<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: 11/04/98
(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: 11/04/98
By:
Name Julie A. Kirby
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL 1 1998-XL1
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
B270 PAYMENT DATE: NOVEMBER 4, 1998
RECORD DATE: OCTOBER 31, 1998
</TABLE>
SUMMARY OF AVAILABLE INFORMATION
<TABLE>
<CAPTION>
DELIVERY
NAME OF REPORT OR FILE PREPARER FREQUENCY VEHICLES:
---------------------- -------- --------- ---------
<S> <C> <C> <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>
Page 1 of 18
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: NOVEMBER 4, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: OCTOBER 31, 1998
SERIES 1998-XL1 W.A.C. RATE: 7.150341931%
B270
</TABLE>
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 176,000,000.00 172,847,345.99 724,274.96
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 0.691470% Variable 796,229,000.00 793,076,345.99 0.00
B 61745MGL1 AA+ 6.640342% Variable 13,888,000.00 13,888,000.00 0.00
C 61745MGM9 AA 6.700342% Variable 46,293,000.00 46,293,000.00 0.00
D 61745MGN7 A 6.770342% Variable 64,809,000.00 64,809,000.00 0.00
E 61745MGP2 BBB 7.150342% Variable 46,292,000.00 46,292,000.00 0.00
F 61745MGQ0 BBB- 7.150342% Variable 11,663,000.00 11,663,000.00 0.00
G 61745MGR8 BBB- 7.150342% Variable 30,000,000.00 30,000,000.00 0.00
H 61745MGS6 BB 7.150342% Variable 27,776,000.00 27,776,000.00 0.00
J 61745MGT4 B 7.150342% 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 a Notional Balance 925,848,151.00 922,695,496.99 724,274.96
--------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Orig. Fitch Pass-Thru Interest Interest Total Ending
Class CUSIP Ratings Rate Type Paid Paid Balance
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <S> <C>
A-1 61745MGG2 AAA 6.220000% Variable 895,925.41 1,620,200.37 172,123,071.03
A-2 61745MGH0 AAA 6.450000% Variable 548,250.00 548,250.00 102,000,000.00
A-3 61745MGJ6 AAA 6.480000% Variable 2,123,490.60 2,123,490.60 393,239,000.00
X* 61745MGK3 AAA 0.691470% Variable 456,990.63 456,990.63 792,352,071.03
B 61745MGL1 AA+ 6.640342% Variable 76,850.89 76,850.89 13,888,000.00
C 61745MGM9 AA 6.700342% Variable 258,482.44 258,482.44 46,293,000.00
D 61745MGN7 A 6.770342% Variable 365,649.24 365,649.24 64,809,000.00
E 61745MGP2 BBB 7.150342% Variable 275,836.36 275,836.36 46,292,000.00
F 61745MGQ0 BBB- 7.150342% Variable 69,495.36 69,495.36 11,663,000.00
G 61745MGR8 BBB- 7.150342% Variable 178,758.55 178,758.55 30,000,000.00
H 61745MGS6 BB 7.150342% Variable 165,506.58 165,506.58 27,776,000.00
J 61745MGT4 B 7.150342% Variable 82,754.19 82,754.19 13,888,151.00
R 61745MGV9 NR 0.000000% N/A 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------
* Based on a Notional Balance 5,497,990.25 6,222,265.21 921,971,222.03
-------------------------------------------------
</TABLE>
Class Q represents beneficial ownership interest in Default interest subject to
the obligation to pay interest on Advances
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Q N/A N/A 0.00 N/A 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------
<S> <C>
0.00 0.00
- ----------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS PER CERTIFICATE (3) for complete information see Payment Detail
-----------------------------------------------------------------------
Beg. Principal Interest Ending
Class Cert.Factor Dist.(1) Dist.(1) Cert. Factor
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.9820872 4.1151986 5.0904853 0.9779720
A-2 1.0000000 0.0000000 5.3750000 1.0000000
A-3 1.0000000 0.0000000 5.4000000 1.0000000
X* 0.9960405 0.0000000 0.5739437 0.9951309
B 1.0000000 0.0000000 5.5336183 1.0000000
C 1.0000000 0.0000000 5.5836183 1.0000000
D 1.0000000 0.0000000 5.6419516 1.0000000
E 1.0000000 0.0000000 5.9586183 1.0000000
F 1.0000000 0.0000000 5.9586183 1.0000000
G 1.0000000 0.0000000 5.9586183 1.0000000
H 1.0000000 0.0000000 5.9586183 1.0000000
J 1.0000000 0.0000000 5.9586183 1.0000000
R N/A N/A N/A N/A
------------------------------------------------------------------------
(1) represents net payment per certificate
------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------
For additional information or with questions, please contact:
- -------------------------------------------------------------------
- -------------------------------------------------------------------
STATE STREET CORPORATE TRUST
- -------------------------------------------------------------------
- -------------------------------------------------------------------
Bond Analyst: Dan Spillane (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
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
<S> <C>
STATE STREET This report has been prepared by or based on information furnished to State Street Bank and Trust Company ("State
Serving Street") by one or more third parties (e.g., Servicer, Master Servicer, etc.). State Street shall not have and does
Institutional not undertake responsibility for the accuracy or completeness of information provided by such third parties, and
Investors makes no representations or warranties with respect to the accuracy or completeness thereof or the sufficiency
Worldwide 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.
</TABLE>
Page 2 of 18
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: NOVEMBER 4, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: OCTOBER 31, 1998
SERIES 1998-XL1 W.A.C. RATE: 7.150341931%
B270
</TABLE>
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-1 172,847,345.99 724,274.96 0.00 0.00 724,274.96 172,123,071.03 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* 793,076,345.99 0.00 0.00 0.00 0.00 792,352,071.03 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
- -----------------------------------------------------------------------------------------------------------------------------------
922,695,496.99 724,274.96 0.00 0.00 724,274.96 921,971,222.03 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
INTEREST DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Accrued Beginning Interest Excess Current Total Cumulative Unpaid
Certificate Unpaid on 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-1 895,925.41 0.00 0.00 0.00 0.00 0.00 895,925.41 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)* 456,990.63 0.00 0.00 0.00 0.00 0.00 456,990.63 0.00 0.00
B 76,850.89 0.00 0.00 0.00 0.00 0.00 76,850.89 0.00 0.00
C 258,482.44 0.00 0.00 0.00 0.00 0.00 258,482.44 0.00 0.00
D 365,649.24 0.00 0.00 0.00 0.00 0.00 365,649.24 0.00 0.00
E 275,836.36 0.00 0.00 0.00 0.00 0.00 275,836.36 0.00 0.00
F 69,495.36 0.00 0.00 0.00 0.00 0.00 69,495.36 0.00 0.00
G 178,758.55 0.00 0.00 0.00 0.00 0.00 178,758.55 0.00 0.00
H 165,506.58 0.00 0.00 0.00 0.00 0.00 165,506.58 0.00 0.00
J 82,754.19 1.92 0.14 0.00 0.00 0.00 82,754.19 2.05 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
5,497,990.25 1.92 0.00 0.00 0.00 5,497,990.25 2.05 0.00
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 18
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: NOVEMBER 4, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: OCTOBER 31, 1998
SERIES 1998-XL1 W.A.C. RATE: 7.150341931%
B270
</TABLE>
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
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
REOS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
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
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
APPRAISAL REDUCTIONS CURRENT TOTAL CUM. TOTAL
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
# of Loans
- -------------------------------------------------------------------------------------------------------
Amount
- -------------------------------------------------------------------------------------------------------
</TABLE>
TWELVE MONTH SUMMARY OF PREPAYMENTS AND PREPAYMENT PENALTIES:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
Month/Year Prepayments Penalties
---------- ----------- ---------
<S> <C> <C>
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
Jan-00 0.00 0.00
- ------------------------------------------------------------------
</TABLE>
Page 4 of 18
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: NOVEMBER 4, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: OCTOBER 31, 1998
SERIES 1998-XL1 W.A.C. RATE: 7.150341931%
B270
</TABLE>
REPORT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ---------------------------- ------------------------------------------------------------------------------
Maturity Date Original Subordination Current Subordination
Class at 0% CPR Class Support % Support %
- ---------------------------- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 June 3, 2005 A 27.50% 27.62%
A-2 June 3, 2007 X-1* 27.50% 27.62%
A-3 June 3, 2008 B 26.00% 26.11%
B June 3, 2008 C 21.00% 21.09%
C June 3, 2008 D 14.00% 14.06%
D June 3, 2008 E 9.00% 9.04%
E June 3, 2008 F 7.74% 7.77%
F June 3, 2008 G 4.50% 4.52%
G June 3, 2008 H 1.50% 1.51%
- ---------------------------- J 0.00% 0.00%
------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
==================================================================================================================
<S> <C> <C> <C>
COLLATERAL INFORMATION
Closing Collateral Balance 925,848,151.00
Beginning Collateral Balance 922,695,496.99
Ending Collateral Balance 921,971,222.03
FEES
Servicer 19,469.19
Trustee 2,306.74
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 5 of 18
<PAGE>
<TABLE>
<S> <C>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: corporatetrust.statestreet.com
SERIES 1998-XL1 PAYMENT NOVEMBER 4, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-01
</TABLE>
DISTRIBUTION OF CURRENT SCHEDULED PRINCIPAL BALANCES
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
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 44,832,507 4.86% 1.42 355.00 6.820
$45,000,000.01+ 4 197,925,063 21.47% 1.89 351.01 7.135
$55,000,000.01+ 2 133,917,356 14.53% 1.82 186.95 7.377
$75,000,000.01+ 1 76,000,000 8.24% 2.39 354.00 6.900
$100,000,000.01+ 3 469,296,295 50.90% 1.54 313.71 6.903
- ----------------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
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% 1 162,370,540 17.61% 1.81 355.00 6.670
6.751% - 6.853% 3 144,401,135 15.66% 2.09 352.25 6.813
6.851% - 7.002% 2 239,863,446 26.02% 1.47 310.28 6.900
7.001% - 7.252% 2 191,565,692 20.78% 1.71 308.18 7.175
7.251% - 7.502% 2 133,917,356 14.53% 1.82 186.95 7.377
7.501% + 1 1 49,853,052 5.41% 1.54 352.00 7.730
- --------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF REMAINING STATED TERM ALL LOANS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
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 74,851,332 8.12% 1.34 108.00 7.280
121-180 - - 0.00% 0.00 0.00 0.000
181-240 - - 0.00% 0.00 0.00 0.000
241-300 3 365,991,780 39.70% 1.56 291.08 7.102
300+ 7 481,128,111 52.18% 1.90 353.20 6.912
- -------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF PROPERTY TYPE
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
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 5 382,624,727 41.50% 1.85 353.63 6.892
Lodging 1 163,863,446 17.77% 1.04 290.00 6.900
Mixed Use 1 143,062,309 15.52% 1.80 294.00 7.170
Multi-Family 2 124,851,332 13.54% 1.88 206.12 7.084
Various 1 59,066,025 6.41% 2.43 287.00 7.500
Office 1 48,503,384 5.26% 1.43 350.00 7.190
- -------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- -------------------------------------------------------------------------------------------------------------------
*All DSCR calculations are most recent non-zero weighted averages
</TABLE>
Page 6 of 18
<PAGE>
<TABLE>
<S> <C>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: corporatetrust.statestreet.com
SERIES 1998-XL1 PAYMENT NOVEMBER 4, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-02
</TABLE>
DISTRIBUTION BY STATE
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
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 2 306,925,755 33.29% 1.39 291.86 7.026
Texas 1 162,370,540 17.61% 1.81 355.00 6.670
Tennessee 1 76,000,000 8.24% 2.39 354.00 6.900
Illinois 1 49,853,052 5.41% 1.54 352.00 7.730
Virginia 1 48,503,384 5.26% 1.43 350.00 7.190
Oklahoma 1 44,832,507 4.86% 1.42 355.00 6.820
Various 4 233,485,984 25.32% 2.06 256.91 7.135
- -------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
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 9 786,905,197 85.35% 1.58 305.88 6.992
13-24 2 135,066,025 14.65% 2.41 324.70 7.162
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 11 921,971,222 100.00% 1.71 308.63 7.017
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF AMORTIZATION TYPE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
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 74,851,332 8.12% 1.34 108.00 7.280
Fully Amortizing 8 721,119,890 78.22% 1.60 321.60 7.018
IO/Amortizing 2 126,000,000 13.67% 2.51 353.60 6.856
- ------------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF MOST RECENT DEBT SERVICE COVERAGE RATIO
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
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 1 49,568,628 5.38% 0.00 349.00 6.830
0.001-0.999 0 - 0.00% 0.00 0.00 0.000
1.000-1.250 1 163,863,446 17.77% 1.04 290.00 6.900
1.251-1.500 3 168,187,222 18.24% 1.39 243.63 7.131
1.501-1.750 1 49,853,052 5.41% 1.54 352.00 7.730
1.751-2.000 2 305,432,849 33.13% 1.81 326.43 6.904
2.000+ 3 185,066,025 20.07% 2.48 332.35 7.062
- ------------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- ------------------------------------------------------------------------------------------------------------------------
*All DSCR calculations are most recent non-zero weighted averages
</TABLE>
Page 7 of 18
<PAGE>
<TABLE>
<S> <C>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: corporatetrust.statestreet.com
SERIES 1998-XL1 PAYMENT NOVEMBER 4, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-03
</TABLE>
DISTRIBUTION OF LOAN TO VALUE RATIO
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
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+ 4 348,929,471 37.85% 1.81 312.46 6.986
50.001+ 1 44,832,507 4.86% 1.42 355.00 6.820
55.001+ 1 49,853,052 5.41% 1.54 352.00 7.730
60.001+ 3 355,001,477 38.50% 1.81 329.58 6.894
65.001+ 0 - 0.00% 0.00 0.00 0.000
70.000+ 2 123,354,715 13.38% 1.38 203.16 7.245
- ------------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF ORIGINAL TERM TO STATED MATURITY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
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 74,851,332 8.12% 1.34 108.00 7.280
181-240 0 - 0.00% 0.00 0.00 0.000
241+ 10 847,119,890 91.88% 1.74 326.36 6.994
- ------------------------------------------------------------------------------------------------------------------------
Total 11 921,971,222 100.00% 1.71 308.63 7.017
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF MATURITY DATE EXTENSIONS (SINCE DEAL ORIGINATION)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot ------------------------------------------------
Months Mtg Sched Prin Sched Mnths Mort
Extended Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------------
<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 most recent non-zero weighted averages
** Maturity weighted averages are based on Stated Maturity
NOTE: All DSCR and LTV calculations are pool averages
</TABLE>
Page 8 of 18
<PAGE>
<TABLE>
<S> <C>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: corporatetrust.statestreet.com
SERIES 1998-XL1 PAYMENT NOVEMBER 4, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-05
</TABLE>
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
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 163,863,446 6.900 1,162,685.15 0.00 0 11011998 0.00 0
2 Retail TX 20280601 N 162,370,540 6.670 1,048,561.51 0.00 0 11011998 0.00 0
3 Mixed Use CA 20230501 N 143,062,309 7.170 1,033,432.00 0.00 0 11011998 0.00 0
4 Retail TN 20280501 N 76,000,000 6.900 437,000.00 0.00 0 11011998 0.00 0
5 Multi-family Var 20071101 N 74,851,332 7.280 516,580.27 0.00 0 11011998 0.00 0
6 Various Var 20221001 N 59,066,025 7.500 443,394.71 0.00 0 11011998 0.00 0
7 Multi-family Var 20280401 N 50,000,000 6.790 292,347.22 0.00 0 11011998 0.00 0
8 Retail IL 20280301 N 49,853,052 7.730 357,515.34 0.00 0 11011998 0.00 0
9 Retail Var 20271201 N 49,568,628 6.830 326,962.39 0.00 0 11011998 0.00 0
10 Office VA 20280101 N 48,503,384 7.190 331,596.47 0.00 0 11011998 0.00 0
11 Retail OK 20280601 N 44,832,507 6.820 293,966.09 0.00 0 11011998 0.00 0
- -----------------------------------------------------------------------------------------------------------------------------------
totals 921,971,222 6,244,041.15 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
If state field is blank loan has properties in multiple states.
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Loan Status:
<S> <C>
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
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 9 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
PAYDATE: NOVEMBER 4, 1998
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
ACTUAL PAID NRV
ASSET NO BORROWER NAME PRIN BAL THRU DATE NRV
- ----------------------------------------------------------------------------------------------------------------------
MASTER SERVICED AND CURRENT
<S> <C> <C> <C> <C> <C>
PERFORMING
030219310 MAGELLAN ACACIA PARK LP 74,851,328.00 11/01/98 06/01/98 94,775,000.00
030219310 Total:
030219311 RAMCO PROPERTIES ASSOCIATES LP 49,568,628.00 11/01/98 06/01/98 77,000,000.00
030219311 Total:
030219312 L-O CORONADO HOLDING II INC 163,863,440.00 11/01/98 06/01/98 330,000,000.00
030219312 Total:
030219313 WEST TOWN MALL JOINT VENTURE 76,000,000.00 11/01/98 06/01/98 160,000,000.00
030219313 Total:
030219314 NORTH TOWER LLC 143,062,304.00 11/01/98 06/01/98 235,000,000.00
030219314 Total:
030219315 GLENBOROUGH FUND V LP 59,066,024.00 11/01/98 06/01/98 118,800,000.00
030219315 Total:
030219316 COURTHOUSE PLAZA ASSOCIATES LP 48,503,384.00 11/01/98 06/01/98 69,100,000.00
030219316 Total:
030219317 CENTERAMERICA CAPITAL PARTNERS 162,370,544.00 11/01/98 06/01/98 264,765,104.00
030219317 Total:
030219318 EQR FLATLANDS LLC 50,000,000.00 11/01/98 06/01/98 100,650,000.00
030219318 Total:
030219319 DAYJAY ASSOCIATES 44,832,508.00 11/01/98 06/01/98 85,457,816.00
030219319 Total:
030219320 CHARLESTOWNE MALL LLC 49,853,052.00 11/01/98 06/01/98 86,600,000.00
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
REPORT SCHED PYMT SERVICE FEES PERIOD PROP PROTECTION ADV
MONTH YEAR ADVS RECOV ADVS RECOV ADV TOTL ESC BAL EXP BAL TOTL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
07 1998 516,580.28 - - - 516,580.28 - - 516,580.28
08 1998 - 516,580.28 - - -516,580.28 - - -516,580.28
09 1998 516,580.28 516,580.28 - - - - - -
1,033,160.56 1,033,160.56 - - - - - -
07 1998 326,962.38 - - - 326,962.38 - - 326,962.38
08 1998 - 326,962.38 - - -326,962.38 - - -326,962.38
09 1998 326,962.38 326,962.38 - - - - - -
653,924.75 653,924.75 - - - - - -
07 1998 1,162,685.13 - - - 1,162,685.13 - - 1,162,685.13
08 1998 - 1,162,685.13 - - -1,162,685.13 - - -1,162,685.13
09 1998 1,162,685.13 1,162,685.13 - - - - - -
2,325,370.25 2,325,370.25 - - - - - -
07 1998 437,000.00 - - - 437,000.00 - - 437,000.00
08 1998 - 437,000.00 - - -437,000.00 - - -437,000.00
09 1998 437,000.00 437,000.00 - - - - - -
874,000.00 874,000.00 - - - - - -
07 1998 1,033,432.00 - - - 1,033,432.00 - - 1,033,432.00
08 1998 - 1,033,432.00 - - -1,033,432.00 - - -1,033,432.00
09 1998 1,033,432.00 1,033,432.00 - - - - - -
2,066,864.00 2,066,864.00 - - - - - -
07 1998 443,394.72 - - - 443,394.72 - - 443,394.72
08 1998 - 443,394.72 - - -443,394.72 - - -443,394.72
09 1998 443,394.72 443,394.72 - - - - - -
886,789.44 886,789.44 - - - - - -
07 1998 331,596.47 - - - 331,596.47 - - 331,596.47
08 1998 - 331,596.47 - - -331,596.47 - - -331,596.47
09 1998 - 331,596.47 - - -331,596.47 - - -331,596.47
331,596.47 663,192.94 - - -331,596.47 - - -331,596.47
07 1998 1,048,561.50 - - - 1,048,561.50 - - 1,048,561.50
08 1998 - 1,048,561.50 - - -1,048,561.50 - - -1,048,561.50
09 1998 1,048,561.50 1,048,561.50 - - - - - -
2,097,123.00 2,097,123.00 - - - - - -
07 1998 282,916.66 - - - 282,916.66 - - 282,916.66
08 1998 - 282,916.66 - - -282,916.66 - - -282,916.66
09 1998 292,347.22 292,347.22 - - - - - -
575,263.88 575,263.88 - - - - - -
07 1998 293,966.09 - - - 293,966.09 - - 293,966.09
08 1998 - 293,966.09 - - -293,966.09 - - -293,966.09
09 1998 293,966.09 293,966.09 - - - - - -
587,932.19 587,932.19 - - - - - -
07 1998 331,855.13 - - - 331,855.13 - - 331,855.13
08 1998 - 357,515.34 - - -357,515.34 - - -357,515.34
09 1998 357,515.34 357,515.34 - - - - - -
030219320 Total: 689,370.47 715,030.69 - - -25,660.22 - - -25,660.22
Master Serviced and
Current Total: 12,121,395.00 12,478,651.69 - - -357,256.69 - - -357,256.69
PORTFOLIO TOTAL 12,121,395.00 12,478,651.69 - - -357,256.69 - - - 357,256.69
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
CUM PERIOD CUM TOTAL
INT INT LATE % of
EARNED EARNED FEES NRV SRC currexpamt
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- - - 0.5451% -
- - - 0.0000% -
- - - 0.0000% -
- -
- - - 0.4246% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - - 0.3523% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - - 0.2731% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - - 0.4398% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - - 0.3732% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - - 0.4799% -
- - - 0.0000% -
- - - -0.4799% -
- - -
- - - 0.3960% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - - 0.2811% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - - 0.3440% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - - 0.3832% -
- - - 0.0000% -
- - - 0.0000% -
- - -
- - -
</TABLE>
Page 10 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
NOVEMBER 4, 1998
LOSS DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Latest
Appraisal or Effect Net Amt
Servicer % Received Brokers Date of Sales Received Scheduled Total 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>
Page 11 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
NOVEMBER 4, 1998
LOSS DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Actual Date Date Minor
Losses Loss Adj Total Loss Loss % of
Servicer Servicing Net Passed Passed Minor Adj Passed with Scheduled
Loan ID Property Type City State Fees Proceeds thru thru to Trust thru Adjustment Balance
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Grand Totals Total Loans: 0 - - - - - - - #DIV/0!
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 12 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
NOVEMBER 4, 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
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Total # Est. Future
Mnths for Realized Interest Loss
Old New Change Loss to to Trust $
New Rate Old P & I New P & I Maturity Maturity of Mod Trust $ (Rate Reduction) COMMENT
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
Grand Totals Total Loans: 0
Page 13 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
NOVEMBER 4, 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 14 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
NOVEMBER 4, 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
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
Appraisal OCC
Date OCC % Date Comment/Reason on Watch List
- ---------------------------------------------------------------------
<S> <C> <C> <C>
</TABLE>
Page 15 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
NOVEMBER 4, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Paid Thru Scheduled Total PI Total Expense Other
Loan No Property Type Property City and State Number Units Date Balance Advances Advances Advances
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
</TABLE>
Page 16 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
NOVEMBER 4, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Total Current Monthly Gross Maturity NOI
Loan No Property Type Property City and Exposure PI Payment Int. Rate Date As of: NOI DSCR
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
</TABLE>
Page 17 of 18
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
NOVEMBER 4, 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>
Page 18 of 18
