Investor Presentaiton
Commercial Real Estate (CRE) 2/2
US CRE in scope of severe stress test: € 18bn
US CRE loan risk management
By types
Office: € 8bn
Modified loans, in € bn
5.7
Other
Other
Office
18%
NY
28%
Miami
31%
43%
Philadelphia 3% 3%
5%
Boston
5%
Retail
14%
10%
Residential
Hospitality
Q3 2023
10%
Seattle
16% LA
15%
San Fran
Q3 2023
>
US office portfolio 1.5% of total loans and 23% of stress-tested
portfolio
~87% of office exposure in Class A properties
Average LTVs ~71% based on latest external appraisal subject to
interim internal adjustments, reflecting prudent approach
>
€ 0.3bn exposure with final maturities in remainder of 2023
Deutsche Bank
Investor Relations
Q3 2023 results
October 25, 2023
>
>
4%
CLP impact
>
Q3 2022 Q3 2023
US CRE CLPS
CLPs per quarter, in € m
74
40
40
35
26
66
Q3 Q4 Q1
2022 2022 2023
Q2 Q3
2023 2023
Refinancing risk remains main risk when loans with lower debt service coverage ratio and reduced collateral
values reach maturity / extension dates, requiring sponsor equity contributions to qualify for refinancing
€ 242m of CLP on € 5.7bn of loans which were modified/restructured or went into default in last 15 months
Limited amount of loans currently expected to be modified / restructured: expected € 3bn in next 15 months
Near-term maturities pro-actively managed targeting to establish terms for prudent modifications and loan
extensions
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