ASSET SECURITIZATION CORP COM MOR PS THR CERT SER 1999-C2
8-K/A, 1999-10-22
ASSET-BACKED SECURITIES
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 8-K/A

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934


DATE OF REPORT:  OCTOBER 22, 1999
- ---------------------------------
(Date of earliest event reported)


                       ASSET SECURITIZATION CORPORATION,
                         COMMERCIAL MORTGAGE ASSET TRUST
          COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-C2
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         Delaware                   333-53859                 13-3672337
- --------------------------------------------------------------------------------
      (State or Other              (Commission             (I.R.S. Employer
       Jurisdiction                File Number)           Identification No.)
     of Incorporation)



        Two World Financial Center, Building B, New York, New York 10281
- --------------------------------------------------------------------------------
                      Address of Principal Executive Office



       Registrant's telephone number, including area code: (212) 667-9300



<PAGE>




ITEM 5.  OTHER EVENTS.

            Attached  as  Exhibit  99.1  to  this  Current  Report  are  certain
materials  (the  "Collateral  Term Sheets")  furnished to Registrant by Goldman,
Sachs & Co.,  Nomura  Securities  International,  Inc. and  Donaldson,  Lufkin &
Jenrette  Securities  Corporation  (the  "Underwriters"),  the  Underwriters  in
respect of the Registrant's Commercial Mortgage Asset Trust, Commercial Mortgage
Pass-Through Certificates, Series 1999-C2 (the "Certificates"). The Certificates
are being offered  pursuant to a Prospectus  and related  Prospectus  Supplement
(together,  the "Prospectus"),  which will be filed with the Commission pursuant
to Rule 424(b)(5) under the Securities Act of 1933, as amended (the "Act").  The
Certificates  have been  registered  pursuant  to the Act  under a  Registration
Statement  on Form S-3  (No.  333-53859)  (the  "Registration  Statement").  The
Registrant  hereby  incorporates  the Collateral Term Sheets by reference in the
Registration Statement.

            The Collateral Term Sheets were prepared solely by the Underwriters,
and the  Registrant  did not prepare or  participate  in the  preparation of the
Collateral Term Sheets.

            Any statement or information contained in the Collateral Term Sheets
shall be deemed to be modified or superseded  for purposes of the Prospectus and
the  Registration  Statement  by  statements  or  information  contained  in the
Prospectus.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c)  Exhibits

      Exhibit No.                      Description
      -----------                      -----------

          99.1                   Collateral Term Sheets


<PAGE>




            Pursuant to the  requirements  of the  Securities  Act of 1934,  the
Registrant  has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.

                                   ASSET SECURITIZATION CORPORATION


                                   By: /S/ BRAD ALTBERGER
                                       -------------------------------
                                       Name:  Brad Altberger
                                       Title: Vice President

Date:  October 22, 1999



<PAGE>




                                  EXHIBIT INDEX



  Exhibit No.               Description             Paper (P) or Electronic (E)
  -----------               -----------             ---------------------------

      99.1            Collateral Term Sheets                  E






This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this spreadsheet, whether regarding the assets
backing any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.

This material is furnished to you by Goldman, Sachs & Co., Nomura Securities
International, Inc. and Donaldson, Lufkin & Jenrette Securities Corporation and
not by the issuer of the securities. Goldman, Sachs & Co. and Nomura Securities
International, Inc. are acting as the lead managers, Donaldson, Lufkin &
Jenrette Securities Corporation is acting as co-manager and none of these
parties are acting as agent for the issuer or its affiliates in connection with
the proposed transaction.


<TABLE>
<CAPTION>
                                                                                                                  Balloon/
                                                                               Cut-Off                          Anticipated
  Loan                                                      Loan           Date Principal           Monthly    Repayment Date
    #                     Loan Name                         Type               Balance              Payment       Balance
    -                     ---------                         ----               -------              -------       -------
<S>       <C>                                             <C>               <C>                    <C>          <C>
    1     Westin Denver Tabor Center                        hyper            44,593,725             362,504      3,637,680
    2     208 South Lasalle                                 hyper            42,788,119             332,187      6,500,741
    3     ACCOR Corp. - Pool III - Note B                  Balloon           40,308,831             236,143      9,938,713
    4     Marina Pacific Shopping Center                    hyper            33,725,031             256,550      4,467,879
    5     Luckman Plaza                                     hyper            33,623,958             247,450      7,787,248
    6     Henry W. Oliver                                   hyper            33,523,888             259,037      4,960,959
    7     Congressional North                               hyper            32,647,005             242,829      3,197,808
    8     80 John Street                                    hyper            29,198,810             230,517      2,328,341
    9     633 Indiana Avenue                                hyper            29,000,000             202,832      1,752,489
   10     Bank of America-Vegas                             hyper            28,479,885             204,177      3,229,435
   11     Bayside Exposition Center                         hyper            22,069,624             161,186      1,288,275
   12     Warminster Town Center                            hyper            20,884,905             158,924      2,415,841
   13     Park Place Shops + Entertainment                  hyper            19,692,004             151,803      2,996,489
   14     Campbell Forum                                    hyper            19,660,894             152,960      2,912,900
   15     Calaveras Center                                  hyper            19,400,000             140,731      2,326,310
   16     Cinemark                                          Fully            18,355,354             123,119              0
   17     Mall of Orange                                    hyper            15,500,000             125,303      1,944,765
   18     60 Madison Avenue                                 hyper            13,265,426             103,249      1,989,534
   19     Geneva Crossing                                   hyper            13,227,139             102,499      2,029,801
   20     La Jolla Village Professional Ctr.                hyper            13,103,073             100,591      4,694,086
   21     Allied Portfolio                                  hyper            12,850,396             104,825      2,251,192
   22     Auerbach Retail Portfolio                         hyper            12,256,059              86,601      1,268,941
   23     SL-Mentor II Facility                             hyper            11,100,000              75,375      1,022,747
   24     Signature Place/Overland                          hyper             9,976,778              73,865      2,140,198
   25     BGK - Park Fletcher                               hyper             8,796,886              60,253        808,157
   26     Staples Plaza                                     hyper             8,776,196              61,902        782,371
   27     Euless Town Center                                hyper             8,328,519              59,561        450,215
   28     Willow Creek Apartments                           hyper             7,915,749              58,524        792,413
   29     Bayou Walk Village Shopping Center                hyper             7,885,913              61,378      1,182,727
   30     BGK Lakewood                                      hyper             7,480,144              51,888        753,273
   31     Lakeside Office Park                              hyper             7,412,583              53,536        418,139
   32     Regal Cinema                                      hyper             7,030,211              53,797        681,687
   33     East Town Mall                                    hyper             6,851,529              51,411        444,716
   34     Spring Glen Medical Center                        hyper             6,415,759              47,020        704,433
   35     532 Broad Hollow Road                             hyper             6,402,648              48,695        865,340
   36     Manassas Executive Center                         hyper             6,240,164              48,320        930,300
   37     Fairway Corporate Center                          hyper             6,037,079              47,077        901,469
   38     Circuit City-Philadelphia                        Balloon            5,821,598              37,064      2,803,968
   39     Westbury Lakes Apartments                         hyper             5,762,708              43,639        352,974
   40     Northridge Shopping Center                        hyper             5,533,666              43,054        390,183
   41     100 Cortland Office Portfolio                     hyper             5,442,813              42,443        812,735
   42     Northwood Village Apartments                      hyper             5,261,826              39,131        423,888
   43     Stadium Apartments                                hyper             4,836,987              34,203        427,279
   44     Dekalb Plaza                                      hyper             4,549,820              32,536        504,261
   45     Circuit City-Ridgeland                           Balloon            4,158,283              26,474      2,002,830
   46     Belgravia Building                                hyper             3,974,806              28,500              0
   47     Southwest Pointe Apartments                       hyper             3,938,051              27,496        320,563
   48     Short Pump Village                                hyper             3,751,913              27,739        216,701
   49     Circuit City-Indianapolis                        Balloon            3,742,455              23,827      1,802,547
   50     Chestnut Gardens                                  hyper             3,197,265              23,126        358,125
   51     Treehouse Apartments                              hyper             3,100,000              22,553        375,858
   52     Bayshore Village                                  hyper             3,029,642              20,612        228,577
   53     Cobleskill Center                                 hyper             2,989,654              21,027        311,061
   54     Sports Park Plaza                                 hyper             2,954,581              20,425        272,494
   55     Cedar Grove Mobile Home Park                      hyper             2,889,455              22,315        200,278
   56     Circuit City-Jackson                             Balloon            2,744,467              17,473      1,321,869
   57     BGK-Parham 64                                     hyper             2,553,718              17,340        228,572
   58     Circuit City-Wichita Falls                       Balloon            2,494,969              15,885      1,201,696
   59     Circuit City-Kingsport                           Balloon            2,494,969              15,885      1,201,696
   60     231 & 235 East 117th Street                       hyper             2,398,074              17,030        254,892
   61     Willow Creek Manor                                hyper             2,376,178              16,048        207,918
   62     312, 318 & 328 East 106th Street                  hyper             2,286,925              16,241        243,080
   63     234-236 & 238-240 East 116th Street               hyper             2,203,317              15,647        234,193
   64     Wayzata Bay Office Buildings                      hyper             2,059,091              14,885        148,531
   65     Eastgate/Southgate Apartments                     hyper             1,913,956              14,299        123,076
   66     Schram Tech Park                                  hyper             1,498,458              11,409        101,627
   67     215 East 117th Street                             hyper             1,460,681              10,373        155,256
   68     Ironbridge Plaza                                  hyper             1,392,565               9,273        116,363
   69     Huffman Business Park Bldg. A&B                   hyper             1,329,064               8,717        105,206
   70     BGK Flatiron                                      hyper             1,289,256               8,754        115,399
   71     Winterhaven East Apartments                       hyper             1,278,516               8,639        102,621
   72     Hidden Creek Apartments                           hyper             1,165,521               7,621         91,192
   73     Huffman Business Park Bldgs. M & N                hyper             1,123,425               7,368         88,928
   74     BGK - Sentry                                      hyper             1,090,909               7,407         97,643
   75     BGK - Gateway                                     hyper             1,089,995               7,341         95,354
   76     228 East 116th Street                             hyper             1,081,986               7,684        115,004
   77     Greenway Shopping Center                          hyper             1,071,393               8,658         88,908
   78     Huffman Business Park Bldg. O                     hyper               927,111               6,080         73,386
   79     2371 2nd Avenue                                   hyper               767,226               5,449         81,554
   80     Huffman Business Park C                           hyper               697,169               4,572         55,186
   81     154 East 106th Street                             hyper               619,683               4,401         65,865

                                                                            781,148,433
</TABLE>


<TABLE>
<CAPTION>
            Anticipated
  Loan       Repayment         Maturity                        Actual                    Non-level    Additional
    #           Date             Date              Rate         360         Amort.         Amort.       Amort.         Seasoning
    -           ----             ----              ----         ---         ------         ------       ------         ---------
<S>         <C>               <C>                 <C>        <C>            <C>          <C>          <C>              <C>
    1        11-Dec-13         11-Jan-24          8.505%        Yes           300                          0              27
    2        11-Apr-13         11-Apr-28          8.500%        Yes           360                          0              18
    3                          1-May-18           7.030%                      141           Yes            0              17
    4        11-Nov-10         11-Dec-28          8.317%        Yes           360                          0              11
    5        11-Oct-12         11-Oct-27          7.990%        Yes           360                          0               7
    6        11-Jan-14         11-Jan-29          8.500%        Yes           360                          0              15
    7        11-Aug-08         11-Aug-26          7.840%        Yes           336                          0              21
    8        11-Feb-09         11-Feb-29          7.342%        Yes           360                          0               8
    9        11-Oct-09         11-Oct-25          7.040%        Yes           312                          0               0
   10        11-Sep-09         11-Sep-29          7.750%        Yes           360                          0               1
   11        11-Jan-09         11-Jan-24          7.250%        Yes           300                          0               9
   12        11-Feb-10         11-Feb-28          8.240%        Yes           340                          0               0
   13        11-Jun-07         11-Jun-27          8.360%        Yes           360                          0              27
   14        11-Jan-08         11-Jan-28          8.500%        Yes           360                          0              21
   15        11-Oct-09         11-Oct-29          7.880%        Yes           360                          0               0
   16                          11-Mar-18          8.049%                      240           Yes            0              19
   17        11-Apr-09         11-Sep-26          8.780%        Yes           323                          0               0
   18        11-Dec-07         11-Dec-27          8.500%        Yes           360                          0              22
   19        11-Jul-13         11-Jul-28          8.500%        Yes           360                          0              15
   20        11-Apr-09         11-Apr-26          8.450%        Yes           360                          0               6
   21        11-Apr-13         11-Apr-28          8.850%        Yes           360                         241             18
   22        11-Feb-14         11-Feb-29          7.550%        Yes           360                          0              18
   23        11-Sep-09         11-Sep-29          7.196%        Yes           299                          0               0
   24        11-Jul-13         11-May-27          8.000%        Yes           360                          0              15
   25        11-Feb-09         11-Feb-29          7.230%        Yes           360                          0              18
   26        11-Apr-08         11-Jan-28          7.420%        Yes           343                          0               4
   27        11-Jan-08         11-Oct-23          6.970%        Yes           300                          0              12
   28        11-Nov-07         11-Nov-27          7.900%        Yes           338                          0               1
   29        11-Mar-13         11-Dec-27          8.500%        Yes           360                          0              22
   30        11-Jun-09         11-Jun-29          7.392%        Yes           360                          0               4
   31        11-Feb-09         11-Dec-23          7.110%        Yes           300                          0              10
   32        11-Sep-19         11-Jun-26          8.090%        Yes           324                         240              4
   33        11-Jun-08         11-Mar-23          7.430%        Yes           300                          0              19
   34        11-Feb-09         11-Nov-27          7.820%        Yes           351                          0              14
   35        11-Dec-07         11-Sep-27          8.220%        Yes           360                          0              25
   36        11-Sep-08         11-Sep-28          8.500%        Yes           360                          0              13
   37        11-Sep-07         11-Sep-27          8.500%        Yes           360                          0              25
   38                          11-Jun-20          7.640%                      210           Yes            0              14
   39        11-Apr-13         11-Jan-23          7.320%        Yes           300                         240             21
   40        11-Jan-09         11-Nov-23          7.750%        Yes           300                         192             11
   41        11-Sep-07         11-Sep-27          8.500%        Yes           360                          0              25
   42        11-May-13         11-Feb-25          7.640%        Yes           324                          0              20
   43        11-Jun-14         11-Mar-28          7.460%        Yes           342                          0               1
   44        11-Jun-08         11-Mar-28          7.600%        Yes           360                          0              19
   45                          11-Jun-20          7.640%                      210           Yes            0              14
   46        11-Mar-09         11-Mar-29          7.350%        Yes           322                          0              13
   47        11-Mar-08         11-Dec-27          7.300%        Yes           338                          0               0
   48        11-Jul-08         11-Apr-23          7.070%        Yes           300                         228             18
   49                          11-Jun-20          7.640%                      210           Yes            0              14
   50        11-Jan-08         11-Oct-27          7.680%        Yes           360                          0              24
   51        11-Jan-10         11-Oct-29          7.910%        Yes           360                          0              24
   52        11-Apr-14         11-Feb-28          7.050%        Yes           340                          0               0
   53        11-Aug-08         11-May-28          7.440%        Yes           360                          0              17
   54        11-May-08         11-Feb-28          7.230%        Yes           360                          0              20
   55        11-Aug-07         11-Aug-22          7.670%        Yes           300                          0              26
   56                          11-Jun-20          7.640%                      210           Yes            0              14
   57        11-Nov-08         11-Nov-28          7.120%        Yes           360                          0              11
   58                          11-Jun-20          7.640%                      210           Yes            0              14
   59                          11-Jun-20          7.640%                      210           Yes            0              14
   60        11-Apr-09         11-Jul-28          7.490%        Yes           360                         300             15
   61        11-Dec-08         11-Sep-28          7.050%        Yes           360                          0              13
   62        11-Apr-09         11-Jul-28          7.490%        Yes           360                         300             15
   63        11-Apr-09         11-Jul-28          7.490%        Yes           360                         300             15
   64        11-May-08         11-Feb-25          7.320%        Yes           324                          0              20
   65        11-Feb-09         11-Dec-23          7.500%        Yes           300                          0              10
   66        11-Feb-09         11-Dec-23          7.640%        Yes           300                         240             10
   67        11-Apr-09         11-Jul-28          7.490%        Yes           360                         300             15
   68        11-Nov-08         11-Aug-28          6.900%        Yes           360                          0              14
   69        11-Feb-14         11-Dec-28          6.780%        Yes           360                          0              10
   70        11-Nov-08         11-Nov-28          7.120%        Yes           360                          0              11
   71        11-Apr-08         11-Jan-28          6.980%        Yes           353                          0              13
   72        11-Mar-14         11-Dec-28          6.750%        Yes           360                          0              10
   73        11-Feb-14         11-Dec-28          6.780%        Yes           360                          0              10
   74        11-Nov-08         11-Nov-28          7.120%        Yes           360                          0              11
   75        11-Oct-08         11-Oct-28          7.030%        Yes           360                          0              12
   76        11-Apr-09         11-Jul-28          7.490%        Yes           360                         300             15
   77        11-Aug-07         11-Aug-22          8.230%        Yes           300                          0              26
   78        11-Feb-14         11-Dec-28          6.780%        Yes           360                          0              10
   79        11-Apr-09         11-Jul-28          7.490%        Yes           360                         300             15
   80        11-Feb-14         11-Dec-28          6.780%        Yes           360                          0              10
   81        11-Apr-09         11-Jul-28          7.490%        Yes           360                         300             15
</TABLE>


<TABLE>
<CAPTION>
             Anticipated                                                                            Anticipated
  Loan        Remaining        Remaining                         Cut-Off Date        Balloon/        Repayment          Premium
    #           Term            Lockout            DSCR              LTV            Date LTV          Lockout            Loans
    -           ----            -------            ----              ---            --------          -------            -----
<S>         <C>               <C>                 <C>            <C>                <C>             <C>               <C>
    1           197               169              1.74             57.9%             39.9%             196
    2           180               161              1.38             62.0%             51.1%             179               Yes
    3           240               222              1.00             91.8%             18.2%             239
    4           144               131              1.33             69.5%             60.8%             142
    5           163               155              1.29             65.9%             55.0%             162
    6           186               170              1.33             72.9%             59.7%             185               Yes
    7           127               105              1.22             72.5%             63.6%             126
    8           120               107              1.27             72.3%             54.1%             115
    9           120               119              1.53             75.3%             61.6%             119
   10           120               118              1.48             57.0%             50.7%             119
   11           120               110              1.43             61.3%             49.9%             119
   12           124               143              1.25             73.3%             64.1%             143
   13           119                87              1.33             65.6%             60.2%             114
   14           120                91              1.21             69.0%             63.1%             112               Yes
   15           120               119              1.28             59.7%             53.2%             119
   16           240               220              1.00            100.0%              0.0%             239
   17           113               112              1.25             41.9%             37.0%             112
   18           120                97              1.22             58.4%             53.5%             119               Yes
   19           180               164              1.18             77.8%             64.1%             179               Yes
   20           120               112              1.16             59.0%             53.5%             118               Yes
   21           180               161              1.24             55.4%             26.9%             179               Yes
   22           190               165              1.24             80.4%             63.3%             183
   23           119               116              1.65             91.0%             79.8%             116
   24           180               164              1.37             64.0%             51.6%             179               Yes
   25           130               112              1.27             69.8%             61.6%             130
   26           106                94              1.42             56.6%             50.3%              98
   27           111                91              1.34             75.7%             63.0%             103
   28            98                89              1.41             67.7%             61.0%              90
   29           183               153              1.21             75.8%             62.2%             175               Yes
   30           120               115              1.41             69.3%             61.2%             119
   31           122               108              1.70             47.2%             38.1%             118
   32           243               231              1.33             70.3%              1.5%             235
   33           123                96              1.22             72.9%             59.9%             115
   34           126               105              1.41             56.3%             49.6%             119
   35           123                91              1.15             64.0%             58.2%             116
   36           120               106              1.21             71.7%             65.4%             119               Yes
   37           120                94              1.33             53.4%             49.0%             119               Yes
   38           262               244              1.00             97.9%             39.5%             258
   39           183               154              1.18             78.5%             33.1%             175
   40           122               107              1.45             64.3%             34.8%             118
   41           120                94              1.24             62.6%             57.4%             119               Yes
   42           183               155              1.13             76.3%             54.9%             175
   43           177               168              1.32             78.0%             58.9%             169
   44           123                96              1.21             75.8%             67.7%             115
   45           262               244              1.00             97.4%             39.3%             258
   46           126               112              1.17             63.1%             53.3%             125
   47           101                93              1.40             82.9%             73.5%              93
   48           123                97              1.43             59.8%             39.6%             115
   49           262               244              1.00             97.2%             39.2%             258
   50           123                91              1.41             69.5%             62.4%             115
   51           147               115              1.48             75.8%             67.4%             139
   52           174               166              1.78             62.5%             46.5%             166
   53           123                99              1.25             67.2%             59.7%             116
   54           123                95              1.59             62.5%             55.3%             115
   55           120                86              1.60             43.1%             36.2%             112
   56           262               244              1.00             98.1%             39.6%             258
   57           120               108              1.62             63.8%             56.3%             119
   58           262               244              1.00             98.0%             39.5%             258
   59           262               244              1.00             98.0%             39.5%             258
   60           129               113              1.61             70.5%             56.8%             128
   61           123               102              1.62             72.0%             63.2%             115
   62           129               113              1.40             69.3%             55.8%             128
   63           129               113              1.46             73.4%             59.1%             128
   64           123                95              1.23             67.0%             57.0%             115
   65           122               108              1.88             50.5%             41.3%             118
   66           122               104              1.25             62.7%             44.0%             114
   67           129               113              1.39             76.9%             61.9%             128
   68           123               101              1.27             66.6%             58.3%             115
   69           182               168              1.66             65.8%             50.0%             178
   70           120               108              1.51             67.9%             59.9%             119
   71           115                94              1.32             78.7%             69.3%             107
   72           183               169              1.70             72.8%             55.1%             179
   73           182               168              1.73             67.3%             51.1%             178
   74           120               108              1.62             57.4%             50.7%             119
   75           120               107              1.20             60.6%             53.3%             119
   76           129               113              1.49             72.1%             58.1%             128
   77           120                86              1.71             47.6%             40.6%             112
   78           182               168              1.68             66.9%             50.8%             178
   79           129               113              1.62             51.1%             41.2%             128
   80           182               168              1.40             66.4%             50.4%             178
   81           129               113              1.54             63.2%             50.9%             128
</TABLE>


<TABLE>
<CAPTION>
           Loan Name                                                  Property Name                             City
           ---------                                                  -------------                             ----
<S>                                                           <C>                                            <C>
100 Court & Liberty Building                                  100 Court                                      Des Moines
100 Court & Liberty Building                                  Liberty Building                               Des Moines
154 East 106th Street                                         154 East 106th Street                          New York
208 South Lasalle                                             208 South Lasalle                              Chicago
215 East 117th Street                                         215 East 117th Street                          New York
228 East 116th Street                                         228 East 116th Street                          New York
231-235 East 117th Street                                     231-235 East 117th Street                      New York
234-240 East 116th Street                                     234/236/238/240 East 116th Street              New York
2371 2nd Avenue                                               2371 2nd Avenue                                New York
312-328 East 106th Street                                     312 East 106th Street                          New York
532 Broad Hollow Road                                         532 Broad Hollow Road                          Melville
60 Madison                                                    60 Madison Ave.                                New York
80 John Street                                                80 John Street                                 New York
Accor-M-Six Limited Partnership (Pool III)                    1040                                           Glenview
Accor-M-Six Limited Partnership (Pool III)                    1059                                           Chicopee
Accor-M-Six Limited Partnership (Pool III)                    1078                                           Danvers
Accor-M-Six Limited Partnership (Pool III)                    1254                                           Merrillville
Accor-M-Six Limited Partnership (Pool III)                    1268                                           Villa Park
Accor-M-Six Limited Partnership (Pool III)                    1283                                           Washington
Accor-M-Six Limited Partnership (Pool III)                    156                                            Nashville
Accor-M-Six Limited Partnership (Pool III)                    245                                            South Bend
Accor-M-Six Limited Partnership (Pool III)                    253                                            Grants Pass
Accor-M-Six Limited Partnership (Pool III)                    699                                            Goodlettsville
Accor-M-Six Limited Partnership (Pool III)                    700                                            Chattanooga
Accor-M-Six Limited Partnership (Pool III)                    739                                            Medford
Accor-M-Six Limited Partnership (Pool III)                    775                                            Speedway
Accor-M-Six Limited Partnership (Pool III)                    784                                            Rolling Meadows
Allied Portfolio                                              Fairborn Plaza                                 Fairborn
Allied Portfolio                                              Miamisburg Plaza                               Miamisburg
Allied Portfolio                                              Page Manor                                     Dayton
Allied Portfolio                                              Park Shopping Center                           Springfield
Auerbach Retail Portfolio                                     Hacienda Valley                                Industry
Auerbach Retail Portfolio                                     National & Sepulveda Center                    Los Angeles
Bayou Walk Shopping Center                                    Bayou Walk Shopping Center                     Shreveport
Bayshore Apartments                                           Bayshore Village Apartments                    New Baltimore
Bayside Exposition Center                                     Bayside Exposition Center                      Boston
Belgravia Building                                            The Belgravia Building                         Philadelphia
BGK - Gateway                                                 Gateway Office Plaza                           Albuquerque
BGK/Flatiron #25057                                           BGK Flatiron                                   Omaha
BGK/Parham 64 #25057                                          Parham 64                                      Richmond
BGK/Sentry #25057                                             BGK/Sentry #25057                              Lubbock
Campbell Forum                                                Campbell Forum                                 Richardson
Cedar Grove Mobile Home Park                                  Cedar Grove Mobile Home Park                   Copperas Cove
Chestnut Gardens                                              Chestnut Gardens                               Suffern
Cinemark Pool B                                               Colorado Springs, CO - Tinseltown              Colorado Springs
Cinemark Pool B                                               Mishawaka - Movies 10                          Mishawaka
Circuit City-Indianapolis                                     Circuit City-Indianapolis                      Indianapolis
Circuit City-Jackson,TN                                       Circuit City-Jackson,TN                        Jackson
Circuit City-Kingsport                                        Circuit City-Kingsport                         Kingsport
Circuit City-Philadelphia                                     Circuit City-Philadelphia                      Philadelphia
Circuit City-Ridgeland                                        Circuit City-Ridgeland                         Ridgeland
Circuit City-Witchita Falls                                   Circuit City-Witchita Falls                    Wichita Fallas
Cobleskill Center                                             Cobleskill Center                              Cobbleskill
Congressional North                                           121 Congressional Lane                         Rockville
Congressional North                                           Congressional North Plaza                      Rockville
DeKalb Plaza                                                  DeKalb Plaza                                   DeKalb
East Town Mall                                                East Town Mall                                 Green Bay
Eastgate/Southgate Apartments                                 Eastgate                                       Newark
Eastgate/Southgate Apartments                                 South Gate Corners                             Heath
Fairway Corporate Center                                      Fairway Corporate Center                       Fairway
Fairway Corporate Center                                      Pyramid Plaza                                  Lubbock
Geneva Crossing                                               Geneva Crossing                                Carol Stream
Greenway Shopping Center                                      Greenway Shopping Center                       Arlington
Henry W. Oliver                                               Henry W. Oliver                                Pittsburgh
Hidden Creek Apartments                                       Hidden Creek Apartments                        North Ridgeville
Huffman Business Park Bldg. C                                 Huffman Business Park Building C               Anchorage
Huffman Business Park Bldg. O                                 Huffman Business Park Building O               Anchorage
Huffman Business Park Bldgs. A&B                              Huffman Business Park Buildings A & B          Anchorage
Huffman Business Park Bldgs. M&N                              Huffman Business Park Building M & N           Anchorage
Ironbridge Plaza                                              Ironbridge Plaza                               Chesterfield
La Jolla Professional                                         La Jolla Professional                          La Jolla
Lakeside Office Park                                          Lakeside Office Park                           Wakefield
Lakewood Center North                                         Lakewood Center North                          Lakewood
Luckman Plaza                                                 Luckman Plaza                                  West Hollywood
Mall of Orange                                                Mall of Orange                                 Orange
Manassas Executive Center                                     Manassas Executive Center                      Manassas
Marina Pacifica                                               Marina Pacifica Shopping Center                Long Beach
Northridge Shopping Ctr**                                     Northridge Shopping Center                     Hobart
Northwood Village                                             Northwood Village                              Davenport
Park Fletcher                                                 Park Fletcher                                  Indianapolis
Schram Tech Park                                              Schram Tech Park                               Waterford
Shops at Park Place                                           Shops at Park Place                            Irvine
Short Pump Village                                            Short Pump Village                             Richmond
Signature Place Overland                                      Signature Place Apartments                     Overland Park
Southwest Pointe Apartments                                   Southwest Pointe Apartments                    Arleta
Sports Park Plaza                                             Sports Park Plaza                              Salt Lake City
Spring Glen Medical Center                                    Spring Glen Medical Center                     Hamden
Stadium Apartments                                            Stadium Apartments                             Ann Arbor
Staples Plaza                                                 Staples Plaza                                  Yorktown Heights
Treehouse Apts                                                Treehouse Apartments                           Tampa
Warminster Towne Center                                       Warminster Towne Center                        Warminster Twnsp
Wayzata Bay Office Buildings                                  Wayzata Bay Office Buildings                   Wayzata
Westbury Lake Apartments                                      Westbury Lake Apartments                       Lansing
Westin Denver Hotel                                           Westin Denver Hotel (Tabor Center)             Denver
Willow Creek Apartments                                       Willow Creek Apartments                        Mooresville
Willow Creek Manor                                            Willow Creek Manor                             Alvin
Winterhaven East Apartments                                   Winterhaven East Apartments                    Tucson
Calaveras Center                                              Calaveras Center                               Milpitas
633 Indiana Avenue                                            633 Indiana Avenue                             Washington
Bank of America-Vegas                                         Bank of America-Vegas                          Las Vegas
Regal Cinema                                                  Regal Cinema                                   Medina
SL-Mentor II Facility                                         SL-Mentor II Facility                          Mentor
Euless Town Center                                            Euless Town Center                             Euless
</TABLE>


<TABLE>
<CAPTION>
State            Zip     Primary Type      Secondary Type       Year Built      Latest Renovation      Net Cash Flow
- -----            ---     ------------      --------------       ----------      -----------------      -------------
<S>             <C>      <C>               <C>                  <C>             <C>                    <C>
IA              50309    Office            Office                   1909              1985                 $326,005
IA              50309    Office            Office                   1923              1992                 $306,975
NY              10028    Multifamily       Multifamily              1900              1997                  $81,188
IL              60603    Office            Office                   1914              1996               $5,491,667
NY              10029    Multifamily       Multifamily              1900              1996                 $172,850
NY              10029    Multifamily       Multifamily              1900              1997                 $137,097
NY              10029    Multifamily       Multifamily              1900              1997                 $328,010
NY              10028    Multifamily       Multifamily              1900              1997                 $274,976
NY              10028    Multifamily       Multifamily              1910              1997                 $105,918
NY              10029    Multifamily       Multifamily              1900              1997                 $272,485
NY              11747    Office            Office                   1960              1997                 $669,163
NY              10010    Office            Office                   1910              1999               $1,512,356
NY              10038    Multifamily       Multifamily              1926              1998               $3,507,128
IL              60025    Hotel             Ltd. Service             1989              1995                      NAP
MA              01020    Hotel             Ltd. Service             1972              1995                      NAP
MA              01923    Hotel             Ltd. Service             1978              1997                      NAP
IN              46410    Hotel             Ltd. Service             1980              1994                      NAP
IL              60181    Hotel             Ltd. Service             1982              1996                      NAP
PA              15301    Hotel             Ltd. Service             1985              1995                      NAP
TN              37211    Hotel             Ltd. Service             1974                                        NAP
IN              46637    Hotel             Ltd. Service             1975              1994                      NAP
OR              97526    Hotel             Ltd. Service             1979              1998                      NAP
TN              37072    Hotel             Ltd. Service             1987              1999                      NAP
TN              37421    Hotel             Ltd. Service             1987              1996                      NAP
OR              97504    Hotel             Ltd. Service             1987              1998                      NAP
IN              46224    Hotel             Ltd. Service             1968              1996                      NAP
IL              60008    Hotel             Ltd. Service             1989              1995                      NAP
OH              45324    Retail            Anchored                 1978              1987                  $72,921
OH              45342    Retail            Anchored                 1975              1985                 $281,040
OH              45431    Retail            Unanchored               1979              1988                 $114,146
OH              45505    Retail            Anchored                 1979              1983               $1,092,008
CA              91745    Retail            Unanchored               1978                                   $211,530
CA              90034    Retail            Anchored                 1973                                 $1,076,875
LA              76102    Retail            Anchored                 1997                                   $892,604
MI              48007    Multifamily       Multifamily              1972              1997                 $439,491
MA              02125    Other             Convention               1968              1983               $2,760,663
PA              19103    Office            Office                   1906              1997                 $399,443
NM              87106    Office            Office                   1988                                   $105,985
NE              68102    Office            Office                   1911              1991                 $158,625
VA              23294    Office            Office                   1976              1987                 $336,306
TX              79424    Office            Office                   1979                                   $143,845
TX              75081    Office            Office                   1984              1997               $2,223,481
TX              76522    Mobile Home Park  Mobile Home Park         1970              1996                 $429,732
NY              10994    Multifamily       Multifamily              1997                                   $391,791
CO              80906    Movie Theatre     Movie Theatre            1997              1998                      NAP
IN              46545    Movie Theatre     Movie Theatre            1995              1998                      NAP
IN              46224    Retail            Quasi-Anchored           1997                                        NAP
TN              38305    Retail            Quasi-Anchored           1998                                        NAP
TN              37660    Retail            Quasi-Anchored           1998                                        NAP
PA              19149    Retail            Quasi-Anchored           1989                                        NAP
MS              39157    Retail            Quasi-Anchored           1998                                        NAP
TX              76308    Retail            Quasi-Anchored           1998                                        NAP
NY              12043    Retail            Anchored                 1973              1995                 $314,668
MD              20852    Office            Medical Office           1970                                   $482,503
MD              20852    Retail            Anchored                 1997                                 $3,067,801
IL              60115    Retail            Quasi-Anchored           1997                                   $471,121
WI              54302    Retail            Anchored                 1982              1997                 $750,234
OH              43055    Multifamily       Multifamily              1972              1996                 $180,031
OH              43056    Retail            Quasi-Anchored           1964              1994                 $142,660
KS              66205    Office            Office                   1972              1996                 $415,545
TX              79414    Office            Office                   1981                                   $335,056
IL              60118    Retail            Anchored                 1997                                 $1,456,642
TX              76017    Retail            Quasi-Anchored           1996              1997                 $178,097
PA              15222    Office            Office                   1909              1998               $4,138,006
OH              44039    Multifamily       Multifamily              1975              1998                 $155,378
AK              99515    Industrial        Industrial               1977                                    $76,705
AK              99515    Industrial        Industrial               1977                                   $122,444
AK              99515    Industrial        Industrial               1977                                   $173,346
AK              99515    Industrial        Industrial               1977                                   $153,395
VA              23831    Retail            Quasi-Anchored           1997                                   $141,878
CA              92037    Office            Office                   1980                                 $1,398,358
MA              01880    Office            Office                   1970              1994               $1,089,740
OH              44107    Office            Office                   1974              1985                 $878,653
CA              90069    Office            Office                   1964              1971               $3,817,419
CA              92865    Retail            Anchored                 1971              1993               $1,883,824
VA              20110    Office            Office                   1984              1999                 $699,590
CA              90803    Retail            Anchored                 1976              1997               $4,109,190
IN              46342    Retail            Anchored                 1988              1992                 $750,113
IA              52807    Multifamily       Multifamily              1967              1998                 $529,316
IN              46241    Office            Office                   1980                                   $916,736
MI              48329    Industrial        Industrial               1988                                   $171,609
CA              92612    Retail            Unanchored               1994              1996               $2,416,780
VA              23060    Retail            Quasi-Anchored           1997                                   $476,050
KS              66213    Multifamily       Multifamily              1996                                 $1,213,210
CA              91331    Multifamily       Multifamily              1973              1998                 $460,498
UT              84107    Office            Office                   1997                                   $389,028
CT              06518    Office            Medical Office           1970              1997                 $796,693
MI              48103    Multifamily       Multifamily              1957              1998                 $540,909
NY              10598    Retail            Unanchored               1960              1995               $1,051,897
FL              33614    Multifamily       Multifamily              1974              1993                 $401,358
PA              18974    Retail            Anchored                 1997                                 $2,385,431
MN              55391    Office            Office                   1997                                   $220,340
MI              48917    Multifamily       Multifamily              1997                                   $616,731
CO              80202    Hotel             Full Service             1984              1996               $7,570,937
NC              28115    Multifamily       Multifamily              1997                                   $992,101
TX              77511    Multifamily       Multifamily              1978              1997                 $311,846
AZ              85716    Multifamily       Multifamily              1982              1990                 $136,737
CA              95035    Industrial        Industrial               1990                                 $2,166,369
DC              20004    Office            Office                   1964              1998               $3,722,391
NV              89101    Office            Office                   1975              1998               $3,633,283
OH              21401    Movie Theatre     Movie Theatre            1998                                   $859,910
OH              44060    Industrial        Industrial               1970              1997               $1,495,887
TX              76040    Retail            Unanchored               1982                                   $957,401
</TABLE>


<TABLE>
<CAPTION>
Appraised Value  1999 Occupancy     Lockbox               # of Units     Unit Type               Tenant 1
- ---------------  --------------     -------               ----------     ---------               --------
<S>              <C>             <C>                      <C>            <C>            <C>
    $4,200,000        83%        Hard Lockbox                 60,991         sf         Iowa Board of Regents
    $4,500,000        77%        Hard Lockbox                134,610         sf         AmerUs
      $980,000       100%        Soft Lockbox                     20       units
   $69,000,000        95%        Hard Lockbox                853,603         sf         The Chicago Corporation
    $1,900,000        94%        Soft Lockbox                     33       units
    $1,500,000        93%        Soft Lockbox                     28       units
    $3,400,000        96%        Soft Lockbox                     68       units
    $3,000,000        95%        Soft Lockbox                     56       units
    $1,500,000        87%        Soft Lockbox                     28       units
    $3,300,000        91%        Soft Lockbox                     63       units
   $10,000,000       100%        No                           82,721         sf         NorthFork Bank
   $22,700,000        92%        No                          175,525         sf         Venture Communication
   $40,400,000        96%        Soft Lockbox                126,290         sf
    $4,800,000        NAP        Hard Lockbox                    111       rooms        Motel 6
    $3,000,000        NAP        Hard Lockbox                     88       rooms        Motel 6
    $7,000,000        NAP        Hard Lockbox                    108       rooms        Motel 6
    $2,800,000        NAP        Hard Lockbox                    125       rooms        Motel 6
    $5,300,000        NAP        Hard Lockbox                    109       rooms        Motel 6
    $2,700,000        NAP        Hard Lockbox                    101       rooms        Motel 6
    $2,600,000        NAP        Hard Lockbox                    126       rooms        Motel 6
    $3,600,000        NAP        Hard Lockbox                    147       rooms        Motel 6
    $4,500,000        NAP        Hard Lockbox                    122       rooms        Motel 6
    $2,500,000        NAP        Hard Lockbox                     94       rooms        Motel 6
    $3,100,000        NAP        Hard Lockbox                     97       rooms        Motel 6
    $5,100,000        NAP        Hard Lockbox                    116       rooms        Motel 6
    $5,200,000        NAP        Hard Lockbox                    164       rooms        Motel 6
    $2,400,000        NAP        Hard Lockbox                    134       rooms        Motel 6
    $2,000,000        56%        Hard Lockbox                 98,120         sf         Fulmer Supermarket
    $5,400,000       100%        Hard Lockbox                111,182         sf         Big Lots
    $1,800,000        59%        Hard Lockbox                 57,514         sf         DolgenCorp
   $14,000,000        96%        Hard Lockbox                218,582         sf         Kroger
    $3,500,000        97%        Hard Lockbox                 25,400         sf         Denny's
   $11,750,000        97%        Hard Lockbox                 92,359         sf         Vons
   $10,400,000       100%        No                           93,669         sf         OfficeMax
    $4,850,000        87%        No                              160       units
   $36,000,000       100%        Hard Lockbox                263,772         sf
    $6,300,000        98%        Hard Lockbox                 80,877         sf         Webber Goldstein
    $1,800,000        81%        Hard Lockbox                 29,507         sf         Ball Aerospace & Technology
    $1,900,000        90%        Hard Lockbox                 28,863         sf         Policy Studies
    $4,000,000        97%        Hard Lockbox                 52,868         sf         Douglas Publications, Inc.
    $1,900,000        95%        Hard Lockbox                 43,868         sf         St. Mary of the Plains
   $28,500,000       100%        No                          206,735         sf         Northern Telecom, Inc.
    $6,700,000        66%        No                              672        pads
    $4,600,000       100%        No                               48       units
   $18,000,000        NAP        Hard Lockbox                109,986         sf         Cinemark
    $9,500,000        NAP        Hard Lockbox                 62,088         sf         Cinemark
    $4,600,000        NAP        Hard Lockbox                 33,665         sf         Circuit City
    $3,340,000        NAP        Hard Lockbox                 33,665         sf         Circuit City
    $3,040,000        NAP        Hard Lockbox                 19,258         sf         Circuit City
    $7,100,000        NAP        Hard Lockbox                 47,913         sf         Circuit City
    $5,100,000        NAP        Hard Lockbox                 32,784         sf         Circuit City
    $3,040,000        NAP        Hard Lockbox                 21,196         sf         Circuit City
    $4,450,000        91%        No                          111,541         sf         Price Chopper
    $7,000,000        96%        Hard Lockbox                 54,160         sf
   $38,000,000       100%        Hard Lockbox                249,903         sf         Bed Bath & Beyond
    $6,000,000       100%        No                           58,035         sf         Office Max
    $9,400,000        95%        NO                          117,514         sf         Office Max
    $1,950,000       100%        No                               73       units
    $1,840,000       100%        No                           29,911         sf         Staples
    $6,450,000       100%        Hard Lockbox                109,484         sf         Sprint Communications
    $4,850,000       100%        Hard Lockbox                 90,115         sf         Ted L. Parker & Associates
   $17,000,000       100%        Hard Lockbox                123,281         sf         Dominick's
    $2,250,000       100%        No                           17,836         sf         Blockbuster
   $46,000,000        89%        Hard Lockbox                471,786         sf         Kirkpatrick & Lockhart, LLP
    $1,600,000        93%        No                               69       units
    $1,050,000        84%        No                           17,477         sf         Grinnell Corporation
    $1,385,000        91%        No                           21,200         sf         Dreyers - MKD Distributors
    $2,020,000        93%        No                           33,252         sf         Polaris Athletic Club
    $1,670,000        89%        No                           25,970         sf         Digitech
    $2,090,000       100%        No                           14,927         sf         Dollar Tree
   $22,200,000        95%        Hard Lockbox                180,368         sf         UCSD
   $15,700,000        81%        No                          196,905         sf         Lord Wakefield Hotel (Best Western)
   $10,800,000        76%        Hard Lockbox                251,021         sf         United Transportation
   $51,000,000        83%        Hard Lockbox                282,423         sf         RJ Gordon & Co
   $37,000,000        99%        Hard Lockbox                277,720         sf         Ross Dress For Less
    $8,700,000       100%        Hard Lockbox                102,329         sf         Worldwide Interban
   $48,500,000        96%        Hard Lockbox                291,869         sf         Ralphs
    $8,600,000       100%        No                          162,754         sf         Strack and Van Til
    $6,900,000        87%        No                              264         sf
   $12,600,000        90%        Hard Lockbox                165,015         sf         Electronic Data Systems
    $2,390,000       100%        No                           40,750         sf         PBS Tool & Die
   $30,000,000        98%        Hard Lockbox                118,183         sf         Sport Chalet
    $6,270,000       100%        No                           37,650         sf         Dollar Tree
   $15,600,000        95%        Soft Lockbox                    232       units
    $4,750,000        93%        No                              161       units
    $4,730,000       100%        No                           37,758         sf         The Hurst Group
   $11,400,000        99%        Hard Lockbox                 82,062         sf         Gastroenterology Ctr of CT
    $6,200,000        97%        No                              173       units
   $15,500,000        82%        Soft Lockbox                193,551         sf         Best Plumbing Supply
    $4,090,000        94%        No                              160       units
   $28,500,000       100%        Hard Lockbox                239,052         sf         Supervalue (Shop 'N Save/Giant Food)
    $3,075,000       100%        No                           16,777         sf         Return Inc
    $7,340,000        94%        No                              124       units
   $77,000,000        79%        Hard Lockbox                    430       rooms
   $11,700,000        98%        No                              207       units
    $3,300,000        95%        No                              128       units
    $1,625,000       100%        No                               40       units
   $32,500,000       100%        Hard Lockbox                404,330         sf         Appro International
   $38,500,000       100%        Hard Lockbox                126,011         sf         GSA
   $50,000,000        93%        Hard Lockbox                256,621         sf         Bank Building Inc.
   $10,000,000       100%        No                           64,247         sf         Regal Cinema
   $12,200,000        86%        Hard Lockbox                764,274         sf         K-Mart Corp.
   $11,000,000        84%        No                          236,654         sf         Burlington Coat Factory
</TABLE>


<TABLE>
<CAPTION>
                                           % of
Lease Expiration Date        Tenant SF    Total SF                 Tenant 2                       Lease Expiration Date
- ---------------------        ---------    --------                 --------                       ---------------------
<S>                          <C>          <C>               <C>                                   <C>
       2002                     5,524       9.06%           Stanley Consultants                          2000
 Various 1999-2002             35,527      26.39%           Iowa Bankers                                 2001
                                            0.00%
VARIOUS 10/31/99 TO           167,698      19.65%           ABN Amro                               3/31/03 to 11/12/08
    12/31/05                                0.00%
                                            0.00%
                                            0.00%
                                            0.00%
                                            0.00%
                                            0.00%
   Various 2000                 9,805      11.85%           Paul Associates                              2003
   Various 2006                30,625      17.45%           Financial Communications Company       Various 2001-2006
                                            0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2019                                 0.00%
       2000                    16,200      16.51%           Duff's Smorgasborg                           2003
       2000                    32,276      29.03%           Handyman Ace Hardware                        2002
       2001                     8,040      13.98%           Euro Bistro, Inc.                            1999
       2018                    56,773      25.97%           OfficeMax                                    2013
       2002                     5,000      19.69%           Der Weinerschnitzel                         6/1/03
       2003                    31,585      34.20%           Sav-on Drugs                                 2002
       2012                    23,500      25.09%           Barnes & Noble                               2013
                                            0.00%
                                            0.00%
       2002                    19,420      24.01%           Ludert-Adler                                 2008
       2002                     4,676      15.85%           MZA Associates Corporation                   2001
       2004                    17,825      61.76%           Cohen, Vacanil, Higgins                      2001
       2003                     7,600      14.38%           A- Plus Computer Education                   2003
       2004                    20,826      47.47%           R.H. Administrators                          2001
       2005                    54,881      26.55%           American Express                             2000
                                            0.00%
                                            0.00%
       2018                   109,986     100.00%
       2018                    62,088     100.00%
       2020                    33,665     100.00%
       2020                    33,665     100.00%
       2020                    19,258     100.00%
       2020                    47,913     100.00%
       2020                    32,784     100.00%
       2020                    21,196     100.00%
       2015                    49,141      44.06%           Central Tractor                              2006
                                            0.00%
       2013                    62,040      24.83%           Staples                                      2012
       2012                    23,575      40.62%           Factory Card Outlet                          2008
       2012                    23,600      20.08%           Budget Cinema                                2017
                                            0.00%
       2004                    16,060      53.69%           Victor's Craft                               2003
 Various 1999-2001             61,687      56.34%           Waddell & Reed, Inc.                         2003
Various from 1999 - 2002       12,266      13.61%           Computer Transition Svcs., Inc.              2000
       2017                    72,385      58.72%           John's Christian Store                       2007
       2007                     6,586      36.93%           Einstein's Bagels                            2002
 Various 2000-2009            304,536      64.55%           Meyer, Unrovic & Scott                 Various 1999-2007
                                            0.00%
       2001                     5,876      33.62%           Dan Bull & Associates                        2001
       2005                     8,600      40.57%           Denali Commercial Management                 1999
       2001                     6,188      18.61%           California Closets                           2000
       2002                     5,800      22.33%           Michaels Interiors                           2001
       2002                     4,050      27.13%           Dairy Queen                                  2007
 Various 1999-2005             67,553      37.45%           City National Bank                           2000
       2001                    38,984      19.80%           Homeside Lending                             2002
       2001                    51,015      20.32%           New York Life Insurance                      2009
 Various 2000-2002             33,854      11.99%           Agency for the Performing Arts               2007
       2008                    27,520       9.91%           Strouds                                      2001
       2007                   102,329     100.00%
       2016                    46,035      15.77%           AMC                                          2017
       2009                    85,252      52.38%           Fashion Bug                                  2003
                                            0.00%
       2001                    35,345      21.42%           Anthem Life/Farnsworth                       1999
   Various 2001                 8,000      19.63%           Dovetails, Inc.                              2001
       2015                    35,049      29.66%           Mother's Market & Kitchen                    2011
       2001                     4,007      10.64%           Pic N Pay                                    2002
                                            0.00%
                                            0.00%
       2004                     8,250      21.85%           SOS Staffing Services                        2002
       2008                    12,249      14.93%           Center for Orthopedics                       2004
                                            0.00%
       2007                    83,568      43.18%           AC Moore                                     2008
                                            0.00%
       2027                    65,197      27.27%           Homeplace                                    2012
       2002                    11,154      66.48%           RJ Steichen                                  2003
                                            0.00%
                                            0.00%
                                            0.00%
                                            0.00%
                                            0.00%
 Various 2001-2009            125,224      30.97%           Express Logistics                      Various 2000-2001
       2008                   119,241      94.63%           CVS                                          2002
       2005                    74,704      29.11%           Lionel Sawyer & C                            2009
       2018                    64,247     100.00%
       2000                   468,840      61.34%           Interpak, Inc.                               2001
       2002                    61,453      25.97%           Luxury Linens                                1999
</TABLE>


<TABLE>
<CAPTION>
                                                                              Lease
                % of                                                       Expiration
Tenant SF     Total SF                   Tenant 3                             Date                   Tenant SF
- ---------     --------                   --------                             ----                   ---------
<S>           <C>                <C>                                      <C>                     <C>
     5,253       8.61%           Iowa Attorney General                        2002                    4,334
    33,711      25.04%           Connolly, O'malley                           1999                    6,892
                 0.00%
   100,970      11.83%           CEDA                                         2009                   60,902
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
     9,550      11.54%           BFI Inc/Apecmark, Inc.                       2001                    7,807
    17,800      10.14%           GSA                                          2000                    9,661
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
    11,000      11.21%           Dollar General #414                          2000                    8,044
    16,093      14.47%           Goodwill Ind. Of Miami                       2001                   10,824
     3,840       6.68%           Mae Tan Brown -China's Best                  2000                    3,000
    23,750      10.87%           Big Lot's #23                                2000                   22,704
     5,000      19.69%           See's Candles                                2004                    3,900
    31,520      34.13%           20/20 Video, Inc.                            2002                    3,197
    23,100      24.66%           GAP/Old Navy                                 2007                   15,000
                 0.00%
                 0.00%
     9,362      11.58%           Somnia Furniture                             2006                    7,342
     3,267      11.07%           Radiant Technology Inc.                      2000                    2,926
     2,080       7.21%           Broom, Johnson and Clarkson                  1999                    1,958
     5,447      10.30%           Williams & Lynch                             2003                    4,575
     5,291      12.06%           CoBank                                       2000                    3,029
    20,658       9.99%           Ford Motor Credit Co.                    Various 2001               19,687
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
    21,111      18.93%           Stage                                        2009                   14,400
                 0.00%
    26,586      10.64%           Circuit City                                 2017                   32,812
    10,910      18.80%           Blockbuster Video                            2002                    7,040
    18,400      15.66%           Fashion Bug                                  2006                   12,000
                 0.00%
     6,000      20.06%           Robert Dunlap/ABC                            2003                    4,000
     9,723       8.88%           Core Source, Inc.                            2003                    7,379
     8,581       9.52%           Healthsmart Preferred Care Inc.        Various 1999-2001             7,824
    12,000       9.73%           Hollywood Video                              2007                    7,500
     2,500      14.02%           Flanagan, DDS                                2002                    2,470
    37,866       8.03%           Rose, Schmidt, Hasley, Et.Al.                2002                   27,205
                 0.00%
     5,860      33.53%           Steam Supply & Rubber                        2001                    2,880
     3,600      16.98%
     4,310      12.96%           Denali Commercial Management                 1999                    4,122
     2,900      11.17%           H&R Block Premium                            2001                    2,900
     1,687      11.30%           Friedmans Jewelers                           2000                    1,620
    10,680       5.92%           Rock Bottom Brewery                          2012                   10,000
     9,437       4.79%           Deerfield Healthcare                         2000                    8,200
    37,279      14.85%           North Coast Health Care                Various 2002-2005            20,922
    14,850       5.26%           Lichter                                      2006                   10,065
    18,600       6.70%           Sav on Drug                                  2004                   12,500
                 0.00%
    44,107      15.11%           The Good Guys                                2011                   31,992
    10,800       6.64%           Dollar General                               2004                    7,810
                 0.00%
    10,518       6.37%           Jacobs Engineering                           2000                   10,422
     6,300      15.46%           Netcon Enterprises                           2001                    6,000
    10,576       8.95%           Houston's                                    2015                    7,055
     3,593       9.54%           Dots                                         2002                    3,487
                 0.00%
                 0.00%
     6,690      17.72%           Lundberg & Meaders                           2002                    5,643
     5,347       6.52%           MARILLAC Mgt. Serv.                          2004                    4,560
                 0.00%
    20,783      10.74%           Staples                                      2005                   18,700
                 0.00%
    53,470      22.37%           Petsmart                                     2012                   26,040
     3,486      20.78%           Bayview Properties                           2003                    2,137
                 0.00%
                 0.00%
                 0.00%
                 0.00%
                 0.00%
    95,865      23.71%           Telogy Inc.                                  2001                   91,487
     6,770       5.37%
    51,918      20.23%           Morris Brignone                              2008                   31,000
                 0.00%
    75,600       9.89%           North Coast Wood Prod.                       2000                   55,200
    35,848      15.15%           Ross Dress for Less                          2006                   27,200
</TABLE>


<TABLE>
<CAPTION>
                                     CCA Actual                           UW
                    CCA Actual         Ongoing           UW             Ongoing
  % of                Ongoing          Reserve         Ongoing          Reserve        CTL
Total SF              Reserve          (Units)         Reserve          (Units)       Flag
- --------              -------          -------         -------          -------       ----
<S>                <C>               <C>              <C>               <C>         <C>
  7.11%                $0.19             $psf            $0.20             $psf
  5.12%                $0.19             $psf            $0.20             $psf
  0.00%              $250.00           $/unit          $250.00           $/unit
  7.13%                $0.25             $psf            $0.25             $psf
  0.00%              $264.90           $/unit          $265.00           $/unit
  0.00%              $250.00           $/unit          $261.00           $/unit
  0.00%              $250.00           $/unit          $253.00           $/unit
  0.00%              $250.00           $/unit          $321.00           $/unit
  0.00%              $250.00           $/unit          $256.00           $/unit
  0.00%              $250.00           $/unit          $256.00           $/unit
  9.44%                $0.20             $psf            $0.20             $psf
  5.50%                $0.22             $psf            $0.41             $psf
  0.00%              $308.76             $psf          $257.74             $psf
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  8.20%                $0.19             $psf            $0.20             $psf
  9.74%                $0.15             $psf            $0.20             $psf
  5.22%                $0.19             $psf            $0.19             $psf
 10.39%                $0.15             $psf            $0.20             $psf
 15.35%                $0.27             $psf            $0.15             $psf
  3.46%                $0.15             $psf            $0.15             $psf
 16.01%                $0.20             $psf            $0.20             $psf
  0.00%              $264.88           $/unit          $277.00           $/unit
  0.00%                $0.29             $psf            $0.29             $psf
  9.08%                $0.20             $psf            $0.20             $psf
  9.92%                $0.20             $psf            $0.20             $psf
  6.78%                $0.20             $psf            $0.20             $psf
  8.65%                $0.20             $psf            $0.20             $psf
  6.90%                $0.20             $psf            $0.20             $psf
  9.52%                $0.20             $psf            $0.20             $psf
  0.00%               $50.00           $/unit           $50.00           $/unit
  0.00%              $250.00           $/unit          $250.00           $/unit
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
  0.00%                  NAP              NAP              NAP              NAP    * CTL Loans
 12.91%                $0.20             $psf            $0.20             $psf
  0.00%                $0.20             $psf            $0.20             $psf
 13.13%                $0.15             $psf            $0.15             $psf
 12.13%                $0.15             $psf            $0.15             $psf
 10.21%                $0.15             $psf            $0.15             $psf
  0.00%              $250.00           $/unit          $250.00           $/unit
 13.37%                $0.20             $psf            $0.20             $psf
  6.74%                $0.20             $psf            $0.20             $psf
  8.68%                $0.20             $psf            $0.20             $psf
  6.08%                $0.15             $psf            $0.15             $psf
 13.85%                $0.20             $psf            $0.20             $psf
  5.77%                $0.20             $psf            $0.20             $psf
  0.00%              $250.00           $/unit          $250.00           $/unit
 16.48%                $0.20             $psf            $0.20             $psf
  0.00%                $0.20             $psf            $0.20             $psf
 12.40%                $0.20             $psf            $0.20             $psf
 11.17%                $0.21             $psf            $0.20             $psf
 10.85%                $0.15             $psf            $0.15             $psf
  5.54%                $0.21             $psf            $0.21             $psf
  4.16%                $0.20             $psf            $0.21             $psf
  8.33%                $0.20             $psf            $0.20             $psf
  3.56%                $0.20             $psf            $0.20             $psf
  4.50%                $0.15             $psf            $0.15             $psf
  0.00%                $0.20             $psf            $0.20             $psf
 10.96%                $0.15             $psf            $0.15             $psf
  4.80%                $0.15             $psf            $0.16             $psf
  0.00%              $250.00           $/unit          $250.00           $/unit
  6.32%                $0.21             $psf            $0.21             $psf
 14.72%                $0.15             $psf            $0.20             $psf
  5.97%                $0.15             $psf            $0.15             $psf
  9.26%                $0.15             $psf            $0.15             $psf
  0.00%              $250.00           $/unit          $250.00           $/unit
  0.00%              $250.00           $/unit          $250.00           $/unit
 14.95%                $0.20             $psf            $0.20             $psf
  5.56%                $0.20             $psf            $0.20             $psf
  0.00%              $250.00           $/unit          $250.00           $/unit
  9.66%                $0.17             $psf            $0.17             $psf
  0.00%              $250.00           $/unit          $250.00           $/unit
 10.89%                $0.15             $psf            $0.15             $psf
 12.74%                $0.20             $psf            $0.20             $psf
  0.00%              $250.00           $/unit          $250.00           $/unit
  0.00%                $0.05        % revenue            $0.05        % revenue
  0.00%              $250.00           $/unit          $250.00           $/unit
  0.00%              $265.00           $/unit          $265.00           $/unit
  0.00%              $262.81           $/unit          $263.00           $/unit
 22.63%                $0.15             $psf            $0.15             $psf
  0.00%                $0.27             $psf            $0.27             $psf
 12.08%                $0.20             $psf            $0.20             $psf
  0.00%                $0.20             $psf            $0.20             $psf
  7.22%                $0.15             $psf            $0.20             $psf
 11.49%                $0.15             $psf            $0.15             $psf
</TABLE>


<TABLE>
                                                     PREMIUM LOANS

<CAPTION>
                                                                 Anticipated                   Cut-off
                                          Cut-off   Cut-off    Repayment Date               Date Principal    Unamortized
               Loan Name                 Date LTV     PTV         LTV/PLTV         DSCR        Balance          Premium
               ---------                 --------     ---         --------         ----        -------          -------
<S>                                         <C>       <C>            <C>           <C>         <C>               <C>
208 South Lasalle                           62%       66%            51%           1.38        $ 42,788,119      5.7%
Henry W. Oliver                             73%       80%            60%           1.33        $ 33,523,888      8.4%
Campbell Forum                              69%       74%            63%           1.21        $ 19,660,894      4.9%
60 Madison                                  58%       62%            54%           1.22        $ 13,265,426      4.4%
Geneva Crossing                             78%       86%            64%           1.18        $ 13,227,139      8.5%
La Jolla Village Professional Ctr.          59%       64%            54%           1.16        $ 13,103,073      7.0%
Allied Portfolio                            55%       66%            47%           1.24        $ 12,850,396     11.1%
Signature Place Overland                    64%       69%            52%           1.37        $  9,976,778      6.9%
Bayou Walk Shopping Center                  76%       84%            62%           1.21        $  7,885,913      8.9%
BGK - Manassas Executive Center             72%       79%            65%           1.21        $  6,240,164      8.7%
Fairway Corporate Center                    53%       57%            49%           1.33        $  6,037,079      5.3%
100 Cortland Office Portfolio               63%       65%            57%           1.24        $  5,442,813      4.3%
                                            --        --             --            ----        ------------      ---
              Total / Weighted Average:     66%       71%            56%           1.28        $184,001,683      6.9%
</TABLE>


<TABLE>
<CAPTION>
                                             Premium         Base    Interest    Base
               Loan Name                 Cut-off Balance     Rate      Rate     Amort.     Amort.
               ---------                 ---------------     ----      ----     ------     ------
<S>                                        <C>              <C>       <C>        <C>        <C>
208 South Lasalle                          $ 45,216,140.50  7.785%    8.500%     347.7      360
Henry W. Oliver                            $    36,340,126  7.490%    8.500%      343       360
Campbell Forum                             $    20,621,778  7.680%    8.500%      331       360
60 Madison                                 $    13,844,605  7.760%    8.500%      333       360
Geneva Crossing                            $    14,350,299  7.460%    8.500%      343       360
La Jolla Village Professional Ctr.         $    14,024,933  7.390%    8.450%      324       360
Allied Portfolio                           $    14,281,823  7.307%    8.850%      240       360
Signature Place Overland                   $    10,668,144  7.160%    8.000%      346       360
Bayou Walk Shopping Center                 $     8,585,379  7.390%    8.500%      342       360
BGK - Manassas Executive Center            $     6,782,930  7.147%    8.500%      317       360
Fairway Corporate Center                   $     6,354,346  7.595%    8.500%      328       360
100 Cortland Office Portfolio              $     5,678,541  7.750%    8.500%      333       360
                                           ---------------  -----     -----       ---       ---
              Total / Weighted Average:    $   196,749,044   7.55%     8.49%      332       360
</TABLE>



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