2021 CMBS Delinquency Rates

The Trepp CMBS Delinquency Rate in February was 6.8 percent, a decline of 78 basis points from the January number.
Source: Trepp
Source: Trepp

In February, the Trepp CMBS Delinquency Rate generated its largest improvement since the beginning of the pandemic. After two huge jumps in the reading in May and June of last year, the rate has now declined for eight consecutive months. The Trepp CMBS Delinquency Rate in February was 6.8 percent, a decline of 78 basis points from the January number, which is the biggest drop over the last eight months.

The percentage of loans in the 30 days delinquent bucket is 0.6 percent – down 16 basis points for the month. In terms of loans in grace period, 2.3 percent of loans by balance missed the February payment but were less than 30 days delinquent. That was down 77 basis points for the month. Some other overall statistics: The percentage of loans with the special servicer dipped to 9.6 percent in February from 9.7 percent in January.

According to February servicer data, 24.2 percent of all lodging loans were in special servicing, down from 24.5 percent in January. In addition, 16.7 percent of retail loans are with the special servicer, down from 17.1 percent last month. The percentage of loans on servicer watchlist climbed to 23.4 percent in January from 22.3 percent last month.

Manus Clancy is Senior Managing Director of Applied Data & Research.

—Posted on Mar. 23, 2021


Source: Trepp
Source: Trepp

The Trepp CMBS delinquency rate continued to retreat during the first month of the new year, though there are indications that the improvement could be showing signs of a reversal. After two huge jumps in May and June, the rate has now declined for seven consecutive months. The Trepp CMBS Delinquency Rate in January was 7.6 percent, a decline of 23 basis points from the December number. The percentage of loans in the 30-day delinquent bucket is 0.7 percent–down 10 basis points for the month.

In terms of loans in grace period, 3.1 percent of loans by balance missed the January payment but were less than 30 days delinquent. That was up from 2.8 percent in December. Some other overall statistics: The percentage of loans with the special servicer dipped from 9.8 percent in December to 9.7 percent in January. According to January servicer data, 24.5 percent of all lodging loans were in special servicing, up from 24.1 percent in December. In addition, 17.0 percent of retail loans are with the special servicer, down from 17.2 percent last month. The percentage of loans on servicer watchlist climbed to 22.3 percent in January from 21.4 percent last month.

Manus Clancy is Senior Managing Director of Applied Data & Research.

—Posted on Feb. 26, 2021