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Trepp counted $12.1B of performing securitized office loans with cash flow below debt service, out of $97.2B reviewed.
Free rent explains $1.46B of the well occupied balance, with 280 Park Avenue accounting for $1.075B.
Floating rate debt and elevated operating expenses sit behind most of the rest.
Trepp reviewed $97.2B of performing securitized office loans and found $12.1B that cannot cover their own debt payments. None of those loans are delinquent. The unexpected part is where that balance sits. More than two-fifths rests on buildings that are at least 80% occupied.
#trepp #reviewed
Trepp counted $12.1B of performing securitized office loans with cash flow below debt service, out of $97.2B reviewed.
Free rent explains $1.46B of the well occupied balance, with 280 Park Avenue accounting for $1.075B.
Floating rate debt and elevated operating expenses sit behind most of the rest.
Trepp reviewed $97.2B of performing securitized office loans and found $12.1B that cannot cover their own debt payments. None of those loans are delinquent. The unexpected part is where that balance sits. More than two-fifths rests on buildings that are at least 80% occupied.
#trepp #reviewed
2 months ago
