Performance on loans included in commercial mortgage-backed securities worsened last month, with lodging loans taking the biggest hit.
The rate of
60-delinquency on securitized commercial real estate loans landed at 4.77 percent in February, Fitch Ratings reported.
Past-due payments on CMBS loans deteriorated from the previous month’s post-recession low of 4.72 percent.
Fitch attributed to rise to portfolio runoff.
“Fitch-rated new issuance volume of $200 million (one transaction) was far outpaced by $5.1 billion in portfolio runoff,” the report stated.
The 60-day rate was down, however, from 5.43 percent in February 2014.
A 21-basis-point month-over-month increase left the 60-day rate on securitized hotel loans at 6.36 percent as of Feb. 28.
CMBS loans secured by mixed-use properties had a 3.05 percent rate last month, 19 BPS worse than in January.
Sixty-day delinquency on industrial loans climbed 16 BPS to 5.20 percent in February.
Office loan delinquency rose 8 BPS to 5.08 percent during the most-recent month.
Delinquency on securitized multifamily loans edged up 2 BPS from January to 5.23 percent.
The 60-day rate on retail property loans was
5.39 percent in February, the same as a month earlier.
