Class A at
Class X-A at
Class X-B at
Class B at AA (high) (sf)
Class C at AA (sf)
Class D at A (sf)
Class E at BBB (low) (sf)
All trends are Stable.
The rating confirmations reflect the continued stable performance of the transaction driven by ongoing demand for self-storage, the geographic diversity of the underlying portfolio of assets, and the amortization of the whole loan, which totals 22.5% since issuance. DBRS Morningstar previously considered the portfolio's improving performance and overall deleveraging in its upgrade of three classes of this transaction in
The subject transaction consists of a
According to the
The reported Q3 2021 amortizing debt service coverage ratio was 2.46 times, representing a 32.7% increase in annualized net cash flow compared with YE2020. This cash flow increase is attributable to an increase in occupancy to 94.5%, up from 88.1% at YE2020 and 84.2% at YE2019, but in line with 92.6% at issuance. Since issuance, the portfolio has been reporting significantly higher Other Income compared with issuance figures. DBRS Morningstar believes this is due to truck rental income and miscellaneous income being included in the total reported revenue for the portfolio, neither of which were considered in DBRS Morningstar's analysis at issuance. DBRS Morningstar expects stable to improved cash flow performance through the loan term, given the growth in rental rates, market locations for the underlying properties, and continued favorable outlook for the self-storage sector.
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Classes X-A and X-B are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.
All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.
DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for this transaction.
The DBRS Viewpoint platform provides additional information on this transaction and underlying loan including DBRS Morningstar metrics, commentary, servicer-reported cash flows, and other performance-related data.
For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com.
Notes:
All figures are in
The principal methodology is North American CMBS Surveillance Methodology (
The DBRS
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 212 806-3277
Ratings
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
E =
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
03-May-22 Commercial Mortgage Pass-Through Certificates, Class A ConfirmedAAA (sf) Stb US
03-May-22 Commercial Mortgage Pass-Through Certificates, Class X-A ConfirmedAAA (sf) Stb US
03-May-22 Commercial Mortgage Pass-Through Certificates, Class X-B ConfirmedAAA (sf) Stb US
03-May-22 Commercial Mortgage Pass-Through Certificates, Class B Confirmed AA (high) (sf) Stb US
03-May-22 Commercial Mortgage Pass-Through Certificates, ClassC Confirmed A A (sf) Stb US
03-May-22 Commercial Mortgage Pass-Through Certificates, ClassD Confirmed A (sf) Stb US
03-May-22 Commercial Mortgage Pass-Through Certificates, Class E Confirmed BBB (low) (sf) Stb US
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