INVESTORS REPORT 145,100,000 Class A Commercial Mortgage Backed Notes due 2026 100,000 Class X1 Commercial Mortgage Backed Note due 2026 100,000 Class X2 Commercial Mortgage Backed Note due 2026 14,600,000 Class B Commercial Mortgage Backed Notes due 2026 17,700,000 Class C Commercial Mortgage Backed Notes due 2026 3,822,000 Class D Commercial Mortgage Backed Notes due 2026 17,000,000 Class E Commercial Mortgage Backed Notes due 2026 Contacts Securitisation Services S.p.A. Via V.Alfieri, 1-31015 Conegliano (TV) E-mail: moda2014@finint.com Tel.: +39 0438 360 926 Recipients Rating Agencies Fitch Ratings Limited DBRS Ratings Limited Issuer Moda 2014 S.r.l. Master Servicer Securitisation Services S.p.a. Delegate Servicer CBRE Loan Servicing Limited Representative of the Noteholders Securitisation Services S.p.a. Reporting s Note Payment 23 November 2015 Note Period 24 August 2015 23 November 2015 This report is freely available in our web site: www.securitisation-services.com
Table of contents 1. Assets and Notes Description - 3-2. Transaction Description - 4-2.1 Class A Notes - 5-2.2 Class X1 Notes - 6-2.3 Class X2 Notes - 7-2.4 Class B Notes - 8-2.5 Class C Notes - 9-2.6 Class D Notes - 10-2.7 Class E Notes - 11-3. Issuer Available Funds - 12-4.1 Pre Note Enforcement Notice Priority of - 13-4.2 Pre Note Enforcement Notice Priority of - 14-4.3 Pre Note Enforcement Notice Expected Maturity Priority of - 15-5 Post Note Enforcement Notice Priority of - 16-6.1 Loan Information - Franciacorta - 17-6.2 Loan Information - Vanguard - 18-6.3 Loans Information - 19-7. Liquidity Facility Drawings - 20-8. Property Information - 21-9. Concentration - 22-10. TOP 10 Tenant Concentration Analysis - 23-11. Loan Details and Lease Profile - 24-12. Executive Summary - 25 - This Investors Report is prepared by Securitisation Services in accordance with the criteria described in the Transaction Documents. Certain information included in this report is provided by the Parties. Please be advised that Securitisation Services will have no liability for the completeness or accuracy of such information.
- 3-1. Assets and Notes Description 1.1 Assets & Notes Initial Portfolio: 198.221.274,50 Transfer 01 July 2014 Underlying assets: Loans ISIN Code Nominal Amount Currency Listing Legal Maturity Type of Redemption Fixed rate The Notes: Class A IT0005039075 145.100.000,00 Euro Irish Stock Exchange 22/08/2026 pari passu and pro rata Three-month Note Euribor (**) + 1,48% Class X1 IT0005039273 100.000,00 Euro Irish Stock Exchange 22/08/2026 Mandatory (*) N.A. Class X2 IT0005039281 100.000,00 Euro Irish Stock Exchange 22/08/2026 Mandatory (*) N.A. Class B IT0005039083 14.600.000,00 Euro Irish Stock Exchange 22/08/2026 pari passu and pro rata Three-month Note Euribor (**) + 1,90% Class C IT0005039182 17.700.000,00 Euro Irish Stock Exchange 22/08/2026 pari passu and pro rata Three-month Note Euribor (**) + 2,55% Class D IT0005039257 3.822.000,00 Euro Irish Stock Exchange 22/08/2026 pari passu and pro rata Three-month Note Euribor (**) + 3,30% Class E IT0005039265 17.000.000,00 Euro Irish Stock Exchange 22/08/2026 pari passu and pro rata Three-month Note Euribor (**) + 4,10% 1.2 Ratings Rating Agencies: Fitch Ratings DBRS Ratings: Original Ratings Current Ratings FITCH DBRS FITCH DBRS Class A A+sf A(High)(sf) A+sf A(High)(sf) Class B A sf A(sf) A sf A(sf) Class C BBB-sf BBB(sf) BBB-sf BBB(sf) Class D BB+sf BBB(sf) BB+sf BBB(sf) Class E B sf BB(sf) B sf BB(sf) (*) In part on the first Note Payment in the amount of Euro 95,000 per Class X Note; in full: i) in respect of the Class X1 Note only on the Note Payment falling in November 2015; ii), in respect of the Class X2 Note only on the Note Payment where the last remaining Notes are to be redeemed in full (**) for the 1st Note Period - interpolated rate based on 3 and 6 month deposits in Euro substituted for 3-month Note EURIBOR
- 4-2. Transaction Description 2.1 Relevant dates & main features Note Payment definition means 22 February, 22 May, 22 August and 22 November of each year provided that the first Note Payment shall be 22 November 2014 (or, if such day is not a Business Day, the immediately following Business Day, unless such Business Day falls in the next following calendar month in which event the immediately preceding Business Day). Note Period definition means each period from (and including) a Note Payment to (but excluding) the next following Note Payment. First Note Payment 24 November 2014 Hedging Agreement: NO 2.2 Counterparties Issuer: Originator: Master Servicer: Delegate Primary/Special Servicer: Liquidity Facility Provider: Issuer Account Bank/Paying Agent: Representative of the Noteholders: Calculation Agent/Corporate Servicer: Moda 2014 S.r.l. Goldman Sachs International Bank Securitisation Services S.p.A. CBRE Loan Servicing Limited Goldman Sachs International Bank BNP Paribas Securities Services Milan branch Securitisation Services S.p.A. Securitisation Services S.p.A. Franc Loan Vanguard Loan The outstanding loan balance is: 76.868.750 118.673.762 Franc Loan Maturity : 15 November 2018 Vanguard Loan Maturity : 15 August 2019 We confirm that Goldman Sachs continues to retain a 5% net economic interest in the securitisation (for the purposes of Capital Requirements Directive's Article 122a).
- 5-2.1 Class A Notes Note Period Note Payment Before payments Amounts accrued After payments Unpaid Rate Accrual Period (days) accrued Pool Factor 24/08/2015 23/11/2015 23/11/2015 143.341.140,01-1,45% 91 525.378,08 399.124,86 525.378,08 142.942.015,15 0,98513-22/05/2015 24/08/2015 24/08/2015 143.740.848,05-1,47% 94 550.973,72 399.708,04 550.973,72 143.341.140,01 0,98788-23/02/2015 22/05/2015 22/05/2015 144.139.972,92-1,53% 88 538.379,04 399.124,87 538.379,04 143.740.848,05 0,99063-24/11/2014 23/02/2015 23/02/2015 144.539.097,79-1,56% 91 570.330,06 399.124,87 570.330,06 144.139.972,92 0,99338-21/07/2014 24/11/2014 24/11/2014 145.100.000,00-1,72% 126 872.994,15 560.902,21 872.994,15 144.539.097,79 0,99613 - Unpaid
- 6-2.2 Class X1 Notes Note Period Note Payment Before payments Amounts accrued After payments Unpaid Rate Accrual Period (days) accrued Pool Factor 24/08/2015 23/11/2015 23/11/2015 5.000,00 - N.A. N.A. 979.218,05-979.218,05 5.000,00 0,05000-22/05/2015 24/08/2015 24/08/2015 5.000,00 - N.A. N.A. 941.480,60-941.480,60 5.000,00 0,05000-23/02/2015 22/05/2015 22/05/2015 5.000,00 - N.A. N.A. 898.646,13-898.646,13 5.000,00 0,05000-24/11/2014 23/02/2015 23/02/2015 5.000,00 - N.A. N.A. 960.403,30-960.403,30 5.000,00 0,05000-21/07/2014 24/11/2014 24/11/2014 100.000,00 - N.A. N.A. 1.326.138,57 95.000,00 1.326.138,57 5.000,00 0,05000 - Unpaid
- 7-2.3 Class X2 Notes Note Period Note Payment Before payments Amounts accrued After payments Unpaid Rate Accrual Period (days) accrued Pool Factor 24/08/2015 23/11/2015 23/11/2015 5.000,00 - N.A. N.A. - - - 5.000,00 0,05000-22/05/2015 24/08/2015 24/08/2015 5.000,00 - N.A. N.A. - - - 5.000,00 0,05000-23/02/2015 22/05/2015 22/05/2015 5.000,00 - N.A. N.A. - - - 5.000,00 0,05000-24/11/2014 23/02/2015 23/02/2015 5.000,00 - N.A. N.A. - - - 5.000,00 0,05000-21/07/2014 24/11/2014 24/11/2014 100.000,00 - N.A. N.A. - 95.000,00-5.000,00 0,05000 - Unpaid
- 8-2.4 Class B Notes Note Period Note Payment Before payments Amounts accrued After payments Unpaid Rate Accrual Period (days) accrued Pool Factor Unpaid 24/08/2015 23/11/2015 23/11/2015 14.492.591,82-1,87% 91 68.506,12 22.676,77 68.506,12 14.469.915,05 0,99109-22/05/2015 24/08/2015 24/08/2015 14.515.301,73-1,89% 94 71.557,52 22.709,90 71.557,52 14.492.591,83 0,99264-23/02/2015 22/05/2015 22/05/2015 14.537.978,50-1,95% 88 69.225,90 22.676,77 69.225,90 14.515.301,73 0,99420-24/11/2014 23/02/2015 23/02/2015 14.560.655,26-1,98% 91 72.912,40 22.676,77 72.912,40 14.537.978,50 0,99575-21/07/2014 24/11/2014 24/11/2014 14.600.000,00-2,14% 126 109.302,90 39.344,74 109.302,90 14.560.655,26 0,99731 -
- 9-2.5 Class C Notes Note Period Note Payment Before payments Amounts accrued After payments Unpaid Rate Accrual Period (days) accrued Pool Factor 24/08/2015 23/11/2015 23/11/2015 17.503.534,15-2,52% 91 111.497,61 44.688,03 111.497,61 17.458.846,12 0,98638-22/05/2015 24/08/2015 24/08/2015 17.548.287,48-2,54% 94 116.292,54 44.753,32 116.292,54 17.503.534,15 0,98890-23/02/2015 22/05/2015 22/05/2015 17.592.975,50-2,60% 88 111.727,71 44.688,03 111.727,71 17.548.287,48 0,99143-24/11/2014 23/02/2015 23/02/2015 17.637.663,53-2,63% 91 117.301,44 44.688,03 117.301,44 17.592.975,50 0,99395-21/07/2014 24/11/2014 24/11/2014 17.700.000,00-2,79% 126 172.778,55 62.336,47 172.778,55 17.637.663,53 0,99648 - Unpaid
- 10-2.6 Class D Notes Note Period Note Payment Before payments Amounts accrued After payments Unpaid Rate Accrual Period (days) accrued Pool Factor 24/08/2015 23/11/2015 23/11/2015 3.797.956,02-3,27% 91 31.378,62 6.008,80 31.378,62 3.791.947,22 0,99214-22/05/2015 24/08/2015 24/08/2015 3.803.973,60-3,29% 94 32.639,88 6.017,58 32.639,88 3.797.956,02 0,99371-23/02/2015 22/05/2015 22/05/2015 3.809.982,40-3,35% 88 31.181,02 6.008,80 31.181,02 3.803.973,61 0,99528-24/11/2014 23/02/2015 23/02/2015 3.815.991,20-3,38% 91 32.613,13 6.008,80 32.613,13 3.809.982,40 0,99686-21/07/2014 24/11/2014 24/11/2014 3.822.000,00-3,54% 126 47.341,20 6.008,80 47.341,20 3.815.991,20 0,99843 - Unpaid
- 11-2.7 Class E Notes Note Period Note Payment Before payments Amounts accrued After payments Unpaid Rate Accrual Period (days) Coupon Pool Factor 24/08/2015 23/11/2015 23/11/2015 16.903.824,12-4,07% 91 173.908,30 24.035,19 173.908,30 16.879.788,93 0,99293-22/05/2015 24/08/2015 24/08/2015 16.927.894,42-4,09% 94 180.691,30 24.070,31 180.691,30 16.903.824,11 0,99434-23/02/2015 22/05/2015 22/05/2015 16.951.929,62-4,15% 88 171.885,30 24.035,19 171.885,30 16.927.894,42 0,99576-24/11/2014 23/02/2015 23/02/2015 16.975.964,81-4,18% 91 179.412,90 24.035,19 179.412,90 16.951.929,62 0,99717-21/07/2014 24/11/2014 24/11/2014 17.000.000,00-4,34% 126 258.170,50 24.035,19 258.170,50 16.975.964,81 0,99859 - Unpaid
- 12-3. Issuer Available Funds (A) Available Funds (B) Available Funds Note Payment All amounts paid in respect of the Loans on account of interest (including any Default ), fees, breakage costs, All Recoveries in expenses, commissions and other sums, respect of and any receipts in respect of any interest insurance policy covering the risk of loss of rent Any Liquidity Drawings made with reference to such Note Payment (other than any Property Protection Drawing) Net interest accrued (net of any withholding or expenses, if due) and paid on the Issuer Accounts All other items and payments received by the Issuer which do not qualify as Available Funds the Indemnity Value under the Loan Portfolio Sale Agreement, if any, excluding the principal element thereof the Retention Amount the amounts standing to the credit of the Default Ledger up to the Required Amount and on final redemption of the Notes in accordance with the Conditions, all amounts standing to the credit of the Default Ledger All amounts in respect of the Loans on account of principal All Recoveries in respect of principal Any insurance proceeds received (other than those relating to loss of rent) The principal element of the Indemnity Value under the Loan Portfolio Sale Agreement Any other receipts of principal nature (C) Loan Prepayment Fee Amounts (D) Class X Redemption Amounts TOTAL (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (i) (ii) (iii) (iv) (v) C D SUM [(A) : (D)] 23/11/2015 1.974.314,86 - - - - - 85.372,42-496.533,65 - - - - - - 2.556.220,93 24/08/2015 2.044.569,62 - - - - - 20.605,17-496.533,65 - - - 725,50 - - 2.562.433,94 22/05/2015 1.942.021,23 - - - - - 21.842,37-496.533,66 - - - - - - 2.460.397,26 23/02/2015 2.029.766,47 - - 32,15 - - - 23.259,54-496.533,66 - - - - - - 2.549.527,52 24/11/2014 2.927.323,51 - - - - - - - 692.627,41 - - - - - 190.000,00 3.809.950,91
- 13-4.1 Pre Note Enforcement Notice Priority of Note Payment Expenses, Retention Amount and Agents Fees Any amounts due to the Liquidity Facility Provider An amount up to the amount of any Default received by the Issuer during the immediately preceding Collection Period to the Default Ledger and Allocated Note Prepayment Fee due on the Class A and the Class X due and payable on the Class B Notes and any Allocated Note Prepayment Fee Amount payable on the Class B due and payable on the Class C Notes and any Allocated Note Prepayment Fee Amount payable on the Class C Notes on such Note Payment due and payable on the Class D Notes and any Allocated Note Prepayment Fee Amount payable on the Class D Notes on such Note Payment due and payable on the Class E Notes and any Allocated Note Prepayment Fee Amount payable on the Class E Notes on such Note Payment Note Premium Amount due and payable on the Class A Notes Note Premium Amount due and payable on the Class B Notes Note Premium Amount due and payable on the Class C Notes Note Premium Amount due and payable on the Class D Notes Note Premium Amount due and payable on the Class E Notes any Liquidity Subordinated Amounts amount up to the applicable payment of any Subordinated Class additional X Amount, and any consideration Class X Allocated payable under the Note Prepayment Loan Portfolio Fee Amounts due Sale Agreement to and payable to the the Originator relevant Class X Noteholder (**) Σ [(i) - (iv)] (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi) (xvii) (xviii) (xix) Σ [(i) - (xix)] 23/11/2015 120.233,13 49.567,37-1.504.596,13 68.506,12 111.497,61 31.378,62 173.908,30 - - - - - - - - 2.059.687,28 24/08/2015 120.195,00 51.344,23-1.492.454,32 71.557,52 116.292,54 32.639,88 180.691,30 - - - - - - - - 2.065.174,79 22/05/2015 94.618,09 48.200,41-1.437.025,17 69.225,90 111.727,71 31.181,02 171.885,30 - - - - - - - - 1.963.863,60 23/02/2015 70.122,30 49.898,33-1.530.733,36 72.912,40 117.301,44 32.613,13 179.412,90 - - - - - - - - 2.052.993,86 24/11/2014 67.669,30 72.928,33-2.199.132,72 109.302,90 172.778,55 47.341,20 258.170,50 - - - - - - - - 2.927.323,51 TOTAL
- 14-4.2 Pre Note Enforcement Notice Priority of Note Payment following application of Available Funds in accordance with the Pre Note Enforcement Notice Priority of, the Liquidity Repayment Amount Sum [Min [Class A Payment Amount ; Amount of the Class A Notes ] + any principal amounts due and payable on the Class X Notes the lesser of the Class B Payment Amount due and payable and the Amount of the Class B Notes the lesser of the Class C Payment Amount due and payable and the Amount of the Class C Notes the lesser of the Class D Payment Amount due and payable and the Amount of the Class D Notes the lesser of the Class E Payment Amount due and payable and the Amount of the Class E Notes any surplus in accordance with the Pre Note Enforcement Notice Priority of TOTAL (i) (ii) (iii) (iv) (v) (vi) (vii) Σ [(i) - (vii)] 23/11/2015-399.124,86 22.676,77 44.688,03 6.008,80 24.035,19-496.533,65 24/08/2015-399.708,04 22.709,90 44.753,32 6.017,58 24.070,31-497.259,15 22/05/2015-399.124,87 22.676,77 44.688,03 6.008,80 24.035,19-496.533,66 23/02/2015-399.124,87 22.676,77 44.688,03 6.008,80 24.035,19-496.533,66 24/11/2014-750.902,21 39.344,74 62.336,47 6.008,80 24.035,19-882.627,41
- 15-4.3 Pre Note Enforcement Notice Expected Maturity Priority of Applicable at the Expected Maturity Note Payment an amount up to the pari passu and amount of any Default pari passu and pro Any amounts due to pari passu and pro pro rata, all received by rata, all amounts pari passu and pro rata, Expenses, Retention the Liquidity Facility rata, all amounts amounts the Issuer during the outstanding in all amounts outstanding in Amount and Agents Provider (other than outstanding in respect outstanding in immediately respect of principal respect of interest on the Fees Liquidity Subordinated of interest on the respect of preceding Collection on the Class A Class B Notes Amounts) Class A Notes principal on the Period to the Default Notes Class B Notes Ledger (*) pari passu any Note any Note any Note pari passu and pari passu amount up to the and pro rata, pari passu and pro any Note any Note Premium Premium Premium any additional pari passu and pro pro rata, all and pro rata, applicable passu and pro rata, all all amounts rata, all amounts Premium Premium Amount Amount Amount consideration rata, all amounts amounts all amounts any Liquidity Subordinated Class amounts outstanding in outstanding in outstanding in Amount due Amount due due and due and due and payable under the outstanding in respect outstanding in outstanding in Subordinated X Amount, and any respect of interest on the respect of respect of principal and payable and payable payable payable payable Loan Portfolio Sale of principal on the respect of interest respect of Amounts principal amounts Class C Notes principal on on the Class E on the Class A on the Class B on the on the on the Agreement to the Class C Notes; on the Class D interest on the due and payable on the Class D Notes Notes Notes Class C Class D Class E Originator Notes Class E Notes the Class X Notes Notes Notes Notes Notes TOTAL Σ [(i) - (iv)] (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi) (xvii) (xviii) (xix) (xx) (xxi) (xxii) (xxiii) (xxiv) Σ [(i) - (xxiv)] (*) on each Note Payment prior to (but not including) the final redemption in full of the Notes
- 16-5 Post Note Enforcement Notice Priority of Applicable only after a Note Enforcement Notice Note Payment Expenses, Retention Amount and Agents Fees Any amounts due to the Liquidity Facility Provider and principal payable on the Class A Notes and any Allocated Note Prepayment Fee Amount payable on the Class A Notes and principal payable on the Class B Notes and any Allocated Note Prepayment Fee Amount payable on the Class B Notes interest and principal payable on the Class C Notes and any Allocated Note Prepayment Fee Amount payable on the Class C Notes interest and principal payable on the Class D Notes and any Allocated Note Prepayment Fee Amount payable on the Class D Notes interest and principal payable on the Class E Notes and any Allocated Note Prepayment Fee Amount payable on the Class E Notes any Note Premium Amount due and payable on the Class A Notes any Note Premium Amount due and payable on the Class B Notes any Note Premium Amount due and payable on the Class C Notes any Note Premium Amount due and payable on the Class D Notes any Note Premium Amount due and payable on the Class E Notes any Liquidity Subordinated Amounts an amount up to the amount of any Default received by the Issuer during the immediately preceding Collection Period to the Default Ledger an amount up to the applicable Subordinated Class X Amount, and any Loan Prepayment Fee Amounts due and payable to the relevant Class X Noteholder and any principal amounts due and payable on the Class X Notes any additional consideration payable under the Loan Portfolio Sale Agreement to the Originator Σ [(i) - (iv)] (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi) (xvii) (xviii) (xix) Σ [(i) - (xix)] TOTAL
Moda 2014 Srl - 17-6.1 Loan Information - Franciacorta Cut-Off Loan Balance % of Pool Loan Factor ICR DSCR LTV MATURITY LTV REMAINING TERMS (years) 16/11/2015 76.868.750,00 39,31% 98,49% 3,23 2,53 54,40% 52,74% 3,00 17/08/2015 77.064.843,75 39,31% 98,74% 3,26 2,56 54,54% 52,74% 3,25 15/05/2015 77.260.937,50 39,31% 98,99% 3,22 2,54 54,70% 52,70% 3,50 16/02/2015 77.457.031,25 39,31% 99,25% 3,18 2,33 54,82% 52,74% 3,75 17/11/2014 77.653.125,00 39,25% 99,50% 2,70 2,29 54,96% 52,74% 4,00 Cut - Off 78.045.312,50 39,37% 100,00% 2,98 2,45 58,64% 55,98% 4,32
Moda 2014 Srl - 18-6.2 Loan Information - Vanguard Cut-Off Loan Balance % of Pool Loan Factor ICR DSCR LTV MATURITY LTV REMAINING TERMS (years) 16/11/2015 118.673.762,49 60,69% 98,75% 3,43 2,70 63,50% 59,29% 3,75 17/08/2015 118.974.202,39 60,69% 99,00% 2,67 2,22 63,66% 59,29% 4,00 15/05/2015 119.274.642,29 60,69% 99,25% 2,76 2,29 63,80% 61,08% 4,30 16/02/2015 119.575.082,19 60,69% 99,50% 2,72 2,27 63,98% 60,76% 4,50 17/11/2014 119.274.642,29 60,69% 99,75% 2,71 2,26 64,14% 61,08% 4,75 Cut - Off 120.175.962,00 60,63% 100,00% 3,36 2,44 64,30% 61,08% 5,07
- 19-6.3 Loans Information FRANC LOAN VANGUARD LOAN DATE LOAN ICR HISTORY LOAN DSCR HISTORY LOAN LTV HISTORY LOAN BALANCE HISTORY LOAN ICR HISTORY LOAN DSCR HISTORY LOAN LTV HISTORY LOAN BALANCE HISTORY 16/11/2015 3,26 2,56 54,5% 76.868.750,00 2,67 2,22 63,7% 118.673.762,47 17/08/2015 3,26 2,56 54,5% 77.064.843,75 2,67 2,22 63,7% 118.974.202,38 15/05/2015 3,22 2,54 54,7% 77.260.937,50 2,76 2,29 63,8% 119.274.642,29 16/02/2015 3,18 2,33 54,8% 77.457.031,25 2,72 2,27 64,0% 119.575.082,19 17/11/2014 2,70 2,29 55,0% 77.653.125,00 2,71 2,26 64,3% 119.875.522,09 Cut - Off 2,98 2,45 58,6% 78.045.312,50 3,36 2,44 64,3% 120.175.962,00
- 20-7. Liquidity Facility Drawings Note Payment Liquidity Facility Drawing If YES Total drawings Liquidity Facility remaining undrawn (Y/N) Amount 23/11/2015 N n.a. n.a. n.a. 16.295.389,73 24/08/2015 N n.a. n.a. n.a. 16.340.889,96 22/05/2015 N n.a. n.a. n.a. 16.386.456,68 23/02/2015 N n.a. n.a. n.a. 16.431.956,91 17/11/2014 N n.a. n.a. n.a. 16.450.000,00 Cut - Off N n.a. n.a. n.a. 16.450.000,00
- 21-8. Property Information 8.1 PROPERTY LOCATION PROPERTY ALLOCATED LOAN AMOUNT (ALA) % OF POOL (ALA) % OF POOL (CUT-OFF-DATE) MARKET VAUE GROSS INITIAL YIELD GROSS INITIAL YIELD (CUT-OFF-DATE) LTV (CURRENT) LTV (CUT-OFF-DATE) Franciacorta Outlet Village 76.870.549 39,31% 39,37% 141.300.000 8,51% 8,88% 54,40% 55,98% 52,74% Valdichiana Outlet Village 69.505.084 35,54% 35,51% 106.700.000 8,61% 9,50% 65,14% 65,14% 62,67% Le Colonne Shopping Centre 21.245.741 10,87% 10,85% 38.270.000 7,49% 8,08% 55,52% 55,52% 53,41% Borgogioioso Shopping Centre 17.009.430 8,70% 8,69% 26.920.000 7,85% 8,23% 63,19% 63,19% 60,79% La Scaglia Shopping Centre 10.911.710 5,58% 5,57% 20.670.000 9,52% 10,48% 52,79% 52,79% 50,79% Total 195.542.512 100,00% 100,00% 333.860.000 MATURITY LTV IRRECOVERABLE EXPENSES Franciacorta Outlet Village Valdichiana Outlet Village Le Colonne Shopping Centre (*) Borgogioioso Shopping Centre (*) La Scaglia Shopping Centre (*) Service Charges Billed 4.923.269,00 4.092.923,00 - - - Operating Expenses - 4.900.247,00-3.882.747,00 - - - Service Charges Surplus/Defict 23.022,00 210.176,00 - - - Bad Debt Allowance - 126.523,00-169.956,00 - - - Legal/Notary Fees - 35.000,00-32.000,00 - - - Letting Fees (cash basis) - 355.726,00-308.263,00 - - - Rental Collection Fee - 206.095,00-155.245,00 - - - Project Management Fees - 10.425,00-2.850,00 - - - IMU - 313.314,00-436.214,00 - - - Insurance - 88.602,00-86.911,00 - - - Accounting Costs - 104.350,00-79.950,00 - - - Total - 1.217.013,00-1.061.213,00 - - - (*) Please be informed that Borrower did not provide a full breakdown of the 2014 budgeted irrecoverable expenses for Le Colonne, Il Borgogioioso and La Scaglia but will do so in the future. 8.2 VACANCY ANALYSIS (SQM) PROPERTY CURRENT % VACANCY (SQM) PREVIOUS % VACANCY (SQM) RESTATED CUT-OFF DATE % VACANCY (SQM) Franciacorta Outlet Village 2,98% 2,17% 2,60% Valdichiana Outlet Village 9,14% 8,60% 6,30% Le Colonne Shopping Centre 0,05% 0,05% 1,00% Borgogioioso Shopping Centre 0,74% 0,74% 7,80% La Scaglia Shopping Centre 7,17% 7,17% 9,30% Total 20,08% 18,72% 27,00% 8.3 PROPERTY COMMENT PROPERTY COMMENT - Q3 2015 turnover increased by 1.258% compared to Q3 2014 - In the last 12 months sales have increased to 121,121,057 (+ 4.89%), the best result ever. Franciacorta Outlet Village - 4 new lease agreements were signed during Q3: i) The North Face (VF Italy Retail), unit A4, GLA 237 sqm, with annual base rent of 106,497. ii) Vans (VF Italy Retail), unit F6, GLA 153 sqm, with annual base rent of 68,769. iii) Asics, unit 5.03, GLA 210 sqm, with MGR of 117,412. Temporary store. iv) Brosway, unit D23, GLA 77 sqm, with annual base rent of 34,803. v) Annarita N, unit D3, GLA 90, with annual base rent of 54,252. Vacancy has increased to 2.98%. Valdichiana Outlet Village - Q3 Sales increased by 0.06% when compared to the same period last year. The turnover per sqm decreased by 1.43% - Footfall decreased by 8.11% comparing the same quarter in 2014. Footfall for last 12 months showed an decrease of 2.12% - Footfall (YTD) increased by 3.00%. Le Colonne Shopping Centre - Q3 2015 sales increased by 11.2% compared to Q3 2014 sales. Borgogioioso Shopping Centre La Scaglia Shopping Centre - Footfall (YTD) decreased by 0.8% when compared to the same period of previous year. - Q2 2015 sales increased by 1.7% compared to Q3 2014 sales. - Footfall (YTD)decreased by 2.6%. - Q2 2015 sales increased by 0.6% compared to Q3 2014 sales.
- 22-9. Concentration 9.1 TENANT CONCENTRATION TOP 10 BY GROSS INCOME TENANT RENT AMOUNT % PORTFOLIO RENT ROLL CUMULATIVE % WA LEASE EXPIRY TO FIRST BREAK (YEARS) WA LEASE EXPIRY TO LEASE MATURITY (YEARS) CAPRI 569.673,86 2,02% 2,02% 3,92 3,92 BASICRETAIL 557.017,03 1,98% 4,00% 4,00 4,00 CONAD 554.400,00 1,97% 5,97% 6,16 14,35 NIKE 484.672,74 1,72% 7,69% 1,79 0,73 CALVIN KLEN 432.344,68 1,54% 9,22% 5,00 5,00 OBI 399.894,36 1,42% 10,64% 0,50 1,16 GUESS 375.002,44 1,33% 11,98% 6,99 6,99 ADIDAS 373.741,36 1,33% 13,30% 1,79 1,79 RETAIL ITALIA 371.745,46 1,32% 14,62% 2,06 2,06 GOLDEN POINT 367.961,20 1,31% 15,93% 2,50 3,13 Total 4.486.453,13 9.2 INCOME PER PROPERTY PROPERTY RENT AMOUNT IRRECOVERABLE EXPENSES NET OPERATING INCOME % SECURITISED RENT ROLL CUMULATIVE % Franciacorta Outlet Village 12.028.997,61-1.217.013,00 10.811.984,61 44,50% 44,50% Valdichiana Outlet Village 9.186.811,01-1.061.213,00 8.125.598,01 33,45% 77,95% Le Colonne Shopping Centre 2.866.261,44-459.000,00 2.407.261,44 9,91% 87,86% Borgogioioso Shopping Centre 2.113.372,44-565.000,00 1.548.372,44 6,37% 94,23% La Scaglia Shopping Centre 1.968.653,51-567.000,00 1.401.653,51 5,77% 100,00% Total 28.164.096-3.869.226 24.294.870
- 23-10.1 Franciacorta Outlet Village 10.2 Valdichiana Outlet Village TENANT TENANT Basicretail Capri Capri Basicretail Retail Italia Network Nike Nike Calvin Klein Concept Group Benetton Puma Carillo Calvin Klein Adidas Miroglio Fashion Cerruti VF Italy Retail Comprar - Bata Guess Virginia - Massimo Rebecchi / Sartoria Leoni % Property Rent 19,4% % Property Rent 23,6% WAL 4,01 WAL 4,12 10.3 Le Colonne Shopping Centre 10.4 Borgogioioso Shopping Centre TENANT TENANT Bata Superstore Obi Zara Scarpe & Scarpe Obbiettivi Moda Srl Comet Tokuno Shima Game 7 Idea Bellezza Le Profumerie Tezenis Champion Happy Casa Store Gold Gallery Optissimo Gruppo Randazzo Benetton Oltre Golden Point Pizzaristo - Free Flow Ottica Optometria Righetti % Property Rent 34,9% % Property Rent 70,5% WAL 3,42 WALL 3,41 10.5 La Scaglia Shopping Centre 10. TOP 10 TENANT CONCENTRATION ANALYSIS TENANT Conad Euronics Game 7 Piazza Italia Deichmann Sephora Stroili Oro UPIM Giunti al Punto Terranova % Property Rent 81,3% WAL 8,38
- 24-11. Loan Details and Lease Profile 11.1 Loan Details MODA 2014 CMBS Cut-Off Senior Loan Balance 198.221.275 Current Balance 195.542.512 Loan Factor 98,65% Next Period Rate 0,00000% WA ICR 334,18% WA DSCR 262,50% Current WA LTV 62,07% No. of Properties 5 Remaining WA Loan Term (years) 3,75
- 25-12. Executive Summary Franciacorta - The outstanding loan balance is 76,868,750.00 - The loan is amortising ( 196,093.75 per quarter) and matures on 15 November 2018. - IN the last 12 rolling months the billed MGR amounted to 11,950,459.28. The period saw the opening of new brands such us The North Face (premium aoutdoor apparel) and Vans (streetwear fashion clothing and shoes), while on the other hand some new negotiations have been started in order to have further openings in Q4. As far as performance is concerned, Q3 2015 registered a turnover increase by 1.28%, while over the last 12 months sales increased to 121,121,057 (+4.89%), the best result ever. Q3 centre attendance slightly decreased by 2.09%. - 4 lease agreements have expired or are close to expiry and are being renegotiated (1,792 sqm with a rental income of 541,490). Five further units have been occupied during Q2 and two were renewed (1,312 sqm with a MGR of 512,152). Vanguard - The outstanding loan balance is 118,673,762.49 - The loan is amortising ( 300,439.91 per quarter) and matures on 15 August 2019. - In Valdichiana, 6 lease agreements have expired or are close to expiry date and their renegotiation is ongoing (1,214 sqm with a rental income of 459,003). Four new agreement were signed during Q3 (838sqm with a rental income of 280,967). - Overall vacancy maintained stable, with a small in increase in Valdichiana. We confirm that Goldman Sachs continue to retain a 5% net economic interest in the securitisation (for the purposes of Capital Requirements Directive's Article 122a).