<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: 09/03/98
(Date of earliest event reported)
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
(Exact name of registrant as specified in governing instruments)
New York
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
212-761-4700
(Registrant's telephone number, including area code)
Commission File Number 333-16397
04-3342274(I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
<PAGE>
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
FORM 8-K
INDEX
ITEM DESCRIPTION PAGE NUMBER
Item 5. Other Event 3
Item 7. Financial Statements and
Exhibits 3
Signatures 3
Exhibit A Trustee's Report to
Bondholders 4
<PAGE>
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange
Act of 1934, the registrar has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
(Registrant)
Date: 09/03/98
By:
Name Julie A. Kirby
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
<PAGE>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: SEPTEMBER 3, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: AUGUST 31, 1998
SERIES 1998-XL1 W.A.C RATE: 7.150368798%
B270
REPORT TO CERTIFICATEHOLDERS
PAYMENT SUMMARY
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Orig. Fitch Pass-Thru Interest Original Beginning Principal
Class CUSIP Ratings Rate Type Balance Balance Paid
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 61745MGG2 AAA 6.220000% Variable 176,000,000.00 174,395,426.68 714,987.19
A-2 61745MGH0 AAA 6.450000% Variable 102,000,000.00 102,000,000.00 0.00
A-3 61745MGJ6 AAA 6.480000% Variable 393,239,000.00 393,239,000.00 0.00
X* 61745MGK3 AAA 0.691959% Variable 796,229,000.00 794,625,426.68 0.00
B 61745MGL1 AA+ 6.640369% Variable 13,888,000.00 13,888,000.00 0.00
C 61745MGM9 AA 6.700369% Variable 46,293,000.00 46,293,000.00 0.00
D 61745MGN7 A 6.770369% Variable 64,809,000.00 64,809,000.00 0.00
E 61745MGP2 BBB 7.150369% Variable 46,292,000.00 46,292,000.00 0.00
F 61745MGQ0 BBB- 7.150369% Variable 11,663,000.00 11,663,000.00 0.00
G 61745MGR8 BBB- 7.150369% Variable 30,000,000.00 30,000,000.00 0.00
H 61745MGS6 BB 7.150369% Variable 27,776,000.00 27,776,000.00 0.00
J 61745MGT4 B 7.150369% Variable 13,888,151.00 13,888,151.00 0.00
R 61745MGV9 NR 0.000000% N/A 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
*Based on National Balance 925,848,151.00 924,244,577.68 714,987.19
-------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------
Interest Total Ending
Class Paid Paid Balance
- ---------------------------------------------------------
<S> <C> <C> <C>
A-1 903,954.81 1,618,942.00 173,681,439.49
A-2 548,250.00 548,250.00 102,000,000.00
A-3 2,123,490.60 2,123,490.60 393,239,000.00
X* 458,205.60 458,206.60 793,910,439.49
B 76,851.20 76,851.20 13,888,000.00
C 258,483.48 258,483.48 46,293,000.00
D 365,650.69 365,650.69 64,809,000.00
E 275,837.39 275,837.39 46,292,000.00
F 69,495.63 69,495.63 11,663,000.00
G 178,759.22 178,759.22 30,000,000.00
H 165,507.20 165,507.20 27,776,000.00
J 82,754.50 82,754.50 13,888,151.00
R 0.00 0.00 0.00
- ---------------------------------------------------------
5,507,241.32 6,222,228.51 923,529,590.49
- ---------------------------------------------------------
<CAPTION>
Class Q represents beneficial ownership interest in Default interest subject to
the obligation to pay interest on Advances
- -----------------------------------------------------------------------------------------------------------------------------
Orig. Fitch Pass-Thru Interest Original Beginning Principal
Class CUSIP Ratings Rate Type Balance Balance Paid
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Q N/A N/A 0.00 N/A 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------
Interest Total Ending
Class Paid Paid Balance
- ---------------------------------------------------------
<S> <C> <C> <C>
Q 0.00 0.00 0.00
- ---------------------------------------------------------
</TABLE>
DISTRIBUTIONS PER CERTIFICATE *for complete information see Payment Detail
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Beg. Principal Interest Ending
Class Cert. Factor Dist.(1) Dist.(1) Cert. Factor
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.9908888 4.0624272 5.1361069 0.9868264
A-2 1.0000000 0.0000000 5.3750000 1.0000000
A-3 1.0000000 0.0000000 5.4000000 1.0000000
X* 0.9979860 0.0000000 0.5754709 0.9970881
B 1.0000000 0.0000000 5.5336407 1.0000000
C 1.0000000 0.0000000 5.5836407 1.0000000
D 1.0000000 0.0000000 5.6419740 1.0000000
E 1.0000000 0.0000000 5.9586407 1.0000000
F 1.0000000 0.0000000 5.9586407 1.0000000
G 1.0000000 0.0000000 5.9586407 1.0000000
H 1.0000000 0.0000000 5.9586407 1.0000000
J 1.0000000 0.0000000 5.9586407 1.0000000
R N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------
</TABLE>
(1) represents net payment per certificate
- --------------------------------------------------------------------------------
For additional information or with questions, please contact:
- --------------------------------------------------------------------------------
STATE STREET CORPORATE TRUST
- --------------------------------------------------------------------------------
Bond Analyst: Jodi Colangelo (617)664-5434
Account Officer Julie Kirby (617)664-5330
Street Connection: (factor and rate by cusip) (617)664-5500
WEBSITE: http://corporatetrust.statestreet.com
Street Fax: Bondholder & Secondary Market Reports (617)664-5600
- --------------------------------------------------------------------------------
STATE STREET
Serving Institutional Investors Worldwide
This report has been prepared by or based on information furnished to State
Street Bank and Trust Company ("State Street") by one or more third parties
(e.g., Servicer, Master Servicer, etc.). State Street shall not have and does
not undertake responsibility for the accuracy or completeness of information
provided by such third parties, and makes no representations or warranties with
respect to the accuracy or completeness thereof or the sufficiency thereof for
any particular purpose. State Street has not independently verified information
received from third parties, and shall have no liability for any inaccuracies
therein or caused thereby.
Page 1 of 4
<PAGE>
[LOGO] MORGAN STANLEY CAPITAL I. INC. PAYMENT DATE: SEPTEMBER 3, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: AUGUST 31, 1998
SERIES 1998-XL1 W.A.C RATE: 7.150368798%
B270
REPORT TO CERTIFICATEHOLDERS
PRINCIPAL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Realized Total Principal Cumulative Cumulative
Beginning Scheduled Unscheduled Losses/ Distribution Ending Realized Appraisal
Class Balance Principal Principal Balance Adj. Amount Balance Losses Reduction
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 174,396,426.68 714,987.19 0.00 0.00 714,987.19 173,661,439.49 0.00 0.00
A-2 102,000,000.00 0.00 0.00 0.00 0.00 102,000,000.00 0.00 0.00
A-3 393,239,000.00 0.00 0.00 0.00 0.00 393,239,000.00 0.00 0.00
X* 794,625,426.68 0.00 0.00 0.00 0.00 793,910,439.49 0.00 0.00
B 13,888,000.00 0.00 0.00 0.00 0.00 13,888,000.00 0.00 0.00
C 46,293,000.00 0.00 0.00 0.00 0.00 46,293,000.00 0.00 0.00
D 64,809,000.00 0.00 0.00 0.00 0.00 64,809,000.00 0.00 0.00
E 46,292,000.00 0.00 0.00 0.00 0.00 46,292,000.00 0.00 0.00
F 11,663,000.00 0.00 0.00 0.00 0.00 11,663,000.00 0.00 0.00
G 30,000,000.00 0.00 0.00 0.00 0.00 30,000,000.00 0.00 0.00
H 27,776,000.00 0.00 0.00 0.00 0.00 27,776,000.00 0.00 0.00
J 13,888,151.00 0.00 0.00 0.00 0.00 13,888,151.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
924,244,577.68 714,987.19 0.00 0.00 714,987.19 923,529,590.49 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
INTEREST DETAIL
- ------------------------------------------------------------------------------------------------------------------------------------
Cumulative
Accrued Beginning Interest on Excess Current Total Unpaid
Certificate Unpaid Unpaid Prepay Int. Interest Prepayment Interest Interest Deferred
Class Interest Interest Interest Shortfall Shortfalls Premiums Distr. Amount Shortfall Interest
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 903,954.81 0.00 0.00 0.00 0.00 0.00 903,954.81 0.00 0.00
A-2 548,250.00 0.00 0.00 0.00 0.00 0.00 548,250.00 0.00 0.00
A-3 2,123,490.60 0.00 0.00 0.00 0.00 0.00 2,123,490.60 0.00 0.00
X(1)* 458,206.60 0.00 0.00 0.00 0.00 0.00 458,205.60 0.00 0.00
B 76,851.20 0.00 0.00 0.00 0.00 0.00 76,851.20 0.00 0.00
C 258,483.48 0.00 0.00 0.00 0.00 0.00 258,483.48 0.00 0.00
D 365,650.69 0.00 0.00 0.00 0.00 0.00 365,650.69 0.00 0.00
E 275,837.39 0.00 0.00 0.00 0.00 0.00 275,837.39 0.00 0.00
F 69,495.63 0.00 0.00 0.00 0.00 0.00 69,495.63 0.00 0.00
G 178,759.22 0.00 0.00 0.00 0.00 0.00 178,759.22 0.00 0.00
H 165,507.20 0.00 0.00 0.00 0.00 0.00 165,507.20 0.00 0.00
J 82,754.50 1.67 0.12 0.00 0.00 0.00 82,754.50 1.79 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------------
5,507,241.32 1.67 0.00 0.00 0.00 5,507,241.32 1.79 0.00
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
[LOGO] MORGAN STANLEY CAPITAL I. INC. PAYMENT DATE: SEPTEMBER 3, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: AUGUST 31, 1998
SERIES 1998-XL1 W.A.C RATE: 7.150368798%
B270
REPORT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
DELINQUENCIES One Month Two Months Three Months Foreclosures Total
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
# of Loans 0.00 0.00 0.00 0.00 0
- ------------------------------------------------------------------------------------------------------------
Ending APB 0.00 0.00 0.00 0.00 0
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
REOS
- ---------------------------------------------------------------------------------------------------
Loan Name Final Recovery Date Amount of Proceeds Appraised Value Other Revenues*
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
* collected by Spec Serv. with respect to REO Property and credited to Collection Account
<CAPTION>
---------------------------------
APPRAISAL REDUCTIONS Current Total Cum. Total
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
# of Loans
- ---------------------------------------------------------------------------------------------------
Amount
- ---------------------------------------------------------------------------------------------------
<CAPTION>
TWELVE MONTH SUMMARY OF PREPAYMENTS AND PREPAYMENT PENALTIES:
- -------------------------------------------------------------
Month/Year Prepayments Penalties
- ---------- ----------- ---------
<S> <C> <C>
Sep-98 0.00 0.00
Aug-98 0.00 0.00
Jul-98 72,369.88 0.00
- -------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
[LOGO] MORGAN STANLEY CAPITAL I. INC. PAYMENT DATE: SEPTEMBER 3, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: AUGUST 31, 1998
SERIES 1998-XL1 W.A.C RATE: 7.150368798%
B270
REPORT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -----------------------------
Maturity Date
Class At 0% CPR
- -----------------------------
<S> <C>
A-1 June 3, 2005
A-2 June 3, 2007
A-3 June 3, 2008
B June 3, 2008
C June 3, 2008
D June 3, 2008
E June 3, 2008
F June 3, 2008
G June 3, 2008
- -----------------------------
<CAPTION>
- ---------------------------------------------------------------
Original Subordination Current Subordination
Class Support % Support %
- ---------------------------------------------------------------
<S> <C> <C>
A 27.50% 27.57%
X-1* 27.50% 27.57%
B 26.00% 26.07%
C 21.00% 21.05%
D 14.00% 14.04%
E 9.00% 9.02%
F 7.74% 7.76%
G 4.50% 4.51%
H 1.50% 1.50%
J 0.00% 0.00%
- ---------------------------------------------------------------
<CAPTION>
OTHER INFORMATION
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
COLLATERAL INFORMATION
Closing Collateral Balance 925,848,151.00
Beginning Collateral Balance 924,244,577.68
Ending Collateral Balance 923,529,590.49
FEES
Servicer 19,502.02
Trustee 2,310.61
Special Servicer 0.00
ADVANCES CURRENT Principal 0.00
Interest 0.00
CUMULATIVE Principal 0.00
Interest 0.00
INTEREST ON ADVANCES 0.00
ENDING LOAN COUNT 11
AGGREGATE AMOUNT OF:
Additional Trust Fund Expenses 0.00
Mortgage Loans that have been paid
in full 0.00
Mortgage Loans that have been paid
at their Maturity Date 0.00
Prepayment Penalties paid on the
Mortgage Loans 0.00
- --------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
<PAGE>
<TABLE>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: corporatetrust.statestreet.com
SERIES 1998-XL1 PAYMENT SEPTEMBER 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-01
<CAPTION>
DISTRIBUTION OF CURRENT SCHEDULED PRINCIPAL BALANCES
- ----------------------------------------------------------------------------------------------------
Current Weighted Averages
Scheduled # of Aggregate % Tot -------------------------------
Principal Mtg Sched Prin Sched Mnths Mort
Balance Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN $45,000,000.01 1 44,901,777 4.86% 1.95 357.00 6.820
$45,000,000.01+ 4 198,147,384 21.46% 1.87 353.01 7.135
$55,000,000.01+ 2 134,161,147 14.53% 1.60 188.99 7.377
$75,000,000.01+ 1 76,000,000 8.23% 2.71 356.00 6.900
$100,000,000.01+ 3 470,319,283 50.93% 1.86 315.70 6.903
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
- ----------------------------------------------------------------------------------------------------
Current Weighted Averages
Mortgage # of Aggregate % Tot -------------------------------
Interest Mtg Sched Prin Sched Mnths Mort
Rate Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 6.750% 1 162,630,454 17.61% 1.86 357.00 6.670
6.751% - 6.850% 3 144,550,009 15.65% 2.08 354.25 6.813
6.851% - 7.000% 2 240,300,613 26.02% 2.27 312.24 6.900
7.001% - 7.250% 2 191,972,830 20.79% 1.60 310.17 7.175
7.251% - 7.500% 2 134,161,147 14.53% 1.60 188.99 7.377
7.501%+ 1 49,914,539 5.40% 1.70 354.00 7.730
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF REMAINING STATED TERM ALL LOANS
- ----------------------------------------------------------------------------------------------------
Remaining Weighted Averages
Stated # of Aggregate % Tot -------------------------------
Term Mtg Sched Prin Sched Mnths Mort
(Months) Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-36 - - 0.00% 0.00 0.00 0.000
37-72 - - 0.00% 0.00 0.00 0.000
73-120 1 74,960,204 8.12% 1.34 110.00 7.280
121-180 - - 0.00% 0.00 0.00 0.000
181-240 - - 0.00% 0.00 0.00 0.000
241-300 3 366,889,772 39.73% 1.87 293.08 7.102
300+ 7 481,679,615 52.16% 2.01 355.20 6.912
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF PROPERTY TYPE
- ----------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot -------------------------------
Property Mtg Sched Prin Sched Mnths Mort
Types Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail 5 383,095,001 41.48% 2.04 355.63 6.892
Lodging 1 164,300,613 17.79% 2.06 292.00 6.900
Mixed Use 1 143,388,216 15.53% 1.64 296.00 7.170
Multi-Family 2 124,960,204 13.53% 1.72 208.03 7.084
Various 1 59,200,943 6.41% 1.93 289.00 7.500
Office 1 48,584,614 5.26% 1.49 352.00 7.190
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
*All DSCR calculations are non-zero weighted averages at Closing
</TABLE>
<PAGE>
<TABLE>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: corporatetrust.statestreet.com
SERIES 1998-XL1 PAYMENT SEPTEMBER 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-02
<CAPTION>
DISTRIBUTION BY STATE
- ----------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot -------------------------------
Mtg Sched Prin Sched Mnths Mort
States Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 2 307,688,829 33.32% 1.86 293.86 7.026
Texas 1 162,630,454 17.61% 1.86 357.00 6.670
Tennessee 1 76,000,000 8.23% 2.71 356.00 6.900
Illinois 1 49,914,539 5.40% 1.70 354.00 7.730
Virginia 1 48,584,614 5.26% 1.49 352.00 7.190
Oklahoma 1 44,901,777 4.86% 1.95 357.00 6.820
Various 4 233,809,378 25.32% 1.83 258.89 7.135
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF SEASONING
- ----------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot -------------------------------
Seasoning Mtg Sched Prin Sched Mnths Mort
(months) Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-12 11 923,529,590 100.00% 1.90 310.62 7.017
13-24 0 - 0.00% 0.00 0.00 0.000
25-36 0 - 0.00% 0.00 0.00 0.000
37-48 0 - 0.00% 0.00 0.00 0.000
49-60 0 - 0.00% 0.00 0.00 0.000
61-84 0 - 0.00% 0.00 0.00 0.000
85-120 0 - 0.00% 0.00 0.00 0.000
121-180 0 - 0.00% 0.00 0.00 0.000
181+ 0 - 0.00% 0.00 0.00 0.000
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF AMORTIZATION TYPE
- ----------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot -------------------------------
Amortization Mtg Sched Prin Sched Mnths Mort
Type Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Amort Balloon 1 74,960,204 8.12% 1.34 110.00 7.280
Fully Amortizing 8 722,569,387 78.24% 1.85 323.59 7.018
IO/Amortizing 2 126,000,000 13.64% 2.54 355.60 6.856
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF DEBT SERVICE COVERAGE RATIO AT CLOSING
- ----------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot -------------------------------
Mtg Sched Prin Sched Mnths Mort
DSCR Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Not Populated 0 - 0.00% 0.00 0.00 0.000
0.001-0.999 0 - 0.00% 0.00 0.00 0.000
1.000-1.250 0 - 0.00% 0.00 0.00 0.000
1.251-1.500 2 123,544,817 13.38% 1.40 205.17 7.245
1.501-1.750 2 193,302,755 20.93% 1.66 310.98 7.315
1.751-2.000 4 316,381,405 34.26% 1.91 343.33 6.872
2.000+ 3 290,300,613 31.43% 2.27 319.61 6.881
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
*All DSCR calculations are non-zero weighted averages at Closing
</TABLE>
<PAGE>
<TABLE>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: corporatetrust.statestreet.com
SERIES 1998-XL1 PAYMENT SEPTEMBER 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-03
<CAPTION>
DISTRIBUTION OF LOAN TO VALUE RATIO
- ----------------------------------------------------------------------------------------------------
Weighted Averages
Most # of Aggregate % Tot -------------------------------
Recent Mtg Sched Prin Sched Mnths Mort
LTV Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LESS THAN 20.001 0 - 0.00% 0.00 0.00 0.000
20.001+ 0 - 0.00% 0.00 0.00 0.000
30.001+ 0 - 0.00% 0.00 0.00 0.000
40.001+ 3 290,300,613 31.43% 2.27 319.61 6.881
50.001+ 2 104,102,720 11.27% 1.94 318.33 7.207
55.001+ 1 49,914,539 5.40% 1.70 354.00 7.730
60.001+ 3 355,666,902 38.51% 1.79 331.57 6.894
65.001+ 0 - 0.00% 0.00 0.00 0.000
70.001+ 2 123,544,817 13.38% 1.40 205.17 7.245
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF ORIGINAL TERM TO STATED MATURITY
- ----------------------------------------------------------------------------------------------------
Weighted Averages
Original # of Aggregate % Tot -------------------------------
Term to Mtg Sched Prin Sched Mnths Mort
Maturity Loans Balance Bal DSCR* to Mat** Rate
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-60 0 - 0.00% 0.00 0.00 0.000
61-84 0 - 0.00% 0.00 0.00 0.000
85-120 0 - 0.00% 0.00 0.00 0.000
121-180 1 74,960,204 8.12% 1.34 110.00 7.280
181-240 0 - 0.00% 0.00 0.00 0.000
241+ 10 848,569,387 91.88% 1.95 328.34 6.994
- ----------------------------------------------------------------------------------------------------
Total 11 923,529,590 100.00% 1.90 310.62 7.017
- ----------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF MATURITY DATE EXTENSIONS (SINCE DEAL ORIGINATION)
- ----------------------------------------------------------------------------------------------------
Total Cumulative
-------------------------------- -------------------------------
# of Aggregate WA # of Aggregate WA
Months Mtg Sched Prin Months Mtg Sched Prin Months
Extended Loans Balance Extended Loans Balance Extended
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-12 0 - 0.00% 0.00 0.00 0.000
13-24 0 - 0.00% 0.00 0.00 0.000
25+ 0 - 0.00% 0.00 0.00 0.000
Extended & Paid off 0 - 0.00% 0.00 0.00 0.000
- ----------------------------------------------------------------------------------------------------
Total 0 - 0.00% 0.00 0.00 0.000
- ----------------------------------------------------------------------------------------------------
*All DSCR calculations are non-zero weighted averages at Closing
**Maturity weighted averages are based on Stated Maturity
NOTE: All DSCR and LTV calculations are pool averages
</TABLE>
<PAGE>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH WEB: corporatetrust.statestreet.com
CERTIFICATES PAYMENT SEPTEMBER 3, 1998
SERIES 1998-XL1 REPORT B270-05
UNDERWRITER MORGAN STANLEY
DEAN WITTER
<TABLE>
<CAPTION>
LOAN LEVEL DETAIL
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am End Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Loan# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid/adj Date Date Premium Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Lodging CA 20230101 N 164,300,613 6.900 1,162,685.15 0.00 0 9011998 0.00 0
2 Retail TX 20280601 N 162,630,453 6.670 1,048,561.51 0.00 0 9011998 0.00 0
3 Mobile Home Park CA 20230501 N 143,388,216 7.170 1,033,432.00 0.00 0 9011998 0.00 0
4 Retail TN 20280501 N 76,000,000 6.900 437,000.00 0.00 0 9011998 0.00 0
5 Multi-family Var 20071101 N 74,960,204 7.280 516,580.27 0.00 0 9011998 0.00 0
6 Various Var 20221001 N 59,200,943 7.500 443,394.71 0.00 0 9011998 0.00 0
7 Multi-family Var 20280401 N 50,000,000 6.790 292,347.22 0.00 0 9011998 0.00 0
8 Retail IL 20280301 N 49,914,539 7.730 357,515.34 0.00 0 9011998 0.00 0
9 Retail Var 20271201 N 49,648,232 6.830 326,962.39 0.00 0 9011998 0.00 0
10 Office VA 20280101 N 48,584,614 7.190 331,596.47 0.00 0 9011998 0.00 0
11 Retail OK 20280601 N 44,901,777 6.820 293,966.09 0.00 0 9011998 0.00 0
- ------------------------------------------------------------------------------------------------------------------------------------
totals 923,529,590 6,244,041.15 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
If state field is blank loan has properties in multiple states.
- --------------------------------------------------------------------------------
Loan Status:
A= Payment not received but still in grace period, B= Late payment but less
than 1mo., 0= Current, 1= 1mo. delinquent, 2= 2mo. delinquent, 3= Three or
more mo. delinquent 4= Assumed scheduled payment (performing matured
balloon), 7= Foreclosure, 9= REO
- --------------------------------------------------------------------------------
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
SEPTEMBER 3,1998
LOSS DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Latest
Appraisal Effect Net Amt
Servicer % Received Brokers Date of Received Scheduled Total P & I Total
Loan ID Property Type City State From Sale Opinion Sale Sales Price From Sale Balance Advanced Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Grand Totals Total Loans: 0 #DIV/0! - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 8
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
SEPTEMBER 3,1998
LOSS DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Date Date Minor
Loss Adj Total Loss Loss % of
Servicer Servicing Actual Losses Passed Minor Adj Passed with Scheduled
Loan ID Property Type City Fees Net Proceeds Passed thru thru to trust thru Adjustment Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Grand Totals Total Loans: 0 - - - - - #DIV/0!
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 8
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
SEPTEMBER 3, 1998
MODIFIED LOAN DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Balance Balance at the
When Sent to Effective Date
Mod / Effect Special of Old
Loan ID City State Extension Date Servicer Rehabilitation Old Rate # Mnths New Rate Old P & I New P & I Maturity
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- - - -
- -----------------------------------------------------------
Total # Est. Future
Mnths for Realized Interest Loss
New Change Loss to to Trust $
Maturity Of Mod Trust $ (Rate Reduction) COMMENT
- -----------------------------------------------------------
<C> <C> <C> <C> <C>
- -
Grand Totals Total Loans: 0
</TABLE>
Page 4 of 8
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
SEPTEMBER 3, 1998
SPECIALLY SERVICED LOAN DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
TRANSFER TRANSFER SCHEDULED PAID THRU NEXT PMT GROSS
ASSET NO DATE REASON PRIN BAL DATE DATE INTEREST
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PORTFOLIO TOTAL Cnt: 0
</TABLE>
Page 5 of 8
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
SEPTEMBER 3, 1998
WATCH LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Current Paid % Loan
Loan Property Sched Thru Maturity Current As of To Appraisal OCC Comment/Reason
Number Type City State Balance Date Date DSC Date Value Appraisal Date OCC % Date on Watch List
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total: 0 0
PORTFOLIO TOTAL 0 0
</TABLE>
Page 6 of 8
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
SEPTEMBER 3, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Current
Property Paid Thru Scheduled Total PI Total Exp Other Total Monthly
Loan No Property Type City and State Number Units Date Balance Advances Advances Advances Exposure PI Payment
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7 of 8
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
SEPTEMBER 3, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Property Gross Int. Maturity NOI BPO or Date of Transfer Est. Loss @92% Est.
Loan No Property Type City and Rate Date As of: NOI DSCR App. Value Valuation Date Property Value Rec. %
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8 of 8
