Deutsche Bank Fixed Income Presentation Deck
Commercial Real Estate (CRE)
Focus portfolio comprised of IB and CB non-recourse CRE lending
Focus Portfolio: € 33bn
IB CRE: € 28bn
> CRE loans € 33bn - 7% of total loans
> 50% US, 37% Europe and 13% APAC
> 34% office, 12% Hospitality, 11% Retail, 43%
Other
› IB € 28bn - weighted Ø LTV -62%
> 59% US, focuse on gateway
Europe, 16% APAC
>Top 10 names are 10% of the portfolio,
€ 64m average exposure
> CB € 5bn - weighted Ø LTV 53%
> 93% Europe, 7% US
> € 28m average exposure per name
> Risk management/mitigations
ties; 25% in
> Geographically diverse, well located
institutional quality assets
> Strong institutional sponsors with significant
cash equity invested
> Short/medium-term loan maturities largely
with extension options subject to financial
covenants
> Stress testing to identify loans with elevated
refinancing risk; pro-active engagement with
borrowers to achieve balanced loan
extensions
> Contained CLP €26m in Q1 2023 in line with
prior quarters - 32bps
Note: LTV - loan-to-value
Deutsche Bank
Investor Relations
Office
€ 8bn
Hotels
€ 3bn
Retail
€ 2bn
Residential
€ 5bn
Other
€ 10bn
> Weighted average LTV 62%
> High-quality portfolio with institutional sponsorship in
major markets
> € 4.5bn located in the US
› Weighted average LTV 59%
> 63% located in the US where hotel sector has largely.
recovered post-pandemic
› Weighted average LTV of 60%
> 48% located in the US with strong sponsors
> Relatively limited sector exposure; significant recovery
post COVID
> Weighted average LTV 64%
> High-quality diversified portfolio, largely stable to positive
leasing trends
> Includes mixed-use, industrial/logistics, studios, data
centers, other assets with weighted average LTV of 57%
Q1 2023 Fixed Income Investor Call
April 28, 2023
IB US office loans: € 4.5bn
US office portfolio remains in focus given significantly lower US occupancy
rates and elevated valuation pressure
Office types
Life Science
Suburban 9%
8%
82%
Urban
Office locations
Other
21%
Atlanta
4%
Miami 4%,
5%
Philadelphia
8%
Boston
13%
San Fran
/
26%
19%
> € 0.6bn exposure with final maturities in remainder of 2023
> Q1 CLP for US office €16m (4% of total Stage 3 provisions)
LA
NY
> US office portfolio <1% of total loans and 14% of total focus portfolio
> Average LTVs ~ 64% based on latest external appraisal subject to
interim internal adjustments, reflecting prudent approach
> ~80% of office exposure in Class A properties
› Weighted average remaining lease term of 6.7 years
> High-quality portfolio with institutional sponsorship in major markets
> Sponsors mostly supportive and facilitated loan extensions with additional
equity contribution
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