10-D 1 msc06t21_10d-200606.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: May 13, 2006 to June 12, 2006 Commission File Number of issuing entity: 333-125593-12 Morgan Stanley Capital I Trust 2006-TOP21 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor:333-125593 Morgan Stanley Capital I Inc. (Exact name of depositor as specified in its charter) Bear Stearns Commercial Mortgage, Inc. Morgan Stanley Mortgage Capital Inc. Wells Fargo Bank, National Association Principal Commercial Funding, LLC (Exact name of sponsor as specified in its charter) New York (State or other jurisdiction of incorporation or organization of the issuing entity) 54-2193509 54-2193510 54-2193511 54-6696482 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices of the issuing entity) (Zip Code) (410) 884-2000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) A-1 ______ ______ ___X___ _____________ A-2 ______ ______ ___X___ _____________ A-3 ______ ______ ___X___ _____________ A-AB ______ ______ ___X___ _____________ A-4 ______ ______ ___X___ _____________ A-M ______ ______ ___X___ _____________ A-J ______ ______ ___X___ _____________ B ______ ______ ___X___ _____________ C ______ ______ ___X___ _____________ D ______ ______ ___X___ _____________ E ______ ______ ___X___ _____________ F ______ ______ ___X___ _____________ G ______ ______ ___X___ _____________ H ______ ______ ___X___ _____________ J ______ ______ ___X___ _____________ K ______ ______ ___X___ _____________ L ______ ______ ___X___ _____________ M ______ ______ ___X___ _____________ N ______ ______ ___X___ _____________ O ______ ______ ___X___ _____________ P ______ ______ ___X___ _____________ MMA-NA ______ ______ ___X___ _____________ MMB-NA ______ ______ ___X___ _____________ R-I ______ ______ ___X___ _____________ R-II ______ ______ ___X___ _____________ R-III ______ ______ ___X___ _____________ X ______ ______ ___X___ _____________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On June 12, 2006 a distribution was made to holders of Morgan Stanley Capital I Trust 2006-TOP21 The distribution report is attached as an Exhibit to this Form 10-D, please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of Morgan Stanley Capital I Trust 2006-TOP21, relating to the June 12, 2006 distribution. (b) The exhibits required to be filed by Registrant pursuant to Item 601 of Regulation S-K are listed above and in the Exhibit Index that immediately follows the signature page hereof. SIGNATURES 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 thereunto duly authorized. Morgan Stanley Capital I Inc. (Depositor) /s/ Warren Friend Warren Friend, Managing Director Date: June 21, 2006 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Morgan Stanley Capital I Trust 2006-TOP21, relating to the June 12, 2006 distribution. EX-99.1 Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2006-TOP21 For Additional Information, please contact CTSLink Customer Service (301) 815-6600 Reports Available on the World Wide Web @ www.ctslink.com/cmbs Payment Date: June 12, 2006 Record Date: May 31, 2006 Determination Date: June 05, 2006 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 Cash Reconciliation 6 Ratings Detail 7 Current Mortgage Loan and Property Stratification Tables 8 - 10 Mortgage Loan Detail 11 - 14 NOI Detail 15 - 18 Principal Prepayment Detail 19 Historical Detail 20 Delinquency Loan Detail 21 Specially Serviced Loan Detail 22 - 23 Modified Loan Detail 24 Liquidated Loan Detail 25 Bond / Collateral Realized Loss Reconciliation 26 Supplemental Reporting 27 Depositor Morgan Stanley Capital I Inc. 1585 Broadway New York, NY 10036 Contact: General Information Number Phone Number: (212) 761-4700 Master Servicer Wells Fargo Bank, N.A. 1320 Willow Pass Road, Suite 300 investorreporting@wellsfargo.com Concord, CA 94520 Contact: Myung J. Nam Phone Number: Special Servicer ARCap Servicing, Inc. 5221 N. O'Connor Blvd., Ste. 600 Irving, TX 75039 Contact: Chris Crouch Phone Number: (972) 868-5300 This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties. Copyright 2006, Wells Fargo Bank, N.A.

Appraisal Reduction Amount None Cash Reconciliation Detail Total Funds Collected Interest: Scheduled Interest 6,393,801.81 Interest reductions due to Nonrecoverability Determinations 0.00 Interest Adjustments 0.00 Deferred Interest 0.00 Net Prepayment Interest Shortfall 0.00 Net Prepayment Interest Excess 0.00 Extension Interest 0.00 Interest Reserve Withdrawal 0.00 Total Interest Collected 6,393,801.81 Principal: Scheduled Principal 589,101.23 Unscheduled Principal 0.00 Principal Prepayments 0.00 Collection of Principal after Maturity Date 0.00 Recoveries from Liquidation and Insurance Proceeds 0.00 Excess of Prior Principal Amounts paid 0.00 Curtailments 0.00 Negative Amortization 0.00 Principal Adjustments 0.00 Total Principal Collected 589,101.23 Other: Prepayment Penalties/Yield Maintenance 0.00 Repayment Fees 0.00 Borrower Option Extension Fees 0.00 Equity Payments Received 0.00 Net Swap Counterparty Payments Received 0.00 Total Other Collected: 0.00 Total Funds Collected 6,982,903.04 Total Funds Distributed Fees: Master Servicing Fee 40,396.75 Trustee Fee 969.60 Paying Agent Fee 1,065.37 Insurer Fee 0.00 Miscellaneous Fee 0.00 Total Fees 42,431.72 Additional Trust Fund Expenses: Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Special Servicing Fee 0.00 Rating Agency Expenses 0.00 Attorney Fees & Expenses 0.00 Bankruptcy Expense 0.00 Taxes Imposed on Trust Fund 0.00 Non-Recoverable Advances 0.00 Other Expenses 0.00 Total Additional Trust Fund Expenses 0.00 Interest Reserve Deposit 0.00 Payments to Certificateholders & Others: Interest Distribution 6,351,370.23 Principal Distribution 589,101.15 Prepayment Penalties/Yield Maintenance 0.00 Borrower Option Extension Fees 0.00 Equity Payments Paid 0.00 Net Swap Counterparty Payments Paid 0.00 Total Payments to Certificateholders & Others 6,940,471.38 Total Funds Distributed 6,982,903.10

See footnotes on last page of this section.

See footnotes on last page of this section.

Principal Prepayment Detail No Principal Prepayments this Period

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 Bond/Collateral Realized Loss Reconciliation No Realized Losses this Period

Morgan Stanley Capital I Trust 2006-TOP21 10-D