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): November 6, 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 Condition.

On November 6, 2008, we issued a press release announcing our financial results for the quarter and nine months ended September 30, 2008. 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 November 6, 2008, we made available supplemental information, which we refer to as the Supplemental Reporting Package, concerning our operations and portfolio for the quarter and nine months ended September 30, 2008. A copy of the Supplemental Reporting Package is furnished herewith as Exhibit 99.1 and has been posted to our web site.

Also on November 6, 2008, our management discussed our financial results and certain aspects of our business plan 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 nine months ended September 30, 2008.
99.2	Conference Call Transcript.

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: November 7, 2008	By:	/s/ Patrick Carroll
		Patrick Carroll
		Chief Financial Officer

Exhibit Index

99.1	Supplemental Reporting Package for the quarter and nine months ended September 30, 2008.
99.2	Conference Call Transcript.

EX-99.1

Quarterly Earnings and
Supplemental Operating and Financial Data

For the Three and Nine Months Ended September 30, 2008

LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the Three and Nine Months Ended September 30, 2008

Table of Contents

Section	Page
Third Quarter 2008 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
Property Leases and Vacancies — Net Lease Strategic Asset Fund		24
Unleveraged Properties by Property Type		26
Term Loan Collateral by Property Type		29
2009 Mortgage Maturities by Property Type		31
3Q ‘08 Disposition Summary		32
3Q ‘08 Acquisition Summary		33
3Q ‘08 Leasing Summary		34
3Q ‘08 Debt Summary		35
Lease Rollover Schedule — Cash Basis		36
Lease Rollover Schedule — GAAP Basis		37
Financial Data
Joint Venture Investments — Proportionate Share		38
Concord Debt Holdings — Investment Summary		39
Selected Balance Sheet Account Detail		40
Mortgages and Notes Payable		41
Base Rent Estimates from Current Assets		49
Investor Information		50

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 continue to qualify as a real estate investment trust, (ii) changes in general business and economic conditions, (iii) competition, (iv) increases in real estate construction costs, (v) changes in interest rates, or (vi) 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 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, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com

FOR IMMEDIATE RELEASE
Thursday November 6, 2008

LEXINGTON REALTY TRUST REPORTS THIRD QUARTER 2008 RESULTS

New York, NY – November 6, 2008 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the third quarter ended September 30, 2008.

Third Quarter 2008 Highlights

• Generated Company Funds From Operations (“Company FFO”) of $43.3 million or $0.40 per diluted share/unit.⁽¹⁾

• Executed 18 new and renewal leases, totaling approximately 777,000 square feet.

• Sold 15 properties for $22.6 million at a 6.6% cap rate.

• Acquired 2 properties for $56.1 million at an 8.5% cap rate.

• Repurchased $25.5 million original principal amount of senior securities at a 10.7% discount.

⁽¹⁾ See the last page of this press release for a reconciliation of GAAP net income (loss) to Company FFO.

T. Wilson Eglin, President and Chief Executive Officer of Lexington stated, “During the third quarter, we continued to reduce our financial leverage by repurchasing $25.5 million of our senior securities. Since beginning to reduce our leverage in the first quarter and including transactions completed in the current quarter, we have retired $278.5 million of senior securities for $219.5 million, a discount of 21.2%. The opportunity to reduce our leverage on such favorable terms represents a compelling use for our capital and is likely to remain so for the foreseeable future. While transaction activity in all property types has slowed substantially, we believe that creditworthy net lease investments will continue to attract interest due to predictable revenue streams and generally defensive characteristics. Accordingly, we plan to continue marketing assets for sale and will use the proceeds to further reduce our indebtedness on terms that we believe are highly advantageous for our shareholders, as we have throughout the year.”

FINANCIAL RESULTS

Revenues

For the quarter ended September 30, 2008, total gross revenues were $105.5 million, compared with total gross revenues of $116.3 million for the quarter ended September 30, 2007. The decrease is primarily due to the sale of certain assets to a co-investment program in 2007 and 2008 and the early lease termination in the second quarter of 2008 for the property located at 100 Light Street in Baltimore, MD.

Page 3 of 50

Net Income (Loss) Allocable to Common Shareholders

For the quarter ended September 30, 2008, net loss allocable to common shareholders was ($10.3) million, or a loss of ($0.16) per diluted share, compared with net income allocable to common shareholders for the quarter ended September 30, 2007 of $7.4 million, or income of $0.12 per diluted share.

Company FFO Applicable to Common Shareholders/Unitholders

For the quarter ended September 30, 2008, Company FFO was $43.3 million, or $0.40 per diluted share/unit, compared with Company FFO for the quarter ended September 30, 2007 of $50.4 million, or $0.46 per diluted share/unit. Company FFO for the quarter ended September 30, 2008 was impacted by debt satisfaction gains ($4.7 million), including Lexington’s proportionate share through joint ventures, offset by impairment charges ($4.7 million), including Lexington’s proportionate share through joint ventures. For the quarter ended September 30, 2007, Company FFO was impacted by debt satisfaction charges ($3.6 million). Other factors that impacted year over year FFO per diluted share/unit include the aforementioned early lease termination at the property located at 100 Light Street, Baltimore, MD, the $2.10 special distribution paid to shareholder/unitholders in January, 2008 and a decline in portfolio occupancy from 95.8% to 93.8%.

2009 Debt Maturities

Lexington has $266.7 million of consolidated debt maturing in 2009. On pages 26 — 31 of the Supplemental Disclosure Package, Lexington has provided information with respect to its unleveraged properties, properties securing its term loan maturing in December, 2009 (following exercise of an extension option), and properties with mortgages maturing in 2009. Together, these properties have an original gross book value of approximately $1.4 billion and currently generate annualized cash revenue of approximately $120.9 million. Management is currently working on extending the maturity date of the term loan beyond December, 2009.

Balance Sheet

At September 30, 2008, Lexington had total assets of $4.3 billion, including approximately $135.5 million of cash and restricted cash, and $2.5 billion in debt outstanding. As of September 30, 2008, the weighted-average interest rate on Lexington’s debt was 5.65%, with a weighted-average maturity of 6.3 years. Approximately 92% of Lexington’s debt is subject to fixed interest rates.

Common Share Dividend/Distribution

On September 15, 2008, Lexington declared a regular quarterly cash dividend/distribution of $0.33 per common share/unit, which was paid on October 15, 2008, to common shareholders/unitholders of record as of September 30, 2008, and which equated to an annualized dividend/distribution of $1.32 per share.

Page 4 of 50

OPERATING ACTIVITIES

Leasing Activity

At September 30, 2008, Lexington’s consolidated portfolio was approximately 93.8% leased. For the quarter ended September 30, 2008, Lexington executed 18 leases (new and renewal) for approximately 777,000 square feet.

Dispositions

During the quarter ended September 30, 2008, Lexington sold its interest in 15 properties to unrelated parties for an aggregate sales price of $22.6 million equating to a cap rate of 6.6% and generating gains on sale of $7.4 million.

Acquisitions

During the quarter ended September 30, 2008, Lexington purchased two properties for $56.1 million, at an initial current cap rate of 8.5%.

2008 EARNINGS GUIDANCE

Lexington reaffirmed its previously disclosed Company FFO guidance range of $1.56 to $1.64 per diluted share/unit for the year ended December 31, 2008. This guidance excludes the impact of the 100 Light Street lease termination transaction and other non-recurring items including gains on the discharge of indebtedness. This guidance is based on current expectations and is forward-looking.

3RD QUARTER 2008 CONFERENCE CALL

Lexington will host a conference call today, Thursday, November 6, 2008, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended September 30, 2008. Interested parties may participate in this conference call by dialing (877) 407-0778 or (201) 689-8565. A replay of the call will be available through December 7, 2008, at (877) 660-6853 or (201) 612-7415, Account #: 286, Conference ID #: 296757.

A live web cast of the conference call will be available at www.lxp.com within the Investor Relations section. An online replay will also be available through November 6, 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, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.

Page 5 of 50

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 current annual report on Form 8-K filed with the Securities and Exchange Commission (“ SEC”) on June 25, 2008 and other periodic reports filed with the SEC, including risks related to: (1) the failure to continue to qualify as a real estate investment trust, (2) changes in general business and economic conditions, (3) competition, (4) increases in real estate construction costs, (5) changes in interest rates, or (6) changes in accessibility of debt and equity capital markets. Copies of the periodic reports Lexington files with the SEC are available on Lexington’s website at www.lxp.com. 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”, “is optimistic” 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.

Page 6 of 50

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Nine Months ended September 30, 2008 and 2007
(Unaudited and in thousands, except share and per share data)

	Three months ended						Nine months ended
	September 30,						September 30,
	2008			2007			2008			2007
Gross Revenues:
Rental	$	94,146		$	105,974		$	308,382		$	269,803
Advisory and incentive fees		396			239			1,072			12,182
Tenant reimbursements		10,927			10,057			31,178			22,114
Total gross revenues		105,469			116,270			340,632			304,099
Expense applicable to revenues:
Depreciation and amortization		(51,197	)		(63,843	)		(191,596	)		(164,785	)
Property operating		(21,733	)		(17,921	)		(60,804	)		(41,982	)
General and administrative		(7,117	)		(7,530	)		(25,468	)		(28,673	)
Non-operating income		1,802			2,633			22,599			7,502
Interest and amortization expense		(37,279	)		(48,129	)		(120,519	)		(114,747	)
Debt satisfaction gains, net		2,309			—			39,020			—
Gains on sale-affiliates		—			—			31,806			—
Income (loss) before provision for income taxes, minority interests, equity in earnings (losses) of non-consolidated entities and discontinued operations		(7,746	)		(18,520	)		35,670			(38,586	)
Provision for income taxes		(662	)		(369	)		(2,636	)		(2,547	)
Minority interests share of (income) loss		2,823			3,336			5,372			(3,546	)
Equity in earnings (losses) of non-consolidated entities		(1,525	)		4,054			(23,171	)		45,951
Income (loss) from continuing operations		(7,110	)		(11,499	)		15,235			1,272
Discontinued operations:
Income from discontinued operations		26			8,441			1,628			25,720
Provision for income taxes		(181	)		(44	)		(330	)		(2,721	)
Debt satisfaction charges		(120	)		(3,596	)		(433	)		(3,685	)
Gains on sales of properties		7,374			26,980			11,986			39,808
Impairment charges		(1,063	)		—			(3,757	)		—
Minority interests share of income		(2,643	)		(5,819	)		(4,509	)		(14,777	)
Total discontinued operations		3,393			25,962			4,585			44,345
Net income (loss)		(3,717	)		14,463			19,820			45,617
Dividends attributable to preferred shares- Series B		(1,590	)		(1,590	)		(4,770	)		(4,770	)
Dividends attributable to preferred shares- Series C		(2,110	)		(2,519	)		(6,740	)		(7,556	)
Dividends attributable to preferred shares- Series D		(2,926	)		(2,925	)		(8,777	)		(7,372	)
Redemption discount – Series C		—			—			5,678			—
Net income (loss) allocable to common shareholders	$	(10,343	)	$	7,429		$	5,211		$	25,919
Income per common share-basic:
Income (loss) from continuing operations, after preferred dividends	$	(0.21	)	$	(0.29	)	$	0.01		$	(0.28	)
Income from discontinued operations		0.05			0.41			0.07			0.67
Net income (loss) allocable to common shareholders	$	(0.16	)	$	0.12		$	0.08		$	0.39
Weighted average common shares outstanding – basic		64,433,457			63,458,167			61,485,277			65,735,321
Income (loss) per common share-diluted:
Income (loss) from continuing operations, after preferred dividends	$	(0.21	)	$	(0.29	)	$	(0.14	)	$	(0.28	)
Income from discontinued operations		0.05			0.41			0.07			0.67
Net income (loss) allocable to common shareholders	$	(0.16	)	$	0.12		$	(0.07	)	$	0.39
Weighted average common shares outstanding-diluted		64,433,457			63,458,167			101,789,804			65,735,321

Page 7 of 50

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2008 and December 31, 2007
(Unaudited and in thousands, except share and per share data)

	September 30,			December 31,
	2008			2007
Assets:
Real estate, at cost	$	3,836,321		$	4,109,097
Less: accumulated depreciation and amortization		439,531			379,831
		3,396,790			3,729,266
Properties held for sale-discontinued operations		8,408			150,907
Intangible assets, net		375,212			516,698
Cash and cash equivalents		108,039			412,106
Restricted cash		27,481			41,026
Investment in and advances to non-consolidated entities		205,021			226,476
Deferred expenses, net		37,329			42,040
Notes receivable		68,631			69,775
Rent receivable-current		16,630			25,289
Rent receivable- deferred		16,967			15,303
Other assets		33,824			36,277
	$	4,294,332		$	5,265,163
Liabilities and Shareholders’ Equity:
Liabilities:
Mortgage and notes payable	$	2,052,955		$	2,312,422
Exchangeable notes payable		299,500			450,000
Trust preferred securities		129,120			200,000
Contract rights payable		14,435			13,444
Dividends payable		28,297			158,168
Liabilities-discontinued operations		902			119,093
Accounts payable and other liabilities		33,974			49,442
Accrued interest payable		10,822			23,507
Deferred revenue-below market leases, net		155,134			217,389
Prepaid rent		20,352			16,764
		2,745,491			3,560,229
Minority interests		624,839			765,863
		3,370,330			4,326,092
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 $129,915 and $155,000, respectively, and 2,598,300 and 3,100,000 shares issued and outstanding in 2008 and 2007, respectively		126,217			150,589
Series D Cumulative Redeemable Preferred, liquidation preference $155,000, 6,200,000 shares issued and outstanding		149,774			149,774
Special Voting Preferred Share, par value $0.0001 per share; 1 share authorized, issued and outstanding		—			—
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 65,666,569 and 61,064,334 shares issued and outstanding in 2008 and 2007, respectively		6			6
Additional paid-in-capital		1,097,176			1,033,332
Accumulated distributions in excess of net income		(525,788	)		(468,167	)
Accumulated other comprehensive income (loss)		302			(2,778	)
Total shareholders’ equity		924,002			939,071
	$	4,294,332		$	5,265,163

Page 8 of 50

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE AND COMPANY FUNDS FROM OPERATIONS PER SHARE
(Unaudited and in thousands, except share and per share data)

	Three Months ended						Nine Months ended
	September 30,						September 30,
	2008			2007			2008			2007
EARNINGS PER SHARE:
Basic:
Income (loss) from continuing operations	$	(7,110	)	$	(11,499	)	$	15,235		$	1,272
Less preferred dividends		(6,626	)		(7,034	)		(14,609	)		(19,698	)
Income (loss) allocable to common shareholders from continuing operations		(13,736	)		(18,533	)		626			(18,426	)
Total income from discontinued operations		3,393			25,962			4,585			44,345
Net income (loss) allocable to common shareholders	$	(10,343	)	$	7,429		$	5,211		$	25,919
Weighted average number of common shares outstanding		64,433,457			63,458,167			61,485,277			65,735,321
Income (loss) per common share-basic:
Income (loss) from continuing operations	$	(0.21	)	$	(0.29	)	$	0.01		$	(0.28	)
Income from discontinued operations		0.05			0.41			0.07			0.67
Net income (loss)	$	(0.16	)	$	0.12		$	0.08		$	0.39
Diluted:
Income allocable to common shareholders from continuing operations- basic	$	(13,736	)	$	(18,533	)	$	626		$	(18,426	)
Incremental loss attributed to assumed conversion of dilutive securities		—			—			(14,728	)		—
Income (loss) allocable to common shareholders from continuing operations		(13,736	)		(18,533	)		(14,102	)		(18,426	)
Total income from discontinued operations		3,393			25,962			7,002			44,345
Net income (loss) allocable to common shareholders	$	(10,343	)	$	7,429		$	(7,100	)	$	25,919
Weighted average number of common shares used in calculation of basic earnings per share		64,433,457			63,458,167			61,485,277			65,735,321
Add incremental shares representing:
Shares issuable upon exercise of employee share options/non-vested shares		—			—			—			—
Shares issuable upon conversion of dilutive securities		—			—			40,304,527			—
Weighted average number of shares used in calculation of diluted earnings per share		64,433,457			63,458,167			101,789,804			65,735,321
Income (loss) per common share-diluted:
Income (loss) from continuing operations	$	(0.21	)	$	(0.29	)	$	(0.14	)	$	(0.28	)
Income from discontinued operations		0.05			0.41			0.07			0.67
Net income (loss)	$	(0.16	)	$	0.12		$	(0.07	)	$	0.39

Page 9 of 50

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE AND COMPANY FUNDS FROM OPERATIONS PER SHARE (Continued)
(Unaudited and in thousands, except share and per share data)

	Three Months ended						Nine Months ended
	September 30,						September 30,
	2008			2007			2008			2007
COMPANY FUNDS FROM OPERATIONS: (1)
Basic and Diluted:
Net income (loss) allocable to common shareholders-basic	$	(10,343	)	$	7,429		$	5,211		$	25,919
Adjustments:
Depreciation and amortization		50,895			67,439			191,636			180,224
Minority interests- OP units		(1,664	)		952			(7,043	)		14,867
Amortization of leasing commissions		481			346			1,493			882
Joint venture and minority interest adjustment-depreciation		7,874			(1,348	)		15,312			1,698
Preferred dividends- Series C		2,110			2,519			1,062			7,556
Gains on sale of properties		(7,374	)		(26,980	)		(43,792	)		(39,808	)
Taxes and minority interest on sale of property		1,303			—			1,387			1,749
Gains on sale of joint venture properties		—			—			—			(34,164	)
Company FFO	$	43,282		$	50,357		$	165,266		$	158,923
Basic:
Weighted average shares outstanding-basic EPS		64,433,457			63,458,167			61,485,277			65,735,321
Operating partnership units		39,435,581			39,636,305			39,532,762			40,192,868
Preferred Shares- Series C		5,633,894			5,779,330			6,249,276			5,779,330
Weighted average shares outstanding-basic Company FFO		109,502,932			108,873,802			107,267,315			111,707,519
Company FFO per share	$	0.40		$	0.46		$	1.54		$	1.42
Diluted:
Weighted average shares outstanding – diluted EPS		64,433,457			63,458,167			101,789,804			65,735,321
Employee share option/non-vested shares		5,973			403			8,820			544
Operating partnership units		39,435,581			39,636,305			—			40,192,868
Preferred Shares- Series C		5,633,894			5,779,330			5,477,511			5,779,330
Weighted average shares outstanding – diluted Company FFO		109,508,905			108,874,205			107,276,135			111,708,063
Company FFO per share	$	0.40		$	0.46		$	1.54		$	1.42

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 generally accepted accounting principles (“GAAP”), 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. 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 50

LEXINGTON REALTY TRUST
Major Markets
9/30/2008

		% of Annualized
		GAAP Base Rent at
	Core Based Statistical Area(2)	9/30/2008(1)
1	Dallas-Fort Worth-Arlington, TX	9.3%
2	Los Angeles-Long Beach-Santa Ana, CA	7.1%
3	New York-Northern New Jersey-Long Island, NY-NJ-PA	5.6%
4	Houston-Sugar Land-Baytown, TX	5.5%
5	Memphis, TN-MS-AR	3.5%
6	Baltimore-Towson, MD	3.3%
7	Atlanta-Sandy Springs-Marietta, GA	3.1%
8	Orlando-Kissimmee, FL	2.9%
9	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	2.6%
10	Kansas City, MO-KS	2.6%
11	Detroit-Warren-Livonia, MI	2.3%
12	Richmond, VA	2.2%
13	Boston-Cambridge-Quincy, MA-NH	1.9%
14	Charlotte-Gastonia-Concord, NC-SC	1.8%
15	Indianapolis-Carmel, IN	1.8%
16	Chicago-Naperville-Joliet, IL-IN-WI	1.8%
17	Columbus, OH	1.7%
18	Salt Lake City, UT	1.7%
19	Seattle-Tacoma-Bellevue, WA	1.6%
20	Hartford-West Hartford-East Hartford, CT	1.5%
21	Washington-Arlington-Alexandria, DC-VA-MD-WV	1.5%
22	Phoenix-Mesa-Scottsdale, AZ	1.4%
23	San Francisco-Oakland-Fremont, CA	1.4%
24	Beaumont-Port Arthur, TX	1.3%
25	San Antonio, TX	1.3%
26	Cincinnati-Middletown, OH-KY-IN	1.2%
27	Columbus, IN	1.2%
28	Miami-Fort Lauderdale-Pompano Beach, FL	1.2%
29	Las Vegas-Paradise, NV	1.1%
30	Denver-Aurora, CO	1.0%
31	Myrtle Beach-Conway-North Myrtle Beach, SC	1.0%
	Areas which account for 1% or greater of total GAAP base rent (3)	77.5%

Footnotes

(1) Calculated by annualizing the three months ended 9/30/2008 GAAP base rent recognized for consolidated properties owned as of 9/30/2008.

(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 50

LEXINGTON REALTY TRUST
Tenant Industry Diversification
9/30/2008

	% of Annualized
	GAAP Base Rent at
Industry Category	9/30/2008(1)
Finance/Insurance		15.0	%
Food		9.9	%
Energy		9.8	%
Technology		9.0	%
Automotive		8.7	%
Aerospace/Defense		6.4	%
Consumer Products/Other		5.6	%
Media/Advertising		5.3	%
Transportation/Logistics		4.7	%
Healthcare		4.7	%
Service		4.4	%
Construction Materials		2.4	%
Retail Department & Discount		2.2	%
Printing/Production		2.1	%
Telecommunications		1.9	%
Other		1.6	%
Real Estate		1.4	%
Apparel		1.4	%
Retail — Specialty		1.3	%
Security		1.0	%
Retail — Electronics		1.0	%
Health/Fitness		0.1	%
Total (2)		100.0	%

Footnotes

(1) Calculated by annualizing the three months ended 9/30/2008 GAAP base rent recognized for consolidated properties owned as of 9/30/2008.

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

Page 12 of 50

LEXINGTON REALTY TRUST
Other Revenue Data
9/30/2008

	Annualized GAAP
	Base Rent at 9/30/08
	($000)(1)		Percentage
Asset Class
Office	$	279,140		74.2	%
Industrial	$	68,772		18.3	%
Retail	$	28,184		7.5	%
	$	376,096		100.0	%
Credit Rating
Investment Grade	$	197,712		52.6	%
Non-Investment Grade	$	55,528		14.8	%
Unrated	$	122,856		32.6	%
	$	376,096		100.0	%

Footnotes

(1) Calculated by annualizing the three months ended 9/30/2008 GAAP base rent recognized for consolidated properties owned as of 9/30/2008.

Page 13 of 50

LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
9/30/2008

					Sq. Ft. Leased as a			Annualized		Percentage of
					Percent of			GAAP Base		Annualized GAAP
	Number of				Consolidated			Rent at		Base Rent at
Tenant or Guarantor	Leases		Sq. Ft. Leased		Portfolio(2)			9/30/08 ($000)(1)		9/30/2008(1) (2)
Raytheon Company		2		690,595		1.7	%	$	11,720		3.1	%
Bank of America		11		735,253		1.8	%		10,408		2.8	%
Baker Hughes, Inc.		2		720,221		1.7	%		9,320		2.5	%
Sanofi-aventis U.S., Inc. (Aventis Inc. and Aventis Pharma Holding GmbH)		1		206,593		0.5	%		8,840		2.4	%
Dana Corporation		6		1,902,414		4.6	%		8,300		2.2	%
Federal Express Corporation		3		702,976		1.7	%		8,164		2.2	%
Safeway Stores, Inc.		12		481,344		1.2	%		8,000		2.1	%
Safeway Stores, Inc.		1		371,392		0.9	%		7,968		2.1	%
Harcourt, Inc.		2		915,098		2.2	%		7,164		1.9	%
Morgan, Lewis & Bockius, LLC (3)		1		293,170		0.7	%		6,840		1.8	%
		41		7,019,056		17.1	%	$	86,724		23.1	%

Footnotes

(1) Calculated by annualizing the three months ended 9/30/2008 GAAP base rent recognized for consolidated properties owned as of 9/30/2008.

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

(3) Includes parking garage operations.

Page 14 of 50

LEXINGTON REALTY TRUST
Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of	Date of							Year			Annualized		Annualized		Fixed Rent at
Lease	Lease							Built/Renovated/	Sq.Ft. Leased		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	or Available (1)		($000) (2)		($000) (3)		($000) (4)
OFFICE PROPERTIES
2008		12/19/2008	10 John St.	Clinton	CT	—	Unilever Supply Chain, Inc. (Unilever United States, Inc.)	1972		41,188		812		4,080		0
		12/31/2008	1500 Hughes Way	Long Beach	CA	—	Raytheon Company	1981		490,054		16,988		10,040		9,291
2009		3/31/2009	5757 Decatur Blvd.	Indianapolis	IN	—	Damar Services, Inc.	2002		5,756		40		40		10
			6277 Sea Harbor Dr.	Orlando	FL	—	Harcourt Brace Jovanovich, Inc.	1984		355,840		4,644		3,736		3,735
		4/30/2009	5550 Tech Center Dr.	Colorado Springs	CO	—	Federal Express Corporation	2006		61,690		840		748		0
		8/31/2009	1311 Broadfield Blvd.	Houston	TX	—	Newpark Drilling Fluids, Inc. (Newpark Resources, Inc.)	2000		52,731		1,128		1,136		0
			2706 Media Center Dr.	Los Angeles	CA	—	Sony Electronics, Inc.	2000		20,203		280		272		0
		9/15/2009	15375 Memorial Dr.	Houston	TX	—	BP America Production Company	1985		327,325		3,600		4,252		0
		9/30/2009	100 Light St.	Baltimore	MD	—	Legg Mason Tower, Inc.	1973		371,392		7,968		7,968		0
		10/31/2009	10300 Kincaid Dr.	Fishers	IN	—	Bank One Indiana, N.A.	1999		193,000		3,380		2,776		0
		11/30/2009	5724 West Las Positas Blvd.	Pleasanton	CA	—	NK Leasehold	1984		40,914		828		680		0
		12/31/2009	1701 Market St.	Philadelphia	PA	(6)	Sun National Bank	1957/1997		5,315		212		212		0
			400 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)	1999		100,632		1,368		1,304		0
2010		1/14/2010	421 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)	2000		56,515		768		720		0
		1/31/2010	4848 129th East Ave.	Tulsa	OK	—	Metris Direct (Metris Companies, Inc.)	2000		101,100		1,308		1,308		0
			389-399 Interpace Hwy.	Parsippany	NJ	—	Sanofi-aventis U.S., Inc. (Aventis Inc. and Aventis Pharma Holding GmbH)	1999		206,593		9,016		8,840		0
		2/10/2010	130 East Shore Dr.	Glen Allen	VA	—	Capital One Services, Inc.	2000		79,675		1,028		1,072		1,070
		2/28/2010	9950 Mayland Dr.	Richmond	VA	—	Circuit City Stores, Inc.	1990		288,000		2,860		2,792		4,079
		3/31/2010	120 East Shore Dr.	Glen Allen	VA	—	Capital One Services, Inc.	2000		77,045		1,000		1,008		1,042
		7/31/2010	350 Pine St.	Beaumont	TX	—	Honeywell International, Inc.	1981		7,045		108		108		0
		10/31/2010	12209 West Markham St.	Little Rock	AR	—	Entergy Arkansas, Inc.	1980		36,311		236		236		237
			13430 North Black Canyon Fwy.	Phoenix	AZ	—	Bull HN Information Systems, Inc.	1981/1982		42,320		724		700		0
		11/30/2010	6200 Northwest Pkwy.	San Antonio	TX	—	United Healthcare Services, Inc.	2000		142,500		1,640		1,620		1,968
		12/31/2010	100 Barnes Rd.	Wallingford	CT	—	3M Company	1978/1985/1990/1993		44,400		628		604		475
2011		2/28/2011	4200 RCA Blvd.	Palm Beach Gardens	FL	—	The Wackenhut Corporation	1996		96,118		1,812		1,812		2,402
		3/31/2011	1311 Broadfield Blvd.	Houston	TX	—	Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)	2000		103,260		2,284		2,276		0
		9/30/2011	200 Lucent Ln.	Cary	NC	—	Lucent Technologies, Inc.	1999		124,944		2,148		2,056		0
		11/30/2011	207 Mockingbird Ln.	Johnson City	TN	—	Sun Trust Bank	1979		63,800		676		756		675
		12/20/2011	15 Nijborg	3927 DA Renswoude	The Netherlands	—	AS Watson (Health and Beauty Continental Europe) BV	1993/1994		17,610		376		376		0
		12/31/2011	2050 Roanoke Rd.	Westlake	TX	—	Daimler Chrysler Services North America, LLC	2001		130,290		3,660		3,456		0
2012		1/31/2012	26210 and 26220 Enterprise Court	Lake Forest	CA	—	Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)	2001		100,012		1,864		1,792		0
			4000 Johns Creek Pkwy.	Suwanee	GA	—	Kraft Foods North America, Inc.	2001		73,264		1,384		1,384		0
			1275 Northwest 128th St.	Clive	IA	—	Principal Life Insurance Company	2004		61,180		800		800		935
		3/31/2012	1701 Market St.	Philadelphia	PA	(6)	Car-Tel Communications, Inc.	1957/1997		1,220		48		48		0
			2300 Litton Ln.	Hebron	KY	—	Zwicker & Associates, P.C.	1986/1996		49,590		152		188		0
			3940 South Teller St.	Lakewood	CO	—	Travelers Express Company, Inc.	2002		68,165		1,168		864		1,295
		6/30/2012	275 South Valencia Ave.	Brea	CA	—	Bank of America NT & SA	1983		637,503		8,712		8,796		0
		8/31/2012	2300 Litton Ln.	Hebron	KY	—	AGC Automotive Americas Company (AFG Industries, Inc.)	1986/1996		21,542		204		204		0
			5757 Decatur Blvd.	Indianapolis	IN	—	Allstate Insurance Company	2002		84,200		1,372		1,548		0
		10/31/2012	4455 American Way	Baton Rouge	LA	—	Bell South Mobility, Inc.	1997		70,100		1,080		1,112		1,207
		11/7/2012	2706 Media Center Dr.	Los Angeles	CA	—	Playboy Enterprises, Inc.	2000		63,049		1,444		1,256		0

Page 15 of 50

LEXINGTON REALTY TRUST
Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of	Date of							Year			Annualized		Annualized		Fixed Rent at
Lease	Lease							Built/Renovated/	Sq.Ft. Leased		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	or Available (1)		($000) (2)		($000) (3)		($000) (4)
		11/14/2012	2211 South 47th St.	Phoenix	AZ	—	Avnet, Inc.	1997		176,402		2,204		2,260		0
		12/31/2012	200 Executive Blvd. S	Southington	CT	—	Hartford Fire Insurance Company	1984		153,364		1,680		1,624		0
2013		1/31/2013	12600 Gateway Blvd.	Fort Meyers	FL	—	Gartner, Inc.	1998		62,400		1,080		1,092		0
			2300 Litton Ln.	Hebron	KY	—	FTJ FundChoice, LLC	1986/1996		9,164		52		48		0
			3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Home Mortgage, Inc.	2004		169,083		3,016		3,072		0
			810 & 820 Gears Rd.	Houston	TX	—	IKON Office Solutions, Inc.	2000		157,790		2,228		2,252		0
		3/31/2013	3165 McKelvey Rd.	Bridgeton	MO	—	BJC Health System	1981		52,994		384		528		0
			8900 Freeport Pkwy.	Irving	TX	—	Nissan Motor Acceptance Corporation (Nissan North America, Inc.)	2003		268,445		4,748		4,888		0
		4/30/2013	1900 L. Don Dodson Dr.	Bedford	TX	—	Transamerica Life Insurance Company	1984		59,285		0		928		0
			Sandlake Rd./Kirkman Rd.	Orlando	FL	—	Lockheed Martin Corporation	1982		184,000		960		1,868		960
		5/31/2013	6303 Barfield Rd.	Atlanta	GA	—	International Business Machines Corporation (Internet Security Systems, Inc.)	2000/2001		238,600		4,628		4,880		0
			859 Mount Vernon Hwy.	Atlanta	GA	—	International Business Machines Corporation (Internet Security Systems, Inc.)	2004		50,400		1,192		1,020		0
		6/30/2013	2210 Enterprise Dr.	Florence	SC	(6)	Washington Mutual Home Loans, Inc.	1998		177,747		1,748		1,748		0
		8/31/2013	288 North Broad St.	Elizabeth	NJ	—	Bank of America	1982		30,000		636		480		367
			656 Plainsboro Rd.	Plainsboro	NJ	—	Bank of America (Bank of America Corporation)	1983		4,060		128		92		70
		9/30/2013	9200 South Park Center Loop	Orlando	FL	(6)	Corinthian Colleges, Inc.	2003		59,927		1,208		1,160		0
		11/30/2013	1110 Bayfield Dr.	Colorado Springs	CO	—	Honeywell International, Inc.	1980/1990/2002		166,575		1,636		1,600		1,713
		12/13/2013	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox Corporation	1973/1975/1982		202,000		3,500		3,392		0
		12/31/2013	2550 Interstate Dr.	Harrisburg	PA	—	New Cingular Wireless PCS, LLC	1998		81,859		1,780		1,868		0
2014		1/31/2014	1701 Market St.	Philadelphia	PA	—	Morgan, Lewis & Bockius, LLC	1957/1997		293,170		4,464		4,464		5,149
			6226 West Sahara Ave.	Las Vegas	NV	—	Nevada Power Company	1982		282,000		7,736		4,008		2,754
		3/15/2014	101 East Erie St.	Chicago	IL	—	Draftfcb, Inc. (Interpublic Group of Companies, Inc.)	1986		230,684		4,260		5,132		0
		5/31/2014	3480 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank N.A.	2004		169,218		3,408		3,460		0
		7/31/2014	16676 Northchase Dr.	Houston	TX	—	Anadarko Petroleum Corporation	2003		101,111		1,608		1,628		0
			350 Pine St.	Beaumont	TX	—	Entergy Gulf States, Inc.	1981		125,406		1,064		1,264		0
		9/30/2014	333 Mt. Hope Ave.	Rockway	NJ	—	BASF Corporation	1981/2002/2004		95,500		2,244		2,124		0
		10/31/2014	1409 Centerpoint Blvd.	Knoxville	TN	—	Alstom Power, Inc.	1997		84,404		1,568		1,620		0
			2800 Waterford Lake Dr.	Midlothian	VA	—	Alstom Power, Inc.	2000		99,057		1,952		2,016		0
			700 US Hwy Route 202-206	Bridgewater	NJ	—	Biovail Pharmaceuticals, Inc. (Biovail Corporation)	1985/2003/2004		115,558		2,024		2,848		0
		12/14/2014	5150 220th Ave.	Issaquah	WA	—	OSI Systems, Inc. (Instrumentarium Corporation)	1992		106,944		2,056		2,148		0
			22011 Southeast 51st St.	Issaquah	WA	—	OSI Systems, Inc. (Instrumentarium Corporation)	1987		95,600		1,888		1,936		0
		12/31/2014	180 South Clinton St.	Rochester	NY	(6)	Frontier Corporation	1988/2000		226,000		2,964		2,956		0
			275 Technology Dr.	Canonsburg	PA	—	ANSYS, Inc.	1996		107,872		1,240		1,376		0
			3535 Calder Ave.	Beaumont	TX	—	Compass Bank	1977		49,639		684		684		0
2015		1/31/2015	26555 Northwestern Hwy.	Southfield	MI	—	Federal-Mogul Corporation	1963/1965/1988/1989		187,163		1,160		1,420		0
		4/30/2015	13775 McLearen Rd.	Herndon	VA	—	Equant, Inc. (Equant N.V.)	1984/1988/1992		125,293		2,012		2,132		0
		6/30/2015	389-399 Interpace Hwy.	Parsippany	NJ	—	Cadbury Schweppes Holdings	1999		133,647		212		212		0
		7/1/2015	33 Commercial St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)	1982/1987		164,689		3,436		3,436		3,024
		7/31/2015	4001 International Pkwy.	Carrollton	TX	—	Motel 6 Operating L.P. (Accor S.A.)	2003		138,443		3,160		3,268		3,612
		9/27/2015	10001 Richmond Ave.	Houston	TX	—	Baker Hughes, Inc.	1976/1984		554,385		13,632		7,376		6,596
			12645 West Airport Rd.	Sugar Land	TX	—	Baker Hughes, Inc.	1997		165,836		3,776		1,944		1,976
		9/30/2015	500 Olde Worthington Rd.	Westerville	OH	(5)	InVentiv Communications, Inc.	2000		97,000		1,112		1,256		0

Page 16 of 50

LEXINGTON REALTY TRUST
Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of	Date of							Year			Annualized		Annualized		Fixed Rent at
Lease	Lease							Built/Renovated/	Sq.Ft. Leased		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	or Available (1)		($000) (2)		($000) (3)		($000) (4)
			550 Business Center Dr.	Lake Mary	FL	—	JP Morgan Chase Bank, NA	1999		125,920		2,992		1,744		3,103
			600 Business Center Dr.	Lake Mary	FL	—	JP Morgan Chase Bank, NA	1996		125,155		3,092		1,660		3,203
2016		3/31/2016	13430 North Black Canyon Fwy.	Phoenix	AZ	—	Money Management International	1981/1982		28,710		600		624		0
		4/30/2016	11511 Luna Rd.	Farmers Branch	TX	—	Haggar Clothing Company (Texas Holding Clothing Corporation and Haggar Corporation)	2000		180,507		2,160		3,188		2,531
			2000 Eastman Dr.	Milford	OH	—	Siemens Product Lifecycle Management Software, Inc.	1991		221,215		2,488		1,824		2,426
		7/31/2016	1600 Viceroy Dr.	Dallas	TX	—	Visiting Nurse Association	1986		48,027		720		688		0
			13430 North Black Canyon Fwy.	Phoenix	AZ	—	Associated Billing Services, LLC	1981/1982		17,767		300		308		0
		10/31/2016	104 & 110 South Front St.	Memphis	TN	—	Hnedak Bobo Group, Inc.	1871/1988/1999		37,229		484		500		0
		11/30/2016	4000 Johns Creek Pkwy.	Suwanee	GA	—	Perkin Elmer Instruments, LLC	2001		13,955		220		232		0
		12/31/2016	37101 Corporate Dr.	Farmington Hills	MI	—	TEMIC Automotive of North America, Inc.	2001		119,829		3,072		2,440		0
2017		1/31/2017	6301 Gaston Ave.	Dallas	TX	—	Wells Fargo	1970/1981		16,431		224		224		0
		2/28/2017	4200 RCA Blvd.	Palm Beach Gardens	FL	—	Office Suites Plus Properties, Inc.	1996		18,400		420		448		0
		4/30/2017	555 Dividend Dr.	Coppell	TX	—	Brinks, Inc.	2002		101,844		1,860		1,916		0
			1315 W. Century Dr.	Louisville	CO	—	Global Healthcare Exchange	1987		106,877		168		212		0
		9/30/2017	9201 East Dry Creek Rd.	Centennial	CO	—	The Shaw Group, Inc.	2001/2002		128,500		2,152		2,356		0
2018		5/30/2018	13651 McLearen Rd.	Herndon	VA	—	US Government	1987		159,664		2,952		3,384		0
		5/31/2018	2300 Litton Ln.	Hebron	KY	—	Great American Insurance Company	1986/1996		3,145		16		16		99
		6/14/2018	17 Nijborg	3927 DA Renswoude	The Netherlands	—	AS Watson (Health and Beauty Continental Europe) BV	1993/1994		114,195		3,356		2,672		0
		7/31/2018	180 Rittenhouse Cir.	Bristol	PA	—	Jones Management Service Company	1981/1998		96,000		1,032		1,100		0
		9/15/2018	295 Chipeta Way	Salt Lake City	UT	—	Northwest Pipeline Corporation	1982		295,000		6,320		6,320		3,463
		9/30/2018	1701 Market St.	Philadelphia	PA	(6)	Brinker Corner Bakery II, LLC	1957/1997		8,070		192		212		0
		11/30/2018	4201 Marsh Ln.	Carrollton	TX	—	Carlson Restaurants Worldwide, Inc. (Carlson Companies, Inc.)	2003		130,000		1,888		1,976		0
		12/22/2018	5200 Metcalf Ave.	Overland Park	KS	—	Swiss Re American Holding Corporation	1980/1990/2004/2005		320,198		4,200		4,232		0
2019		1/31/2019	1600 Viceroy Dr.	Dallas	TX	—	TFC Services (Freeman Decorating Co.)	1986		110,080		1,100		1,488		0
		4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Swiss Re American Holding Corporation	1963/1973/1985/2003		155,925		2,100		2,100		0
		6/19/2019	3965 Airways Blvd.	Memphis	TN	—	Federal Express Corporation	1982/1983/1985		521,286		7,356		7,012		5,375
		7/31/2019	500 Jackson St.	Columbus	IN	—	Cummins, Inc.	1984		390,100		4,272		4,540		4,925
		10/31/2019	10475 Crosspoint Blvd.	Fishers	IN	—	John Wiley & Sons, Inc.	1999		141,047		2,396		2,268		0
		12/31/2019	850-950 Warrenville Rd.	Lisle	IL	(5)	National Louis University	1985		99,329		1,276		1,676		0
2020		2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	(6)	Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)	1983/2002		136,789		2,164		2,244		0
		7/8/2020	1460 Tobias Gadsen Blvd.	Charleston	SC	(6)	Hagemeyer North America, Inc.	2005		50,076		764		840		0
2021		2/28/2021	5550 Britton Pkwy.	Hilliard	OH	(5)	BMW Financial Services NA, LLC	2006		220,966		2,304		2,624		0
		6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	New Jersey Natural Gas Company	1983		157,511		2,924		2,924		4,224
		11/30/2021	29 South Jefferson Rd.	Whippany	NJ	—	CAE SimuFlite, Inc.	2006		76,383		2,264		2,328		2,069
2022		12/31/2022	147 Milk St.	Boston	MA	—	Harvard Vanguard Medical Assoc.	1910		52,337		1,532		1,680		0
2023		3/31/2023	6555 Sierra Dr.	Irving	TX	—	TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)	1999		247,254		2,072		3,232		0
		7/31/2023	11201 Renner Blvd.	Lenexa	KS	(6)	Applebee's Services, Inc. (DineEquity, Inc.)	2007		178,000		2,944		3,272		0
2025		11/30/2025	11707 Miracle Hills Dr.	Omaha	NE	—	Infocrossing, LLC (Infocrossing, Inc.)	1988/1995		85,200		1,168		1,168		0
		12/31/2025	2005 EastTechnology Cir.	Tempe	AZ	—	(i) Structure, LLC (Infocrossing, Inc.)	1998		60,000		1,128		1,128		0

Page 17 of 50

LEXINGTON REALTY TRUST
Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of	Date of						Year			Annualized		Annualized		Fixed Rent at
Lease	Lease						Built/Renovated/	Sq.Ft. Leased		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	or Available (1)		($000) (2)		($000) (3)		($000) (4)
NA	NA	100 Light St.	Baltimore	MD	—	(Available for Lease)	1973		12,648		0		0		0
		160 Clairemont Ave.	Decatur	GA	—	(Available for Lease)	1983		86,917		0		0		0
		1600 Viceroy Dr.	Dallas	TX	—	(Available for Lease)	1986		54,642		0		0		0
		1701 Market St.	Philadelphia	PA	—	Parking Operators	1957/1997		—		2,376		2,376		0
		1900 L. Don Dodson Dr.	Bedford	TX	—	(Available for Lease)	1984		143,208		0		0		0
		255 California St.	San Francisco	CA	—	(Available for Lease)	1959		12,435		0		0		0
		27404 Drake Rd.	Farmington Hills	MI	—	(Available for Lease)	1999		108,499		0		0		0
		350 Pine St.	Beaumont	TX	—	(Available for Lease)	1981		112,408		0		0		0
		6301 Gaston Ave.	Dallas	TX	—	(Available for Lease)	1970/1981		67,520		0		0		0
		848 Main St. & 849 Front St.	Evanston	WY	—	(Available for Lease)	1983		7,608		0		0		0
		13430 North Black Canyon Fwy.	Phoenix	AZ	—	(Available for Lease)	1981/1982		50,143		0		0		0
		100 East Shore Dr.	Glen Allen	VA	—	(Available for Lease)	1999		3,263		0		0		0
		1770 Cartwright Rd.	Irvine	CA	—	(Available for Lease)	1982		44,531		0		0		0
		King St.	Honolulu	HI	—	(Available for Lease)	1979/2002		6,165		0		0		0
Various	Various	100 Light St.	Baltimore	MD	—	Multi-Tenant	1973		139,200		4,552		4,552		0
		160 Clairemont Ave.	Decatur	GA	—	Multi-Tenant	1983		34,769		648		648		0
		255 California St.	San Francisco	CA	—	Multi-Tenant	1959		157,492		4,204		4,576		0
		350 Pine St.	Beaumont	TX	—	Multi-Tenant	1981		180,339		2,932		3,004		0
		6301 Gaston Ave.	Dallas	TX	—	Multi-Tenant	1970/1981		89,904		1,172		1,172		0
		848 Main St. & 849 Front St.	Evanston	WY	—	Multi-Tenant	1983		21,892		116		168		0
		100 East Shore Dr.	Glen Allen	VA	—	Multi-Tenant	1999		64,245		1,196		1,248		0
		1770 Cartwright Rd.	Irvine	CA	—	Multi-Tenant	1982		104,663		2,616		2,732		0
		King St.	Honolulu	HI	—	Multi-Tenant	1979/2002		223,898		1,444		1,380		990
OFFICE TOTAL/WEIGHTED AVERAGE						96.0% Leased			17,791,415	$	290,984	$	279,140

Page 18 of 50

LEXINGTON REALTY TRUST
Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of	Date of							Year			Annualized		Annualized		Fixed Rent at
Lease	Lease							Built/Renovated/	Sq.Ft. Leased		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	or Available (1)		($000) (2)		($000) (3)		($000) (4)
INDUSTRIAL PROPERTIES
2008		9/30/2008	191 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC	1999		102,960		276		276		0
		12/31/2008	1665 Hughes Way	Long Beach	CA	—	Raytheon Company	1981		200,541		2,984		1,680		1,677
2009		5/31/2009	200 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC	2000		401,260		1,028		984		0
		12/31/2009	75 North St.	Saugerties	NY	—	Rotron, Inc. (EG&G)	1979		52,000		124		232		122
2010		4/30/2010	2203 Sherrill Dr.	Statesville	NC	—	LA-Z-Boy Greensboro, Inc. (LA-Z-Boy Inc.)	1999/2002		639,600		1,648		1,904		1,813
		12/31/2010	1109 Commerce Blvd.	Swedesboro	NJ	—	Linens-n-Things, Inc.	1998		262,644		1,260		1,260		1,300
			113 Wells St.	North Berwick	ME	—	United Technologies Corporation	1965/1980		820,868		2,344		2,344		1,811
2011		3/31/2011	2455 Premier Dr.	Orlando	FL	—	Walgreen Company	1980		205,016		508		784		508
		5/31/2011	291 Park Center Dr.	Winchester	VA	(5)	Kraft Foods North America, Inc.	2001		344,700		1,608		1,576		0
		9/25/2011	3820 Micro Dr.	Millington	TN	(6)	Ingram Micro, L.P (Ingram Micro, Inc.)	1997		701,819		2,440		2,372		0
		9/30/2011	1601 Pratt Ave.	Marshall	MI	—	Joseph Campbell Company	1979		58,300		120		120		0
2012		8/4/2012	101 Michelin Dr.	Laurens	SC	—	CEVA Logistics US, Inc. (TNT Holdings BV)	1991/1993		1,164,000		3,296		3,304		2,619
			7111 Crabb Rd.	Temperance	MI	—	CEVA Logistics US, Inc. (TNT Holdings BV)	1978/1993		744,570		2,208		2,212		1,756
		10/31/2012	43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive Operations USA I, LLC (Tower Automotive Holdings I, LLC)	1996/1998		290,133		1,884		1,836		2,083
		12/31/2012	245 Salem Church Rd.	Mechanicsburg	PA	—	Exel Logistics, Inc. (NFC plc)	1985		252,000		868		864		0
2013		10/31/2013	7150 Exchequer Dr.	Baton Rouge	LA	—	Corporate Express Office Products, Inc. (CEX Holding, Inc.)	1998/2005		79,086		460		440		0
2014		1/2/2014	Moody Commuter & Tech Park	Moody	AL	—	CEVA Logistics US, Inc. (TNT Holdings BV)	2004		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.)	1998/2006		196,946		824		808		0
		12/31/2014	3686 South Central Ave.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)	1992		90,000		332		316		446
2015		12/31/2015	749 Southrock Dr.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)	1992		150,000		452		488		525
2016		2/28/2016	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Clevite, Inc. (MAHLE Industries, Inc.)	1989		268,104		956		916		0
		3/31/2016	19500 Bulverde Rd.	San Antonio	TX	—	Harcourt, Inc. (Harcourt General, Inc.)	2001		559,258		3,332		3,428		0
		8/31/2016	10590 Hamilton Ave.	Cincinnati	OH	—	The Hillman Group, Inc.	1991/1994/1995/2005		247,088		792		792		0
		9/30/2016	900 Industrial Blvd.	Crossville	TN	—	Dana Commercial Vehicle Products, LLC (Dana Limited)	1989/2006		222,200		684		684		0
2017		2/28/2017	3456 Meyers Ave.	Memphis	TN	—	Sears, Roebuck & Company	1973		780,000		1,592		1,696		1,592
		6/30/2017	7500 Chavenelle Rd.	Dubuque	IA	—	The McGraw-Hill Companies, Inc.	2002		330,988		1,152		1,164		0
		9/30/2017	250 Swathmore Ave.	High Point	NC	—	Steelcase, Inc.	2002		244,851		1,056		1,088		1,165
		10/31/2017	1420 Greenwood Rd.	McDonough	GA	—	Atlas Cold Storage America, LLC	2000		296,972		2,544		2,596		0
2018		5/31/2018	50 Tyger River Dr.	Duncan	SC	(6)	Plastic Omnium Exteriors, LLC	2005/2007/2008		221,833		900		900		0
		6/30/2018	1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics, Inc.	1973		772,450		1,348		1,344		1,347
2019		10/17/2019	10345 Philipp Pkwy	Streetsboro	OH	—	L'Oreal USA S/D, Inc. (L'Oreal USA, Inc.)	2004		649,250		2,292		2,612		3,149
2020		3/31/2020	2425 Hwy. 77 North	Waxahachie	TX	—	James Hardie Building Products, Inc. (James Hardie NV)	1996/2001		425,816		3,400		3,400		0
		6/30/2020	3102 Queen Palm Dr.	Tampa	FL	—	Time Customer Service, Inc. (Time, Inc.)	1986		229,605		1,112		1,276		0
		9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com, Inc.	1987		107,405		376		372		0
		12/19/2020	1901 Ragu Dr.	Owensboro	KY	—	Unilever Supply Chain, Inc. (Unilever United States, Inc.)	1975/1979/1995		443,380		5,252		0		1,802
2021		3/30/2021	121 Technology Dr.	Durham	NH	—	Heidelberg Web Systems, Inc.	1986/2002/2003		500,500		2,076		1,996		0
		3/31/2021	6050 Dana Way	Antioch	TN	—	W.M Wright Company	1999		338,700		1,016		1,016		0
		5/31/2021	477 Distribution Pkwy.	Collierville	TN	—	Federal Express Corporation	1984/1987/2005		120,000		480		404		0
		11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing Corporation	1998/2001/2006		423,280		1,236		1,360		0
		12/31/2021	224 Harbor Freight Rd.	Dillon	SC	(6)	Harbor Freight Tools USA, Inc. (Central Purchasing, Inc.)	2001/2005		1,010,859		2,980		3,092		0

Page 19 of 50

LEXINGTON REALTY TRUST
Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of	Date of							Year			Annualized		Annualized		Fixed Rent at
Lease	Lease							Built/Renovated/	Sq.Ft. Leased		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	or Available (1)		($000) (2)		($000) (3)		($000) (4)
2023		4/30/2023	3600 Southgate Dr.	Danville	IL	—	The Sygma Network, Inc. (Sysco Corporation)	2000/2008		201,369		1,696		1,696		1,027
2025		6/30/2025	10000 Business Blvd.	Dry Ridge	KY	—	Dana Light Axle Products, LLC (Dana Limited)	1988/1999		336,350		1,344		1,344		1,402
			4010 Airpark Dr.	Owensboro	KY	—	Dana Structural Products, LLC (Dana Limited)	1998/2006		211,598		1,208		1,208		829
			301 Bill Bryan Rd.	Hopkinsville	KY	—	Dana Structural Products, LLC (Dana Limited)	1989/1999/2000/2005		424,904		1,688		1,688		1,512
			730 North Black Branch Rd.	Elizabethtown	KY	—	Dana Structural Products, LLC (Dana Limited)	2001		167,770		536		536		558
			750 North Black Branch Rd.	Elizabethtown	KY	—	Dana Structural Products, LLC (Dana Limited)	1995/2000/2001		539,592		2,840		2,840		2,960
		7/31/2025	7005 Cochran Rd.	Glenwillow	OH	—	Royal Appliance Manufacturing Company	1997		458,000		1,944		2,252		2,164
2026		10/30/2026	5001 Greenwood Rd.	Shreveport	LA	—	Libbey Glass, Inc. (Libbey Inc.)	2006		646,000		1,940		2,164		0
NA	NA		191 Arrowhead Dr.	Hebron	OH	—	(Available for Lease)	1999		147,040		0		0		0
			250 Rittenhouse Cir.	Bristol	PA	—	(Available for Lease)	1983/1997		255,019		0		0		0
			3350 Miac Cove Rd.	Memphis	TN	—	(Available for Lease)	1987		33,954		0		0		0
			34 East Main St.	New Kingstown	PA	—	(Available for Lease)	1981		179,200		0		0		0
			4425 Purks Rd.	Auburn Hills	MI	—	(Available for Lease)	1987/1988/1998		183,717		0		0		0
			46600 Port St.	Plymouth	MI	—	(Available for Lease)	1996		134,160		0		0		0
			6 Doughten Rd.	New Kingstown	PA	(7)	(Available for Lease)(Prior tenant Carolina Logistics Services)	1989		330,000		56		56		0
			6050 Dana Way	Antioch	TN	—	(Available for Lease)	1999		338,700		0		0		0
INDUSTRIAL TOTAL/WEIGHTED AVERAGE							92.0% Leased			20,131,701	$	73,544	$	68,772

Page 20 of 50

LEXINGTON REALTY TRUST

Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of		Date of							Year			Annualized		Annualized		Fixed Rent at
Lease		Lease							Built/Renovated/	Sq.Ft. Leased or		Cash Rent		GAAP Rent		Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	Available (1)		($000) (2)		($000) (3)		($000) (4)
RETAIL PROPERTIES
	2008		10/31/2008	1000 US Hwy. 17	North Myrtle Beach	SC	—	Food Lion, Inc.	1981		43,021		144		3,668		0
				835 Julian Ave.	Thomasville	NC	—	Food Lion, Inc.	1983		23,767		108		108		0
	2009		1/31/2009	35400 Cowan Rd.	Westland	MI	—	Sam's Real Estate Business Trust	1987/1997		101,402		752		752		0
			3/31/2009	2500 E. Carrier Pkwy.	Grand Prairie	TX	—	Safeway Stores, Inc.	1984		49,349		496		4,280		274
			9/30/2009	1032 Fort St. Mall	Honolulu	HI	—	Macy's Department Stores, Inc.	1979/2002		85,610		988		972		990
			12/31/2009	1066 Main St.	Forest Park	GA	—	Bank South, N.A. (Bank of America Corporation)	1969		14,859		216		188		199
				201 West Main St.	Cumming	GA	—	Bank South, N.A. (Bank of America Corporation)	1968/1982		14,208		216		288		198
				2223 North Druid Hills Rd.	Atlanta	GA	—	Bank South, N.A. (Bank of America Corporation)	1972		6,260		120		96		112
				3468 Georgia Hwy. 120	Duluth	GA	—	Bank South, N.A. (Bank of America Corporation)	1971		9,300		144		152		133
				4545 Chamblee — Dunwoody Rd.	Chamblee	GA	—	Bank South, N.A. (Bank of America Corporation)	1972		4,565		96		76		88
				4733 Hills & Dales Rd.	Canton	OH	—	Bally's Total Fitness of the Midwest (Bally's Health & Tennis Corporation)	1987		37,214		448		396		0
				825 Southway Dr.	Jonesboro	GA	—	Bank South, N.A. (Bank of America Corporation)	1971		4,894		84		64		77
				956 Ponce de Leon Ave.	Atlanta	GA	—	Bank South, N.A. (Bank of America Corporation)	1975		3,900		84		88		78
				1698 Mountain Industrial Blvd.	Stone Mountain	GA	—	Bank South, N.A. (Bank of America Corporation)	1973		5,704		104		88		95
	2010		5/31/2010	24th St. West & St. John’s Ave.	Billings	MT	—	Safeway Stores, Inc.	1981		40,800		188		332		186
			7/1/2010	1600 East 23rd St.	Chattanooga	TN	—	BI-LO, LLC (Prior tenant The Kroger Company)	1983		42,130		128		128		134
	2011		5/31/2011	18601 Alderwood Mall Blvd.	Lynnwood	WA	—	Toys "R" Us, Inc.	1981/1993		43,105		280		300		279
				4811 Wesley St.	Greenville	TX	—	Safeway Stores, Inc.	1985		48,492		172		240		171
				12535 Southeast 82nd Ave.	Clackamas	OR	—	Toys "R" Us, Inc.	1981		42,842		304		324		298
				6910 South Memorial Hwy.	Tulsa	OK	—	Toys "R" Us, Inc.	1981		43,123		256		272		255
			9/30/2011	928 First Ave.	Rock Falls	IL	—	Rock Falls Country Market, LLC (Rock Island Country Market, LLC)	1982		27,650		76		96		140
			12/29/2011	13133 Steubner Ave.	Houston	TX	—	The Kroger Company	1980		52,200		280		404		281
	2012		4/30/2012	10415 Grande Ave.	Sun City	AZ	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1982		10,000		164		264		0
				119 North Balboa Rd.	El Paso	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1982		10,000		164		136		0
				402 East Crestwood Dr.	Victoria	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1982		10,000		164		116		0
				4121 South Port Ave.	Corpus Christi	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1980		10,000		164		136		0
				900 South Canal St.	Carlsbad	NM	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1980		10,000		164		104		0
				901 West Expwy.	McAllen	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1980		10,000		164		164		0
			5/31/2012	12000 East Mississippi Ave.	Aurora	CO	—	Safeway Stores, Inc.	1981/1996		24,000		256		276		257
				3451 Alta Mesa Blvd.	Fort Worth	TX	—	Minyard Food Stores, Inc.	1985		44,000		304		360		304
				Old Mammoth Rd./Meridian Blvd.	Mammoth Lakes	CA	—	Safeway Stores, Inc.	1982		44,425		412		576		410
			11/30/2012	101 West Buckingham Rd.	Garland	TX	—	Minyard Food Stores, Inc.	1982		40,000		324		324		326
				120 South Waco St.	Hillsboro	TX	—	Brookshire Grocery	1985		35,000		160		188		161
				1415 Hwy. 377 East	Granbury	TX	—	The Kroger Company	1982		35,000		204		316		203
				205 Homer Rd.	Minden	LA	—	Brookshire Grocery	1985		35,000		192		284		193

Page 21 of 50

LEXINGTON REALTY TRUST

Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of		Date of							Year			Annualized		Annualized		Fixed Rent at
Lease		Lease							Built/Renovated/	Sq.Ft. Leased or		Cash Rent		GAAP Rent		Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	Available (1)		($000) (2)		($000) (3)		($000) (4)
	2013		2/28/2013	US 221 & Hospital Rd.	Jefferson	NC	—	Food Lion, Inc.	1981		23,000		72		72		73
				104 Branchwood Shopping Center	Jacksonville	NC	—	Food Lion, Inc.	1982/1995		23,000		84		112		84
				291 Talbert Blvd.	Lexington	NC	—	Food Lion, Inc.	1981		23,000		140		140		138
				S. Carolina 52/52 Bypass	Moncks Corner	SC	—	Food Lion, Inc.	1982		23,000		60		124		62
				3211 West Beverly St.	Staunton	VA	—	Food Lion, Inc.	1971		23,000		164		164		166
			7/1/2013	1053 Mineral Springs Rd.	Paris	TN	—	The Kroger Company	1982		31,170		160		212		159
				302 Coxcreek Pkwy.	Florence	AL	—	The Kroger Company	1983		42,130		224		312		223
			10/31/2013	1084 East Second St.	Franklin	OH	—	Marsh Supermarkets, Inc.	1961/1978		29,119		112		156		111
				130 Midland Ave.	Port Chester	NY	—	Pathmark Stores, Inc.	1982		59,000		1,116		1,196		458
				5104 North Franklin Rd.	Lawrence	IN	—	Marsh Supermarkets, Inc.	1958		28,721		192		192		193
				Brown Mill Rd./US 601	Concord	NC	—	Food Lion, Inc.	1983		32,259		196		164		197
				Little Rock Rd./Tuckaseegee Rd.	Charlotte	NC	—	Food Lion, Inc.	1982/1997		33,640		96		152		98
	2014		3/31/2014	1642 Williams Ave.	Grants Pass	OR	—	Safeway Stores, Inc.	1984		33,770		292		216		162
				Bisbee Naco Hwy. & Hwy. 92	Bisbee	AZ	—	Safeway Stores, Inc.	1984		30,181		272		204		152
				N.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Associated Wholesale Grocers Inc.	1984		30,757		332		76		185
				Grant Rd. & Craycroft Road	Tucson	AZ	—	Safeway Stores, Inc.	1983		37,268		364		304		202
				224th St. & Meridan Ave.	Graham	WA	—	Safeway Stores, Inc.	1984		44,718		412		384		229
				400 East Meridian Ave.	Milton	WA	—	Safeway Stores, Inc.	1984		44,718		476		416		264
				228th Ave., Northeast	Redmond	WA	—	Safeway Stores, Inc.	1984		44,718		504		508		279
				4512 North Market St.	Spokane	WA	—	Safeway Stores, Inc.	1984		38,905		376		264		208
	2015		1/25/2015	3711 Gateway Dr.	Eau Claire	WI	—	Kohl's Department Stores, Inc.	1994		76,164		468		464		487
			1/31/2015	1700 State Route 160	Port Orchard	WA	—	Save-A-Lot, Ltd.	1983		16,037		80		80		97
	2017		3/31/2017	1610 South Westmoreland Ave.	Dallas	TX	—	Malone's Food Stores	1960		68,024		360		480		376
			4/30/2017	2401 Wooton Pkwy.	Rockville	MD	—	GFS Realty, Inc. (Giant Food, Inc.)	1977		51,682		116		152		92
			11/30/2017	10340 U.S. 19	Port Richey	FL	—	Kingswere Furniture	1980		53,820		0		0		400
	2018		2/26/2018	4831 Whipple Ave., Northwest	Canton	OH	—	Best Buy Company, Inc.	1995		46,350		464		468		465
				399 Peachwood Centre Dr.	Spartanburg	SC	—	Best Buy Company, Inc.	1996		45,800		396		396		395
			12/31/2018	1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart Corporation	1992		94,970		696		328		0
				12080 Carmel Mountain Rd.	San Diego	CA	—	Sears Holding Corporation	1993		107,210		788		752		0
				21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart Corporation	1993		120,727		1,164		480		0
				255 Northgate Dr.	Manteca	CA	—	Kmart Corporation	1993		107,489		1,236		556		0
				5350 Leavitt Rd.	Lorain	OH	—	Kmart Corporation	1993		193,193		1,752		732		0
				97 Seneca Trail	Fairlea	WV	—	Kmart Corporation	1993/1999		90,933		816		348		0
	2021		1/31/2021	3040 Josey Ln.	Carrollton	TX	—	Ong's Family Inc.	1984		61,000		240		404		0
	2028		1/31/2028	2010 Apalachee Pkwy.	Tallahassee	FL	—	Kohl's Department Stores, Inc.	2007		102,381		400		420		484
			8/31/2028	9803 Edmonds Way	Edmonds	WA	—	PCC Natural Markets	1981		34,459		200		200		0

Page 22 of 50

LEXINGTON REALTY TRUST

Property Leases and Vacancies — Consolidated Portfolio — 9/30/08

Year of	Date of						Year			Annualized		Annualized		Fixed Rent at
Lease	Lease						Built/Renovated/	Sq.Ft. Leased or		Cash Rent		GAAP Rent		Next Option
Expiration	Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	Available (1)		($000) (2)		($000) (3)		($000) (4)
NA	NA	1700 State Route 160	Port Orchard	WA	—	(Available for Lease)	1983		11,931		0		0		0
		3621 E Lincoln Way	Cheyenne	WY	—	(Available for Lease)	1981		31,420		0		0		0
		5402 4th St.	Lubbock	TX	—	(Available for Lease)	1978		53,820		0		0		0
		5544 Atlanta Hwy.	Montgomery	AL	—	(Available for Lease)	1980/2007		60,698		0		0		0
		9400 South 755 East	Sandy	UT	—	(Available for Lease)	1981		41,612		0		0		0
		Kipling St. & Bowles Ave.	Littleton	CO	—	(Available for Lease)	1981		29,360		0		0		0
	RETAIL TOTAL/WEIGHTED AVERAGE					92.9% Leased			3,236,974		23,340		28,184
	TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE					93.82% Leased			41,160,090		387,868		376,096

Footnote

(1)	Square foot leased or vacant includes those tenants with month-to-month leases.
(2)	Calculated by annualizing the three months ended 9/30/08 cash rent.
(3)	Calculated by annualizing the three months ended 9/30/08 GAAP base rent.
(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.

Page 23 of 50

LEXINGTON REALTY TRUST

Property Leases and Vacancies — Net Lease Strategic Asset Fund Portfolio — 9/30/08

Year of		Date of							Year			Annualized		Annualized			Fixed Rent at
Lease		Lease							Built/Renovated/	Sq.Ft. Leased or		Cash Rent		GAAP Rent			Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	Available (1)		($000) (2)		($000) (3)			($000) (4)
NET LEASE STRATEGIC ASSET FUND PROPERTIES
	2009		9/30/2009	109 Stevens St.	Jacksonville	FL	(5)	Unisource Worldwide, Inc.	1959/1967		168,800		620		568			0
	2010		8/17/2010	904 Industrial Rd.	Marshall	MI	—	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)	1968/1972		195,640		624		624			0
			10/31/2010	265 Lehigh St.	Allentown	PA	—	Wachovia Bank N.A.	1980		71,230		248		572			261
				5201 West Barraque St.	Pine Bluff	AR	—	Entergy Services, Inc.	1964/1973		27,189		192		192			192
	2011		5/31/2011	1200 Jupiter Rd.	Garland	TX	—	Raytheon Company	1980		278,759		1,508		2,052			1,588
			7/15/2011	19019 North 59th Ave.	Glendale	AZ	—	Honeywell International, Inc.	1986/1997/2000		252,300		2,452		3,100			0
	2012		4/30/2012	3600 Army Post Rd.	Des Moines	IA	(6)	Electronic Data Systems LLC	2002		405,000		2,852		2,968			0
			5/31/2012	101 Creger Dr.	Ft. Collins	CO	—	Lithia Motors	1982		10,000		276		236			0
	2013		5/31/2013	2401 Cherahala Blvd.	Knoxville	TN	—	Advance PCS, Inc.	2002		59,748		900		900			0
			6/30/2013	420 Riverport Rd.	Kingsport	TN	—	American Electric Power	1981		42,770		312		308			310
				8555 South River Pkwy.	Tempe	AZ	(6)	ASM Lithography, Inc. (ASM Lithography Holding NV)	1998		95,133		2,356		2,124			0
			10/31/2013	3943 Denny Ave.	Pascagoula	MS	—	Northrop Grumman Systems Corporation	1995		94,841		680		680			0
			12/31/2013	120 Southeast Parkway Dr.	Franklin	TN	—	Essex Group, Inc. (United Technologies Corporation)	1970/1983		289,330		1,476		652			735
	2014		1/31/2014	1401 & 1501 Nolan Ryan Parkway	Arlington	TX	—	Siemens Dematic Postal Automation, L.P.	2003		236,547		2,460		2,724			0
			4/30/2014	12000 & 12025 Tech Center Dr.	Livonia	MI	(6)	Kelsey-Hayes Company (TRW Automotive Inc.)	1987/1988/1990		180,230		1,988		2,072			0
			6/30/2014	70 Mechanic St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)	1965/1967/1971		251,914		0		(412	)		2,817
			12/31/2014	324 Industrial Park Rd.	Franklin	NC	(5)	SKF USA, Inc.	1996		72,868		396		396			0
	2015		6/30/2015	1901 49th Ave.	Minneapolis	MN	(5)	Owens Corning Roofing and Asphalt, LLC	2003		18,620		588		588			0
				2500 Patrick Henry Pkwy	McDonough	GA	—	Georgia Power Company	1999		111,911		1,476		1,136			0
				2935 Van Vactor Dr.	Plymouth	IN	—	Bay Valley Foods, LLC	2000/2003		300,500		780		808			853
				3711 San Gabriel	Mission	TX	—	Voicestream PCS II Corporation (T-Mobile USA, Inc.)	2003		75,016		900		1,020			0
			9/27/2015	9110 Grogans Mill Rd.	Houston	TX	—	Baker Hughes, Inc.	1992		275,750		1,680		3,148			0
				2529 West Thorne Dr.	Houston	TX	—	Baker Hughes, Inc.	1982/1999		65,500		1,532		836			0
	2016		1/31/2016	1600 Eberhardt Rd.	Temple	TX	—	Nextel of Texas	2001		108,800		1,524		1,616			0
			5/14/2016	6455 State Hwy 303 Northeast	Bremerton	WA	—	Nextel West Corporation	2002		60,200		1,084		1,164			0
			9/30/2016	1440 East 15th St.	Tucson	AZ	—	Cox Communications, Inc.	1988		28,591		480		548			0
			11/30/2016	736 Addison Rd.	Erwin	NY	(6)	Corning, Inc.	2006		408,000		1,112		1,272			0
	2017		12/31/2017	11411 North Kelly Avenue	Oklahoma City	OK	—	American Golf Corporation	1991/1996		13,924		476		480			0
	2018		3/15/2018	601 & 701 Experian Pkwy.	Allen	TX	—	Experian Information Solutions, Inc. (Experian North America)	1981/1983		292,700		516		3,836			0
			8/31/2018	3500 North Loop Rd.	McDonough	GA	—	Litton Loan Servicing, L.P.	2007		62,218		1,100		1,100			0
	2019		1/31/2019	2999 Southwest 6th St.	Redmond	OR	—	Voice Stream PCS I, LLC (T-Mobile USA, Inc.)	2004		77,484		1,436		1,572			0
			6/28/2019	3265 East Goldstone Dr.	Meridian	ID	(6)	Voicestream PCS II Corporation (T-Mobile USA, Inc.)	2004		77,484		1,240		1,364			0
			10/31/2019	17191 St. Luke’s Way	The Woodlands	TX	—	Montgomery County Management Company, LLC	2004		41,000		716		964			0
				9601 Renner Blvd.	Lenexa	KS	(6)	Voicestream PCS II Corporation (T-Mobile USA, Inc.)	2004		77,484		1,244		1,392			0

Page 24 of 50

LEXINGTON REALTY TRUST

Property Leases and Vacancies — Net Lease Strategic Asset Fund Portfolio — 9/30/08

Year of		Date of							Year			Annualized		Annualized		Fixed Rent at
Lease		Lease							Built/Renovated/	Sq.Ft. Leased or		Cash Rent		GAAP Rent		Next Option
Expiration		Expiration		Property Location	City	State	Note	Primary Tenant (Guarantor)	Expanded	Available (1)		($000) (2)		($000) (3)		($000) (4)
	2020		5/31/2020	359 Gateway Dr.	Lavonia	GA	—	TI Group Automotive Systems, LLC (TI Automotive Ltd.)	2005		133,221		1,200		1,200		0
			6/30/2020	10419 North 30th St.	Tampa	FL	—	Time Customer Service, Inc.	1986		132,981		1,256		1,448		0
			8/31/2020	First Park Dr.	Oakland	ME	(6)	Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)	2005		78,610		1,240		1,148		0
			11/30/2020	11555 University Blvd.	Sugar Land	TX	—	KS Management Services, LLP (St. Luke's Episcopal Health System Corporation)	2005		72,683		1,116		1,252		0
	2021		10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana Commercial Vehicle Products, LLC (Dana Limited)	1999/2004		150,945		1,844		1,932		0
	2025		7/14/2025	590 Ecology Ln.	Chester	SC	—	Owens Corning, Inc.	2001/2005		420,597		2,184		2,168		1,678
	2026		8/31/2026	25500 State Hwy 249	Tomball	TX	—	Parkway Chevrolet, Inc. (R. Durdin, J. Durdin)	2005		77,076		1,260		1,508		0
	2027		4/30/2027	2424 Alpine Rd.	Eau Claire	WI	(6)	Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.)	1993/2004		159,000		932		1,172		0
		NET LEASE STRATEGIC ASSET FUND TOTAL/WEIGHTED AVERAGE						100.0% Leased			6,052,594		48,256		54,428

Footnotes

(1)	Square foot leased or vacant includes those tenants with month-to-month leases.
(2)	Calculated by annualizing the three months ended 9/30/08 cash rent.
(3)	Calculated by annualizing the three months ended 9/30/08 GAAP base rent.
(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%.

Page 25 of 50

LEXINGTON REALTY TRUST
Unleveraged Properties by Property Type
9/30/2008

								Annualized		Annualized
						Original Gross Book		Cash Rent		GAAP Rent
	Property Location	City	State	Net Rentable Area		Value ($000) (3)		($000) (1)		($000) (2)
Office	11201 Renner Blvd.	Lenexa	KS		178,000	$	39,261	$	2,944	$	3,272
	160 Clairemont Ave.	Decatur	GA		121,686	$	15,928	$	648	$	648
	1600 Viceroy Dr.	Dallas	TX		212,749	$	41,672	$	1,820	$	2,176
	1770 Cartwright Rd.	Irvine	CA		149,194	$	34,046	$	2,616	$	2,732
	2300 Litton Ln.	Hebron	KY		83,441	$	9,581	$	424	$	456
	3535 Calder Ave.	Beaumont	TX		49,639	$	3,909	$	684	$	684
	4200 RCA Blvd.	Palm Beach Gardens	FL		114,518	$	19,151	$	2,232	$	2,260
	500 Olde Worthington Rd.	Westerville	OH		97,000	$	13,839	$	1,112	$	1,256
	656 Plainsboro Rd.	Plainsboro	NJ		4,060	$	808	$	128	$	92
	848 Main St. & 849 Front St.	Evanston	WY		29,500	$	3,339	$	116	$	168
Industrial	1601 Pratt Ave.	Marshall	MI		58,300	$	939	$	120	$	120
	2425 Hwy. 77 North	Waxahachie	TX		425,816	$	32,612	$	3,400	$	3,400
	250 Rittenhouse Cir.	Bristol	PA		255,019	$	14,041	$	—	$	—
	3456 Meyers Ave.	Memphis	TN		780,000	$	14,910	$	1,592	$	1,696
	50 Tyger River Dr.	Duncan	SC		221,833	$	13,017	$	900	$	900
	75 North St.	Saugerties	NY		52,000	$	1,330	$	124	$	232
	7670 Hacks Cross Rd.	Olive Branch	MS		268,104	$	10,954	$	956	$	916
	900 Industrial Blvd.	Crossville	TN		222,200	$	7,690	$	684	$	684
Retail	10340 U.S. 19	Port Richey	FL		53,820	$	3,040	$	—	$	—
	104 Branchwood Shopping Center	Jacksonville	NC		23,000	$	709	$	84	$	112
	10415 Grande Ave.	Sun City	AZ		10,000	$	4,650	$	164	$	264
	1066 Main St.	Forest Park	GA		14,859	$	2,400	$	216	$	188
	1084 East Second St.	Franklin	OH		29,119	$	1,840	$	112	$	156
	119 North Balboa Rd.	El Paso	TX		10,000	$	2,280	$	164	$	136
	120 South Waco St.	Hillsboro	TX		35,000	$	2,280	$	160	$	188
	12000 East Mississippi Ave.	Aurora	CO		24,000	$	3,060	$	256	$	276
	12535 Southeast 82nd Ave.	Clackamas	OR		42,842	$	3,371	$	304	$	324
	130 Midland Ave.	Port Chester	NY		59,000	$	6,760	$	1,116	$	1,196
	13133 Steubner Ave.	Houston	TX		52,200	$	3,490	$	280	$	404
	1415 Hwy. 377 East	Granbury	TX		35,000	$	2,700	$	204	$	316
	1610 South Westmoreland Ave.	Dallas	TX		68,024	$	5,925	$	360	$	480
	1642 Williams Ave.	Grants Pass	OR		33,770	$	2,270	$	292	$	216
	1698 Mountain Industrial Blvd.	Stone Mountain	GA		5,704	$	1,170	$	104	$	88
	1700 State Route 160	Port Orchard	WA		27,968	$	3,566	$	80	$	80

Page 26 of 50

LEXINGTON REALTY TRUST
Unleveraged Properties by Property Type
9/30/2008

							Annualized		Annualized
					Original Gross Book		Cash Rent		GAAP Rent
Property Location	City	State	Net Rentable Area		Value ($000) (3)		($000) (1)		($000) (2)
18601 Alderwood Mall Blvd.	Lynnwood	WA		43,105	$	3,147	$	280	$	300
201 West Main St.	Cumming	GA		14,208	$	3,390	$	216	$	288
2010 Apalachee Pkwy.	Tallahassee	FL		102,381	$	3,700	$	400	$	420
205 Homer Rd.	Minden	LA		35,000	$	3,360	$	192	$	284
2223 North Druid Hills Rd.	Atlanta	GA		6,260	$	1,450	$	120	$	96
224th St. & Meridan Ave.	Graham	WA		44,718	$	3,200	$	412	$	384
228th Ave., Northeast	Redmond	WA		44,718	$	3,910	$	504	$	508
24th St. West & St. John’s Ave.	Billings	MT		40,800	$	3,500	$	188	$	332
2500 E. Carrier Pkwy.	Grand Prairie	TX		49,349	$	3,840	$	496	$	4,280
291 Talbert Blvd.	Lexington	NC		23,000	$	2,460	$	140	$	140
3040 Josey Ln.	Carrollton	TX		61,000	$	3,055	$	240	$	404
3211 West Beverly St.	Staunton	VA		23,000	$	1,958	$	164	$	164
3451 Alta Mesa Blvd.	Fort Worth	TX		44,000	$	4,830	$	304	$	360
3468 Georgia Hwy. 120	Duluth	GA		9,300	$	1,950	$	144	$	152
399 Peachwood Centre Dr.	Spartanburg	SC		45,800	$	4,167	$	396	$	396
400 East Meridian Ave.	Milton	WA		44,718	$	3,690	$	476	$	416
402 East Crestwood Dr.	Victoria	TX		10,000	$	1,870	$	164	$	116
4121 South Port Ave.	Corpus Christi	TX		10,000	$	2,280	$	164	$	136
4512 North Market St.	Spokane	WA		38,905	$	2,910	$	376	$	264
4545 Chamblee — Dunwoody Rd.	Chamblee	GA		4,565	$	1,170	$	96	$	76
4811 Wesley St.	Greenville	TX		48,492	$	2,120	$	172	$	240
4831 Whipple Ave., Northwest	Canton	OH		46,350	$	4,417	$	464	$	468
5104 North Franklin Rd.	Lawrence	IN		28,721	$	2,870	$	192	$	192
5544 Atlanta Hwy.	Montgomery	AL		60,698	$	3,940	$	—	$	—
6910 South Memorial Hwy.	Tulsa	OK		43,123	$	2,879	$	256	$	272
825 Southway Dr.	Jonesboro	GA		4,894	$	1,120	$	84	$	64
900 South Canal St.	Carlsbad	NM		10,000	$	2,160	$	164	$	104
901 West Expwy.	McAllen	TX		10,000	$	2,110	$	164	$	164
956 Ponce de Leon Ave.	Atlanta	GA		3,900	$	1,160	$	84	$	88
Bisbee Naco Hwy. & Hwy. 92	Bisbee	AZ		30,181	$	2,120	$	272	$	204
Grant Rd. & Craycroft Road	Tucson	AZ		37,268	$	2,830	$	364	$	304
N.E.C. 45th St./Lee Blvd.	Lawton	OK		30,757	$	2,560	$	332	$	76
Old Mammoth Rd./Meridian Blvd.	Mammoth Lakes	CA		44,425	$	5,240	$	412	$	576
S. Carolina 52/52 Bypass	Moncks Corner	SC		23,000	$	1,310	$	60	$	124

Page 27 of 50

LEXINGTON REALTY TRUST
Unleveraged Properties by Property Type
9/30/2008

							Annualized		Annualized
					Original Gross Book		Cash Rent		GAAP Rent
Property Location	City	State	Net Rentable Area		Value ($000) (3)		($000) (1)		($000) (2)
US 221 & Hospital Rd.	Jefferson	NC		23,000	$	1,070	$	72	$	72
Total Unleveraged Properties				4,987,001	$	424,281	$	32,960	$	38,580

Footnotes
(1)	Calculated by annualizing the three months ended 9/30/2008 cash rent.
(2)	Calculated by annualizing the three months ended 9/30/2008 GAAP rent.
(3)	Represents original GAAP capitalized costs.

Page 28 of 50

LEXINGTON REALTY TRUST
Term Loan Collateral by Property Type
9/30/2008

						Term Loan
						Outstanding	Original Gross Book		Annualized Cash		Annualized GAAP
	Property Location	City	State	Net Rentable Area		($000) (4)	Value($000) (3)		Rent 000) (1)		Rent ($000) (2)
Office	100 Light St.	Baltimore	MD		523,240		$	167,860	$	12,520	$	12,520
	12209 West Markham St.	Little Rock	AR		36,311		$	4,010	$	236	$	236
	13430 North Black Canyon Fwy.	Phoenix	AZ		138,940		$	23,053	$	1,624	$	1,632
	147 Milk St.	Boston	MA		52,337		$	20,074	$	1,532	$	1,680
	1900 L. Don Dodson Dr.	Bedford	TX		202,493		$	9,154	$	—	$	928
	207 Mockingbird Ln.	Johnson City	TN		63,800		$	10,120	$	676	$	756
	26555 Northwestern Hwy.	Southfield	MI		187,163		$	12,853	$	1,160	$	1,420
	288 North Broad St.	Elizabeth	NJ		30,000		$	5,610	$	636	$	480
	3165 McKelvey Rd.	Bridgeton	MO		52,994		$	5,850	$	384	$	528
	3333 Coyote Hill Rd.	Palo Alto	CA		202,000		$	33,400	$	3,500	$	3,392
	350 Pine St.	Beaumont	TX		425,198		$	25,337	$	4,104	$	4,376
	5550 Tech Center Dr.	Colorado Springs	CO		61,690		$	6,790	$	840	$	748
	6277 Sea Harbor Dr.	Orlando	FL		355,840		$	51,421	$	4,644	$	3,736
	6301 Gaston Ave.	Dallas	TX		173,855		$	22,047	$	1,396	$	1,396
	King St.	Honolulu	HI		230,063		$	35,931	$	1,444	$	1,380
	Sandlake Rd./Kirkman Rd.	Orlando	FL		184,000		$	11,900	$	960	$	1,868
Industrial	10590 Hamilton Ave.	Cincinnati	OH		247,088		$	9,708	$	792	$	792
	113 Wells St.	North Berwick	ME		820,868		$	36,640	$	2,344	$	2,344
	1650-1654 Williams Rd.	Columbus	OH		772,450		$	16,459	$	1,348	$	1,344
	191 Arrowhead Dr.	Hebron	OH		250,000		$	5,334	$	276	$	276
	200 Arrowhead Dr.	Hebron	OH		401,260		$	8,461	$	1,028	$	984
	2455 Premier Dr.	Orlando	FL		205,016		$	6,290	$	508	$	784
	2880 Kenny Biggs Rd.	Lumberton	NC		423,280		$	15,416	$	1,236	$	1,360
	3350 Miac Cove Rd.	Memphis	TN		141,359		$	12,591	$	376	$	372
	477 Distribution Pkwy.	Collierville	TN		120,000		$	3,797	$	480	$	404
Retail	1000 US Hwy. 17	North Myrtle Beach	SC		43,021		$	1,770	$	144	$	3,668
	101 West Buckingham Rd.	Garland	TX		40,000		$	5,380	$	324	$	324
	1032 Fort St. Mall	Honolulu	HI		85,610		$	11,147	$	988	$	972
	1053 Mineral Springs Rd.	Paris	TN		31,170		$	1,450	$	160	$	212
	1600 East 23rd St.	Chattanooga	TN		42,130		$	2,770	$	128	$	128
	302 Coxcreek Pkwy.	Florence	AL		42,130		$	3,360	$	224	$	312
	3621 E Lincoln Way	Cheyenne	WY		31,420		$	2,930	$	—	$	—
	5402 4th St.	Lubbock	TX		53,820		$	2,110	$	—	$	—

Page 29 of 50

LEXINGTON REALTY TRUST
Term Loan Collateral by Property Type
9/30/2008

					Term Loan
					Outstanding		Original Gross Book		Annualized Cash		Annualized GAAP
Property Location	City	State	Net Rentable Area		($000) (4)		Value($000) (3)		Rent 000) (1)		Rent ($000) (2)
835 Julian Ave.	Thomasville	NC		23,767			$	2,620	$	108	$	108
928 First Ave.	Rock Falls	IL		27,650			$	1,140	$	76	$	96
9400 South 755 East	Sandy	UT		41,612			$	4,880	$	—	$	—
9803 Edmonds Way	Edmonds	WA		34,459			$	3,813	$	200	$	200
Brown Mill Rd./US 601	Concord	NC		32,259			$	1,932	$	196	$	164
Little Rock Rd./Tuckaseegee Rd.	Charlotte	NC		33,640			$	1,610	$	96	$	152
Total Term Loan Collateral				6,863,933	$	197,931	$	607,018	$	46,688	$	52,072

Footnotes
(1)	Calculated by annualizing the three months ended 9/30/2008 cash rent.
(2)	Calculated by annualizing the three months ended 9/30/2008 GAAP rent.
(3)	Represents original GAAP capitalized costs.
(4)	Aggregate amount of $197,931 is secured by all properties in the collateral pool.

Page 30 of 50

LEXINGTON REALTY TRUST
2009 Mortgage Maturities by Property Type
9/30/2008

						Mortgage				Original Gross		Annualized		Annualized
				Net Rentable		Balance at		Maturity		Book Value		Cash Rent		GAAP Rent
	Property Location	City	State	Area		Maturity ($000)		Date		($000) (3)		($000) (1)		($000) (2)
Office	1500 Hughes Way	Long Beach	CA		490,054	$	—		01/2009	$	112,383	$	16,988	$	10,040
	15375 Memorial Dr.	Houston	TX		327,325	$	18,229		10/2009	$	45,792	$	3,600	$	4,252
	180 Rittenhouse Cir.	Bristol	PA		96,000	$	5,228		04/2009	$	8,782	$	1,032	$	1,100
	2210 Enterprise Dr.	Florence	SC		177,747	$	8,445		02/2009	$	16,176	$	1,748	$	1,748
	255 California St.	San Francisco	CA		169,927	$	20,000		12/2009	$	53,772	$	4,204	$	4,576
	295 Chipeta Way	Salt Lake City	UT		295,000	$	—		10/2009	$	55,404	$	6,320	$	6,320
	5724 West Las Positas Blvd.	Pleasanton	CA		40,914	$	3,808		12/2009	$	6,544	$	828	$	680
Industrial	1133 Poplar Creek Rd.	Henderson	NC		196,946	$	3,854		05/2009	$	7,442	$	824	$	808
	1665 Hughes Way	Long Beach	CA		200,541	$	—		01/2009	$	18,419	$	2,984	$	1,680
	250 Swathmore Ave.	High Point	NC		244,851	$	7,741		10/2009	$	13,248	$	1,056	$	1,088
	7150 Exchequer Dr.	Baton Rouge	LA		79,086	$	1,478		03/2009	$	4,001	$	460	$	440
Retail	35400 Cowan Rd.	Westland	MI		101,402	$	—		09/2009	$	7,221	$	752	$	752
	4733 Hills & Dales Rd.	Canton	OH		37,214	$	—		02/2009	$	4,422	$	448	$	396
	Total 2009 Mortgage Maturities				2,457,007	$	68,783		—	$	353,606	$	41,244	$	33,880
	GRAND TOTAL				14,307,941	$	266,714		—	$	1,384,905	$	120,892	$	124,532

Footnotes

(1)	Calculated by annualizing the three months ended 9/30/2008 cash rent.
(2)	Calculated by annualizing the three months ended 9/30/2008 GAAP rent.
(3)	Represents original GAAP capitalized costs.

Page 31 of 50

LEXINGTON REALTY TRUST
2008 Third Quarter Disposition Summary

DISPOSITIONS

			Property	Gross Sale Price		Gain Recognized					Month of
Tenants/Guarantors	Location		Type	($000)		($000)		Cash Cap Rate			Disposition
1 GFS Realty, Inc. (Giant Food, Inc.)	Columbia	MD	Retail	$	5,000	$	3,023		6.0	%	July
2 GFS Realty, Inc. (Giant Food, Inc.)	Oxon Hill	MD	Retail	$	4,000	$	2,650		5.1	%	July
3 Citizens Bank of Pennsylvania -13 Properties	Various	PA	Retail	$	13,600	$	1,701		7.3	%	Sept
15 TOTAL DISPOSITIONS				$	22,600	$	7,374		6.6	%

Page 32 of 50

LEXINGTON REALTY TRUST
2008 Third Quarter Acquisition Summary

ACQUISITIONS

											Estimated
						Estimated					Current
						Average Annual					Annual Cash
			Property	Basis		GAAP Rent, Net		Average			Rent, Net		Current Cash
Tenants/Guarantors	Location		Type	($000)		($000)		GAAP Yield			($000)		Yield			Lease Due
1 Applebee’s Services, Inc. (DineEquity, Inc.)	Lenexa	KS	Office	$	39,261	$	3,902		9.9	%	$	3,510		8.9	%		07/2023
2 Global Healthcare Exchange	Louisville	CO	Office	$	16,870	$	1,600		9.5	%	$	1,251		7.4	%		04/2017
2 TOTAL ACQUISITIONS				$	56,131	$	5,502		9.8	%	$	4,761		8.5	%

Page 33 of 50

LEXINGTON REALTY TRUST
2008 Third Quarter Leasing Summary

NEW LEASES

							New Cash		New GAAP
				Lease			Rent Per		Rent Per
			Property	Expiration			Annum		Annum
Tenants/Guarantors	Location		Type	Date	Sq. Ft.		($000)		($000)
1 Advanstar Communication, Inc.	Irvine	CA	Office	02/2016		34,418	$	630	$	630
2 Corona Resources, LTD	Dallas	TX	Office	10/2013		690	$	10	$	10
3 Fluor Enterprises, Inc. (1)	Long Beach	CA	Office	02/2014		86,610	$	1,871	$	1,992
4 Office Suites Plus Properties, Inc.	Decatur	GA	Office	07/2019		18,838	$	405	$	432
5 Rubber Duck Creative, LLC	Dallas	TX	Office	08/2009		1,220	$	15	$	15
6 Spears & Spears P.C.	Decatur	GA	Office	12/2013		1,937	$	43	$	44
6 TOTAL NEW LEASES						143,713	$	2,974	$	3,123

LEASE EXTENSIONS

							New Cash		Prior Cash		New GAAP		Prior GAAP
				Lease			Rent Per		Rent Per		Rent Per		Rent Per
			Property	Expiration			Annum		Annum		Annum		Annum
Tenants/Guarantors	Location		Type	Date	Sq. Ft.		($000)		($000)		($000)		($000)
1 Aminex Corp.	Dallas	TX	Office	10/2011		874	$	14	$	13	$	14	$	13
2 CDI Corporation	Beaumont	TX	Office	06/2009		8,726	$	144	$	105	$	105	$	144
3 Damar Services Inc.	Indianapolis	IN	Office	03/2009		5,756	$	40	$	40	$	40	$	40
4 East Dallas Lakewood People, Inc.	Dallas	TX	Office	12/2016		10,222	$	158	$	64	$	158	$	64
5 Jones Management Service Company	Bristol	PA	Office	07/2018		96,000	$	1,032	$	1,032	$	1,102	$	970
6 Northwest Pipeline Corporation (2)	Salt Lake City	UT	Office	09/2018		295,000	$	3,701	$	6,202	$	3,499	$	6,202
7 SMS Research & Marketing Services, Inc.	Honolulu	HI	Office	03/2014		5,399	$	62	$	84	$	62	$	84
8 The Elder and Disability Law Firm of Victoria Collier	Decatur	GA	Office	09/2014		2,419	$	34	$	34	$	54	$	36
9 The Sygma Network, Inc.	Danville	IL	Industrial	04/2023		201,369	$	1,719	$	933	$	1,719	$	933
10 Transfair North America International Freight Services, Inc.	Evanston	WY	Office	07/2009		731	$	5	$	5	$	5	$	5
11 Willis Henry Moore dba Pacific and Asian Heritage	Honolulu	HI	Office	08/2013		360	$	5	$	5	$	5	$	5
12 Windell Investments, Inc.	Irvine	CA	Office	12/2008		6,348	$	117	$	117	$	117	$	117
12 TOTAL LEASE EXTENSIONS						633,204	$	7,031	$	8,634	$	6,880	$	8,613
18 TOTAL NEW AND RENEWED LEASES						776,917	$	10,005	$	8,634	$	10,003	$	8,613

Footnotes

(1)	Direct lease with current sub- tenant at property, effective 1/1/09.
(2)	Option exercised by tenant effective 10/1/09, debt service during option period reduced from $2,901 to $0.

Page 34 of 50

LEXINGTON REALTY TRUST
2008 Third Quarter Debt Summary

NEW FINANCING

			Property	Amount
Tenants/Guarantors	Location		Type	($000)		Rate			Maturity
1 Global Healthcare Exchange	Louisville	CO	Office	$	7,545		5.83	%		01/2012
1 TOTAL FINANCING				$	7,545		5.83	%

DEBT RETIRED

	Face		Payoff
Debt	($000)		($000)		Rate			Due Date
1 Exchangeable Guaranteed Notes	$	25,500	$	22,778		5.45	%		01/2012
2 Term Loan	$	4,489	$	4,489		3.05	%		06/2009
3 Term Loan	$	1,122	$	1,122		5.52	%		03/2013
4 Canton, OH Mortgage	$	2,936	$	2,936		7.15	%	Matured
5 Spartanburg, SC Mortgage	$	2,438	$	2,438		7.15	%	Matured
6 Irvine, CA Mortgage	$	1,391	$	1,391		9.34	%	Matured
7 Columbia, MD Mortgage	$	777	$	777		8.63	%	Property Sale
7 TOTAL RETIRED	$	38,653	$	35,931

Page 35 of 50

LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type — Cash Basis
9/30/2008

	Office						Industrial						Retail
	Net Rentable		Cash Rental		Net Rent		Net Rentable		Cash Rental		Net Rent		Net Rentable		Cash Rental		Net Rent
Year	Area		Revenue ($000)		PSF		Area		Revenue ($000)		PSF		Area		Revenue ($000)		PSF
2008		531,242	$	17,800	$	33.51		303,501	$	3,260	$	10.74		66,788	$	252	$	3.77
2009		1,534,798	$	24,288	$	15.82		453,260	$	1,152	$	2.54		337,265	$	3,748	$	11.11
2010		1,081,504	$	19,316	$	17.86		1,723,112	$	5,252	$	3.05		82,930	$	316	$	3.81
2011		536,022	$	10,956	$	20.44		1,309,835	$	4,676	$	3.57		257,412	$	1,368	$	5.31
2012		1,559,591	$	22,112	$	14.18		2,450,703	$	8,256	$	3.37		317,425	$	2,836	$	8.93
2013		1,974,329	$	28,924	$	14.65		79,086	$	460	$	5.82		371,039	$	2,616	$	7.05
2014		2,182,163	$	39,160	$	17.95		882,292	$	2,208	$	2.50		305,035	$	3,028	$	9.93
2015		1,817,531	$	34,584	$	19.03		150,000	$	452	$	3.01		92,201	$	548	$	5.94
2016		667,239	$	10,044	$	15.05		1,296,650	$	5,764	$	4.45		—	$	—	$	—
2017		372,052	$	4,824	$	12.97		1,652,811	$	6,344	$	3.84		176,412	$	476	$	2.70
2018		1,126,272	$	19,956	$	17.72		994,283	$	2,248	$	2.26		806,672	$	7,312	$	9.06
2019		1,417,767	$	18,500	$	13.05		649,250	$	2,292	$	3.53		—	$	—	$	—
2020		186,865	$	2,928	$	15.67		1,206,206	$	10,140	$	8.41		—	$	—	$	—
2021		454,860	$	7,492	$	16.47		2,393,339	$	7,788	$	3.25		61,000	$	240	$	3.93
2022		52,337	$	1,532	$	29.27		—	$	—	$	—		—	$	—	$	—
2023		425,254	$	5,016	$	11.80		201,369	$	1,696	$	8.42		—	$	—	$	—
2024		—	$	—	$	—		—	$	—	$	—		—	$	—	$	—
2025		145,200	$	2,296	$	15.81		2,138,214	$	9,560	$	4.47		—	$	—	$	—
2026		—	$	—	$	—		646,000	$	1,940	$	3.00		—	$	—	$	—
2027		—	$	—	$	—		—	$	—	$	—		—	$	—	$	—
2028		—	$	—	$	—		—	$	—	$	—		136,840	$	600	$	4.38
Total/Weighted Average (1)		16,065,026	$	269,728	$	16.79		18,529,911	$	73,488	$	3.97		3,011,019	$	23,340	$	7.75

Footnotes

(1) Total shown may differ from detailed amounts due to rounding, and does not include multi-tenant leases.

Page 36 of 50

LEXINGTON REALTY TRUST
Lease Rollover Schedule — GAAP Basis
9/30/2008

			Total
	Number of		Annualized		Percentage of
	Leases		GAAP Base		Total Annualized
Year	Expiring		Rent ($000)		GAAP Base Rent
2008		6	$	19,852		5.6	%
2009		25	$	31,780		9.0	%
2010		16	$	24,976		7.1	%
2011		16	$	17,220		4.9	%
2012		30	$	33,336		9.4	%
2013		30	$	34,352		9.7	%
2014		26	$	42,212		11.9	%
2015		13	$	25,480		7.2	%
2016		12	$	15,624		4.4	%
2017		12	$	12,332		3.5	%
2018		18	$	26,216		7.4	%
2019		7	$	21,696		6.1	%
2020		6	$	8,132		2.3	%
2021		9	$	16,148		4.6	%
2022		1	$	1,680		0.5	%
2023		3	$	8,200		2.3	%
2024		—	$	—		0.0	%
2025		8	$	12,164		3.4	%
2026		1	$	2,164		0.6	%
2027		—	$	—		0.0	%
2028		2	$	620		0.2	%
Total (1)		241	$	354,184		100.0	%

Footnotes

(1) Total shown may differ from detailed amounts due to rounding, and does not include multi-tenant leases.

Page 37 of 50

LEXINGTON REALTY TRUST
Joint Venture Investments — Proportionate Share
Three and Nine Months Ended September 30, 2008
($000)

Joint Venture Operations- Real Estate	3 months		9 months
EBITDA	$	8,942	$	23,744
Interest expense	$	3,142	$	8,042

Joint Venture Operations- Debt Platform	3 months			9 months
Interest and other income	$	9,094		$	27,698
Interest expense		(4,088	)		(13,531	)
Other expenses, net		(975	)		(1,858	)
Gain on debt repayment		2,498			6,349
Impairment charges		(3,603	)		(32,611	)
Net income (loss)	$	2,926		$	(13,953	)

Page 38 of 50

LEXINGTON REALTY TRUST
Concord Debt Holdings — Investment Summary
9/30/2008

Investment Diversification:

	Face
	Amount		Wtg. Avg.			Wtg. Avg.
Interest Type(1)	($000)		Rate (%)			Life(2)
Fixed	$	228,533		7.26	%		6.3
Variable		675,460		6.29			1.0
		903,993		6.54	%		2.3

	Face
	Amount
Property Type(1)	($000)		Percentage
Office	$	402,684		44.5	%
Lodging		340,644		37.7
Multi — family		69,400		7.7
Mixed — use		50,765		5.6
Industrial		25,500		2.8
Retail		15,000		1.7
	$	903,993		100.0	%

	Face
	Amount
Loan Type(1)	($000)		Percentage
Whole	$	198,344		21.9	%
B-Notes		299,816		33.2
Mezzanine		405,833		44.9
	$	903,993		100.0	%

Footnotes
(1)	Excludes CUSIP Bonds of $204,301.
(2)	Assumes initial maturity.

Source: Concord Debt Holdings LLC

Page 39 of 50

LEXINGTON REALTY TRUST
Selected Balance Sheet Account Detail
As of September 30, 2008
($000)

Investments in and advances to non-consolidated entities	$	205,021
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	$	135,460
Investment in net lease partnerships		69,561
Other assets	$	33,824
The components of other assets are:
Deposits	$	697
Investments		15,583
Equipment		431
Prepaids		6,393
Other receivables		6,043
Other		4,677
Accounts payable and other liabilities	$	33,974
The components of accounts payable and other liabilities are:
Accounts payable and accrued expenses	$	12,847
CIP accruals and other		3,446
Taxes		3,899
Deferred lease costs		1,525
Subordinated notes		3,074
Deposits		1,675
Escrows		1,635
Transaction costs		2,883
Derivative liability		2,990

Page 40 of 50

LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2008

											Current
											Estimated
											Annual Debt		Balloon
				Debt Balance		Interest					Service		Payment
Property	Footnotes			($000)		Rate (%)			Maturity(a)		($000) (d)		($000)
Owensboro, KY				$	1,616		7.940	%		12/2008		1,680		—
Clinton, CT					250		7.940	%		12/2008		260		—
Long Beach, CA					5,472		6.250	%		01/2009		5,643		—
Long Beach, CA					2,027		6.160	%		01/2009		2,090		—
Florence, SC					8,519		7.500	%		02/2009		362		8,445
Canton, OH					157		9.490	%		02/2009		162		—
Baton Rouge, LA					1,511		7.375	%		03/2009		87		1,478
Bristol, PA					5,306		7.250	%		04/2009		285		5,228
Henderson, NC					3,917		7.390	%		05/2009		208		3,854
Westland, MI					645		10.500	%		09/2009		569		—
Houston, TX		(b	)		19,065		5.810	%		10/2009		2,032		18,229
High Point, NC					7,969		5.750	%		10/2009		695		7,741
Salt Lake City, UT					2,768		7.610	%		10/2009		2,901		—
San Francisco, CA					21,516		3.893	%		12/2009		2,110		20,000
Pleasanton, CA					4,176		10.250	%		12/2009		727		3,808
Richmond, VA					15,581		8.100	%		02/2010		1,511		15,257
Fishers, IN		(b	)		13,895		5.880	%		04/2010		1,499		12,960
Hampton, VA					6,916		8.270	%		04/2010		677		6,758
Hampton, VA					4,241		8.260	%		04/2010		415		4,144
Lorain, OH		(b	)		1,222		5.540	%		07/2010		908		—
Manteca, CA		(b	)		863		5.540	%		07/2010		642		—
Watertown, NY		(b	)		812		5.540	%		07/2010		603		—
Lewisburg, WV		(b	)		570		5.540	%		07/2010		424		—
San Diego, CA		(b	)		550		5.540	%		07/2010		409		—
Galesburg, IL		(b	)		485		5.540	%		07/2010		360		—
Tampa, FL					5,678		6.880	%		08/2010		485		5,495
Irving, TX		(b	)		25,891		5.880	%		10/2010		2,432		24,454
Lake Mary, FL		(b	)		12,835		5.880	%		10/2010		1,181		12,118
Lake Mary, FL		(b	)		12,797		5.880	%		10/2010		1,178		12,082
Herndon, VA					17,871		8.180	%		12/2010		1,723		17,301
Parsippany, NJ		(b	)		39,476		5.860	%		03/2011		3,472		37,047
Renswoude, NA					37,779		5.305	%		04/2011		2,763		35,612
Wallingford, CT					3,331		4.926	%		05/2011		221		3,187
Auburn Hills, MI					6,516		7.010	%		06/2011		637		5,918
Plymouth, MI					4,384		7.960	%		07/2011		421		4,171
Winchester, VA		(b	)		10,435		5.860	%		08/2011		908		9,675
Louisville, CO					7,537		5.830	%		01/2012		544		7,195
New Kingston, PA					6,673		7.790	%		01/2012		678		6,101
Mechanicsburg, PA					4,925		7.780	%		01/2012		500		4,503
New Kingston, PA					3,179		7.780	%		01/2012		323		2,906
Milford, OH		(b	)		15,575		5.860	%		02/2012		1,822		12,686
Lake Forest, CA					10,246		7.260	%		02/2012		901		9,708
Fort Worth, TX		(b	)		18,819		5.510	%		05/2012		1,280		17,823
Memphis, TN					17,234		5.247	%		05/2012		1,181		16,222
Raleigh, NC		(b	)		12,639		5.860	%		05/2012		647		12,543
Lakewood, CO					8,396		5.097	%		05/2012		566		7,890
Farmington Hills, MI		(b	)		19,340		5.860	%		09/2012		1,500		17,724
Laurens, SC		(b	)		15,955		5.870	%		09/2012		1,396		14,022

Page 41 of 50

LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2008

											Current
											Estimated
											Annual Debt		Balloon
				Debt Balance		Interest					Service		Payment
Property	Footnotes			($000)		Rate (%)			Maturity(a)		($000) (d)		($000)
Temperance, MI		(b	)		10,696		5.870	%		09/2012		936		9,400
Baton Rouge, LA		(b	)		6,391		5.520	%		10/2012		443		5,948
San Antonio, TX					28,340		6.080	%		10/2012		2,260		26,025
Plymouth, MI		(b	)		11,603		5.860	%		12/2012		1,026		10,026
Colorado Springs, CO		(b	)		11,234		5.870	%		12/2012		887		10,272
Fort Mill, SC					10,770		6.000	%		01/2013		839		9,904
Centennial, CO		(b	)		15,092		5.550	%		02/2013		1,177		13,555
Los Angeles, CA		(b	)		77,468		5.860	%		05/2013		5,361		73,071
Atlanta, GA					43,740		5.268	%		05/2013		3,004		40,356
Dallas, TX		(b	)		39,189		5.550	%		05/2013		2,702		36,455
Houston, TX					17,092		5.218	%		05/2013		1,166		15,737
Southington, CT					13,300		5.018	%		05/2013		890		12,228
Indianapolis, IN					9,313		5.168	%		05/2013		633		8,580
Fort Meyers, FL					8,912		5.268	%		05/2013		477		8,550
Phoenix, AZ					18,540		6.270	%		09/2013		1,527		16,490
Foxboro, MA		(b	)		16,120		6.000	%		01/2014		3,270		—
Moody, AL					7,145		4.978	%		01/2014		493		6,350
Logan Township, NJ		(b	)		7,265		5.870	%		04/2014		482		6,784
Clive, IA					5,719		5.139	%		05/2014		387		5,151
Fort Mill, SC					20,039		5.373	%		05/2014		1,364		18,311
Philadelphia, PA					48,218		5.060	%		07/2014		3,178		43,547
Eau Claire, WI					1,440		8.000	%		07/2014		313		—
3 Properties		(i	)		103,511		6.150	%		09/2014		6,366		103,511
Issaquah, WA		(b	)		31,702		5.890	%		12/2014		1,663		30,388
Canonsburg, PA		(b	)		9,072		5.550	%		12/2014		489		9,095
Chicago, IL		(b	)		29,057		5.870	%		01/2015		1,548		29,900
Carrollton, TX					13,751		5.530	%		01/2015		993		12,022
Herndon, VA		(b	)		11,796		5.870	%		04/2015		888		10,359
Richmond, VA		(b	)		19,512		5.510	%		05/2015		1,026		18,292
Houston, TX					16,402		5.160	%		05/2015		1,114		14,408
Rockaway, NJ					14,900		5.292	%		05/2015		799		14,900
Houston, TX					12,810		5.210	%		05/2015		874		11,265
Fishers, IN					12,736		5.160	%		05/2015		865		11,188
San Antonio, TX					12,644		5.340	%		05/2015		875		11,149
Atlanta, GA					11,325		5.260	%		05/2015		604		10,502
Los Angeles, CA					11,107		5.110	%		05/2015		750		9,760
Richmond, VA					10,260		5.310	%		05/2015		708		9,055
Harrisburg, PA					8,866		5.110	%		05/2015		599		7,780
Knoxville, TN					7,554		5.310	%		05/2015		520		6,658
Tulsa, OK					7,423		5.060	%		05/2015		499		6,517
Carrollton, TX		(b	)		20,295		5.870	%		07/2015		1,338		18,677
Elizabethtown, KY					15,564		4.990	%		07/2015		1,052		13,502
Hopkinsville, KY					9,123		4.990	%		07/2015		617		7,916
Dry Ridge, KY					6,759		4.990	%		07/2015		457		5,863
Owensboro, KY					6,021		4.990	%		07/2015		407		5,223
Elizabethtown, KY					2,936		4.990	%		07/2015		198		2,547
Houston, TX		(b	)		56,740		6.250	%		09/2015		8,159		18,318
Sugar Land, TX		(b	)		14,677		6.250	%		09/2015		2,083		6,286
Danville, IL					6,055		9.000	%		01/2016		692		4,578

Page 42 of 50

LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2008

											Current
											Estimated
											Annual Debt		Balloon
				Debt Balance		Interest					Service		Payment
Property	Footnotes			($000)		Rate (%)			Maturity(a)		($000) (d)		($000)
Bridgewater, NJ					14,805		5.732	%		03/2016		860		13,825
Omaha, NE					8,711		5.610	%		04/2016		621		7,560
Tempe, AZ					8,227		5.610	%		04/2016		586		7,140
Lisle, IL					10,416		6.500	%		06/2016		793		9,377
Dallas, TX		(b	)		18,549		5.870	%		07/2016		1,136		18,365
Rochester, NY					18,785		6.210	%		08/2016		1,383		16,602
Statesville, NC					14,089		6.210	%		08/2016		1,037		12,451
Rockford, IL					6,895		6.210	%		08/2016		508		6,093
Glenwillow, OH					16,983		6.130	%		09/2016		1,240		14,987
Memphis, TN					3,951		5.710	%		01/2017		264		3,484
Orlando, FL					9,975		5.722	%		02/2017		579		9,309
Coppell, TX					14,400		5.710	%		06/2017		834		14,400
Dubuque, IA					10,482		5.402	%		06/2017		733		8,725
Shreveport, LA					19,000		5.690	%		07/2017		1,096		19,000
McDonough, GA					23,000		6.110	%		11/2017		1,425		21,651
Lorain, OH		(b	)		1,271		7.750	%		07/2018		108		—
Manteca, CA		(b	)		898		7.750	%		07/2018		77		—
Watertown, NY		(b	)		844		7.750	%		07/2018		72		—
Lewisburg, WV		(b	)		593		7.750	%		07/2018		51		—
San Diego, CA		(b	)		572		7.750	%		07/2018		49		—
Galesburg, IL		(b	)		504		7.750	%		07/2018		43		—
Overland Park, KS		(b	)		37,475		5.911	%		05/2019		2,399		31,819
Kansas City, MO		(b	)		17,879		5.900	%		05/2019		1,145		15,182
Streetsboro, OH		(b	)		19,478		5.900	%		09/2019		1,344		16,338
Boca Raton, FL					20,400		6.470	%		02/2020		1,338		18,383
Wall Township, NJ		(b	)		28,891		6.250	%		01/2021		2,588		—
Hilliard, OH					28,960		5.907	%		02/2021		1,734		27,483
Charleston, SC					7,350		5.850	%		02/2021		436		6,632
Durham, NH		(b	)		19,261		6.750	%		03/2021		1,683		—
Antioch, TN		(b	)		14,291		5.630	%		10/2021		1,580		774
Whippany, NJ					16,414		6.298	%		11/2021		1,344		10,400
Dillon, SC					22,612		5.974	%		02/2022		1,832		13,269
Subtotal/Wtg. Avg./Years Remaining (k)					1,793,745		5.885	%		5.9		153,934		1,513,933

Page 43 of 50

LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2008

											Current
											Estimated
											Annual Debt		Balloon
				Debt Balance		Interest Rate					Service		Payment
Property	Footnotes			($000)		(%)			Maturity (a)		($000) (d)		($000)
Corporate
Credit Facility		(c	)		—		—			06/2009		—		—
Term Loan		(f	)		197,931		3.090	%		06/2009		4,134		197,931
Exchangeable Notes		(e	)		299,500		5.450	%		01/2012		16,323		299,500
Term Loan		(h	)(j)		41,074		5.520	%		03/2013		2,299		41,074
Term Loan		(h	)(j)		25,000		5.520	%		03/2013		1,399		25,000
Trust Preferred Notes		(g	)		129,120		6.804	%		04/2037		8,785		129,120
Subtotal/Wtg. Avg./Years Remaining (k)					692,625		5.035	%		7.3		32,940		692,625
Total/Wtg. Avg./Years Remaining (k)				$	2,486,370		5.648	%		6.3	$	186,874	$	2,206,558

Footnotes

(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 in 2027.
(f)	Floating rate debt 30 day LIBOR plus 60 bps; maturity can be extended by Company to December 2009.
(g)	Rate fixed through April 2017, thereafter LIBOR plus 170 bps.
(h)	Rate is swapped to fixed rate through maturity.
(i)	Debt on three cross-collateralized properties located in Nevada, Indiana, and Tennessee.
(j)	Represents full payable of loans, discount of $4,795 excluded from balance.
(k)	Total shown may differ from detailed amounts due to rounding.

Page 44 of 50

LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
9/30/2008

											Current
				LXP							Estimated				Proportionate
		Debt		Proportionate							Annual Debt		Balloon		Share Balloon
		Balance		Share		Interest					Service		Payment		Payment
Joint Venture	Footnotes	($000)		($000)(15)		Rate (%)			Maturity		($000)(10)		($000)		($000)
Net Lease Strategic		$	10,329	$	4,966		7.800	%		04/2009	$	496	$	10,239	$	4,921
Dallas Commerce			9,153		2,371		6.680	%		06/2009		9,614		—		—
BCBS LLC			22,968		9,187		7.850	%		10/2009		2,196		22,586		9,034
Net Lease Strategic			7,853		3,776		6.930	%		08/2010		674		7,603		3,656
Harpard			1,181		321		9.875	%		01/2011		569		—		—
Net Lease Strategic			2,212		1,064		7.500	%		01/2011		226		2,076		998
Net Lease Strategic			13,930		6,698		7.400	%		04/2011		1,258		13,365		6,426
Net Lease Strategic			30,582		14,704		5.126	%		05/2011		1,589		30,582		14,704
Taber			748		203		10.125	%		06/2011		313		—		—
Jayal			1,068		317		11.500	%		03/2012		365		—		—
Net Lease Strategic			22,761		10,943		5.147	%		05/2012		1,188		22,153		10,651
Net Lease Strategic			11,605		5,580		7.670	%		01/2013		2,817		—		—
Net Lease Strategic			13,185		6,339		5.148	%		05/2013		894		12,144		5,839
Net Lease Strategic			4,957		2,383		5.950	%		09/2013		381		4,496		2,162
Net Lease Strategic			20,666		9,936		5.810	%		02/2014		1,551		18,588		8,937
Net Lease Strategic			9,493		4,564		5.616	%		04/2014		697		8,484		4,079
Net Lease Strategic			1,348		648		8.500	%		04/2015		271		—		—
Net Lease Strategic			17,058		8,201		5.411	%		05/2015		1,189		15,087		7,254
Net Lease Strategic — Oklahoma TIC			14,749		2,836		5.240	%		05/2015		784		13,673		2,629
Net Lease Strategic			12,675		6,094		5.212	%		06/2015		836		11,349		5,457
Net Lease Strategic			6,180		2,971		5.783	%		06/2015		462		5,371		2,582
Net Lease Strategic			21,545		10,359		8.036	%		09/2015		3,352		6,925		3,330
Net Lease Strategic			6,121		2,943		8.036	%		09/2015		925		2,203		1,059
Net Lease Strategic			8,662		4,165		6.090	%		01/2016		668		7,446		3,580
Net Lease Strategic			6,402		3,078		6.090	%		04/2016		494		5,465		2,628
Net Lease Strategic			6,522		3,136		6.315	%		09/2016		497		5,723		2,752
One Summit			18,860		5,658		9.375	%		10/2016		3,344		—		—
Net Lease Strategic			9,216		4,431		6.063	%		11/2016		683		8,023		3,857
One Summit			12,191		3,657		10.625	%		11/2016		2,239		—		—

Page 45 of 50

LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
9/30/2008

											Current
				LXP							Estimated				Proportionate
		Debt		Proportionate							Annual Debt		Balloon		Share Balloon
		Balance		Share		Interest					Service		Payment		Payment
Joint Venture	Footnotes	($000)		($000)(15)		Rate (%)			Maturity		($000)(10)		($000)		($000)
Net Lease Strategic			9,147		4,398		5.910	%		10/2018		728		6,624		3,185
Dallas Commerce			12,512		3,241		15.000	%		12/2018		2,166		—		—
Net Lease Strategic			9,913		4,766		6.010	%		08/2019		753		7,658		3,682
Net Lease Strategic			7,500		3,606		6.507	%		11/2019		495		6,692		3,218
Net Lease Strategic			10,000		4,808		6.270	%		12/2019		774		7,755		3,729
Net Lease Strategic			10,113		4,862		5.930	%		10/2020		750		7,660		3,683
Net Lease Strategic			9,543		4,588		5.460	%		12/2020		741		5,895		2,834
Net Lease Strategic			9,633		4,632		5.640	%		01/2021		692		7,018		3,374
Net Lease Strategic			12,690		6,101		5.380	%		08/2025		1,144		362		174
Subtotal/Wtg. Avg.(5) /Years Remaining(6)		$	415,271	$	182,533		6.557	%		6.4	$	48,815	$	283,245	$	130,414

Page 46 of 50

LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
9/30/2008

													Current
						LXP							Estimated				Proportionate
				Debt		Proportionate							Annual Debt		Balloon		Share Balloon
				Balance		Share		Interest					Service		Payment		Payment
Joint Venture	Footnotes			($000)		($000)(15)		Rate (%)			Maturity		($000)(10)		($000)		($000)
Corporate
Concord		(1	)(13)		22,893		11,447		4.788	%		11/2008		1,111		22,893		11,447
Concord		(4	)(12)		25,516		12,758		4.188	%		12/2008		1,083		25,516		12,758
Concord		(4	)(8)		15,981		7,991		3.461	%		03/2009		561		15,981		7,991
Concord		(2	)(11)		196,538		98,269		4.214	%		03/2009		8,397		196,538		98,269
Concord		(7	)(9)		73,000		36,500		5.820	%		03/2010		4,308		73,000		36,500
Concord		(4	)		59,613		29,807		3.488	%		12/2012		2,108		59,613		29,807
Concord		(3	)(14)		351,525		175,763		3.700	%		12/2016		13,187		351,525		175,763
Subtotal/Wtg. Avg. (5) /Years Remaining (6)				$	745,066	$	372,535		4.071	%		4.5	$	30,755	$	745,066	$	372,535
Total/Wtg. Avg. (5) /Years Remaining (6)				$	1,160,337	$	555,068		4.889	%		5.1	$	79,570	$	1,028,311	$	502,949

Footnotes

(1)	Represents amount outstanding on $150.0 million repurchase agreement, variable rate.
(2)	Represents amount outstanding on $350.0 million repurchase agreement, variable rate. Subsequent to September 30, 2008, the repurchase agreement was reduced to $150.0 million.
(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.
(7)	Maturity date can be extended to 03/2011 if certain criteria are met.
(8)	Maturity date can be extended to 03/2012 if certain criteria are met.
(9)	Represents amount outstanding on $100.0 million repurchase agreement, variable rate.
(10)	Amounts represent estimated 12 months debt service regardless of maturity date.
(11)	Subsequent to September 30, 2008, $46,583 was repaid and the maturity date was extended to 3/2011.
(12)	Subsequent to September 30, 2008, $4,000 was repaid and the maturity date was extended to 12/2009.
(13)	Subsequent to September 30, 2008, $3,093 was repaid.
(14)	Subsequent to September 30, 2008, $4,000 was repaid via a payment of $1,040.
(15)	Total balance shown may differ from detailed amounts due to rounding.

Page 47 of 50

LEXINGTON REALTY TRUST
Mortgage Maturity Schedule
As of September 30, 2008
($000)

Consolidated Properties
						Balloon Weighted
	Scheduled					Average Interest
Year	Amortization		Balloon Payments			Rate (%)
2008-remaining	$	7,007	$	—			—	%
2009		47,244		68,783	(1)		5.93
2010		34,639		110,569			6.83
2011		31,062		95,610			5.78
2012		30,991		190,994	(2)		5.97
	$	150,943	$	465,956			6.13	%

Joint Venture Investments - LXP Proportionate Share
						Balloon Weighted
	Scheduled					Average Interest
Year		Amortization		Balloon Payments			Rate (%)
2008-remaining	$	1,830	$	24,205	(3)		4.47	%
2009		6,433		120,215	(4)		4.58
2010		5,593		40,156			5.92
2011		5,780		22,128			5.89
2012		5,980		40,458			3.92
	$	25,616	$	247,162			4.80	%

Footnotes

(1)	Excludes corporate level debt of $197,931, variable rate 3.09% at 9/30/08.
(2)	Excludes corporate level debt of $299,500, fixed rate 5.45% at 9/30/08.
(3)	Subsequent to September 30, 2008, $12,758 of these maturities were extended to 2009. (See note 12 on page 47)
(4)	Subsequent to September 30, 2008, $98,269 of these maturities were extended to 2011. (See note 11 on page 47)

Page 48 of 50

LEXINGTON REALTY TRUST
Base Rent Estimates for Current Assets
9/30/2008
($000)

Year	Cash		GAAP
2008-remaining	$	91,505	$	92,416
2009		342,951		347,821
2010		307,789		310,991
2011		294,000		297,636
2012		267,796		268,824

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

Page 49 of 50

Investor Information

Transfer Agent	Investor Relations
BNY Mellon Shareowner Services	Patrick Carroll
480 Washington Blvd.	Executive Vice President and Chief Financial Officer
Jersey City NJ 07310-1900	Telephone (direct)	(212) 692-7215
(800) 850-3948	Facsimile (main)	(212) 594-6600
www.bnymellon.com/shareowner/isd	E-mail	pcarroll@lxp.com

Research Coverage

Cantor Fitzgerald
Philip Martin	(312) 469-7485
Matthew Thorp	(312) 469-7484
Friedman, Billings, Ramsey
Gabe Poggi	(703) 469-1141
Merrill Ross	(703) 312-9769
J.P. Morgan Chase
Joseph Dazio, CFA	(212) 622-6416
Michael W. Mueller, CFA	(212) 622-6689
Anthony Paolone, CFA	(212) 622-6682
Gregory P. Stuart	(212) 622-5390

Keefe, Bruyette & Woods
Sheila K. McGrath	(212) 887-7793
Barclays Capital
Ross L. Smotrich	(212)526-2306
Raymond James & Assoc.
Paul Puryear	(727) 567-2253
Stifel Nicolaus
John W. Guinee	(443) 224-1307

Page 50 of 50

EX-99.2

Exhibit 99.2

Transcript of
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 6, 2008

Participants

Executives
Lisa Soares — Lexington Realty Trust — Assistant to CEO
Will Eglin — Lexington Realty Trust — CEO and President
Pat Carroll — Lexington Realty Trust — Chief Financial Officer
Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

Analysts
Sheila McGrath — KBW
Sierra King — JP Morgan Chase
Claude Pahowski — Private Investor
John Guinee — Stifel Nicolaus

Presentation

Operator

Greetings, and welcome to the Lexington Realty Trust Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference please press “*0” on your telephone keypad. As a reminder this conference is being recorded. It is now my pleasure to introduce your host Ms. Lisa Soares, Investor Relations for Lexington Realty Trust. Thank you Ms. Soares, you may begin.

Lisa Soares — Lexington Realty Trust — Assistant to CEO

Thanks Letania. Hello and welcome to the Lexington Realty Trust Third Quarter Conference Call. The earnings press release was distributed over the wire this morning and the release and supplemental disclosure package will be furnished on our Form-8K. In the press release and supplemental disclosure package Lexington has reconciled all historical non-GAAP financial measures, to the most directly comparable GAAP measure in accordance with Regulation-G requirement. 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 me to inform you that certain statements made during this conference 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 expectations reflected in any forward-looking statements are based on reasonable assumptions, Lexington can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to

1 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

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 statement. With us today from management are Will Eglin, CEO and President, Robert Roskind, Chairman, Pat Carroll, Chief Financial Officer, Natasha Roberts, Executive Vice President and Director of Real Estate Operations, and other members of management. I would like to turn the call over to Will for his opening remarks

Will Eglin — Lexington Realty Trust — CEO and President

Thanks Lisa and welcome to all of you and thank you for listening into our third quarter conference call. We are pleased to report what we believe are strong results in our real estate portfolio for the third quarter of 2008, as we continue to execute well on our opportunities to do leverage our balance sheet. For the quarter, our reported funds from operations were $0.40 per share, which was in line with our expectations. From an investment standpoint it was a quiet quarter with activity limited to acquiring two properties and further capitalizing on tumultuous conditions in the debt markets by repurchasing 25.5 million face value of our 5.45% MLP exchangeable notes at a 10.7% discount. We continue to see tremendous opportunities to repurchase our own debt and subsequent to quarter end we repurchased 32 million of our exchangeable notes at a 25.8% discount and a yield to maturity of about 16.3%. We plan to continue to take advantage of these opportunities, which offer extremely high-risk adjusted returns with the added positive of reducing our leverage. We continue to improve the company’s financial flexibility as we reduced our overall leverage by 54 million during the quarter and ended the quarter with about a 135 million of cash.

We also believe that as part of our strategy to maximize value and reduce leverage, pursuing and executing well on property dispositions and related capital recycling is very important. To that end, during the third quarter we completed 15 asset sales for 22.6 million at a cap rate of 6.6%. Over the next few months we will be marketing for sale about 400 million of properties in order to create liquidity to repurchase our debt at a discount. Given the returns available under current market conditions we can earn substantially more by repurchasing our own debt than we can by holding on to these real estate assets. On the leasing front, we had a highly successful quarter with 18 leases executed for 770,000 square feet and are presently working on about 700,000 square feet of leases and have already extended leases on 1.3 million square feet in the fourth quarter.

In terms of what’s going on in the markets over the last five weeks and before turning the call over to Pat, I would like to comment specifically about these market conditions, the under performance of our common share price and the steps we are taking to address shareholder concerns. First, we are very focused on refinancing our 2009 debt maturities. These debt maturities total 266.7 million and consist of 68.8 million of mortgage debt and a 197.9 million in a term loan scheduled to mature in June 2009 but which can be extended to December 2009 at the company’s option.

Of our 2009 maturities 247.7 million are due in the fourth quarter assuming that we extent the term loan maturity. We have provided in our supplemental disclosure package, summary property information on our properties which have mortgages maturing in 2009, our properties that support the borrowing base for the term loan and

2 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

our properties that are un-leveraged. These assets have a total gross book value of about 1.4 billion and currently generate annual rental revenue of a 120.9 million. We believe that we have sufficient collateral to support our near term financing needs and we are working on a refinancing of both our term loan and revolving credit facility prior to the stated maturities. With respect to our overall leverage we anticipated a tightening credit environment early in the year, well in advance of the recent turmoil in financial markets and broad sell off in REIT shares. And to that end we have been de-leveraging our balance sheet throughout the year. Most recently we bought back 22 million of our exchangeable notes for 14.9 million, a 32% discount and a yield to maturity in January 2012 of 19.3%. We view these types of transactions as great opportunities to create value for shareholders in view of their high risk adjusted returns and de-leveraging effects and we will continue to use our financial resources to retire debt at attractive discounts going forward.

Regarding our investment in Concord Debt Holdings, which generated 2.9 million of funds from operations during the third quarter after 1.1 million of non-recurring items, we are taking steps to manage down Concord’s leverage and extend debt maturities. As disclosed by Concord earlier this week in a press release in the fourth quarter Concord utilized 43.5 million of the Inland Capital commitment to retire 46.6 million of CDO bonds and credit lines. Concord also extended the maturity date on a 150 million of debt from March 2009 to March 2011 and extended the maturity date on an additional 25.5 million of debt from December 2008 to December 2009. After receiving a $10 million capital distribution in the third quarter our overall investment in Concord is roughly 135 million or about 3.2% of our 4.2 billion in assets. So far this year Concord has reduced its debt from 849 million to 689 million. In addition, we have been focused on shareholder concerns with respect to the overhang created by our former largest shareholder’s 18.6 million share ownership position. These shares have been privately marketed for sale in October creating uncertain conditions for our common share price. We are pleased to announce last week that all of these shares have been placed with parties who we expect will be long term investors in Lexington including, Vornado and Winthrop, our partner in Concord debt holdings. Our own investments in 3.5 million shares reflects our conviction that our current share price is not at all reflective of the company’s value. From an execution standpoint, we remain highly focused on improving the efficiency of all our operations and during the third quarter we ran the company with the lowest level of general and administrative costs since the third quarter of 2006, and we expect to be able to further reduce overhead next year.

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

Pat Carroll — Lexington Realty Trust — Chief Financial Officer

Thanks Will. Results of operations in the third quarter of ’08 include the impact of the acquisition of our four co-investment programs in the second quarter of 2007 and a formation of our co-investment program with Inland in the fourth quarter of ’07. These are the significant drivers of the fluctuations between comparable periods. During the quarter, Lexington had gross revenues of a 105.5 million comprised primarily of lease rents and tenant reimbursement. The decrease in rental revenue in the third quarter of ’08 compared to the third quarter of ’07 relates primarily to the sale of properties to

3 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

the Inland joint venture in the fourth quarter of 2007 and the first six months of 2008, and a two-lease termination that we talked about on the last conference call.

Reduction in interest expense of 10.9 million relates to the de-leveraging of the balance sheet, and particularly the repurchase of a 150.5 million of the exchangeable notes and 70.9 million of the trust referred securities during 2008. Debt satisfaction gains of 2.3 million relates to the satisfying a portion of our 5.45 exchangeable notes at a discount to the original principal. Equity and earnings or losses of non-consolidated entities with a loss of 1.5 million in the third quarter of ‘08, which relates primarily to our share of the impairment charges reported by Concord.

During the third quarter, Concord reported reserves on its loan portfolio at $6 million and on its bond portfolio of $1.2 million, and also reported a gain on CDO debt extinguishments of five million. The loan reserves in the third quarter related to three loans. One was for property in Palm Beach Florida, with a face amount of $19 million, and the reserve in the third quarter was $1 million bringing the cumulative reserve on this investment to 3 million. One of the loans was for a property in Fort Lee, New Jersey. The face amount was $28 million, the reserve in the quarter was $2 million, and that is also the cumulative year-to-date reserve amount. And finally the last loan was for a six apartment building complex in Columbus, Ohio. The face amount of the loan is $20.9 million. The reserve in the third quarter and cumulative year-to-date was $3 million.

Under GAAP we are required to recognize revenue on a straight-line basis over the non-canceled lease term, with any periods covered by a bargain renewal option. In addition, the amortization of above or below market leases are included directly in rental revenue. In the quarter cash rents were in excess of GAAP rents by approximately of 3.4 million, including the effective above and below market leases. We have also included in the supplement on page 49 our estimates of both cash and GAAP rents for the reminder of 2008 through 2012. Quarterly G&A decrease approximately $400,000 compared to the same quarter last year due to personnel reductions.

Now, turning to the balance sheet, we had a $135.5 million of cash at quarter end, including cash classified as restricted. Restricted cash balances relate primarily to money held in escrow by our mortgage lenders. At quarter end we had about $2.5 billion debt outstanding, which had a weighted average interest rate of about 5.65%, the maturity of 6.3 years. Intangibles are the allocations of the purchase price of properties related to in place and above market leases and customer relationships in accordance with FAS 141. In addition, we also have about a 155 million in below market lease liabilities. Included in properties held for sale are three properties that meet the accounting definition of held for sale, two of which are currently vacant. The significant components of other assets and liabilities are included on page 40 of the supplement.

During the quarter ended September 30th ‘08 the company capitalized about 2.2 million in lease cost, mainly relating to commission and about $10.9 million in CapEx cost related primarily to the build out of states in our properties in La Quintas, Texas and Beaumont, Texas. The new tenants we have signed at the end of 2007 and in the

4 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

first nine months of 2008. Also as of September 30th 2008, we have no mortgages maturing during reminder at this year. In 2009 we have mortgages maturing of $68.8 million at a weighted average interest rate of 5.9% and $197.9 million term loan that are supported by 39 properties at a current annualized EBITDA of $34.7 million.

In addition, we have an unencumbered asset-base that generates $33 million of revenue that we can use to facilitate refinancing. Overall, we have assets with an original book value of $1.4 billion and current rent of a $120.9 million to support 2009 refinancing needs of the $266.7 million that Will mentioned earlier. We are currently working in our refinancing the term loan and establishing a new $100 million revolving credit facility. Both term loan and revolver would have $75 million of cordian features that would allow us to add properties to the borrowing base over time and create additional capacity that we could use to pay off maturing mortgages in 2009 and 2010.

Now, I would like for Natasha to discuss our leasing and expansion activities, Natasha?

Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

Thanks Pat. As of September 30th, 2008 after selling 15 properties for $22.6 million during the third quarter, and including the 47 properties that are held in joint ventures our portfolio totaled approximately $49 million proceeds. 18 leases were either executed or extended during the quarter.

We have maintained our previous occupancy level of approximately 95% at quarter end, and expect to remain at or above our current occupancy level through year end. Out of the 18 leases signed, six were new and accounted for about 144.000 square feet and 12 were renewals or extensions which accounted for about 633,000 square feet. We lost approximately 228,000 square feet of occupancy due to lease expirations that were not renewed during the quarter.

Subsequent to the close of the quarter on September 30, we executed seven leases totaling approximately 1.3 million square feet including an 84,000 square foot lease at our office property in Long Beach, California. And we are currently negotiating four new leases and four lease extensions totaling approximately 700,000 square feet. Two expansions totaling approximately a 100,000 square feet are underway at two locations and we have four other potential expansion projects in discussion estimated at 300,000 square feet.

In the fourth quarter, our leases with Raision on a 480,000 square foot office building and a 200,000 square foot industrial building in Long Beach, California will expire. We have a 55% ownership interest in these properties. The office building was largely sub leased and as has previously been announced we have been able to negotiate lease extensions with some of the sub tenants. As of today, the office building is approximately 70% leased and we hope to be fully leased over the next 12 to 18 months.

In the efforts to retain tenants and compete with the market we have seen a slight increase in TI’s for renewing tenants. Office TI’s have ranged from zero to $20 per

5 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

square foot for a renewing tenant, and $25 to $40 per square foot for a new tenant. These numbers are up approximately $5 per square foot from previous quarters. Industrial TI have ranged from zero to $2 per square foot for a renewing tenant and a $1.50 to $3.50 per square foot for a new tenant. These numbers are up approximately $0.50 per square foot from previous quarters. Leasing commissions have remained largely unchanged, however, on some properties we are seeing broker incentives in the form of additional commissions, cash bonuses and trips being offered to increase interest.

Leasing commissions have ranged from zero to 4.5% for renewing lease, and from 4.5% to 6.75% for a new lease. We have budgeted three million in tenant improvements and leasing cost for the balance of 2008, $30 million for 2009 and $31 million for 2010.

With regard to 100 Light Street, we have commenced our renovation and redesign project. A $22 million project includes improvements to the buildings for facade, roof, plaza and HVAC systems including new chillers and a new cooling tower. In addition we have planned an upgraded at the building’s lobby, new perimeter lighting, new elevator cabs and the addition of landscaping to the plaza. The new 10 storied parking garage is expected to be completed by the end of January. Construction is approximately 30 days behind schedule due to unexpected soil and rock issues encountered during ground expedition. We have yet to complete any new leases though interest remains strong. Assuming no additional leasing prior to the Legg Mason lease expiration in September of 2009, the property will be 23% leased. We anticipate leasing an additional 25% over the next 12 months bringing occupancy to 50%. Our lease with Harcourt on a 356,000 square foot office building in Orlando, Florida expires on March 31 2009. They had given us notice that they intend to move. Their new building is under construction and it is our expectation that they will need approximately three months of hold over. We recently engaged a broker to market the property for either sale or lease and there is strong interest. The building is located next to Sea World and near the Orlando Convention Center, with visibility from I-4 and the Beachline expressway. We anticipate leasing the eight-storied building to multiple tenants with an anchor tenant taking the top two or three floors with vanage rights. Market rents are $22 growth and market TIs are about $30 per square foot. We expect it to take us approximately 12 to 18 months to lease, and we will spend approximately $3.5 million on the upgrades to the building including new bathrooms, a new chiller and a new lobby. While overall leasing activity has slowed from the prior quarter, we are still on track to reach our leasing objectives for the year, and leases continue to be signed.

Tenants are looking for greater flexibility as it relates to lease term and contraction provisions, so we have not seen a decrease in market rents. Many of our other tenants are consolidating operations into our properties and we have recently commenced discussions the tenants regarding building expansions at two of our office building and two of our industrial buildings.

Credit underwriting is key for new leases and the monitoring of the credit of the tenants in our portfolio is of great importance. Linens-N-Things, our tenant in a 260,000 square foot warehouse which generates about $1.3 million of NOI is

6 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

liquidating, and are expected to vacate our property in December. Our watch list includes Circuit City stores, Valley Total Fitness and our automotive tenants Daimler Chrysler, Tower Automotive, Dana and Tenneco.

And now I will turn the call back over to Pat.

Patrick Carroll — Lexington Realty Trust — EVP, CFO & Treasurer

Thanks Natasha. Overall, we believe Lexington is well positioned to capitalize on opportunities to lower leverage and this continues to be our highest priority. We continue to do well in our leasing efforts and our portfolio’s performance is in line with our expectations. Over the balance of the year and in to next year we expect to continue implementing our strategy to de-leverage the balance sheet and create additional liquidity in the form of asset sales. Our current expectation on guidance is for funds from operations per share to be in the range of $1.56 to $1.64 this year, and this is unchanged from last quarter and from the beginning of the year when we gave guidance. This range does not include items that should be considered non-recurring such as lease termination revenue and gains on discharge of indebtedness as detailed in today’s press release.

Given our third quarter results we believe we will reach our full year guidance and we will give 2009 guidance on our next conference call. That concludes our opening remarks. Operator, we will turn it back over to you to conduct the question and answer session.

Operator

Thank you, we will now be conducting a question and answer session. If you would like to ask a question, please press “*1” on your telephone keypad. A confirmation tone will indicate your line is in the question queue, you may press “*2” if you would like to remove your question from the queue. For participants using speaker equipment it may be necessary to pick up your handset before pressing the “*” keys. Once again to ask a question please press “*1” on your telephone keypad at this time. One moment while we pull for questions. Our first question comes from Tony Paolone with JP Morgan, please proceed with your question.

Sierra King — JP Morgan Chase

Hi, it’s Sierra King here for Tony, I just have a few follow up questions for Natasha and then I have some general questions. I apologize if I missed the beginning of the call, so I apologize that if some of this is already said. Anyways regarding Harcourt you touched on, Natasha but what about BP America and the Bank One lease expirations, do you know how they will play out in 2009?

Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

The Bank One lease expiration we are currently negotiating at least with a sub tenant in that building.

Sierra King — JP Morgan Chase

I’m sorry.

7 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

So, expect occupancy to remain in that building.

Sierra King — JP Morgan Chase

Okay.

Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

And that the BP building, they are leaving, and we are currently marketing that building for rent or for sale.

Sierra King — JP Morgan Chase

Okay, and then what about for the leases that you executed during the quarter, what was the cash on the cash yield on the renewals?

Patrick Carroll — Lexington Realty Trust — EVP, CFO & Treasurer

The cash, we don’t have the figure available in relation the book value. The one place where we had a step down was in our Northwest pipeline facility in Salt Lake City, Utah but other than that we had net, you know, a pretty nice net increase in revenue compared to prior rents, and that’s detailed in page 34 of the supplemental.

Sierra King — JP Morgan Chase

Okay, thank you and then just in general regarding your financing roadmap, can you just kind of lay out your financing roadmap over for the next couple of years as it relates things like your line of credit in terms of that place.

Patrick Carroll — Lexington Realty Trust — EVP, CFO & Treasurer

Well, we are in current negotiations with our lenders on both the term loan and the credit facility and the credit facility which is nothing up there matures in June of next year, and the term loan also is in June of next year, where we have the six months extension to push it back to December of ‘09. And like I said we are in discussions currently with the lending group of both facilities to get those extended.

Sierra King — JP Morgan Chase

Okay, and then just one last question is regarding the mortgage debt for your assets, how would you say that you are finding the availability for the mortgage debt and what are the terms look like today?

Patrick Carroll — Lexington Realty Trust — EVP, CFO & Treasurer

It extremely scarce right now, it’s end of the year and there is really very little capital available in the mortgage market. We expect in first quarter that might change a little bit when, you know, live companies now with their allocations are for next year, but, you know generally if you were in a position where you really needed a mortgage right now, you could expect to pay quite a wide spreads, so we are not in the mortgage market presently although we did fixed rate on a borrowing earlier at about 6.1% that we hope to close prior to yearend.

8 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

Sierra King — JP Morgan Chase

Okay, thank you that’s all.

Operator

Once again ladies and gentlemen to ask a question, please press “*1” on your telephone keypad, that’s “*1” on your telephone keypad. Our next question comes from Claude Pahowski, a private investor, please proceed with your question.

Claude Pahowski — Private Investor

Do you intend to maintain your current dividend and for how long?

Patrick Carroll — Lexington Realty Trust — EVP, CFO & Treasurer

Well, the dividend is, to clarify, the Board of Trustees on a quarterly basis and would be scheduled to be declared in December. And we’ve declared, you know, 60 dividends in our life as a public company, the Board is well aware of the environment we are in and we will declare dividend as the board determines to be appropriate for the company moving forward, after a thought deliberation as it always has, you know. Our focus right now is getting our term in revolver in place so that we have sufficient recording capacity to deal with all of our mortgages that mature over the next couple of years and secondarily trying to create some more liquidity in the property market to use to repurchase debt at big discounts. There have been a wave of reach that have reduced their paths recently to retain liquidity and the market has certainly responded favorably to that, but you know, it’s only been in the wake of the last five weeks of trading where stocks have traded off significantly that you have seen companies taking that step. And I think that, you know, the right course of action is to prudently look at the company’s needs going forward and be very, you know, deliberate in our views about the appropriate dividend level and what our strategies should be with respect to that.

Claude Pahowski — Private Investor

Thank you.

Operator

Our next question comes from Sheila McGrath with KBW. Please proceed with your question.

Sheila McGrath — KBW

Good morning, Will. On the asset sales that you mentioned in the quarter, the Cap rate was pretty attractive, I was wondering if you could give us some more details on those sales and also some more details on sales volumes that you expect going forward.

Patrick Carroll — Lexington Realty Trust — EVP, CFO & Treasurer

Sure, we think we did really well on sales, the big portion of that was the sale of bank branches back to Citizens Bank. And you know, when you have a chance to sell a building back that you know, sometimes that’s a really good execution. So we are very pleased with that. In terms of overall disposition volume we have fairly good visibility on about 38 million of sales in the next 60 to 90 days and those are properties that aren’t encumbered by debt. And we want to be in the market with about 400

9 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

million of other property to sale and those properties are encumbered by about 250 million of mortgage debt. One of the things that we think is very attractive that we have to offer our potential buyers, or that you know, recall that our financing strategy is to put mortgage debt in place at the asset level, that’s assumable by other investors. So, you know, we think that that will be, you know, sort of a key element of being able to execute well on a disposition strategy. And even though cap rates are going up to the extent we are selling properties at 8 to 9% cap rates if we can turn around and buy in our own debt with mid to upper teen yields, you know, we think that that’s a trade and arbitrates that we should aggressively take advantage of.

Sheila McGrath — KBW

Okay, great. And then the question on 100 Lake Street, and is there are a chance that they would need to stay beyond their these expiration dates?

Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

At this point there is not, they are telling us that they will be leaving at lease expiration.

Sheila McGrath — KBW

Okay. Okay, thank you.

Operator

Once again ladies and gentleman to ask a question please press “*1” on your telephone keypad at this time, press “*1” on your telephone keypad. There are no further questions in queue at this time. I would like to turn back over to Mitch, we did have one question just come into queue, from Mr. John Guinee from Stifel Nicolaus. Please proceed with your question.

John Guinee — Stifel Nicolaus

Hi, John Guinee here thank you. First question, Pat, when you did the Newkirk merger did you ever think you would end up with a 50 page supplemental.

Pat Carroll — Lexington Realty Trust — Chief Financial Officer

Actually John I knew I would.

John Guinee — Stifel Nicolaus

And I have to ask it, are the numbers correct this time on the GAAP and cash.

Pat Carroll — Lexington Realty Trust — Chief Financial Officer

Yes they are, John.

John Guinee — Stifel Nicolaus

All right. Hold on guys, zillion questions I just got, I think... Rekion is about a $20 million NOI number for a 2008, what do we expect that to be in 2009 and 2010 through your projections?

Pat Carroll — Lexington Realty Trust — Chief Financial Officer

Well, in the office building where we are 70% occupied, we are going to rank that building out of the net run of about $15 compared to $34 of rate down was planning,

10 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

you know, we expected a big roll down there. And the industrial building is going to be vacant now with 2000 feet. So, I am not looking at, you know, a 20 million of comparison to what it will be going forward, but that’s mathematically where we are with respect to these two buildings.

John Guinee — Stifel Nicolaus

Is that a consolidated or unconsolidated JV?

Pat Carroll — Lexington Realty Trust — Chief Financial Officer

It’s consolidated. Because our ownership interest is 55%.

John Guinee — Stifel Nicolaus

Got you. Any reason you... did you do the acquisitions that you did this third quarter with or without Inland?

Pat Carroll — Lexington Realty Trust — Chief Financial Officer

No, without. One was to complete a 1031 exchange and one was to be warehouse for another joint venture that we have been working on.

John Guinee — Stifel Nicolaus

Erin do you have a question or...

Unidentified Speaker

Did you have any prospects for the industrial building REIT down industrial building?

Pat Carroll — Lexington Realty Trust — Chief Financial Officer

We do not, not currently.

Unidentified Speaker

No, okay. Do you think that’s a 12 or 18 month lease up or...

Pat Carroll — Lexington Realty Trust — Chief Financial Officer

It would be very challenging.

Unidentified Speaker

Okay. Thank you.

Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

We are also looking to sell it.

Unidentified Speaker

Once again.

Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

We are also looking to sell it.

Unidentified Speaker

11 

Transcript:
Lexington Realty Trust (LXP)
Third Quarter Earnings Conference Call
November 06, 2008

Oh, okay.

Will Eglin — Lexington Realty Trust — CEO and President

That’s one of the 400 million for sale.

Natasha Roberts — Lexington Realty Trust — EVP & Director, Real Estate Operations

Correct.

Will Eglin — Lexington Realty Trust — CEO and President

Yup.

Unidentified Speaker

I got you. Okay. How should we look, you’ve got a Concord on your books at about a $135 million?

Will Eglin — Lexington Realty Trust — CEO and President

Right.

John Guinee — Stifel Nicolaus

How should we look at that going forward?

Will Eglin — Lexington Realty Trust — CEO and President

Well, I mean, I am not really sure I understand the question, I mean, we are not looking to put any more money into Concord and the... it should remain relatively flat, you know, they have slight earnings which will increase the GAAP investment and we definitely do take cash out from, you know, the maturities of the assets, you know, it will go down but it will be relatively flat investment for us.

John Guinee — Stifel Nicolaus

Okay. Thank you very much.

Operator

There are no further questions in queue at this time. I would like to turn the call back over to management for closing comments.

Will Eglin — Lexington Realty Trust — CEO and President

Thanks again to all of you for joining us this morning we continue to be very excited about our prospects for the balance of the year, and 2009, and as always we appreciate your participation and support. 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 at www.lxp.com and in addition as always you may contact me or the other members of our senior management team with any questions. Thank you and have a great day everyone.

Operator

This concludes today’s teleconference, you may disconnect your lines at this time. Thank you for your participation.

12