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Retail Loan Deterioration Hurts CMBS Delinquency

Delinquency on retail property loans surged, helping to drive up the past-due rate for all securitized commercial real estate loans last month.

Loans that are included in commercial mortgage-backed securities had a 30-day delinquency rate of 3.51
percent as of Oct. 31.

Turns out that the share of past-due CMBS payments escalated from a month earlier, when the 30-day rate worked out to 3.49 percent.

Delinquency, however, moved down from a year earlier, when the 30-day rate landed at 4.15 percent.

The statistics were reported by Morningstar Credit Ratings LLC based on the
$787 billion in CMBS that it rates.

Securitized retail property loans took the biggest beating in the latest report, with the 30-day rate jumping 21 basis points from September to 5.32 percent.

Delinquency on industrial property loans worsened by 17 BPS to 5.53 percent in October.

On CMBS loans backed by health care properties, the 30-day rate rose 10 BPS to 3.28 percent as of last month.

A two-basis-point decline
left October’s 30-day rate at 2.87 percent on securitized hotel loans and 1.80 percent on multifamily loans.

At 5.25 percent, delinquency on office CMBS loans was seven BPS better than in September.

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