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Industrial Leads CMBS Delinquency Down

Led by industrial properties, securitized commercial real estate loans saw stronger monthly performance. Apartment delinquency, however, worsened.

Loans that are included in commercial mortgage-backed securities had a 30-day delinquency rate of 3.81 percent as of July 31.

Compared one month earlier, delinquency has fallen 14 basis points. A 168-basis-point improvement was recorded versus one year earlier.

Trepp LLC, which reported the statistics Wednesday, attributed the stronger performance to “the continued resolution of distressed legacy debt and the brisk pace of new loan securitizations.”

At 4.21 percent, delinquency on industrial CMBS loans plummeted from June by 46 BPS — the largest decline of any property type.

A 25-basis-point tumble left the rate on securitized office building loans at 4.41 percent.

Securitized retail property loans saw a decline of 23 BPS to 5.55 percent — the highest rate of any property type.

Lodging CMBS loans had a rate that was down 7 BPS from the preceding months to 2.25 percent — lower than any property type.

The only category to experience deterioration in delinquency was
multifamily, with the rate rising 7 BPS to 2.35 percent.

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