Presale Report LIFE 2021-BMR Mortgage Trust Commercial Mortgage Pass-Through Certificates

DBRS Morningstar Capital Structure March 16, 2021

Commercial Mortgage Pass-Through Certificates

Description Rating Action Balance ($) BLTV (%) DBRS Morningstar Rating Trend Greg Haddad Senior Vice President Class A New Rating – Provisional 877,100,000 45.8% AAA (sf) Stable +1 646 560-4590 Class B New Rating – Provisional 155,300,000 53.9% AA (sf) Stable [email protected] Class C New Rating – Provisional 144,500,000 61.5% A (high) (sf) Stable Class D New Rating – Provisional 171,300,000 70.4% A (low) (sf) Stable Kurt Pollem Class E New Rating – Provisional 198,386,000 80.8% BBB (low) (sf) Stable Managing Director Class F New Rating – Provisional 174,663,000 88.9% BB (low) (sf) Stable +1 212 548-6394 Class G 1 New Rating – Provisional 188,227,000 99.8% B (low) (sf Stable [email protected] Class HRR 1 NR 100,524,000 105.0% NR N/A Notes: Erin Stafford 1. The initial certificate balances of the Class G and Class HRR certificates are subject to change based on the final pricing of all of the Managing Director certificates and the final determination of the Class HRR certificates that will be retained by the third-party purchaser in order for German +1 312 332-3291 American Capital Corporation, as retaining sponsor, to satisfy its risk retention requirements. n/a = Not applicable. [email protected] Estimated Closing Date: March 30, 2021

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Table of Contents Page 2 of 41

Page 2 of 41 Capital Structure 1

Collateral Spotlight 3 Page 2 of 41 Transaction Summary 5

Page 2 of 41 DBRS Morningstar Perspective 5 Summary of the Debt Capital Structure 9 Collateral Summary 10

Market Overview 16

DBRS Morningstar Valuation 21 Third-Party Reports 22 Site Inspection 23 Ratings Rationale 29 Priority of Payments 31 Loan-Level Legal and Structural Features 31 Transaction Legal and Structural Features 36 Methodologies 38 Surveillance 38 Glossary 39 Definitions 40

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Collateral Spotlight Page 3 of 41

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Source: DBRS Morningstar.

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Transaction Summary Page 5 of 41

Trust Characteristics Page 5 of 41 Trust Loan Notional Balance ($) 2,010,000,000 No. Properties 17 Page 5 of 41 Structure REMIC Property Type Office/Lab

Page 5 of 41 DBRS Morningstar BLTV (%) 105.0 Location(s) Boston, MA, San Francisco, CA, San Diego, CA DBRS Morningstar ELTV (%) 105.0 DBRS Morningstar Cap Rate (%) 6.52

DBRS Morningstar Debt Yield (%) 6.20 DBRS Morningstar Value ($) 1,914,261,996 2 DBRS Morningstar DSCR (x) 3.79 Quality/Volatility Adjustment (%) 9.00 Appraised LTV (%)1 65.4 Herfindahl Adjustment (%) 3.00

Issuer UW DSCR (x)2 4.11 DBRS Morningstar NCF Variance (%) -7.90

Rated Final Distribution Date The distribution date in March 2038

1. Based on a cumulative appraisal value of $3,071,200,000, which assumes the aggregate “as-is” appraised values of the mortgaged properties as of March 5, 2021, except for the 500 Kendall property and the Axiom property, which are based on the “hypothetical as-is” appraised values, which assumed that approximately $16.9 million of liabilities outstanding as of February 1, 2021 (e.g. tenant improvement allowance, leasing commissions, and outstanding landlord work) do not exist. At origination, the borrowers reserved approximately $16.4 million for such outstanding liabilities, the difference reflects amounts disbursed to tenants in the interim. The aggregate “as-is” appraised values of the mortgaged properties is $3,055,200,000 2. Assumes Libor of 0.15% plus 1.4660%. The DBRS Morningstar and issuer/arranger whole-loan DSCR at the Libor cap of 3.5% would be 1.23x and 1.34x, respectively.

Participants

Depositor Deutsche Mortgage & Asset Receiving Corporation

Mortgage Loan Sponsors German American Capital Corporation, Wells Fargo Bank, National Association, Goldman Sachs Mortgage Company, and Citi Real Estate Funding Inc Trustee Wilmington Trust, National Association

Master Servicer KeyBank National Association

Special Servicer Situs Holdings, LLC

Certificate Administrator Wells Fargo Bank, National Association

Operating Advisor Park Bridge Lender Services, LLC

DBRS Morningstar Perspective The LIFE 2021-BMR portfolio benefits greatly from its granular rent roll, institutional quality tenancy, and locations in the top-three life-sciences hubs in the country. The portfolio consists of 17 properties totaling approximately 2.4 million square feet (sf) and is composed of (i) 15 assets that were securitized in the CGDBB 2017-BIOC transaction, (ii) 500 Kendall, which was securitized in the GSMS 2017-500K transaction, and (iii) 65 Grove, which the sponsor acquired with a term loan in 2018. As of March 1, 2021, the portfolio is 97.1% leased to a granular rent roll of 43 tenants, with no single tenant accounting for more than 9.2% of base rent other than Shire Human Genetic Therapies, which accounts for 21.2% of base rent. The portfolio exhibits a weighted-average (WA) remaining lease term of 6.5 years, and 67.8% of base rent is derived from investment-grade tenants. Additionally, the portfolio serves as the global or domestic headquarters for 15 tenants comprising 44.0% of base rent, including five of the top 15 tenants, comprising 35.7% of base rent.

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Page 6 of 41 The portfolio represents a critical mass of Class A properties in the nation’s most prominent education

Page 6 of 41 and research hubs of Cambridge, Massachusetts (66.3% of net cash flow (NCF)), San Diego (19.4% of NCF), and San Francisco (14.3% of NCF). These leading clusters exhibit low availability rates and high Page 6 of 41 barriers to entry. DBRS Morningstar is optimistic that rents in the these markets will continue to rise as

Page 6 of 41 laboratory space in the life-sciences and biotechnology industries becomes more expensive and companies continue to congregate around established universities, research centers, and hospitals, most often in dense urban areas.

In a post-Coronavirus Disease (COVID-19) environment, DBRS Morningstar expects increased growth in healthcare spending, which is a key driver of the life-sciences field. With this rise in spending, much of which is already devoted to disease prevention, cancer treatments, and other chronic conditions, companies focused in these fields will continue to thrive. Given the specialized nature of these industries, coupled with advancements in medical and other technology, a skilled and educated workforce is necessary to sustain profitability of life-sciences enterprises. DBRS Morningstar believes the most important factor for the long-term sustainability of cash flow is proximity to talent, which means access to research and educational institutions as well as other technology and medical centers, typically located in urban centers.

DBRS Morningstar sees continued consolidation within the industry as a benefit for the property as life- sciences companies attempt to remain profitable through acquisitions of smaller companies, driving demand for an already limited supply of laboratory space in increasingly urban locales. Space and land constraints create higher barriers to entry that favor the existing quality, locations, and strong sponsorship of the properties in the portfolio. DBRS Morningstar believes the substantial capital needs for fit-out of specialized laboratory space, as well as the amenities needed to attract highly skilled employees, bode well for the portfolio both in terms of stable occupancy and long-term rental rate growth.

Strengths • Prime Locations in Major Life-Sciences Hubs - Ten of the properties, representing 66.3% of NCF, are in the Cambridge submarket of Boston. Per the JLL 2020 Life Sciences Real Estate Outlook report, Cambridge is the global hub of research and development (R&D) for the life-sciences industry with 19 of the largest 20 biotechnology companies in the world having a presence in greater Boston. Four of the properties, representing 19.4% of NCF, are in the San Diego life-sciences market. San Diego is the third- largest biotech cluster in the United States and has been a growing focus of major life-sciences REITs and real estate investment thanks to its robust research institutions and healthy investment activity from venture capital. Three of the properties, representing 14.3% of NCF, are in the San Francisco Bay Area, which is the second-largest life-sciences cluster in the country. • Institutional Quality Tenancy - The portfolio is approximately 97.1% leased to 43 unique tenants, with 15 of the 17 properties achieving greater than 98% occupancy. The portfolio has a WA remaining lease term of approximately 6.5 years. Approximately 67.8% of the portfolio is leased to investment-grade tenants, including the largest tenant, Shire Human Genetics (Parent: Takeda; Moody’s: Baa2 / S&P:

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BBB+), which represents 21.2% of base rent and occupies 98.2% of 500 Kendall through 2031. 14 of the Page 7 of 41 top 15 tenants are public companies with a combined market capitalization in excess of $3.0 trillion, as

Page 7 of 41 of March 2021. • Strong Historical Performance - Since the prior financings, the aggregate base rent for the Pool C and Page 7 of 41 500 Kendall assets increased by approximately $10.8 million or 9.3%, driven by growth in achieved base

Page 7 of 41 rental rates to $57.84 per square foot (psf) from $51.32 psf, while maintaining an average occupancy of 98.3% since 2017. • Property Quality - Assets comprising approximately 83.4% of base rent have been built or renovated since 2015. The two assets not included in the CGDBB 2017-BIOC financing, 500 Kendall and 65 Grove, comprise 27.2% of base rent in aggregate and were both renovated in 2020. The sponsor has invested approximately $282.5 million of capital improvements since 2017. Five properties comprising 52.5% of NCF and 43.2% of NRA are LEED certified. • Limited Lease Rollover - In addition to a large percentage of investment-grade tenancy, there is limited lease rollover during the five-year fully extended loan term. Leases comprising only 4.9% of the DBRS Morningstar gross potential rent expire within the two-year initial term of the loan and only 28.6% during the five-year fully extended term. The lease rollover during the fully extended term is evenly distributed with no more than 10.8% of rents expiring in any calendar year. The top 15 tenants exhibit a WA remaining lease term of 7.2 years, and only five of the top 15 tenants are scheduled to roll during the fully extended loan term. Two of those five tenants have their headquarters at the respective property. Furthermore, tenant retention tends to be high as life-sciences companies typically invest heavily in their spaces. • Below-Market Rents – According to the appraisals, in-place base rents across the portfolio are approximately 29.4% below market driven by growth in the life-sciences sector and historically low lab vacancies in the markets represented by the portfolio. The limited lease rollover provides for minimal opportunity to capture the upside during the fully extended five-year loan term, but the portfolio will likely benefit in the long run from increased rental revenue as leases expire and roll to market. • Multiple Property Pooling – The transaction benefits from additional cash flow stability attributable to multiple property pooling. The portfolio has a property Herfindahl score of 9.2 by allocated loan amount (ALA), which is below other recent DBRS Morningstar-rated multi-property portfolios but still provides favorable diversification of cash flow when compared with a single asset. • Strong Sponsorship - In November 2020, Blackstone recapitalized BioMed Realty for $14.6 billion as part of a new long-term, perpetual capital, core+ strategy. The Portfolio’s allocated purchase price totaled approximately $3.1 billion, representing 21% of the recapitalization. BioMed Realty is a fully integrated REIT that is focused on acquiring, developing, leasing, owning and managing laboratory and office space for the life science and technology industry. BioMed Realty was founded in 2004 and merged with The Blackstone Group in 2016. BioMed is a full-service life science and technology office operating platform with 16 million SF (including in-process developments and announced acquisitions pending close). Through its different investment businesses, Blackstone has total assets under management of approximately $619 billion as of December 2020. The Blackstone Real Estate group was established in 1991 and is the largest private equity real estate investment manager in the world today with over $187 billion of real estate assets under management through its opportunistic, core+, and debt strategy

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businesses. The global team consists of over 450 Blackstone Real Estate professionals around the world, Page 8 of 41 with both investments and people in North America, Europe, Asia, and Latin America.

Page 8 of 41 Concerns Page 8 of 41 • Coronavirus-Related Risks – The ongoing coronavirus pandemic continues to pose challenges and risks

Page 8 of 41 to virtually all major commercial real estate (CRE) property types and has created an element of uncertainty around future demand for office space, even in gateway markets that have historically been highly liquid. Despite the disruptions and uncertainty, the collateral has largely been unaffected. All assets in the portfolio have remained open and operational, allowing lab tenants to conduct essential work, with 50% of the tenants in the portfolio actively working on vaccines, therapeutics, and testing solutions to help combat coronavirus. Portfolio rent collections have averaged 99.9% from Q2 2020 to Q4 2020, in line with pre-pandemic levels. Since the onset of coronavirus in March 2020, BioMed has executed approximately 208,000 sf (8.8% of NRA) of leases at the portfolio, at an average releasing spread of +11%. • Single-Tenant Exposure – Nine of the portfolio’s 17 assets are single-tenant buildings. Together, the nine properties represent 50.5% of the portfolio’s total NCF and 51.6% of the aggregate ALA. Single- tenant properties generally present higher risk than multiple-tenant properties because their sole source of income is generated by one lessee rather than a diversified roster of tenants. However, five of the assets, totaling 48.2% of NCF, are approximately 100% leased to investment-grade tenants, three of which, totaling 45.6% of NCF, have lease expirations beyond the loan’s fully extended maturity in March 2026. • Vacant Building - 58 Charles Street in Cambridge, Massachusetts (2.0% of NRA) is currently 100% vacant following the Q1 2021 expiry of the existing tenant. The property is scheduled to undergo a renovation, and the sponsor is reportedly already in active discussions with prospective tenants. DBRS Morningstar accounted for this risk by assuming the property to be vacant in its analysis and excluded the property from its capped NCF, assigning it zero value. DBRS Morningstar then added back the dark value of the property to its total portfolio value. This adjustment reflects the potential additional income associated with the sponsor successfully executing a new lease at market rates for the space and accounts for the additional costs associated with re-tenanting a vacant building such as one-time tenant improvement, leasing costs, and downtime and includes a premium for execution risk by stressing the DBRS Morningstar cap rate by 1.0% over the concluded lit cap rate. • High Risk/High Reward – While the property benefits from long-term leases and significant investment- grade tenancy, the industry correlation is solely concentrated within the life and bioscience sector. Many biotechnology and pharmaceutical tenants are vulnerable to approvals of drugs in development or other products. Furthermore, they often rely on funding from external sources such as the government, particularly the National Institutes of Health, which could be curtailed by Congress. • Legal and Structural Considerations – • Partial Pro Rata Structure: The loan allows for pro rata paydowns associated with property releases for the first 30% of the unpaid principal balance. The loan has been structured with a partial pro rata/sequential-pay structure. DBRS Morningstar considers this structure credit negative, particularly at the top of the capital stack. Under a partial pro rata structure, deleveraging of the senior notes through the release of individual properties occurs at a

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slower pace as compared with a sequential-pay structure. DBRS Morningstar applied a Page 9 of 41 penalty to the transaction's capital structure to account for the pro rata nature of certain

Page 9 of 41 voluntary prepayments.

• Deleveraging Premium: Individual properties are permitted to be released with customary Page 9 of 41 requirements. However, the prepayment premium for the release of individual assets is

Page 9 of 41 105.0% for the first 30.0% of the loan balance and 110.0% of the loan balance thereafter. DBRS Morningstar considers the release premium to be weaker than those of other previously rated single-borrower, multi-property deals and, as a result, applied a penalty to the transaction's capital structure to account for the weak deleveraging premium.

• Limited Recourse: The guarantor’s aggregate liability is limited to maximum recourse of 10% of the outstanding loan amount for certain bankruptcy-related activities that would typically trigger recourse liability to the sponsor for the full amount of the debt and environmental insurance was obtained in lieu of an environmental indemnity from the guarantor. The cap is a material limitation of the powerful economic disincentives that would be contained in a commercial mortgage-backed security (CMBS) standard bad boy guaranty structure that has no such cap. • Libor Elimination and Benchmark Transition – The underlying mortgage loan for the transaction will pay floating rate, which presents potential benchmark transition risk as the deadline approaches for the elimination of Libor. The transaction documents provide for the transition to an alternative benchmark rate, which is primarily contemplated to be either Compounded SOFR plus the Alternative Rate Spread Adjustment or Term Secured Overnight Financing Rate (SOFR) plus the applicable Alternative Rate Spread Adjustment.

Summary of the Debt Capital Structure Deutsche Bank AG, New York Branch, Wells Fargo Bank, National Association, Goldman Sachs Bank USA, and Citi Real Estate Funding Inc. originated the mortgage loan, which has a two-year initial term (with three one-year extension options). The mortgage loan pays floating-rate interest of Libor plus 1.4660% on an interest-only (IO) basis through the initial maturity of each loan. The borrowers entered into an interest rate cap agreement to hedge exposure to Libor, which has a strike rate of 3.5%.

Debt Structure

Tier Debt Amount ($) Interest Rate Payment Terms DBRS Morningstar DBRS Morningstar (%) DSCR (x) LTV (%)

Mortgage Loan 2,010,000,000 Libor+1.4660% Interest-Only 3.79 105.00

Total 2,010,000,000 3.79 105.00

Note: The DBRS Morningstar DSCR assumes the actual Libor rate of 0.15%. The DBRS Morningstar DSCR at the stated Libor cap rate of 3.50% would be 1.23x.

This securitization transaction will be subject to the credit risk retention requirements of Section 15G of the Exchange Act, as added by Section 941 of the Dodd-Frank Act. An economic interest in the credit risk of the mortgage loan is expected to be retained as an “eligible horizontal residual interest” in the form of the Class HRR Certificates. CPPIB Credit Structured North America III, Inc. a Canadian corporation and a

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wholly owned subsidiary of CPPIB Credit Investments II Inc, is expected to purchase the Class HRR Page 10 of 41 Certificates.

Page 10 of 41 Sources and Uses Page 10 of 41 Loan proceeds are being used to refinance existing indebtedness, return equity to the sponsor, fund upfront reserves, and pay closing costs. Page 10 of 41

Source Amount ($) % of Total Use Amount ($) % of Total

Mortgage Loan 2,010,000,000 64.4 Recapitalization 3,085,000,000 98.9 Purchase Price Sponsor Equity 1,109,344,264 35.6 Closing Costs 17,598,000 0.6 Upfront Reserves 16,746,129 0.5 Total 3,119,344,264 100.0 3,119,344,264 100.0 Note: Up-front reserves are expected to total approximately $16.7 million which amount reflects certain outstanding free rent, unfunded tenant improvement allowances, landlord work and/or leasing commissions under certain leases identified in the mortgage loan agreement. In addition, the guarantor guaranteed to the lender outstanding free rent under certain leases identified in the mortgage loan agreement in an amount equal to $3,876,468 in lieu of reserving for such amounts.

Analytical Metrics The table below presents DBRS Morningstar's key net cash flow and valuation metrics as compared with the issuer/arranger's assumptions:

Metric DBRS Morningstar Issuer/Arranger

Gross Potential Revenue ($)1 145,713,394 145,530,303

Net Operating Income ($) 135,118,255 138,850,399

Replacement Reserves ($) 592,921 474,337

Net Cash Flow ($) 124,715,833 135,411,459

Variance to Arranger NCF (%) -7.90 n/a

Capitalization Rate (%)2 6.52 4.41

Concluded/As-Is Appraised Value ($) 1,914,261,996 3,071,200,000

Value per Square Foot ($) 807 1,295

Whole Loan DSCR on NCF (x)3 3.95 4.40

Whole Loan-to-Value Ratio (%) 105.0 65.4

1. Gross potential rent includes rent steps and straight-line rent for long-term credit tenants and gross up of vacant suites. 2. The arranger’s capitalization rate is the arranger’s underwritten net cash flow divided by the appraised value of $3,055,200,000. 3. Assumes Libor of 0.15%+ 1.4660%, The DBRS Morningstar and issuer/arranger whole-loan DSCR at the Libor cap of 3.5% would be 1.23x and 1.34x, respectively.

Collateral Summary

The LIFE 2021-BMR transaction is composed of 17 properties with 43 individual tenants totaling approximately 2.4 million sf of Class A office and laboratory space in the life-sciences hubs of Cambridge, Massachusetts; San Diego; and San Francisco. The portfolio has a physical occupancy of 97.1% and an economic occupancy of 94.5% based on DBRS Morningstar’s analysis. The portfolio has had historical occupancy since 2017 of 98.6%.

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Page 11 of 41 % % of % IG (Base Property Name Market Built / Reno Total RSF % NRA Single / Multi Page 11 of 41 Leased NCF Rent) 500 Kendall Boston/Cambridge 2002 | 2020 349,325 14.70 99.20 22.42 Single 99.93

50 HampshirePage 11 of 41 Street Boston/Cambridge 2000 | 2017 202,023 8.50 98.20 12.02 Multi 31.28

200 Page Sidney 11 of S 41treet Boston/Cambridge 1998 | 2015 188,616 8.00 100.00 11.51 Multi 46.55 i3 San Diego 2017 316,262 13.30 100.00 9.07 Single 100.00 Page 11 of 41 Axiom San Diego 2003 | 2016 182,866 7.70 100.00 7.79 Multi 100.00 Woodside Technology Park San Francisco 1999 |2016 255,650 10.80 100.00 7.36 Single 100.00 Science Center at Oyster Point San Francisco 2008-2009 204,887 8.60 100.00 6.71 Single 100.00 40 Erie Street Boston/Cambridge 1950 | 2017 106,638 4.50 100.00 6.13 Multi 0.00 65 Grove Boston/Cambridge 1946 |2019-2020 124,349 5.20 100.00 4.81 Multi 0.00 450 Kendall Street Boston/Cambridge 2014-2015 63,520 2.70 100.00 3.33 Multi 79.54 320 Charles Street Boston/Cambridge 1952 | 2007 99,513 4.20 100.00 2.66 Single 100.00 210 Broadway Boston/Cambridge 2001 | 2014 64,812 2.70 75.90 2.38 Multi 35.42 Sorrento Valley Boulevard San Diego 1982 | 2016 56,053 2.40 100.00 1.68 Single 0.00 60 Hampshire Street Boston/Cambridge 1995 |2014 41,257 1.75 100.00 1.50 Multi 15.95 6122-6126 Nancy Ridge Drive San Diego 1987 68,000 2.90 100.00 0.63 Single 0.00 Charles Street Boston/Cambridge 1911 | 2004 47,912 2.00 0.00 0.00 Single 0.00 Total/Average 2,371,683 100.0 97.1 100.0 67.8 Note: The Science Center at Oyster Point consists of two mortgaged properties: 180 and 200 Oyster Point Boulevard, both of which are 100% occupied by Life Technologies Corp.

Individual Property Summaries 500 Kendall (22.4% of NCF)- 500 Kendall is a 349,325-sf office and research facility that was built in 2002 and consists of 343,000 sf of lab/office space and 6,325 sf of amenity/other space. The property is in a biomedical research area and offers proximity to MIT, Harvard, Massachusetts General Hospital, and office locations for pharmaceutical companies. The property is 98.2% leased to Shire, which uses the space as its U.S. headquarters, through 2031. The property was previously leased to Genzyme, which vacated the space prior to the commencement of Shire’s 12.5-year lease in August 2018. The property was renovated in 2020 and is LEED® Platinum certified.

50 Hampshire Street (12.0% of NCF) - 50 Hampshire is a nine-story building consisting of office space and three levels of underground parking. It is near MIT’s campus, in the heart of East Cambridge. 50 Hampshire achieved LEED® Gold for Existing Buildings in 2011. The property is currently 98.2% leased to Surface Oncology, Epizyme, Seqirus, and Reed Elsevier Inc. The property is close to several modes of public transportation, Logan International Airport, and an eZ Ride Shuttle. The 50 and 60 Hampshire properties are one legal entity and on one tax parcel.

200 Sidney Street (11.5% of NCF) - 200 Sidney Street is a research facility with Class A laboratory and office space that was renovated by BioMed in 2015. Tenants have access to a full range of amenities including outdoor meeting areas and gardens, as well as a modern fitness center. The property was designated with LEED® Gold Certification in 2009. The property was renovated in 2015-16 and is 100% leased to a confidential investment grade tenant., Seres, and CRISPR. The building is near MIT’s

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campus, University Park, and numerous other foundations and research institutes. In addition, there is Page 12 of 41 an onsite parking structure and shuttle service to and from several forms of public transportation,

Page 12 of 41 including the Central Square and Kendall Square Red Line stations.

Page 12 of 41 i3 (9.1% of NCF) - i3 is composed of three, 100% leased three-story buildings ranging in size from

Page 12 of 41 approximately 85,000 sf to 100,000 sf, and totaling 316,262 sf of Class A office and lab space. The center has been designed as a campus with below-grade parking and whose buildings frame a new outdoor courtyard space. The property was built in 2017 and is 100% leased to a confidential tenant. The property offers substantial amenities including a restaurant, a fitness center, a conference facility, an event lawn, bocce courts, ping pong tables, an herb garden, and a dining terrace. The campus is LEED® Platinum and features fresh landscaping, natural light, and three levels of subterranean parking. Within each structure, a central scientific lab zone has been designed with an emphasis on modularity, flexibility, and adaptability.

Axiom (7.8% of NCF) - The Axiom buildings were built on a ridge above UC San Diego in 1998 and renovated in 2016. The three Axiom buildings are well located near Scripps Memorial Hospital La Jolla and UC San Diego Health System La Jolla with easy access to I-5, I-805, and SR-52 freeways, and within walking distance of Westfield UTC shopping mall, local hotels, and restaurants. The property features a cafe with indoor and outdoor seating and a lounge; a fitness center with showers and lockers; outdoor spaces; dock high loading; and conferencing spaces. The Axiom buildings are currently 100% leased to a confidential high investment grade tenant, Alere, and Ignyta, Inc.

Woodside Technology Park (7.4% of NCF) - Built in 1999 and renovated in 2016, Woodside Technology Park is composed of three two-story buildings ranging in size from approximately 60,000 sf to 133,000 sf, and totaling 255,650 sf of Class A office and lab space in Redwood City, California. The property has best-in-class features including modern design and architecture, superb window lines that allow for an abundance of natural light, efficient 30,000-sf to 60,000-sf floor plates, an ideal mixture of office and lab build-outs, and a parking ratio of 3.3 spaces per 1,000 rentable sf. The entire property is 100% leased through March 2027 by GenPharm International, a subsidiary of Bristol-Myers Squibb.

Science Center at Oyster Point (6.7% of NCF) - Completed in 2008 and 2009, 180 and 200 Oyster Point Boulevard are Class A BioTech properties in south San Francisco. The properties feature state-of-the-art building systems, a cafeteria, bay and mountain views, secured subterranean parking, modern HVAC systems, 16-foot floor-to-ceiling heights to accommodate life-sciences tenants, and a modern fitness center. The properties are near major freeways and bridges (101 Freeway and the Bay and San Mateo bridges) and also provide access to transportation service via the DNA shuttle to the BART, CalTrain, and SamTrans. Oyster Point’s two buildings are 100% leased by Life Technologies, a subsidiary of Thermo Fisher.

40 Erie (6.1% of NCF) - Built in 1996, 40 Erie was occupied by Vertex Pharmaceuticals before Biomed recaptured the space and gut-renovated the property in 2016. Following the redevelopment, the asset was quickly leased back up to 100% occupancy to tenants Intellia Therapeutics, Neon Therapeutics, and

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Gritstone Oncology. The building has been designed to meet the specific criteria of life-sciences Page 13 of 41 organizations while adhering to the principles of sustainable design, allowing it to qualify for LEED® Gold

Page 13 of 41 certification.

Page 13 of 41 65 Grove (4.8% of NCF) - 65 Grove was originally built in 1945 as an office and R&D manufacturing

Page 13 of 41 facility. BioMed acquired the property in 2018 after a significant renovation program was completed to reposition the asset. Renovations included improvements to the building exterior, a complete renovation of the interior space, installation of new HVAC, mechanicals, electrical systems, and roof. There are several amenities including a landscaped courtyard, structured parking, common areas, and interior bike storage. The property is now 100% leased to 10 tenants including Selecta and Platelet Biogenesis.

450 Kendall (3.3% of NCF) - 450 Kendall is part of Kendall Square, a 10-acre master-planned development growing into a community of office and lab space, apartment towers, restaurants, and retail shopping linked together by 2.5 acres of landscaped open space. 450 Kendall was completed in 2014-15, and the building has been awarded LEED® Gold certification. The property is near the Harvard and MIT campuses and offers convenient access to public transportation. 450 Kendall is currently 100% leased to tenants including Eli Lilly and Company, MPM, and 450 Hospitality Group.

320 Charles Street (2.7% of NCF) - 320 Charles Street is a two-story lab building in the East Cambridge market. On-site or adjacent amenities include a cafeteria with a warming kitchen and vending areas, a dining area that can be subdivided, and a public park (Kennedy Field). Parking includes a total of 86 spaces. The property is steps away from the MIT campus, near public transportation and the Boston Logan International Airport. It provides convenient access to numerous restaurants and hotels. 320 Charles Street is currently 100% leased to the Broad Institute through August 2024.

210 Broadway (2.4% of NCF) - 210 Broadway is a four-story, multitenant office building in East Cambridge near Kendall Square, MIT’s campus, the Kendall T Stop, and One Kendall Square. The building was renovated in 2014 and has 70 onsite parking spaces. The property is currently 75.9% leased Canon USA, Inc. and EverQuote.

Sorrento Valley Boulevard (1.7% of NCF) - 4215 Sorrento Valley Boulevard is a research facility offering San Diego life-sciences companies with a newly modernized facility to produce an ideal research environment. Coupled with a new exterior facade and new landscaping, the facility offers efficient floor plates and an open design that provides abundant natural light throughout. The property is 100% leased to Precision Toxicology through July 2023.

60 Hampshire Street (1.5% of NCF) - 60 Hampshire is adjacent to 50 Hampshire and is a single-story office/lab building fully leased to iZotope and Capital One. The property is close to several modes of public transportation and Boston Logan International Airport, as well as the EZRide Shuttle services for employees.

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6122-6126 Nancy Ridge Drive (0.6% of NCF) - 6122-6126 Nancy Ridge Drive was built in 1987 and Page 14 of 41 renovated in 1994. The property benefits from easy access to the I-805 and is close to the El Camino

Page 14 of 41 Memorial Park. The building is 100% leased to Arena Pharmaceuticals through May 2027.

Page 14 of 41 Charles Street (0.0% of NCF) - Charles Street is a two-story, mixed-use office and laboratory facility near

Page 14 of 41 numerous biotechnology companies in the heart of East Cambridge. The building was completely renovated in 1986. The in-place tenant vacated in Q1 2021 and the property is scheduled to undergo another renovation. Per the sponsor, property management is already in active discussions with prospective tenants.

Tenant Overview - As of March 1, 2021, the portfolio was approximately 97.1% leased to 43 unique tenants, with 15 of the 17 properties achieving greater than 98% occupancy. The portfolio has a WA remaining lease term of approximately 6.5 years, which is 1.5 years beyond the fully extended loan term. Approximately 30.3% of base rent expires during the fully extended loan term, with no more than 10.8% expiring in any single year. Ten of the top 15 tenants are public companies with a combined market capitalization in excess of $3.0 trillion, as of March 2021, with approximately 67.8% of base rent derived from investment-grade-rated tenants

Tenant Property Lease End Remaining NRA % of Credit Rating Base Base Term NRA (Moody’s, Fitch, Rent Rent S&P) (PSF) (%) Shire Human Genetic 500 Kendall Street 1/31/2031 9.9 343,000 14.5 Baa2/ - / BBB+ 79.18 21.2 Therapies Confidential IG Tenant i3 12/31/2027 6.8 316,262 13.3 - / - / BBB 37.17 9.2 GenPharm International Woodside Technology 3/31/2027 6.1 255,650 10.8 A2 / - / A+ 37.17 7.4 Park Life Technologies Corp. Science Center at 3/31/2028 7.1 204,887 8.6 Baa1 /BBB/ BBB+ 41.02 6.6 Oyster Point Confidential IG Tenant 200 Sidney Street Various 2.4 85,403 3.6 Baa2 / - / BBB+ 78.74 5.2 Seres 200 Sidney Street 11/12/2023 2.7 83,396 3.5 - / - / - 74.45 4.8 Intellia Therapeutics 40 Erie Street 9/30/2026 5.6 65,319 2.8 - / - / - 76.53 3.9 Surface Oncology, Inc 50 Hampshire Street 3/31/2030 9.1 65,547 2.8 - / - / - 75.28 3.8 Confidential IG Tenant Axiom 7/31/2033 12.4 83,008 3.5 Aa1 / - / AA+ 50.76 3.3 The Broad Institute 320 Charles Street 8/31/2024 3.5 99,513 4.2 Aa3 / - / AA- 38.00 2.9

Top 10 Total/WA 7.1 1,601,985 67.5 55.74 68.4 Other Tenants 4.7 699,741 29.5 57.95 20.2 Total Occupied 6.4 2,301,726 97.1 55.71 100.0 Total Vacant 69,975 2.9

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Page 15 of 41 Loan Year # of Leases Expiring SF % NRA Cumulative SF Cumulative % Cumulative Expiring Expiring of Total SF Percentage of Page 15 of 41 Expiring Base Rent (%) 2021 2 38,141 1.6 38,141 1.6 1.6 Page 15 of 41 2022 6 70,182 3.0 108,323 4.6 4.9 Page 15 of 41 2023 6 213,875 9.0 322,198 13.6 15.8

2024 6 197,349 8.3 519,547 21.9 23.8 Page 15 of 41 2025 5 116,227 4.9 35,774 26.8 30.3 2026 5 147,255 6.2 83,029 33.0 38.3 2027 7 730,486 30.8 513,515 63.8 60.9 2028 3 229,965 9.7 743,480 73.5 68.8 2029 1 606 0.0 1,744,086 73.5 68.8 2030 1 65,547 2.8 1,809,633 76.3 72.7 2031 & Thereafter 3 492,093 20.7 2,301,726 97.1 100 Vacant 69,957 2.9 2,371,683 100.0 N/A Total 2,371,683 100.0

Major Tenant Descriptions: Shire Human Genetic Therapies (Shire, 14.5% of NRA)- Shire is a specialty biopharmaceutical company that originated in the United Kingdom and has an operational base in the U.S. Its brands and products include Vyvanse, Lialda, and Adderall XR. Takeda Pharmaceutical Company (Takeda, NYSE: TAK / M: Baa2 / S&P: BBB+) acquired Shire in January 2019 and assumed the guaranty of the lease in connection with the acquisition. Takeda is a Japanese multinational pharmaceutical and biopharmaceutical company. It is the largest pharmaceutical company in Asia and one of the top 20 largest pharmaceutical companies in the world by revenue. As of February 2021, Takeda had a market capitalization of $55.5 billion.

GenPharm International, Inc (10.8% of NRA) - GenPharm International, Inc. (GenPharm) engages in the development and application of HuMAb-Mouse transgenic animal technology. Its technology is used in the creation of human monoclonal antibodies for therapeutic uses. The company was founded in 1989 and is based in San Jose, California. As of October 21, 1997, GenPharm International, Inc. was a subsidiary of Medarex, Inc., and now operates as a subsidiary of Bristol-Myers Squibb Company. Bristol Myers Squibb (NYSE: BMY / S&P: A) is an American pharmaceutical company, headquartered in New York City. As of February 2021, Bristol-Myers Squibb had a market capitalization of $136.1 billion.

Life Technologies (8.6% of NRA) - Life Technologies (S&P: BBB, Moody’s: Baa3) is a biotech company founded in 2008 and was acquired by its now parent, Thermo Fisher Scientific Inc. (NYSE: TMO). Thermo Fisher is the world leader in serving science, with revenue of $17 billion and approximately 50,000 employees in 50 countries. Thermo Fisher helps its customers accelerate life-sciences research, solve complex analytical challenges, improve patient diagnostics, and increase laboratory productivity through a combination of innovative technologies, purchasing convenience, and comprehensive support. As of February 2021, Thermo Fisher Scientific had a market capitalization of $196.5 billion.

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Broad Institute (4.2% of NRA) - The Eli and Edythe L. Broad Institute of MIT and Harvard (S&P: AA-), Page 16 of 41 often referred to as The Broad Institute, is a biomedical and genomic research center located in

Page 16 of 41 Cambridge. The institute is independently governed and supported as a 501(c)(3) nonprofit research organization under the name Broad Institute Inc., and is partners with Massachusetts Institute of Page 16 of 41 Technology, Harvard University, and the five Harvard teaching hospitals.

Page 16 of 41 Seres Therapeutics (3.5% of NRA) - Seres Therapeutics (NASDAQ: MCRB) is a late-clinical stage biotechnology company with a strong development pipeline and rigorous scientific underpinning, working to revolutionize treatment of a wide range of diseases by modulating the function of the human microbiome. As of year-end 2020, Seres Therapeutics reported total revenue of approximately $33.2 million.

Market Overview Life-Sciences Market General Overview Life sciences include biology, medicine, and sometimes anthropology or sociology and deal with living organisms and life processes. Within the context of the life-sciences industry, this means companies that focus on biotechnology and pharmaceutical businesses. Many tenants in the portfolio are involved with cancer research, development of pharmaceutical drugs for cancer, and vaccines and treatments of other diseases.

Increasingly, the life-sciences industry is experiencing consolidation because of several factors, including advancement of technology, expiration of drug and other patents, and acquisitions and mergers among life-sciences companies. The key driver of the consolidation is an aging population combined with longer life expectancies, medical advancements, healthcare spending, and investment and funding into the industry. From a real estate perspective, this is beneficial for life-sciences properties. A lack of high- quality office and laboratory space has pushed rental rates higher and driven concentration of assets to more urban areas, which typically have high barriers to entry because of higher construction and land costs. Biotechnology and pharmaceutical companies often collaborate with other companies and research and educational institutes to develop new drugs, vaccines, and treatments. Therefore, proximity to these types of resources is paramount.

The table below shows the top 14 life-sciences clusters in the United States, according to the JLL 2020 Life Sciences Real Estate Outlook report.

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Page 17 of 41 Rank Cluster/Market Weighted Rank Cluster/Market Weighted Page 17 of 41 Score Score 1 Greater Boston Area 89.0 8 Los Angeles/Orange County 42.5 Page 17 of 41 2 San Francisco Bay Area 73.3 9 Seattle Metro Area 33.4

Page 17 of 41 3 San Diego Metro Area 57.3 10 New Jersey 30.6

4 Maryland 52.2 11 Houston 29.1

5 Raleigh-Durham Metro Area 49.7 12 Denver Metro Area 28.8 6 Philadelphia Metro Area 49.5 13 Chicago Metro Area 23.3 7 New York Metro Area 43.7 14 Minneapolis-St Paul Metro Area 16.3

Portfolio Cluster Overviews

Greater Boston Area, Massachusetts Cambridge is the global hub of R&D for the life-sciences industry, with 11 out of the largest 15 biotechnology companies in the world having a presence. Additionally, Massachusetts Institute of Technology graduates more PhD students in the life-sciences disciplines than any other school in the nation. The self-sustaining ecosystem, which includes other top-tier academic institutions, collaborative research space, VC firms, startups, and global corporations, allows innovation and growth to thrive.

East Cambridge office/lab rents are the highest of the greater Boston area, driven by a dense, supply- constrained urban environment and significant concentration of large biotechnology companies and institutions in Kendall Square. While office construction has historically been strong in East Cambridge, averaging around 2% inventory growth per year since 2006, the inventory growth will likely reach double digits by 2021. With vacancy rates below 2% and record-strong leasing for projects underway, an increase in new supply is not enough to slow the market as, despite an aggressive construction pipeline, demand for Class A office and lab space continues to surpass supply as all projects underway are either fully leased or under letters of intent (LOI).

Cushman & Wakefield reports the Cambridge Laboratory market in Kendall Square/East Cambridge contains approximately 7.4 million sf of space with a vacancy rate of approximately 1.5% compared with the Boston central business district (CBD) that has approximately 68 million sf with an overall vacancy of 6.9%. Asking rents for Class A space in the Kendall Square/East Cambridge Laboratory submarket are the highest in all of greater Boston in excess of $100 psf and have been increasing at an annual rate of 10%–15%.

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Cambridge Laboratory Submarket Vacancy (%) Page 18 of 41

Page 18 of 41 16.00%

14.00% Page 18 of 41 12.00% Page 18 of 41 10.00%

8.00%

6.00%

4.00%

2.00%

0.00% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2Q20

Source: Cushman & Wakefield.

San Diego Metro Area, California San Diego is the third-largest biotech cluster in the United States and has been a growing focus of major life-sciences REITs and real estate investment thanks to its robust research institutions and healthy investment activity from venture capital. The cluster is anchored by UC San Diego and the Scripps Research Institute, one of the country’s most influential research institutes. The coronavirus pandemic has created new demand for life-sciences space and has reinforced existing need. At least 61 San Diego companies are researching and testing treatments and vaccines for the coronavirus, and the outbreak has only heightened the healthcare needs of older and at-risk patients.

Torrey Pines acts as the heart of the San Diego life-sciences cluster and is home to such prominent institutions as Sanford Burnham Prebys Medical Discovery Institute, The Scripps Research Institute, Salk Institute, Sanford Consortium, and the J. Craig Venter Institute, among others. UTC is on the east side of UC San Diego and is composed of mature, publicly traded companies with advanced product development. The area offers numerous amenities to tenants via a large upscale shopping mall and other sizable shopping centers. UTC is also home to one of San Diego’s largest Class A office submarkets. Sorrento Mesa caters to all tiers of life-sciences companies and sometimes acts as a value alternative to Torrey Pines or UTC. Sorrento Mesa was formed as developers saw opportunities for greater returns through the conversion of office buildings into wet lab facilities. Sorrento Mesa is the fastest-growing lab submarket and is slated for an additional 1 million sf of new supply over the next three years. Overall, the life-sciences leasing market has historically been very strong with 7.6% vacancy (as of YE 2020) and rental increases of 52% over the past five years according to JLL. As of December 2020, there were more than 69,565 employees working for more than 1,738 life-sciences companies in the San Diego area. Life-sciences VC funding has grown substantially from about $500.0 million in 2010 to more than $3.0 billion in 2020.

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San Diego Office Vacancy (%) Page 19 of 41

Page 19 of 41 Sorrento Mesa Torry Pines Sorrento Valley UTC 25.00% Page 19 of 41

Page 19 of 41 20.00%

15.00%

10.00%

5.00%

0.00% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Newmark Knight Frank.

San Francisco Bay Area, California The greater San Francisco Bay Area has long been a major center for the life-sciences industry and is the second-largest cluster in the country. The San Francisco Bay Area life-sciences market remains robust, despite the ongoing effects of the pandemic and the contraction of the economy. Tenant demand has grown and is being driven by strong funding activity coming from big pharma partnerships, IPOs, and venture capital. The local Bay Area economy is fueled by a highly educated talent pool with strong ties to Stanford, UCSF, and Berkeley, all of which have notable life-sciences incubators. Total commercial laboratory space has grown by 13.6% in the past year to 30.0 million sf. Another 3.3 million sf is currently under construction with 2.8 million sf expected to be delivered by late 2021. Despite the increase in supply of life-sciences product, lab rents remain strong, with market experts expecting to see the life-sciences demand continue to grow for the foreseeable future, particularly as Stanford, UCSF, and UC Berkeley remain a vital source of research and innovation. The Mid-Peninsula is the birthplace of genetic engineering that began with Genentech more than four decades ago. Today, the largest players in the life-sciences industry, including Roche (Genentech), Gilead, Illumina, Merck, Amgen, Abbott, and the life-sciences arm of Google (Verily), have established a foothold in the area, which boasts one of the densest concentrations of highly qualified life-sciences professionals in the country.

The Oakland/East Bay submarket is home to anchor research institutions, prestigious universities, and major healthcare companies like Novartis and Bayer Healthcare. The Oakland Enterprise Zone was established in 1993 to revitalize the business area by offering tax incentives. The creation of the Enterprise Zone led to the emergence of Berkeley and Emeryville, which represent two of the largest life- sciences markets in the Bay Area. As of December 2020, there were more than 137,368 employees

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working for more than 3,391 life-sciences companies in the San Francisco Bay Area. Life-sciences VC Page 20 of 41 funding has grown substantially from about $2.0 billion in 2010 to more than $8.0 billion in 2020.

Page 20 of 41 DBRS Morningstar NCF Analysis Page 20 of 41 DBRS Morningstar analyzed the properties’ historical cash flow, occupancy levels, operating expenses,

Page 20 of 41 fixed expenses, and capital costs. DBRS Morningstar’s revenue and expenses estimates, as well as its analytical approach, are discussed below.

Effective Gross Income - DBRS Morningstar’s effective gross income and all income line items were concluded to the actual rent roll provided, inclusive of 12 months of contractual rent steps. DBRS Morningstar provided LTCT treatment for investment-grade credit tenants Shire, a confidential tenant, and Alere, straight-lining their rent steps over the five-year loan term and taking no TI or LC costs on their spaces. DBRS Morningstar used an economic vacancy of approximately 5.6%.

Expenses - DBRS Morningstar concluded most expense line items to the sponsor's year one budgeted figure.

Management Fee and Fixed Expenses - DBRS Morningstar concluded management fees to the greater of $1 million or a floor of 1.5% of EGI.

DBRS Morningstar concluded real estate taxes to the sponsor's year one projection.

DBRS Morningstar concluded insurance expense based on the actual premiums.

Replacement Reserves and TI/LCs - DBRS Morningstar concluded capital expenditures/replacement reserves of $0.25 psf across all square footage.

For the office/lab components, DBRS Morningstar's TI/LC assumptions for properties in Cambridge were based on a $70 psf for new leases and $35 psf for renewals on a 10-year term with a renewal probability of 75%. For properties in San Francisco and San Diego, DBRS Morningstar assumed $50 psf for new leases and $25 psf for renewals on a 10-year term with a renewal probability of 75%. DBRS Morningstar reviewed actual TI packages based on recent leasing at the property and took into account the below- market nature of the current tenant’s rents as well as a the modularity of modern lab buildouts in order to arrive at its concluded TI dollar assumptions for the space type. Leasing commissions were generally based on 4% for new leases and 2% for renewals.

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NCF Analysis Page 21 of 41 Budget - 2021 Issuer NCF DBRS Morningstar NCF Variance (%) NCF ($)

Page 21 of 41 GPR ($) 131,590,730 145,530,303 145,713,394 0.1 Recoveries ($) 39,461,095 39,838,542 39,552,326 -0.7 Page 21 of 41 Parking ($) 1,212,000 1,212,000 1,212,000 0.0 Vacancy ($) 4,644,630 6,379,906 10,065,761 57.8 Page 21 of 41 EGI ($) 167,619,195 180,200,939 176,411,960 -2.1

Expenses ($) 41,450,367 41,350,540 41,293,704 -0.1 NOI ($) 126,168,827 138,850,399 135,118,255 -2.7 Capex ($) 0 474,337 592,921 25.0 TI/LC ($) 0 2,964,604 9,809,501 230.9 NCF ($) 126,168,827 135,411,458 124,715,833 -7.9

DBRS Morningstar Valuation DBRS Morningstar’s concluded capitalization rate for the portfolio was 6.52%, which resulted in a value of approximately $1.91 billion, or $807 psf.

One property, 58 Charles Street in Cambridge, MA (2.0% of NRA, 2.0% of ALA) is currently 100% vacant following the Q1 2021 expiry of the existing tenant. The property is scheduled to undergo a renovation and the sponsor is reportedly already in active discussions with prospective tenants. DBRS Morningstar concluded to a dark value of $28.3 million for this asset, which was added to the capped total portfolio value of $1.87 billion.

Property Name Market Total RSF DBRSM NCF ($) DBRSM Cap DBRSM Value ($) $/PSF Appraisal Value ($) $/PSF Value Rate (%) Delta (%) 500 Kendall Boston/Cambridge 349,325 27,957,391 6.50 430,113,713 1,231 692,000,000 1,981 -37.8 50 Hampshire Street Boston/Cambridge 202,023 14,984,950 6.50 230,537,692 1,141 357,000,000 1,767 -35.4 200 Sidney Street. Boston/Cambridge 188,616 14,359,617 6.50 220,917,189 1,171 345,000,000 1,829 -36.0 i3 San Diego 316,262 11,311,438 6.75 167,576,863 530 199,000,000 629 -15.8 Axiom San Diego 182,866 9,711,371 6.75 143,872,169 787 172,000,000 941 -16.4 Woodside Technology Park San Francisco 255,650 9,184,763 6.75 136,070,560 532 246,000,000 962 -44.7 Science Center at Oyster Point San Francisco 204,887 8,364,197 6.75 123,914,034 605 210,000,000 1,025 -41.0 40 Erie Street Boston/Cambridge 106,638 7,644,286 6.50 117,604,403 1,103 191,000,000 1,791 -38.4 65 Grove Boston/Cambridge 124,349 5,999,979 7.00 85,713,982 689 173,000,000 1,391 -50.5 450 Kendall Street Boston/Cambridge 63,520 4,158,182 6.50 63,972,030 1,007 118,000,000 1,858 -45.8 320 Charles Street Boston/Cambridge 99,513 3,316,083 6.50 51,016,665 513 155,000,000 1,558 -67.1 210 Broadway Boston/Cambridge 64,812 2,965,910 6.75 43,939,411 678 64,000,000 987 -31.3 Sorrento Valley Boulevard San Diego 56,053 2,093,364 7.00 29,905,195 534 38,000,000 678 -21.3 60 Hampshire Street Boston/Cambridge 41,257 1,875,667 6.75 27,787,662 674 54,000,000 1,309 -48.5 6122-6126 Nancy Ridge Drive San Diego 68,000 788,634 7.00 11,266,198 166 21,200,000 312 -46.9 Charles Street Boston/Cambridge 47,912 0.0 28,298,835 591 36,000,000 751 -21.4 Total/Weighted Average 2,371,683 124,715,833 6.52 1,914,261,996 807 3,071,200,000 1,295 -37.7

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Third-Party Reports Page 22 of 41 Appraisal

Page 22 of 41 As part of its analysis, DBRS Morningstar reviewed the appraisal reports prepared by Newmark Knight Frank for the portfolio. The total as-is appraised values of the properties in the portfolio as of March 5, Page 22 of 41 2021, were concluded to be $3.07 billion, or $1,295 psf.

Page 22 of 41 The DBRS Morningstar concluded valuation is approximately 37.7% lower than the appraiser’s concluded as-is value for the portfolio.

Engineering Reports As a part of its analysis, DBRS Morningstar reviewed property condition reports (PCRs) prepared by Bureau Veritas dated February 26, 2021. The PCRs did not identify any significant immediate repairs. The report concluded replacement reserves for the portfolio of $0.09 psf per year on an inflated basis, well below the DBRS Morningstar conclusion of $0.25 psf per year.

Environmental Reports As a part of its analysis, DBRS Morningstar reviewed the Phase I Environmental Site Assessments (ESA) report prepared by Bureau Veritas dated February 26, 2021. Bureau Veritas identified historical recognized environmental conditions (HRECs) at 10 properties and controlled recognized environmental conditions (CRECs) at two properties during the course of its assessment. For all properties with identified HRECs, Bureau Veritas recommended no further action or investigation. With respect to the CREC at 500 Kendall, Bureau Veritas recommended that the property continue to adhere to the stipulations of the activity and use limitation report dated April 15, 2002, including continued operation of the sub-slab depressurization system in accordance with manufacturer guidelines. With respect to the CREC at 65 Grove, Bureau Veritas recommended that the mortgaged property continue to comply with the activity and use limitation report, as well as proper abandonment of the remaining monitoring wells (if not already abandon) when no longer panned for future use.

The borrower obtained environmental liability insurance policies having a coverage limit of at least (i) with respect to all properties except 500 Kendall, $5,000,000 for each incident and a combined aggregate of $10,000,000 and (ii) with respect to 500 Kendall Street, $5,000,000 for each incident and an aggregate of $5,000,000 with, in each instance, self-insured retention of no more than $50,000 per incident for clean-up costs and legal liability third-party claims. The environmental policies shall be for a term of at least two years past the latest possible extended maturity date.

Seismic Reports As a part of its analysis, DBRS Morningstar reviewed the Seismic Risk Assessment (SRA) reports prepared by Bureau Veritas dated February 26, 2021, for properties in California. Its findings are listed in the chart below:

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Page 23 of 41 Property Name Market Seismic Zone PML (SEL) (%) SUL (%)

Page 23 of 41 i3 San Diego 4 6.00 9.00 Axiom San Diego 4 7.00 11.00 Page 23 of 41 Woodside Technology Park San Francisco 4 11.00 18.00 Page 23 of 41 Science Center at Oyster Point San Francisco 4 8.00 13.00

Page 23 of 41 Sorrento Valley Boulevard San Diego 4 10.00 16.00 6122-6126 Nancy Ridge Drive San Diego 4 9.00 14.00

Site Inspections

DBRS Morningstar or its representatives toured six properties totaling 65.4% of the portfolio’s NCF on

Tuesday, March 9, 2021, with various representatives of the sponsor.

500 Kendall Street DBRS Morningstar toured the property Tuesday, March 9, 2021, at 10:30 a.m. Based on the site inspection, DBRS Morningstar found the property quality to be Excellent.

The collateral is an office and research facility in Kendall Square, a neighborhood in Cambridge. The neighborhood is approximately 1 square mile and is along the Charles River to the southeast with the Massachusetts Institute of Technology Campus bordering to the southwest, The Port neighborhood to the west, and Wellington-Harrington and East Cambridge neighborhoods to the northwest and north. The Kendall Square neighborhood is a vibrant self-contained neighborhood, with a rapidly developed cluster of life-sciences, technology, and start-up companies since 2010, along with a responsive surge of retail, restaurants, bars, entertainment venues, and residential development. The subject building is on the south side of Kendall Street and sits back from the street fronted by a large, landscaped patio area with similar buildings on each side of the courtyard to the east and west. Properties in surrounding block consists of mid- to high-rise office and residential buildings, typically with ground level retail, restaurant, bars, etc.

The subject property is a high-rise office building 98.2% leased to Shire, a biopharmaceutical company, with ground level retail (dance studio) comprising the remainder of the leased premises. The dance studio is on an active lease, but activities are limited as a result of coronavirus. The subject is on a 0.82- acre urban lot and contains a building area of 349,325 sf. Improvements were built in 2002, with renovations starting in 2020 and in final stages at the time of inspection, and consist of a 13-story building of steel frame construction, with reflective glass curtain wall and a green roof. The subject has been recognized as a Platinum Rated LEED® Certified Compliant Building.

Interior renovations have recently been completed, with final finishes and furnishing set-ups in progress. Furnishings are onsite, still mostly covered in plastic, and are modern, attractive, and functional. The fitness center was being set up at the time of inspection. The restaurant buffet area, tables, and chairs were in place, and the commercial kitchen was set up. Finishes include solid and patterned painted wallboards, high ceilings with flush LED lighting, and hardwood and patterned carpeted flooring. There are floor-to-ceiling windows and doors with a walkway between outer and inner windows on some

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levels. All inner windows have sheer solar shades. The building has a 12-story atrium and lobby with a Page 24 of 41 suspended mobile as an aesthetic feature as well as a natural light prism. The entrance lobby is three

Page 24 of 41 stories and features large columns supporting a ceiling with decorative reflective squares and flush LED lighting. A large landscape planter with sprinkler system is in the lobby, but not yet planted. Open Page 24 of 41 concrete staircases with glass and brass railings are between the floors. Spaces on all floors have glass

Page 24 of 41 walls, windows, or railings overlooking the atrium. Ceiling lighting from upper level spaces enhance the overall ambience of the atrium lobby.

50 Hampshire Street DBRS Morningstar toured the property on Tuesday, March 9, 2021, at 11:15 a.m. Based on the site inspection, DBRS Morningstar found the property quality to be Above Average.

The collateral is a high-rise office building in the southeastern portion of The Port neighborhood of Cambridge, situated between Central Square, Inman Square, and the MIT campus, more specifically bounded by Hampshire Street on the northeast, Albany Street on the south, Massachusetts Avenue on the southwest, and Prospect Street on the northwest. The northwestern portion of the neighborhood is high-density residential with the lower southeastern portion composed of mid- to-high-rise office buildings, multifamily complexes, low-rise mixed-use buildings with upper-level residential and grade- level retail, restaurants, and bars. Kendall Square, a vibrant commercial and residential area, home to numerous high-tech, R&D firms and some MIT buildings, borders the neighborhood to the east, with the MIT campus to the south along the Charles River. The subject sits between Broadway and Hampshire Street, to the south and north, respectively, mid-block between Portland Street, a primary arterial, and Clark Street, a neighborhood street. A low-rise office building borders the subject to the west, with a high-rise office building bordering to the east. Similar office buildings are across Broadway to the south and along the east side of Portland Street to the north and south. The area to the west is predominantly residential consisting of detached single family and two- to four-family dwellings, and small to midsize apartment buildings.

The subject is a multitenant high-rise office building with three levels of subterranean parking. The building is on 1.56 acres and has an NRA of 202,023 sf. Improvements were constructed in 2000, with renovations in 2017 and consist of a nine-story building of steel frame construction with a brick and glass facade and flat roof holding rooftop mechanicals and bulkhead. A patio area with wood planters is at the front of the building along Hampshire Street.

The lobby area has a glass revolving entrance door, tiled and carpeted flooring, floor-to-ceiling windows, metal sculptures, multiple seating areas with modern chairs, tables and sofas, high ceiling with recessed and suspended specialty lighting, textured wallpaper, and a frameless linear fireplace. The finish-out of office spaces is individual to the tenant, but spaces generally have carpeted flooring, dropped ceilings with recessed lighting, and open workspaces or cubicles. Tenant spaces have individual break rooms, conference and meeting rooms, lounges, and restrooms. Tenant break rooms have individual finishes, and typically include a counter area with coffee/drink makers, stainless steel appliances, bar seating areas, tables, chairs, and booths. A tenant-operated restaurant in the building has wood flooring, open

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ceilings with wood rafters, exposed ductwork, and suspended lighting, tables, chairs, and booths. Page 25 of 41 Access to lab areas was restricted. A ground-floor bakery and small restaurant are vacant with

Page 25 of 41 terminated leases.

Page 25 of 41 i3

Page 25 of 41 DBRS Morningstar toured the property on Tuesday, March 9, 2021, at 11:45 a.m. Based on the site inspection, DBRS Morningstar found the property quality to be Excellent.

The collateral consists of three buildings comprising the i3 Center, a life-sciences office campus in San Diego’s University City/Golden Triangle, a large residential and commercial district in the northwestern portion of the city along the east side of the University of San Diego campus. The district is a triangular area bordered by I-805 to the northeast, Mount Soledad Freeway (CA-52) to the south, and I-5 to the west. I-5 bisects the UC San Diego campus, with the eastern portion of the campus within the Golden Triangle including the Thornton Hospital/UC San Diego Health Center and Scripps Memorial Hospital La Jolla, as well residential multifamily development. The subject buildings are in the upper part of the triangle. The lower part of University City is predominantly residential composed of apartments and condominiums followed by established and densely developed single-family neighborhoods. The Westfield UTC, an upmarket outdoor retail center with a movie theater and skating rink, retail outgrowth, and office buildings, is at the center of the district, within walking distance of the subject buildings. The subject buildings are at the northwest quadrant of the interchange of La Jolla Village Drive and I-405. The buildings sit directly at the interchange, with low-, mid-, and high-rise office buildings of similar class and appearance to the north and west. A research park and multifamily development are at the southwest quadrant of the interchange with a water reclamation plant at the northeast quadrant, and undeveloped land at the southeast quadrant. The University City economy relies heavily on the university, but also benefit strong retail and professional office sectors. University City is surrounded by upscale, high-end communities including La Jolla, Sorrento Valley, and Mira Mesa.

The i3 campus is a three-building office campus on approximately 7.0 acres with a total building area of 316,262 sf. Improvements were built in 2017 and consist of three cantilevered buildings of reinforced concrete construction with white concrete and glass facades and three levels of subterranean parking. Landscaping is extensive, consisting of lawn areas, numerous patio areas with wood decking, tiled pavers, sculptures, raised landscape planters, and shade trees. Amenities include an on-site restaurant, a fitness center, outdoor patios and event areas, bocce ball, and ping-pong.

Interiors are designed for functionality, flexibility, and aesthetics, with spacious office, training, conferencing, lounge, and break areas, ample natural and ambient lighting, and modern furnishings and decor. Large open-concept office areas have standard and raised ceilings with recessed and suspended lighting, patterned carpeted flooring, and large continuous windows with sheer weave solar shades. Break rooms have stained and sealed concrete flooring, raised ceilings with recessed and pendant lighting bar, tables/chairs, booths, stainless steel appliances, and white upper and lower level cabinetry with solid surface countertops. There are several lounge areas for use by employees and visitors, ranging from formal to more relaxed with consistent finishes and furnishings.

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Page 26 of 41 Axiom

Page 26 of 41 DBRS Morningstar toured the exterior of the property on Tuesday, March 9, 2021, at 10:00 a.m. Based on the site inspection, DBRS Morningstar found the property quality to be Above Average. Page 26 of 41

Page 26 of 41 The collateral is a three-building corporate headquarters and life-sciences campus in San Diego’s University City/Golden Triangle district, The buildings are along the south side of Towne Center Drive, with surrounding properties consisting of similar buildings housing life-sciences and professional office campuses and buildings. The subject property is a multitenant office campus with a total NRA of 182,866 sf. Improvements were built in 1988, with renovations in 2016, and consist of three two- and three-story buildings of reinforced concrete construction with smooth concrete masonry and glass exterior walls and flat membrane roofing systems. The buildings are on each side of a cul-de-sac drive, Towne Center Court, with the 4550 building on the west side of the drive and the 4535 and 4545 buildings on the east side. Landscaping around the site and the building perimeters is professionally designed and maintained with use of native plantings, bushes, and trees. Spacious parking lots provide easy access to each building. Asphalt parking and drives surfaces are in very good condition with bright striping, and appropriate handicapped spaces at each building. Additional exterior amenities include patio areas with canopies, picnic tables, benches, and chairs. Lighting is provided by well-spaced overhead pole mounted fixtures throughout the parking areas. The buildings and premises are in very good condition with no obvious deficiencies.

Woodside Technology Park DBRS Morningstar toured the property on Tuesday, March 9, 2021, at 1:30 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Above Average.

The collateral consists of three low-rise buildings comprising the Woodside Technology Park. The three buildings cover a full block and are on the south side of Bay Road, bordered by Woodside Road on the east, Spring Street on the south, and Chestnut Street on the west. Access to Veterans Boulevard and US Hwy. 101 is approximately 0.2 and 0.3 miles to the north, respectively. Immediately adjacent properties include an older partially demolished anchored neighborhood retail center (only CVS and freestanding Denny’s remain) across Bay Road to the north of the subject (fronting Broadway), a light industrial area, including the San Mateo County Motor Fleet, on the south side of Spring Street, and a single-family residential neighborhood on the west side of Chestnut Street. An approximately mile-long light industrial corridor between Bay Road and Spring Street starts on the east side of Woodside Road. Commercial (office/retail) development is to the west along Broadway, Veterans Boulevard, and US Hwy. 101 toward downtown Redwood City. The Kaiser Permanente Redwood City Medical Center is 0.7 miles to the northwest along Veterans Boulevard. Medical and technology campuses are to the north of US Hwy. 101 along the west side and at the north end of San Francisco Bay National Wildlife Refuge. The greater area to the south is composed of densely developed residential neighborhoods, with a mix of commercial and light industrial to the north, northwest, and east.

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The subject property is an office/tech campus on 11.5 acres, with a total building area of 255,650 sf. Page 27 of 41 Improvements were built in 1999, with renovations in 2016, and consist of three two-story buildings of

Page 27 of 41 reinforced concrete construction with masonry exterior walls and flat roofs. Additional site improvements include professionally designed and maintained landscaping, signage, and overhead pole Page 27 of 41 mounted light fixtures throughout the site. There is ample onsite surface parking with well-laid out

Page 27 of 41 drives and parking, providing easy access to each building. Parking and drives are asphalt, concrete, and brick paved and are in good condition with bright striping. Spacious concrete tiled patio areas are provided with landscape beds and planters, tables, and umbrellas.

Interiors have above-average commercial quality finishes, surfaces, and decor and are bright, spacious, functional, and aesthetically pleasing. Office areas have an open concept design with open workspaces or cubicles. Finishes throughout are gray tone-on-tone and earth tones, with contrasting splashes of wall color and decor, and typically include carpeted, tiled, or vinyl plank flooring and dropped and baffle ceilings with recessed canned, flush, and suspended LED lighting. Furnishings are modern and functional. The buildings have several break rooms, conference rooms, lounge areas, and a large screening room with auditorium seating.

Science Center at Oyster Point DBRS Morningstar toured the property on Tuesday, March 9, 2021, at 11:30 a.m. Based on the site inspection, DBRS Morningstar found the property quality to be Above Average.

The collateral is a two-building office property in South San Francisco (South City), a city in San Mateo County, situated on the San Francisco Peninsula in the San Francisco Bay Area. The subject buildings are in the heart of South City’s cluster of life-sciences and technology buildings and office campuses in the Oyster Point area of South City. The buildings sit on the south side of Oyster Point Boulevard, a multilane median-divided east/west arterial and are just east of Gateway Boulevard. The property is accessed from the signalized intersection of Oyster Point Boulevard and Veterans Boulevard, a median- divided street that runs from the north and into subject site between the building, providing access to garages at each building and ending at the surface lot just past the buildings. The Cove at Oyster Point, a newly developed multibuilding 1 million-sf campus is directly across Oyster Point Boulevard to the north, with similar office campuses to the east toward Oyster Point Marina. Two newly developed mid- and high-rise office buildings are to the west at the intersection of Oyster Point Boulevard and Gateway Boulevard, with a FedEx distribution center directly to the rear (south). The greater area to the south is dominated by warehouse/distribution properties and flex facilities, many of which are related to biotech and healthcare industries, with newly developed life-sciences and technology office campuses interspersed, along with supporting retail, restaurants, and other services.

The San Francisco International Airport is approximately four miles south. The property has easy access to the Bayshore Freeway (US Hwy. 101), Caltrain, BART, and San Trans.

The subject buildings, 180 and 200 Oyster Point Boulevard, were built in 2008 and 2009, respectively, with an NRA of 204,887 sf. The buildings are four stories of structural steel construction with masonry

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and glass exterior walls, flat roofing systems, and two levels of underground parking at each building. Page 28 of 41 The buildings front Oyster Point Boulevard, with mature landscaping, walkways, retaining walls, and

Page 28 of 41 signage fronting the street. Parking garage entrances are on each side of a median break along Veterans Boulevard. Main entrances, landscaped patio areas, and surface concrete parking are on the south side Page 28 of 41 of the buildings. The buildings and premises are in good condition with no noted deficiencies.

Page 28 of 41 Please note that DBRS Morningstar published a press release on March 12, 2020, titled “DBRS Morningstar Provides Update on Rating Methodologies in Light of Measures to Contain Coronavirus Disease (COVID-19)” that outlined certain temporary changes to the ratings process, excerpted below, that included the suspension of on-site inspections in certain cases:

Where on-site property visits are supporting the ratings process, DBRS Morningstar may rely on a review of other sources to assess a property’s physical attributes and position in its respective market, such as the appraisal, property condition report, or other third-party leasing sources; rely on average qualitative adjustments made for past comparable real estate assets; and/or make conservative property quality adjustments in absence of other information.

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Ratings Rationale Page 29 of 41 DBRS Morningstar’s provisional ratings for LIFE 2021-BMR Mortgage Trust reflect its analysis of the

Page 29 of 41 sustainable cash flow and value for the property securing the loan held by the trust, the presence of loan structural features such as lack of amortization, partial pro rata pay structure (if applicable), and Page 29 of 41 qualitative factors such as DBRS Morningstar’s opinion of the quality of the underlying collateral

Page 29 of 41 properties, the current and expected performance of the real estate markets in which the properties are located, and the current and future state of the macroeconomic environment and its potential impact on the performance of commercial properties.

The LIFE 2021-BMR Mortgage Trust transaction is supported by the payment stream from the borrowers’ fee-simple interest in 17 Class A office/lab properties in Boston, San Francisco, and San Diego. DBRS Morningstar determined the provisional ratings for each class of certificates by analyzing the cash flow generated by the properties, giving consideration to the quality and location of the properties, the fundamentals of the properties’ real estate market, and legal and structural features of the mortgage loans. DBRS Morningstar’s analysis of the properties’ operations, based on information provided on the arranger’s website as of March 12, 2021, yielded an NCF of $124.7 million. DBRS Morningstar’s concluded NCF is 7.9% less than the issuer’s underwritten NCF. The DBRS Morningstar NCF resulted in an interest-only debt service coverage ratio (DSCR) of 3.79x on the mortgage loan assuming a floating- rate mortgage rate of Libor plus 1.4660%. DBRS Morningstar valued the collateral at $1.91 billion based on the concluded NCF and a capitalization rate of 6.52%. DBRS Morningstar’s valuation resulted in a loan-to-value ratio (LTV) of 105.0% on the $2.01 billion mortgage loan.

DBRS Morningstar determined the ratings on each class of certificates by performing quantitative and qualitative collateral, structural, and legal analysis. This analysis incorporates DBRS Morningstar’s North American Single-Asset/Single-Borrower Ratings Methodology and the DBRS Morningstar LTV Benchmark Sizing tool.

DBRS Morningstar determined its concluded sustainable NCF and sustainable value of the underlying property by applying its North American Commercial Real Estate Property Analysis Criteria. DBRS Morningstar’s maximum LTV thresholds at each rating category were based on the transaction’s sequential-pay waterfall, the underlying property type, lack of amortization (full-term interest only), borrower, trust LTV, limited property type and geographic diversity, and other factors relevant to the credit analysis.

DBRS Morningstar adjusted its maximum LTV thresholds to account for the following factors:

1. Cash Flow Volatility: The portfolio is approximately 97.1% leased to 43 unique tenants, with 15 of the 17 properties achieving greater than 98% occupancy. The portfolio has a WA remaining lease term of approximately 6.5 years with approximately 67.8% of the portfolio leased to investment-grade tenants. Leases comprising only 4.9% of the DBRS Morningstar gross potential rent expire within the two-year initial term of the loan and only 28.6% during the five-year fully extended term. The top 15

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tenants exhibit a WA remaining lease term of 7.2 years. As a result of these factors, DBRS Page 30 of 41 Morningstar elected to increase its LTV thresholds by 4.0% to account for minimal cash flow volatility.

Page 30 of 41 2. Property Quality: The portfolio consists of 17 high-quality, Class A lab/office properties totaling 2.3 Page 30 of 41 million sf. Assets comprising approximately 86.4% of NCF have been built or renovated since 2015

Page 30 of 41 with significant investment from both tenants and sponsor. As a result, DBRS Morningstar elected to increase its LTV thresholds by 2.0% to account for superior property quality.

3. Market/Location: The properties are diversified across the core U.S. life-sciences markets of Boston/Cambridge, San Diego, and San Francisco. The largest concentrations are Boston/Cambridge (#1 life-sciences market, 66.3% of NCF), San Diego (#3 life-sciences market, 19.4% of NCF), and San Francisco Bay Area (#2 life-sciences market, 14.3% of NCF). The submarkets represented by the portfolio exhibit a WA vacancy of 2.3% with a WA market rent of $74.58. As a result, DBRS Morningstar elected to increase its LTV thresholds by 3.0% to account for superior market/location.

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Priority of Payments Page 31 of 41 On each distribution date, funds available for distribution will be distributed in the following amounts

Page 31 of 41 and order of priority (in each case to the extent of remaining available funds).

Page 31 of 41 1. Class A certificates then outstanding: (i) first, to interest on such certificates, up to, and pro rata in

Page 31 of 41 accordance with, their respective interest entitlements; (ii) next, to the Class A certificates then outstanding, up to the principal distribution amount for such class and for such distribution date until their certificate balance is reduced to zero, and then (iii) to reimburse Class A certificates then outstanding for any previously unreimbursed losses previously allocated to such classes of certificates. 2. Class B Certificates: (i) first, to interest on such certificates up to its interest entitlements; (ii) next, to the Class B certificates, up to the principal distribution amount for such class and for such distribution date until their certificate balance is reduced to zero, and then (iii) to reimburse Class B certificates for any previously unreimbursed losses previously allocated to Class B certificates.

After the Class A and Class B certificates then outstanding are paid all amounts to which they are entitled, the remaining funds available for distribution will be used to pay interest and principal to the Class C, Class D, Class E, Class F, Class G and Class HRR certificates sequentially in that order in a manner analogous to the Class B certificates in paragraph 2 above, until the certificate balance of each such class is reduced to zero.

Loan-Level Legal and Structural Features Security: The mortgage loan is secured primarily by first mortgage and deed of trust liens on (i) the fee interests in 14 laboratory and office properties and (ii) the fee simple and leasehold interests in 3 laboratory and office properties, comprising a total of approximately 2.4 million SF. With respect to the 500 Kendall, 40 Erie Street and 200 Sydney Street properties, the mortgage loan is secured in part by the related borrowers’ leasehold interests in three parking leases at a parking lot adjacent to the related mortgaged properties.

Borrower, Sponsor and Guarantor(s): The borrowers are BMR-58 Charles Street LLC; BMR - 180 Oyster Point LP; BMR – 200 Oyster Point LP; BMR-320 Charles LLC; BMR - 450 Kendall Street LLC; BMR-6122- 6126 Nancy Ridge Drive LP; BMR-Bay LP; BMR-Broadway LLC; BMR-Hampshire LLC; BMR-i3 LLC; BMR- Sidney Research Campus LLC; BMR-Sorrento Valley Boulevard LP; BMR- Axiom LP; BRE-BMR Grove LLC and BMR-500 Kendall Street LLC. Each of BMR - 180 Oyster Point LP, BMR - 200 Oyster Point LP, BMR- 6122-6126 Nancy Ridge Drive LP, BMR-Bay LP, BMR-Sorrento Valley Boulevard LP and BMR-Axiom LP is a Delaware limited partnership and each other borrower is a single member Delaware limited liability company. Each of the borrowers is indirectly owned by the guarantor, BioMed LSRE Lower REIT L.L.C., a Delaware limited liability company.

General Loan Terms: The total debt financing is composed of a mortgage loan in the amount of $2,010,000,000. The mortgage loan is expected to be evidenced by eight components, A, B, C, D, E, F, G

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and HRR. All eight mortgage loan components are expected to be deposited into the trust and support Page 32 of 41 payments on the certificates.

Page 32 of 41 Future Additional Debt: The borrower will have a one-time right to cause a special purpose vehicle that Page 32 of 41 owns 100% of the ownership interests of borrower to incur additional indebtedness in the form of a

Page 32 of 41 mezzanine loan, provided that the principal amount of the mezzanine loan does not exceed the amount that yields (i) an aggregate LTV (including the mezzanine loan) not greater than 65.0% and (ii) a debt yield (including the mezzanine loan) not less than 6.56%. A mezzanine intercreditor agreement reasonably acceptable to the mortgage lender is also required.

Cash Management Event: During the loan term, a cash management sweep period will commence (i) upon the occurrence of a mortgage loan event of default, (ii) certain bankruptcy or insolvency events with respect to the borrowers, (iii) an event of default under a related mezzanine loan or (iv) a debt yield trigger event. A debt yield trigger event means, as of any debt yield determination date, the debt yield for the two consecutive calendar quarters immediately preceding such debt yield determination date is less than 5.00%.

Prepayment and Property Release Provisions: Per the loan documents, the borrowers are permitted to voluntarily prepay the loan in whole or in part during the term of the loan. Prepayments prior to the monthly payment date occurring in March 2022 are expected to be required to be accompanied by the applicable spread maintenance premium, provided that no spread maintenance premium is required for the first 30% of the loan prepaid (other than in connection with prepayment resulting from a casualty or condemnation or in connection with a partial release to cure an event of default).

Per the terms of the related loan agreement, so long as no EOD exists (unless the partial release will cure the related default), partial releases of individual properties are permitted at any time during the loan term with respect to conveyance of such property to another person or entity subject to certain requirements including, among others, (x) a post-release debt yield equal to or greater than the debt yield at the closing of the related loan and (y) payment of a release price that is 105% of the ALA for the related property (increasing to 110% after 30% of the loan has been prepaid). The related loan agreement contains exceptions to the partial release debt yield requirements including permitting (i) the borrower to deposit cash or an LOC with lender in an amount necessary to satisfy the debt yield test, (ii) the borrower to complete a partial release to cure an EOD under the loan without satisfaction of the debt yield test, and (iii) a release in connection with an arms-length transfer to an unaffiliated transferee without satisfaction of the debt yield test.

Pro Rata Application of Principal Prepayments: While principal prepayments under the loan are generally required to be applied to the loan components sequentially, the Pro Rata Prepayment Amount (defined below) will, so long as there is no existing EOD under the mortgage loan, be applied to the loan components (and thus the corresponding certificates) pro rata. Such pro rata application of such amounts is not preferred for CMBS transactions; rather, a sequential allocation of all payments is

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preferred and, as noted previously, DBRS Morningstar applied a penalty to the transaction's capital Page 33 of 41 structure for each set of certificates to account for this feature.

Page 33 of 41 A pro rata allocation of such amounts may result in a slower paydown of the higher rated certificates Page 33 of 41 and a faster paydown of the lower rated certificates than a sequential allocation. Principal prepayments

Page 33 of 41 (w) post-EOD, (x) resulting from application of casualty or condemnation proceeds, (y) resulting from property releases related to a casualty or a condemnation, and/or (z) not comprising the Pro Rata Prepayment Amount, are allocated to the certificates sequentially.

The Pro Rata Prepayment Amount (1) equals up to the first $603,000,000 of the original principal balance of the loan and (2) consists of certain voluntary principal prepayments made when no EOD under the mortgage loan is continuing.

Reserves: As part of the mortgage loan, the borrower deposited $16,746,129, which amount reflects certain outstanding free rent, unfunded tenant improvement allowances, landlord work and/or leasing commissions under certain leases identified in the mortgage loan agreement. In addition, the guarantor guaranteed to the Lender outstanding free rent under certain leases identified in the mortgage loan agreement in an amount equal to $3,876,468 in lieu of reserving for such amounts.. Additionally, the loan agreement may stipulate required deposits for ongoing reserves into specified accounts.

Upfront Reserve Account Deposits Amount ($) PSF ($) Outstanding TI/LC 16,746,129 7.06

Recourse Carveouts: Recourse on the loan is generally limited to the properties and other assets that have been pledged as collateral for the loan. Non-recourse carveout liabilities for fraud, willful misconduct or intentional misrepresentation in connection with the loan, wrongful removal or destruction, certain physical waste, misappropriation, conversion of certain funds, and certain transfers or encumbrances are all included in the carveout guaranty under the loan documents, along with other carveout liabilities identified in the loan documents. The recourse carveout guarantor for the loan is BioMed LSRE Lower REIT L.L.C. The guarantor’s liability under the guaranty with respect to any bankruptcy-related non-recourse carveouts may not exceed 10% of the then-outstanding principal balance of the mortgage loan. Additionally, environmental insurance was obtained in lieu of environmental indemnity from the guarantor.

Permitted Transfers: Subject and in addition to other permitted transfers and/or requirements for transfers further detailed in the loan documents, the transfer of the property and/or certain equity interests in the borrower is generally permitted so long as: (1) no event of default exists under the mortgage loan, (2) the transferee is controlled by an entity (x) that meets certain eligibility requirements in the loan documents including having total assets under management in excess of $400,000,000 or (y) whose experience, financial condition and creditworthiness is otherwise acceptable to lender and (3) satisfaction of customary equity transfer or loan assumption procedures.

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Property Management: The property is managed and operated by BioMed Realty, LLC an affiliate of the Page 34 of 41 borrower. The lender’s rights to terminate the property manager are subject to the loan documents.

Page 34 of 41 There is a list of preapproved managers in the loan agreement. Generally, under the loan documents, a property management company must have at least 5 years’ experience managing similar type properties Page 34 of 41 with an aggregate portfolio 1 million leasable sf.

Page 34 of 41 Insurance: The loan agreement requires the borrower to insure the mortgaged properties and operations at the properties with insurance coverage from insurers described in the loan documents. The insurance is required in amounts set forth in the loan documents, subject to certain deductibles and a blanket policy is permitted. In addition, the borrowers for each loan are required to keep an environmental insurance policy in place for the related loan during the term of such loan.

Certain Nonconformance: Per the related loan documents, offering documents, and/or information from arranger, certain of the properties (or portion(s) thereof) may be legal nonconforming under local zoning rules and regulations. Law and ordinance insurance is not required under the loan documents. DBRS Morningstar is assuming that such property(ies) will at all times while the loan is outstanding legally operate with any such nonconformities. If this assumption is not true and/or if law and ordinance insurance does not exist or is not sufficient and the property(ies) are affected by preclusions on continued use or operation or otherwise, the ratings may be affected.

Casualty and/or Condemnation Proceeds: If there is no existing event of default under the loan documents, the threshold for any casualty or condemnation insurance proceeds to be deposited into a lender controlled account is 10% of the outstanding allocated loan amount for the related property (or, if greater, 5% of the outstanding principal balance of the loan). Subject to satisfying other conditions in the loan documents, (x) net insurance proceeds in the case of a casualty will be made available to the borrower if less than 30% of the total floor area of the improvement on the related property has been damaged, destroyed or rendered unusable, (y) net proceeds in the case of a condemnation will be disbursed to the borrower if less than 25% of the land is taken (and the taken land is along a perimeter and no portion of the improvements is taken), and (z) net proceeds will be made available to borrowers if leases demising in the aggregate 51% or more of the total rentable space in the applicable property will be in effect as of the date of the occurrence of the casualty or condemnation and remain in full force and effect during and after the restoration. If at any time the net proceeds being held by the lender in the reasonable opinion of the lender in consultation with the casualty consultant are determined to be insufficient to pay in full the balance of the costs estimated to be incurred in connection with the restoration completion, the borrowers are required to deposit the deficiency with the lender (which may be in the form of a letter of credit) before any further disbursement of the net proceeds are disbursed.

Floating Rate: The loan has a floating rate initially based on Libor. To mitigate the borrowers’ exposure to increases in Libor, the loan documents require borrower to enter into a rate cap agreement with a Libor strike rate of 3.500% for the initial loan period and 4.0000% during any extension term. The borrowers may establish a rate cap reserve account, deliver a letter of credit, and/or deliver a rate cap reserve guaranty to increase the strike price on the rate cap agreement.

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Page 35 of 41 Libor Benchmark Transition: The mortgage loan pays floating-rate interest, initially based on a spread

Page 35 of 41 to Libor, which is anticipated to be phased out by June 2023. The loan documents include a mechanism for a replacement index and the orderly conversion to such index in the order described below, based on Page 35 of 41 what can be determined by the mortgage lender on the Benchmark Replacement Date (as defined in the

Page 35 of 41 loan documents): 1. The sum of: (A) Term SOFR and (B) the Alternate Rate Spread Adjustment. 2. The sum of: (A) Compounded SOFR and (B) the Alternate Rate Spread Adjustment.

If no such rate set forth in clauses (1) or (2) above is available or such rate is not generally accepted in the financial markets as an alternate index rate, the sum of: (x) the alternate benchmark rate of interest based on (1) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body at such time or (2) any evolving or then-prevailing market convention for determining a rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated stand-alone floating-rate CMBS loans with sponsors similar LBA and (y) the Alternate Rate Spread Adjustment; provided that, in the case of clauses (1) and (2) above, such rate, or the underlying rates component thereof, is or are displayed on a screen or other information service that publishes such rate or rates from time to time as selected by the Lender in its reasonable discretion. If the Alternate Index Rate as determined pursuant to clause (1), (2), or the preceding paragraph above would be less than zero, the Alternate Index Rate will be deemed to be zero.

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Transaction Legal and Structural Features Page 36 of 41 Realized Losses: On each distribution date any realized losses on the trust loan will be allocated to the

Page 36 of 41 Class HRR, Class G, Class F, Class E, Class D, Class C, Class B, and Class A, in that order, in each case until the certificate balance of that class has been reduced to zero. Page 36 of 41

Page 36 of 41 Appraisal Reductions: Following the date on which (i) the mortgage loan is 90 days delinquent in monthly payments or (ii) certain other adverse events affecting the mortgage loan as set forth in the trust and servicing agreement have occurred, the special servicer will generally be required to obtain new appraisals on the property. Based on the new appraisal, the amount of delinquent loan interest payments on the mortgage loan thereafter advanced to certificateholders may be reduced, the identity of the directing holder may change, and the voting rights of certain classes of certificates may be reduced. If such appraisal is not required or is delayed, the trust and servicing agreement may allow for automatic adjustments, which could have a similar impact on advances. Additionally, certain parties under the trust and servicing agreement and the co-lender agreement may have certain rights to challenge the appraisal or request a new appraisal.

Control Rights: The controlling class will be the most subordinate class of control eligible certificates (described in the trust and servicing agreement) then outstanding that has an aggregate certificate balance of at least 25.0% of the initial certificate balance of such class. The controlling class as of the closing date will be the Class HRR Certificates. No other class of certificates will be eligible to act as a controlling class or appoint a controlling class representative The controlling class representative will generally be the party selected by at least 50.0% of the controlling class certificateholders as described in the trust and servicing agreement.

During a subordinate control period as described in the trust and servicing agreement, the directing holder will have the right to replace the special servicer at any time with or without cause and will have certain consent rights with respect to major decisions described in the trust and servicing agreement. During a subordinate consultation period, these consent rights will terminate and the directing holder will instead have certain consultation rights until the occurrence of a subordinate consultation termination event, as described in the trust and servicing agreement. After the occurrence and during the continuance of a subordinate consultation termination event with respect to the most senior control eligible certificates, no class of certificates will be entitled to appoint a directing holder or have rights under the trust and servicing agreement to consent to or consult on actions of the servicer or special servicer. Additionally, if appraisals done in accordance with trust and servicing agreement would result in a subordinate control termination event, the controlling class holder has the right to challenge the value in such appraisals.

CPPIB Credit Structured North America III, Inc is expected to purchase the Class HRR certificates or other certificates referenced in the final offering materials and may purchase additional certificates.

Replacement of the Special Servicer: The special servicer under the trust and servicing agreement may be removed, with or without cause, and a successor special servicer appointed, from time to time,

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including: (1) during a subordinate control period, the special servicer may be replaced by the directing Page 37 of 41 holder with or without cause at any time; or (2) other than during a subordinate control period, certain

Page 37 of 41 certificateholders with the requisite percentage of voting rights will have the right, with or without cause, to replace the special servicer and appoint a replacement special servicer. In addition, the Page 37 of 41 operating advisor is entitled to recommend to the certificateholders that the special servicer be replaced

Page 37 of 41 as set forth in the trust and servicing agreement.

Amount of Workout, Liquidation and Special Servicing Fees: The workout fees and liquidation fees payable to the special servicer, if any, will be limited under the trust and servicing agreement to (x) with respect to workout fees, 0.50% of each collection of interest and principal following a workout and (y) with respect to liquidation fees, 0.50% of liquidation proceeds. Special servicing fees during the continuance of a special servicing event are limited under the trust and servicing agreement to 0.25% per annum payable monthly.

The special servicer will not be entitled to any liquidation fees with respect to the mortgage loan if (i) if it becomes specially serviced due to a balloon default and is paid off within 3 months following the related maturity date as a result of a refinancing or other repayment in full, (ii) the mortgage loan is repurchased by the loan seller within the time period specified in the loan purchase and sale agreement, or (iii) the mortgage loan is sold to the sole certificateholder, servicer or the special servicer, as described in the trust and servicing agreement. In addition, the mortgage loan purchase agreement, the co-lender agreement and the loan agreement may contain restrictions on the amount of the special servicing fee, workout fee and/or liquidation fee, and such documents may also specify certain time periods during which a liquidation fee and/or workout fee are not payable.

Obligation of Borrower to Pay Fees: The loan documents require the borrower to pay liquidation fees, workout fees and special servicing fees, subject to any caps set forth in the loan documents. The special servicer is required to take reasonable efforts to collect such fees from the borrower.

Offsetting of Modification Fees: There is no cap on modification fees that the special servicer may charge the borrowers and all modification fees received by the special servicer over the lifetime of the mortgage loan are required to offset (on a 1:1 basis) any liquidation and workout fees that the special servicer could otherwise charge the issuing entity. Modification fees are fees with respect to a modification, extension, waiver, or amendment that modifies, extends, amends, or waives any term of the loan documents, other than (1) any assumption fees, defeasance fees, consent fees, or assumption application fees, and (2) liquidation, workout and special servicing fees.

Credit Risk Retention: This securitization transaction will be subject to the credit risk retention requirements of Regulation RR, 12 C.F. R. Part 244. An economic interest in the credit risk of the trust loan is expected to be retained as an “eligible horizontal interest” in the form of the Class HRR certificates. The retaining sponsor intends to satisfy the risk retention requirements through the purchase and retention by a third-party purchaser.

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Rating Agency Confirmation: Rating agency confirmation may have certain timing restrictions and/or not Page 38 of 41 be required over certain material loan amendments, modifications, borrower requests and/or material

Page 38 of 41 amendments to the loan agreement, the trust and servicing agreement, the mortgage loan purchase agreement, and the co-lender agreement. In addition, rating agency confirmation may be requested Page 38 of 41 and/or notice of such items may be provided to the rating agency after such items are effectuated.

Page 38 of 41 Because the rating agency may obtain knowledge of these various items later, surveillance activities and any related rating adjustments may occur later than if rating agency confirmation and/or prior notice of such items was provided.

Forbearance Related to Coronavirus: The master servicer or the special servicer, as applicable, may grant a forbearance on the loan related to the global coronavirus pandemic without rating agency confirmation only if (i) the forbearance period is no longer than three months (and, when aggregated with any other such forbearance, accumulate to no more than six months) and (ii) full repayments of deferred payments is required within 21 months following the date of the forbearance (or, if sooner, the loan maturity date).

Methodologies The following are the methodologies DBRS Morningstar applied to assign ratings to this transaction. These methodologies can be found on www.dbrsmorningstar.com under the heading Methodologies & Criteria. Alternatively, please contact [email protected] or contact the primary analysts whose information is listed in this report. • North American Single-Asset/Single-Borrower Ratings Methodology • DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria • Interest Rate Stresses for U.S. Structured Finance Transactions

Surveillance DBRS Morningstar will perform surveillance subject to the North American CMBS Surveillance Methodology.

Notes: All figures are in U.S. dollars unless otherwise noted.

This report is based on information as of March 15, 2021. Subsequent information may result in material changes to the rating assigned herein and/or the contents of this report.

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Page 39 of 41

Page 39 of 41 Glossary

Page 39 of 41

Page 39 of 41 ADR average daily rate MSA metropolitan statistical area ARA appraisal-reduction amount n.a. not available ASER appraisal subordinate entitlement reduction n/a not applicable BOV broker’s opinion of value NCF net cash flow

CAM common area maintenance NNN triple net capex capital expenditures NOI net operating income CBD central business district NRA net rentable area CBRE CB Richard Ellis NRI net rental income CMBS commercial mortgage-backed securities NR – PIF not rated – paid in full CoStar CoStar Group, Inc. OSAR operating statement analysis report CREFC CRE Finance Council PCR property condition report DPO discounted payoff P&I principal and interest DSCR debt service coverage ratio POD probability of default EGI effective gross income PIP property improvement plan EOD event of default PILOT property in lieu of taxes F&B food & beverage PSA pooling and servicing agreement FF&E furniture, fixtures and equipment psf per square foot FS Hotel full-service hotel R&M repairs and maintenance G&A general and administrative REIT real estate investment trust GLA gross leasable area REO real estate owned GPR gross potential rent RevPAR revenue per available room HVAC heating, ventilation and air conditioning sf square foot/square feet IO interest only STR Smith Travel Research LC leasing commission SPE special-purpose entity LGD loss severity given default TI tenant improvement LOC letter of credit TIC tenants in common LOI letter of intent T-12 trailing 12 months LS Hotel limited-service hotel UW underwriting LTC loan-to-cost WA weighted average LTCT long-term credit tenant WAC weighted-average coupon LTV loan-to-value x times MHC manufactured housing community YE year end MTM month to month YTD year to date

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Page 40 of 41 Definitions

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Page 40 of 41 Capital Expenditure (Capex) Costs incurred in the improvement of a property that will have a life of more than one year. DBRS Morningstar Refi DSCR A measure that divides the DBRS Morningstar stabilized NCF by the product of the loan’s maturity balance and a stressed refinance debt constant. DBRS Morningstar Term DSCR A measure that divides the DBRS Morningstar stabilized NCF by the actual debt service payment Debt Service Coverage Ratio (DSCR) A measure of a mortgaged property’s ability to cover monthly debt service payments, defined as the ratio of net operating income or net cash flow to the debt service payments. Effective Gross Income (EGI) Rental revenue minus vacancies plus miscellaneous income. Issuer UW Issuer underwritten from Annex A or servicer reports. Loan-to-Value (LTV) The ratio between the principal amount of the mortgage balance, at origination or thereafter, and the most recent appraised value of the underlying real estate collateral, generally from origination. Net Cash Flow (NCF) The revenues earned by a property’s ongoing operations less the expenses associated with such operations and the capital costs of tenant improvements, leasing commissions and capital expenditures (or reserves). Moreover, NCF is net operating income less tenant improvements, leasing commissions and capital expenditures. NNN (Triple Net) A lease that requires the tenant to pay operating expenses such as property taxes, insurance and maintenance, in addition to the rent. Net Operating Income (NOI) The revenues earned by a property’s ongoing operations less the expenses associated with such operations but before mortgage payments, tenant improvements, replacement reserves and leasing commissions. Net Rentable Area (NRA) The area (sf) for which rent can be charged. NRA includes the tenant’s premises plus an allocation of the common area directly benefiting the tenant, such as common corridors and restrooms. Revenue Per Available Room (RevPAR) A measure that divides revenue by the number of available rooms, not the number of occupied rooms. It is a measure of how well the hotel has been able to fill rooms in the off-season, when demand is low even if rates are also low, and how well it fills the rooms and maximizes the rate in the high season, when there is high demand for hotel rooms. Tenant Improvements (TIs) The expense to physically improve the property or space, such as new improvements or remodeling, paid by the borrower. Weighted Average (WA) Calculation is weighted by the size of each mortgage in the pool. Weighted-Average Coupon (WAC) The average coupon or interest payment on a set of mortgages, weighted by the size of each mortgage in the pool.

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About DBRS Morningstar Page 41 of 41 DBRS Morningstar is a full-service global credit ratings business with approximately 700 employees around the world. We’re a market leader in Canada, and in multiple asset classes across the U.S. and Europe. Page 41 of 41 We rate more than 3,000 issuers and nearly 60,000 securities worldwide, providing independent credit ratings for financial institutions, corporate and Page 41 of 41 sovereign entities, and structured finance products and instruments. Market innovators choose to work with us because of our agility, transparency, and tech-forward approach.

Page 41 of 41 DBRS Morningstar is empowering investor success as the go-to source for independent credit ratings. And we are bringing transparency, responsiveness, and leading-edge technology to the industry.

That’s why DBRS Morningstar is the next generation of credit ratings.

Learn more at dbrsmorningstar.com.

The DBRS Morningstar group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt, Germany)(EU CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(UK CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations, recognitions and approvals of the DBRS Morningstar group of companies, please see: https://www.dbrsmorningstar.com/research/225752/highlights.pdf.

The DBRS Morningstar group of companies are wholly-owned subsidiaries of Morningstar, Inc.

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