8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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) February 27, 2008

LEXINGTON REALTY TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland	1-12386	13-3717318
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

One Penn Plaza, Suite 4015, New York, New York	10119-4015
(Address of Principal Executive Offices)	(Zip Code)

(212) 692-7200

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions

o Written communications pursuant to Rule 425 under the Securities Act (17 CFT|R 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Conditions.

On February 27, 2008, we issued a press release announcing our financial results for the quarter and twelve months ended December 31, 2007. A copy of the press release is furnished herewith as part of Exhibit 99.1.

The information furnished pursuant to this “Item 2.02 Results of Operations and Financial Condition,” including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, which we refer to as the Act, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 7.01. Regulation FD Disclosure.

On February 27, 2008, we made available supplemental information, which we refer to as the Supplemental Reporting Package, concerning our operations and portfolio for the quarter and twelve months ended December 31, 2007. A copy of this supplemental information is furnished herewith as Exhibit 99.1.

Also on February 27, 2008, our management discussed our financial results on a conference call with analysts and investors. A transcript of the conference call is furnished herewith as Exhibit 99.2.

The information furnished pursuant to this “Item 7.01 Regulation FD Disclosure,” including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any of our filings under the Act or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(a)	Not applicable
(b)	Not applicable
(c)	Not applicable
(d)	Exhibits

99.1	Supplemental Reporting Package for the quarter and twelve months ended December 31, 2007.
99.2	Transcript of conference call held February 28, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Lexington Realty Trust
Date: February 29, 2008	By:	/s/ Patrick Carroll
		Patrick Carroll
		Chief Financial Officer

Exhibit Index

 

99.1	Supplemental Reporting Package for the quarter and twelve months ended December 31, 2007.
99.2	Transcript of conference call held February 28, 2008.

EX-99.1

Exhibit 99.1

Quarterly Earnings and
Supplemental Operating and Financial Data

For the Three and Twelve Months Ended December 31, 2007

LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the Three and Twelve Months Ended December 31, 2007

Table of Contents

Section	Page
Fourth Quarter and Year End 2007 Earnings Press Release		3
Portfolio Data
Major Markets		11
Tenant Industry Diversification		12
Other Revenue Data		13
Top 10 Tenants or Guarantors		14
Property Leases and Vacancies – Consolidated Portfolio		15
4Q ’07 Disposition Summary		26
4Q ’07 Disposition to Co-Investments Summary		27
4Q ’07 Leasing Summary		28
4Q ’07 Acquisition Summary		29
Financial Data
Selected Balance Sheet Account Detail		30
Selected Income Statement Account Detail		31
Mortgages and Notes Payable		32
Base rent estimates from current assets		39
Investor Information		40

This Quarterly Earnings and Supplemental Operating and Financial Data contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust (“Lexington”) which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission (the “SEC”) filed with the SEC, including risks related to, (i) the failure to integrate our operations and properties with those of Newkirk Realty Trust, (ii) the failure to continue to qualify as a real estate investment trust, (iii) changes in general business and economic conditions, (iv) competition, (v) increases in real estate construction costs, (vi) changes in interest rates, or (vii) changes in accessibility of debt and equity capital market. Copies of periodic reports Lexington files with the SEC are available on Lexington’s website at www.lxp.com and may be obtained free of charge by calling Lexington at 212-692-7200. Forward-looking statements, which are based on certain assumptions and describe the Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

Lexington Realty Trust
TRADED: NYSE: LXP
One Penn Plaza, Suite 4015
New York NY 10119-4015

Contact:
Investor or Media Inquiries, T. Wilson Eglin- Chief Executive Officer
Lexington Realty Trust
Phone: (212) 692-7200 E-mail:tweglin@lxp.com

FOR IMMEDIATE RELEASE
Wednesday, February 27, 2008

LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2007 RESULTS

New York, NY – February 27, 2008 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced results for the fourth quarter and year ended December 31, 2007. All per share amounts are on a diluted basis. ⁽¹⁾

Fourth Quarter 2007 Highlights

• Total gross revenues of $122.3 million

• Company Funds From Operations (“Company FFO”) of $21.3 million or $0.20 per share⁽²⁾

• 19 new and renewal leases executed, totaling 1.9 million square feet

• $243.8 million in real estate dispositions

• Formed new co-investment program, raising $121.7 million in cash

• 2.6 million common shares/units repurchased at an average price of $17.72 per share/unit

• $2.475 common share/unit dividend/distribution declared, including $2.10 special common share/unit dividend/distribution.

(1)	Including common shares issuable upon the redemption of all operating partnership units and conversion of all Series C Cumulative Convertible Preferred shares.
(2)	See the last page of this press release for a reconciliation of GAAP net income to Company FFO and an explanation of the calculation of Company FFO.

COMMENTS FROM MANAGEMENT

T. Wilson Eglin, President and Chief Executive Officer of Lexington stated, “We are pleased with our accomplishments in the fourth quarter. Pursuant to our Strategic Restructuring Plan, we sold $243.8 million of properties, bringing total disposition volume for the year to $473.0 million, and closed $408.5 million into our specialty property co-investment program. In addition, we continued to do well on the leasing front with 19 leases signed or extended, bringing our total for the year to 108 leases signed or extended, totaling 5.9 million square feet, and ended the quarter at 96% occupancy.”

Patrick Carroll, Chief Financial Officer, commented, “Funds from operations for the fourth quarter were impacted by impairment charges totaling $22.7 million related to three vacant properties formerly leased to tenants in the automotive industry and several bond investments in the Concord joint venture, debt prepayment costs of $5.5 million relating to property sales that generated $70.9 million in gains, formation costs of $2.3 million relating to our new co-investment program and $5.9 million of lease termination and promoted interest payments received. Together, these items reduced Company FFO by about $0.23 per share. Adjusted for these and similar items in previous quarters, Company FFO was $1.83 per common share in 2007.”

Mr. Eglin added, “Lexington ended the year with $412.1 million of cash, a portion of which was used to pay a special distribution of $2.10 per common share/unit in January, 2008. Including share repurchases, we have directly and indirectly returned over $400 million to our shareholders since January 1, 2007. We

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Lexington Realty Trust

believe we continue to have substantial liquidity and financial flexibility, which enables us to act on favorable investment opportunities as they arise.”

FINANCIAL RESULTS

Revenue

For the quarter ended December 31, 2007, revenues increased 145.0% to $122.3 million, compared with revenues of $49.9 million for the quarter ended December 31, 2006. For the year ended December 31, 2007, revenues increased 131.3% to $431.7 million, compared with revenues of $186.7 million for the year ended December 31, 2006. The increases were primarily a result of the December 31, 2006 merger with Newkirk Realty Trust, Inc. and the second quarter 2007 acquisition of 48 properties, which Lexington had previously held in four co-investment programs.

Net Income Allocable to Common Shareholders

For the quarter ended December 31, 2007, net income allocable to common shareholders was $24.2 million, compared to the quarter ended December 31, 2006, which had a loss of $10.4 million. On a per share basis, net income allocable to common shareholders for the quarter ended December 31, 2007 was $0.39, compared with a loss of $0.20 for the comparable period last year. For the year ended December 31, 2007, net income allocable to common shareholders was $50.1 million, or $0.77 per share, as compared to a loss of $8.7 million, or $(0.17) per share, for the same period in 2006.

Company Funds From Operations Applicable to Common Shareholders

For the quarter ended December 31, 2007, Company FFO was $21.3 million, compared with Company FFO for the quarter ended December 31, 2006 of $15.1 million. On a per share basis, Company FFO was $0.20 for the quarter ended December 31, 2007, compared with $0.24 for the same period in 2006. For the year ended December 31, 2007, Company FFO was $180.2 million or $1.63 per share, as compared with $81.6 million or $1.28 per share for the same period in 2006.

Market Capitalization

At December 31, 2007, Lexington’s total market capitalization was approximately $4.9 billion, based on the New York Stock Exchange closing price of Lexington’s common shares on December 31, 2007, and assuming the conversion of all operating partnership units to common shares, the liquidation preference of preferred shares, and the principal balance of total debt outstanding.

Dividend

In December, 2007, Lexington declared a regular quarterly cash dividend/distribution of $0.375 per common share/unit, and a special dividend/distribution of $2.10 per common share/unit which were paid on January 15, 2008, to common shareholders/unitholders of record as of December 31, 2007. On February 21, 2008, Lexington declared a regular quarterly cash dividend/distribution of $0.33 per common share/unit (equal to $1.32 per common share/unit on an annualized basis) which will be paid on April 15, 2008 to shareholders/unitholders of record on March 31, 2008.

Lexington also declared dividends of $0.503125 per Series B Cumulative Redeemable Preferred Share, $0.8125 per Series C Cumulative Convertible Preferred Share, and $0.471875 per Series D Cumulative Convertible Preferred Share. The Series B and Series C Preferred Share dividends are payable on May

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Lexington Realty Trust

15, 2008, to shareholders of record of the Series B and Series C Preferred Shares as of April 30, 2008. The Series D Preferred Share dividend is payable April 15, 2008, to shareholders of record of the Series D Preferred Shares as of March 31, 2008.

Share Repurchase Authorization

During the quarter ended December 31, 2007, Lexington’s share repurchase authorization was increased by 5.0 million common shares/units and Lexington repurchased approximately 2.6 million common shares/units at an average price of $17.72 per share/unit. For the year ended December 31, 2007, Lexington repurchased approximately 9.8 million common shares/units at an average price of $19.83 per share/unit, reducing the number of shares/units outstanding to approximately 100.8 million.

2008 EARNINGS GUIDANCE

On February 21, 2008 Lexington announced that it expects Company FFO to be $1.56-$1.64 per share in 2008. This guidance is based on current expectations and is forward looking.

INVESTMENT & DISPOSITION ACTIVITY

Co-Investment Program

In December 2007, Lexington announced that its co-investment program with Inland American Real Estate Trust, Inc. closed on the acquisition of 30 primarily single-tenant net leased assets from Lexington and its subsidiaries for an aggregate purchase price of $408.5 million, including the assumption of non-recourse first mortgage financing secured by certain of the assets. The 30 properties contain an aggregate of approximately 3.5 million net rentable square feet, and are located in 23 states. A second closing of 13 properties for an aggregate purchase price of $335.0 million is expected to occur in 2008, with 11 properties expected to close on or before March 31, 2008 and the remaining two properties expected to close on or before June 30, 2008.

The acquisition of each of the remaining 13 assets by the co-investment program is subject to satisfaction of conditions precedent to closing, including obtaining lender consents, obtaining certain consents and waivers, the continuing financial solvency of the tenants, and certain other customary conditions. Accordingly, Lexington cannot provide any assurance that the acquisition by the co-investment program will be completed.

Acquisitions

For the quarter ended December 31, 2007, Lexington acquired one property for a capitalized cost of $13.7 million.

Dispositions

During the quarter ended December 31, 2007, Lexington sold 20 non-core properties under the disposition program of its previously announced Strategic Restructuring Plan for an aggregate price of $243.8 million.

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Lexington Realty Trust

LEASING ACTIVITY

At December 31, 2007, Lexington’s portfolio was approximately 96% leased. For the quarter ended December 31, 2007, Lexington executed 19 leases for approximately 1.9 million square feet. Twelve new leases were executed, (nine office properties, two industrial properties and one retail property) encompassing 666,000 square feet. Seven lease renewals were executed (two office properties, four industrial properties and one retail property) encompassing approximately 1.2 million square feet.

FOURTH QUARTER 2007 CONFERENCE CALL

On Wednesday, February 27, 2008, at 11:00 a.m. Eastern Time, Lexington will host a conference call to discuss its results for the quarter ended December 31, 2007. Lexington’s remarks will be followed by a question and answer period. Interested parties may participate in this conference call by dialing (877) 407-0781 or (201) 689-8568. A taped replay of the call will be available through March 27, 2008 at (877) 660-6853, Account 286, Conference ID 268025.

A live web cast (listen-only mode) of the conference call will be available at www.lxp.com within the Investor Relations section. An online replay will also be available through February 27, 2009.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns, invests in, 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 shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the SEC, including risks related to: (1) the failure to successfully complete the strategic restructuring plan, (2) the failure to complete the sale of the remaining 13 assets to the newly formed co-investment program described above, (3) the failure to integrate our operations and properties with those of Newkirk Realty Trust, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, or (9) changes in accessibility of debt and equity capital markets. Copies of periodic reports Lexington files with the SEC are available on Lexington’s website at www.lxp.com. In addition all dividend declarations are subject to the approval of Lexington’s Board of Trustees. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

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Lexington Realty Trust

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Twelve months ended December 31, 2007 and 2006
(Unaudited and in thousands, except share and per share data)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2007			2006			2007			2006
Gross revenues:
Rental	$	110,710		$	44,142		$	385,898		$	165,275
Advisory and incentive fees		1,384			1,027			13,567			4,555
Tenant reimbursements		10,168			4,732			32,282			16,863
Total gross revenues		122,262			49,901			431,747			186,693
Expense applicable to revenues:
Depreciation and amortization		(67,113	)		(20,296	)		(236,044	)		(75,849	)
Property operating		(18,448	)		(8,731	)		(61,095	)		(30,947	)
General and administrative		(10,692	)		(19,667	)		(39,389	)		(35,514	)
Non-operating income		3,219			1,244			10,726			8,913
Interest and amortization expense		(48,494	)		(17,440	)		(163,628	)		(65,097	)
Debt satisfaction gains (charges)		(1,209	)		7,443			(1,209	)		7,228
Impairment loss		(15,500	)		(6,100	)		(15,500	)		(7,221	)
Income (loss) before benefit (provision) for income taxes, minority interests, equity in earnings of non-consolidated entities, gains on sale of properties — affiliates and discontinued operations		(35,975	)		(13,646	)		(74,392	)		(11,794	)
Benefit (provision) for income taxes		(745	)		261			(3,374	)		238
Minority interests share of (income) loss		6,796			(115	)		2,652			(601	)
Equity in earnings of non-consolidated entities		522			1,115			46,467			4,248
Gains on sale of properties-affiliates		17,864			—			17,864			—
Income (loss) from continuing operations		(11,538	)		(12,385	)		(10,783	)		(7,909	)
Discontinued operations:
Income from discontinued operations		4,002			4,129			29,561			14,459
(Provision) benefit for income taxes		(687	)		—			(3,327	)		(73	)
Debt satisfaction (charges) gains		(4,265	)		(1,287	)		(7,950	)		4,492
Gains on sales of properties		53,070			4,029			92,878			22,866
Impairment charges		(1,670	)		—			(1,670	)		(28,209	)
Minority interests share of (income) loss		(7,678	)		(735	)		(21,858	)		2,127
Total discontinued operations		42,772			6,136			87,634			15,662
Net income (loss)		31,234			(6,249	)		76,851			7,753
Dividends attributable to preferred shares – Series B		(1,590	)		(1,590	)		(6,360	)		(6,360	)
Dividends attributable to preferred shares – Series C		(2,519	)		(2,519	)		(10,075	)		(10,075	)
Dividends attributable to preferred shares – Series D		(2,926	)		—			(10,298	)		—
Net income (loss) allocable to common shareholders	$	24,199		$	(10,358	)	$	50,118		$	(8,682	)
Income (loss) per common share – basic:
Income (loss) from continuing operations, after preferred dividends	$	(0.30	)	$	(0.31	)	$	(0.58	)	$	(0.47	)
Income (loss) from discontinued operations		0.69			0.11			1.35			0.30
Net income (loss) allocable to common shareholders	$	0.39		$	(0.20	)	$	0.77		$	(0.17	)
Weighted average common shares outstanding – basic		62,461,438			52,407,057			64,910,123			52,163,569
Income (loss) per common share – diluted:
Income (loss) from continuing operations, after preferred dividends	$	(0.30	)	$	(0.31	)	$	(0.58	)	$	(0.47	)
Income (loss) from discontinued operations		0.69			0.11			1.35			0.30
Net income (loss) allocable to common shareholders	$	0.39		$	(0.20	)	$	0.77		$	(0.17	)
Weighted average common shares outstanding – diluted		62,461,438			52,407,057			64,910,123			52,163,569

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Lexington Realty Trust

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2007 (Unaudited) and December 31, 2006
(In thousands, except share and per share data)

	2007			2006
Assets:
Real estate, at cost	$	4,095,278		$	3,747,156
Less: accumulated depreciation		379,831			276,129
		3,715,447			3,471,027
Properties held for sale — discontinued operations		150,907			69,612
Intangible assets		516,698			468,244
Investment in and advances to non-consolidated entities		226,476			247,045
Cash and cash equivalents		412,106			97,547
Investment in marketable equity securities		2,609			32,036
Deferred expenses		42,040			16,084
Rent receivable — current		25,289			43,283
Rent receivable — deferred		15,303			29,410
Notes receivable		69,775			50,534
Other assets, net		88,513			100,035
	$	5,265,163		$	4,624,857
Liabilities and Shareholders’ Equity
Liabilities:
Mortgages and notes payable	$	2,312,422		$	2,126,810
Exchangable notes payable		450,000			—
Trust notes payable		200,000			—
Contract rights payable		13,444			12,231
Liabilities — discontinued operations		119,093			6,064
Accounts payable and other liabilities		49,442			25,877
Accrued interest payable		23,507			10,818
Dividends payable		158,168			44,948
Prepaid rent		16,764			10,109
Deferred revenue		217,389			362,815
		3,560,229			2,599,672
Minority interests		765,863			902,741
		4,326,092			3,502,413
Commitments and contingencies
Shareholders’ equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares;
Series B Cumulative Redeemable Preferred, liquidation preference, $79,000, 3,160,000 shares issued and outstanding		76,315			76,315
Series C Cumulative Convertible Preferred, liquidation preference $155,000; 3,100,000 shares issued and outstanding		150,589			150,589
Series D Cumulative Convertible Preferred, liquidation preference $155,000; 6,200,000 shares issued and outstanding in 2007		149,774			—
Special Voting Preferred Share, par value $0.0001 per share; authorized and issued 1 share in 2007 and 2006		—			—
Common shares, par value $0.0001 per share, authorized 400,000,000 shares, 61,064,334 and 69,051,781 shares issued and outstanding in 2007 and 2006, respectively		6			7
Additional paid-in-capital		1,033,332			1,188,900
Accumulated distributions in excess of net income		(468,167	)		(294,640	)
Accumulated other comprehensive income (loss)		(2,778	)		1,273
Total shareholders’ equity		939,071			1,122,444
	$	5,265,163		$	4,624,857

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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE
(In thousands, except share data)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
EARNINGS PER SHARE:
Basic:
Income (loss) from continuing operations	$	(11,538	)	$	(12,385	)	$	(10,783	)	$	(7,909	)
Less preferred dividends		(7,035	)		(4,109	)		(26,733	)		(16,435	)
Income (loss) allocable to common shareholders from continuing operations		(18,573	)		(16,494	)		(37,516	)		(24,344	)
Total income (loss) from discontinued operations		42,772			6,136			87,634			15,662
Net income (loss) allocable to common shareholders	$	24,199		$	(10,358	)	$	50,118		$	(8,682	)
Weighted average number of common shares outstanding		62,461,438			52,407,057			64,910,123			52,163,569
Income (loss) per common share - basic:
Income (loss) from continuing operations	$	(0.30	)	$	(0.31	)	$	(0.58	)	$	(0.47	)
Income (loss) from discontinued operations		0.69			0.11			1.35			0.30
Net income (loss)	$	0.39		$	(0.20	)	$	0.77		$	(0.17	)
Diluted:
Income (loss) allocable to common shareholders from continuing operations	$	(18,573	)	$	(16,494	)	$	(37,516	)	$	(24,344	)
Incremental income attributed to assumed conversion of dilutive securities		—			—			—			—
Income (loss) allocable to common shareholders from continuing operations		(18,573	)		(16,494	)		(37,516	)		(24,344	)
Total income (loss) from discontinued operations		42,772			6,136			87,634			15,662
Net income (loss) allocable to common shareholders	$	24,199		$	(10,358	)	$	50,118		$	(8,682	)
Weighted average number of common shares used in calculation of basic earnings per share		62,461,438			52,407,057			64,910,123			52,163,569
Add incremental shares representing:
Shares issuable upon exercise of employee share options		—			—			—			—
Shares issuable upon conversion of dilutive securities		—			—			—			—
Weighted average number of shares used in calculation of diluted earnings per common share		62,461,438			52,407,057			64,910,123			52,163,569
Income per common share - diluted:
Income (loss) from continuing operations	$	(0.30	)	$	(0.31	)	$	(0.58	)	$	(0.47	)
Income (loss) from discontinued operations		0.69			0.11			1.35			0.30
Net income (loss)	$	0.39		$	(0.20	)	$	0.77		$	(0.17	)

Page 9 of 40

Lexington Realty Trust

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (Continued)
(In thousands, except share data)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
The Company’s Funds from Operations: (1)
Basic and Diluted:
Net income (loss) allocable to common shareholders	$	24,199		$	(10,358	)	$	50,118		$	(8,682	)
Adjustments:
Depreciation and amortization		67,387			21,502			247,611			82,228
Minority interests - OP units		(320	)		985			14,547			(1,040	)
Amortization of leasing commissions		370			242			1,252			721
Joint venture and minority interest adjustment		(1,056	)		4,199			642			21,047
Preferred dividends - Series C		2,519			2,519			10,075			10,075
Gains on sale of properties		(70,934	)		(4,029	)		(110,742	)		(22,866	)
Taxes incurred on sale of properties		673			—			2,422			74
Gains on sale of joint venture properties		(1,558	)		—			(35,722	)		—
Company’s funds from operations	$	21,280		$	15,060		$	180,203		$	81,557
Basic:
Weighted average shares outstanding - basic EPS		62,461,438			52,407,057			64,910,123			52,163,569
Operating partnership units		39,748,268			5,622,950			40,057,955			5,630,166
Preferred shares - Series C		5,779,330			5,779,330			5,779,330			5,779,330
Weighted average shares outstanding - basic		107,989,036			63,809,337			110,747,408			63,573,065
Company’s funds from operations per share	$	0.20		$	0.24		$	1.63		$	1.28
Diluted:
Weighted average shares outstanding - diluted EPS		62,461,438			52,407,057			64,910,123			52,163,569
Operating partnership units		39,748,268			5,622,950			40,057,955			5,630,166
Preferred shares - Series C		5,779,330			5,779,330			5,779,330			5,779,330
Other		—			20,159			367			22,136
Adjusted weighted average shares outstanding - diluted		107,989,036			63,829,496			110,747,775			63,595,201
Company’s funds from operations per share	$	0.20		$	0.24		$	1.63		$	1.28

¹ Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington presents FFO because it considers FFO an important supplemental measure of Lexington’s operating performance. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

Lexington computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). FFO is defined by NAREIT as “net income (or loss) computed in accordance with 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 does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.

Lexington includes in its calculation of FFO, which Lexington refers to as the “Company’s funds from operations” or “Company FFO,” Lexington’s operating partnership units and Lexington’s Series C Cumulative Convertible Preferred Shares because these securities are convertible, at the holder’s option, into Lexington’s common shares, and also incentive fees earned from joint ventures. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Company FFO on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted. Since others do not calculate FFO in a similar fashion, Company FFO may not be comparable to similarly titled measures as reported by others.

# # #

Page 10 of 40

LEXINGTON REALTY TRUST
Major Markets
12/31/2007

		% of Annualized
		GAAP Rent at
	Core Based Statistical Area (2)	12/31/2007 (1)
1	Los Angeles-Long Beach-Santa Ana, CA	10.0%
2	Dallas-Fort Worth-Arlington, TX	9.8%
3	Houston-Sugar Land-Baytown, TX	6.3%
4	New York-Northern New Jersey-Long Island, NY-NJ-PA	5.7%
5	Memphis, TN-MS-AR	3.4%
6	Orlando-Kissimmee, FL	3.3%
7	Baltimore-Towson, MD	3.3%
8	Atlanta-Sandy Springs-Marietta, GA	3.2%
9	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	3.1%
10	Boston-Cambridge-Quincy, MA-NH	2.2%
11	Phoenix-Mesa-Scottsdale, AZ	2.2%
12	Detroit-Warren-Livonia, MI	2.1%
13	Richmond, VA	1.9%
14	Indianapolis-Carmel, IN	1.9%
15	Charlotte-Gastonia-Concord, NC-SC	1.6%
16	Salt Lake City, UT	1.5%
17	Kansas City, MO-KS	1.5%
18	Columbus, OH	1.5%
19	Chicago-Naperville-Joliet, IL-IN-WI	1.4%
20	Seattle-Tacoma-Bellevue, WA	1.4%
21	Cincinnati-Middletown, OH-KY-IN	1.4%
22	San Francisco-Oakland-Fremont, CA	1.3%
23	San Antonio, TX	1.2%
24	Washington-Arlington-Alexandria, DC-VA-MD-WV	1.2%
25	Columbus, IN	1.1%
26	Miami-Fort Lauderdale-Pompano Beach, FL	1.1%
27	Las Vegas-Paradise, NV	1.0%
	Areas which account for 1% or greater of total GAAP rent (3)	75.8%

⁽¹⁾ Calculated by annualizing fourth quarter 2007 GAAP rent recognized for consolidated properties owned as of 12/31/2007.

⁽²⁾ A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990.

⁽³⁾ Total shown may differ from detailed amounts due to rounding.

Page 11 of 40

LEXINGTON REALTY TRUST
Tenant Industry Diversification
12/31/2007

	% of Annualized
	GAAP Rent at
Industry Category	12/31/2007 (1)
Finance/Insurance		17.3%
Energy		9.9%
Aerospace/Defense		9.7%
Technology		9.6%
Automotive		8.6%
Food		7.3%
Consumer Products/Other		5.0%
Media/Advertising		5.0%
Healthcare		4.6%
Transportation/Logistics		4.5%
Service		3.2%
Printing/Production		2.4%
Retail Department & Discount		1.9%
Construction Materials		1.9%
Telecommunications		1.6%
Apparel		1.5%
Other		1.5%
Real Estate		1.3%
Retail — Specialty		1.2%
Security		0.9%
Retail — Electronics		0.9%
Health/Fitness		0.1%
Total (2)		100.0%
(1) Calculated by annualizing fourth quarter 2007 GAAP rent recognized for consolidated properties owned as of 12/31/2007.
(2) Total shown may differ from detailed amounts due to rounding.

Page 12 of 40

LEXINGTON REALTY TRUST
Supplemental Reporting Package
Other Revenue Data
12/31/2007

	Annualized GAAP Rent
	at 12/31/07 ($000) (1)		Percentage
Asset Class
Office	$	287,216		69.8	%
Industrial	$	74,172		18.0	%
Retail	$	24,640		6.0	%
Specialty	$	25,388		6.2	%
	$	411,416		100	%
Credit Rating
Investment Grade	$	232,728		56.6	%
Non-Investment Grade	$	60,580		14.7	%
Unrated	$	118,108		28.7	%
	$	411,416		100	%
(1) Calculated by annualizing fourth quarter 2007 GAAP rent recognized for consolidated properties owned as of 12/31/2007.

Page 13 of 40

LEXINGTON REALTY TRUST
Supplemental Reporting Package
Top 10 Tenants or Guarantors
12/31/2007

										% of
					Sq. Ft. Leased			Annualized		Annualized
					as a Percent of			GAAP Rent		GAAP Rent
	Number of				Consolidated			at 12/31/07		at 12/31/2007
Tenant or Guarantor	Leases		Sq. Ft. Leased		Portfolio (2)			($000) (1)		(1) (2)
Raytheon Company		6		2,297,626		5.0	%	$	27,772		6.8	%
Baker Hughes, Inc.		4		1,061,471		2.3	%		13,232		3.2	%
St. Paul Fire and Marine Insurance Company		1		530,000		1.2	%		13,104		3.2	%
Dana Corporation		8		2,201,359		4.8	%		10,500		2.6	%
Bank of America		11		735,253		1.6	%		10,420		2.5	%
Sanofi-aventis U.S., Inc (Aventis Inc. and Aventis Pharma Holding GmbH)		1		206,593		0.5	%		8,836		2.1	%
Federal Express Corporation		3		702,976		1.5	%		8,216		2.0	%
Harcourt Brace & Company (Reed Elsevier, Inc.)		2		915,098		2.0	%		7,164		1.7	%
Morgan, Lewis & Bockius, LLC		2		293,170		0.6	%		6,744		1.6	%
Wells Fargo		3		354,732		0.8	%		6,616		1.6	%
		41		9,298,278		20.4	%	$	112,604		27.4	%

⁽¹⁾ Calculated by annualizing fourth quarter 2007 GAAP rent recognized for consolidated properties owned as of 12/31/2007.

⁽²⁾ Total shown may differ from detailed amounts due to rounding.

Page 14 of 40

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of	Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease	Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
OFFICE PROPERTIES
2008		3/25/2008	250 Rittenhouse Cir.	Bristol	PA	—	Jones Apparel Group Inc.		255,019	$	1,264	$	1,384	$	-
		3/31/2008	5757 Decatur Blvd.	Indianapolis	IN	—	Damar		5,756	$	40	$	40	$	-
		5/30/2008	13651 McLearen Rd.	Herndon	VA	—	Boeing Service Company (The Boeing Company)		159,664	$	2,868	$	2,476	$	-
		8/31/2008	17770 Cartwright Rd.	Irvine	CA	—	Associates First Capital Corporation		136,180	$	5,752	$	3,140	$	2,400
		12/19/2008	10 John St.	Clinton	CT	—	Unilever Supply Chain, Inc. (Unilever United States, Inc.)		41,188	$	812	$	364	$	227
		12/31/2008	1500 Hughes Way	Long Beach	CA	—	Raytheon Company		490,054	$	16,988	$	10,040	$	9,291
			2200/2230 & 2222 E. Imperial Hwy. 2	El Segundo	CA	—	Raytheon Company		959,000	$	4,023	$	2,912	$	1,616
2009		3/31/2009	6277 Sea Harbor Dr.	Orlando	FL	—	Harcourt Brace & Company (Reed Elsevier, Inc.)		355,840	$	4,644	$	3,736	$	3,735
			848 Main St. & 849 Front St.	Evanston	WY	—	Bank of the West		7,206	$	40	$	64	$	-
		4/30/2009	5550 Tech Center Dr.	Colorado Springs	CO	—	Federal Express Corporation		61,690	$	2,212	$	748	$	-
		8/31/2009	27016 Media Center Dr.	Los Angeles	CA	—	Sony Electronics, Inc.		20,203	$	280	$	272	$	-
			1311 Broadfield Blvd.	Houston	TX	—	Newpark Drilling Fluids, Inc. (Newpark Resources, Inc.)		52,731	$	1,128	$	1,136	$	-
		9/15/2009	15375 Memorial Dr.	Houston	TX	—	BP America Production Company		327,325	$	3,600	$	4,252	$	-
		9/30/2009	100 Light St.	Baltimore	MD	—	St. Paul Fire and Marine Insurance Company		530,000	$	25,832	$	13,104	$	13,345
			295 Chipeta Way	Salt Lake City	UT	—	Northwest Pipeline Corporation		295,000	$	6,320	$	6,320	$	3,463
			600 Business Center Dr.	Lake Mary	FL	—	JP Morgan Chase Bank		125,155	$	3,092	$	3,044	$	3,203
			550 Business Center Dr.	Lake Mary	FL	—	JP Morgan Chase Bank		125,920	$	2,992	$	2,944	$	3,103
		10/31/2009	10300 Kincaid Dr.	Fishers	IN	—	Bank One Indiana, N.A.		193,000	$	3,380	$	3,348	$	3,381
		11/30/2009	5724 W. Las Positas Blvd.	Pleasanton	CA	—	NK Leasehold		40,914	$	828	$	680	$	-
		12/31/2009	400 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)		100,632	$	1,340	$	1,304	$	-
			1701 Market St.	Philadelphia	PA	(6)	Sun National Bank		5,315	$	212	$	212	$	-
2010		1/14/2010	421 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)		56,515	$	752	$	720	$	-
		1/31/2010	389-399 Interpace Hwy.	Parsippany	NJ	—	Sanofi-aventis U.S., Inc (Aventis Inc. and Aventis Pharma Holding GmbH)		206,593	$	9,012	$	8,836	$	-
			4848 129th East Ave.	Tulsa	OK	—	Metris Direct, Inc. (Metris Companies, Inc.)		101,100	$	1,308	$	1,308	$	-
		2/10/2010	130 E. Shore Dr.	Glen Allen	VA	—	Capital One Services, Inc.		79,675	$	1,008	$	1,024	$	1,070
		2/28/2010	9950 Mayland Dr.	Richmond	VA	—	Circuit City Stores, Inc.		288,000	$	2,860	$	2,792	$	4,079
		3/31/2010	120 E. Shore Dr.	Glen Allen	VA	—	Capital One Services, Inc.		77,045	$	1,016	$	1,008	$	1,042
		7/31/2010	350 Pine St.	Beaumont	TX	—	Honeywell International, Inc.		7,045	$	108	$	108	$	-
		10/31/2010	12209 W. Markham St.	Little Rock	AR	—	Entergy Arkansas, Inc.		36,311	$	236	$	236	$	237
			13430 N. Black Canyon Fwy.	Phoenix	AZ	—	Bull HN Information Systems, Inc.		64,273	$	728	$	772	$	-
		11/30/2010	6200 Northwest Pkwy.	San Antonio	TX	—	PacifiCare Health Systems, Inc.		142,500	$	1,640	$	1,620	$	1,968
		12/31/2010	100 Barnes Rd.	Wallingford	CT	—	Minnesota Mining and Manufacturing Company		44,400	$	604	$	604	$	475

Page 15 of 40

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of	Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease	Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
2011		2/28/2011	4200 RCA Blvd.	Palm Beach Gardens	FL	—	The Wackenhut Corporation		96,118	$	1,812	$	1,812	$	2,403
		3/31/2011	1311 Broadfield Blvd.	Houston	TX	—	Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)		103,260	$	2,284	$	2,276	$	-
		4/30/2011	2000 Eastman Dr.	Milford	OH	—	Siemens Product  Lifecycle Management Software, Inc.		221,215	$	2,924	$	2,936	$	3,102
		9/30/2011	200 Lucent Ln.	Cary	NC	—	Lucent Technologies, Inc.		124,944	$	2,148	$	2,216	$	-
		11/30/2011	207 Mockingbird Ln.	Johnson City	TN	—	Sun Trust Bank		63,800	$	676	$	756	$	675
		12/20/2011	15 Nijborg	3927 DA Renswoude	The Netherlands	—	AS Watson (Health & Beauty Continental Europe)		17,610	$	332	$	332	$	-
		12/31/2011	200 Milik St.	Carteret	NJ	—	Pathmark Stores, Inc.		149,100	$	1,760	$	1,488	$	1,075
			2050 Roanoke Rd.	Westlake	TX	—	Daimler Chrysler Financial Services Americas, LLC		130,290	$	3,660	$	3,456	$	-
2012		1/31/2012	1275 NW 128th St.	Clive	IA	—	Principal Life Insurance Company		61,180	$	800	$	800	$	935
			4000 Johns Creek Pkwy.	Suwanee	GA	—	Kraft Foods North America, Inc.		73,264	$	1,360	$	1,384	$	-
			26210 and 26220 Enterprise Court	Lake Forest	CA	—	Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)		100,012	$	1,808	$	1,792	$	-
		3/31/2012	3940 South Teller St.	Lakewood	CO	—	Travelers Express, Inc.		68,165	$	1,168	$	864	$	1,295
			1701 Market St.	Philadelphia	PA	(6)	Car-Tel		1,220	$	44	$	48	$	-
			2300 Litton Ln.	Hebron	KY	—	Zwicker & Assoc.		12,356	$	76	$	80	$	-
		5/31/2012	147 Milk St.	Boston	MA	—	Harvard Vanguard Medical Assoc.		52,337	$	1,252	$	1,244	$	-
		6/30/2012	275 South Valencia Ave.	Brea	CA	—	Bank of America NT & SA		637,503	$	8,712	$	8,796	$	-
		8/31/2012	5757 Decatur Blvd.	Indianapolis	IN	—	Allstate Insurance Company		84,200	$	1,372	$	1,548	$	-
			2300 Litton Ln.	Hebron	KY	—	AGC Automotive Americas Co. (AFG Industries, Inc.)		21,542	$	204	$	204	$	-
		10/31/2012	4455 American Way	Baton Rouge	LA	—	Bell South Mobility, Inc.		70,100	$	1,072	$	1,112	$	1,207
		11/7/2012	27016 Media Center Dr.	Los Angeles	CA	—	Playboy Enterprises, Inc.		63,049	$	1,400	$	1,256	$	-
		11/14/2012	2211 South 47th St.	Phoenix	AZ	—	Avnet, Inc.		176,402	$	2,204	$	2,260	$	-
		12/31/2012	3535 Calder Ave.	Beaumont	TX	(7)	Texas State Bank (Prior tenant Wells Fargo & Co.)		49,689	$	1,192	$	616	$	-
			200 Executive Blvd. S	Southington	CT	—	Hartford Fire Insurance Company		153,364	$	1,680	$	1,624	$	-
2013		1/31/2013	810 & 820 Gears Rd.	Houston	TX	—	IKON Office Solutions, Inc.		157,790	$	2,232	$	2,252	$	-
			3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Home Mortgage, Inc.		169,083	$	2,952	$	3,020	$	-
			12600 Gateway Blvd.	Fort Meyers	FL	—	Gartner, Inc.		62,400	$	1,064	$	1,092	$	-
			2300 Litton Ln.	Hebron	KY	—	FTJ FundChoice, LLC		9,164	$	40	$	48	$	-
		3/31/2013	8900 Freeport Pkwy.	Irving	TX	—	Nissan Motor Acceptance Corporation (Nissan North America, Inc.)		268,445	$	4,636	$	4,888	$	-
			3165 McKelvey Rd.	Bridgeton	MO	—	BJC Health System		52,994	$	372	$	528	$	-
		4/30/2013	Sandlake Rd./Kirkman Rd.	Orlando	FL	—	Honeywell International, Inc.		184,000	$	960	$	1,868	$	960
			1900 L. Don Dodson Dr.	Bedford	TX	—	Transamerica Life Insurance Company		56,449	$	-	$	588	$	-
		5/31/2013	6303 Barfield Rd. & 859 Mount Vernon Hwy.	Atlanta	GA	—	International Business Machines Corporation (Internet Security Systems, Inc.)		289,000	$	6,480	$	6,256	$	-
		6/30/2013	2210 Enterprise Dr.	Florence	SC	—	Washington Mutual Home Loans, Inc.		177,747	$	1,748	$	1,700	$	1,750
		7/1/2013	800 Ridgelake Blvd.	Memphis	TN	—	The Kroger Company		75,000	$	1,244	$	648	$	421
		7/31/2013	180 Rittenhouse Cir.	Bristol	PA	—	Jones Apparel Group Inc.		96,000	$	1,004	$	972	$	-

Page 16 of 40

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of	Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease	Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
		8/31/2013	288 North Broad St.	Elizabeth	NJ	—	Bank of America		30,000	$	772	$	480	$	367
			656 Plainsboro Rd.	Plainsboro	NJ	—	Bank of America		4,060	$	156	$	104	$	70
		9/30/2013	9200 S. Park Center Loop	Orlando	FL	(6)	Corinthian Colleges, Inc.		59,927	$	1,208	$	1,160	$	-
		11/30/2013	1110 Bayfield Dr.	Colorado Springs	CO	—	Honeywell International, Inc.		166,575	$	1,636	$	1,676	$	1,713
		12/31/2013	2550 Interstate Dr.	Harrisburg	PA	—	New Cingular Wireless PCS, LLC		81,859	$	1,472	$	1,448	$	-
			2230 East Imperial Hwy. 1	El Segundo	CA	—	Raytheon Company/Direct TV		184,636	$	7,972	$	7,924	$	-
2014		1/31/2014	1701 Market St.	Philadelphia	PA	—	Morgan, Lewis & Bockius, LLC		293,170	$	4,460	$	4,464	$	5,149
			6226 W. Sahara Ave.	Las Vegas	NV	—	Nevada Power Company		282,000	$	7,736	$	4,008	$	2,754
		3/15/2014	101 E. Erie Building	Chicago	IL	—	FCB Worldwide, Inc. (Interpublic Group of Companies, Inc.)		227,569	$	4,752	$	4,048	$	-
		5/31/2014	3480 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank N.A.		169,218	$	3,324	$	3,448	$	-
		7/31/2014	350 Pine St.	Beaumont	TX	—	Entergy Gulf States		125,406	$	1,064	$	1,264	$	-
			16676 Northchase Dr.	Houston	TX	—	Anadarko Petroleum Corporation		101,111	$	1,588	$	1,628	$	-
		9/30/2014	333 Mt. Hope Ave.	Rockway	NJ	—	BASF Corporation		95,500	$	2,244	$	2,124	$	-
		10/31/2014	1409 Centerpoint Blvd.	Knoxville	TN	—	Alstom Power, Inc.		84,404	$	1,520	$	1,620	$	-
			700 US Hwy Route 202-206	Bridgewater	NJ	—	Biovail Pharmaceuticals, Inc. (Biovail Corporation)		115,558	$	2,024	$	2,848	$	-
			2800 Waterford Lake Dr.	Midlothian	VA	—	Alstom Power, Inc.		99,057	$	1,892	$	2,016	$	-
		12/14/2014	5150 220th Ave.	Issaquah	WA	—	OSI Systems, Inc. (Instrumentarium Corporation)		106,944	$	1,828	$	1,936	$	-
			22011 SE 51st St.	Issaquah	WA	—	OSI Systems, Inc. (Instrumentarium Corporation)		95,600	$	1,988	$	2,148	$	-
		12/31/2014	275 Technology Dr.	Canonsburg	PA	—	ANSYS, Inc.		107,872	$	1,240	$	1,376	$	-
			180 South Clinton St.	Rochester	NY	(6)	Frontier Corporation		226,000	$	2,900	$	2,948	$	-
2015		1/31/2015	26555 Northwestern Hwy.	Southfield	MI	—	Federal-Mogul Corporation		187,163	$	1,160	$	1,420	$	-
		4/30/2015	13775 McLearen Rd.	Herndon	VA	—	Equant, Inc. (Equant N.V.)		125,293	$	1,896	$	2,064	$	-
		6/30/2015	389-399 Interpace Hwy.	Parsippany	NJ	—	Cadbury Schweppes Holdings		133,647	$	212	$	212	$	-
		7/1/2015	33 Commercial St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)		164,689	$	3,372	$	3,372	$	3,024
		7/31/2015	4001 International Pkwy.	Carrollton	TX	—	Motel 6 Operating L.P. (Accor S.A.)		138,443	$	2,992	$	3,268	$	3,612
		8/31/2015	1701 Market St.	Philadelphia	PA	(6)	Parkway Corporation		—	$	2,280	$	2,280	$	-
		9/27/2015	10001 Richmond Ave.	Houston	TX	—	Baker Hughes, Inc.		554,385	$	-	$	7,376	$	6,596
			12645 W. Airport Rd.	Sugar Land	TX	—	Baker Hughes, Inc.		165,836	$	-	$	1,944	$	1,976
		9/30/2015	500 Olde Worthington Rd.	Westerville	OH	—	InVentiv Communications, Inc.		97,000	$	1,112	$	1,232	$	-
2016		3/31/2016	13430 N. Black Canyon Fwy.	Phoenix	AZ	(8)	Money Management International		28,710	$	-	$	208	$	-
		4/30/2016	11511 Luna Rd.	Farmers Branch	TX	—	Haggar Clothing Company (Texas Holding Clothing Corporation and Haggar Corporation)		180,507	$	2,116	$	3,188	$	2,531
		6/30/2016	1600 Viceroy Dr.	Dallas	TX	—	Visiting Nurse Association		48,027	$	652	$	792	$	-
		7/31/2016	13430 N. Black Canyon Fwy.	Phoenix	AZ	—	Associated Billing Services, LLC		17,767	$	300	$	308	$	-
		10/31/2016	104 & 110 South Front St.	Memphis	TN	—	Hnedak Bobo Group, Inc.		37,229	$	484	$	500	$	-
		11/30/2016	4000 Johns Creek Pkwy.	Suwanee	GA	—	Perkin Elmer Instruments, LLC		13,955	$	216	$	232	$	-
		12/31/2016	3701 Corporate Dr.	Farmington Hills	MI	—	TEMIC Automotive of North America, Inc.		119,829	$	3,072	$	2,444	$	3,187

Page 17 of 40

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of	Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease	Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
2017		1/31/2017	6301 Gaston Ave.	Dallas	TX	—	Wells Fargo		16,431	$	148	$	148	$	-
		2/28/2017	4200 RCA Blvd.	Palm Beach Gardens	FL	—	Office Suites Plus		18,400	$	-	$	416	$	-
		4/30/2017	555 Dividend Dr.	Coppell	TX	—	Brinks, Inc.		101,844	$	1,548	$	1,960	$	2,633
		9/30/2017	9201 East Dry Creek Rd.	Centennial	CO	—	The Shaw Group, Inc.		128,500	$	2,152	$	2,116	$	-
2018		5/31/2018	2300 Litton Ln.	Hebron	KY	(8)	Great American Insurance Company		3,145	$	-	$	-	$	-
		6/14/2018	17 Nijborg	3927 DA Renswoude	The Netherlands	—	AS Watson (Health & Beauty Continental Europe)		114,195	$	2,956	$	2,396	$	-
		9/30/2018	1701 Market St.	Philadelphia	PA	(6)	Brinker		8,070	$	192	$	212	$	-
		11/30/2018	4201 Marsh Ln.	Carrollton	TX	—	Carlson Restaurants Worldwide, Inc. (Carlson Companies, Inc)		130,000	$	1,868	$	1,976	$	-
		12/22/2018	5200 Metcalf Ave.	Overland Park	KS	—	Employers Reinsurance Corporation		291,168	$	4,200	$	4,232	$	-
		12/31/2018	2200 & 2222 East Imperial Hwy. 3	El Segundo	CA	—	Raytheon Company		184,636	$	5,891	$	3,484	$	1,616
2019		1/31/2019	1600 Viceroy Dr.	Dallas	TX	—	TFC Services (Freeman Decorating Co.)		110,080	$	992	$	1,488	$	-
		4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Employers Reinsurance Corporation		155,925	$	2,004	$	2,004	$	-
		6/19/2019	3965 Airways Blvd.	Memphis	TN	—	Federal Express Corporation		521,286	$	7,228	$	7,064	$	5,375
		7/31/2019	500 Jackson St.	Columbus	IN	—	Cummins Engine Company Inc.		390,100	$	4,272	$	4,540	$	4,925
		10/31/2019	10475 Crosspoint Blvd.	Fishers	IN	—	John Wiley & Sons, Inc.		141,047	$	2,396	$	2,268	$	-
		12/31/2019	850-950 Warrenville Rd.	Lisle	IL	—	National Louis University		99,329	$	1,236	$	1,680	$	-
2020		2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	(6)	Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)		136,789	$	2,164	$	2,244	$	-
		7/8/2020	1460 Tobias Gadsen Blvd.	Charleston	SC	(6)	Hagemeyer North America, Inc.		50,076	$	764	$	840	$	-
2021		2/28/2021	5550 Britton Pkwy.	Hilliard	OH	—	BMW Financial Services NA, LLC		220,966	$	2,484	$	2,536	$	-
		6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	New Jersey Natural Gas Company		157,511	$	2,924	$	2,924	$	4,224
		11/30/2021	29 S. Jefferson Rd.	Whippany	NJ	—	CAE SimuFlite, Inc.		76,383	$	2,240	$	2,328	$	2,069
2023		3/31/2023	6555 Sierra Dr.	Irving	TX	(7)	TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)(Prior tenant True North)		247,254	$	4,460	$	3,828	$	-
2025		11/30/2025	11707 Miracle Hills Dr.	Omaha	NE	—	(i) Structure, LLC (Infocrossing, Inc.)		85,200	$	1,168	$	1,168	$	-
		12/31/2025	2005 E. Technology Cir.	Tempe	AZ	—	(i) Structure, LLC (Infocrossing, Inc.)		60,000	$	1,128	$	1,128	$	-
NA	NA		350 Pine St.	Beaumont	TX	—	(Available for Lease)		180,131	$	-	$	-	$	-
			6301 Gaston Ave.	Dallas	TX	—	(Available for Lease)		67,913	$	-	$	-	$	-
			King St.	Honolulu	HI	—	(Available for Lease)		16,558	$	-	$	-	$	-
			160 Clairemont Ave.	Decatur	GA	—	(Available for Lease)		92,960	$	-	$	-	$	-
			13430 N. Black Canyon Fwy.	Phoenix	AZ	—	(Available for Lease)		28,190	$	-	$	-	$	-
			1600 Viceroy Dr.	Dallas	TX	—	(Available for Lease)		91,345	$	-	$	-	$	-
			599 Ygnacio Valley Rd.	Walnut Creek	CA	(7)	(Available for Lease)(Prior tenant Multi-Tenant)		54,528	$	208	$	208	$	-
			1900 L. Don Dodson Dr.	Bedford	TX	—	(Available for Lease)		146,044	$	-	$	-	$	-
			100 E. Shore Dr.	Glen Allen	VA	—	(Available for Lease)		4,156	$	-	$	-	$	-
			2300 Litton Ln.	Hebron	KY	—	(Available for Lease)		34,234	$	-	$	-	$	-
			848 Main St. & 849 Front St.	Evanston	WY	—	(Available for Lease)		8,479	$	-	$	-	$	-
			255 California St.	San Francisco	CA	—	(Available for Lease)		12,354	$	-	$	-	$	-

Page 18 of 40

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of	Date of						Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease	Lease						or Available		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
		27404 Drake Rd.	Farmington Hills	MI	—	(Available for Lease)		108,499	$	-	$	-	$	-
Various	Various	160 Clairemont Ave.	Decatur	GA	(7)	Multi-Tenant (Prior tenant Allied)		28,726	$	1,788	$	1,600	$	-
		6301 Gaston Ave.	Dallas	TX	—	Multi-Tenant		89,511	$	1,232	$	1,240	$	-
		100 E. Shore Dr.	Glen Allen	VA	—	Multi-Tenant		63,352	$	1,004	$	1,176	$	-
		255 California St.	San Francisco	CA	—	Multi-Tenant		157,492	$	3,904	$	4,352	$	-
		848 Main St. & 849 Front St.	Evanston	WY	—	Multi-Tenant		13,815	$	76	$	108	$	-
		350 Pine St.	Beaumont	TX	—	Multi-Tenant		112,616	$	1,396	$	1,396	$	-
		King St.	Honolulu	HI	—	Multi-Tenant		219,987	$	1,404	$	1,340	$	-
OFFICE TOTAL/WEIGHTED AVERAGE						95.6% Leased		19,168,212		306,658		287,216

Page 19 of 40

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of		Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease		Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
INDUSTRIAL PROPERTIES
	2008		1/31/2008	6050 Dana Way	Antioch	TN	—	Comprehensive Logistics		80,000	$	400	$	400	$	-
			2/29/2008	34 East Main St.	New Kingstown	PA	—	Quaker Sales & Distribution, Inc.		179,200	$	628	$	584	$	-
			3/31/2008	6 Doughten Rd.	New Kingstown	PA	—	Carolina Logistics Services		168,000	$	160	$	160	$	-
			4/13/2008	191 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		102,960	$	52	$	52	$	-
			12/31/2008	1665 Hughes Way	Long Beach	CA	—	Raytheon Company		200,541	$	2,984	$	1,680	$	1,677
				1109 Commerce Blvd.	Swedesboro	NJ	—	Linens-n-Things, Inc.		262,644	$	1,260	$	1,256	$	-
	2009		5/31/2009	200 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		401,260	$	1,028	$	984	$	-
			12/31/2009	75 North St.	Saugerties	NY	—	Rotron Inc. (EG&G)		52,000	$	124	$	232	$	122
	2010		4/30/2010	2203 Sherrill Dr.	Statesville	NC	—	LA-Z-Boy Greensboro, Inc. (LA-Z-Boy Inc.)		639,600	$	1,648	$	1,904	$	1,813
			12/31/2010	North Wells Rd.	North Berwick	ME	—	United Technologies Corporation		820,868	$	2,344	$	2,344	$	1,811
	2011		3/31/2011	2455 Premier Dr.	Orlando	FL	—	Walgreen Company		205,016	$	508	$	784	$	508
			5/31/2011	291 Park Center Dr.	Winchester	VA	(5)	Kraft Foods North America, Inc.		344,700	$	1,608	$	1,576	$	-
			9/25/2011	3820 Micro Dr.	Millington	TN	—	Ingram Micro, L.P (Ingram Micro, Inc)		701,819	$	2,440	$	2,372	$	2,341
			9/30/2011	1601 Pratt Ave.	Marshall	MI	—	Joseph Campbell Company		53,600	$	120	$	120	$	148
	2012		8/4/2012	101 Michelin Dr.	Laurens	SC	—	CEVA Logistics US, Inc. (TNT Holdings BV)		1,164,000	$	3,104	$	3,304	$	2,619
				7111 Crabb Rd.	Temperance	MI	—	CEVA Logistics US, Inc. (TNT Holdings BV)		752,000	$	2,076	$	2,212	$	1,756
			8/31/2012	187 Spicer Dr.	Gordonsville	TN	—	Dana Corporation		148,000	$	356	$	356	$	-
			10/31/2012	43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive Operations USA I, LLC (Tower Automotive Holdings I, LLC)		290,133	$	1,884	$	1,884	$	2,083
			12/31/2012	245 Salem Church Rd.	Mechanicsburg	PA	—	Exel Logistics, Inc. (NFC plc)		252,000	$	868	$	864	$	-
	2013		10/31/2013	7150 Exchequer Dr.	Baton Rouge	LA	—	Corporate Express Office Products, Inc. (Buhrmann, N.V.)		79,086	$	452	$	440	$	-
			12/13/2013	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox Corporation		202,000	$	3,980	$	3,480	$	3,499
	2014		1/2/2014	Moody Commuter & Tech Park	Moody	AL	—	CEVA Logistics US, Inc. (TNT Holdings BV)		595,346	$	1,052	$	1,052	$	1,054
			1/31/2014	1133 Poplar Creek Rd.	Henderson	NC	—	Corporate Express Office Products, Inc. (Buhrmann, N.V.)		196,946	$	788	$	808	$	-
			12/31/2014	3686 South Central Ave.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Transportation Company, Inc.)		90,000	$	332	$	316	$	446
	2015		7/31/2015	7005 Cochran Rd.	Glenwillow	OH	—	Royal Appliance Manufacturing Company		458,000	$	1,944	$	2,152	$	2,040
			12/31/2015	749 Southrock Dr.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Transportation Company, Inc.)		150,000	$	452	$	488	$	525
	2016		2/28/2016	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Clevite, Inc. (MAHLE Industries, Inc.)		268,104	$	956	$	916	$	-
			3/31/2016	19500 Bulverde Rd.	San Antonio	TX	—	Harcourt Brace & Company (Reed Elsevier, Inc.)		559,258	$	3,332	$	3,428	$	-
			8/31/2016	10590 Hamilton Ave.	Cincinnati	OH	—	The Hillman Group, Inc.		247,088	$	792	$	792	$	-
			9/30/2016	900 Industrial Blvd.	Crossville	TN	—	Dana Corporation		222,200	$	684	$	684	$	802
	2017		2/28/2017	3456 Meyers Ave.	Memphis	TN	—	Sears, Roebuck & Company		780,000	$	1,592	$	1,696	$	1,592
			5/31/2017	50 Tyger River Dr.	Duncan	SC	(6)	Plastic Omnium Exteriors, LLC		218,382	$	900	$	900	$	-
			6/30/2017	7500 Chavenelle Rd.	Dubuque	IA	—	The McGraw-Hill Companies, Inc.		330,988	$	1,088	$	1,164	$	-
			9/30/2017	250 Swathmore Ave.	High Point	NC	—	Steelcase, Inc.		244,851	$	1,056	$	1,088	$	1,165
			10/31/2017	1420 Greenwood Rd.	McDonough	GA	—	Atlas Cold Storage America, LLC		296,972	$	2,512	$	2,596	$	-

Page 20 of 40

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of		Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease		Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
	2018		6/30/2018	1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics, Inc.		772,450	$	1,348	$	1,344	$	1,347
	2019		10/17/2019	10345 Philipp Pkwy	Streetsboro	OH	—	L’Oreal USA, Inc.		649,250	$	2,292	$	2,608	$	3,149
	2020		3/31/2020	2425 Hwy. 77 North	Waxahachie	TX	—	James Hardie Building Products, Inc. (James Hardie NV)		425,816	$	3,400	$	3,400	$	-
			6/30/2020	3102 Queen Palm Dr.	Tampa	FL	—	Time Customer Service, Inc. (Time, Inc.)		229,605	$	1,084	$	1,264	$	-
			9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com, Inc.		107,405	$	352	$	372	$	-
			12/19/2020	1901 Ragu Dr.	Owensboro	KY	—	Unilever Supply Chain, Inc. (Unilever United States, Inc.)		443,380	$	5,252	$	2,364	$	1,802
	2021		3/30/2021	121 Technology Dr.	Durham	NH	—	Heidelberg Web Systems, Inc.		500,500	$	28	$	2,000	$	-
			3/31/2021	6050 Dana Way	Antioch	TN	—	W.M Wright Company		338,700	$	1,044	$	1,044	$	-
			5/31/2021	477 Distribution Pkwy.	Collierville	TN	—	Federal Express Corporation		120,000	$	480	$	404	$	-
			11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing Corporation		423,280	$	1,224	$	1,356	$	-
			12/31/2021	159 Farley Dr.	Dillon	SC	(6)	Harbor Freight Tools USA, Inc. (Central Purchasing, Inc.)		1,010,859	$	2,956	$	3,072	$	-
	2025		6/30/2025	750 N. Black Branch Rd.	Elizabethtown	KY	—	Dana Corporation		539,592	$	2,840	$	2,840	$	2,960
				301 Bill Bryan Rd.	Hopkinsville	KY	—	Dana Corporation		424,904	$	1,688	$	1,688	$	1,756
				10000 Business Blvd.	Dry Ridge	KY	—	Dana Corporation		336,350	$	1,344	$	1,344	$	1,402
				4010 Airpark Dr.	Owensboro	KY	—	Dana Corporation		211,598	$	1,208	$	1,208	$	1,254
				730 N. Black Branch Rd.	Elizabethtown	KY	—	Dana Corporation		167,770	$	536	$	536	$	558
	2026		10/30/2026	5001 Greenwood Rd.	Shreveport	LA	—	Libbey Glass, Inc.		646,000	$	1,940	$	2,164	$	-
NA			NA	46600 Port St.	Plymouth	MI	—	(Available for Lease)		134,160	$	-	$	-	$	-
				6050 Dana Way	Antioch	TN	—	(Available for Lease)		258,700	$	-	$	-	$	-
				6 Doughten Rd.	New Kingstown	PA	(7)	(Available for Lease)(Prior tenant Arnold)		162,000	$	96	$	96	$	-
				3350 Miac Cove Rd.	Memphis	TN	—	(Available for Lease)		33,954	$	-	$	-	$	-
				191 Arrowhead Dr.	Hebron	OH	—	(Available for Lease)		147,490	$	-	$	-	$	-
				4425 Purks Rd.	Auburn Hills	MI	—	(Available for Lease)		183,717	$	-	$	-	$	-
INDUSTRIAL TOTAL/WEIGHTED AVERAGE								95.4% Leased		20,025,042		74,616		74,172

Page 21 of 40

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of		Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease		Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
RETAIL PROPERTIES
	2008		7/1/2008	1600 East 23rd St.	Chattanooga	TN	—	The Kroger Company		42,130	$	708	$	348	$	-
			10/31/2008	835 Julian Ave.	Thomasville	NC	—	Food Lion, Inc.		21,000	$	108	$	108	$	-
				1000 US Hwy. 17	North Myrtle Beach	SC	—	Food Lion, Inc.		43,021	$	144	$	244	$	-
			12/31/2008	7200 Cradle Rock Way	Columbia	MD	—	GFS Realty, Inc. (Giant Food, Inc.)		57,209	$	300	$	412	$	146
	2009		1/31/2009	35400 Cowan Rd.	Westland	MI	—	Sam’s Real Estate Business Trust		101,402	$	752	$	752	$	-
			3/31/2009	228th Ave., N.E.	Redmond	WA	—	Safeway Stores, Inc.		44,718	$	504	$	508	$	279
				2500 E. Carrier Pkwy.	Grand Prairie	TX	—	Safeway Stores, Inc.		49,349	$	496	$	372	$	274
				400 East Meridian Ave.	Milton	WA	—	Safeway Stores, Inc.		44,718	$	476	$	416	$	264
				224th St. & Meridan Ave.	Graham	WA	—	Safeway Stores, Inc.		44,718	$	412	$	384	$	229
				4512 N. Market St.	Spokane	WA	—	Safeway Stores, Inc.		38,905	$	376	$	264	$	208
				Grant Rd. & Craycroft Road	Tucson	AZ	—	Safeway Stores, Inc.		37,268	$	364	$	304	$	202
				N.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Safeway Stores, Inc.		30,757	$	332	$	204	$	185
				1642 Williams Ave.	Grants Pass	OR	—	Safeway Stores, Inc.		33,770	$	292	$	216	$	162
				Bisbee Naco Hwy. & Hwy. 92	Bisbee	AZ	—	Safeway Stores, Inc.		30,181	$	272	$	204	$	152
			9/30/2009	Fort St. Mall, King St.	Honolulu	HI	—	Macy’s Departement Stores, Inc.		85,610	$	988	$	972	$	990
			12/31/2009	4733 Hills & Dales Rd.	Canton	OH	—	Bally’s Total Fitness of the Midwest, Inc. (Bally’s Health & Tennis Corporation)		37,214	$	448	$	396	$	447
				1066 Main St.	Forest Park	GA	—	Bank South, N.A. (Bank of America Corporation)		14,859	$	248	$	188	$	199
				201 West Main St.	Cumming	GA	—	Bank South, N.A. (Bank of America Corporation)		14,208	$	244	$	288	$	198
				3468 Georgia Hwy. 120	Duluth	GA	—	Bank South, N.A. (Bank of America Corporation)		9,300	$	164	$	152	$	133
				2223 North Druid Hills Rd.	Atlanta	GA	—	Bank South, N.A. (Bank of America Corporation)		6,260	$	140	$	96	$	112
				1698 Mountain Industrial Blvd.	Stone Mountain	GA	—	Bank South, N.A. (Bank of America Corporation)		5,704	$	116	$	88	$	95
				4545 Chamblee – Dunwoody Rd.	Chamblee	GA	—	Bank South, N.A. (Bank of America Corporation)		4,565	$	108	$	76	$	88
				956 Ponce de Leon Ave.	Atlanta	GA	—	Bank South, N.A. (Bank of America Corporation)		3,900	$	96	$	88	$	78
				825 Southway Dr.	Jonesboro	GA	—	Bank South, N.A. (Bank of America Corporation)		4,894	$	96	$	64	$	77
	2010		5/31/2010	24th St. West & St. John’s Ave.	Billings	MT	—	Safeway Stores, Inc.		40,800	$	188	$	332	$	186
			11/30/2010	4160 Monument Rd.	Philadelphia	PA	—	Pathmark Stores, Inc.		50,000	$	404	$	728	$	404
	2011		5/31/2011	12535 S.E. 82nd Ave.	Clackamas	OR	—	Toys “R” Us, Inc.		42,842	$	304	$	324	$	298
				18601 Alderwood Mall Blvd.	Lynnwood	WA	—	Toys “R” Us, Inc.		43,105	$	280	$	300	$	279
				10 South Ave.	Garwood	NJ	—	Pathmark Stores, Inc.		52,000	$	276	$	1,060	$	277
				6910 S. Memorial Hwy.	Tulsa	OK	—	Toys “R” Us, Inc.		43,123	$	256	$	272	$	255
				4811 Wesley St.	Greenville	TX	—	Safeway Stores, Inc.		48,427	$	172	$	240	$	171
			9/30/2011	928 First Ave.	Rock Falls	IL	—	Rock Falls Country Market, LLC (Rock Island Country Market, LLC)		27,650	$	76	$	96	$	140
			12/29/2011	13133 Steubner Ave.	Houston	TX	—	The Kroger Company		52,200	$	280	$	404	$	281
	2012		4/30/2012	4121 South Port Ave.	Corpus Christi	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000	$	164	$	136	$	-
				901 West Expwy.	McAllen	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000	$	164	$	164	$	-

Page 22 of 40

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of		Date of							Sq.Ft. Leased		Annualized		Annualized			Fixed Rent at
Lease		Lease							or Available		Cash Rent		GAAP Rent			Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)			($000) (4)
				900 South Canal St.	Carlsbad	NM	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000	$	164	$	104		$	-
				119 North Balboa Rd.	El Paso	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000	$	164	$	136		$	-
				10415 Grande Ave.	Sun City	AZ	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000	$	164	$	264		$	-
				402 East Crestwood Dr.	Victoria	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000	$	164	$	116		$	-
			5/31/2012	Old Mammoth Rd./Meridian Blvd.	Mammoth Lakes	CA	—	Safeway Stores, Inc.		44,425	$	412	$	576		$	410
				3451 Alta Mesa Blvd.	Fort Worth	TX	—	Safeway Stores, Inc.		44,000	$	304	$	360		$	304
				12000 East Mississippi Ave.	Aurora	CO		Safeway Stores, Inc.		24,000	$	256	$	276		$	257
			11/30/2012	101 West Buckingham Rd.	Garland	TX	(7)	Minyard Foods (Prior tenant Safeway)		40,000	$	564	$	416		$	326
				1415 Hwy. 377 East	Granbury	TX	—	Safeway Stores, Inc.		35,000	$	352	$	332		$	203
				205 Homer Rd.	Minden	LA	—	Safeway Stores, Inc.		35,000	$	332	$	304		$	193
				120 South Waco St.	Hillsboro	TX	—	Safeway Stores, Inc.		35,000	$	280	$	104		$	161
	2013		2/28/2013	3211 W. Beverly St.	Staunton	VA	—	Food Lion, Inc.		23,000	$	164	$	164		$	166
				291 Talbert Blvd.	Lexington	NC	—	Food Lion, Inc.		23,000	$	140	$	116		$	138
				104 Branchwood Shopping Center	Jacksonville	NC	—	Food Lion, Inc.		23,000	$	84	$	112		$	84
				US 221 & Hospital Rd.	Jefferson	NC	—	Food Lion, Inc.		23,000	$	72	$	92		$	73
				S. Carlina 52/52 Bypass	Moncks Corner	SC	—	Food Lion, Inc.		23,000	$	60	$	124		$	62
			7/1/2013	302 Coxcreek Pkwy.	Florence	AL	—	The Kroger Company		42,130	$	660	$	312		$	223
				1053 Mineral Springs Rd.	Paris	TN	—	The Kroger Company		31,170	$	468	$	(76	)	$	159
			10/31/2013	130 Midland Ave.	Port Chester	NY	—	Pathmark Stores, Inc.		59,000	$	1,116	$	1,196		$	458
				Brown Mill Rd./US 601	Concord	NC	—	Food Lion, Inc.		32,259	$	196	$	164		$	197
				5104 North Franklin Rd.	Lawrence	IN	—	Marsh Supermarkets, Inc.		28,721	$	192	$	192		$	193
				502 East Carmel Dr.	Carmel	IN	—	Marsh Supermarkets, Inc.		38,567	$	160	$	284		$	159
				1084 East Second St.	Franklin	OH	—	Marsh Supermarkets, Inc.		29,119	$	112	$	156		$	111
				Little Rock Rd./Tuckaseegee Rd.	Charlotte	NC	—	Food Lion, Inc.		33,640	$	96	$	152		$	98
	2014		2/28/2014	9580 Livingston Rd.	Oxon Hill	MD	—	GFS Realty, Inc. (Giant Food, Inc.)		107,337	$	204	$	272		$	164
	2015		1/25/2015	3711 Gateway Dr.	Eau Claire	WI	—	Kohl’s Department Stores, Inc.		76,164	$	468	$	464		$	487
			1/31/2015	1700 State Route 160	Port Orchard	WA	—	Save-A-Lot, Ltd.		16,037	$	-	$	-		$	97
	2017		3/31/2017	1610 South Westmoreland Ave.	Dallas	TX	—	Malone’s Food Stores		68,024	$	360	$	480		$	376
			4/30/2017	2401 Wooton Pkwy.	Rockville	MD	—	GFS Realty, Inc. (Giant Food, Inc.)		51,682	$	116	$	152		$	92
			11/30/2017	10340 U.S. 19	Port Richey	FL	—	Kingswere Furniture		53,820	$	88	$	88		$	400
	2018		2/26/2018	4831 Whipple Ave., N.W.	Canton	OH	—	Best Buy Company, Inc.		46,350	$	464	$	464		$	465
				399 Peach Wood Centre Dr.	Spartanburg	SC	—	Best Buy Company, Inc.		45,800	$	396	$	396		$	395
			8/31/2018	2014 Cottman Ave.	Philadelphia	PA	—	Citizens Bank of Pennsylvania		3,800	$	208	$	108		$	101
				363 West Lancaster Ave.	Wayne	PA	—	Citizens Bank of Pennsylvania		3,800	$	200	$	132		$	97
				2001-03 Broad St.	Philadelphia	PA	—	Citizens Bank of Pennsylvania		3,800	$	200	$	104		$	96
				15 South 52nd St.	Philadelphia	PA	—	Citizens Bank of Pennsylvania		3,800	$	188	$	88		$	90

Page 23 of 40

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of		Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease		Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000) (2)		($000) (3)		($000) (4)
				1055 West Baltimore Pike	Lima	PA	—	Citizens Bank of Pennsylvania		3,800	$	168	$	128	$	82
				7323-29 Frankford Ave.	Philadelphia	PA	—	Citizens Bank of Pennsylvania		3,800	$	164	$	128	$	79
				25 East Main St.	Lansdale	PA	—	Citizens Bank of Pennsylvania		3,800	$	156	$	72	$	75
				1025 West Lehigh Ave.	Philadelphia	PA	—	Citizens Bank of Pennsylvania		3,800	$	148	$	64	$	72
				10650 Bustleton Ave.	Philadelphia	PA	—	Citizens Bank of Pennsylvania		3,800	$	148	$	88	$	71
				559 North Main St.	Doylestown	PA	—	Citizens Bank of Pennsylvania		3,800	$	148	$	100	$	71
				4947 North Broad St.	Philadelphia	PA	—	Citizens Bank of Pennsylvania		3,800	$	140	$	80	$	67
				15 Newton – Richboro Rd.	Richboro	PA	—	Citizens Bank of Pennsylvania		3,800	$	136	$	88	$	66
				6201 North 5th St.	Philadelphia	PA	—	Citizens Bank of Pennsylvania		3,800	$	44	$	32	$	21
			12/31/2018	255 Northgate Dr.	Manteca	CA	—	Kmart Corporation		107,489	$	1,192	$	556	$	-
				97 Seneca Trail	Fairlea	WV	—	Kmart Corporation		90,933	$	788	$	348	$	-
				5350 Leavitt Rd.	Lorain	OH	—	Kmart Corporation		193,193	$	1,684	$	732	$	-
				12080 Carmel Mountain Rd.	San Diego	CA	—	Kmart Corporation		107,210	$	760	$	752	$	-
				1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart Corporation		94,970	$	668	$	328	$	-
				21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart Corporation		120,727	$	1,120	$	480	$	-
	2021		1/31/2021	3040 Josey Ln.	Carrollton	TX	—	Ong’s Family Inc.		61,000	$	240	$	404	$	-
	2028		1/31/2028	2010 Apalachee Pkwy.	Tallahassee	FL	—	Kohl’s Department Stores, Inc.		102,381	$	208	$	220	$	484
			8/31/2028	9803 Edmonds Way	Edmonds	WA	(8)	PCC Natural Markets		34,459	$	-	$	-	$	-
	NA		NA	5544 Atlanta Hwy.	Montgomery	AL	(7)	(Available for Lease)(Prior tenant Beasley)		60,698	$	132	$	116	$	-
				Kipling St. & Bowles Ave.	Littleton	CO	—	(Available for Lease)		29,360	$	-	$	-	$	-
				9400 South 755 East	Sandy	UT	—	(Available for Lease)		41,612	$	-	$	-	$	-
				3621 E Lincoln Way	Cheyenne	WY	—	(Available for Lease)		31,420	$	-	$	-	$	-
				1700 State Route 160	Port Orchard	WA	—	(Available for Lease)		11,931	$	-	$	-	$	-
				5402 4th St.	Lubbock	TX	—	(Available for Lease)		53,820	$	-	$	-	$	-
			RETAIL TOTAL/WEIGHTED AVERAGE					93.6% Leased		3,588,655		28,360		24,640

Page 24 of 40

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/07

Year of	Date of							Sq.Ft. Leased		Annualized		Annualized		Fixed Rent at
Lease	Lease							or Available		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	(1)		($000)(2)		($000)(3)		($000)(4)
SPECIALTY ASSETS
2010		8/17/2010	904 Industrial Rd.	Marshall	MI	—	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)		195,640	$	612	$	620	$	-
		10/15/2010	601 & 701 Experian Pkwy.	Allen	TX	—	Experian Information Solutions, Inc. (TRW Inc.)		292,700	$	3,616	$	3,372	$	-
2011		5/31/2011	1200 Jupiter Rd.	Garland	TX	—	Raytheon Company		278,759	$	1,508	$	1,732	$	-
		7/15/2011	19019 N. 59th Ave.	Glendale	AZ	—	Honeywell, Inc.		252,300	$	2,452	$	2,452	$	-
2013		6/30/2013	8555 S. River Pkwy.	Tempe	AZ	—	ASM Lithography, Inc. (ASM Lithography Holding NV)		95,133	$	2,132	$	1,840	$	-
		12/31/2013	120 SE Parkway Dr.	Franklin	TN	—	Essex Group, Inc. (United Technologies Corporation)		289,330	$	1,476	$	952	$	735
2014		1/31/2014	1401 & 1501 Nolan Ryan Pkwy.	Arlington	TX	—	Siemens Dematic Postal Automation, L.P.		236,547	$	2,384	$	2,588	$	-
		6/30/2014	70 Mechanic St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)		251,914	$	2,992	$	2,624	$	2,562
2015		9/27/2015	9110 Grogans Mill Rd.	The Woodlands	TX	—	Baker Hughes, Inc.		275,750	$	-	$	3,064	$	2,756
			2529 W. Thorne Dr.	Houston	TX	—	Baker Hughes, Inc.		65,500	$	-	$	848	$	746
		10/31/2015	3600 Southgate Dr.	Danville	IL	—	Sygma Network, Inc. (Sysco Corporation)		149,500	$	932	$	932	$	1,027
2020		6/30/2020	10419 N. 30th St.	Tampa	FL	—	Time Customer Service, Inc. (Time, Inc.)		132,981	$	1,224	$	1,292	$	-
		11/30/2020	11555 University Blvd.	Sugar Land	TX	—	KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)		72,683	$	1,112	$	1,228	$	-
2021		10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana Corporation		150,945	$	1,844	$	1,844	$	-
	SPECIALTY ASSETS TOTAL/WEIGHTED AVERAGE						100.0% Leased		2,739,682	$	22,284	$	25,388
	TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE						95.62% Leased		45,521,591	$	431,918	$	411,416

(1)	Square foot leased or vacant includes those tenants with month-to-month leases.
(2)	Annualized cash rent is calculated as follows: quarterly rent obligation for the reported period, multiplied by 4.
(3)	Annualized GAAP rent is calculated as follows: quarterly GAAP rent, multiplied by 4.
(4)	Rent at option rate listed for those lease contracts where a set rent in dollars is specified, as it relates to Fixed Rent at Next Option.
(5)	Lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(6)	Greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(7)	Rents from tenants prior to expiration of lease, prior tenant has vacated.
(8)	Tenant occupies space, rent has not yet commenced.

Page 25 of 40

LEXINGTON REALTY TRUST
2007 Fourth Quarter Disposition Summary

DISPOSITIONS

				Property	Gross Sale Price		Gain Recognized					GAAP Cap			Month of
	Tenants/Guarantors	Location		Type	($000)		($000)		Cash Cap Rate			Rate			Disposition
1	Macy’s, Inc.	Laguna Hills	CA	Retail	$	3,253	$	1,202		8.8	%		10.6	%	Oct
2	Macy’s, Inc.	Pleasanton	CA	Retail	$	8,947	$	-		13.2	%		10.4	%	Oct
3	Nordstrom, Inc.	San Diego	CA	Retail	$	27,000	$	-		5.9	%		6.3	%	Oct
4	City of San Buenaventura Parking	Ventura	CA	Retail	$	6,250	$	-		12.6	%		13.9	%	Oct
5	Vacant	Aurora	CO	Retail	$	1,600	$	-		N/A			N/A		Oct
6	Ryder Logistics	Waterloo	IA	Industrial	$	12,500	$	4,342		8.9	%		8.0	%	Oct
7	North American Van Lines, Inc.	Westmont	IL	Office	$	35,700	$	9,758		7.2	%		7.0	%	Oct
8	The Kroger Company	Louisville	KY	Retail	$	368	$	-		N/A			N/A		Oct
9	The Kroger Company	Louisville	KY	Retail	$	3,760	$	-		N/A			N/A		Oct
10	The Kroger Company	Columbus	OH	Retail	$	3,560	$	-		N/A			N/A		Oct
11	Cadence Design Systems	Chelmsford	MA	Office	$	13,664	$	3,136		7.5	%		7.8	%	Nov
12	Kaz USA	Southborough	MA	Office	$	6,712	$	2,459		7.3	%		7.6	%	Nov
13	SBC/AT&T	Columbus	OH	Industrial	$	1,700	$	81		7.8	%		9.1	%	Nov
14	Verizon Wireless, Inc.	Greenville	SC	Office	$	25,000	$	4,711		7.9	%		7.8	%	Dec
15	Verizon Wireless, Inc.	Wilmington	NC	Office	$	22,750	$	3,172		6.7	%		7.2	%	Dec
16	ANDA Pharmaceuticals, Inc.	Groveport	OH	Industrial	$	14,500	$	2,980		8.9	%		8.3	%	Dec
17	Johnson Controls, Inc.(1)	Oberlin	OH	Industrial	$	2,000	$	-		N/A			N/A		Dec
18	Fred Meyer, Inc.	Newport	OR	Retail	$	14,250	$	9,544		6.7	%		6.7	%	Dec
19	Exel Logistics, Inc.	Mechanicsburg	PA	Industrial	$	24,500	$	11,685		9.5	%		7.5	%	Dec
20	Xerox Corporation	Lewisville	TX	Industrial	$	15,750	$	-		9.6	%		8.1	%	Dec
20	TOTAL DISPOSITIONS				$	243,764	$	53,070		7.6	%		7.4	%

⁽¹⁾ An impairment of $1,670 was taken in 4Q 2007

Page 26 of 40

LEXINGTON REALTY TRUST
2007 Fourth Quarter Disposition to Co-Investment Program

DISPOSITIONS TO NET LEASE STRATEGIC ASSETS FUND L.P.

					Month of
	Tenants/Guarantors	Location		Property Type	Disposition
1	Advance PCS, Inc.	Knoxville	TN	Office	Dec
2	American Electric Power	Kingsport	TN	Office	Dec
3	American Golf Corporation	Oklahoma City	OK	Retail	Dec
4	AT&T Wireless Services, Inc.	Oklahoma City	OK	Office	Dec
5	Bay Valley Foods, LLC	Plymouth	IN	Industrial	Dec
6	Corning, Inc.	Erwin	NY	Industrial	Dec
7	Cox Communications, Inc.	Tucson	AZ	Office	Dec
8	EDS Information Services, LLC (Electric Data Systems Corporation)	Des Moines	IA	Industrial	Dec
9	Entergy Services, Inc.	Pine Bluff	AR	Office	Dec
10	Georgia Power Company	McDonough	GA	Office	Dec
11	Kelsey-Hayes Company (TRW Automotive, Inc.)	Livonia	MI	Office	Dec
12	Lithia Motors	Fort Collins	CO	Retail	Dec
13	Litton Loan Servicing L.P.	McDonough	GA	Office	Dec
14	Montgomery County Management Company, LLC	The Woodlands	TX	Office	Dec
15	Nextel of Texas	Temple	TX	Office	Dec
16	Nextel West Corporation	Bremerton	WA	Office	Dec
17	Northrop Grumman Systems Corporation	Pascagoula	MS	Office	Dec
18	Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)	Oakland	ME	Office	Dec
19	Owens Corning Roofing and Asphalt, LLC	Minneapolis	MN	Industrial	Dec
20	Owens Corning, Inc.	Chester	SC	Industrial	Dec
21	Parkway Chevrolet, Inc.	Tomball	TX	Retail	Dec
22	Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.)	Eau Claire	WI	Industrial	Dec
23	SKF USA, Inc.	Franklin	NC	Industrial	Dec
24	TI Group Automotive Systems, LLC	Livonia	GA	Industrial	Dec
25	Unisource Worldwide, Inc.	Jacksonville	FL	Industrial	Dec
26	Voicestream PCS I Corporation (T-Mobile USA, Inc.)	Meridian	ID	Office	Dec
27	Voicestream PCS I Corporation (T-Mobile USA, Inc.)	Lenexa	KS	Office	Dec
28	Voicestream PCS I Corporation (T-Mobile USA, Inc.)	Redmond	OR	Office	Dec
29	Voicestream PCS II Corporation (T-Mobile USA, Inc.)	Mission	TX	Office	Dec
30	Wachovia Bank N.A.	Allentown	PA	Office	Dec
30	TOTAL DISPOSITIONS TO NET LEASE STRATEGIC ASSETS FUND L.P.

Page 27 of 40

LEXINGTON REALTY TRUST

2007 Fourth Quarter Leasing Activity

NEW LEASES

				Property	Lease Expiration			Cash Rent Per
	Tenants/Guarantors	Location		Type	Date	Sq. Ft.		Annum ($000)
1	AboveNet Communications, Inc.	San Francisco	CA	Office	01/2013		3,666	$	132
2	Amica Mutual Insurance Company	Glen Allen	VA	Office	07/2015		4,329	$	82
3	Carolina Logistics Services	New Kingston	PA	Industrial	MTM		168,000	$	756
4	Dr. Marvin Winter	Decatur	GA	Office	12/2017		1,506	$	39
5	Glen-Mar Rehabilitation	Dallas	TX	Office	12/2008		969	$	16
6	Miller Travel, Inc.	Dallas	TX	Office	12/2010		746	$	10
7	Molina Healthcare, Inc.	Long Beach	CA	Office	12/2019		166,770	$	3,602
8	Owens Corning Insulating Systems, LLC	Hebron	OH	Industrial	04/2008		102,960	$	278
9	PCC Natural Markets	Edmonds	WA	Retail	05/2028		34,459	$	603
10	Scott Carlson Real Estate, Inc.	Dallas	TX	Office	12/2010		1,058	$	16
11	TXU Energy Retail Company, LLC	Irving	TX	Office	03/2023		180,000	$	2,070
12	W.D Graue, Inc.	Dallas	TX	Office	07/2012		1,995	$	27
12	TOTAL NEW LEASES						666,458	$	7,631

LEASE EXTENSIONS

				Property	Lease Expiration			Cash Rent Per
	Tenants/Guarantors	Location		Type	Date	Sq. Ft.		Annum ($000)
1	AT&T Wireless Services, Inc.	Harrisburg	PA	Office	12/2013		81,859	$	1,780
2	Comprehensive Logistics, Inc.	Antioch	TN	Industrial	01/2008		80,000	$	33
3	Essex Group, Inc.	Franklin	TN	Industrial	12/2013		289,330	$	735
4	Joseph Campbell Company	Marshall	MI	Industrial	09/2011		53,600	$	120
5	Pathmark Stores, Inc.	Port Chester	NY	Retail	10/2013		59,000	$	458
6	Unilever Supply Chain, Inc.	Owensboro	KY	Industrial	12/2020		443,380	$	1,048
7	Washington Mutual Home Loans, Inc.	Florence	SC	Office	06/2013		177,747	$	1,750
7	TOTAL LEASE EXTENSIONS						1,184,916	$	5,924
19	TOTAL NEW AND RENEWED LEASES						1,851,374	$	13,555

Page 28 of 40

LEXINGTON REALTY TRUST

2007 Fourth Quarter Acquisition Summary

ACQUISITIONS

											Estimated
											Current
							Estimated Average				Annual Cash
				Property			Annual GAAP		Average		Rent, Net		Current Cash
	Tenants/Guarantors	Location		Type	Basis     ($000)		Rent, Net ($000)		GAAP Yield		($000)		Yield		Lease Due
1	Litton Loan Servicing L.P.	McDonough	GA	Specialty	$	13,739	$	1,091		7.9%	$	1,091		7.9%	08/2017
1	TOTAL ACQUISITION				$	13,739	$	1,091		7.9%	$	1,091		7.9%

Page 29 of 40

LEXINGTON REALTY TRUST
Selected Balance Sheet Account Detail
December 31, 2007

Investments in and advances to non-consolidated entities	$	226,476
Lexington’s “Investments in and advances to non-consolidated entities” line item includes investments in entities which invest in real estate debt securities and net leased properties. A summary is as follows:
Investment in debt platform	$	155,829
Investment in net lease partnerships		70,647
Other assets	$	88,513
The components of other assets are:
Restricted cash	$	4,185
Due from lender/trustee		36,841
CIP/Deposits		13,819
Debt investments		15,926
Equipment		2,716
Prepaids		6,888
Other receivables		7,267
Other		871
Accounts payable and other liabilities	$	49,442
The components of accounts payable and other liabilities are:
Accounts payable and accrued expenses	$	15,063
CIP accruals		12,917
Taxes		950
Deferred lease costs		8,756
Subordinated notes		3,081
Deposits		1,370
Escrows		2,798
Transaction costs		4,507

Page 30 of 40

LEXINGTON REALTY TRUST
Select Income Statement Account Detail
Twelve Months Ending December 31, 2007
$000

Equity in earnings of non-consolidated entities	$	46,467
The components of equity in earnings of non-consolidated entities are as follows:
Gains on sale of joint venture properties	$	35,722
Equity in earnings		10,745
Advisory and incentive fees	$	13,567
The components of advisory fees are as follows:
Asset management fees	$	1,882
Incentive fees earned		11,685

Page 31 of 40

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable
12/31/2007

												Current Est.
												Annual Debt			Balloon
				Debt Balance								Service			Payment
Property	Footnotes			($000)		Interest Rate (%)			Maturity		(a)	($000)		(d)	($000)
Bristol, PA					9,262		7.400	%		02/2008			—			9,262
Garwood, NJ					95		5.000	%		05/2008			100			—
Decatur, GA					6,106		6.720	%		06/2008			241			6,049
Palm Beach Gardens, FL					10,536		7.010	%		06/2008			485			10,418
Canton, OH					2,992		7.150	%		08/2008			183			2,936
Spartanburg, SC					2,486		7.150	%		08/2008			152			2,438
Irvine, CA					4,079		9.339	%		09/2008			4,239			—
Owensboro, KY					4,666		7.940	%		12/2008			3,361			—
Columbia, MD					942		8.625	%		12/2008			371			719
Clinton, CT					721		7.940	%		12/2008			519			—
Long Beach, CA					15,923		6.250	%		01/2009			11,286			—
Long Beach, CA					5,902		6.160	%		01/2009			4,180			—
Florence, SC					8,677		7.500	%		02/2009			869			8,443
Canton, OH					427		9.490	%		02/2009			388			—
Baton Rouge, LA					1,581		7.375	%		03/2009			208			1,478
Bristol, PA					5,442		7.250	%		04/2009			571			5,228
Henderson, NC					4,007		7.390	%		05/2009			417			3,854
Westland, MI					1,087		10.500	%		09/2009			683			—
Houston, TX		(b	)		19,663		5.810	%		10/2009			2,032			18,229
High Point, NC					8,146		5.750	%		10/2009			695			7,741
Salt Lake City, UT					4,711		7.610	%		10/2009			2,901			—
San Francisco, CA					22,455		3.893	%		12/2009			2,110			20,000
Pleasanton, CA					4,414		10.250	%		12/2009			727			3,808
Richmond, VA					15,745		8.100	%		02/2010			1,511			15,257
Fishers, IN		(b	)		14,283		5.880	%		04/2010			1,499			12,960
Hampton, VA					6,984		8.270	%		04/2010			677			6,758
Hampton, VA					4,283		8.260	%		04/2010			415			4,144
Lorain, OH		(b	)		2,017		5.540	%		07/2010			905			—
Manteca, CA		(b	)		1,425		5.540	%		07/2010			639			—
Watertown, NY		(b	)		1,340		5.540	%		07/2010			601			—
Lewisburg, WV		(b	)		941		5.540	%		07/2010			422			—
San Diego, CA		(b	)		908		5.540	%		07/2010			408			—
Galesburg, IL		(b	)		799		5.540	%		07/2010			359			—
Tampa, FL					7,941		6.930	%		08/2010			674			7,603
Tampa, FL					5,741		6.880	%		08/2010			485			5,495
Irving, TX		(b	)		26,408		5.880	%		10/2010			2,432			24,454
Lake Mary, FL		(b	)		13,079		5.880	%		10/2010			1,181			12,118
Lake Mary, FL		(b	)		13,040		5.880	%		10/2010			1,178			12,082
Herndon, VA					18,041		8.180	%		12/2010			1,723			17,301
Parsippany, NJ		(b	)		40,151		5.860	%		03/2011			3,472			37,047
Glendale, AZ					14,084		7.400	%		04/2011			1,258			13,365
Renswoude, NA					39,178		5.305	%		04/2011			2,827			36,680
Dallas, TX					30,582		5.126	%		05/2011			1,594			30,582
Wallingford, CT					3,371		4.926	%		05/2011			221			3,187
Auburn Hills, MI					6,590		7.010	%		06/2011			637			5,918
Plymouth, MI					4,442		7.960	%		07/2011			421			4,171

Page 32 of 40

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable
12/31/2007

												Current Est.
												Annual Debt			Balloon
				Debt Balance		Interest Rate						Service			Payment
Property	Footnotes			($000)		(%)			Maturity		(a)	($000)		(d)	($000)
Winchester, VA		(b	)		10,606		5.860	%		08/2011			908			9,675
New Kingston, PA					6,780		7.790	%		01/2012			678			6,101
Mechanicsburg, PA					5,005		7.780	%		01/2012			500			4,503
New Kingston, PA					3,230		7.780	%		01/2012			323			2,906
Milford, OH		(b	)		16,220		5.860	%		02/2012			1,822			12,686
Lake Forest, CA					10,352		7.260	%		02/2012			901			9,708
Fort Worth, TX		(b	)		18,981		5.510	%		05/2012			1,280			17,823
Memphis, TN					17,427		5.247	%		05/2012			1,181			16,222
Raleigh, NC		(b	)		12,589		5.860	%		05/2012			649			12,543
Lakewood, CO					8,493		5.097	%		05/2012			566			7,890
Farmington Hills, MI		(b	)		19,617		5.860	%		09/2012			1,500			17,724
Laurens, SC		(b	)		16,240		5.870	%		09/2012			1,396			14,022
Temperance, MI		(b	)		10,909		5.870	%		09/2012			936			9,400
Baton Rouge, LA		(b	)		6,461		5.520	%		10/2012			443			5,943
San Antonio, TX					28,671		6.080	%		10/2012			2,260			26,025
Plymouth, MI		(b	)		11,847		5.860	%		12/2012			1,026			10,026
Colorado Springs, CO		(b	)		11,381		5.870	%		12/2012			887			10,272
Foxboro, MA		(b	)		14,091		6.000	%		01/2013			2,817			—
Fort Mill, SC					10,903		6.000	%		01/2013			839			9,904
Centennial, CO		(b	)		15,322		5.550	%		02/2013			1,177			13,555
Los Angeles, CA		(b	)		78,092		5.860	%		05/2013			5,361			73,071
Atlanta, GA					44,228		5.268	%		05/2013			3,004			40,356
Dallas, TX		(b	)		39,580		5.550	%		05/2013			2,702			36,453
Houston, TX					17,261		5.218	%		05/2013			1,166			15,737
Southington, CT					13,456		5.018	%		05/2013			890			12,228
Tempe, AZ					13,336		5.148	%		05/2013			894			12,144
Indianapolis, IN					9,419		5.168	%		05/2013			633			8,580
Fort Meyers, FL					8,912		5.268	%		05/2013			477			8,550
Phoenix, AZ					18,807		6.270	%		09/2013			1,527			16,490
Foxboro, MA		(b	)		18,351		6.000	%		01/2014			3,270			—
Moody, AL					7,241		4.978	%		01/2014			493			6,350
Arlington, TX		(b	)		20,860		5.870	%		02/2014			1,551			18,588
Las Vegas, NV					21,547		6.150	%		02/2014			4,160			429
Logan Township, NJ		(b	)		7,318		5.870	%		04/2014			482			6,784
Clive, IA					5,784		5.139	%		05/2014			387			5,151
Fort Mill, SC					20,238		5.373	%		05/2014			1,364			18,311
Philadelphia, PA					48,727		5.060	%		07/2014			3,178			43,547
Eau Claire, WI					1,583		8.000	%		07/2014			313			—
Memphis, TN					65,572		6.150	%		09/2014			4,089			65,572
Memphis, TN					11,228		6.150	%		09/2014			1,344			5,840
Columbus, IN					42,800		6.150	%		09/2014			2,669			40,429
Las Vegas, NV					31,235		6.150	%		09/2014			1,948			31,235
Issaquah, WA		(b	)		31,588		5.890	%		12/2014			1,668			30,388
Canonsburg, PA		(b	)		9,070		5.550	%		12/2014			489			9,095
Chicago, IL		(b	)		28,975		5.870	%		01/2015			1,552			29,900
Carrollton, TX					13,921		5.530	%		01/2015			993			12,022

Page 33 of 40

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable
12/31/2007

												Current Est.
												Annual Debt		Balloon
				Debt Balance		Interest Rate						Service		Payment
Property	Footnotes			($000)		(%)			Maturity		(a)	($000) (d)		($000)
Herndon, VA		(b	)		11,930		5.870	%		04/2015			888		10,359
Richmond, VA		(b	)		19,485		5.510	%		05/2015			1,029		18,321
Kalamazoo, MI					17,243		5.411	%		05/2015			1,189		15,087
Houston, TX					16,589		5.160	%		05/2015			1,114		14,408
Rockaway, NJ					14,900		5.292	%		05/2015			802		14,900
Houston, TX					12,955		5.210	%		05/2015			874		11,265
Fishers, IN					12,881		5.160	%		05/2015			865		11,188
San Antonio, TX					12,784		5.340	%		05/2015			875		11,149
Atlanta, GA					11,325		5.260	%		05/2015			606		10,502
Los Angeles, CA					11,234		5.110	%		05/2015			750		9,760
Richmond, VA					10,373		5.310	%		05/2015			708		9,055
Harrisburg, PA					8,986		5.110	%		05/2015			599		7,780
Knoxville, TN					7,627		5.310	%		05/2015			520		6,658
Tulsa, OK					7,509		5.060	%		05/2015			499		6,517
Carrollton, TX		(b	)		20,246		5.870	%		07/2015			1,136		18,677
Elizabethtown, KY					15,874		4.990	%		07/2015			1,068		13,648
Hopkinsville, KY					9,304		4.990	%		07/2015			626		7,999
Dry Ridge, KY					7,112		4.990	%		07/2015			506		6,238
Owensboro, KY					6,346		4.990	%		07/2015			452		5,568
Elizabethtown, KY					2,994		4.990	%		07/2015			201		2,574
Houston, TX		(b	)		60,193		6.250	%		09/2015			7,118		18,318
Houston, TX		(b	)		24,498		6.250	%		09/2015			2,923		6,985
Sugar Land, TX		(b	)		15,670		6.250	%		09/2015			1,944		6,286
Houston, TX		(b	)		6,948		6.250	%		09/2015			807		2,222
Danville, IL					6,161		9.000	%		01/2016			692		4,578
Bridgewater, NJ					14,805		5.732	%		03/2016			863		13,824
Omaha, NE					8,802		5.610	%		04/2016			621		7,560
Tempe, AZ					8,313		5.610	%		04/2016			586		7,140
Lisle, IL					10,450		6.500	%		06/2016			742		9,377
Dallas, TX		(b	)		18,563		5.870	%		07/2016			1,139		18,363
Rochester, NY					18,800		6.210	%		08/2016			1,252		16,765
Statesville, NC					14,100		6.210	%		08/2016			939		12,574
Rockford, IL					6,900		6.210	%		08/2016			460		6,153
Glenwillow, OH					17,000		6.130	%		09/2016			1,106		15,132
El Segundo, CA		(h	)		54,283		5.675	%		12/2016			3,820		45,723
Memphis, TN					3,951		5.710	%		01/2017			229		3,484
Orlando, FL					9,975		5.722	%		02/2017			580		9,309
Shreveport, LA					19,000		5.690	%		04/2017			1,099		19,000
Coppell, TX					14,400		5.710	%		06/2017			836		14,400
Dubuque, IA					10,597		5.402	%		06/2017			733		8,725
McDonough, GA					23,000		6.110	%		11/2017			1,429		21,651
Lorain, OH		(b	)		1,280		7.750	%		07/2018			108		—
Manteca, CA		(b	)		904		7.750	%		07/2018			77		—
Watertown, NY		(b	)		850		7.750	%		07/2018			72		—
Lewisburg, WV		(b	)		597		7.750	%		07/2018			51		—
San Diego, CA		(b	)		576		7.750	%		07/2018			49		—

Page 34 of 40

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable
12/31/2007

												Current Est.
												Annual Debt			Balloon
				Debt Balance		Interest Rate						Service			Payment
Property	Footnotes			($000)		(%)			Maturity		(a)	($000)		(d)	($000)
Galesburg, IL		(b	)		507		7.750	%		07/2018			43			—
Overland Park, KS		(b	)		37,464		5.900	%		05/2019			2,230			31,819
Kansas City, MO		(b	)		17,876		5.900	%		05/2019			1,064			15,182
Streetsboro, OH		(b	)		19,462		5.900	%		09/2019			1,172			16,338
Boca Raton, FL					20,400		6.470	%		02/2020			1,342			18,383
Houston, TX					9,742		5.640	%		12/2020			692			7,018
Wall Township, NJ		(b	)		29,430		6.250	%		01/2021			2,372			—
Hilliard,OH					28,960		5.907	%		02/2021			1,739			27,483
Charleston, SC					7,350		5.850	%		02/2021			437			6,632
Durham, NH		(b	)		19,273		6.750	%		03/2021			1,312			—
Antioch, TN		(b	)		14,781		5.630	%		10/2021			1,580			774
Whippany, NJ					16,627		6.298	%		11/2021			1,344			10,400
Dillon, SC					22,938		5.974	%		02/2022			1,832			13,269
El Segundo, CA		(h	)		16,965		4.860	%		01/2024			66			13,955
El Segundo, CA		(h	)		13,880		4.860	%		01/2024			54			11,417
Subtotal/Wtg. Avg. /Years Remaining					2,183,915		5.906	%		6.6			193,811			1,765,795
Corporate
Credit Facility		(c	)		—		—			06/2008			—			—
Term Loan		(f	)		213,635		5.850	%		06/2009			12,498			213,635
Exchangeable Notes		(e	)		450,000		5.450	%		01/2012			24,525			450,000
Trust Preferred Notes		(g	)		200,000		6.804	%		04/2037			13,608			200,000
Subtotal/Wtg. Avg. /Years Remaining					863,635		5.863	%		9.2			50,631			863,635
Total/Wtg. Avg. /Years Remaining				$	3,047,550		5.894	%		7.4		$	244,442		$	2,629,430

(a)	Subtotal and total based on weighted average term to maturity shown in years based on debt balance.
(b)	Debt balances based upon imputed interest rates.
(c)	Floating rate debt 30/60/90 day LIBOR plus 120 to 170 bps.
(d)	Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.
(e)	Holders have the right to put notes to the Company commencing 2012 and every five years thereafter, notes mature 2027.
(f)	Floating rate debt 30 day LIBOR plus 60 bps.
(g)	Rate fixed through April 2017, thereafter LIBOR plus 170 bps
(h)	Property held for sale.

Page 35 of 40

LEXINGTON REALTY TRUST
Unconsolidated Properties: Mortgages & Notes Payable

12/31/2007

											Current
											Estimated				Proportionate
											Annual				Share
		Debt		LXP							Debt		Balloon		Balloon
		Balance		Proportionate		Interest					Service		Payment		Payment
Joint Venture	Footnotes	($000)		Share ($000)		Rate (%)			Maturity		($000)		($000)		($000)
One Arkansas		$	441	$	154		6.850	%		05/2008	$	457	$	-	$	-
Net Lease Strategic			10,455		4,935		7.800	%		04/2009		992		10,236		4,831
Dallas Commerce			13,508		3,512		6.680	%		06/2009		9,614		-		-
BCBS LLC			23,203		9,281		7.850	%		10/2009		2,196		22,586		9,034
Harpard			1,506		406		9.875	%		01/2011		569		-		-
Net Lease Strategic			2,258		1,066		7.500	%		01/2011		226		2,076		980
Taber			918		248		10.125	%		06/2011		313		-		-
Jayal			1,241		372		11.500	%		03/2012		409		-		-
Net Lease Strategic			22,761		10,743		5.510	%		05/2012		1,188		22,153		10,456
Net Lease Strategic			5,023		2,371		5.950	%		09/2013		381		4,496		2,122
Net Lease Strategic			9,605		4,534		5.616	%		04/2014		697		8,484		4,004
Net Lease Strategic			1,473		695		8.500	%		03/2015		271		-		-
Net Lease Strategic — Oklahoma TIC			14,749		2,786		5.240	%		05/2015		786		2,583		488
Net Lease Strategic			12,675		5,983		5.212	%		06/2015		712		11,349		5,357
Net Lease Strategic			6,251		2,950		5.783	%		06/2015		462		5,371		2,535
Net Lease Strategic			8,758		4,134		6.090	%		01/2016		668		7,446		3,515
Net Lease Strategic			6,473		3,055		6.090	%		04/2016		494		5,465		2,579
Net Lease Strategic			6,584		3,108		6.315	%		09/2016		497		5,723		2,701
One Summit			19,997		5,999		9.375	%		10/2016		3,344		-		-
Net Lease Strategic			9,309		4,394		6.063	%		11/2016		683		8,023		3,787
One Summit			12,869		3,861		10.625	%		11/2016		2,239		-		-
Dallas Commerce			12,512		3,253		15.000	%		12/2018		1,877		-		-
Net Lease Strategic			9,299		4,389		5.910	%		10/2018		728		6,624		3,127
Net Lease Strategic			10,033		4,736		6.010	%		08/2019		753		7,658		3,615
Net Lease Strategic			7,500		3,540		6.507	%		11/2019		496		6,692		3,159
Net Lease Strategic			10,098		4,766		6.270	%		12/2019		774		7,755		3,660
Net Lease Strategic			10,227		4,827		5.930	%		10/2020		750		7,660		3,616
Net Lease Strategic			9,715		4,585		5.460	%		12/2020		741		5,895		2,782
Net Lease Strategic			13,056		6,162		5.380	%		08/2025		1,144		362		171
Subtotal/Wtg. Avg. (5)/Years Remaining (6)		$	272,497	$	110,845		6.788	%		8.0	$	34,461	$	158,637	$	72,519

Page 36 of 40

LEXINGTON REALTY TRUST
Unconsolidated Properties: Mortgages & Notes Payable
12/31/2007

											Current
											Estimated				Proportionate
											Annual				Share
		Debt		LXP							Debt		Balloon		Balloon
		Balance		Proportionate		Interest					Service		Payment		Payment
Joint Venture	Footnotes	($000)		Share ($000)		Rate (%)			Maturity		($000)		($000)		($000)
Corporate
Concord	(1)		48,710		24,355		5.490	%		11/2008		2,711		48,710		24,355
Concord	(4)		39,079		19,540		5.900	%		12/2008		2,338		39,079		19,540
Concord	(4)		16,414		8,207		5.950	%		03/2009		990		16,414		8,207
Concord	(2)		308,508		154,254		5.840	%		03/2009		18,267		308,508		154,254
Concord	(4)		59,613		29,807		5.850	%		12/2012		3,536		59,613		29,807
Concord	(3)		376,650		188,325		5.825	%		12/2016		21,940		376,650		188,325
Subtotal/Wtg. Avg. (5)/Years Remaining (6)		$	848,974	$	424,488		5.819	%		4.8	$	49,782	$	848,974	$	424,488
Total/Wtg. Avg. (5)/Years Remaining (6)		$	1,121,471	$	535,333		6.020	%		5.5	$	84,243	$	1,007,611	$	497,007

(1)	Represents amount outstanding on $200.0 million repurchase agreement, variable rate.
(2)	Represents amount outstanding on $350.0 million repurchase agreement, variable rate.
(3)	Collateralized debt obligation of investment grade-rated debt secured directly or indirectly by real estate assets.
(4)	Represents amount outstanding on term loans.
(5)	Weighted average interest rate based on proportionate share.
(6)	Weighted average years remaining on maturities based on proportionate debt balance.

Page 37 of 40

LEXINGTON REALTY TRUST
Mortgage Maturity Schedule
12/31/2007

Consolidated Properties
					Balloon Weighted
	Scheduled		Payments Balloon		Average Interest
Year	Amortization(   $000)		(  $000)		Rate %
2008	$	68,260	$	31,822		7.13	%
2009		57,137		282,415		5.87
2010		46,379		118,171		6.84
2011		43,435		140,624		5.79
2012		44,198		633,794		5.60
	$	259,409	$	1,206,826		5.85	%

Joint Venture Properties - LXP Proportionate Share
					Balloon Weighted
	Scheduled		Balloon		Average Interest
Year	Amortization (  $000)		Payments (  $000)		Rate %
2008	$	4,685	$	43,895		5.67	%
2009		3,786		176,326		6.00
2010		2,755		—		—
2011		2,863		980		7.50
2012		2,878		40,263		5.76
	$	16,967	$	261,464		5.92	%

Page 38 of 40

LEXINGTON REALTY TRUST
Base Rent Estimates for Current Assets
12/31/07
($000)

 

Year	Cash		GAAP
2008	$	423,817	$	412,983
2009		363,816		386,489
2010		309,741		339,243
2011		288,308		315,800
2012		258,269		289,030

Amounts assume all below market leases are renewed by
the tenants at the option rate and no new or renegotiated lease
are entered into for any other property.

Page 39 of 40

Investor Information

Transfer Agent

Mellon Investor Services, LLC
480 Washington Blvd.
Jersey City NJ 07310-1900
(800) 850-3948
www.melloninvestor.com

Investor Relations

Patrick Carroll
Executive Vice President and Chief Financial Officer
Telephone (direct)	(212) 692-7215
Facsimile (main)	(212) 594-6600
E-mail	pcarroll@lxp.com

Research Coverage

Bear, Stearns & Co., Inc.
Ross Smotrich	(212) 272-8046
Jeffrey Langbaum	(212) 272-4201
George Hoglund, CFA	(212) 272-6272
Cantor Fitzgerald
Philip Martin	(312) 469-7485
Matthew Thorp	(312) 469-7484
Friedman, Billings, Ramsey
Merrill Ross	(703) 312-9769
Gabe Poggi	(703) 469-1141
J.P. Morgan Chase
Anthony Paolone, CFA	(212) 622-6682
Michael W. Mueller, CFA	(212) 622-6689
Joseph Dazio, CFA	(212) 622-6416
Gregory P. Stuart	(212) 622-5390

Keefe, Bruyette & Woods
Sheila K. McGrath	(212) 887-7793
Raymond James & Assoc.
Paul Puryear	(727) 567-2253
Ken Avalos	(727) 567-2660
Stifel Nicolaus
John W. Guinee	(443) 224-1307

Page 40 of 40

EX-99.2

Exhibit 99.2

Transcript of
Lexington Realty Trust (LXP)
Q4 Earnings Conference Call
February 27, 2008

Participants

T. Wilson Eglin, President, CEO
Patrick Carroll, CFO
Natasha Roberts, EVP, Director of Real Estate Operations
Lisa Soares, Investor Relations
Robert Roskind, Co-Vice Chairman
Michael Ashner, Executive Chairman, Director of Strategic Acquisitions

Presentation

Operator
Greetings and welcome to the Lexington Realty Trust fourth quarter earnings conference call. At this time, all participants are in the listen only mode. A brief question and answer session will follow the formal presentation. [Operator instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Miss Lisa Soares, Investor Relations Corporation and Development. Thank you Miss Soares. You may begin.

Lisa Soares - Lexington Realty Trust - Investor Relations
Thanks Jonathan. Hello and welcome to the Lexington Realty Trust fourth quarter earnings conference call. The earnings press release was distributed over the wire this morning and the release and supplemental disclosure package will be furnished on the Form 8-K. In the press release and supplemental disclosure package Lexington has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Regulation G requirements. If you do not receive a copy these documents are available on Lexington’s website at www.LXP.com in the Investor Relations section. Additionally we are hosting a live webcast of today’s call, which you can access in the same section.

At this time, management would like to inform you that certain statements made during this call, which are not historical, may constitute forward-looking statements within the meaning of the Private Securities litigation Reform Act of 1995. Although Lexington believes the expectations reflected in the forward-looking statements are based on reasonable assumptions Lexington can give no assurance that its expectations will be obtained. Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in today’s press release and from time to time in Lexington’s filings with the SEC. Lexington does not undertake a duty to update any forward-looking statements.

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With us today from management are Will Eglin, CEO and President, Michael Ashner, Executive Chairman, Robert Roskind, Co-Vice Chairman, Patrick Carroll, Chief Financial Officer, Natasha Roberts, Executive Vice President and Director of Real Estate Operations and other members of management.

I’d like to turn the call over to Will for his opening remarks.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
Thanks Lisa and welcome to all of you. Thank you for attending our fourth quarter conference call. We are pleased to report our results for 2007 and the fourth quarter, which was an exceptional quarter for the company and a year of great progress for Lexington during a time of tumultuous change in the capital markets.

For the fourth quarter the company’s funds from operations totaled $21.3 million or 20 cents per share. It is a bit misleading because FFO was reduced by about 23 cents per share due to $5.5 million of debt prepayment penalties on properties that we sold, an impairment charge of $17.2 million relating to three properties formerly leased to tenants in the automotive sector, $5.5 billion of impairment charges relating to several bond investments in Concord debt holdings, $2.3 million of formation costs relating to our joint venture with Inland. These were offset by lease terminations and promoted interest receipts of about $5.9 million. Absent these one-time items, FFO would have been 42 cents for the quarter and $1.83 for the year. Our guidance for 2007 was in the range of $1.75 to $1.85 per share.

From an investment standpoint, it was a fairly quiet quarter with activity limiting to share repurchases, a single property acquisition and a modest increase in our investment in Concord Debt Holdings, which continues to perform in line with our expectations.

As previously mentioned Concord recognized and $11 million impairment charge on its investments as a result of marking several investment grade rated bond investments to market levels even though all payments on these investments are current. Our share of this charge is $5.5 million. We believe that our investment in Concord will improve in 2008 to the extent we redeploy loan pay off proceeds into new investments or make new loans at higher yields.

In the fourth quarter of 2007 we had our first closing with Inland on $408.5 million of specialty single tenant real estate into our co-investment program and have closing schedules subject to standard closing conditions for $335 million of additional properties that we expect will bring the assets of the co-investment programs to roughly $743.5 million. We are very optimistic about our opportunities to grow this program. We and Inland have committed an aggregate of $150 million of equity to make new investments 15 percent of which will come from Lexington.

In addition, we continue to execute on our disposition program during the fourth quarter by completing 20 Sales for $243.8 million at an average cap rate of 7.6 percent, which generated gains of $53.1 million. Our total disposition volume for the year was $473 million. We are very pleased with the prices that we obtained during

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the year when property valuations were for the most part very favorable for sellers. We presently have roughly $156 million of properties under contract to sell. That being said, the market is much different now compared to six months ago. We expect disposition levels to return to a normal annual rate of about 2%-5% of the portfolio going forward.

On the leasing front, we had very strong activity with 19 leases executed or extended in the quarter. This led to an occupancy level of approximately 96 percent at quarter end. We believe that leasing activity remains strong throughout our portfolio.

Adjusted for the $2.10 special distribution we acquired 2.6 million of our own common shares at an average net effective price of $15.62 per share, which brought our total for the year to 9.8 million shares repurchased at an average net effective price of $17.73 per share. We presently have 4.8 million shares eligible for purchase under our current authorization.

Assuming a successful second closing with Inland, we expect to reposition about $1.2 billion of assets out of our portfolio at a cap rate of 7.6 percent under our strategic restructuring plan. This is a significant accomplishment for us which led to the payment of a special dividend of $2.10 per share. As a result of returning so much capital to shareholders, we reset our dividend to $1.32 per share in an announcement last week. Overall, through the special dividend and share repurchases we have returned over $400 million to our shareholders since the beginning of last year. Our decision to monetize these assets and return capital to shareholders reflected our view that we have been in an extremely favorable valuation environment. These conditions have now passed and we believe that 2008 will be a year characterized by more attractive investment opportunities. It has been several years since we thought that that was the case.

As a result of closing a smaller transaction with Inland in 2007 and deferring a portion of that transaction to 2008, the taxable gain relating to the transaction was reduced significantly. This has created an opportunity for Lexington to retain capital and reinvest the joint venture proceeds in properties at a time when we believe prices and yields are becoming more attractive. As a result, we do not currently believe that there will be any further special distributions at this time. We are very pleased to have financial flexibility in an environment for the first time in several years looks to be very attractive to us.

Now I will turn the call over to Pat who will take you through our results in more detail.

Patrick Carroll - Lexington Realty Trust - CFO
Thanks Will. The results of operations in the fourth quarter of 2007 include the impact of the Newkirk (ph) Merger which occurred on December 31st 2006 and the acquisitions of our 4 co-investment programs in the second quarter of ‘07. These are the primary drivers of all fluctuations between the periods.

During the quarter, Lexington had gross revenues of $122.3 million. Advisory and incentive fee income was approximately $1.4 million compared to $1.1 million in the same quarter last year. The increase relates to a $1.1 million fee earned on the sale

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of a property in our advisory business offset by a reduction in fees due to the acquisition of the 4 co-investment programs. We provided in our supplement on page 31 the details of the components of the Advisory and incentive fees and equity earnings for the year ended December 31st 2007.

Under GAAP, we are required to recognize revenue on a straight-line basis over the non-cancellable lease terms plus any periods covered by bargain renewal options. In addition the amortization of above and below market leases are included directly in rent to revenue. In the quarter cash rents were in excess of GAAP rents buy about $6.7 million including the affect of above and below market leases. We have also included in the supplement on page 39 our estimates of both cash and GAAP rents for 2008 through 2012.

Quarterly G&A was down about $9 million compared to the same quarter last year. This relates primarily to the acceleration of vesting of common shares in the fourth quarter of 2006 of about $10.8 million offset by the occurrence of a $2.2 million fee in the fourth quarter of 2007 related to our Inland joint venture formation.

Now looking at the balance sheet we believe it continues to be in good shape. At quarter end we had about $3 billion of debt outstanding. Including debt on properties held for sale which had a weighted average interest rate of about 5.9 percent. We have $412 million of cash at quarter end. Cash balances are primarily due to the capital transactions we completed late in the fourth quarter.

Included in intangibles is the allocation of the purchase price of properties related to in place and above market leases and customer relationships in accordance with FAS 141. Also we have approximately $217 million in below market lease liability. Included in properties held for sale are 3 properties that meet the definition as held for sale in accordance with GAAP. The liabilities in discontinued operations are mortgages of $85.3 million and the remainder is primarily below market leases related to one of the properties. The significant component of other assets and liabilities are included on page 30 of our supplement.

Now I would like for Natasha Roberts, Executive Vice President and Director of Real Estate Operations to discuss our leasing and expansion activities. Natasha.

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
Thanks Pat. As of December 31,2007, after selling 20 properties for $244 million and acquiring one property for $13.7 million during the fourth quarter and including the 34 properties that are held in joint ventures our portfolio totaled approximately 51 million square feet. At year end 96 percent leased and we expect to remain at or above 94 percent leased through 2008.

During the fourth quarter we signed 19 leases covering approximately 1.9 million square feet. Out of the 19 leases 12 were new and accounted for about 700,000 square feet and 7 were renewals, extensions which accounted for 1.2 million square feet.

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7 leases totaling approximately 300,000 square feet expired during the quarter and were not renewed.

As of year-end we had 35 leases in our consolidated portfolio scheduled to expire in 2008. This represents $25.6 million in GAAP revenue and 55 leases scheduled to expire in 2009 representing $48.4 million in GAAP revenue. These amounts represent 6.2 percent and 11.8 percent respectively of our consolidated portfolio GAAP revenues as of December 31, 2007.

Leasing activity has been and continues to be strong. Year to date we have executed 8 leases, 1 new lease for 2,000 square feet and 7 lease extensions totaling approximately 855,000 square feet.

Fixed leases are scheduled to expire in the first quarter 2008 that will total approximately 690,000 square feet. We have been generating strong interest from alternative users and are optimistic that we will be able to lease these properties.

We are currently expanding approximately 155,000 square feet with our existing tenants at 4 locations and we are in discussions for 2 other potential expansion projects that will total an additional 110,000 square feet.

100 Light Street. As many of you know this property is our most significant asset and is subject to our largest lease. I would like to give you an update on the current developments at the building. During the fourth quarter of 2007 we began construction of a 10 story-parking garage adjacent to the building at a cost of approximately $20 million. The garage is slated for completion by the end of the year and it will add approximately 530 parking spaces plus 10,000 square feet of ground floor retail. This will bring up parking ratio of the building to 1.6 per thousand. The additional parking spaces will bring the parking ratio in line with the other class A office properties in the market and this will ensure our asset’s competitiveness.

We signed an agreement with LEG (ph) that gives us the right to take back space as needed on the lower floor of the building for the purpose of back filling the office tower prior to lease expirations in October 2009. Our present expectation is that LEG (ph) will need to extend their occupancy through the end of 2009. Upon the LEG (ph) lease expiration the property is expected to be 23 percent leased assuming no additional leasing prior to expiration. However with the 20-month head start on re-leasing the lower floors we are optimistic that we can get the building to 50 percent leased. If successful our vacancy in 2010 will be limited to the desirable upper 18 floors of the building.

In conclusion we are pleased with our leasing success in the fourth quarter and the early part of 2008. It is over this time period that we have signed a total of 13 new leases on approximately 670,000 square feet and we have extended 14 leases covering approximately 2.7 square feet. Leasing prospects remain strong and we continue to see good activity on much of our remaining available space.

Now I would like to turn the call back over to Will.

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T. Wilson Eglin - Lexington Realty Trust - President, CEO
Thanks Natasha. Overall we are very pleased with 2007 and believe that our strategic restructuring plan including our disposition program and repositioning of assets was the right strategy for us in view of where property evaluations were when we started the year. That being said since last summer of the pace at which capital market conditions have changed from a time of extreme excess liquidity to the polar opposite has been breathtaking. In our view that means that we think there will be very good growth opportunities for Lexington as we continue through 2008. So we are very pleased to have cash and financial flexibility as we begin the year.

We believe that our balance sheet continues to be in good shape with manageable leverage, limited near-term refinancing exposure and sufficient liquidity. In fact we now only have $22.5 million of debt maturing in 2008. This quarter we have paid down about $89.5 million of our exchangeable notes for a total cost of $78.2 million. In that debt repayment transaction we increased our net asset value by $11.3 million and will earn a return to maturity of about 9 percent as a result of paying off the debt at a discount to its face amount.

We believe that we have strong financial capacity to act on investment opportunities as they arise and this consists of first our cash, second our $200 million untapped credit facility, third our joint venture equity commitment from Inland, proceeds from property sales under contract and continuing proceeds expected in the retail area during the balance of the year. In addition over the next 5 years we have about $260 million of mortgage amortization on our debt. As we are burning off our debt so quickly we will be building up equity in our real estate that we can tap overtime via refinancing and use that capital to continue to grow.

With respect to guidance we do expect disposition volume is for 2008 to be less than last year. For closing what is under contract we are going to stay focused on opportunistic property sales. We are quite price sensitive in this environment and there will be a particular focus on our retail property sales.

In the fourth quarter of 2007 we sold 9 retail properties. We presently have 94 properties in the portfolio and 13 of them are presently under contract. The slower pace of sales means that we will have time to reinvest our sales proceeds in other income producing assets. As a look at the year overall we have a wide variety of alternatives with respect to how we deploy cash, sales proceeds, and joint venture proceeds and these include joint venture and direct acquisitions in the net lease area, debt investments, securities, repurchases, and debt reduction. So our guidance that we announced last year for the year for funds from operations per share of $1.56 to $1.64.

That ends our formal remarks. Operator We will turn it back to you for the question and answer session.

Operator
Thank you. Ladies and gentleman at this time we will be conducting a question and answer session. [Operator Instructions] Our first question comes from the line of John Guinee with Stifel Nicholas. Please go ahead with your question.

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John Guinee - Stifel Nicolaus
Thank you. Hey Pat if I look at FFO of $1.60 plus or minus and then go to page 39, is your - for lack of a better term an adjusted FF0 before CapEx and leasing commissions because of your cash exceeding year GAAP rents add another 10 cents per share to that?

Patrick Carroll - Lexington Realty Trust - CFO
That is about right, John. Yes.

John Guinee - Stifel Nicolaus
Okay and then second Will, John, Pat, Natasha it looks to us as if 2008 and 2009 you are fairly flush with cash and can easily cover and grow the dividend, but 2008 with a loss of about $27 million in rent from the burn off of the master lease at 100 Light looks to us as if you are in a fairly precarious position. Can you comment on that?

Unidentified Member of Management
Let me look. Our view when we reset the dividend to $1.32 was we chose a level that would be sustainable and grow able based on our current outlook with respect to the portfolio and how we hope to grow it over the next several years. So you are absolutely right that over the balance of this year and next year is when we work our way through the step down renewal process in the portfolio. There after we think we are in a position where we will have very good internal growth in the portfolio as we turned over leases. So you are absolutely right that we are continuing to be on the down slope as we expected from revenue. But our forecast after we get to that point is that we will have very good internal growth dynamic for the portfolio.

John Guinee - Stifel Nicolaus
So is it safe to say that when you reset your dividend, Pat was using a five-year model as opposed to a two-year model?

Patrick Carroll - Lexington Realty Trust - CFO
That is correct.

John Guinee - Stifel Nicolaus
All right. Thanks.

Operator
Our next question comes from the line of Anthony Paolone with J.P. Morgan Chase. Please go ahead with your question.

Anthony Paolone with J.P. Morgan Chase
Thanks. Good morning. Natasha you went through all the leasing activity and I am just trying to tie together because it seems like you had a lot of activity in the fourth quarter and going into the first quarter here but you also mentioned the leases that actually expired in the fourth quarter did not - are vacant I guess at the moment. I am trying to tie together where this all nets out say from an occupancy and cash flow point of view for the next few quarters.

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Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
From an occupancy standpoint we still expect to be about 95 percent leased because we do have a number of lease renewals that were signed. And from a cash standpoint, Pat I will let you or someone else comment on that.

Patrick Carroll - Lexington Realty Trust - CFO
The properties that expired in the fourth quarter although the square footage was high, they did not generate significant amounts of cash rent Tony. So honestly the impact of those expirations really shouldn’t have any type of significant impact on us.

Anthony Paolone with J.P. Morgan Chase
So for instance, the 1.9 million square feet of leasing you did in 4Q how much of that was—when were those—how much of that was say empty space that was already existing vacancy verses doing extensions or renewals for expirations that were further out in 2008, 2009, etc?

Unidentified Member of Management
Let me flip to that page Tony.

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
7 of them were renewal extensions and that was 1.2 million square feet.

Anthony Paolone with J.P. Morgan Chase
And when —

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
Of the 19.

Anthony Paolone with J.P. Morgan Chase
And when were those originally set to expire?

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
At the end of the fourth quarter.

Anthony Paolone with J.P. Morgan Chase
Of 07?

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
Of 07.

Anthony Paolone with J.P. Morgan Chase
Okay, and then looking to 2008 it seems like the big leases are Raytheon, Boeing, and Associates First Capital are fairly large what are the prospects for those either renewing or finding new tenants for the space?

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
We have started the marketing of those and with respect to the Raytheon building it is substantially subleased so we believe that the subtenants will stay in the building. We expect 70 percent occupancy upon the Raytheon lease expiration of tenants?

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Unidentified Member of Management
With respect to Boeing we expect to have a renewal there.

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
Again with a subtenant.

Unidentified Member of Management
And your other one was Associates?

Anthony Paolone with J.P. Morgan Chase
Yes.

Unidentified Member of Management
That is small. (inaudible)

Anthony Paolone with J.P. Morgan Chase
Yeah.

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
Again there are mostly subtenants in that building so we don’t expect that much vacancy.

Anthony Paolone with J.P. Morgan Chase
Okay. What about capital costs relating to this leasing activity? (inaudible) Tenant improvements, leasing commissions is there a number or a level that we should be looking at for say 2008 and 2009?

Unidentified Member of Management
I guess what Tony is asking for is how much on the leases—what is the square footage on the TIs are we getting in general compared to a new lease compared to an extension.

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
On a new lease I’d say we are probably in the $20 -$30 range and on an extension depending on the property anywhere from $5 to $15 per square foot?

Unidentified Member of Management
Obviously that is for office.

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
Yes, and there’s almost always leasing commissions.

Anthony Paolone with J.P. Morgan Chase
Okay. Switching gears on Concord. Do you plan on making additional contributions to Concord in 2008 in terms of new equity put into it from LXP?

T. Wilson Eglin - Lexington Realty Trust - President, CEO

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We will take it as it comes. There’s certainly opportunity in the dead space. It looks to me like we could put capital out at yields that are maybe 400 or 600 basis points wider than at this time last year. We do have some financing capacity there and we still have—we and Winthrop (ph) each have about $6 million committed that has not been funded yet. So I think our first focus is on utilizing that money. Then we will figure out what our strategy is and that could include for example, adding third-party capital to that platform. We will just have to keep you posted as we make our way through the year.

Anthony Paolone with J.P. Morgan Chase
Okay. And with respect to the final tranche of assets getting contributed to the joint venture. In the press release you bolded sort of the hedge statement that there are a number of conditions to get this done. I think financial solvency of the tenants was one of those items cited. Is there something we should be reading into there or is this just - ?

Unidentified Member of Management
It was written by an attorney.

Anthony Paolone with J.P. Morgan Chase
Okay?

Unidentified Member of Management
There is nothing you should be reading into that.

Anthony Paolone with J.P. Morgan Chase
Okay. Great. Thank you.

Operator
Our next question comes from the line of Mark Sivavatone (ph) who is a private investor. Please go ahead with your question.

Mark Sivavatone (ph) - Private investor
Yes. Folks can you comment on the recent stock price and what the prospects our in the future please.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
Sure. I mean the stock price certainly was under pressure toward the end of last year. There is a huge huge trade off REITs in general I think since the top roughly a year ago the REIT market is down about 27 percent. We are obviously not immune to that. One thing I would just remind you about is that we did pay a huge special distribution of $2.10. So I actually looked at our performance over the last 12 months and we are in the top quartile of REITs which pleased me. I think there has been some - a little bit of confusion about the company’s strategy because of forming this joint venture and ending up having a special distribution that was smaller than we thought. I think I am optimistic that we are in a position to get rid of any confusion and lack of clarity that has been sort of hanging over the stock now that we have given guidance for this year and our strategic restructuring plans are for the most part largely behind us. We

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are looking forward to getting out on the road and hopefully introducing the company to new investors.

Mark Sivavatone (ph) - Private investor
Thank you.

Operator
Our next question comes from the line of Sheila McGrath KBW. Please go ahead with your question.

Sheila McGrath of KBW
Yes, thanks. Will I was wondering if you could repeat what you said about I miss some of it on the repurchasing of the debt securities.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
If you recall about a year ago we did an exchangeable notes offering of $450 million. We affectively repurchased $89.5 million of that debt during the first quarter for a total cost of $78.2 million. What we really did is we bought back those bonds at an average price of about 87.5% of par value. That is roughly a discount of $11 million when you factor that discount in we will be getting a return on our investment of a little over 9 percent between now and maturity. I guess the comment there is what has happened in the debt capital markets has been problematic for some people but in this case we thought it created a really good opportunity for us to deleveraged the balance sheet and make a nice return at the same time.

Sheila McGrath of KBW
Okay great. And then can you give us again the timing of the next Inland closing and what that does to cash balances.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
I am expecting it will be between March 15th and March 31st. How much cash Pat? About $80 million of cash.

Sheila McGrath of KBW
All right. Thank you.

Operator
Our next question comes from the line of Frank Graywit (ph) with R. Reiff (ph). Please go ahead with your question.

Frank Graywit (ph) with R. Reiff (ph)
Hi guys. Could you outline what your recurring CapEx budget is - base building?

T. Wilson Eglin - Lexington Realty Trust - President, CEO
I think that the right way to look at it is to - I mean it will fluctuate during depending on how much roll over and the like that we have but taking about 15 cents per foot on the portfolio is probably about the right number.

Frank Graywit (ph) with R. Reiff (ph)

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And then what was the for the quarter what was the total CapEx amount the TI plus LC plus recurring CapEx?

Unidentified Member of Management
In the least cost - hold on one second. I don’t have it for the quarter. For the year we spent about $5.7 million in leasing commissions and we spent I don’t have the exact number in front of me we spent a few million dollars on TIs.

Frank Graywit (ph) with R. Reiff (ph)
Okay and then going into 2008 and 2009 with the higher roll you can do the math but with all the subtenants in these portfolios when Raytheon rolls out and what not what do you expect the total TI and CapEx budgets to be?

Unidentified Member of Management
In total we have roughly 6.8 percent of revenue rolling this year. Natasha if you - I think it gets to what we expect with respect to retention of leases expiring and if we’re at the 50 percent level I think you have to take magnitude $25 a foot on that square footage and 10 on the balance.

Frank Graywit (ph) with R. Reiff (ph)
Okay and then typically is that what you renew at around 50 percent?

T. Wilson Eglin - Lexington Realty Trust - President, CEO
No, typically we renew at about 85 percent. But when you get to this point in the year and you still have these leases yet to expire, you are down well below that.

Frank Graywit (ph) with R. Reiff (ph)
And then on the sublease tenants is that considered a new or renewal CapEx? Are you going to be providing dollars when Raytheon and others expire?

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
If we need to provide dollars it will be renewal dollars.

Frank Graywit (ph) with R. Reiff (ph)
Renewal dollars?

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
Yes.

Frank Graywit (ph) with R. Reiff (ph)
Is there a roll down in those rents? I’m assuming that there is.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
On sublease rents?

Natasha Roberts - Lexington Realty Trust - EVP, Dir Real Estate Operations
No. They’re pretty much at market.

Frank Graywit (ph) with R. Reiff (ph)

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Okay.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
It generally gets better when they are direct leases.

Frank Graywit (ph) with R. Reiff (ph)
Okay, thanks.

Operator
Our next question comes from the line of Sabena Bhatia with Basso Capital (ph). Please go ahead with your question.

Sabena Bhatia with Basso Capital (ph)
Hi. I apologize if I missed this but can you please give some details on the impairment charges the $22.7 million?

T. Wilson Eglin - Lexington Realty Trust - President, CEO
Yes, $5.5 million of it related to the Concord loan portfolio where there was an impairment taken on several investment grade rated bonds even though those bonds are all paying currently. And the balance is attributable to 3 properties that were formerly leased to tenants in the automotive sector. 1 of those properties in Overland Ohio was actually sold in the fourth quarter but the 2 others are in the Detroit market and while we have gotten sort of past automotive from a credit standpoint, our vacancy in that market has been really tough.

Sabena Bhatia with Basso Capital (ph) Where do you see the vacancy occupancy (inaudible). 2009 (inaudible). Can you give us some color?

T. Wilson Eglin - Lexington Realty Trust - President, CEO
I’m sorry. Could you repeat the question.

Sabena Bhatia with Basso Capital (ph)
Where do you see the occupancy rate going as far as the automotive industry is concerned in 2009? Do you see it getting any better? Can you give us any color at all?

T. Wilson Eglin - Lexington Realty Trust - President, CEO
We are down to those 2 significant vacancies.

Sabena Bhatia with Basso Capital (ph)
Okay.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
And that is really it. We have marked them down to what we think are quite conservative valuations. I’m hopeful that we will have a chance to sell 1 of those empty buildings this year.

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Okay.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
With any luck hopefully by the end of this year we will be at a minimum sold 1 of those buildings and have continued to reduce our exposure to Michigan.

Sabena Bhatia with Basso Capital (ph)
Okay great. Thank you so much.

Operator
Our next question comes from the line of William Siegel with William Siegel Incorporated. Please go ahead with your question.

William Siegel with William Siegel Incorporated
Thank you folks. Y’all are experienced landlords and as you look at your rent rolls, tenants, subtenants what is your feeling collectively about the credit worthiness, the longevity, delinquencies etc on your tenants across the board?

T. Wilson Eglin - Lexington Realty Trust - President, CEO
It is really good. About 56 percent of rents come from investment-grade tenants. 1 of the things that we wanted to do last year was to take advantage of the strong valuation market and reposition a bunch of our assets. So what we are left with actually is a much stronger portfolio from a credit standpoint and we have no delinquencies. We are really pleased with how credit quality is in the portfolio.

William Siegel with William Siegel Incorporated
The 56 credit tenants of the balance pretty near credit tenants.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
There is a mix of unrated and noninvestment-grade tenants. Noninvestment grade is roughly 15 percent of revenue. But the unrated tenants on average are probably in that triple B or triple B minus range. A lot of people look at its as just saying gosh it’s unrated and that means is not a good company. But the truth is that a lot of them are either small but highly profitable companies or companies that don’t have debt to rate.

William Siegel with William Siegel Incorporated
But among those that are 60 days or so late on their rent would that be —

T. Wilson Eglin - Lexington Realty Trust - President, CEO
We have none. (overlapping speakers)

Unidentified Member of Management
That doesn’t happen.

William Siegel with William Siegel Incorporated
Terrific. Thank you.

Operator

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There are no further questions in the queue. I’d like to hand it back over to management.

T. Wilson Eglin - Lexington Realty Trust - President, CEO
Once again I would like to just say thank you for joining our call. We look forward to communicating with you our progress over the next few quarters this year. We are very excited about our prospects for 2008 and as always we appreciate your interest in the company. If you would like to receive our quarterly supplemental package please contact Lisa Soares or you can find additional information on the company on our website www.LXP.com. In addition you may contact me or any other members of senior management with any questions that you may have. Thank you and have a great day everyone.

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15