2024 CMBS Delinquency Rates

Trepp's monthly update. Read the report here.

CMBS Delinquency Rates of April 2024
Source: Trepp

The Trepp CMBS Delinquency rate surged in April 2024 after posting a slight decline the month prior. Overall, the delinquency rate increased 40 basis points to 5.07 percent, the highest since September 2021 when the rate was 5.35 percent.

The increase was driven by spikes in the office, lodging and retail sectors, with more than a dozen loans with outstanding balances greater than $100 million becoming delinquent during April. The size of the month-over-month increases for each of these three property sectors was the highest in almost a year.

If we included loans that are beyond their maturity date but current on interest, the delinquency rate would be 5.84 percent, up 41 basis points from March.

The percentage of loans in the 30 days delinquent bucket is 0.23 percent, up 7 basis points for the month.

Our numbers assume defeased loans are still part of the denominator unless otherwise specified.

—Posted on May 29, 2024

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