Fitch Affirms Irvine Core Office Trust 2013-IRV

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed five classes of Irvine Core Office Trust 2013 - IRV commercial mortgage pass through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the stable performance and strong overall occupancy of the assets in the pool. Fitch reviewed the most recent available financial performance of the collateral. As of the Jan. 6, 2015 rent rolls, the portfolio was 92.6% occupied compared with 93.7%, as of December 2013. The servicer reported TTM June 2014 NOI debt service coverage ratio (DSCR) was 2.51x compared with 2.49x for YE 2013.

As of the March 2015 distribution date, the pool's aggregate certificate balance declined by 3.7% to $842.8 million from $874.9 million at issuance due to scheduled amortization.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. No rating actions are anticipated unless there are material changes in property performance or cash flow.

Initial Key Rating Drivers and Rating Sensitivity are further described in the New Issue report titled 'Irvine Core Office Trust 2013-IRV' (May 2013), which is available at www.fitchratings.com.

The certificates represent the beneficial ownership in the trust, the primary assets of which are 10 amortizing, non-crossed commercial mortgage loans backed by office buildings located in Southern California.

The largest loan, Fox Plaza (22% of the total portfolio) had a January 2015 reported occupancy of 95.6%, an increase from 87.3% in December 2013. Further, there is only 2.5% scheduled tenant roll over the next 12 months and 4% total roll though YE 2016. The largest tenant remains 20th Century Fox (55.9% of the NRA through 2026) whose movie studio lot is located adjacent to the subject property.

The sponsor of the properties is Irvine Core Office LLC, an affiliate of Irvine Company (Irvine), which is an experienced real estate operator and the largest owner and manager of commercial real estate in California. Irvine's portfolio, which is primarily located in Southern California, includes approximately 495 office buildings totaling over 38.5 million sf, 120 multifamily properties, 41 retail properties, and three resorts.

Fitch affirms the following classes as indicated:

--$166.9 million class A-1 at 'AAAsf'; Outlook Stable;

--$361 million class A-2 at 'AAAsf'; Outlook Stable;

--$166.9 million* class X-A at 'AAAsf'; Outlook Stable;

--$88.4 million class B at 'AAAsf'; Outlook Stable;

--$88.4 million class C at 'Asf'; Outlook Stable.

*Interest only and notional amount

Fitch does not rate classes D through F.

Additional information on Fitch's criteria for analyzing large loans in U.S. CMBS transactions is available in the March 20. 2015 report, 'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:

--'Irvine Core Office Trust 2013-IRV -- New issue Appendix' (May 16, 2013).

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 2015);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transaction' (March 20, 2015);

--'Irvine Core Office Trust 2013-IRV' (May 16, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862818

Irvine Core Office Trust 2013-IRV

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708721

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982702

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch Ratings
Primary Analyst
Stacey McGovern
Director
+1-212-908-0722
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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