The U.S. CMBS delinquency rate, which has moved steadily higher during 11 of the past 13 months, continued its climb in March, according to Trepp. The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.37 percent, an increase of 6 basis points from February.

The rate is now 115 basis points higher than the year-ago level, and 14 basis points higher year-to-date. The reading hit a multi-year low of 4.15 percent in February 2016. The all-time high was 10.34 percent in July 2012. In March, almost $2 billion in loans became newly delinquent, which put 46 basis points of upward pressure on the CMBS delinquency rate, and more than $500 million in loans were cured, which helped push delinquencies lower by 12 basis points.

Rising delinquency rates for the industrial, retail and lodging sectors helped push the rate higher in March, with industrial loan delinquencies rising 109 basis points to 7.03 percent, retail loan delinquencies rising 19 basis points to