Investor Presentaiton
Commercial Real Estate
Portfolio comprised of Commercial Real Estate, and Construction loans which include project management and trade contractors
LOANS OUTSTANDING 1
Q3/22
Q2/23 Q3/23
21.6
26.226.6
Total Portfolio: $66.2Bn
Y/Y: +18%
Q/Q: -1%
16.1
14.7
13.1
12.4 12.7
10.1
4.3 4.5 4.4
2.9 3.1 3.2
4.3 4.8 4.7
REITS2
Office
Retail
Other³
Residential/Multi Industrial
Family
BY GEOGRAPHY
US
11%
APAC Other
5%
3%
BY SEGMENT
Retail
5%
Other
7%
Office
7%
•
•
•
HIGHLIGHTS
Portfolio exposure remained relatively flat Q/Q as
the Bank has been selective in new business
opportunities given headwinds faced by the
industry
Y/Y growth of 18% was primarily from under-
supplied sectors (Residential and Industrial),
representing 72% of the portfolio
Exposure geographically diversified across
Canada, PAC, US and other regions, with US
exposure largely to investment grade corporate
borrowers
Industry headwinds continue due to rising interest
rate, high inflation and supply constraints which are
in part mitigated by long standing relationships to
top tier developers with experience managing
through cycles
Including Office REITs, total exposure to Office
subsector was $6.7Bn (10% of portfolio), of which
~2/3rds was investment grade facilities primarily to
large, diversified proponents
Q3/23
Office (including REITS)
Residential
Canada
$4.4 Bn
66%
/Multi
PAC
13%
Q3/23
$66.2 Bn
Canada
68%
REITS
19%
Q3/23
$66.2 Bn
APAC
0.9
14%
Family
PAC
0.8
11%
40%
US
0.3
5%
Other
0.3
4%
Total
$6.7 Bn
100%
1 May not add due to rounding
Industrial
22%
2 REITs include REITS-Industrial (7%), REITS-Retail (3%), REITS-Office (3%), REITS-Residential (3%) and REITS-Diversified (3%)
3 Other includes Engineering & Project Management and Trade Contractors
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