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 (Date of earliest event reported) ~~June~~August 1516, 2004

Morgan Stanley Capital I Inc.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-104283-08
(Commission
File Number)

13-3291626
(IRS Employer
Identification No.)

1585 Broadway, New York, New York
(Address of principal executive offices)

10036
(Zip Code)

Registrant's telephone number, including area code 212-761-4000

(Former name or former address, if changed since last report.)

Item 5. Other Events and Regulation FD Disclosure.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-IQ7, which was made on ~~June~~August 1516, 2004.

Item 7. Financial Statements and Exhibits.

99.1 Monthly distribution report pursuant to Section 5.4 of the Pooling and Servicing Agreement for the distribution on ~~June~~August 1516, 2004. (Exhibit No. Description)

SIGNATURES

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.

LASALLE BANK NATIONAL ASSOCIATION IN ITS CAPACITY AS PAYING AGENT UNDER THE POOLING AND SERVICING AGREEMENT ON BEHALF OF MORGAN STANLEY CAPITAL I INC., REGISTRANT

Date: ~~June~~August 2119, 2004 By: /s/ Russell Goldenberg Russell Goldenberg Group Senior Vice President

Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Reporting Package Table of Contents Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Administrator:Kathryn Hawkinson 312.904.6561kathryn.hawkinson@abnamro.com Analyst:Christina Clay 714.238.6767 Christina.Clay@abnamro.com Statement Date: 135 S. LaSalle Street, Suite 1625Chicago, IL 60603USA Statements to CertificateholdersCash Reconciliation Summary CMSA v1Shortfall Summary ReportBond Interest Reconciliation Asset-Backed Facts ~ 15 Month Loan Status Summary Asset-Backed Facts ~ 15 Month Payoff/Loss SummaryDelinquent Loan Detail Historical Collateral PrepaymentLoan Level DetailMortgage Loan Characteristics Page 2-4Page 5Page 6Page 7 Page 8 Page 9Page 10-11 Page 12Page 13-18 Page 19-21 Specially Serviced (Part I) ~ Loan Detail Specially Serviced Loan Detail (Part II) ~ Servicer CommentsModified Loan DetailRealized Loss Detail Appraisal Reduction Detail Page 22 Page 23Page 24Page 25 Page 26 Page(s) Information is available for this issue from the following sources Issue Id: Monthly Data FileName: MOR04IQ7 MOR04IQ7_200406_3.ZIP Closing Date: First Payment Date: Rated Final Payment: Date: 27-May-0415-Jun-04 15-Jun-38 Parties to The Transaction Depositor: Morgan Stanley Capital I Inc. Underwriter: Morgan Stanley & Co. Incorporated Master Servicer: National Consumer Cooperative Bank/Wells Fargo Bank, National Association Special Servicer: Midland Loan Services, Inc./National Consumer Cooperative Bank Rating Agency: Fitch Ratings/Standard & Poor's Rating Services NCB, FSB will act as Master Servicer with respect to the NCB, FSB Mortgage Loans and NCCB Mortgage Loan. National Consumer Cooperative Bank will act as special servicer with respect to the residential coopertaive loans. 800.246.5761 LaSalle Factor Line LaSalle Web SiteServicer Web Site www.ctslink.com www.etrustee.net Page 1 of 26 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM: Payment Date:Prior Payment:Next Payment:Record Date: 5.657216% 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate 119 REMIC III Statement Date: ABN AMRO Acct: 721823.1 1000.000000000 10.231672791 0.000000000 989.768327209 3.358333372 Fixed 0.00 0.00 0.000000000 4.03000000% 0.000000000 61745MYX5 A-1 86,000,000.00 86,000,000.00 879,923.86 0.00 85,120,076.14 288,816.67 1000.000000000 0.000000000 0.000000000 1000.000000000 4.183333286 Fixed 0.00 0.00 0.000000000 5.02000000% 0.000000000 61745MYY3 A-2 70,000,000.00 70,000,000.00 0.00 0.00 70,000,000.00 292,833.33 1000.000000000 0.000000000 0.000000000 1000.000000000 4.458333396 5.350000000% 0.00 0.00 0.000000000 5.35000000% 0.000000000 61745MYZ0 A-3 53,000,000.00 53,000,000.00 0.00 0.00 53,000,000.00 236,291.67 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639512315 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZA4 A-4 550,458,000.00 550,458,000.00 0.00 0.00 550,458,000.00 2,553,856.67 1000.000000000 0.000000000 0.000000000 998.980414187 0.175796914 0.179024635% 0.00 0.00 0.000000000 0.21095629% 0.000000000 N 61745MZQ9/U6176PLH7 X-1 863,020,894.00 863,020,894.00 0.00 0.00 862,140,970.14 151,716.41 1000.000000000 0.000000000 0.000000000 999.084274047 0.244561754 0.00 0.00 0.000000000 0.29347408% 0.000000000 N 61745MZR7 X-Y 73,082,891.00 73,082,891.00 0.00 0.00 73,015,967.10 17,873.28 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639512480 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZB2 B 29,127,000.00 29,127,000.00 0.00 0.00 29,127,000.00 135,135.08 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639512227 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZC0 C 22,654,000.00 22,654,000.00 0.00 0.00 22,654,000.00 105,103.51 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639512737 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZD8 D 6,752,000.00 6,752,000.00 0.00 0.00 6,752,000.00 31,325.99 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639512195 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZE6/U6176PLK0 E 9,430,000.00 9,430,000.00 0.00 0.00 9,430,000.00 43,750.60 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639512421 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZF3/U6176PLL8 F 5,394,000.00 5,394,000.00 0.00 0.00 5,394,000.00 25,025.53 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639513326 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZG1/U6176PLM6 G 4,315,000.00 4,315,000.00 0.00 0.00 4,315,000.00 20,019.50 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639512421 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZH9/U6176PLN4 H 5,394,000.00 5,394,000.00 0.00 0.00 5,394,000.00 25,025.53 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639513326 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZJ5/U6176PLP9 J 4,315,000.00 4,315,000.00 0.00 0.00 4,315,000.00 20,019.50 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639513213 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZK2/U6176PLQ7 K 2,157,000.00 2,157,000.00 0.00 0.00 2,157,000.00 10,007.43 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639513438 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZL0/U6176PLR5 L 2,158,000.00 2,158,000.00 0.00 0.00 2,158,000.00 10,012.07 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 2 of 26 Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM: Payment Date:Prior Payment:Next Payment:Record Date: 5.657216% 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate 119 REMIC III Statement Date: ABN AMRO Acct: 721823.1 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639513213 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZM8/U6176PLS3 M 2,157,000.00 2,157,000.00 0.00 0.00 2,157,000.00 10,007.43 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639513438 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZN6/U6176PLT1 N 2,158,000.00 2,158,000.00 0.00 0.00 2,158,000.00 10,012.07 1000.000000000 0.000000000 0.000000000 1000.000000000 4.639512949 5.440745555% 0.00 0.00 0.000000000 5.56741477% 0.000000000 61745MZP1/U6176PLU8 O 7,551,894.00 7,551,894.00 0.00 0.00 7,551,894.00 35,037.11 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 9ABSQ771 R-III 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 0.00 863,020,894.00 863,020,894.00 4,901,793.24 Total 862,140,970.14 879,923.86 0.00 4,021,869.38 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 3 of 26 Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class Class CUSIP Original Opening Principal Principal Negative Closing Interest Interest Pass-Through Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Per $ 1000 Next Rate(3) WAC:WAMM: Payment Date:Prior Payment:Next Payment:Record Date: 5.657216% 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 Face Value (1) Balance Payment Adj. or Loss Amortization Balance Payment (2) Adjustment Rate 119 GRANTOR TRUST Statement Date: ABN AMRO Acct: 721823.1 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.00 0.00 0.000000000 N/A 0.000000000 9ABSQ768 EI 0.00 0.00 0.00 0.00 0.00 0.00 Total P&I Payment 0.00 0.00 0.00 0.00 0.00 Total 0.00 0.00 0.00 0.00 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 4 of 26 Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Statement Date: Cash Reconciliation Summary Current Scheduled Interest Interest Summary Less Deferred Interest Plus Gross Advance Interest Less PPIS Reducing Scheduled Int 3,202,938.65 0.000.00 Less ASER Interest Adv Reduction 0.00 Less Other Adjustment 0.00 Total 4,057,753.90 Unscheduled Interest:Prepayment Penalties 0.00 Yield Maintenance Penalties 0.00 Other Interest Proceeds 0.00 Total 0.00 Less Fees & Expenses Paid By/To Servicer Less Fee Paid To Servicer Less Fee Strips Paid by Servicer Special Servicing Fees Interest Due Serv on Advances Recoup of Prior Advances Misc. Fees & Expenses Total Unscheduled Fees & ExpensesTotal Interest Due Trust Less Fees & Expenses Paid By/To TrustTrustee FeeFee StripsMisc. FeesInterest Reserve Withholding Plus Interest Reserve DepositTotal Total Interest Due Certs Principal Summary Scheduled Principal:Current Scheduled PrincipalAdvanced Scheduled PrincipalScheduled PrincipalUnscheduled Principal:CurtailmentsPrepayments in FullLiquidation ProceedsRepurchase ProceedsOther Principal ProceedsTotal Unscheduled Principal Remittance Principal Remittance P&I Due Trust Remittance P&I Due Certs Pool Balance Summary Beginning PoolScheduled PrincipalUnscheduled PrincipalDeferred InterestLiquidationsRepurchases Ending Pool Balance Count Principal Interest Prior OutstandingPlus Current PeriodLess Recovered Ending Outstanding Servicing Fee Summary Current Servicing FeesPlus Fees Advanced for PPISLess Reduction for PPISPlus Delinquent Servicing Fees Total Servicing Fees PPIS Summary Gross PPISReduced by PPIEReduced by Shortfalls in FeesReduced by Other Amounts PPIS Reducing ScheduledInterest PPIS Reducing Servicing FeePPIS Due Certificate 0.00 0.00 0.000.00 0.00 0.00 4,023,711.09 ) (1,841.74 0.000.000.00 ) (1,841.74 735,451.90144,471.96879,923.86 0.000.000.000.000.000.00 879,923.86 4,903,634.95 4,901,793.20 863,020,894.49 129 879,923.86 0.00 0 0.000.00 0 0.00 0 862,140,970.63 129 0.00 0.00 144,471.96 854,815.25 144,471.96 854,815.25 34,042.81 0.000.00 10,826.00 44,868.81 0.000.000.000.000.000.00 0.00 Advance Summary (Advance Made by Servicer) ) (34,042.81 4,021,869.34 Interest Not Advanced ( Current Period ) 0.00 854,815.25 Workout FeesLiquidation Fees 0.000.00 Less Non Recovered 0.00 0.000.00 0.00 0.00 Page 5 of 26 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Interest Adjustments Summary Statement Date: 0.00 0.00 0.00 0.00 Special Servicing Fees Workout Fees Liquidation Fees Legal Fees 0.00 0.00 Misc. Fees & Expenses Paid by/to Servicer Interest Paid to Servicer on Outstanding Advances 0.00 0.00 ASER Interest Advance Reduction Interest Not Advanced (Current Period) Recoup of Prior Advances by Servicer 0.00 0.00 Servicing Fees Paid Servicer on Loans Not Advanced Misc. Fees & Expenses Paid by Trust 0.00 0.00 0.00 Shortfall Due to Rate Modification Total Shortfall Allocated to the Bonds Total Interest Adjustment to the Bonds 0.00 Shortfall Allocated to the Bonds: Excess Allocated to the Bonds: Other Interest Proceeds Due the Bonds Yield Maintenance Penalties Due the Bonds Prepayment Penalties Due the Bonds Recovered ASER Interest Due the Bonds Recovered Interest Due the Bonds Less Total Shortfall Allocated to the Bonds Total Excess Allocated to the Bonds 0.00 0.00 Total Excess Allocated to the Bonds 0.00 0.00 Aggregate Interest Adjustment Allocated to the Bonds 0.00 0.00 0.00 0.00 Prepayment Interest Excess Due the Bonds 0.00 ARD Excess Interest 0.00 Other Interest Loss 0.00 0.00 Net Prepayment Int. Shortfalls Allocated to the Bonds Page 6 of 26 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Morgan Stanley Capital I Inc., Class Accrued Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Bond Interest Reconciliation Deductions Allocable Deferred & Prior Prepay- Other Additions Interest Credit Support Original Current(4) Accrual Int. Short- falls Due ment Interest Interest (2) Payment Amount PPIS Interest Certificate Accretion Interest Loss/Exp Interest Penalties Proceeds (1) Interest Shortfalls Certificate Rate Pass Thru Method Days Outstanding Remaining Statement Date: Distributable Current Period (Shortfall)/ Recovery Int Accrual on Prior Shortfall (3) 0.00 0.00 0.00 0.00 0.00 A-1 30 288,816.67 288,816.67 288,816.67 0.00 12.00% 12.01% 30/360 4.030000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-2 30 292,833.33 292,833.33 292,833.33 0.00 12.00% 12.01% 30/360 5.020000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-3 30 236,291.67 236,291.67 236,291.67 0.00 12.00% 12.01% 30/360 5.350000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-4 30 2,553,856.67 2,553,856.67 2,553,856.67 0.00 12.00% 12.01% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X-1 30 151,716.41 151,716.41 151,716.41 0.00 NA NA 30/360 0.210956291% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X-Y 30 17,873.28 17,873.28 17,873.28 0.00 NA NA 30/360 0.293474083% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B 30 135,135.08 135,135.08 135,135.08 0.00 8.63% 8.63% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 C 30 105,103.51 105,103.51 105,103.51 0.00 6.00% 6.01% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 D 30 31,325.99 31,325.99 31,325.99 0.00 5.22% 5.22% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 E 30 43,750.60 43,750.60 43,750.60 0.00 4.13% 4.13% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 F 30 25,025.53 25,025.53 25,025.53 0.00 3.50% 3.50% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 G 30 20,019.50 20,019.50 20,019.50 0.00 3.00% 3.00% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 H 30 25,025.53 25,025.53 25,025.53 0.00 2.38% 2.38% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 J 30 20,019.50 20,019.50 20,019.50 0.00 1.88% 1.88% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 K 30 10,007.43 10,007.43 10,007.43 0.00 1.63% 1.63% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 L 30 10,012.07 10,012.07 10,012.07 0.00 1.38% 1.38% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M 30 10,007.43 10,007.43 10,007.43 0.00 1.13% 1.13% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 N 30 10,012.07 10,012.07 10,012.07 0.00 0.88% 0.88% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 O 30 35,037.11 35,037.11 35,037.11 0.00 0.00% 0.00% 30/360 5.567414771% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 EI 30 0.00 0.00 0.00 0.00 NA NA 30/360 0.000000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,021,869.38 4,021,869.38 4,021,869.38 0.00 0.00 0.00 0.00 (2) Accrued - Deductions + Additions Interest (3) Includes interest accrued on outstanding Interest Shortfalls and/or Loss Allocations. Where applicable. 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 7 of 26 (1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest. (4) Determined as follows: (A) the ending balance of all the classes less (B) the sum of (i) the ending balance of the class and (ii) the ending balance of all classes which are not subordinate to the class divided by (A). Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Distribution Date Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure REO Modifications Specially Serviced Bankruptcy # Balance # Balance # Balance # Balance # Balance # Balance # Balance # Balance Delinquency Aging Categories Special Event Categories (1) Statement Date: ABN AMRO Acct: 721823.1 0.00% 0.00% 0.00% 0.00% 0 0.00% 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15-Jun-04 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category Page 8 of 26 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary Distribution Date Ending Pool (1) Payoffs(2) Penalties Appraisal Reduct. (2) Liquidations (2) Realized Losses (2) Remaining Term Curr Weighted Avg. # Balance # Balance # Amount # Balance # Balance # Amount Life Coupon Remit Statement Date: Amort ABN AMRO Acct: 721823.1 Series 2004-IQ7 15-Jun-04 129 100.78% 862,140,971 99.90% 0.00% 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 119 339 5.66% 5.59% 0 0 0 0 (1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period. Page 9 of 26 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Delinquent Loan Detail Disclosure Control # Paid ThruDate Current P&I Advance Outstanding P&I Advances** Out. Property Protection Advances Loan Status Code (1) Special Servicer Transfer Date Foreclosure Date Bankruptcy Date REO Date Statement Date: 1-May-04 282,978.33 282,978.33 0.00 B 2 1-May-04 147,235.55 147,235.55 0.00 B 5 1-May-04 77,313.27 77,313.27 0.00 B 15 1-May-04 68,753.78 68,753.78 0.00 B 18 1-May-04 46,792.51 46,792.51 0.00 A 34 1-May-04 26,446.71 26,446.71 0.00 B 36 1-May-04 39,891.83 39,891.83 0.00 B 39 1-May-04 33,397.30 33,397.30 0.00 A 44 5-May-04 45,035.24 45,035.24 0.00 B 52 1-May-04 29,602.92 29,602.92 0.00 A 53 1-May-04 22,662.58 22,662.58 0.00 A 65 1-May-04 22,497.17 22,497.17 0.00 B 66 1-May-04 22,917.89 22,917.89 0.00 B 73 1-May-04 12,220.00 12,220.00 0.00 A 81 1-May-04 18,618.39 18,618.39 0.00 A 82 1-May-04 15,178.97 15,178.97 0.00 B 85 1-May-04 16,413.29 16,413.29 0.00 B 86 5-May-04 12,362.73 12,362.73 0.00 B 88 1-May-04 8,768.89 8,768.89 0.00 A 96 1-May-04 9,181.38 9,181.38 0.00 A 97 1-May-04 8,701.36 8,701.36 0.00 A 98 1-May-04 6,995.76 6,995.76 0.00 A 102 1-May-04 6,032.99 6,032.99 0.00 A 108 1-May-04 4,736.27 4,736.27 0.00 A 109 1-May-04 4,395.26 4,395.26 0.00 A 110 1-May-04 6,776.13 6,776.13 0.00 A 111 1-May-04 3,380.72 3,380.72 0.00 A 115 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 10 of 26 A. In Grace Period 1. Delinq. 1 month 2. Delinq. 2 months 3. Delinquent 3 + months 4. Performing Matured Balloon ** Outstanding P&I Advances include the current period P&I Advance 7. Foreclosure 9. REO B. Late Payment but < 1 month delinq. 5. Non Performing Matured Balloon Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Delinquent Loan Detail Disclosure Control # Paid ThruDate Current P&I Advance Outstanding P&I Advances** Out. Property Protection Advances Loan Status Code (1) Special Servicer Transfer Date Foreclosure Date Bankruptcy Date REO Date Statement Date: 999,287.21 999,287.21 Total 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 11 of 26 A. In Grace Period 1. Delinq. 1 month 2. Delinq. 2 months 3. Delinquent 3 + months 4. Performing Matured Balloon ** Outstanding P&I Advances include the current period P&I Advance 7. Foreclosure 9. REO B. Late Payment but < 1 month delinq. 5. Non Performing Matured Balloon Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Historical Collateral Level Prepayment Report Disclosure Control # PayoffPeriod Initial Balance Type Payoff Amount Penalty Amount Prepayment Date Maturity Date Property Type Geographic Location Statement Date: Cumulative Current 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 12 of 26 Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Loan Level Detail Disclosure Control # Group Property Type Maturity Date PFY DSCR OperatingStatement Date Geo. Location Ending Principal Balance NoteRate Scheduled P&I Prepayment Amount Prepayment Date Loan Status Code (1) Statement Date: CA 5.09000% 11-Feb-14 MOR4IQNN Retail 0.00 61,000,000 0 1 NY 5.49700% 1-Apr-14 MOR4IQNN Office 0.00 60,000,000 0 B 2 PA 5.79430% 1-Apr-14 MOR4IQNN Retail 0.00 52,860,418 329,500 3 TX 5.67000% 8-Jan-14 MOR4IQNN Retail 0.00 20,277,408 117,898 4 FL 5.27000% 1-May-13 MOR4IQNN Multifamily 0.00 26,793,104 149,430 B 5 NY 4.73000% 1-Mar-14 MOR4IQNN Office 0.00 21,922,126 114,497 6 NY 5.42000% 1-Mar-14 MOR4IQNN Retail 0.00 21,791,414 123,012 7 CA 5.59000% 1-Aug-13 MOR4IQNN Industrial 0.00 19,977,806 125,629 8 NE 5.33000% 1-Nov-18 MOR4IQNN Office 0.00 17,979,703 100,987 9 28-May-04 NY 5.34000% 1-Mar-14 MOR4IQNN Other 6.42 15,973,454 81,591 10 28-May-04 NY 5.18000% 1-Apr-24 MOR4IQNN Other 9.09 15,924,598 107,832 11 NY 6.08000% 1-Aug-13 MOR4IQNN Office 0.00 15,867,743 110,909 12 FL 4.56000% 10-Jan-09 MOR4IQNN Mixed use 0.00 14,156,484 72,712 13 DE 5.33000% 10-May-14 MOR4IQNN Retail 0.00 13,800,000 0 14 NY 5.56000% 1-Apr-14 MOR4IQNN Mixed use 0.00 13,599,240 78,368 B 15 GA 5.60000% 1-Jul-10 MOR4IQNN Mixed use 0.00 12,480,619 78,749 16 NY 5.42000% 1-Mar-14 MOR4IQNN Retail 0.00 12,312,378 69,503 17 NY 5.56000% 1-Apr-14 MOR4IQNN Mixed use 0.00 12,093,645 69,692 B 18 ID 4.69900% 9-Jul-10 MOR4IQNN Retail 0.00 11,917,530 62,644 19 MD 5.43000% 10-May-14 MOR4IQNN Retail 0.00 11,100,000 0 20 28-May-04 NY 5.66000% 1-Dec-12 MOR04IQA Other 3.52 9,994,497 52,670 21 SC 5.38000% 5-May-14 MOR4IQNN Retail 0.00 9,984,139 60,694 22 MD 7.05000% 1-Aug-09 MOR4IQNN Retail 0.00 9,889,081 76,677 23 KY 5.33000% 10-May-14 MOR4IQNN Retail 0.00 9,750,000 0 24 CA 5.58000% 1-Oct-13 MOR4IQNN Industrial 0.00 8,500,000 0 25 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 13 of 26 * NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such figures. (1) Legend: A. In Grace Period B. Late Payment but < 1 month delinq 1. Delinquent 1 month2. Delinquent 2 months 3. Delinquent 3+ months 4. Performing Matured Balloon 7. Foreclosure 9. REO 5. Non Performing Matured Ballon Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Loan Level Detail Disclosure Control # Group Property Type Maturity Date PFY DSCR OperatingStatement Date Geo. Location Ending Principal Balance NoteRate Scheduled P&I Prepayment Amount Prepayment Date Loan Status Code (1) Statement Date: WA 5.50000% 1-Jun-10 MOR4IQNN Office 0.00 8,297,831 51,952 26 28-May-04 VA 5.70000% 1-Apr-14 MOR4IQNN Retail 1.68 7,984,361 46,432 27 IN 5.36000% 1-Apr-14 MOR4IQNN Retail 0.00 7,948,244 44,527 28 NJ 4.90000% 1-May-11 MOR4IQNN Retail 0.00 7,891,406 41,927 29 CA 5.58000% 1-Feb-14 MOR4IQNN Retail 0.00 7,767,323 44,680 30 NV 5.55000% 1-Apr-14 MOR4IQNN Mixed use 0.00 7,534,752 43,105 31 NJ 5.50000% 1-Jan-14 MOR4IQNN Retail 0.00 7,441,054 46,057 32 GA 6.03000% 2-Apr-14 MOR4IQNN Office 0.00 7,386,552 44,510 33 CA 5.96000% 1-Jan-14 MOR4IQNN Industrial 0.00 7,345,743 47,498 A 34 28-May-04 NY 6.00000% 1-Feb-14 MOR04IQB Other 2.59 6,985,834 38,515 35 OH 4.75000% 1-Sep-13 MOR4IQNN Retail 0.00 6,850,000 0 B 36 OH 5.50000% 1-Apr-14 MOR4IQNN Retail 0.00 6,700,000 0 37 CA 6.03000% 1-Sep-13 MOR4IQNN Retail 0.00 6,364,763 38,495 38 MN 5.98000% 1-Mar-14 MOR4IQNN Retail 0.00 6,274,607 40,514 B 39 AZ 6.59000% 1-Sep-13 MOR4IQNN Office 0.00 6,253,204 40,194 40 28-May-04 NY 5.78000% 1-Oct-13 MOR04IQC Other 2.23 6,248,271 37,208 41 VA 5.65000% 1-Apr-14 MOR4IQNN Retail 0.00 6,132,194 38,319 42 CA 5.93000% 1-May-14 MOR4IQNN Industrial 0.00 5,994,935 35,703 43 28-May-04 NY 5.33000% 1-Apr-14 MOR4IQNN Other 2.80 5,986,742 33,707 A 44 GA 5.36000% 1-Apr-14 MOR4IQNN Retail 0.00 5,981,759 36,345 45 VA 8.00000% 1-Nov-15 MOR4IQNN Retail 0.00 3,587,807 40,149 46 VA 7.12000% 1-Mar-17 MOR4IQNN Retail 0.00 2,331,631 23,231 47 MA 5.58000% 1-Apr-14 MOR4IQNN Office 0.00 5,832,860 36,204 48 IL 5.62000% 10-Jan-14 MOR4IQNN Retail 0.00 5,557,323 32,147 49 28-May-04 NY 5.30000% 1-Jan-14 MOR4IQNN Other 10.99 5,505,474 33,664 50 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 14 of 26 * NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such figures. (1) Legend: A. In Grace Period B. Late Payment but < 1 month delinq 1. Delinquent 1 month2. Delinquent 2 months 3. Delinquent 3+ months 4. Performing Matured Balloon 7. Foreclosure 9. REO 5. Non Performing Matured Ballon Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Loan Level Detail Disclosure Control # Group Property Type Maturity Date PFY DSCR OperatingStatement Date Geo. Location Ending Principal Balance NoteRate Scheduled P&I Prepayment Amount Prepayment Date Loan Status Code (1) Statement Date: CA 5.25000% 1-Apr-14 MOR4IQNN Multifamily 0.00 5,488,156 30,371 51 WI 5.71000% 5-Jan-19 MOR4IQNN Retail 0.00 5,402,153 45,555 B 52 NY 5.56000% 1-Oct-13 MOR4IQNN Mixed use 0.00 5,207,090 30,007 A 53 TX 6.10000% 1-Apr-14 MOR4IQNN Retail 0.00 5,186,064 33,822 54 IL 5.51000% 1-May-14 MOR4IQNN Retail 0.00 5,092,849 31,349 55 FL 4.66000% 1-Feb-11 MOR4IQNN Retail 0.00 5,031,858 26,070 56 28-May-04 NY 5.37000% 1-Mar-14 MOR4IQNN Other 10.04 5,000,000 23,121 57 DE 5.32000% 1-Sep-13 MOR4IQNN Industrial 0.00 4,926,686 30,169 58 IL 5.52000% 1-May-14 MOR4IQNN Retail 0.00 4,745,549 27,030 59 NY 5.48000% 1-Apr-14 MOR4IQNN Mixed use 0.00 4,590,569 26,061 60 KY 4.77000% 1-Oct-18 MOR4IQNN Retail 0.00 4,360,783 35,049 61 28-May-04 NY 5.88000% 1-Mar-19 MOR04IQD Other 10.50 4,330,724 27,709 62 NJ 5.43000% 1-Mar-14 MOR4IQNN Multifamily 0.00 4,286,930 24,226 63 AZ 5.89000% 1-Jan-14 MOR4IQNN Office 0.00 4,179,821 24,885 64 28-May-04 NY 5.56000% 1-Apr-14 MOR04IQE Other 7.78 3,991,322 22,862 A 65 CT 5.80000% 1-May-14 MOR4IQNN Mixed use 0.00 3,896,595 22,883 B 66 28-May-04 CA 6.00000% 1-Apr-14 MOR4IQNN Industrial 1.51 3,818,002 22,933 67 IN 5.99000% 1-Jan-14 MOR4IQNN Retail 0.00 3,679,241 42,113 68 MD 7.00000% 1-Jun-18 MOR4IQNN Retail 0.00 3,646,917 34,113 69 CA 5.83000% 5-Apr-14 MOR4IQNN Retail 0.00 3,493,351 20,603 70 28-May-04 NY 5.88000% 1-Feb-14 MOR04IQF Other 11.14 3,492,684 18,966 71 28-May-04 NY 5.68000% 1-Feb-14 MOR04IQG Other 2.76 3,484,924 20,445 72 PA 5.11000% 1-Nov-23 MOR4IQNN Retail 0.00 3,440,390 23,312 B 73 28-May-04 NY 5.42000% 1-May-14 MOR4IQNN Other 3.06 3,196,444 18,009 74 MO 5.06000% 1-Nov-23 MOR4IQNN Retail 0.00 3,145,190 21,225 75 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 15 of 26 * NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such figures. (1) Legend: A. In Grace Period B. Late Payment but < 1 month delinq 1. Delinquent 1 month2. Delinquent 2 months 3. Delinquent 3+ months 4. Performing Matured Balloon 7. Foreclosure 9. REO 5. Non Performing Matured Ballon Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Loan Level Detail Disclosure Control # Group Property Type Maturity Date PFY DSCR OperatingStatement Date Geo. Location Ending Principal Balance NoteRate Scheduled P&I Prepayment Amount Prepayment Date Loan Status Code (1) Statement Date: 28-May-04 NY 5.45000% 1-Apr-14 MOR4IQNN Other 9.07 2,993,524 17,082 76 28-May-04 NY 5.36000% 1-Jan-14 MOR4IQNN Other 7.54 2,991,113 15,340 77 AZ 6.02000% 1-May-14 MOR4IQNN Retail 0.00 2,892,519 20,798 78 NE 4.60000% 1-Apr-11 MOR4IQNN Retail 0.00 2,846,679 14,610 79 28-May-04 NY 5.23000% 1-Jan-14 MOR4IQNN Other 6.56 2,616,952 13,188 80 28-May-04 NY 5.70000% 1-Mar-14 MOR04IQH Other 8.74 2,600,000 12,350 A 81 28-May-04 NY 6.00000% 1-Apr-24 MOR04IQI Other 4.45 2,588,899 18,752 A 82 28-May-04 NY 6.14000% 1-Dec-23 MOR04IQJ Other 2.96 2,566,365 18,838 83 CA 5.64000% 1-Apr-14 MOR4IQNN Industrial 0.00 2,494,657 14,415 84 28-May-04 AK 5.89000% 1-Jan-14 MOR4IQNN Multifamily 2.01 2,383,003 15,302 B 85 PA 5.64000% 1-Mar-13 MOR4IQNN Industrial 0.00 2,315,976 16,700 B 86 28-May-04 NJ 5.70000% 1-Mar-14 MOR04IQK Other 3.28 2,196,728 11,768 87 CA 5.98000% 5-Mar-14 MOR4IQNN Retail 0.00 2,093,673 12,564 B 88 28-May-04 NY 5.55000% 1-Jan-14 MOR04IQL Other 9.15 2,093,994 10,903 89 28-May-04 NY 5.32000% 1-Apr-14 MOR4IQNN Other 18.94 2,000,000 8,867 90 28-May-04 NY 6.35000% 1-Apr-24 MOR04IQM Other 8.21 1,991,674 14,735 91 NY 5.80000% 1-Nov-13 MOR4IQNN Office 0.00 1,913,337 22,004 92 IL 6.50000% 1-May-13 MOR4IQNN Industrial 0.00 1,829,950 11,693 93 28-May-04 NY 6.11000% 1-Dec-13 MOR04IQN Other 4.23 1,744,817 9,763 94 28-May-04 NY 5.58000% 1-Nov-13 MOR04IQO Other 8.01 1,743,016 9,121 95 28-May-04 NY 5.50000% 1-Mar-14 MOR4IQNN Other 6.42 1,697,312 8,857 A 96 28-May-04 NY 5.60000% 1-Mar-14 MOR04IQP Other 7.60 1,595,083 9,264 A 97 28-May-04 NY 5.98000% 1-Nov-13 MOR04IQQ Other 3.81 1,594,260 8,781 A 98 28-May-04 NY 5.56000% 1-May-14 MOR04IQR Other 63.97 1,499,305 7,877 99 28-May-04 NY 5.26000% 1-Apr-14 MOR4IQNN Other 44.52 1,500,000 6,575 100 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 16 of 26 * NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such figures. (1) Legend: A. In Grace Period B. Late Payment but < 1 month delinq 1. Delinquent 1 month2. Delinquent 2 months 3. Delinquent 3+ months 4. Performing Matured Balloon 7. Foreclosure 9. REO 5. Non Performing Matured Ballon Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Loan Level Detail Disclosure Control # Group Property Type Maturity Date PFY DSCR OperatingStatement Date Geo. Location Ending Principal Balance NoteRate Scheduled P&I Prepayment Amount Prepayment Date Loan Status Code (1) Statement Date: 28-May-04 NY 5.46000% 1-Mar-14 MOR4IQNN Other 8.17 1,497,376 7,696 101 28-May-04 NY 5.74000% 1-Feb-14 MOR04IQS Other 5.33 1,347,765 7,065 A 102 28-May-04 MI 5.81000% 1-Apr-14 MOR04IQT Other 2.39 1,298,622 6,981 103 28-May-04 NY 5.47000% 1-Mar-14 MOR4IQNN Other 9.88 1,297,926 6,746 104 28-May-04 NY 5.41000% 1-Apr-14 MOR4IQNN Other 17.29 998,869 5,148 105 28-May-04 NY 5.38000% 1-Apr-14 MOR4IQNN Other 9.59 998,859 5,127 106 28-May-04 NY 6.15000% 1-Mar-19 MOR04IQU Other 12.05 948,619 5,327 107 28-May-04 NY 5.93000% 1-Feb-14 MOR04IQV Other 13.70 944,416 6,080 A 108 28-May-04 NY 5.65000% 1-Dec-13 MOR04IQW Other 5.54 897,119 4,783 A 109 28-May-04 NY 6.06000% 1-Mar-19 MOR04IQX Other 6.26 798,808 4,435 A 110 28-May-04 NY 6.15000% 1-Mar-19 MOR04IQY Other 11.72 791,811 6,816 A 111 28-May-04 NY 5.56000% 1-Jan-14 MOR04IQZ Other 6.64 765,844 4,439 112 28-May-04 NY 5.56000% 1-Feb-14 MOR4IQAA Other 16.42 746,731 4,287 113 28-May-04 NY 5.74000% 1-Apr-14 MOR4IQBB Other 10.43 699,244 3,725 114 28-May-04 NY 6.26000% 1-Jan-19 MOR4IQCC Other 17.66 598,582 3,411 A 115 GA 8.87500% 1-Jan-09 MOR4IQNN Retail 0.00 579,321 12,932 116 28-May-04 NY 5.92000% 1-Apr-14 MOR4IQDD Other 25.82 499,016 2,998 117 28-May-04 NY 5.34000% 1-Feb-14 MOR4IQNN Other 47.32 497,709 2,812 118 28-May-04 NY 5.45000% 1-Feb-14 MOR4IQNN Other 5.36 448,919 2,329 119 28-May-04 NY 6.21000% 1-Jan-14 MOR4IQEE Other 4.93 338,358 2,085 120 28-May-04 NY 6.48000% 1-Feb-14 MOR4IQFF Other 7.98 298,902 1,892 121 28-May-04 NY 6.02000% 1-Jan-14 MOR4IQGG Other 12.44 296,756 2,167 122 28-May-04 NY 6.87000% 1-Dec-23 MOR4IQHH Other 4.65 202,614 1,585 123 28-May-04 NY 7.04000% 1-Jan-19 MOR4IQII Other 8.19 186,978 1,712 124 28-May-04 NY 6.68000% 1-Apr-24 MOR4IQJJ Other 9.46 174,300 1,323 125 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 17 of 26 * NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such figures. (1) Legend: A. In Grace Period B. Late Payment but < 1 month delinq 1. Delinquent 1 month2. Delinquent 2 months 3. Delinquent 3+ months 4. Performing Matured Balloon 7. Foreclosure 9. REO 5. Non Performing Matured Ballon Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Loan Level Detail Disclosure Control # Group Property Type Maturity Date PFY DSCR OperatingStatement Date Geo. Location Ending Principal Balance NoteRate Scheduled P&I Prepayment Amount Prepayment Date Loan Status Code (1) Statement Date: 28-May-04 NY 6.43000% 1-Dec-13 MOR4IQKK Other 5.52 168,702 1,989 126 28-May-04 NY 6.82000% 1-Jan-14 MOR4IQLL Other 9.86 147,373 976 127 28-May-04 NY 7.04000% 1-Jan-19 MOR4IQMM Other 7.91 123,012 1,126 128 TX 5.67000% 8-Jan-14 MOR4IQNN Retail 0.00 19,521,234 113,502 4 A 862,140,971 4,142,608 0 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 18 of 26 * NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such figures. (1) Legend: A. In Grace Period B. Late Payment but < 1 month delinq 1. Delinquent 1 month2. Delinquent 2 months 3. Delinquent 3+ months 4. Performing Matured Balloon 7. Foreclosure 9. REO 5. Non Performing Matured Ballon Morgan Stanley Capital I Inc., Mortgage Loan Characteristics ABN AMRO Acct: 721823.1 Series 2004-IQ7 Commercial Mortgage Pass-Through Certificates 28-May-04 15-Jul-04 N/A 15-Jun-04 15-Jun-04 Record Date: Next Payment: Prior Payment: Payment Date: Statement Date: Distribution of Mortgage Interest Rates Distribution of Principal Balances Distribution of Remaining Term (Balloon) Distribution of Remaining Term (Fully Amortizing) 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 19 of 26 Current Scheduled Balance # of Loans Scheduled Balance % of Balance Weighted Average Term Coupon PFY DSCR 108 390,792,067 45.33 120 5.68 2.43 % 0 to 10,000,000 % 102 389,789,088 45.21 120 5.68 2.42 % 250,000 to 10,250,000 % 4 2,623,878 0.30 117 6.51 11.48 % 500,000 to 750,000 % 8 7,144,345 0.83 138 5.77 10.58 % 750,000 to 1,000,000 % 15 38,005,711 4.41 132 5.71 3.68 % 2,000,000 to 3,000,000 % 12 42,872,868 4.97 141 5.96 2.22 % 3,000,000 to 4,000,000 % 8 36,421,062 4.22 130 5.45 2.63 % 4,000,000 to 5,000,000 % 12 66,267,265 7.69 119 5.50 1.17 % 5,000,000 to 6,000,000 % 8 51,808,873 6.01 114 5.77 0.62 % 6,000,000 to 7,000,000 % 8 61,299,436 7.11 113 5.57 0.22 % 7,000,000 to 8,000,000 % 2 16,797,831 1.95 92 5.54 0.00 % 8,000,000 to 9,000,000 % 4 39,617,716 4.60 100 5.86 0.89 % 9,000,000 to 10,000,000 % 14 206,704,434 23.98 121 5.40 1.20 % 10,000,000 to 20,000,000 % 4 90,784,052 10.53 114 5.26 0.00 % 20,000,000 to 30,000,000 % 0 0 0.00 0 0.00 0.00 % 30,000,000 to 40,000,000 % 0 0 0.00 0 0.00 0.00 % 40,000,000 to 50,000,000 % 2 112,860,418 13.09 118 5.64 0.00 % 50,000,000 to 60,000,000 % 1 61,000,000 7.08 116 5.09 0.00 % 60,000,000 to 70,000,000 % 0 0 0.00 0 0.00 0.00 % 70,000,000 to 80,000,000 % 0 0 0.00 0 0.00 0.00 % 80,000,000 & Above % 61,000,000 123,012 1,614,789,043 312 187.30% Average Schedule BalanceMaximum Schedule BalanceMinimum Schedule Balance 5,175,606 Current Mortgage Interest Rate # of Loans Scheduled Balance % of Balance Weighted Average Term Coupon PFY DSCR 0 0 0.00 0 0.00 0.00 % 0.000% % to 0.300% 0 0 0.00 0 0.00 0.00 % 4.001% % to 4.300% 2 17,003,163 1.97 60 4.57 0.00 % 4.301% % to 4.600% 6 57,973,703 6.72 104 4.75 0.00 % 4.601% % to 4.900% 4 83,510,178 9.69 148 5.11 1.73 % 4.901% % to 5.200% 35 294,372,640 34.14 119 5.40 1.70 % 5.201% % to 5.500% 37 271,091,231 31.44 115 5.66 1.15 % 5.501% % to 5.800% 24 99,790,038 11.57 122 5.99 1.69 % 5.801% % to 6.100% 7 8,980,226 1.04 192 6.19 7.16 % 6.101% % to 6.400% 5 8,725,058 1.01 113 6.57 0.57 % 6.401% % to 6.700% 3 3,996,905 0.46 169 6.99 0.60 % 6.701% % to 7.000% 4 12,530,701 1.45 82 7.06 0.20 % 7.001% % to 7.300% 0 0 0.00 0 0.00 0.00 % 7.301% % to 7.600% 0 0 0.00 0 0.00 0.00 % 7.601% % to 7.900% 2 4,167,128 0.48 125 8.12 0.00 % 7.901% % & Above 129 862,140,971 Minimum Mortgage Interest RateMaximum Mortgage Interest Rate 100.00% 4.560%8.875% Fully Amortizing Mortgage Loans # of Loans Scheduled Balance % of Balance Weighted Average Term Coupon PFY DSCR 0 0 0.00 0 0.00 0.00 % % to 0 60 0 0 0.00 0 0.00 0.00 % % to 61 120 0 0 0.00 0 0.00 0.00 % % to 121 180 0 0 0.00 0 0.00 0.00 % % to 181 240 0 0 0.00 0 0.00 0.00 % % & 241 Above 0 0 0.00% Balloon Mortgage Loans # of Loans Scheduled Balance % of Balance Weighted Average Term Coupon PFY DSCR 0 0 0.00 0 0.00 0.00 % % 0 to 12 0 0 0.00 0 0.00 0.00 % % 13 to 24 0 0 0.00 0 0.00 0.00 % % 25 to 36 2 14,735,805 1.71 55 4.73 0.00 % % 37 to 60 106 772,283,608 89.58 113 5.52 1.21 % % 61 to 120 13 45,087,527 5.23 169 5.88 1.87 % % 121 to 180 8 30,034,030 3.48 237 5.41 6.09 % % 181 to 240 0 0 0.00 0 0.00 0.00 % % 241 & Above 238 55 129 862,140,971 Minimum Remaining Term Maximum Remaining Term % 100.00 Morgan Stanley Capital I Inc., Mortgage Loan Characteristics ABN AMRO Acct: 721823.1 Series 2004-IQ7 Commercial Mortgage Pass-Through Certificates 28-May-04 15-Jul-04 N/A 15-Jun-04 15-Jun-04 Record Date: Next Payment: Prior Payment: Payment Date: Statement Date: Geographic Distribution Distribution of DSCR (PFY) Distribution of DSCR (Cutoff) 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 20 of 26 Debt Service Coverage Ratio # of Loans Scheduled Balance % of Balance WAMM WAC PFY DSCR 0 0 0.00 0 0.00 0.00 % % Less than zero 0 0 0.00 0 0.00 0.00 % % 0.001 0.750 0 0 0.00 0 0.00 0.00 % % 0.751 0.875 0 0 0.00 0 0.00 0.00 % % 0.876 1.000 0 0 0.00 0 0.00 0.00 % % 1.001 1.125 0 0 0.00 0 0.00 0.00 % % 1.126 1.250 0 0 0.00 0 0.00 0.00 % % 1.251 1.375 0 0 0.00 0 0.00 0.00 % % 1.376 1.500 1 3,818,002 0.44 118 6.00 1.51 % % 1.501 1.625 1 7,984,361 0.93 118 5.70 1.68 % % 1.626 1.750 0 0 0.00 0 0.00 0.00 % % 1.751 1.875 0 0 0.00 0 0.00 0.00 % % 1.876 2.000 1 2,383,003 0.28 115 5.89 2.01 % % 2.001 2.125 1 6,248,271 0.72 112 5.78 2.23 % % 2.126 2.250 0 0 0.00 0 0.00 0.00 % % 2.251 & Above 125 841,707,333 97.63 119 5.52 0.00 % % Unknown 63.970 1.510 129 862,140,971 100.00% Minimum DSCR Maximum DSCR Debt Service Coverage Ratio # of Loans Scheduled Balance % of Balance WAMM WAC PFY DSCR 0 0 0.00 0 0.00 0.00 % % Less than zero 0 0 0.00 0 0.00 0.00 % % 0.001 0.750 0 0 0.00 0 0.00 0.00 % % 0.751 0.875 0 0 0.00 0 0.00 0.00 % % 0.876 1.000 1 12,480,619 1.45 73 5.60 0.00 % % 1.001 1.125 7 29,305,419 3.40 121 5.90 0.00 % % 1.126 1.250 9 116,600,612 13.52 110 5.58 0.00 % % 1.251 1.375 19 113,992,129 13.22 122 5.83 0.21 % % 1.376 1.500 6 52,819,157 6.13 118 5.55 0.00 % % 1.501 1.625 11 122,967,140 14.26 116 5.61 0.00 % % 1.626 1.750 6 39,388,948 4.57 104 5.24 0.00 % % 1.751 1.875 4 44,885,051 5.21 112 5.34 0.00 % % 1.876 2.000 3 23,300,000 2.70 116 5.21 0.00 % % 2.001 2.125 3 77,232,410 8.96 116 5.18 0.18 % % 2.126 2.250 0 0 0.00 0 0.00 0.00 % % 2.251 & Above 60 229,169,485 26.58 131 5.47 0.00 % % Unknown 63.970 1.060 129 862,140,971 100.00 Minimum DSCR Maximum DSCR % Geographic Location # of Loans Scheduled Balance % of Balance WAMM WAC PFY DSCR New York 65 309,943,431 35.95 127 5.51 3.76 % % California 12 134,338,409 15.58 115 5.43 0.04 % % Pennsylvania 3 58,616,784 6.80 124 5.75 0.00 % % Florida 3 45,981,446 5.33 88 4.98 0.00 % % Texas 3 44,984,706 5.22 115 5.72 0.00 % % Georgia 4 26,428,251 3.07 95 5.74 0.00 % % Maryland 3 24,635,998 2.86 103 6.31 0.00 % % New Jersey 4 21,816,118 2.53 104 5.29 0.33 % % Nebraska 2 20,826,382 2.42 161 5.23 0.00 % % Virginia 4 20,035,992 2.32 125 6.26 0.67 % % Delaware 2 18,726,686 2.17 117 5.33 0.00 % % Illinois 4 17,225,671 2.00 116 5.65 0.00 % % Kentucky 2 14,110,783 1.64 135 5.16 0.00 % % Ohio 2 13,550,000 1.57 114 5.12 0.00 % % Arizona 3 13,325,544 1.55 114 6.25 0.00 % % Idaho 1 11,917,530 1.38 73 4.70 0.00 % % Indiana 2 11,627,485 1.35 117 5.56 0.00 % % South Carolina 1 9,984,139 1.16 119 5.38 0.00 % % Washington 1 8,297,831 0.96 72 5.50 0.00 % % Nevada 1 7,534,752 0.87 118 5.55 0.00 % % Minnesota 1 6,274,607 0.73 117 5.98 0.00 % % Massachusetts 1 5,832,860 0.68 118 5.58 0.00 % % Wisconsin 1 5,402,153 0.63 175 5.71 0.00 % % Connecticut 1 3,896,595 0.45 119 5.80 0.00 % % Missouri 1 3,145,190 0.36 233 5.06 0.00 % % Alaska 1 2,383,003 0.28 115 5.89 2.01 % % Michigan 1 1,298,622 0.15 118 5.81 2.39 % % 100.00 862,140,971 129 % Morgan Stanley Capital I Inc., Mortgage Loan Characteristics ABN AMRO Acct: 721823.1 Series 2004-IQ7 Commercial Mortgage Pass-Through Certificates 28-May-04 15-Jul-04 N/A 15-Jun-04 15-Jun-04 Record Date: Next Payment: Prior Payment: Payment Date: Statement Date: Distribution of Loan Seasoning Distribution of Property Types Distribution of Year Loans Maturing Distribution of Amortization Type 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 21 of 26 Property Types # of Loans Scheduled Balance % of Balance WAMM WAC PFY DSCR Retail 41 398,652,611 46.24 117 5.53 0.03 % % Office 10 149,633,178 17.36 121 5.52 0.00 % % Other 57 144,141,238 16.72 138 5.58 8.15 % % Mixed use 8 73,558,995 8.53 98 5.38 0.00 % % Industrial 9 57,203,756 6.64 113 5.71 0.10 % % Multifamily 4 38,951,193 4.52 110 5.32 0.12 % % 862,140,971 129 100.00% Amortization Type # of Loans Scheduled Balance % of Balance WAMM WAC PFY DSCR AmortizingBalloon 129 862,140,971 100.00 119 5.52 1.39 % % 862,140,971 129 100.00% Number of Months # of Loans Scheduled Balance % of Balance WAMM WAC PFY DSCR 122 837,960,289 97.20 119 1.43 % % 5.48 0 to 12 3 6,477,556 0.75 123 0.00 % % 6.42 13 to 24 0 0 0.00 0 0.00 % % 0.00 25 to 36 0 0 0.00 0 0.00 % % 0.00 37 to 48 1 9,889,081 1.15 62 0.00 % % 7.05 49 to 60 1 3,646,917 0.42 168 0.00 % % 7.00 61 to 72 0 0 0.00 0 0.00 % % 0.00 73 to 84 1 3,587,807 0.42 136 0.00 % % 8.00 85 to 96 0 0 0.00 0 0.00 % % 0.00 97 to 108 0 0 0.00 0 0.00 % % 0.00 109 to 120 1 579,321 0.07 55 0.00 % % 8.88 121 or More 129 862,140,971 100.00% Year # of Loans Scheduled Balance % of Balance WAMM WAC PFY DSCR 0 0 0.00 0 0.00 0.00 % % 2004 0 0 0.00 0 0.00 0.00 % % 2005 0 0 0.00 0 0.00 0.00 % % 2006 0 0 0.00 0 0.00 0.00 % % 2007 0 0 0.00 0 0.00 0.00 % % 2008 3 24,624,886 2.86 58 5.66 0.00 % % 2009 3 32,695,980 3.79 73 5.25 0.00 % % 2010 3 15,769,943 1.83 82 4.77 0.00 % % 2011 1 9,994,497 1.16 102 5.66 3.52 % % 2012 18 119,195,845 13.83 110 5.64 0.40 % % 2013 80 584,738,263 67.82 117 5.51 1.45 % % 2014 21 75,121,557 8.71 196 5.69 3.56 % % 2015 & Greater 100.00 862,140,971 129 % Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Specially Serviced (Part I) ~ Loan Detail (End of Period) Disclosure Control # Servicing Xfer Date Balance NoteRate Maturity Date Remaining Property Type Geo. Location NOI DSCR NOIDate Schedule Actual Life Statement Date: Loan Status Code(1) 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 22 of 26 (1) Legend: A. P&I Adv - in Grace PeriodB. P&I Adv - < one month delinq 1. P&I Adv - delinquent 1 month2. P&I Adv - delinquent 2 months 3. P&I Adv - delinquent 3+ months4. Mat. Balloon/Assumed P&I 7. Foreclosure 9. REO 5. Non Performing Mat. Balloon Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Specially Serviced Loan Detail (Part II) ~ Servicer Comments (End of Period) Disclosure Control # Resolution Strategy Comments Statement Date: 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 23 of 26 Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Modified Loan Detail Disclosure Control # Modification Date Cutoff Maturity Date Modification Description Modified Maturity Date Statement Date: 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 24 of 26 Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Realized Loss Detail Period Disclosure Control # Appraisal Date Appraisal Value BeginningScheduled Balance Gross Proceeds Gross Proceeds as a % of Sched. Balance Aggregate Liquidation Expenses * Net Liquidation Proceeds Net Proceeds as a % of Sched. Balance Realized Loss Statement Date: Current TotalCumulative 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A. Page 25 of 26 * Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc.. Morgan Stanley Capital I Inc., Payment Date:Prior Payment:Next Payment:Record Date: 15-Jun-0415-Jun-04 N/A 15-Jul-04 28-May-04 Commercial Mortgage Pass-Through Certificates Series 2004-IQ7 ABN AMRO Acct: 721823.1 Appraisal Reduction Detail Disclosure Control# AppraisalRed. Date Scheduled Balance ASER NoteRate Maturity Date Property Type Geographic Location Appraisal Value Date DSCR Statement Date: Remaining Term Life ARA Amount Current P&I Advance Page 26 of 26 14-Jun-2004 - 17:32 (Q727 to Q771) (c) 2004 LaSalle Bank N.A.

Morgan Stanley Capital I Inc.,

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Administrator:

Kathryn Hawkinson 312.904.6561
kathryn.hawkinson@abnamro.com

Analyst:

Christine Paidosh 714.259.6207
christine.paidosh@abnamro.com

Statement Date:

135 S. LaSalle Street, Suite 1625
Chicago, IL 60603
USA

Statements to Certificateholders
Cash Reconciliation Summary
Shortfall Summary Report
Bond Interest Reconciliation

Asset-Backed Facts ~ 15 Month Loan Status Summary

Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary
Delinquent Loan Detail

Historical Collateral Prepayment
Loan Level Detail
Mortgage Loan Characteristics

Page 2-4
Page 5
Page 6
Page 7

Page 8

Page 9
Page 10

Page 11
Page 12-17

Page 18-20

Specially Serviced (Part I) - Loan Detail

Specially Serviced (Part II) - Servicer Comments
Modified Loan Detail
Realized Loss Detail

Appraisal Reduction Detail

Page 21

Page 22
Page 23
Page 24

Page 25

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

MOR04IQ7

MOR04IQ7_200408_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

27-May-04
15-Jun-04

15-Jun-38

Parties to The Transaction

Depositor: Morgan Stanley Capital I Inc.

Underwriter: Morgan Stanley & Co. Incorporated

Master Servicer: Wells Fargo Bank, National Association/Wells Fargo Bank, National Association

Special Servicer: Midland Loan Services, Inc./National Consumer Cooperative Bank

Rating Agency: Fitch Ratings/Standard & Poor's

NCB, FSB will act as Master Servicer with respect to the NCB, FSB Mortgage Loans and NCCB Mortgage Loan. National Consumer Cooperative Bank will act as special servicer with

respect to the residential coopertaive loans.

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.ctslink.com

www.etrustee.net

Page 1 of 25

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

5.656917%

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Morgan Stanley Capital I Inc.,

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

117

REMIC III

Statement Date:

ABN AMRO Acct: 721823.1

978.605879535

10.335528256

0.000000000

968.270351279

3.286484767

Fixed

0.00

0.000000000

4.03000000%

0.000000000

61745MYX5

A-1

86,000,000.00

84,160,105.64

888,855.43

0.00

83,271,250.21

282,637.69

1000.000000000

0.000000000

1000.000000000

4.183333286

Fixed

0.00

0.000000000

5.02000000%

0.000000000

61745MYY3

A-2

70,000,000.00

0.00

70,000,000.00

292,833.33

1000.000000000

0.000000000

1000.000000000

4.458333396

4.807825332%

0.00

0.000000000

5.35000000%

0.000000000

61745MYZ0

A-3

53,000,000.00

0.00

53,000,000.00

236,291.67

1000.000000000

0.000000000

1000.000000000

4.639288847

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZA4

A-4

550,458,000.00

0.00

550,458,000.00

2,553,733.66

997.868076691

0.000000000

996.838141685

0.173011895

0.075288945%

0.00

0.000000000

0.20805783%

0.000000000

61745MZQ9/U6176PLH7

X-1

863,020,894.00

861,180,999.64

0.00

860,292,144.21

149,312.88

998.115887753

0.000000000

997.190761241

0.243970644

0.00

0.000000000

0.29331748%

0.000000000

61745MZR7

X-Y

73,082,891.00

72,945,194.63

0.00

72,877,583.71

17,830.08

1000.000000000

0.000000000

1000.000000000

4.639288976

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZB2

29,127,000.00

0.00

29,127,000.00

135,128.57

1000.000000000

0.000000000

1000.000000000

4.639288867

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZC0

22,654,000.00

0.00

22,654,000.00

105,098.45

1000.000000000

0.000000000

1000.000000000

4.639289100

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZD8

6,752,000.00

0.00

6,752,000.00

31,324.48

1000.000000000

0.000000000

1000.000000000

4.639288441

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZE6/U6176PLK0

9,430,000.00

0.00

9,430,000.00

43,748.49

1000.000000000

0.000000000

1000.000000000

4.639288098

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZF3/U6176PLL8

5,394,000.00

0.00

5,394,000.00

25,024.32

1000.000000000

0.000000000

1000.000000000

4.639288528

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZG1/U6176PLM6

4,315,000.00

0.00

4,315,000.00

20,018.53

1000.000000000

0.000000000

1000.000000000

4.639288098

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZH9/U6176PLN4

5,394,000.00

0.00

5,394,000.00

25,024.32

1000.000000000

0.000000000

1000.000000000

4.639288528

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZJ5/U6176PLP9

4,315,000.00

0.00

4,315,000.00

20,018.53

1000.000000000

0.000000000

1000.000000000

4.639290682

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZK2/U6176PLQ7

2,157,000.00

0.00

2,157,000.00

10,006.95

1000.000000000

0.000000000

1000.000000000

4.639291010

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZL0/U6176PLR5

2,158,000.00

0.00

2,158,000.00

10,011.59

Page 2 of 25

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

5.656917%

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Morgan Stanley Capital I Inc.,

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

117

REMIC III

Statement Date:

ABN AMRO Acct: 721823.1

1000.000000000

0.000000000

1000.000000000

4.639290682

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZM8/U6176PLS3

2,157,000.00

0.00

2,157,000.00

10,006.95

1000.000000000

0.000000000

1000.000000000

4.639291010

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZN6/U6176PLT1

2,158,000.00

0.00

2,158,000.00

10,011.59

1000.000000000

0.000000000

1000.000000000

4.639289164

4.807825332%

0.00

0.000000000

5.56714661%

0.000000000

61745MZP1/U6176PLU8

7,551,894.00

0.00

7,551,894.00

35,035.42

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ771

R-III

0.00

Total P&I Payment

0.00

863,020,894.00

861,180,999.64

4,901,952.93

Total

860,292,144.21

888,855.43

0.00

4,013,097.50

Page 3 of 25

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

5.656917%

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Morgan Stanley Capital I Inc.,

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

117

Grantor Trust

Statement Date:

ABN AMRO Acct: 721823.1

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSQ768

0.00

Total P&I Payment

0.00

Total

0.00

Page 4 of 25

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

3,529,984.22

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

4,054,169.84

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances
Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding
Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:
Current Scheduled Principal
Advanced Scheduled Principal
Scheduled Principal
Unscheduled Principal:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds
Total Unscheduled Principal
Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

0.00

0.00
0.00

0.00

4,014,935.31

)

(1,837.83

0.00
0.00
0.00

)

(1,837.83

810,870.48

77,985.14

888,855.62

)

(0.19

0.00
0.00
0.00
0.00

)

(0.19

888,855.43

4,903,790.74

4,901,952.91

861,181,000.13

129

888,855.62

-0.19

0.00
0.00

0.00

860,292,144.70

129

94,430.54

337,750.09

77,985.14

524,185.62

77,985.14

524,185.62

39,234.53

0.00
0.00

5,521.24

44,755.77

0.00
0.00
0.00
0.00
0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

)

(39,234.53

4,013,097.48

Interest Not Advanced (

Current Period

)

0.00

524,185.62

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

)

(337,750.09

)

(94,430.54

0.00

Page 5 of 25

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Interest Adjustments Summary

Statement Date

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

0.00

0.00

Total Excess Allocated to the Bonds

0.00

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Other Interest Loss

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Page 6 of 25

Morgan Stanley Capital I Inc.,

Class

Accrued

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1
Bond Interest Reconciliation

Deductions

Allocable

Deferred &

Prior

Prepay-

Other

Additions

Interest

Credit Support

Original

Current(4)

Accrual

Int. Short-

falls Due

ment

Interest

Interest (2)

Payment

Amount

PPIS

Interest

Certificate

Accretion

Interest

Loss/Exp

Interest

Penalties

Proceeds (1)

Interest

Shortfalls

Certificate

Rate

Pass
Thru

Method Days

Outstanding

Remaining

Statement Date:

Distributable

Current Period

(Shortfall)/

Recovery

Int Accrual

on Prior

Shortfall (3)

0.00

A-1

282,637.69

0.00

12.00%

12.04%

30/360

4.030000000%

0.00

A-2

292,833.33

0.00

12.00%

12.04%

30/360

5.020000000%

0.00

A-3

236,291.67

0.00

12.00%

12.04%

30/360

5.350000000%

0.00

A-4

2,553,733.66

0.00

12.00%

12.04%

30/360

5.567146605%

0.00

X-1

149,312.88

0.00

30/360

0.208057834%

0.00

X-Y

17,830.08

0.00

30/360

0.293317475%

0.00

135,128.57

0.00

8.63%

8.65%

30/360

5.567146605%

0.00

105,098.45

0.00

6.00%

6.02%

30/360

5.567146605%

0.00

31,324.48

0.00

5.22%

5.23%

30/360

5.567146605%

0.00

43,748.49

0.00

4.13%

4.14%

30/360

5.567146605%

0.00

25,024.32

0.00

3.50%

3.51%

30/360

5.567146605%

0.00

20,018.53

0.00

3.00%

3.01%

30/360

5.567146605%

0.00

25,024.32

0.00

2.38%

30/360

5.567146605%

0.00

20,018.53

0.00

1.88%

30/360

5.567146605%

0.00

10,006.95

0.00

1.63%

30/360

5.567146605%

0.00

10,011.59

0.00

1.38%

30/360

5.567146605%

0.00

10,006.95

0.00

1.13%

30/360

5.567146605%

0.00

10,011.59

0.00

0.88%

30/360

5.567146605%

0.00

35,035.42

0.00

0.00%

30/360

5.567146605%

0.00

30/360

0.000000000%

0.00

4,013,097.50

0.00

(2) Accrued - Deductions + Additions Interest

(3) Includes interest accrued on outstanding Interest Shortfalls and/or Loss Allocations. Where applicable.

Page 7 of 25

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

(4) Determined as follows: (A) the ending balance of all the classes less (B) the sum of (i) the ending balance of the class and (ii) the ending balance of all classes which are not subordinate to the class divided by (A).

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

ABN AMRO Acct: 721823.1

0.00%

16-Aug-04

0.00%

15-Jul-04

0.00%

15-Jun-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 8 of 25

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Amort

ABN AMRO Acct: 721823.1

Series 2004-IQ7

16-Aug-04

129

100.78%

860,292,145

99.68%

0.00%

117

338

5.66%

5.59%

15-Jul-04

129

100.78%

861,181,000

99.79%

0.00%

118

339

5.52%

5.46%

15-Jun-04

129

100.78%

862,140,971

99.90%

0.00%

119

339

5.66%

5.59%

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 9 of 25

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Delinquent Loan Detail

Disclosure

Control #

Paid

Thru
Date

Current P&I

Advance

Outstanding

P&I

Advances**

Out. Property

Protection

Advances

Loan

Status

Code (1)

Special

Servicer

Transfer Date

Foreclosure

Date

Bankruptcy

Date

REO

Date

Statement Date:

1-Jul-04

282,964.38

0.00

1-Jul-04

77,315.48

0.00

1-Jul-04

68,755.75

0.00

1-Jul-04

46,794.62

0.00

5-Jul-04

45,039.04

0.00

1-Jul-04

29,603.76

0.00

1-Jul-04

22,919.87

0.00

1-Jul-04

16,414.72

0.00

5-Jul-04

12,363.14

0.00

602,170.76

Total

Page 10 of 25

A. In Grace Period

1. Delinq. 1 month

2. Delinq. 2 months

3. Delinquent 3 + months

4. Performing Matured Balloon

** Outstanding P&I Advances include the current period P&I Advance

7. Foreclosure

9. REO

B. Late Payment but < 1 month delinq.

5. Non Performing Matured Balloon

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Historical Collateral Level Prepayment Report

Disclosure

Control #

Payoff
Period

Initial

Balance

Type

Payoff

Amount

Penalty

Amount

Prepayment

Date

Maturity

Date

Property

Type

Geographic

Location

Statement Date:

Cumulative

Current

Page 11 of 25

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

There are 128 loans in the Morgan Stanley IQ7 pool. However, Alamo Quarry (Loan #4) contains two notes and is therefore reported as two loans, 4 and 4A.

5.09015%

11-Feb-14

MOR4IQNN

Retail

0.00

61,000,000

267,374

5.49673%

1-Apr-14

MOR4IQNN

Office

0.00

60,000,000

283,998

5.79430%

1-Apr-14

MOR4IQNN

Retail

0.00

52,719,366

329,549

5.67000%

8-Jan-14

MOR4IQNN

Retail

0.00

20,236,319

117,898

5.27000%

1-May-13

MOR4IQNN

Multifamily

0.00

26,733,355

149,430

4.73000%

1-Mar-14

MOR4IQNN

Office

0.00

21,868,717

114,497

5.42000%

1-Mar-14

MOR4IQNN

Retail

0.00

21,745,404

123,012

5.59000%

1-Aug-13

MOR4IQNN

Industrial

0.00

19,915,620

125,629

5.33000%

1-Nov-18

MOR4IQNN

Office

0.00

17,937,355

100,987

28-May-04

5.34000%

1-Mar-14

MOR4IQNN

Other

6.42

15,954,757

81,591

28-May-04

5.18000%

1-Apr-24

MOR4IQNN

Other

9.09

15,848,532

107,832

6.08000%

1-Aug-13

MOR4IQNN

Office

0.00

15,809,238

110,909

4.56000%

10-Jan-09

MOR4IQNN

Mixed use

0.00

14,118,578

72,712

5.33000%

10-May-14

MOR4IQNN

Retail

0.00

13,800,000

61,295

5.56000%

1-Apr-14

MOR4IQNN

Mixed use

0.00

13,570,550

78,368

5.60000%

1-Jul-10

MOR4IQNN

Mixed use

0.00

12,439,511

78,749

5.42000%

1-Mar-14

MOR4IQNN

Retail

0.00

12,286,382

69,503

5.56000%

1-Apr-14

MOR4IQNN

Mixed use

0.00

12,068,131

69,692

4.69900%

9-Jul-10

MOR4IQNN

Retail

0.00

11,887,067

62,644

5.43000%

10-May-14

MOR4IQNN

Retail

0.00

11,100,000

50,228

28-May-04

5.66000%

1-May-14

MOR04IQA

Other

3.52

9,983,412

52,670

5.38000%

5-May-14

MOR4IQNN

Retail

0.00

9,952,204

60,694

7.05000%

1-Aug-09

MOR4IQNN

Retail

0.00

9,851,814

76,677

5.33000%

10-May-14

MOR4IQNN

Retail

0.00

9,750,000

43,306

5.58000%

1-Oct-13

MOR4IQNN

Industrial

0.00

8,500,000

40,843

Page 12 of 25

* NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such figures.

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month

2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

There are 128 loans in the Morgan Stanley IQ7 pool. However, Alamo Quarry (Loan #4) contains two notes and is therefore reported as two loans, 4 and 4A.

5.50000%

1-Jun-10

MOR4IQNN

Office

0.00

8,269,927

51,952

28-May-04

5.70000%

1-Apr-14

MOR4IQNN

Retail

1.68

7,968,571

46,432

5.36000%

1-Apr-14

MOR4IQNN

Retail

0.00

7,931,336

44,527

4.90000%

1-May-11

MOR4IQNN

Retail

0.00

7,873,031

41,927

5.58000%

1-Feb-14

MOR4IQNN

Retail

0.00

7,751,363

44,680

5.55000%

1-Apr-14

MOR4IQNN

Mixed use

0.00

7,519,361

43,105

5.50000%

1-Jan-14

MOR4IQNN

Retail

0.00

7,417,096

46,057

6.03000%

2-Apr-14

MOR4IQNN

Office

0.00

7,372,967

44,510

5.96000%

1-Jan-14

MOR4IQNN

Industrial

0.00

7,323,661

47,498

28-May-04

6.00000%

1-Feb-14

MOR04IQB

Other

2.59

6,978,645

38,515

4.75000%

1-Sep-13

MOR4IQNN

Retail

0.00

6,850,000

27,115

5.50000%

1-Apr-14

MOR4IQNN

Retail

0.00

6,700,000

31,732

6.03000%

1-Sep-13

MOR4IQNN

Retail

0.00

6,352,772

38,495

5.98000%

1-Mar-14

MOR4IQNN

Retail

0.00

6,257,111

40,514

6.59000%

1-Sep-13

MOR4IQNN

Office

0.00

6,242,609

40,194

28-May-04

5.78000%

1-Oct-13

MOR04IQC

Other

2.23

6,235,015

37,208

5.65000%

1-Apr-14

MOR4IQNN

Retail

0.00

6,114,216

38,319

5.93000%

1-May-14

MOR4IQNN

Industrial

0.00

5,983,734

35,703

28-May-04

5.33000%

1-Apr-14

MOR4IQNN

Other

2.80

5,973,364

33,707

5.36000%

1-Apr-14

MOR4IQNN

Retail

0.00

5,963,351

36,345

8.00000%

1-Nov-15

MOR4IQNN

Retail

0.00

3,555,238

40,149

7.12000%

1-Mar-17

MOR4IQNN

Retail

0.00

2,312,782

23,231

5.58000%

1-Apr-14

MOR4IQNN

Office

0.00

5,815,558

36,204

5.62000%

10-Jan-14

MOR4IQNN

Retail

0.00

5,545,054

32,147

28-May-04

5.30000%

1-Jan-14

MOR4IQNN

Other

10.99

5,487,545

33,664

Page 13 of 25

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month

2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

There are 128 loans in the Morgan Stanley IQ7 pool. However, Alamo Quarry (Loan #4) contains two notes and is therefore reported as two loans, 4 and 4A.

5.25000%

1-Apr-14

MOR4IQNN

Multifamily

0.00

5,476,207

30,371

5.71000%

5-Jan-19

MOR4IQNN

Retail

0.00

5,362,360

45,555

5.56000%

1-Oct-13

MOR4IQNN

Mixed use

0.00

5,196,105

30,007

6.10000%

1-Apr-14

MOR4IQNN

Retail

0.00

5,171,984

33,822

5.51000%

1-May-14

MOR4IQNN

Retail

0.00

5,077,662

31,349

4.66000%

1-Feb-11

MOR4IQNN

Retail

0.00

5,019,424

26,070

28-May-04

5.37000%

1-Mar-14

MOR4IQNN

Other

9.71

5,000,000

23,121

5.32000%

1-Sep-13

MOR4IQNN

Industrial

0.00

4,909,994

30,169

5.52000%

1-May-14

MOR4IQNN

Retail

0.00

4,735,851

27,030

5.48000%

1-Apr-14

MOR4IQNN

Mixed use

0.00

4,581,049

26,061

4.77000%

1-Oct-18

MOR4IQNN

Retail

0.00

4,325,282

35,049

28-May-04

5.88000%

1-Mar-19

MOR04IQD

Other

10.50

4,317,716

27,709

5.43000%

1-Mar-14

MOR4IQNN

Multifamily

0.00

4,277,898

24,226

5.89000%

1-Jan-14

MOR4IQNN

Office

0.00

4,171,745

24,885

28-May-04

5.56000%

1-Apr-14

MOR04IQE

Other

7.78

3,982,563

22,862

5.80000%

1-May-14

MOR4IQNN

Mixed use

0.00

3,889,103

22,883

28-May-04

6.00000%

1-Apr-14

MOR4IQNN

Industrial

1.51

3,810,933

22,933

5.99000%

1-Jan-14

MOR4IQNN

Retail

0.00

3,632,236

42,113

7.00000%

1-Jun-18

MOR4IQNN

Retail

0.00

3,621,163

34,113

5.83000%

5-Apr-14

MOR4IQNN

Retail

0.00

3,486,635

20,603

28-May-04

5.88000%

1-Feb-14

MOR04IQF

Other

11.14

3,488,973

18,966

28-May-04

5.68000%

1-Feb-14

MOR04IQG

Other

2.76

3,477,555

20,445

5.11000%

1-Nov-23

MOR4IQNN

Retail

0.00

3,423,031

23,312

28-May-04

5.42000%

1-May-14

MOR4IQNN

Other

3.06

3,189,285

18,009

5.06000%

1-Nov-23

MOR4IQNN

Retail

0.00

3,129,232

21,225

Page 14 of 25

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month

2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

There are 128 loans in the Morgan Stanley IQ7 pool. However, Alamo Quarry (Loan #4) contains two notes and is therefore reported as two loans, 4 and 4A.

28-May-04

5.45000%

1-Apr-14

MOR4IQNN

Other

9.07

2,986,988

17,082

28-May-04

5.36000%

1-Jan-14

MOR4IQNN

Other

7.54

2,987,591

15,340

6.02000%

1-May-14

MOR4IQNN

Retail

0.00

2,880,396

20,798

4.60000%

1-Apr-11

MOR4IQNN

Retail

0.00

2,839,632

14,610

28-May-04

5.23000%

1-Jan-14

MOR4IQNN

Other

6.56

2,613,758

13,188

28-May-04

5.70000%

1-Mar-14

MOR04IQH

Other

8.74

2,600,000

12,350

28-May-04

6.00000%

1-Apr-24

MOR04IQI

Other

4.45

2,577,684

18,752

28-May-04

6.14000%

1-Dec-23

MOR04IQJ

Other

2.96

2,554,923

18,838

5.64000%

1-Apr-14

MOR4IQNN

Industrial

0.00

2,489,264

14,415

28-May-04

5.89000%

1-Jan-14

MOR4IQNN

Multifamily

2.01

2,376,163

15,302

5.64000%

1-Mar-13

MOR4IQNN

Industrial

0.00

2,304,319

16,700

28-May-04

5.70000%

1-Mar-14

MOR04IQK

Other

3.28

2,194,402

11,768

5.98000%

5-Mar-14

MOR4IQNN

Retail

0.00

2,089,402

12,564

28-May-04

5.55000%

1-Jan-14

MOR04IQL

Other

9.15

2,091,552

10,903

28-May-04

5.32000%

1-Apr-14

MOR4IQNN

Other

18.94

2,000,000

8,867

28-May-04

6.35000%

1-Apr-24

MOR04IQM

Other

8.21

1,983,260

14,735

5.80000%

1-Nov-13

MOR4IQNN

Office

0.00

1,888,070

22,004

6.50000%

1-May-13

MOR4IQNN

Industrial

0.00

1,826,709

11,693

28-May-04

6.11000%

1-Dec-13

MOR04IQN

Other

4.23

1,743,054

9,763

28-May-04

5.58000%

1-Nov-13

MOR04IQO

Other

8.01

1,740,978

9,121

28-May-04

5.50000%

1-Mar-14

MOR4IQNN

Other

6.42

1,695,412

8,857

28-May-04

5.60000%

1-Mar-14

MOR04IQP

Other

7.60

1,591,682

9,264

28-May-04

5.98000%

1-Nov-13

MOR04IQQ

Other

3.81

1,592,583

8,781

28-May-04

5.56000%

1-May-14

MOR04IQR

Other

63.97

1,497,671

7,877

28-May-04

5.26000%

1-Apr-14

MOR4IQNN

Other

44.52

1,500,000

6,575

100

Page 15 of 25

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month

2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

There are 128 loans in the Morgan Stanley IQ7 pool. However, Alamo Quarry (Loan #4) contains two notes and is therefore reported as two loans, 4 and 4A.

28-May-04

5.46000%

1-Mar-14

MOR4IQNN

Other

8.17

1,495,606

7,696

101

28-May-04

5.74000%

1-Feb-14

MOR04IQS

Other

5.33

1,346,739

7,065

102

28-May-04

5.81000%

1-Apr-14

MOR04IQT

Other

2.39

1,297,231

6,981

103

28-May-04

5.47000%

1-Mar-14

MOR4IQNN

Other

9.88

1,296,460

6,746

104

28-May-04

5.41000%

1-Apr-14

MOR4IQNN

Other

17.29

997,727

5,148

105

28-May-04

5.38000%

1-Apr-14

MOR4IQNN

Other

9.59

997,708

5,127

106

28-May-04

6.15000%

1-Mar-19

MOR04IQU

Other

12.05

947,687

5,327

107

28-May-04

5.93000%

1-Feb-14

MOR04IQV

Other

13.70

941,582

6,080

108

28-May-04

5.65000%

1-Dec-13

MOR04IQW

Other

5.54

896,140

4,783

109

28-May-04

6.06000%

1-Mar-19

MOR04IQX

Other

6.26

798,004

4,435

110

28-May-04

6.15000%

1-Mar-19

MOR04IQY

Other

11.72

786,281

6,816

111

28-May-04

5.56000%

1-Jan-14

MOR04IQZ

Other

6.64

764,178

4,439

112

28-May-04

5.56000%

1-Feb-14

MOR4IQAA

Other

16.42

745,073

4,287

113

28-May-04

5.74000%

1-Apr-14

MOR4IQBB

Other

10.43

698,481

3,725

114

28-May-04

6.26000%

1-Jan-19

MOR4IQCC

Other

17.66

598,004

3,411

115

8.87500%

1-Jan-09

MOR4IQNN

Retail

0.00

561,962

12,932

116

28-May-04

5.92000%

1-Apr-14

MOR4IQDD

Other

25.82

498,022

2,998

117

28-May-04

5.34000%

1-Feb-14

MOR4IQNN

Other

47.32

496,586

2,812

118

28-May-04

5.45000%

1-Feb-14

MOR4IQNN

Other

5.36

448,406

2,329

119

28-May-04

6.21000%

1-Jan-14

MOR4IQEE

Other

4.93

337,689

2,085

120

28-May-04

6.48000%

1-Feb-14

MOR4IQFF

Other

7.98

298,344

1,892

121

28-May-04

6.02000%

1-Jan-14

MOR4IQGG

Other

12.44

295,445

2,167

122

28-May-04

6.87000%

1-Dec-23

MOR4IQHH

Other

4.65

201,800

1,585

123

28-May-04

7.04000%

1-Jan-19

MOR4IQII

Other

8.19

185,744

1,712

124

28-May-04

6.68000%

1-Apr-24

MOR4IQJJ

Other

9.46

173,592

1,323

125

Page 16 of 25

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month

2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

There are 128 loans in the Morgan Stanley IQ7 pool. However, Alamo Quarry (Loan #4) contains two notes and is therefore reported as two loans, 4 and 4A.

28-May-04

6.43000%

1-Dec-13

MOR4IQKK

Other

5.52

166,557

1,989

126

28-May-04

6.82000%

1-Jan-14

MOR4IQLL

Other

9.86

147,123

976

127

28-May-04

7.04000%

1-Jan-19

MOR4IQMM

Other

7.91

122,200

1,126

128

5.67000%

8-Jan-14

MOR4IQNN

Retail

0.00

19,481,677

113,502

4 A

860,292,145

4,948,547

Page 17 of 25

(1) Legend:

A. In Grace Period

B. Late Payment but < 1 month delinq

1. Delinquent 1 month

2. Delinquent 2 months

3. Delinquent 3+ months

4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Morgan Stanley Capital I Inc.,

Mortgage Loan Characteristics

ABN AMRO Acct: 721823.1

Series 2004-IQ7

Commercial Mortgage Pass-Through Certificates

30-Jul-04

15-Sep-04

15-Jul-04

16-Aug-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Distribution of Mortgage Interest Rates

Distribution of Principal Balances

Distribution of Remaining Term (Balloon)

Distribution of Remaining Term (Fully Amortizing)

Page 18 of 25

Current Scheduled

Balance

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

997,016

0.12

177

6.81

7.46

0 to

250,000

2,374,492

0.28

114

5.83

19.58

250,000 to

500,000

2,603,520

0.30

115

6.49

11.55

500,000 to

750,000

7,129,306

0.83

136

5.77

10.57

750,000 to

1,000,000

8,433,708

0.98

116

5.54

23.46

1,000,000 to

1,500,000

16,061,747

1.87

127

5.86

6.51

1,500,000 to

2,000,000

15,857,885

1.84

118

5.94

1.96

2,000,000 to

2,500,000

22,040,972

2.56

138

5.55

4.92

2,500,000 to

3,000,000

20,194,711

2.35

153

5.51

2.88

3,000,000 to

3,500,000

22,491,236

2.61

127

6.36

1.63

3,500,000 to

4,000,000

17,092,641

1.99

144

5.49

2.65

4,000,000 to

4,500,000

19,226,895

2.23

114

5.42

2.53

4,500,000 to

5,000,000

66,072,349

7.68

117

5.50

1.17

5,000,000 to

6,000,000

51,730,367

6.01

112

5.77

0.62

6,000,000 to

7,000,000

77,927,311

9.06

106

5.56

0.17

7,000,000 to

9,000,000

39,537,430

4.60

103

5.85

0.89

9,000,000 to 11,000,000

59,781,091

6.95

5.34

0.00

11,000,000 to 13,000,000

89,101,655

10.36

126

5.35

2.77

13,000,000 to 17,000,000

77,570,969

9.02

125

5.57

0.00

17,000,000 to 21,000,000

244,066,842

28.37

114

5.36

0.00

21,000,000 &

Above

61,000,000

122,200

860,292,145

129

100.00

Average Schedule Balance
Maximum Schedule Balance
Minimum Schedule Balance

6,668,931

Current Mortgage

Interest Rate

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

0.00

0.000%

0.300%

0.00

4.001%

4.300%

16,958,210

1.97

4.57

0.00

4.301%

4.600%

57,823,521

6.72

102

4.75

0.00

4.601%

4.900%

83,400,795

9.69

146

5.11

1.73

4.901%

5.200%

293,952,752

34.17

117

5.40

1.69

5.201%

5.500%

270,433,471

31.44

113

5.66

1.15

5.501%

5.800%

99,504,862

11.57

120

5.99

1.69

5.801%

6.100%

8,950,897

1.04

190

6.19

7.16

6.101%

6.400%

8,707,810

1.01

111

6.57

0.57

6.401%

6.700%

3,970,087

0.46

167

6.99

0.60

6.701%

7.000%

12,472,540

1.45

7.06

0.20

7.001%

7.300%

0.00

7.301%

7.600%

0.00

7.601%

7.900%

4,117,200

0.48

123

8.12

0.00

7.901%

Above

129

860,292,145

Minimum Mortgage Interest Rate
Maximum Mortgage Interest Rate

100.00

4.560%
8.875%

Fully Amortizing

Mortgage Loans

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

0.00

120

0.00

121

180

0.00

181

240

0.00

241

Above

0.00

Balloon

Mortgage Loans

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

0.00

24,532,355

2.85

5.66

0.00

105

760,997,922

88.46

111

5.50

1.22

120

44,869,815

5.22

167

5.88

1.87

121

180

29,892,053

3.47

235

5.41

6.09

181

240

0.00

241

& Above

236

129

860,292,145

Minimum Remaining Term
Maximum Remaining Term

100.00

Morgan Stanley Capital I Inc.,

Mortgage Loan Characteristics

ABN AMRO Acct: 721823.1

Series 2004-IQ7

Commercial Mortgage Pass-Through Certificates

30-Jul-04

15-Sep-04

15-Jul-04

16-Aug-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Geographic Distribution

Distribution of DSCR (PFY)

Distribution of DSCR (Cutoff)

Page 19 of 25

Debt Service

Coverage Ratio

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

0.00

Less than zero

0.00

0.001 0.750

0.00

0.751 0.875

0.00

0.876 1.000

0.00

1.001 1.125

0.00

1.126 1.250

0.00

1.251 1.375

0.00

1.376 1.500

3,810,933

0.44

116

6.00

1.51

1.501 1.625

7,968,571

0.93

116

5.70

1.68

1.626 1.750

0.00

1.751 1.875

0.00

1.876 2.000

2,376,163

0.28

113

5.89

2.01

2.001 2.125

6,235,015

0.72

110

5.78

2.23

2.126 2.250

0.00

2.251 & Above

125

839,901,462

97.63

117

5.52

0.00

Unknown

63.970

1.510

129

860,292,145

100.00

Minimum DSCR

Maximum DSCR

Debt Service

Coverage Ratio

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

0.00

Less than zero

0.00

0.001 0.750

0.00

0.751 0.875

0.00

0.876 1.000

12,439,511

1.45

5.60

0.00

1.001 1.125

29,136,299

3.39

119

5.89

0.00

1.126 1.250

116,294,871

13.52

108

5.58

0.00

1.251 1.375

113,667,746

13.21

120

5.83

0.21

1.376 1.500

52,695,151

6.13

116

5.55

0.00

1.501 1.625

122,648,380

14.26

114

5.61

0.00

1.626 1.750

39,295,628

4.57

102

5.24

0.00

1.751 1.875

44,841,162

5.21

110

5.34

0.00

1.876 2.000

23,300,000

2.71

114

5.21

0.00

2.001 2.125

77,187,219

8.97

114

5.18

0.18

2.126 2.250

0.00

2.251 & Above

228,786,177

26.59

129

5.47

0.00

Unknown

63.970

1.060

129

860,292,145 100.00

Minimum DSCR

Maximum DSCR

Geographic

Location

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

New York

309,369,322

35.96

125

5.51

3.75

California

134,179,590

15.60

113

5.43

0.04

Pennsylvania

58,446,716

6.79

122

5.75

0.00

Florida

45,871,358

5.33

4.98

0.00

Texas

44,889,980

5.22

113

5.72

0.00

Georgia

26,337,791

3.06

5.74

0.00

Maryland

24,572,978

2.86

101

6.31

0.00

New Jersey

21,762,427

2.53

102

5.29

0.33

Nebraska

20,776,986

2.42

159

5.23

0.00

Virginia

19,950,807

2.32

123

6.26

0.67

Delaware

18,709,994

2.17

115

5.33

0.00

Illinois

17,185,276

2.00

114

5.65

0.00

Kentucky

14,075,282

1.64

133

5.16

0.00

Ohio

13,550,000

1.58

112

5.12

0.00

Arizona

13,294,750

1.55

112

6.25

0.00

Idaho

11,887,067

1.38

4.70

0.00

Indiana

11,563,571

1.34

115

5.56

0.00

South Carolina

9,952,204

1.16

117

5.38

0.00

Washington

8,269,927

0.96

5.50

0.00

Nevada

7,519,361

0.87

116

5.55

0.00

Minnesota

6,257,111

0.73

115

5.98

0.00

Massachusetts

5,815,558

0.68

116

5.58

0.00

Wisconsin

5,362,360

0.62

173

5.71

0.00

Connecticut

3,889,103

0.45

117

5.80

0.00

Missouri

3,129,232

0.36

231

5.06

0.00

Alaska

2,376,163

0.28

113

5.89

2.01

Michigan

1,297,231

0.15

116

5.81

2.39

100.00

860,292,145

129

Morgan Stanley Capital I Inc.,

Mortgage Loan Characteristics

ABN AMRO Acct: 721823.1

Series 2004-IQ7

Commercial Mortgage Pass-Through Certificates

30-Jul-04

15-Sep-04

15-Jul-04

16-Aug-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Distribution of Loan Seasoning

Distribution of Property Types

Distribution of Year Loans Maturing

Distribution of Amortization Type

Page 20 of 25

Property Types

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

Retail

397,758,405

46.24

115

5.52

0.03

Office

149,376,184

17.36

119

5.52

0.00

Other

143,847,309

16.72

137

5.58

8.14

Mixed use

73,382,388

8.53

5.38

0.00

Industrial

57,064,234

6.63

111

5.71

0.10

Multifamily

38,863,624

4.52

108

5.32

0.12

860,292,145

129

100.00

Amortization Type

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

AmortizingBalloon

129

860,292,145

100.00

117

5.52

1.39

860,292,145

129

100.00

Number of Months

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

120

815,548,720

94.80

119

1.46

5.48

27,153,247

3.16

0.00

5.76

0.00

9,851,814

1.15

0.00

7.05

0.00

3,621,163

0.42

166

0.00

7.00

3,555,238

0.41

134

0.00

8.00

0.00

108

0.00

109

120

561,962

0.07

0.00

8.88

121

129

860,292,145

100.00

Year

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

0.00

2004

0.00

2005

0.00

2006

0.00

2007

0.00

2008

24,532,355

2.85

5.66

0.00

2009

32,596,504

3.79

5.25

0.00

2010

15,732,087

1.83

4.77

0.00

2011

0.00

2012

118,903,117

13.82

108

5.64

0.40

2013

593,766,214

69.02

115

5.51

1.48

2014

74,761,868

8.69

194

5.69

3.56

2015 & Greater

100.00

860,292,145

129

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Specially Serviced (Part I) ~ Loan Detail (End of Period)

Disclosure

Control #

Servicing

Xfer Date

Balance

Note

Rate

Maturity

Date

Remaining

Property

Type

Geo.

Location

NOI

DSCR

NOI
Date

Schedule

Actual

Life

Statement Date:

Loan

Status

Code(1)

Not Available

Not Avail

Not Avail Not Avail

Page 21 of 25

(1) Legend:

A. P&I Adv - in Grace Period

B. P&I Adv - < one month delinq

1. P&I Adv - delinquent 1 month

2. P&I Adv - delinquent 2 months

3. P&I Adv - delinquent 3+ months

4. Mat. Balloon/Assumed P&I

7. Foreclosure

9. REO

5. Non Performing Mat. Balloon

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Specially Serviced Loan Detail (Part II) ~ Servicer Comments (End of Period)

Disclosure

Control #

Resolution

Strategy

Comments

Statement Date:

Page 22 of 25

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Modified Loan Detail

Disclosure

Control #

Modification

Date

Cutoff

Maturity

Date

Modification

Description

Modified

Maturity

Date

Statement Date:

Not Avail.

Page 23 of 25

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Not Avail.

Current Total
Cumulative

Page 24 of 25

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Morgan Stanley Capital I Inc.,

Payment Date:
Prior Payment:
Next Payment:
Record Date:

16-Aug-04
16-Aug-04

15-Jul-04

15-Sep-04

30-Jul-04

Commercial Mortgage Pass-Through Certificates

Series 2004-IQ7

ABN AMRO Acct: 721823.1

Appraisal Reduction Detail

Disclosure

Control#

Appraisal

Red. Date

Scheduled

Balance

ASER

Note

Rate

Maturity

Date

Property

Type

Geographic

Location

Appraisal

Value Date

DSCR

Statement Date:

Remaining Term

Life

ARA

Amount

Current P&I

Advance

Page 25 of 25

Filing Compare · Morgan Stanley Capital I Trust 2004 IQ7