Large Bank Supervision Forum eBook

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CMBS Maturity Schedule for 2024

CMBS Maturities in 2024 by Property Type and Quarter

$70bn

$60bn

$50bn

Other Industrial Lodging

$40bn

$30bn

Retail Office Multifamily

$20bn

$10bn

$0bn

2024.1

2024.2

2024.3

2024.4

Notes: CMBS maturity schedule for 2024 (excludes Agency CMBS)

© 2023, Trepp Inc.

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Office Maturities and Debt Yield Dilemma

2024 Maturities for Urban and Suburban Office

• $16bn of urban office maturities in Q1-Q3 • Weighted average debt yield is 8.7% • Office loans originated so far in 2024 in the 50 largest MSAs had a WA DY of 14% • At a 14% DY, refi proceeds for the $16bn would only be $10bn, leaving a $6bn gap

$0bn $1bn $2bn $3bn $4bn $5bn $6bn $7bn $8bn $9bn

10.0 12.0 14.0

0.0 2.0 4.0 6.0 8.0

Debt Yield (%)

Maturity Volume ($bn)

2024.1

2024.2

2024.3

2024.4

Urban Office Maturities Urban Office WA DY

Suburban Office Maturities Suburban Office WA DY

© 2023, Trepp Inc.