SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report : December 17, 2003
(Date of earliest event reported)
Commission File No.: 333-108944-01
Wachovia Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates,
Series 2003-C8
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
54-2135796
54-2135797
54-6593425
(I.R.S. Employer Identification No.)
c/o Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. Other Events
On December 17, 2003 a distribution was made to holders of Wachovia
Commercial Mortgage Securities, Inc.,Commercial Mortgage Pass-Through
Certificates, Series 2003-C8.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2003-C8, relating to the
December 17, 2003 distribution.
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Wachovia Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 2003-C8
By: Wells Fargo Bank Minnesota, N.A., as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: December 17, 2003
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2003-C8, relating to the
December 17, 2003 distribution.
EX-99.1
Wells Fargo Bank Minnesota, N.A.
Corporate Trust Services
9062 Old Annapolis Rd
Columbia, MD 21045-1951
Wachovia Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 2003-C8
For Additional Information, please contact
CTSLink Customer Service
(301) 815-6600
Reports Available on the World Wide Web
@ www.ctslink.com/cmbs
Payment Date: 12/17/2003
Record Date: 11/28/2003
DISTRIBUTION DATE STATEMENT
Table of Contents
STATEMENT SECTIONS PAGE(s)
Certificate Distribution Detail 2
Certificate Factor Detail 3
Reconciliation Detail 4
Other Required Information 5
Cash Reconciliation 6
Ratings Detail 7
Current Mortgage Loan and Property Stratification Tables 8 - 10
Mortgage Loan Detail 11 - 12
Principal Prepayment Detail 13
Historical Detail 14
Delinquency Loan Detail 15
Specially Serviced Loan Detail 16 - 17
Modified Loan Detail 18
Liquidated Loan Detail 19
Depositor
Wachovia Commercial Mortgage
Securities, Inc.
301 South College Street
Charlotte, NC 28288-1016
Contact: Tim Steward
Phone Number: (704) 593-7822
Master Servicer
Wachovia Bank, National Association
8739 Research Drive
URP 4, NC1075
Charlotte, NC 28262
Contact: Timothy S.Ryan
Phone Number: (704) 593-7878
Special Servicer
Clarion Partners, LLC
335 Madison Avenue, 7th Floor
New York, NY 10017
Contact: Bruce G. Morrison
Phone Number: (212) 883-2500
This report has been compiled from information provided to Wells Fargo Bank MN,
N.A. by various third parties, which may include the Servicer, Master Servicer,
Special Servicer and others. Wells Fargo Bank MN, N.A. has not independently
confirmed the accuracy of information received from these third parties and
assumes no duty to do so. Wells Fargo Bank MN, N.A. expressly disclaims any
responsibility for the accuracy or completeness of information furnished by
third parties.
Copyright 2003, Wells Fargo Bank Minnesota, N.A.
Certificate Distribution Detail
Class CUSIP Pass-Through Original Beginning Principal
Rate Balance Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 929766LV3 3.444000% 164,790,000.00 164,790,000.00 1,070,920.18
A-2 929766LW1 3.894000% 186,550,000.00 186,550,000.00 0.00
A-3 929766LX9 4.445000% 241,738,000.00 241,738,000.00 0.00
A-4 929766LY7 4.964000% 213,104,000.00 213,104,000.00 0.00
B 929766LZ4 5.030000% 29,227,000.00 29,227,000.00 0.00
C 929766MA8 4.780848% 13,396,000.00 13,396,000.00 0.00
D 929766MB6 4.820848% 28,009,000.00 28,009,000.00 0.00
E 929766MC4 4.900848% 13,396,000.00 13,396,000.00 0.00
F 929766MD2 5.030848% 15,831,000.00 15,831,000.00 0.00
G 929766ME0 5.030848% 12,178,000.00 12,178,000.00 0.00
H 929766MF7 5.030848% 15,831,000.00 15,831,000.00 0.00
J 929766MG5 5.030848% 7,307,000.00 7,307,000.00 0.00
K 929766MH3 5.030848% 6,089,000.00 6,089,000.00 0.00
L 929766MJ9 5.030848% 4,871,000.00 4,871,000.00 0.00
M 929766MK6 5.030848% 2,436,000.00 2,436,000.00 0.00
N 929766ML4 5.030848% 4,871,000.00 4,871,000.00 0.00
O 929766MM2 5.030848% 2,436,000.00 2,436,000.00 0.00
P 929766MN0 5.030848% 12,178,293.84 12,178,293.84 0.00
Z N/A 0.000000% 0.00 0.00 0.00
RI N/A 0.000000% 0.00 0.00 0.00
RII N/A 0.000000% 0.00 0.00 0.00
Totals 974,238,293.84 974,238,293.84 1,070,920.18
Class CUSIP Interest Prepayment Realized Loss/ Total Ending Current
Distribution Penalties Additional Trust Distribution Balance Subordination
Fund Expenses Level(1)
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 929766LV3 472,947.30 0.00 0.00 1,543,867.48 163,719,079.82 17.27%
A-2 929766LW1 605,354.75 0.00 0.00 605,354.75 186,550,000.00 17.27%
A-3 929766LX9 895,437.84 0.00 0.00 895,437.84 241,738,000.00 17.27%
A-4 929766LY7 881,540.21 0.00 0.00 881,540.21 213,104,000.00 17.27%
B 929766LZ4 122,509.84 0.00 0.00 122,509.84 29,227,000.00 14.27%
C 929766MA8 53,370.19 0.00 0.00 53,370.19 13,396,000.00 12.89%
D 929766MB6 112,522.60 0.00 0.00 112,522.60 28,009,000.00 10.01%
E 929766MC4 54,709.79 0.00 0.00 54,709.79 13,396,000.00 8.63%
F 929766MD2 66,369.46 0.00 0.00 66,369.46 15,831,000.00 7.01%
G 929766ME0 51,054.72 0.00 0.00 51,054.72 12,178,000.00 5.76%
H 929766MF7 66,369.46 0.00 0.00 66,369.46 15,831,000.00 4.13%
J 929766MG5 30,633.67 0.00 0.00 30,633.67 7,307,000.00 3.38%
K 929766MH3 25,527.36 0.00 0.00 25,527.36 6,089,000.00 2.75%
L 929766MJ9 20,421.05 0.00 0.00 20,421.05 4,871,000.00 2.25%
M 929766MK6 10,212.62 0.00 0.00 10,212.62 2,436,000.00 2.00%
N 929766ML4 20,421.05 0.00 0.00 20,421.05 4,871,000.00 1.50%
O 929766MM2 10,212.62 0.00 0.00 10,212.62 2,436,000.00 1.25%
P 929766MN0 51,055.95 0.00 0.00 51,055.95 12,178,293.84 0.00%
Z N/A 0.00 0.00 0.00 0.00 0.00 0.00%
RI N/A 0.00 0.00 0.00 0.00 0.00 0.00%
RII N/A 0.00 0.00 0.00 0.00 0.00 0.00%
Totals 3,550,670.48 0.00 0.00 4,621,590.66 973,167,373.66
Original Beginning
Pass-Through Notional Notional
Class CUSIP Rate Amount Amount
<s> <c> <c> <c> <c>
X-C 929766MP5 0.044469% 974,238,293.84 974,238,293.84
X-P 929766MQ3 0.745509% 800,952,000.00 800,952,000.00
Ending
Interest Prepayment Total Notional
Class CUSIP Distribution Penalties Distribution Amount
<s> <c> <c> <c> <c> <c>
X-C 929766MP5 36,102.46 0.00 36,102.46 973,167,373.66
X-P 929766MQ3 497,597.34 0.00 497,597.34 800,952,000.00
<FN>
(1) Calculated by taking (A) the sum of the ending certificate balance of all
classes less (B) the sum of (i) the ending certificate balance of the designated
class and (ii) the ending certificate balance of all classes which are not
subordinate to the designated class and dividing the result by (A).
</FN>
Certificate Factor Detail
Realized Loss/
Beginning Principal Interest Prepayment Additional Trust Ending
Class CUSIP Balance Distribution Distribution Penalties Fund Expenses Balance
<c> <c> <c>
A-1 929766LV3 1,000.00000000 6.49869640 2.87000000 0.00000000 0.00000000 993.50130360
A-2 929766LW1 1,000.00000000 0.00000000 3.24500000 0.00000000 0.00000000 1,000.00000000
A-3 929766LX9 1,000.00000000 0.00000000 3.70416666 0.00000000 0.00000000 1,000.00000000
A-4 929766LY7 1,000.00000000 0.00000000 4.13666665 0.00000000 0.00000000 1,000.00000000
B 929766LZ4 1,000.00000000 0.00000000 4.19166661 0.00000000 0.00000000 1,000.00000000
C 929766MA8 1,000.00000000 0.00000000 3.98403927 0.00000000 0.00000000 1,000.00000000
D 929766MB6 1,000.00000000 0.00000000 4.01737299 0.00000000 0.00000000 1,000.00000000
E 929766MC4 1,000.00000000 0.00000000 4.08403927 0.00000000 0.00000000 1,000.00000000
F 929766MD2 1,000.00000000 0.00000000 4.19237319 0.00000000 0.00000000 1,000.00000000
G 929766ME0 1,000.00000000 0.00000000 4.19237313 0.00000000 0.00000000 1,000.00000000
H 929766MF7 1,000.00000000 0.00000000 4.19237319 0.00000000 0.00000000 1,000.00000000
J 929766MG5 1,000.00000000 0.00000000 4.19237307 0.00000000 0.00000000 1,000.00000000
K 929766MH3 1,000.00000000 0.00000000 4.19237313 0.00000000 0.00000000 1,000.00000000
L 929766MJ9 1,000.00000000 0.00000000 4.19237323 0.00000000 0.00000000 1,000.00000000
M 929766MK6 1,000.00000000 0.00000000 4.19237274 0.00000000 0.00000000 1,000.00000000
N 929766ML4 1,000.00000000 0.00000000 4.19237323 0.00000000 0.00000000 1,000.00000000
O 929766MM2 1,000.00000000 0.00000000 4.19237274 0.00000000 0.00000000 1,000.00000000
P 929766MN0 1,000.00000000 0.00000000 4.19237298 0.00000000 0.00000000 1,000.00000000
Z N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RI N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RII N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Beginnning Ending
Notional Interest Prepayment Notional
Class CUSIP Amount Distribution Penalties Amount
X-C 929766MP5 1,000.00000000 0.03705711 0.00000000 998.90076156
X-P 929766MQ3 1,000.00000000 0.62125738 0.00000000 1,000.00000000
Reconciliation Detail
Advance Summary
<s> <c>
P & I Advances Outstanding 586,821.56
Servicing Advances Outstanding 0.00
Reimbursement for Interest on P&I Advances 0.00
paid from general collections
Reimbursement for Interest on Servicing Advances 0.00
paid from general collections
Aggregate amount of Nonrecoverable Advances 0.00
Servicing Fee Summary
Current Period Accrued Servicing Fees 37,833.10
Less Delinquent Servicing Fees 6,168.22
Less Reductions to Servicing Fees 0.00
Plus Servicing Fees for Delinquent Payments Received 0.00
Plus Adjustments for Prior Servicing Calculation 0.00
Total Servicing Fees Collected 31,664.88
Certificate Interest Reconciliation
Class Accrued Net Aggregate Deferred Distributable Distributable Additional Interest Remaining Unpaid
Certificate Prepayment Interest Certificate Certificate Trust Fund Distribution Distributable
Interest Interest Shortfall Amount Interest Interest Expenses Certificate
Adjustment Interest
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 472,947.30 0.00 0.00 472,947.30 0.00 0.00 472,947.30 0.00
A-2 605,354.75 0.00 0.00 605,354.75 0.00 0.00 605,354.75 0.00
A-3 895,437.84 0.00 0.00 895,437.84 0.00 0.00 895,437.84 0.00
A-4 881,540.21 0.00 0.00 881,540.21 0.00 0.00 881,540.21 0.00
X-C 36,102.46 0.00 0.00 36,102.46 0.00 0.00 36,102.46 0.00
X-P 497,597.34 0.00 0.00 497,597.34 0.00 0.00 497,597.34 0.00
B 122,509.84 0.00 0.00 122,509.84 0.00 0.00 122,509.84 0.00
C 53,370.19 0.00 0.00 53,370.19 0.00 0.00 53,370.19 0.00
D 112,522.60 0.00 0.00 112,522.60 0.00 0.00 112,522.60 0.00
E 54,709.79 0.00 0.00 54,709.79 0.00 0.00 54,709.79 0.00
F 66,369.46 0.00 0.00 66,369.46 0.00 0.00 66,369.46 0.00
G 51,054.72 0.00 0.00 51,054.72 0.00 0.00 51,054.72 0.00
H 66,369.46 0.00 0.00 66,369.46 0.00 0.00 66,369.46 0.00
J 30,633.67 0.00 0.00 30,633.67 0.00 0.00 30,633.67 0.00
K 25,527.36 0.00 0.00 25,527.36 0.00 0.00 25,527.36 0.00
L 20,421.05 0.00 0.00 20,421.05 0.00 0.00 20,421.05 0.00
M 10,212.62 0.00 0.00 10,212.62 0.00 0.00 10,212.62 0.00
N 20,421.05 0.00 0.00 20,421.05 0.00 0.00 20,421.05 0.00
O 10,212.62 0.00 0.00 10,212.62 0.00 0.00 10,212.62 0.00
P 51,055.95 0.00 0.00 51,055.95 0.00 0.00 51,055.95 0.00
Z 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 4,084,370.28 0.00 0.00 4,084,370.28 0.00 0.00 4,084,370.28 0.00
Other Required Information
<s> <c>
Available Distribution Amount (1) 5,155,290.46
Aggregate Number of Outstanding Loans 54
Aggregate Stated Principal Balance of Loans Before Distribution 974,238,293.86
Aggregate Stated Principal Balance of Loans After Distribution 973,167,373.67
Aggregate Unpaid Principal Balance of Loans 973,281,486.69
Aggregate Amount of Servicing Fee 31,664.88
Aggregate Amount of Special Servicing Fee 0.00
Aggregate Amount of Trustee Fee 2,029.66
Aggregate Trust Fund Expenses 0.00
Interest Reserve Deposit 0.00
Interest Reserve Withdrawal 0.00
Specially Serviced Loans not Delinquent
Number of Outstanding Loans 0
Aggregate Unpaid Principal Balance 0.00
(1) The Available Distribution Amount includes any Prepayment Premiums .
Appraisal Reduction Amount
Appraisal Cumulative Date Appraisal
Loan Reduction ASER Reduction
Number Amount Amount Effected
NONE
Cash Reconciliation Detail
<s> <c> <c>
Total Funds Collected
Interest:
Scheduled Interest 4,124,233.06
Interest reductions due to Nonrecoverability Determinations 0.00
Interest Adjustments 0.00
Deferred Interest 0.00
Net Prepayment Interest Shortfall 0.00
Net Prepayment Interest Excess 0.00
Extension Interest 0.00
Interest Reserve Withdrawal 0.00
Total Interest Collected 4,124,233.06
Principal:
Scheduled Principal 1,070,920.20
Unscheduled Principal 0.00
Principal Prepayments 0.00
Collection of Principal after Maturity Date 0.00
Recoveries from Liquidation and Insurance Proceeds 0.00
Excess of Prior Principal Amounts paid 0.00
Curtailments 0.00
Negative Amortization 0.00
Principal Adjustments 0.00
Total Principal Collected 1,070,920.20
Other:
Prepayment Penalties/Yield Maintenance 0.00
Repayment Fees 0.00
Borrower Option Extension Fees 0.00
Equity Payments Received 0.00
Net Swap Counterparty Payments Received 0.00
Total Other Collected: 0.00
Total Funds Collected 5,195,153.26
Total Funds Distributed
Fees:
Master Servicing Fee 37,833.10
Trustee Fee 2,029.66
Certificate Administration Fee 0.00
Insurer Fee 0.00
Miscellaneous Fee 0.00
Total Fees 39,862.77
Additional Trust Fund Expenses:
Reimbursement for Interest on Advances 0.00
ASER Amount 0.00
Special Servicing Fee 0.00
Rating Agency Expenses 0.00
Attorney Fees & Expenses 0.00
Bankruptcy Expense 0.00
Taxes Imposed on Trust Fund 0.00
Non-Recoverable Advances 0.00
Other Expenses 0.00
Total Additional Trust Fund Expenses 0.00
Interest Reserve Deposit 0.00
Payments to Certificateholders & Others:
Interest Distribution 4,084,370.28
Principal Distribution 1,070,920.18
Prepayment Penalties/Yield Maintenance 0.00
Borrower Option Extension Fees 0.00
Equity Payments Paid 0.00
Net Swap Counterparty Payments Paid 0.00
Total Payments to Certificateholders & Others 5,155,290.46
Total Funds Distributed 5,195,153.23
Ratings Detail
Original Ratings Current Ratings (1)
Class CUSIP Fitch Moody's S&P Fitch Moody's S&P
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 929766LV3 X Aaa AAA X Aaa AAA
A-2 929766LW1 X Aaa AAA X Aaa AAA
A-3 929766LX9 X Aaa AAA X Aaa AAA
A-4 929766LY7 X Aaa AAA X Aaa AAA
X-C 929766MP5 X Aaa AAA X Aaa AAA
X-P 929766MQ3 X Aaa AAA X Aaa AAA
B 929766LZ4 X Aa2 AA X Aa2 AA
C 929766MA8 X Aa3 AA- X Aa3 AA-
D 929766MB6 X A2 A X A2 A
E 929766MC4 X A3 A- X A3 A-
F 929766MD2 X Baa1 BBB+ X Baa1 BBB+
G 929766ME0 X Baa2 BBB X Baa2 BBB
H 929766MF7 X Baa3 BBB- X Baa3 BBB-
J 929766MG5 X Ba1 BB+ X Ba1 BB+
K 929766MH3 X Ba2 BB X Ba2 BB
L 929766MJ9 X Ba3 BB- X Ba3 BB-
M 929766MK6 X B1 B+ X B1 B+
N 929766ML4 X B2 B X B2 B
O 929766MM2 X B3 B- X B3 B-
P 929766MN0 X NR NR X NR NR
Z N/A X NR NR X NR NR
<FN>
NR - Designates that the class was not rated by the above agency at the
time of original issuance.
X - Designates that the above rating agency did not rate any classes in this
transaction at the time of original issuance.
N/A - Data not available this period.
1) For any class not rated at the time of original issuance by any particular
rating agency, no request has been made subsequent to issuance to obtain rating
information, if any, from such rating agency. The current ratings were obtained
directly from the applicable rating agency within 30 days of the payment date
listed above. The ratings may have changed since they were obtained. Because the
ratings may have changed, you may want to obtain current ratings directly from
the rating agencies.
Fitch, Inc.
One State Street Plaza
New York, New York 10004
(212) 908-0500
Moody's Investors Service
99 Church Street
New York, New York 10007
(212) 553-0300
Standard & Poor's Rating Services
55 Water Street
New York, New York 10041
(212) 438-2430
</FN>
Current Mortgage Loan and Property Stratification Tables
Scheduled Balance
% Of
Scheduled # of Scheduled Agg. WAM Weighted
Balance Loans Balance Bal. (2) WAC Avg DSCR(1)
<s> <c> <c> <c> <c> <c> <c>
2,000,000 or Less 7 9,463,677.69 0.97 115 6.4437 1.690594
2,000,001 to 3,000,000 7 18,711,634.51 1.92 161 5.9626 1.406031
3,000,001 to 4,000,000 5 16,600,812.22 1.71 138 5.6392 1.378517
4,000,001 to 5,000,000 4 17,885,806.36 1.84 118 5.9811 1.260954
5,000,001 to 6,000,000 1 5,267,399.81 0.54 119 6.0100 1.350000
6,000,001 to 7,000,000 1 6,420,000.00 0.66 82 5.1200 2.860000
7,000,001 to 8,000,000 2 15,672,979.29 1.61 119 5.2152 1.592130
8,000,001 to 9,000,000 5 42,607,593.54 4.38 99 5.6368 1.643476
9,000,001 to 10,000,000 0 0.00 0.00 0 0.0000 0.000000
10,000,001 to 15,000,000 7 89,145,251.03 9.16 108 5.5566 1.437610
15,000,001 to 20,000,000 3 54,054,960.45 5.55 86 5.5822 1.425822
20,000,001 to 25,000,000 1 20,158,422.37 2.07 118 5.4600 1.800000
25,000,001 to 30,000,000 1 28,100,000.00 2.89 56 4.5200 3.420000
30,000,001 to 35,000,000 1 31,917,454.30 3.28 58 4.3700 2.460000
35,000,001 to 40,000,000 1 38,000,000.00 3.90 119 6.4500 1.220000
40,000,001 to 55,000,000 2 95,525,164.15 9.82 97 4.6886 1.904728
55,000,001 or Greater 6 483,636,217.95 49.70 82 4.7921 1.927034
Totals 54 973,167,373.67 100.00 91 5.0802 1.833828
State(3)
% Of
# of Scheduled Agg. WAM Weighted
State Props Balance Bal. (2) WAC Avg DSCR(1)
<s> <c> <c> <c> <c> <c> <c>
Alabama 3 16,663,833.96 1.71 117 5.8937 1.350000
Arizona 4 172,798,088.89 17.76 62 4.3831 2.010310
Arkansas 1 20,158,422.37 2.07 118 5.4600 1.800000
California 7 89,330,692.89 9.18 116 6.0919 1.407358
Colorado 1 3,493,383.18 0.36 118 5.8500 1.300000
Connecticut 1 3,000,000.00 0.31 119 5.9000 1.960000
Florida 6 95,342,076.51 9.80 94 4.5971 2.041327
Georgia 1 14,448,520.44 1.48 117 4.9000 1.290000
Idaho 1 17,887,500.00 1.84 71 5.3200 1.540000
Illinois 2 59,998,097.16 6.17 121 5.2246 2.376752
Maryland 1 42,921,901.46 4.41 118 6.0300 1.310000
Michigan 4 97,401,726.67 10.01 63 4.6582 1.806793
Minnesota 1 913,008.80 0.09 50 7.9000 2.610000
New Jersey 1 8,983,836.36 0.92 118 6.0800 1.210000
New York 2 113,600,000.00 11.67 102 5.2576 2.050194
North Carolina 2 3,741,485.41 0.38 118 6.1200 1.370000
Oklahoma 1 1,828,681.45 0.19 179 6.1500 1.160000
Oregon 2 10,858,068.00 1.12 151 4.9123 1.579089
Pennsylvania 1 65,841,900.27 6.77 82 4.7364 1.970000
South Carolina 2 5,616,947.17 0.58 179 6.3279 1.242033
Tennessee 1 1,998,043.02 0.21 119 6.0900 1.550000
Texas 5 73,865,244.85 7.59 85 5.0957 1.802073
Utah 1 546,520.59 0.06 58 6.7500 3.930000
Virginia 1 18,000,000.00 1.85 71 5.3200 1.510000
Washington 2 13,899,695.31 1.43 58 5.2000 1.470000
Washington,DC 1 7,991,599.85 0.82 119 5.7200 1.450000
Wisconsin 1 12,038,099.06 1.24 115 5.4500 1.820000
Totals 56 973,167,373.67 100.00 91 5.0802 1.833828
Debt Service Coverage Ratio(1)
Debt Service # of Scheduled % of Weighted
Coverage Ratio Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
1.14 or Less 0 0.00 0.00 0 0.0000 0.000000
1.15 to 1.19 3 7,097,960.32 0.73 202 5.7483 1.179323
1.20 to 1.24 8 91,825,907.53 9.44 122 6.1826 1.222675
1.25 to 1.29 4 22,530,467.72 2.32 115 5.4960 1.284837
1.30 to 1.34 4 57,638,682.23 5.92 118 5.9825 1.309913
1.35 to 1.39 6 38,856,538.27 3.99 117 5.8875 1.359118
1.40 to 1.44 1 2,836,381.84 0.29 238 5.0700 1.430000
1.45 to 1.49 4 33,704,781.31 3.46 93 5.5237 1.460399
1.50 to 1.54 2 35,887,500.00 3.69 71 5.3200 1.524953
1.55 to 1.59 3 22,340,969.77 2.30 104 5.5501 1.563114
1.60 to 1.64 1 85,500,000.00 8.79 117 5.5000 1.600000
1.65 to 1.69 2 5,183,819.48 0.53 117 5.8413 1.677305
1.70 to 1.79 1 7,681,379.44 0.79 118 4.6900 1.740000
1.80 to 1.84 2 32,196,521.43 3.31 117 5.4563 1.807478
1.85 to 1.89 2 144,731,573.83 14.87 66 4.7120 1.873918
1.90 to 1.99 3 198,499,137.27 20.40 67 4.4428 1.963317
2.00 to 2.99 6 158,009,232.64 16.24 88 4.5290 2.452731
3.0 or Greater 2 28,646,520.59 2.94 56 4.5625 3.429730
Totals 54 973,167,373.67 100.00 91 5.0802 1.833828
Property Type
Property # of Scheduled % of Weighted
Type Props Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Lodging 1 57,905,506.85 5.95 119 5.2020 2.420000
Mixed Use 4 41,677,968.34 4.28 75 4.9540 2.792877
Multi-Family 2 19,991,599.85 2.05 119 5.7878 1.323947
Office 11 231,993,348.64 23.84 107 5.6925 1.479379
Other 1 2,092,590.31 0.22 179 5.8500 1.180000
Retail 36 614,763,788.57 63.17 83 4.8082 1.870512
Self Storage 1 4,742,571.11 0.49 118 6.6800 1.270000
Totals 56 973,167,373.67 100.00 91 5.0802 1.833828
Note Rate
Note # of Scheduled % of Weighted
Rate Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
3.593 or Less 0 0.00 0.00 0 0.0000 0.000000
3.594 to 5.249 14 564,997,450.46 58.06 75 4.5560 2.096357
5.250 to 5.499 6 75,737,815.08 7.78 100 5.3925 1.620665
5.500 to 5.749 7 119,903,704.57 12.32 113 5.5443 1.636094
5.750 to 5.999 10 74,198,894.32 7.62 120 5.8701 1.380407
6.000 to 6.249 10 88,524,114.87 9.10 119 6.0650 1.290413
6.250 to 6.499 3 42,887,191.26 4.41 127 6.4440 1.239355
6.500 to 6.749 1 4,742,571.11 0.49 118 6.6800 1.270000
6.750 to 6.999 1 546,520.59 0.06 58 6.7500 3.930000
7.000 to 7.249 1 716,102.61 0.07 59 7.1000 1.260000
7.250 to 7.999 1 913,008.80 0.09 50 7.9000 2.610000
Totals 54 973,167,373.67 100.00 91 5.0802 1.833828
Age of Most Recent NOI
Age of Most # of Scheduled % of Weighted
Recent NOI Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Underwriter's Information 54 973,167,373.67 100.00 91 5.0802 1.833828
1 Year of Less 0 0.00 0.00 0 0.0000 0.000000
1 to 2 Years 0 0.00 0.00 0 0.0000 0.000000
2 years or Greater 0 0.00 0.00 0 0.0000 0.000000
Totals 54 973,167,373.67 100.00 91 5.0802 1.833828
Anticipated Remaining Term (ARD and Balloon Loans)
Anticipated # of Scheduled % of Weighted
Remaining Term(2) Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
60 Months or Less 9 302,019,512.51 31.03 58 4.4723 2.124529
61 to 84 Months 7 226,419,281.38 23.27 79 4.6537 1.983911
85 to 108 Months 0 0.00 0.00 0 0.0000 0.000000
109 to 120 Months 33 431,800,564.01 44.37 118 5.7086 1.569608
121 to 168 Months 0 0.00 0.00 0 0.0000 0.000000
169 to 180 Months 0 0.00 0.00 0 0.0000 0.000000
181 to 228 Months 0 0.00 0.00 0 0.0000 0.000000
229 to 240 Months 0 0.00 0.00 0 0.0000 0.000000
241 Months or Greater 0 0.00 0.00 0 0.0000 0.000000
Totals 49 960,239,357.90 98.67 90 5.0710 1.841835
Remaining Stated Term (Fully Amortizing Loans)
Remaining # of Scheduled % of Weighted
Stated Term Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
60 Months or Less 0 0.00 0.00 0 0.0000 0.000000
61 to 84 Months 0 0.00 0.00 0 0.0000 0.000000
85 to 108 Months 0 0.00 0.00 0 0.0000 0.000000
109 to 120 Months 0 0.00 0.00 0 0.0000 0.000000
121 to 156 Months 0 0.00 0.00 0 0.0000 0.000000
157 to 180 Months 2 3,921,271.76 0.40 179 5.9899 1.170673
181 to 192 Months 0 0.00 0.00 0 0.0000 0.000000
193 to 216 Months 0 0.00 0.00 0 0.0000 0.000000
217 Months or Greater 3 9,006,744.01 0.93 236 5.6594 1.268904
Totals 5 12,928,015.77 1.33 218 5.7596 1.239109
Remaining Amortization Term (ARD and Balloon Loans)
Remaining # of Scheduled % of Weighted
Amortization Term Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Interest Only 3 42,770,000.00 4.39 60 4.8087 3.200917
180 Months or Less 1 716,102.61 0.07 59 7.1000 1.260000
181 to 192 Months 0 0.00 0.00 0 0.0000 0.000000
193 to 228 Months 0 0.00 0.00 0 0.0000 0.000000
229 to 264 Months 2 1,459,529.39 0.15 53 7.4694 3.104274
265 to 300 Months 11 237,693,967.58 24.42 85 4.9783 1.945117
301 to 348 Months 0 0.00 0.00 0 0.0000 0.000000
349 Months or Greater 32 677,599,758.32 69.63 93 5.1128 1.717716
Totals 49 960,239,357.90 98.67 90 5.0710 1.841835
Seasoning
# of Scheduled % of Weighted
Seasoning Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
12 Months or Less 51 970,991,741.67 99.78 92 5.0751 1.832342
13 to 24 Months 0 0.00 0.00 0 0.0000 0.000000
25 to 36 Months 0 0.00 0.00 0 0.0000 0.000000
37 Months or Greater 3 2,175,632.00 0.22 55 7.3478 2.497237
Totals 54 973,167,373.67 100.00 91 5.0802 1.833828
<FN>
(1)The Trustee makes no representations as to the accuracy of the data provided
by the borrower for this calculation. "NAP" means not applicable and relates to
the omission of credit lease loans in the calculation of DSCR.
(2)Anticipated Remaining Term and WAM are each calculated based upon the term
from the current month to the earlier of the Anticipated Repayment Date, if
applicable, and the maturity date.
(3)Data in this table was calculated by allocating pro-rata the current loan
information to the properties based upon the Cut-off Date Balance of the related
mortgage loan as disclosed in the offering documents.
</fn>
Mortgage Loan Detail
Loan Property Interest Principal Gross
Number ODCR Type(1) City State Payment Payment Coupon
<s> <c> <c> <c> <c> <c> <c> <c>
502784429 1 RT TUCSON AZ 460,919.93 179,363.21 4.260%
502770582 2 RT OKEMOS MI 332,145.67 160,771.27 4.520%
316000006 3 OF NEW YORK NY 391,875.00 0.00 5.500%
819000004 4 RT LANCASTER PA 260,207.71 83,538.71 4.736%
819000005 5 LO CHICAGO IL 251,430.00 94,493.15 5.202%
502769026 6 RT BEAUMONT TX 237,175.29 96,373.21 5.010%
819000007 7 RT JACKSONVILLE FL 157,795.32 82,988.06 3.594%
719000008 8 RT OXON HILL MD 215,897.32 42,739.36 6.030%
502776911 9 OF LONG BEACH CA 204,250.00 0.00 6.450%
819000010 10 RT CHANDLER AZ 116,390.36 43,286.56 4.370%
819000011 11 MU NEW YORK NY 105,843.33 0.00 4.520%
502778931 12 OF LITTLE ROCK AR 91,822.58 22,364.36 5.460%
719000013 13 OF MISSION VIEJO CA 92,441.99 17,849.06 6.100%
719000014 14 OF RICHMOND VA 79,800.00 0.00 5.320%
719000015 15 OF BOISE ID 79,301.25 0.00 5.320%
502760619 16 RT KENNESAW GA 59,071.15 17,884.22 4.900%
502787011 17 RT CHINO CA 69,358.37 14,129.19 5.950%
719000018 18 OF Various WA 60,302.17 16,188.98 5.200%
819000019 19 RT MADISON WI 54,734.75 13,588.61 5.450%
502782701 20 MF MIAMI FL 58,330.00 0.00 5.833%
819000021 21 OF Birmingham AL 55,520.54 11,895.69 5.840%
719000022 22 RT TAMPA FL 55,860.00 11,611.74 5.880%
719000023 23 OF EATONTOWN NJ 45,563.00 8,860.32 6.080%
502769027 24 RT BEAUMONT TX 37,448.73 15,216.82 5.010%
502753407 25 RT SHERMAN OAKS CA 38,156.25 0.00 5.550%
502750707 26 RT NOGALES AZ 39,346.00 8,635.76 5.730%
502769507 27 MU PINELLAS PARK FL 39,838.33 12,145.55 5.830%
502783803 28 MF WASHINGTON DC 38,133.33 8,400.15 5.720%
819000029 29 RT PORTLAND OR 30,059.81 9,829.03 4.690%
502781625 30 RT FT. WALTON BEAC FL 27,392.00 0.00 5.120%
719000031 31 RT EUFAULA AL 26,418.96 7,600.19 6.010%
502780801 32 SS TAMPA FL 26,423.49 4,164.23 6.680%
502775216 33 RT LIVONIA MI 22,048.25 4,616.41 5.860%
819000034 34 MU BERKELEY CA 20,449.74 5,030.23 5.475%
502775215 35 RT NORTH MUSKEGO MI 20,314.67 4,253.43 5.860%
719000036 36 RT BERKELEY CA 17,059.34 4,015.53 5.640%
502773918 37 RT LONGMONT CO 17,047.79 3,600.14 5.850%
502783832 38 RT LUBBOCK TX 15,268.76 5,114.54 5.560%
719000039 39 RT NEWBERG OR 14,463.64 7,966.07 5.450%
502779418 40 RT LEANDER TX 14,285.20 3,193.05 5.680%
502783210 41 RT MILFORD CT 14,750.00 0.00 5.900%
719000042 42 RT SPARTANBURG SC 16,100.00 6,326.39 6.440%
719000043 43 RT LAKE HAVASU CITY AZ 15,355.95 4,249.10 6.150%
719000044 44 RT SACRAMENTO CA 12,013.39 7,023.70 5.070%
819000045 45 RT SUMTER SC 13,573.69 3,891.39 6.200%
502780910 46 RT ROCKINGHAM NC 11,101.59 3,101.27 6.120%
719000047 47 OT HARWOOD HEIGHT IL 10,237.50 7,409.69 5.850%
719000048 48 RT CORDOVA TN 10,150.00 1,956.98 6.090%
819000049 49 RT DALLAS TX 9,997.80 1,799.86 6.330%
719000050 50 RT MOORE OK 9,404.38 6,318.55 6.150%
502780909 51 RT RUTHERFORD COL NC 8,007.21 2,236.83 6.120%
719000052 52 MU ROCHESTER MN 6,021.38 1,630.65 7.900%
719000053 53 RT BIRMINGHAM MI 4,249.98 2,203.66 7.100%
719000054 54 RT SALT LAKE CITY UT 3,080.17 1,065.30 6.750%
Totals 4,124,233.06 1,070,920.20
Loan Anticipated Neg Beginning Ending Paid
Number Repayment Maturity Amort Scheduled Scheduled Thru
Date Date (Y/N) Balance Balance Date
<s> <c> <c> <c> <c> <c> <c>
502784429 10/11/2008 10/11/2033 N 129,836,600.20 129,657,237.00 12/11/2003
502770582 N/A 09/11/2008 N 88,180,265.17 88,019,493.90 12/11/2003
316000006 N/A 09/11/2013 N 85,500,000.00 85,500,000.00 12/11/2003
819000004 N/A 10/01/2010 N 65,925,438.98 65,841,900.27 12/01/2003
819000005 N/A 11/01/2013 N 58,000,000.00 57,905,506.85 12/01/2003
502769026 N/A 09/11/2010 N 56,808,453.14 56,712,079.93 12/11/2003
819000007 N/A 07/01/2010 N 52,686,250.75 52,603,262.69 11/01/2003
719000008 10/01/2013 10/01/2033 N 42,964,640.82 42,921,901.46 12/01/2003
502776911 11/11/2013 11/11/2033 N 38,000,000.00 38,000,000.00 11/11/2003
819000010 N/A 10/01/2008 N 31,960,740.86 31,917,454.30 12/01/2003
819000011 N/A 08/01/2008 N 28,100,000.00 28,100,000.00 12/01/2003
502778931 10/11/2013 10/11/2033 N 20,180,786.73 20,158,422.37 12/11/2003
719000013 09/01/2013 10/01/2033 N 18,185,309.51 18,167,460.45 12/01/2003
719000014 11/11/2009 11/11/2033 N 18,000,000.00 18,000,000.00 12/11/2003
719000015 11/11/2009 11/11/2033 N 17,887,500.00 17,887,500.00 12/11/2003
502760619 09/11/2013 09/11/2033 N 14,466,404.66 14,448,520.44 12/11/2003
502787011 N/A 10/11/2013 N 13,988,243.00 13,974,113.81 12/11/2003
719000018 10/11/2008 10/11/2033 N 13,915,884.29 13,899,695.31 12/11/2003
819000019 N/A 07/01/2013 N 12,051,687.67 12,038,099.06 12/01/2003
502782701 11/11/2013 11/11/2033 N 12,000,000.00 12,000,000.00 12/11/2003
819000021 N/A 08/01/2013 N 11,408,329.84 11,396,434.15 12/01/2003
719000022 N/A 11/11/2013 N 11,400,000.00 11,388,388.26 12/11/2003
719000023 N/A 10/01/2013 N 8,992,696.68 8,983,836.36 11/01/2003
502769027 N/A 09/11/2010 N 8,969,755.31 8,954,538.49 12/11/2003
502753407 10/11/2008 10/11/2013 N 8,250,000.00 8,250,000.00 12/11/2003
502750707 11/11/2013 11/11/2033 N 8,240,000.00 8,231,364.24 11/11/2003
502769507 11/11/2013 11/11/2028 N 8,200,000.00 8,187,854.45 12/11/2003
502783803 N/A 11/11/2013 N 8,000,000.00 7,991,599.85 12/11/2003
819000029 N/A 10/01/2013 N 7,691,208.47 7,681,379.44 12/01/2003
502781625 N/A 10/11/2010 N 6,420,000.00 6,420,000.00 12/11/2003
719000031 N/A 11/11/2013 N 5,275,000.00 5,267,399.81 12/11/2003
502780801 10/11/2013 10/11/2033 N 4,746,735.34 4,742,571.11 12/11/2003
502775216 N/A 11/11/2013 N 4,515,000.00 4,510,383.59 12/11/2003
819000034 N/A 07/01/2013 N 4,482,135.32 4,477,105.09 12/01/2003
502775215 N/A 11/11/2013 N 4,160,000.00 4,155,746.57 12/11/2003
719000036 N/A 04/01/2013 N 3,629,647.23 3,625,631.70 11/01/2003
502773918 10/11/2013 10/11/2033 N 3,496,983.32 3,493,383.18 12/11/2003
502783832 10/11/2013 10/11/2028 N 3,295,416.37 3,290,301.83 12/11/2003
719000039 N/A 02/11/2023 N 3,184,654.63 3,176,688.56 12/11/2003
502779418 11/11/2013 11/11/2033 N 3,018,000.00 3,014,806.95 12/11/2003
502783210 N/A 11/11/2013 N 3,000,000.00 3,000,000.00 12/11/2003
719000042 N/A 11/11/2023 N 3,000,000.00 2,993,673.61 12/11/2003
719000043 N/A 10/11/2013 N 2,996,282.45 2,992,033.35 12/11/2003
719000044 N/A 10/11/2023 N 2,843,405.54 2,836,381.84 12/11/2003
819000045 N/A 02/01/2013 N 2,627,164.95 2,623,273.56 12/01/2003
502780910 10/11/2013 10/11/2028 N 2,176,783.11 2,173,681.84 12/11/2003
719000047 N/A 11/11/2018 N 2,100,000.00 2,092,590.31 11/11/2003
719000048 N/A 11/11/2013 N 2,000,000.00 1,998,043.02 12/11/2003
819000049 N/A 08/01/2013 N 1,895,317.51 1,893,517.65 12/01/2003
719000050 N/A 11/11/2018 N 1,835,000.00 1,828,681.45 12/11/2003
502780909 10/11/2013 10/11/2028 N 1,570,040.40 1,567,803.57 12/11/2003
719000052 N/A 02/01/2008 N 914,639.45 913,008.80 12/01/2003
719000053 N/A 11/01/2008 N 718,306.27 716,102.61 11/01/2003
719000054 N/A 10/01/2008 N 547,585.89 546,520.59 12/01/2003
Totals 974,238,293.86 973,167,373.67
Appraisal Appraisal Res Mod
Loan Number Reduction Reduction Strat. Code
Date Amount (2) (3)
Totals 0.00
<FN>
(1) Property Type Code
SS- Self Storage
MF- Multi-Family
RT- Retail
HC- Health Care
IN- Industrial
WH- Warehouse
MH- Mobile Home Park
OF- Office
LO- Lodging
MU- Mixed Use
OT- Other
IW- Industrial/Warehouse
(2) Resolution Strategy Code
1- Modification
2- Foreclosure
3- Bankruptcy
4- Extension
5- Note Sale
6- DPO
7- REO
8- Resolved
9- Pending Return to Master Servicer
10- Deed In Lieu of Foreclosure
11- Full Payoff
12- Reps and Warranties
13- Other or TBD
(3) Modification Code
1- Maturity Date Extension
2- Amortization Change
3- Principal Write-Off
4- Combination
</FN>
<table>
Principal Prepayment Detail
<c> <s>
No Principal Prepayments this Period
</table>
Historical Detail
Delinquencies
Distribution 30-59 Days 60-89 Days 90 Days or More Foreclosure REO Modifications
Date # Balance # Balance # Balance # Balance # Balance # Balance
12/17/2003 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
Prepayments
Distribution Curtailments Payoff
Date # Amount # Amount
12/17/2003 0 $0.00 0 $0.00
Rate and Maturities
Distribution Next Weighted Avg. WAM
Date Coupon Remit
12/17/2003 5.080157% 5.031055% 91
<FN>
Note: Foreclosure and REO Totals are excluded from the delinquencies aging
categories.
</FN>
Delinquency Loan Detail
Offering # of Paid Current Outstanding Status of
Loan Number Document Months Through P & I P & I Mortgage
Cross-Reference Delinq. Date Advances Advances** Loan(1)
<s> <c> <c> <c> <c> <c> <c>
819000007 7 0 11/01/2003 238,588.12 238,588.12 B
502776911 9 0 11/11/2003 201,716.67 201,716.67 B
719000023 23 0 11/01/2003 54,123.56 54,123.56 B
502753407 25 0 12/11/2003 0.00 0.00 B
502750707 26 0 11/11/2003 47,432.43 47,432.43 B
719000036 36 0 11/01/2003 20,953.89 20,953.89 B
502779418 40 0 12/11/2003 0.00 0.00 B
719000047 47 0 11/11/2003 17,577.19 17,577.19 B
719000053 53 0 11/01/2003 6,429.70 6,429.70 B
Totals 9 586,821.56 586,821.56
Resolution Actual Outstanding
Loan Number Strategy Servicing Foreclosure Principal Servicing Bankruptcy REO
Code(2) Transfer Date Date Balance Advances Date Date
<s> <c> <c> <c> <c> <c> <c> <c>
819000007 52,686,250.75 0.00
502776911 38,000,000.00 0.00
719000023 8,992,696.68 0.00
502753407 8,250,000.00 0.00
502750707 8,240,000.00 0.00
719000036 3,629,647.23 0.00
502779418 3,014,806.95 0.00
719000047 2,100,000.00 0.00
719000053 718,306.27 0.00
Totals 125,631,707.88 0.00
Current Outstanding Actual Outstanding
P & I P & I Principal Servicing
Advances Advances Balance Advances
Totals by Delinquency Code:
Total for Status Code = B (9 loans) 586,821.56 586,821.56 125,631,707.88 0.00
<FN>
(1) Status of Mortgage Loan
A- Payment Not Received But Still in Grace Period
B- Late Payment But Less Than 1 Month Delinquent
0- Current
1- One Month Delinquent
2- Two Months Delinquent
3- Three Or More Months Delinquent
4- Assumed Scheduled Payment (Performing Matured Balloon)
7- Foreclosure
9- REO
(2) Resolution Strategy Code
1- Modification
2- Foreclosure
3- Bankruptcy
4- Extension
5- Note Sale
6- DPO
7- REO
8- Resolved
9- Pending Return to Master Servicer
10- Deed In Lieu Of Foreclosure
11- Full Payoff
12- Reps and Warranties
13- Other or TBD
**Outstanding P & I Advances include the current period advance.
</FN>
Specially Serviced Loan Detail - Part 1
No Specially Serviced Loans this Period
Specially Serviced Loan Detail - Part 2
No Specially Serviced Loans this Period
Modified Loan Detail
No Modified Loans
Liquidated Loan Detail
No Liquidated Loans