With April CMBS delinquency rate, Trepp says it’s time to throw out the old measurements

April saw a large increase in the CMBS delinquency rate, according to Trepp, and the firm has newly updated fields to include loans categorized as “in grace period” or  “beyond grace period.”

In Trepp’s April 2020 U.S. CMBS Delinquency Report, the CMBS delinquency rate saw its biggest jump in almost three years. The April reading is 2.29 percent, a jump of 22 basis points over the March number. The last time the delinquency rate saw a bigger jump was in June 2017 — when the industry was still talking about the “wave of maturing” 2007 loans.

“While an increase in the delinquency rate was probably expected by most industry watchers, the magnitude of the move likely surprised many by its modest size,” said Manus Clancy, Trepp senior managing director. “The delinquency rate was not a very big surprise to us — or most daily TreppWire readers — and, ther