8-K 1 msc04hq4_10501.txt 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: January 14, 2005 (Date of earliest event reported) Commission File No.: 333-104283-17 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-HQ4 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 54-2162629 54-2162630 54-2162631 54-2162632 54-6643048 (I.R.S. Employer Identification No.) 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 January 14, 2005, a distribution was made to holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-HQ4. 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-HQ4, relating to the January 14, 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. Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-HQ4 (Registrant) By: Wells Fargo Bank, N.A. as Paying Agent By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: January 14, 2005 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-HQ4, relating to the January 14, 2005 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2004-HQ4 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: January 14, 2005 Record Date: December 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 - 14 Principal Prepayment Detail 15 Historical Detail 16 Delinquency Loan Detail 17 Specially Serviced Loan Detail 18 - 19 Modified Loan Detail 20 Liquidated Loan Detail 21 Depositor Morgan Stanley Capital I Inc. 1585 Broadway New York, NY 10036 Contact: General Information Number Phone Number: (212) 761-4700 Master Servicer Wells Fargo Bank, N.A. 45 Fremont Street, 2nd Floor investorreporting@wellsfargo.com San Francisco, CA 94105 Contact: Matilde Sanchez Phone Number: (415) 222-2364 Special Servicer GMAC Commercial Mortgage Corporation 200 Witmer Road Horsham, PA 19044-8015 Contact: Darri Cunningham Phone Number: (215) 328-1784 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 A-1 61745MS61 2.730000% 17,970,000.00 1716,~~266~~455,~~883~~936.5834 ~~810~~710,~~947~~374.2436 3937,~~282~~437.1626 A-2 61745MS79 3.920000% 50,000,000.00 50,000,000.00 0.00 163,333.33 A-3 61745MS87 4.220000% 50,000,000.00 50,000,000.00 0.00 175,833.33 A-4 61745MS95 4.490000% 72,000,000.00 72,000,000.00 0.00 269,400.00 A-5 61745MT29 4.590000% 123,000,000.00 123,000,000.00 0.00 470,475.00 A-6 61745MT37 4.830000% 120,000,000.00 120,000,000.00 0.00 483,000.00 A-7 61745MT45 4.970000% 776,217,000.00 776,217,000.00 0.00 3,214,832.08 B 61745MT52 5.030000% 15,415,000.00 15,415,000.00 0.00 64,614.54 C 61745MT60 5.060000% 18,840,000.00 18,840,000.00 0.00 79,442.00 D 61745MT78 5.090000% 13,702,000.00 13,702,000.00 0.00 58,119.32 E 61745MT86 5.150000% 23,978,000.00 23,978,000.00 0.00 102,905.58 F 61745MU35 5.240000% 10,276,000.00 10,276,000.00 0.00 44,871.87 G 61745MU43 5.~~355522~~355437% 11,989,000.00 11,989,000.00 0.00 53,~~506~~505.1328 H 61745MU50 5.~~375522~~375437% 11,989,000.00 11,989,000.00 0.00 53,705.9409 J 61745MU68 5.~~375522~~375437% 15,415,000.00 15,415,000.00 0.00 69,~~053~~051.0697 K 61745MU76 4.690000% 5,138,000.00 5,138,000.00 0.00 20,081.02 L 61745MU84 4.690000% 5,138,000.00 5,138,000.00 0.00 20,081.02 M 61745MU92 4.690000% 5,139,000.00 5,139,000.00 0.00 20,084.93 N 61745MV26 4.690000% 1,712,000.00 1,712,000.00 0.00 6,691.07 O 61745MV34 4.690000% 3,426,000.00 3,426,000.00 0.00 13,389.95 P 61745MV42 4.690000% 3,425,000.00 3,425,000.00 0.00 13,386.04 Q 61745MV59 4.690000% 15,415,328.00 15,415,328.00 0.00 60,248.24 S 61745MV67 0.000000% 0.01 0.01 0.00 0.00 R-I N/A 0.000000% 0.00 0.00 0.00 1.12 R-II N/A 0.000000% 0.00 0.00 0.00 0.00 R-III N/A 0.000000% 0.00 0.00 0.00 0.00 Totals 1,370,184,328.01 1,~~369~~368,~~481~~670,~~211~~264.5935 ~~810~~710,~~947~~374.2436 5,~~496~~494,~~337~~490.7304

Class CUSIP Prepayment Realized Loss/ Total Ending Current Penalties Additional Trust Distribution Balance Subordination Fund Expenses Level (1) A-1 61745MS61 0.00 0.00 ~~850~~747,~~229~~811.4062 1615,~~455~~745,~~936~~561.3498 11.7677% A-2 61745MS79 0.00 0.00 163,333.33 50,000,000.00 11.7677% A-3 61745MS87 0.00 0.00 175,833.33 50,000,000.00 11.7677% A-4 61745MS95 0.00 0.00 269,400.00 72,000,000.00 11.7677% A-5 61745MT29 0.00 0.00 470,475.00 123,000,000.00 11.7677% A-6 61745MT37 0.00 0.00 483,000.00 120,000,000.00 11.7677% A-7 61745MT45 0.00 0.00 3,214,832.08 776,217,000.00 11.7677% B 61745MT52 0.00 0.00 64,614.54 15,415,000.00 10.64% C 61745MT60 0.00 0.00 79,442.00 18,840,000.00 9.2627% D 61745MT78 0.00 0.00 58,119.32 13,702,000.00 8.26% E 61745MT86 0.00 0.00 102,905.58 23,978,000.00 6.51% F 61745MU35 0.00 0.00 44,871.87 10,276,000.00 5.76% G 61745MU43 0.00 0.00 53,~~506~~505.1328 11,989,000.00 4.88% H 61745MU50 0.00 0.00 53,705.9409 11,989,000.00 4.0001% J 61745MU68 0.00 0.00 69,~~053~~051.0697 15,415,000.00 2.88% K 61745MU76 0.00 0.00 20,081.02 5,138,000.00 2.50% L 61745MU84 0.00 0.00 20,081.02 5,138,000.00 2.13% M 61745MU92 0.00 0.00 20,084.93 5,139,000.00 1.75% N 61745MV26 0.00 0.00 6,691.07 1,712,000.00 1.63% O 61745MV34 0.00 0.00 13,389.95 3,426,000.00 1.38% P 61745MV42 0.00 0.00 13,386.04 3,425,000.00 1.13% Q 61745MV59 0.00 0.00 60,248.24 15,415,328.00 0.00% S 61745MV67 0.00 0.00 0.00 0.01 0.00% R-I N/A 0.00 0.00 1.12 0.00 0.00% R-II N/A 0.00 0.00 0.00 0.00 0.00% R-III N/A 0.00 0.00 0.00 0.00 0.00% Totals 0.00 0.00 6,~~307~~204,~~284~~864.9740 1,~~368~~367,~~670~~959,~~264~~889.3599

Class CUSIP Pass-Through Original Beginning Interest Rate Notional Notional Distribution Amount Amount X-1 61745MT94 0.~~092565~~091044% 1,370,184,328.00 1,~~369~~368,~~481~~670,~~211~~264.5834 ~~105~~103,~~638~~840.0377 X-2 61745MU27 0.~~487954~~487876% 1,310,179,000.00 1,310,179,000.00 532,~~755~~670.5179

Class CUSIP Prepayment Total Ending Penalties Distribution Notional Amount X-1 61745MT94 0.00 ~~105~~103,~~638~~840.0377 1,~~368~~367,~~670~~959,~~264~~889.3498 X-2 61745MU27 0.00 532,~~755~~670.5179 1,310,179,000.00 (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).

Certificate Factor Detail Class CUSIP Beginning Principal Interest Prepayment Realized Loss/ Ending Balance Distribution Distribution Penalties Additional Balance Trust Fund Expenses A-1 61745MS61 ~~960~~915.~~87276461~~74492710 4539.~~12783751~~53112743 2.~~18598553~~08331998 0.00000000 0.00000000 ~~915~~876.~~74492710~~21379967 A-2 61745MS79 1,000.00000000 0.00000000 3.26666660 0.00000000 0.00000000 1,000.00000000 A-3 61745MS87 1,000.00000000 0.00000000 3.51666660 0.00000000 0.00000000 1,000.00000000 A-4 61745MS95 1,000.00000000 0.00000000 3.74166667 0.00000000 0.00000000 1,000.00000000 A-5 61745MT29 1,000.00000000 0.00000000 3.82500000 0.00000000 0.00000000 1,000.00000000 A-6 61745MT37 1,000.00000000 0.00000000 4.02500000 0.00000000 0.00000000 1,000.00000000 A-7 61745MT45 1,000.00000000 0.00000000 4.14166667 0.00000000 0.00000000 1,000.00000000 B 61745MT52 1,000.00000000 0.00000000 4.19166656 0.00000000 0.00000000 1,000.00000000 C 61745MT60 1,000.00000000 0.00000000 4.21666667 0.00000000 0.00000000 1,000.00000000 D 61745MT78 1,000.00000000 0.00000000 4.24166691 0.00000000 0.00000000 1,000.00000000 E 61745MT86 1,000.00000000 0.00000000 4.29166653 0.00000000 0.00000000 1,000.00000000 F 61745MU35 1,000.00000000 0.00000000 4.36666699 0.00000000 0.00000000 1,000.00000000 G 61745MU43 1,000.00000000 0.00000000 4.~~46293519~~46286429 0.00000000 0.00000000 1,000.00000000 H 61745MU50 1,000.00000000 0.00000000 4.~~47960130~~47953040 0.00000000 0.00000000 1,000.00000000 J 61745MU68 1,000.00000000 0.00000000 4.~~47960169~~47953098 0.00000000 0.00000000 1,000.00000000 K 61745MU76 1,000.00000000 0.00000000 3.90833398 0.00000000 0.00000000 1,000.00000000 L 61745MU84 1,000.00000000 0.00000000 3.90833398 0.00000000 0.00000000 1,000.00000000 M 61745MU92 1,000.00000000 0.00000000 3.90833431 0.00000000 0.00000000 1,000.00000000 N 61745MV26 1,000.00000000 0.00000000 3.90833528 0.00000000 0.00000000 1,000.00000000 O 61745MV34 1,000.00000000 0.00000000 3.90833333 0.00000000 0.00000000 1,000.00000000 P 61745MV42 1,000.00000000 0.00000000 3.90833285 0.00000000 0.00000000 1,000.00000000 Q 61745MV59 1,000.00000000 0.00000000 3.90833332 0.00000000 0.00000000 1,000.00000000 S 61745MV67 1,000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 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 R-III 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 X-1 61745MT94 ~~999~~998.~~48684538~~89499272 0.~~07709768~~07578599 0.00000000 998.~~89499272~~37654104 X-2 61745MU27 1,000.00000000 0.~~40662803~~40656337 0.00000000 1,000.00000000

Reconciliation Detail Advance Summary P & I Advances Outstanding ~~740~~547,~~181~~131.8821 Servicing Advances Outstanding 2211,~~320~~238.3863 Reimbursement for Interest on Advances 0.00 paid from general collections

~~Master~~ Servicing Fee Summary Current Period Accrued Master Servicing Fees 4951,~~972~~604.5957 Less Delinquent Master Servicing Fees 85,~~028~~144.2864 Less Reductions to Master Servicing Fees 0.00 Plus Master Servicing Fees for Delinquent Payments Received 8,~~690~~028.3928 Plus Adjustments for Prior Master Servicing Calculation 0.00 Total Master Servicing Fees Collected 5054,~~634~~488.7021

Certificate Interest Reconciliation Class Accrued Net Aggregate Distributable Distributable Additional Interest Remaining Unpaid Certificate Prepayment Certificate Certificate Trust Fund Distribution Distributable Interest Interest Interest Interest Expenses Certificate Shortfall Adjustment Interest A-1 3937,~~282~~437.1626 0.00 3937,~~282~~437.1626 0.00 0.00 3937,~~282~~437.1626 0.00 A-2 163,333.33 0.00 163,333.33 0.00 0.00 163,333.33 0.00 A-3 175,833.33 0.00 175,833.33 0.00 0.00 175,833.33 0.00 A-4 269,400.00 0.00 269,400.00 0.00 0.00 269,400.00 0.00 A-5 470,475.00 0.00 470,475.00 0.00 0.00 470,475.00 0.00 A-6 483,000.00 0.00 483,000.00 0.00 0.00 483,000.00 0.00 A-7 3,214,832.08 0.00 3,214,832.08 0.00 0.00 3,214,832.08 0.00 X-1 ~~105~~103,~~638~~840.0377 0.00 ~~105~~103,~~638~~840.0377 0.00 0.00 ~~105~~103,~~638~~840.0377 0.00 X-2 532,~~755~~670.5179 0.00 532,~~755~~670.5179 0.00 0.00 532,~~755~~670.5179 0.00 B 64,614.54 0.00 64,614.54 0.00 0.00 64,614.54 0.00 C 79,442.00 0.00 79,442.00 0.00 0.00 79,442.00 0.00 D 58,119.32 0.00 58,119.32 0.00 0.00 58,119.32 0.00 E 102,905.58 0.00 102,905.58 0.00 0.00 102,905.58 0.00 F 44,871.87 0.00 44,871.87 0.00 0.00 44,871.87 0.00 G 53,~~506~~505.1328 0.00 53,~~506~~505.1328 0.00 0.00 53,~~506~~505.1328 0.00 H 53,705.9409 0.00 53,705.9409 0.00 0.00 53,705.9409 0.00 J 69,~~053~~051.0697 0.00 69,~~053~~051.0697 0.00 0.00 69,~~053~~051.0697 0.00 K 20,081.02 0.00 20,081.02 0.00 0.00 20,081.02 0.00 L 20,081.02 0.00 20,081.02 0.00 0.00 20,081.02 0.00 M 20,084.93 0.00 20,084.93 0.00 0.00 20,084.93 0.00 N 6,691.07 0.00 6,691.07 0.00 0.00 6,691.07 0.00 O 13,389.95 0.00 13,389.95 0.00 0.00 13,389.95 0.00 P 13,386.04 0.00 13,386.04 0.00 0.00 13,386.04 0.00 Q 60,248.24 0.00 60,248.24 0.00 0.00 60,248.24 0.00 Total 6,~~134~~131,~~730~~000.1548 0.00 6,~~134~~131,~~730~~000.1548 0.00 0.00 6,~~134~~131,~~730~~000.1548 0.00

Other Required Information Available Distribution Amount (1) 6,~~945~~841,~~678~~375.5196 Aggregate Number of Outstanding Loans 117 Aggregate Unpaid Principal Balance of Loans 1,368,~~730~~006,~~240~~184.7735 Aggregate Stated Principal Balance of Loans 1,~~368~~367,~~670~~960,~~514~~140.8650 Aggregate Amount of Servicing Fee 5054,~~634~~488.7021 Aggregate Amount of Special Servicing Fee 0.00 Aggregate Amount of Trustee Fee ~~730~~754.3929 Aggregate Amount of Paying Agent Fee 1,~~209~~249.7129 Aggregate Trust Fund Expenses 0.00 Interest Reserve Deposit 0204,366.0072 Interest Reserve Withdrawal 0.00 Specially Serviced Loans not Delinquent Number of Outstanding Loans 0 Aggregate Unpaid Principal Balance 0.00 (1) The Available Distribution Amount includes any Prepayment Premiums.

Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 6,388,976.43 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 6,388,976.43 Principal: Scheduled Principal 710,374.36 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 710,374.36 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 7,099,350.79 Total Funds Distributed Fees: Master Servicing Fee 51,604.57 Trustee Fee 754.29 Paying Agent Fee 1,249.29 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 53,608.15 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 204,366.72 Payments to Certificateholders & Others: Interest Distribution 6,131,001.60 Principal Distribution 710,374.36 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 6,841,375.96 Total Funds Distributed 7,099,350.83

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. 1,000,000 or less 13 7,~~584~~580,~~935~~603.1676 0.55 ~~116~~115 6.~~0303~~0299 2.~~096600~~097066 1,000,001 to 2,000,000 6 9,~~436~~429,~~191~~534.6315 0.69 ~~104~~103 6.~~0389~~0388 1.~~665676~~665838 2,000,001 to 3,000,000 5 12,~~322~~309,~~940~~550.3894 0.90 ~~115~~114 6.0246 1.~~319793~~319782 3,000,001 to 4,000,000 13 44,~~272~~228,~~200~~493.6436 3.23 ~~108~~107 5.~~6623~~6622 1.~~765772~~766090 4,000,001 to 5,000,000 14 64,~~094~~045,~~753~~158.8049 4.68 ~~113~~112 5.6963 1.~~467538~~467594 5,000,001 to 6,000,000 8 43,~~121~~090,~~708~~687.3138 3.15 ~~114~~113 5.~~4498~~4497 1.~~921698~~922065 6,000,001 to 7,000,000 4 25,~~869~~842,~~944~~026.8843 1.89 ~~113~~112 5.5735 1.~~421111~~421115 7,000,001 to 8,000,000 3 22,~~829~~805,~~559~~626.5685 1.67 ~~113~~112 5.~~5928~~5929 1.~~492597~~492546 8,000,001 to 9,000,000 3 25,~~676~~669,~~530~~752.6870 1.88 ~~114~~113 5.~~2864~~2861 2.~~800624~~801033 9,000,001 to 10,000,000 3 28,~~995~~973,~~041~~368.0683 2.12 ~~117~~116 5.~~8972~~8971 1.~~412899~~412906 10,000,001 to 15,000,000 18 227,~~720~~605,~~296~~743.2280 16.64 ~~112~~111 5.~~2786~~2785 2.~~502139~~502682 15,000,001 to 20,000,000 8 138,~~585~~536,~~050~~152.1753 10.13 ~~113~~112 5.~~3985~~3984 2.~~613574~~614016 20,000,001 to 30,000,000 18 ~~596~~595,~~161~~843,~~362~~441.3728 43.56 ~~106~~105 5.2988 2.~~009055~~009317 30,000,001 or greater 8 445,~~994~~918,~~340~~070.3962 32.5960 ~~104~~103 5.2971 2.~~107644~~107729 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362

State (3) State # of Scheduled % of WAM WAC Weighted Props Balance Agg. (2) Avg DSCR (1) Bal. Arizona 2 3,~~584~~581,~~623~~031.1084 0.26 ~~116~~115 6.1222 1.~~454582~~454531 California 30 451,~~930~~700,~~121~~253.1705 33.02 ~~109~~108 5.2605 2.~~035386~~035739 Colorado 2 10,~~641~~630,~~072~~595.1136 0.78 ~~115~~114 5.~~4547~~4548 1.~~365165~~365167 Connecticut 2 22,~~032~~024,~~344~~307.0903 1.61 ~~113~~112 5.~~1760~~1759 1.~~668787~~668885 Florida 7 128,~~310~~266,~~197~~169.9950 9.3738 9796 5.7131 1.~~678017~~678122 Georgia 1 13,~~231~~219,~~693~~518.0316 0.97 ~~117~~116 5.6700 1.240000 Hawaii 1 16,700,000.00 1.22 ~~117~~116 5.7210 1.580000 Illinois 2 9,~~683~~678,~~329~~258.1980 0.71 ~~115~~114 5.6091 1.~~539019~~539129 Indiana 1 4,~~611~~604,~~125~~312.3801 0.34 ~~113~~112 5.4700 1.410000 Iowa 1 6,~~148~~139,~~147~~458.4085 0.45 ~~112~~111 5.7500 1.390000 Maryland 2 17,~~313~~288,~~515~~349.4597 1.26 ~~115~~114 5.4986 1.405405 Massachusetts 2 15,~~272~~259,~~228~~796.4222 1.12 ~~117~~116 5.~~6886~~6883 2.~~157187~~157804 Michigan 5 9,~~552~~542,~~192~~499.9005 0.70 ~~117~~116 6.1154 1.~~408417~~408388 Mississippi 1 1,~~667~~664,~~215~~819.5792 0.12 ~~112~~111 5.6600 1.380000 Nevada 1 4,~~907~~902,~~018~~875.3613 0.36 ~~140~~139 6.0300 1.290000 New Jersey 8 85,~~231~~185,~~837~~066.2648 6.23 ~~112~~111 5.~~1656~~1654 2.~~531016~~531633 New York 17 256,~~260~~070,~~023~~847.0048 18.72 ~~110~~109 5.~~3891~~3890 2.~~498254~~498808 North Carolina 2 9,~~650~~640,~~271~~921.5525 0.7170 ~~115~~114 5.5108 1.~~303118~~303116 Ohio 7 15,~~531~~517,~~520~~960.1380 1.13 ~~116~~115 6.0429 1.~~363294~~363289 Pennsylvania 1 3,~~831~~828,~~615~~128.8867 0.28 ~~115~~114 5.7600 1.430000 Rhode Island 1 3,~~576~~572,~~293~~539.6450 0.26 ~~114~~113 5.2000 1.460000 South Carolina 1 3,~~191~~188,~~026~~362.3511 0.23 ~~117~~116 6.0500 1.370000 Tennessee 2 15,~~873~~866,~~322~~927.3927 1.16 ~~114~~113 5.~~2230~~2228 2.~~618542~~619029 Texas 5 38,~~282~~267,~~707~~134.7744 2.80 ~~114~~113 5.~~4621~~4619 1.~~712219~~712358 Utah 1 2,~~291~~290,~~953~~113.9122 0.17 ~~116~~115 6.2200 1.290000 Virginia 1 22,~~373~~343,~~501~~296.7043 1.63 ~~116~~115 5.8500 1.230000 Washington 1 3,~~287~~284,~~789~~969.2264 0.24 ~~116~~115 5.9700 1.270000 Washington,DC 7 180,428,571.11 13.1819 9291 5.4688 1.994814 Wisconsin 3 13,~~275~~273,~~256~~057.7921 0.97 ~~109~~108 5.8904 1.~~409229~~409252 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362

Debt Service Coverage Ratio (1) Debt Service # of Scheduled % of WAM WAC Weighted Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1) Bal. 1.30 or less 32 371,~~579~~327,~~534~~339.5446 27.1514 ~~100~~99 5.~~6322~~6323 1.~~262913~~262909 1.31 to 1.40 20 133,~~875~~725,~~902~~213.2226 9.78 ~~111~~110 5.6378 1.~~365899~~365896 1.41 to 1.50 17 165,~~283~~125,~~111~~481.4915 12.0807 ~~106~~105 5.~~6547~~6548 1.~~436977~~436978 1.51 to 1.60 6 93,~~384~~372,~~271~~687.0078 6.8283 ~~101~~100 5.7353 1.~~543772~~543773 1.61 to 1.70 5 30,~~792~~777,~~343~~085.9527 2.25 ~~113~~112 5.~~5673~~5671 1.~~655732~~655742 1.71 to 1.80 3 9,~~352~~345,~~266~~042.0548 0.68 ~~108~~107 5.~~8255~~8254 1.~~750612~~750639 1.81 or greater 34 564,~~403~~287,~~085~~291.6110 41.2425 ~~111~~110 5.~~0952~~0951 2.~~954897~~955098 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362

Property Type (3) Property # of Scheduled % of WAM WAC Weighted Type Props Balance Agg. (2) Avg DSCR (1) Bal. Industrial 3 23,~~430~~402,~~989~~254.3383 1.71 ~~114~~113 5.~~8032~~8033 1.~~356944~~356929 Mixed Use 3 14,~~145~~131,~~724~~439.2882 1.03 ~~115~~114 5.7713 1.~~478156~~478141 Mobile Home Park 3 21,~~829~~820,~~805~~323.2571 1.5960 ~~111~~110 5.8957 1.~~349698~~349737 Multi-Family 5 62,~~275~~251,~~292~~482.7116 4.55 9392 5.6672 1.~~467087~~467143 Office 41 699,~~429~~240,~~176~~219.1532 51.1012 ~~105~~104 5.~~1992~~1991 2.~~358839~~359122 Retail 55 ~~494~~493,~~017~~636,~~653~~780.5010 36.09 ~~110~~109 5.5961 1.~~753790~~753949 Self Storage 5 40,~~086~~040,~~639~~264.0308 2.93 ~~116~~115 5.9279 1.~~476757~~476756 Warehouse 2 13,~~455~~437,~~234~~376.6148 0.98 ~~113~~112 6.~~0626~~0627 1.~~482056~~482040 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362

Note Rate Note Rate # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 4.500% or less 1 10,500,000.00 0.77 7675 3.8000 12.110000 4.501% to 5.000% 23 ~~252~~251,~~060~~958,~~266~~240.4988 18.42 ~~113~~112 4.~~8573~~8572 2.~~820901~~821525 5.001% to 5.500% 29 538,~~804~~529,~~607~~198.2513 39.37 ~~110~~109 5.~~2754~~2753 2.~~012803~~012990 5.501% to 6.000% 41 498,~~773~~506,~~861~~793.0004 36.44 ~~100~~99 5.7851 1.~~508258~~508343 6.001% to 6.500% 13 60,~~219~~160,~~985~~909.7870 4.40 ~~118~~117 6.1760 1.~~383196~~383176 6.501% to 7.000% 9 7,~~566~~560,~~875~~684.3911 0.55 ~~117~~116 6.6300 1.280000 7.001% or greater 1 744,~~918~~314.9564 0.05 ~~117~~116 7.0800 1.280000 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362

Seasoning Seasoning # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 12 months or less 112 1,~~259~~258,~~372~~707,~~988~~419.8037 92.01 ~~108~~107 5.~~4129~~4128 1.~~991731~~992013 13 to 24 months 5 109,~~297~~252,~~526~~721.0613 7.99 9291 5.5137 2.~~384151~~384528 25 to 36 months 0 0.00 0.00 0 0.0000 0.000000 37 to 48 months 0 0.00 0.00 0 0.0000 0.000000 49 months or greater 0 0.00 0.00 0 0.0000 0.000000 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362

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. 60 months or less 4 5049,~~023~~998,~~189~~350.7795 3.65 5756 5.~~7093~~7094 1.~~397065~~397121 61 to 120 months 112 1,313,~~740~~058,~~306~~914.7342 95.99 ~~109~~108 5.~~4077~~4076 2.~~049643~~049946 121 months or greater 1 4,~~907~~902,~~018~~875.3613 0.36 ~~140~~139 6.0300 1.290000 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362

Remaining Amortization Term (ARD and Balloon Loans) Remaining Amortization # of Scheduled % of WAM WAC Weighted Term Loans Balance Agg. (2) Avg DSCR (1) Bal. Interest Only 40 695,175,000.10 50.7982 ~~105~~104 5.2697 2.571250 240 months or less 1 3,~~376~~368,~~515~~742.7376 0.25 ~~104~~103 5.8400 1.350000 241 to 300 months 15 ~~108~~107,~~024~~876,~~073~~670.5758 7.89 ~~113~~112 5.8325 1.~~409037~~409039 301 months or greater 61 ~~562~~561,~~094~~539,~~925~~727.4606 41.0705 ~~109~~108 5.5264 1.~~467149~~467143 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362

Age of Most Recent NOI Age of Most # of Scheduled % of WAM WAC Weighted Recent NOI Loans Balance Agg. (2) Avg DSCR (1) Bal. Underwriter's Information 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362 1 year or less 0 0.00 0.00 0 0.0000 0.000000 1 to 2 years 0 0.00 0.00 0 0.0000 0.000000 2 years or greater 0 0.00 0.00 0 0.0000 0.000000 Totals 117 1,~~368~~367,~~670~~960,~~514~~140.8650 100.00 ~~107~~106 5.~~4209~~4208 2.~~023069~~023362 (1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower for this calculation. (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. Note: (i) An ARD Loan constitutes a "Hyper-Amortization Loan" as defined in the offering document.

Mortgage Loan Detail Loan Property Interest Principal Gross Number ODCR Type (1) City State Payment Payment Coupon 700400154 5 OF Washington DC ~~586~~606,~~616~~170.6756 0.00 5.770% 700201673 8 RT Orlando FL ~~263~~272,~~541~~326.6739 0.00 5.500% 700400048 9 OF New York NY ~~133~~137,~~291~~734.6772 0.00 4.570% 600873601 10 OF Beverly Hills CA ~~132~~136,~~143~~383.9996 3531,~~846~~606.0003 5.340% 600873602 11 OF Melville NY ~~138~~143,~~958~~590.3328 0.00 5.750% 700201430 12 RT Glastonbury CT 5961,~~337~~315.5042 0.00 5.050% 700201218 13 RT East Islip NY 2930,~~841~~790.7121 109,~~628~~679.3080 5.050% 700201123 14 RT New Paltz NY 1920,~~656~~311.2546 0.00 5.550% 700400020 15 RT Mahwah NJ ~~112~~116,~~807~~432.1337 2825,~~923~~298.3511 5.420% 600873627 16 MF Tampa FL ~~119~~123,~~308~~285.1306 0.00 5.910% 700400179 17 SS Various NY ~~119~~122,~~153~~943.1575 3531,~~598~~808.8424 5.910% 700400142 18 RT Richmond VA ~~109~~112,~~235~~706.0051 3330,~~676~~205.7827 5.850% 700400157 19 OF Roseville CA 9598,~~118~~180.2655 2219,~~787~~725.7546 5.520% 600873628 20 RT Rosemead CA 8688,~~209~~984.3913 2118,~~075~~300.2349 5.450% 600873603 21 RT Tampa FL 8385,~~024~~699.9332 1816,~~737~~063.9354 5.770% 700400164 22 RT Hilo HI 7982,~~617~~271.2516 0.00 5.721% 700201404 23 RT Pittsburg CA 7780,~~903~~414.6500 1714,~~043~~533.9661 5.890% 700201081 24 RT Goleta CA 7275,~~960~~392.00 0.00 5.760% 700400080 25 OF Harrison NY 7376,~~909~~294.4106 1513,~~445~~060.3671 5.940% 700400045 26 RT Canoga Park CA 6668,~~278~~416.6719 1411,~~054~~916.0957 5.930% 600873629 27 MF Dalton GA 6264,~~586~~603.8174 1412,~~191~~174.8087 5.670% 700400063 28 MF Houston TX 5759,~~310~~220.0033 0.00 5.210% 700400076 29 IN Rockville MD 5759,~~474~~293.1299 2018,~~441~~621.7891 5.450% 700400128 30 RT Valencia CA 5759,~~676~~599.6722 0.00 5.720% 600873604 31 RT San Antonio TX 5557,~~713~~510.1766 1110,~~835~~037.0758 5.850% 700400114 32 MH Greenacres FL 5355,~~581~~309.0190 119,~~210~~481.4354 5.920% 700400047 33 OF New York NY 3334,~~250~~358.0033 0.00 3.800% 700400021 34 RT Massapequa NY 4647,~~360~~850.9382 1110,~~886~~396.7990 5.420% 700400111 35 MF Cincinnati OH 4748,~~154~~673.1533 109,~~759~~240.2103 5.680% 700400176 36 WH Foxborough MA 5052,~~777~~395.0016 1412,~~050~~432.3620 6.150% 700400155 37 MH Bristol WI 4446,~~682~~171.5092 0.00 5.860% 600873605 38 RT Bradenton FL 4344,~~335~~736.4320 86,~~178~~777.7598 6.210% 600873606 39 RT Columbus OH 11,~~032~~390.5009 1,~~780~~422.3374 6.630% 600873607 40 RT Worthington OH 8,~~075~~337.7954 1,~~303~~041.2045 6.630% 600873608 41 RT Berrien Springs MI 4,~~168~~302.7099 ~~817~~683.5324 6.630% 600873609 42 RT Fredericktown OH 4,~~399~~541.4352 ~~746~~604.4031 7.080% 600873610 43 RT Reed City MI 4,~~058~~189.4215 ~~795~~665.9017 6.630% 600873611 44 RT Enon OH 34,~~959~~086.1670 ~~776~~648.4490 6.630% 600873612 45 RT Cassopolis MI 3,~~837~~961.8548 ~~752~~629.6401 6.630% 600873613 46 RT West Hempstead NY 3,~~043~~141.8187 ~~596~~498.9387 6.630% 600873614 47 RT Clyde OH 12,~~974~~037.0766 ~~387~~323.1354 6.630% 600873615 48 RT Cleveland OH 1,~~698~~753.3607 ~~333~~278.0736 6.630% 700201674 49 RT Waterbury CT 3536,~~736~~885.8840 98,~~185~~037.5806 5.400% 700400124 50 IN Brooklyn NY 4042,~~947~~271.0922 76,~~539~~215.9885 6.280% 700400071 51 RT Memphis TN 3234,~~968~~030.6284 76,~~457~~395.3412 5.720% 700400075 52 RT Aurora CO 2829,~~938~~867.2163 76,~~783~~853.3492 5.250% 700400054 53 MU Glendale CA 2829,~~890~~820.4829 65,~~910~~980.6786 5.580% 600873616 54 RT Various IA 2930,~~505~~441.9987 98,~~624~~688.4355 5.750% 700400003 55 OF Houston TX 2829,~~743~~669.5843 65,~~461~~535.6075 5.800% 600873630 56 SS Lake Forest CA 2930,~~839~~803.7256 54,~~875~~912.8703 6.090% 700400015 57 SS Torrance CA 25,~~185~~996.7002 65,~~067~~256.2593 5.590% 700400174 58 RT Morton Grove IL 2425,~~242~~022.0743 5,~~850~~070.7539 5.500% 700400043 59 RT Jensen Beach FL 2122,~~927~~631.8003 65,~~305~~602.5936 5.100% 700400163 60 RT Mebane NC 24,~~177~~956.6495 54,~~422~~643.7847 5.700% 700400081 61 RT Lake Buena Vista FL 2627,~~410~~252.0226 6,~~945~~103.3107 6.370% 600873631 62 OF Las Vegas NV 2425,~~682~~479.5969 4,~~940~~143.3323 6.030% 600873617 63 OF Northridge CA 2425,~~196~~003.6722 0.00 5.950% 600873632 64 MU Redondo Beach CA 2324,~~293~~044.3526 54,~~155~~404.8392 5.750% 700400042 65 RT Atascadero CA 2122,~~842~~545.6511 54,~~411~~708.2276 5.500% 700400012 66 RT Berlin NJ 2122,~~821~~522.2589 54,~~432~~730.6298 5.500% 700400143 67 RT Oxon Hill MD 2122,~~986~~684.7756 76,~~241~~543.3657 5.630% 700400057 68 RT Fort Wayne IN 21,~~053~~719.1468 76,~~479~~813.9137 5.470% 700400053 69 RT Goldsboro NC 20,~~188~~837.6718 54,~~355~~706.3483 5.300% 600873618 70 RT Calumet Park IL 21,~~046~~748.6722 0.00 5.740% 700400151 71 OF Novi MI 2021,~~743~~412.5963 43,~~486~~817.7975 5.800% 700400056 72 RT Houston TX 18,~~112~~716.5025 0.00 5.250% 600873619 73 RT Colorado Springs CO 1920,~~486~~114.5288 43,~~251~~622.1983 5.790% 700400101 74 RT Monroeville PA 1819,~~411~~004.3481 43,~~080~~487.6821 5.760% 700400030 75 OF Hanover Township NJ 1718,~~958~~536.1751 43,~~121~~542.1379 5.710% 700400070 76 RT Providence RI 1516,~~515~~013.7085 43,~~252~~754.2914 5.200% 700201067 77 WH Marlboro NJ 17,~~302~~849.6244 5,~~972~~425.7593 5.820% 700201170 78 RT East Hanover NJ 16,~~472~~980.6712 87,~~280~~772.4297 5.840% 700400016 79 RT Hempstead NY 1415,~~657~~120.4760 5,~~576~~113.4936 5.300% 700400138 80 RT Puyallup WA 16,~~373~~901.4198 32,~~348~~819.1558 5.970% 600873620 81 SS Santa Cruz CA 17,~~014~~564.4363 32,~~150~~600.3111 6.250% 700400145 82 RT Walterboro SC 16,~~104~~624.1536 32,~~184~~664.4524 6.050% 700400135 83 RT Yonkers NY 15,~~458~~957.6680 32,~~127~~628.4127 6.000% 600873633 84 MU Detroit MI 1516,~~928~~436.7825 43,~~406~~898.1568 6.190% 600873621 85 IN Sacramento CA 15,~~045~~524.3910 43,~~375~~896.4574 6.050% 700400001 86 OF New York NY 12,~~338~~729.2439 43,~~049~~658.9681 5.770% 600873622 87 RT Various WI 11,~~450~~819.8330 2,~~568~~199.0558 5.980% 700400137 88 OF Salt Lake City UT 1112,~~891~~275.4996 21,~~225~~840.1669 6.220% 600873626 89 RT Avondale AZ 11,~~218~~580.3693 21,~~156~~793.1962 6.130% 700400160 90 MH Wisconsin Dells WI 9,~~043~~344.2569 0.00 5.930% 700400046 91 MF Greenville MS 78,~~876~~125.1882 2,~~645~~395.2965 5.660% 700400102 92 SS Phoenix AZ 7,~~091~~316.2295 21,~~023~~797.3764 6.110% 700400165 001A OF Los Angeles CA ~~316~~326,~~412~~959.5058 0.00 5.063% 700400166 001B OF Los Angeles CA ~~210~~217,~~941~~973.6706 0.00 5.063% 700400167 001C OF Los Angeles CA ~~147~~152,~~659~~581.1714 0.00 5.063% 700400168 001D OF Los Angeles CA 8487,~~376~~189.6722 0.00 5.063% 700400169 001E OF Los Angeles CA 5052,~~626~~313.0053 0.00 5.063% 700400089 002A OF Washington DC DC 6769,~~327~~572.8612 0.00 4.840% 700400090 002B OF Washington DC DC 5355,~~859~~654.4172 0.00 4.840% 700400091 002C OF Washington DC DC 4748,~~132~~703.3846 0.00 4.840% 700400092 002D OF Washington DC DC 3334,~~663~~786.9306 0.00 4.840% 700400093 002E OF Washington DC DC 20,~~195~~868.4866 0.00 4.840% 700400094 002F OF Washington DC DC 13,~~482~~932.8629 0.00 4.840% 700400083 003A OF Various NJ 7274,~~311~~722.9130 0.00 4.840% 700400084 003B OF Various NJ 5759,~~849~~777.5284 0.00 4.840% 700400085 003C OF Various NJ 5052,~~618~~305.3361 0.00 4.840% 700400086 003D OF Various TN 3637,~~155~~361.9515 0.00 4.840% 700400087 003E OF Various MA 2122,~~693~~416.5769 0.00 4.840% 700400088 003F OF Various TX 14,~~462~~944.3846 0.00 4.840% 700400095 004A OF Brea CA 4,~~407~~554.8679 0.00 4.840% 700400096 004B OF Brea CA 3,~~529~~646.1781 0.00 4.840% 700400097 004C OF Brea CA 3,~~082~~185.6237 0.00 4.840% 700400098 004D OF Brea CA 2,~~203~~277.9339 0.00 4.840% 700400099 004E OF Brea CA 1,~~325~~369.2441 0.00 4.840% 700400100 004F OF Brea CA ~~864~~893.2910 0.00 4.840% 700400031 006A RT Rochester NY ~~156~~162,~~995~~039.1702 4035,~~415~~371.4257 5.440% 700400032 006B RT Rochester NY ~~134~~138,~~567~~890.2959 3430,~~641~~318.7848 5.440% 700400033 006C RT Rochester NY ~~112~~115,~~139~~742.4115 2825,~~868~~265.1541 5.440% 700400034 006D RT Rochester NY 6769,~~283~~445.6429 1715,~~320~~159.9025 5.440% 700201454 007A OF San Diego CA 9497,~~171~~189.0339 2825,~~084~~066.9963 4.990% 700201455 007B OF San Diego CA 5153,~~480~~130.1620 1513,~~353~~703.1309 4.990% 700201456 007C OF San Diego CA ~~153~~158,~~647~~572.4716 4540,~~822~~898.8920 4.990% 700201457 007D OF San Diego CA 8386,~~993~~686.9511 2522,~~049~~357.8569 4.990% Totals 6,~~186~~388,~~643~~976.9943 ~~810~~710,~~947~~374.2436

Loan Anticipated Maturity Neg. Beginning Ending Paid Thru Number Repayment Date Amort Scheduled Scheduled Date Date (Y/N) Balance Balance 700400154 N/A 09/07/2011 N 122,000,000.00 122,000,000.00 1201/07/~~2004~~2005 700201673 N/A 04/09/2013 N 57,500,000.00 57,500,000.00 1112/01/2004 700400048 N/A 04/07/2014 N 35,000,000.00 35,000,000.00 1201/07/~~2004~~2005 600873601 N/A 10/01/2010 N 29,~~695~~659,~~278~~432.67 29,~~659~~627,~~432~~826.6764 1201/01/~~2004~~2005 600873602 N/A 09/01/2014 N 29,000,000.00 29,000,000.00 1201/01/~~2004~~2005 700201430 N/A 05/01/2014 N 14,100,000.00 14,100,000.00 1201/01/~~2004~~2005 700201218 N/A 05/01/2014 N 7,~~091~~080,~~099~~470.0373 7,~~080~~070,~~470~~790.7393 1201/01/~~2004~~2005 700201123 N/A 05/01/2014 N 4,250,000.00 4,250,000.00 1201/01/~~2004~~2005 700400020 N/A 03/01/2014 N 24,~~975~~946,~~747~~824.4308 24,~~946~~921,~~824~~525.0897 1201/01/~~2004~~2005 600873627 N/A 10/01/2009 N 24,225,000.00 24,225,000.00 1101/01/~~2004~~2005 700400179 N/A 10/01/2014 N 24,~~193~~157,~~533~~934.0723 24,~~157~~126,~~934~~125.2399 1201/01/~~2004~~2005 700400142 N/A 08/01/2014 N 22,~~407~~373,~~178~~501.4870 22,~~373~~343,~~501~~296.7043 1201/01/~~2004~~2005 700400157 N/A 09/01/2009 N 20,~~677~~655,~~881~~093.6590 20,~~655~~635,~~093~~368.9044 1201/01/~~2004~~2005 600873628 N/A 10/01/2014 N 18,~~981~~960,~~883~~808.4421 18,~~960~~942,~~808~~507.2172 1101/01/~~2004~~2005 600873603 N/A 03/01/2014 N 17,~~266~~248,~~882~~144.7279 17,~~248~~232,~~144~~081.7925 1201/01/~~2004~~2005 700400164 N/A 09/01/2014 N 16,700,000.00 16,700,000.00 1201/01/~~2004~~2005 700201404 N/A 01/01/2014 N 15,~~871~~854,~~712~~668.2832 15,~~854~~840,~~668~~134.3271 1201/01/~~2004~~2005 700201081 N/A 04/01/2013 N 15,200,000.00 15,200,000.00 1201/01/~~2004~~2005 700400080 N/A 06/01/2014 N 14,~~931~~915,~~194~~749.8751 14,~~915~~902,~~749~~688.5180 1201/01/~~2004~~2005 700400045 N/A 04/01/2014 N 13,~~412~~398,~~208~~154.9990 13,~~398~~386,~~154~~238.9033 1201/01/~~2004~~2005 600873629 N/A 09/11/2014 N 13,~~245~~231,~~884~~693.8303 13,~~231~~219,~~693~~518.0316 1112/11/2004 700400063 N/A 05/01/2014 N 13,200,000.00 13,200,000.00 1201/01/~~2004~~2005 700400076 N/A 06/01/2014 N 12,~~654~~634,~~852~~411.9517 12,~~634~~615,~~411~~789.1726 1201/01/~~2004~~2005 700400128 N/A 08/01/2014 N 12,100,000.00 12,100,000.00 1201/01/~~2004~~2005 600873604 N/A 09/01/2014 N 11,~~428~~416,~~342~~507.5750 11,~~416~~406,~~507~~469.5092 1201/01/~~2004~~2005 700400114 N/A 07/01/2014 N 10,~~861~~849,~~015~~805.6825 10,~~849~~840,~~805~~323.2571 1201/01/~~2004~~2005 700400047 N/A 04/07/2011 N 10,500,000.00 10,500,000.00 1201/07/~~2004~~2005 700400021 N/A 03/01/2014 N 10,~~264~~252,~~413~~526.3253 10,~~252~~242,~~526~~129.5363 1201/01/~~2004~~2005 700400111 N/A 07/01/2014 N 9,~~962~~951,~~143~~384.3211 9,~~951~~942,~~384~~144.1108 1201/01/~~2004~~2005 700400176 N/A 10/01/2014 N 9,~~907~~893,~~707~~656.3195 9,~~893~~881,~~656~~224.9575 1201/01/~~2004~~2005 700400155 N/A 09/01/2014 N 9,150,000.00 9,150,000.00 1101/01/~~2004~~2005 600873605 N/A 07/01/2014 N 8,~~373~~365,~~995~~816.2449 8,~~365~~359,~~816~~038.4951 1201/01/~~2004~~2005 600873606 N/A 09/01/2014 N 1,~~996~~995,~~832~~052.6128 1,~~995~~993,~~052~~629.2854 1201/01/~~2004~~2005 600873607 N/A 09/01/2014 N 1,~~461~~460,~~681~~378.4727 1,~~460~~459,~~378~~336.2782 1201/01/~~2004~~2005 600873608 N/A 09/01/2014 N ~~754~~753,~~515~~698.9542 753,~~698~~015.4218 1201/01/~~2004~~2005 600873609 N/A 09/01/2014 N ~~745~~744,~~665~~918.3595 744,~~918~~314.9564 1201/01/~~2004~~2005 600873610 N/A 09/01/2014 N ~~734~~733,~~555~~759.2131 733,~~759~~094.3114 1201/01/~~2004~~2005 600873611 N/A 09/01/2014 N ~~716~~715,~~590~~814.5410 715,~~814~~165.1020 1201/01/~~2004~~2005 600873612 N/A 09/01/2014 N ~~694~~693,~~633~~881.7511 693,~~881~~252.1110 1201/01/~~2004~~2005 600873613 N/A 09/01/2014 N 550,~~916~~319.4148 ~~550~~549,~~319~~820.4861 1201/01/~~2004~~2005 600873614 N/A 09/01/2014 N ~~357~~356,~~297~~910.2411 356,~~910~~586.1157 1201/01/~~2004~~2005 600873615 N/A 09/01/2014 N 307,~~395~~062.3831 ~~307~~306,~~062~~783.3195 1201/01/~~2004~~2005 700201674 N/A 04/01/2014 N 7,~~941~~932,~~529~~344.6709 7,~~932~~924,~~344~~307.0903 1201/01/~~2004~~2005 700400124 N/A 07/01/2014 N 7,~~824~~816,~~284~~744.7274 7,~~816~~810,~~744~~528.7489 1201/01/~~2004~~2005 700400071 N/A 06/01/2014 N 6,~~916~~909,~~493~~036.9460 6,~~909~~902,~~036~~641.6048 1201/01/~~2004~~2005 700400075 N/A 06/01/2014 N 6,~~614~~606,~~449~~665.0672 6,~~606~~599,~~665~~811.7280 1201/01/~~2004~~2005 700400054 N/A 05/08/2014 N 6,~~213~~206,~~005~~095.8316 6,~~206~~200,~~095~~114.1630 12/08/2004 600873616 N/A 04/01/2014 N 6,~~157~~148,~~771~~147.8340 6,~~148~~139,~~147~~458.4085 12/01/2004 700400003 N/A 02/01/2014 N 5,~~946~~940,~~947~~485.5696 5,~~940~~934,~~485~~950.9621 1201/01/~~2004~~2005 600873630 N/A 07/10/2014 N 5,~~879~~873,~~747~~871.5164 5,~~873~~868,~~871~~959.6461 1112/10/2004 700400015 N/A 03/01/2014 N 5,~~406~~400,~~591~~523.2095 5,~~400~~395,~~523~~267.9502 1201/01/~~2004~~2005 700400174 N/A 09/01/2014 N 5,~~289~~283,~~179~~329.9419 5,~~283~~278,~~329~~258.1980 1201/01/~~2004~~2005 700400043 N/A 04/01/2014 N 5,~~159~~153,~~481~~175.4384 5,~~153~~147,~~175~~573.8448 1201/01/~~2004~~2005 700400163 N/A 09/01/2014 N 5,~~090~~084,~~030~~607.2850 5,~~084~~079,~~607~~964.5003 1201/01/~~2004~~2005 700400081 N/A 07/01/2014 N 4,~~975~~968,~~200~~255.9362 4,~~968~~962,~~255~~152.6255 1201/01/~~2004~~2005 600873631 N/A 08/11/2016 N 4,~~911~~907,~~958~~018.6936 4,~~907~~902,~~018~~875.3613 1112/11/2004 600873617 N/A 07/01/2011 N 4,880,000.00 4,880,000.00 1201/01/~~2004~~2005 600873632 N/A 08/11/2014 N 4,~~861~~856,~~220~~064.5774 4,~~856~~851,~~064~~659.7482 1112/11/2004 700400042 N/A 04/01/2014 N 4,~~765~~760,~~669~~258.7856 4,~~760~~755,~~258~~549.5680 1201/01/~~2004~~2005 700400012 N/A 03/01/2014 N 4,~~760~~755,~~999~~566.3674 4,~~755~~750,~~566~~835.7476 1201/01/~~2004~~2005 700400143 N/A 09/01/2014 N 4,~~686~~679,~~345~~104.6428 4,~~679~~672,~~104~~560.2871 1201/01/~~2004~~2005 700400057 N/A 05/01/2014 N 4,~~618~~611,~~605~~125.2938 4,~~611~~604,~~125~~312.3801 1201/01/~~2004~~2005 700400053 N/A 05/01/2014 N 4,~~571~~565,~~019~~664.3905 4,~~565~~560,~~664~~957.0522 1201/01/~~2004~~2005 600873618 N/A 05/01/2014 N 4,400,000.00 4,400,000.00 1201/01/~~2004~~2005 700400151 N/A 09/01/2014 N 4,~~291~~287,~~776~~289.4768 4,~~287~~283,~~289~~471.6893 1201/01/~~2004~~2005 700400056 N/A 05/01/2014 N 4,140,000.00 4,140,000.00 1201/01/~~2004~~2005 600873619 N/A 08/01/2014 N 4,~~038~~034,~~657~~406.5839 4,~~034~~030,~~406~~783.3956 1201/01/~~2004~~2005 700400101 N/A 07/09/2014 N 3,~~835~~831,~~696~~615.5688 3,~~831~~828,~~615~~128.8867 1101/09/~~2004~~2005 700400030 N/A 04/01/2014 N 3,~~774~~769,~~045~~924.2512 3,~~769~~766,~~924~~381.1233 1201/01/~~2004~~2005 700400070 N/A 06/01/2014 N 3,~~580~~576,~~545~~293.9364 3,~~576~~572,~~293~~539.6450 1201/01/~~2004~~2005 700201067 N/A 03/01/2013 N 3,~~567~~561,~~550~~577.4166 3,~~561~~556,~~577~~151.6673 1201/01/~~2004~~2005 700201170 N/A 08/01/2013 N 3,~~384~~376,~~796~~515.1573 3,~~376~~368,~~515~~742.7376 1201/01/~~2004~~2005 700400016 N/A 03/01/2009 N 3,~~318~~313,~~672~~095.3687 3,~~313~~307,~~095~~982.8751 1201/01/~~2004~~2005 700400138 N/A 08/01/2014 N 3,~~291~~287,~~137~~789.3722 3,~~287~~284,~~789~~969.2264 1201/01/~~2004~~2005 600873620 N/A 08/07/2014 N 3,~~266~~263,~~771~~620.1382 3,~~263~~261,~~620~~020.8271 1201/07/~~2004~~2005 700400145 N/A 09/01/2014 N 3,~~194~~191,~~210~~026.8035 3,~~191~~188,~~026~~362.3511 1201/01/~~2004~~2005 700400135 N/A 08/01/2014 N 3,~~091~~088,~~732~~605.9958 3,~~088~~085,~~605~~977.5831 1201/01/~~2004~~2005 600873633 N/A 08/10/2014 N 3,~~087~~083,~~970~~564.5338 3,~~083~~079,~~564~~665.3870 1112/10/2004 600873621 N/A 07/01/2014 N 2,~~984~~979,~~208~~833.8742 2,~~979~~975,~~833~~936.4268 1201/01/~~2004~~2005 700400001 N/A 02/01/2014 N 2,~~566~~561,~~011~~961.5155 2,~~561~~558,~~961~~302.5574 1201/01/~~2004~~2005 600873622 N/A 10/01/2014 N 2,~~297~~295,~~824~~256.8479 2,~~295~~293,~~256~~057.7921 1201/01/~~2004~~2005 700400137 N/A 08/01/2014 N 2,~~294~~291,~~179~~953.0791 2,~~291~~290,~~953~~113.9122 12/01/2004 600873626 N/A 09/01/2014 N 2,~~196~~193,~~090~~934.9071 2,~~193~~192,~~934~~141.7109 1201/01/~~2004~~2005 700400160 N/A 09/01/2009 N 1,830,000.00 1,830,000.00 1201/01/~~2004~~2005 700400046 N/A 04/01/2014 N 1,~~669~~667,~~860~~215.8657 1,~~667~~664,~~215~~819.5792 1201/01/~~2004~~2005 700400102 N/A 07/01/2014 N 1,~~392~~390,~~711~~688.7639 1,~~390~~388,~~688~~890.3975 1201/01/~~2004~~2005 700400165 N/A 09/07/2014 N 75,000,000.00 75,000,000.00 1201/07/~~2004~~2005 700400166 N/A 09/07/2014 N 50,000,000.00 50,000,000.00 1201/07/~~2004~~2005 700400167 N/A 09/07/2014 N 35,000,000.00 35,000,000.00 1201/07/~~2004~~2005 700400168 N/A 09/07/2014 N 20,000,000.00 20,000,000.00 1201/07/~~2004~~2005 700400169 N/A 09/07/2014 N 12,000,000.00 12,000,000.00 1201/07/~~2004~~2005 700400089 N/A 06/07/2014 N 16,692,857.28 16,692,857.28 1201/07/~~2004~~2005 700400090 N/A 06/07/2014 N 13,353,571.54 13,353,571.54 1201/07/~~2004~~2005 700400091 N/A 06/07/2014 N 11,685,714.05 11,685,714.05 1201/07/~~2004~~2005 700400092 N/A 06/07/2014 N 8,346,428.40 8,346,428.40 1201/07/~~2004~~2005 700400093 N/A 06/07/2014 N 5,007,142.76 5,007,142.76 1201/07/~~2004~~2005 700400094 N/A 06/07/2014 N 3,342,857.08 3,342,857.08 1201/07/~~2004~~2005 700400083 N/A 06/07/2014 N 17,928,571.57 17,928,571.57 1201/07/~~2004~~2005 700400084 N/A 06/07/2014 N 14,342,857.26 14,342,857.26 1201/07/~~2004~~2005 700400085 N/A 06/07/2014 N 12,550,000.10 12,550,000.10 1201/07/~~2004~~2005 700400086 N/A 06/07/2014 N 8,964,285.79 8,964,285.79 1201/07/~~2004~~2005 700400087 N/A 06/07/2014 N 5,378,571.47 5,378,571.47 1201/07/~~2004~~2005 700400088 N/A 06/07/2014 N 3,585,714.31 3,585,714.31 1201/07/~~2004~~2005 700400095 N/A 06/07/2014 N 1,092,857.12 1,092,857.12 1201/07/~~2004~~2005 700400096 N/A 06/07/2014 N 874,999.98 874,999.98 1201/07/~~2004~~2005 700400097 N/A 06/07/2014 N 764,285.70 764,285.70 1201/07/~~2004~~2005 700400098 N/A 06/07/2014 N 546,428.56 546,428.56 1201/07/~~2004~~2005 700400099 N/A 06/07/2014 N 328,571.42 328,571.42 1201/07/~~2004~~2005 700400100 N/A 06/07/2014 N 214,285.71 214,285.71 1201/07/~~2004~~2005 700400031 N/A 01/08/2014 N 34,~~631~~590,~~286~~871.9856 34,~~590~~555,~~871~~499.5699 1201/08/~~2004~~2005 700400032 N/A 01/08/2014 N 29,~~683~~649,~~960~~318.3254 29,~~649~~619,~~318~~000.5406 1201/08/~~2004~~2005 700400033 N/A 01/08/2014 N 24,~~736~~707,~~633~~765.6045 24,~~707~~682,~~765~~500.4504 1201/08/~~2004~~2005 700400034 N/A 01/08/2014 N 14,~~841~~824,~~980~~659.1323 14,~~824~~809,~~659~~499.2398 1201/08/~~2004~~2005 700201454 N/A 05/08/2014 N 22,~~646~~618,~~340~~255.1314 22,~~618~~593,~~255~~188.1451 1201/08/~~2004~~2005 700201455 N/A 05/08/2014 N 12,~~379~~364,~~999~~646.2815 12,~~364~~350,~~646~~943.1506 1201/08/~~2004~~2005 700201456 N/A 05/08/2014 N 36,~~949~~903,~~291~~468.7283 36,~~903~~862,~~468~~570.8363 1201/08/~~2004~~2005 700201457 N/A 05/08/2014 N 20,~~198~~173,~~946~~896.1227 20,~~173~~151,~~896~~538.2758 1201/08/~~2004~~2005 Totals 1,~~369~~368,~~481~~670,~~462~~514.1086 1,~~368~~367,~~670~~960,~~514~~140.8650

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 01/14/2005 0 $0.00 0 $0.00 0 $0.00 12/14/2004 0 $0.00 0 $0.00 0 $0.00 11/15/2004 0 $0.00 0 $0.00 0 $0.00

Distribution Foreclosure REO Modifications Date # Balance # Balance # Balance 01/14/2005 0 $0.00 0 $0.00 0 $0.00 12/14/2004 0 $0.00 0 $0.00 0 $0.00 11/15/2004 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 01/14/2005 0 $0.00 0 $0.00 5.420848% 5.375365% 106 12/14/2004 0 $0.00 0 $0.00 5.420922% 5.375437% 107 11/15/2004 0 $0.00 0 $0.00 5.421010% 5.375522% 108 Note: Foreclosure and REO Totals are excluded from the delinquencies aging categories.

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 700201673 8 0 1112/01/2004 ~~262~~270,~~104~~840.1797 ~~262~~270,~~104~~840.1797 B ~~600873627~~700400054 1653 0 1112/0108/2004 ~~117~~35,~~289~~640.3883 ~~117~~35,~~289~~640.3883 BA ~~600873628~~600873616 2054 0 1112/01/2004 ~~105~~38,~~702~~442.8017 ~~105~~38,~~702~~442.8017 B ~~700400155~~700400137 3788 0 1112/01/2004 4414,~~453~~057.7545 4414,~~453~~057.7545 B Totals 4 ~~529~~358,~~550~~981.1042 ~~529~~358,~~550~~981.1042

Resolution Servicing Actual Outstanding Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO Number Code (2) Date Date Balance Advances Date Date 700201673 57,500,000.00 0.00 ~~600873627~~700400054 246,~~225~~206,~~000~~095.0016 0.00 ~~600873628~~600873616 186,~~981~~148,~~883~~147.4440 0.00 ~~700400155~~700400137 92,~~150~~291,~~000~~953.0092 0.00 Totals ~~109~~72,~~856~~146,~~883~~196.4448 0.00

Current Outstanding Actual Outstanding P & I P & I Principal Servicing Advances Advances** Balance Advances Totals By Delinquency Code: Total for Status Code = A (1 loan) 35,640.83 35,640.83 6,206,095.16 0.00 Total for Status Code = B (43 loans) ~~529~~323,~~550~~340.1059 ~~529~~323,~~550~~340.1059 ~~109~~65,~~856~~940,~~883~~101.4432 0.00 (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.

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 this Period

Filing Compare · Morgan Stanley Capital I Trust 2004 HQ4