8-K 1 bsc04pr4_10501.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: January 11, 2005 (Date of earliest event reported) Commission File No.: 333-86366-07 Bear Stearns Commercial Mortgage Securities Inc. Commercial Mortgage Pass-Through Certificates Series 2004-PWR4 (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) (State of Incorporation) 54-2155104 54-2155105 54-2155106 54-6621648 54-6621649 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) (410) 884-2000 Registrant's Full Telephone Number (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On January 11, 2005, a distribution was made to holders of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-PWR4. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-PWR4, relating to the January 11, 2005 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Bear Stearns Commercial Mortgage Securities Inc. Commercial Mortgage Pass-Through Certificates Series 2004-PWR4 (Registrant) By: Wells Fargo Bank, N.A. as Certificate Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: January 11, 2005 INDEX TO EXHIBITS Exhibit Number Description (EX-99.1) Monthly report distributed to holders of Commercial Mortgage Pass-Through Certificates, Series 2004-PWR4, relating to the January 11, 2005 distribution. Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Bear Stearns Commercial Mortgage Securities Inc. Commercial Mortgage Pass-Through Certificates Series 2004-PWR4 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: January 11, 2005 Record Date: December 31, 2004 DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Certificate Distribution Detail 2 Certificate Factor Detail 3 Reconciliation Detail 4 Other Required Information 5 Cash Reconciliation 6 Ratings Detail 7 Current Mortgage Loan and Property Stratification Tables 8 - 10 Mortgage Loan Detail 11 - 13 Principal Prepayment Detail 14 Historical Detail 15 Delinquency Loan Detail 16 Specially Serviced Loan Detail 17 - 18 Modified Loan Detail 19 Liquidated Loan Detail 20 Defeased Loan Detail 21 Depositor Bear Stearns Commercial Mortgage Securities Inc. 383 Madison Avenue New York, NY 10179 Contact: General Information Number Phone Number: (212) 272-2000 Master Servicer Wells Fargo Bank, N.A. 45 Fremont Street, 2nd Floor investorreporting@wellsfargo.com San Francisco, CA 94105 Contact: Matilde Sanchez Phone Number: (415) 222-2364 Master Servicer Prudential Asset Resources, Inc. 2200 Ross Avenue, Suite 4900E Dallas, TX 75201 Contact: Hal Collett Phone Number: (214) 721-6032 General Special Servicer ARCap Servicing, Inc. 5605 N. MacArthur Blvd. Irving, TX 75038 Contact: Chris Crouch Phone Number: (972) 580-1688 Ext 333 This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 2005, Wells Fargo Bank, N.A.

Certificate Distribution Detail Class CUSIP Pass-Through Original Beginning Principal Interest Rate Balance Balance Distribution Distribution A1 07383FE87 4.361000% 107,000,000.00 ~~103~~102,~~490~~724,~~459~~833.1471 ~~765~~680,~~625~~277.4364 ~~376~~373,~~101~~319.5817 A2 07383FE95 5.286000% 106,000,000.00 106,000,000.00 0.00 466,930.00 A3 07383FF78 5.468000% 630,914,000.00 630,914,000.00 0.00 2,874,864.79 B 07383FF29 5.~~492379~~492232% 19,098,000.00 19,098,000.00 0.00 87,~~411~~408.2188 C 07383FF37 5.~~492379~~492232% 8,356,000.00 8,356,000.00 0.00 38,~~245~~244.2625 D 07383FF45 5.~~492379~~492232% 14,324,000.00 14,324,000.00 0.00 65,~~560~~558.7095 E 07383FF52 5.~~492379~~492232% 9,549,000.00 9,549,000.00 0.00 43,~~705~~704.6044 F 07383FF86 5.~~492379~~492232% 9,549,000.00 9,549,000.00 0.00 43,~~705~~704.6044 G 07383FF94 5.~~492379~~492232% 8,356,000.00 8,356,000.00 0.00 38,~~245~~244.2625 H 07383FG28 5.~~492379~~492232% 10,743,000.00 10,743,000.00 0.00 49,~~170~~169.5221 J 07383FG36 5.~~492379~~492232% 3,581,000.00 3,581,000.00 0.00 16,~~390~~389.1774 K 07383FG44 5.~~492379~~492232% 4,774,000.00 4,774,000.00 0.00 21,~~850~~849.5193 L 07383FG51 5.~~492379~~492232% 4,775,000.00 4,775,000.00 0.00 21,~~855~~854.0951 M 07383FG69 5.~~492379~~492232% 2,387,000.00 2,387,000.00 0.00 10,~~925~~924.2697 N 07383FG77 5.~~492379~~492232% 2,388,000.00 2,388,000.00 0.00 10,929.8354 P 07383FG85 5.~~492379~~492232% 2,387,000.00 2,387,000.00 0.00 10,~~925~~924.2697 Q 07383FG93 5.~~492379~~492232% 10,743,323.39 10,743,323.39 0.00 49,~~172~~170.0069 R-I N/A 0.000000% 0.00 0.00 0.00 0.00 R-II N/A 0.000000% 0.00 0.00 0.00 0.00 R-III N/A 0.000000% 0.00 0.00 0.00 0.00 V N/A 0.000000% 0.00 0.00 0.00 0.00 Totals 954,924,323.39 ~~951~~950,~~414~~649,~~782~~157.5310 ~~765~~680,~~625~~277.4364 4,~~225~~223,~~988~~192.6473

Class CUSIP Prepayment Realized Loss/ Total Ending Current Penalties Additional Trust Distribution Balance Subordination Fund Expenses Level (1) A1 07383FE87 0.00 0.00 1,~~141~~053,~~727~~596.0181 102,~~724~~044,~~833~~556.7107 11.6869% A2 07383FE95 0.00 0.00 466,930.00 106,000,000.00 11.6869% A3 07383FF78 0.00 0.00 2,874,864.79 630,914,000.00 11.6869% B 07383FF29 0.00 0.00 87,~~411~~408.2188 19,098,000.00 9.6768% C 07383FF37 0.00 0.00 38,~~245~~244.2625 8,356,000.00 8.7980% D 07383FF45 0.00 0.00 65,~~560~~558.7095 14,324,000.00 7.2829% E 07383FF52 0.00 0.00 43,~~705~~704.6044 9,549,000.00 6.28% F 07383FF86 0.00 0.00 43,~~705~~704.6044 9,549,000.00 5.2728% G 07383FF94 0.00 0.00 38,~~245~~244.2625 8,356,000.00 4.3940% H 07383FG28 0.00 0.00 49,~~170~~169.5221 10,743,000.00 3.2627% J 07383FG36 0.00 0.00 16,~~390~~389.1774 3,581,000.00 2.89% K 07383FG44 0.00 0.00 21,~~850~~849.5193 4,774,000.00 2.39% L 07383FG51 0.00 0.00 21,~~855~~854.0951 4,775,000.00 1.88% M 07383FG69 0.00 0.00 10,~~925~~924.2697 2,387,000.00 1.63% N 07383FG77 0.00 0.00 10,929.8354 2,388,000.00 1.38% P 07383FG85 0.00 0.00 10,~~925~~924.2697 2,387,000.00 1.13% Q 07383FG93 0.00 0.00 49,~~172~~170.0069 10,743,323.39 0.00% R-I N/A 0.00 0.00 0.00 0.00 0.00% R-II N/A 0.00 0.00 0.00 0.00 0.00% R-III N/A 0.00 0.00 0.00 0.00 0.00% V N/A 0.00 0.00 0.00 0.00 0.00% Totals 0.00 0.00 4,~~991~~903,~~614~~470.0737 ~~950~~949,~~649~~968,~~157~~879.1046

Class CUSIP Pass-Through Original Beginning Interest Rate Notional Notional Distribution Amount Amount X 07383FF60 0.~~162226~~161316% 954,924,323.39 ~~951~~950,~~414~~649,~~782~~157.5310 ~~128~~127,~~620~~795.0278

Class CUSIP Prepayment Total Ending Penalties Distribution Notional Amount X 07383FF60 0.00 ~~128~~127,~~620~~795.0278 ~~950~~949,~~649~~968,~~157~~879.1046 (1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

Certificate Factor Detail Class CUSIP Beginning Principal Interest Prepayment Realized Loss/ Ending Balance Distribution Distribution Penalties Additional Balance Trust Fund Expenses A1 07383FE87 ~~967~~960.~~20055271~~04517486 76.~~15537785~~35773495 3.~~51496804~~48896421 0.00000000 0.00000000 ~~960~~953.~~04517486~~68743991 A2 07383FE95 1,000.00000000 0.00000000 4.40500000 0.00000000 0.00000000 1,000.00000000 A3 07383FF78 1,000.00000000 0.00000000 4.55666666 0.00000000 0.00000000 1,000.00000000 B 07383FF29 1,000.00000000 0.00000000 4.~~57698241~~57686040 0.00000000 0.00000000 1,000.00000000 C 07383FF37 1,000.00000000 0.00000000 4.~~57698181~~57686094 0.00000000 0.00000000 1,000.00000000 D 07383FF45 1,000.00000000 0.00000000 4.~~57698269~~57686051 0.00000000 0.00000000 1,000.00000000 E 07383FF52 1,000.00000000 0.00000000 4.~~57698188~~57686040 0.00000000 0.00000000 1,000.00000000 F 07383FF86 1,000.00000000 0.00000000 4.~~57698188~~57686040 0.00000000 0.00000000 1,000.00000000 G 07383FF94 1,000.00000000 0.00000000 4.~~57698181~~57686094 0.00000000 0.00000000 1,000.00000000 H 07383FG28 1,000.00000000 0.00000000 4.~~57698222~~57686028 0.00000000 0.00000000 1,000.00000000 J 07383FG36 1,000.00000000 0.00000000 4.~~57698129~~57686121 0.00000000 0.00000000 1,000.00000000 K 07383FG44 1,000.00000000 0.00000000 4.~~57698157~~57686008 0.00000000 0.00000000 1,000.00000000 L 07383FG51 1,000.00000000 0.00000000 4.~~57698220~~57686073 0.00000000 0.00000000 1,000.00000000 M 07383FG69 1,000.00000000 0.00000000 4.~~57698366~~57686217 0.00000000 0.00000000 1,000.00000000 N 07383FG77 1,000.00000000 0.00000000 4.~~57698074~~57685930 0.00000000 0.00000000 1,000.00000000 P 07383FG85 1,000.00000000 0.00000000 4.~~57698366~~57686217 0.00000000 0.00000000 1,000.00000000 Q 07383FG93 1,000.00000000 0.00000000 4.~~57698221~~57686027 0.00000000 0.00000000 1,000.00000000 R-I N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 V N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000

Class CUSIP Beginning Interest Prepayment Ending Notional Distribution Penalties Notional Amount Amount X 07383FF60 ~~996~~995.~~32479687~~52303132 0.~~13469132~~13382818 0.00000000 ~~995~~994.~~52303132~~81064226

Reconciliation Detail Advance Summary P & I Advances Outstanding ~~501767~~1,413,856.9014 Servicing Advances Outstanding 0.00 Reimbursement for Interest on Advances 0.00 paid from general collections

Master Servicing Fee Breakdowns Current Period Accrued Master Servicing Fees 3031,~~699~~573.8310 Less Delinquent Master Servicing Fees 29,~~830~~740.8925 Less Reductions to Master Servicing Fees 0.00 Plus Master Servicing Fees for Delinquent Payments Received 2,~~364~~830.7589 Plus Adjustments for Prior Master Servicing Calculation 0.00 Total Master Servicing Fees Collected 3024,~~233~~663.6974

Certificate Interest Reconciliation Class Accrued Net Aggregate Distributable Distributable Certificate Prepayment Certificate Certificate Interest Interest Interest Interest Shortfall Adjustment A1 ~~376~~373,~~101~~319.5817 0.00 ~~376~~373,~~101~~319.5817 0.00 A2 466,930.00 0.00 466,930.00 0.00 A3 2,874,864.79 0.00 2,874,864.79 0.00 X ~~128~~127,~~620~~795.0278 0.00 ~~128~~127,~~620~~795.0278 0.00 B 87,~~411~~408.2188 0.00 87,~~411~~408.2188 0.00 C 38,~~245~~244.2625 0.00 38,~~245~~244.2625 0.00 D 65,~~560~~558.7095 0.00 65,~~560~~558.7095 0.00 E 43,~~705~~704.6044 0.00 43,~~705~~704.6044 0.00 F 43,~~705~~704.6044 0.00 43,~~705~~704.6044 0.00 G 38,~~245~~244.2625 0.00 38,~~245~~244.2625 0.00 H 49,~~170~~169.5221 0.00 49,~~170~~169.5221 0.00 J 16,~~390~~389.1774 0.00 16,~~390~~389.1774 0.00 K 21,~~850~~849.5193 0.00 21,~~850~~849.5193 0.00 L 21,~~855~~854.0951 0.00 21,~~855~~854.0951 0.00 M 10,~~925~~924.2697 0.00 10,~~925~~924.2697 0.00 N 10,929.8354 0.00 10,929.8354 0.00 P 10,~~925~~924.2697 0.00 10,~~925~~924.2697 0.00 Q 49,~~172~~170.0069 0.00 49,~~172~~170.0069 0.00 Total 4,~~354~~350,~~608~~988.6651 0.00 4,~~354~~350,~~608~~988.6651 0.00

Class Additional Interest Remaining Trust Fund Distribution Unpaid Distributable Expenses Certificate Interest A1 0.00 ~~376~~373,~~101~~319.5817 0.00 A2 0.00 466,930.00 0.00 A3 0.00 2,874,864.79 0.00 X 0.00 ~~128~~127,~~620~~795.0278 0.00 B 0.00 87,~~411~~408.2188 0.00 C 0.00 38,~~245~~244.2625 0.00 D 0.00 65,~~560~~558.7095 0.00 E 0.00 43,~~705~~704.6044 0.00 F 0.00 43,~~705~~704.6044 0.00 G 0.00 38,~~245~~244.2625 0.00 H 0.00 49,~~170~~169.5221 0.00 J 0.00 16,~~390~~389.1774 0.00 K 0.00 21,~~850~~849.5193 0.00 L 0.00 21,~~855~~854.0951 0.00 M 0.00 10,~~925~~924.2697 0.00 N 0.00 10,929.8354 0.00 P 0.00 10,~~925~~924.2697 0.00 Q 0.00 49,~~172~~170.0069 0.00 Total 0.00 4,~~354~~350,~~608~~988.6651 0.00

Other Required Information Available Distribution Amount (1) 5,~~120~~031,~~234~~266.0915 Principal Distribution Amount ~~765~~680,~~626~~277.1866 (a) Principal portion of Scheduled Payments ~~765~~680,~~626~~277.1866 and any Assumed Scheduled Payments (b) Principal Prepayments/Adjustments 0.00 (c) Principal Portion of Balloon Payments 0.00 (d) Liquidation, Condemnation, Purchase, 0.00 and Insurance Proceeds and REO Income Received on a Mortgage Loan Interest Reserve Account Deposits 0126,386.0053 Withdrawals 0.00 Aggregate Number of Outstanding Mortgage Loans 79 Aggregate Unpaid Principal Balance of the Mortgage Loans 950,~~667~~060,~~901~~679.5912 Aggregate Scheduled Principal Balance of the Mortgage Loans ~~950~~949,~~649~~968,~~157~~879.1046 Total Master Servicing and Special Servicing Fee Paid 3024,~~233~~663.6974 Master Servicing Fee Paid 3024,~~233~~663.6974 Special Servicing Fee Paid 0.00 Trustee Fee paid ~~697~~716.7091 Paying Agent Fee paid 1,~~442~~482.9869 Report Administrator Fee paid ~~222~~229.2137 Expense Losses (Additional Trust Fund Expenses) 0.00 (i) Special Servicing and Liquidation Fees 0.00 (ii) Advance Interest 0.00 (iii)Indemnification Expenses 0.00 (iv) Taxes Imposed on the Trust 0.00 (v) Amount of any Advance not Recovered 0.00 upon a Final Recovery Determination (1) The Available Distribution Amount includes any Prepayment Premiums.

Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 4,511,377.09 Interest reductions due to Nonrecoverability Determinations 0.00 Interest Adjustments 0.00 Deferred Interest 0.00 Net Prepayment Interest Shortfall 0.00 Net Prepayment Interest Excess 0.00 Extension Interest 0.00 Interest Reserve Withdrawal 0.00 Total Interest Collected 4,511,377.09 Principal: Scheduled Principal 680,277.66 Unscheduled Principal 0.00 Principal Prepayments 0.00 Collection of Principal after Maturity Date 0.00 Recoveries from Liquidation and Insurance Proceeds 0.00 Excess of Prior Principal Amounts paid 0.00 Curtailments 0.00 Negative Amortization 0.00 Principal Adjustments 0.00 Total Principal Collected 680,277.66 Other: Prepayment Penalties/Yield Maintenance 0.00 Repayment Fees 0.00 Borrower Option Extension Fees 0.00 Equity Payments Received 0.00 Net Swap Counterparty Payments Received 0.00 Total Other Collected: 0.00 Total Funds Collected 5,191,654.75 Total Funds Distributed Fees: Master Servicing Fee 31,573.10 Trustee Fee 716.91 Certificate Administration Fee 1,482.69 Insurer Fee 0.00 Servicer Report Administrator Fee 229.37 Total Fees 34,002.06 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Special Servicing Fee 0.00 Rating Agency Expenses 0.00 Attorney Fees & Expenses 0.00 Bankruptcy Expense 0.00 Taxes Imposed on Trust Fund 0.00 Non-Recoverable Advances 0.00 Other Expenses 0.00 Total Additional Trust Fund Expenses 0.00 Interest Reserve Deposit 126,386.53 Payments to Certificateholders & Others: Interest Distribution 4,350,988.51 Principal Distribution 680,277.64 Prepayment Penalties/Yield Maintenance 0.00 Borrower Option Extension Fees 0.00 Equity Payments Paid 0.00 Net Swap Counterparty Payments Paid 0.00 Total Payments to Certificateholders & Others 5,031,266.15 Total Funds Distributed 5,191,654.74

Current Mortgage Loan and Property Stratification Tables Scheduled Balance Scheduled # of Scheduled % of WAM WAC Weighted Balance Loans Balance Agg. (2) Avg DSCR (1) Bal. Below 1,999,999 12 18,~~955~~927,~~337~~766.0893 1.99 ~~112~~111 6.~~0163~~0162 1.~~678423~~762432 2,000,000 to 2,999,999 9 23,~~378~~349,~~631~~887.8826 2.46 ~~105~~104 5.7855 1.~~602662~~806386 3,000,000 to 4,999,999 16 64,~~349~~273,~~992~~834.0480 6.77 ~~107~~106 5.6353 1.~~475806~~637665 5,000,000 to 6,999,999 13 80,~~583~~483,~~579~~978.9910 8.4847 ~~117~~116 5.~~7048~~7047 1.~~494949~~452808 7,000,000 to 8,999,999 6 48,~~992~~933,~~003~~226.5477 5.15 ~~112~~111 5.7512 1.~~512498~~426920 9,000,000 to 10,999,999 6 5958,~~032~~986,~~569~~804.0382 6.21 ~~107~~106 5.7392 1.~~571799~~491659 11,000,000 to 12,999,999 1 12,750,000.00 1.34 ~~106~~105 5.3450 2.070000 13,000,000 to 14,999,999 2 27,~~651~~620,~~795~~548.7449 2.91 ~~107~~106 6.0925 1.~~687234~~202441 15,000,000 to 16,999,999 1 16,~~997~~972,~~271~~712.6281 1.79 ~~112~~111 5.6300 01.~~590000~~500000 17,000,000 to 18,999,999 1 17,~~203~~188,~~687~~776.1164 1.81 ~~114~~113 5.9800 1.~~180000~~050000 19,000,000 to 20,999,999 1 20,000,000.00 2.1011 ~~111~~110 5.8400 1.320000 21,000,000 to 30,999,999 3 81,~~324~~253,~~848~~586.3716 8.55 9291 5.~~4681~~4682 1.~~447189~~540131 31,000,000 to 40,999,999 3 101,~~865~~793,~~340~~660.5455 10.72 ~~120~~119 5.8001 1.~~793685~~793719 41,000,000 to 84,999,999 3 160,~~601~~471,~~600~~596.1613 16.89 ~~134~~133 5.7461 1.~~349209~~363423 85,000,000 or Above 2 216,962,500.00 22.8284 ~~112~~111 4.8777 24.~~938462~~124505 Totals 79 ~~950~~949,~~649~~968,~~157~~879.1046 100.00 ~~114~~113 5.~~5339~~5338 12.~~826133~~112103

State (3) State # of Scheduled % of WAM WAC Weighted Props Balance Agg. (2) Avg DSCR (1) Bal. Alaska 1 5,~~446~~439,~~862~~501.7368 0.57 ~~113~~112 5.9500 1.070000 Arizona 2 14,~~450~~434,~~645~~256.5625 1.52 ~~111~~110 5.4834 1.~~467635~~568515 California 24 180,~~942~~761,~~379~~280.9231 19.03 ~~106~~105 5.5414 1.~~570333~~647706 Colorado 2 7,~~353~~346,~~352~~561.1428 0.77 ~~114~~113 5.7414 1.~~636347~~668492 Connecticut 1 5,755,714.28 0.61 ~~109~~108 5.2468 3.200000 Florida 4 39,~~661~~618,~~649~~787.5846 4.17 ~~105~~104 5.~~6038~~6037 1.~~174866~~575647 Georgia 2 6,~~053~~046,~~586~~825.6378 0.64 ~~113~~112 5.7361 1.~~519011~~566224 Hawaii 1 2,~~176~~173,~~513~~695.7280 0.23 ~~112~~111 6.2130 2.210000 Idaho 1 4,~~161~~157,~~954~~913.5207 0.44 ~~111~~110 5.6000 21.~~080000~~300000 Illinois 5 97,~~647~~599,~~389~~825.6961 10.27 ~~111~~110 5.~~3434~~3433 2.~~270069~~249760 Indiana 1 1,~~485~~483,~~633~~644.4166 0.16 ~~101~~100 6.0000 10.~~610000~~760000 Massachusetts 5 102,~~190~~084,~~142~~010.4871 10.75 ~~116~~115 5.8073 1.~~565037~~587474 Michigan 2 23,~~571~~552,~~645~~963.2754 2.48 ~~110~~109 5.~~9331~~9329 1.~~913614~~345088 Minnesota 2 5,~~254~~248,~~461~~810.5947 0.55 ~~112~~111 5.6239 1.700000 Montana 1 8,~~152~~134,~~997~~864.5000 0.86 ~~122~~121 5.6500 1.~~500000~~090000 Nevada 5 20,~~270~~234,~~782~~828.7110 2.13 ~~145~~143 5.~~9388~~9385 1.~~356669~~021652 New Jersey 3 20,~~583~~562,~~231~~377.7514 2.1716 ~~126~~125 5.7936 1.~~700127~~893639 New York 5 45,~~883~~839,~~861~~127.7554 4.83 8483 5.4796 2.~~006587~~171768 North Carolina 1 9,~~194~~187,~~054~~075.3254 0.97 ~~114~~113 6.4800 1.~~050000~~180000 North Dakota 1 1,~~529~~527,~~661~~453.7697 0.16 ~~111~~110 5.6700 2.000000 Ohio 2 11,~~478~~468,~~882~~260.3662 1.21 8584 6.1229 1.~~817891~~364246 Pennsylvania 6 16,~~366~~357,~~620~~546.0191 1.72 ~~119~~118 5.~~4435~~4433 2.~~430325~~430721 Texas 9 191,~~424~~391,~~755~~804.7545 20.1415 ~~113~~112 5.~~0191~~0189 23.~~480440~~814505 Utah 3 2827,~~009~~984,~~876~~151.2112 2.95 ~~113~~112 5.9135 1.~~326116~~332417 Virginia 1 5,~~920~~911,~~603~~979.7067 0.62 ~~111~~110 5.6200 1.~~220000~~620000 Washington 3 32,~~724~~720,~~391~~915.4168 3.44 ~~110~~109 5.~~7155~~7154 1.~~573183~~633868 Washington,DC 1 59,~~897~~884,~~506~~703.3380 6.30 ~~172~~171 5.9970 1.110000 Wisconsin 1 3,060,000.00 0.32 ~~109~~108 5.2468 3.200000 Totals 95 ~~950~~949,~~649~~968,~~157~~879.1046 100.00 ~~114~~113 5.~~5339~~5338 12.~~826133~~112103

Debt Service Coverage Ratio (1) Debt Service # of Scheduled % of WAM WAC Weighted Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1) Bal. 1.199 or Less 1012 ~~124~~137,~~388~~250,~~455~~130.3622 1314.0845 ~~141~~138 5.~~9593~~9998 01.~~984748~~026894 1.200 to 1.249 42 3928,~~397~~611,~~656~~450.9273 43.1401 ~~114~~110 5.~~7940~~7645 1.~~231679~~237126 1.250 to 1.299 21 3528,~~579~~748,~~570~~482.9678 3.7403 ~~113~~112 5.~~2516~~2000 1.~~266177~~270000 1.300 to 1.349 43 4237,~~560~~685,~~500~~498.8302 43.4897 ~~109~~107 5.~~9546~~8602 1.~~324004~~321383 1.350 to 1.399 4 1722,~~879~~844,~~200~~495.7727 12.8840 ~~111~~139 5.~~6003~~8688 1.~~355383~~359641 1.400 to 1.449 53 2118,~~368~~081,~~921~~140.4146 21.2590 ~~110~~109 5.~~7678~~6904 1.~~405929~~402231 1.450 to 1.499 75 8922,~~965~~432,~~179~~839.0115 92.4636 ~~117~~101 5.~~8011~~9224 1.~~472364~~477372 1.500 to 1.549 56 ~~101~~167,~~838~~251,~~699~~490.1695 1017.7161 ~~113~~111 5.~~4993~~6266 1.~~522027~~516414 1.550 to 1.599 53 2311,~~762~~980,~~728~~518.7614 21.5026 ~~112~~109 5.~~6622~~9166 1.~~579336~~575781 1.600 to 1.649 25 1132,~~382~~592,~~644~~991.2010 13.2043 ~~109~~110 5.~~6696~~5427 1.~~618695~~620530 1.650 to 1.699 23 912,~~716~~580,~~427~~057.4539 1.0232 108 65.~~0063~~9912 1.~~650000~~659143 1.700 to 1.749 6 2839,~~908~~126,~~712~~830.8754 34.0412 110 5.~~6377~~6947 1.~~728954~~725280 1.750 to 1.799 0 0.00 0.00 0 0.0000 0.000000 1.800 or Greater 2326 ~~403~~390,~~900~~782,~~459~~954.4071 4241.4914 ~~108~~107 5.~~2618~~2141 23.~~475579~~174488 Totals 79 ~~950~~949,~~649~~968,~~157~~879.1046 100.00 ~~114~~113 5.~~5339~~5338 12.~~826133~~112103

Property Type (3) Property # of Scheduled % of WAM WAC Weighted Type Props Balance Agg. (2) Avg DSCR (1) Bal. Industrial 12 51,~~885~~819,~~840~~533.9987 5.4645 ~~110~~109 6.0568 1.~~613753~~371669 Lodging 1 28,~~045~~005,~~988~~103.7738 2.95 5453 5.5100 12.~~810000~~080000 Mixed Use 2 3,~~954~~948,~~252~~868.0126 0.42 ~~107~~106 5.9563 1.~~772317~~452958 Mobile Home Park 2 2,~~956~~951,~~329~~254.6675 0.31 ~~112~~111 5.~~6463~~6462 1.~~395022~~421283 Multi-Family 12 70,~~819~~748,~~900~~070.0024 7.45 ~~112~~111 5.6605 1.~~431815~~339652 Office 30 455,~~931~~713,~~951~~913.9151 47.9697 ~~122~~121 5.~~3910~~3908 2.~~110672~~714440 Retail 31 317,~~653~~411,~~927~~413.6608 33.41 ~~113~~112 5.6425 1.~~548080~~573257 Self Storage 5 19,~~400~~370,~~966~~722.0835 2.04 7069 5.1874 1.~~799256~~859242 Totals 95 ~~950~~949,~~649~~968,~~157~~879.1046 100.00 ~~114~~113 5.~~5339~~5338 12.~~826133~~112103

Note Rate Note Rate # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 4.9999% or Less 3 139,~~252~~240,~~845~~657.9690 14.6566 ~~111~~110 4.6482 24.~~722852~~570999 5.0000% to 5.2499% 5 126,~~674~~627,~~970~~345.3907 13.33 ~~107~~106 5.2189 2.~~610602~~636327 5.2500% to 5.4999% 11 113,~~095~~011,~~009~~121.2528 11.90 ~~113~~112 5.3461 1.~~553091~~601669 5.5000% to 5.7499% 19 ~~186~~185,~~136~~937,~~301~~115.3561 19.5857 ~~103~~102 5.6359 1.~~471859~~573317 5.7500% to 5.9999% 23 307,~~639~~398,~~073~~990.5422 32.36 ~~126~~125 5.8847 1.~~472512~~479858 6.0000% to 6.2499% 11 52,~~579~~518,~~201~~380.9735 5.53 ~~105~~104 6.1288 1.~~730065~~349883 6.2500% to 6.4999% 3 13,~~606~~594,~~790~~207.4486 1.43 ~~113~~112 6.4585 1.~~167112~~443422 6.5000% to 6.7499% 3 5,~~463~~454,~~589~~162.8577 0.57 ~~128~~127 6.6127 1.~~397074~~604494 6.7500% or Above 1 6,~~201~~186,~~374~~898.3540 0.65 ~~218~~217 6.8000 1.~~460000~~360000 Totals 79 ~~950~~949,~~649~~968,~~157~~879.1046 100.00 ~~114~~113 5.~~5339~~5338 12.~~826133~~112103

Seasoning Seasoning # of Scheduled % of WAM WAC Weighted Loans Balance Agg. (2) Avg DSCR (1) Bal. 12 Months or Less 72 894,~~730~~106,~~282~~085.0599 94.12 ~~114~~113 5.~~5164~~5163 12.~~839529~~133753 13 to 24 Months 7 55,~~918~~862,~~875~~793.0547 5.88 ~~118~~117 5.~~8142~~8140 1.~~611778~~765593 25 to 36 Months 0 0.00 0.00 0 0.0000 0.000000 37 Months or Greater 0 0.00 0.00 0 0.0000 0.000000 Totals 79 ~~950~~949,~~649~~968,~~157~~879.1046 100.00 ~~114~~113 5.~~5339~~5338 12.~~826133~~112103

Anticipated Remaining Term (ARD and Balloon Loans) Anticipated # of Scheduled % of WAM WAC Weighted Remaining Term (2) Loans Balance Agg. (2) Avg DSCR (1) Bal. 60 Months or Less 4 41,~~931~~868,~~746~~207.0461 4.41 5453 5.~~3121~~3122 12.~~820331~~000929 61 to 84 Months 3 17,~~438~~428,~~059~~500.1108 1.83 7877 5.~~7816~~7815 1.~~918894~~734470 85 to 120 Months 66 771,~~875~~360,~~945~~011.4371 81.1920 ~~111~~110 5.~~4780~~4779 12.~~883966~~235097 121 Months or Greater 4 111,~~707~~636,~~992~~331.7660 11.75 ~~156~~155 5.~~8806~~8807 1.~~442913~~412899 Totals 77 942,~~953~~293,~~743~~051.3400 99.19 ~~114~~113 5.~~5240~~5238 12.~~829533~~118025

Remaining Stated Term (Fully Amortizing Loans) Remaining Stated # of Scheduled % of WAM WAC Weighted Term Loans Balance Agg. (2) Avg DSCR (1) Bal. 60 Months or Less 0 0.00 0.00 0 0.0000 0.000000 61 to 84 Months 0 0.00 0.00 0 0.0000 0.000000 85 to 120 Months 0 0.00 0.00 0 0.0000 0.000000 121 Months or Greater 2 7,~~695~~675,~~413~~828.7646 0.81 ~~208~~207 6.~~7553~~7554 1.~~409522~~385217 Totals 2 7,~~695~~675,~~413~~828.7646 0.81 ~~208~~207 6.~~7553~~7554 1.~~409522~~385217

Remaining Amortization Term (ARD and Balloon Loans) Remaining Amortization # of Scheduled % of WAM WAC Weighted Term Loans Balance Agg. (2) Avg DSCR (1) Bal. Interest Only 1 6,150,000.00 0.65 7776 5.2500 1.~~480000~~820000 60 Months or Less 0 0.00 0.00 0 0.0000 0.000000 61 to 84 Months 0 0.00 0.00 0 0.0000 0.000000 85 to 120 Months 0 0.00 0.00 0 0.0000 0.000000 121 Months or Greater 76 936,~~803~~143,~~743~~051.3400 98.54 ~~114~~113 5.~~5258~~5256 12.~~831827~~119982 Totals 77 942,~~953~~293,~~743~~051.3400 99.19 ~~114~~113 5.~~5240~~5238 12.~~829533~~118025

Age of Most Recent NOI Age of Most # of Scheduled % of WAM WAC Weighted Recent NOI Loans Balance Agg. (2) Avg DSCR (1) Bal. Underwriter's Information 2010 ~~321~~220,~~371~~302,~~224~~889.6812 3323.8119 ~~112~~111 5.~~5460~~4666 12.~~996408~~235367 1 Year or Less 4859 ~~444~~533,~~176~~632,~~350~~947.3569 4656.7217 ~~117~~118 5.~~7366~~7537 1.~~446696~~458502 1 to 2 Years 116 ~~185~~158,~~101~~434,~~582~~382.0769 1916.4768 ~~111~~113 54.~~0266~~8719 24.~~441012~~161077 2 Years or Greater 04 037,598,659.0096 03.0096 068 05.~~0000~~5955 02.~~000000~~032309 Totals 79 ~~950~~949,~~649~~968,~~157~~879.1046 100.00 ~~114~~113 5.~~5339~~5338 12.~~826133~~112103 (1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower for this calculation. (2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the maturity date. (3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-off Date Balance of the related mortgage loan as disclosed in the offering document.

Mortgage Loan Detail Loan Property Interest Principal Gross Number ODCR Type (1) City State Payment Payment Coupon 6105363 1 OF Houston TX 510,255.00 0.00 4.640% 510901617 2 OF Various Various ~~371~~384,~~647~~035.6388 0.00 5.247% 850201449 3 OF Washington DC ~~299~~309,~~404~~315.4771 1312,~~343~~802.4653 5.997% 6105359 4 OF Cambridge MA ~~278~~287,~~949~~804.2052 8879,~~389~~534.9664 5.820% 850500012 5 RT Chicago IL ~~191~~197,~~364~~539.9384 4437,~~673~~666.8286 5.301% 850201451 6 OF Various Various ~~182~~188,~~864~~726.7778 4640,~~587~~725.1413 5.820% 850500002 7 RT Ventura CA ~~155~~160,~~669~~681.5786 3530,~~967~~954.1586 5.705% 850201445 8 RT Dallas TX ~~154~~159,~~218~~359.7538 0.00 5.875% 850500015 9 RT Temecula CA ~~124~~128,~~857~~865.39 34 30,~~384~~376.7782 5.200% 6105472 10 LO New York NY ~~128~~133,~~984~~070.3343 4440,~~971~~885.4838 5.510% 850201429 11 RT Lacey WA ~~117~~120,~~089~~992.5857 0.00 5.735% 310901448 12 OF Cambridge MA 97100,~~333~~577.3378 0.00 5.840% 6105498 13 MF Provo UT 8588,~~819~~589.8143 1714,~~680~~910.0947 5.980% 6105297 14 OF West Palm Beach FL 7982,~~872~~403.6372 2724,~~089~~558.9081 5.630% 6105092 15 IN Pontiac MI 7375,~~136~~462.4802 2118,~~007~~681.2874 6.210% 850201203 16 OF La Jolla CA 6769,~~435~~607.5766 1412,~~737~~565.6152 5.970% 850201239 17 RT Cameron Park CA 5658,~~790~~683.6365 0.00 5.345% 610901490 18 RT Glendora CA 4850,~~614~~177.6547 1210,~~379~~816.1836 5.410% 6105335 19 RT Payson AZ 4648,~~729~~231.4504 1210,~~100~~598.2667 5.380% 6105290 20 MF San Antonio TX 4647,~~403~~896.1303 119,~~130~~638.9505 5.620% 310901452 21 RT Northville Township MI 4344,~~516~~966.0053 0.00 5.520% 6105236 22 RT Westerville OH 4749,~~631~~169.2695 97,~~271~~732.0536 6.140% 6105329 23 RT Charlotte NC 4951,~~694~~302.2682 86,~~587~~978.3478 6.480% 6104884 24 OF Murray UT 4244,~~757~~135.9119 98,~~706~~329.4921 5.740% 850201207 25 RT Pembroke Pines FL 4143,~~958~~297.3319 1110,~~850~~512.9913 5.855% 6105291 26 OF Billings MT 3839,~~478~~666.0060 1918,~~322~~133.1050 5.650% 6105288 27 MF Kissimmee FL 3637,~~702~~883.6722 87,~~971~~791.7318 5.550% 6105286 28 OF Lafayette CA 3739,~~955~~177.3530 87,~~730~~508.4853 5.750% 6105410 29 IN Buffalo Grove IL 3738,~~266~~468.3393 76,~~704~~502.8121 5.970% 6105312 30 RT San Antonio TX 3334,~~141~~192.2157 109,~~811~~760.6832 5.730% 6105446 31 MF Las Vegas NV 3132,~~035~~033.1424 76,~~729~~731.5747 5.470% 310901544 32 SS Pasadena CA 2728,~~748~~624.3609 1110,~~340~~464.7198 5.040% 310901326 33 IN Carson CA 3233,~~430~~458.3422 109,~~456~~428.8799 5.900% 310901342 34 RT Gibbstown NJ 3132,~~646~~668.4004 65,~~368~~347.6501 6.060% 310901015 35 RT Sparks NV 35,~~222~~141.6912 14,~~394~~475.3895 6.800% 6105313 36 RT Jacksonville FL 2627,~~906~~803.2513 0.00 5.250% 6105165 37 MF Houston TX 3031,~~228~~187.0798 98,~~186~~226.2635 6.030% 850500033 38 RT Hastings on Hudson NY 27,~~065~~967.0017 0.00 5.413% 6105296 39 RT Springfield VA 2728,~~772~~652.6743 98,~~503~~624.7903 5.620% 310901344 40 IN Vernon CA 2728,~~604~~456.8690 1413,~~076~~224.0905 5.620% 310901533 41 RT Bakersfield CA 2526,~~772~~600.32 65,~~785~~957.70 5.320% 310901467 42 OF Anchorage AK 27,~~048~~907.1261 87,~~220~~361.5405 5.950% 6105283 43 RT Pismo Beach CA 23,~~082~~825.2581 54,~~221~~477.0347 5.750% 310901419 44 SS Los Angeles CA 1718,~~755~~314.3911 87,~~065~~507.9422 4.770% 610901441 45 RT Elk Grove CA 2122,~~920~~617.6308 65,~~616~~920.7631 6.010% 6104977 46 RT Las Vegas NV 20,~~316~~943.5373 109,~~299~~672.4828 5.640% 850201273 47 RT North Attleboro MA 1920,~~459~~084.7259 54,~~091~~466.1124 5.425% 850500005 48 MF Brooklyn NY 20,~~145~~794.7481 43,~~497~~848.8982 5.800% 6105340 49 MF Rexburg ID 1920,~~444~~069.2387 4,~~667~~041.0945 5.600% 6105300 50 IN Santa Fe Springs CA 2021,~~391~~048.3086 43,~~330~~672.1963 5.940% 6105158 51 RT Sun City AZ 1920,~~388~~002.1672 65,~~405~~790.2064 5.750% 310901469 52 RT Denver CO 1920,~~475~~103.4756 43,~~173~~545.2617 5.870% 410901464 53 RT Eden Prairie MN 1819,~~435~~029.8906 43,~~451~~858.6649 5.570% 6104877 54 MF Placentia CA 17,~~949~~928.3746 4,~~611~~632.8475 5.440% 600873301 55 SS Concord CA 1718,~~460~~014.3938 5,~~659~~105.2728 5.750% 6105386 56 MF Jonesboro GA 15,~~349~~841.4196 43,~~307~~814.5398 5.150% 410901487 57 RT Parker CO 1516,~~744~~251.8056 3,~~752~~245.4569 5.590% 620901445 58 IN Van Nuys CA 16,~~270~~796.5132 32,~~083~~557.6382 6.230% 410901440 59 RT Torrance CA 14,~~261~~721.8684 32,~~013~~553.4042 5.940% 850201455 60 MF Philadelphia PA 12,~~591~~995.7499 3,~~422~~017.1792 5.250% 410901518 61 SS Bakersfield CA 11,~~441~~801.3168 54,~~041~~680.2184 4.840% 6104800 62 RT Bellevue WA 1415,~~902~~377.8762 3,~~950~~475.4873 6.470% 6105346 63 MF Hackettstown NJ 11,~~541~~911.7893 32,~~338~~968.6954 5.070% 410901504 64 IN Norcross GA 1314,~~624~~059.5150 32,~~380~~945.8687 6.580% 410901402 65 MU Chicago IL 12,~~217~~605.7873 3,~~782~~395.9500 5.930% 410901405 66 RT Columbus OH 11,~~002~~352.6957 32,~~239~~889.2638 6.050% 850201453 67 RT Honolulu HI 11,~~285~~644.3553 32,~~177~~817.1092 6.213% 410901444 68 IN Irving TX 9,~~537~~844.4479 21,~~134~~826.0267 5.750% 410901473 69 MH Carson City NV 89,~~844~~124.2018 32,~~130~~850.5153 5.500% 6105125 70 SS Ogden UT 9,~~602~~907.4074 2,~~790~~485.7642 6.130% 620901446 71 IN Van Nuys CA 89,~~730~~008.4230 2,~~452~~174.4658 6.220% 6105273 72 IN Deer Park TX 8,~~716~~993.5298 2,~~405~~128.5307 6.320% 410901450 73 MF Fargo ND 7,~~239~~468.1757 2,~~437~~207.1979 5.670% 6105214 74 OF Torrance CA 8,~~209~~452.1753 5,~~352~~109.7135 6.570% 410901524 75 OF San Jose CA 7,~~227~~460.4931 1,~~642~~410.9513 5.720% 410901493 76 MU Indianapolis IN 7,~~439~~675.2977 21,~~225~~988.2375 6.000% 6105199 77 IN Irving TX 8,~~330~~599.7901 1,~~640~~371.0886 6.710% 410901516 78 IN Burnsville MN 6,~~219~~417.8021 1,~~990~~792.0463 5.790% 410901472 79 MH Boulder City NV 5,~~092~~249.1877 2,~~381~~224.9738 5.920% Totals 4,~~387~~511,~~671~~377.3909 ~~765~~680,~~626~~277.1866

Loan Anticipated Maturity Neg. Beginning Ending Paid Thru Number Repayment Date Amort Scheduled Scheduled Date Date (Y/N) Balance Balance 6105363 N/A 06/01/2014 N 131,962,500.00 131,962,500.00 12/01/2004 510901617 N/A 01/08/2014 N 85,000,000.00 85,000,000.00 1112/08/2004 850201449 04/01/2019 05/01/2034 N 59,~~910~~897,~~849~~506.7933 59,~~897~~884,~~506~~703.3380 1201/01/~~2004~~2005 6105359 04/01/2014 06/01/2029 N 57,~~515~~426,~~297~~907.9498 57,~~426~~347,~~907~~373.9834 1201/01/~~2004~~2005 850500012 N/A 04/01/2014 N 43,~~321~~277,~~859~~185.6785 43,~~277~~239,~~185~~518.8599 1201/01/~~2004~~2005 850201451 N/A 04/01/2016 N 37,~~704~~657,~~076~~488.0793 37,~~657~~616,~~488~~763.9380 1201/01/~~2004~~2005 850500002 N/A 03/01/2014 N 32,~~743~~707,~~818~~851.7661 32,~~707~~676,~~851~~896.6175 1201/01/~~2004~~2005 850201445 N/A 03/01/2014 N 31,500,000.00 31,500,000.00 1201/01/~~2004~~2005 850500015 05/01/2014 06/01/2034 N 28,~~813~~778,~~244~~859.3760 28,~~778~~748,~~859~~482.6078 1201/01/~~2004~~2005 6105472 N/A 06/01/2009 N 28,~~090~~045,~~960~~988.2577 28,~~045~~005,~~988~~103.7738 1201/01/~~2004~~2005 850201429 N/A 03/01/2014 N 24,500,000.00 24,500,000.00 1201/01/~~2004~~2005 310901448 N/A 03/01/2014 N 20,000,000.00 20,000,000.00 1201/01/~~2004~~2005 6105498 N/A 06/01/2014 N 17,~~221~~203,~~367~~687.1911 17,~~203~~188,~~687~~776.1164 12/01/2004 6105297 04/01/2014 05/01/2029 N 1716,~~024~~997,~~361~~271.5362 16,~~997~~972,~~271~~712.6281 1201/01/~~2004~~2005 6105092 01/01/2014 02/01/2029 N 14,~~132~~111,~~652~~645.5627 14,~~111~~092,~~645~~963.2754 12/01/2004 850201203 N/A 08/01/2013 N 13,~~554~~540,~~888~~150.0847 13,~~540~~527,~~150~~584.4795 1201/01/~~2004~~2005 850201239 N/A 10/01/2013 N 12,750,000.00 12,750,000.00 1201/01/~~2004~~2005 610901490 N/A 05/01/2014 N 10,~~783~~770,~~286~~907.9476 10,~~770~~760,~~907~~091.7640 1201/01/~~2004~~2005 6105335 04/01/2014 05/01/2034 N 10,~~422~~410,~~925~~825.9367 10,~~410~~400,~~825~~227.6700 1201/01/~~2004~~2005 6105290 N/A 02/01/2014 N 9,~~908~~897,~~141~~010.7480 9,~~897~~887,~~010~~372.7975 1201/01/~~2004~~2005 310901452 N/A 04/01/2014 N 9,460,000.00 9,460,000.00 1201/01/~~2004~~2005 6105236 N/A 06/01/2011 N 9,~~309~~299,~~041~~770.5349 9,~~299~~292,~~770~~038.4913 1201/01/~~2004~~2005 6105329 N/A 06/01/2014 N 9,~~202~~194,~~641~~054.6532 9,~~194~~187,~~054~~075.3254 1112/01/2004 6104884 N/A 04/01/2014 N 8,~~938~~929,~~935~~228.0960 8,~~929~~920,~~228~~899.6039 12/01/2004 850201207 N/A 09/01/2013 N 8,~~599~~587,~~487~~636.6768 8,~~587~~577,~~636~~124.6855 1201/01/~~2004~~2005 6105291 N/A 02/01/2015 N 8,~~172~~152,~~319~~997.6050 8,~~152~~134,~~997~~864.5000 12/01/2004 6105288 N/A 03/01/2014 N 7,~~935~~926,~~713~~741.0128 7,~~926~~918,~~741~~950.2810 1201/01/~~2004~~2005 6105286 N/A 01/01/2014 N 7,~~921~~912,~~116~~385.1567 7,~~912~~904,~~385~~877.6714 1201/01/~~2004~~2005 6105410 N/A 06/01/2014 N 7,~~490~~483,~~718~~013.6281 7,~~483~~476,~~013~~511.8159 12/01/2004 6105312 N/A 05/01/2014 N 6,~~940~~929,~~568~~756.1244 6,~~929~~919,~~756~~996.4413 1201/01/~~2004~~2005 6105446 N/A 05/01/2014 N 6,~~808~~800,~~440~~711.9336 6,~~800~~793,~~711~~979.3689 1201/01/~~2004~~2005 310901544 N/A 06/01/2009 N 6,~~606~~595,~~752~~411.0231 6,~~595~~584,~~411~~946.3133 1201/01/~~2004~~2005 310901326 N/A 10/01/2013 N 6,~~596~~585,~~001~~544.2538 6,~~585~~576,~~544~~115.3839 1201/01/~~2004~~2005 310901342 N/A 05/01/2014 N 6,~~266~~260,~~613~~244.3267 6,~~260~~254,~~244~~897.6766 1201/01/~~2004~~2005 310901015 N/A 02/01/2023 N 6,~~215~~201,~~768~~374.7335 6,~~201~~186,~~374~~898.3540 1201/01/~~2004~~2005 6105313 05/01/2011 05/01/2034 N 6,150,000.00 6,150,000.00 1112/01/2004 6105165 N/A 01/01/2014 N 6,~~015~~006,~~536~~350.8761 65,~~006~~998,~~350~~124.6126 1201/01/~~2004~~2005 850500033 N/A 06/01/2019 N 6,000,000.00 6,000,000.00 1201/01/~~2004~~2005 6105296 N/A 03/01/2014 N 5,~~930~~920,~~107~~603.4970 5,~~920~~911,~~603~~979.7067 1201/01/~~2004~~2005 310901344 N/A 03/01/2014 N 5,~~894~~880,~~275~~199.9687 5,~~880~~866,~~199~~975.8782 1201/01/~~2004~~2005 310901533 N/A 05/01/2014 N 5,~~813~~806,~~306~~520.2757 5,~~806~~800,~~520~~562.5787 12/01/2004 310901467 N/A 05/01/2014 N 5,~~455~~446,~~083~~862.2773 5,~~446~~439,~~862~~501.7368 1201/01/~~2004~~2005 6105283 N/A 04/01/2014 N 4,~~817~~811,~~165~~944.7269 4,~~811~~807,~~944~~467.6922 1201/01/~~2004~~2005 310901419 N/A 04/01/2009 N 4,~~466~~458,~~764~~699.9501 4,~~458~~451,~~699~~191.0179 1201/01/~~2004~~2005 610901441 N/A 03/01/2014 N 4,~~376~~370,~~831~~214.7296 4,~~370~~364,~~214~~294.9665 1201/01/~~2004~~2005 6104977 03/01/2014 04/01/2024 N 4,~~322~~312,~~666~~367.8234 4,~~312~~302,~~367~~695.3406 1201/01/~~2004~~2005 850201273 N/A 11/01/2013 N 4,~~304~~299,~~453~~362.3423 4,~~299~~294,~~362~~895.2399 1201/01/~~2004~~2005 850500005 N/A 03/01/2014 N 4,~~168~~163,~~085~~587.1728 4,~~163~~159,~~587~~738.2846 1101/01/~~2004~~2005 6105340 N/A 03/01/2014 N 4,~~166~~161,~~621~~954.6152 4,~~161~~157,~~954~~913.5207 1201/01/~~2004~~2005 6105300 N/A 03/01/2014 N 4,~~119~~115,~~453~~123.5636 4,~~115~~111,~~123~~450.3673 1201/01/~~2004~~2005 6105158 N/A 02/01/2014 N 4,~~046~~039,~~225~~819.0989 4,~~039~~034,~~819~~029.8925 12/01/2004 310901469 N/A 06/01/2014 N 3,~~981~~977,~~357~~184.3307 3,~~977~~973,~~184~~638.0790 1201/01/~~2004~~2005 410901464 N/A 04/01/2014 N 3,~~971~~967,~~824~~373.9125 3,~~967~~963,~~373~~514.2576 1201/01/~~2004~~2005 6104877 N/A 02/01/2014 N 3,~~959~~954,~~418~~806.7894 3,~~954~~950,~~806~~174.9419 1201/01/~~2004~~2005 600873301 N/A 05/01/2014 N 3,~~643~~638,~~907~~248.5831 3,~~638~~633,~~248~~143.3103 1112/01/2004 6105386 N/A 05/01/2014 N 3,~~576~~572,~~562~~255.5805 3,~~572~~568,~~255~~440.0507 1201/01/~~2004~~2005 410901487 N/A 05/01/2014 N 3,~~379~~376,~~920~~168.5207 3,~~376~~372,~~168~~922.0738 1201/01/~~2004~~2005 620901445 N/A 05/01/2014 N 3,~~133~~130,~~966~~883.7007 3,~~130~~128,~~883~~325.0725 1201/01/~~2004~~2005 410901440 N/A 04/01/2014 N 2,~~881~~878,~~183~~170.5717 2,~~878~~875,~~170~~616.1775 1201/01/~~2004~~2005 850201455 N/A 04/01/2014 N 2,~~878~~874,~~111~~688.0487 2,~~874~~871,~~688~~670.8795 1201/01/~~2004~~2005 410901518 N/A 05/01/2009 N 2,~~836~~831,~~688~~646.1695 2,~~831~~826,~~646~~966.9511 1201/01/~~2004~~2005 6104800 N/A 01/01/2014 N 2,~~764~~760,~~056~~105.1769 2,~~760~~756,~~105~~629.6996 1201/01/~~2004~~2005 6105346 N/A 05/01/2014 N 2,~~731~~728,~~783~~444.1143 2,~~728~~725,~~444~~475.4389 1201/01/~~2004~~2005 410901504 N/A 06/01/2014 N 2,~~484~~481,~~712~~331.4458 2,~~481~~478,~~331~~385.5871 1201/01/~~2004~~2005 410901402 N/A 03/01/2014 N 2,~~472~~468,~~401~~618.5560 2,~~468~~465,~~618~~223.60 1201/01/~~2004~~2005 410901405 N/A 05/01/2014 N 2,~~182~~179,~~351~~111.1387 2,~~179~~176,~~111~~222.8749 1201/01/~~2004~~2005 850201453 N/A 04/01/2014 N 2,~~179~~176,~~690~~513.8272 2,~~176~~173,~~513~~695.7280 1201/01/~~2004~~2005 410901444 N/A 06/01/2011 N 1,~~990~~988,~~422~~288.6462 1,~~988~~986,~~288~~461.6295 1201/01/~~2004~~2005 410901473 N/A 04/01/2014 N 1,~~929~~926,~~644~~513.0554 1,~~926~~923,~~513~~663.5401 1201/01/~~2004~~2005 6105125 N/A 03/01/2014 N 1,~~879~~876,~~751~~960.2750 1,~~876~~874,~~960~~475.5009 1201/01/~~2004~~2005 620901446 N/A 04/01/2014 N 1,~~684~~681,~~325~~873.8640 1,~~681~~679,~~873~~698.4082 1201/01/~~2004~~2005 6105273 09/01/2014 03/01/2029 N 1,~~655~~652,~~035~~630.9543 1,~~652~~650,~~630~~502.4336 1201/01/~~2004~~2005 410901450 N/A 03/01/2014 N 1,~~532~~529,~~098~~661.9576 1,~~529~~527,~~661~~453.7697 1201/01/~~2004~~2005 6105214 N/A 01/01/2019 N 1,~~499~~494,~~392~~039.1241 1,~~494~~488,~~039~~930.4106 1201/01/~~2004~~2005 410901524 N/A 05/01/2014 N 1,~~516~~514,~~255~~612.6469 1,~~514~~513,~~612~~202.6956 12/01/2004 410901493 N/A 05/01/2013 N 1,~~487~~485,~~858~~633.6441 1,~~485~~483,~~633~~644.4166 1201/01/~~2004~~2005 6105199 04/01/2014 11/01/2031 N 1,~~489~~488,~~858~~218.9386 1,~~488~~486,~~218~~847.8600 1201/01/~~2004~~2005 410901516 N/A 05/01/2014 N 1,~~289~~287,~~078~~088.3834 1,~~287~~285,~~088~~295.3471 1201/01/~~2004~~2005 410901472 N/A 03/01/2014 N 1,~~032~~029,~~198~~816.0912 1,~~029~~027,~~816~~591.1274 1201/01/~~2004~~2005 Totals ~~951~~950,~~414~~649,~~783~~157.2611 ~~950~~949,~~649~~968,~~157~~879.1046

Principal Prepayment Detail No Principal Prepayments this Period

Historical Detail Delinquencies Distribution 30-59 Days 60-89 Days 90 Days or More Date # Balance # Balance # Balance 01/11/2005 0 $0.00 0 $0.00 0 $0.00 12/13/2004 0 $0.00 0 $0.00 0 $0.00 11/12/2004 0 $0.00 0 $0.00 0 $0.00 10/12/2004 0 $0.00 0 $0.00 0 $0.00 09/13/2004 0 $0.00 0 $0.00 0 $0.00 08/11/2004 0 $0.00 0 $0.00 0 $0.00 07/12/2004 0 $0.00 0 $0.00 0 $0.00

Distribution Foreclosure REO Modifications Date # Balance # Balance # Balance 01/11/2005 0 $0.00 0 $0.00 0 $0.00 12/13/2004 0 $0.00 0 $0.00 0 $0.00 11/12/2004 0 $0.00 0 $0.00 0 $0.00 10/12/2004 0 $0.00 0 $0.00 0 $0.00 09/13/2004 0 $0.00 0 $0.00 0 $0.00 08/11/2004 0 $0.00 0 $0.00 0 $0.00 07/12/2004 0 $0.00 0 $0.00 0 $0.00

Prepayments Rate and Maturities Distribution Curtailments Payoff Next Weighted Avg. WAM Date # Amount # Amount Coupon Remit 01/11/2005 0 $0.00 0 $0.00 5.533793% 5.492101% 113 12/13/2004 0 $0.00 0 $0.00 5.533929% 5.492232% 114 11/12/2004 0 $0.00 0 $0.00 5.532710% 5.491009% 115 10/12/2004 0 $0.00 0 $0.00 5.534214% 5.492508% 116 09/13/2004 0 $0.00 0 $0.00 5.534363% 5.492653% 117 08/11/2004 0 $0.00 0 $0.00 5.534495% 5.492780% 118 07/12/2004 0 $0.00 0 $0.00 5.534626% 5.492906% 119 Note: Foreclosure and REO Totals are excluded from the delinquencies aging categories.

Delinquency Loan Detail Offering # of Paid Through Current Outstanding Status of Loan Number Document Months Date P & I P & I Mortgage Cross- Delinq. Advances Advances ** Loan (1) Reference 6105363 1 0 12/01/2004 506,900.95 506,900.95 A 6105498 13 0 12/01/2004 102,307.35 102,307.35 A 6105092 15 0 12/01/2004 93,773.13 93,773.13 A 6105329 23 0 1112/01/2004 57,~~664~~644.2627 57,~~664~~644.2627 A ~~6105313~~6104884 3624 0 1112/01/2004 51,845.43 51,845.43 A 6105291 26 0 12/01/2004 57,~~749~~234.94 2657,~~749~~234.94 A ~~850500005~~6105410 4829 0 1112/01/2004 2444,~~539~~774.4361 2444,~~539~~774.4361 BA 6105313 36 0 12/01/2004 27,641.60 27,641.60 A 310901533 41 0 12/01/2004 32,408.02 32,408.02 A 6105158 51 0 12/01/2004 25,513.32 25,513.32 A 600873301 55 0 1112/01/2004 22,~~937~~931.4769 22,~~937~~931.4769 BA 410901524 75 0 12/01/2004 8,674.80 8,674.80 A Totals 412 ~~131~~1,~~891~~031,650.1011 ~~131~~1,~~891~~031,650.1011

Resolution Servicing Actual Outstanding Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO Number Code (2) Date Date Balance Advances Date Date 6105363 131,962,500.00 0.00 6105498 17,203,687.11 0.00 6105092 14,111,645.27 0.00 6105329 9,~~202~~194,~~641~~054.6532 0.00 6104884 8,929,228.60 0.00 6105291 8,152,997.50 0.00 6105410 7,483,013.81 0.00 6105313 6,150,000.00 0.00 ~~850500005~~310901533 5,806,520.57 0.00 6105158 4,~~168~~039,~~085~~819.1789 0.00 600873301 3,~~643~~638,~~907~~248.5831 0.00 410901524 1,514,612.69 0.00 Totals 23218,~~164~~186,~~634~~328.4007 0.00

Current Outstanding Actual Outstanding P & I P & I Principal Servicing Advances Advances** Balance Advances Totals By Delinquency Code: Total for Status Code = A (212 loans) 841,~~414.20 84~~031,~~414~~650.2011 151,~~352~~031,~~641~~650.6511 ~~0.00 Total for Status Code = B (2 loans) 47~~218,~~476.90 47~~186,~~476~~328.9007 ~~7,811,992.75~~ 0.00 (1) Status of Mortgage Loan A - Payment Not Received But Still In Grace Period B - Late Payment But Less Than 1 Month Delinquent 0 - Current 1 - One Month Delinquent 2 - Two Months Delinquent 3 - Three or More Months Delinquent 4 - Assumed Scheduled Payment (Performing Matured Balloon) 7 - Foreclosure 9 - REO (2) Resolution Strategy Code 1 - Modification 2 - Foreclosure 3 - Bankruptcy 4 - Extension 5 - Note Sale 6 - DPO 7 - REO 8 - Resolved 9 - Pending Return to Master Servicer 10 - Deed In Lieu Of Foreclosure 11 - Full Payoff 12 - Reps and Warranties 13 - Other or TBD ** Outstanding P & I Advances include the current period advance.

Specially Serviced Loan Detail - Part 1 No Specially Serviced Loans this Period Specially Serviced Loan Detail - Part 2 No Specially Serviced Loans this Period Modified Loan Detail No Modified Loans Liquidated Loan Detail No Liquidated Loans this Period Defeased Loan Detail No Defeased Loans

Filing Compare · Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4