UNITED STATES
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: February 17, 2005
(Date of earliest event reported)
Commission File No.: 333-108944-04
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 2004-C11
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
54-2150541
54-2150542
54-6612475
(I.R.S. Employer Identification No.)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On February 17, 2005, a distribution was made to holders of Wachovia
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2004-C11.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2004-C11, relating to the
February 17, 2005 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 Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 2004-C11
(Registrant)
By: Wells Fargo Bank, N.A. as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: February 17, 2005
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial
Mortgage Pass-Through Certificates, Series 2004-C11,
relating to the February 17, 2005 distribution.
Wells Fargo Bank, N.A.
Corporate Trust Services
9062 Old Annapolis Road
Columbia, MD 21045-1951
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 2004-C11
For Additional Information, please contact
CTSLink Customer Service
(301) 815-6600
Reports Available on the World Wide Web
@ www.ctslink.com/cmbs
Payment Date: February 17, 2005
Record Date: January 31, 2005
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 - 16
Mortgage Loan Detail 17 - 18
Principal Prepayment Detail 19
Historical Detail 20
Delinquency Loan Detail 21
Specially Serviced Loan Detail 22 - 23
Modified Loan Detail 24
Liquidated Loan Detail 25
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
Lennar Partners, Inc.
1601 Washington Avenue
Suite 800
Miami Beach, FL 33139
Contact: Steve Bruha
Phone Number: (305) 229-6614
This report has been compiled from information provided to
Wells Fargo Bank, N.A. by various third parties, which
may include the Servicer, Master Servicer, Special Servicer and others.
Wells Fargo Bank, 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, N.A. expressly disclaims
any responsibility for the accuracy or completeness of information
furnished by third parties.
Copyright 2005, Wells Fargo Bank, N.A.
Certificate Distribution Detail
Class CUSIP Pass-Through Original Beginning Principal Interest
Rate Balance Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-1 929766QR7 3.333000% 56,200,000.00 49,908,083.42 682,589.94 138,619.70
A-2 929766QS5 4.260000% 70,000,000.00 70,000,000.00 0.00 248,500.00
A-3 929766QT3 4.719000% 87,715,000.00 87,715,000.00 0.00 344,939.24
A-4 929766QU0 5.030000% 52,829,000.00 52,829,000.00 0.00 221,441.56
A-5 929766QV8 5.215000% 454,900,000.00 454,900,000.00 0.00 1,976,919.58
A-1A 929766RA3 4.986000% 161,017,000.00 160,390,852.69 66,756.97 666,423.99
B 929766QW6 5.306000% 28,641,000.00 28,641,000.00 0.00 126,640.95
C 929766QX4 5.337259% 13,018,000.00 13,018,000.00 0.00 57,900.37
D 929766QY2 5.287259% 23,434,000.00 23,434,000.00 0.00 103,251.36
E 929766QZ9 5.337259% 11,717,000.00 11,717,000.00 0.00 52,113.89
F 929766RB1 5.337259% 14,320,000.00 14,320,000.00 0.00 63,691.29
G 929766RC9 5.337259% 13,019,000.00 13,019,000.00 0.00 57,904.81
H 929766RD7 5.337259% 10,415,000.00 10,415,000.00 0.00 46,322.96
J 929766RE5 5.310000% 16,924,000.00 16,924,000.00 0.00 74,888.70
K 929766RF2 5.310000% 5,207,000.00 5,207,000.00 0.00 23,040.97
L 929766RG0 5.310000% 2,604,000.00 2,604,000.00 0.00 11,522.70
M 929766RH8 5.310000% 2,604,000.00 2,604,000.00 0.00 11,522.70
N 929766RJ4 5.310000% 2,603,000.00 2,603,000.00 0.00 11,518.28
O 929766RK1 5.310000% 2,604,000.00 2,604,000.00 0.00 11,522.70
P 929766RL9 5.310000% 11,717,309.00 11,717,309.00 0.00 51,849.09
Z N/A 0.000000% 0.00 0.00 0.00 0.00
R-I N/A 0.000000% 0.00 0.00 0.00 0.00
R-II N/A 0.000000% 0.00 0.00 0.00 0.00
Totals 1,041,488,309.00 1,034,570,245.11 749,346.91 4,300,534.84
Class CUSIP Prepayment Realized Loss/ Total Ending Current
Penalties Additional Trust Distribution Balance Subordination
Fund Expenses Level (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 929766QR7 0.00 0.00 821,209.64 49,225,493.48 15.36%
A-2 929766QS5 0.00 0.00 248,500.00 70,000,000.00 15.36%
A-3 929766QT3 0.00 0.00 344,939.24 87,715,000.00 15.36%
A-4 929766QU0 0.00 0.00 221,441.56 52,829,000.00 15.36%
A-5 929766QV8 0.00 0.00 1,976,919.58 454,900,000.00 15.36%
A-1A 929766RA3 0.00 0.00 733,180.96 160,324,095.72 15.36%
B 929766QW6 0.00 0.00 126,640.95 28,641,000.00 12.59%
C 929766QX4 0.00 0.00 57,900.37 13,018,000.00 11.33%
D 929766QY2 0.00 0.00 103,251.36 23,434,000.00 9.07%
E 929766QZ9 0.00 0.00 52,113.89 11,717,000.00 7.93%
F 929766RB1 0.00 0.00 63,691.29 14,320,000.00 6.55%
G 929766RC9 0.00 0.00 57,904.81 13,019,000.00 5.29%
H 929766RD7 0.00 0.00 46,322.96 10,415,000.00 4.28%
J 929766RE5 0.00 0.00 74,888.70 16,924,000.00 2.64%
K 929766RF2 0.00 0.00 23,040.97 5,207,000.00 2.14%
L 929766RG0 0.00 0.00 11,522.70 2,604,000.00 1.89%
M 929766RH8 0.00 0.00 11,522.70 2,604,000.00 1.64%
N 929766RJ4 0.00 0.00 11,518.28 2,603,000.00 1.39%
O 929766RK1 0.00 0.00 11,522.70 2,604,000.00 1.13%
P 929766RL9 0.00 0.00 51,849.09 11,717,309.00 0.00%
Z N/A 0.00 0.00 0.00 0.00 0.00%
R-I N/A 0.00 0.00 0.00 0.00 0.00%
R-II N/A 0.00 0.00 0.00 0.00 0.00%
Totals 0.00 0.00 5,049,881.75 1,033,820,898.20
Class CUSIP Pass-Through Original Beginning Interest
Rate Notional Notional Distribution
Amount Amount
<s> <c> <c> <c> <c> <c>
X-C 929766RN5 0.031147% 1,041,488,309.00 1,034,570,245.11 26,853.54
X-P 929766RM7 0.327110% 1,010,357,000.00 1,005,481,000.00 274,086.15
Class CUSIP Prepayment Total Ending
Penalties Distribution Notional
Amount
<s> <c> <c> <c> <c>
X-C 929766RN5 0.00 26,853.54 1,033,820,898.20
X-P 929766RM7 0.00 274,086.15 1,005,481,000.00
<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
Class CUSIP Beginning Principal Interest Prepayment Realized Loss/ Ending
Balance Distribution Distribution Penalties Additional Balance
Trust Fund
Expenses
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 929766QR7 888.04418897 12.14572847 2.46654270 0.00000000 0.00000000 875.89846050
A-2 929766QS5 1,000.00000000 0.00000000 3.55000000 0.00000000 0.00000000 1,000.00000000
A-3 929766QT3 1,000.00000000 0.00000000 3.93250003 0.00000000 0.00000000 1,000.00000000
A-4 929766QU0 1,000.00000000 0.00000000 4.19166670 0.00000000 0.00000000 1,000.00000000
A-5 929766QV8 1,000.00000000 0.00000000 4.34583333 0.00000000 0.00000000 1,000.00000000
A-1A 929766RA3 996.11129688 0.41459579 4.13884242 0.00000000 0.00000000 995.69670109
B 929766QW6 1,000.00000000 0.00000000 4.42166649 0.00000000 0.00000000 1,000.00000000
C 929766QX4 1,000.00000000 0.00000000 4.44771624 0.00000000 0.00000000 1,000.00000000
D 929766QY2 1,000.00000000 0.00000000 4.40604933 0.00000000 0.00000000 1,000.00000000
E 929766QZ9 1,000.00000000 0.00000000 4.44771614 0.00000000 0.00000000 1,000.00000000
F 929766RB1 1,000.00000000 0.00000000 4.44771578 0.00000000 0.00000000 1,000.00000000
G 929766RC9 1,000.00000000 0.00000000 4.44771565 0.00000000 0.00000000 1,000.00000000
H 929766RD7 1,000.00000000 0.00000000 4.44771579 0.00000000 0.00000000 1,000.00000000
J 929766RE5 1,000.00000000 0.00000000 4.42500000 0.00000000 0.00000000 1,000.00000000
K 929766RF2 1,000.00000000 0.00000000 4.42499904 0.00000000 0.00000000 1,000.00000000
L 929766RG0 1,000.00000000 0.00000000 4.42500000 0.00000000 0.00000000 1,000.00000000
M 929766RH8 1,000.00000000 0.00000000 4.42500000 0.00000000 0.00000000 1,000.00000000
N 929766RJ4 1,000.00000000 0.00000000 4.42500192 0.00000000 0.00000000 1,000.00000000
O 929766RK1 1,000.00000000 0.00000000 4.42500000 0.00000000 0.00000000 1,000.00000000
P 929766RL9 1,000.00000000 0.00000000 4.42499980 0.00000000 0.00000000 1,000.00000000
Z N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class CUSIP Beginning Interest Prepayment Ending
Notional Distribution Penalties Notional
Amount Amount
<s> <c> <c> <c> <c> <c>
X-C 929766RN5 993.35752132 0.02578381 0.00000000 992.63802509
X-P 929766RM7 995.17398306 0.27127654 0.00000000 995.17398306
Reconciliation Detail
Advance Summary
<s> <c>
P & I Advances Outstanding 395,333.33
Servicing Advances Outstanding 0.00
Reimbursement for Interest on P & I Advances 0.00
paid from general collections
Reimbursement for Interest on Servicing 0.00
Advances paid from general collections
Aggregate amount of Nonrecoverable Advances 0.00
Servicing Fee Summary
<s> <c>
Current Period Accrued Servicing Fees 35,576.98
Less Delinquent Servicing Fees 2,500.00
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 33,076.98
Certificate Interest Reconciliation
Class Accrued Net Aggregate Deferred Distributable Distributable
Certificate Prepayment Interest Certificate Certificate
Interest Interest Amount Interest Interest
Shortfall Adjustment
<s> <c> <c> <c> <c> <c>
A-1 138,619.70 0.00 0.00 138,619.70 0.00
A-2 248,500.00 0.00 0.00 248,500.00 0.00
A-3 344,939.24 0.00 0.00 344,939.24 0.00
A-4 221,441.56 0.00 0.00 221,441.56 0.00
A-5 1,976,919.58 0.00 0.00 1,976,919.58 0.00
A-1A 666,423.99 0.00 0.00 666,423.99 0.00
X-C 26,853.54 0.00 0.00 26,853.54 0.00
X-P 274,086.15 0.00 0.00 274,086.15 0.00
B 126,640.96 0.00 0.00 126,640.96 0.00
C 57,900.37 0.00 0.00 57,900.37 0.00
D 103,251.36 0.00 0.00 103,251.36 0.00
E 52,113.89 0.00 0.00 52,113.89 0.00
F 63,691.29 0.00 0.00 63,691.29 0.00
G 57,904.81 0.00 0.00 57,904.81 0.00
H 46,322.96 0.00 0.00 46,322.96 0.00
J 74,888.70 0.00 0.00 74,888.70 0.00
K 23,040.97 0.00 0.00 23,040.97 0.00
L 11,522.70 0.00 0.00 11,522.70 0.00
M 11,522.70 0.00 0.00 11,522.70 0.00
N 11,518.28 0.00 0.00 11,518.28 0.00
O 11,522.70 0.00 0.00 11,522.70 0.00
P 51,849.09 0.00 0.00 51,849.09 0.00
Total 4,601,474.54 0.00 0.00 4,601,474.54 0.00
Class Additional Interest Remaining Unpaid
Trust Fund Distribution Distributable
Expenses Certificate Interest
<s> <c> <c> <c>
A-1 0.00 138,619.70 0.00
A-2 0.00 248,500.00 0.00
A-3 0.00 344,939.24 0.00
A-4 0.00 221,441.56 0.00
A-5 0.00 1,976,919.58 0.00
A-1A 0.00 666,423.99 0.00
X-C 0.00 26,853.54 0.00
X-P 0.00 274,086.15 0.00
B 0.00 126,640.95 0.00
C 0.00 57,900.37 0.00
D 0.00 103,251.36 0.00
E 0.00 52,113.89 0.00
F 0.00 63,691.29 0.00
G 0.00 57,904.81 0.00
H 0.00 46,322.96 0.00
J 0.00 74,888.70 0.00
K 0.00 23,040.97 0.00
L 0.00 11,522.70 0.00
M 0.00 11,522.70 0.00
N 0.00 11,518.28 0.00
O 0.00 11,522.70 0.00
P 0.00 51,849.09 0.00
Total 0.00 4,601,474.53 0.00
Other Required Information
<s> <c>
Available Distribution Amount (1) 5,350,821.44
Aggregate Number of Outstanding Loans 54
Aggregate Stated Principal Balance of Loans Before Distribution 1,034,570,245.35
Aggregate Stated Principal Balance of Loans After Distribution 1,033,820,898.44
Aggregate Unpaid Principal Balance of Loans 1,033,820,898.44
Aggregate Amount of Servicing Fee 33,076.98
Aggregate Amount of Special Servicing Fee 0.00
Aggregate Amount of Trustee Fee 2,026.03
Aggregate Trust Fund Expenses 0.00
Interest Reserve Deposit 154,635.92
Interest Reserve Withdrawal 0.00
Specially Serviced Loans not Delinquent
Number of Outstanding Loans 0
Aggregate Unpaid Principal Balance 0.00
<fn>
(1) The Available Distribution Amount includes any Prepayment Premiums.
</fn>
Appraisal Reduction Amount
None
Cash Reconciliation Detail
<s>
Total Funds Collected
Interest:
Scheduled Interest 4,793,713.46
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 4,793,713.46
Principal:
Scheduled Principal 749,346.84
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 749,346.84
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 5,543,060.30
Total Funds Distributed
Fees:
Master Servicing Fee 35,576.98
Trustee Fee 2,026.03
Certificate Administration Fee 0.00
Insurer Fee 0.00
Miscellaneous Fee 0.00
Total Fees 37,603.01
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 154,635.92
Payments to Certificateholders & Others:
Interest Distribution 4,601,474.53
Principal Distribution 749,346.91
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 5,350,821.44
Total Funds Distributed 5,543,060.37
Ratings Detail
Class CUSIP Original Ratings Current Ratings (1)
Fitch Moody's S & P Fitch Moody's S & P
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 929766QR7 X Aaa AAA X Aaa AAA
A-2 929766QS5 X Aaa AAA X Aaa AAA
A-3 929766QT3 X Aaa AAA X Aaa AAA
A-4 929766QU0 X Aaa AAA X Aaa AAA
A-5 929766QV8 X Aaa AAA X Aaa AAA
A-1A 929766RA3 X Aaa AAA X Aaa AAA
X-C 929766RN5 X Aaa AAA X Aaa AAA
X-P 929766RM7 X Aaa AAA X Aaa AAA
B 929766QW6 X Aa2 AA X Aa2 AA
C 929766QX4 X Aa3 AA- X Aa3 AA-
D 929766QY2 X A2 A X A2 A
E 929766QZ9 X A3 A- X A3 A-
F 929766RB1 X Baa1 BBB+ X Baa1 BBB+
G 929766RC9 X Baa2 BBB X Baa2 BBB
H 929766RD7 X Baa3 BBB- X Baa3 BBB-
J 929766RE5 X Ba1 BB+ X Ba1 BB+
K 929766RF2 X Ba2 BB X Ba2 BB
L 929766RG0 X Ba3 BB- X Ba3 BB-
M 929766RH8 X B1 B+ X B1 B+
N 929766RJ4 X B2 B X B2 B
O 929766RK1 X B3 B- X B3 B-
P 929766RL9 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
Aggregate Pool
Scheduled Balance
Scheduled # of Scheduled % of WAM WAC Weighted
Balance Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
2,000,000 or less 5 8,028,393.39 0.78 117 5.8064 1.561979
2,000,001 to 3,000,000 4 11,502,045.62 1.11 109 5.7008 1.380164
3,000,001 to 4,000,000 2 6,442,678.84 0.62 110 5.4152 1.370000
4,000,001 to 5,000,000 3 13,138,238.50 1.27 110 5.6354 1.546311
5,000,001 to 6,000,000 4 22,656,259.79 2.19 105 5.6378 1.416662
6,000,001 to 7,000,000 1 6,332,754.99 0.61 109 5.8000 1.910000
7,000,001 to 8,000,000 3 22,327,346.40 2.16 108 5.5468 1.629052
8,000,001 to 9,000,000 4 33,322,530.44 3.22 95 5.0597 1.831045
9,000,001 to 10,000,000 2 19,079,114.82 1.85 110 5.3100 1.565538
10,000,001 to 15,000,000 7 82,686,705.97 8.00 98 5.4998 1.363953
15,000,001 to 20,000,000 5 89,492,348.99 8.66 123 5.7452 1.607485
20,000,001 to 25,000,000 5 114,094,022.58 11.04 67 5.1554 1.531394
25,000,001 to 30,000,000 2 55,557,669.61 5.37 108 5.4456 1.719761
30,000,001 to 40,000,000 1 35,664,531.49 3.45 109 5.5300 1.372189
40,000,001 to 60,000,000 2 118,800,000.00 11.49 90 5.3600 1.985960
60,000,001 to 75,000,000 1 75,000,000.00 7.25 110 6.1600 1.360000
75,000,001 and greater 3 319,696,257.01 30.92 108 5.0921 1.347737
Totals 54 1,033,820,898.44 100.00 102 5.3809 1.522168
State (3)
State # of Scheduled % of WAM WAC Weighted
Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Alabama 2 27,948,992.36 2.70 151 5.7597 2.416844
Arizona 4 43,811,681.36 4.24 113 5.4306 1.388457
California 9 129,408,488.58 12.52 88 5.4169 1.624273
Colorado 3 37,979,853.17 3.67 120 5.6449 1.451970
Connecticut 2 131,981,727.32 12.77 110 4.5823 1.244605
Florida 10 171,539,488.58 16.59 96 5.6226 1.530249
Georgia 3 13,518,359.07 1.31 55 5.1419 1.435307
Idaho 1 1,876,413.45 0.18 49 5.0500 1.458042
Illinois 1 3,230,483.80 0.31 110 5.4900 1.370000
Kansas 4 43,940,179.63 4.25 72 5.1806 1.196504
Massachusetts 1 11,294,442.48 1.09 108 5.9200 1.200000
Michigan 1 25,797,669.61 2.50 106 5.3020 2.019420
Missouri 1 2,466,346.47 0.24 49 5.0500 1.458042
Nevada 1 1,708,698.46 0.17 96 5.8100 1.270000
New Jersey 5 4,322,546.49 0.42 101 5.8396 1.557211
New York 5 168,224,010.94 16.27 108 5.4715 1.730615
North Carolina 2 98,421,257.66 9.52 106 5.6043 1.289592
Ohio 2 6,152,589.01 0.60 109 5.3400 1.374779
Oklahoma 1 18,240,000.00 1.76 74 4.7500 1.460000
Pennsylvania 5 11,491,028.82 1.11 106 5.3703 1.742819
South Carolina 5 7,052,839.66 0.68 105 5.8374 1.618837
Tennessee 1 4,057,715.75 0.39 110 5.4700 1.440000
Texas 6 13,010,967.66 1.26 66 5.3536 1.465447
Utah 3 14,934,842.97 1.44 109 5.5521 1.294078
Virginia 4 20,496,464.29 1.98 108 5.7738 1.475388
Washington 3 17,818,455.66 1.72 109 5.5626 1.827817
Wyoming 1 3,095,355.19 0.30 109 5.5300 1.372189
Totals 86 1,033,820,898.44 100.00 102 5.3809 1.522168
Debt Service Coverage Ratio (1)
Debt Service # of Scheduled % of WAM WAC Weighted
Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
1.24 or less 6 174,994,785.02 16.93 105 4.8177 1.209307
1.25 to 1.29 7 183,529,534.72 17.75 109 5.6167 1.278303
1.30 to 1.34 2 28,160,000.00 2.72 96 5.4551 1.316271
1.35 to 1.39 7 133,014,837.96 12.87 110 5.8774 1.366889
1.40 to 1.44 2 15,057,715.75 1.46 110 5.2508 1.425390
1.45 to 1.49 6 87,493,908.52 8.46 84 5.3192 1.462495
1.50 to 1.54 3 27,921,468.01 2.70 106 5.6489 1.528584
1.55 to 1.59 6 127,652,756.33 12.35 107 5.3644 1.556972
1.60 to 1.69 3 25,199,788.77 2.44 53 5.2239 1.657413
1.70 to 1.79 2 6,649,891.40 0.64 109 5.8473 1.760781
1.80 to 1.89 2 66,869,859.53 6.47 77 4.9758 1.885173
1.90 to 1.99 2 14,724,612.46 1.42 109 5.2985 1.955594
2.00 to 2.04 1 25,797,669.61 2.50 106 5.3020 2.019420
2.05 to 2.19 3 75,583,935.47 7.31 102 5.6250 2.093165
2.20 to 2.29 1 21,613,000.00 2.09 50 4.8000 2.230000
2.30 and greater 1 19,557,134.89 1.89 169 6.1200 2.600000
Totals 54 1,033,820,898.44 100.00 102 5.3809 1.522168
Property Type (3)
Property # of Scheduled % of WAM WAC Weighted
Type Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Industrial 1 13,287,195.36 1.29 103 6.0900 1.520000
Mixed Use 1 2,598,104.00 0.25 110 5.5000 1.060000
Mobile Home Park 17 68,376,532.80 6.61 87 5.3122 1.459521
Multi-Family 13 135,954,595.75 13.15 89 5.2220 1.373180
Office 10 292,676,313.24 28.31 107 5.7020 1.612885
Retail 39 514,464,009.19 49.76 104 5.2249 1.519067
Self Storage 5 6,464,148.10 0.63 127 5.8272 1.648069
Totals 86 1,033,820,898.44 100.00 102 5.3809 1.522168
Note Rate
Note Rate # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
5.249 or less 13 337,532,165.88 32.65 85 4.8129 1.541113
5.250 to 5.499 12 220,626,273.41 21.34 105 5.3363 1.503207
5.500 to 5.749 11 218,446,386.54 21.13 108 5.5887 1.357683
5.750 to 5.999 13 130,648,597.77 12.64 106 5.8008 1.745457
6.000 to 6.249 3 107,844,330.25 10.43 120 6.1441 1.604582
6.250 and greater 2 18,723,144.59 1.81 157 6.3976 1.290376
Totals 54 1,033,820,898.44 100.00 102 5.3809 1.522168
Seasoning
Seasoning # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
12 months or less 45 811,782,583.37 78.52 99 5.3241 1.467262
13 to 24 months 9 222,038,315.07 21.48 111 5.5886 1.722910
25 to 36 months 0 0.00 0.00 0 0.0000 0.000000
37 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 54 1,033,820,898.44 100.00 102 5.3809 1.522168
Anticipated Remaining Term (ARD and Balloon Loans)
Anticipated # of Scheduled % of WAM WAC Weighted
Remaining Term (2) Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
60 months or less 5 77,789,168.11 7.52 49 4.9719 1.801982
61 to 84 months 5 120,440,000.00 11.65 72 5.0043 1.573808
85 to 108 months 14 362,388,305.78 35.05 106 5.5872 1.577584
109 to 120 months 27 436,276,390.92 42.20 110 5.3145 1.374112
121 to 168 months 1 15,729,853.17 1.52 167 6.4200 1.260000
169 to 180 months 1 19,557,134.89 1.89 169 6.1200 2.600000
181 to 192 months 0 0.00 0.00 0 0.0000 0.000000
229 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 53 1,032,180,852.87 99.84 102 5.3803 1.522585
Remaining Stated Term (Fully Amortizing Loans)
Remaining Stated # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<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
169 to 180 months 0 0.00 0.00 0 0.0000 0.000000
181 months or greater 1 1,640,045.57 0.16 181 5.7600 1.260000
Totals 1 1,640,045.57 0.16 181 5.7600 1.260000
Remaining Amortization Term (ARD and Balloon Loans)
Remaining Amortization # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Interest Only 3 52,363,000.00 5.06 50 4.9227 1.966866
192 months or less 0 0.00 0.00 0 0.0000 0.000000
229 to 264 months 1 1,815,762.44 0.18 109 5.7700 1.650000
265 to 300 months 8 268,424,308.10 25.96 112 5.1744 1.269195
301 to 348 months 17 256,173,237.48 24.78 104 5.5372 1.789508
349 months or greater 21 428,387,204.25 41.44 100 5.4437 1.477995
Totals 53 1,032,180,852.87 99.84 102 5.3803 1.522585
Age of Most Recent NOI
Age of Most # of Scheduled % of WAM WAC Weighted
Recent NOI Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Underwriter's Information 18 440,121,974.98 42.57 95 5.3314 1.653856
1 year or less 36 593,698,923.46 57.43 107 5.4177 1.424545
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 1,033,820,898.44 100.00 102 5.3809 1.522168
<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 ommission 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 document.
</FN>
Current Mortgage Loan and Property Stratification Tables
Group 1
Scheduled Balance
Scheduled # of Scheduled % of WAM WAC Weighted
Balance Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
2,000,000 or less 4 6,065,623.21 0.59 120 5.7922 1.556148
2,000,001 to 3,000,000 4 11,502,045.62 1.11 109 5.7008 1.380164
3,000,001 to 4,000,000 1 3,212,195.04 0.31 109 5.3400 1.370000
4,000,001 to 5,000,000 3 13,138,238.50 1.27 110 5.6354 1.546311
5,000,001 to 6,000,000 3 17,158,475.32 1.66 104 5.6532 1.498899
6,000,001 to 7,000,000 1 6,332,754.99 0.61 109 5.8000 1.910000
7,000,001 to 8,000,000 3 22,327,346.40 2.16 108 5.5468 1.629052
8,000,001 to 10,000,000 3 25,172,530.44 2.43 110 5.2117 1.737492
10,000,001 to 15,000,000 3 34,586,705.97 3.35 106 5.9419 1.427074
15,000,001 to 20,000,000 4 71,252,348.99 6.89 135 6.0000 1.645239
20,000,001 to 25,000,000 4 93,694,022.58 9.06 65 5.1196 1.629676
25,000,001 to 30,000,000 2 55,557,669.61 5.37 108 5.4456 1.719761
30,000,001 to 60,000,000 2 118,800,000.00 11.49 90 5.3600 1.985960
60,000,001 to 80,000,000 1 75,000,000.00 7.25 110 6.1600 1.360000
80,000,001 and greater 3 319,696,257.01 30.92 108 5.0921 1.347737
Totals 41 873,496,213.68 84.49 103 5.4066 1.547315
State (3)
State # of Scheduled % of WAM WAC Weighted
Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Alabama 2 27,948,992.36 2.70 151 5.7597 2.416844
Arizona 3 32,811,681.36 3.17 113 5.5179 1.377882
California 6 107,913,486.78 10.44 84 5.4333 1.640301
Colorado 1 15,729,853.17 1.52 167 6.4200 1.260000
Connecticut 2 131,981,727.32 12.77 110 4.5823 1.244605
Florida 8 158,191,713.03 15.30 95 5.6304 1.543586
Georgia 3 13,518,359.07 1.31 55 5.1419 1.435307
Idaho 1 1,876,413.45 0.18 49 5.0500 1.458042
Kansas 1 540,179.63 0.05 49 5.0500 1.458042
Massachusetts 1 11,294,442.48 1.09 108 5.9200 1.200000
Michigan 1 25,797,669.61 2.50 106 5.3020 2.019420
Missouri 1 2,466,346.47 0.24 49 5.0500 1.458042
Nevada 1 1,708,698.46 0.17 96 5.8100 1.270000
New Jersey 5 4,322,546.49 0.42 101 5.8396 1.557211
New York 3 160,855,555.66 15.56 107 5.4689 1.747034
North Carolina 2 98,421,257.66 9.52 106 5.6043 1.289592
Ohio 2 6,152,589.01 0.60 109 5.3400 1.374779
Pennsylvania 5 11,491,028.82 1.11 106 5.3703 1.742819
South Carolina 5 7,052,839.66 0.68 105 5.8374 1.618837
Tennessee 1 4,057,715.75 0.39 110 5.4700 1.440000
Texas 6 13,010,967.66 1.26 66 5.3536 1.465447
Virginia 3 18,533,694.11 1.79 108 5.7657 1.464310
Washington 3 17,818,455.66 1.72 109 5.5626 1.827817
Totals 66 873,496,213.68 84.49 103 5.4066 1.547315
Debt Service Coverage Ratio (1)
Debt Service # of Scheduled % of WAM WAC Weighted
Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
1.24 or less 4 149,097,000.55 14.42 110 4.7205 1.228817
1.25 to 1.29 5 156,929,534.72 15.18 112 5.6815 1.278015
1.30 to 1.34 1 17,660,000.00 1.71 110 5.6900 1.320000
1.35 to 1.39 5 94,119,822.67 9.10 110 6.0224 1.364774
1.40 to 1.44 1 4,057,715.75 0.39 110 5.4700 1.440000
1.45 to 1.49 5 69,253,908.52 6.70 87 5.4692 1.463152
1.50 to 1.54 2 18,587,195.36 1.80 105 5.8191 1.522851
1.55 to 1.59 4 115,945,143.98 11.22 107 5.3607 1.553806
1.60 to 1.69 3 25,199,788.77 2.44 53 5.2239 1.657413
1.70 to 1.79 2 6,649,891.40 0.64 109 5.8473 1.760781
1.80 to 1.89 2 66,869,859.53 6.47 77 4.9758 1.885173
1.90 to 1.99 2 14,724,612.46 1.42 109 5.2985 1.955594
2.00 to 2.04 1 25,797,669.61 2.50 106 5.3020 2.019420
2.05 to 2.09 1 60,000,000.00 5.80 108 5.7600 2.080000
2.10 to 2.24 2 29,046,935.47 2.81 65 5.0227 2.214644
2.25 and greater 1 19,557,134.89 1.89 169 6.1200 2.600000
Totals 41 873,496,213.68 84.49 103 5.4066 1.547315
Property Type (3)
Property # of Scheduled % of WAM WAC Weighted
Type Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Industrial 1 13,287,195.36 1.29 103 6.0900 1.520000
Mixed Use 1 2,598,104.00 0.25 110 5.5000 1.060000
Mobile Home Park 9 32,712,001.31 3.16 64 5.0747 1.554736
Multi-Family 1 11,294,442.48 1.09 108 5.9200 1.200000
Office 10 292,676,313.24 28.31 107 5.7020 1.612885
Retail 39 514,464,009.19 49.76 104 5.2249 1.519067
Self Storage 5 6,464,148.10 0.63 127 5.8272 1.648069
Totals 66 873,496,213.68 84.49 103 5.4066 1.547315
Note Rate
Note Rate # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
5.249 or less 8 277,142,165.88 26.81 87 4.7889 1.554768
5.250 to 5.499 7 163,816,674.79 15.85 108 5.3337 1.570488
5.500 to 5.749 9 177,284,070.58 17.15 108 5.6005 1.360895
5.750 to 5.999 12 128,685,827.59 12.45 106 5.8001 1.747981
6.000 to 6.249 3 107,844,330.25 10.43 120 6.1441 1.604582
6.250 or greater 2 18,723,144.59 1.81 157 6.3976 1.290376
Totals 41 873,496,213.68 84.49 103 5.4066 1.547315
Seasoning
Seasoning # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
12 months or less 33 653,420,668.79 63.20 101 5.3460 1.487745
13 to 24 months 8 220,075,544.89 21.29 111 5.5863 1.724185
25 to 36 months 0 0.00 0.00 0 0.0000 0.000000
37 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 41 873,496,213.68 84.49 103 5.4066 1.547315
Anticipated Remaining Term (ARD and Balloon Loans)
Anticipated # of Scheduled % of WAM WAC Weighted
Remaining Term (2) Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
60 months or less 4 69,639,168.11 6.74 49 5.0166 1.764764
61 to 84 months 1 58,800,000.00 5.69 72 4.9519 1.890000
85 to 108 months 13 360,425,535.60 34.86 106 5.5857 1.577571
109 to 120 months 20 347,704,476.34 33.63 110 5.2882 1.369594
121 to 156 months 0 0.00 0.00 0 0.0000 0.000000
169 to 180 months 1 19,557,134.89 1.89 169 6.1200 2.600000
181 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 40 871,856,168.11 84.33 103 5.4059 1.547856
Remaining Stated Term (Fully Amortizing Loans)
Remaining Stated # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<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 180 months 0 0.00 0.00 0 0.0000 0.000000
181 months or greater 1 1,640,045.57 0.16 181 5.7600 1.260000
Totals 1 1,640,045.57 0.16 181 5.7600 1.260000
Remaining Amortization Term (ARD and Balloon Loans)
Remaining Amortization # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Interest Only 2 44,213,000.00 4.28 49 4.9840 1.938638
192 months or less 0 0.00 0.00 0 0.0000 0.000000
229 to 264 months 1 1,815,762.44 0.18 109 5.7700 1.650000
265 to 300 months 7 266,461,537.92 25.77 112 5.1694 1.266906
301 to 348 months 14 196,770,921.52 19.03 106 5.6099 1.913280
349 months or greater 13 337,577,605.63 32.65 103 5.4956 1.520848
Totals 40 871,856,168.11 84.33 103 5.4059 1.547856
Age of Most Recent NOI
Age of Most # of Scheduled % of WAM WAC Weighted
Recent NOI Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Underwriter's Information 14 361,117,443.49 34.93 94 5.3438 1.713187
1 year or less 27 512,378,770.19 49.56 110 5.4508 1.430412
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 41 873,496,213.68 84.49 103 5.4066 1.547315
<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 ommission 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 document.
</FN>
Current Mortgage Loan and Property Stratification Tables
Group 2
Scheduled Balance
Scheduled # of Scheduled % of WAM WAC Weighted
Balance Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
2,000,000 or less 1 1,962,770.18 0.19 107 5.8500 1.580000
2,000,001 to 4,000,000 1 3,230,483.80 0.31 110 5.4900 1.370000
4,000,001 to 6,000,000 1 5,497,784.47 0.53 109 5.5900 1.160000
6,000,001 to 9,000,000 1 8,150,000.00 0.79 50 4.5900 2.120000
9,000,001 to 10,000,000 2 19,079,114.82 1.85 110 5.3100 1.565538
10,000,001 to 15,000,000 4 48,100,000.00 4.65 92 5.1819 1.318565
15,000,001 to 20,000,000 1 18,240,000.00 1.76 74 4.7500 1.460000
20,000,001 to 25,000,000 1 20,400,000.00 1.97 72 5.3200 1.080000
25,000,001 and greater 1 35,664,531.49 3.45 109 5.5300 1.372189
Totals 13 160,324,684.76 15.51 92 5.2413 1.385160
State (3)
State # of Scheduled % of WAM WAC Weighted
Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Arizona 1 11,000,000.00 1.06 110 5.1700 1.420000
California 3 21,495,001.80 2.08 110 5.3347 1.543807
Colorado 2 22,250,000.00 2.15 87 5.0970 1.587685
Florida 2 13,347,775.55 1.29 109 5.5300 1.372189
Illinois 1 3,230,483.80 0.31 110 5.4900 1.370000
Kansas 3 43,400,000.00 4.20 73 5.1822 1.193249
New York 2 7,368,455.28 0.71 109 5.5300 1.372189
Oklahoma 1 18,240,000.00 1.76 74 4.7500 1.460000
Utah 3 14,934,842.97 1.44 109 5.5521 1.294078
Virginia 1 1,962,770.18 0.19 107 5.8500 1.580000
Wyoming 1 3,095,355.19 0.30 109 5.5300 1.372189
Totals 20 160,324,684.76 15.51 92 5.2413 1.385160
Debt Service Coverage Ratio (1)
Debt Service # of Scheduled % of WAM WAC Weighted
Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
1.24 or less 2 25,897,784.47 2.51 80 5.3773 1.096983
1.25 to 1.29 2 26,600,000.00 2.57 92 5.2349 1.280000
1.30 to 1.34 1 10,500,000.00 1.02 73 5.0600 1.310000
1.35 to 1.39 2 38,895,015.29 3.76 109 5.5267 1.372007
1.40 to 1.44 1 11,000,000.00 1.06 110 5.1700 1.420000
1.45 to 1.49 1 18,240,000.00 1.76 74 4.7500 1.460000
1.50 to 1.54 1 9,334,272.65 0.90 110 5.3100 1.540000
1.55 to 1.59 2 11,707,612.35 1.13 109 5.4005 1.588324
1.60 and greater 1 8,150,000.00 0.79 50 4.5900 2.120000
Totals 13 160,324,684.76 15.51 92 5.2413 1.385160
Property Type (3)
Property # of Scheduled % of WAM WAC Weighted
Type Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Mobile Home Park 8 35,664,531.49 3.45 109 5.5300 1.372189
Multi-Family 12 124,660,153.27 12.06 88 5.1587 1.388871
Totals 20 160,324,684.76 15.51 92 5.2413 1.385160
Note Rate
Note Rate # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
5.249 or less 5 60,390,000.00 5.84 77 4.9230 1.478447
5.250 to 5.499 5 56,809,598.62 5.50 96 5.3437 1.309195
5.500 to 5.749 2 41,162,315.96 3.98 109 5.5380 1.343848
5.750 or greater 1 1,962,770.18 0.19 107 5.8500 1.580000
Totals 13 160,324,684.76 15.51 92 5.2413 1.385160
Seasoning
Seasoning # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
12 months or less 12 158,361,914.58 15.32 92 5.2338 1.382745
13 to 24 months 1 1,962,770.18 0.19 107 5.8500 1.580000
25 to 36 months 0 0.00 0.00 0 0.0000 0.000000
37 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 13 160,324,684.76 15.51 92 5.2413 1.385160
Anticipated Remaining Term (ARD and Balloon Loans)
Anticipated # of Scheduled % of WAM WAC Weighted
Remaining Term (2) Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
60 months or less 1 8,150,000.00 0.79 50 4.5900 2.120000
61 to 84 months 4 61,640,000.00 5.96 73 5.0543 1.272184
109 months or greater 7 88,571,914.58 8.57 109 5.4179 1.391849
Totals 13 160,324,684.76 15.51 92 5.2413 1.385160
Remaining Stated Term (Fully Amortizing Loans)
Remaining Stated # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<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 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 0 0.00 0.00 0 0.0000 0.000000
Remaining Amortization Term (ARD and Balloon Loans)
Remaining Amortization # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Interest Only 1 8,150,000.00 0.79 50 4.5900 2.120000
300 months or less 1 1,962,770.18 0.19 107 5.8500 1.580000
301 to 348 months 3 59,402,315.96 5.75 98 5.2960 1.379514
349 months or greater 8 90,809,598.62 8.78 92 5.2508 1.318691
Totals 13 160,324,684.76 15.51 92 5.2413 1.385160
Age of Most Recent NOI
Age of Most # of Scheduled % of WAM WAC Weighted
Recent NOI Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Underwriter's Information 4 79,004,531.49 7.64 101 5.2748 1.382666
1 year or less 9 81,320,153.27 7.87 84 5.2088 1.387583
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 13 160,324,684.76 15.51 92 5.2413 1.385160
<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 ommission 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 document.
</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>
502801313 1 RT Waterbury CT 501,316.26 224,960.33 4.550%
502804517 2 RT Greensboro NC 465,621.46 142,050.79 5.600%
316000017 3 OF New York NY 436,458.76 0.00 5.304%
502794112 4 OF Jacksonville FL 397,833.33 0.00 6.160%
316000011 5 OF New York NY 297,600.00 0.00 5.760%
837000006 6 RT Hialeah FL 250,731.20 0.00 4.952%
737000007 7 MH Various Various 170,001.39 35,462.45 5.530%
502781529 8 RT Palmdale CA 142,740.53 0.00 5.570%
837000009 9 RT Bay City MI 117,908.08 27,586.51 5.302%
502798601 10 RT Gilbert AZ 116,260.09 25,154.54 5.430%
737000011 11 MH Various Various 107,278.36 27,427.49 5.050%
502796931 12 OF San Diego CA 100,419.33 0.00 5.160%
502789416 13 RT Colma CA 89,333.73 0.00 4.800%
737000014 14 MF Overland Park KS 93,454.67 0.00 5.320%
502764212 15 RT Tuscaloosa AL 103,154.56 16,784.67 6.120%
502790118 16 Various Various Various 91,787.11 40,849.37 5.810%
502778326 17 MF Oklahoma City OK 74,606.67 0.00 4.750%
502792814 18 RT Poway CA 86,529.09 0.00 5.690%
837000019 19 OF Englewood CO 87,071.34 20,163.35 6.420%
502796111 20 MF Aurora CO 65,443.58 0.00 5.390%
502806836 21 IN Covina CA 69,743.09 11,979.03 6.090%
737000022 22 MF Overland Park KS 54,465.28 0.00 5.060%
502796214 23 MF Boston MA 57,657.16 15,812.20 5.920%
502804516 24 MF Tucson AZ 48,971.39 0.00 5.170%
737000025 25 MF Overland Park KS 45,750.83 0.00 5.060%
502793002 26 OF Fairfax VA 49,758.28 9,457.18 5.770%
737000027 27 MF Sacramento CA 44,604.72 10,153.97 5.310%
737000028 28 MF Sacramento CA 42,725.43 9,726.17 5.310%
502780123 29 RT Fort Myers FL 41,671.39 8,570.45 5.550%
502792613 30 RT Montgomery AL 35,594.26 9,620.90 4.920%
502800303 31 MH Doylestown PA 35,826.30 8,729.44 5.150%
502799813 32 MF Denver CO 32,212.88 0.00 4.590%
502768421 33 RT Punta Gorda FL 35,797.64 11,205.12 5.550%
502756429 34 OF Seattle WA 36,331.35 7,200.83 5.670%
737000035 35 RT Olympia WA 34,639.34 7,569.15 5.420%
502779324 36 RT Phoenix AZ 31,658.03 5,894.16 5.800%
502794406 37 RT Various Various 30,133.11 13,182.97 5.890%
502766410 38 RT Mechanicsville VA 30,030.31 5,461.96 5.875%
502803810 39 MF North Salt Lake UT 26,490.13 5,387.88 5.590%
502798307 40 RT Bethpage NY 23,458.39 0.00 5.140%
503785701 41 SS Various SC 24,335.61 6,787.40 5.850%
737000042 42 RT New Haven CT 20,362.16 4,187.83 5.550%
502794019 43 RT Germantown TN 19,132.14 4,070.10 5.470%
502800408 44 MF Champaign IL 15,287.36 3,224.80 5.490%
737000045 45 RT Harrison OH 14,786.11 3,342.11 5.340%
737000046 46 RT Ridgecrest CA 16,208.51 3,968.00 6.280%
502790941 47 RT Tacoma WA 14,465.00 2,852.07 5.650%
737000048 48 RT Cincinnati OH 13,534.98 3,059.31 5.340%
502793611 49 MU Richmond VA 12,317.16 2,587.30 5.500%
737000050 50 MF Colonial Heights VA 9,901.57 2,801.70 5.850%
502793003 51 RT Asbury Park NJ 9,037.14 3,083.45 5.770%
737000052 52 RT Houston TX 9,190.15 1,682.49 5.840%
737000053 53 SS Tucson AZ 8,161.85 5,488.97 5.760%
737000054 54 RT Sinton TX 3,924.87 1,820.40 5.800%
Totals 4,793,713.46 749,346.84
Loan Anticipated Maturity Neg. Beginning Ending Paid Thru
Number Repayment Date Amort Scheduled Scheduled Date
Date (Y/N) Balance Balance
<s> <c> <c> <c> <c> <c> <c>
502801313 N/A 04/11/2014 N 127,950,267.50 127,725,307.10 02/11/2005
502804517 N/A 12/11/2013 N 96,557,445.04 96,415,394.25 02/11/2005
316000017 01/11/2014 01/11/2034 N 95,555,555.66 95,555,555.66 02/11/2005
502794112 04/11/2014 04/11/2036 N 75,000,000.00 75,000,000.00 01/11/2005
316000011 02/11/2014 02/11/2028 N 60,000,000.00 60,000,000.00 02/11/2005
837000006 N/A 02/01/2011 N 58,800,000.00 58,800,000.00 02/01/2005
737000007 N/A 03/01/2014 N 35,699,993.94 35,664,531.49 02/01/2005
502781529 04/11/2014 04/11/2036 N 29,760,000.00 29,760,000.00 02/11/2005
837000009 N/A 12/01/2013 N 25,825,256.12 25,797,669.61 02/01/2005
502798601 04/11/2014 04/11/2034 N 24,864,035.34 24,838,880.80 02/11/2005
737000011 N/A 03/01/2009 N 24,669,569.27 24,642,141.78 02/01/2005
502796931 03/11/2009 03/11/2014 N 22,600,000.00 22,600,000.00 02/11/2005
502789416 04/11/2009 04/11/2029 N 21,613,000.00 21,613,000.00 02/11/2005
737000014 N/A 02/11/2011 N 20,400,000.00 20,400,000.00 02/11/2005
502764212 03/11/2019 03/11/2034 N 19,573,919.56 19,557,134.89 02/11/2005
502790118 02/11/2013 02/11/2024 N 18,346,210.30 18,305,360.93 02/11/2005
502778326 N/A 04/11/2011 N 18,240,000.00 18,240,000.00 02/11/2005
502792814 N/A 04/11/2014 N 17,660,000.00 17,660,000.00 02/11/2005
837000019 N/A 01/01/2019 N 15,750,016.52 15,729,853.17 02/01/2005
502796111 03/11/2014 03/11/2034 N 14,100,000.00 14,100,000.00 02/11/2005
502806836 N/A 09/01/2013 N 13,299,174.39 13,287,195.36 02/01/2005
737000022 N/A 03/11/2011 N 12,500,000.00 12,500,000.00 02/11/2005
502796214 02/11/2014 02/11/2029 N 11,310,254.68 11,294,442.48 02/11/2005
502804516 04/11/2014 04/11/2034 N 11,000,000.00 11,000,000.00 02/11/2005
737000025 N/A 03/11/2011 N 10,500,000.00 10,500,000.00 02/11/2005
502793002 02/11/2014 02/11/2024 N 10,014,525.31 10,005,068.13 02/11/2005
737000027 N/A 04/11/2014 N 9,754,996.14 9,744,842.17 02/11/2005
737000028 N/A 04/11/2014 N 9,343,998.82 9,334,272.65 02/11/2005
502780123 N/A 04/11/2014 N 8,719,383.89 8,710,813.44 02/11/2005
502792613 03/11/2014 03/11/2034 N 8,401,478.37 8,391,857.47 02/11/2005
502800303 04/11/2014 04/11/2024 N 8,078,588.97 8,069,859.53 02/11/2005
502799813 N/A 04/11/2009 N 8,150,000.00 8,150,000.00 02/11/2005
502768421 02/11/2014 02/11/2034 N 7,490,352.09 7,479,146.97 02/11/2005
502756429 02/11/2014 02/11/2034 N 7,441,136.30 7,433,935.47 02/11/2005
737000035 03/11/2014 03/11/2034 N 7,421,833.11 7,414,263.96 02/11/2005
502779324 03/11/2014 03/11/2034 N 6,338,649.15 6,332,754.99 02/11/2005
502794406 01/11/2013 01/11/2024 N 5,941,136.31 5,927,953.34 02/11/2005
502766410 N/A 02/11/2014 N 5,935,983.94 5,930,521.98 02/11/2005
502803810 03/11/2014 03/11/2034 N 5,503,172.35 5,497,784.47 02/11/2005
502798307 N/A 03/11/2014 N 5,300,000.00 5,300,000.00 02/11/2005
503785701 03/11/2014 03/11/2034 N 4,830,889.93 4,824,102.53 02/11/2005
737000042 04/11/2014 04/11/2034 N 4,260,608.05 4,256,420.22 02/11/2005
502794019 04/11/2014 04/11/2024 N 4,061,785.85 4,057,715.75 02/11/2005
502800408 04/11/2014 04/11/2034 N 3,233,708.60 3,230,483.80 02/11/2005
737000045 03/11/2014 03/11/2034 N 3,215,537.15 3,212,195.04 02/11/2005
737000046 N/A 12/11/2013 N 2,997,259.42 2,993,291.42 02/11/2005
502790941 04/11/2014 04/11/2034 N 2,973,108.30 2,970,256.23 02/11/2005
737000048 03/11/2014 03/11/2034 N 2,943,453.28 2,940,393.97 02/11/2005
502793611 04/11/2014 04/11/2034 N 2,600,691.30 2,598,104.00 02/11/2005
737000050 N/A 01/11/2014 N 1,965,571.88 1,962,770.18 02/11/2005
502793003 N/A 03/11/2014 N 1,818,845.89 1,815,762.44 02/11/2005
737000052 N/A 03/11/2014 N 1,827,471.36 1,825,788.87 02/11/2005
737000053 N/A 03/11/2020 N 1,645,534.54 1,640,045.57 02/11/2005
737000054 N/A 10/11/2008 N 785,846.73 784,026.33 02/11/2005
Totals 1,034,570,245.35 1,033,820,898.44
Loan Appraisal Appraisal Res. Mod.
Number Reduction Reduction Strat. Code
Date Amount (2) (3)
<s> <c> <c> <c> <c>
Totals 0.00
<FN>
(1) Property Type Code
MF - Multi-Family
RT - Retail
HC - Health Care
IN - Industrial
WH - Warehouse
MH - Mobile Home Park
OF - Office
MU - Mixed Use
LO - Lodging
SS - Self Storage
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>
Principal Prepayment Detail
No Principal Prepayments this Period
Historical Detail
Delinquencies
Distribution 30-59 Days 60-89 Days 90 Days or More
Date # Balance # Balance # Balance
<s> <c> <c> <c> <c> <c> <c>
02/17/2005 0 $0.00 0 $0.00 0 $0.00
01/18/2005 0 $0.00 0 $0.00 0 $0.00
12/17/2004 0 $0.00 0 $0.00 0 $0.00
11/18/2004 0 $0.00 0 $0.00 0 $0.00
10/18/2004 0 $0.00 0 $0.00 0 $0.00
09/17/2004 0 $0.00 0 $0.00 0 $0.00
08/17/2004 0 $0.00 0 $0.00 0 $0.00
07/16/2004 0 $0.00 0 $0.00 0 $0.00
06/17/2004 0 $0.00 0 $0.00 0 $0.00
05/17/2004 0 $0.00 0 $0.00 0 $0.00
Distribution Foreclosure REO Modifications
Date # Balance # Balance # Balance
<s> <c> <c> <c> <c> <c> <c>
02/17/2005 0 $0.00 0 $0.00 0 $0.00
01/18/2005 0 $0.00 0 $0.00 0 $0.00
12/17/2004 0 $0.00 0 $0.00 0 $0.00
11/18/2004 0 $0.00 0 $0.00 0 $0.00
10/18/2004 0 $0.00 0 $0.00 0 $0.00
09/17/2004 0 $0.00 0 $0.00 0 $0.00
08/17/2004 0 $0.00 0 $0.00 0 $0.00
07/16/2004 0 $0.00 0 $0.00 0 $0.00
06/17/2004 0 $0.00 0 $0.00 0 $0.00
05/17/2004 0 $0.00 0 $0.00 0 $0.00
Prepayments Rate and Maturities
Distribution Curtailments Payoff Next Weighted Avg. WAM
Date # Amount # Amount Coupon Remit
<s> <c> <c> <c> <c> <c> <c> <c>
02/17/2005 0 $0.00 0 $0.00 5.380936% 5.337320% 102
01/18/2005 0 $0.00 0 $0.00 5.380875% 5.337259% 103
12/17/2004 0 $0.00 0 $0.00 5.380814% 5.337198% 104
11/18/2004 0 $0.00 0 $0.00 5.380756% 5.337139% 105
10/18/2004 0 $0.00 0 $0.00 5.380696% 5.337078% 106
09/17/2004 0 $0.00 0 $0.00 5.380638% 5.337020% 107
08/17/2004 0 $0.00 0 $0.00 5.380578% 5.336959% 108
07/16/2004 0 $0.00 0 $0.00 5.380518% 5.336899% 109
06/17/2004 0 $0.00 0 $0.00 5.380460% 5.336841% 110
05/17/2004 0 $0.00 0 $0.00 5.380401% 5.336781% 111
<FN>
Note: Foreclosure and REO Totals are excluded from the delinquencies aging
categories.
</FN>
Delinquency Loan Detail
Offering # of Paid Through Current Outstanding Status of
Loan Number Document Months Date P & I P & I Mortgage
Cross- Delinq. Advances Advances ** Loan (1)
Reference
<s> <c> <c> <c> <c> <c> <c>
502794112 4 0 01/11/2005 395,333.33 395,333.33 B
Totals 1 395,333.33 395,333.33
Resolution Servicing Actual Outstanding
Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO
Number Code (2) Date Date Balance Advances Date Date
<s> <c> <c> <c> <c> <c> <c> <c>
502794112 75,000,000.00 0.00
Totals 75,000,000.00 0.00
Current Outstanding Actual Outstanding
P & I P & I Principal Servicing
Advances Advances** Balance Advances
<s> <c> <c> <c> <c>
Totals By Delinquency Code:
Total for Status Code = B (1 loan) 395,333.33 395,333.33 75,000,000.00 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