U.S. CMBS delinquencies rose by four basis points to 0.39% in May, with half of the increase in the Loan Delinquency Index resulting from one large nonperforming matured healthcare loan, according to a Fitch Ratings release out today.
Without the healthcare loan, the index would have only risen by two basis points to 0.37%.
Most sectors finished with slightly higher delinquencies last month, with healthcare recording the largest increase. Delinquencies in multifamily increased as well, and has an additional $447.9 million in newly delinquent loans, according to CMBS group head Susan Merrick.
The newly delinquent health care portfolio resulted in this sectors lead in the index in terms of property type. When compared with the total number of Fitch-rated healthcare transactions, these delinquent loans represent 4.62% of healthcare issuance.
The multifamily sector followed with delinquencies at 1.74% of the multifamily universe. Retail ended the month with a $26.4 million decrease in delinquencies and an index of 0.17%. Office delinquencies increased $20.1 million, ending with an index of 0.14%.
Texas continues to lead delinquencies, with 23.2% of delinquent loans. The total amount of Texas loans in the Fitch universe is 1.56%. Florida follows Texas with 9.54% of the total, and an index of 0.65% when compared with the total issuance in the state.
The seasoned delinquency index rose by five basis points in May, ending with 0.46%. Five transactions totaling $5.3 billion, none of which had delinquent loans, became newly seasoned.