EX-99.1 2 tm1922017d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

LEXINGTON REALTY TRUST

QUARTERLY SUPPLEMENTAL INFORMATION

September 30, 2019

Table of Contents

Section		Page

Third Quarter 2019 Earnings Press Release		3

Portfolio Data
Investments / Capital Recycling Summary		14
Financing Summary		15
Leasing Summary		16
Other Revenue Data		18
Portfolio Detail by Asset Class		20
Portfolio Composition		21
Components of Net Asset Value		22
Portfolio Concentration		23
Tenant Industry Diversification		26
Top 15 Tenants		28
Lease Rollover Schedules		29
Property Leases and Vacancies		31
Select Credit Metrics Summary		40
Financial Covenants		41
Mortgages and Notes Payable		42
Debt Maturity Schedule		43
Selected Balance Sheet Account Data		44
Non-GAAP Measures – Definitions		45
Reconciliation of Non-GAAP Measures		47
Investor Information		51

This Quarterly Earnings Press Release and Quarterly Supplemental Information 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 and its subsidiaries 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, including, but not limited to, risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO available to all equityholders and unitholders – diluted for the year ending December 31, 2019, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction on the terms described herein or at all, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to revise those forward-looking statements 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

FOR IMMEDIATE RELEASE

LEXINGTON REALTY TRUST REPORTS THIRD QUARTER 2019 RESULTS AND

ANNOUNCES DIVIDEND INCREASE

New York, NY - November 6, 2019 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant industrial real estate investments, today announced results for the third quarter ended September 30, 2019.

Third Quarter 2019 Highlights

	•	Recorded Net Income attributable to common shareholders of $141.6 million, or $0.59 per diluted common share.
	•	Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $48.7 million, or $0.20 per diluted common share.
	•	Acquired three industrial properties for an aggregate cost of $179.8 million.
	•	Disposed of six properties for an aggregate gross sales price of $328.6 million.
	•	Satisfied $161.8 million of secured debt at a weighted-average interest rate of 4.1%.
	•	Raised net proceeds of $131.8 million by issuing approximately 13.0 million common shares in an underwritten public offering and through the ATM program.
	•	Extended the maturity of the $300.0 million term loan to January 2025 and swapped the LIBOR portion of the interest rate to obtain a current fixed rate of 2.732% per annum.
	•	Completed 1.6 million square feet of new leases and lease extensions, raising industrial renewal rents by 5%.
	•	Increased industrial portfolio to 78% of gross real estate assets.

Subsequent Events

	•	Acquired three industrial assets for an aggregate cost of approximately $53.4 million.
	•	Sold three non-core properties for an aggregate gross sales price of $13.8 million.
	•	Declared a quarterly common share/unit dividend/distribution of $0.105 per share/unit, an increase of 2.4%.

Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.

T. Wilson Eglin, Chairman and Chief Executive Officer of Lexington Realty Trust, commented, “Our third quarter results were strong as we continued to successfully execute on our business plan. The dividend increase announced today reflects the progress and sustained momentum on both the acquisition and disposition front. Robust transaction volume during the quarter resulted in year-to-date investment activity of nearly $500 million and disposition activity of $463 million, including $244 million from our Richland, Washington property which we acquired in 2015 for $152 million. Our disposition program has been a huge success thus far and has provided well-priced capital to invest into industrial properties in support of our portfolio repositioning objectives. Industrial exposure represented 78% of gross book value at quarter-end, and we expect this to increase over the balance of the year.”

FINANCIAL RESULTS

Revenues

For the quarter ended September 30, 2019, total gross revenues were $81.6 million, compared with total gross revenues of $100.3 million for the quarter ended September 30, 2018. The decrease was primarily attributable to property sales and lease expirations, partially offset by revenue generated from property acquisitions and new leases.

Net Income Attributable to Common Shareholders

For the quarter ended September 30, 2019, net income attributable to common shareholders was $141.6 million, or $0.59 per diluted share, compared with a net income attributable to common shareholders for the quarter ended September 30, 2018 of $216.2 million, or $0.90 per diluted share.

Adjusted Company FFO

For the quarter ended September 30, 2019, Lexington generated Adjusted Company FFO of $48.7 million, or $0.20 per diluted share, compared to Adjusted Company FFO for the quarter ended September 30, 2018 of $58.2 million, or $0.24 per diluted share.

Dividends/Distributions

As previously announced, during the third quarter of 2019, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended September 30, 2019 of $0.1025 per common share/unit, which was paid on October 15, 2019 to common shareholders/unitholders of record as of September 30, 2019. Lexington also declared a cash dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended September 30, 2019, which is expected to be paid on November 15, 2019 to Series C Preferred Shareholders of record as of October 31, 2019.

Today, Lexington announced that it declared a regular quarterly common share/unit dividend/distribution for the quarter ending December 31, 2019 of $0.105 per common share/unit payable on January 15, 2020 to common shareholders/unitholders of record as of December 31, 2019. This represents an increase of 2.4% from the previous quarterly per common share/unit dividend/distribution and equates to an annualized increase of $0.01 per common share/unit and an annualized dividend/distribution of $0.42 per common share/unit, subject to and assuming future declarations.

Lexington also announced that it declared a cash dividend of $0.8125 per share of Series C Preferred for the quarter ending December 31, 2019, which is expected to be paid on February 18, 2020 to Series C Preferred Shareholders of record as of January 31, 2020.

TRANSACTION ACTIVITY

ACQUISITION TRANSACTIONS

Property Type	Market	Sq. Ft.		Initial Basis ($000)		Approximate Lease Term (Yrs)
Industrial	Cincinnati, OH		143,664	$	13,762	4
Industrial	Cincinnati, OH		1,299,492		100,288	11
Industrial	Cincinnati, OH		994,013		65,763	8
			2,437,169	$	179,813

The above properties were acquired at aggregate weighted-average GAAP and cash capitalization rates of 5.7% and 5.0%, respectively.

PROPERTY DISPOSITIONS⁽¹⁾

Primary Tenant	Location	Property Type	Gross Disposition Price ($000)		Annualized Net Income⁽²⁾ ($000)			Annualized NOI⁽²⁾($000)			Month of Disposition	% Leased
T-Mobile USA	Meridian, ID	Office	$	16,322	$	531		$	1,507		August		100.0	%
Vacant	Albany, GA	Other		1,500		(114	)		(111	)	August		0.0	%
United States of America	Lenexa, KS	Office		53,300		2,010			3,341		August		100.0	%
Consumer Cellular	Redmond, OR	Office		12,100		37			(511	)	September		100.0	%
Kroger	Paris, TN	Other		1,350		135			156		September		100.0	%
Preferred Freezer	Richland, WA	Industrial		244,000		5,171			11,283		September		100.0	%
			$	328,572	$	7,770		$	15,665

(1)	In addition, a joint venture, in which Lexington has a 20% interest, disposed of three office properties for $108.4 million and satisfied $71.5 million of non-recourse debt.
(2)	Quarterly period prior to sale, annualized.

LEASING

LEASE EXTENSIONS

Location

Primary Tenant⁽¹⁾

Prior

Term

Lease

Expiration Date

Sq. Ft.

Industrial

Antioch

Christie Lites

06/2020

06/2025

50,400

Laurens

Michelin

01/2020

03/2020

1,164,000

Total industrial lease extensions

1,214,400

Office

Philadelphia

Morgan Lewis

01/2021

01/2024

289,432

Mission

T-Mobile West

06/2020

06/2025

75,016

Total office lease extensions

364,448

Total lease extensions

1,578,848

NEW LEASES

Location

Lease
Expiration Date

Sq. Ft.

Office

Indianapolis

Stanley Black & Decker

10/2020

15,032

Total office leases

15,032

TOTAL NEW AND EXTENDED LEASES

1,593,880

(1) Leases greater than 10,000 square feet.

As of September 30, 2019, Lexington's portfolio was 97.4% leased.

BALANCE SHEET/CAPITAL MARKETS

During the third quarter of 2019, Lexington issued 10.0 million common shares through an underwritten equity offering raising net proceeds of approximately $100.7 million. In addition, Lexington issued approximately 3.0 million common shares under its ATM program raising net proceeds of $31.1 million.

In the third quarter of 2019, Lexington satisfied $161.8 million of consolidated non-recourse debt, including debt encumbering assets sold. Subsequent to September 30, 2019, Lexington satisfied an aggregate of $15.7 million of consolidated non-recourse debt.

In July 2019, Lexington extended the maturity of its $300.0 million term loan from January 2021 to January 2025. In addition, Lexington swapped the LIBOR portion of the interest rate to obtain a current fixed rate of 2.732% per annum.

During the third quarter of 2019, Lexington repaid all amounts outstanding under its unsecured revolving credit facility.

2019 EARNINGS GUIDANCE

Lexington now estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2019 will be within an expected range of $1.22 to $1.25.

Additionally, Lexington is tightening its Adjusted Company FFO guidance range for the year ended December 31, 2019 from $0.76 to $0.80 per diluted common share to $0.77 to $0.80 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

THIRD QUARTER 2019 CONFERENCE CALL

Lexington will host a conference call today, November 6, 2019, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended September 30, 2019. Interested parties may participate in this conference call by dialing 1-844-825-9783 (U.S.), 1-412-317-5163 (International) or 1-855-669-9657 (Canada). A replay of the call will be available through February 6, 2020, at 1-877-344-7529 (U.S.), 1-412-317-0088 (International) or 1-855-669-9658 (Canada), pin code for all replay numbers is 10136168. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its industrial portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions. For more information, including Lexington's Quarterly Supplemental Information package, or to follow Lexington on social media, visit www.lxp.com.

Contact:

Investor or Media Inquiries for Lexington Realty Trust:

Heather Gentry, Senior Vice President of Investor Relations

Lexington Realty Trust

Phone: (212) 692-7200 E-mail: hgentry@lxp.com

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations, (2) Lexington's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2019, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, 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.

References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

Non-GAAP Financial Measures - Definitions

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures.

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable measures under generally accepted accounting principles (“GAAP”), reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington's financial performance or cash flow from operating, investing or financing activities or liquidity.

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for tenant improvements, and (8) cash paid for lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity REIT. 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 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.

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as “net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.” FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

Lexington presents FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington's real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) divided by the acquisition/completion cost (or sale) price.

Net Operating Income (“NOI”): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington's NOI may not be comparable to other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

# # #

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands, except share and per share data)

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Gross revenues:
Rental revenue	$	80,325		$	99,958		$	239,058		$	308,088
Other revenue		1,225			337			3,875			701
Total gross revenues		81,550			100,295			242,933			308,789
Expense applicable to revenues:
Depreciation and amortization		(37,211	)		(37,716	)		(111,617	)		(129,693	)
Property operating		(10,611	)		(10,678	)		(30,966	)		(33,061	)
General and administrative		(7,791	)		(7,482	)		(23,652	)		(23,899	)
Non-operating income		532			429			1,927			965
Interest and amortization expense		(16,481	)		(21,159	)		(50,715	)		(63,224	)
Debt satisfaction charges, net		(4,424	)		(2,228	)		(4,527	)		(2,228	)
Impairment charges		(673	)		(2,542	)		(2,355	)		(90,860	)
Gains on sales of properties		140,461			202,371			176,662			239,577
Income before provision for income taxes and equity in earnings of non-consolidated entities		145,352			221,290			197,690			206,366
Provision for income taxes		(241	)		(444	)		(1,108	)		(1,326	)
Equity in earnings of non-consolidated entities		2,710			4			3,288			192
Net income		147,821			220,850			199,870			205,232
Less net income attributable to noncontrolling interests		(4,502	)		(2,834	)		(5,191	)		(3,225	)
Net income attributable to Lexington Realty Trust shareholders		143,319			218,016			194,679			202,007
Dividends attributable to preferred shares – Series C		(1,573	)		(1,573	)		(4,718	)		(4,718	)
Allocation to participating securities		(186	)		(253	)		(304	)		(279	)
Net income attributable to common shareholders	$	141,560		$	216,190		$	189,657		$	197,010

Net income attributable to common shareholders - per common share basic	$	0.60		$	0.91		$	0.81		$	0.83
Weighted-average common shares outstanding – basic		236,285,216			237,354,669			233,833,340			237,577,198

Net income attributable to common shareholders - per common share diluted	$	0.59		$	0.90		$	0.81		$	0.83
Weighted-average common shares outstanding – diluted		241,355,289			246,058,298			234,011,643			241,660,588

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	September 30, 2019			December 31, 2018
	(unaudited)
Assets:
Real estate, at cost	$	3,178,870		$	3,090,134
Real estate - intangible assets		401,609			419,612
Real estate, gross		3,580,479			3,509,746
Less: accumulated depreciation and amortization		928,886			954,087
Real estate, net		2,651,593			2,555,659
Assets held for sale		58,031			63,868
Operating lease right-of-use assets, net		39,056			—
Cash and cash equivalents		126,058			168,750
Restricted cash		7,692			8,497
Investment in non-consolidated entities		53,796			66,183
Deferred expenses, net		16,195			15,937
Rent receivable – current		2,336			3,475
Rent receivable – deferred		64,593			58,692
Other assets		15,238			12,779
Total assets	$	3,034,588		$	2,953,840

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	374,543		$	570,420
Term loan payable, net		297,313			298,733
Senior notes payable, net		496,661			496,034
Trust preferred securities, net		127,371			127,296
Dividends payable		30,710			48,774
Liabilities held for sale		5,297			386
Operating lease liabilities		40,275			—
Accounts payable and other liabilities		26,504			30,790
Accrued interest payable		12,300			4,523
Deferred revenue - including below market leases, net		21,050			20,531
Prepaid rent		11,529			9,675
Total liabilities		1,443,553			1,607,162

Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding		94,016			94,016
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 247,856,209 and 235,008,554 shares issued and outstanding in 2019 and 2018, respectively		25			24
Additional paid-in-capital		2,903,704			2,772,855
Accumulated distributions in excess of net income		(1,420,459	)		(1,537,100	)
Accumulated other comprehensive income (loss)		(5,549	)		76
Total shareholders’ equity		1,571,737			1,329,871
Noncontrolling interests		19,298			16,807
Total equity		1,591,035			1,346,678
Total liabilities and equity	$	3,034,588		$	2,953,840

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE

(Unaudited and in thousands, except share and per share data)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
EARNINGS PER SHARE:

Basic:
Net income attributable to common shareholders	$	141,560	$	216,190	$	189,657	$	197,010

Weighted-average number of common shares outstanding - basic		236,285,216		237,354,669		233,833,340		237,577,198

Net income attributable to common shareholders - per common share basic	$	0.60	$	0.91	$	0.81	$	0.83

Diluted:
Net income attributable to common shareholders - basic	$	141,560	$	216,190	$	189,657	$	197,010
Impact of assumed conversions		1,573		4,159		—		2,505
Net income attributable to common shareholders	$	143,133	$	220,349	$	189,657	$	199,515

Weighted-average common shares outstanding - basic		236,285,216		237,354,669		233,833,340		237,577,198
Effect of dilutive securities:
Unvested share-based payment awards and options		359,503		382,956		178,303		463,922
Preferred shares - Series C		4,710,570		4,710,570		—		—
Operating partnership units		—		3,610,103		—		3,619,468
Weighted-average common shares outstanding - diluted		241,355,289		246,058,298		234,011,643		241,660,588

Net income attributable to common shareholders - per common share diluted	$	0.59	$	0.90	$	0.81	$	0.83

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION

(Unaudited and in thousands, except share and per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders	$	141,560		$	216,190		$	189,657		$	197,010
Adjustments:
Depreciation and amortization		36,537			37,063			109,469			126,442
Impairment charges - real estate		673			2,542			2,355			90,860
Noncontrolling interests - OP units		4,244			2,586			4,410			2,506
Amortization of leasing commissions		674			653			2,148			3,251
Joint venture and noncontrolling interest adjustment		2,267			980			7,200			1,496
Gains on sales of properties, including non-consolidated entities and net of tax		(143,719	)		(202,242	)		(180,837	)		(239,448	)
FFO available to common shareholders and unitholders - basic		42,236			57,772			134,402			182,117
Preferred dividends		1,573			1,573			4,718			4,718
Amount allocated to participating securities		186			253			304			279
FFO available to all equityholders and unitholders - diluted		43,995			59,598			139,424			187,114
Debt satisfaction charges, net, including non-consolidated entities		4,679			2,228			4,782			2,228
Other⁽¹⁾		—			(3,613	)		—			(6,733	)
Adjusted Company FFO available to all equityholders and unitholders - diluted		48,674			58,213			144,206			182,609

FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
Straight-line adjustments		(4,161	)		(5,367	)		(10,846	)		(16,246	)
Lease incentives		318			404			898			1,459
Amortization of above/below market leases		(142	)		89			(174	)		313
Lease termination payments, net		(120	)		(308	)		(1,120	)		(925	)
Non-cash interest, net		567			1,031			2,146			3,355
Non-cash charges, net		1,554			1,635			4,833			5,199
Tenant improvements		(1,380	)		(69	)		(4,932	)		(6,663	)
Lease costs		(5,951	)		(1,273	)		(10,624	)		(3,074	)
Joint venture and noncontrolling interest adjustment		(3,095	)		—			(3,731	)		—
Company Funds Available for Distribution	$	36,264		$	54,355		$	120,656		$	166,027

Per Common Share and Unit Amounts
Basic:
FFO	$	0.18		$	0.24		$	0.57		$	0.76

Diluted:
FFO	$	0.18		$	0.24		$	0.58		$	0.76
Adjusted Company FFO	$	0.20		$	0.24		$	0.60		$	0.74

Basic:
Weighted-average common shares outstanding - basic EPS		236,285,216			237,354,669			233,833,340			237,577,198
Operating partnership units⁽²⁾		3,520,643			3,610,103			3,535,207			3,619,468
Weighted-average common shares outstanding - basic FFO		239,805,859			240,964,772			237,368,547			241,196,666

Diluted:
Weighted-average common shares outstanding - diluted EPS		241,355,289			246,058,298			234,011,643			241,660,588
Operating partnership units⁽²⁾		3,520,643			—			3,535,207			—
Unvested share-based payment awards and options		25,090			—			20,169			—
Preferred shares - Series C		—			—			4,710,570			4,710,570
Weighted-average common shares outstanding - diluted FFO		244,901,022			246,058,298			242,277,589			246,371,158

(1)

"Other" primarily consisted of the acceleration of below-market lease intangible accretion in 2018.

(2)

Includes OP units other than OP units held by Lexington.

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

2019 EARNINGS GUIDANCE

	Twelve Months Ended December 31, 2019
	Range
Estimated:
Net income attributable to common shareholders per diluted common share⁽¹⁾	$	1.22		$	1.25
Depreciation and amortization		0.62			0.62
Impact of capital transactions		(1.07	)		(1.07	)
Estimated Adjusted Company FFO per diluted common share	$	0.77		$	0.80

(1)

Assumes all convertible securities are dilutive.

LEXINGTON REALTY TRUST

2019 Third Quarter Investments / Capital Recycling Summary

PROPERTY INVESTMENTS

Property Type

Market

Square Feet
(Approx.)

Initial Basis
($000)

Month

Closed

Primary
Lease
Expiration

Industrial

Cincinnati

144,000

13,762

September

12/2023

Industrial

Cincinnati

1,299,000

100,288

September

06/2030

Industrial

Cincinnati

994,000

65,763

September

08/2027

TOTAL PROPERTY INVESTMENTS

2,437,000

179,813

CAPITAL RECYCLING

CONSOLIDATED PROPERTY DISPOSITIONS

	Primary Tenant	Location		Property Type	Gross Disposition Price ($000)		Annualized Net Income ($000) ⁽¹⁾			Annualized NOI ($000)⁽¹⁾⁽²⁾			Month of Disposition	% Leased			Gross Disposition Price PSF
1	T-Mobile USA	Meridian	ID	Office	$	16,322	$	531		$	1,507		August		100	%	$	210.65
2	Vacant	Albany	GA	Other		1,500		(114	)		(111	)	August		0	%		32.93
3	United States of America	Lenexa	KS	Office		53,300		2,010			3,341		August		100	%		314.30
4	Consumer Cellular	Redmond	OR	Office		12,100		37			(511	)	September		100	%		156.62
5	Kroger	Paris	TN	Other		1,350		135			156		September		100	%		43.31
6	Preferred Freezer	Richland	WA	Industrial		244,000		5,171			11,283		September		100	%		534.60

6	TOTAL PROPERTY DISPOSITIONS				$	328,572	$	7,770		$	15,665

NON-CONSOLIDATED PROPERTY DISPOSITIONS ⁽³⁾

	Primary Tenant	Location		Property Type	Gross Disposition Price ($000)		Annualized Net Income ($000) ⁽¹⁾		Annualized NOI ($000)⁽¹⁾⁽²⁾		Month of Disposition	% Leased			Gross Disposition Price PSF
1	TriZetto	Englewood	CO	Office	$	61,250	$	2,266	$	3,780	July		100	%	$	366.96
2	Atlantic Health	Rockaway	NJ	Office		25,900		1,964		1,310	August		100	%		280.53
3	GHX Ultimate Parent	Louisville	CO	Office		21,200		496		1,606	September		100	%		198.36

3	TOTAL PROPERTY DISPOSITIONS				$	108,350	$	4,726	$	6,696

Footnotes

	(1)	Quarterly period prior to sale, annualized.
	(2)	See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
	(3)	Lexington has a 20% interest in the joint venture that disposed of these properties.

LEXINGTON REALTY TRUST

2019 Third Quarter Financing Summary

DEBT RETIRED

Location

Primary Tenant

Property Type

Face /
Satisfaction
($000)

Rate

Maturity
Date

Consolidated Mortgage Debt

Streetsboro, OH

L'Oreal

Industrial

16,415

5.749%

09/2019

Columbus, IN

Cummins

Office

4,993

2.210%

07/2019

Lenexa, KS

United States of America

Office

30,359

3.700%

11/2027

Richland, WA ⁽¹⁾

Preferred Freezer

Industrial

110,000

4.000%

01/2026

Total Consolidated Mortgage Debt

161,767

Non-Consolidated Mortgage Debt ⁽²⁾

Englewood, CO

TriZetto

Office

43,080

LIBOR+200 bps

09/2021

Rockaway, NJ

Atlantic Health

Office

14,280

LIBOR+200 bps

09/2021

Louisville, CO

GHX Ultimate Parent

Office

14,160

LIBOR+200 bps

09/2021

Total Non-Consolidated Mortgage Debt

71,520

CORPORATE LEVEL FINANCING ⁽³⁾

Type		Quarterly Activity, Net			Current Interest Rate		Maturity Date
Revolving Credit Facility		$55,000 satisfaction			LIBOR plus 90 bps		02/2023

Footnotes

(1)

Buyer assumed the mortgage at sale.

(2)

Lexington has a 20% interest in the joint venture that disposed of these properties. Satisfaction reflects release amount of the joint venture's cross-collateralized debt.

(3)

Extended the maturity of the $300 million term loan to January 2025 and swapped the LIBOR portion of the interest rate to obtain a current fixed rate of 2.732% per annum.

LEXINGTON REALTY TRUST

2019 Third Quarter Leasing Summary

LEASE EXTENSIONS

	Tenant ⁽¹⁾	Location		Prior Term	Lease Expiration Date	Sq. Ft.		New Base Rent Per Annum ($000)⁽²⁾⁽³⁾		Prior Base Rent Per Annum ($000)		New Cash Base Rent Per Annum ($000)⁽²⁾⁽³⁾		Prior Cash Base Rent Per Annum ($000)⁽³⁾
	Industrial
1	Christie Lites	Antioch	TN	06/2020	06/2025		50,400	$	244	$	115	$	252	$	110
2	Michelin	Laurens	SC	01/2020	03/2020		1,164,000		3,594		3,550		3,594		3,550

2	Total industrial lease extensions						1,214,400	$	3,838	$	3,665	$	3,846	$	3,660

	Office
1	Morgan Lewis	Philadelphia	PA	01/2021	01/2024		289,432	$	4,280	$	4,298	$	4,197	$	4,655
2	T-Mobile West	Mission	TX	06/2020	06/2025		75,016		1,029		989		1,035		1,035

2	Total office lease extensions						364,448	$	5,309	$	5,287	$	5,232	$	5,690

4	TOTAL EXTENDED LEASES						1,578,848	$	9,147	$	8,952	$	9,078	$	9,350

NEW LEASES

	Tenant ⁽¹⁾	Location		Lease Expiration Date	Sq. Ft.		New Base Rent Per Annum ($000)⁽²⁾⁽³⁾		New Cash Base Rent Per Annum ($000)⁽²⁾⁽³⁾
	Office
1	Stanley Black & Decker	Indianapolis	IN	10/2020		15,032	$	256	$	256

1	Total office new leases					15,032	$	256	$	256

5	TOTAL NEW AND EXTENDED LEASES					1,593,880	$	9,403	$	9,334

LEXINGTON REALTY TRUST

2019 Third Quarter Leasing Summary (Continued)

NEW VACANCY ⁽⁴⁾

Former Tenant

Location

Prior Lease
Expiration
Date

Sq. Ft.

2018 Base
Rent
($000)⁽³⁾

2018 Cash
Base Rent
($000)⁽³⁾

Industrial

Hollander ⁽⁵⁾

Thomson

05/2030

208,000

930

869

Footnotes

(1)

Leases greater than 10,000 square feet.

(2)

Assumes twelve months rent from the later of 10/1/19 or lease commencement/extension, excluding free rent periods as applicable.

(3)

See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(4)

Excludes multi-tenant properties, disposed properties and non-consolidated investments.

(5)

Tenant declared bankruptcy and rejected the lease.

LEXINGTON REALTY TRUST

Other Revenue Data

9/30/2019

($000)

Other Revenue Data

	Base Rent
Asset Class	Nine months ended
	9/30/19 ⁽¹⁾		9/30/19 Percentage			9/30/18 Percentage
Industrial	$	142,130		70.7	%		62.2	%
Office/Other		58,841		29.3	%		37.8	%
	$	200,971		100.0	%		100.0	%

	Base Rent
	Nine months ended
Credit Ratings (2)	9/30/19 ⁽¹⁾		9/30/19 Percentage			9/30/18 Percentage
Investment Grade	$	96,507		48.0	%		44.7	%
Non-Investment Grade		48,283		24.0	%		17.7	%
Unrated		56,181		28.0	%		37.6	%
	$	200,971		100.0	%		100.0	%

Weighted-Average Lease Term - Cash Basis		As of 9/30/19		As of 9/30/18
		8.0 years		8.5 years

Rent Estimates for Current Assets

Year	Base Rent ⁽³⁾		Cash Base Rent ⁽³⁾		Difference
2019 - remaining	$	69,297	$	65,914	$	(3,383	)
2020		263,927		254,886		(9,041	)

Footnotes

(1)

Nine months ended 9/30/2019 Base Rent recognized for consolidated properties owned as of 9/30/2019.

(2)

Credit ratings are based upon either tenant, guarantor or parent/ultimate parent. Historical comparison was not adjusted for subsequent tenant entity changes and multi-tenant was generally reflected as unrated.

(3)

Amounts assume (1) lease terms for non-cancellable periods only, (2) no new or renegotiated leases are entered into after 9/30/2019, and (3) no properties are sold or acquired after 9/30/2019.

LEXINGTON REALTY TRUST

Other Revenue Data (Continued)

9/30/2019

($000)

Same-Store NOI ⁽¹⁾

	Nine months ended September 30,
	2019			2018
Total Cash Base Rent	$	169,892		$	172,032
Tenant Reimbursements		17,509			13,661
Property Operating Expenses		(24,292	)		(19,641	)
Same-Store NOI	$	163,109		$	166,052

Change in Same-Store NOI ⁽²⁾		(1.8	%)

Same-Store Percent Leased ⁽³⁾			As of 9/30/19				As of 9/30/18
			97.5	%			98.7	%

Lease Escalation Data ⁽⁴⁾

Footnotes

(1)

NOI is on a consolidated cash basis excluding properties acquired and sold in 2019 and 2018 and properties subject to mortgage loans in default and a property in litigation at September 30, 2019.

See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(2)

Change in Same-Store NOI was 0.2 % excluding single-tenant property vacancies.

(3)

Excludes properties acquired or sold in 2019 and 2018 and properties subject to mortgage loans in default and a property in litigation at September 30, 2019.

(4)

Based on nine months consolidated Cash Base Rents for single-tenant leases (properties greater than 50% leased to a single tenant) owned as of September 30, 2019. Excludes parking operations and rents from prior tenants.

LEXINGTON REALTY TRUST

Portfolio Detail By Asset Class

9/30/2019

($000, except square footage)


Asset Class	YE 2016 ⁽⁵⁾			YE 2017 ⁽⁵⁾			YE 2018 ⁽⁵⁾⁽⁶⁾			Q3 2019

Industrial
% of Cost ⁽¹⁾		42.2	%		49.3	%		71.2	%		77.7	%
% of ABR ⁽²⁾		40.8	%		44.3	%		65.4	%		70.7	%
Leased		98.2	%		99.9	%		96.3	%		99.0	%
Wtd. Avg. Lease Term ⁽³⁾		10.3			10.5			9.7			8.2
Mortgage Debt	$	240,790		$	193,529		$	206,006		$	75,528
% Investment Grade ⁽²⁾		25.4	%		28.4	%		31.6	%		45.8	%
Square Feet		28,908,037			36,071,422			41,447,962			45,168,133

Office/Other
% of Cost ⁽¹⁾		57.8	%		50.7	%		28.8	%		22.3	%
% of ABR ⁽²⁾⁽⁴⁾		59.2	%		55.7	%		34.6	%		29.3	%
Leased		91.3	%		96.0	%		87.1	%		84.0	%
Wtd. Avg. Lease Term ⁽³⁾		7.4			7.9			7.2			7.7
Mortgage Debt	$	504,383		$	503,539		$	369,508		$	302,721
% Investment Grade ⁽²⁾		45.0	%		49.4	%		53.2	%		53.4	%
Square Feet		14,416,260			12,542,640			6,111,588			5,332,637

Footnotes

(1)

Based on gross book value of real estate assets; excludes held for sale assets.

(2)

Percentage of Base Rent, for consolidated properties owned as of each respective period.

(3)

Cash basis.

(4)

YE 2018 excludes the acceleration of below-market lease intangible accretion on one Kmart asset.

(5)

Office and Other properties combined.

(6)

Pataskala, Ohio property reclassed to Industrial from Office/Other.

LEXINGTON REALTY TRUST

Portfolio Composition

9/30/2019

As a Percent of Gross Book Value ⁽¹⁾

Portfolio Composition ⁽²⁾

Footnotes

(1)

Based on gross book value of real estate assets as of 9/30/2019; excludes held for sale assets.

(2)

Based on gross book value of real estate assets as of 9/30/2019, 12/31/2018, 12/31/2017 and 12/31/2016, as applicable and excludes held for sale assets.

LEXINGTON REALTY TRUST

Components of Net Asset Value

9/30/2019

($000)

The purpose of providing the following information is to enable readers to derive their own estimates of net asset value. This information is not intended to be an asset-by-asset or enterprise valuation.

Consolidated properties nine month net operating income (NOI) ⁽¹⁾
Industrial	$	127,313
Office/Other		48,186
Total Net Operating Income	$	175,499

Lexington's share of non-consolidated nine month NOI ⁽¹⁾
NNN OFFICE JV
Office	$	7,720
OTHER JV
Other	$	1,109

Other income
Advisory fees	$	2,909


In service assets not fairly valued by capitalized NOI method ⁽¹⁾
Wholly-owned assets acquired in 2019	$	433,189
Wholly-owned assets less than 70% leased	$	45,432

Add other assets:
Assets held for sale - consolidated	$	58,031
Construction in progress		5,405
Developable land		6,928
Cash and cash equivalents		126,058
Restricted cash		7,692
Accounts receivable		2,336
Other assets		15,238
Total other assets	$	221,688

Liabilities:
Corporate level debt (face amount)	$	929,120
Mortgages and notes payable (face amount)		378,249
Dividends payable		30,710
Liabilities held for sale - consolidated		5,297
Accounts payable, accrued expenses and other liabilities		50,333
Preferred stock, at liquidation value		96,770
Lexington's share of non-consolidated mortgages (face amount)		88,018
Total deductions	$	1,578,497

Common shares & OP units at 9/30/2019		251,291,507

Footnotes

(1)

NOI for the existing property portfolio at September 30, 2019, excludes NOI related to assets undervalued by a capitalized NOI method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70% and assets acquired in 2019. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, Lexington's net book value has been used. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

LEXINGTON REALTY TRUST

Consolidated Portfolio Concentration

9/30/2019

	Markets ⁽¹⁾	Percent of Base Rent as of 9/30/19 ⁽²⁾
1	Houston, TX		11.3	%
2	Memphis, TN		6.8	%
3	Detroit, MI		5.1	%
4	New York, NY		4.1	%
5	Dallas, TX		4.1	%
6	Atlanta, GA		3.7	%
7	Nashville, TN		3.6	%
8	Philadelphia, PA		2.8	%
9	San Jose, CA		2.5	%
10	Jackson, MS		2.3	%
11	St. Louis, MO		2.3	%
12	Indianapolis, IN		2.3	%
13	Richmond, VA		2.3	%
14	Columbus, OH		1.8	%
15	Phoenix, AZ		1.8	%
16	Kansas City, MO		1.6	%
17	Champaign, IL		1.6	%
18	Charlotte, NC		1.5	%
19	Jackson, TN		1.5	%
20	Winchester, VA		1.4	%
	Total Consolidated Portfolio Concentration ⁽³⁾		64.5	%

Footnotes

(1)

Markets are based on a Core Based Statistical Area, which 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.

(2)

Nine months ended 9/30/2019 Base Rent recognized for consolidated properties owned as of 9/30/2019.

(3)

Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Portfolio Concentration - Industrial

9/30/2019

	Markets ⁽¹⁾	Percent of Base Rent as of 9/30/19 ⁽²⁾
1	Memphis, TN		9.7	%
2	Houston, TX		7.6	%
3	Detroit, MI		5.4	%
4	Nashville, TN		5.1	%
5	Atlanta, GA		4.8	%
6	Jackson, MS		3.3	%
7	St. Louis, MO		3.2	%
8	New York, NY		2.7	%
9	Columbus, OH		2.6	%
10	Dallas, TX		2.5	%
11	Champaign, IL		2.2	%
12	Jackson, TN		2.1	%
13	Richmond, VA		2.0	%
14	Winchester, VA		2.0	%
15	Chicago, IL		1.9	%
16	Indianapolis, IN		1.9	%
17	Shreveport, LA		1.9	%
18	Greenville, SC		1.8	%
19	Elizabethtown, KY		1.8	%
20	Spartanburg, SC		1.7	%
	Total Industrial Portfolio Concentration ⁽³⁾		66.2	%

Footnotes
(1)	Markets are based on a Core Based Statistical Area, which 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.
(2)	Nine months ended 9/30/2019 Base Rent recognized for consolidated properties owned as of 9/30/2019.
(3)	Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Portfolio Concentration - Office/Other

9/30/2019

	Markets ⁽¹⁾	Percent of Base Rent as of 9/30/19 ⁽²⁾
1	Houston, TX		20.2	%
2	San Jose, CA		8.5	%
3	Philadelphia, PA		8.0	%
4	Dallas, TX		8.0	%
5	New York, NY		7.6	%
6	Charlotte, NC		5.2	%
7	Detroit, MI		4.5	%
8	Columbus, IN		4.3	%
9	Kansas City, MO		4.0	%
10	Washington, DC		4.0	%
11	Indianapolis, IN		3.3	%
12	Phoenix, AZ		3.1	%
13	Miami, FL		2.9	%
14	Richmond, VA		2.8	%
15	Sarasota, FL		2.4	%
16	Baton Rouge, LA		1.5	%
17	McAllen, TX		1.3	%
18	Augusta, ME		1.2	%
19	Orlando, FL		1.1	%
20	Knoxville, TN		1.1	%
	Total Office/Other Portfolio Concentration ⁽³⁾		95.0	%

Footnotes
(1)	Markets are based on a Core Based Statistical Area, which 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.
(2)	Nine months ended 9/30/2019 Base Rent recognized for consolidated properties owned as of 9/30/2019.
(3)	Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Tenant Industry Diversification - Industrial Assets ⁽¹⁾

9/30/2019

Footnotes

(1)

Nine months ended 9/30/2019 Base Rent recognized for consolidated properties owned as of 9/30/2019.

LEXINGTON REALTY TRUST

Tenant Industry Diversification - Office/Other Assets ⁽¹⁾

9/30/2019

Footnotes

(1)

Nine months ended 9/30/2019 Base Rent recognized for consolidated properties owned as of 9/30/2019.

LEXINGTON REALTY TRUST

Top 15 Tenants

9/30/2019

Top 15 Tenants

Tenants ⁽¹⁾	Property Type	Lease Expirations	Number of Leases	Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio ⁽²⁾⁽³⁾			Base Rent as of 9/30/2019 ($000)		Percent of Base Rent as of 9/30/2019 ($000) ⁽²⁾⁽⁴⁾
Dow	Office	2036	1		664,100		1.4	%	$	11,137		5.6	%
Nissan	Industrial	2027	2		2,971,000		6.0	%		9,570		4.8	%
Dana	Industrial	2021-2026	7		2,053,359		4.2	%		7,456		3.7	%
Undisclosed ⁽⁵⁾	Industrial	2031-2035	3		1,090,383		2.2	%		5,355		2.7	%
Watco	Industrial	2038	1		132,449		0.3	%		5,080		2.5	%
Xerox	Office	2023	1		202,000		0.4	%		4,981		2.5	%
Morgan Lewis ⁽⁶⁾	Office	2024	1		289,432		0.6	%		4,189		2.1	%
Undisclosed ⁽⁷⁾	Industrial	2023-2027	3		2,132,290		4.3	%		4,145		2.1	%
FedEx	Industrial	2023 & 2028	2		292,021		0.6	%		4,048		2.0	%
Hamilton Beach	Industrial	2021 & 2026	2		1,645,436		3.3	%		3,711		1.9	%
Michelin	Industrial	2019 & 2020	2		1,759,346		3.6	%		3,642		1.8	%
General Electric ⁽⁸⁾	Industrial / Office	2019 & 2024	2		950,427		1.9	%		3,631		1.8	%
Asics	Industrial	2030	1		855,878		1.7	%		3,291		1.6	%
Amazon.com	Industrial	2026-2030	3		2,515,492		5.1	%		3,275		1.6	%
Spitzer	Industrial	2035	2		449,895		0.9	%		3,259		1.6	%

			33		18,003,508		36.6	%	$	76,770		38.5	%

Footnotes

(1)	See Annual Report and other applicable disclosures for actual tenant names. Includes tenant, guarantor or parent.
(2)	Total shown may differ from detailed amounts due to rounding.
(3)	Excludes vacant square feet.
(4)	Nine months ended 9/30/2019 Base Rent recognized for consolidated properties owned as of 9/30/2019, excluding rent from prior tenants.
(5)	Tenant is a domestic subsidiary of an international automaker.
(6)	Includes parking operations.
(7)	Lease restricts certain disclosures. Guarantor is investment grade.
(8)	Includes an office property held for sale at 9/30/2019.

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Industrial Properties

9/30/2019

($000)

Year	Number of Leases Expiring		Base Rent as of 9/30/2019		Percent of Base Rent as of 9/30/2019			Percent of Base Rent as of 9/30/2018
2019 - remaining		2	$	1,218		0.9	%		3.1	%
2020		8		8,546		6.0	%		6.3	%
2021		11		10,629		7.5	%		6.1	%
2022		2		1,329		0.9	%		0.7	%
2023		7		4,407		3.1	%		1.0	%
2024		14		13,529		9.5	%		6.8	%
2025		11		10,357		7.3	%		6.8	%
2026		10		13,591		9.6	%		7.1	%
2027		9		18,689		13.2	%		13.4	%
2028		4		8,891		6.3	%		6.4	%
Thereafter		25		50,608		35.7	%		41.1	%

Total ⁽¹⁾		103	$	141,794		100.0	%

Footnotes

(1)

Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Office/Other Properties

9/30/2019

($000)

Year	Number of Leases Expiring		Base Rent as of 9/30/2019		Percent of Base Rent as of 9/30/2019			Percent of Base Rent as of 9/30/2018
2019 - remaining		28	$	4,471		7.8	%		5.1	%
2020		6		1,710		3.0	%		5.7	%
2021		10		5,996		10.4	%		13.7	%
2022		3		3,626		6.3	%		4.4	%
2023		3		5,399		9.4	%		7.2	%
2024		8		9,720		16.9	%		11.8	%
2025		6		3,133		5.4	%		3.2	%
2026		-		-		0.0	%		1.0	%
2027		4		1,453		2.5	%		6.4	%
2028		2		1,005		1.7	%		1.1	%
Thereafter		12		21,021		36.5	%		22.0	%

Total ⁽¹⁾		82	$	57,534		100.0	%

Footnotes

(1)	Total shown may differ from detailed amounts due to rounding and does not include parking operations.

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2019

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq. Ft. Leased or Available (1)		Base Rent as of 9/30/2019 ($000) (2)		Cash Base Rent as of 9/30/2019 ($000) (2)		9/30/2019 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
Single-tenant
2019	12/31/2019	2415 US Hwy. 78 East	Moody	AL	--	Michelin		595,346		1,056		1,087		-		-
2020	3/31/2020	101 Michelin Dr.	Laurens	SC	3	Michelin		1,164,000		2,586		2,586		-		-
	5/31/2020	7875 White Road SW	Austell	GA	--	Mars Wrigley		604,852		691		956		-		-
	6/30/2020	1650-1654 Williams Rd.	Columbus	OH	--	ODW Logistics		772,450		1,010		1,010		-		-
		3102 Queen Palm Dr.	Tampa	FL	--	Time		229,605		926		1,030		-		-
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN	--	Mimeo.com		107,400		322		345		-		-
	12/19/2020	1901 Ragu Dr.	Owensboro	KY	6	Unilever		443,380		1,119		966		-		-
	12/31/2020	2203 Sherrill Dr.	Statesville	NC	--	Geodis America		639,800		1,870		1,903		-		-
2021	3/31/2021	2455 Premier Row	Orlando	FL	--	Walgreen Co.		205,016		589		381		-		-
	5/31/2021	291 Park Center Dr.	Winchester	VA	--	Kraft Heinz		344,700		1,066		1,085		-		-
	6/30/2021	11624 S. Distribution Cv.	Olive Branch	MS	--	Hamilton Beach		1,170,218		2,842		2,370		-		-
	9/30/2021	3820 Micro Dr.	Millington	TN	--	Ingram Micro		701,819		1,359		1,405		-		-
	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	--	Dana		150,945		1,310		1,520		-		-
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	--	Quickie Manufacturing		423,280		1,017		1,093		-		-
	12/31/2021	191 Arrowhead Dr.	Hebron	OH	--	Owens Corning		250,410		429		429		-		-
		200 Arrowhead Dr.	Hebron	OH	--	Owens Corning		400,522		687		687		-		-
		3686 South Central Ave.	Rockford	IL	--	Pierce Packaging		93,000		241		241		-		-
2022	3/31/2022	5417 Campus Dr.	Shreveport	LA	--	Tire Rack		257,849		1,007		1,052		-		-
	8/31/2022	50 Tyger River Dr.	Duncan	SC	--	Plastic Omnium		221,833		322		84		-		-
2023	2/28/2023	7670 Hacks Cross Rd.	Olive Branch	MS	--	MAHLE Industries		268,104		679		676		-		-
	5/31/2023	6495 Polk Ln.	Olive Branch	MS	22	Undisclosed		151,691		197		190		-		-
	8/31/2023	10535 Red Bluff Rd.	Pasadena	TX	--	Unis		257,835		923		899		-		-
		3737 Duncanville Rd.	Dallas	TX	--	Owens Corning		510,440		747		718		-		-
	10/31/2023	493 Westridge Pkwy.	McDonough	GA	--	Carlstar		676,000		1,269		1,204		-		-
	12/31/2023	120 Southeast Pkwy. Dr.	Franklin	TN	--	United Technologies		289,330		551		551		-		-
		675 Gateway Blvd.	Monroe	OH	--	Blue Buffalo		143,664		41		39		-		-

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2019

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq. Ft. Leased or Available (1)		Base Rent as of 9/30/2019 ($000) (2)		Cash Base Rent as of 9/30/2019 ($000) (2)		9/30/2019 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2024	1/31/2024	1285 W. State Road 32	Lebanon	IN	--	Continental Tire		741,880		1,716		1,788		-		-
	1/31/2024	6495 Polk Ln.	Olive Branch	MS	22	Undisclosed		118,211		168		158		-		-
		70 Tyger River Dr.	Duncan	SC	--	BMW		408,000		867		831		-		-
	3/31/2024	1520 Lauderdale Memorial Hwy.	Cleveland	TN	--	General Electric		851,370		1,993		1,984		-		-
	4/30/2024	113 Wells St.	North Berwick	ME	--	United Technologies		993,685		1,349		1,332		-		-
		11555 Silo Dr.	Olive Branch	MS	--	Olam Cotton		927,742		967		632		-		-
	5/31/2024	901 East Bingen Point Way	Bingen	WA	--	Boeing		124,539		1,977		1,975		-		-
		7225 Goodson Rd.	Union City	GA	--	Interface Americas		370,000		385		360		-		-
	7/31/2024	5795 North Blackstock Road	Spartanburg	SC	--	Wal-Mart		341,660		1,254		1,217		-		-
	9/30/2024	1621 Veterans Memorial Pkwy. E	Lafayette	IN	--	Caterpillar		309,400		911		903		-		-
	10/31/2024	43955 Plymouth Oaks Blvd.	Plymouth	MI	--	Tower Automotive		311,612		1,193		1,154		-		-
		2115 East Belt Line Rd.	Carrollton	TX	--	L.E. Klein		58,202		172		114		-		-
	12/31/2024	749 Southrock Dr.	Rockford	IL	--	Jacobson Warehouse		150,000		478		450		-		-
2025	6/30/2025	10000 Business Blvd.	Dry Ridge	KY	--	Dana		336,350		1,009		1,009		-		-
		4010 Airpark Dr.	Owensboro	KY	--	Metalsa / Dana		211,598		906		906		-		-
		730 North Black Branch Rd.	Elizabethtown	KY	--	Metalsa / Dana		167,770		403		403		-		-
		750 North Black Branch Rd.	Elizabethtown	KY	--	Metalsa / Dana		539,592		2,129		2,129		-		-
		301 Bill Bryan Blvd.	Hopkinsville	KY	--	Metalsa / Dana		424,904		1,266		1,266		-		-
	7/14/2025	590 Ecology Ln.	Chester	SC	--	Boral Limited		420,597		1,344		1,789		5,969		08/2025
	7/31/2025	7005 Cochran Rd.	Glenwillow	OH	--	Royal Appliance		458,000		1,546		1,576		-		-
		5352 Performance Way	Whitestown	IN	--	LaCrosse		380,000		931		782		-		-
	12/31/2025	1700 47th Ave North	Minneapolis	MN	--	Owens Corning		18,620		412		412		-		-
2026	3/30/2026	121 Technology Dr.	Durham	NH	15	Heidelberg		500,500		1,903		2,479		-		-
	3/31/2026	633 Garrett Pkwy.	Lewisburg	TN	--	Calsonic Kansei		310,000		966		956		-		-
	4/30/2026	16811 W. Commerce Dr.	Goodyear	AZ	--	Blue Buffalo		540,349		1,833		696		-		-
	6/30/2026	351 Chamber Dr.	Chillicothe	OH	--	Kitchen Collection		475,218		869		871		-		-
	9/30/2026	900 Industrial Blvd.	Crossville	TN	--	Dana		222,200		433		433		-		-
		3931 Lakeview Corporate Dr.	Edwardsville	IL	--	Amazon.com		769,500		2,022		1,934		-		-
	10/31/2026	10345 Philipp Pkwy.	Streetsboro	OH	--	L'Oreal USA		649,250		2,020		2,113		-		-
		5001 Greenwood Rd.	Shreveport	LA	--	Libbey		646,000		1,624		1,668		-		-
	11/30/2026	250 Rittenhouse Cir.	Bristol	PA	--	Estée Lauder		241,977		860		885		-		-
		736 Addison Rd.	Erwin	NY	--	Corning		408,000		1,061		1,067		-		-

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2019

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq. Ft. Leased or Available (1)		Base Rent as of 9/30/2019 ($000) (2)		Cash Base Rent as of 9/30/2019 ($000) (2)		9/30/2019 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2027	1/31/2027	27200 West 157th St.	New Century	KS	--	Amazon.com		446,500		931		817		-		-
	2/28/2027	554 Nissan Pkwy.	Canton	MS	--	Nissan		1,466,000		4,650		4,524		-		-
	4/30/2027	16407 Applewhite Rd.	San Antonio	TX	18	Undisclosed / HVAC		849,275		2,245		2,112		-		-
		200 Sam Griffin Rd.	Smyrna	TN	--	Nissan		1,505,000		4,920		4,737		-		-
	6/30/2027	1501 Nolan Ryan Expy.	Arlington	TX	--	Arrow Electronics		74,739		305		303		-		-
	8/31/2027	600 Gateway Blvd.	Monroe	OH	--	Hayneedle		994,013		241		190		-		-
	9/30/2027	1550 Hwy 302	Byhalia	MS	--	McCormick		615,600		1,829		1,800		-		-
	10/31/2027	201 James Lawrence Rd.	Jackson	TN	--	Kellogg		1,062,055		2,958		2,808		-		-
	12/31/2027	10590 Hamilton Ave.	Cincinnati	OH	--	Hillman Group		264,598		610		610		-		-
2028	1/31/2028	490 Westridge Pkwy.	McDonough	GA	--	Georgia-Pacific		1,121,120		2,803		2,592		-		-
	3/31/2028	29-01-Borden Ave./29-10 Hunters Point Ave.	Long Island City	NY	--	FedEx		140,330		3,851		3,846		37,347		03/2028
	8/31/2028	1420 Greenwood Rd.	McDonough	GA	--	United States Cold Storage		296,972		1,627		1,617		-		-
	9/30/2028	904 Industrial Rd.	Marshall	MI	--	Tenneco		246,508		610		555		-		-
2029	7/31/2029	8500 Nail Rd.	Olive Branch	MS	--	Sephora		716,080		2,063		1,946		-		-
	11/24/2029	318 Pappy Dunn Blvd.	Anniston	AL	--	IAC Group		276,782		1,305		1,251		-		-
2030	3/31/2030	549 Wingo Rd.	Byhalia	MS	--	Asics		855,878		3,291		3,126		-		-
	5/31/2030	359 Gateway Dr.	Lavonia	GA	--	TI Automotive		133,221		626		784		6,362		12/2020
		4015 Lakeview Corporate Dr.	Edwardsville	IL	--	Spectrum		1,017,780		2,595		2,047		-		-
	6/30/2030	2601 Bermuda Hundred Rd.	Chester	VA	20	Phillip Morris		1,034,470		2,888		2,848		-		-
		700 Gateway Blvd.	Monroe	OH	--	Amazon.com		1,299,492		322		290		-		-
2031	10/31/2031	1020 W. Airport Rd.	Romeoville	IL	--	ARYZTA		188,166		2,722		2,585		-		-
	12/18/2031	80 Tyson Dr.	Winchester	VA	16	Undisclosed / Automaker		400,400		1,776		1,581		-		-
2032	4/30/2032	13930 Pike Rd.	Missouri City	TX	--	Vulcan		-		1,592		1,493		-		-
	8/24/2032	16950 Pine Dr.	Romulus	MI	16	Undisclosed / Automaker		500,023		1,926		1,814		-		-
	10/31/2032	27255 SW 95th Ave.	Wilsonville	OR	--	Pacific Natural Foods		508,277		2,340		2,015		-		-
		26700 Bunert Rd.	Warren	MI	--	Lipari		260,243		2,912		2,617		25,850		11/2032
2033	12/31/2033	2115 East Belt Line Rd.	Carrollton	TX	--	Teasdale		298,653		974		760		-		-
2034	9/30/2034	5625 North Sloan Ln.	North Las Vegas	NV	--	Nicholas		180,235		1,917		1,737		-		-
	10/31/2034	1001 Innovation Rd.	Rantoul	IL	--	Vista Outdoor		813,126		3,147		2,821		-		-

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2019

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq. Ft. Leased or Available (1)		Base Rent as of 9/30/2019 ($000) (2)		Cash Base Rent as of 9/30/2019 ($000) (2)		9/30/2019 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2035	3/31/2035	13863 Industrial Rd.	Houston	TX	--	Spitzer		187,800		1,826		1,616		-		-
		7007 F.M. 362 Rd.	Brookshire	TX	--	Spitzer		262,095		1,433		1,268		-		-
2035	6/30/2035	111 West Oakview Pkwy.	Oak Creek	WI	--	Stella & Chewy's		164,007		1,574		1,427		-		-
	10/22/2035	2860 Clark Street	Detroit	MI	16	Undisclosed / Automaker		189,960		1,653		1,653		-		-
2036	5/31/2036	671 Washburn Switch Rd.	Shelby	NC	--	Clearwater Paper		673,425		2,089		1,860		-		-
2037	3/31/2037	4005 E I-30	Grand Prairie	TX	--	O'Neal Industries		215,000		1,404		1,192		-		-
2038	3/31/2038	13901/14035 Industrial Rd.	Houston	TX	--	Watco		132,449		5,080		4,436		-		-
2042	5/31/2042	4801 North Park Dr.	Opelika	AL	--	Golden State Enterprises		165,493		2,433		1,938		-		-
2067	12/31/2067	10201 Schuster Way	Pataskala	OH	--	Kohl's		-		720		325		-		-
N/A	Vacancy	3350 Miac Cove Rd.	Memphis	TN	--	(Available for Lease)		32,679		-		-		-		-
SINGLE TENANT INDUSTRIAL TOTAL								44,088,659	$	140,011	$	132,720	$	75,528
Multi-tenant / Vacancy (8)(14)
	Various	6050 Dana Way	Antioch	TN	4 (97%)	Multi-Tenant		674,528		1,783		1,753		-		-
	Vacancy	1133 Poplar Creek Rd.	Henderson	NC	--	(Available for Lease)		196,946		-		-		-		-
	Vacancy	3301 Stagecoach Rd. NE	Thomson	GA	11	(Available for Lease)		208,000		336		616		-		-
MULTI-TENANT/VACANCY INDUSTRIAL TOTAL								1,079,474	$	2,119	$	2,369	$	-
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						99.0% Leased		45,168,133	$	142,130	$	135,089	$	75,528

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2019

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		Base Rent as of 9/30/2019 ($000) (2)		Cash Base Rent as of 9/30/2019 ($000) (2)		9/30/2019 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
Single-tenant
2019	10/31/2019	10475 Crosspoint Blvd.	Indianapolis	IN	10,23,24	John Wiley		123,047		1,701		1,782		-		-
		9601 Renner Blvd.	Lenexa	KS	17, 21	T-Mobile USA		77,484		857		1,160		7,847		12/2019
	12/31/2019	2800 Waterford Lake Dr.	Midlothian	VA	10	Alstom Power		99,057		1,638		1,808		-		-
2020	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	--	Oce - USA Holding		143,290		1,683		1,875		18,548		02/2020
2021	3/31/2021	1701 Market St.	Philadelphia	PA	--	Prime Communications		1,220		47		47		-		-
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ	--	NJ Natural Gas		157,511		2,830		2,830		5,576		01/2021
		2050 Roanoke Rd.	Westlake	TX	--	Charles Schwab		130,199		1,552		1,641		-		-
	8/31/2021	3500 North Loop Rd.	McDonough	GA	--	Gobal Payments		62,218		632		632		-		-
	10/31/2021	1401 Nolan Ryan Expy.	Arlington	TX	--	Butler America Aerospace		4,979		63		63		-		-
2022	5/30/2022	13651 McLearen Rd.	Herndon	VA	--	United States of America		159,644		2,346		2,415		-		-
	7/31/2022	1440 E 15th St.	Tucson	AZ	--	CoxCom		28,591		406		406		-		-
	10/31/2022	4455 American Way	Baton Rouge	LA	--	New Cingular Wireless		70,100		874		858		-		-
2023	9/30/2023	1701 Market St.	Philadelphia	PA	--	CBC Restaurant		8,070		182		182		-		-
	12/14/2023	3333 Coyote Hill Rd.	Palo Alto	CA	--	Xerox		202,000		4,981		5,303		27,795		12/2023
2024	1/31/2024	1701 Market St.	Philadelphia	PA	--	Morgan Lewis		289,432		3,223		3,430		-		-
	2/14/2024	1362 Celebration Blvd.	Florence	SC	--	Change Healthcare		32,000		430		440		-		-
	5/31/2024	3476 Stateview Blvd.	Fort Mill	SC	--	Wells Fargo		169,083		1,511		1,465		-		-
		3480 Stateview Blvd.	Fort Mill	SC	--	Wells Fargo		169,218		1,565		1,466		-		-
	7/31/2024	500 Jackson St.	Columbus	IN	9	Cummins		390,100		2,551		2,778		-		-
	8/31/2024	10475 Crosspoint Blvd.	Indianapolis	IN	10, 24	HQ Global Workplaces		14,236		236		236		-		-
2025	1/31/2025	1401 Nolan Ryan Expy.	Arlington	TX	--	Triumph Group		111,409		1,214		1,332		-		-
	2/28/2025	1401 Nolan Ryan Expy.	Arlington	TX	--	Infotech Enterprise		13,590		157		163		-		-
	5/31/2025	1701 Market St.	Philadelphia	PA	--	TruMark Financial		2,641		194		194		-		-
	6/30/2025	3711 San Gabriel	Mission	TX	--	T-Mobile West		75,016		742		764		-		-

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2019

Year of
Lease
Expiration Date of Lease
Expiration Property Location City State Note Primary Tenant or Guarantor (19) Sq.Ft.
Leased or
Available (1) Base Rent
as of
9/30/2019
($000) (2) Cash
Base Rent
as of
9/30/2019
($000) (2) 9/30/2019
Debt Balance
($000) Debt
Maturity

OFFICE PROPERTIES

2027 1/31/2027 1701 Market St. Philadelphia PA -- Drybar 1,975 108 82 - -

2027 5/31/2027 2401 Cherahala Blvd. Knoxville TN -- CaremarkPCS 59,748 634 599 - -

8/31/2027 133 First Park Dr. Oakland ME 17 T-Mobile USA 78,610 724 1,151 7,939 10/2020

2029 3/31/2029 2800 High Meadow Cir. Auburn Hills MI -- Faurecia 278,000 2,660 2,510 - -

9/30/2029 9200 South Park Center Loop Orlando FL -- CardWorks 59,927 661 - - -

2031 4/30/2031 9201 Stateline Rd. Kansas City MO 11 Burns & McDonnell Engineering 155,925 1,515 1,443 - -

11/30/2031 4 Apollo Drive Whippany NJ -- CAE 123,734 1,630 1,462 11,722 11/2021

2033 12/31/2033 8555 South River Pkwy. Tempe AZ -- Versum 95,133 1,109 971 - -

2036 10/31/2036 270 Abner Jackson Pkwy. Lake Jackson TX -- Dow 664,100 11,137 9,466 184,352 10/2036

N/A N/A 1701 Market St. Philadelphia PA -- Parking Operations - 966 966 - -

Vacancy 1701 Market St. Philadelphia PA -- (Available for Lease) 699 - - - -

10475 Crosspoint Blvd. Indianapolis IN 10,11, 24 (Available for Lease) 3,764 31 31 - -

1401 Nolan Ryan Expy. Arlington TX -- (Available for Lease) 31,830 - - - -

SINGLE TENANT OFFICE TOTAL 4,087,580 $ 52,790 $ 51,951 $ 263,779

Multi-tenant / Vacancy (8)(14)

Vacancy 5200 Metcalf Ave. Overland Park KS -- (Available for Lease) 320,198 - - 32,112 N/A

Vacancy 820 Gears Rd. Houston TX 11 (Available for Lease) 78,895 99 99 - -

Various 11511 Luna Rd. Farmers Branch TX 4,10 (88%) Multi-Tenant 181,072 1,696 1,636 - -

Various 1311 Broadfield Blvd. Houston TX 4,10 (66%) Multi-Tenant 155,407 648 565 - -

Various 13430 North Black Canyon Fwy. Phoenix AZ 4 (65%) Multi-Tenant 138,940 717 824 - -

Various 1460 Tobias Gadson Blvd. Charleston SC 4,11 (23%) Multi-Tenant 50,246 436 428 6,830 02/2021

MULTI-TENANT/VACANCY OFFICE TOTAL 924,758 $ 3,596 $ 3,552 $ 38,942

OFFICE SUBTOTAL/WEIGHTED AVERAGE 88.1% Leased 5,012,338 $ 56,386 $ 55,503 $ 302,721

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2019

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		Base Rent as of 9/30/2019 ($000) (2)		Cash Base Rent as of 9/30/2019 ($000) (2)		9/30/2019 Debt Balance ($000)		Debt Maturity
OTHER PROPERTIES
Single-tenant
Specialty
2029	1/31/2029	175 Holt Garrison Pkwy.	Danville	VA	10, 24	Home Depot		-		172		205		-		-
2048	12/31/2048	30 Light St.	Baltimore	MD	--	30 Charm City		-		224		224		-		-
2055	1/31/2055	499 Derbyshire Dr.	Venice	FL	--	Littlestone Brotherhood		31,180		1,431		1,024		-		-
2112	8/31/2112	201-215 N. Charles St.	Baltimore	MD	--	201 NC Leasehold		-		232		232		-		-
SINGLE TENANT OTHER TOTAL								31,180	$	2,059	$	1,685	$	-
Multi-tenant / Vacancy (8)(14)
	Vacancy	21082 Pioneer Plaza Dr.	Watertown	NY	10, 24	(Available for Lease)		120,727		-		-		-		-
	Vacancy	97 Seneca Trail	Fairlea	WV	10	(Available for Lease)		90,933		-		-		-		-
	Various	King St./1042 Fort St. Mall	Honolulu	HI	4 (43%)	Multi-Tenant		77,459		396		396		-		-
MULTI-TENANT/VACANCY OTHER TOTAL								289,119	$	396	$	396	$	-
OTHER SUBTOTAL/WEIGHTED AVERAGE						20.2% Leased		320,299	$	2,455	$	2,081	$	-

TOTAL OFFICE & OTHER/WEIGHTED AVERAGE						84.0% Leased		5,332,637	$	58,841	$	57,584	$	302,721

TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE						97.4% Leased		50,500,770	$	200,971	$	192,673	$	378,249

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Non-consolidated Portfolio - 9/30/2019

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		LXP % Ownership			Base Rent as of 9/30/2019 ($000) (2)		Cash Base Rent as of 9/30/2019 ($000) (2)		9/30/2019 Debt Balance ($000)		Debt Maturity (13)
NON-CONSOLIDATED PROPERTIES
NNN OFFICE JV PROPERTIES
2022	12/31/2022	231 N. Martingale Rd.	Schaumburg	IL	7	Career Education Corporation		317,198		20	%		3,449		3,499		271,280		09/2021
2023	3/31/2023	8900 Freeport Pkwy.	Irving	TX	7	Nissan		268,445		20	%		3,675		3,398		-		-
2025	2/28/2025	6555 Sierra Dr.	Irving	TX	7, 12	TXU		247,254		20	%		2,852		2,398		-		-
	3/14/2025	601 & 701 Experian Pkwy.	Allen	TX	7	Experian Holdings		292,700		20	%		2,430		2,305		-		-
	6/30/2025	2500 Patrick Henry Pkwy.	McDonough	GA	7	Georgia Power		111,911		20	%		1,221		1,056		-		-
	12/31/2025	4001 International Pkwy.	Carrollton	TX	7	Motel 6		138,443		20	%		1,901		1,745		-		-
2026	3/31/2026	500 Olde Worthington Rd.	Westerville	OH	7	Syneos		97,000		20	%		1,008		891		-		-
	4/30/2026	800 East Canal St.	Richmond	VA	5	Richmond Belly Ventures		2,568		20	%		61		61		-		-
	11/30/2026	500 Kinetic Dr.	Huntington	WV	7	Amazon.com		68,693		20	%		928		867		-		-
2027	2/28/2027	800 East Canal St.	Richmond	VA	5	Sumitomo		8,503		20	%		151		110		-		-
	6/30/2027	3902 Gene Field Rd.	St. Joseph	MO	7	Boehringer Ingelheim USA		98,849		20	%		1,588		1,465		-		-
	7/6/2027	2221 Schrock Rd.	Columbus	OH	7	MS Consultants		42,290		20	%		513		475		-		-
	8/7/2027	25 Lakeview Dr.	Jessup	PA	7	TMG Health		150,000		20	%		1,748		1,619		-		-
2029	1/31/2029	6226 West Sahara Ave.	Las Vegas	NV	7	Nevada Power		282,000		20	%		2,605		2,317		-		-
2030	8/31/2030	800 East Canal St.	Richmond	VA	--	McGuireWoods		224,537		20	%		5,246		5,247		57,500		02/2031
	9/30/2030	800 East Canal St.	Richmond	VA	5	The Riverstone Group		25,707		20	%		578		493		-		-
2031	1/10/2031	810 Gears Rd.	Houston	TX	7	United States of America		68,985		20	%		901		1,069		-		-
	3/1/2031	800 East Canal St.	Richmond	VA	5	Towne Bank		26,047		20	%		633		533		-		-
2032	4/30/2032	1210 AvidXchange Ln.	Charlotte	NC	--	AvidXchange		201,450		20	%		4,519		3,993		45,900		12/2022; 01/2033
	9/30/2032	10001 Richmond Ave.	Houston	TX	7	Schlumberger		554,385		20	%		4,714		4,316		-		-
	10/31/2032	143 Diamond Ave.	Parachute	CO	7	Alenco		49,024		20	%		831		884		-		-
2088	8/8/2088	800 East Canal St.	Richmond	VA	5	The City of Richmond, Virginia		-		20	%		267		314		-		-
N/A	Vacancy	810 Gears Rd.	Houston	TX	7	(Available for Lease)		9,910		20	%		-		-		-		-
		800 East Canal St.	Richmond	VA	5	(Available for Lease)		42,947		20	%		-		-		-		-
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE						98.4% Leased		3,328,846				$	41,819	$	39,055	$	374,680

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Non-consolidated Portfolio - 9/30/2019

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		LXP % Ownership			Base Rent as of 9/30/2019 ($000) (2)		Cash Base Rent as of 9/30/2019 ($000) (2)		9/30/2019 Debt Balance ($000)		Debt Maturity (13)
OTHER NON-CONSOLIDATED PROPERTIES
2036	8/31/2036	2203 North Westgreen Blvd.	Katy	TX	--	British Schools		274,000		25	%		4,927		4,927		52,329		12/2022
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						100% Leased		274,000				$	4,927	$	4,927	$	52,329

NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						98.5% Leased		3,602,846				$	46,746	$	43,982	$	427,009

Footnotes

Square footage leased or available.

Nine months ended 9/30/2019 Base Rent and Cash Base Rent. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

Subsequent to 9/30/2019, lease extended to 9/30/2020.

Percent represents % leased as of 9/30/2019.

Part of Richmond, Virginia property, which is primarily leased to McGuireWoods LLP.

Lexington has a 71.1% interest in this property.

All debt is cross-collateralized and cross-defaulted.

Multi-tenant properties are properties less than 50% leased to a single tenant.

Property in litigation and rent payments are paid to a court administrated account as of 8/2019. Rental revenue was recognized from 1/01/2019 to 7/31/2019. Rental revenue will be recognized on a cash basis for periods subsequent to 7/31/ 2019.

Property held for sale at 9/30/2019.

Base Rent and Cash Base Rent amounts represent/include prior tenant.

Lease extended to 02/2035 upon completion of adjacent parking garage.

Interest rates range from 0.25% to 5.3% at 9/30/2019.

The multi-tenanted / vacant properties incurred approximately $3.9 million in operating expenses, net for the nine months ended 9/30/2019.

Heidelberg Americas, Inc. lease expires 3/30/2021; however, new tenant (manroland Goss Web Systems America, LLC) lease expires 3/30/2026.

Tenant is a domestic subsidiary of an international automaker.

Loan satisfied subsequent to 9/30/2019.

Lease restricts certain disclosures. Guarantor is investment grade.

See Annual Report and other applicable disclosures for actual tenant names.

Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet).

Subsequent to 9/30/2019, sub-lease tenant entered into a direct lease from 11/1/2019 to 6/30/2030.

Undisclosed.

John Wiley lease expires 10/31/2019; however, new tenant (Stanley Black & Decker) will lease 15,032 sq.ft. for one year effective 11/1/2019.

Property sold subsequent to 9/30/2019.

LEXINGTON REALTY TRUST

Select Credit Metrics Summary ⁽¹⁾

	9/30/2019
Adjusted Company FFO Payout Ratio		51.3	%

Unencumbered Assets		$3.3 billion

Unencumbered NOI		83.1	%

(Debt + Preferred) / Gross Assets		34.3	%

Debt/Gross Assets		31.9	%

Secured Debt / Gross Assets		9.2	%

Net Debt / Adjusted EBITDA		4.8	x

(Net Debt + Preferred) / Adjusted EBITDA		5.2	x

Credit Facilities Availability ⁽²⁾		$600.0 million

Unsecured Debt / Unencumbered NOI		4.6	x

Footnotes

(1)

See reconciliations of non-GAAP measures in this document. Lexington believes these credit metrics provide investors with additional information to evaluate its liquidity and performance.

(2)

Subject to covenant compliance.

LEXINGTON REALTY TRUST

FINANCIAL COVENANTS ⁽¹⁾

Corporate Level Debt

	Must be:		9/30/2019
Bank Loans:

Maximum Leverage		<60%		36.3	%
Fixed Charge Coverage		>1.5x		2.5	x
Recourse Secured Indebtedness Ratio		<10% cap value		0.0	%
Secured Indebtedness Ratio		<40%		13.0	%
Unsecured Debt Service Coverage		>2.0x		5.2	x
Unencumbered Leverage		<60%		26.9	%

Bonds:

Debt to Total Assets		<60%		32.6	%
Secured Debt to Total Assets		<40%		9.4	%
Debt Service Coverage		>1.5x		4.0	x
Unencumbered Assets to Unsecured Debt		>150%		372.2	%

Footnotes

(1)

The following is a summary of the key financial covenants for Lexington's credit facility and term loan and senior notes, as of September 30, 2019 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date and applicable. These calculations are presented to show Lexington's compliance with such covenants only and are not measures of Lexington's liquidity or performance.

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

9/30/2019

Property	Footnotes		Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)		Current Estimated Annual Debt Service ($000)^(b)		Balloon Payment ($000)
INDUSTRIAL
Lavonia, GA			$	6,362		5.460	%		12/2020	$	741	$	5,895
Chester, SC				5,969		5.380	%		08/2025		1,144		362
Long Island City, NY				37,347		3.500	%		03/2028		4,879		-
Warren, MI				25,850		5.380	%		11/2032		1,391		22,037
Industrial Subtotal/Wtg. Avg./Years Remaining ^(e)			$	75,528		4.457	%		9.2	$	8,155	$	28,294

OFFICE
Overland Park, KS		(f)	$	32,112		5.891	%		N/A	$	-	$	32,112
Lenexa, KS		(c)		7,847		6.270	%		12/2019		154		7,770
Boca Raton, FL				18,548		6.470	%		02/2020		679		18,414
Oakland, ME		(c)		7,939		5.930	%		10/2020		750		7,660
Wall, NJ				5,576		6.250	%		01/2021		4,004		-
Charleston, SC		(f)		6,830		5.850	%		02/2021		520		6,632
Whippany, NJ				11,722		6.298	%		11/2021		1,344		10,400
Palo Alto, CA				27,795		3.970	%		12/2023		7,059		-
Lake Jackson, TX				184,352		4.040	%		10/2036		12,594		11,305
Office Subtotal/Wtg. Avg./Years Remaining ^(e)			$	302,721		4.655	%		10.9	$	27,104	$	94,293

Subtotal/Wtg. Avg./Years Remaining ^(e)			$	378,249		4.616	%		10.6	$	35,259	$	122,587

CORPORATE ^(g)
Revolving Credit Facility		(h)	$	-		-			02/2023	$	-	$	-
Senior Notes				250,000		4.250	%		06/2023		10,625		250,000
Senior Notes				250,000		4.400	%		06/2024		11,000		250,000
Term Loan		(i)		300,000		2.732	%		01/2025		8,310		300,000
Trust Preferred Notes		(j)		129,120		3.966	%		04/2037		5,192		129,120
Subtotal/Wtg. Avg./Years Remaining ^(e)			$	929,120		3.761	%		6.4	$	35,127	$	929,120
Total/Wtg. Avg./Years Remaining ^(e)		(d)	$	1,307,369		4.008	%		7.6	$	70,386	$	1,051,707

Footnotes

(a)

Subtotal and total based on weighted-average term to maturity shown in years based on debt balance.

(b)

Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.

(c)

Loan satisfied subsequent to 9/30/2019.

(d)

See reconciliations of non-GAAP measures in this document.

(e)

Total shown may differ from detailed amounts due to rounding.

(f)

Loan is in default.

(g)

Unsecured.

(h)

Rate ranges from LIBOR plus 0.775% to 1.45%

(i)

Rate ranges from LIBOR plus 0.85% to 1.65%. LIBOR rate was fixed at 1.732% through January 2025 via interest rate swap agreements.

(j)

Rate is three month LIBOR plus 170 bps.

LEXINGTON REALTY TRUST

Debt Maturity Schedule

9/30/2019

($000)

Consolidated Properties
Year		Mortgage Scheduled Amortization		Mortgage Balloon Payments		Corporate Debt
	2019 - remaining	$	4,416	$	39,882	$	-
	2020		21,085		31,969		-
	2021		19,335		17,032		-
	2022		17,853		-		-
	2023		19,394		-		250,000
		$	82,083	$	88,883	$	250,000

Footnotes

(1) Percentage denotes weighted-average interest rate.

LEXINGTON REALTY TRUST

Selected Balance Sheet Account Data

9/30/2019

($000)

Balance Sheet

Other assets	$	15,238

The components of other assets are:

Deposits	$	5,859
Equipment		463
Prepaids		2,121
Other receivables		414
Deferred lease incentives		6,381

Accounts payable and other liabilities

The components of accounts payable and other liabilities are:	$	26,504

Accounts payable and accrued expenses	$	14,676
CIP accruals and other		3,263
Taxes		226
Deferred lease costs		997
Deposits		1,326
Escrows		407
Transcation costs		60
Derivative liability		5,549

LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in the Quarterly Earnings Press Release, in this Quarterly Supplemental Information and in other public disclosures.

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable Generally Accepted Accounting Principles (“GAAP”) measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington's financial performance or cash flow from operating, investing, or financing activities or liquidity.

Definitions:

Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, impairment charges, debt satisfaction gains (charges), net, non-cash charges, net, straight-line adjustments, non-recurring charges and adjustments for pro-rata share of non-wholly owned entities. Lexington’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Lexington believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA.

Base Rent: Base Rent is calculated by making adjustments to GAAP rental revenue to exclude billed tenant reimbursements, and lease termination income and to include ancillary income. Lexington believes Base Rent provides a meaningful measure due to the net lease structure of leases in the portfolio.

Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements and lease termination income and includes ancillary income. Lexington believes Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs.

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity real estate investment trust (“REIT”). 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 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.

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) by the acquisition/completion cost (or sale) price.

LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS (CONTINUED)

Net Operating Income (NOI): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income) and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington's NOI may not be comparable to that of other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned and included in our portfolio for two comparable reporting periods excluding properties encumbered by mortgage loans in default and the revenue associated with the expansion of properties, as applicable. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, Lexington's Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of Lexington's operating performance. However, Same-Store NOI should not be viewed as an alternative measure of Lexington 's financial performance since it does not reflect the operations of Lexington's entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of Lexington's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact Lexington's results from operations. Lexington believes that net income is the most directly comparable GAAP measure to Same-Store NOI.

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES

($000)

	Nine months ended September 30, 2019

Rent Reconciliation:

Rental revenue as reported	$	239,058

Rental revenue from sold properties		(16,782	)
Lease termination income		(762	)
Ancillary revenue		966
Reimbursements		(21,509	)

Base Rent per supplement	$	200,971

Adjustments: ⁽¹⁾
Straight-line adjustments	$	(8,841	)
Lease incentives		898
Amortization of above/below market leases		(355	)

Cash Base Rent per supplement	$	192,673

Consolidated debt reconciliation September 30, 2019:

	GAAP Balance		Deferred Loan Costs, net		Discounts		Gross Balance

Mortgages and notes payable ⁽²⁾	$	374,543	$	3,706	$	-	$	378,249
Term loans payable ⁽³⁾		297,313		2,687		-		300,000
Senior notes payable⁽³⁾		496,661		2,308		1,031		500,000
Trust preferred securities ⁽³⁾		127,371		1,749		-		129,120
Consolidated debt	$	1,295,888	$	10,450	$	1,031	$	1,307,369

Footnotes

(1)

Individual items are adjusted for sold properties, which were previously reflected in the reconciliation.

(2)

Secured.

(3)

Unsecured.

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Same-Store NOI Reconciliation:

	Nine months ended September 30,
	2019			2018

Net income	$	199,870		$	205,232

Interest and amortization expense		50,715			63,224
Provision for income taxes		1,108			1,326
Depreciation and amortization		111,617			129,693
General and administrative		23,652			23,899
Pursuit / transaction costs		-			205
Non-operating/advisory income		(4,836	)		(1,666	)
Gains on sales of properties		(176,662	)		(239,577	)
Impairment charges		2,355			90,860
Debt satisfaction charges, net		4,527			2,228
Equity in (earnings) of non-consolidated entities		(3,288	)		(192	)
Lease termination income		(1,551	)		(925	)
Straight-line adjustments		(10,846	)		(16,246	)
Lease incentives		898			1,459
Amortization of above/below market leases		(174	)		(6,632	)

Net Operating Income - ("NOI")		197,385			252,888

Less NOI:
Acquisitions and dispositions		(32,158	)		(78,944	)
Properties in default/other		(2,118	)		(7,892	)

Same-Store NOI	$	163,109		$	166,052

NOI for NAV:

		Nine months ended
		September 30, 2019

NOI per above	$	197,385
Less NOI:
Disposed of properties		(12,493	)
Assets held for sale		(4,076	)
Assets acquired in 2019		(6,324	)
Assets less than 70% leased / Other		1,007
NOI for NAV	$	175,499

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Reconciliation to Adjusted EBITDA:

	Three months ended
	9/30/2019			6/30/2019			3/31/2019			12/31/2018			Trailing 12 Months

Net income attributable to Lexington Realty Trust shareholders	$	143,319		$	23,333		$	28,027		$	25,408		$	220,087
Interest and amortization expense		16,481			17,026			17,208			16,656			67,371
Provision for income taxes		241			430			437			402			1,510
Depreciation and amortization		37,211			36,811			37,595			38,498			150,115
Straight-line adjustments		(4,161	)		(4,355	)		(2,330	)		(4,722	)		(15,568	)
Lease incentives		318			307			273			227			1,125
Amortization of above/below market leases		(142	)		(26	)		(6	)		(3,500	)		(3,674	)
Gains on sales of properties		(140,461	)		(15,244	)		(20,957	)		(13,336	)		(189,998	)
Impairment charges		673			1,094			588			4,953			7,308
Debt satisfaction charges, net		4,424			-			103			368			4,895
Non-cash charges, net		1,554			1,552			1,727			1,611			6,444

Pro-rata share adjustments:
Non-consolidated entities adjustment		232			3,223			2,692			1,877			8,024
Noncontrolling interests adjustment		4,235			160			(5	)		15			4,405

Adjusted EBITDA	$	63,924		$	64,311		$	65,352		$	68,457		$	262,044

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Reconciliation of Select Credit Metrics:

Adjusted Company FFO Payout:	Nine months ended September 30, 2019			(Debt + Preferred) / Gross Assets:	Nine months ended September 30, 2019
Common share dividends per share	$	0.3075		Consolidated debt	$	1,295,888
Adjusted Company FFO per diluted share		0.60		Preferred shares liquidation preference		96,770
Adjusted Company FFO payout ratio		51.3	%	Debt and preferred	$	1,392,658

Unencumbered Assets:				Total assets	$	3,034,588
Real estate, at cost	$	3,580,479		Plus depreciation and amortization:
held for sale real estate, at cost		125,404		Real estate		928,886
less encumbered real estate, at cost		(441,874	)	Deferred lease costs		15,584
Unencumbered assets	$	3,264,009		Held for sale assets		81,387

Unencumbered NOI:				Gross assets	$	4,060,445
NOI	$	197,385
Disposed of properties NOI		(12,493	)	(Debt + Preferred) / Gross Assets		34.3	%
Adjusted NOI		184,892
less encumbered adjusted NOI		(31,325	)	Debt / Gross Assets:
Unencumbered adjusted NOI (Quarters)	$	153,567		Consolidated debt	$	1,295,888
Unencumbered NOI %		83.1	%
				Gross assets	$	4,060,445
Net Debt / Adjusted EBITDA:
Adjusted EBITDA	$	262,044		Debt / Gross assets		31.9	%

Consolidated debt	$	1,295,888		Secured Debt / Gross Assets:
less consolidated cash and cash equivalents		(126,058	)	Mortgages and notes payable	$	374,543
Non-consolidated debt, net		85,112
Net debt	$	1,254,942		Gross assets	$	4,060,445

Net debt / Adjusted EBITDA		4.8	x	Secured Debt / Gross Assets		9.2	%

(Net Debt + Preferred) / Adjusted EBITDA:				Unsecured Debt / Unencumbered NOI:
Adjusted EBITDA	$	262,044		Consolidated debt	$	1,295,888
				less mortgages and notes payable		(374,543	)
Net debt	$	1,254,942		Unsecured Debt	$	921,345
Preferred shares liquidation preference		96,770
Net debt + preferred	$	1,351,712		Unencumbered adjusted NOI (Annual)	$	201,323

(Net Debt + Preferred) / Adjusted EBITDA		5.2	x	Unsecured Debt / Unencumbered NOI		4.6	x

Investor Information

Transfer Agent

Computershare	Overnight Correspondence:
PO Box 505000	462 South 4^th Street, Suite 1600
Louisville, KY 40233	Louisville, KY 40202
(800) 850-3948
www-us.computershare.com/investor

Investor Relations

Heather Gentry
Senior Vice President, Investor Relations
Telephone (direct)	(212) 692-7219
Facsimile (main)	(212) 594-6600
E-mail	hgentry@lxp.com

Research Coverage

Bank of America/Merrill Lynch		KeyBanc Capital Markets Inc.
James Feldman	(646) 855-5808	Craig Mailman	(917) 368-2316

Evercore Partners		Ladenburg Thalmann & Co., Inc.
Sheila K. McGrath	(212) 497-0882	John Massocca	(212) 409-2543

J.P. Morgan Chase		Stifel Nicolaus
Anthony Paolone	(212) 622-6682	John W. Guinee	(443) 224-1307

Jeffries & Company, Inc.		Wells Fargo Securities, LLC
Jon Peterson	(212) 284-1705	Todd J. Stender	(562) 637-1371