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  "documentTitle": "A&M Valuation Insights November 2023",
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  "notes": "The slide contrasts the rising LTV in residential real estate with the relatively stable LTV in commercial real estate.",
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      "text": "While the company-specific LTV ratio in the commercial sector fluctuated in 2018-22 for reasons such as capital increases, acquisitions, or share buybacks, the industry average remained constant at around 42%.",
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      "text": "Between 2018 and 2020, residential real estate companies, on average, were able to reduce LTV ratios, primarily through deleveraging as well as an increase in the value of their existing real estate portfolios.",
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      "text": "Residential LTV ratio (Jun23): 44.3%",
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      "text": "The loan-to-value ratio (LTV) is a measure of real estate companies' debt leverage. LTV is defined as the value of the total outstanding net debt divided by the market value of the real estate properties.",
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      "text": "Source: Company Financial Reports, A&M Analysis",
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