-----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, CPF9ocLW32z9Emc6h6F35ixCoUVlIkfYew3fbZW3jg9YeP6eTfXrC2MrkLSUwKSY odQh6EqacmUjY5qIdEHj3w== 0001116679-04-001647.txt : 20040730 0001116679-04-001647.hdr.sgml : 20040730 20040730115957 ACCESSION NUMBER: 0001116679-04-001647 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040729 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040730 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: 04941289 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 COMMISSION 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): July 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) 692-7200 -------------- Not Applicable -------------- (Former name or former address, if changed since last report) Item 5. Other Events and Regulation FD Disclosure On July 29, 2004, Lexington Corporate Properties Trust (the "Trust") issued a press release announcing its financial results for the quarter ended June 30, 2004 (the "Press Release"). A copy of the Press Release is furnished as Exhibit 99.1 to this report on Form 8-K. 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 July 29, 2004. 99.2 Supplemental Reporting Package for the six months ended June 30, 2004. Item 9. Regulation FD Disclosure On July 29, 2004, the Trust made available supplemental information concerning its operations and portfolio as of June 30, 2004. 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 July 30, 2004 By: /s/ Patrick Carroll ------------------------------------ Patrick Carroll Chief Financial Officer EX-99 2 ex99-1.txt EX. 99.1: PRESS RELEASE Exhibit 99.1 [FINANCIAL NEWS BOARD LOGO] [NEWS GRAPHIC] 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 Diane Hettwer Chief Financial Officer Analyst Inquiries (212) 692-7200 (312) 640-6760 FOR IMMEDIATE RELEASE Thursday, July 29, 2004 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES SECOND QUARTER OPERATING RESULTS New York, NY - July 29, 2004 - Lexington Corporate Properties Trust (NYSE:LXP), a real estate investment trust, today announced results for its second quarter ended June 30, 2004. Quarterly Highlights - Closed on 7 investments for an aggregate capitalized cost of $123.2 million, including $65.6 million in joint ventures; - Obtained $93.1 million in new non-recourse first mortgage financings at a weighted average fixed rate of 5.70%; - Sold two non-core retail properties, generating gains of $2.3 million; - Signed five lease extensions on portfolio properties, and - Formed a new joint venture with an institutional investor. Quarterly Results Funds from operations were $22.7 million, or $0.43 per diluted share/unit, for the second quarter of 2004, compared to $9.5 million, or $0.25 per diluted share/unit, after $7.7 million ($0.20 per diluted share/unit) of debt satisfaction charges, for the second quarter of 2003. Rental revenue for the quarter totaled $35.3 million, compared to rental revenue of $26.2 million for the same period last year. Net income allocable to common shareholders was $13.0 million in the second quarter of 2004, including $2.3 million of gains on sales of two properties and $0.5 million of impairment charges relating to one property, compared to $2.3 million for the same period last year, which included $7.7 million of debt satisfaction charges and $0.7 million of gains on sales of two properties. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 1 Six Month Results For the six months ended June 30, 2004 FFO were $41.6 million, or $0.82 per diluted share/unit compared to $26.5 million, after $7.7 million of debt satisfaction charges ($0.21 per diluted share/unit), or $0.72 per diluted share/unit, for the same period last year. Rental revenue for the six months ended June 30, 2004 totaled $66.3 million, compared to rental revenues of $51.9 million for the same period last year. Net income allocable to common shareholders for the six months ended June 30, 2004 was $23.4 million, which includes $4.1 million of gains on sales of four properties and $2.2 million of impairment charges relating to two properties, compared to $11.0 million, which includes $7.7 million of debt satisfaction charges and $1.1 million of gains on sales of three properties, for the same period last year. Quarterly Dividends Declared The Company declared a common dividend of $0.35 per share payable on August 13, 2004 to common shareholders of record on July 30, 2004. The Company also declared a dividend on its Cumulative Redeemable Preferred Shares of $0.503125 per preferred share, payable on August 16, 2004 to preferred shareholders of record on July 30, 2004. Conference Call Management will discuss the financial results on a conference call today at 2pm Eastern Time. The toll-free dial in number is 800-257-6607. The replay of the call will be available through August 5, 2004. The toll-free telephone number for the replay is 800-405-2236, passcode 11003326. The international number is 303-262-2211 and a replay can be accessed via 303-590-3000, passcode 11003326. The conference call can also be accessed on the internet at www.lxp.com and www.fulldisclosure.com. A supplemental reporting package can be accessed in the Company Profile section at www.lxp.com. Comments From Management Commenting on Lexington's financial results, T. Wilson Eglin, Chief Executive Officer, said, "During the second quarter, Lexington continued to implement a growth-oriented business plan by making new investments totaling $123.2 million, bringing total investment activity for the year to $411.7 million, including construction in progress. So far in the third quarter we have completed acquisitions totaling $80.9 million including $13.8 million in joint ventures. These investments, together with our active acquisition pipeline, are expected to lead to improved funds from operations in the second half of 2004. As a result, we are confident that funds from operations this year will be within the range of our guidance of $1.73-$1.78 per share, before the $0.04 per diluted share/unit in impairment charges. In addition, we continue to believe that the Company is well-positioned to deliver growth in funds from operations per share of 8-10% in 2005." MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 2 Mr. Eglin continued, "Lexington continues to take steps to upgrade our portfolio, extend lease terms and strengthen our balance sheet. 46.1% of rental revenues generated in the first six months of the year were from investment grade rated tenants compared to 39.6% in the same period a year ago. During the quarter we sold two retail properties, generating gains of $2.3 million and extended five leases. We are pleased to note that the percentage of our rental revenue generated from leases expiring prior to 2008 is now down to 20.7% compared to 33.6% of total rental revenue at the same time last year. In addition, during the second quarter the Company obtained $93.1 million of new mortgage financing at a fixed rate of 5.7%." 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 July 28, 2004 at $19.01 per share. Lexington pays an annualized dividend of $1.40 per share. Additional information about Lexington is available at www.lxp.com 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. Financial Tables Follow ----------------------- MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 3
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2004 2003 2004 2003 ---- ---- ---- ---- Gross revenues: Rental $ 35,254 $ 26,207 $ 66,318 $ 51,927 Advisory fees 777 181 1,727 506 Tenant reimbursements 1,348 1,226 873 2,333 ---------- ---------- ---------- ---------- Total gross revenues 37,379 27,614 70,918 54,766 Expense applicable to revenues: Depreciation and amortization (9,292) (6,847) (17,123) (13,167) Property operating (2,570) (1,905) (5,078) (3,844) General and administrative (2,549) (2,405) (6,023) (4,674) Non-operating income 649 230 770 514 Interest and amortization expense (12,330) (9,517) (21,676) (19,112) Debt satisfaction charges -- (7,685) -- (7,685) ---------- ---------- ---------- ---------- Income (loss) before provision for income taxes, minority interests 11,287 (515) 21,788 6,798 and equity in earnings of joint ventures Provision for income taxes (488) -- (1,253) -- Minority interests (1,101) 245 (2,224) (893) Equity in earnings of joint ventures 1,717 1,397 3,521 2,742 ---------- ---------- ---------- ---------- Income from continuing operations 11,415 1,127 21,832 8,647 ---------- ---------- ---------- ---------- Discontinued operations, net of minority interest: Income from discontinued operations 1,353 672 2,910 1,456 Impairment charge (478) -- (2,212) -- Gains on sales of properties 2,327 684 4,065 1,143 ---------- ---------- ---------- ---------- Total discontinued operations 3,202 1,356 4,763 2,599 ---------- ---------- ---------- ---------- Net income 14,617 2,483 26,595 11,246 Dividends attributable to preferred shares - Series B (1,590) (212) (3,180) (212) ---------- ---------- ---------- ---------- Net income allocable to common shareholders $ 13,027 $ 2,271 $ 23,415 $ 11,034 Depreciation and amortization 9,109 6,860 16,860 13,221 Minority interests-OP Units 1,180 (138) 2,109 1,101 Amortization of leasing commissions 183 200 365 400 Joint venture adjustment-depreciation 1,559 981 2,873 1,889 Gains on sales of properties (2,327) (684) (4,065) (1,143) ---------- ---------- ---------- ---------- Funds from operations $ 22,731 $ 9,490 $ 41,557 $ 26,502 ========== ========== ========== ========== Rent below GAAP revenue(1) $ 1,218 $ 1,013 $ 1,749 $ 2,150 ========== ========== ========== ========== Per share/unit Basic net income $ 0.27 $ 0.07 $ 0.52 $ 0.35 Diluted net income $ 0.27 $ 0.06 $ 0.52 $ 0.33 Funds from operations(2)-basic $ 0.43 $ 0.25 $ 0.82 $ 0.72 Funds from operations(2)-diluted $ 0.43 $ 0.25 $ 0.82 $ 0.72
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 4
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands) 6/30/04 12/31/03 ------- -------- Real estate, at cost $ 1,324,298 $ 1,162,395 Accumulated depreciation (171,556) (160,623) Investment in joint ventures 96,455 69,225 Properties held for sale - discontinued operations 48,242 36,478 Intangible assets, net 27,773 14,736 Cash and cash equivalents 121,651 15,923 Deferred expenses, net 9,222 10,013 Accounts receivable 2,413 - Rent receivable - deferred 24,160 24,069 Other assets 49,788 35,195 --------- --------- $ 1,532,446 $ 1,207,411 ========= ========= Mortgages and notes payable $ 725,992 $ 551,385 Other liabilities 14,459 10,667 Prepaid rent 4,173 2,482 Minority interests 59,449 59,220 Shareholders' equity 728,373 583,657 --------- --------- $ 1,532,446 $ 1,207,411 ========= ========= Common shares 48,312,044 40,682,001 Preferred shares-Series B 3,160,000 3,160,000 Operating partnership units 5,330,401 5,430,454 --------- --------- 56,802,445 49,272,455 ========= =========
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 April 2002 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 5
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2004 2003 2004 2003 ---- ---- ---- ---- Earning Per Share - ----------------- Basic Income from continuing operations $ 11,415 $ 1,127 $ 21,832 $ 8,647 Less preferred dividends (1,590) (212) (3,180) (212) ---------- ---------- ---------- ---------- Income allocable to common shareholders from continuing operations - basic 9,825 915 18,652 8,435 Total income from discontinued operations - basic 3,202 1,356 4,763 2,599 ---------- ---------- ---------- ---------- Net income allocable to common shareholders $ 13,027 $ 2,271 $ 23,415 $ 11,034 ========== ========== ========== ========== Weighted average number of common shares outstanding 47,704,823 32,920,546 45,089,816 31,460,135 ========== ========== ========== ========== Per share data: Income from continuing operations $ 0.21 $ 0.03 $ 0.41 $ 0.27 Income from discontinued operations 0.06 0.04 0.11 0.08 ---------- ---------- ---------- ---------- Net income $ 0.27 $ 0.07 $ 0.52 $ 0.35 ========== ========== ========== ========== Diluted Income allocable to common shareholders from continuing operations-basic $ 9,825 $ 915 $ 18,652 $ 8,435 Adjustments: Incremental (income)/expense attributed to assumed conversion of dilutive securities -- (245) -- 893 ---------- ---------- ---------- ---------- Income allocable to common shareholders from continuing operations-diluted 9,825 670 18,652 9,328 Total income from discontinued operations - diluted 3,202 1,468 4,763 2,919 ---------- ---------- ---------- ---------- Net income allocable to common shareholders - diluted $ 13,027 $ 2,138 $ 23,415 $ 12,247 ========== ========== ========== ========== Weighted average number of shares used in calculation of basic earnings per share 47,704,823 32,920,546 45,089,816 31,460,135 Add incremental shares representing: Shares issuable upon exercises of employee share options 100,935 199,986 134,784 181,690 Shares issuable upon conversion of dilutive securities -- 5,212,514 -- 5,231,012 ---------- ---------- ---------- ---------- Weighted average number of shares used in calculation of diluted earnings per common share 47,805,758 38,333,046 45,224,600 36,872,837 ========== ========== ========== ========== Per share data: Income from continuing operations - diluted $ 0.21 $ 0.02 $ 0.41 $ 0.25 Income from discontinued operations - diluted 0.06 0.04 0.11 0.08 ---------- ---------- ---------- ---------- Net income - diluted $ 0.27 $ 0.06 $ 0.52 $ 0.33 ========== ========== ========== ==========
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 6
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2004 2003 2004 2003 ---- ---- ---- ---- Funds From Operations - --------------------- Basic and Diluted - ----------------- Net income allocable to common shareholders - basic $ 13,027 $ 2,271 $ 23,415 $ 11,034 Adjustments: Depreciation and amortization 9,109 6,860 16,860 13,221 Minority interests-OP Units 1,180 (138) 2,109 1,101 Amortization of leasing commissions 183 200 365 400 Joint venture adjustment-depreciation 1,559 981 2,873 1,889 Gains on sale of properties (2,327) (684) (4,065) (1,143) ----------- ----------- ----------- ----------- Funds from operations $ 22,731 $ 9,490 $ 41,557 $ 26,502 =========== =========== =========== =========== Basic - ----- Weighted average shares outstanding-basic EPS 47,704,823 32,920,546 45,089,816 31,460,135 Operating partnership units 5,352,198 5,212,514 5,372,411 5,231,012 ----------- ----------- ----------- ----------- Weighted average shares outstanding-basic FFO 53,057,021 38,133,060 50,462,227 36,691,147 =========== =========== =========== =========== FFO per share $ 0.43 $ 0.25 $ 0.82 $ 0.72 =========== =========== =========== =========== Diluted - ------- Weighted average shares outstanding-diluted EPS 47,805,758 38,333,046 45,224,600 36,872,837 Operating partnership units 5,352,198 -- 5,372,411 -- ----------- ----------- ----------- ----------- Weighted average shares outstanding-diluted FFO 53,157,956 38,333,046 50,597,011 36,872,837 =========== =========== =========== =========== FFO per share $ 0.43 $ 0.25 $ 0.82 $ 0.72 =========== =========== =========== ===========
### EX-99 3 ex99-2.txt EX. 99.2: SUPPLEMENTAL REPORTING PACKAGE Exhibit 99.2 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the six months ended June 30, 2004 Table of Contents Income Statements.................................................. 1 Balance Sheets..................................................... 2 Second Quarter Transaction Summary................................. 3 First Quarter Transaction Summary.................................. 4 Property Holdings.................................................. 5 Properties by Location............................................. 14 Lease Rollover Schedules........................................... 15 Mortgages and Notes Payable........................................ 17 Revenue by Tenant Industry......................................... 21 Other Revenue Data................................................. 22
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2004 2003 2004 2003 ---- ---- ---- ---- Gross revenues: Rental $ 35,254 $ 26,207 $ 66,318 $ 51,927 Advisory fees 777 181 1,727 506 Tenant reimbursements 1,348 1,226 2,873 2,333 ---------- ---------- ---------- ---------- Total gross revenues 37,379 27,614 70,918 54,766 Expense applicable to revenues: Depreciation and amortization (9,292) (6,847) (17,123) (13,167) Property operating (2,570) (1,905) (5,078) (3,844) General and administrative (2,549) (2,405) (6,023) (4,674) Non-operating income 649 230 770 514 Interest and amortization expense (12,330) (9,517) (21,676) (19,112) Debt satisfaction charges -- (7,685) -- (7,685) ---------- ---------- ---------- ---------- Income (loss) before provision for income taxes, minority interests 11,287 (515) 21,788 6,798 and equity in earnings of joint ventures Provision for income taxes (488) -- (1,253) -- Minority interests (1,101) 245 (2,224) (893) Equity in earnings of joint ventures 1,717 1,397 3,521 2,742 ---------- ---------- ---------- ---------- Income from continuing operations 11,415 1,127 21,832 8,647 ---------- ---------- ---------- ---------- Discontinued operations, net of minority interest: Income from discontinued operations 1,353 672 2,910 1,456 Impairment charge (478) -- (2,212) -- Gains on sales of properties 2,327 684 4,065 1,143 ---------- ---------- ---------- ---------- Total discontinued operations 3,202 1,356 4,763 2,599 ---------- ---------- ---------- ---------- Net income 14,617 2,483 26,595 11,246 Dividends attributable to preferred shares - Series B (1,590) (212) (3,180) (212) ---------- ---------- ---------- ---------- Net income allocable to common shareholders $ 13,027 $ 2,271 $ 23,415 $ 11,034 Depreciation and amortization 9,109 6,860 16,860 13,221 Minority interests-OP Units 1,180 (138) 2,109 1,101 Amortization of leasing commissions 183 200 365 400 Joint venture adjustment-depreciation 1,559 981 2,873 1,889 Gains on sales of properties (2,327) (684) (4,065) (1,143) ---------- ---------- ---------- ---------- Funds from operations $ 22,731 $ 9,490 $ 41,557 $ 26,502 ========== ========== ========== ========== Rent below GAAP revenue(1) $ 1,218 $ 1,013 $ 1,749 $ 2,150 ========== ========== ========== ========== Per share/unit Basic net income $ 0.27 $ 0.07 $ 0.52 $ 0.35 Diluted net income $ 0.27 $ 0.06 $ 0.52 $ 0.33 Funds from operations(2)-basic $ 0.43 $ 0.25 $ 0.82 $ 0.72 Funds from operations(2)-diluted $ 0.43 $ 0.25 $ 0.82 $ 0.72
1
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands) 6/30/04 12/31/03 ------- -------- Real estate, at cost $ 1,324,298 $ 1,162,395 Accumulated depreciation (171,556) (160,623) Investment in joint ventures 96,455 69,225 Properties held for sale - discontinued operations 48,242 36,478 Intangible assets, net 27,773 14,736 Cash and cash equivalents 121,651 15,923 Deferred expenses, net 9,222 10,013 Accounts receivable 2,413 - Rent receivable - deferred 24,160 24,069 Other assets 49,788 35,195 ------------ ------------ $ 1,532,446 $ 1,207,411 ============ ============ Mortgages and notes payable $ 725,992 $ 551,385 Other liabilities 14,459 10,667 Prepaid rent 4,173 2,482 Minority interests 59,449 59,220 Shareholders' equity 728,373 583,657 ------------ ------------ $ 1,532,446 $ 1,207,411 ============ ============ Common shares 48,312,044 40,682,001 Preferred shares-Series B 3,160,000 3,160,000 Operating partnership units 5,330,401 5,430,454 ------------ ------------ 56,802,445 49,272,455 ============ ============
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 April 2002 "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 Second Quarter Transaction Summary Investments ($000's) Average Scheduled Property Capitalized Annual GAAP Lease Tenant/Guarantor Location Type Costs Rent Yield Term - ---------------- -------- ---- ----- ---- ----- ---- ING USA Annuity and Life West Chester, PA Office $ 19,400 $ 2,038 10.5% 05/10 Insurance Company(1) Federal -Mogul Corporation Southfield, MI Office 12,796 1,057 8.3% 01/15 Principal Life Insurance Company Clive, IA Office 9,292 774 8.3% 01/12 Dana Corporation (1) Antioch, TN Office 25,400 2,585 10.2% 10/21 Equant N.V. (1) Herndon, VA Office 20,773 2,011 9.7% 04/15 Kirkland's, Inc. Jackson, TN Industrial 15,714 1,398 8.9% 05/19 Carlson Restaurants Carrollton, TX Office 19,800 1,975 9.0% 12/18 Worldwide, Inc. (2) ----------- ----------- ---- $ 123,175 $ 11,838 9.4% =========== =========== ==== Dispositions ($000's) Tenant/Guarantor Location Property Net Sale Net - ---------------- -------- Type Price Book Value ---- ----- ---------- The Home Depot USA, Inc. Bethesda, MD Retail $ 7,183 $ 2,269 Comp USA, Inc. Reno, NV Retail 3,873 2,377 ----------- ---------- $ 11,056 $ 4,646 =========== ========== Lease Extensions ($000's) Property Previous Extended Extension Rent Tenant/Guarantor Location Type Term Term Per Annum - ---------------- -------- ---- ---- ---- --------- Bally Total Fitness Corporation Countryside, IL Retail 6/07 6/17 $ 513 Kelsey-Hayes Company Livonia, MI Office 4/07 4/14 838 Kelsey-Hayes Company Livonia, MI Industrial 4/07 4/14 1,124 Delray Farms, LLC Gainesville, GA Retail 2/09 1/14 209 Tenneco Automotive, Inc. Marshall, MI Industrial 8/05 8/10 605 New Financings ($000's) Tenant/Guarantor Location Amount Rate Term - ---------------- -------- ------ ---- ---- Equant N.V. (1) Herndon, VA $ 12,450 5.92% 4/15 Kirkland's, Inc. Jackson, TN 10,400 5.93% 5/14 Employers Reinsurance Corporation Overland Park, KS 37,620 5.83% 5/19 Employers Reinsurance Corporation Kansas City, MO 17,950 5.83% 5/19 Bell South Corporation(1) Baton Rouge, LA 6,955 4.90% 10/12 Linens-n-Things, Inc. (1) Logan Township, NJ 7,690 4.76% 4/14 --------- ----- $ 93,065 5.70% ========= ===== Assumed Financings ($000's) Tenant/Guarantor Location Amount Rate Term - ---------------- -------- ------ ---- ---- ING USA Annuity and Life Insurance West Chester, PA $ 11,379 6.75% 7/19 Company(1) Federal-Mogul Corporation Southfield, MI 11,629 4.55% 2/15 Dana Corporation(1) Antioch, TN 14,900 7.94% 10/11 --------- ----- $ 37,908 6.54% ========= =====
1. Lexington has a 30% interest in this property. 2. Lexington currently has a $19.8 million convertible mortgage on this property with an option to acquire the property by making an additional payment of $2.2 million. 3
LEXINGTON CORPORATE PROPERTIES TRUST First Quarter Transaction Summary Acquisitions ($000's) Average Average Property Capitalized Annual Average Lease Tenant/Guarantor Location Type Costs Rent Yield Term - ---------------- -------- ---- ----- ---- ----- ---- New Jersey Natural Gas Co. Wall, NJ Office $ 37,563 $ 3,323 8.8% 6/21 TNT Logistics North America, Inc. Moody, AL Industrial 11,559 1,054 9.1% 1/14 (TPG N.V.) T-Mobile USA, Inc. Redmond, OR Office 16,485 1,552 9.4% 1/19 T-Mobile USA, Inc. Mission, TX Office 10,168 979 9.6% 6/15 The Shaw Group, Inc. Centennial, CO Office 24,977 2,418 9.7% 5/13 Baker Hughes, Inc. (4 properties) Houston, TX Office (3) 131,231 13,230 10.1% 9/15 Industrial (1) Michaels Stores, Inc.(1) New Lenox, IL Industrial 28,651 1,892 6.6% 1/24 ----------- --------- ---- $ 260,634 $ 24,448 9.4% =========== ========= ==== Dispositions ($000's) Tenant/Guarantor Location Property Net Sale Net - ---------------- -------- Type Price Book Value ---- ----- ---------- Bally Total Fitness Corp. DeWitt, NY Retail $ 3,030 $ 2,312 Wal-Mart Stores East, Inc. Riverdale, GA Retail 3,230 2,109 ---------- -------- $ 6,260 $ 4,421 ========== ======== Lease Extensions ($000's) Property Previous Extended Extension Rent Tenant/Guarantor Location Type Term Term Per Annum - ---------------- -------- ---- ---- ---- --------- Bally Total Fitness Corp. Phoenix, AZ Retail 6/08 12/14 $ 642 New Financings ($000's) Tenant/Guarantor Location Amount Rate Term - ---------------- -------- ------ ---- ---- Ryder Systems, Inc. Waterloo, IA $ 6,800 5.61% 2/13 Exel Logistics, Inc. Mechanicsburg, PA 13,870 5.73% 3/14 Fred Meyer, Inc. Newport, OR 7,000 5.03% 8/11 IKON Office Solutions, Inc.(1) Malvern, PA 13,400 5.53% 1/14 Siemens Dematic Postal Automation, LP.(2) Arlington, TX 22,000 5.81% 2/14 TNT Logistics North America, Inc. Moody, AL 7,675 4.98% 1/14 (TPG N.V.) Michaels Stores, Inc. (1) New Lenox, IL 17,400 5.51% 2/14 T-Mobile USA, Inc. Mission, TX 6,570 5.78% 6/15 T-Mobile USA, Inc. Redmond, OR 10,100 5.62% 4/14 ----------- ----- $ 104,815 5.57% =========== ===== Assumed Financings ($000's) Tenant/Guarantor Location Amount Rate Term - ---------------- -------- ------ ---- ---- Baker Hughes, Inc. Houston, TX $ 123,642(3) 6.25%(3) 9/15 New Jersey Natural Gas Co. Wall, NJ 30,036(4) 6.25%(4) 1/21 The Shaw Group, Inc. Centennial, CO 15,891 6.15% 2/13 ----------- ----- $ 169,569 6.24% =========== =====
1. Lexington has a 30% interest in this property. 2. Lexington has a 25% interest in this property. 3. Face amount of debt is $110,696 with a stated rate of 8.04%. 4. Face amount of debt is $27,500 with a stated rate of 7.32%. 4
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/04 - ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ Office - ------ 295 Chipeta Way Northwest Pipeline Corp. $ 4,387 $ 4,387 295,000 1982 Salt Lake City, UT 10001 Richmond Avenue Baker Hughes, Inc. 1,336 1,983 554,385 1976/1984 Houston, TX 5200 Metcalf Avenue Employers Reinsurance 1,921 1,921 320,198 1980/1990/ Overland Park, KS Corporation 2003 1600 Viceroy Drive VarTec Telecom, Inc. 1,722 1,743 249,452 1986 Dallas, TX 3476 Stateview Boulevard Wells Fargo Home 1,381 1,486 169,083 2002 Fort Mill, SC Mortgage (4) (5) 9950 Mayland Drive Circuit City Stores, Inc. 1,430 1,396 288,562 1990 Richmond, VA 1415 Wyckoff Road New Jersey Natural Gas Co. (10) 1,292 1,292 157,511 1983 Wall Township, NJ 2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 1,167 1,277 109,281 1985/2001 Valley Forge, PA 1301 California Circle Artesyn North America, Inc. 1,447 1,274 100,026 1985 Milpitas, CA (Balfour Beatty plc) 700 Oakmont Lane North American Van Lines, Inc. 1,146 1,258 269,715 1989 Westmont, IL (SIRVA, Inc.)(3) 2211 South 47th Street Avnet, Inc. 1,276 1,235 176,402 1997 Phoenix, AZ 13651 McLearen Road Boeing North American 1,305 1,222 159,664 1987 Herndon, VA Services, Inc. (The Boeing Company) 5600 Broken Sound Blvd Oce Printing Systems USA, Inc. 1,006 1,123 143,290 1983/2002 Boca Raton, FL 4200 RCA Boulevard The Wackenhut Corp.(6) 1,080 1,083 114,518 1996 Palm Beach Gardens, FL 701 Brookfield Parkway Verizon Wireless (7) 965 1,033 192,884 2000/2001 Greenville, SC 19019 No. 59th Avenue Honeywell, Inc. 1,001 990 252,300 1985 Glendale, AZ 401 Elm Street Lockheed Martin Corp. 935 935 126,000 1960/1988 Marlborough, MA (Honeywell, Inc.) 9201 Stateline Employers Reinsurance 917 917 166,641 1963/1985/ Kansas City, MO Corporation 2003 26210 and 26220 Enterprise Apria Healthcare Group, Inc. 824 896 100,012 2001 Court Lake Forest, CA
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/04 - ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 1600 Eberhardt Road Nextel of Texas 692 779 108,800 2001 Temple, TX 200 Executive Blvd. S Hartford Fire Insurance Co. 1,083 775 153,364 1983 Southington, CT 9275 S.W. Peyton Lane Hollywood Entertainment 734 766 122,853 1980/1998 Wilsonville, OR Corp. 160 Clairemont Avenue Allied Holdings, Inc. 794 765 112,248 1983 Decatur, GA 10419 North 30th Street Time Customer Service, Inc. 697 705 132,981 1986 Tampa, FL (Time, Inc.) 250 Rittenhouse Circle Jones Apparel Group 633 693 255,019 1982 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) (1) 400 Butler Farm Road Nextel Communications of 632 651 100,632 1999 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 2999 SW 6th St. Voice Stream PCS I LLC 514 597 77,484 2004 Redmond, OR (T-Mobile USA, Inc.) 6455 State Hwy 303 NE Nextel West Corporation 484 556 60,200 2001 Bremerton, WA 13430 N. Black Canyon Bull HN Information 549 543 137,058 1985/1994 Freeway Systems, Inc. Phoenix, AZ 359 12645 W. Airport Road Baker Hughes, Inc. 522 165,836 1997 Sugar Land, TX 180 Rittenhouse Circle Jones Apparel Group 445 485 96,000 1998 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 3711 San Gabriel Voice Stream PCS II LLC 416 453 75,016 2004 Mission, TX (T-Mobile USA, Inc.) 16275 Technology Drive Cymer, Inc. 429 444 65,755 1989 San Diego, CA (Hewlett-Packard) 2401 Cherahala Boulevard Advance PCS, Inc. 393 411 59,748 2002 Knoxville, TN 12000 Tech Center Drive Kelsey-Hayes Company 361 363 80,230 1988 Livonia, MI 421 Butler Farm Road Nextel Communications of 354 362 56,515 2000 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 2210 Enterprise Drive Washington Mutual 348 342 177,747 1998 Florence, SC Home Loan, Inc.
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/04 - ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 100 Barnes Road Minnesota Mining and 269 303 44,400 1978/1985 Wallingford, CT Manufacturing Company 1440 East 15th Street Cox Communications, Inc. 214 228 28,591 1988 Tucson, AZ 2529 West Thorns Drive Baker Hughes, Inc. 219 228 65,500 1981/1999 Houston, TX 250 Turnpike Road Honeywell Consumer 216 216 57,698 1984 Southborough, MA Products 183 Plains Road IKON Office Solutions, Inc. 168 168 27,360 1994 Milford, CT 26555 Northwestern Highway Federal-Mogul Corporation - 11 187,163 1963/1965 Southfield, MI 1275 NW 128th Street Principal Life Insurance 2 2 61,180 2004 Clive, IA Company(12) 2300 Litton Lane VACANT (9) 1,199 322 81,744 1987 Hebron, KY 3615 North 27th Avenue VACANT - - 179,280 1960/1979 Phoenix, AZ ---------------------------------------------------------------------------------- Subtotal $ 38,742 $ 39,141 6,715,326 ---------------------------------------------------------------------------------- Industrial - ---------- 541 Perkins Jones Road Kmart Corp. $ 4,680 $ 4,466 1,700,000 1982 Warren, OH 2425 Highway 77 North James Hardie Building 1,700 1,700 425,816 1996/1997 Waxahachie, TX Products, Inc. (James Hardie Industries NV) 3501 West Avenue H Michaels Stores, Inc. 1,619 1,652 762,775 1998/2002 Lancaster, CA 6345 Brackbill Boulevard Exel Logistics, Inc. 1,018 1,126 507,000 1985/1991 Mechanicsburg, PA (NFC plc) 8305 SE 58th Avenue Associated Grocers of 1,033 1,119 668,034 1976 Ocala, FL Florida, Inc. 159 Farley Drive Harbor Freight Tools 821 906 474,473 2001 Dillon, SC (Central Purchasing, Inc.) 9110 Grogans Mill Road Baker Hughes, Inc. 878 824 275,750 1992 Houston, TX 590 Ecology Lane Owens Corning 810 810 193,891 2001 Chester, SC
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/04 - ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 4425 Purks Road Lear Technologies LLC 702 683 183,717 1989/1998 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 743 674 330,000 1989 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, Inc. 539 603 354,676 2002 Groveport, OH (Andrx Corporation) 7500 Chavenelle Road The McGraw-Hill Companies, 515 582 330,988 2002 Dubuque, IA Inc. 12025 Tech Center Drive Kelsey-Hayes Company 500 509 100,000 1987/1988 Livonia, MI 3102 Queen Palm Drive Time Customer Service, Inc. 486 505 229,605 1986 Tampa, FL (Time, Inc.) 2280 Northeast Drive Ryder Integrated 499 502 276,480 1996/1997 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 551 500 252,000 1985 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 460 492 400,522 1999 Hebron, OH 3600 Southgate Drive Sygma Network, Inc. 467 467 149,500 2000 Danville, IL 46600 Port Street Johnson Controls, Inc. 441 441 134,160 1996 Plymouth, MI 1133 Poplar Creek Road Corporate Express Office 377 405 196,946 1998 Henderson, NC Products, Inc. (Buhrmann, N.V.) Moody Commuter & Tech TNT Logistics North 360 360 595,346 2004 Park America, Inc. Moody, AL (TPG N.V.) 450 Stern Street Johnson Controls, Inc. 334 334 296,720 1970 Oberlin, OH 222 Tappan Drive North The Gerstenslager Company 337 334 111,160 1996 Mansfield, OH (Worthington Industries) 34 East Main Street Exel Logistics, Inc. 360 327 179,200 1981 New Kingston, PA (NFC plc) 191 Arrowhead Drive Owens Corning 289 313 250,410 2000 Hebron, OH 904 Industrial Road Tenneco Automotive 298 294 195,640 1968/1972 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.)
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/04 - ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 109 Stevens Street Unisource Worldwide, Inc. 278 294 168,800 1958/1969 Jacksonville, FL 128 Crews Drive Stone Container Corporation 271 285 185,961 1968/1998 Columbia, SC 1700 47th Avenue North Owens Corning 267 267 18,620 2003 Minneapolis, MN 7150 Exchequer Drive Corporate Express Office 173 184 65,043 1998 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 431 Smith Lane Kirkland's, Inc. (11) 182 182 771,127 2004 Jackson, TN 324 Industrial Park Road SKF USA, Inc. 181 181 72,868 1996 Franklin, NC 187 Spicer Drive Dana Corporation 173 170 148,000 1983/1985 Gordonsville, TN 300 McCormick Road Ameritech Services, Inc. 128 128 20,000 1990 Columbus, OH 1601 Pratt Avenue Tenneco Automotive 83 82 53,600 1979 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 3350 Miac Cove Road Mimeo.com, Inc. (8) 88 74 141,359 1987 Memphis, TN ---------------------------------------------------------------------------------- Subtotal $ 22,641 $ 22,775 11,220,187 ---------------------------------------------------------------------------------- Retail - ------ 2655 Shasta Way Fred Meyer, Inc. $ 505 $ 505 178,204 1986 Klamath Falls, OR Fort Street Mall, King Street Liberty House, Inc. 482 486 85,610 1980 Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 413 413 118,179 1986 Newport, OR 6475 Dobbin Road Offenbacher Aquatics, Inc 79 93 17,100 1983 Columbia, MD Haverty Furniture Companies, - 316 46,724 Inc. 35400 Cowan Road Sam's Real Estate 376 376 102,826 1987/1997 Westland, MI Business Trust 12235 N. Cave Creek Bally's Health & Tennis 421 375 36,556 1988 Phoenix, AZ Corporation
9
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/04 - ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 4733 Hills & Dales Road Scandinavian Health Spa, Inc. 357 343 37,214 1987 Canton, OH (Bally Total Fitness Corp.) 24100 Laguna Hills Mall Federated Department 338 337 160,000 1974 Laguna Hills, CA Stores, Inc. 1160 White Horse Road Physical Fitness Centers of 410 335 31,750 1987 Voorhees, NJ Philadelphia, Inc. (Bally Total Fitness Corp.) 5917 S. La Grange Road Bally Total Fitness Corp. 330 329 25,250 1987 Countryside, IL 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 233 233 46,350 1995 Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, Inc. 226 231 76,164 1994 Eau Claire, WI 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 216 212 42,842 1981 Clackamas, OR 399 Peach Wood Centre Drive Best Buy Co., Inc. 198 198 45,800 1996 Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 199 196 43,105 1981 Boulevard Lynwood, WA 7272 55th Street Circuit City Stores, Inc. 211 188 45,308 1988 Sacramento, CA 6910 S. Memorial Highway Toys "R" Us, Inc. 182 179 43,123 1981 Tulsa, OK 9580 Livingston Road GFS Realty, Inc. 136 133 107,337 1976 Oxon Hill, MD (Giant Food, Inc.) 2275 Browns Bridge Road Wal-Mart Stores, Inc. 109 109 89,199 1984 Gainesville, GA 121 South Center Street Greyhound Lines, Inc. 102 102 17,000 1968 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 112 76 51,682 1977 Rockville, MD (Giant Food, Inc.) A1 21 South Wal-Mart Real Estate 73 73 56,132 1983 Jacksonville, AL Business Trust 2832 Chandler Mountain Road Circuit City Stores,Inc. 50 50 9,300 1986 Lynchburg, VA ---------------------------------------------------------------------------------- Subtotal $ 5,758 $ 5,888 1,512,755 ---------------------------------------------------------------------------------- ---------------------------------------------------------------------------------- Grand Total $ 67,141 $ 67,804 19,448,268 ----------------------------------------------------------------------------------
10 (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) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment of $1,300. (4) Expense stop on this property is $808. (5) 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. (6) This is a modified gross lease. An annual net operating expense for which the Company is responsible approximates $494. (7) Expense stop on this property is $112 per annum. (8) Tenant occupies 35,000 square feet and is responsible for all operating expenses. (9) Tenant exercised termination option effective on 4/30/04. (10) Tenant can cancel lease for uneconomic obsolescence on or after 12/22/05 and pay an amount as stipulated in lease. (11) Tenant can cancel lease on 5/30/14 for a payment equal to the remaining 5 years rent discounted at 150 bps over the then 5 year U.S. Treasury rate. (12) Tenant can cancel lease on 2/1/09 with twelve months notice and a payment equal to one year rent and operating costs. 11
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 6/30/04 - ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ Office - ------ 389-399 Interpace Highway Aventis Pharmaceuticals, Inc $ 3,922 $ 4,244 340,240 2000 Morris Corporate Center IV (Pharma Holdings GmbH)(13) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 3,207 3,465 456,304 1999/2001 Columbia, SC of South Carolina Inc.(14) 100 Wood Hollow Drive Greenpoint Mortgage 2,116 2,432 124,600 2001 Novato, CA Funding, Inc. (17)(18) 6555 Sierra Drive True North Communications 2,005 2,125 247,254 1999 Irving, TX Inc.(13) 15375 Memorial Drive Vastar Resources, Inc.(13) 1,718 1,718 327,325 1985 Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A.(13)(16) 1,592 1,644 193,000 1999 Fishers, IN 600 International Parkway First USA Management 1,433 1,460 125,155 1997 Lake Mary, FL Services, Inc.(13)(15) 550 International Parkway First USA Management 1,382 1,410 125,920 1999 Lake Mary, FL Services, Inc.(13)(15) 2000 Eastman Drive Structural Dynamic 1,347 1,394 212,836 1991 Milford, OH Research Corp.(13) 3701 Corporate Drive Motorola, Inc.(13) (26) 1,357 1,357 119,829 2001 Farmington Hills, MI 1401 & 1501 Nolan Ryan Parkway Siemens Dematic Postal 1,111 1,180 233,783 2003 Arlington, TX Automation, L.P. (20) 14040 Park Center Road NEC America, Inc.(13) 935 1,012 108,000 1987 Herndon, VA 70 Valley Stream Parkway IKON Office Solutions, Inc(17)(21) 962 997 106,855 1987 Malvern, PA 1110 Bayfield Drive Honeywell International, Inc.(13) 767 819 166,575 1980/2002 9201 East Dry Creek Road The Shaw Group, Inc. (17) (23) 483 734 128,500 2001/2002 Centennial, CO 4455 American Way Bell South Mobility, Inc. (17) 494 539 70,100 1997 Baton Rouge, LA 27027 Tourney Road Specialty Labs(17) (22) 499 499 187,262 2004 Santa Clarita, CA 13775 McLearen Road Equant N.V. (17) (25) 342 391 125,293 1984/1988/ Herndon, VA 1992
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Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 6/30/04 - ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 1475 Dunwoody Drive ING USA Annuity and Life 11 11 125,000 1998/1999 West Chester, PA Insurance Company (17) 6050 Dana Way Dana Corporation(17) (24) - - 677,400 1999 Antioch, TN ----------------------------------------------------- Subtotal Office $ 25,683 $ 27,431 4,201,231 ----------------------------------------------------- Industrial 101 Michelin Drive TNT Logistics North $ 1,551 $ 1,614 1,164,000 1991/1993 Laurens, SC America, Inc. (TPG N.V.) (13) 7111 Crabb Road TNT Logistics North 1,039 1,081 752,000 1978/1993 Temperance, MI America, Inc. (TPG N.V.) (13) 121 Technology Drive Heidelberg Web Systems, 1,005 1,039 500,500 1986/2003 Durham, NH Inc. (13) (19) 43955 Plymouth Oaks Boulevard Tower Automotive Products 943 943 290,133 1996/1998 Plymouth, MI Company (Tower Automotive, Inc.) (17) 2400 West Haven Avenue Michaels Stores Procurement 880 880 693,000 2004 New Lenox, IL Company, Inc. (Michaels Stores, Inc.)(17) 291 Park Center Drive Kraft Foods North 710 758 344,700 2001 Winchester, VA America, Inc.(13) 1109 Commerce Boulevard Linens-n-Things, Inc. (17) 629 626 262,644 1998 Logan Township, NJ ----------------------------------------------------- Subtotal Industrial $ 6,757 $ 6,941 4,006,977 ----------------------------------------------------- $ 32,440 $ 34,372 8,208,208 ===================================================
(13) The Company has a 33 1/3% economic interest in this property. (14) The Company has a 40% economic interest in this property. (15) Cumulative expense stop on these properties is $1,264 per annum. (16) Expense stop on this property is $768 per annum. (17) The Company has a 30% economic interest in this property. (18) Expense stop on this property is $922 per annum. (19) Tenant can cancel lease anytime after 9/30/11 with 365 days notice and payment currently of $23,433. (20) The Company has a 25% economic interest in this property. (21) Tenant can cancel lease anytime after 9/30/10 with a payment equal to the present value of all remaining lease payments, including operating expenses, discounted at 6%. (22) Property is currently being developed. (23) Tenant can cancel lease on 5/1/13 and 3/1/15 for a payment of $2,850 and $1,500, respectively. (24) Tenant can cancel lease between 11/1/08 through 10/30/18 with 120 days notice and a stipulated payment which is in excess of debt balance. (25) Tenant can cancel lease no earlier than 4/30/13 with 12 months notice and a payment equal to the net present value of remaining rent discounted at 12%. (26) Tenant can cancel lease on 12/28/11 with 18 months notice and a payment equal to two years rent and two years of unamortized tenant allowance. 13
The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 6/30/04 Historical 6-Months Ended June 30, 2004 ------------------- No. of Number of Percent Square Base Rent Percent of Locations Location Properties(3) Leased Feet(2) ($000's)(1) Base Rent - ----------------------------------------------------------------------------------------------------------------------- 1 Texas 11 100% 2,728,917 $ 9,808 12.2% 2 Ohio 10 100 3,429,888 7,711 9.6 3 South Carolina 9 100 3,060,143 6,984 8.7 4 Florida 7 100 1,708,303 5,786 7.2 5 California 8 100 1,562,738 5,772 7.2 6 Pennsylvania 9 100 1,960,355 5,384 6.7 7 Virginia 8 100 1,192,666 4,388 5.4 8 Utah 1 100 295,000 4,387 5.4 9 Michigan 11 100 2,199,298 3,932 4.9 10 Arizona 6 78 810,187 3,371 4.2 11 New Jersey 4 100 792,145 3,229 4.0 12 Oregon 5 100 539,562 2,493 3.1 13 Illinois 4 100 1,137,465 2,318 2.9 14 Kansas 1 100 320,198 1,921 2.4 15 Connecticut 3 100 225,124 1,246 1.5 16 Massachusetts 2 100 183,698 1,151 1.4 17 Iowa 3 100 668,648 1,087 1.3 18 Georgia 3 100 201,447 1,027 1.3 19 Colorado 2 100 295,075 1,007 1.2 20 Missouri 1 100 166,641 917 1.1 21 Tennessee 5 94 1,797,634 837 1.0 22 Maryland 4 100 222,843 824 1.0 23 Washington 2 100 103,305 752 0.9 24 Louisiana 2 100 135,143 723 0.9 25 North Carolina 2 100 269,814 586 0.7 26 Indiana 1 100 193,000 548 0.7 27 Hawaii 1 100 85,610 486 0.6 28 Alabama 2 100 651,478 433 0.6 29 New Hampshire 1 100 500,500 346 0.4 30 Kentucky 1 - 81,744 322 0.4 31 Minnesota 1 100 18,620 267 0.3 32 Wisconsin 1 100 76,164 231 0.3 33 Oklahoma 1 100 43,123 179 0.2 34 Nevada 1 - - 132 0.2 35 New York 1 - - 73 0.1 ------------------------------------------------------------------------------------------------------ Total 134 98.7% 27,656,476 $ 80,658 100.0% ------------------------------------------------------------------------------------------------------
(1)Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. (2) Includes properties owned and under development as of June 30, 2004. (3)Includes operating properties owned during the six months ended June 30, 2004. 14
Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 6/30/04 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 $ 337 $ 12.31 $ - $ - $ - $ - 2005 6,225 15.94 1,095 2.96 - - 2006 4,256 10.73 6,199 5.21 1,960 6.57 2007 4,512 15.63 9,714 5.26 820 25.82 2008 4,896 13.57 - - 2,209 8.47 2009 14,947 16.37 2,207 3.49 2,418 6.89 2010 12,021 17.26 2,436 3.61 - - 2011 6,129 20.78 536 4.67 826 6.99 2012 5,277 14.39 7,838 3.67 - - 2013 7,806 12.20 412 6.34 226 13.50 2014 1,581 11.37 3,522 3.65 847 5.88 2015 18,491 11.49 4,072 9.17 469 6.15 2016 4,509 21.42 1,967 4.19 - - 2017 - - 1,286 3.89 645 8.39 2018 3,842 12.00 2,519 3.77 860 9.33 2019 3,616 14.81 4,814 3.13 - - 2020 2,500 17.44 5,003 8.10 - - 2021 4,234 26.88 1,234 3.37 - - 2022 - - - - - - 2023 - - - - - - 2024 - - 568 2.73 821 17.57
(1) Includes proportionate share of joint venture investments. 15
Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis 6/30/04 ($000's) Percentage of Total Total Number of Annualized Annualized Year Leases Expiring Base Rent (1) Base Rent - -------------------------------------------------------------------------------------------------------------------- 2004 1 $ 337 0.2% 2005 6 7,341 4.3 2006 14 13,849 8.1 2007 5 13,813 8.1 2008 6 7,777 4.6 2009 15 19,392 11.4 2010 11 13,488 7.9 2011 6 8,067 4.7 2012 11 11,952 7.0 2013 9 8,139 4.8 2014 9 6,020 3.5 2015 13 24,297 14.2 2016 5 5,846 3.4 2017 3 1,829 1.1 2018 4 6,940 4.1 2019 4 8,086 4.7 2020 3 7,264 4.3 2021 3 3,808 2.2 2022 - - - 2023 - - - 2024 3 2,269 1.4 ------------------------------------------------------------------------------------------------- Total 131 $ 170,514 100.0% =================================================================================================
(1) Includes proportionate share of joint venture investments. 16
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 6/30/04 ($000's) - ------------------------------------------------------------------------------------------------------------------------------------ Current Estimated Debt Interest Annual Balloon Property - Fixed Rate Balance Rate Maturity Debt Service Payment - ------------------------------------------------------------------------------------------------------------------------------------ Warren, OH $ 18,833 7.000 Oct-07 $ 6,160 $ -- Bristol, PA 9,677 7.400 Feb-08 831 9,262 Boca Raton, FL(f) 15,275 5.250 Mar-08 802 15,275 Decatur, GA 6,630 6.720 Jun-08 579 6,049 Phoenix, AZ 14,072 7.890 Jun-08 1,434 12,591 Palm Beach Gardens, FL 11,252 7.010 Jun-08 970 10,418 Dubuque, IA 7,276 4.890 Aug-08 513 6,588 Canton, OH 3,289 7.150 Aug-08 313 2,936 Spartanburg, SC 2,732 7.150 Aug-08 260 2,438 Hebron, KY 5,303 7.000 Oct-08 451 4,935 Gainesville, GA(e) 844 7.500 Jan-09 218 -- Florence, SC 9,318 7.500 Feb-09 869 8,443 Ocala, FL 12,830 7.250 Feb-09 1,332 10,700 Canton, OH 1,457 9.490 Feb-09 388 -- Baton Rouge, LA 1,863 7.375 Mar-09 208 1,478 Bristol, PA 5,985 7.250 Apr-09 571 5,228 Livonia, MI 10,966 7.800 Apr-09 992 10,236 Henderson, NC 4,363 7.390 May-09 417 3,854 Westland, MI 2,747 10.500 Sep-09 683 -- Salt Lake City, UT 12,460 7.610 Oct-09 2,901 -- Richmond, VA 16,404 8.100 Feb-10 1,511 15,257 Hampton, VA 4,453 8.260 Apr-10 415 4,144 Hampton, VA 7,261 8.270 Apr-10 677 6,758 Tampa, FL 8,299 6.930 Aug-10 674 7,603 Tampa, FL 6,003 6.880 Aug-10 485 5,495 Herndon, VA 18,726 8.180 Dec-10 1,723 17,301 San Diego, CA 4,205 7.500 Jan-11 411 3,420 Tucson, AZ 2,425 7.500 Jan-11 226 2,076 Columbia, SC 3,391 7.540 Jan-11 317 2,905 Valley Forge, PA 12,961 7.120 Feb-11 1,166 10,927 Glendale, AZ 14,699 7.400 Apr-11 1,258 13,365 Auburn Hills, MI 7,131 7.010 Jun-11 637 5,918 Plymouth, MI 4,738 7.960 Jul-11 463 3,949 Newport, OR 6,951 5.030 Aug-11 470 5,980 Greenville, SC 13,774 4.415 Jan-12 841 11,806 New Kingston, PA 7,213 7.790 Jan-12 678 6,101 Mechanicsburg, PA 5,325 7.780 Jan-12 500 4,503 New Kingston, PA 3,437 7.780 Jan-12 323 2,906 Lake Forest, CA 10,778 7.260 Feb-12 901 9,708 Groveport, OH (c) 7,786 6.030 Oct-12 535 6,860 Dallas, TX 21,134 7.490 Dec-12 2,020 16,030 Fort Mill, SC 11,465 6.000 Jan-13 839 9,904 Waterloo, IA 6,679 5.610 Feb-13 672 3,505 Lancaster, CA (first) 10,537 7.020 Sep-13 900 8,637 Lancaster, CA (second) 8,848 5.920 Sep-13 642 7,518 Knoxville, TN 5,264 5.950 Sep-13 381 4,496 Moody, AL 7,649 4.978 Jan-14 493 6,350 Mechanicsburg, PA 13,807 5.730 Mar-14 1,045 10,501 Redmond, OR 10,080 5.616 Apr-14 743 8,484 Jackson, TN 10,400 5.930 May-14 743 8,820 Eau Claire, WI 2,151 8.000 Jul-14 313 -- Southfield, MI 11,585 4.550 Feb-15 1,058 4,451 Franklin, NC 1,903 8.500 Apr-15 263 -- Mission, TX 6,552 5.780 Jun-15 462 5,371 Houston, TX 27,621 6.250 Sep-15 2,052 6,985 Houston, TX 7,826 6.250 Sep-15 662 2,222
17
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 6/30/04 ($000's) - ------------------------------------------------------------------------------------------------------------------------------------ Current Estimated Debt Interest Annual Balloon Property Balance Rate Maturity Debt Service Payment - ------------------------------------------------------------------------------------------------------------------------------------ Sugar Land, TX 18,139 6.250 Sep-15 1,618 6,286 Houston, TX 68,496 6.250 Sep-15 6,534 18,318 Southborough, MA 2,074 7.500 Sep-15 275 -- Danville, IL 6,574 9.000 Jan-16 692 4,578 Temple, TX 9,158 6.090 Jan-16 668 7,446 Bremerton, WA 6,769 6.090 Apr-16 494 5,465 Dillon, SC 11,955 7.900 Dec-16 1,263 5,273 Westmont, IL 16,024 6.210 Mar-18 1,292 9,662 Overland Park, KS(g) 37,620 5.830 May-19 2,224 31,819 Kansas City, MO(h) 17,950 5.830 May-19 1,061 15,182 Wall Township, NJ 29,969 6.250 Jan-21 2,013 -- ------- ----- ------ ------- $ 711,361 6.647% $ 66,479 $ 464,716 ------- ----- ------ ------- Property-Variable Rate Milpitas, CA (a) (b) $ 14,631 4.614% July-05 $ 2,703 $ 12,569 Corporate Credit Facility (d) $ -- -- % Aug-06 $ -- $ -- ------- -------- ------ ------- Total $ 725,992 6.606% $ 69,182 $ 477,285 ======== ======== ========== ===========
____________ (a)Floating rate debt, 30 day LIBOR plus 297 bps until 7/1/04 when spread increases to 350 bps; option to extend maturity to 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) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps. (e)Mortgage is accrual only through 01/31/04. Commencing 02/01/04 annual debt service of $218 is due. (f) Interest only through maturity. (g)Interest only through 5/1/09. Commencing 6/1/09 annual debt service of $2,657 is due. (h)Interest only through 5/1/09. Commencing 6/1/09 annual debt service of $1,268 is due. 18
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 6/30/04 ($000's) - ------------------------------------------------------------------------------------------------------------------------------------ Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment - ------------------------------------------------------------------------------------------------------------------------------------ Columbia, SC(1) $ 24,260 $ 9,704 7.850 Oct-09 $ 2,196 $ 22,586 Houston, TX(2) 21,036 7,012 7.580 Oct-09 2,032 18,229 Fishers, IN(2) 14,939 4,980 8.190 Apr-10 1,499 12,960 Herndon, VA(2) 11,482 3,827 7.600 Sep-10 1,107 9,769 Lake Mary, FL(2) 13,148 4,383 7.880 Oct-10 1,181 12,118 Lake Mary, FL(2) 13,109 4,370 7.880 Oct-10 1,178 12,082 Irving, TX(2) 26,413 8,804 8.160 Oct-10 2,432 24,454 Parsippany, NJ(2) 40,762 13,587 7.350 Mar-11 3,472 37,047 Novato, CA(3) 22,667 6,800 5.750 Jul-11 1,600 20,307 Winchester, VA(2) 10,708 3,569 7.330 Aug-11 908 9,675 Antioch, TN(3) 14,900 4,470 7.940 Oct-11 1,580 11,177 Milford, OH(2) 16,901 5,634 8.170 Feb-12 1,724 12,686 Temperance, MI(2) 11,714 3,905 6.000 Sep-12 936 9,400 Laurens, SC(2) 17,474 5,825 6.000 Sep-12 1,396 14,022 Farmington Hills, MI(2) 21,174 7,058 5.420 Sep-12 1,500 17,724 Baton Rouge, LA(3) 6,947 2,084 4.900 Oct-12 443 5,955 Plymouth, MI(3) 12,659 3,798 6.220 Dec-12 1,026 10,026 Colorado Springs, CO(2) 11,803 3,934 6.250 Dec-12 887 10,272 Centennial, CO(3) 15,841 4,752 6.150 Feb-13 1,177 13,555 Malvern, PA(3) 13,316 3,995 5.530 Jan-14 916 11,236 Arlington, TX(4) 21,912 5,478 5.810 Feb-14 1,551 18,605 New Lenox, IL(3) 17,400 5,220 5.510 Feb-14 972 17,400 Logan Township, NJ(3) 7,690 2,307 4.760 Apr-14 371 6,784 Herndon, VA(3) 12,450 3,735 5.920 Apr-15 888 10,371 West Chester, PA(3) 11,379 3,414 6.750 Jul-19 1,204 -- Durham, NH(2) 19,182 6,394 6.730 Mar-21 1,312 -- ------ ----- ----- ----- ------------ $ 431,266 $ 139,039 6.802% $ 35,488 $ 348,440 ======= ======= ====== ====== ============
_____________________________ 1 The Company has a 40% economic interest in this property. 2 The Company has a 33 1/3% economic interest in this property. 3 The Company has a 30% economic interest in this property. 4 The Company has a 25% economic interest in this property. 19
Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 6/30/04 ($000's) Consolidated properties - ------------------------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2004 - remaining $ 9,147 $ - - 2005 20,990 12,569(1) 4.61% 2006 21,490 - - 2007 26,514 - - 2008 20,163 70,492(2) 6.62% ------------ ------ ----- $ 98,304 $ 83,061 6.32% ============ ====== ===== Joint venture properties - LXP proportionate share - ------------------------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2004 - remaining $ 916 - - 2005 2,009 - - 2006 2,164 - - 2007 2,357 - - 2008 2,529 - - ------------ -------- --------- $ 9,975 - - ============ ======== =========
_____________________________ (1) Milpitas, CA property. (2)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). 20 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 6/30/04 - -------------------------------------------------------------------------------- Percentage of Historical Tenant Industry 6 Month Base Rent (1) - -------------------------------------------------------------------------------- Energy 12.2% Finance/Insurance 11.6 Telecommunications 9.7 Transportation/Logistics 7.9 Retail-Department/ Discount Store 7.7 Technology 6.0 Construction Materials 6.0 Healthcare 5.7 Retail-Specialty 5.4 Aerospace/Defense 4.5 Automotive 4.0 Food 3.7 Retail-Electronics 2.7 Printing/Production 2.6 Consumer Products 2.5 Media/Advertising 2.4 Health/Fitness 1.8 Apparel 1.5 Security 1.4 Paper/Containers/Packaging 0.7 ----- 100.0% ====== (1)Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 21
Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 6/30/04 Historical 6-Month Base Rent Revenue by Property Type ($000's)(A) Percentage - ------------------------------------------------------------------------------------------------------------------------------------ Office $ 49,121 60.9% Industrial 25,085 31.1 Retail 6,452 8.0 ------------- ----- $ 80,658 100.0% ============= ===== Revenue by Credit Rating(C) - --------------------------- Investment Grade $ 37,192 46.1% Non-Investment Grade 16,458 20.4 Unrated 27,008 33.5 ------------- ----- $ 80,658 100.0% ============= ===== Percentage of Base Rent for 6 Number of Months Top 15 Tenants/Guarantors Properties(B) Property Type Ended 6/30/04(A) - ------------------------------------------------------------------------------------------------------------------------------------ Kmart Corporation 1 Industrial 5.5% Northwest Pipeline Corp. 1 Office 5.4 Baker Hughes, Inc. 4 Office (3)/Industrial (1) 4.4 Employers Reinsurance Corp. 2 Office 3.5 Exel Logistics, Inc.(NFC plc) 4 Industrial 3.3 Honeywell, Inc. 4 Office 3.0 Nextel Finance Company 4 Office 2.9 Michaels Stores, Inc. 2 Industrial 2.4 Owens Corning 4 Industrial 2.3 VarTec Telecom, Inc. 1 Office 2.2 James Hardie Building Products, Inc. 1 Industrial 2.1 (James Hardie Industries N.V.) Circuit City Stores, Inc. 3 Office(1)/Retail(2) 2.0 Wells Fargo Home Mortgage, Inc. 1 Office 1.8 Bally Total Fitness Corp. 4 Retail 1.8 Aventis Pharmaceuticals, Inc. 1 Office 1.8 -- ---- 37 44.4% == ====
(A) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (B) As of June 30, 2004. (C) As of July 26, 2004. 22 -----END PRIVACY-ENHANCED MESSAGE-----