EXHIBIT 99.2

                              SUMMARY STATUS REPORT


                                      -17-
<PAGE>

                                                                    EXHIBIT 99.2

                             SUMMARY STATUS REPORT
                        MORGAN STANLEY CAPITAL 1998 XL1
                               As of: 03/31/1999

<TABLE>
<CAPTION>
                   MORGAN STANLEY CAPITAL 1998 XL1                                                      

                      Scheduled         Paid Thru   Last Prop.   Annual                                 
    Assets             Balance            Date     Inspection   P and I       City             State   
-------------------------------------------------------------------------------------------------------
PERFORMING - Group: GROUP1                                                                             
       <S>            <C>                  <C>      <C>         <C>         <C>                <C>
            001       162,748,345          4/1/99   -  -        13,952,222  CORONADO           CA      
-------------------------------------------------------------------------------------------------------
            002       161,662,662          4/1/99   -  -        12,582,738  Various            TX      
-------------------------------------------------------------------------------------------------------
            003       142,187,353          4/1/99   -  -        12,401,184  LOS ANGELES        CA      
-------------------------------------------------------------------------------------------------------
            004        76,000,000          4/1/99   -  -         5,244,000  KNOXVILLE          TN      
-------------------------------------------------------------------------------------------------------
            005        74,550,499          4/1/99   -  -         6,198,963  Various            Various 
-------------------------------------------------------------------------------------------------------
            006        58,702,710          4/1/99   -  -         5,320,737  Various            Various 
-------------------------------------------------------------------------------------------------------
            007        50,000,000          4/1/99   -  -         3,508,167  Various            Various 
-------------------------------------------------------------------------------------------------------
            008        49,679,699          4/1/99   -  -         4,290,184  ST CHARLES         IL      
-------------------------------------------------------------------------------------------------------
            009        49,351,442          4/1/99   -  -         3,923,549  Various            Various 
-------------------------------------------------------------------------------------------------------
            010        48,296,012          4/1/99   -  -         3,979,158  ARLINGTON          VA      
-------------------------------------------------------------------------------------------------------
            011        44,643,055          4/1/99   -  -         3,527,593  OKLAHOMA CITY      OK      
-------------------------------------------------------------------------------------------------------
       Cnt : 11       917,821,777                               74,928,494                            
                                                   
                                                   
         TOTALS       917,821,777                               74,928,494                            
</TABLE>                                          

<TABLE>
<CAPTION>
                                                                                                                         
                         ORIGINAL                                                         PRIOR YEAR 
                 UNDERWRITING INFORMATION                                             ANNUAL FINANCIAL INFO
                                                                                
Effective        Total                                     %                        Total                                 %  
   Date         Revenue             NOI             DSC   Occ     FS Date          Revenue          NOI            DSC   Occ
----------------------------------------------------------------------------------------------------------------------------
<S>               <C>                <C>            <C>   <C>  <C>    <C>        <C>               <C>             <C>   <C>
06/01/1998         89,489,392        32,755,059     2.34  0    -   -                       0                 0     0.00   0 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         35,067,288        25,277,024     2.00  0           12/31/97    34,157,085        25,518,237     2.02  94 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         36,845,497        21,718,157     1.75  0           12/31/97    39,003,366        23,876,026     1.92   0 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         19,011,423        14,696,027     2.80  0           12/31/97    17,864,747        13,383,720     2.55   0 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         15,711,349         8,956,963     1.44  0           12/31/97    14,837,614         8,176,100     1.31   0 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         18,302,725        11,605,429     2.18  0           12/31/97    18,803,669        11,947,011     2.24   0 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         14,427,359         8,304,075     2.36  0           12/31/97    13,988,710         8,027,538     2.28  94 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         11,833,815         7,760,756     1.80  0           12/31/97    11,055,637         6,931,959     1.61   0 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         10,645,887         8,219,438     2.09  0           12/31/97    11,001,194         8,921,063     2.27   0 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998          9,684,442         6,394,515     1.60  0           12/31/97     9,372,197         6,051,538     1.52   0 
----------------------------------------------------------------------------------------------------------------------------
06/01/1998         10,972,092         7,263,889     2.05  0           12/31/97     8,566,065         4,992,860     1.41   0 
----------------------------------------------------------------------------------------------------------------------------
                  271,991,269       152,951,332                                  178,650,284       117,826,052              
                                                                                                                            
                                                                                                                            
TOTALS            271,991,269       152,951,332                                  178,650,284       117,826,052              
</TABLE>                                                                      

<TABLE>
<CAPTION>
                                                                                                                                 
                           MOST RECENT                                                 ACTUAL YTD                                  
                      ANNUAL FINANCIAL INFO                                          FINANCIAL INFO                                

                   Total                                 %                    Total                                  %       Occ    
    FS Date        Revenue            NOI         DSC   Occ  FS Date          Revenue            NOI        DSC     Occ     As Of   
------------------------------------------------------------------------------------------------------------------------------------
  <S>    <C>       <C>             <C>            <C>   <C>  <C>    <C>       <C>             <C>            <C>    <C>     <C>
  -   -                     0               0     0.00   0   -   -                     0               0     0.00   84       6/30/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0          9/30/98   16,828,099      11,680,414     1.89   91       9/30/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0   -   -                     0               0     0.00   89       9/30/98
------------------------------------------------------------------------------------------------------------------------------------
         12/31/98  19,241,825      14,035,667     2.67  97   -   -                     0               0     0.00   97      12/31/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0   -   -                     0               0     0.00   98       9/25/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0   -   -                     0               0     0.00   97       10/1/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0          9/30/98    7,274,896       4,459,062     2.25   96      11/24/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0   -   -                     0               0     0.00   90       9/30/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0   -   -                     0               0     0.00   98       2/18/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0   -   -                     0               0     0.00  100      11/30/98
------------------------------------------------------------------------------------------------------------------------------------
  -   -                     0               0     0.00   0   -   -                     0               0     0.00   78      10/31/98
------------------------------------------------------------------------------------------------------------------------------------
                   19,241,825      14,035,667                                 24,102,995      16,139,480
                                                                                                        
                                                                                                        
TOTALS             19,241,825      14,035,667                                 24,102,995      16,139,480
</TABLE>


NET CHANGE            
(MOST RECENT ANNUAL   
FROM BASIC INFO)      
                      
 Occ   Rev     DSC
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  0       1     -5    
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  0    -100   -100    
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  0    -100   -100    
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  0    -100   -100    
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  0    -100   -100    
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  0    -100   -100    
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  0    -100   -100    
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Midland Loan Services Confidential                                        Page 1