8-K 1 fun99c04_apr.txt APRIL 8-K 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: April 16, 2004 (Date of earliest event reported) Commission File No.: 333-48943-03 First Union National Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C4 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 52-7056303 52-2211953 52-2211954 52-2211955 (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) ITEM 5. Other Events On April 16, 2004, a distribution was made to holders of First Union National Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 1999-C4. 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 1999-C4, relating to the April 16, 2004 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. First Union National Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C4 By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: April 15, 2004 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 1999-C4, relating to the April 16, 2004 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 First Union National Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 1999-C4 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: April 16, 2004 Record Date: March 31, 2004 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 - 15 Principal Prepayment Detail 16 Historical Detail 17 Delinquency Loan Detail 18 Specially Serviced Loan Detail 19 - 22 Modified Loan Detail 23 Liquidated Loan Detail 24 Underwriter First Union Capital Markets One First Union Center 301 South College Street Charlotte, NC 28288 Contact: Craig M. Lieberman Phone Number: (704) 383-7407 Master Servicer First Union National Bank Charlotte Plaza, Floor 23 NC-1075 201 South College Street Charlotte, NC 28288 Contact: Timothy S. Ryan Phone Number: (704) 593-7878 Special Servicer Allied Capital Corporation 1919 Pennsylvania Ave, N.W. Washington, DC 20006-3434 Contact: Demetrios Morakis Phone Number: (202) 331-1112 Ext 2438 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 2004, Wells Fargo Bank, N.A.

Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 5,851,658.37 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 5,851,658.37 Principal: Scheduled Principal 646,160.66 Unscheduled Principal 20,039,121.93 Principal Prepayments 20,039,121.93 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 20,685,282.59 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 26,536,940.96 Total Funds Distributed Fees: Master Servicing Fee 38,706.37 Trustee Fee 1,631.71 Certificate Administration Fee 0.00 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 40,338.08 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 3,059.72 ASER Amount 6,618.57 Special Servicing Fee 214,774.40 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 224,452.69 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 5,586,867.57 Principal Distribution 20,685,282.63 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 26,272,150.20 Total Funds Distributed 26,536,940.97

Net Remaining Loan Operating DSCR Note Maturity Amortization Number Income Date DSCR Date Date Term 510000102 640,964.70 06/30/2002 1.11 12/01/1999 11/01/2009 306 510000106 863,268.01 09/30/2003 1.06 01/01/2000 12/01/2009 307 510000105 791,308.02 09/30/2003 1.10 01/01/2000 12/01/2009 307 365000028 1,022,595.92 12/31/2000 1.16 11/01/1999 10/01/2009 305 265330544 407,544.19 06/30/2003 1.16 10/01/1999 09/01/2009 304 465000046 785,396.98 12/31/2003 1.30 10/01/1999 09/01/2009 304 265330686 246,396.17 12/31/2002 1.54 12/01/1999 11/01/2009 306 265330695 40,968.82 09/30/2002 0.38 02/01/2000 01/01/2010 247 (1) 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 (2) 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

Specially Serviced Loan Detail - Part 2 Offering Document Resolution Site Other REO Loan Cross Strategy Inspection Phase 1 Appraisal Appraisal Property Number Reference Code (1) Date Date Date Value Revenue 510000102 16 2 03/12/2003 11,800,000.00 510000106 21 6 02/26/2003 10,400,000.00 510000105 26 6 09/27/1999 13,250,000.00 365000028 28 7 02/18/2003 7,850,000.00 265330544 38 11 06/22/1999 11,800,000.00 465000046 46 1 06/14/1999 9,100,000.00 265330686 121 11 05/21/2003 3,200,000.00 265330695 126 10 09/15/1999 2,750,000.00

Loan Number Comments from Special Servicer 510000102 On 9/19/2003 the judge granted our motion for relief from stay. Receiver has been appointed. Non-judicial foreclosure proceeding. Expect to complete foreclosure by 5/31/2004. The property remains 94% occupied is well maintained and full adequate protectio n payments continue. The 2003 budget projected NOI at $1.3MM resulting in a DSCR of 1:1. Tenant grocer will move into REI space when REI vacates, moving property to stabilization. Negotiating with new theater tenant. 510000106 DSCR below 1.0 due to dispute with Sun Mart over lease terms. Borrower has agreed to DPO of approx. 96% of principal. Borrower has received firm commitment for the refinance from new lender. On 11/27/2002 the asset was transferred to SS. The transfer even t was the Borrower's request for loan modification. The modification request is based on the Borrower's plan to offer a reduced lease rate to K-Mart so it doesn't leave. K-Mart emerged from BK on 5/52003 and did not reject the lease at Imperial Mall. Impe rial Mall is cross-collateralized with Monument Mall a 200000 enclosed mall located in Scottsbluff Nebraska. (Loan No. 51-0000105). Anchor tenants at Imperial Mall include K-Mart Sears and Herberger's. SS has negotiated a DPO for both Imperial Mall and Mo 510000105 On 1/9/2003 asset transferred to SS. The transfer was due to the loan's cross-collateral and cross-default with RUB-Imperial Mall Loan Number 51-000106. Imperial Mall was transferred to SS on 11/27/2002 due to imminent default based on possible K-Mart sto re closing. Monument Mall is a 200000 sf enclosed mall located in Scottsbluff Nebraska. Anchor tenants include JCPenney Herberger's and Sears Brand Central. Wal-Mart vacated but it was not part of the collateral. SS has negotiatiated a DPO for both Imperi al Mall and Monument Mall (96% of principal balance). Appraisal and BOVs have been received and are under review. NOI for 12 months ending 12/31/2002 was $1120913 resulting in a DSCR of 1.17 at 91% occupancy. NOI for 3 months ending 3/31/2003 was $240939 365000028 265330544 Bwr advised the loss of a major tenant would increase vacancy to 57% and no debt service could be paid thereafter. Largest tenant (9200 sf) well over market ($5.20 psf/mo) and wants to reduce space and rent. Most financially secure tenant has 460 0sf at $ 4 psf/mo on month to month lease. Located on edge of suburban office development and local shoppng center serving an affluent area of No. California but affected by the same economic downturn felt throughout the Bay Area. Appraisal at $7.4MM; bwr has sign ed contract to sell at $9.35MM. Signed forbearance agreement which would cover period of pending sale and application of sales proceeds. Trust to get 100% of principal, interest and costs, plus approximately $800M. No medical use required for purchaser. 465000046 Transferred to special servicing on 12/19/03. Tenant bankruptcy has caused DSCR to fall below 1.0. Borrower to make request for relief, may be able to use funds from judgment against prior tenant to keep loan current. Shadow anchor Target may want to purc hase portion of the property. 265330686 Asset was transferred to SS on 3/14/03 because the borrower encumbered the property with a second trust deed and the guarantor filed a Ch 11 petition on 2/10/03. The case was subsequently converted to Chapter 7. The Borrower is due for the 1/04 debt servi ce installment. Trustee is marketing the property for sale and states that the property is generating interest around the $4MM level from prospective purchasers. Counsel for SS has requested a status update from the Trustee as to the current status of an y offers on the property. The loan appears to be fully secured by the value of the collateral as demonstrated by the 5/21/03 appraised value of $3.2 MM. Trustee sale delayed by sponsor claim that property is owned by a third party. 265330695 Asset transferred to SS on April 24 2003 as vacant office building. Borrower supported building for one year after Oregon Dept of Justice moved out; site now empty. Bwr reported property condemned; potential condemnation was not approved by the City. Cou nsel advises that a condemnation blight suit possible but outcome very uncertain. Site visit shows 3-story poured concrete building with 10-12 parking spaces in heart of Salem surrounded by vacancies. Oregon economy very weak. Current appraisal $475,000 a s is. Bwr keeping ground lease current. Deed-in-lieu likely by April 2004. One outstanding offer to purchase at $450M. (1) 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

Modified Loan Detail No Modified Loans

FIRST UNION COMM MORT TRUST COMM MOR PAS THR CER SER 1999-C4 8-K