Corporate Real Estate Service Delivery Model at Prudential Financial

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1 Corporate Real Estate Service Delivery Model at Prudential Financial CoreNet Global Chicago Discovery Forum May 1, 2011 Kathy Winkler - Vice President, CRE

2 Agenda Overview Prudential Financial Company Background History of CRE service delivery models Current model CRE service delivery model change agents/drivers Mission and objective for the future 2

3 Company Background Prudential is a 135 year old firm providing services to help people grow and protect their wealth Financial services leader with $784 billion in assets under management Operations in United States, Asia, Europe and Latin America servicing individual and institutional clients Products and services include International Insurance and Investments, Retirement Solutions, Investment Management, Individual Life and Group Insurance. 45,000 employees worldwide As of 12/31/11 3

4 Company Background The Prudential Insurance company of America traces its roots to the Prudential Friendly Society, founded by John Dryden in Newark, NJ in Prudential Financial became a publicly traded company in December 13, 2001 Mission Help Grow and Protect Your Wealth 4

5 Prudential Domestic Businesses Retirement Solutions - Investment Division Investment Management Equity Fixed Income Prudential Capital Group Real Estate Investors Mortgage Capital Group Prudential Investments Mutual Funds Wealth Management Services Strategic Investment Research Group Prudential Retirement Annuities 5

6 Prudential Businesses Insurance Divisions Individual Life Insurance and Agency Distribution Group Insurance Prudential Real Estate and Relocation Services Residential Real Estate Brokerage Franchise Corporate Relocation services 6

7 Corporate and Other Operations Corporate Functions Global Marketing and Communications Human Resources Law, Compliance and Business Ethics Global Business and Technology Services Financial Management 7

8 Enterprise Services and Financial Solutions Financial Information Systems Financial Planning and Reporting Financial Planning Corporate Procurement Corporate Facilities CRE Strategy and Transactions 8

9 Prudential - mid to late 1980 s New CEO Prudential is a Mutual Insurance Company with a domestic focus Regional offices (Owned with single tenant design) Los Angeles Houston Minneapolis Chicago Jacksonville Boston Northern New Jersey Toronto 9

10 Prudential - mid to late 1980 s 35 million SF 75% owned and 25% leased 125,000 Prudential employees 22 owned buildings 10

11 Prudential - mid to late 1980 s Life Insurance Property and Casualty Insurance Healthcare (Individual and Group Medical and Dental) Prudential Home Mortgage Credit Card Services Banking Commercial Real Estate Investments Residential Real Estate Prudential Capital Asset Management Mutual Funds Management International Insurance Prudential Securities 11

12 Prudential - mid to late 1980 s Corporate Services and Buildings Department Full service in-house resources Architects Project Managers Engineers Interior Designers Space Planners CADD Operators 12

13 Prudential - mid to late 1980 s Corporate Services and Buildings Service Delivery Model Managed a large owned portfolio of space Design and construction services provided by inhouse staff (100+ full time employees) Corporate overhead No space/furniture standards No charge-backs to the business units Lease transactions decentralized and performed within the business units 13

14 Prudential - early to mid 1990 s Early 1990 s economic conditions decline CEO takes another step toward decentralization Cost constrains and new pressure to reduce expenses Business units accountable for their bottom line Business unit autonomy to make decisions about service providers In-house service providers must recover their costs and prove their value 14

15 Prudential - early to mid 1990 s Facility Management Consulting Services In-house Architectural Firm Architects Project Managers Engineers Interior Designers Space Planners CADD Operators Strategic Facilities Planning Property Management Site Selection/Lease Transactions Lease Administration 15 Your Office Facility Says A Lot Abou Your Business..

16 Prudential - early to mid 1990 s Facilities Management Consulting Services Service Delivery Model Structured like a design firm- fee for service (75+ full time employees) Marketing in-house services Competing with outside service providers Measured on customer satisfaction results and recovery of our expenses (goal to break even) Occupancy charge-back methodology in owned buildings Lease transactions still decentralized and performed within the business units 16

17 Prudential - early to mid 1990 s Migration to less expensive rent locations begins Owned building vacancy increases 17

18 Prudential - mid to late 1990 s New CEO and new leadership team Centralized Corporate Services Standard and Controls Outsourcing initiatives Formation of Corporate Real Estate 18

19 Prudential - mid to late 1990 s 25 million SF 65% owned and 35% leased 83,000 full time employees $540 million annual occupancy budget 19

20 Objective Prudential - mid to late 1990 s Dramatically reduce the cost of real estate for the enterprise by improving space utilization, space and furniture standards, new policies and controls Deliver $80 million in annual real estate cost savings by the year

21 Prudential - mid to late 1990 s Corporate Real Estate Service Delivery Model Focused on managing the real estate portfolio Centralized group of core real estate functions with 50+ full time employees Centralized all lease transaction activity Space utilization metrics reporting Measured on real estate utilization improvements Development of furniture and space standards 21

22 Prudential - mid to late 1990 s Vice President, CRE Admin Assistant Vice President Strategic Planning Vice President Properties Vice President Design & Construction Vice President Facilities Services Director Strategic Initiatives Director Asset Strategies Director Project Development Director Building Operations Director Space Utilization Director Property & Lease Admin. Director Design Services Director Facilities Enfineering Director Business Case Management Director Real Estate Services Director Fine Arts Director Local Projects Director FF&E Purchasing 22

23 Prudential - early to mid 2000 Standards and policies are in place Space utilization data collected CRE has streamlined its operation Objective Develop an integrator role between Prudential and its business units Establish a CRE client partner and business unit partner position 23

24 Prudential early to mid 2000 Business Unit Partner Act as a single point of contact to CRE for all real estate activities Reports directly to the CFO of the business Opportunity to learn the business from within the organization Bridge the gap between the business unit and corporate adversarial relationships Aware of business strategies in advance provides an opportunity to develop supporting real estate plans and implement upon announcements 24

25 Prudential early to mid 2000 Insurance Division Business Partner 3.7 million SF 13,500 full time employees $72 million annual occupancy budget 30% vacancy factor Supporting 9 profit centers 25

26 Prudential early to mid 2000 Insurance Division Business Partner Headcount reduced by 33% Vacancy factor increased to 46% Reduced space by 1.8 million SF - 51% Reduced annual occupancy budget by $32 million 44% 26

27 Prudential - early to mid Prudential become a public company 2002 New senior management in CRE 2004 Insurance real estate objectives met and I return to CRE Objective Client Partner to Insurance Division (activities include mergers& acquisitions, sales of businesses, new customer service center strategies, etc.) Develop a Corporate Real Estate strategy for disposition of space in the Vacant Space Management Program (goal $40 million savings) 27

28 Prudential Mid to Late 2000 Prudential s Businesses/Corporate Centers Expect Expertise and Processing Efficient services at predictable costs Effective tools that enable business activity Relevant reporting that facilitates analysis and decision making Enhanced Business Capabilities Agility and Flexibility Support global expansion Optimize resources Support 3 rd party business Well Controlled and Ethical Solutions Protect Prudential s interest and reputation Safeguard assets/people Appropriately mitigate operating risk and comply with regulatory requirements Corporate Operations & Systems Service Delivery Model Mission Enable Prudential to meet customer needs by leveraging quality technology, risk management, and support services Vision Be a strategic partner who delivers highly valued shared services Strategies We provide subject matter expertise and cost-effective tools and processes to enable Prudential s global growth and to achieve agreed upon service levels We foster a diverse community of highly skilled, motivated operations and systems professionals who execute in a well controlled and ethical environment Components of Delivery Relationship Management Employees Production Finance & Metrics Communication & Training Framework/Policies/Guidelines Governance Resources Onshore/Offshore Outsourcers Vendors Deliverables Secure and Reliable Services Meet agreed upon service levels Service availability matched to business needs Secure environment Transparent Cost and Recovery Model Published cost schedule Businesses understand what we offer and buy the services they want A Creative Environment Proactive focus on continuous improvement Competitive solutions that support business initiatives Provide quality technical expertise Effective Partnering with Businesses Clear Service Delivery Model Open communication that delivers the right messages to the right individuals Timely response to feedback 28

29 Prudential Mid to Late 2000 Shared Services Global security Print/Mail Accounts payable Business continuation Records management Procurement and vendor management Food services Executive transportation Corporate Facilities CRE Strategy and Transactions 29

30 Strategic Planning Prudential - Mid to Late 2000 CRE Strategy and Transactions Client Partner model Occupancy analysis and alternatives, including Space Planning, Budgeting and Financial Analysis Real Estate Transactions (Non-Investment) Assess Markets, New locations, Lease Renewals, Space Dispositions, National Brokerage Representation, Temporary or Short Term (Less than one year) Space Needs Space & Furniture Guidelines Recommend workspace sizes, Furniture Selection Guide Art Program Management and Installation of Prudential s Art Collection International Consulting Services Occupancy Needs / Financial Analysis / Transaction Review / International Contacts / Portfolio Consulting 30

31 Prudential - Today ESFS - CRE Strategy and Transactions Manage 9 million SF Domestically (2 million SF -leased/subleased to 3 rd party tenants) $210 million annual occupancy budget 300 locations 20,000 full time employees 140 lease transactions per year 9 CRE full time employees 31

32 Prudential - Today CRE Strategy and Transactions Vice President, CRE Office Management Enterprise Strategy & Transactions International Consulting Broker Alliance Management Department Metrics & Reporting Investment & International Divisions Strategy & Transactions CRE Policies & Procedures Furniture Program Management Insurance Division Strategy & Transactions Home Office Space Planning CADD/CAFM Vice President, CRE Vice President, CRE Vice President, CRE Director, CRE Director, CRE Process Management Manager, CRE Director, CRE 32

33 Organizational Challenges Centralize or decentralize Organize in multi-functional teams or by discipline In-house or outsource Prudential - Today Define value proposition to business units Consulting vs. mandate role Provide priority to business units vs. enterprise 33

34 Prudential Future Since Prudential went public in 2001 our earnings per share have grown at a compound annual rate of 30% until In the economic downturn, our stock dropped from $100/share to $11/Share and is currently at $63/Share On an after-tax adjusted operating income basis, our Financial Services Businesses earned $3.0 billion in 2010 or $6.27 per share of Common Stock New CEO Key Objective Talent Management and Retention 34

35 Prudential Future ESFS New Business Model Expenses Review our cost structure and targeted efficiencies Value proposition Understanding customer needs, what services we offer that meet those needs and what is the value of those services Market Segment Group of customers we want to target, including new customers Market Position Identify competitors and potential strategic partners Competitive Strategy Develop and sustain competitive advantage by means of cost differentiation, expertise and risk mitigation 35

36 Change Agents CRE service delivery model change agents/drivers Senior management changes Changes in economic market conditions Real estate portfolio profile Changing labor market Domestic or International focus 36

37 Prudential Future ESFS Future Objectives Understand company direction Partner with business units Partner with service providers Continuously review the service delivery model CUSTOMER SATISFACTION 37

38 38

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