NEW YORK--(BUSINESS WIRE)--U.S. CMBS delinquencies rose for a third straight month, according to the latest index results from Fitch Ratings.
Loan delinquencies increased 20 basis points (bps) in June to 3.18% from 2.98% a month earlier. The sharp increase was chiefly due to the addition of three loans, each greater than $100 million. Further, the portfolio runoff of $5.7 billion also exceeded Fitch-rated new issuance volume of $5 billion from seven transactions in May, causing a decrease in the index denominator. The largest new delinquencies were the Skyline Portfolio ($474.6 million within Fitch-rated transactions), the $136.3 million JQH Hotel Portfolio and the $101.5 million Southern Hills Mall.
Relative to the new delinquencies in June, the largest resolutions were substantially smaller in balance and were all less than $40 million. The largest resolutions included the $38.1 million Severance Town Center, the $37.5 million Capital Plaza, and the $35.8 million Steeplegate Mall.
Current and previous delinquency rates by property type are as follows:
--Retail: 4.64% (from 4.56% in May);
--Office: 4.59% (from 4.15%);
--Hotel: 4.22% (from 3.47%);
--Multifamily: 0.83% (from 0.87%);
--Industrial: 4.13% (from 3.41%);
--Mixed Use: 3.94% (from 4.08%);
--Other: 0.79% (from 0.79%).
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