AREIT 2019-CRE3 Trust: Surveillance Performance Update

DBRS, Inc. (Morningstar DBRS) confirmed its ratings on all classes of Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3 issued by AREIT 2019-CRE3 Trust. All trends are Stable except for Class F, which has a Negative trend. Morningstar DBRS changed the trend on Class F to Negative from Stable to reflect increased loss expectations for the loans in the pool exhibiting increased credit risks since issuance, including one loan that is in special servicing and others that are backed by office collateral that has underperformed expectations.