| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 44 |
I-40 West Amarillo Self Storage Portfolio |
SS |
$8,640,087 |
1,286 |
74.5 |
4.974000 % |
| | 6015 Plains Boulevard, Amarillo TX 79106 |
| | 2501 Britain Drive, Amarillo TX 79109 |
| | 6101 Lawrence Boulevard, Amarillo TX 79106 | | 0.6% | 72% | 1.56x (UW) | Bank of America |
|  |
| 73 |
Fullerton Self Storage |
SS |
$4,510,803 |
671 |
71.6 |
5.778000 % |
| | 7989 Rossville Boulevard, Baltimore MD 21236 | | 0.3% | 75% | 1.69x (UW) | Bank of America |
|  |
| 98 |
AAAA Self Storage Facility |
SS |
$3,011,784 |
457 |
77.2 |
5.240000 % |
| | 7533 Sewells Point Road, Norfolk VA 23513 | | 0.2% | 73% | 1.21x (UW) | Bank of America |
|  |
| 1E - DSCR < 1.10, 1F - DSCR < 1.40 and <= 75% U/W DSCR, and 4A- Occ < 80% U/W Occ. The loan is secured by a 457 unit self storage facility in Norfolk, VA buil tin 1984. The property was inspected on 10/28/08; rated in Good condition; however, deferred maintenance items were noted. DM items include ceiling damage to office building and exterior side damage on apartment building. Q1-2009 NCF DSCR is 1.05 with an occ of 70%; YE 2008 NCF DSCR was 1.21 with an occupancy of 73%. March 2009 occ has dropped 4% from YE 2008 & YE 2008 occupancy had dropped 17% from YE 2007. Occupancy at the property began decline from historical levels of low ninety percentile to current level of low seventy percentile during Q2-2008. Per Bwr, the decline in occupancy and NCF is a result of a number of factors. In 2007 & 2008, there was an addtl storage supply of 226,000 sf that entered the mkt. The age and condition of the units can be discouraging to new renters combined with maint & repair issues that need to be completed, such as roof leak repairs and inadequate lighting on the property. Bwr further stated that AAAA as a whole has experienced a drop of 9% companywide in stabilized facilities alone which is contributed to the U.S. economy. Per Bwr, current asking rates are considerable lower than the competitors so that the property appeals to the demographics in the mkt. Per Bwr, standard concessions include 10% Military, Senior & Student for 6 months, buy 6 months, receive the 7th month free, & buy 12 months, receive the 13th month free. Property is adv/mkt in yellow pages, military guide, flyers/guide, craigslist, AAAA website, and site banners. Per Bwr, the property compares slightly below competing facilities due to age of property and RM items that need to be addressed. Bank of America will continue to monitor the loan.
|
| 110 |
Virginia Center Self Storage |
SS |
$2,338,806 |
343 |
73.1 |
5.442000 % |
| | 10361 Kings Acres Road, Ashland VA 23005 | | 0.2% | 72% | 1.20x (UW) | Bank of America |
|  |
| 4A - Occ < 80% U/W Occ. The loan is secured by a 343 unit self storage facility in Ashland, VA built in 1986. The property was inspected on 08/18/08; rated in Good condition. The Q1-2009 NCF DSCR is 1.15 with an occupancy of 67%. The loan was U/W with an occupancy of 84%. Since loan inception, occupancy has not been at levels anticipated at U/W. Historical occupancy has ranged from mid 70 percentile to high 60 percentile range. The March 2009 occupancy has dropped 7% from Jan 2009. Per Bwr, the decline in occ is due to increased competition in the market area. Per Bwr, in 2008, a new 60,000 sf. SS facility opened about 1 mile from the property; and, another 50-60m sf facility is under construction about ½ mile from the property. Per Bwr, the local market will be over supplied when this facility opens in about 3 months. Asking rates range from $47-$208 depending on unit size. Property is marketed through yellow pages, internet, segway marketing with coupons, and customer referrals. Borrower stated that concessions are not offered; however, they will match any competitor deal. Occupancy as of July 2009 is 66.76%. Bank of America will continue to monitor the loan.
|
| 126 |
Tyler Street Self Storage |
SS |
$1,133,049 |
523 |
70.8 |
5.673000 % |
| | 3636 South Tyler Street, Dallas TX 75224 | | 0.1% | 76% | 1.08x (UW) | Bridger |
|  |
| 1E - DSCR < 1.10 and 1F - DSCR < 1.40 and <= 75% U/W DSCR & 4B- EGI < 80% U/W EGI. The loan is secured by a 523 unit self-storage facility in Dallas, TX. The decline in NCF is a result of an EGI decline. 2008 EGI has declined 46% from YE 2007. Occupancy at the property as of YE 2008 does show a 3% improvement from YE 2007; however, average occupancy at the property during 2008 was in the mid 60 percentile which accounts for the lower base rents. 2008 NCF does show a significant improvement from 2007 due to Borrower being able to significantly reduce operating expenses in 2008 by approximately 54%. Advertising and marketing efforts include coupons, advertising in newspaper and yellow pages, and flyers. Bank of America will contact the primary servicer for further property performance updates.
|
| 127 |
Addison Lockers |
SS |
$991,777 |
282 |
58.3 |
5.809000 % |
| | 4485 Glenn Curtiss Drive, Addison TX 75001 | | 0.1% | 72% | 1.36x (UW) | Bridger |
|  |