Press Release|CMBS
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KBRA Affirms Sole Rating for LV Trust 2024-SHOW

16 Oct 2026   |   New York

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KBRA affirms its outstanding rating for Class A at AAA (sf) for LV Trust 2024-SHOW, a CMBS SASB transaction. The affirmation follows a surveillance review of the transaction, whose performance has worsened slightly since our last review. However, the magnitude of the changes does not warrant a rating adjustment at this time.

The collateral for the transaction is an $850.0 million non-recourse, first lien mortgage secured by Fashion Show Mall, a 1.9 million sf, enclosed super-regional mall located on the Las Vegas Strip. Of the mall’s 1.9 million sf, 1.7 million sf serve as collateral for the subject loan. The mall contains five anchor tenants and over 200 tenants that are predominantly national retailers. The fixed-rate, interest-only loan has a five-year term with an outstanding principal balance of $850.0 million ($506 per sf) as of October 2026. The loan sponsor is a joint venture between Brookfield Properties and Nuveen Real Estate.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $76.9 million and a KBRA value of $1.0 billion ($610 per sf). The resulting KLTV is 82.9%, compared to 79.2% at last review and 78.8% at securitization. KBRA maintains the loan's KPO of Perform.

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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: 1017619