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Previous: CFS BANCORP INC, POS AM, 1998-12-09 |
Next: PENTON MEDIA INC, 8-K, 1998-12-09 |
<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: 12/03/98
(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: 12/03/98
By:
Name Julie A. Kirby
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
<PAGE>
MORGAN STANLEY CAPITAL 1 1998-XL1
COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES
[LOGO] B-270
PAYMENT DATE: DECEMBER 3, 1998
RECORD DATE: NOVEMBER 30, 1998
SUMMARY OF AVAILABLE INFORMATION
<TABLE>
<CAPTION>
DELIVERY
NAME OF REPORT OR FILE PREPARER FREQUENCY VEHICLES:
- ---------------------- -------- --------- ---------
<S><C>
Distribution Date Statement Trustee Monthly Web, Street Fax
Loan Portfolio Stratifications Trustee Monthly Web, Street Fax
Loan Schedule Trustee Monthly Web, Street Fax
CSSA Periodic Loan Update File Servicer Monthly Web, Street Fax
Comparative Financial Status Report Servicer Monthly Web, Street Fax
Delinquent Loan Status Servicer Monthly Web, Street Fax
Watch List Servicer Monthly Web, Street Fax
Specially Serviced Mortgage Loan Status Report Servicer Monthly Web, Street Fax
Historical Loan Modification Servicer Monthly Web, Street Fax
Historical Loss Estimate Report Servicer Monthly Web, Street Fax
STATE STREET INFORMATION DELIVERY VEHICLES
- ------------------------------------------
Web Site: http://corporatetrust.statestreet.com
Street Fax: (617) 664-5600
To sign up for a Street Fax account: (617) 664-5430
Street Connections (factors and rates): (617) 664-5500
For other information delivery requests: [email protected]
DEAL-SPECIFIC CONTACTS
- ----------------------
Account Officer (trustee and paying agent questions): Julie Kirby (617) 664-5330
Account Administrator (analytics and collateral questions): Dan Spillane (617) 664-5458
Servicer Midland Loan Services (816) 435-5175
Special Servicer Clarion Partners
</TABLE>
4
<PAGE>
MORGAN STANLEY CAPITAL I INC.
[LOGO] MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
B-270
PAYMENT DATE: DECEMBER 3, 1998
RECORD DATE: NOVEMBER 30, 1998
W.A.C RATE: 6.988876749%
<TABLE>
<CAPTION>
REPORT TO CERTIFICATEHOLDERS
PAYMENT SUMMARY
- -----------------------------------------------------------------------------------------------------------
Orig. Fitch Pass-thru Interest Original
Class Cusip Ratings Rate Type Balance
- -----------------------------------------------------------------------------------------------------------
<S><C>
A-1 61745MGG2 AAA 6.220000% Variable 176,000,000.00
A-2 61745MGH0 AAA 6.450000% Variable 102,000,000.00
A-3 61745MGJ6 AAA 6.480000% Variable 393,239,000.00
X* 61745MGK3 AAA 0.555257% Variable 796,229,000.00
B 61745MGL1 AA+ 6.478877% Variable 13,888,000.00
C 61745MGM9 AA 6.538877% Variable 46,293,000.00
D 61745MGN7 A 6.608877% Variable 64,809,000.00
E 61745MGP2 BBB 6.988877% Variable 46,292,000.00
F 61745MGQ0 BBB- 6.988877% Variable 11,663,000.00
G 61745MGR8 BBB- 6.988877% Variable 30,000,000.00
H 61745MGS6 BB 6.988877% Variable 27,776,000.00
J 61745MGT4 B 6.988877% Variable 13,888,151.00
R 61745MGV9 NR 0.000000% N/A 0.00
- -----------------------------------------------------------------------------------------------------------
* Based on a Notional 925,848,151.00
--------------
Class Q represents beneficial ownership interest in Default interest subject to the obligation to pay interest on Advances
- -------------------------------------------------------------------------------------------------------------------------------
Q N/A N/A 0.00 N/A 0.00
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Principal Interest Total Ending
Class Cusip Balance Paid Paid Paid Balance
- -------------------------------------------------------------------------------------------------------------------------------
A-1 61745MGG2 172,123,071.03 843,232.46 892,171.25 1,735,403.71 171,279,838.57
A-2 61745MGH0 102,000,000.00 0.00 548,250.00 548,250.00 102,000,000.00
A-3 61745MGJ6 393,239,000.00 0.00 2,123,490.60 2,123,490.60 393,239,000.00
X* 61745MGK3 792,352,071.03 0.00 366,632.66 366,632.66 791,508,838.57
B 61745MGL1 13,888,000.00 0.00 74,982.20 74,982.20 13,888,000.00
C 61745MGM9 46,293,000.00 0.00 252,253.52 252,253.52 46,293,000.00
D 61745MGN7 64,809,000.00 0.00 356,928.91 356,928.91 64,809,000.00
E 61745MGP2 46,292,000.00 0.00 269,607.57 269,607.57 46,292,000.00
F 61745MGQ0 11,663,000.00 0.00 67,926.06 67,926.06 11,663,000.00
G 61745MGR8 30,000,000.00 0.00 174,721.92 174,721.92 30,000,000.00
H 61745MGS6 27,776,000.00 0.00 161,769.20 161,769.20 27,776,000.00
J 61745MGT4 13,888,151.00 0.00 80,885.48 80,885.48 13,888,151.00
R 61745MGV9 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------------
* Based on a Notional Balance 921,971,222.03 843,232.46 5,369,619.36 6,212,851.82 921,127,989.57
----------------------------------------------------------------------------------------------
Class Q represents beneficial ownership interest in Default interest subject to the obligation to pay interest on Advances
- -------------------------------------------------------------------------------------------------------
Q N/A 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PER CERTIFICATE (3) for complete information see Payment Detail
- ----------------------------------------------------------
Beg. Principal Interest Ending
Class Cert.Factor Dist.(1) Dist.(1) Cert. Factor
- ----------------------------------------------------------
A-1 0.9779720 4.7910935 5.0691548 0.9731809 -------------------------------------------------------------
A-2 1.0000000 0.0000000 5.3750000 1.0000000 For additional information or with questions, please contact:
A-3 1.0000000 0.0000000 5.4000000 1.0000000 -------------------------------------------------------------
X* 0.9951309 0.0000000 0.4604613 0.9940719 STATE STREET CORPORATE TRUST
B 1.0000000 0.0000000 5.3990640 1.0000000 -------------------------------------------------------------
C 1.0000000 0.0000000 5.4490640 1.0000000 Bond Analyst: Dan Spillane (617) 664-5434
D 1.0000000 0.0000000 5.5073973 1.0000000 Account Officer: Julie Kirby (617)664-5330
E 1.0000000 0.0000000 5.8240640 1.0000000 Street Connection:(factor and rate by cusip) (617)664-5500
F 1.0000000 0.0000000 5.8240640 1.0000000 Website: http://corporatetrust.statestreet.com
G 1.0000000 0.0000000 5.8240640 1.0000000 Street Fax:Bondholder & Secondary Market Reports(617)664-5600
H 1.0000000 0.0000000 5.8240640 1.0000000 -------------------------------------------------------------
J 1.0000000 0.0000000 5.8240640 1.0000000
R N/A N/A N/A N/A
- ----------------------------------------------------------
(1) represents net payment per certificate
</TABLE>
- -------------------------------------------------------------------------------
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.
5
<PAGE>
MORGAN STANLEY CAPITAL I INC.
[LOGO] MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
B-270
PAYMENT DATE: DECEMBER 3, 1998
RECORD DATE: NOVEMBER 30, 1998
W.A.C RATE: 6.988876749%
<TABLE>
<CAPTION>
REPORT TO CERTIFICATEHOLDERS
PRINCIPAL DETAIL
- -----------------------------------------------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled Realized Losses/
Class Balance Principal Principal Balance Adj.
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 172,123,071.03 843,232.46 0.00 0.00
A-2 102,000,000.00 0.00 0.00 0.00
A-3 393,239,000.00 0.00 0.00 0.00
X* 792,352,071.03 0.00 0.00 0.00
B 13,888,000.00 0.00 0.00 0.00
C 46,293,000.00 0.00 0.00 0.00
D 64,809,000.00 0.00 0.00 0.00
E 46,292,000.00 0.00 0.00 0.00
F 11,663,000.00 0.00 0.00 0.00
G 30,000,000.00 0.00 0.00 0.00
H 27,776,000.00 0.00 0.00 0.00
J 13,888,151.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
921,971,222.03 843,232.46 0.00 0.00
------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Total Principal Ending Cumulative Cumulative
Class Distribution Amount Balance Realized Losses Appraisal Reduction
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 843,232.46 171,279,838.57 0.00 0.00
A-2 0.00 102,000,000.00 0.00 0.00
A-3 0.00 393,239,000.00 0.00 0.00
X* 0.00 791,508,838.57 0.00 0.00
B 0.00 13,888,000.00 0.00 0.00
C 0.00 46,293,000.00 0.00 0.00
D 0.00 64,809,000.00 0.00 0.00
E 0.00 46,292,000.00 0.00 0.00
F 0.00 11,663,000.00 0.00 0.00
G 0.00 30,000,000.00 0.00 0.00
H 0.00 27,776,000.00 0.00 0.00
J 0.00 13,888,151.00 0.00 0.00
R 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
843,232.46 921,127,989.57 0.00 0.00
-------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST DETAIL
- -------------------------------------------------------------------------------------------------------------------------------
Accrued Beginning Unpaid Interest on Excess Prepay.
Class Certificate Interest Interest Unpaid Interest Int. Shortfall
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 892,171.25 0.00 0.00 0.00
A-2 548,250.00 0.00 0.00 0.00
A-3 2,123,490.60 0.00 0.00 0.00
X(1)* 366,632.66 0.00 0.00 0.00
B 74,982.20 0.00 0.00 0.00
C 252,253.52 0.00 0.00 0.00
D 356,928.91 0.00 0.00 0.00
E 269,607.57 0.00 0.00 0.00
F 67,926.06 0.00 0.00 0.00
G 174,721.92 0.00 0.00 0.00
H 161,769.20 0.00 0.00 0.00
J 80,885.48 2.05 0.14 0.00
R 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------------
5,369,619.36 2.05 0.00
----------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Current Interest Prepayment Total Interest Cumulative Unpaid Deferred
Class Shortfalls Premiums Distr. Amount Interest Shortfall Interest
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 892,171.25 0.00 0.00
A-2 0.00 0.00 548,250.00 0.00 0.00
A-3 0.00 0.00 2,123,490.60 0.00 0.00
X(1)* 0.00 0.00 366,632.66 0.00 0.00
B 0.00 0.00 74,982.20 0.00 0.00
C 0.00 0.00 252,253.52 0.00 0.00
D 0.00 0.00 356,928.91 0.00 0.00
E 0.00 0.00 269,607.57 0.00 0.00
F 0.00 0.00 67,926.06 0.00 0.00
G 0.00 0.00 174,721.92 0.00 0.00
H 0.00 0.00 161,769.20 0.00 0.00
J 0.00 0.00 80,885.48 2.20 0.00
R 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 5,369,619.36 2.20 0.00
-------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
MORGAN STANLEY CAPITAL I INC.
[LOGO] MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
B-270
PAYMENT DATE: DECEMBER 3, 1998
RECORD DATE: NOVEMBER 30, 1998
W.A.C RATE: 6.988876749%
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. wih respect to REO Property and credited to Collection Account
<CAPTION>
--------------------------------
APPRAISAL REDUCTIONS Current Total Cum. Total
- ----------------------------------------------------------------------------------------
<S> <C> <C>
# of Loans
- ----------------------------------------------------------------------------------------
Amount
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
TWELVE MONTH SUMMARY OF PREPAYMENTS AND PREPAYMENT PENALTIES:
- --------------------------------------------------
MONTH/YEAR Prepayments Penalties
----------
<S> <C> <C>
Dec-98 0.00 0.00
Nov-98 0.00 0.00
Oct-98 0.00 0.00
Sep-98 0.00 0.00
Aug-98 0.00 0.00
Jul-98 72,369.88 0.00
Jan-00 0.00 0.00
Jan-00 0.00 0.00
Jan-00 0.00 0.00
Jan-00 0.00 0.00
Jan-00 0.00 0.00
- --------------------------------------------------
</TABLE>
7
<PAGE>
MORGAN STANLEY CAPITAL I INC.
[LOGO] MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
B270
PAYMENT DATE: December 3, 1998
RECORD DATE: November 30, 1998
W.A.C RATE: 6.988876749%
REPORT TO CERTIFICATEHOLDERS
- --------------------------------------------------------
Maturity Date
Class at 0% CPR
- --------------------------------------------------------
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
- --------------------------------------------------------
- ------------------------------------------------------------
Original Subordination Current Subordination
CLASS Support % Support %
- ------------------------------------------------------------
A 27.50% 27.64%
X-1* 27.50% 27.64%
B 26.00% 26.13%
C 21.00% 21.11%
D 14.00% 14.07%
E 9.00% 9.05%
F 7.74% 7.78%
G 4.50% 4.52%
H 1.50% 1.51%
J 0.00% 0.00%
- ------------------------------------------------------------
<TABLE>
<CAPTION>
<S><C>
OTHER INFORMATION
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
COLLATERAL INFORMATION
Closing Collateral Balance 925,848,151.00
Beginning Collateral Balance 921,971,222.03
Ending Collateral Balance 921,127,989.57
FEES
Servicer 19,453.84
Trustee 2,304.93
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>
8
<PAGE>
<TABLE>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-XL1 PAYMENT DECEMBER 3,
1998
UNDERWRITER MORGAN STANLEY DEAN REPORT B270-05
WITTER
LOAN LEVEL DETAIL
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am End Note
Loan# Type Date State Date (Y/N) Sched Bal Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Lodging CA 20230101 N 163,642,976 6.900
2 Retail TX 20280601 N 162,224,488 6.670
3 Mixed Use CA 20230501 N 142,883,674 7.170
4 Retail TN 20280501 N 76,000,000 6.900
5 Multi-family Var 20071101 N 74,788,849 7.280
6 Industrial Var 20221001 N 58,991,793 7.500
7 Multi-family Var 20280401 N 50,000,000 6.790
8 Retail IL 20280301 N 49,816,673 7.730
9 Retail Var 20271201 N 49,523,794 6.830
10 Office VA 20280101 N 48,462,403 7.190
11 Retail OK 20280601 N 44,793,339 6.820
- ------------------------------------------------------------------------------------------------------------------------------------
totals 921,127,990
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Offer Sched Prepay/ Prepay Paid Thru Prepmt Loan
Loan# P&I Liquid/adj Date Date Premium Status
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 1,162,685.15 0.00 0 12011998 0.00 0
2 1,048,561.51 0.00 0 12011998 0.00 0
3 1,033,432.00 0.00 0 12011998 0.00 0
4 437,000.00 0.00 0 12011998 0.00 0
5 516,580.27 0.00 0 12011998 0.00 0
6 443,394.71 0.00 0 12011998 0.00 0
7 282,916.67 0.00 0 12011998 0.00 0
8 357,515.34 0.00 0 12011998 0.00 0
9 326,962.39 0.00 0 12011998 0.00 0
10 331,596.47 0.00 0 12011998 0.00 0
11 293,966.09 0.00 0 12011998 0.00 0
- -----------------------------------------------------------------------------------------------------------------------
totals 6,234,610.60 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------
If state field is blank loan has properties in multiple states.
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Loan
Status:
A= Payment not received but still in grace period, B= Late payment but less than
1mo., 0= Current, 1= 1 mo. delinquent, 2= 2mo. delinquent, 3= Three or
more mo. delinquent
4= Assumed scheduled payment (performing matured balloon), 7= Foreclosure, 9=REO
- --------------------------------------------------------------------------------
9
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
PAYDATE: DECEMBER 3, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ACTUAL PAID NRV REPORT
ASSET NO BORROWER NAME PRIN BAL THRU DATE NRV MONTH YEAR
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MASTER SERVICED AND CURRENT
PERFORMING
030219310 MAGELLAN ACACIA PARK LP 74,851,328.00 11/01/98 06/01/98 94,775,000.00 07 1998
08 1998
09 1998
030219310 Total:
030219311 RAMCO PROPERTIES ASSOCIATES LP 49,568,628.00 11/01/98 06/01/98 77,000,000.00 07 1998
08 1998
09 1998
030219311 Total:
030219312 L-O CORONADO HOLDING II INC 163,863,440.00 11/01/98 06/01/98 330,000,000.00 07 1998
08 1998
09 1998
030219312 Total:
030219313 WEST TOWN MALL JOINT VENTURE 76,000,000.00 11/01/98 06/01/98 160,000,000.00 07 1998
08 1998
09 1998
030219313 Total:
030219314 NORTH TOWER LLC 143,062,304.00 11/01/98 06/01/98 235,000,000.00 07 1998
08 1998
09 1998
030219314 Total:
030219315 GLENBOROUGH FUND V LP 59,066,024.00 11/01/98 06/01/98 118,800,000.00 07 1998
08 1998
09 1998
030219315 Total:
030219316 COURTHOUSE PLAZA ASSOCIATES LP 48,503,384.00 11/01/98 06/01/98 69,100,000.00 07 1998
08 1998
09 1998
030219316 Total:
030219317 CENTERAMERICA CAPITAL PARTNERS 162,370,544.00 11/01/98 06/01/98 264,765,104.00 07 1998
08 1998
09 1998
030219317 Total:
030219318 EQR FLATLANDS LLC 50,000,000.00 11/01/98 06/01/98 100,650,000.00 07 1998
08 1998
09 1998
030219318 Total:
030219319 DAYJAY ASSOCIATES 44,832,508.00 11/01/98 06/01/98 85,457,816.00 07 1998
08 1998
09 1998
030219319 Total:
030219320 CHARLESTOWNE MALL LLC 49,853,052.00 11/01/98 06/01/98 86,600,000.00 07 1998
08 1998
09 1998
030219320 Total:
Master Serviced and Current Total:
PORTFOLIO TOTAL
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
SCHED PYMT SERVICE FEES PERIOD
ASSET NO BORROWER NAME ADVS RECOV ADVS RECOV ADV TOTL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MASTER SERVICED AND CURRENT
PERFORMING
030219310 MAGELLAN ACACIA PARK LP 516,580.28 - - - 516,580.28
- 516,580.28 - - - 516,580.28
516,580.28 516,580.28 - - -
030219310 Total: 1,033,160.56 1,033,160.56 - - -
030219311 RAMCO PROPERTIES ASSOCIATES LP 326,962.38 - - - 326,962.38
- 326,962.38 - - - 326,962.38
326,962.38 326,962.38 - - -
030219311 Total: 653,924.75 653,924.75 - - -
030219312 L-O CORONADO HOLDING II INC 1,162,685.13 - - - 1,162,685.13
- 1,162,685.13 - - - 1,162,685.13
1,162,685.13 1,162,685.13 - - -
030219312 Total: 2,325,370.25 2,325,370.25 - - -
030219313 WEST TOWN MALL JOINT VENTURE 437,000.00 - - - 437,000.00
- 437,000.00 - - - 437,000.00
437,000.00 437,000.00 - - -
030219313 Total: 874,000.00 874,000.00 - - -
030219314 NORTH TOWER LLC 1,033,432.00 - - - 1,033,432.00
- 1,033,432.00 - - - 1,033,432.00
1,033,432.00 1,033,432.00 - - -
030219314 Total: 2,066,864.00 2,066,864.00 - - -
030219315 GLENBOROUGH FUND V LP 443,394.72 - - - 443,394.72
- 443,394.72 - - - 443,394.72
443,394.72 443,394.72 - - -
030219315 Total: 886,789.44 886,789.44 - - -
030219316 COURTHOUSE PLAZA ASSOCIATES LP 331,596.47 - - - 331,596.47
- 331,596.47 - - - 331,596.47
- 331,596.47 - - - 331,596.47
030219316 Total: 331,596.47 663,192.94 - - - 331,596.47
030219317 CENTERAMERICA CAPITAL PARTNERS 1,048,561.50 - - - 1,048,561.50
- 1,048,561.50 - - - 1,048,561.50
1,048,561.50 1,048,561.50 - - -
030219317 Total: 2,097,123.00 2,097,123.00 - - -
030219318 EQR FLATLANDS LLC 282,916.66 - - - 282,916.66
- 282,916.66 - - - 282,916.66
292,347.22 292,347.22 - - -
030219318 Total: 575,263.88 575,263.88 - - -
030219319 DAYJAY ASSOCIATES 293,966.09 - - - 293,966.09
- 293,966.09 - - - 293,966.09
293,966.09 293,966.09 - - -
030219319 Total: 587,932.19 587,932.19 - - -
030219320 CHARLESTOWNE MALL LLC 331,855.13 - - - 331,855.13
- 357,515.34 - - - 357,515.34
357,515.34 357,515.34 - - -
030219320 Total: 689,370.47 715,030.69 - - - 25,660.22
Master Serviced and Current Total: 12,121,395.00 12,478,651.69 - - - 357,256.69
PORTFOLIO TOTAL 12,121,395.00 12,478,651.69 - - - 357,256.69
</TABLE>
10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
PAYDATE: DECEMBER 3, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CUM PERIOD CUM TOTAL
PROP PROTECTION ADV INT INT LATE
ASSET NO BORROWER NAME ESC BAL EXP BAL TOTL EARNED EARNED FEES
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MASTER SERVICED AND CURRENT
PERFORMING
030219310 MAGELLAN ACACIA PARK LP - - 516,580.28 - - -
- - - 516,580.28 - - -
- - - - - -
030219310 Total: - - - - - -
030219311 RAMCO PROPERTIES ASSOCIATES LP - - - 326,962.38 - - -
- - 326,962.38 - - -
- - - - - -
030219311 Total: - - - - - -
030219312 L-O CORONADO HOLDING II INC - - 1,162,685.13 - - -
- - - 1,162,685.13 - - -
- - - - -
- - - - - -
030219312 Total: - - - - - -
030219313 WEST TOWN MALL JOINT VENTURE - - 437,000.00 - - -
- - - 437,000.00 - - -
- - - - - -
030219313 Total: - - - - - -
030219314 NORTH TOWER LLC - - 1,033,432.00 - - -
- - - 1,033,432.00 - - -
- - - - - -
030219314 Total: - - - - - -
030219315 GLENBOROUGH FUND V LP - - 443,394.72 - - -
- - - 443,394.72 - - -
- - - - - -
030219315 Total: - - - - - -
030219316 COURTHOUSE PLAZA ASSOCIATES LP - - 331,596.47 - - -
- - - 331,596.47 - - -
- - - 331,596.47 - - -
030219316 Total: - - - 331,596.47 - - -
030219317 CENTERAMERICA CAPITAL PARTNERS - - 1,048,561.50 - - -
- - - 1,048,561.50 - - -
- - - - - -
030219317 Total: - - - - - -
030219318 EQR FLATLANDS LLC - - 282,916.66 - - -
- - - 282,916.66 - - -
- - - - - -
030219318 Total: - - - - - -
030219319 DAYJAY ASSOCIATES - - 293,966.09 - - -
- - - 293,966.09 - - -
- - - - - -
030219319 Total: - - - - - -
030219320 CHARLESTOWNE MALL LLC - - 331,855.13 - - -
- - - 357,515.34 - - -
- - - - - -
030219320 Total: - - - 25,660.22 - - -
Master Serviced and Current Total: - - - 357,256.69 - - -
PORTFOLIO TOTAL - - - 357,256.69 - - -
<CAPTION>
- ---------------------------------------------------------------------------------------------
% of
ASSET NO BORROWER NAME NRV SRC currexpamt
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MASTER SERVICED AND CURRENT
PERFORMING
030219310 MAGELLAN ACACIA PARK LP 0.5451% -
0.0000% -
0.0000% -
030219310 Total:
030219311 RAMCO PROPERTIES ASSOCIATES LP 0.4246% -
0.0000% -
0.0000% -
030219311 Total:
030219312 L-O CORONADO HOLDING II INC 0.3523% -
0.0000% -
0.0000% -
030219312 Total:
030219313 WEST TOWN MALL JOINT VENTURE 0.2731% -
0.0000% -
0.0000% -
030219313 Total:
030219314 NORTH TOWER LLC 0.4398% -
0.0000% -
0.0000% -
030219314 Total:
030219315 GLENBOROUGH FUND V LP 0.3732% -
0.0000% -
0.0000% -
030219315 Total:
030219316 COURTHOUSE PLAZA ASSOCIATES LP 0.4799% -
0.0000% -
0.4799% -
030219316 Total:
030219317 CENTERAMERICA CAPITAL PARTNERS 0.3960% -
0.0000% -
0.0000% -
030219317 Total:
030219318 EQR FLATLANDS LLC 0.2811% -
0.0000% -
0.0000% -
030219318 Total:
030219319 DAYJAY ASSOCIATES 0.3440% -
0.0000% -
0.0000% -
030219319 Total:
030219320 CHARLESTOWNE MALL LLC 0.3832% -
0.0000% -
030219320 Total: 0.0000% -
Master Serviced and Current Total:
</TABLE>
11
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
DECEMBER 3, 1998
LOSS DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
LATEST
APPRAISAL OR EFFECT NET AMT TOTAL
SERVICER % RECEIVED BROKERS DATE OF SALES RECEIVED SCHEDULED P & I TOTAL
LOAN ID PROPERTY TYPE CITY STATE FROM SALE OPINION SALE 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>
12
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
DECEMBER 3, 1998
LOSS DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
DATE DATE MINOR
LOSS ADJ TOTAL LOSS LOSS % OF
SERVICER SERVICING NET ACTUAL LOSSES PASSED MINOR ADJ PASSED WITH SCHEDULED
LOAN ID PROPERTY TYPE CITY FEES 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>
13
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
DECEMBER 3, 1998
MODIFIED LOAN DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
BALANCE BALANCE AT THE
WHEN SENT TO EFFECTIVE DATE
MOD / EFFECT SPECIAL OF
LOAN ID CITY STATE EXTENSION DATE SERVICER REHABILITATION OLD RATE # MNTHS NEW RATE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Grand Totals Total Loans: 0 - -
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL # EST. FUTURE
MNTHS FOR REALIZED INTEREST LOSS
OLD NEW OLD NEW CHANGE LOSS TO TO TRUST $
LOAN ID CITY STATE P & I P & I MATURITY MATURITY OF MOD TRUST $ (RATE REDUCTION) COMMENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Grand Totals Total Loans: 0 - - - -
</TABLE>
14
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
DECEMBER 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>
15
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
DECEMBER 3, 1998
WATCH LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Current Paid % Loan
Loan Property Sched Thru Maturity Current As Of To
Number Type City State Balance Date Date DSC Date Value Appraisal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total: 0 0
PORTFOLIO TOTAL 0 0
<CAPTION>
- -------------------------------------------------------------------
Appraisal OCC
Date OCC % Date Comment/Reason on Watch List
- -------------------------------------------------------------------
<S> <C> <C> <C>
</TABLE>
16
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
DECEMBER 3, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
Paid Thru Scheduled
Loan No Property Type Property City and State Number Units Date Balance
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
<CAPTION>
- -------------------------------------------
Total PI Total Expense Other
Advances Advances Advances
- -------------------------------------------
<S> <C> <C>
No delinquencies to report
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
DECEMBER 3, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
Total Current Monthly Gross
Loan No Property Type Property City and Exposure PI Payment Int. Rate
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
No delinquencies to report
<CAPTION>
- -----------------------------------------
Maturity NOI
Date As of: NOI DSCR
- -----------------------------------------
<S> <C> <C> <C>
No delinquencies to report
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
DECEMBER 3, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
BPO or Date of Transfer Est. Loss @92% Est.
Loan No Property Type Property City and App. Value Valuation Date Property Value Rec. %
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
19
<PAGE>
<TABLE>
MORGAN STANLEY CAPITAL I, INC. State Street Corporate Trust
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES Web: corporatetrust.statestreet.com
SERIES 1998-XL1 Payment December 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER Report B270-01
<CAPTION>
DISTRIBUTION OF CURRENT SCHEDULED PRINCIPAL BALANCES
- ------------------------------------------------------------------------------------------------------------------------------------
Current
Scheduled # of Aggregate % Tot Weighted Averages
Principal Mtg Sched Prin Sched Mnths Mort
Balance Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
< $45,000,000.01 1 44,793,339 4.86% 1.39 354.00 6.820
$45,000,000.01+ 4 197,802,870 21.47% 1.89 350.01 7.135
$55,000,000.01+ 2 133,780,642 14.52% 1.85 185.93 7.377
$75,000,000.01+ 1 76,000,000 8.25% 2.39 353.00 6.900
$100,000,000.01+ 3 468,751,138 50.89% 1.54 312.71 6.903
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
- ------------------------------------------------------------------------------------------------------------------------------------
Current
Mortgage # of Aggregate % Tot Weighted Averages
Interest Mtg Sched Prin Sched Mnths Mort
Rate Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
< 6.750% 1 162,224,488 17.61% 1.81 354.00 6.670
6.751% - 6.850% 3 144,317,133 15.67% 2.08 351.25 6.813
6.851% - 7.000% 2 239,642,976 26.02% 1.47 309.30 6.900
7.001% - 7.250% 2 191,346,077 20.77% 1.71 307.18 7.175
7.251% - 7.500% 2 133,780,642 14.52% 1.85 185.93 7.377
7.501% + 1 49,816,673 5.41% 1.54 351.00 7.730
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF REMAINING STATED TERM ALL LOANS
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Stated # of Aggregate % Tot Weighted Averages
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 74,788,849 8.12% 1.40 107.00 7.280
121-180 - - 0.00% 0.00 0.00 0.000
181-240 - - 0.00% 0.00 0.00 0.000
241-300 3 365,518,443 39.68% 1.56 290.08 7.102
300+ 7 480,820,698 52.20% 1.90 352.20 6.912
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF PROPERTY TYPE
- ------------------------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Property Mtg Sched Prin Sched Mnths Mort
Types Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail 5 382,358,294 41.51% 1.85 352.63 6.892
Lodging 1 163,642,976 17.77% 1.04 289.00 6.900
Mixed Use 1 142,883,674 15.51% 1.80 293.00 7.170
Multi-Family 2 124,788,849 13.55% 1.92 205.17 7.084
Various 1 58,991,793 6.40% 2.43 286.00 7.500
Office 1 48,462,403 5.26% 1.43 349.00 7.190
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
*All DSCR calculations are most recent non-zero weighted averages
20
<PAGE>
MORGAN STANLEY CAPITAL I, INC. State Street Corporate Trust
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES Web: corporatetrust.statestreet.com
SERIES 1998-XL1 Payment December 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER Report B270-02
<CAPTION>
DISTRIBUTION BY STATE
- ------------------------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Mtg Sched Prin Sched Mnths Mort
States Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 2 306,526,650 33.28% 1.39 290.86 7.026
Texas 1 162,224,488 17.61% 1.81 354.00 6.670
Tennessee 1 76,000,000 8.25% 2.39 353.00 6.900
Illinois 1 49,816,673 5.41% 1.54 351.00 7.730
Virginia 1 48,462,403 5.26% 1.43 349.00 7.190
Oklahoma 1 44,793,339 4.86% 1.39 354.00 6.820
Various 4 233,304,435 25.33% 2.08 255.92 7.135
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF SEASONING
- ------------------------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Seasoning Mtg Sched Prin Sched Mnths Mort
(months) Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-12 8 711,347,348 77.23% 1.61 325.69 6.962
13-24 3 209,780,642 22.77% 2.05 246.46 7.204
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 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF AMORTIZATION TYPE
- ------------------------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
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 74,788,849 8.12% 1.40 107.00 7.280
Fully Amortizing 8 720,339,140 78.20% 1.60 320.61 7.018
IO/Amortizing 2 126,000,000 13.68% 2.51 352.60 6.856
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF MOST RECENT DEBT SERVICE COVERAGE RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Mtg Sched Prin Sched Mnths Mort
DSCR Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Not Populated 1 49,523,794 5.38% 0.00 348.00 6.830
0.001-0.999 0 - 0.00% 0.00 0.00 0.000
1.000-1.250 1 163,642,976 17.77% 1.04 289.00 6.900
1.251-1.500 3 168,044,592 18.24% 1.41 242.63 7.131
1.501-1.750 1 49,816,673 5.41% 1.54 351.00 7.730
1.751-2.000 2 305,108,162 33.12% 1.81 325.43 6.904
2.000+ 3 184,991,793 20.08% 2.48 331.36 7.062
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
*All DSCR calculations are most recent non-zero weighted averages
21
<PAGE>
MORGAN STANLEY CAPITAL I, INC. State Street Corporate Trust
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES Web: corporatetrust.statestreet.com
SERIES 1998-XL1 Payment December 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER Report B270-03
<CAPTION>
DISTRIBUTION OF LOAN TO VALUE RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
Most # of Aggregate % Tot Weighted Averages
Recent Mtg Sched Prin Sched Mnths Mort
LTV Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
< 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+ 4 348,634,769 37.85% 1.81 311.48 6.986
50.001+ 1 44,793,339 4.86% 1.39 354.00 6.820
55.001+ 1 49,816,673 5.41% 1.54 351.00 7.730
60.001+ 3 354,631,956 38.50% 1.81 328.58 6.894
65.001+ 0 - 0.00% 0.00 0.00 0.000
70.000+ 2 123,251,253 13.38% 1.41 202.15 7.245
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 7.017
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF ORIGINAL TERM TO STATED MATURITY
- ------------------------------------------------------------------------------------------------------------------------------------
Original # of Aggregate % Tot Weighted Averages
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 74,788,849 8.12% 1.40 107.00 7.280
181-240 0 - 0.00% 0.00 0.00 0.000
241+ 10 846,339,140 91.88% 1.74 325.37 6.994
- ------------------------------------------------------------------------------------------------------------------------------------
Total 11 921,127,989 100.00% 1.71 307.64 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
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*All DSCR calculations are most recent non-zero weighted averages
**Maturity weighted averages are based on Stated Maturity
NOTE: All DSCR and LTV calculations are pool averages
22
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