Press Release|CMBS
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KBRA Affirms All Ratings for ILPT 2019-SURF

21 Feb 2025   |   New York

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KBRA affirms all of its outstanding ratings for ILPT 2019-SURF, a $390.0 million CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in KNCF and KLTV since the last review and issuance; however, the magnitude of the changes does not warrant ratings adjustments at this time.

The transaction collateral is a $390.0 million portion of a $650.0 million non-recourse, first lien mortgage loan secured by the borrower’s leased fee interests in approximately 9.3 million sf of land underlying 177 predominantly industrial properties, and its fee simple interests in eight industrial properties (295,388 sf) and one surface parking lot (30,000sf). All of the assets are located in Honolulu, Hawaii.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced KNCF of $69.7 million and a KBRA value of $1.1 billion ($110 per sf). KBRA maintains a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1008189

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