Delinquency on securitized commercial real estate loans retreated to the lowest level in years, and mortgages secured by industrial properties had the biggest improvement.
On loans included in commercial mortgage-backed securities, the rate of 30-day delinquency finished April at 3.75 percent — the lowest rate in years.
Morningstar Credit Ratings
LLC reported the statistics based on the $787 billion in CMBS it rates.
The past-due rate improved by two basis points from the previous month.
Compared to the same month last year. the rate has plummeted 102 BPS.
“By vintage, deals issued from 2005 through 2007 remain a significant portion of overall delinquency, at $25.51 billion by UPB and 86.4 percent of total delinquency,”
the report said.
Making the most improvement last month were CMBS loans secured by industrial properties, with the 30-day rate tumbling 32 BPS from March to 6.15 percent.
Next were
hotel loans, which saw delinquency drop 11 BPS to 3.58 percent last month.
Office property loan delinquency declined nine BPS from March to 5.60 percent.
After that was delinquency on retail property loans, which was 4.84 percent as of April, down two BPS from a month earlier.
The rate of late payments on health care property loans was 3.02 percent, the same as in March.
On multifamily loans, delinquency deteriorated by three BPS to 2.13 percent in the most-recent report.
