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.: 333-108944-01
Wachovia Bank Commercial Mortgage Trust
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
(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 2003-C8.
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 2003-C8, 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 2003-C8
(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 2003-C8,
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 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: 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 - 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, 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 929766LV3 3.444000% 164,790,000.00 149,097,645.59 1,047,122.11 427,910.24
A-2 929766LW1 3.894000% 186,550,000.00 186,550,000.00 0.00 605,354.75
A-3 929766LX9 4.445000% 241,738,000.00 241,738,000.00 0.00 895,437.84
A-4 929766LY7 4.964000% 213,104,000.00 213,104,000.00 0.00 881,540.21
B 929766LZ4 5.030000% 29,227,000.00 29,227,000.00 0.00 122,509.84
C 929766MA8 4.781241% 13,396,000.00 13,396,000.00 0.00 53,374.58
D 929766MB6 4.821241% 28,009,000.00 28,009,000.00 0.00 112,531.77
E 929766MC4 4.901241% 13,396,000.00 13,396,000.00 0.00 54,714.18
F 929766MD2 5.031241% 15,831,000.00 15,831,000.00 0.00 66,374.64
G 929766ME0 5.031241% 12,178,000.00 12,178,000.00 0.00 51,058.71
H 929766MF7 5.031241% 15,831,000.00 15,831,000.00 0.00 66,374.64
J 929766MG5 5.031241% 7,307,000.00 7,307,000.00 0.00 30,636.06
K 929766MH3 5.031241% 6,089,000.00 6,089,000.00 0.00 25,529.35
L 929766MJ9 5.031241% 4,871,000.00 4,871,000.00 0.00 20,422.64
M 929766MK6 5.031241% 2,436,000.00 2,436,000.00 0.00 10,213.42
N 929766ML4 5.031241% 4,871,000.00 4,871,000.00 0.00 20,422.64
O 929766MM2 5.031241% 2,436,000.00 2,436,000.00 0.00 10,213.42
P 929766MN0 5.031241% 12,178,293.84 12,178,293.84 0.00 51,059.94
Z N/A 0.000000% 0.00 0.00 0.00 0.00
RI N/A 0.000000% 0.00 0.00 0.00 0.00
RII N/A 0.000000% 0.00 0.00 0.00 0.00
Totals 974,238,293.84 958,545,939.43 1,047,122.11 3,505,678.87
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 929766LV3 0.00 0.00 1,475,032.35 148,050,523.48 17.55%
A-2 929766LW1 0.00 0.00 605,354.75 186,550,000.00 17.55%
A-3 929766LX9 0.00 0.00 895,437.84 241,738,000.00 17.55%
A-4 929766LY7 0.00 0.00 881,540.21 213,104,000.00 17.55%
B 929766LZ4 0.00 0.00 122,509.84 29,227,000.00 14.50%
C 929766MA8 0.00 0.00 53,374.58 13,396,000.00 13.10%
D 929766MB6 0.00 0.00 112,531.77 28,009,000.00 10.17%
E 929766MC4 0.00 0.00 54,714.18 13,396,000.00 8.78%
F 929766MD2 0.00 0.00 66,374.64 15,831,000.00 7.12%
G 929766ME0 0.00 0.00 51,058.71 12,178,000.00 5.85%
H 929766MF7 0.00 0.00 66,374.64 15,831,000.00 4.20%
J 929766MG5 0.00 0.00 30,636.06 7,307,000.00 3.43%
K 929766MH3 0.00 0.00 25,529.35 6,089,000.00 2.80%
L 929766MJ9 0.00 0.00 20,422.64 4,871,000.00 2.29%
M 929766MK6 0.00 0.00 10,213.42 2,436,000.00 2.04%
N 929766ML4 0.00 0.00 20,422.64 4,871,000.00 1.53%
O 929766MM2 0.00 0.00 10,213.42 2,436,000.00 1.27%
P 929766MN0 0.00 0.00 51,059.94 12,178,293.84 0.00%
Z N/A 0.00 0.00 0.00 0.00 0.00%
RI N/A 0.00 0.00 0.00 0.00 0.00%
RII N/A 0.00 0.00 0.00 0.00 0.00%
Totals 0.00 0.00 4,552,800.98 957,498,817.32
Class CUSIP Pass-Through Original Beginning Interest
Rate Notional Notional Distribution
Amount Amount
<s> <c> <c> <c> <c> <c>
X-C 929766MP5 0.063656% 974,238,293.84 958,545,939.43 50,847.30
X-P 929766MQ3 0.718430% 800,952,000.00 772,301,000.00 462,369.87
Class CUSIP Prepayment Total Ending
Penalties Distribution Notional
Amount
<s> <c> <c> <c> <c>
X-C 929766MP5 0.00 50,847.30 957,498,817.32
X-P 929766MQ3 0.00 462,369.87 772,301,000.00
<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 929766LV3 904.77362455 6.35428187 2.59670029 0.00000000 0.00000000 898.41934268
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 3.98436698 0.00000000 0.00000000 1,000.00000000
D 929766MB6 1,000.00000000 0.00000000 4.01770038 0.00000000 0.00000000 1,000.00000000
E 929766MC4 1,000.00000000 0.00000000 4.08436698 0.00000000 0.00000000 1,000.00000000
F 929766MD2 1,000.00000000 0.00000000 4.19270040 0.00000000 0.00000000 1,000.00000000
G 929766ME0 1,000.00000000 0.00000000 4.19270077 0.00000000 0.00000000 1,000.00000000
H 929766MF7 1,000.00000000 0.00000000 4.19270040 0.00000000 0.00000000 1,000.00000000
J 929766MG5 1,000.00000000 0.00000000 4.19270015 0.00000000 0.00000000 1,000.00000000
K 929766MH3 1,000.00000000 0.00000000 4.19269995 0.00000000 0.00000000 1,000.00000000
L 929766MJ9 1,000.00000000 0.00000000 4.19269965 0.00000000 0.00000000 1,000.00000000
M 929766MK6 1,000.00000000 0.00000000 4.19270115 0.00000000 0.00000000 1,000.00000000
N 929766ML4 1,000.00000000 0.00000000 4.19269965 0.00000000 0.00000000 1,000.00000000
O 929766MM2 1,000.00000000 0.00000000 4.19270115 0.00000000 0.00000000 1,000.00000000
P 929766MN0 1,000.00000000 0.00000000 4.19270061 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
Class CUSIP Beginning Interest Prepayment Ending
Notional Distribution Penalties Notional
Amount Amount
<s> <c> <c> <c> <c> <c>
X-C 929766MP5 983.89269390 0.05219185 0.00000000 982.81788283
X-P 929766MQ3 964.22881771 0.57727538 0.00000000 964.22881771
Reconciliation Detail
Advance Summary
<s> <c>
P & I Advances Outstanding 0.00
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 37,250.45
Less Delinquent Servicing Fees 0.00
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 37,250.45
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-1 427,910.24 0.00 0.00 427,910.24 0.00
A-2 605,354.75 0.00 0.00 605,354.75 0.00
A-3 895,437.84 0.00 0.00 895,437.84 0.00
A-4 881,540.21 0.00 0.00 881,540.21 0.00
X-C 50,847.30 0.00 0.00 50,847.30 0.00
X-P 462,369.87 0.00 0.00 462,369.87 0.00
B 122,509.84 0.00 0.00 122,509.84 0.00
C 53,374.58 0.00 0.00 53,374.58 0.00
D 112,531.77 0.00 0.00 112,531.77 0.00
E 54,714.18 0.00 0.00 54,714.18 0.00
F 66,374.64 0.00 0.00 66,374.64 0.00
G 51,058.71 0.00 0.00 51,058.71 0.00
H 66,374.64 0.00 0.00 66,374.64 0.00
J 30,636.06 0.00 0.00 30,636.06 0.00
K 25,529.35 0.00 0.00 25,529.35 0.00
L 20,422.64 0.00 0.00 20,422.64 0.00
M 10,213.42 0.00 0.00 10,213.42 0.00
N 20,422.64 0.00 0.00 20,422.64 0.00
O 10,213.42 0.00 0.00 10,213.42 0.00
P 51,059.94 0.00 0.00 51,059.94 0.00
Z 0.00 0.00 0.00 0.00 0.00
Total 4,018,896.04 0.00 0.00 4,018,896.04 0.00
Class Additional Interest Remaining Unpaid
Trust Fund Distribution Distributable
Expenses Certificate Interest
<s> <c> <c> <c>
A-1 0.00 427,910.24 0.00
A-2 0.00 605,354.75 0.00
A-3 0.00 895,437.84 0.00
A-4 0.00 881,540.21 0.00
X-C 0.00 50,847.30 0.00
X-P 0.00 462,369.87 0.00
B 0.00 122,509.84 0.00
C 0.00 53,374.58 0.00
D 0.00 112,531.77 0.00
E 0.00 54,714.18 0.00
F 0.00 66,374.64 0.00
G 0.00 51,058.71 0.00
H 0.00 66,374.64 0.00
J 0.00 30,636.06 0.00
K 0.00 25,529.35 0.00
L 0.00 20,422.64 0.00
M 0.00 10,213.42 0.00
N 0.00 20,422.64 0.00
O 0.00 10,213.42 0.00
P 0.00 51,059.94 273.49
Z 0.00 0.00 0.00
Total 0.00 4,018,896.04 273.49
Other Required Information
<s> <c>
Available Distribution Amount (1) 5,066,018.15
Aggregate Number of Outstanding Loans 53
Aggregate Stated Principal Balance of Loans Before Distribution 958,545,939.44
Aggregate Stated Principal Balance of Loans After Distribution 957,498,817.33
Aggregate Unpaid Principal Balance of Loans 957,498,817.33
Aggregate Amount of Servicing Fee 37,250.45
Aggregate Amount of Special Servicing Fee 0.00
Aggregate Amount of Trustee Fee 1,996.97
Aggregate Trust Fund Expenses 0.00
Interest Reserve Deposit 101,583.27
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> <c>
Total Funds Collected
Interest:
Scheduled Interest 4,159,726.80
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 4,159,726.80
Principal:
Scheduled Principal 1,047,122.13
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 1,047,122.13
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 5,206,848.93
Total Funds Distributed
Fees:
Master Servicing Fee 37,250.45
Trustee Fee 1,996.97
Certificate Administration Fee 0.00
Insurer Fee 0.00
Miscellaneous Fee 0.00
Total Fees 39,247.42
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 101,583.27
Payments to Certificateholders & Others:
Interest Distribution 4,018,896.04
Principal Distribution 1,047,122.11
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 5,066,018.15
Total Funds Distributed 5,206,848.84
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 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
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 7 10,323,574.18 1.08 119 6.2029 1.523924
2,000,001 to 3,000,000 7 19,252,566.31 2.01 139 5.9320 1.408288
3,000,001 to 4,000,000 4 13,303,233.92 1.39 128 5.6313 1.442278
4,000,001 to 5,000,000 4 17,647,632.15 1.84 104 5.9817 1.311409
5,000,001 to 6,000,000 1 5,164,087.06 0.54 105 6.0100 1.350000
6,000,001 to 7,000,000 1 6,420,000.00 0.67 68 5.1200 2.520000
7,000,001 to 8,000,000 2 15,427,870.88 1.61 105 5.2161 1.602092
8,000,001 to 9,000,000 5 41,991,150.78 4.39 85 5.6379 1.856579
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 88,005,739.86 9.19 94 5.5576 1.454658
15,000,001 to 20,000,000 4 73,679,905.77 7.70 81 5.5476 1.797078
20,000,001 to 25,000,000 0 0.00 0.00 0 0.0000 0.000000
25,000,001 to 30,000,000 1 28,100,000.00 2.93 42 4.5200 3.420000
30,000,001 to 35,000,000 1 31,325,999.07 3.27 44 4.3700 2.460000
35,000,001 to 40,000,000 1 38,000,000.00 3.97 105 6.4500 1.220000
40,000,001 to 55,000,000 2 93,816,638.33 9.80 83 4.6939 1.812033
55,000,001 or Greater 6 475,040,419.02 49.61 68 4.7946 2.175642
Totals 53 957,498,817.33 100.00 78 5.0806 1.978561
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 3 16,402,887.76 1.71 103 5.8935 1.350000
Arizona 4 169,579,525.88 17.71 48 4.3834 2.064355
Arkansas 1 19,859,359.91 2.07 104 5.4600 2.060000
California 7 88,690,634.27 9.26 102 6.0941 1.405684
Colorado 1 3,445,740.81 0.36 104 5.8500 1.280000
Connecticut 1 3,000,000.00 0.31 105 5.9000 1.720000
Florida 6 93,823,522.00 9.80 80 4.6039 1.995979
Georgia 1 14,206,316.44 1.48 103 4.9000 1.240000
Idaho 1 17,887,500.00 1.87 57 5.3200 1.950000
Illinois 2 58,594,382.95 6.12 107 5.2240 2.377935
Maryland 1 42,359,357.38 4.42 104 6.0300 1.280000
Michigan 4 94,937,895.45 9.92 49 4.6593 1.683753
New Jersey 1 8,867,398.10 0.93 104 6.0800 1.590000
New York 2 113,600,000.00 11.86 88 5.2576 2.050194
North Carolina 2 3,669,022.31 0.38 104 6.1200 1.178281
Oklahoma 1 1,739,258.02 0.18 165 6.1500 1.210000
Oregon 2 10,612,962.23 1.11 136 4.9095 1.581152
Pennsylvania 1 64,707,454.81 6.76 68 4.7364 3.880000
South Carolina 2 5,476,135.91 0.57 164 6.3274 1.242243
Tennessee 1 1,972,347.39 0.21 105 6.0900 1.200000
Texas 5 72,117,236.25 7.53 71 5.0964 1.807373
Utah 1 531,797.69 0.06 44 6.7500 4.530000
Virginia 1 18,000,000.00 1.88 57 5.3200 1.920000
Washington 2 13,681,891.13 1.43 44 5.2000 1.500000
Washington,DC 1 7,880,080.04 0.82 105 5.7200 1.470000
Wisconsin 1 11,856,110.60 1.24 101 5.4500 2.030000
Totals 55 957,498,817.33 100.00 78 5.0806 1.978561
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>
1.14 or Less 1 2,131,583.09 0.22 104 6.1200 1.040000
1.15 to 1.19 4 21,812,937.91 2.28 125 5.8338 1.175084
1.20 to 1.24 8 85,305,622.84 8.91 110 6.0444 1.223083
1.25 to 1.29 3 48,375,421.70 5.05 104 6.0262 1.280531
1.30 to 1.34 1 8,116,748.19 0.85 105 5.7300 1.310000
1.35 to 1.39 4 22,350,104.19 2.33 103 5.8265 1.351376
1.40 to 1.44 0 0.00 0.00 0 0.0000 0.000000
1.45 to 1.49 5 38,542,122.50 4.03 113 5.8724 1.477215
1.50 to 1.54 1 13,681,891.13 1.43 44 5.2000 1.500000
1.55 to 1.59 1 8,867,398.10 0.93 104 6.0800 1.590000
1.60 to 1.64 2 89,072,028.86 9.30 103 5.5056 1.600401
1.65 to 1.69 2 5,090,323.05 0.53 103 5.8429 1.677347
1.70 to 1.79 5 113,008,856.67 11.80 55 4.6989 1.728794
1.80 to 1.84 1 684,991.38 0.07 45 7.1000 1.810000
1.85 to 1.89 2 58,254,215.23 6.08 69 5.0674 1.868993
1.90 to 1.99 2 35,887,500.00 3.75 57 5.3200 1.934953
2.00 to 2.99 8 312,977,819.99 32.69 65 4.5048 2.212152
3.0 or Greater 3 93,339,252.50 9.75 60 4.6827 3.745219
Totals 53 957,498,817.33 100.00 78 5.0806 1.978561
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>
Lodging 1 56,606,672.66 5.91 105 5.2020 2.420000
Mixed Use 3 40,532,071.60 4.23 61 4.8832 2.862276
Multi-Family 2 19,880,080.04 2.08 105 5.7882 1.482072
Office 11 230,967,995.70 24.12 93 5.6925 1.581877
Other 1 1,987,710.29 0.21 165 5.8500 1.180000
Retail 36 602,835,274.83 62.96 69 4.8097 2.052716
Self Storage 1 4,689,012.21 0.49 104 6.6800 1.460000
Totals 55 957,498,817.33 100.00 78 5.0806 1.978561
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>
3.593 or Less 0 0.00 0.00 0 0.0000 0.000000
3.594 to 5.249 14 553,752,503.35 57.83 61 4.5560 2.296979
5.250 to 5.499 6 75,077,919.11 7.84 85 5.3920 1.918268
5.500 to 5.749 7 119,511,519.64 12.48 99 5.5439 1.657354
5.750 to 5.999 10 73,266,009.91 7.65 106 5.8701 1.392605
6.000 to 6.249 10 87,209,221.45 9.11 105 6.0649 1.317373
6.250 to 6.499 3 42,775,842.59 4.47 113 6.4441 1.239188
6.500 to 6.749 1 4,689,012.21 0.49 104 6.6800 1.460000
6.750 to 6.999 1 531,797.69 0.06 44 6.7500 4.530000
7.000 to 7.249 1 684,991.38 0.07 45 7.1000 1.810000
7.250 to 7.999 0 0.00 0.00 0 0.0000 0.000000
Totals 53 957,498,817.33 100.00 78 5.0806 1.978561
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 0 0.00 0.00 0 0.0000 0.000000
13 to 24 Months 51 956,282,028.26 99.87 78 5.0782 1.977263
25 to 36 Months 0 0.00 0.00 0 0.0000 0.000000
37 Months or Greater 2 1,216,789.07 0.13 45 6.9470 2.998776
Totals 53 957,498,817.33 100.00 78 5.0806 1.978561
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 10 331,368,637.41 34.61 45 4.5553 2.101627
61 to 84 Months 5 186,639,279.27 19.49 67 4.5285 2.686033
85 to 108 Months 33 427,054,852.75 44.60 104 5.7097 1.595007
109 to 120 Months 0 0.00 0.00 0 0.0000 0.000000
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 48 945,062,769.43 98.70 76 5.0717 1.988109
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
157 to 180 Months 2 3,726,968.31 0.39 165 5.9900 1.194000
181 to 192 Months 0 0.00 0.00 0 0.0000 0.000000
193 to 216 Months 1 3,065,171.39 0.32 216 5.4500 1.190000
217 Months or Greater 2 5,643,908.20 0.59 225 5.7754 1.326137
Totals 5 12,436,047.90 1.30 205 5.7595 1.252982
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 42,770,000.00 4.47 46 4.8087 3.196175
180 Months or Less 1 684,991.38 0.07 45 7.1000 1.810000
181 to 192 Months 0 0.00 0.00 0 0.0000 0.000000
193 to 228 Months 1 531,797.69 0.06 44 6.7500 4.530000
229 to 264 Months 0 0.00 0.00 0 0.0000 0.000000
265 to 300 Months 11 231,945,679.46 24.22 71 4.9792 1.909624
301 to 348 Months 32 669,130,300.90 69.88 79 5.1171 1.936259
349 Months or Greater 0 0.00 0.00 0 0.0000 0.000000
Totals 48 945,062,769.43 98.70 76 5.0717 1.988109
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 17 305,935,614.39 31.95 95 5.4160 1.907923
1 Year of Less 28 243,441,974.61 25.42 90 5.6594 1.602139
1 to 2 Years 8 408,121,228.33 42.62 57 4.4840 2.256046
2 years or Greater 0 0.00 0.00 0 0.0000 0.000000
Totals 53 957,498,817.33 100.00 78 5.0806 1.978561
<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>
502784429 1 RT TUCSON AZ 467,255.52 173,027.62 4.260%
502770582 2 RT OKEMOS MI 323,456.93 169,460.01 4.520%
316000006 3 OF NEW YORK NY 391,875.00 0.00 5.500%
819000004 4 RT LANCASTER PA 264,237.95 79,508.47 4.736%
819000005 5 LO CHICAGO IL 253,981.44 91,941.71 5.202%
502769026 6 RT BEAUMONT TX 231,386.83 102,161.67 5.010%
819000007 7 RT JACKSONVILLE FL 159,503.26 81,280.12 3.594%
719000008 8 RT OXON HILL MD 220,150.80 38,485.88 6.030%
502776911 9 OF LONG BEACH CA 211,058.33 0.00 6.450%
819000010 10 RT CHANDLER AZ 118,038.16 41,638.76 4.370%
819000011 11 MU NEW YORK NY 109,371.44 0.00 4.520%
502778931 12 OF LITTLE ROCK AR 93,469.50 20,717.44 5.460%
719000013 13 OF MISSION VIEJO CA 94,282.39 16,008.66 6.100%
719000014 14 OF RICHMOND VA 82,460.00 0.00 5.320%
719000015 15 OF BOISE ID 81,944.63 0.00 5.320%
502760619 16 RT KENNESAW GA 60,014.25 16,941.12 4.900%
502787011 17 RT CHINO CA 70,708.22 12,779.34 5.950%
719000018 18 OF Various WA 61,332.35 15,158.80 5.200%
819000019 19 RT MADISON WI 55,700.62 12,622.74 5.450%
502782701 20 MF MIAMI FL 60,274.33 0.00 5.833%
819000021 21 OF Birmingham AL 56,573.21 10,843.02 5.840%
719000022 22 RT TAMPA FL 56,939.55 10,532.19 5.880%
719000023 23 OF EATONTOWN NJ 46,467.41 7,955.91 6.080%
502769027 24 RT BEAUMONT TX 36,534.76 16,130.79 5.010%
502753407 25 RT SHERMAN OAKS CA 39,428.13 0.00 5.550%
502750707 26 RT NOGALES AZ 40,088.34 7,893.42 5.730%
502769507 27 MU PINELLAS PARK FL 40,332.64 11,651.24 5.830%
502783803 28 MF WASHINGTON DC 38,851.61 7,681.87 5.720%
819000029 29 RT PORTLAND OR 30,520.43 9,368.41 4.690%
502781625 30 RT FT. WALTON BEACH FL 27,392.00 0.00 5.120%
719000031 31 RT EUFAULA AL 26,763.14 7,256.01 6.010%
502780801 32 SS TAMPA FL 26,992.92 3,594.80 6.680%
502775216 33 RT LIVONIA MI 22,473.02 4,191.64 5.860%
819000034 34 MU BERKELEY CA 20,812.27 4,667.70 5.475%
502775215 35 RT NORTH MUSKEGON MI 20,706.03 3,862.07 5.860%
719000036 36 RT BERKELEY CA 17,366.17 3,708.70 5.640%
502773918 37 RT LONGMONT CO 17,374.41 3,273.52 5.850%
502783832 38 RT LUBBOCK TX 15,441.71 4,941.59 5.560%
719000039 39 RT NEWBERG OR 14,422.60 8,007.11 5.450%
502779418 40 RT LEANDER TX 14,552.50 2,925.75 5.680%
502783210 41 RT MILFORD CT 15,241.67 0.00 5.900%
719000042 42 RT SPARTANBURG SC 16,149.15 6,277.24 6.440%
719000043 43 RT LAKE HAVASU CITY AZ 15,561.41 4,043.64 6.150%
719000044 44 RT SACRAMENTO CA 11,984.86 7,052.23 5.070%
819000045 45 RT SUMTER SC 13,742.55 3,722.53 6.200%
502780910 46 RT ROCKINGHAM NC 11,249.01 2,953.85 6.120%
719000047 47 OT HARWOOD HEIGHTS IL 10,051.35 7,595.84 5.850%
719000048 48 RT CORDOVA TN 10,352.52 1,754.46 6.090%
819000049 49 RT DALLAS TX 10,201.92 1,595.74 6.330%
719000050 50 RT MOORE OK 9,245.13 6,477.80 6.150%
502780909 51 RT RUTHERFORD COLLEGE NC 8,113.53 2,130.51 6.120%
719000053 53 RT BIRMINGHAM MI 4,201.73 2,251.91 7.100%
719000054 54 RT SALT LAKE CITY UT 3,097.17 1,048.30 6.750%
Totals 4,159,726.80 1,047,122.13
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>
502784429 10/11/2008 10/11/2033 N 127,375,424.40 127,202,396.80 02/11/2005
502770582 N/A 09/11/2008 N 85,873,521.35 85,704,061.34 02/11/2005
316000006 N/A 09/11/2013 N 85,500,000.00 85,500,000.00 02/11/2005
819000004 N/A 10/01/2010 N 64,786,963.28 64,707,454.81 02/01/2005
819000005 N/A 11/01/2013 N 56,698,614.37 56,606,672.66 02/01/2005
502769026 N/A 09/11/2010 N 55,421,995.08 55,319,833.41 02/11/2005
819000007 N/A 07/01/2010 N 51,538,561.07 51,457,280.95 02/01/2005
719000008 10/01/2013 10/01/2033 N 42,397,843.26 42,359,357.38 02/01/2005
502776911 11/11/2013 11/11/2033 N 38,000,000.00 38,000,000.00 02/11/2005
819000010 N/A 10/01/2008 N 31,367,637.83 31,325,999.07 02/01/2005
819000011 N/A 08/01/2008 N 28,100,000.00 28,100,000.00 02/01/2005
502778931 10/11/2013 10/11/2033 N 19,880,077.35 19,859,359.91 02/11/2005
719000013 09/01/2013 10/01/2033 N 17,949,054.52 17,933,045.86 02/01/2005
719000014 11/11/2009 11/11/2033 N 18,000,000.00 18,000,000.00 02/11/2005
719000015 11/11/2009 11/11/2033 N 17,887,500.00 17,887,500.00 02/11/2005
502760619 09/11/2013 09/11/2033 N 14,223,257.56 14,206,316.44 02/11/2005
502787011 N/A 10/11/2013 N 13,800,465.88 13,787,686.54 02/11/2005
719000018 10/11/2008 10/11/2033 N 13,697,049.93 13,681,891.13 02/11/2005
819000019 N/A 07/01/2013 N 11,868,733.34 11,856,110.60 02/01/2005
502782701 11/11/2013 11/11/2033 N 12,000,000.00 12,000,000.00 02/11/2005
819000021 N/A 08/01/2013 N 11,249,643.72 11,238,800.70 02/01/2005
719000022 N/A 11/11/2013 N 11,245,466.64 11,234,934.45 02/11/2005
719000023 N/A 10/01/2013 N 8,875,354.01 8,867,398.10 02/01/2005
502769027 N/A 09/11/2010 N 8,750,840.89 8,734,710.10 02/11/2005
502753407 10/11/2008 10/11/2013 N 8,250,000.00 8,250,000.00 02/11/2005
502750707 11/11/2013 11/11/2033 N 8,124,641.61 8,116,748.19 02/11/2005
502769507 11/11/2013 11/11/2028 N 8,033,945.63 8,022,294.39 02/11/2005
502783803 N/A 11/11/2013 N 7,887,761.91 7,880,080.04 02/11/2005
819000029 N/A 10/01/2013 N 7,557,159.25 7,547,790.84 02/01/2005
502781625 N/A 10/11/2010 N 6,420,000.00 6,420,000.00 02/11/2005
719000031 N/A 11/11/2013 N 5,171,343.07 5,164,087.06 02/11/2005
502780801 10/11/2013 10/11/2033 N 4,692,607.01 4,689,012.21 02/11/2005
502775216 N/A 11/11/2013 N 4,453,531.67 4,449,340.03 02/11/2005
819000034 N/A 07/01/2013 N 4,414,444.91 4,409,777.21 02/01/2005
502775215 N/A 11/11/2013 N 4,103,364.77 4,099,502.70 02/11/2005
719000036 N/A 04/01/2013 N 3,575,737.56 3,572,028.86 02/01/2005
502773918 10/11/2013 10/11/2033 N 3,449,014.33 3,445,740.81 02/11/2005
502783832 10/11/2013 10/11/2028 N 3,225,234.45 3,220,292.86 02/11/2005
719000039 N/A 02/11/2023 N 3,073,178.50 3,065,171.39 02/11/2005
502779418 11/11/2013 11/11/2033 N 2,975,295.44 2,972,369.69 02/11/2005
502783210 N/A 11/11/2013 N 3,000,000.00 3,000,000.00 02/11/2005
719000042 N/A 11/11/2023 N 2,912,089.64 2,905,812.40 02/11/2005
719000043 N/A 10/11/2013 N 2,938,425.46 2,934,381.82 02/11/2005
719000044 N/A 10/11/2023 N 2,745,148.03 2,738,095.80 02/11/2005
819000045 N/A 02/01/2013 N 2,574,046.04 2,570,323.51 02/01/2005
502780910 10/11/2013 10/11/2028 N 2,134,536.94 2,131,583.09 02/11/2005
719000047 N/A 11/11/2018 N 1,995,306.13 1,987,710.29 02/11/2005
719000048 N/A 11/11/2013 N 1,974,101.85 1,972,347.39 02/11/2005
819000049 N/A 08/01/2013 N 1,871,625.93 1,870,030.19 02/01/2005
719000050 N/A 11/11/2018 N 1,745,735.82 1,739,258.02 02/11/2005
502780909 10/11/2013 10/11/2028 N 1,539,569.73 1,537,439.22 02/11/2005
719000053 N/A 11/01/2008 N 687,243.29 684,991.38 02/01/2005
719000054 N/A 10/01/2008 N 532,845.99 531,797.69 02/01/2005
Totals 958,545,939.44 957,498,817.33
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
04/16/2004 0 $0.00 0 $0.00 0 $0.00
03/17/2004 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
04/16/2004 0 $0.00 0 $0.00 0 $0.00
03/17/2004 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 5.080603% 5.031468% 78
01/18/2005 0 $0.00 1 $892,248.09 5.080374% 5.031241% 79
12/17/2004 0 $0.00 0 $0.00 5.082770% 5.033645% 80
11/18/2004 0 $0.00 0 $0.00 5.082550% 5.033427% 81
10/18/2004 0 $0.00 0 $0.00 5.082326% 5.033204% 82
09/17/2004 0 $0.00 0 $0.00 5.082107% 5.032988% 83
08/17/2004 0 $0.00 0 $0.00 5.081885% 5.032767% 84
07/16/2004 0 $0.00 0 $0.00 5.081663% 5.032548% 84
06/17/2004 0 $0.00 0 $0.00 5.081448% 5.032334% 85
05/17/2004 0 $0.00 0 $0.00 5.081228% 5.032116% 86
04/16/2004 0 $0.00 0 $0.00 5.081014% 5.031904% 87
03/17/2004 0 $0.00 0 $0.00 5.080796% 5.031688% 88
<FN>
Note: Foreclosure and REO Totals are excluded from the delinquencies aging
categories.
</FN>
Delinquency Loan Detail
No Delinquent Loans this Period
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