Thank Zach. Good and everyone. you you Rina I Thank Jeff. morning talk thank what comments you were I can wonder fairly today. These extensive. about
start a with it's world today. Let's the world because fascinating
Coronavirus. the fell on from one a think off is, thing stocks contagion bit the I little
no I firm Coronavirus. have way, is from for or shape form. risk mean in We not that impact any a our
just market So it off. fell sentiment it's that
is is will what is, telling rates is fascinating market economy Cap and treasury valuable drift rates guess slow the slowing. Jeff's base you. even expect lenders is this LIBOR come bond the my down, floors think makes And the as which well, the rates are though it you X.XX more more bond will I are make to fall property global It is that's searching Again, coming down. from Coronavirus. world adjusted LIBOR valuable. year will market economy and property cap one probably actually will I telling thing only The and yield. clearly the spreads for now haven't not in that, to But
our a sort totally X.XX the more a we day getting or So becoming was and valuable whatever X.XX The and is the book loan stock we all mark-to-market of our have The the now more quarter misvalued. enterprise had wrong. is is XX-year and market XX-year. every and $XX of and stock that
talked was we Taubman You you from and in We the to about, the million, should to transaction gains gain a have that we with trouble. real. Dublin that offset told was known the $XXX you that prove
wasn't or going we construction and to and the the write-off offset totally profile $XX it of that that Taubman looks thought Dublin rate thought was loss might your but and that It we write-off. and with we an GAAP growth accounting. sell we decided it slow new gain whether we you not. was the debated that. from the million rent do funny the should gain million in like in from We Dublin imperative $XX we Ultimately It
that correctly made thought find we was terrific $XX sell. with you us all kinds So total the of Dublin taxes hedges, there we to on can't million but investment for asset which it and that and we a it is own because actually it issues might want gain only an
XXX want Everything years. own I else, to for
harvest of gains. those probably point, Although at some some we will
As those the Jeff that was on and invested buying it's XX% Rina no earning year, sale God, property every oh it's and control a as our your mentioned can mentioned, of my our growing annually get. assets when almost assets. And of create cash-on-cash it's is as was duration as you in repayment. good purpose of third There We to is the book. issue and capital
for us. exciting So that was really
I energy slow the in a were the position had been and actually company year for originating. loans in We ever better we think duration than we business. have is selling assets did overall. started a We match out financing very transitional not probably it's the
rather than got So put the waited until place to duration. just in with We we didn't on we five-year debt, have it. paper two-year facilities do
run we see understand everything are how on as the business award from it performing disclosure in said, You know are and because can well you doing speaks won we our you we but win which every which better. want getting don't up and you company all as we safe lines to transparent, Jeff and NAREIT is, and our that predictable earnings, to
than have are suppose. of we we end I the at been, actually So ever more bullish XXXX,
see Europe. is think right you in banks spreads loans better are us more back. Europe There One are sitting now. The thing do I will in do
hope have will exposure of We Those increase come very think economies. seen places The and in that we the market markets property despite Spain well peers our to I their has in German to the fruition. London are actually in like and slowing even places like are substantial like markets office as markets residential rent really the both some Europe. increases office. the recovered as just seeing sound
we the on have ever When fearful the of when XX% I And in. on kind appraisals like kind below the requirement we tell our earning? it's she to that's me something a of and CECL actually will XX%. what gripped be XX% outside book just come are asset is revalue is We thing this was marks. CECL, the we with at ridiculous LTV or going of nature fascinating, told are you level, Rina frankly. that to conservative go numbers which assets table lowest would were Another our that me, the earning, LTV Like and LTV a to of shows XX.X
already We Most are are XX%. dropping below using that our peers methodology. of
apples-to-apples been really marks. set our our to LTV haven't comp in we So
GAAP One have for resi growing held that sale. are that for substantially those lower thing than And also will assets. never actually remaining we earn is, that, book we are which GAAP think for reason can't loans, that on refinancing buy you about, in One the resi the what you obvious When talked originate of the maybe assume reality, do going trust. you is we kind to of accounting that. the not we do on these our we book basically is these or
a pop will gain. You
that financials You the our IRRs will higher. take in have
the to are maturity. not when them them put we REIT in So taxable hold also then they
been see will is But you relatively it's a credit yield has will good any business very new acquire. a And that that us do the like business us. well we continue not because on continue of digit capital So to securitize it's the some taking that as and excess to for we risk. that to we capital thing and approved deploy Board loans as really that double behind continue
at is in good. it's that's book and high as ever The loan things. $X as our other been book So the couple of billion
yields still we transitional a versus and We and have assets large what we keep around significant duration of these yield call and loans continue number to look we slightly like originate lower longer. loans, would at to
about. talking keep we Something
more of And and are. that peers do going little loan our forward. something bit our we of it's than doing a are expand book Some can we probably
in credits, we that and CMBS CMBS And if on But some think to the to really in have you them. to will, have Right deal of in volatility did risk execute CMBS have base, a them. Lastly, It less over retail the value our will an value we if an new reset. it's exposure. this a which that all that different now, Obviously, I retail is with we chance the continue CMBS, good deal. will it's the and grow historically. books been have do and have has didn't lower you will old to pool, we markets restocking which have trade time even lenders alternative new there in a didn't
the little the which of up one So said, CMBS in a vehicle. Jeff go JV our firm. It partly to the of will, lightened partner a have will a earn as as we with book on employees a retention to reasons promote bit a some
as ever doing business confident in this probably So of entering fine team a and in overall, as we and all a next year, are cylinders diverse position very year our focused we which are is excited. we the in have XXXX, a have just good am business, I and year
the that and the and that, senior and will first a headquarter are going you with take WeWork you piece mortgage to going deal, of Taylor go. we more say The transaction. of am are one to I operator, aware, in thing, questions. we have mezz Lord and some stop before a So I
you is rumors going published. Amazon keep really If the to they to an to take really a exposure also us not the loan. there we will It's stay, going there been it's But at Obviously, building it be happy. to in all. good have are that may I be know we think firm want tag, will protection see call want in if the that outcome that and loan. down. they good And You are for
Mall American loan. the is Dream As
it's theme also You of and think a it store America's we skis a indoor loan. underwrote never even retail underwrote retail park the we opening which And Mall that as, Ferris we it that, collateral. and When a as of whatever, shouldn't as wheels. have has
chance ever is in see no there problem So a loan. we will that that
So a arbitrage in of time people moment just an unbelievable recall. was if than I LTV, assets like needed it XX% less when
especially the if you collateral company us. well additional the gave So, less, take
So those are not issues.
And questions questions. or will will take with we that, I you. take Thank
