Third Quarter 2023 Financial Results Overview
U.S. Commercial Real Estate Office Portfolio
-
The book is diverse by location, borrower and tenant mix
•
•
The U.S. Office portfolio is less than 1% of total loan exposure and comprises 20% of overall U.S. Commercial Real Estate
Approximately 50% of the portfolio is Class A; average loan-to-value at origination was 60%
•
50% of the portfolio is Suburban, 18% Urban, 29% Central Business District
•
2.4
7.6% allowance for credit loss coverage of loans, with a net charge-off ratio of less than 1%
Maturity Breakdown for FY23-FY25 in % of the Office Portfolio and US$B
$2.1B
2.0
1.6
1.2
0.8
15%
$0.6B
0.4
0.0
FY23 as of Q4/22
Q4/23
33%
$1.3B
FY24
Portion of the corresponding maturity extended forward in Q1-Q3/23
CIBC◇
Geographic Diversification by Metropolitan, US$B
Chicago-Naperville-Elgin
0.4
Washington-Arlington-Alexandria
0.3
Boston-Cambridge-Newton
0.3
Miami-Fort Lauderdale-West Palm Beach
0.3
Minneapolis-St. Paul-Bloomington
0.2
Dallas-Fort Worth-Arlington
0.2
San Francisco-Oakland-Hayward
0.2
24%
$0.9B
New York-Newark-Jersey City
0.2
Los Angeles-Long Beach-Anaheim
0.1
Austin-Round Rock
0.1
Other
1.5
Total
3.8
FY25
Third Quarter, 2023
26View entire presentation