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) August 16, 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 August 16, 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 August 16, 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: August 19, 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:

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

Morgan Stanley Capital I Trust 2004 IQ7 8-K