Fitch Ratings Affirms GS Mortgage Sec. Series 2001-GL III.Business Editors CHICAGO--(BUSINESS WIRE)--Oct. 22, 2002 Fitch affirms GS Mortgage Securities Corp. II's commercial mortgage pass-through certificates series 2001-GL III $84.1 million class A-1, $412.7 million class A-2, and interest only classes X-1 and X-2 at 'AAA'. In addition, the following classes are affirmed: $50.0 million class B at 'AA', $18.8 million class C at 'AA-', $28.1 million class D at 'A', $7.1 million class F-DDR at 'BBB+', $10.5 million class F-NCF at 'BBB+', $6.0 million class F-GGP at 'BBB+', $5.9 million class G-DDR at 'BBB', $5.9 million class G-NFC at 'BBB', $3.5 million class G-GGP at 'BBB', $8.2 million class H-DDR at 'BBB-', and $2.5 million class H-GGP at 'BBB-'. Fitch does not rate classes E, F-919, and J-GGP. The rating affirmations follow Fitch's annual review of the transaction, which closed in August 2001. The affirmations reflect the overall stable performance of the pool since issuance. The certificates are collateralized by five mortgage loans on 11 properties, consisting of regional mall (43%), office (35%) and anchored retail (22%). There are geographic concentrations in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (35%), California (20%), and Missouri (11%). As of the October 2002 distribution date, the pool's collateral balance has been reduced by 0.8% to $703.9 million from $709.6 million at issuance. As part of the annual review, Fitch analyzed the performance of each loan and its underlying collateral. The debt service coverage ratios (DSCRs) noted below are calculated using borrower-reported net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. adjusted for Fitch reserves and debt service payments based on the original balance and Fitch's stressed refinance constant. For the pool as a whole, the year-end (YE) 2001 DSCR DSCR See: Debt-service coverage ratio is 1.59 times (x), versus 1.54x at issuance. 919 Third Avenue (35%) is the largest loan in this transaction. An office property in Midtown Manhattan secures the loan. Fitch's Property Market Metric (PMM PMM Purchase Money Mortgage PMM Project Management Methodology PMM Perpetual Motion Machine PMM Permanent Magnet Motor PMM Professional Murder Music (band) PMM Precision Measuring Machine PMM Power Management Mode ) score increased to '2' from '1' at issuance, indicating increased market volatility. However, the property's occupancy increased to 99% as of June 2002 from 93% at issuance. The DSCR for YE 2001 is 1.68x compared to 1.52x at issuance. DDR (Double Data Rate) Refers to an SDRAM memory chip that increases performance by doubling the effective data rate of the frontside bus. For more details, see SDRAM. DDR - Double Data Rate Random Access Memory Portfolio (22%) is collateralized by five anchored retail centers. The average occupancy improved to 98% as of June 2002 from 97% at issuance. In addition, only 2% of leases roll in the next year. The YE 2001 DSCR is stable at 1.46x compared to 1.47x at issuance. Northridge Fashion Center Northridge Fashion Center is a large shopping mall located in Northridge, California. It opened in 1971. It was severely damaged during the Northridge Earthquake in 1994, but renovated extensively in 1995 and 1998. , a super-regional mall located in Los Angeles, CA, collateralizes a $138.3 million loan (20%). The YE 2001 DSCR has improved to 1.47x from 1.35x at issuance. However, in-line occupancy has declined to 91% as of June 2002 from 95% at issuance. The sales remain stable with issuance figures. Three regional malls located in tertiary markets collateralize collateralize To pledge an asset as security for a loan. A loan to a broker is collateralized by pledging securities. the GGP GGP GPS (Global Positioning System) Guidance Package GGP Gateway-Gateway Protocol GGP Gotta Go Pee GGP Global Geodynamics Project GGP Globalization, Growth and Poverty (Canada) GGP Gotta Go Potty Portfolio (14%). The weighted average occupancy improved to 93% as of June 2002 from 90% at issuance. The sales remain stable with issuance figures. The YE 2001 DSCR is 1.51x compared to 1.55x at issuance. Willowbrook Mall, a regional mall located in Houston, TX, collateralizes a $65.9 million loan (9%). May Department Stores The May Department Stores Company was a department store chain founded in 1877 by David May in Leadville, Colorado. Its headquarters moved to St. Louis, Missouri in 1905, and the company went public in 1911. purchased the former Montgomery Wards in April 2001 and recently opened a Foley's Men's and Home Furnishing store. In addition, the inline occupancy has improved slightly to 90% as of June 2002 from 87% at issuance. The mall also benefits from strong in-line sales. The trailing twelve months In commerce, the trailing twelve months (TTM) is a moving measurement (for example, an average or a sum) over the 12 previous months, using the most recent data available. Also sometimes known as last twelve months (LTM). ending June 2002 DSCR is stable at 1.97x compared to 2.00x at issuance. |
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