-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EsSHrLBcJiZ673vnHNNYgVikkSNGLTsWM6i5iEhMCXBJiPZIqsvqWeJYwA3hnLzI shO1RurpZgcYDybXL7KamQ== 0001116679-04-000132.txt : 20040202 0001116679-04-000132.hdr.sgml : 20040202 20040202133426 ACCESSION NUMBER: 0001116679-04-000132 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040129 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES TRUST CENTRAL INDEX KEY: 0000910108 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133717318 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12386 FILM NUMBER: 04558550 BUSINESS ADDRESS: STREET 1: 355 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126927260 MAIL ADDRESS: STREET 1: 355 LEXINGTON AVE STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 lex8k.txt SECURITIES AND EXCHANGE COMMISION Washington, D.C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 29, 2004 ---------------- LEXINGTON CORPORATE PROPERTIES TRUST ------------------------------------ (Exact Name of Registrant as specified in its charter) Maryland 1-12386 13-3717318 -------- ------- ---------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) One Penn Plaza, Suite 4015, New York, New York 10119-4015 --------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (212) 692-7260 -------------- Not Applicable -------------- (Former name or former address, if changed since last report) Item 5. Other Events and Regulation FD Disclosure On January 29, 2004, Lexington Corporate Properties Trust (the "Trust") issued a press release announcing its financial results for the quarter and twelve months ended December 31, 2003 (the "Press Release"). A copy of the Press Release is furnished with this report as an exhibit. Except to the extent set forth under Item 12 below, the contents of the Press Release shall be deemed "filed" pursuant to Item 5 of Form 8-K for purposes of the Securities Exchange Act of 1934 (the "Exchange Act"). Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (a) not applicable (b) not applicable (c) Exhibits 99.1 Press Release dated January 29, 2004. 99.2 Supplemental Reporting Package for the twelve months ended December 31, 2003 Item 9. Regulation FD Disclosure On January 29, 2004, the Trust made available supplemental information concerning its operations and portfolio as of December 31, 2003. A copy of this supplemental information is furnished as Exhibit 99.2 to this report on Form 8-K. The information contained in Item 9 of this report on Form 8-K, including Exhibit 99.2, shall not be deemed "filed" with the Securities Exchange Commission nor incorporated by reference in any registration filed by the Trust under the Securities Act of 1933, as amended. The information in this Item 9 (including Exhibit 99.2) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. Item 12. Results of Operations and Financial Condition The information contained under the heading "Comments from Management" in the Press Release shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language included in such filing. This report (including the exhibit attached hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. By: Lexington Corporate Properties Trust February 2, 2004 By:/s/ Patrick Carroll ------------------------------------ Patrick Carroll Chief Financial Officer EX-99 3 ex99-1.txt EX. 99.1 - PRESS RELEASE DATED JANUARY 29, 2004 EXHIBIT 99.1 [GRAPHIC] FINANCIAL RELATIONS BOARD [GRAPHIC] news RE: LEXINGTON CORPORATE PROPERTIES TRUST ONE PENN PLAZA SUITE 4015 NEW YORK, NY 10119 FOR FURTHER INFORMATION: AT THE COMPANY: AT FINANCIAL RELATIONS BOARD: Patrick Carroll Larry Stein Diane Hettwer Chief Financial Officer General Inquiries Analyst Inquiries (212) 692-7200 (312) 640-6794 (312) 640-6760 FOR IMMEDIATE RELEASE THURSDAY, JANUARY 29, 2004 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES FOURTH QUARTER AND TWELVE MONTH RESULTS New York, NY - January, 29, 2004 - Lexington Corporate Properties Trust (NYSE:LXP), a real estate investment trust, today announced results for its fourth quarter and twelve months ended December 31, 2003. 2003 Highlights - --------------- o Acquired 19 properties for an aggregate investment of $414 million, including $147 million in joint ventures; o Expanded equity base by approximately $250 million by issuing common and preferred shares; o Lowered consolidated balance sheet leverage in 2003 from 47% to 35% of total market capitalization; o Leased 46,700 square feet of our Columbia, Maryland property; o Closed $100 million unsecured credit facility; o Obtained $70 million equity commitment for a newly formed joint venture; o Generated total shareholder return of 35.4%; and o Increased dividend to annual rate of $1.40 per common share, the eleventh consecutive annual increase. Quarterly Results Funds from operations were $19.7 million, or $0.45 per diluted share/unit, for the fourth quarter of 2003, after the impact of $0.1 million in gains from debt satisfaction. This is compared to $15.7 million, or $0.45 per diluted share/unit, for the fourth quarter of 2002, after the impact of $0.3 million in debt satisfaction charges. As a result of a common share offering in the fourth quarter of 2003, Lexington operated with greater cash balances than in the prior year and this limited growth in FFO per share. In addition, the Company operated with lower leverage than in the prior year. Revenues for the quarter totaled $32.2 million, compared with revenues of $25.7 million for the same period last year. Net income allocable to common shareholders was $10.9 million in the fourth quarter of 2003, after the impact of $0.1 million in gains from debt satisfaction and $1.0 million in gains on sale of properties, or $0.28 per diluted share. This is compared to $7.1 million, after the impact of $0.3 million in debt satisfaction charges, or $0.24 per diluted share, for the same period last year. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 1 Twelve Month Results For the twelve months ended December 31, 2003, FFO were $64.5 million, or $1.63 per diluted share/unit, which is net of the impact of $7.6 million ($0.19 per diluted share/unit) in debt satisfaction charges, compared to $61.8 million, after the impact of $0.3 million in debt satisfaction charges, or $1.86 per diluted share/unit, for the same period last year. As a result of the common share and preferred share offerings during 2003, Lexington operated with greater cash balances and lower leverage than in the prior year and this reduced FFO per share. Revenues for the twelve months ended December 31, 2003, totaled $120.5 million, compared to revenues of $98.3 million for the same period last year. Net income allocable to common shareholders was $30.3 million for the twelve months ended December 31, 2003, after $7.6 million in debt satisfaction charges and $2.2 million in gains on sale of properties, or $0.88 per diluted share, compared to $29.9 million, after the impact of $0.3 million in debt satisfaction charges and $1.1 million in gains on sale of properties, or $1.09 per diluted share, for the same period last year. Quarterly Dividend Declared The Company declared a common dividend of $0.35 per share for the fourth quarter of 2003, payable on February 13, 2004, to common shareholders of record on January 30, 2004. The Company also declared a quarterly preferred dividend of $0.503125 per share, payable on February 17, 2004, to preferred shareholders of record on January 30, 2004. Comments From Management Commenting on Lexington's operating results, T. Wilson Eglin, Chief Executive Officer, said, "2003 was a very successful year for Lexington. In addition to making $414 million in new property investments we took several important steps to position the Company for future growth and a higher interest rate environment. Our balance sheet debt as a percentage of our overall market capitalization decreased from 46.7% to 35.2% and we reduced our floating rate mortgage debt from $47.4 million to $15.7 million. We have little near-term refinancing risk as our mortgage debt maturing through 2007 is just $14.5 million. With few debts maturing we can utilize our financial resources to continue growing our real estate portfolio. In 2004, we plan to take advantage of the low interest rate environment by utilizing long-term fixed rate debt to finance our growth and have closed or arranged non-recourse mortgage financings of approximately $143.0 million at a weighted average interest rate of approximately 5.9%. In 2004, we have already acquired $72.4 million of property and we are highly confident that we can meet or exceed our target acquisition volume of $250 million - $300 million in 2004. We are pleased that our shares returned 35.4% last year and that we recently increased our common share dividend for the eleventh consecutive year." Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington common shares closed Wednesday, January 28, 2004, at $20.65 per share. Lexington pays an annualized dividend of $1.40 per share. Additional information about Lexington is available at www.lxp.com Financial Tables Follow - ----------------------- This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 2 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended December 31, December 31, 2003 2002 2003 2002 ---- ---- ---- ---- Revenues: Rental $ 29,679 $ 24,135 $ 111,658 $ 91,606 Equity in earnings of non-consolidated entities 1,564 1,248 5,734 5,079 Advisory fees 718 -- 1,401 -- Interest and other 215 353 1,727 1,647 --------- --------- -------- --------- 32,176 25,736 120,520 98,332 --------- --------- -------- --------- Expenses: Interest 8,182 8,693 34,881 33,161 Debt satisfaction charges (119) 345 7,566 345 Depreciation 7,149 5,758 27,110 21,049 General and administrative 2,661 1,610 10,043 5,728 Property operating 1,066 603 3,882 2,347 Amortization 632 447 2,226 1,812 --------- --------- -------- --------- 19,571 17,456 85,708 64,442 --------- --------- -------- --------- Income from continuing operations before minority interests 12,605 8,280 34,812 33,890 Minority interests 1,299 1,373 3,965 5,386 --------- --------- -------- --------- Income from continuing operations 11,306 6,907 30,847 28,504 --------- --------- -------- --------- Discontinued operations: Income from discontinued operations 108 202 611 1,036 Gains on sales of properties 1,027 -- 2,191 1,055 --------- --------- -------- --------- Total discontinued operations 1,135 202 2,802 2,091 --------- --------- -------- --------- Net income 12,441 7,109 33,649 30,595 Dividends attributable to preferred shares - Series A -- -- -- (693) Dividends attributable to preferred shares - Series B (1,590) -- (3,392) -- --------- --------- -------- --------- Net income allocable to common shareholders $ 10,851 $ 7,109 $ 30,257 $ 29,902 Depreciation and amortization 7,304 5,844 27,634 21,480 Minority interests-OP Units 1,314 1,402 4,039 5,510 Amortization of leasing commissions 206 155 812 677 Joint venture adjustment-depreciation 1,084 1,212 3,951 4,611 Gains on sales of properties (1,027) -- (2,191) (1,055) Series A preferred dividends -- -- -- 693 --------- --------- -------- --------- Funds from operations $ 19,732 $ 15,722 $ 64,502 $ 61,818 ========= ========= ======== ========= Rent below GAAP revenue(1) $ 772 $ 674 $ 3,790 $ 2,426 ========= ========= ======== ========= Per share/unit Basic net income $ 0.28 $ 0.24 $ 0.89 $ 1.11 Diluted net income $ 0.28 $ 0.24 $ 0.88 $ 1.09 Funds from operations(2)-basic $ 0.45 $ 0.45 $ 1.64 $ 1.88 Funds from operations(2)-diluted $ 0.45 $ 0.45 $ 1.63 $ 1.86
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 3 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
12/31/03 12/31/02 -------- -------- Real estate, at cost $ 1,162,395 $ 913,370 Accumulated depreciation (160,623) (134,220) Investment in non-consolidated entities 69,225 54,261 Properties held for sale - discontinued operations 36,478 -- Cash and cash equivalents 15,923 12,097 Deferred assets, net 10,013 8,168 Rent receivable - current -- 3,535 Rent receivable - deferred 24,069 20,115 Other assets 49,931 25,145 ----------- ----------- $ 1,207,411 $ 902,471 =========== =========== Mortgages and notes payable $ 551,385 $ 491,517 Other liabilities 10,667 17,323 Prepaid rent 2,482 -- Minority interests 59,220 56,846 Shareholders' equity 583,657 336,785 ----------- ------------ $ 1,207,411 $ 902,471 =========== =========== Common shares 40,682,001 30,030,048 Preferred shares-Series B 3,160,000 -- Operating partnership units 5,430,454 5,257,365 ----------- ----------- 49,272,455 35,287,413 =========== ===========
1 Equal to the difference between rents collected and straight-line rental income recognized under generally accepted accounting principles. 2 The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT. FFO is defined in the October 1999 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 3 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended December 31, December 31, 2003 2002 2003 2002 ---- ---- ---- ---- Earning Per Share - ----------------- Basic Income from continuing operations $ 11,306 $ 6,907 $ 30,847 $ 28,504 Less preferred dividends (1,590) -- (3,392) (693) ---------------- ------------ ------------- ----------- Income allocable to common shareholders from continuing operations - basic 9,716 6,907 27,455 27,811 Total income from discontinued operations - basic 1,135 202 2,802 2,091 ---------------- ------------ ------------- ----------- Net income allocable to common shareholders $ 10,851 $ 7,109 $ 30,257 $ 29,902 =============== ============ ============ ============ Weighted average number of common shares outstanding 38,513,927 29,788,876 34,074,935 27,026,789 =============== ============ ============ ============ Per share data: Income from continuing operations $ 0.25 $ 0.23 $ 0.81 $ 1.03 Income from discontinued operations 0.03 0.01 0.08 0.08 --------------- ------------ ------------ ------------ Net income $ 0.28 $ 0.24 $ 0.89 $ 1.11 =============== ============ ============ ============ Diluted Income allocable to common shareholders from continuing operations-basic $ 9,716 $ 6,907 $ 27,455 $ 27,811 Adjustments: Incremental income attributed to assumed conversion of dilutive securities 1,299 -- 3,965 -- --------------- ------------ ------------ ------------ Income allocable to common shareholders from continuing operations-diluted 11,015 6,907 31,420 27,811 Total income from discontinued operations - diluted 1,504 202 3,320 2,091 --------------- ------------ ------------ ------------ Net income allocable to common shareholders - diluted $ 12,519 $ 7,109 $ 34,740 $ 29,902 =============== ============ ============ ============ Weighted average number of shares used in calculation of basic earnings per share 38,513,927 29,788,876 34,074,935 27,026,789 Add incremental shares representing: Shares issuable upon exercises of employee share options 218,824 190,982 202,504 300,102 Shares issuable upon conversion of dilutive securities 5,201,210 -- 5,216,433 -- ---------------- ------------ ------------ ------------ Weighted average number of shares used in calculation of diluted earnings per common share 43,933,961 29,979,858 39,493,872 27,326,891 =============== ============ ============ ============ Per share data: Income from continuing operations - diluted $ 0.25 $ 0.23 $ 0.80 $ 1.02 Income from discontinued operations - diluted 0.03 0.01 0.08 0.07 ---------------- ------------ ------------ ------------ Net income - diluted $ 0.28 $ 0.24 $ 0.88 $ 1.09 =============== ============ ============ ============
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 5 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended December 31, December 31, 2003 2002 2003 2002 ---- ---- ---- ---- Funds From Operations - --------------------- Basic and Diluted Net income allocable to common shareholders Adjustments: $ 10,851 $ 7,109 $ 30,257 $ 29,902 Depreciation and amortization 7,304 5,844 27,634 21,480 Minority interests-OP Units 1,314 1,402 4,039 5,510 Amortization of leasing commissions 206 155 812 677 Joint venture adjustment-depreciation 1,084 1,212 3,951 4,611 Gains on sale of properties (1,027) -- (2,191) (1,055) Preferred dividends-Series A -- -- -- 693 ------------ ------------ ------------ ------------ Funds from operations $ 19,732 $ 15,722 $ 64,502 $ 61,818 ============ ============ ============ ============ Basic - ----- Weighted average shares outstanding-basic EPS 38,513,927 29,788,876 34,074,935 27,026,789 Operating partnership units 5,201,210 5,257,517 5,216,433 5,275,178 Preferred shares - Series A -- -- -- 547,945 ------------ ------------ ------------ ------------ Weighted average shares outstanding-basic FFO 43,715,137 35,046,393 39,291,368 32,849,912 ============ ============ ============ ============ FFO per share $ 0.45 $ 0.45 $ 1.64 $ 1.88 ============ ============ ============ ============ Diluted - ------- Weighted average shares outstanding-diluted EPS 43,933,961 29,979,858 39,493,872 27,326,891 Operating partnership units -- 5,257,517 -- 5,275,178 Preferred shares - Series A -- -- -- 547,945 ------------ ------------ ------------ ------------ Weighted average shares outstanding-diluted FFO 43,933,961 35,237,375 39,493,872 33,150,014 ============ ============ ============ ============ FFO per share $ 0.45 $ 0.45 $ 1.63 $ 1.86 ============ ============ ============ ============
### EX-99 4 supp.txt EX. 99.2 - SUPPLEMENTAL REPORTING PACKAGE EXHIBIT 99.2 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the twelve months ended December 31, 2003 Table of Contents I. Income Statements................................................... 1 II. Balance Sheets...................................................... 2 III. Property Holdings................................................... 3 IV. Properties by Location.............................................. 12 V. Lease Rollover Schedules............................................ 13 VI. Mortgages and Notes Payable......................................... 15 VII. Revenue by Tenant Industry.......................................... 19 VIII. Other Revenue Data.................................................. 20 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended December 31, December 31, 2003 2002 2003 2002 ---- ---- ---- ---- Revenues: Rental $ 29,679 $ 24,135 $ 111,658 $ 91,606 Equity in earnings of non-consolidated entities 1,564 1,248 5,734 5,079 Advisory fees 718 - 1,401 - Interest and other 215 353 1,727 1,647 ----------- ----------- ----------- ---------- 32,176 25,736 120,520 98,332 ----------- ----------- ----------- ---------- Expenses: Interest 8,182 8,693 34,881 33,161 Debt satisfaction charges (119) 345 7,566 345 Depreciation 7,149 5,758 27,110 21,049 General and administrative 2,661 1,610 10,043 5,728 Property operating 1,066 603 3,882 2,347 Amortization 632 447 2,226 1,812 ----------- ----------- ----------- ---------- 19,571 17,456 85,708 64,442 ----------- ----------- ----------- ---------- Income from continuing operations before minority interests 12,605 8,280 34,812 33,890 Minority interests 1,299 1,373 3,965 5,386 ----------- ----------- ----------- ---------- Income from continuing operations 11,306 6,907 30,847 28,504 ----------- ----------- ----------- ---------- Discontinued operations: Income from discontinued operations 108 202 611 1,036 Gains on sales of properties 1,027 - 2,191 1,055 ----------- ----------- ----------- ---------- Total discontinued operations 1,135 202 2,802 2,091 ----------- ----------- ----------- ---------- Net income 12,441 7,109 33,649 30,595 Dividends attributable to preferred shares - Series A - - - (693) Dividends attributable to preferred shares - Series B (1,590) - (3,392) - ------------ ----------- ----------- ---------- Net income allocable to common shareholders $ 10,851 $ 7,109 $ 30,257 $ 29,902 Depreciation and amortization 7,304 5,844 27,634 21,480 Minority interests-OP Units 1,314 1,402 4,039 5,510 Amortization of leasing commissions 206 155 812 677 Joint venture adjustment-depreciation 1,084 1,212 3,951 4,611 Gains on sales of properties (1,027) - (2,191) (1,055) Series A preferred dividends - - - 693 ----------- ----------- ----------- ---------- Funds from operations $ 19,732 $ 15,722 $ 64,502 $ 61,818 =========== =========== =========== ========== Rent below GAAP revenue(1) $ 772 $ 674 $ 3,790 $ 2,426 =========== =========== =========== ========== Per share/unit Basic net income $ 0.28 $ 0.24 $ 0.89 $ 1.11 Diluted net income $ 0.28 $ 0.24 $ 0.88 $ 1.09 Funds from operations(2)-basic $ 0.45 $ 0.45 $ 1.64 $ 1.88 Funds from operations(2)-diluted $ 0.45 $ 0.45 $ 1.63 $ 1.86
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
12/31/03 12/31/02 -------- -------- Real estate, at cost $1,162,395 $ 913,370 Accumulated depreciation (160,623) (134,220) Investment in non-consolidated entities 69,225 54,261 Properties held for sale - discontinued operations 36,478 -- Cash and cash equivalents 15,923 12,097 Deferred assets, net 10,013 8,168 Rent receivable - current -- 3,535 Rent receivable - deferred 24,069 20,115 Other assets 49,931 25,145 --------- --------- $1,207,411 $ 902,471 ========= ========= Mortgages and notes payable $ 551,385 $ 491,517 Other liabilities 10,667 17,323 Prepaid rent 2,482 -- Minority interests 59,220 56,846 Shareholders' equity 583,657 336,785 --------- --------- $1,207,411 $ 902,471 ========= ========= Common shares 40,682,001 30,030,048 Preferred shares-Series B 3,160,000 -- Operating partnership units 5,430,454 5,257,365 ---------- ---------- 49,272,455 35,287,413 ========== ==========
1 Equal to the difference between rents collected and straight-line rental income recognized under generally accepted accounting principles. 2 The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT. FFO is defined in the October 1999 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. 2 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------ 2003 Cash 2003 Rental Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ Office ------ 295 Chipeta Way Northwest Pipeline Corp. $ 8,773 $ 8,773 295,000 1982 Salt Lake City, UT 1600 Viceroy Drive VarTec Telecom, Inc. 3,279 3,486 249,452 1986 Dallas, TX 9950 Mayland Drive Circuit City Stores, Inc. 2,859 2,791 288,562 1990 Richmond, VA 2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 2,279 2,554 109,281 1985/2001 Valley Forge, PA 1301 California Circle Artesyn North America, Inc. 2,756 2,548 100,026 1985 Milpitas, CA (Balfour Beatty plc) 3476 Stateview Boulevard Wells Fargo Home 2,539 2,539 169,083 2002 Fort Mill, SC Mortgage (5) (6) 700 Oakmont Lane North American Van Lines, 191 2,516 269,715 1989 Westmont, IL Inc. (SIRVA, Inc.)(3) (4) 13651 McLearen Road Boeing North American 2,574 2,477 159,664 1987 Herndon, VA Services, Inc. (The Boeing Company) 2211 South 47th Street Avnet, Inc. 2,363 2,468 176,402 1997 Phoenix, AZ 4200 RCA Boulevard The Wackenhut Corp.(8) 2,161 2,149 114,518 1996 Palm Beach Gardens, FL 200 Executive Blvd. S Hartford Fire Insurance Co. 2,166 2,009 153,364 1983 Southington, CT 19019 No. 59th Avenue Honeywell, Inc. 2,002 1,980 252,300 1985 Glendale, AZ 5600 Broken Sound Blvd Oce Printing Systems USA, 1,695 1,891 143,290 1983/2002 Boca Raton, FL Inc. 401 Elm Street Lockheed Martin Corp. 1,870 1,870 126,000 1960/1988 Marlborough, MA (Honeywell, Inc.) 26210 and 26220 Apria Healthcare Group, Inc. 1,603 1,792 100,012 2001 Enterprise Court Lake Forest, CA 9275 S.W. Peyton Lane Hollywood Entertainment 1,468 1,531 122,853 1980/1998 Wilsonville, OR Corp. 160 Clairemont Avenue Allied Holdings, Inc. 1,546 1,530 112,248 1983 Decatur, GA 10419 North 30th Street Time Customer Service, Inc. 1,373 1,410 132,981 1986 Tampa, FL (Time, Inc.)
3 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------ 2003 Cash 2003 Rental Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 250 Rittenhouse Circle Jones Apparel Group 1,238 1,385 255,019 1982 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) (1) 400 Butler Farm Road Nextel Communications of 1,239 1,302 100,632 1999 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 13430 N. Black Canyon Bull HN Information 1,077 1,086 137,058 1985/1994 Freeway Systems, Inc. Phoenix, AZ 180 Rittenhouse Circle Jones Apparel Group 875 970 96,000 1998 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 2300 Litton Lane Fidelity Corporate 899 965 81,744 1987 Hebron, KY Real Estate, LLC 16275 Technology Drive Cymer, Inc. 840 888 65,755 1989 San Diego, CA (Hewlett-Packard) 701 Brookfield Parkway Verizon Wireless (9) 796 867 192,884 2000/2001 Greenville, SC 2401 Cherahala Boulevard Advance PCS, Inc. 622 822 59,748 2002 Knoxville, TN 421 Butler Farm Road Nextel Communications of 695 719 56,515 2000 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 12000 Tech Center Drive Kelsey-Hayes Company 702 679 80,230 1988 Livonia, MI 1440 East 15th Street Cox Communications, Inc. 408 457 28,591 1988 Tucson, AZ 250 Turnpike Road Honeywell Consumer 433 433 57,698 1984 Southborough, MA Products 183 Plains Road IKON Office Solutions, Inc. 337 337 27,360 1994 Milford, CT 1600 Eberhardt Road Nextel Communications of 272 306 108,800 2001 Temple, TX Texas, Inc 6455 State Hwy 303 NE Nextel West Corporation 190 218 60,200 2001 Bremerton, WA 5200 Metcalf Avenue Employers Reinsurance 93 93 320,198 1980/1990/ Overland Park, KS Corporation 2003 9201 Stateline Employers Reinsurance 44 44 166,641 1963/1985/ Kansas City, MO Corporation 2003
4 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------ 2003 Cash 2003 Rental Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 4455 American Way Bell South Mobility, Inc. 27 29 70,100 1997 Baton Rouge, LA 100 Barnes Road Minnesota Mining and -- 5 44,400 1978/1985 Wallingford, CT Manufacturing Company 1401 & 1501 Nolan Ryan Siemens Dematic Postal -- -- 233,783 2003 Parkway Automation, L.P. Arlington, TX 3615 North 27th Avenue VACANT 1,742 1,742 179,280 1960/1979 Phoenix, AZ ---------------------------------------------------------------------------------- Subtotal $ 56,026 $ 59,661 5,497,387 ---------------------------------------------------------------------------------- Industrial - ---------- 541 Perkins Jones Road Kmart Corp. $ 9,359 $ 8,932 1,700,000 1982 Warren, OH 3501 West Avenue H Michaels Stores, Inc. 3,223 3,304 762,775 1998/2002 Lancaster, CA 8305 SE 58th Avenue Associated Grocers of 1,872 2,238 668,034 1976 Ocala, FL Florida, Inc. 6345 Brackbill Boulevard Exel Logistics, Inc. 2,037 1,852 507,000 1985/1991 Mechanicsburg, PA (NFC plc) 159 Farley Drive Harbor Freight Tools 1,642 1,812 474,473 2001 Dillon, SC (Central Purchasing, Inc.) 590 Ecology Lane Owens Corning 1,619 1,619 193,891 2001 Chester, SC 4425 Purks Road Lear Technologies LLC 1,405 1,365 183,717 1989/1998 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 1,371 1,349 330,000 1989 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, Inc. 859 1,206 354,676 2002 Groveport, OH (Andrx Corporation) 3102 Queen Palm Drive Time Customer Service, Inc. 956 1,010 229,605 1986 Tampa, FL (Time, Inc.) 2280 Northeast Drive Ryder Integrated 998 1,004 276,480 1996/1997 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 1,017 1,000 252,000 1985 Mechanicsburg, PA (NFC plc)
5 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------ 2003 Cash 2003 Rental Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 200 Arrowhead Drive Owens Corning 900 985 400,522 1999 Hebron, OH 12025 Tech Center Drive Kelsey-Hayes Company 975 958 100,000 1987/1988 Livonia, MI 3600 Southgate Drive Sygma Network, Inc. 933 933 149,500 2000 Danville, IL 46600 Port Street Johnson Controls, Inc. 847 847 134,160 1996 Plymouth, MI 1133 Poplar Creek Road Corporate Express Office 754 810 196,946 1998 Henderson, NC Products, Inc. (Buhrmann, N.V.) 222 Tappan Drive North The Gerstenslager Company 674 667 296,720 1970 Mansfield, OH (Worthington Industries) 34 East Main Street Exel Logistics, Inc. 664 654 179,200 1981 New Kingston, PA (NFC plc) 450 Stern Street Johnson Controls, Inc. 641 641 111,160 1996 Oberlin, OH 43955 Plymouth Oaks Tower Automotive Products 618 618 290,133 1996/1998 Boulevard Company Plymouth, MI (Tower Automotive, Inc.) 191 Arrowhead Drive Owens Corning 578 605 250,410 2000 Hebron, OH 109 Stevens Street Unisource Worldwide, Inc. 545 588 168,800 1958/1969 Jacksonville, FL 904 Industrial Road Tenneco Automotive 594 583 195,640 1968/1972 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 128 Crews Drive Stone Container Corporation 516 571 185,961 1968/1998 Columbia, SC 7500 Chavenelle Road The McGraw-Hill 476 538 330,988 2002 Dubuque, IA Companies, Inc. 1700 47th Avenue North Owens Corning 378 378 18,620 2003 Minneapolis, MN 7150 Exchequer Drive Corporate Express Office 346 368 65,043 1998 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 324 Industrial Park Road SKF USA, Inc. 363 363 72,868 1996 Franklin, NC 187 Spicer Drive Dana Corporation 346 341 148,000 1983/1985 Gordonsville, TN
6 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------ 2003 Cash 2003 Rental Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 300 McCormick Road Ameritech Services, Inc. 255 255 20,000 1990 Columbus, OH 1601 Pratt Avenue Tenneco Automotive 163 163 53,600 1979 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 3350 Miac Cove Road Mimeo.com, Inc. (10) 175 154 141,359 1987 Memphis, TN 2425 Highway 77 North James Hardie Building 9 9 425,816 1996/1997 Waxahachie, TX Products, Inc. (James Hardie Industries NV) ------------------------------------------------------------------------------- Subtotal $ 38,108 $ 38,720 9,868,097 ------------------------------------------------------------------------------- Retail ------ 2655 Shasta Way Fred Meyer, Inc. $ 1,009 $ 1,009 178,204 1986 Klamath Falls, OR Fort Street Mall, King Street Liberty House, Inc. 963 971 85,610 1980 Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 921 921 118,179 1986 Newport, OR 35400 Cowan Road Sam's Real Estate 918 918 102,826 1987/1997 Westland, MI Business Trust 12235 N. Cave Creek Bally's Health & Tennis 798 821 36,556 1988 Phoenix, AZ Corporation 4733 Hills & Dales Road Scandinavian Health Spa, 698 685 37,214 1987 Canton, OH (Bally Total Fitness Corp.) 7111 Westlake Terrace The Home Depot USA, 772 679 95,000 1980/2001 Bethesda, MD Inc. (7) 24100 Laguna Hills Mall Federated Department 677 673 160,000 1974 Laguna Hills, CA Stores, Inc. 1160 White Horse Road Physical Fitness Centers of 820 673 31,750 1987 Voorhees, NJ Philadelphia, Inc. (Bally Total Fitness Corp.) 5917 S. La Grange Road Bally Total Fitness Corp. 660 542 25,250 1987 Countryside, IL 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 465 465 46,350 1995 Canton, OH
7 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------ 2003 Cash 2003 Rental Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 3711 Gateway Drive Kohl's Dept. Stores, Inc. 435 463 76,164 1994 Eau Claire, WI 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 431 424 42,842 1981 Clackamas, OR 5801 Bridge Street Champion Fitness IV, Inc. 511 419 24,990 1977/1987 DeWitt, NY (Bally Total Fitness Corp.) 399 Peach Wood Centre Drive Best Buy Co., Inc. 395 395 45,800 1996 Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 398 391 43,105 1981 Boulevard Lynwood, WA 7272 55th Street Circuit City Stores, Inc. 393 376 45,308 1988 Sacramento, CA 6910 S. Memorial Highway Toys "R" Us, Inc. 364 358 43,123 1981 Tulsa, OK 2275 Browns Bridge Road Wal-Mart Stores, Inc. 328 328 89,199 1984 Gainesville, GA 6405 South Virginia Street Comp USA, Inc. 336 325 31,400 1988 Reno, NV 6475 Dobbin Road Offenbacher Aquatics, Inc 103 150 17,100 1983 Columbia, MD Haverty Furniture - 158 46,724 Companies, Inc. 7055 Highway 85 South Wal-Mart Stores, Inc. 291 291 81,911 1985 Riverdale, GA 9580 Livingston Road GFS Realty, Inc. 408 274 107,337 1976 Oxon Hill, MD (Giant Food, Inc.) A1 21 South Wal-Mart Real Estate 223 223 56,132 1983 Jacksonville, AL Business Trust 121 South Center Street Greyhound Lines, Inc. 201 201 17,000 1968 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 224 152 51,682 1977 Rockville, MD (Giant Food, Inc.) 2832 Chandler Mountain Road Circuit City Stores,Inc. 101 101 9,300 1986 Lynchburg, VA ----------------------------------------------------------------------------- Subtotal $ 13,843 $ 13,386 1,746,056 ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Grand Total $ 107,977 $ 111,767 17,111,540 -----------------------------------------------------------------------------
8 (1) Tenant can cancel lease on 03/26/08 with 12 months notice and payment of $1,392. (2) Expense stop on this property is $393 per annum. (3) The Company is responsible for real estate taxes for the first year of the lease which was $348. (4) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment of $1,300. (5) Expense stop to be determined on first year anniversary. The Company is responsible for actual expenses from 01/01/03 through 12/31/03 (first year anniversary). (6) Tenant has the right to contract leased space by 27,000 square feet on 01/31/08 with six months notice and a payment estimated to be $696. In addition, the tenant can cancel lease on 01/31/10 with twelve months notice and a payment estimated to be $3,968. (7) The Company has a 33.85% economic interest in this property. (8) This is a modified gross lease. Annual net operating expenses for which the Company is responsible approximates $489. (9) Expense stop on this property is $112 per annum. (10) Tenant occupies 35,000 square feet and is responsible for all operating expenses. 9 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 12/31/03
--------------------------------------------------------------------------------------------------------------------------------- 2003 Cash 2003 Rental Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated --------------------------------------------------------------------------------------------------------------------------------- Office ------ 389-399 Interpace Highway Aventis Pharmaceuticals, Inc $ 7,844 $ 8,487 340,240 2000 Morris Corporate Center IV (Pharma Holdings GmbH)(1) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 6,415 6,930 456,304 1999/2001 Columbia, SC of South Carolina Inc.(2) 6555 Sierra Drive True North Communications 4,009 4,250 247,254 1999 Irving, TX Inc.(1) 15375 Memorial Drive Vastar Resources, Inc.(1) 3,437 3,437 327,325 1985 Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A.(1)(4) 3,185 3,287 193,000 1999 Fishers, IN 600 International Parkway First USA Management 2,824 2,921 125,155 1997 Lake Mary, FL Services, Inc.(1)(3) 550 International Parkway First USA Management 2,721 2,820 125,920 1999 Lake Mary, FL Services, Inc.(1)(3) 2000 Eastman Drive Structural Dynamic 2,657 2,790 212,836 1991 Milford, OH Research Corp.(1) 3701 Corporate Drive Motorola, Inc.(1) 2,043 2,043 119,829 2001 Farmington Hills, MI 14040 Park Center Road NEC America, Inc.(1) 1,848 2,025 108,000 1987 Herndon, VA 2210 Enterprise Drive Washington Mutual 1,635 1,699 177,747 1998 Florence, SC Home Loan, Inc.(5) 100 Wood Hollow Drive Greenpoint Mortgage 1,235 1,357 124,600 2001 Novato, CA Funding, Inc. (6)(7) 70 Valley Stream Parkway IKON Office Solutions, Inc(6) 529 534 106,855 1987 Malvern, PA 1110 Bayfield Drive Honeywell International, 119 127 166,575 1980/2002 Colorado Springs, CO Inc.(1) 121 Technology Drive Heidelberg Web Systems, -- --- 500,500 1986/2003 Durham, NH Inc. (1) (8) ================================================ Subtotal Office $ 40,501 $ 42,707 3,332,140 ================================================
10 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 12/31/03
--------------------------------------------------------------------------------------------------------------------------------- 2003 Cash 2003 Rental Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated --------------------------------------------------------------------------------------------------------------------------------- Industrial ---------- 101 Michelin Drive TNT Logistics North $ 3,103 $ 3,228 1,164,000 1991/1993 Laurens, SC America, Inc. (TPG N.V.) (1) 7111 Crabb Road TNT Logistics North 2,078 2,162 752,000 1978/1993 Temperance, MI America, Inc. (TPG N.V.) (1) 291 Park Center Drive Kraft Foods North 1,420 1,515 344,700 2001 Winchester, VA America, Inc. (1) 1109 Commerce Boulevard Linens N Things, Inc. (6) 208 242 262,644 1998 Logan Township, NJ ================================================ Subtotal Industrial $ 6,809 $ 7,147 2,523,344 ================================================ $47,310 $ 49,854 5,855,484 ================================================
(1) The Company has a 33?% economic interest in this property. (2) The Company has a 40% economic interest in this property. (3) Cumulative expense stop on these properties is $1,264 per annum. (4) Expense stop on this property is $768 per annum. (5) The Company has a 22.73% economic interest in this property. (6) The Company has a 30% economic interest in this property. (7) Expense stop on this property is $917 per annum. (8) Tenant can cancel lease anytime after 9/30/11 with 365 days notice and payment currently of $23,433. 11 The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 12/31/03
Historical 12-Months Ended December 31, 2003 ----------------------- No. of Number of Percent Square Rent Percent of Locations Location Properties(1) Leased Feet(2) ($000's)(1) Total Rent - ------------------------------------------------------------------------------------------------------------------- 1 Ohio 10 100% 3,429,888 15,371 11.86% 2 South Carolina 9 100 3,060,143 12,037 9.28 3 Florida 7 100 1,708,303 11,200 8.64 4 California 9 100 1,375,476 10,524 8.12 5 Pennsylvania 8 100 1,835,355 10,193 7.86 6 Utah 1 100 295,000 8,773 6.77 7 Arizona 7 78 810,187 8,634 6.66 8 Virginia 7 100 1,067,373 8,570 6.61 9 Michigan 10 100 2,012,135 7,532 5.81 10 Texas 6 100 1,592,430 6,363 4.91 11 Illinois 3 100 444,465 3,991 3.08 12 Oregon 4 100 462,078 3,885 3.00 13 New Jersey 3 100 634,634 3,575 2.76 14 Connecticut 3 100 225,124 2,351 1.81 15 Massachusetts 2 100 183,698 2,303 1.78 16 Georgia 3 100 283,358 2,149 1.66 17 Iowa 2 100 607,468 1,542 1.19 18 Maryland 4 100 317,843 1,413 1.09 19 Tennessee 3 70 349,107 1,317 1.01 20 North Carolina 2 100 269,814 1,173 0.90 21 Indiana 1 100 193,000 1,096 0.84 22 Hawaii 1 100 85,610 971 0.75 23 Kentucky 1 100 81,744 965 0.74 24 Washington 2 100 103,305 609 0.47 25 Nevada 2 100 31,400 566 0.44 26 Wisconsin 1 100 76,164 463 0.36 27 New York 1 100 24,990 419 0.32 28 Louisiana 2 100 135,143 397 0.31 29 Minnesota 1 100 18,620 378 0.29 30 Oklahoma 1 100 43,123 358 0.28 31 Alabama 1 100 56,132 223 0.17 32 Canada 1 100 - 136 0.10 33 Kansas 1 100 320,198 93 0.07 34 Missouri 1 100 166,641 44 0.03 35 Colorado 1 100 166,575 42 0.03 36 New Hampshire 1 100 500,500 -- -- ------------------------------------------------------------------------------------------------- Total 122 98.8% 22,967,024 $ 129,656 100.00% -------------------------------------------------------------------------------------------------
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. (2) Includes properties owned as of December 31, 2003. 12 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 12/31/03
Office Industrial Retail - ---------------------------------------------------------------------------------------------------------------------------- Cash Rental Net Rent Cash Rental Net Rent Cash Rental Net Rent Year Revenue(1) PSF Revenue(1) PSF Revenue(1) PSF - ---------------------------------------------------------------------------------------------------------------------------- 2004 $ 1,236 $ 11.33 $ - $ - $ - $ - 2005 6,225 15.94 1,701 3.01 - - 2006 4,256 10.73 6,199 5.21 2,732 6.95 2007 5,254 14.24 10,739 5.51 1,991 24.28 2008 4,896 13.57 - - 3,415 10.39 2009 14,947 16.37 2,207 3.49 2,418 6.89 2010 11,402 17.34 1,801 3.75 - - 2011 6,129 20.78 536 4.67 1,096 5.48 2012 5,441 14.99 9,158 3.67 - - 2013 7,064 11.28 412 6.34 226 13.50 2014 663 11.34 1,238 4.59 205 1.91 2015 7,300 12.66 1,587 9.49 469 6.15 2016 4,509 21.42 1,967 4.19 - - 2017 - - 1,286 3.89 115 2.23 2018 3,842 12.00 2,519 3.77 860 9.33 2019 1,833 11.00 3,417 4.48 - - 2020 2,500 17.44 3,303 8.10 - - 2021 427 2.56 - - - - 2022 - - - - - - 2023 - - - - - - 2024 - - - - 821 17.57 WTG. AVG. $ 14.39 $ 4.52 $ 8.22 ============== ============= ===========
(1) Includes proportionate share of joint venture investments. 13 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis 12/31/03 ($000's)
Percentage of Total Total Number of Annualized Annualized Year Leases Expiring Rent (1) Rent - -------------------------------------------------------------------------------------------------------- 2004 2 $ 1,302 0.9% 2005 7 8,074 5.5 2006 15 14,510 10.0 2007 9 16,546 11.4 2008 8 7,704 5.3 2009 16 19,435 13.3 2010 9 12,369 8.5 2011 7 8,343 5.7 2012 10 13,258 9.1 2013 8 7,389 5.1 2014 4 2,073 1.4 2015 6 8,427 5.8 2016 5 5,976 4.1 2017 2 1,316 0.9 2018 4 6,940 4.8 2019 2 5,140 3.5 2020 3 5,564 3.8 2021 1 596 0.4 2022 - - - 2023 - - - 2024 1 632 0.5 --------------------------------------------------------------------------------------- Total 119 $ 145,594 100.0% =======================================================================================
(1) Includes proportionate share of joint venture investments. 14 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 12/31/03 ($000's)
- ------------------------------------------------------------------------------------------------------------------------------------ Current Debt Interest Estimated Annual Balloon Property - Fixed Rate Balance Rate Maturity Debt Service(h) Payment - ------------------------------------------------------------------------------------------------------------------------------------ Gainesville, GA (first) $ 18 13.000% 01-01-04 $ 18 $ -- Oxon Hill, MD 94 6.250 03-01-04 95 -- Bethesda, MD 1,445 9.250 05-01-06 669 -- Warren, OH 21,172 7.000 10-01-07 6,160 -- Bristol, PA 9,729 7.400 02-01-08 831 9,262 Boca Raton, FL(g) 15,275 5.250 03-01-08 802 15,275 Decatur, GA 6,695 6.720 06-01-08 579 6,049 Phoenix, AZ 14,231 7.890 06-05-08 1,434 12,591 Palm Beach Gardens, FL 11,341 7.010 06-15-08 970 10,418 Dubuque, IA 7,351 4.890 08-01-08 513 6,588 Canton, OH 3,325 7.150 08-11-08 313 2,936 Spartanburg, SC 2,762 7.150 08-11-08 260 2,438 Hebron, KY 5,340 7.000 10-23-08 451 4,935 Gainesville, GA (second)(f) 902 7.500 01-01-09 200 -- Ocala, FL 13,059 7.250 02-01-09 1,332 10,700 Canton, OH 1,578 9.490 02-28-09 388 -- Baton Rouge, LA 1,898 7.375 03-01-09 208 1,478 Bristol, PA 6,053 7.250 04-01-09 571 5,228 Livonia, MI 11,026 7.800 04-01-09 992 10,236 Henderson, NC 4,414 7.390 05-01-09 417 3,854 Westland, MI 2,938 10.500 09-01-09 683 -- Salt Lake City, UT 13,409 7.610 10-01-09 2,901 -- Richmond, VA 16,472 8.100 02-01-10 1,511 15,257 Hampton, VA 4,473 8.260 04-01-10 415 4,144 Hampton, VA 7,294 8.270 04-01-10 677 6,758 Tampa, FL 8,342 6.930 08-01-10 674 7,603 Tampa, FL 6,034 6.880 08-01-10 485 5,495 Herndon, VA 18,807 8.180 12-05-10 1,723 17,301 San Diego, CA 4,252 7.500 01-01-11 411 3,420 Tucson, AZ 2,444 7.500 01-01-11 226 2,076 Columbia, SC 3,419 7.540 01-01-11 317 2,905 Valley Forge, PA 13,080 7.120 02-10-11 1,166 10,927 Glendale, AZ 14,777 7.400 04-01-11 1,258 13,365 Auburn Hills, MI 7,198 7.010 06-01-11 637 5,918 Plymouth, MI 4,787 7.960 07-01-11 463 3,949 Greenville, SC 13,886 4.415 01-01-12 841 11,806
15 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 12/31/03 ($000's)
- ------------------------------------------------------------------------------------------------------------------------------------ Current Debt Interest Estimated Annual Balloon Property - Fixed Rate Balance Rate Maturity Debt Service(h) Payment - ------------------------------------------------------------------------------------------------------------------------------------ New Kingston, PA 7,265 7.790 01-01-12 678 6,101 Mechanicsburg, PA 5,363 7.780 01-01-12 500 4,503 New Kingston, PA 3,462 7.780 01-01-12 323 2,906 Lake Forest, CA 10,832 7.260 02-01-12 901 9,708 Groveport, OH (c) 7,800 6.030 10-01-12 535 6,860 Plymouth, MI 12,776 6.220 12-10-12 1,026 10,026 Dallas, TX 21,348 7.490 12-31-12 2,020 16,030 Fort Mill, SC 11,523 6.000 01-01-13 839 9,904 Lancaster, CA (first) 10,611 7.020 09-01-13 900 8,637 Lancaster, CA (second) 8,903 5.920 09-01-13 642 7,518 Knoxville, TN (d) 5,295 5.950 09-01-13 381 4,496 Eau Claire, WI 2,220 8.000 07-01-14 313 -- Franklin, NC 1,965 8.500 04-01-15 263 -- Southborough, MA 2,132 7.500 09-01-15 275 -- Danville, IL 6,623 9.000 01-01-16 692 4,578 Temple, TX 9,200 6.090 01-01-16 668 7,446 Bremerton, WA 6,800 6.090 04-01-16 494 5,465 Dillon, SC 12,111 7.900 12-01-16 1,263 5,273 Westmont, IL 16,170 6.210 03-01-18 1,292 9,662 ----------------- ----- ------------- ------------- $ 441,719 7.081% $ 45,596 $ 332,025 ----------------- ------- ------------- ------------- Property-Variable Rate - ---------------------- Milpitas, CA (a) (b) $ 15,666 4.140% 07-01-04 $ 2,253 $ 14,456 ----------------- ------ --------- ------------ Corporate - --------- Credit Facility (e) $ 94,000 2.640% 08-01-06 $ 2,516 $ 94,000 ------------------ ------ ------------- --------------- Total $ 551,385 6.241% $50,365 $ 440,481 ================= ====== =========== ===============
_____________ (a) Floating rate debt, 30 day LIBOR plus 297 bps, option to extend maturity until 7/1/05 with spread of 350 bps and until 7/1/06 with spread of 400 bps. (b) All property cash flows net of interest expense are used for principal amortization. (c) Interest only through April 2004, and $563 in annual debt service thereafter. (d) Interest only through May 2003, and $381 in annual debt service thereafter. (e) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps. (f) Mortgage is accrual only through 01/31/04. Commencing 02/01/04 annual debt service of $218 is due. (g) Interest only through maturity. (h) For mortgages with less than twelve months to maturity, amounts represent remaining payments. 16 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 12/31/03 ($000's)
- ------------------------------------------------------------------------------------------------------------------------------------ Current Estimated Debt Interest Annual Balloon Joint Venture Property Balance Rate Maturity Debt Service Payment - ------------------------------------------------------------------------------------------------------------------------------------ Florence, SC(3) $ 9,395 7.500% 02-01-09 $ 869 $ 8,443 Columbia, SC(1) 24,410 7.850 10-01-09 2,196 22,586 Houston, TX(2) 21,250 7.580 10-10-09 2,032 18,229 Fishers, IN(2) 15,073 8.190 04-01-10 1,499 12,960 Herndon, VA(2) 11,608 7.600 09-01-10 1,107 9,769 Lake Mary, FL(2) 13,213 7.880 10-01-10 1,181 12,118 Lake Mary, FL(2) 13,174 7.880 10-01-10 1,178 12,082 Irving, TX(2) 26,553 8.160 10-01-10 2,432 24,454 Parsippany, NJ(2) 40,971 7.350 03-01-11 3,472 37,047 Novato, CA(4) 22,806 5.750 07-01-11 1,600 20,307 Winchester, VA(2) 10,764 7.330 08-01-11 908 9,675 Milford, OH(2) 17,069 8.170 02-01-12 1,724 12,686 Temperance, MI(2) 11,824 6.000 09-01-12 936 9,400 Laurens, SC(2) 17,639 6.000 09-01-12 1,396 14,022 Farmington Hills, MI(2) 21,313 5.420 09-01-12 1,500 17,724 Colorado Springs, CO(2) 11,870 6.250 12-01-12 887 10,272 Malvern, PA(4) 13,400 5.530 01-01-14 916 11,236 Durham, NH(2) 19,182 6.730 03-31-21 1,312 -- -------------- ----- ------------ $ 321,514 7.091% $ 27,145 $ 263,010 ============== ===== =========== ===========
__________________________ 1 The Company has a 40% economic interest in this property 2 The Company a 33 1/3% economic interest in this property 3 The Company has a 22.73% economic interest in this property 4 The Company has a 30% economic interest in this property 17 Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 12/31/03 ($000's)
Consolidated properties - ------------------------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments(1) Average Interest Rate ------------ -------- --------------------- 2004 $ 15,429 $ 14,456(2) 4.140% 2005 15,521 -- -- 2006 16,303 -- -- 2007 17,238 -- -- 2008 11,469 70,492(3) 6.624 ----------- ----------- -------- $ 75,960 $ 84,948 6.201% =========== =========== ======== Joint venture properties - LXP proportionate share - ------------------------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2004 $ 1,377 - - 2005 1,505 - - 2006 1,621 - - 2007 1,755 - - 2008 1,836 - - ------------- ---------- -------- $ 8,094 - - ============= ========== ========
__________________________ (1) Excludes line of credit borrowings. (2) Milpitas, CA property. (3) Comprised of the following properties: Bristol, PA ($9,262), Boca Raton, FL ($15,275), Decatur, GA ($6,049), Phoenix, AZ ($12,591), Palm Beach Gardens, FL ($10,418), Dubuque, IA ($6,588), Canton, OH ($2,936), Spartanburg, SC ($2,438) and Hebron, KY ($4,935). 18 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 12/31/03 ----------------------------------------------------------------- Percentage of Historical Tenant Industry 12 Months Rent (1) ----------------------------------------------------------------- Finance/Insurance 11.0% Retail-Department/ Discount Store 9.9 Transportation/Logistics 9.1 Energy 7.6 Healthcare 7.1 Technology 6.6 Telecommunications 6.4 Retail-Specialty 5.6 Aerospace/Defense 5.2 Automotive 4.8 Food 4.7 Retail-Electronics 3.6 Construction Materials 3.6 Media/Advertising 3.0 Consumer Products 3.0 Health/Fitness 2.4 Printing/Production 2.0 Apparel 1.8 Security 1.7 Paper/Containers/Packaging 0.9 ----- 100.0% ====== (1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 19 Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 12/31/03
Historical 12-Months Rent Revenue by Property Type ($000's)(1) Percentage - ------------------------------------------------------------------------------------------------------------------------ Office $ 74,674 57.6% Industrial 41,310 31.9 Retail 13,672 10.5 -------------- -------- $ 129,656 100.0% ============== ======== Revenue by Credit Rating(2) - --------------------------- Investment Grade $ 52,008 40.1% Non Investment Grade 29,084 22.4 Unrated 48,564 37.5 -------------- -------- $ 129,656 100.0% ============== ======== Percentage of Rent for 12 Number of Months Top 15 Tenants/Guarantors Properties Property Type Ended 12/31/03(1) - ------------------------------------------------------------------------------------------------------------------------ Kmart Corporation 1 Industrial 6.9% Northwest Pipeline Corp. 1 Office 6.8 Exel Logistics, Inc.(NFC plc) 4 Industrial 3.7 Honeywell, Inc. 4 Office 3.3 Owens Corning 4 Industrial 2.8 Circuit City Stores, Inc. 4 Office(1)/Retail(3) 2.7 VarTec Telecom, Inc. 1 Office 2.7 Michaels Stores, Inc. 1 Industrial 2.5 Bally Total Fitness Corp. 5 Retail 2.4 Aventis Pharmaceuticals, Inc. 1 Office 2.2 Blue Cross Blue Shield of South Carolina Inc. 1 Office 2.1 Quest Diagnostics, Inc. 1 Office 2.0 Artesyn North America, Inc. (Balfour Beatty PLC) 1 Office 2.0 Nextel Finance Company 4 Office 2.0 Wells Fargo Home Mortgage, Inc. 1 Office 2.0 - ---- 34 46.1% == =====
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (2) As of January 27, 2004. 20 -----END PRIVACY-ENHANCED MESSAGE-----