CMBS Property Atlas: methodology and data sources
The CMBS Property Atlas maps the properties behind US commercial mortgage-backed securities, read from the Annex A-1 tables in SEC prospectuses, with appraised value, NOI history, occupancy, loan terms and sponsor for each. As of the 2026-11-10 build it covers 63 trusts issued from 2012 to 2026: 7,260 records, 6,086 distinct properties and 3,072 loans. All figures are as underwritten at securitization, not current values.
What you can do with it
- Filter by property type and deal year; the map and every chart follow.
- Click a property for appraised value, underwritten NOI, implied cap rate, NOI history, occupancy, loan terms and a link to the SEC filing.
- Read charts of cap rate by type, underwritten against actual NOI, the maturity wall, LTV and DSCR, loan sellers, largest tenants and multifamily value per unit by state.
- View a building in 3D, open it in Google Earth or download a KML file.
What the data shows
- Office now prices 1.4 points wider than multifamily. In 2026 deals the median implied cap rate is 7.3% for office and 5.9% for multifamily; in 2012 it was 6.9% and 6.5% (n = 26 office and 86 multifamily properties in 2026, 15 and 32 in 2012).
- Underwriting sits 1.3% above the last actual year. 57% of properties are underwritten above their most recent reported NOI, and 25% by more than 10% (n = 4,223).
- $16.4 bn comes due in 2026 to 2028. That is 28% of the $58.0 bn of loan balance in these trusts, at a balance-weighted 4.38% coupon; 2027 alone is $8.4 bn (n = 3,026 loans).
Data sources
- SEC EDGAR: 424B prospectuses and free-writing prospectuses of CMBS trusts, Annex A-1 "Certain Characteristics of the Mortgage Loans".
- US Census Bureau geocoder for street addresses, and the Census 2024 Gazetteer for ZIP code centres.
- OpenStreetMap buildings via OpenFreeMap.
- Nine public parcel layers: Arkansas GIS Office, Colorado Public Parcels, Connecticut 2023, IndianaMap, LA County Assessor, NC OneMap, NYC MapPLUTO, NYS Tax Parcels and Utah Statewide Parcels.
Method
- Reading the table. Headers that span several lines are joined column by column and footnote marks removed. Rows whose cell count does not match the header are skipped, not guessed.
- One record set per trust. When a deal filed a term sheet and a final prospectus, the final one is used and blanks are filled from the term sheet. 81 filings become 63 trusts.
- Property and loan rows. Property-level charts count each property once per year; loan-level charts (LTV, DSCR, maturity, lender) use loan rows.
- Implied cap rate = underwritten NOI ÷ appraised value, as a median by deal year and type. Points with 10 or more properties are solid, 5 to 9 hollow, fewer than 5 not drawn.
- Underwritten vs actual = underwritten NOI ÷ most recent reported NOI − 1, dropping ratios outside 0.2 to 5 times as data errors.
- Location. 5,044 distinct properties sit at their street address, the rest at their ZIP code centre; 1,074 also show a site outline.
- Checks. Counts are compared with the prospectus text, random samples with the source tables, and chart counts are recounted independently.
Coverage and limits
- The atlas covers a subset of the CMBS prospectuses on EDGAR, not every deal.
- Five trusts are left out because only a few columns could be rebuilt: CD 2007-CD5, CFCRE 2011-C2, COMM 2007-C9, GECMC 2007-C1 and GMACC 2006-C1. 2005 to 2008 prospectuses in fixed-width text are not parsed yet.
- The most recent NOI is trailing twelve months in some prospectuses and a full year in others.
- National Cooperative Bank loans are co-op loans, so their very low LTV and high DSCR are normal.
Update schedule
There is no fixed refresh schedule. The build date is printed under the charts; the current build is dated 2026-11-10.
FAQ
What is Annex A-1 in a CMBS prospectus?
Annex A-1, Certain Characteristics of the Mortgage Loans, is the table in a CMBS prospectus that lists each mortgage loan and property in the pool, with property type, size, appraised value, NOI history and occupancy, and loan balance, rate, term, LTV and DSCR.
Where does the appraised value come from?
It is the appraised value reported for the property in the prospectus's Annex A-1 when the loan was securitized. The atlas does not update it, so it is not a current market value.
How is the implied cap rate calculated?
Implied cap rate is underwritten NOI divided by appraised value, both from Annex A-1. The chart shows the median by property type and deal year, solid with at least 10 properties, hollow with 5 to 9, and not drawn below 5.
Are the loan balances current?
No. Balances are as of each trust's cut-off date. Later paydowns and payoffs are not reflected, so the maturity wall shows what the trusts held when they were issued.
Why does the same property appear in more than one trust?
A large loan is often split into pari passu notes held by several trusts, so the property shows up in each one. 1,418 records are like this. They are marked on the property card and counted once per year in property-level charts.