Regional Malls Update SASB Office Stresses November 18, 2020
Regional Malls Update SASB Office Stresses November 18, 2020 ©2020 Morningstar. All Rights Reserved. Delinquent Balance by Vintage No. of Outstanding Delinquent Transactions with Total Outstanding Total Delinquent Delinquency Vintage Loans Transactions Loans Delinquent Loan Pieces Balance Balance Rate % CMBS 1.0 2004-10 25 22 5 5 $ 1,971,189,425 $ 340,381,500 17.3% 2011 36 17 15 10 $ 3,260,894,119 $ 1,069,328,555 32.8% 2012 57 29 14 12 $ 6,931,127,556 $ 1,361,223,563 19.6% 2013 71 49 21 18 $ 10,007,397,698 $ 1,579,944,132 15.8% 2014 54 41 18 20 $ 7,347,007,964 $ 2,724,095,257 37.1% 2015 39 33 8 11 $ 4,483,115,883 $ 529,240,058 11.8% CMBS 2.0 2016 36 50 6 13 $ 6,097,487,560 $ 1,269,971,047 20.8% 2017 23 37 3 4 $ 2,607,603,346 $ 74,006,615 2.8% 2018 20 38 2 4 $ 4,913,120,868 $ 680,652,099 13.9% 2019 13 19 1 1 $ 3,182,443,725 $ 23,500,000 0.7% 2020 3 10 0 0 $ 823,945,946 $ - 0.0% Total 377 345 93 98 $ 51,625,334,090 $ 9,652,342,825 18.7% Source: DBRS Morningstar Viewpoint 2 Maturity Breakdown CMBS Mall Universe CMBS Delinquent Mall Universe 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2020 2021 2022 2023 2024 2025 2026 2027 2028 Source: DBRS Morningstar Viewpoint 3 DBRS Morningstar Market Rank Analysis of Delinquent Mall Universe 1.8% 1 2 3 4 5 6 7 8 1.3% 0.0% 0.0% 17.3% 20.5% 18.5% 40.6% Note: Market Ranks 6 or 8 had no significant delinquency percentages.
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