US office loan payoff rate rises in first two months of 2024 [Yahoo! Finance]
Moody's Corporation (MCO)
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Source: Yahoo! Finance
securities (CMBS) spiked in January and February from last year, according to a new report by ratings agency Moody's Investors Service. More than 55% of maturing office loans was paid off in January, while 25% was paid off in February, according to the report. The combined 48% payoff rate for the two months marks a significant increase from the overall 2023 rate of 35%. The first two months of the year saw $1.15 billion of office debt packaged in CMBS reach their maturity dates. There are $17.4 billion in office loans maturing in the next 12 months, according to the report. Moody's deemed roughly $13 billion of the amount, or three-quarters, as very difficult to refinance. Concerns swirled last year over the heavy office loan maturity wall in 2024, as persistent inflation and remote working have strained landlords' ability to make loan payments. While the payoff rate increased from last year, the figures should be taken with a grain of salt, Moody's noted. Only 30 such loa
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MCO
Earnings
- 2/14/24 - Miss
MCO
Sec Filings
- 4/19/24 - Form 8-K
- 4/2/24 - Form 3
- 4/2/24 - Form 4
- MCO's page on the SEC website