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Industrial Properties Drive CMBS Delinquency Higher

30-day CMBS delinquency up 4 BPS in May

June 5, 2013

By Mortgage Daily staff


Thanks to deteriorating performance on industrial property loans, early stage delinquency on all securitized loans backed by commercial real estate rose in May. Delinquency on loans for all other property types was lower.

The 30-day delinquency rate on commercial mortgage-backed securities turned higher last month. The rate rose to 9.07 percent in May from 9.03 percent in April.

CMBS delinquency has made a significant improvement, however, when compared to the 10.04 percent rate as of May 31, 2012.

Trepp LLC, which reported the figures on Wednesday, said that upward pressure on the delinquency rate resulted from the $2.5 billion in newly delinquent loans during May versus just $1.6 billion in April..

Last month's deterioration was the result of performance on CMBS loans secured by industrial properties. The 30-day rate leapt to 12.45 percent from 11.54 percent in April.

"The bulk of the degradation of the industrial rate in May can be traced to the $190 million StratReal Industrial Portfolio I, whose inclusion led to a 77 basis point increase in the property type's rate," Trepp explained.

All other delinquency categories improved in May, with the most improvement made with lodging loans. The 30-day rate on lodging CMBS fell to 9.65 percent from 10.30 percent a month earlier.

The 30-day rate on loans backed by retail properties moved 22 basis points lower to 7.46 percent.

On CMBS loans secured by multifamily properties, the delinquency rate was 11.61 percent, off from 11.67 percent as of April 30.

A 2-basis-point decline left 30-day delinquency on office building loans at 10.24 percent as of the end of last month.

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