May 2 (The following statement was released by the rating agency)
U.S. CMBS loan maturities will total over $14 billion for the remainder of 2013, according to the newest quarterly index from Fitch Ratings.
Of the $14.4 billion in Fitch-rated performing conduit loans set to mature this year, $3.2 billion (22.2%) are defeased. As interest rates remain low and conduit issuance remains robust, Fitch expects ten-year loans maturing over the next year to continue to pay off at or near their maturity dates.
'Roughly 60% of loans maturing in 2013 were originated in 2003 and 2004, including 16% which are already defeased,' said Senior Director Karen Trebach.
'Given that many 2003-2004 loans have been amortizing for about nine years and that the overall initial leverage wasn't egregious, most should repay without a hitch.'
Conversely, loans from the 2006 and 2007 vintages (about 20% of 2013 maturities) have significantly higher leverage.
In addition, $9.3 billion in loans that already matured in 2013 or in previous years are currently delinquent. Another $20.9 billion of loans that have an original maturity date beyond 2013 are also currently delinquent, including $16.7 billion in ten year loans from the 2006-2007 vintage.
The U.S. Commercial Mortgage Market Index is the latest in Fitch's series of structured finance index reports. The report, which includes the latest on upcoming maturities, delinquency statistics, and new issuance trends, will be updated quarterly and is available at 'www.fitchratings.com' or by clicking on the below link.
Link to Fitch Ratings' Report: Commercial Mortgage Market Metrics â€“ U.S.A.