20091215 100-0005 1-6-5
(Risk) = (Impact) (Probability) ISO/IEC GUIDE 73 2002 Risk management Vocabulary Guidelines for use in standards 2003
V[ R i ] 2 i V[ R M ] V[ ] i CAPM i R i R M
VaR
4 8 12 16 3 6 9 12 2 4 6 8 1 2 3 4
/
2003 2003
IFRS LGDPD VaR REIT
3 218
218
218
1 111 20092009 2009200920092009
VaR VaR VaR
193
REIT J-REITREIT 193
REIT REIT IRR10 20%12 REIT10REIT 10%11 193
193
193
193
193
193
193
NOICAP J-REIT
215 199207215
() () 215 NRI
70 70 215 NRI
* *) 199207215
199207215
NRI
MCVA NRI *MCVA= = EVA EVA=
EXIT 19994 BUExitCFO Exit EXIT 910 3 NRI
NRI
LTVLoan To Value
AMPM J-REIT
PDCA 20081 3 3 1 20084 CSR CSR CSR 2008ERMEnterprise Risk ManagementERM ERM HP
20094 200983 21326
BCP
British Land British Land Annual Report 2009 NRI
CalPERS Concentration Risk Structural Risk Liquidity Leverage Country Risk Development Risk Hazardous Waste Operating Risk CalPERS CalPERS CalPERS CalPERS, CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM ST ATEMENT OF IN VESTMENT POLIC Y FOR REAL ESTATE NRI
TIAA-CREF return generator TIAA-CREF Lev erage Business Operating Risk Strategic Risk Overall firm RISK ITEM WHAT IS IT? HOW TO MEASURE IT? HOW TO MANAGE IT? Product Design Features Product or Fund Inv estment Concentrations Asset Correlations Portfolio Real Estate Risks Value-Add and Opportunistic Risk Core Real Estate-Equity Core Real Estate-Tenant Credit Risk Capital Market Risks Availability and Pricing of Capital Inflation Real Rate Individual Deal or Property Other Risks Country Risk Ownership Structure Risk Illiquidity TIAA-CREF What is RISK MANAGEMENT and How does it appl y to R eal Estate? F all 2008.
TIAA-CREF TIAA-CREF (Portfolio- (Investment Concentrations) Level Risks) ( Asset Correlations) Value-at-Risk (Product- Level Risks) (Product Design Features) (Firm- (Leverage) Level Risks) (Business Operating Risk) ( Strategic Risk) TIAA-CREF What is RISK MANAGEMENT and How does it appl y to R eal Estate? F all 2008.
TIAA-CREF (Other Risks) (Country Risk) JLL IMF (Ownership Structure Risk) (Illiquidity Risk) RCANCREIF ALM (Real Estate Risks) (Value-Add and Opportunistic Risk) (Core Real Estate-Equity Risk) (Core Real Estate-Tenant Credit Risk) (Capital Market Risks) (Availability and Pricing of Capital Risk) (Inflation Risk) 10 (Real Rate Risk) TIPs TIAA-CREF What is RISK MANAGEMENT and How does it appl y to R eal Estate? F all 2008.
CRF (Chief Risk Officer) TIAA-CREF Establishing a Risk Culture (1)(2) (3)(4) Analyzing Transactions and Portfolios Developing Innovative Models and Tools VaR Reporting Real Estate Portfolio Risks TIAA-CREF What is RISK MANAGEMENT and How does it appl y to R eal Estate? F all 2008.