is used for discounting (we are very loose here) CB Richard Ellis Page 3
4 CB Richard Ellis Page 4 FCF in a commercial real estate object
5 Current Office Market Supply / Demand CB Richard Ellis Page 5
6 What that means for a Real Estate Project Life Cycle of a Building Time Cash Flow Development Construction Product Develop. Fitting Out Marketing / Leasing Management CB Richard Ellis Page 6
7 What that means for Budgeting Margin of error getting very small OR Corridor of success is getting very narrow Longer Payback Terms -> costs of capital Operating on Short Term Price Limits (i.e. Variable Costs) Shift of operating costs -> higher ongoing Marketing costs New services Tenant retention higher operating costs How many costs can you recharge higher operating costs More comprehensive strategy in leasing CB Richard Ellis Page 7
8 What does that mean More scattered leased space in the building Longer till the leasing object is full Break even points shift Very hard to achieve a 99% leased out ->fix cost regression not kicking in as much as it could Starting with Target Costing (as a price taker) Starting with Operational Budgeting earlier, already in design phase Start working with dynamic models (e.g. Monte Carlo Analysis) CB Richard Ellis Page 8
9 Cost Analysis Regression Test your models, see if they remain stable under stress! CB Richard Ellis Page 9
10 Kinds of Costs Variable Costs Per Unit Total Costs Amount Amount e.g. Electricity CB Richard Ellis Page 10
11 Kinds of Costs Fixed Costs Per Unit Total Costs Amount Amount e.g. Insurance CB Richard Ellis Page 11
12 Kinds of Costs (quasi) Fixed Costs (interval costs) Per Unit Total Costs Amount Amount e.g. additional condensers in the aircon system CB Richard Ellis Page 12
13 Why all the effort? Remember: Market is getting more mature / educated Margin of error is getting smaller The better your calculations are the more you can influence your success! -> base your strategy on numbers! CB Richard Ellis Page 13
14 Short Term vs. Long Term Lower Price Limits Short Term Lower Price Limit = Variable Costs (simplified as operational costs) such as energy, salaries, cleaning, security, maintenance -> Leasing Strategy! On the Long Run ALL costs have to be covered, including all fixed costs, such as insurances or sinking funds Attention: there are hardly clear costs, most costs consist of a variable AND a fixed part! CB Richard Ellis Page 14
15 Sample on Mixed Costs Cost USD monthly if 100% leased out Fix % of costs Variable 100% Administrative expenses 50% 50% 100% Cleaning 70% 30% Depreciation 0% 100% 100% Air Condition 70% 30% 100% Electricity(Light) 80% 20% 100% Insurance 0% 100% 100% Building Management 20% 80% 100% Landscaping 0% 100% 100% Legal fees 100% 0% 100% In house Deco. & Promo. 100% 0% 100% Marketing and Promotions 0% 100% 100% Parking Management 100% 0% 100% Refuse / garbage 80% 20% 100% Repair and Maintenance 70% 30% 100% Security 70% 30% 100% Welfare 20% 80% 100% Water and Sewerage 80% 20% CB Richard Ellis Page 15
16 Real World Examples What is the Service Charge Covering? How high are the costs per sqm? What influences the costs? CB Richard Ellis Page 16
17 Service Charge Covers ADMINISTRATIVE EXPENSE Management Fees Labour costs Office Operation Expenses Events Office Facilitation & Set up Cost BUILDING SERVICES Security Services Cleaning Services Building Insurance Bldg installation (repairs & Maintenance) Landscaping & Floral Display M&E installation (Repairs & Maintenance) Utilities Electricity - Water Sinking Fund Total CB Richard Ellis Page 17
18 Average Costs - Office Human resource 8.88% Admin / Management 28.91% Energy 36.05% Repairing and maintaining 2.29% Pest control 1.35% Cleaning 8.19% Security 14.33% In % of total expenses CB Richard Ellis Page 18
19 Average Cost - Retail Admin / Management 9.44% Human resource 30.98% Repairing and maintaining 13.32% Pest control 0.40% Cleaning 4.00% Security 7.22% Energy 34.64% CB Richard Ellis Page 19
20 Average Electricity Costs over 1 year Average Electricity and Diesel Costs for Grade B Buildings, around sqm CB Richard Ellis Page 20
21 Energy Break Down Miscellaneous 14.00% HVAC 30.00% Other 8.00% Office Equipment 8.00% Water Heating 8.00% Cooking 2.00% Refrigeration 4.00% Lighting 26.00% CB Richard Ellis Page 21
22 International Comparison Space Heating 22.80% Adjustments SEDS (State Energy Data System) 7.60% Other 16.90% Lighting 13.00% Space Cooling 9.40% Water Heating 9.30% Refrigeration 5.00% Electronics 6.70% Ventilation 1.30% Computers 2.40% Cooking 2.50% Wet Clean 3.10% CB Richard Ellis Page 22
23 Since Energy is One of the highest Costs Easy to measure Recharge of Energy It is crucial to recharge them to tenants (Lease Contract) CB Richard Ellis Page 23
24 Recharge of Electricity - Sample Expenses Percentage Salary 16.60% Electricity 73.91% Water fee 1.94% Fee for sanitary material 3.17% Grade B Building Huge fluctuation of the electricity recharged Other fees 4.38% CB Richard Ellis Page 24
25 Recharge of Electricity - Average Over the year between 25% to 45% electricity recharged, main reason is aircon system, mostly only one way (cooling) in Grade B buildings. CB Richard Ellis Page 25
26 What influences the costs User / Tenant Behavior Building Regulations Official Rules and Regulations Existing M&E Installations Skilled Operations Team The Lease Contract CB Richard Ellis Page 26
27 Dos and Don'ts in Budgeting Don't multiply leased area with a fixed amount Don't Treat costs as % of revenue Don't Treat all costs the same Don't Extrapolate from the first months of a year Don't Extrapolate from a friend's building Do use scenarios Do get the calculations from your M&E supplier Do use KWH instead of USD / VND Do use m^3 instead of m^2 CB Richard Ellis Page 27
28 QUESTION & ANSWER CB Richard Ellis Page 28
29 CBRE Global Offices Over 480 offices in 60 countries THANK YOU! CB Richard Ellis, We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. CB Richard Ellis Page 29
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