When Hurricane Matthew swept through much of Florida, Georgia and South Carolina earlier this month, prompting the evacuation of about 2 million residents, city officials and economists worried that the amount of property damage left behind would be astronomical.

Hurricane Matthew caused between $4B and $6B of damage, according to CoreLogic analysis. This is a far cry less than the $35B to $45B that resulted from Hurricane Katrina, or the $15B to $20B following Hurricane Sandy in 2012.

Morningstar Credit Ratings’ analysts have also identified 533 properties backing CMBS loans that may be at elevated risk due to Hurricane Matthew.

“These properties are in the hardest-hit storm areas, counties that FEMA designated as eligible for the highest level of federal aid,” Morningstar Credit Ratings VP Steve Jellinek tells Bisnow. “Although the properties backing the largest loans are open based on our research, the impact of a closure ultimately depends on whether a property has flood and business interruption insurance.”

Most of the 533 properties identified—which amount to $3.82B in CMBS loans—are within these five MSAs:

Savannah, GA

Number of Properties: 93

CMBS Exposure: $993.5M

Deltona-Daytona Beach-Ormond Beach, FL

Number of Properties: 61

CMBS Exposure: $565.1M

Fayetteville, NC

Number of Properties: 71

CMBS Exposure: $539.7M

Hilton Head Island-Bluffton-Beaufort, SC

Number of Properties: 37

CMBS Exposure: $339.4M

Greenville, SC

Number of Properties: 27

CMBS Exposure: $235.7M