-----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, K7hXI7RSJeT5M4lafl1u/RET2D0rRitGrN/7prJQujNF9BJfVTvVjtkDua0Vuc2N oDtTaIfsBraooL3eefDiwQ== 0000950123-03-011705.txt : 20031024 0000950123-03-011705.hdr.sgml : 20031024 20031024164139 ACCESSION NUMBER: 0000950123-03-011705 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031023 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031024 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: 03956781 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 y90959e8vk.txt FORM 8-K 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): October 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 October 23, 2003, Lexington Corporate Properties Trust (the "Trust") issued a press release announcing its financial results for the quarter and nine months ended September 30, 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 October 23, 2003 99.2 Supplemental Reporting Package for the nine months ended September 30, 2003 Item 9. Regulation FD Disclosure On October 23, 2003, the Trust made available supplemental information concerning its operations and portfolio as of September 30, 2003. A copy of this supplemental information is furnished as Exhibit 99.2 to this report on Form 8-K. The information contained in Item 9 of this report on Form 8-K, including Exhibit 99.2, shall not be deemed "filed" with the Securities Exchange Commission nor incorporated by reference in any registration filed by the Trust under the Securities Act of 1933, as amended. The information in this Item 9 (including Exhibit 99.2) 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. Item 12. Results of Operations and Financial Condition The information contained under the heading, "Lexington Poised For Growth" and "Tenth Anniversary" 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. The information in this Item 12 (including the portion of Exhibit 99.1 attached hereto referred to in this Item 12) 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: October 24, 2003 By: /s/ Patrick Carroll ----------------------------------- Patrick Carroll Chief Financial Officer EX-99.1 3 y90959exv99w1.txt PRESS RELEASE Exhibit 99.1 (FRB | WEBER SHANDWICK LOGO) news RE: LEXINGTON CORPORATE PROPERTIES TRUST 355 LEXINGTON AVENUE NEW YORK, NY 10017 FOR FURTHER INFORMATION: AT THE COMPANY: AT FRB | WEBER SHANDWICK: T. Wilson Eglin Larry Stein Diane Hettwer Chief Executive Officer General Inquires Analyst Inquires (212) 692-7260 (312) 640-6794 (312) 640-6760 FOR IMMEDIATE RELEASE THURSDAY, OCTOBER 23, 2003 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES THIRD QUARTER OPERATING RESULTS NEW YORK, NY - OCTOBER 23, 2003 - LEXINGTON CORPORATE PROPERTIES TRUST (NYSE:LXP), a real estate investment trust, today announced results for its third quarter and nine months ended September 30, 2003. YEAR-TO-DATE HIGHLIGHTS - Raised $150 million in net proceeds from common and preferred equity offerings; - Obtained $70 million equity commitment for new joint venture program; - Closed $100 million unsecured credit facility; - Lowered balance sheet leverage from 46.7% of market capitalization at December 31, 2002 to 36.7% of market capitalization at September 30, 2003; - Acquired $203.5 million of properties which generate $19.6 million of annual net rental revenues, or 9.61% of the purchase price; - Leased 46,724 square feet at Columbia, Maryland property, raising portfolio occupancy to 99.5% and - Generated a total return to shareholders of 32.6% through October 22, 2003. QUARTERLY RESULTS Funds from operations were $18.27 million, or $0.45 per diluted share/unit for the third quarter of 2003, compared to $15.64 million, or $0.48 per diluted share/unit, for the third quarter of 2002. As a result of the common share and preferred share offerings in 2003, Lexington operated with greater cash balances and lower leverage than in 2002 and this reduced FFO per share. Revenues for the third quarter of 2003 totaled $31.11 million, compared to revenues of $24.89 million for the same period last year. Net income allocable to common shareholders was $8.37 million in the third quarter of 2003, compared to $7.65 million for the same period last year. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 1 NINE MONTH RESULTS For the nine months ended September 30, 2003, FFO were $44.77 million or $1.18 per diluted share/unit, which is net of the impact of $7.69 million ($0.20 per diluted share/unit) in debt satisfaction charges, compared to $46.10 million or $1.43 per diluted share/unit, for the same period last year. As a result of the common share and preferred share offerings in 2003, Lexington operated with greater cash balances and lower leverage than in 2002 and this reduced FFO per share. Revenues for the nine months ended September 30, 2003 totaled $89.04 million, compared to revenues of $73.34 million for the same period last year. Net income allocable to common shareholders was $19.41 million, which includes $7.69 million in debt satisfaction charges and $1.14 million in gains on sales, for the nine months ended September 30, 2003 compared to $22.79 million, which includes $1.06 million in gains on sales, for the same period last year. ACQUISITION VOLUME During 2003, Lexington acquired ten properties for capitalized cost of $203.5 million, which generate annual net rental revenue of $19.6 million, or 9.61% of the purchase price. In connection with the purchase of five of these properties Lexington obtained $70.7 million in non-recourse mortgage notes, with a weighted average interest of 5.27%. LEASING During the quarter, Lexington signed a lease with Haverty Furniture Companies, Inc. for 46,724 square feet at its Columbia, Maryland retail property. The lease, which expires in September 2024, generates approximately $0.6 million of annual net rental revenue. This lease raised portfolio occupancy to 99.5% at September 30, 2003. In addition, the tenant of Lexington's Hebron, Kentucky office property has exercised an option to terminate its lease in April 2004 by paying a penalty at such time of $0.9 million, which equals one year's rent. DIVIDEND DECLARATION The Company declared a dividend of $0.335 per common share for the third quarter of 2003, payable on November 14, 2003 to common shareholders of record on October 31, 2003. The Company also declared a dividend on its Cumulative Redeemable Preferred Shares of $0.503125 per preferred share, payable on November 17, 2003 to preferred shareholders of record on October 31, 2003. CONFERENCE CALL Management will discuss the financial results on a conference call today at 2pm Eastern Time. The toll-free dial in number is 800-867-0938 and the international number is 303-262-2175. The replay of the call will be available through October 30, 2003. The toll-free telephone number for the replay is 800-405-2236 or 303-590-3000, passcode 555920. The conference call can also be accessed on the internet at www.lxp.com and www.companyboardroom.com. A supplemental reporting package can be accessed in the Company Profile section at www.lxp.com. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 2 LEXINGTON POISED FOR GROWTH Commenting on Lexington's results, T. Wilson Eglin, Chief Executive Officer and President, said, "During the first nine months of 2003, Lexington took several steps to enhance its balance sheet flexibility and capacity for future growth. This year we have added approximately $150 million of equity capital to our balance sheet, arranged a new unsecured credit facility of $100 million, and received a $70 million equity commitment for a newly-formed joint venture program. Our enhanced balance sheet has positioned the Company to take advantage of acquisition opportunities and I am pleased to report that our total acquisition volume for the year of $203.5 million exceeds the target that we established at the beginning of the year. We have approximately $100 million of property under letter of intent and are well-positioned to exceed our previous record annual investment activity of $277 million." TENTH ANNIVERSARY Mr. Eglin continued, "Yesterday marked the tenth anniversary of our listing on the New York Stock Exchange and we are very proud of what Lexington has accomplished during this time. Our equity base has grown from approximately $85 million to almost $900 million today and our assets under management have grown from $200 million to more than $1.6 billion. Most importantly, the total return to our shareholders has been 247% and we have grown dividends per share every year. As we head into our second decade as a public company, our management team is energized by the opportunities ahead of us and committed to extending our long track record of creating shareholder value." ABOUT LEXINGTON 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 Wednesday, October 22, 2003 at $20.08 per share. Lexington preferred shares, with an annualized dividend of $2.0125 per preferred share, closed Wednesday, October 22, 2003 at $26.90 per share. Additional information about Lexington is available at www.lxp.com. Financial tables follow MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 3 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2003 2002 2003 2002 -------- -------- -------- -------- Revenues: Rental $ 28,651 $ 23,130 $ 82,673 $ 68,217 Equity in earnings of non-consolidated entities 1,325 1,468 3,900 3,831 Advisory fees 273 -- 953 -- Interest and other 862 294 1,512 1,294 -------- -------- -------- -------- 31,111 24,892 89,038 73,342 -------- -------- -------- -------- Expenses: Interest 8,205 8,392 26,857 24,662 Debt satisfaction charges -- -- 7,685 -- Depreciation 6,960 5,218 20,113 15,403 General and administrative 2,648 1,359 7,399 4,122 Property operating 1,163 496 2,818 1,744 Amortization 557 481 1,601 1,425 -------- -------- -------- -------- 19,533 15,946 66,473 47,356 -------- -------- -------- -------- Income from continuing operations before minority interests 11,578 8,946 22,565 25,986 Minority interests 1,654 1,452 2,840 4,200 -------- -------- -------- -------- Income from continuing operations 9,924 7,494 19,725 21,786 -------- -------- -------- -------- Discontinued operations: Income from discontinued operations 38 113 340 645 Gains on sales of properties -- 39 1,143 1,055 -------- -------- -------- -------- Total discontinued operations 38 152 1,483 1,700 -------- -------- -------- -------- Net income 9,962 7,646 21,208 23,486 Dividends attributable to preferred shares - Series A -- -- -- (693) Dividends attributable to preferred shares - Series B (1,590) -- (1,802) -- -------- -------- -------- -------- Net income allocable to common shareholders $ 8,372 $ 7,646 $ 19,406 $ 22,793 Depreciation and amortization 7,109 5,261 20,330 15,636 Minority interests-OP Units 1,603 1,422 2,704 4,108 Amortization of leasing commissions 206 174 606 522 Joint venture adjustment-depreciation 978 1,173 2,867 3,399 Gains on sales of properties -- (39) (1,143) (1,055) Series A preferred dividends -- -- -- 693 -------- -------- -------- -------- Funds from operations $ 18,268 $ 15,637 $ 44,770 $ 46,096 ======== ======== ======== ======== Rent below GAAP revenue(1) $ 868 $ 526 $ 3,018 $ 1,752 ======== ======== ======== ======== Per share/unit Basic net income $ 0.24 $ 0.28 $ 0.60 $ 0.87 Diluted net income $ 0.24 $ 0.28 $ 0.58 $ 0.85 Funds from operations(2)-basic $ 0.46 $ 0.48 $ 1.18 $ 1.44 Funds from operations(2)-diluted $ 0.45 $ 0.48 $ 1.18 $ 1.43
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 4 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS)
09/30/03 12/31/02 Real estate, at cost $ 1,083,759 $ 913,370 Accumulated depreciation (155,619) (134,220) Investment in non-consolidated entities 55,930 54,261 Cash and cash equivalents 12,505 12,097 Deferred assets 8,830 8,168 Rent receivable - current -- 3,535 Rent receivable - deferred 23,426 20,115 Other assets 26,437 25,145 ------------ ------------ $ 1,055,268 $ 902,471 ============ ============ Mortgages and notes payable $ 497,816 $ 491,517 Other liabilities 16,230 17,323 Prepaid rent 3,646 -- Minority interests 54,345 56,846 Shareholders' equity 483,231 336,785 ------------ ------------ $ 1,055,268 $ 902,471 ============ ============ Common shares 35,246,803 30,030,048 Preferred shares-Series B 3,160,000 -- Operating partnership units 5,198,691 5,257,365 ------------ ------------ 43,605,494 35,287,413 ============ ============
(1) Equal to the difference between rents collected and straight-line rental income recognized under generally accepted accounting principles. (2) 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. 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. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 5 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2003 2002 2003 2002 ------------ ------------ ------------ ------------ EARNING PER SHARE BASIC Income from continuing operations $ 9,924 $ 7,494 $ 19,725 $ 21,786 Less preferred dividends (1,590) -- (1,802) (693) ------------ ------------ ------------ ------------ Income allocable to common shareholders from continuing operations - basic 8,334 7,494 17,923 21,093 Total income from discontinued operations - basic 38 152 1,483 1,700 ------------ ------------ ------------ ------------ Net income allocable to common shareholders $ 8,372 $ 7,646 $ 19,406 $ 22,793 ============ ============ ============ ============ Weighted average number of common shares outstanding 34,780,279 27,165,248 32,579,011 26,095,976 ============ ============ ============ ============ Per share data: Income from continuing operations $ 0.24 $ 0.27 $ 0.55 $ 0.81 Income from discontinued operations -- 0.01 0.05 0.06 ------------ ------------ ------------ ------------ Net income $ 0.24 $ 0.28 $ 0.60 $ 0.87 ============ ============ ============ ============ DILUTED Income allocable to common shareholders from continuing operations-basic $ 8,334 $ 7,494 $ 17,923 $ 21,093 Adjustments: Incremental income attributed to assumed conversion of dilutive securities -- 1,408 2,701 4,073 ------------ ------------ ------------ ------------ Income allocable to common shareholders from continuing operations-diluted 8,334 8,902 20,624 25,166 Total income from discontinued operations - diluted 38 166 1,598 1,852 ------------ ------------ ------------ ------------ Net income allocable to common shares - diluted $ 8,372 $ 9,068 $ 22,222 $ 27,018 ============ ============ ============ ============ Weighted average number of shares used in calculation of basic earnings per share 34,780,279 27,165,248 32,579,011 26,095,976 Add incremental shares representing: Shares issuable upon exercises of employee share options 193,151 253,723 188,988 237,387 Shares issuable upon conversion of dilutive securities -- 5,258,930 5,221,564 5,281,129 ------------ ------------ ------------ ------------ Weighted average number of shares used in calculation of diluted earnings per common share 34,973,430 32,677,901 37,989,563 31,614,492 ============ ============ ============ ============ Per share data: Income from continuing operations - diluted $ 0.24 $ 0.27 $ 0.54 $ 0.80 Income from discontinued operations - diluted -- 0.01 0.04 0.05 ------------ ------------ ------------ ------------ Net income - diluted $ 0.24 $ 0.28 $ 0.58 $ 0.85 ============ ============ ============ ============
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 6 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2003 2002 2003 2002 ------------ ------------ ------------ ------------ FUNDS FROM OPERATIONS BASIC AND DILUTED Net income allocable to common shareholders $ 8,372 $ 7,646 $ 19,406 $ 22,793 Adjustments: Depreciation and amortization 7,109 5,261 20,330 15,636 Minority interests-OP Units 1,603 1,422 2,704 4,108 Amortization of leasing commissions 206 174 606 522 Joint venture adjustment-depreciation 978 1,173 2,867 3,399 Gains on sale of properties -- (39) (1,143) (1,055) Preferred dividends-Series A -- -- -- 693 ------------ ------------ ------------ ------------ Funds from operations $ 18,268 $ 15,637 $ 44,770 $ 46,096 ============ ============ ============ ============ BASIC Weighted average shares outstanding-basic EPS 34,780,279 27,165,248 32,579,011 26,095,976 Operating partnership units 5,202,975 5,258,930 5,221,564 5,281,129 Preferred shares - Series A -- -- -- 732,601 ------------ ------------ ------------ ------------ Weighted average shares outstanding-basic FFO 39,983,254 32,424,178 37,800,575 32,109,706 ============ ============ ============ ============ FFO per share $ 0.46 $ 0.48 $ 1.18 $ 1.44 ============ ============ ============ ============ DILUTED Weighted average shares outstanding-diluted EPS 34,973,430 32,677,901 37,989,563 31,614,492 Operating partnership units 5,202,975 -- -- -- Preferred shares - Series A -- -- -- 732,601 ------------ ------------ ------------ ------------ Weighted average shares outstanding-diluted FFO 40,176,405 32,677,901 37,989,563 32,347,093 ============ ============ ============ ============ FFO per share $ 0.45 $ 0.48 $ 1.18 $ 1.43 ============ ============ ============ ============
### EX-99.2 4 y90959exv99w2.txt SUPPLEMENTAL REPORTING PACKAGE Exhibit 99.2 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the nine months ended September 30, 2003 TABLE OF CONTENTS I. Income Statements............................................. 1 II. Balance Sheets................................................ 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)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2003 2002 2003 2002 -------- -------- -------- -------- Revenues: Rental $ 28,651 $ 23,130 $ 82,673 $ 68,217 Equity in earnings of non-consolidated entities 1,325 1,468 3,900 3,831 Advisory fees 273 -- 953 -- Interest and other 862 294 1,512 1,294 -------- -------- -------- -------- 31,111 24,892 89,038 73,342 -------- -------- -------- -------- Expenses: Interest 8,205 8,392 26,857 24,662 Debt satisfaction charges -- -- 7,685 -- Depreciation 6,960 5,218 20,113 15,403 General and administrative 2,648 1,359 7,399 4,122 Property operating 1,163 496 2,818 1,744 Amortization 557 481 1,601 1,425 -------- -------- -------- -------- 19,533 15,946 66,473 47,356 -------- -------- -------- -------- Income from continuing operations before minority interests 11,578 8,946 22,565 25,986 Minority interests 1,654 1,452 2,840 4,200 -------- -------- -------- -------- Income from continuing operations 9,924 7,494 19,725 21,786 -------- -------- -------- -------- Discontinued operations: Income from discontinued operations 38 113 340 645 Gains on sales of properties -- 39 1,143 1,055 -------- -------- -------- -------- Total discontinued operations 38 152 1,483 1,700 -------- -------- -------- -------- Net income 9,962 7,646 21,208 23,486 Dividends attributable to preferred shares - Series A -- -- -- (693) Dividends attributable to preferred shares - Series B (1,590) -- (1,802) -- -------- -------- -------- -------- Net income allocable to common shareholders $ 8,372 $ 7,646 $ 19,406 $ 22,793 Depreciation and amortization 7,109 5,261 20,330 15,636 Minority interests-OP Units 1,603 1,422 2,704 4,108 Amortization of leasing commissions 206 174 606 522 Joint venture adjustment-depreciation 978 1,173 2,867 3,399 Gains on sales of properties -- (39) (1,143) (1,055) Series A preferred dividends -- -- -- 693 -------- -------- -------- -------- Funds from operations $ 18,268 $ 15,637 $ 44,770 $ 46,096 ======== ======== ======== ======== Rent below GAAP revenue(1) $ 868 $ 526 $ 3,018 $ 1,752 ======== ======== ======== ======== Per share/unit Basic net income $ 0.24 $ 0.28 $ 0.60 $ 0.87 Diluted net income $ 0.24 $ 0.28 $ 0.58 $ 0.85 Funds from operations(2)-basic $ 0.46 $ 0.48 $ 1.18 $ 1.44 Funds from operations(2)-diluted $ 0.45 $ 0.48 $ 1.18 $ 1.43
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS)
09/30/03 12/31/02 -------- -------- Real estate, at cost $ 1,083,759 $ 913,370 Accumulated depreciation (155,619) (134,220) Investment in non-consolidated entities 55,930 54,261 Cash and cash equivalents 12,505 12,097 Deferred assets 8,830 8,168 Rent receivable - current -- 3,535 Rent receivable - deferred 23,426 20,115 Other assets 26,437 25,145 ------------ ------------ $ 1,055,268 $ 902,471 ============ ============ Mortgages and notes payable $ 497,816 $ 491,517 Other liabilities 16,230 17,323 Prepaid rent 3,646 -- Minority interests 54,345 56,846 Shareholders' equity 483,231 336,785 ------------ ------------ $ 1,055,268 $ 902,471 ============ ============ Common shares 35,246,803 30,030,048 Preferred shares-Series B 3,160,000 -- Operating partnership units 5,198,691 5,257,365 ------------ ------------ 43,605,494 35,287,413 ============ ============
(1) Equal to the difference between rents collected and straight-line rental income recognized under generally accepted accounting principles. (2) 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. 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 09/30/03
YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ----------------- ------------------ ------ ------ ------- ------- OFFICE 295 Chipeta Way Northwest Pipeline Corp. $ 6,580 $ 6,580 295,000 9/09 Salt Lake City, UT 1600 Viceroy Drive VarTec Telecom, Inc. 2,417 2,614 249,452 9/15 Dallas, TX 9950 Mayland Drive Circuit City Stores, Inc. 2,145 2,094 288,562 2/10 Richmond, VA 2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 1,702 1,916 109,281 4/11 Valley Forge, PA 1301 California Circle Artesyn North America, Inc. 2,032 1,911 100,026 12/05 Milpitas, CA (Balfour Beatty plc) 700 Oakmont Lane North American Van -- 1,887 269,715 11/15 Westmont, IL Lines, Inc. (SIRVA, Inc.)(3) (4) 3476 Stateview Boulevard Wells Fargo Home 1,860 1,860 169,083 1/13 Fort Mill, SC Mortgage (5) (6) 13651 McLearen Road Boeing North American 1,924 1,857 159,664 5/08 Herndon, VA Services, Inc. (The Boeing Company) 2211 South 47th Street Avnet, Inc. 1,751 1,851 176,402 11/07 Phoenix, AZ 4200 RCA Boulevard The Wackenhut Corp.(8) 1,622 1,609 114,518 2/11 Palm Beach Gardens, FL 200 Executive Blvd. S Hartford Fire Insurance Co. 1,624 1,506 153,364 12/05 Southington, CT 19019 No. 59th Avenue Honeywell, Inc. 1,501 1,485 252,300 7/06 Glendale, AZ 3615 North 27th Avenue Bank One, Arizona, N.A. 1,425 1,425 179,280 11/03 Phoenix, AZ 401 Elm Street Lockheed Martin Corp. 1,402 1,402 126,000 12/06 Marlborough, MA (Honeywell, Inc.) 26210 and 26220 Apria Healthcare Group, 1,201 1,344 100,012 1/12 Enterprise Court Inc. Lake Forest, CA 5600 Broken Sound Blvd Oce Printing Systems 1,192 1,330 143,290 2/20 Boca Raton, FL USA, Inc. 9275 S.W. Peyton Lane Hollywood Entertainment 1,101 1,149 122,853 11/08 Wilsonville, OR Corp. 160 Clairemont Avenue Allied Holdings, Inc. 1,160 1,147 112,248 12/07 Decatur, GA 10419 North 30th Street Time Customer Service, Inc. 1,024 1,057 132,981 7/10 Tampa, FL (Time, Inc.)
3 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 09/30/03
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 922 1,039 255,019 3/13 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) (1) 400 Butler Farm Road Nextel Communications of 929 977 100,632 12/09 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 13430 N. Black Canyon Bull HN Information 803 814 137,058 10/05 Freeway Systems, Inc. Phoenix, AZ 180 Rittenhouse Circle Jones Apparel Group 652 728 96,000 7/13 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 2300 Litton Lane Fidelity Corporate 674 724 81,744 4/04 Hebron, KY Real Estate, LLC 16275 Technology Drive Cymer, Inc. 626 666 65,755 1/10 San Diego, CA (Hewlett-Packard) 2401 Cherahala Boulevard Advance PCS, Inc. 426 616 59,748 5/13 Knoxville, TN 421 Butler Farm Road Nextel Communications of 521 539 56,515 1/10 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 12000 Tech Center Drive Kelsey-Hayes Company 527 509 80,230 4/07 Livonia, MI 701 Brookfield Parkway Verizon Wireless (10) 322 350 192,884 1/12 Greenville, SC 1440 East 15th Street Cox Communications, Inc. 301 342 28,591 9/16 Tucson, AZ 250 Turnpike Road Honeywell Consumer 324 324 57,698 9/15 Southborough, MA Products 183 Plains Road IKON Office Solutions, Inc. 253 253 27,360 12/04 Milford, CT 100 Wood Hollow Drive Greenpoint Mortgage 176 202 124,600 7/11 Novato, CA Funding, Inc. (9) 70 Valley Stream Parkway IKON Office Solutions, Inc. 48 50 106,855 9/13 Malvern, PA --------- -------- --------- SUBTOTAL $ 41,167 $ 44,157 4,724,720 --------- -------- ---------
4 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 09/30/03
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. $ 7,020 $ 6,699 1,700,000 9/07 Warren, OH 3501 West Avenue H Michaels Stores, Inc. 2,413 2,478 762,775 9/19 Lancaster, CA 8305 SE 58th Avenue Associated Grocers of 1,404 1,679 668,034 12/18 Ocala, FL Florida, Inc. 6345 Brackbill Boulevard Exel Logistics, Inc. 1,528 1,389 507,000 3/12 Mechanicsburg, PA (NFC plc) 159 Farley Drive Harbor Freight Tools 1,231 1,359 474,473 12/16 Dillon, SC (Central Purchasing, Inc.) 590 Ecology Lane Owens Corning 1,214 1,214 193,891 12/20 Chester, SC 4425 Purks Road Lear Technologies LLC 1,054 1,024 183,717 7/06 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 1,020 1,012 330,000 11/06 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, Inc. 626 905 354,676 4/12 Groveport, OH (Andrx Corporation) 3102 Queen Palm Drive Time Customer Service, Inc. 713 757 229,605 7/10 Tampa, FL (Time, Inc.) 2280 Northeast Drive Ryder Integrated 748 753 276,480 7/12 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 757 750 252,000 11/06 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 674 739 400,522 5/09 Hebron, OH 12025 Tech Center Drive Kelsey-Hayes Company 731 719 100,000 4/07 Livonia, MI 3600 Southgate Drive Sygma Network, Inc. 700 700 149,500 10/15 Danville, IL 46600 Port Street Johnson Controls, Inc. 634 634 134,160 12/06 Plymouth, MI 1133 Poplar Creek Road Corporate Express Office 566 607 196,946 1/14 Henderson, NC Products, Inc. (Buhrmann, N.V.) 222 Tappan Drive North The Gerstenslager Company 505 500 296,720 5/05 Mansfield, OH (Worthington Industries)
5 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 09/30/03
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. 495 490 179,200 11/06 New Kingston, PA (NFC plc) 450 Stern Street Johnson Controls, Inc. 480 480 111,160 12/06 Oberlin, OH 191 Arrowhead Drive Owens Corning 433 449 250,410 2/10 Hebron, OH 109 Stevens Street Unisource Worldwide, Inc. 406 441 168,800 9/09 Jacksonville, FL 904 Industrial Road Tenneco Automotive 443 437 195,640 8/05 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 128 Crews Drive Stone Container Corporation 380 428 185,961 8/12 Columbia, SC 7150 Exchequer Drive Corporate Express Office 260 276 65,043 10/13 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 324 Industrial Park Road SKF USA, Inc. 272 272 72,868 12/14 Franklin, NC 187 Spicer Drive Dana Corporation 259 256 148,000 8/07 Gordonsville, TN 7500 Chavenelle Road The McGraw-Hill 219 247 330,988 6/17 Dubuque, IA Companies, Inc. 1700 47th Avenue North Owens Corning 245 245 18,620 6/15 Minneapolis, MN 300 McCormick Road Ameritech Services, Inc. 191 191 20,000 5/05 Columbus, OH 43955 Plymouth Oaks Tower Automotive 147 147 290,133 10/12 Boulevard Products Company Plymouth, MI (Tower Automotive, Inc.) 1601 Pratt Avenue Tenneco Automotive 121 123 53,600 8/05 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 3350 Miac Cove Road Mimeo.com, Inc. 131 114 141,359 10/09 Memphis, TN --------- -------- --------- SUBTOTAL $ 28,020 $ 28,514 9,442,281 --------- -------- ---------
6 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 09/30/03
YTD YTD LEASE 2003 CASH 2003 RENTAL MATURITY REVENUE REVENUE SQUARE DATE PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR) - ----------------- ------------------ ------ ------ ------- ------- RETAIL 2655 Shasta Way Fred Meyer, Inc. $ 757 $ 757 178,204 3/08 Klamath Falls, OR 35400 Cowan Road Sam's Real Estate 729 729 102,826 1/09 Westland, MI Business Trust Fort Street Mall, King Liberty House, Inc. 722 729 85,610 9/09 Street Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 715 715 118,179 5/11 Newport, OR 12235 N. Cave Creek Bally's Health & Tennis 588 616 36,556 6/08 Phoenix, AZ Corporation 4733 Hills & Dales Road Scandinavian Health Spa, 524 514 37,214 12/08 Canton, OH (Bally Total Fitness Corp.) 24100 Laguna Hills Mall Federated Department 507 505 160,000 1/06 Laguna Hills, CA Stores, Inc. 1160 White Horse Road Physical Fitness Centers 615 505 31,750 7/07 Voorhees, NJ of Philadelphia, Inc. (Bally Total Fitness Corp.) 7111 Westlake Terrace The Home Depot USA, 579 486 95,000 4/06 Bethesda, MD Inc. (7) 5917 S. La Grange Road Bally Total Fitness Corp. 495 406 25,250 7/07 Countryside, IL 4831 Whipple Avenue, Best Buy Co., Inc. 349 349 46,350 2/18 N.W. Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, Inc. 326 347 76,164 1/15 Eau Claire, WI 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 323 318 42,842 5/06 Clackamas, OR 5801 Bridge Street Champion Fitness IV, Inc. 383 315 24,990 8/07 DeWitt, NY (Bally Total Fitness Corp.) 399 Peach Wood Centre Best Buy Co., Inc. 296 296 45,800 2/18 Drive Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 298 293 43,105 5/06 Boulevard Lynwood, WA
7 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE PROPERTY HOLDINGS 09/30/03
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, Inc. 290 282 45,308 10/08 Sacramento, CA 6910 S. Memorial Highway Toys "R" Us, Inc. 273 268 43,123 5/06 Tulsa, OK 2275 Browns Bridge Road Wal-Mart Stores, Inc. 246 246 89,199 1/09 Gainesville, GA 6405 South Virginia Comp USA, Inc. 251 244 31,400 12/08 Street Reno, NV 7055 Highway 85 South Wal-Mart Stores, Inc. 224 224 81,911 1/11 Riverdale, GA 5055 West Sahara Avenue Circuit City Stores, Inc. 214 208 36,053 12/08 Las Vegas, NV 9580 Livingston Road GFS Realty, Inc. 306 205 107,337 2/14 Oxon Hill, MD (Giant Food, Inc.) A1 21 South Wal-Mart Real Estate 187 187 56,132 1/09 Jacksonville, AL Business Trust 121 South Center Street Greyhound Lines, Inc. 151 151 17,000 12/09 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 168 114 51,682 4/17 Rockville, MD (Giant Food, Inc.) 6475 Dobbin Road Offenbacher Aquatics, 64 104 17,100 4/13 Columbia, MD Inc Haverty Furniture -- -- 46,724 9/24 Companies, Inc. 2832 Chandler Mountain Circuit City 76 76 9,300 11/06 Road Stores, Inc. Lynchburg, VA -------- -------- ---------- SUBTOTAL $ 10,656 $ 10,189 1,782,109 -------- -------- ---------- -------- -------- ---------- GRAND TOTAL $ 79,843 $ 82,860 15,949,110 -------- -------- ----------
(1) Tenant can cancel lease on 03/26/08 with 12 months notice and payment of $1,392. (2) Expense stop on this property is $393 per annum. (3) The Company is responsible for real estate taxes for the first year of the lease which are estimated to be $348. (4) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment of $1,300. (5) 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). (6) 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. (7) The Company has a 33.85% economic interest in this property. (8) This is a modified gross lease. Annual net operating expenses for which the company is responsible approximates $485. (9) Expense stop on this property is $917 per annum. (10) Expense stop on this property is $112 per annum. 8 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE JOINT VENTURE PROPERTY CHART 09/30/03
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, Inc $ 5,883 $ 6,365 340,240 1/10 Morris Corporate Center IV (Pharma Holdings GmbH)(1) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 4,811 5,198 456,304 9/09 Columbia, SC of South Carolina Inc.(2) 6555 Sierra Drive True North Communications 3,007 3,187 247,254 1/10 Irving, TX Inc.(1) 15375 Memorial Drive Vastar Resources, Inc.(1) 2,578 2,578 327,325 9/09 Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A.(1)(4) 2,388 2,465 193,000 10/09 Fishers, IN 600 International Parkway First USA Management 2,107 2,191 125,155 9/09 Lake Mary, FL Services, Inc.(1)(3) 550 International Parkway First USA Management 2,030 2,115 125,920 9/09 Lake Mary, FL Services, Inc.(1)(3) 2000 Eastman Drive Structural Dynamic 1,988 2,092 212,836 4/11 Milford, OH Research Corp.(1) 14040 Park Center Road NEC America, Inc.(1) 1,380 1,519 108,000 7/09 Herndon, VA 3701 Corporate Drive Motorola, Inc.(1) 1,364 1,364 119,829 12/16 Farmington Hills, MI 2210 Enterprise Drive Washington Mutual 1,198 1,274 177,747 6/08 Florence, SC Home Loan, Inc.(5) ----------------------------------------- SUBTOTAL OFFICE $ 28,734 $ 30,348 2,433,610 -----------------------------------------
9 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE JOINT VENTURE PROPERTY CHART 09/30/03
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 $ 2,327 $ 2,420 1,164,000 8/12 Laurens, SC America, Inc. (TPG N.V.) (1) 7111 Crabb Road TNT Logistics North 1,558 1,621 752,000 8/12 Temperance, MI America, Inc. (TPG N.V.) (1) 291 Park Center Drive Kraft Foods North 1,065 1,136 344,700 6/11 Winchester, VA America, Inc. (1) ----------------------------------------- SUBTOTAL INDUSTRIAL $ 4,950 $ 5,177 2,260,700 ----------------------------------------- $ 33,684 $ 35,525 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 09/30/03
HISTORICAL 9-MONTHS ENDED SEPTEMBER 30, 2003 ------------------------ NO. OF NUMBER OF PERCENT SQUARE RENT PERCENT OF LOCATIONS LOCATIONS PROPERTIES(1) LEASED FEET(2) ($000'S)(1) TOTAL RENT - --------- --------- ------------- ------ ------- ----------- ---------- 1 Ohio 10 100% 3,429,888 11,522 12.11% 2 South Carolina 9 100 3,060,143 8,682 9.12 3 Florida 7 100 1,708,303 8,308 8.73 4 California 9 100 1,375,476 7,584 7.97 5 Pennsylvania 8 100 1,835,355 7,374 7.75 6 Arizona 7 100 810,187 6,613 6.95 7 Utah 1 100 295,000 6,580 6.91 8 Virginia 7 100 1,067,373 6,428 6.75 9 Michigan 10 100 2,012,135 5,317 5.59 10 Texas 3 100 824,031 4,536 4.77 11 Illinois 3 100 444,465 2,993 3.14 12 Oregon 4 100 462,078 2,939 3.09 13 New Jersey 2 100 371,990 2,627 2.76 14 Connecticut 2 100 180,724 1,759 1.85 15 Massachusetts 2 100 183,698 1,726 1.81 16 Georgia 3 100 283,358 1,617 1.70 17 Iowa 2 100 607,468 1,000 1.05 18 Tennessee 3 70 349,107 986 1.04 19 Maryland 4 100 317,843 909 0.96 20 North Carolina 2 100 269,814 879 0.92 21 Indiana 1 100 193,000 822 0.86 22 Hawaii 1 100 85,610 729 0.77 23 Kentucky 1 100 81,744 724 0.76 24 Nevada 2 100 67,453 452 0.47 25 Wisconsin 1 100 76,164 347 0.36 26 New York 1 100 24,990 315 0.33 27 Washington 1 100 43,105 293 0.31 28 Louisiana 1 100 65,043 276 0.29 29 Oklahoma 1 100 43,123 268 0.28 30 Minnesota 1 100 18,620 245 0.26 31 Alabama 1 100 56,132 187 0.20 32 Canada 1 100 - 136 0.14 ------------------------------------------------------------------------------------ TOTAL 111 99.5% 20,643,420 $ 95,173 100.0% ------------------------------------------------------------------------------------
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. (2) Includes properties owned as of September 30, 2003. 11 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE LEASE ROLLOVER SCHEDULE BY PROPERTY TYPE - CASH BASIS 09/30/03
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 1,586 12.44 -- -- -- -- 2005 6,225 15.94 1,701 3.01 -- -- 2006 3,888 10.28 6,199 5.21 2,732 6.95 2007 5,254 14.24 10,739 5.51 1,991 24.28 2008 4,896 13.57 -- -- 3,727 10.22 2009 14,947 16.37 1,857 3.07 2,418 6.89 2010 10,722 17.42 1,801 3.75 -- -- 2011 9,211 20.78 536 4.67 1,096 5.48 2012 4,260 14.54 9,158 3.67 -- -- 2013 7,991 11.64 412 6.34 226 13.50 2014 -- -- 1,238 4.59 205 1.91 2015 7,300 12.66 1,587 9.49 469 6.15 2016 1,619 26.33 1,967 4.19 -- -- 2017 -- -- 1,286 3.89 115 2.23 2018 -- -- 2,519 3.77 860 9.33 2019 -- -- 3,417 4.48 -- -- 2020 2,500 17.44 1,603 8.35 -- -- 2021 -- -- -- -- -- -- 2022 -- -- -- -- -- -- 2023 -- -- -- -- -- -- 2024 -- -- -- -- 821 17.57 WTG. AVG. $ 15.42 $ 4.39 $ 8.23 ======== ======== ========
(1) Includes proportionate share of joint venture investments. 12 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE LEASE ROLLOVER SCHEDULE - GAAP BASIS 09/30/03 ($000'S)
PERCENTAGE OF TOTAL TOTAL NUMBER OF ANNUALIZED ANNUALIZED YEAR LEASES EXPIRING RENT (1) RENT - ---------------------------------------------------------------------------------- 2003 1 $ 1,742 1.3% 2004 3 1,652 1.2 2005 7 8,074 5.8 2006 14 14,142 10.2 2007 9 16,546 12.0 2008 9 7,982 5.8 2009 15 19,060 13.8 2010 8 11,762 8.5 2011 7 11,650 8.4 2012 9 12,174 8.8 2013 7 8,185 5.9 2014 3 1,447 1.0 2015 6 8,427 6.1 2016 3 3,304 2.4 2017 2 1,316 1.0 2018 3 3,098 2.2 2019 1 3,312 2.4 2020 2 3,864 2.8 2021 -- -- -- 2022 -- -- -- 2023 -- -- -- 2024 1 632 0.4 ----------------------------------------------- TOTAL 110 $138,369 100.0% -----------------------------------------------
(1) Includes proportionate share of joint venture investments. 13 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE MORTGAGES AND NOTES PAYABLE 09/30/03 ($000'S)
ESTIMATED ANNUAL DEBT INTEREST DEBT BALLOON PROPERTY - FIXED RATE BALANCE RATE MATURITY SERVICE(k) PAYMENT - -------------------------------------------------------------------------------------------------- Gainesville, GA (first) $ 71 13.000% 01-01-04 $ 73 $ -- Oxon Hill, MD 187 6.250 03-01-04 191 -- Bethesda, MD 1,577 9.250 05-01-06 669 -- Warren, OH 23,432 7.000 10-01-07 6,160 -- Bristol, PA 9,753 7.400 02-01-08 831 9,262 Boca Raton, FL(j) 15,275 5.250 03-01-08 802 15,275 Decatur, GA 6,727 6.720 06-01-08 579 6,049 Phoenix, AZ 14,307 7.890 06-05-08 1,434 12,591 Palm Beach Gardens, FL 11,384 7.010 06-15-08 970 10,418 Dubuque, IA 7,376 4.890 08-01-08 513 6,588 Canton, OH 3,343 7.150 08-11-08 313 2,936 Spartanburg, SC 2,777 7.150 08-11-08 260 2,438 Hebron, KY 5,357 7.000 10-23-08 451 4,935 Gainesville, GA (second)(i) 885 7.500 01-01-09 145 -- Ocala, FL 13,122 7.250 02-01-09 1,332 10,700 Canton, OH 1,637 9.490 02-28-09 388 -- Baton Rouge, LA 1,915 7.375 03-01-09 208 1,478 Bristol, PA 6,085 7.250 04-01-09 571 5,228 Livonia, MI 11,045 7.800 04-01-09 992 10,236 Henderson, NC 4,428 7.390 05-01-09 417 3,854 Westland, MI 3,030 10.500 09-01-09 683 -- Salt Lake City, UT 13,871 7.610 10-01-09 2,901 -- Richmond, VA 16,508 8.100 02-01-10 1,511 15,257 Hampton, VA 4,484 8.260 04-01-10 415 4,144 Hampton, VA 7,311 8.270 04-01-10 677 6,758 Tampa, FL 8,364 6.930 08-01-10 674 7,603 Tampa, FL 6,051 6.880 08-01-10 485 5,495 Herndon, VA 18,849 8.180 12-05-10 1,723 17,301 San Diego, CA 4,275 7.500 01-01-11 411 3,420 Tucson, AZ 2,455 7.500 01-01-11 226 2,076 Columbia, SC 3,433 7.540 01-01-11 317 2,905 Valley Forge, PA 13,138 7.120 02-10-11 1,166 10,927 Glendale, AZ 14,812 7.400 04-01-11 1,258 13,365 Auburn Hills, MI 7,231 7.010 06-01-11 637 5,918 Plymouth, MI 4,801 7.960 07-01-11 463 3,949 Greenville, SC 13,939 4.415 01-01-12 841 11,806
14 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE MORTGAGES AND NOTES PAYABLE 09/30/03 ($000'S)
ESTIMATED ANNUAL DEBT INTEREST DEBT BALLOON PROPERTY BALANCE RATE MATURITY SERVICE(k) PAYMENT - -------------------------------------------------------------------------------------------------- New Kingston, PA 7,290 7.790 01-01-12 678 6,101 Mechanicsburg, PA 5,382 7.780 01-01-12 500 4,503 New Kingston, PA 3,474 7.780 01-01-12 323 2,906 Lake Forest, CA 10,856 7.260 02-01-12 901 9,708 Groveport, OH (f) 7,800 6.030 10-01-12 512 6,860 Plymouth, MI 12,833 6.220 12-10-12 1,026 10,026 Dallas, TX 21,452 7.490 12-31-12 2,020 16,030 Fort Mill, SC 11,556 6.000 01-01-13 839 9,904 Lancaster, CA (first) 10,646 7.020 09-01-13 900 8,637 Lancaster, CA (second) 8,929 5.920 09-01-13 642 7,518 Knoxville, TN (g) 5,310 5.950 09-01-13 381 4,496 Eau Claire, WI 2,253 8.000 07-01-14 313 -- Franklin, NC 1,981 8.500 04-01-15 263 -- Southborough, MA 2,160 7.500 09-01-15 275 -- Danville, IL 6,646 9.000 01-01-16 692 4,578 Dillon, SC 12,186 7.900 12-01-16 1,263 5,273 Westmont, IL 16,241 6.210 03-01-18 1,292 9,662 -------- -------- -------- -------- $430,230 7.255% $ 44,507 $319,114 -------- -------- -------- -------- PROPERTY-VARIABLE RATE Milpitas, CA (a) (e) $ 16,176 4.089% 07-01-04 $ 2,253 $ 14,456 Marlborough, MA (b) 7,898 3.020% 08-01-05 494 7,439 Hebron, OH (c) 9,512 3.375% 12-05-05 521 9,054 -------- -------- -------- -------- $ 33,586 3.635% $ 3,268 $ 30,949 -------- -------- -------- -------- CORPORATE Warren, OH (d) $ 12,500 4.896% 10-01-07 $ 621 $ 12,500 Credit Facility (h) 21,500 2.620% 08-01-06 571 21,500 -------- -------- -------- -------- $ 34,000 3.457% $ 1,192 $ 34,000 -------- -------- -------- -------- TOTAL $497,816 6.752% $ 48,967 $384,063 ======== ======== ======== ========
- ---------- (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 are 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) For mortgages with less than twelve months to maturity, amounts represent remaining payments. 15 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE MORTGAGES PAYABLE 09/30/03 ($000'S)
ESTIMATED DEBT INTEREST ANNUAL BALLOON JOINT VENTURE PROPERTY BALANCE RATE MATURITY DEBT SERVICE PAYMENT - -------------------------------------------------------------------------------------------------- Florence, SC(3) $ 9,434 7.500% 02-01-09 $ 869 $ 8,443 Columbia, SC(1) 24,451 7.850 10-01-09 2,196 22,586 Houston, TX(2) 21,354 7.580 10-10-09 2,032 18,229 Fishers, IN(2) 15,138 8.190 04-01-10 1,499 12,960 Herndon, VA(2) 11,643 7.600 09-01-10 1,107 9,769 Lake Mary, FL(2) 13,253 7.880 10-01-10 1,181 12,118 Lake Mary, FL(2) 13,214 7.880 10-01-10 1,178 12,082 Irving, TX(2) 26,590 8.160 10-01-10 2,432 24,454 Parsippany, NJ(2) 41,076 7.350 03-01-11 3,472 37,047 Winchester, VA(2) 10,789 7.330 08-01-11 908 9,675 Milford, OH(2) 17,150 8.170 02-01-12 1,724 12,686 Temperance, MI(2) 11,895 6.000 09-01-12 935 9,400 Laurens, SC(2) 17,744 6.000 09-01-12 1,396 14,022 Farmington Hills, MI(2) 21,420 5.420 09-01-12 1,500 17,735 -------- ----- -------- -------- $255,151 7.359% $ 22,429 $221,206 ======== ===== ======== ========
- ---------- 1 The Company has a 40% economic interest in this property 2 The Company a 33 1/3% economic interest in this property 3 The Company has a 22.73% economic interest in this property 16 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE DEBT MATURITY SCHEDULE 09/30/03 ($000'S) CONSOLIDATED PROPERTIES
Scheduled Balloon Balloon Weighted Amortization Payments(1) Average Interest Rate ------------ ----------- --------------------- 2003-remaining $ 4,911 $ -- -- 2004 15,944 14,456(2) 4.09% 2005 15,679 16,493(3) 3.21 2006 16,101 -- -- 2007 17,024 12,500(4) 4.90 ---------- ---------- ---------- $ 69,659 $ 43,449 3.99% ========== ========== ==========
JOINT VENTURE PROPERTIES - LXP PROPORTIONATE SHARE
Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2003-remaining $ 250 - - 2004 1,195 - - 2005 1,309 - - 2006 1,414 - - 2007 1,534 - - ---------- ---------- ---------- $ 5,702 - - ========== ========== ==========
- ---------- (1) Excludes line of credit borrowings. (2) Milpitas, CA property. (3) Comprised of the Marlborough, MA property ($7,439) and Hebron, OH mortgages ($9,054). (4) Second mortgage on Warren, OH property. 17 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE REVENUE BY TENANT INDUSTRY 09/30/03
PERCENTAGE OF HISTORICAL TENANT INDUSTRY 9 MONTHS RENT (1) - --------------------------------------------------------------------------------------- Finance/Insurance 10.9% Retail-Department/ Discount Store 10.2 Transportation/Logistics 9.4 Energy 7.8 Healthcare 7.3 Technology 6.7 Telecommunications 5.8 Retail-Specialty 5.5 Aerospace/Defense 5.3 Food 4.8 Automotive 4.5 Retail-Electronics 3.7 Construction Materials 3.6 Media/Advertising 3.0 Consumer Products 2.8 Health/Fitness 2.5 Apparel 1.9 Printing/Production 1.7 Security 1.7 Paper/Containers/Packaging 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 09/30/03
HISTORICAL 9-MONTHS RENT REVENUE BY PROPERTY TYPE ($000'S)(1) PERCENTAGE - -------------------------------------------------------------------------------- Office $ 54,484 57.2% Industrial 30,455 32.0 Retail 10,234 10.8 -------- -------- $ 95,173 100.0% ======== ======== REVENUE BY CREDIT RATING(2) Investment Grade $ 37,987 39.9% Non Investment Grade 19,611 20.6 Unrated 37,575 39.5 -------- -------- $ 95,173 100.0% ======== ========
PERCENTAGE OF RENT FOR 9 NUMBER OF MONTHS TOP 15 TENANTS/GUARANTORS PROPERTIES PROPERTY TYPE ENDED 09/30/03 - ----------------------------------------------------------------------------------------------------------- Kmart Corporation 1 Industrial 7.0% Northwest Pipeline Corp. 1 Office 6.9 Exel Logistics, Inc.(NFC plc) 4 Industrial 3.8 Honeywell, Inc. 3 Office 3.4 Circuit City Stores, Inc. 4 Office(1)/Retail(3) 2.8 Owens Corning 4 Industrial 2.8 VarTec Telecom, Inc. 1 Office 2.7 Michaels Stores, Inc. 1 Industrial 2.6 Bally Total Fitness Corp. 5 Retail 2.5 Aventis Pharmaceuticals, Inc. 1 Office 2.2 Blue Cross Blue Shield of South Carolina Inc. 1 Office 2.2 Quest Diagnostics, Inc. 1 Office 2.0 Artesyn North America, Inc. (Balfour Beatty PLC) 1 Office 2.0 North American Van Lines (SIRVA, Inc.) 1 Office 2.0 Wells Fargo Home Mortgage, Inc. 1 Office 2.0 - ---- 30 46.9% == ====
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (2) As of October 22, 2003. 19 -----END PRIVACY-ENHANCED MESSAGE-----