SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report : December 3, 1998
(Date of earliest event reported)
Commission File No.: 333-45467-04
Morgan Stanley Capital I, Inc.
Commercial Mortgage Pass-Through Certificates
Series 1998-XL2
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
Pending
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. Other Events
On December 3, 1998 a distribution was made to holders of Morgan Stanley Capital
I, Inc., Commercial Mortgage Pass-Through Certificates Series 1998-XL2
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 1998-XL2, relating to the
December 3, 1998 distribution
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant 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-XL2
December 17,1998 by Norwest Bank Minnesota, N.A., as Trustee
/s/ Sherri J. Sharps, Vice President
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-XL2 Trust, relating to the December
3, 1998 distribution
Norwest Bank Minnesota, N. A.
Corporate Trust Services Morgan Stanley Capital I, Inc.
3 New York Plaza, 15th Floor Commercial Mortgage Pass-Through Certificates
New York, NY 10004 Series 1998-XL2
For Additional Information, please contact
Leslie Gaskill
(212)515-5254
Reports Available on the World Wide Web
@ www.ctslink.com/cmbs
Payment Date: 12/03/1998
Record Date: 11/30/1998
DISTRIBUTION DATE STATEMENT
Table of Contents
STATEMENT SECTIONS PAGE(s)
Certificate Distribution Detail 2
Certificate Factor Detail 3
Reconciliation Detail 4
Other Required Information 5
Ratings Detail 6
Current Mortgage Loan and Property Stratification Tables 7
Mortgage Loan Detail 8
Principal Prepayment Detail 9
Historical Detail 10
Delinquency Loan Detail 11
Specially Serviced Loan Detail 12-13
Modified Loan Detail 14
Liquidated Loan Detail 15
This report has been compiled from information provided to Norwest by various
third parties, which may include the Servicer, Master Servicer, Special Servicer
and others. Norwest has not independently confirmed the accuracy of information
received from these third parties and assumes no duty to do so. Norwest
expressly disclaims any responsibility for the accuracy or completeness of
information furnished by third parties.
Underwriter
Morgan Stanley & Co., Incorporated
1585 Broadway
New York, NY 10036
Contact: General Information Number
Phone Number: (212) 761-4700
Master Servicer
Midland Loan Services, Inc.
210 West 10th Street
Kansas City, MO 64105
Contact: Brad Hauger
Phone Number: (816) 435-5175
Special Servicer
Midland Loan Services, Inc.
210 West 10th Street
Kansas City, MO 64105
Contact: Brad Hauger
Phone Number: (816) 435-5175
This report has been compiled from information provided to Norwest by various
third parties, which may include the Servicer, Master Servicer, Special Servicer
and others.Norwest has not independently confirmed the accuracy of information
recieved from these third parties and assumes no duty to do so. Norwest
expressly disclaims any responsibility for the accuracy or completeness of
information furnished by third parties.
Copyright 1997, Norwest Bank Minnesota, N.A.
<TABLE>
<CAPTION>
Certificate Distribution Detail
Class CUSIP Pass- Through Original Beginning Principal
Rate Balance Balance Distribution
<S> <C> <C> <C> <C> <C>
A-1 61745MJE4 5.950000% 43,300,000.00 43,192,752.18 135,626.66
A-2 61745MJF1 6.170000% 467,121,000.00 467,121,000.00 0.00
B 61745MJH7 6.444187% 75,945,000.00 75,945,000.00 0.00
C 61745MJJ3 6.444187% 42,388,000.00 42,388,000.00 0.00
D 61745MJK0 6.444187% 45,920,000.00 45,920,000.00 0.00
E 61745MJL8 6.444187% 21,194,000.00 21,194,000.00 0.00
F 61745MJM6 5.950000% 10,597,702.00 10,597,702.00 0.00
Q N/A 0.000000% 0.00 0.00 0.00
R N/A 0.000000% 0.00 0.00 0.00
LR N/A 0.000000% 0.00 0.00 0.00
Totals 706,465,702.00 706,358,454.18 135,626.66
</TABLE>
<TABLE>
<CAPTION>
Class CUSIP Interest Prepayment Realized Loss/ Total
Distribution Premiums Additional Trust Distribution
Fund Expenses
<S> <C> <C> <C> <C> <C>
A-1 61745MJE4 214,164.06 0.00 0.00 349,790.72
A-2 61745MJF1 2,401,780.48 0.00 0.00 2,401,780.48
B 61745MJH7 407,836.47 0.00 0.00 421,533.38
C 61745MJJ3 227,630.16 0.00 0.00 235,274.96
D 61745MJK0 246,597.55 0.00 0.00 254,879.36
E 61745MJL8 113,815.08 0.00 0.00 117,637.48
F 61745MJM6 52,546.94 0.00 0.00 52,546.94
Q N/A 0.00 0.00 0.00 0.00
R N/A 0.00 0.00 0.00 0.00
LR N/A 0.00 0.00 0.00 0.00
Totals 3,664,370.74 0.00 0.00 3,799,997.40
</TABLE>
<TABLE>
<CAPTION>
Current Subordination
Class CUSIP Ending Bal Level(1)
<S> <C> <C> <C>
A-1 61745MJE4 43,057,125.52 27.76%
A-2 61745MJF1 467,121,000.00 27.76%
B 61745MJH7 75,945,000.00 17.01%
C 61745MJJ3 42,388,000.00 11.00%
D 61745MJK0 45,920,000.00 4.50%
E 61745MJL8 21,194,000.00 1.50%
F 61745MJM6 10,597,702.00 0.00%
Q N/A 0.00 0.00%
R N/A 0.00 0.00%
LR N/A 0.00 0.00%
Totals 706,222,827.52
<FN>
(1)Calculated by taking (A) the sum of the ending certificate balance of all
classes less (B) the sum of (I) the ending certificate balance of the designated
class and (ii) the ending certificate balance of all classes which are not
subordinate to the designated class and dividing the result by (A).
</FN>
</TABLE>
<TABLE>
<CAPTION>
Original Beginning
Pass-Through Notional Notional
Class CUSIP Rate Amount Amount
<S> <C> <C> <C> <C>
x 61745MJG9 0.238955% 706,465,702.00 706,358,454.18
</TABLE>
<TABLE>
<CAPTION>
Interest Prepayment Total Ending
Class CUSIP Distribution Penalties Distribution Notional
Amount
<S> <C> <C> <C> <C> <C>
x 61745JG9 140,656.77 0.00 140,656.77 706,222,827.52
</TABLE>
<TABLE>
<CAPTION>
Certificate Factor Detail
Realized Loss/
Beginning Principal Interest Prepayment Additional Trust Ending
Class CUSIP Balance Distribution Distribution Penalties Fund Expenses Balance
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 61745MJE4 997.52314503 3.13225543 4.94605219 0.00000000 0.00000000 994.39088961
A-2 61745MJF1 1,000.00000000 0.00000000 5.14166668 0.00000000 0.00000000 1,000.00000000
B 61745MJH7 1,000.00000000 0.00000000 5.37015564 0.00000000 0.00000000 1,000.00000000
C 61745MJJ3 1,000.00000000 0.00000000 5.37015570 0.00000000 0.00000000 1,000.00000000
D 61745MJK0 1,000.00000000 0.00000000 5.37015571 0.00000000 0.00000000 1,000.00000000
E 61745MJL8 1,000.00000000 0.00000000 5.37015570 0.00000000 0.00000000 1,000.00000000
F 61745MJM6 1,000.00000000 0.00000000 4.95833342 0.00000000 0.00000000 1,000.00000000
Q N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
LR N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Beginnning Ending
Notional Interest Prepayment Notional
Class CUSIP Amount Distribution Penalties Amount
<S> <C> <C> <C> <C> <C>
X 61745MJG9 999.84819104 0.19909922 0.00000000 999.65621193
</TABLE>
<TABLE>
<CAPTION>
Reconciliation Detail
Advance Summary
<S> <C>
P & I Advances Outstanding 0.00
Servicing Advances Outstanding 0.00
Reimbursement for Interest on Advances
paid from general collections 0.00
</TABLE>
<TABLE>
<CAPTION>
Servicing Fee Breakdowns
<S> <C>
Current Period Accrued Servicing Fees 14,715.80
Less Delinquent Servicing Fees
Less Reductions to Servicing Fees 0.00
Plus Servicing Fees for Delinquent Payments Received 0.00
Plus Adjustments for Prior Servicing Calculation 0.00
Total Servicing Fees Collected 14,715.80
</TABLE>
<TABLE>
<CAPTION>
Certificate Interest Reconciliation
Class Interest Excess Realized Previously Unpaid Distributable Distributable Interest Remaining
Accrual Prepayment Losses/ Interest (including Certificate Certif. Int Distribution Unpaid
Amount Interest Shortfall Expense Losses interest thereon) Interest Adjustment Interest
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 214,164.06 0.00 0.00 0.00 214,164.06 0.00 214,164.06 0.00
A-2 2,401,780.48 0.00 0.00 0.00 2,401,780.48 0.00 2,401,780.48 0.00
X 140,656.77 0.00 0.00 0.00 140,656.77 0.00 140,656.77 0.00
B 407,836.47 0.00 0.00 0.00 407,836.47 0.00 407,836.47 0.00
C 227,630.16 0.00 0.00 0.00 227,630.16 0.00 227,630.16 0.00
D 246,597.55 0.00 0.00 0.00 246,597.55 0.00 246,597.55 0.00
E 113,815.08 0.00 0.00 0.00 113,815.08 0.00 113,815.08 0.00
F 52,546.94 0.00 0.00 0.00 52,546.94 0.00 52,546.94 0.00
Totals 3,805,027.51 3,805,027.51 0.00 3,805,027.51
</TABLE>
<TABLE>
<CAPTION>
Other Required Information
<S> <C>
Available Funds 3,940,654.17
Aggregate Number of Outstanding Mortgage Loans 7
Aggregate Unpaid Principal Balance of the Mortgage Loans 706,222,827.98
Aggregate Stated principal balance of the Mortgage loans 706,222,827.98
Aggregate Amount of Service Fee 14,715.80
Aggregate Amount of Special Servicing Fee 0.00
Aggregate Amount of Trustee Fee 1,765.90
Aggregate Trust Fund Expenses 0.00
Specially Serviced Loans not Delinquent
Number of outstanding Loans 0
Aggregate Unpaid Principal Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Appraisal Reduction Amount
Appraisal Date Appraisal
Loan Reduction Reduction
Number Effected Effected
<S> <C> <C>
None
Total
</TABLE>
<TABLE>
<CAPTION>
Ratings Detail
Original Ratings
Class Cusip DCR Fitch Moody's S&P
<S> <C> <C> <C> <C> <C>
A-1 61745MJE4 AAA X X AAA
A-2 61745MJF1 AAA X X AAA
X 61745MJG9 AAA X X AAAr
B 61745MJH7 AA X X AA
C 61745MJJ3 A X X A
D 61745MJK0 BBB X X BBB
E 61745MJL8 BBB- X X BBB-
F 61745MJM6 BB X X BB-
</TABLE>
<TABLE>
<CAPTION>
Current Ratings(1)
Class Cusip DCR Fitch Moody's S&P
<S> <C> <C> <C> <C> <C>
A-1 61745MJE4 AAA X X AAA
A-2 61745MJF1 AAA X X AAA
X 61745MJG9 AAA X X AAAr
B 61745MJH7 AA X X AA
C 61745MJJ3 A X X A
D 61745MJK0 BBB X X BBB
E 61745MJL8 BBB- X X BBB-
F 61745MJM6 BB X X BB-
<FN>
NR - Designates that the class was not rated by the above agency at the
time of original issuance.
X - Designates that the above rating agency did not rate any classes in this
transaction at the time of original issuance.
N/A - Data not available this period.
1) For any class not rated at the time of original issuance by any
particular rating agency, no request has been made subsequent to issuance to
obtain rating information, if any, from such rating agency. The current ratings
were obtained directly from the applicable rating agency within 30 days of the
payment date listed above. The ratings may have changed since they were
obtained. Because the ratings may have changed, you may want to obtain current
ratings directly from the rating agencies.
Duff & Phelps Credit Rating Co.
55 East Monroe Street
Chicago, Illinois 60603
(312) 368- 3100
Fitch IBCA, Inc.
One State Street Plaza
New York, New York 10004
(212) 908- 0500
Moodys Investors Service
99 Church Street
New York, New York 10007
(212) 553- 0300
Standard & Poors Rating Services
26 Broadway
New York, New York 10004
(212) 208- 8000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Current Mortgage Loan and Property Stratification Tables
STATE (3)
% Of
# of Scheduled Agg WAM Weighted
State Props Balance Bal. (2) WAC Avg DSCR(1)
<S> <C> <C> <C> <C> <C> <C>
Alabama 2 6,432,450.00 0.91 118 6.2000 2.900000
California 1 100,000,000.00 14.16 115 6.4400 1.930000
Connecticut 2 28,761,000.00 4.07 118 6.2000 2.720000
Florida 1 3,521,700.00 0.50 118 6.2000 2.900000
Georgia 2 14,112,000.00 2.00 118 6.2000 2.900000
Indiana 1 1,824,000.00 0.26 118 6.2000 2.720000
Massachusetts 5 46,644,000.00 6.60 118 6.2000 2.720000
Mississippi 8 15,440,700.00 2.19 118 6.2000 2.900000
New Hampshire 1 105,000,000.00 14.87 118 6.9550 1.670000
New York 2 3,233,100.00 0.46 118 6.2000 2.720000
North Carolina 2 6,176,100.00 0.87 118 6.2000 2.900000
Ohio 4 35,887,000.00 5.08 118 6.2000 2.720000
South Carolina 4 8,279,150.00 1.17 118 6.2000 2.900000
Tennessee 1 8,651,000.00 1.22 118 6.2000 2.720000
Texas 1 155,000,000.00 21.95 118 6.4700 2.170000
Virginia 3 82,967,477.08 11.75 117 6.4501 2.117504
Washington 1 84,293,250.90 11.94 117 6.6800 1.730000
Totals 41 706,222,827.98 100.00 117 6.4922 2.156120
</TABLE>
<TABLE>
<CAPTION>
Property Type (3)
Property # of Scheduled % of Weighted
Type Props. Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<S> <C> <C> <C> <C> <C> <C>
Anchored Retail 36 195,000,000.00 27.61 118 6.2000 2.784615
Office 1 66,929,577.08 9.48 117 6.5100 1.930000
Regional "Mills" Mall 1 155,000,000.00 21.95 118 6.4700 2.170000
Regional Mall 3 289,293,250.90 40.96 117 6.6969 1.777357
Totals 41 706,222,827.98 100.00 117 6.4922 2.156120
<FN>
(1) Debt service Coverage Ratios are calucated as described in the prospectus,
values are updated periodically as new NOI figures become available from
borrowers on an asset level.The Trustee makes no reprensentations as to the
accuracy of the data provided by the borrower for this calculation.
(2) WAM is calculated based upon the Effective Maturiy Date
(3) Data in this table was calculated by allocating pro-rata the current loan
information to the properties based upon the Cut-off Date
</FN>
</TABLE>
<TABLE>
<CAPTION>
Mortgage Loan Detail
Loan First Effective Maturity Beginning
Interest Principal Gross Payment Maturity Date Scheduled
ODCR Name Payment Payment Coupon Date Date Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Grapevine Mills 835,708.33 0.00 6.470% 8/12/1998 10/1/2008 9/1/2032 155,000,000.00
2 Edens & Avant Pool I 645,833.33 0.00 6.200% 9/18/1998 10/1/2008 10/1/2028 125,000,000.00
3 Mall of New Hampshire 608,562.50 0.00 6.955% 3/24/1998 10/1/2008 4/1/2028 105,000,000.00
4 Westside Pavillion 536,666.67 0.00 6.440% 7/1/1998 7/1/2008 7/1/2031 100,000,000.00
5 Northtown Mall 469,647.10 74,492.25 6.680% 8/4/1998 9/1/2008 9/1/2028 84,293,250.90
6 Edens & Avant Pool II 361,666.67 0.00 6.200% 9/18/1998 10/1/2008 10/1/2028 70,000,000.00
7 Crystal Park IV 363,424.61 61,134.41 6.510% 8/26/1998 9/1/2008 9/1/2028 66,929,577.08
Totals 3,821,509.21 135,626.66 706,358,454.64
</TABLE>
<TABLE>
<CAPTION>
Ending Paid Latest Financial Res. Mod.
Scheduled Thru Statement DSCR Strat Code
ODCR Name Balance Date Date (2) (3)
<S> <C> <C> <C> <C> <C> <C> <C>
1 Grapevine Mills 155,000,000.00 12/1/98 2.17
2 Edens & Avant Pool I 125,000,000.00 12/1/98 2.72
3 Mall of New Hampshire 105,000,000.00 12/1/98 1.67
4 Westside Pavillion 100,000,000.00 12/1/98 1.93
5 Northtown Mall 84,293,250.90 12/1/98 1.73
6 Edens & Avant Pool II 70,000,000.00 12/1/98 2.90
7 Crystal Park IV 66,929,577.08 12/1/98 1.93
Totals 706,222,827.98
<FN>
(2) Resolution Strategy Code
1- Modification
2- Foreclosure
3- Bankruptcy
4- Extension
5- Note Sale
6- DPO
7- REO
8- Resolved
9- Pending Return to Master Server
10- Deed In Lieu of Foreclosure
(3) Modification Code
1- Maturity Date Extension
2- Amortization Change
3- Principal Write- Off
4- Combination
</FN>
</TABLE>
Principal Payment Detail
No Principal Prepayments this Period
<TABLE>
<CAPTION>
Historical Detail
Delinquencies
Distribution 30-59 Days 60-89 Days 90 Days or More Foreclosure REO Modifications
Date # Balance # Balance # Balance # Balance # Balance # Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
12/03/1998 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
11/04/1998 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
</TABLE>
<TABLE>
<CAPTION>
Prepayments
Distribution Curtailments Payoff
Date # Amount # Amount
<S> <C> <C> <C> <C>
12/03/1998 0 $0.00 0 $0.00
11/04/1998 0 $0.00 0 $0.00
</TABLE>
<TABLE>
<CAPTION>
Rate and Maturities
Distribution Next Weighted Avg. WAM
Date Coupon Remit
<S> <C> <C> <C>
12/03/1998 6.492165% 6.464165% 117
11/04/1998 6.492187% 6.464187% 118
<FN>
Note: Foreclosure and REO Totals are excluded from the delinquencies aging
categories.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Delinquency Loan Detail
Offering # of Current Outstanding
Loan Number Document Months Paid Through P & I P & I
Cross- Reference Delinq. Date Advances Advances**
<S> <C> <C> <C> <C> <C>
No delinquent Loans this period
</TABLE>
<TABLE>
<CAPTION>
Status of Resolution Current
Loan Number Mortgage Strategy Servicing Foreclosure Servicing
Loan(1) Code Transfer Date Date Advances
<S> <C> <C> <C> <C> <C>
No Specially Serviced Loans this Period
</TABLE>
<TABLE>
<CAPTION>
Outstanding
Loan Number Servicing Bankruptcy REO
Advances Date Date
<S> <C> <C> <C>
<FN>
(1) Status of Mortgage Loan
A- Payment Not Received But Still in Grace Period
B- Late Payment But Less Than 1 Month Delinquent
0- Current
1- One Month Delinquent
2- Two Months Delinquent
3- Three Or More Months Delinquent
4- Assumed Scheduled Payment (Performing Matured Balloon)
7- Foreclosure
9- REO
(2) Resolution Strategy Code
1- Modification
2- Foreclosure
3- Bankruptcy
4- Extension
5- Note Sale
6- DPO
7- REO
8- Resolved
9- Pending Return to Master Servicer
10-Deed In Lieu Of Foreclosure
** Outstanding P & I Advances include the current period advance
</FN>
</TABLE>
Specially Serviced Loan Detail - Part 1
No Specially Serviced Loans this Period
Specially Serviced Loan Detail - Part 2
No Specially Serviced Loans this Period
Modified Loan Detail
No Modified Loans
Liquidated Loan Detail
No Liquidated Loans this Period
