-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PX7SDac8degFMGIpV40kOGTem6mDamFGF1UHxMq8xuUEEVUr5beZctOxZOkRERDT kSEHJiAPprkOlzYGEmXqMA== 0000950123-03-004818.txt : 20030428 0000950123-03-004818.hdr.sgml : 20030428 20030428114659 ACCESSION NUMBER: 0000950123-03-004818 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030423 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES TRUST CENTRAL INDEX KEY: 0000910108 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133717318 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12386 FILM NUMBER: 03666063 BUSINESS ADDRESS: STREET 1: 355 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126927260 MAIL ADDRESS: STREET 1: 355 LEXINGTON AVE STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 y85794e8vk.txt LEXINGTON CORPORATE PROPERTIES TRUST SECURITIES AND EXCHANGE COMMISION 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 (Date of earliest event reported): April 23, 2003 LEXINGTON CORPORATE PROPERTIES TRUST ------------------------------------ (Exact Name of Registrant as specified in its charter) Maryland 1-12386 13-3717318 -------- ------- ---------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 355 Lexington Avenue, New York, New York 10017 ---------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number,including area code: (212) 692-7260 Not Applicable -------------- (Former name or former address, if changed since last report) Item 5. Other Events and Regulation FD Disclosure On April 23, 2003, Lexington Corporate Properties Trust (the "Trust") issued a press release announcing its financial results for the quarter ended March 31, 2003 (the "Press Release"). A copy of the Press Release is furnished with this report as an exhibit. Except to the extent set forth under Item 12 below, the contents of the Press Release shall be deemed "filed" pursuant to Item 5 of Form 8-K for purposes of the Securities Exchange Act of 1934 (the "Exchange Act"). Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (a) not applicable (b) not applicable (c) Exhibits 99.1 Press Release of Lexington Corporate Properties Trust dated April 23, 2003 Item 12. Results of Operations and Financial Condition The information contained under the heading "Comments from Management" in the Press Release shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language included in such filing. This report (including the exhibit attached hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. 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. By: Lexington Corporate Properties Trust Date: April 28, 2003 By: /s/ Patrick Carroll ------------------------------------- Patrick Carroll Chief Financial Officer EX-99.1 3 y85794exv99w1.txt PRESS RELEASE Exhibit 99.1 [FRB LOGO] [NEWS LOGO] RE: LEXINGTON CORPORATE PROPERTIES TRUST 355 LEXINGTON AVENUE NEW YORK, NY 10017 FOR FURTHER INFORMATION: AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD: Patrick Carroll Mark Muehlfelt Claire Koeneman Chief Financial Officer Inquiries Inquiries (212) 692-7260 (312) 640-6767 (312) 640-6745 FOR IMMEDIATE RELEASE WEDNESDAY, APRIL 23, 2003 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES FIRST QUARTER RESULTS NEW YORK, NY - APRIL 23, 2003 - LEXINGTON CORPORATE PROPERTIES TRUST (NYSE:LXP), a real estate investment trust, today announced results for its first quarter ended March 31, 2003. QUARTERLY RESULTS Funds from operations were $17.01 million, or $0.48 per diluted share/unit, for the first quarter of 2003, compared to $14.92 million, or $0.47 per diluted share/unit, for the first quarter of 2002. Revenues for the quarter totaled $29.08 million, compared with revenues of $24.81 million for the same period last year. Net income was $8.76 million, which included $0.89 million in gains on sale, in the first quarter of 2003, or $0.29 per diluted share, compared to $7.96 million, which included $0.85 million in gains on sale, or $0.29 per diluted share, for the same period last year. QUARTERLY DIVIDEND DECLARED The Company declared a dividend of $0.335 per share for the first quarter of 2003, payable on May 15, 2003 to shareholders of record on April 30, 2003. The declared dividend is equal to 69.8% of funds from operations per share for the quarter. COMMENTS FROM MANAGEMENT Commenting on Lexington's financial results, T. Wilson Eglin, Chief Executive Officer, said, "We are pleased to report a 4.3% increase in funds from operations per share compared to the quarter ended December 31, 2002. Our operating results in the first quarter of 2003, which include for the first time the consolidated operations of Lexington Realty Advisors, Inc. ("LRA"), were enhanced by $54.6 million of property acquisitions closed last quarter. This active investment pace continued during the first quarter of 2003 when Lexington made new property investments totaling $56.2 million. Today we have $75.7 million of properties under letter of intent. As a result, we are in a very good position to meet or exceed our objective of acquiring $150-$200 million of property this year." MORE LEXINGTON CORPORATE PROPERTIES TRUST Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington common shares closed Tuesday, April 22, 2003 at $ 18.10 per share. Lexington pays an annualized dividend of $1.34 per share. Additional information about Lexington is available at www.lxp.com FINANCIAL TABLES FOLLOW This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission. MORE LEXINGTON CORPORATE PROPERTIES TRUST LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
QUARTER ENDED MARCH 31, 2003 2002 ------------ ------------ Revenues: Rental $ 27,049 $ 22,995 Equity in earnings of non-consolidated entities 1,263 1,426 Advisory fees 411 - Interest and other 358 392 ------------ ------------ 29,081 24,813 ------------ ------------ Expenses: Interest expense 9,368 8,250 Depreciation 6,361 5,183 General and administrative 2,311 1,579 Property operating 916 806 Amortization 532 487 ------------ ------------ 19,488 16,305 ------------ ------------ Income before gains on sale and minority interests 9,593 8,508 Gains on sale 885 854 Minority interests (1,715) (1,401) ------------ ------------ Net income $ 8,763 $ 7,961 Depreciation 6,361 5,183 Minority interests-OP Units 1,346 1,347 Amortization of leasing commissions 200 174 Joint venture adjustment-depreciation 908 1,112 Gains on sale (885) (854) Minority interest share-gains on sale 319 - ------------ ------------ Funds from operations $ 17,012 $ 14,923 ============ ============ Rent below GAAP revenue(1) $ 1,137 $ 645 ============ ============ Per share/unit Basic net income $ 0.29 $ 0.30 Diluted net income $ 0.29 $ 0.29 Funds from operations(3)-basic $ 0.48 $ 0.47 Funds from operations(3)-diluted $ 0.48 $ 0.47 Weighted average shares outstanding(2) 29,983,496 26,509,064 Weighted average OP units outstanding 5,249,715 5,307,021 Dilutive common share options 160,503 272,174 ------------ ------------ Total weighted average shares and units 35,393,714 32,088,259 ============ ============
LEXINGTON CORPORATE PROPERTIES TRUST LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS)
3/31/03 12/31/02 ------- -------- Real estate, at cost $ 978,735 $ 913,370 Accumulated depreciation (141,900) (134,220) Investment in non-consolidated entities 56,407 54,261 Cash and cash equivalents 13,998 12,097 Deferred assets 8,594 8,168 Rent receivable - current 4,967 3,535 Rent receivable - deferred 21,474 20,115 Other assets 17,806 25,145 ------------ ------------ $ 960,081 $ 902,471 ============ ============ Mortgages and notes payable $ 550,507 $ 491,517 Other liabilities 15,596 17,323 Minority interests 56,479 56,846 Shareholders' equity 337,499 336,785 ------------ ------------ $ 960,081 $ 902,471 ============ ============ Common shares outstanding 30,440,885 30,030,048 Operating partnership units outstanding 5,248,306 5,257,365 ------------ ------------ Total outstanding shares/units 35,689,191 35,287,413 ============ ============
(1) Equal to the difference between rents collected and straight-line rental income recognized under generally accepted accounting principles. (2) Includes preferred shares to the extent outstanding in 2002. (3) The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT, and that it can be one measure of a REIT's ability to make cash distributions. FFO is defined in the October 1999 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. (NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. LEXINGTON CORPORATE PROPERTIES TRUST LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE ($000'S EXCEPT PER SHARE DATA)
QUARTER ENDED MARCH 31, EARNINGS PER SHARE 2003 2002 ------ ------ BASIC Net income $ 8,763 $ 7,961 Less preferred dividends -- (693) ------------ ------------ Net income attributable to common shareholders $ 8,763 $ 7,268 ============ ============ Weighted average number of common shares outstanding 29,983,496 24,509,064 ============ ============ Net income per common share $ 0.29 $ 0.30 ============ ============ DILUTED Income attributable to common shareholders $ 8,763 $ 7,268 Add incremental income attributed to assumed conversion of dilutive securities 1,346 1,347 ------------ ------------ Net income attributable to common shareholders $ 10,109 $ 8,615 ============ ============ Weighted average number of shares used in calculation of basic earnings per share 29,983,496 24,509,064 Add incremental shares representing: Shares issuable upon exercises of employee share options 160,503 272,174 Shares issuable upon conversion of dilutive securities 5,249,715 5,307,021 ------------ ------------ Weighted average number of shares used in calculation of dilutive earnings per common share 35,393,714 30,088,259 ============ ============ Net income per common share $ 0.29 $ 0.29 ============ ============ FUNDS FROM OPERATIONS BASIC AND DILUTED Net income attributable to common shareholders $ 8,763 $ 7,268 Add: Depreciation 6,361 5,183 Minority interests-OP Units 1,346 1,347 Amortization of leasing commissions 200 174 Joint venture adjustment-depreciation 908 1,112 Gains on sale (885) (854) Minority interest share-gains on sale 319 - Preferred dividends - 693 ------------ ----------- Funds from operations $ 17,012 $ 14,923 ============ =========== BASIC Weighted average shares outstanding-basic EPS 29,983,496 24,509,064 Operating partnership units 5,249,715 5,307,021 Preferred shares - 2,000,000 ------------ ----------- Weighted average shares outstanding-basic FFO 35,233,211 31,816,085 ============ =========== FFO per share $ 0.48 $ 0.47 ============ =========== DILUTED Weighted average shares outstanding-diluted EPS 35,393,714 30,088,259 Preferred shares - 2,000,000 ------------ ----------- Weighted average shares outstanding-diluted FFO 35,393,714 32,088,259 ============ =========== FFO per share $ 0.48 $ 0.47 ============ ===========
### LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the quarter ended March 31, 2003 TABLE OF CONTENTS I. Income Statement........................................................................ 1 II. Balance Sheet........................................................................... 2 III. Property Holdings....................................................................... 3 IV. Properties by Location.................................................................. 11 V. Lease Rollover Schedules................................................................ 12 VI. Mortgages and Notes Payable............................................................. 14 VII. Revenue by Tenant Industry.............................................................. 18 VIII. Other Revenue Data...................................................................... 19
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
QUARTER ENDED MARCH 31, 2003 2002 ------------ ------------ Revenues: Rental $ 27,049 $ 22,995 Equity in earnings of non-consolidated entities 1,263 1,426 Advisory fees 411 - Interest and other 358 392 ------------ ------------ 29,081 24,813 ------------ ------------ Expenses: Interest expense 9,368 8,250 Depreciation 6,361 5,183 General and administrative 2,311 1,579 Property operating 916 806 Amortization 532 487 ------------ ------------ 19,488 16,305 ------------ ------------ Income before gains on sale and minority interests 9,593 8,508 Gains on sale 885 854 Minority interests (1,715) (1,401) ------------ ------------ Net income $ 8,763 $ 7,961 Depreciation 6,361 5,183 Minority interests-OP Units 1,346 1,347 Amortization of leasing commissions 200 174 Joint venture adjustment-depreciation 908 1,112 Gains on sale (885) (854) Minority interest share - gains on sale 319 - ------------ ------------ Funds from operations $ 17,012 $ 14,923 ============ ============ Rent below GAAP revenue(1) $ 1,137 $ 645 ============ ============ Per share/unit Basic net income $ 0.29 $ 0.30 Diluted net income $ 0.29 $ 0.29 Funds from operations(3)-basic $ 0.48 $ 0.47 Funds from operations(3)-diluted $ 0.48 $ 0.47 Weighted average shares outstanding(2) 29,983,496 26,509,064 Weighted average OP units outstanding 5,249,715 5,307,021 Dilutive common share options 160,503 272,174 ------------ ------------ Total weighted average shares and units 35,393,714 32,088,259 ============ ============
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS)
3/31/03 12/31/02 ------- -------- Real estate, at cost $ 978,735 $ 913,370 Accumulated depreciation (141,900) (134,220) Investment in non-consolidated entities 56,407 54,261 Cash and cash equivalents 13,998 12,097 Deferred assets 8,594 8,168 Rent receivable - current 4,967 3,535 Rent receivable - deferred 21,474 20,115 Other assets 17,806 25,145 ------------ ------------ $ 960,081 $ 902,471 ============ ============ Mortgages and notes payable $ 550,507 $ 491,517 Other liabilities 15,596 17,323 Minority interests 56,479 56,846 Shareholders' equity 337,499 336,785 ------------ ------------ $ 960,081 $ 902,471 ============ ============ Common shares outstanding 30,440,885 30,030,048 Operating partnership units outstanding 5,248,306 5,257,365 ------------ ------------ Total outstanding shares/units 35,689,191 35,287,413 ============ ============
(1) Equal to the difference between rents collected and straight-line rental income recognized under generally accepted accounting principles. (2) Includes preferred shares in 2002. (3) The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT, and that it can be one measure of a REIT's ability to make cash distributions. FFO is defined in the October 1999 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. (NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. 2 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 3/31/03
- -------------------------------------------------------------------------------------------------------- YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) (8000) ($ 000) FOOTAGE (MO/YR) - -------------------------------------------------------------------------------------------------------- OFFICE 295 Chipeta Way Northwest Pipeline Corp. $ 2,193 $ 2,193 295,000 9/09 Salt Lake City, UT 1600 Viceroy Drive Var Tec Telecom, Inc. 799 871 249,452 9/15 Dallas, TX 9950 Mayland Drive Circuit City Stores, Inc. 715 698 288,562 2/10 Richmond, VA 2750 Monroe Boulevard Quest Diagnostics, Inc.(3) 556 639 109,281 4/11 Valley Forge, PA 1301 California Circle Artesyn North America, 640 637 100,026 12/05 Milpitas, CA Inc.(Balfour Beatty plc) 700 Oakmont Lane North American Van - 629 269,715 11/15 Westmont, IL Lines, Inc. (SIRVA, Inc.)(4)(5) 13651 McLearen Road Boeing North American 634 619 159,664 5/08 Herndon, VA Services, Inc. (The Boeing Company) 2211 South 47th Street Avnet, Inc. 584 617 176,402 11/07 Phoenix, AZ 4200 RCA Boulevard The Wackenhut Corp. 541 536 114,518 2/11 Palm Beach Gardens, FL 3476 Stateview Blvd Wells Fargo Home 503 503 169,083 1/13 Fort Mill, SC Mortgage (6)(7) 200 Executive Blvd. S Hartford Fire Insurance Co. 541 502 153,364 12/05 Southington, CT 19019 No. 59th Avenue Honeywell, Inc. 501 495 252,300 7/06 Glendale, AZ 3615 North 27th Avenue Bank One, Arizona, N.A. 475 475 179,280 11/03 Phoenix, AZ 401 Elm Street Lockheed Martin Corp. 467 467 126,000 12/06 Marlborough, MA (Honeywell, Inc.) 26210 and 26220 Apria Healthcare Group, 398 448 100,012 1/12 Enterprise Court Inc. Lake Forest, CA 9275 S.W. Peyton Lane Hollywood Entertainment 367 383 122,853 11/08 Wilsonville, OR Corp. 160 Clairemont Avenue Allied Holdings, Inc. 387 382 112,248 12/07 Decatur, GA 10419 North 30th Street Time Customer Service, 339 352 132,981 7/10 Tampa, FL Inc. (Time, Inc.)
3 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 3/31/03
- ------------------------------------------------------------------------------------------------------ YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ------------------------------------------------------------------------------------------------------ 250 Rittenhouse Circle Jones Apparel Group 289 346 255,019 3/13 Bristol, PA USA, Inc. (1) (Jones Apparel Group, Inc.) 400 Butler Farm Road Nextel Communications of 310 326 100,632 12/09 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 13430 N. Black Canyon Bull HN Information 268 271 137,058 10/05 Freeway Systems, Inc. Phoenix, AZ 180 Rittenhouse Circle Jones Apparel Group 216 243 96,000 7/13 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 2300 Litton Lane Fidelity Corporate 225 241 81,744 4/07 Hebron, KY Real Estate, LLC (2) 16275 Technology Drive Hewlett Packard 204 222 65,755 1/10 San Diego, CA 5600 Broken Sound Blvd OCE Printing Systems 186 207 143,290 2/20 Boca Raton, FL USA, Inc. 2401 Cherahala Boulevard Advance PCS, Inc. 98 205 59,748 5/13 Knoxville, TN 421 Butler Farm Road Nextel Communications of 173 180 56,515 1/10 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 12000 Tech Center Drive Kelsey-Hayes Company 176 170 80,230 4/07 Livonia, MI 1440 East 15th Street Cox Communications, Inc. 100 114 28,591 9/16 Tucson, AZ 250 Turnpike Road Honeywell Consumer 108 108 57,698 9/15 Southborough, MA Products 183 Plains Road IKON Office Solutions 84 84 27,360 12/04 Milford, CT ====================================== SUBTOTAL $ 13,077 $ 14,163 4,300,381 ======================================
4 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 3/31/03
- ----------------------------------------------------------------------------------------------------------- YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ----------------------------------------------------------------------------------------------------------- INDUSTRIAL 541 Perkins Jones Road Kmart Corp. $ 2,340 $ 2,233 1,700,000 9/07 Warren , OH 3501 West Avenue H Michaels Stores, Inc. 801 826 762,775 9/19 Lancaster, CA 8305 SE 58th Avenue Associated Grocers of 468 560 668,034 12/18 Ocala, FL Florida, Inc. 6345 Brackbill Boulevard Exel Logistics, Inc. 509 463 507,000 3/12 Mechanicsburg, PA (NFC plc) 159 Farley Drive Harbor Freight Tools 410 453 474,473 12/16 Dillon, SC (Central Purchasing, Inc.) 590 Ecology Lane Owens Corning 405 405 193,891 12/20 Chester, SC 4425 Purks Road Lear Technologies LLC 351 341 183,717 7/06 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 340 337 330,000 11/06 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, Inc. 160 302 354,676 4/12 Groveport, OH (Andrx Corporation) 3102 Queen Palm Drive Time Customer Service, 236 254 229,605 7/10 Tampa, FL Inc.(Time, Inc.) 2280 Northeast Drive Ryder Integrated 249 251 276,480 7/12 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 252 250 252,000 11/06 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 225 246 400,522 5/09 Hebron, OH 12025 Tech Center Drive Kelsey-Hayes Company 244 240 100,000 4/07 Livonia, MI 3600 Southgate Drive Sygma Network, Inc. 233 233 149,500 10/15 Danville, IL 46600 Port Street Johnson Controls, Inc. 211 211 134,160 12/06 Plymouth, MI 1133 Poplar Creek Road Corporate Express Office 189 202 196,946 1/14 Henderson, NC Products, Inc. (Buhrmann, N.V.) 222 Tappan Drive North The Gerstenslager Company 168 167 296,720 5/05 Mansfield, OH (Worthington Industries)
5 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 3/31/03
- ------------------------------------------------------------------------------------------------------ YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ------------------------------------------------------------------------------------------------------ 34 East Main Street Exel Logistics, Inc. 165 163 179,200 11/06 New Kingston, PA (NFC plc) 450 Stern Street Johnson Controls, Inc. 160 160 111,160 12/06 Oberlin, OH 109 Stevens Street Unisource Worldwide, 135 147 168,800 9/09 Jacksonville, FL Inc. 904 Industrial Road Tenneco Automotive 147 146 195,640 8/05 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 128 Crews Drive Stone Container 126 143 185,961 8/12 Columbia, SC Corporation 191 Arrowhead Drive Owens Corning 144 136 250,410 2/10 Hebron, OH 7150 Exchequer Drive Corporate Express Office 87 92 65,043 10/13 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 324 Industrial Park Road SKF USA, Inc. 91 91 72,868 12/14 Franklin, NC 187 Spicer Drive Dana Corporation 86 85 148,000 8/07 Gordonsville, TN 1 Boudreau Road TNT Canada, Inc. 80 83 122,876 8/12 Alberta, Canada 300 McCormick Road Ameritech Services, Inc. 64 64 20,000 5/05 Columbus, OH 730 W. Fairmont The Tranzonic Companies 51 51 49,951 2/09 Tempe, AZ 1601 Pratt Avenue Tenneco Automotive 40 41 53,600 8/05 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 3350 Miac Cove Road Mimeo.com, Inc. 44 38 141,359 10/09 Memphis, TN ====================================== SUBTOTAL $ 9,211 $9,414 8,975,367 ======================================
6 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 03/31/03
- ------------------------------------------------------------------------------------------------------ YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ------------------------------------------------------------------------------------------------------ RETAIL 150 N.E. 20th Street Fred Meyer, Inc. $ 207 $ 302 118,179 5/11 Newport, OR 2655 Shasta Way Fred Meyer, Inc. 252 252 178,204 3/08 Klamath Falls, OR Fort Street Mall, King Liberty House, Inc. 241 243 85,610 9/09 Street Honolulu, HI 12235 N. Cave Creek Bally's Health & 189 205 36,556 6/08 Phoenix, AZ Tennis Corporation 35400 Cowan Road Sam's Real Estate 188 188 102,826 1/09 Westland, MI Business Trust 4733 Hills & Dales Road Scandinavian Health 175 171 37,214 12/08 Canton, OH Spa, (Bally Total Fitness Corp.) 24100 Laguna Hills Mall Federated Department 169 168 160,000 1/06 Laguna Hills, CA Stores, Inc. 1160 White Horse Road Physical Fitness 205 168 31,750 7/07 Voorhees, NJ Centers of Philadelphia, Inc. (Bally Total Fitness Corp.) 7111 Westlake Terrace The Home Depot USA, 193 162 95,000 4/06 Bethesda, MD Inc. (8) 5917 S. La Grange Road Bally Total Fitness 165 135 25,250 7/07 Countryside, IL Corp. 4831 Whipple Avenue, Best Buy Co., Inc. 116 116 46,350 2/18 N.W. Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, 109 116 76,164 1/15 Eau Claire, WI Inc. A1 21 South Wal-Mart Real Estate 114 114 56,132 1/09 Jacksonville, AL Business Trust 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 108 106 42,842 5/06 Clackamas, OR 5801 Bridge Street Champion Fitness IV, 128 105 24,990 8/07 DeWitt, NY Inc. (Bally Total Fitness Corp.) 399 Peach Wood Centre Best Buy Co., Inc. 99 99 45,800 2/18 Drive Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 99 98 43,105 5/06 Boulevard Lynwood, WA
7 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 03/31/03
- ----------------------------------------------------------------------------------------------------------- YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ----------------------------------------------------------------------------------------------------------- 7272 55th Street Circuit City Stores, 97 94 45,308 10/08 Sacramento, CA Inc. 6910 S. Memorial Highway Toys "R" Us, Inc. 91 89 43,123 5/06 Tulsa, OK 2275 Browns Bridge Road Wal-Mart Stores, Inc. 82 82 89,199 1/09 Gainesville, GA 6405 South Virginia Comp USA, Inc. 84 81 31,400 12/08 Street Reno, NV 5055 West Sahara Avenue Circuit City Stores, 71 69 36,053 12/08 Las Vegas, NV Inc. 9580 Livingston Road GFS Realty, Inc. 102 69 107,337 2/14 Oxon Hill, MD (Giant Food, Inc.) 7055 Highway 85 South Wal-Mart Stores, Inc. 67 67 81,911 1/11 Riverdale, GA 121 South Center Street Greyhound Lines, Inc. 50 50 17,000 12/09 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 56 38 51,682 4/17 Rockville, MD (Giant Food, Inc.) 2832 Chandler Mountain Circuit City Stores, 25 25 9,300 11/06 Road Inc. Lynchburg, VA 6475 Dobbin Road Offenbacher Aquatics, -- 11 65,200 4/13 Columbia, MD Inc(9) =========== =========================== SUBTOTAL $ 3,482 $ 3,423 1,783,485 =========== =========================== =========== =========================== GRAND TOTAL $25,770 $27,000 15,059,233 =========== ===========================
(1) Tenant can cancel lease on 03/26/08 with 12 months notice and payment of $1,392. (2) Tenant can cancel lease on 04/30/04 with 270 days notice and a payment of $899. (3) Expense stop on this property is $393 per annum. (4) The Company is responsible for real estate taxes for the first year of the lease which are estimated to be $380. (5) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment of $1,300. (6) Expense stop to be determined on first year anniversary. The Company is responsible for actual expenses from 01/01/03 through 12/31/03 (first year anniversary). (7) Tenant has the right to contract leased space by 27,000 square feet on 01/31/08 with six months notice and a payment estimated to be $696. In addition, the tenant can cancel lease on 01/31/10 with twelve months notice and a payment estimated to be $3,968. (8) The Company has a 33.85% economic interest in this property. (9) 17,100 square feet subject to a lease. 8 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE JOINT VENTURE PROPERTY CHART 03/31/03
- ----------------------------------------------------------------------------------------------------------- YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ----------------------------------------------------------------------------------------------------------- OFFICE 389-399 Interpace Highway Aventis Pharmaceuticals, $ 1,961 $ 2,122 340,240 1/10 Morris Corporate Center IV Inc. (Pharma Holdings Parsippany, NJ GmbH)(1) 17 Technology Circle Blue Cross Blue Shield 1,604 1,733 456,304 9/09 Columbia, SC of South Carolina Inc.(2) 6555 Sierra Drive True North Communications 1,002 1,062 247,254 1/10 Irving, TX Inc.(1) 15375 Memorial Drive Vastar Resources, Inc.(1) 859 859 327,325 9/09 Houston, TX 10300 Kincaid Drive Bank One Indiana, 796 822 193,000 10/09 Fishers, IN N.A.(1)(4) 600 International Parkway First USA Management 702 730 125,155 9/09 Lake Mary, FL Services, Inc.(1)(3) 550 International Parkway First USA Management 677 705 125,920 9/09 Lake Mary, FL Services, Inc.(1)(3) 2000 Eastman Drive Structural Dynamic 655 697 212,836 4/11 Milford, OH Research Corp.(1) 14040 Park Center Road NEC America, Inc.(1) 458 506 108,000 7/09 Herndon, VA 2210 Enterprise Drive Washington Mutual 380 425 177,747 6/08 Florence, SC Home Loan, Inc.(5) 3701 Corporate Drive Motorola, Inc.(1) 7 7 119,829 12/16 Farmington Hills, MI ===================================== SUBTOTAL OFFICE $ 9,101 $ 9,668 2,433,610 =====================================
9 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE JOINT VENTURE PROPERTY CHART 03/31/03
- ----------------------------------------------------------------------------------------------------------- YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ----------------------------------------------------------------------------------------------------------- INDUSTRIAL 101 Michelin Drive TNT Logistics North(1) $ 776 $ 807 1,164,000 8/12 Laurens, SC America, Inc. (TPG N.V.) 7111 Crabb Road TNT Logistics North(1) 519 540 752,000 8/12 Temperance, MI America, Inc. (TPG N.V.) 291 Park Center Drive Kraft Foods North 355 379 344,700 6/11 Winchester, VA America, Inc. (1) ------------------------------------- SUBTOTAL INDUSTRIAL $ 1,650 $ 1,726 2,260,700 ------------------------------------- $ 10,751 $11,394 4,694,310 =====================================
(1) The Company has a 33 1/3% economic interest in this property. (2) The Company has a 40% economic interest in this property. (3) Cumulative expense stop on these properties is $1,264 per annum. (4) Expense stop on this property is $768 per annum. (5) The Company has a 22.73% economic interest in this property. 10 THE LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTIES BY LOCATION 03/31/03
HISTORICAL 3-MONTHS ENDED MARCH 31, 2003 -------------------- NO. OF NUMBER OF PERCENT SQUARE FEET RENT PERCENT OF LOCATIONS LOCATIONS PROPERTIES(1) LEASED ($000'S)(1) TOTAL RENT - --------------------------------------------------------------------------------------------- 1 Ohio 10 100% 3,429,888 $ 3,828 12.38% 2 South Carolina 8 100 2,867,259 2,662 8.61 3 Florida 7 100 1,708,303 2,534 8.20 4 California 8 100 1,250,876 2,490 8.05 5 Pennsylvania 7 100 1,728,500 2,441 7.90 6 Arizona 7 100 860,138 2,228 7.21 7 Utah 1 100 295,000 2,193 7.09 8 Virginia 7 100 1,067,373 2,143 6.93 9 Michigan 9 100 1,722,002 1,519 4.91 10 Texas 3 100 824,031 1,511 4.89 11 Oregon 4 100 462,078 1,043 3.37 12 Illinois 3 100 444,465 997 3.23 13 New Jersey 2 100 371,990 875 2.83 14 Connecticut 2 100 180,724 586 1.90 15 Massachusetts 2 100 183,698 575 1.86 16 Georgia 3 100 283,358 531 1.72 17 Tennessee 3 70 349,107 328 1.06 18 North Carolina 2 100 269,814 293 0.95 19 Maryland 4 85 319,219 280 0.91 20 Indiana 1 100 193,000 274 0.89 21 Iowa 1 100 276,480 251 0.81 22 Hawaii 1 100 85,610 243 0.79 23 Kentucky 1 100 81,744 241 0.78 24 Nevada 2 100 67,453 150 0.49 25 Wisconsin 1 100 76,164 116 0.38 26 Alabama 1 100 56,132 114 0.36 27 New York 1 100 24,990 105 0.34 28 Washington 1 100 43,105 98 0.32 29 Louisiana 1 100 65,043 92 0.30 30 Oklahoma 1 100 43,123 89 0.28 31 Canada 1 100 122,876 83 0.26 --------------------------------------------------------------------------------- TOTAL 105 99.2% 19,753,543 $ 30,913 100.0% ---------------------------------------------------------------------------------
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 11 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE LEASE ROLLOVER SCHEDULE BY PROPERTY TYPE - CASH BASIS 03/31/03
OFFICE INDUSTRIAL RETAIL - ------------------------------------------------------------------------------------------------------------ CASH RENTAL NET RENT CASH RENTAL NET RENT CASH RENTAL NET RENT YEAR REVENUE(1) PSF REVENUE(1) PSF REVENUE(1) PSF - ------------------------------------------------------------------------------------------------------------ 2003 $ 1,742 $ 10.60 $ -- $ -- $ -- $ -- 2004 687 15.00 -- -- -- -- 2005 6,225 15.94 1,701 3.01 -- -- 2006 3,888 10.28 6,199 5.21 2,732 6.95 2007 6,153 13.65 10,739 5.51 1,991 24.28 2008 4,896 13.57 -- -- 3,727 10.22 2009 14,947 16.37 2,059 3.15 2,418 6.89 2010 10,722 17.42 1,801 3.75 -- -- 2011 4,808 16.44 536 4.67 1,096 5.48 2012 2,036 20.35 7,619 3.40 - -- 2013 5,890 10.16 412 6.34 231 13.50 2014 -- -- 1,238 4.59 205 1.91 2015 7,300 12.66 924 6.24 469 6.15 2016 1,619 26.33 1,967 4.19 -- -- 2017 -- -- -- -- 115 2.23 2018 -- -- 2,519 3.77 860 9.33 2019 -- -- 3,417 4.48 -- -- 2020 2,500 17.44 1,603 8.35 -- -- WTG. AVG. $ 15.10 $ 4.28 $ 7.98 ======= ======= =======
(1) Includes proportionate share of joint venture investments. 12 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE LEASE ROLLOVER SCHEDULE - GAAP BASIS 03/31/03 ($000's)
PERCENTAGE OF TOTAL TOTAL NUMBER OF ANNUALIZED ANNUALIZED YEAR LEASES EXPIRING RENT (1) RENT - --------------------------------------------------------------- 2003 1 $ 1,742 1.4% 2004 2 687 0.5 2005 7 8,074 6.4 2006 14 14,142 11.3 2007 10 17,511 13.9 2008 9 7,982 6.3 2009 16 19,262 15.3 2010 8 11,762 9.4 2011 6 6,886 5.5 2012 8 8,549 6.8 2013 6 6,191 4.9 2014 3 1,447 1.2 2015 5 7,822 6.2 2016 3 3,286 2.6 2017 1 152 0.1 2018 3 3,098 2.5 2019 1 3,312 2.6 2020 2 3,848 3.1 ------------------------------------------------ TOTAL 105 $ 125,753 100.0% ================================================
(1) Includes proportionate share of joint venture investments. 13 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE MORTGAGES AND NOTES PAYABLE 03/31/03 ($000's)
- --------------------------------------------------------------------------------------------------------------- ESTIMATED DEBT INTEREST ANNUAL BALLOON PROPERTY - FIXED RATE BALANCE RATE MATURITY DEBT SERVICE PAYMENT - --------------------------------------------------------------------------------------------------------------- Gainesville, GA (first) $ 171 13.000% 01-01-04 $ 219 $ -- Oxon Hill, MD 368 6.250 03-01-04 381 -- REMIC Financing 62,753 8.150 05-25-05 6,353 60,001 Salt Lake City, UT 4,721 7.870 10-01-05 2,099 -- Bethesda, MD 1,832 9.250 05-01-06 669 -- Warren, OH 25,615 7.000 10-01-07 6,160 -- Bristol, PA 9,800 7.400 02-01-08 831 9,262 Boca Raton, FL(j) 15,275 5.250 03-01-08 802 15,275 Decatur, GA 6,789 6.720 06-01-08 579 6,049 Phoenix, AZ 14,457 7.890 06-05-08 1,434 12,591 Palm Beach Gardens, FL 11,468 7.010 06-15-08 970 10,418 Canton, OH 3,377 7.150 08-11-08 313 2,936 Spartanburg, SC 2,804 7.150 08-11-08 260 2,438 Hebron, KY 5,391 7.000 10-23-08 451 4,935 Gainesville, GA (second)(i) 853 7.500 01-01-09 -- -- Ocala, FL 13,309 7.250 02-01-09 1,332 10,700 Canton, OH 1,750 9.490 02-28-09 388 -- Baton Rouge, LA 1,948 7.375 03-01-09 208 1,470 Bristol, PA 6,149 7.250 04-01-09 571 5,228 Livonia, MI 11,091 7.800 04-01-09 992 10,236 Henderson, NC 4,469 7.390 05-01-09 417 3,854 Westland, MI 3,207 10.500 09-01-09 683 -- Salt Lake City, UT 14,768 7.610 10-01-09 2,901 -- Richmond, VA 16,593 8.100 02-01-10 1,511 15,257 Hampton, VA 4,501 8.260 04-01-10 415 4,144 Hampton, VA 7,339 8.270 04-01-10 677 6,758 Tampa, FL 8,404 6.930 08-01-10 674 7,603 Tampa, FL 6,080 6.880 08-01-10 485 5,495 Herndon, VA 18,922 8.180 12-05-10 1,723 17,301 San Diego, CA 4,319 7.500 01-01-11 411 3,420 Tucson, AZ 2,473 7.500 01-01-11 226 2,076 Columbia, SC 3,459 7.540 01-01-11 317 2,905 Valley Forge, PA 13,251 7.120 02-10-11 1,166 10,927 Glendale, AZ 14,882 7.400 04-01-11 1,258 13,365 Auburn Hills, MI 7,294 7.010 06-01-11 637 5,918 Plymouth, MI 4,840 7.960 07-01-11 463 3,949
14 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE MORTGAGES AND NOTES PAYABLE 03/31/03 ($000's)
- ------------------------------------------------------------------------------------------------------------------- ESTIMATED DEBT INTEREST ANNUAL BALLOON PROPERTY BALANCE RATE MATURITY DEBT SERVICE PAYMENT - ------------------------------------------------------------------------------------------------------------------- New Kingston, PA 7,338 7.790 01-01-12 678 6,101 Mechanicsburg, PA 5,417 7.780 01-01-12 500 4,503 New Kingston, PA 3,497 7.780 01-01-12 323 2,906 Lake Forest, CA 10,905 7.260 02-01-12 901 9,708 Groveport, OH(f) 7,800 6.030 10-01-12 477 6,860 Dallas, TX 21,655 7.490 12-31-12 2,020 16,030 Fort Mill, SC 11,631 6.000 01-01-13 839 9,904 Lancaster, CA (first) 10,714 7.020 09-01-13 900 8,637 Lancaster, CA (second) 8,980 5.920 09-01-13 642 7,518 Knoxville, TN(g) 5,330 5.950 09-01-13 356 4,488 Eau Claire, WI 2,318 8.000 07-01-14 313 -- Franklin, NC 2,031 8.500 04-01-15 263 -- Southborough, MA 2,215 7.500 09-01-15 275 -- Danville, IL 6,692 9.000 01-01-16 692 4,578 Dillon, SC 12,333 7.900 12-01-16 1,263 5,273 Westmont, IL 16,380 6.210 03-01-18 1,292 9,662 ------------ ----- --------- ---------- $ 469,958 7.411% $ 50,710 $ 350,679 ------------ ----- --------- ---------- PROPERTY-VARIABLE RATE Milipitas, CA(a)(e) $ 17,100 4.308% 07-01-04 $ 2,158 $ 14,480 Chester, SC(k) 10,820 7.500 08-01-04 1,072 10,474 Marlborough, MA(b) 8,023 3.250 08-01-05 506 7,452 Hebron, OH(c) 9,606 3.625 12-05-05 542 9,067 ------------ ----- --------- ---------- $ 45,549 4.736% $ 4,278 $ 41,473 ------------ ------ --------- ---------- CORPORATE Warren, OH(d) $ 12,500 5.073% 10-01-07 $ 643 $ 12,500 Credit Facility(h) 22,500 3.384 03-30-04 772 22,500 ------------ ----- --------- ---------- 35,000 3.987% $ 1,415 $ 35,000 ------------ ------ --------- ---------- TOTAL $ 550,507 6.972% $ 56,403 $ 427,152 ============ ====== ========= ==========
- --------------------------------- (a) Floating rate debt, 30 day LIBOR plus 297 bps (b) Floating rate debt, 90 day LIBOR plus 190 bps (c) Floating rate debt, 30 day LIBOR plus 225 bps (d) Floating rate debt, 90 day LIBOR plus 375 bps (e) All property cash flows will be used for principal amortization. (f) Interest only through April 2004, and $563 in annual debt service thereafter. (g) Interest only through May 2003, and $381 in annual debt service thereafter. (h) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps. (i) Mortgage is accrual only through 01/31/04. Commencing 02/01/04 annual debt service of $218 is due. (j) Interest only through maturity (k) Floating rate debt, 30 day LIBOR plus 225 bps, floor 7.500% 15 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE MORTGAGES PAYABLE 03/31/03 ($000's)
- -------------------------------------------------------------------------------------------------------------- ESTIMATED DEBT INTEREST ANNUAL BALLOON JOINT VENTURE PROPERTY BALANCE RATE MATURITY DEBT SERVICE PAYMENT - -------------------------------------------------------------------------------------------------------------- Farmington Hills, MI(2,4) $ 24,000 4.410% 08-10-03 $ 388 $ 24,000 Florence, SC(3) 9,505 7.500 02-01-09 869 8,443 Columbia, SC(1) 24,571 7.850 10-01-09 2,196 22,586 Houston, TX(2) 21,556 7.580 10-10-09 2,032 18,229 Fishers, IN(2) 15,265 8.190 04-01-10 1,499 12,960 Herndon, VA(2) 11,744 7.600 09-01-10 1,107 9,769 Lake Mary, FL(2) 13,309 7.880 10-01-10 1,181 12,118 Lake Mary, FL(2) 13,270 7.880 10-01-10 1,178 12,082 Irving, TX(2) 26,701 8.160 10-01-10 2,432 24,454 Parsippany, NJ(2) 41,265 7.350 03-01-11 3,472 37,047 Winchester, VA(2) 10,840 7.330 08-01-11 908 9,675 Milford, OH(2) 17,308 8.170 02-01-12 1,724 12,686 Temperance, MI(2) 11,996 6.000 09-01-12 935 9,400 Laurens, SC(2) 17,895 6.000 09-01-12 1,396 14,022 --------- ----- --------- -------- $ 259,225 7.247% $ 21,317 $ 227,471 ========= ===== ========= ========
- --------------------------------- 1. The Company has a 40% economic interest in this property 2. The Company has a 33 1/3% economic interest in this property 3. The Company has a 22.73% economic interest in this property 4. The Company has arranged for a permanent $21,420 non-recourse, 5.42% fixed rate mortgage, which matures August 2012. Annual debt service for this mortgage is estimated to be $1,500 and a balloon payment of approximately $17,500 will be due at maturity. 16 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE DEBT MATURITY SCHEDULE 03/31/03 ($000's) CONSOLIDATED PROPERTIES
Scheduled Balloon Balloon Weighted Amortization Payments(1) Average Interest Rate ------------ ----------- --------------------- 2003-remaining $ 14,754 $ -- -- 2004 18,705 24,954(2) 5.65% 2005 17,006 76,520(3) 7.14% 2006 15,418 -- -- 2007 16,304 -- -- ----------- --------- ---- $ 82,187 $ 101,474 6.77% =========== ========= ====
JOINT VENTURE PROPERTIES - LXP PROPORTIONATE SHARE
Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2003-remaining $ 728 $ 8,000(4) 4.27% 2004 1,084 -- -- 2005 1,190 -- -- 2006 1,290 -- -- 2007 1,402 -- -- -------- -------- ---- $ 5,694 $ 8,000 4.27% ======== ======== ====
- --------------------------------- (1) Excludes corporate level debt. (2) Milpitas, CA property ($14,480) and Chester, SC property ($10,474). (3) Comprised of the REMIC financing ($60,001), Marlborough, MA property ($7,452), and Hebron, OH mortgages ($9,067). (4) Farmington Hills, MI property. 17 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE REVENUE BY TENANT INDUSTRY 03/31/03
- ------------------------------------------------------------------------------- PERCENTAGE OF HISTORICAL TENANT INDUSTRY 3 MONTHS RENT (1) - ------------------------------------------------------------------------------- Finance/Insurance 10.6% Retail-Department/ Discount Store 10.5 Transportation/Logistics 9.7 Energy 8.0 Healthcare 7.4 Technology 6.4 Retail-Specialty 5.6 Telecommunications 5.6 Aerospace/Defense 5.5 Automotive 4.5 Retail-Electronics 3.8 Construction Materials 3.4 Media/Advertising 3.1 Food 3.0 Consumer Products 2.9 Health/Fitness 2.5 Retail-Food 2.1 Apparel 1.9 Security 1.7 Paper/Containers/Packaging 0.9 Printing/Production 0.9 ----- 100.0% =====
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 18 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE OTHER REVENUE DATA 03/31/03
HISTORICAL 3-MONTHS RENT REVENUE BY PROPERTY TYPE ($000's)(1) PERCENTAGE - ------------------------------------------------------------------------------- Office $ 17,456 56.5% Industrial 9,989 32.3% Retail 3,468 11.2% ---------- -------- $ 30,913 100.0% ========== ======== REVENUE BY CREDIT RATING(2) Investment Grade $ 12,351 40.0% Non Investment Grade 6,486 21.0% Unrated 12,076 39.0% ---------- -------- $ 30,913 100.0% ========== ========
PERCENTAGE OF RENT FOR 3 NUMBER OF MONTHS TOP 15 TENANTS/GUARANTORS PROPERTIES PROPERTY TYPE ENDED 03/31/03 - ---------------------------------------------------------------------------------------------------------------- Kmart Corporation 1 Industrial 7.2% Northwest Pipeline Corp. 1 Office 7.1 Exel Logistics, Inc.(NFC plc) 4 Industrial 3.9 Honeywell, Inc. 3 Office 3.5 Circuit City Stores, Inc. 4 Office(1)/Retail(3) 2.9 Vartec Telecom, Inc. 1 Office 2.8 Michaels Stores, Inc. 1 Industrial 2.7 Owens Corning 3 Industrial 2.5 Bally Total Fitness Corp. 5 Retail 2.5 Aventis Pharmaceuticals, Inc. 1 Office 2.3 Blue Cross Blue Shield of South Carolina Inc. 1 Office 2.2 Quest Diagnostics, Inc. 1 Office 2.1 Artesyn North America, Inc. (Balfour Beatty PLC) 1 Office 2.1 North American Van Lines (SIRVA, Inc.) 1 Office 2.0 Boeing North America Services, Inc. 1 Office 2.0 (The Boeing Company) 29 47.8% == ====
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (2) As of April 21, 2003. 19 -----END PRIVACY-ENHANCED MESSAGE-----