Minimal Corporate Real Estate Exposure to SVB, Signature Bank, and Other Regional Financial Institutions

DBRS Morningstar has concluded that our debt-rated universe of corporate real estate issuers has nominal direct exposure to Silicon Valley Bank, Signature Bank, and First Republic, with the exception of two issuers, one with de minimis and the other moderate amounts of tenant exposure to Signature Bank. With the banking sector continuing to speculate on the next bank to experience problems, we have determined only a few of our rated real estate issuers have greater than 10% exposure to financial institutions as tenants; notwithstanding, most of these tenants are investment grade and a majority of them are domestic or global systemically important banks.