CTL Market 1

Part
01
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Part
01

CTL Market 1

Your requested information regarding the total number and worth of credit tenant lease (CTL) loans for the years 2008 to 2012 is prepared for you below, as well as in the attached spreadsheet.

Below you will find a deep dive of my findings and methodology.

METHODOLOGY

To answer your question, I reviewed the request details, the original response and your feedback to avoid duplicating the previous response's findings. I used the National Association of Insurance Commissioners' statistical reports from 2009 to 2012 to provide the total number of credit tenant lease (CTL) loans in the US during this period. The NAIC reports provided the total aggregate for the US life insurance industry including the CTL segment. However, I did not determine the CTL loan volume from these reports. While I found an NAIC article analyzing the CTL loan volume worth from 2010 to 2012, I did not find any other source providing the same information for the earlier years of 2008 and 2009.

I encoded my findings in sheet 1 of the provided spreadsheet and transferred the previous response's findings to sheet 2 for clarity. Please continue below to see the results of my research.

NAICS STATISTICAL REPORTS

The following total number of CTL loans for the years 2008 to 2012 were provided in NAIC's annual statistical reports:

2008
Total number of CTL loans: 6,350,428
Total volume in USD: N/A

2009
Total number of CTL loans: 9,878,172
Total volume in USD: N/A

2010
Total number of CTL loans: 45,711,763
Total volume in USD: $22.2 billion

2011
Total number of CTL loans: 37,747,889
Total volume in USD: $12.5 billion

2012
Total number of CTL loans: 29,264,481
Total volume in USD: $24 billion

The total CTL volume in USD for the years 2010 to 2012 were mentioned in a 2013 article (the most recent and only version available) analyzing the US CTL market.

While the NAIC reports gave a breakdown of CTL obligations and securities, it did not give a breakdown by lenders. I also did not find any other sources providing a CTL breakdown by lender.

However, the NAIC article mentioned that in 2012, the 5 biggest CTL lessees or tenants were Walgreen, CVS Caremark, GSA (the US government), Wal-Mart Stores and Lowe's Companies.

CONCLUSION

To wrap it up, the total number and worth of credit tenant lease (CTL) loans for the years 2008 to 2012 has been prepared for you above, as well as in the attached spreadsheet.
Sources
Sources