The delinquent status of the Extended Stay America loan was a large contributor to a 129 basis-point increase in overall U.S. CMBS delinquencies last month to 6 percent, according to Fitch Ratings’ weekly U.S. CMBS newsletter.
“While the Extended Stay loan is a significant contributor to the increase in delinquencies, a steady up-tick in all property types will lead to continued increases in the months ahead,” said managing director Susan Merrick. “Even without the classification of the Extended Stay loan as delinquent, the Index would have increased to 5.10 percent instead of 6 percent.”
For the fifth consecutive month, each of the five main property types saw an increase in delinquencies. Delinquency rates for those properties compared to last month are as follows:
• Office: 3.06% (vs. 2.66%)
• Hotel: 16.44% (vs. 9.13%)
• Retail: 4.94% (vs. 4.25%)
• Multifamily: 8.33% (vs. 7.54%)
• Industrial: 3.73% (vs. 3.57%)
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