AIG 2010 Annual Report Download - page 151
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American International Group, Inc., and Subsidiaries
The following table presents the percentage of AIG’s CMBS investments by geographic region:
December 31, 2010 2009
Geographic region:
New York 17% 15%
California 12 14
Texas 67
Florida 66
Virginia 33
Illinois 33
New Jersey 33
Georgia 32
Maryland 23
Pennsylvania 23
Nevada 22
Washington 22
All Other*39 37
Total 100% 100%
* Includes Non-U.S. locations.
The following table presents the percentage of AIG’s CMBS investments by industry:
December 31, 2010 2009
Industry:
Office 34% 30%
Retail 27 30
Multi-family 17 15
Lodging 87
Industrial 67
Other 811
Total 100% 100%
There have been disruptions in the CMBS market due to weakness in underlying commercial real estate
fundamentals and the market’s anticipation of increasing delinquencies and defaults. Although the market value of
the holdings has improved and CMBS spreads have tightened during 2010, it continues to be below amortized
cost. The majority of AIG’s investments in CMBS are in tranches that contain substantial protection features
through collateral subordination. As indicated in the tables, downgrades have occurred on many CMBS holdings.
The majority of CMBS holdings are traditional conduit transactions, broadly diversified across property types and
geographical areas.
AIG 2010 Form 10-K 135