For a moment, forget interest rates. They've been higher, they've been lower, and they'll likely drop when the Federal Reserve feels it's finally won the inflation battle.

But some of the impacts on net operating income that Moody's Analytics pointed out in some recent research may be more stubborn. Higher prices from inflation likely won't drop when cost increases from inflation come down to the target 2% annual rate. Insurance prices that have risen due to climate change-driven natural disasters may be up there for good. And those expenses will be something always in the eye of lenders who want to be sure that debt service coverage ratios are in a safe range.

The NOI impact will be most apparent "for certain commercial mortgage-backed securities (CMBS) loans, especially those loans that are already underperforming," Moody's writes.