Large Bank Supervision Forum eBook

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Loan Modifications and Reappraisals in 2023

All CMBS Modifications in 2023 (Extensions)

Loan Modification (Extension) Term Increased by 1-12 Months Term Increased by 13-24 Months Term Increased by 25-36 Months Term Increased by 37+ Months

Loan Balance

%

$ $ $ $ $

5.50B 2.86B 1.40B 1.47B 11.23B

49% 26% 12% 13%

Office Properties Reappraised in 2023 Value Decline by Property Age

Total Extensions

100%

Matured in 2023 and were Modified in 2023 % Loan Balance Property Type

Retail Office

$ 2,067M $ 1,642M $ 1,234M

35% 28% 21% 15%

Mixed Use Lodging Industrial

$ $

865M 28M

1%

Total Extensions

$ 5,836M

100%

© 2023, Trepp Inc.

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CMBS New Appraisal Data in 2024

% w/ Multiple Appraisals Since Origination

Change in Value Since Last Appraisal*

Property Type

Outstanding

% w/ 1st Appraisal Since Origination

Change in Value Since Origination*

Balance # Loans

Office

32 12 33 17 14

$1,644M

59% 67% 27% 12% 21% 67%

-45% -68% -32% -37% -28% -59%

41% 33% 73% 88% 79% 33%

-6%

Mixed Use

$756M $747M $561M $270M

-13%

Retail

-6% -5%

Lodging

Multifamily

-13% -21%

Other

3

$19M

*Median changes in appraised values are shown for both change in value since origination and since the last appraisal was performed.

© 2023, Trepp Inc.