KBRA Releases Research – CMBS Loan Performance Trends: September 2021

Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the September 2021 servicer reporting period. The September delinquency rate fell to 4.4%, down from 4.6% in August. This is the 15th consecutive month where the rate has declined or was flat from the previous month since peaking in June 2020, at 8.2%.

Lodging recorded the largest decrease in delinquency rates, to 10.2% from 11.3%, followed by retail (7.2% from 7.4%) and multifamily (1.7% from 1.9%). Similar to recent months, the decline in lodging delinquencies was sizable, with 29 lodging loans totaling $618.2 million becoming current or resolved. A look at the conduit universe showed that delinquencies declined to 5.4%, down 30 basis points from the August delinquency rate of 5.7%. In September, the amount of conduit loans in special servicing also decreased for the fifth consecutive month, to $17.7 billion from $18.2 billion in August 2021.

Click here to view the report.

Related Publications

• CMBS Trend Watch: August 2021
• KBRA CMBS Loan Performance Trends: August 2021
• Keying “Inn” on Hotel Chain Delinquencies

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

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