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 "markdown": "OTHER DISCLOSURES\n\n\n**Commercial Real Estate Loans Risk Ratings**\nCRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the collective evaluation of several factors, including but not limited to:\ncollateral performance relative to underwritten plan, time since origination, current implied and/or re-underwritten loan-to-collateral value ratios, loan structure and exit plan. Depending\non the loan's performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5\nrepresenting loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company's loan portfolio; as such, a loan's rating may\nimprove or worsen, depending on new information received.\n\n\nThe criteria set forth below should be used as general guidelines, and therefore not every loan will have all of the characteristics described in each category below.\n\n\n<table>\n<tr><td rowspan=\"2\">Rating 1:</td><td>Property performance has surpassed underwritten expectations</td></tr>\n<tr><td>Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high-quality tenant mix</td></tr>\n<tr><td rowspan=\"2\">Rating 2:</td><td>Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded</td></tr>\n<tr><td>Occupancy is stabilized, near stabilized or is on track with underwriting</td></tr>\n<tr><td rowspan=\"2\">Rating 3:</td><td>Property performance lags behind underwritten expectations</td></tr>\n<tr><td>Occupancy is not stabilized and the property has some tenancy rollover</td></tr>\n<tr><td rowspan=\"2\">Rating 4:</td><td>Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers</td></tr>\n<tr><td>Occupancy is not stabilized and the property has a large amount of tenancy rollover</td></tr>\n<tr><td rowspan=\"3\">Rating 5:</td><td>Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity</td></tr>\n<tr><td>The property has a material vacancy rate and significant rollover of remaining tenants</td></tr>\n<tr><td>An updated appraisal is required upon designation and updated on an as-needed basis</td></tr>\n</table>\n\nA\n\n\nACRESREIT.COM (21)\n\n<!-- doc_id=parse-01m2p0a2zcdbvy6ntb6svf17v5 -->",
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