CMBS Net Cash Flow Index for 2021 Approaches Pre-Pandemic High
As of July 2022, there were more than 40,800 outstanding commercial mortgage-backed security (CMBS) loans in the United States and Canada, with 70% of U.S. loans and 40.8% of Canadian loans being reported, respectively. DBRS Morningstar calculated the annual net cash flow change and the cash flow index using 2000 as the base year. Overall, the cash flow index had been increasing since 2011 and reached 1.26 in 2019—the highest in history. After experiencing its first dip in a decade in 2020 because of the Coronavirus Disease (COVID-19) pandemic, the cash flow index increased back up to 1.24 in 2021, which was in line with its 2018 value.
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