Institutional Real Estate, Inc.

NAREIM Dialogues Fall 2017

The Institutional Real Estate Inc Sponsorship brochure, Connected-Investor Focused, We connect people, data and insights, sponsorship, events, IREI Products

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NAREIM DIALOGUES FALL 2017 9 Water from storm surges or heavy rain gets in your building in unimaginable ways, and finds its way through new angles and crevices and into areas that you wouldn't expect, and areas you can't see or easily investigate. Finding it all can be more of an art than an emergency response skill for the moisture intrusion investigator. It should be the first step in a response protocol to fully ascertain which areas are most affected by water damage as well as determining the water migration. Water impacted properties create indoor air quality concerns that may need ongoing monitoring for tenant or resident health considerations. Moisture mapping can track the progress of material drying, which is essential in monitoring the possibility of mold and the need to remove materials. This is important for restoration efforts and as documentation for the owner and their insurance company. Do you have a readily available, detailed asbestos or lead-based paint Operations & Maintenance plan? Clearly outlining what materials are "hot" (asbestos-containing) can save substantial money and time associated with delays in a scenario where impacted materials need to be removed and disposed of. Should you need to confirm materials as asbestos-containing materials in a disaster response scenario, be sure your triplicate sampling and homogeneous material assumptions are sound before letting the remediation contractor loose, and cover yourself with oversight documentation of the remediation contractor's work. Before hiring asbestos and moisture mapping assessment professionals, don't forget that states have differing licensing requirements. Does your property have a formal storm contingency plan? In addition to the asbestos mapping, cybersecurity and fuel/ chemical storage issues discussed above, these should include basic protocols discussing drinking water risks, safety precautions for any industrial machine operations, preparation of safety kits and cash on hand, and readily available insurance procedures to file claims as quickly as possible. It's the things you DON'T think about that become critical when a disaster event occurs! For property owners and equity investors, this can mean an immediate loss of revenue and long-term asset equity instability. Investing time and resources into upgrading properties, maintaining structural and engineering sustainability, and implementing contingency plans can save you a lot of money and value in the long term. 10 "Battered Texas town may be without power for weeks" CNN, http://www.cnn.com/2017/08/28/us/rockport-texas-hurricane-harvey- damage/index.html 11 "A Week After Irma, Florida Families Still Living In The Dark" NPR, http://www.npr.org/2017/09/18/551833707/a-week-after-irma-florida- families-still-living-in-the-dark 12 "Unmanned Aircraft Systems" Federal Aviation Administration, https://www.faa.gov/uas/ 13 "Security Practices for Smart Buildings: Good, Better, Best: Solution Brief" Intel, https://www.intel.com/content/www/us/en/smart-buildings/ security-practices-smart-buildings-brief.html 14 "What Fukushima Disaster Taught Me About Risk Management In Cybersecurity" Forbes, https://www.forbes.com/sites/ williamsaito/2017/04/20/what-fukushima-disaster-taught-me-about-risk- management-in-cybersecurity/#2f451183681e 15 "Why You Need a Cybersecurity Disaster Response Plan Now" Lunarline Blog, https://lunarline.com/blog/2017/06/why-you-need-a- cybersecurity-disaster-response-plan-now/ ©iStock.com/ImageGap ©iStock.com/Bobbushphoto NAREIM DIALOGUES FALL 2017 9

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