Exhibit 99.1
Report of Independent Accountants on Applying
Agreed-Upon Procedures
Citi Real Estate Funding Inc.
Citigroup Commercial Mortgage Securities Inc.
390 Greenwich Street
New York, NY 10013
We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by Citi Real Estate Funding Inc. (“CREFI”) and Citigroup Commercial Mortgage Securities Inc. (together with
CREFI, the “Company”, as the engaging party), Citigroup Global Markets Inc., Morgan Stanley & Co, LLC, Morgan Stanley Bank, N.A. and Morgan Stanley Mortgage Capital Holdings LLC, who are collectively referred to as the “Specified Parties”, solely to assist you in performing certain procedures related to the accuracy of certain attributes and calculations within the Final Data File (defined below) related to the GGP Commercial Mortgage Trust 2026-DALE, Commercial Mortgage Pass-Through Certificates, Series 2026-DALE securitization (the “Transaction”). The Company (the “Responsible Party”) is responsible for the Transaction and the accuracy of the information contained in the Final Data File.
In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.
Procedures and Findings
In connection with the Transaction, the Specified Parties have requested that the procedures be performed on 1 mortgage loan (the “Mortgage Loan Asset”) secured by 1 mortgaged property (the “Mortgaged Property”) which represents the entire population of the Mortgage Loan Asset and Mortgaged Property (collectively the “Collateral”) within the Transaction.
This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.
In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:
| · | The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for the purpose of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us; |
| · | The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements; |
| · | The existence of the assets or collateral securing such assets; |
| · | The rights of any party including, the Specified Parties, the Responsible Party, the issuer, or the Transaction have to the assets or collateral securing such assets or any obligations on |
| www.pwc.com/us | PricewaterhouseCoopers LLP 300 Madison Avenue, New York, NY 10017 T: 646-471-3000 |
| · | those assets or collateral securing such assets; |
| · | The value of the collateral securing such assets; and |
| · | The compliance of the originator of the assets with federal, state, and local laws and regulations. |
We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.
With respect to any terms or requirements of the Transaction documents that do not appear in this report, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction documents.
It should be understood that we make no representations as to:
| · | The interpretation of Transaction documents included in connection with our procedures; |
| · | Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; and |
| · | The reasonableness of any of the assumptions provided by the Company or other Specified Parties. |
These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.
For the purpose of this report:
| · | The phrase “Cut-off Date” refers to the date of August 1, 2026. |
| · | The phrase “Final Data File” refers to the following Microsoft Excel (“Excel”) file provided by the Company, which includes certain attributes related to the Collateral. The Final Data File was provided on July 28, 2026 with certain Collateral attribute calculations adjusted for the Cut-off Date: |
| o | GGP 2026-DALE Accounting Tape Final.xlsx (provided on July 28, 2026). |
| · | The phrase “Specified Attributes” refers to the fields in the Final Data File. |
| · | The phrase “Source Document” refers to the documents (including any applicable amendments, assumptions or exhibits thereof) provided by the Company, related to the information contained in the Final Data File. |
| · | The phrase “Loan File” refers to any Source Document or collection of Source Documents provided by the Company, and used by us, in performing the procedures enumerated below. |
| · | The term “compared” refers to the comparison of certain Specified Attributes to Source Documents, as indicated within Exhibit A. |
| · | The term “recalculated” refers to a re-computation of one or more Specified Attributes using the Company provided methodology as shown within Exhibit B. |
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| · | The phrase “in agreement” refers to the comparison or recalculation of one or more Specified Attributes which resulted in a match, or a difference that was within the Company provided tolerance level (if any) as shown within Exhibit A. |
Source Documents included in the Loan File:
| · | The phrase “Appraisal Report” refers to a draft or signed appraisal document or exhibit, appraisal summary and/or a restricted appraisal document. |
| · | The phrase “Engineering Report” refers to a draft or final property condition assessment document or exhibit. |
| · | The phrase “Environmental Report” refers to a final phase I and phase II (if applicable) environmental document or exhibit. |
| · | The phrase “Fee Schedule” refers to the documentation for the administrative fee rate related to the Transaction. |
| · | The phrase “Seismic Report” refers to a draft or signed seismic report. |
| · | The phrase “Title Policy” refers to a signed or proforma title policy. |
| · | The phrase “Underwriting File” refers to the electronic underwriting file consisting of historical and underwritten cash flow statements and underwritten rent roll prepared by the Company’s underwriting team. |
| · | The phrase “Loan Agreement” refers to a signed or draft loan agreement and any amendments, slip pages or exhibits thereof. |
| · | The phrase “Reserve Guaranty” refers to a signed reserve guaranty agreement. |
The documents made available to us by the Company for purposes of performing the procedures may have included drafts, unsigned, or non-final versions. We have not verified that such documents were executed or represent the final agreed-upon terms, and did not perform any procedures to compare such documents to executed versions, if any. We did not validate, confirm, or review any signatures for authenticity. Accordingly, we make no representation regarding the completeness, accuracy, or finality of such documents.
The procedures performed and results thereof are described below. In performing this engagement, we received one or more preliminary data file(s) and performed certain procedures as set forth in Exhibit A and Exhibit B. The procedures identified differences, which were communicated to the Responsible Party. The Responsible Party revised one or more of the preliminary data files based on such communicated differences, where they determined it to be appropriate. We then performed these procedures on the Final Data File, and the results of those procedures are described below.
From July 9, 2026 through July 28, 2026, the Company provided us with the Source Documents related to the Collateral for which:
| · | We compared certain Specified Attributes to the corresponding Source Documents as detailed |
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in Exhibit A and found them to be in agreement (the “Compared Attributes”);
| · | We recalculated certain Specified Attributes as detailed in Exhibit B and found them to be in agreement (the “Recalculated Attributes”); or |
| · | Certain Specified Attributes were provided by the Company and were neither compared to the corresponding Source Documents nor recalculated. These attributes are listed in Exhibit A as a “Company Provided Attribute”. |
The recalculation methodology associated with the Recalculated Attributes is listed in Exhibit B. For each procedure where a recalculation was performed, if necessary, we compared the underlying attributes to the corresponding Source Documents and found them to be in agreement. We did not perform any procedures with respect to the Specified Attributes denoted with a Source Document of “Company Provided Attribute”, in Exhibit A.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the Transaction or the Final Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of the Specified Parties (including for the purpose of substantiating the Specified Parties' “due diligence defense” under the Securities Act of 1933), and is not intended to be and should not be used by anyone other than the Specified Parties.
If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is referred to as a “Non-Specified Party”), that Non-Specified Party cannot:
| · | Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk; and |
| · | Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party. |
A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any
other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17g-5 of the Securities Exchange Act of 1934).
The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.
/s/ PricewaterhouseCoopers LLP
New York, NY
July 28, 2026
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Exhibits
Exhibit A – Loan File Procedures
Exhibit B – Recalculation Methodology
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 1 | Property ID | Company Provided Attribute | None |
| 2 | Property Rank | Company Provided Attribute | None |
| 3 | Property Name | Company Provided Attribute | None |
| 4 | Property Type | Appraisal Report | None |
| 5 | Property Sub-Type | Appraisal Report | None |
| 6 | Address | Appraisal Report | None |
| 7 | City | Appraisal Report | None |
| 8 | County | Appraisal Report | None |
| 9 | State | Appraisal Report | None |
| 10 | Zip | Appraisal Report | None |
| 11 | Market | Appraisal Report | None |
| 12 | Submarket | Appraisal Report | None |
| 13 | Year Built | Appraisal Report | None |
| 14 | Year Renovated | Appraisal Report | None |
| 15 | Total SF | Underwriting File | None |
| 16 | Total Collateral SF | Recalculated Attribute | None |
| 17 | Collateral Retail SF | Underwriting File | None |
| 18 | Collateral Office SF | Underwriting File | None |
| 19 | Unit of Measure | Appraisal Report | None |
| 20 | Collateral Occupancy (%) | Underwriting File | None |
| 21 | Occupancy % Including Non-Collateral SF | Underwriting File | None |
| 22 | Occupancy Date | Underwriting File | None |
| 23 | # of tenants | Underwriting File | None |
| 24 | WA Lease Expiration Date | Recalculated Attribute | None |
| 25 | WA Lease Term Remaining | Recalculated Attribute | None |
| 26 | Ownership Interest | Title Policy | None |
| 27 | Mortgage Loan Closing Date Balance | Loan Agreement | None |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 28 | Mortgage Loan Closing Date Balance per SF | Recalculated Attribute | None |
| 29 | % of Mortgage Loan Closing Date Balance | Loan Agreement | None |
| 30 | Mortgage Loan Maturity Date Balance | Loan Agreement | None |
| 31 | Individual As-Is Appraised Value Date | Appraisal Report | None |
| 32 | Individual As-Is Appraised Value | Appraisal Report | None |
| 33 | Individual As-Is Appraised Value per SF | Recalculated Attribute | None |
| 34 | Engineering Report Provider | Engineering Report | None |
| 35 | Engineering Report Date | Engineering Report | None |
| 36 | Environmental Report Provider | Environmental Report | None |
| 37 | Environmental Report Date | Environmental Report | None |
| 38 | Phase II Required? | Environmental Report | None |
| 39 | Seismic Zone | Seismic Report | None |
| 40 | PML % | Seismic Report | None |
| 41 | Origination Date | Loan Agreement | None |
| 42 | Whole Loan Coupon | Company Provided Attribute | None |
| 43 | Interest Calculation (30/360 / Actual/360) | Loan Agreement | None |
| 44 | Amort Type | Loan Agreement | None |
| 45 | Mortgage Loan Monthly Debt Service Payment | Recalculated Attribute | None |
| 46 | Mortgage Loan Annual Debt Service Payment | Recalculated Attribute | None |
| 47 | Grace Period | Loan Agreement | None |
| 48 | First Loan Payment Date | Loan Agreement | None |
| 49 | Seasoning | Recalculated Attribute | None |
| 50 | Original Term to Maturity (Months) | Loan Agreement | None |
| 51 | Remaining Term to Maturity (Months) | Recalculated Attribute | None |
| 52 | Original Amortization Term (Months) | Company Provided Attribute | None |
| 53 | Remaining Amortization Term (Months) | Company Provided Attribute | None |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 54 | Original IO Term (Months) | Loan Agreement | None |
| 55 | Remaining IO Term (Months) | Recalculated Attribute | None |
| 56 | Maturity Date | Loan Agreement | None |
| 57 | Lockbox | Loan Agreement | None |
| 58 | Cash Management Type | Loan Agreement | None |
| 59 | Cash Management Trigger | Loan Agreement | None |
| 60 | Administrative Fee Rate (%) | Fee Schedule | None |
| 61 | Prepayment Provision | Loan Agreement | None |
| 62 | Partial Release Allowed? | Loan Agreement | None |
| 63 | Property Release Description | Loan Agreement | None |
| 64 | Mortgage Loan Closing Date LTV (As-Is) | Recalculated Attribute | 0.1% |
| 65 | Mortgage Loan Balloon LTV (As-is) | Recalculated Attribute | 0.1% |
| 66 | Mortgage Loan UW NOI Debt Yield | Recalculated Attribute | 0.1% |
| 67 | Mortgage Loan UW NCF Debt Yield | Recalculated Attribute | 0.1% |
| 68 | Mortgage Loan UW NOI DSCR | Recalculated Attribute | 0.1% |
| 69 | Mortgage Loan UW NCF DSCR | Recalculated Attribute | 0.1% |
| 70 | Initial Tax Escrow | Loan Agreement | None |
| 71 | Ongoing Tax Escrow Monthly | Loan Agreement | None |
| 72 | Tax Escrow Springing Conditions | Loan Agreement | None |
| 73 | Initial Insurance Escrow | Loan Agreement | None |
| 74 | Ongoing Insurance Escrow Monthly | Loan Agreement | None |
| 75 | Insurance Escrow Springing Conditions | Loan Agreement | None |
| 76 | Initial Immediate Repairs Escrow | Loan Agreement | None |
| 77 | Initial CapEx Escrow | Loan Agreement | None |
| 78 | Ongoing Cap Ex Escrow Monthly | Loan Agreement | None |
| 79 | Cap Ex Escrow Springing Conditions | Loan Agreement | None |
| 80 | Initial TI/LC Escrow | Loan Agreement | None |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 81 | Ongoing TI/LC Escrow Monthly | Loan Agreement | None |
| 82 | TI/LC Escrow Springing Conditions | Loan Agreement | None |
| 83 | Initial Other Escrow | Loan Agreement, Reserve Guaranty | None |
| 84 | Ongoing Other Escrow Monthly | Loan Agreement | None |
| 85 | Ongoing Other Escrow Springing Condition | Loan Agreement | None |
| 86 | Other Escrow Description | Loan Agreement, Reserve Guaranty | None |
| 87 | Largest Tenant (by UW Gross Rent) Tenant Name | Underwriting File | None |
| 88 | Largest Tenant (by UW Gross Rent) Lease Exp. | Underwriting File | None |
| 89 | Largest Tenant (by UW Gross Rent) NRA | Underwriting File | None |
| 90 | Largest Tenant (by UW Gross Rent) % of NRA | Recalculated Attribute | 0.1% |
| 91 | Largest Tenant (by UW Gross Rent) UW Base Rent | Underwriting File | None |
| 92 | Largest Tenant (by UW Gross Rent) UW Gross Rent | Underwriting File | None |
| 93 | 2nd Largest Tenant (by UW Gross Rent) Tenant Name | Underwriting File | None |
| 94 | 2nd Largest Tenant (by UW Gross Rent) Lease Exp. | Underwriting File | None |
| 95 | 2nd Largest Tenant (by UW Gross Rent) NRA | Underwriting File | None |
| 96 | 2nd Largest Tenant (by UW Gross Rent) % of NRA | Recalculated Attribute | 0.1% |
| 97 | 2nd Largest Tenant (by UW Gross Rent) UW Base Rent | Underwriting File | None |
| 98 | 2nd Largest Tenant (by UW Gross Rent) UW Gross Rent | Underwriting File | None |
| 99 | 3rd Largest Tenant (by UW Gross Rent) Tenant Name | Underwriting File | None |
| 100 | 3rd Largest Tenant (by UW Gross Rent) Lease Exp. | Underwriting File | None |
| 101 | 3rd Largest Tenant (by UW Gross Rent) NRA | Underwriting File | None |
| 102 | 3rd Largest Tenant (by UW Gross Rent) % of NRA | Recalculated Attribute | 0.1% |
| 103 | 3rd Largest Tenant (by UW Gross Rent) UW Base Rent | Underwriting File | None |
| 104 | 3rd Largest Tenant (by UW Gross Rent) UW Gross Rent | Underwriting File | None |
| 105 | Base Rent 2019 | Underwriting File | $1.00 |
| 106 | Base Rent 2020 | Underwriting File | $1.00 |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 107 | Base Rent 2021 | Underwriting File | $1.00 |
| 108 | Base Rent 2022 | Underwriting File | $1.00 |
| 109 | Base Rent 2023 | Underwriting File | $1.00 |
| 110 | Base Rent 2024 | Underwriting File | $1.00 |
| 111 | Base Rent 2025 | Underwriting File | $1.00 |
| 112 | Base Rent May 2026 TTM | Underwriting File | $1.00 |
| 113 | Base Rent Sponsor 2026 Budget | Underwriting File | $1.00 |
| 114 | Base Rent UW | Underwriting File | $1.00 |
| 115 | Gross Up Vacant Space 2019 | Underwriting File | $1.00 |
| 116 | Gross Up Vacant Space 2020 | Underwriting File | $1.00 |
| 117 | Gross Up Vacant Space 2021 | Underwriting File | $1.00 |
| 118 | Gross Up Vacant Space 2022 | Underwriting File | $1.00 |
| 119 | Gross Up Vacant Space 2023 | Underwriting File | $1.00 |
| 120 | Gross Up Vacant Space 2024 | Underwriting File | $1.00 |
| 121 | Gross Up Vacant Space 2025 | Underwriting File | $1.00 |
| 122 | Gross Up Vacant Space May 2026 TTM | Underwriting File | $1.00 |
| 123 | Gross Up Vacant Space Sponsor 2026 Budget | Underwriting File | $1.00 |
| 124 | Gross Up Vacant Space UW | Underwriting File | $1.00 |
| 125 | Rent Steps 2019 | Underwriting File | $1.00 |
| 126 | Rent Steps 2020 | Underwriting File | $1.00 |
| 127 | Rent Steps 2021 | Underwriting File | $1.00 |
| 128 | Rent Steps 2022 | Underwriting File | $1.00 |
| 129 | Rent Steps 2023 | Underwriting File | $1.00 |
| 130 | Rent Steps 2024 | Underwriting File | $1.00 |
| 131 | Rent Steps 2025 | Underwriting File | $1.00 |
| 132 | Rent Steps May 2026 TTM | Underwriting File | $1.00 |
| 133 | Rent Steps Sponsor 2026 Budget | Underwriting File | $1.00 |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 134 | Rent Steps UW | Underwriting File | $1.00 |
| 135 | Overage Rent 2019 | Underwriting File | $1.00 |
| 136 | Overage Rent 2020 | Underwriting File | $1.00 |
| 137 | Overage Rent 2021 | Underwriting File | $1.00 |
| 138 | Overage Rent 2022 | Underwriting File | $1.00 |
| 139 | Overage Rent 2023 | Underwriting File | $1.00 |
| 140 | Overage Rent 2024 | Underwriting File | $1.00 |
| 141 | Overage Rent 2025 | Underwriting File | $1.00 |
| 142 | Overage Rent May 2026 TTM | Underwriting File | $1.00 |
| 143 | Overage Rent Sponsor 2026 Budget | Underwriting File | $1.00 |
| 144 | Overage Rent UW | Underwriting File | $1.00 |
| 145 | % in Lieu Rent 2019 | Underwriting File | $1.00 |
| 146 | % in Lieu Rent 2020 | Underwriting File | $1.00 |
| 147 | % in Lieu Rent 2021 | Underwriting File | $1.00 |
| 148 | % in Lieu Rent 2022 | Underwriting File | $1.00 |
| 149 | % in Lieu Rent 2023 | Underwriting File | $1.00 |
| 150 | % in Lieu Rent 2024 | Underwriting File | $1.00 |
| 151 | % in Lieu Rent 2025 | Underwriting File | $1.00 |
| 152 | % in Lieu Rent May 2026 TTM | Underwriting File | $1.00 |
| 153 | % in Lieu Rent Sponsor 2026 Budget | Underwriting File | $1.00 |
| 154 | % in Lieu Rent UW | Underwriting File | $1.00 |
| 155 | Speciality Leasing/Other 2019 | Underwriting File | $1.00 |
| 156 | Speciality Leasing/Other 2020 | Underwriting File | $1.00 |
| 157 | Speciality Leasing/Other 2021 | Underwriting File | $1.00 |
| 158 | Speciality Leasing/Other 2022 | Underwriting File | $1.00 |
| 159 | Speciality Leasing/Other 2023 | Underwriting File | $1.00 |
| 160 | Speciality Leasing/Other 2024 | Underwriting File | $1.00 |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 161 | Speciality Leasing/Other 2025 | Underwriting File | $1.00 |
| 162 | Speciality Leasing/Other May 2026 TTM | Underwriting File | $1.00 |
| 163 | Speciality Leasing/Other Sponsor 2026 Budget | Underwriting File | $1.00 |
| 164 | Speciality Leasing/Other UW | Underwriting File | $1.00 |
| 165 | Total Rental Revenue 2019 | Recalculated Attribute | $1.00 |
| 166 | Total Rental Revenue 2020 | Recalculated Attribute | $1.00 |
| 167 | Total Rental Revenue 2021 | Recalculated Attribute | $1.00 |
| 168 | Total Rental Revenue 2022 | Recalculated Attribute | $1.00 |
| 169 | Total Rental Revenue 2023 | Recalculated Attribute | $1.00 |
| 170 | Total Rental Revenue 2024 | Recalculated Attribute | $1.00 |
| 171 | Total Rental Revenue 2025 | Recalculated Attribute | $1.00 |
| 172 | Total Rental Revenue May 2026 TTM | Recalculated Attribute | $1.00 |
| 173 | Total Rental Revenue Sponsor 2026 Budget | Recalculated Attribute | $1.00 |
| 174 | Total Rental Revenue UW | Recalculated Attribute | $1.00 |
| 175 | CAM Reimbursements 2019 | Underwriting File | $1.00 |
| 176 | CAM Reimbursements 2020 | Underwriting File | $1.00 |
| 177 | CAM Reimbursements 2021 | Underwriting File | $1.00 |
| 178 | CAM Reimbursements 2022 | Underwriting File | $1.00 |
| 179 | CAM Reimbursements 2023 | Underwriting File | $1.00 |
| 180 | CAM Reimbursements 2024 | Underwriting File | $1.00 |
| 181 | CAM Reimbursements 2025 | Underwriting File | $1.00 |
| 182 | CAM Reimbursements May 2026 TTM | Underwriting File | $1.00 |
| 183 | CAM Reimbursements Sponsor 2026 Budget | Underwriting File | $1.00 |
| 184 | CAM Reimbursements UW | Underwriting File | $1.00 |
| 185 | Tax Reimbursements 2019 | Underwriting File | $1.00 |
| 186 | Tax Reimbursements 2020 | Underwriting File | $1.00 |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 187 | Tax Reimbursements 2021 | Underwriting File | $1.00 |
| 188 | Tax Reimbursements 2022 | Underwriting File | $1.00 |
| 189 | Tax Reimbursements 2023 | Underwriting File | $1.00 |
| 190 | Tax Reimbursements 2024 | Underwriting File | $1.00 |
| 191 | Tax Reimbursements 2025 | Underwriting File | $1.00 |
| 192 | Tax Reimbursements May 2026 TTM | Underwriting File | $1.00 |
| 193 | Tax Reimbursements Sponsor 2026 Budget | Underwriting File | $1.00 |
| 194 | Tax Reimbursements UW | Underwriting File | $1.00 |
| 195 | Utility Reimbursements 2019 | Underwriting File | $1.00 |
| 196 | Utility Reimbursements 2020 | Underwriting File | $1.00 |
| 197 | Utility Reimbursements 2021 | Underwriting File | $1.00 |
| 198 | Utility Reimbursements 2022 | Underwriting File | $1.00 |
| 199 | Utility Reimbursements 2023 | Underwriting File | $1.00 |
| 200 | Utility Reimbursements 2024 | Underwriting File | $1.00 |
| 201 | Utility Reimbursements 2025 | Underwriting File | $1.00 |
| 202 | Utility Reimbursements May 2026 TTM | Underwriting File | $1.00 |
| 203 | Utility Reimbursements Sponsor 2026 Budget | Underwriting File | $1.00 |
| 204 | Utility Reimbursements UW | Underwriting File | $1.00 |
| 205 | Total Reimbursements 2019 | Recalculated Attribute | $1.00 |
| 206 | Total Reimbursements 2020 | Recalculated Attribute | $1.00 |
| 207 | Total Reimbursements 2021 | Recalculated Attribute | $1.00 |
| 208 | Total Reimbursements 2022 | Recalculated Attribute | $1.00 |
| 209 | Total Reimbursements 2023 | Recalculated Attribute | $1.00 |
| 210 | Total Reimbursements 2024 | Recalculated Attribute | $1.00 |
| 211 | Total Reimbursements 2025 | Recalculated Attribute | $1.00 |
| 212 | Total Reimbursements May 2026 TTM | Recalculated Attribute | $1.00 |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 213 | Total Reimbursements Sponsor 2026 Budget | Recalculated Attribute | $1.00 |
| 214 | Total Reimbursements UW | Recalculated Attribute | $1.00 |
| 215 | Vacancy 2019 | Underwriting File | $1.00 |
| 216 | Vacancy 2020 | Underwriting File | $1.00 |
| 217 | Vacancy 2021 | Underwriting File | $1.00 |
| 218 | Vacancy 2022 | Underwriting File | $1.00 |
| 219 | Vacancy 2023 | Underwriting File | $1.00 |
| 220 | Vacancy 2024 | Underwriting File | $1.00 |
| 221 | Vacancy 2025 | Underwriting File | $1.00 |
| 222 | Vacancy May 2026 TTM | Underwriting File | $1.00 |
| 223 | Vacancy Sponsor 2026 Budget | Underwriting File | $1.00 |
| 224 | Vacancy UW | Underwriting File | $1.00 |
| 225 | Trash Pad, Parking and Other Income 2019 | Underwriting File | $1.00 |
| 226 | Trash Pad, Parking and Other Income 2020 | Underwriting File | $1.00 |
| 227 | Trash Pad, Parking and Other Income 2021 | Underwriting File | $1.00 |
| 228 | Trash Pad, Parking and Other Income 2022 | Underwriting File | $1.00 |
| 229 | Trash Pad, Parking and Other Income 2023 | Underwriting File | $1.00 |
| 230 | Trash Pad, Parking and Other Income 2024 | Underwriting File | $1.00 |
| 231 | Trash Pad, Parking and Other Income 2025 | Underwriting File | $1.00 |
| 232 | Trash Pad, Parking and Other Income May 2026 TTM | Underwriting File | $1.00 |
| 233 | Trash Pad, Parking and Other Income Sponsor 2026 Budget | Underwriting File | $1.00 |
| 234 | Trash Pad, Parking and Other Income UW | Underwriting File | $1.00 |
| 235 | Total Other Income 2019 | Recalculated Attribute | $1.00 |
| 236 | Total Other Income 2020 | Recalculated Attribute | $1.00 |
| 237 | Total Other Income 2021 | Recalculated Attribute | $1.00 |
| 238 | Total Other Income 2022 | Recalculated Attribute | $1.00 |
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| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 239 | Total Other Income 2023 | Recalculated Attribute | $1.00 |
| 240 | Total Other Income 2024 | Recalculated Attribute | $1.00 |
| 241 | Total Other Income 2025 | Recalculated Attribute | $1.00 |
| 242 | Total Other Income May 2026 TTM | Recalculated Attribute | $1.00 |
| 243 | Total Other Income Sponsor 2026 Budget | Recalculated Attribute | $1.00 |
| 244 | Total Other Income UW | Recalculated Attribute | $1.00 |
| 245 | Effective Gross Income 2019 | Recalculated Attribute | $1.00 |
| 246 | Effective Gross Income 2020 | Recalculated Attribute | $1.00 |
| 247 | Effective Gross Income 2021 | Recalculated Attribute | $1.00 |
| 248 | Effective Gross Income 2022 | Recalculated Attribute | $1.00 |
| 249 | Effective Gross Income 2023 | Recalculated Attribute | $1.00 |
| 250 | Effective Gross Income 2024 | Recalculated Attribute | $1.00 |
| 251 | Effective Gross Income 2025 | Recalculated Attribute | $1.00 |
| 252 | Effective Gross Income May 2026 TTM | Recalculated Attribute | $1.00 |
| 253 | Effective Gross Income Sponsor 2026 Budget | Recalculated Attribute | $1.00 |
| 254 | Effective Gross Income UW | Recalculated Attribute | $1.00 |
| 255 | Administration and Personnel 2019 | Underwriting File | $1.00 |
| 256 | Administration and Personnel 2020 | Underwriting File | $1.00 |
| 257 | Administration and Personnel 2021 | Underwriting File | $1.00 |
| 258 | Administration and Personnel 2022 | Underwriting File | $1.00 |
| 259 | Administration and Personnel 2023 | Underwriting File | $1.00 |
| 260 | Administration and Personnel 2024 | Underwriting File | $1.00 |
| 261 | Administration and Personnel 2025 | Underwriting File | $1.00 |
| 262 | Administration and Personnel May 2026 TTM | Underwriting File | $1.00 |
| 263 | Administration and Personnel Sponsor 2026 Budget | Underwriting File | $1.00 |
| 264 | Administration and Personnel UW | Underwriting File | $1.00 |
15
| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 265 | Repairs and Maintenance 2019 | Underwriting File | $1.00 |
| 266 | Repairs and Maintenance 2020 | Underwriting File | $1.00 |
| 267 | Repairs and Maintenance 2021 | Underwriting File | $1.00 |
| 268 | Repairs and Maintenance 2022 | Underwriting File | $1.00 |
| 269 | Repairs and Maintenance 2023 | Underwriting File | $1.00 |
| 270 | Repairs and Maintenance 2024 | Underwriting File | $1.00 |
| 271 | Repairs and Maintenance 2025 | Underwriting File | $1.00 |
| 272 | Repairs and Maintenance May 2026 TTM | Underwriting File | $1.00 |
| 273 | Repairs and Maintenance Sponsor 2026 Budget | Underwriting File | $1.00 |
| 274 | Repairs and Maintenance UW | Underwriting File | $1.00 |
| 275 | Security 2019 | Underwriting File | $1.00 |
| 276 | Security 2020 | Underwriting File | $1.00 |
| 277 | Security 2021 | Underwriting File | $1.00 |
| 278 | Security 2022 | Underwriting File | $1.00 |
| 279 | Security 2023 | Underwriting File | $1.00 |
| 280 | Security 2024 | Underwriting File | $1.00 |
| 281 | Security 2025 | Underwriting File | $1.00 |
| 282 | Security May 2026 TTM | Underwriting File | $1.00 |
| 283 | Security Sponsor 2026 Budget | Underwriting File | $1.00 |
| 284 | Security UW | Underwriting File | $1.00 |
| 285 | Cleaning 2019 | Underwriting File | $1.00 |
| 286 | Cleaning 2020 | Underwriting File | $1.00 |
| 287 | Cleaning 2021 | Underwriting File | $1.00 |
| 288 | Cleaning 2022 | Underwriting File | $1.00 |
| 289 | Cleaning 2023 | Underwriting File | $1.00 |
| 290 | Cleaning 2024 | Underwriting File | $1.00 |
16
| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 291 | Cleaning 2025 | Underwriting File | $1.00 |
| 292 | Cleaning May 2026 TTM | Underwriting File | $1.00 |
| 293 | Cleaning Sponsor 2026 Budget | Underwriting File | $1.00 |
| 294 | Cleaning UW | Underwriting File | $1.00 |
| 295 | Landscaping 2019 | Underwriting File | $1.00 |
| 296 | Landscaping 2020 | Underwriting File | $1.00 |
| 297 | Landscaping 2021 | Underwriting File | $1.00 |
| 298 | Landscaping 2022 | Underwriting File | $1.00 |
| 299 | Landscaping 2023 | Underwriting File | $1.00 |
| 300 | Landscaping 2024 | Underwriting File | $1.00 |
| 301 | Landscaping 2025 | Underwriting File | $1.00 |
| 302 | Landscaping May 2026 TTM | Underwriting File | $1.00 |
| 303 | Landscaping Sponsor 2026 Budget | Underwriting File | $1.00 |
| 304 | Landscaping UW | Underwriting File | $1.00 |
| 305 | Marketing Expense 2019 | Underwriting File | $1.00 |
| 306 | Marketing Expense 2020 | Underwriting File | $1.00 |
| 307 | Marketing Expense 2021 | Underwriting File | $1.00 |
| 308 | Marketing Expense 2022 | Underwriting File | $1.00 |
| 309 | Marketing Expense 2023 | Underwriting File | $1.00 |
| 310 | Marketing Expense 2024 | Underwriting File | $1.00 |
| 311 | Marketing Expense 2025 | Underwriting File | $1.00 |
| 312 | Marketing Expense May 2026 TTM | Underwriting File | $1.00 |
| 313 | Marketing Expense Sponsor 2026 Budget | Underwriting File | $1.00 |
| 314 | Marketing Expense UW | Underwriting File | $1.00 |
| 315 | Utilities and HVAC 2019 | Underwriting File | $1.00 |
| 316 | Utilities and HVAC 2020 | Underwriting File | $1.00 |
| 317 | Utilities and HVAC 2021 | Underwriting File | $1.00 |
17
| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 318 | Utilities and HVAC 2022 | Underwriting File | $1.00 |
| 319 | Utilities and HVAC 2023 | Underwriting File | $1.00 |
| 320 | Utilities and HVAC 2024 | Underwriting File | $1.00 |
| 321 | Utilities and HVAC 2025 | Underwriting File | $1.00 |
| 322 | Utilities and HVAC May 2026 TTM | Underwriting File | $1.00 |
| 323 | Utilities and HVAC Sponsor 2026 Budget | Underwriting File | $1.00 |
| 324 | Utilities and HVAC UW | Underwriting File | $1.00 |
| 325 | Insurance 2019 | Underwriting File | $1.00 |
| 326 | Insurance 2020 | Underwriting File | $1.00 |
| 327 | Insurance 2021 | Underwriting File | $1.00 |
| 328 | Insurance 2022 | Underwriting File | $1.00 |
| 329 | Insurance 2023 | Underwriting File | $1.00 |
| 330 | Insurance 2024 | Underwriting File | $1.00 |
| 331 | Insurance 2025 | Underwriting File | $1.00 |
| 332 | Insurance May 2026 TTM | Underwriting File | $1.00 |
| 333 | Insurance Sponsor 2026 Budget | Underwriting File | $1.00 |
| 334 | Insurance UW | Underwriting File | $1.00 |
| 335 | Real Estate Tax 2019 | Underwriting File | $1.00 |
| 336 | Real Estate Tax 2020 | Underwriting File | $1.00 |
| 337 | Real Estate Tax 2021 | Underwriting File | $1.00 |
| 338 | Real Estate Tax 2022 | Underwriting File | $1.00 |
| 339 | Real Estate Tax 2023 | Underwriting File | $1.00 |
| 340 | Real Estate Tax 2024 | Underwriting File | $1.00 |
| 341 | Real Estate Tax 2025 | Underwriting File | $1.00 |
| 342 | Real Estate Tax May 2026 TTM | Underwriting File | $1.00 |
| 343 | Real Estate Tax Sponsor 2026 Budget | Underwriting File | $1.00 |
| 344 | Real Estate Tax UW | Underwriting File | $1.00 |
18
| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 345 | Ground Rent Expense 2019 | Underwriting File | $1.00 |
| 346 | Ground Rent Expense 2020 | Underwriting File | $1.00 |
| 347 | Ground Rent Expense 2021 | Underwriting File | $1.00 |
| 348 | Ground Rent Expense 2022 | Underwriting File | $1.00 |
| 349 | Ground Rent Expense 2023 | Underwriting File | $1.00 |
| 350 | Ground Rent Expense 2024 | Underwriting File | $1.00 |
| 351 | Ground Rent Expense 2025 | Underwriting File | $1.00 |
| 352 | Ground Rent Expense May 2026 TTM | Underwriting File | $1.00 |
| 353 | Ground Rent Expense Sponsor 2026 Budget | Underwriting File | $1.00 |
| 354 | Ground Rent Expense UW | Underwriting File | $1.00 |
| 355 | Other 2019 | Underwriting File | $1.00 |
| 356 | Other 2020 | Underwriting File | $1.00 |
| 357 | Other 2021 | Underwriting File | $1.00 |
| 358 | Other 2022 | Underwriting File | $1.00 |
| 359 | Other 2023 | Underwriting File | $1.00 |
| 360 | Other 2024 | Underwriting File | $1.00 |
| 361 | Other 2025 | Underwriting File | $1.00 |
| 362 | Other May 2026 TTM | Underwriting File | $1.00 |
| 363 | Other Sponsor 2026 Budget | Underwriting File | $1.00 |
| 364 | Other UW | Underwriting File | $1.00 |
| 365 | Bad Debt 2019 | Underwriting File | $1.00 |
| 366 | Bad Debt 2020 | Underwriting File | $1.00 |
| 367 | Bad Debt 2021 | Underwriting File | $1.00 |
| 368 | Bad Debt 2022 | Underwriting File | $1.00 |
| 369 | Bad Debt 2023 | Underwriting File | $1.00 |
| 370 | Bad Debt 2024 | Underwriting File | $1.00 |
| 371 | Bad Debt 2025 | Underwriting File | $1.00 |
19
| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 372 | Bad Debt May 2026 TTM | Underwriting File | $1.00 |
| 373 | Bad Debt Sponsor 2026 Budget | Underwriting File | $1.00 |
| 374 | Bad Debt UW | Underwriting File | $1.00 |
| 375 | Management Fee 2019 | Underwriting File | $1.00 |
| 376 | Management Fee 2020 | Underwriting File | $1.00 |
| 377 | Management Fee 2021 | Underwriting File | $1.00 |
| 378 | Management Fee 2022 | Underwriting File | $1.00 |
| 379 | Management Fee 2023 | Underwriting File | $1.00 |
| 380 | Management Fee 2024 | Underwriting File | $1.00 |
| 381 | Management Fee 2025 | Underwriting File | $1.00 |
| 382 | Management Fee May 2026 TTM | Underwriting File | $1.00 |
| 383 | Management Fee Sponsor 2026 Budget | Underwriting File | $1.00 |
| 384 | Management Fee UW | Underwriting File | $1.00 |
| 385 | Total Operating Expenses 2019 | Recalculated Attribute | $1.00 |
| 386 | Total Operating Expenses 2020 | Recalculated Attribute | $1.00 |
| 387 | Total Operating Expenses 2021 | Recalculated Attribute | $1.00 |
| 388 | Total Operating Expenses 2022 | Recalculated Attribute | $1.00 |
| 389 | Total Operating Expenses 2023 | Recalculated Attribute | $1.00 |
| 390 | Total Operating Expenses 2024 | Recalculated Attribute | $1.00 |
| 391 | Total Operating Expenses 2025 | Recalculated Attribute | $1.00 |
| 392 | Total Operating Expenses May 2026 TTM | Recalculated Attribute | $1.00 |
| 393 | Total Operating Expenses Sponsor 2026 Budget | Recalculated Attribute | $1.00 |
| 394 | Total Operating Expenses UW | Recalculated Attribute | $1.00 |
| 395 | Net Operating Income 2019 | Recalculated Attribute | $1.00 |
| 396 | Net Operating Income 2020 | Recalculated Attribute | $1.00 |
| 397 | Net Operating Income 2021 | Recalculated Attribute | $1.00 |
20
| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 398 | Net Operating Income 2022 | Recalculated Attribute | $1.00 |
| 399 | Net Operating Income 2023 | Recalculated Attribute | $1.00 |
| 400 | Net Operating Income 2024 | Recalculated Attribute | $1.00 |
| 401 | Net Operating Income 2025 | Recalculated Attribute | $1.00 |
| 402 | Net Operating Income May 2026 TTM | Recalculated Attribute | $1.00 |
| 403 | Net Operating Income Sponsor 2026 Budget | Recalculated Attribute | $1.00 |
| 404 | Net Operating Income UW | Recalculated Attribute | $1.00 |
| 405 | Replacement Reserves 2019 | Underwriting File | $1.00 |
| 406 | Replacement Reserves 2020 | Underwriting File | $1.00 |
| 407 | Replacement Reserves 2021 | Underwriting File | $1.00 |
| 408 | Replacement Reserves 2022 | Underwriting File | $1.00 |
| 409 | Replacement Reserves 2023 | Underwriting File | $1.00 |
| 410 | Replacement Reserves 2024 | Underwriting File | $1.00 |
| 411 | Replacement Reserves 2025 | Underwriting File | $1.00 |
| 412 | Replacement Reserves May 2026 TTM | Underwriting File | $1.00 |
| 413 | Replacement Reserves Sponsor 2026 Budget | Underwriting File | $1.00 |
| 414 | Replacement Reserves UW | Underwriting File | $1.00 |
| 415 | Tenant Improvements 2019 | Underwriting File | $1.00 |
| 416 | Tenant Improvements 2020 | Underwriting File | $1.00 |
| 417 | Tenant Improvements 2021 | Underwriting File | $1.00 |
| 418 | Tenant Improvements 2022 | Underwriting File | $1.00 |
| 419 | Tenant Improvements 2023 | Underwriting File | $1.00 |
| 420 | Tenant Improvements 2024 | Underwriting File | $1.00 |
| 421 | Tenant Improvements 2025 | Underwriting File | $1.00 |
| 422 | Tenant Improvements May 2026 TTM | Underwriting File | $1.00 |
| 423 | Tenant Improvements Sponsor 2026 Budget | Underwriting File | $1.00 |
21
| GGP 2026-DALE | EXHIBIT A |
| Loan File Procedures |
| # | Specified Attribute | Source Document | Tolerance Levels |
| 424 | Tenant Improvements UW | Underwriting File | $1.00 |
| 425 | Leasing Commissions 2019 | Underwriting File | $1.00 |
| 426 | Leasing Commissions 2020 | Underwriting File | $1.00 |
| 427 | Leasing Commissions 2021 | Underwriting File | $1.00 |
| 428 | Leasing Commissions 2022 | Underwriting File | $1.00 |
| 429 | Leasing Commissions 2023 | Underwriting File | $1.00 |
| 430 | Leasing Commissions 2024 | Underwriting File | $1.00 |
| 431 | Leasing Commissions 2025 | Underwriting File | $1.00 |
| 432 | Leasing Commissions May 2026 TTM | Underwriting File | $1.00 |
| 433 | Leasing Commissions Sponsor 2026 Budget | Underwriting File | $1.00 |
| 434 | Leasing Commissions UW | Underwriting File | $1.00 |
| 435 | Net Cash Flow 2019 | Recalculated Attribute | $1.00 |
| 436 | Net Cash Flow 2020 | Recalculated Attribute | $1.00 |
| 437 | Net Cash Flow 2021 | Recalculated Attribute | $1.00 |
| 438 | Net Cash Flow 2022 | Recalculated Attribute | $1.00 |
| 439 | Net Cash Flow 2023 | Recalculated Attribute | $1.00 |
| 440 | Net Cash Flow 2024 | Recalculated Attribute | $1.00 |
| 441 | Net Cash Flow 2025 | Recalculated Attribute | $1.00 |
| 442 | Net Cash Flow May 2026 TTM | Recalculated Attribute | $1.00 |
| 443 | Net Cash Flow Sponsor 2026 Budget | Recalculated Attribute | $1.00 |
| 444 | Net Cash Flow UW | Recalculated Attribute | $1.00 |
22
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 16 | Total Collateral SF | Sum of (i) Collateral Retail SF and (ii) Collateral Office SF. |
| 24 | WA Lease Expiration Date | A computation from the Underwriting File in which the lease expiration date for each collateral tenant at the Mortgaged Property is multiplied by the corresponding underwritten gross rent. Such amounts are summed and divided by the aggregate underwritten gross rent of the collateral tenants at the Mortgaged Property. |
| 25 | WA Lease Term Remaining | Quotient of the count of (i) the number of days between the Cut-off Date and the WA Lease Expiration Date and (ii) 365. |
| 28 | Mortgage Loan Closing Date Balance per SF | Quotient of (i) Mortgage Loan Closing Date Balance and (ii) Total Collateral SF. |
| 33 | Individual As-Is Appraised Value per SF | Quotient of (i) Individual As-Is Appraised Value and (ii) Total Collateral SF. |
| 45 | Mortgage Loan Monthly Debt Service Payment | Quotient of (i) Mortgage Loan Annual Debt Service Payment and (ii) 12. |
| 46 | Mortgage Loan Annual Debt Service Payment | Product of (i) Mortgage Loan Closing Date Balance, (ii) Whole Loan Coupon and (iii) the applicable Interest Calculation factor. |
| 49 | Seasoning | Count of the number of monthly payment dates from, and inclusive of, (i) First Loan Payment Date through and including (ii) the Cut-off Date. |
| 51 | Remaining Term to Maturity (Months) | Difference between (i) Original Term to Maturity (Months) and (ii) Seasoning. |
| 55 | Remaining IO Term (Months) | Difference between (i) Original IO Term (Months) and (ii) Seasoning, with a minimum value of zero. |
| 64 | Mortgage Loan Closing Date LTV (As-Is) | Quotient of (i) Mortgage Loan Closing Date Balance and (ii) Individual As-Is Appraised Value. |
| 65 | Mortgage Loan Balloon LTV (As-is) | Quotient of (i) Mortgage Loan Maturity Date Balance and (ii) Individual As-Is Appraised Value. |
23
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 66 | Mortgage Loan UW NOI Debt Yield | Quotient of (i) Net Operating Income UW and (ii) Mortgage Loan Closing Date Balance. |
| 67 | Mortgage Loan UW NCF Debt Yield | Quotient of (i) Net Cash Flow UW and (ii) Mortgage Loan Closing Date Balance. |
| 68 | Mortgage Loan UW NOI DSCR | Quotient of (i) Net Operating Income UW and (ii) Mortgage Loan Annual Debt Service Payment. |
| 69 | Mortgage Loan UW NCF DSCR | Quotient of (i) Net Cash Flow UW and (ii) Mortgage Loan Annual Debt Service Payment. |
| 90 | Largest Tenant (by UW Gross Rent) % of NRA | Quotient of (i) Largest Tenant (by UW Gross Rent) NRA and (ii) Total Collateral SF. |
| 96 | 2nd Largest Tenant (by UW Gross Rent) % of NRA | Quotient of (i) 2nd Largest Tenant (by UW Gross Rent) NRA and (ii) Total Collateral SF. |
| 102 | 3rd Largest Tenant (by UW Gross Rent) % of NRA | Quotient of (i) 3rd Largest Tenant (by UW Gross Rent) NRA and (ii) Total Collateral SF. |
| 165 | Total Rental Revenue 2019 | Sum of (i) Base Rent 2019, (ii) Gross Up Vacant Space 2019, (iii) Rent Steps 2019, (iv) Overage Rent 2019, (v) % in Lieu Rent 2019 and (vi) Specialty Leasing/Other 2019. |
| 166 | Total Rental Revenue 2020 | Sum of (i) Base Rent 2020, (ii) Gross Up Vacant Space 2020, (iii) Rent Steps 2020, (iv) Overage Rent 2020, (v) % in Lieu Rent 2020 and (vi) Specialty Leasing/Other 2020. |
| 167 | Total Rental Revenue 2021 | Sum of (i) Base Rent 2021, (ii) Gross Up Vacant Space 2021, (iii) Rent Steps 2021, (iv) Overage Rent 2021, (v) % in Lieu Rent 2021 and (vi) Specialty Leasing/Other 2021. |
| 168 | Total Rental Revenue 2022 | Sum of (i) Base Rent 2022, (ii) Gross Up Vacant Space 2022, (iii) Rent Steps 2022, (iv) Overage Rent 2022, (v) % in Lieu Rent 2022 and (vi) Specialty Leasing/Other 2022. |
| 169 | Total Rental Revenue 2023 | Sum of (i) Base Rent 2023, (ii) Gross Up Vacant Space 2023, (iii) Rent Steps 2023, (iv) Overage Rent 2023, (v) % in Lieu Rent 2023 and (vi) Specialty Leasing/Other 2023. |
| 170 | Total Rental Revenue 2024 | Sum of (i) Base Rent 2024, (ii) Gross Up Vacant Space 2024, (iii) Rent Steps 2024, (iv) Overage Rent 2024, (v) % in Lieu Rent 2024 and (vi) Specialty Leasing/Other 2024. |
24
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 171 | Total Rental Revenue 2025 | Sum of (i) Base Rent 2025, (ii) Gross Up Vacant Space 2025, (iii) Rent Steps 2025, (iv) Overage Rent 2025, (v) % in Lieu Rent 2025 and (vi) Specialty Leasing/Other 2025. |
| 172 | Total Rental Revenue May 2026 TTM | Sum of (i) Base Rent May 2026 TTM, (ii) Gross Up Vacant Space May 2026 TTM, (iii) Rent Steps May 2026 TTM, (iv) Overage Rent May 2026 TTM, (v) % in Lieu Rent May 2026 TTM and (vi) Specialty Leasing/Other May 2026 TTM. |
| 173 | Total Rental Revenue Sponsor 2026 Budget | Sum of (i) Base Rent Sponsor 2026 Budget, (ii) Gross Up Vacant Space Sponsor 2026 Budget, (iii) Rent Steps Sponsor 2026 Budget, (iv) Overage Rent Sponsor 2026 Budget, (v) % in Lieu Rent Sponsor 2026 Budget and (vi) Specialty Leasing/Other Sponsor 2026 Budget. |
| 174 | Total Rental Revenue UW | Sum of (i) Base Rent UW, (ii) Gross Up Vacant Space UW, (iii) Rent Steps UW, (iv) Overage Rent UW, (v) % in Lieu Rent UW and (vi) Specialty Leasing/Other UW. |
| 205 | Total Reimbursements 2019 | Sum of (i) CAM Reimbursements 2019, (ii) Tax Reimbursements 2019 and (iii) Utility Reimbursements 2019. |
| 206 | Total Reimbursements 2020 | Sum of (i) CAM Reimbursements 2020, (ii) Tax Reimbursements 2020 and (iii) Utility Reimbursements 2020. |
| 207 | Total Reimbursements 2021 | Sum of (i) CAM Reimbursements 2021, (ii) Tax Reimbursements 2021 and (iii) Utility Reimbursements 2021. |
| 208 | Total Reimbursements 2022 | Sum of (i) CAM Reimbursements 2022, (ii) Tax Reimbursements 2022 and (iii) Utility Reimbursements 2022. |
| 209 | Total Reimbursements 2023 | Sum of (i) CAM Reimbursements 2023, (ii) Tax Reimbursements 2023 and (iii) Utility Reimbursements 2023. |
| 210 | Total Reimbursements 2024 | Sum of (i) CAM Reimbursements 2024, (ii) Tax Reimbursements 2024 and (iii) Utility Reimbursements 2024. |
| 211 | Total Reimbursements 2025 | Sum of (i) CAM Reimbursements 2025, (ii) Tax Reimbursements 2025 and (iii) Utility Reimbursements 2025. |
| 212 | Total Reimbursements May 2026 TTM | Sum of (i) CAM Reimbursements May 2026 TTM, (ii) Tax Reimbursements May 2026 TTM and (iii) Utility Reimbursements May 2026 TTM. |
25
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 213 | Total Reimbursements Sponsor 2026 Budget | Sum of (i) CAM Reimbursements Sponsor 2026 Budget, (ii) Tax Reimbursements Sponsor 2026 Budget and (iii) Utility Reimbursements Sponsor 2026 Budget. |
| 214 | Total Reimbursements UW | Sum of (i) CAM Reimbursements UW, (ii) Tax Reimbursements UW and (iii) Utility Reimbursements UW. |
| 235 | Total Other Income 2019 | Sum of (i) Vacancy 2019 and (ii) Trash Pad, Parking and Other Income 2019. |
| 236 | Total Other Income 2020 | Sum of (i) Vacancy 2020 and (ii) Trash Pad, Parking and Other Income 2020. |
| 237 | Total Other Income 2021 | Sum of (i) Vacancy 2021 and (ii) Trash Pad, Parking and Other Income 2021. |
| 238 | Total Other Income 2022 | Sum of (i) Vacancy 2022 and (ii) Trash Pad, Parking and Other Income 2022. |
| 239 | Total Other Income 2023 | Sum of (i) Vacancy 2023 and (ii) Trash Pad, Parking and Other Income 2023. |
| 240 | Total Other Income 2024 | Sum of (i) Vacancy 2024 and (ii) Trash Pad, Parking and Other Income 2024. |
| 241 | Total Other Income 2025 | Sum of (i) Vacancy 2025 and (ii) Trash Pad, Parking and Other Income 2025. |
| 242 | Total Other Income May 2026 TTM | Sum of (i) Vacancy May 2026 TTM and (ii) Trash Pad, Parking and Other Income May 2026 TTM. |
| 243 | Total Other Income Sponsor 2026 Budget | Sum of (i) Vacancy Sponsor 2026 Budget and (ii) Trash Pad, Parking and Other Income Sponsor 2026 Budget. |
| 244 | Total Other Income UW | Sum of (i) Vacancy UW and (ii) Trash Pad, Parking and Other Income UW. |
| 245 | Effective Gross Income 2019 | Sum of (i) Vacancy 2019 and (ii) Trash Pad, Parking and Other Income 2019. |
| 246 | Effective Gross Income 2020 | Sum of (i) Vacancy 2020 and (ii) Trash Pad, Parking and Other Income 2020. |
| 247 | Effective Gross Income 2021 | Sum of (i) Vacancy 2021 and (ii) Trash Pad, Parking and Other Income 2021. |
| 248 | Effective Gross Income 2022 | Sum of (i) Vacancy 2022 and (ii) Trash Pad, Parking and Other Income 2022. |
| 249 | Effective Gross Income 2023 | Sum of (i) Vacancy 2023 and (ii) Trash Pad, Parking and Other Income 2023. |
| 250 | Effective Gross Income 2024 | Sum of (i) Vacancy 2024 and (ii) Trash Pad, Parking and Other Income 2024. |
| 251 | Effective Gross Income 2025 | Sum of (i) Vacancy 2025 and (ii) Trash Pad, Parking and Other Income 2025. |
26
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 252 | Effective Gross Income May 2026 TTM | Sum of (i) Vacancy May 2026 TTM and (ii) Trash Pad, Parking and Other Income May 2026 TTM. |
| 253 | Effective Gross Income Sponsor 2026 Budget | Sum of (i) Vacancy Sponsor 2026 Budget and (ii) Trash Pad, Parking and Other Income Sponsor 2026 Budget. |
| 254 | Effective Gross Income UW | Sum of (i) Vacancy UW and (ii) Trash Pad, Parking and Other Income UW. |
| 385 | Total Operating Expenses 2019 | Sum of (i) Administration and Personnel 2019, (ii) Repairs and Maintenance 2019, (iii) Security 2019, (iv) Cleaning 2019, (v) Landscaping 2019, (vi) Marketing Expense 2019, (vii) Utilities and HVAC 2019, (viii) Insurance 2019, (ix) Real Estate Tax 2019, (x) Ground Rent Expense 2019, (xi) Other 2019, (xii) Bad Debt 2019 and (xiii) Management Fee 2019. |
| 386 | Total Operating Expenses 2020 | Sum of (i) Administration and Personnel 2020, (ii) Repairs and Maintenance 2020, (iii) Security 2020, (iv) Cleaning 2020, (v) Landscaping 2020, (vi) Marketing Expense 2020, (vii) Utilities and HVAC 2020, (viii) Insurance 2020, (ix) Real Estate Tax 2020, (x) Ground Rent Expense 2020, (xi) Other 2020, (xii) Bad Debt 2020 and (xiii) Management Fee 2020. |
| 387 | Total Operating Expenses 2021 | Sum of (i) Administration and Personnel 2021, (ii) Repairs and Maintenance 2021, (iii) Security 2021, (iv) Cleaning 2021, (v) Landscaping 2021, (vi) Marketing Expense 2021, (vii) Utilities and HVAC 2021, (viii) Insurance 2021, (ix) Real Estate Tax 2021, (x) Ground Rent Expense 2021, (xi) Other 2021, (xii) Bad Debt 2021 and (xiii) Management Fee 2021. |
| 388 | Total Operating Expenses 2022 | Sum of (i) Administration and Personnel 2022, (ii) Repairs and Maintenance 2022, (iii) Security 2022, (iv) Cleaning 2022, (v) Landscaping 2022, (vi) Marketing Expense 2022, (vii) Utilities and HVAC 2022, (viii) Insurance 2022, (ix) Real Estate Tax 2022, (x) Ground Rent Expense 2022, (xi) Other 2022, (xii) Bad Debt 2022 and (xiii) Management Fee 2022. |
27
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 389 | Total Operating Expenses 2023 | Sum of (i) Administration and Personnel 2023, (ii) Repairs and Maintenance 2023, (iii) Security 2023, (iv) Cleaning 2023, (v) Landscaping 2023, (vi) Marketing Expense 2023, (vii) Utilities and HVAC 2023, (viii) Insurance 2023, (ix) Real Estate Tax 2023, (x) Ground Rent Expense 2023, (xi) Other 2023, (xii) Bad Debt 2023 and (xiii) Management Fee 2023. |
| 390 | Total Operating Expenses 2024 | Sum of (i) Administration and Personnel 2024, (ii) Repairs and Maintenance 2024, (iii) Security 2024, (iv) Cleaning 2024, (v) Landscaping 2024, (vi) Marketing Expense 2024, (vii) Utilities and HVAC 2024, (viii) Insurance 2024, (ix) Real Estate Tax 2024, (x) Ground Rent Expense 2024, (xi) Other 2024, (xii) Bad Debt 2024 and (xiii) Management Fee 2024. |
| 391 | Total Operating Expenses 2025 | Sum of (i) Administration and Personnel 2025, (ii) Repairs and Maintenance 2025, (iii) Security 2025, (iv) Cleaning 2025, (v) Landscaping 2025, (vi) Marketing Expense 2025, (vii) Utilities and HVAC 2025, (viii) Insurance 2025, (ix) Real Estate Tax 2025, (x) Ground Rent Expense 2025, (xi) Other 2025, (xii) Bad Debt 2025 and (xiii) Management Fee 2025. |
| 392 | Total Operating Expenses May 2026 TTM | Sum of (i) Administration and Personnel May 2026 TTM, (ii) Repairs and Maintenance May 2026 TTM, (iii) Security May 2026 TTM, (iv) Cleaning May 2026 TTM, (v) Landscaping May 2026 TTM, (vi) Marketing Expense May 2026 TTM, (vii) Utilities and HVAC May 2026 TTM, (viii) Insurance May 2026 TTM, (ix) Real Estate Tax May 2026 TTM, (x) Ground Rent Expense May 2026 TTM, (xi) Other May 2026 TTM, (xii) Bad Debt May 2026 TTM and (xiii) Management Fee May 2026 TTM. |
28
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 393 | Total Operating Expenses Sponsor 2026 Budget | Sum of (i) Administration and Personnel Sponsor 2026 Budget, (ii) Repairs and Maintenance Sponsor 2026 Budget, (iii) Security Sponsor 2026 Budget, (iv) Cleaning Sponsor 2026 Budget, (v) Landscaping Sponsor 2026 Budget, (vi) Marketing Expense Sponsor 2026 Budget, (vii) Utilities and HVAC Sponsor 2026 Budget, (viii) Insurance Sponsor 2026 Budget, (ix) Real Estate Tax Sponsor 2026 Budget, (x) Ground Rent Expense Sponsor 2026 Budget, (xi) Other Sponsor 2026 Budget, (xii) Bad Debt Sponsor 2026 Budget and (xiii) Management Fee Sponsor 2026 Budget. |
| 394 | Total Operating Expenses UW | Sum of (i) Administration and Personnel UW, (ii) Repairs and Maintenance UW, (iii) Security UW, (iv) Cleaning UW, (v) Landscaping UW, (vi) Marketing Expense UW, (vii) Utilities and HVAC UW, (viii) Insurance UW, (ix) Real Estate Tax UW, (x) Ground Rent Expense UW, (xi) Other UW, (xii) Bad Debt UW and (xiii) Management Fee UW. |
| 395 | Net Operating Income 2019 | Difference between (i) Effective Gross Income 2019 and (ii) Total Operating Expenses 2019. |
| 396 | Net Operating Income 2020 | Difference between (i) Effective Gross Income 2020 and (ii) Total Operating Expenses 2020. |
| 397 | Net Operating Income 2021 | Difference between (i) Effective Gross Income 2021 and (ii) Total Operating Expenses 2021. |
| 398 | Net Operating Income 2022 | Difference between (i) Effective Gross Income 2022 and (ii) Total Operating Expenses 2022. |
| 399 | Net Operating Income 2023 | Difference between (i) Effective Gross Income 2023 and (ii) Total Operating Expenses 2023. |
| 400 | Net Operating Income 2024 | Difference between (i) Effective Gross Income 2024 and (ii) Total Operating Expenses 2024. |
| 401 | Net Operating Income 2025 | Difference between (i) Effective Gross Income 2025 and (ii) Total Operating Expenses 2025. |
29
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 402 | Net Operating Income May 2026 TTM | Difference between (i) Effective Gross Income May 2026 TTM and (ii) Total Operating Expenses May 2026 TTM. |
| 403 | Net Operating Income Sponsor 2026 Budget | Difference between (i) Effective Gross Income Sponsor 2026 Budget and (ii) Total Operating Expenses Sponsor 2026 Budget. |
| 404 | Net Operating Income UW | Difference between (i) Effective Gross Income UW and (ii) Total Operating Expenses UW. |
| 435 | Net Cash Flow 2019 | Difference between (i) Net Operating Income 2019 and (ii) the sum of Replacement Reserves 2019, Tenant Improvements 2019 and Leasing Commissions 2019. |
| 436 | Net Cash Flow 2020 | Difference between (i) Net Operating Income 2020 and (ii) the sum of Replacement Reserves 2020, Tenant Improvements 2020 and Leasing Commissions 2020. |
| 437 | Net Cash Flow 2021 | Difference between (i) Net Operating Income 2021 and (ii) the sum of Replacement Reserves 2021, Tenant Improvements 2021 and Leasing Commissions 2021. |
| 438 | Net Cash Flow 2022 | Difference between (i) Net Operating Income 2022 and (ii) the sum of Replacement Reserves 2022, Tenant Improvements 2022 and Leasing Commissions 2022. |
| 439 | Net Cash Flow 2023 | Difference between (i) Net Operating Income 2023 and (ii) the sum of Replacement Reserves 2023, Tenant Improvements 2023 and Leasing Commissions 2023. |
| 440 | Net Cash Flow 2024 | Difference between (i) Net Operating Income 2024 and (ii) the sum of Replacement Reserves 2024, Tenant Improvements 2024 and Leasing Commissions 2024. |
| 441 | Net Cash Flow 2025 | Difference between (i) Net Operating Income 2025 and (ii) the sum of Replacement Reserves 2025, Tenant Improvements 2025 and Leasing Commissions 2025. |
| 442 | Net Cash Flow May 2026 TTM | Difference between (i) Net Operating Income May 2026 TTM and (ii) the sum of Replacement Reserves May 2026 TTM, Tenant Improvements May 2026 TTM and Leasing Commissions May 2026 TTM. |
30
| GGP 2026-DALE | EXHIBIT B |
| Recalculation Methodology |
| # | Specified Attribute | Recalculation Methodology |
| 443 | Net Cash Flow Sponsor 2026 Budget | Difference between (i) Net Operating Income Sponsor 2026 Budget and (ii) the sum of Replacement Reserves Sponsor 2026 Budget, Tenant Improvements Sponsor 2026 Budget and Leasing Commissions Sponsor 2026 Budget. |
| 444 | Net Cash Flow UW | Difference between (i) Net Operating Income UW and (ii) the sum of Replacement Reserves UW, Tenant Improvements UW and Leasing Commissions UW. |
31