CMBS rating actions review for the week ending July 17th: CMBS Commentary

Research evidence excerpt

CMBS rating actions review for the week ending July 17th: CMBS Commentary

Exhibit 3: Common Terminology – Commercial Mortgage Backed Securities (CMBS)

.

Acronyms Description Acronyms Description

Commercial Mortgage Backed Commercial Mortgage Backed

Securities Securities

ACLI American Council of Life Insurers SH Student Housing

ADR Average Daily Rate SH Senior Housing

Senior Loan Officer Opinion Survey on Bank Lending

ARA Appraisal Reduction Amount SLOOS Practices

ARD Anticipated Repayment Date SPE Special purpose entity

ASERs Appraisal Subordinate Entitlement Reductions SS Special Servicing

BP Basis points SS (Property Type) Self-storage

Cap Rate Capitalization rate TI Tenant Improvements

CapEx Capital Expenditure TIC Tenant-In-Common

CBD Central Business District UW Underwriting/Underwritten

CMBS Commercial mortgage backed security WAM Weighted average maturity

CPY Constant Prepayment Yield WL Watchlist

CRE Commercial real estate YM Yield maintenance

Def Defeasance

DSCR Debt service coverage ratio

Fannie Mae delegated underwriting and

DUS servicing

DY Debt yield

ERV Estimated Rental Value

Fannie Mae GeMs Fannie Mae Guaranteed Multifamily Structures

Freddie Mac Small Balance Mortgage

FRESB Transactions

Freddie K Freddie Mac K deals

FT IO Full term interest only loan

GLA Gross Leasing Area

GSA Green Street Advisors

HT Hotel

IN Industrial

L/O Lockout

LC Leasing Commissions

MCAS Multifamily Connecticut Avenue Securities

Mezz Mezzanine tranche

MF Multifamily

MH Manufactured Housing

MR Most Recent

MX Mixed Use

MU Mixed Use

NAV Net Asset Value

NCF Net cash flow

National Council of Real Estate Investment

NCREIF Fiduciaries

NOI Net operating income

OF Office

OMV Open Market Valuation

PL CMBS Private Label CMBS

PT IO Partial term interest only loan

RCA Real Capital Analytics