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Real Estate Asset Liquidity Trust, Series 2019-1 Table of Contents

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Real Estate Asset Liquidity Trust, Series 2019-1 Table of Contents JUNE 2019 STRUCTURED FINANCE: CMBS PRESALE REPORT Real Estate Asset Liquidity Trust, Series 2019-1 Table of Contents Capital Structure 3 Transaction Summary 3 Rating Considerations 4 DBRS Credit Characteristics 5 Largest Loan Summary 6 DBRS Sample 7 Transaction Concentrations 9 Loan Structural Features 10 WSP Place 13 Woodside Square Retail 18 Mont-Tremblant Retail 23 Leima Building 29 Gateway Boulevard Retail 34 The Redwoods Retirement I 38 Résidence Monseigneur Bourget 43 Westwood Terrace Multi-Family 47 Leamington Walmart 51 Gross Medical Office Oshawa 56 Transaction Structural Features 61 Methodologies 63 Surveillance 63 Glossary 65 Karen Gu Peter Wideman Senior Vice President Assistant Vice President +1 416 597 7340 +1 416 597 7466 [email protected] [email protected] Erin Stafford Managing Director +1 312 332 3291 [email protected] PRESALE REPORT — REAL-T 2019-1 JUNE 2019 Capital Structure Description Rating Action Balance Subordination DBRS Rating Trend Class A-1 New Rating - Provisional $185,395,000 13.000% AAA (sf) Stable Class A-2 New Rating - Provisional $202,971,000 13.000% AAA (sf) Stable Class X New Rating - Provisional $410,686,000 - A (high) (sf) Stable Class B New Rating - Provisional $9,486,000 10.875% AA (sf) Stable Class C New Rating - Provisional $12,834,000 8.000% A (sf) Stable Class D-1 New Rating - Provisional $4,796,000 4.875% BBB (sf) Stable Class D-2 New Rating - Provisional $9,154,000 4.875% BBB (sf) Stable Class E New Rating - Provisional $2,790,000 4.250% BBB (low) (sf) Stable Class F New Rating - Provisional $6,696,000 2.875% BB (sf) Stable Class G New Rating - Provisional $5,580,000 1.875% B (sf) Stable Class H NR $6,696,139 0.000% NR n/a Notes: 1. NR = not rated. 2. Classes D-2, E, F and G will be privately placed. 3. The Class X balances are notional. Transaction Summary POOL CHARACTERISTICS Trust Amount $446,398,140 Wtd. Avg. Interest Rate 4.4403% Number of Loans1 48 Wtd. Avg. Remaining Term 85 Number of Properties 77 Wtd. Avg. Remaining Amortization 332 Average Loan Size $9,299,961 Total DBRS Expected Amortization2 15.5% Wtd. Avg. DBRS Term DSCR1 1.39 Wtd. Avg. DBRS Term DSCR Whole Loan 1.47x Top Ten Loan Concentration 49.8% Avg. DBRS NCF Variance -4.95% 1. Includes pari passu debt, but excludes subordinate debt. 2. For certain ARD loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry. PARTICIPANTS Issuer Real Estate Asset Liquidity Trust Administrative Agent Royal Bank of Canada Mortgage Loan Sellers Royal Bank of Canada Master Servicer MCAP Financial Corporation Special Servicer MCAP Financial Corporation Custodian Computershare Trust Company of Canada Backup Servicer and Reporting Agent Wells Fargo Bank, National Association Operating Advisor First National Financial LP Structured Finance: CMBS 3 PRESALE REPORT — REAL-T 2019-1 JUNE 2019 Rating Considerations The collateral consists of 43 fixed-rate loans, four pari passu co-ownership interests and one senior co-ownership interest (collectively, the loans) secured by 77 commercial properties. The transaction is of a sequential-pay pass-through structure. The conduit pool was analyzed to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. When the cut-off loan balances were measured against the DBRS Stabilized NCF and their respective actual constants, one loan, representing 4.9% of the pool, had a DBRS Term DSCR below 1.15x, which is a threshold indicative of a high likelihood of mid-term default. STRENGTHS • Twenty-eight loans, representing 60.4% of the pool, have been given recourse credit in the DBRS credit analytics because of some form of recourse to individuals and real estate investment trusts or established corporations. Recourse generally results in lower POD over the term of the loan. While it is generally difficult to quantify the impact of recourse, all else being equal, there is a small shift lowering the loan’s POD for warm-body or corporate sponsors that give recourse. Recourse can also serve as a mitigating factor to other risks, such as single-tenant risk, by providing an extra incentive for the loan sponsor to make debt service payments if the sole tenant vacates. • Based on the DBRS sample and analysis, four loans (18.5% of the pool) were considered to be of Above Average property quality and three loans (11.0% of the pool) of Average (+) property quality. Higher-quality properties are more likely to retain existing tenants and more easily attract new tenants, resulting in more stable performance. • Two loans, representing 3.1% of the pool, were considered by DBRS to have Strong sponsor strength. • All loans in the pool amortize for the entire loan term. Fourteen loans, representing 23.4% of the pool, have approximately 25 years or less of remaining amortization. The remaining amortization ranges between 25 years and 30 years. The expected amortization for the pool is approximately 15.5% during the expected life of the transaction. CHALLENGES & CONSIDERATIONS • Seven loans, representing 6.9% of the pool, are secured by properties that are leased to single tenants. Single-tenant loans have been found to suffer from higher loss severities in the event of default. – All seven loans have meaningful full or partial recourse to sponsors. – DBRS assumes a higher loss profile for the loans secured by single-tenant assets than it did for the loans secured by multi- tenant assets. • One loan (1.8% of the pool) is secured by a second-priority mortgage. – The loan is cross-defaulted with the first-priority loan, which is also included in this transaction. • There is sponsor concentration within this transaction. The pool comprises 48 loans; however, there are only 42 different sponsors or sponsor groups. Ten loans, representing 20.5% of the pool balance, have related borrowers to one or more loans within the pool. The most significant sponsor concentration is Econo-Malls, which affects four loans, representing 10.6% of the pool. – Of the ten loans that have related borrowers, two loans (5.6% of the pool) are cross-defaulted first- and second-priority loans secured by the same retail property. Two loans (2.9% of the pool) are secured by two multifamily properties located in an urban market. – With respect to the four loans related to Econo-Malls, the loans are secured by Walmart-anchored retail properties. Econo- Malls is a commercial real estate investment company that specializes in large retail centres. The company currently owns and manages 40 properties totalling 7.0 million sf throughout Ontario, Quebec, Newfoundland and Labrador, Nova Scotia and New Brunswick. Structured Finance: CMBS 4 PRESALE REPORT — REAL-T 2019-1 JUNE 2019 DBRS Credit Characteristics DBRS TERM DSCR ISSUANCE LTV % of the Pool % of the Pool DSCR (Trust Balance)1 LTV (Trust Balance)1 0.00x-0.90x 0.0% 0.0%-50.0% 7.1% 0.90x-1.00x 0.0% 50.0%-55.0% 6.5% 1.00x-1.15x 4.9% 55.0%-60.0% 18.3% 1.15x-1.30x 26.2% 60.0%-65.0% 12.4% 1.30x-1.45x 43.9% 65.0%-70.0% 27.0% 1.45x-1.60x 11.8% 70.0%-75.0% 26.5% 1.60x-1.75x 7.2% >75.0% 2.2% >1.75x 6.1% Wtd. Avg. 63.4% Wtd. Avg. 1.39x BALLOON LTV % of the Pool LTV (Trust Balance)1 0.0%-50.0% 28.2% 50.0%-55.0% 29.8% 55.0%-60.0% 21.4% 60.0%-65.0% 7.8% 65.0%-70.0% 12.8% 70.0%-75.0% 0.0% >75.0% 0.0% Wtd. Avg. 53.0% 1. Includes pari passu debt, but excludes subordinate debt. Structured Finance: CMBS 5 PRESALE REPORT — REAL-T 2019-1 JUNE 2019 Largest Loan Summary LOAN DETAIL DBRS Shadow Loan Name Trust Balance % of Pool Rating Appraised LTV DBRS DSCR (x) WSP Place $37,752,843 8.5% n/a 74.03% 1.23 Woodside Square Retail $28,465,038 6.4% n/a 57.86% 1.31 Mont-Tremblant $24,785,908 5.6% n/a 68.65% 1.43 Leima Office Building $22,000,000 4.9% n/a 70.06% 1.14 Gateway Boulevard Retail Edmonton $19,824,902 4.4% n/a 58.74% 1.35 The Redwoods Retirement $19,621,292 4.4% n/a 64.46% 1.32 Residences MGR Bourget $19,371,611 4.3% n/a 71.75% 1.25 Westwood Terrace Multi-Family $17,201,997 3.9% n/a 68.00% 1.31 Leamington Walmart $16,968,998 3.8% n/a 62.85% 1.38 Gross Medical Office Oshawa $16,303,472 3.7% n/a 54.34% 1.65 PROPERTY DETAIL Maturity DBRS Property Loan per Balance per Loan Name Type City State Year Built SF/Units SF/Units SF/Units WSP Place Office Edmonton AB 1978 184,707 $204 $188 Woodside Square Retail Anchored Retail Toronto ON 1977 280,725 $203 $189 Mont-Tremblant Unanchored Retail Mont-Tremblant QC 1994 149,336 $349 $323 Leima Office Building Office Ottawa ON 1977 147,521 $149 $118 Gateway Boulevard Retail Edmonton Unanchored Retail Edmonton AB 1994 161,431 $273 $215 The Redwoods Retirement Senior Housing Ottawa ON 1984 208 $165,497 $136,218 Residences MGR Bourget Senior Housing Levis QC 1989 156 $124,177 $100,245 Westwood Terrace Multi-Family Multifamily Fort Saskatchewan AB 2008 149 $115,450 $111,829 Leamington Walmart Anchored Retail Leamington ON 1999 192,943 $88 $71 Gross Medical Office Oshawa Office Oshawa ON 1915 86,450 $189 $164 Structured Finance: CMBS 6 PRESALE REPORT — REAL-T 2019-1 JUNE 2019 DBRS Sample DBRS SAMPLE RESULTS Prospectus DBRS DBRS DBRS Major DBRS ID Loan Name % of Pool NCF NCF Variance Variance Drivers Property Quality 1 WSP Place 8.5% $2,883,453 -10.4% Recoveries, TI/LC Above Average 2 Woodside Square Retail 6.4% $4,687,410 -2.6% TI/LC Average - 3 The Mont-Tremblant 5.6% $4,463,770 -7.3% Capex, Vacancy Above Average 4 Leima Office Building 4.9% $1,450,548 -11.9% Recoveries, TI/LC, Vacancy Average + Gateway Boulevard Retail 5 4.4% $4,106,529 -7.0% Vacancy, TI/LC
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