Press Release|CMBS

KBRA Affirms All Ratings for BX Trust 2022-IND

12 Apr 2024   |   New York


KBRA affirms its outstanding ratings for BX Trust 2022-IND, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in KLTV and KBRA debt yield since securitization. However, the magnitude of the changes does not warrant rating adjustments at this time.

At securitization, the transaction was secured by a $1.76 billion first-lien whole mortgage loan backed by a portfolio of 116 properties (115 industrial and one office) with 19.2 million sf of space. Since closing, 16 property releases (11 since last review) have decreased the portfolio to 100 properties and reduced the outstanding balance to $1.35 billion as of the March 2024 remittance period. The portfolio has 14.9 million sf of space that is leased to about 150 tenants. The properties are in 14 states. The floating-rate, interest-only loan has an initial term of two years and allows three one-year extension options. The initial maturity is in April 2024, but the servicer reported that the borrower has requested to exercise its first 12-month extension option. The sponsors of the borrowers are affiliates of Blackstone Real Estate Partners, which is managed by The Blackstone Group (NYSE: BX).

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $89.2 million and a KBRA value of $1.17 billion ($78 per sf). The resulting in-trust KLTV is 115.6%, compared to 120.4% at last review and 130.2% at securitization. KBRA maintains a KPO of Perform on the loan.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003853

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