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Office CMBS Performance Deteriorates

Overall CMBS 30-day delinquency rate unchanged in December

Jan. 3, 2013

By Mortgage Daily staff


While delinquency levels were down last month on most types of securitized loans backed by commercial real estate, the past-due rate on office property mortgages jumped 29 basis points and has soared 169 BPS over the past year.

There was no change between November and December in the 30-day delinquency rate on loans included in commercial mortgage-backed securities, which finished 2012 at 9.71 percent. The rate was 2 basis points higher than in October.

Newly delinquent loans totaled $3.2 billion last month, while resolved loans exceeded $1.1 billion.

The 30-day rate for CMBS delinquency was 9.58 percent as of Dec. 31, 2011.

"After months of continued volatility, the delinquency rate for US commercial real estate loans in CMBS has regained some stability," the report from Trepp LLC said. "From early 2012 through the end of the summer, the CMBS delinquency rate bounced around considerably."

At 13.98 percent, delinquency was highest on multifamily CMBS rated by Trepp. But the multifamily rate improved from 14.21 percent as of Nov. 30.

Securitized lodging loans had the next-highest rate at 11.73 percent. Lodging delinquency, however, retreated from 12.24 percent a month earlier.

Industrial CMBS loans fell to 11.24 percent from 11.48 percent in November, and delinquency on retail loans improved 13 BPS to 7.62 percent last month.

But the improvement in all of the other sectors was offset by an increase in delinquency on securitized mortgages backed by office properties. Office delinquency was 10.66 percent, worse than 10.37 percent a month earlier and 8.97 percent a year earlier.

Delinquency could be negatively impacted by the expected refinance of performing CMBS loans.

"While Trepp anticipates the delinquency rate will be steady over the next few months, refinancings are expected to increase as a result of borrowing rates and CMBS spreads being at record lows," the report stated. "Additional refinancing activity will lead to the removal of some performing loans."

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