-----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, Q228JExKE9fbFGozxTe50oXhMWLMTDDfsQiGvVvEvtG69AdMTDGwPGV5757Tyw25 h5MADRHlyORhGuMN1XIEUQ== 0001116679-04-002199.txt : 20041102 0001116679-04-002199.hdr.sgml : 20041102 20041102155543 ACCESSION NUMBER: 0001116679-04-002199 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041102 DATE AS OF CHANGE: 20041102 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: 041113394 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) October 28, 2004 -------------------------- Lexington Corporate Properties Trust - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Maryland - -------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-12386 13-3717318 - -------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification No.) One Penn Plaza, Suite 4015 New York, New York 10119-4015 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (212) 692-7200 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Conditions. The information (including exhibit 99.1) being furnished pursuant to this "Item 2.02 Results of Operations and Financial Condition" shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Act"), or the Exchange Act, regardless of any general incorporation language in such filing. On October 28, 2004, Lexington Corporate Properties Trust (the "Trust") issued a press release announcing its financial results for the quarter ended September 30, 2004 (the "Press Release"). A copy of the Press Release is furnished as Exhibit 99.1 to this report on Form 8-K. Item 7.01 Regulation FD Disclosure. The information (including exhibit 99.2) being furnished pursuant to this "Item 7.01 Regulation FD Disclosure" shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Act, or the Exchange Act, regardless of any general incorporation language in such filing. This information will not be deemed an admission as the materiality of such information that is required to be disclosed by Regulation FD. On October 28, 2004, the Trust made available supplemental information concerning its operations and portfolio as of September 30, 2004. A copy of this supplemental information is furnished as Exhibit 99.2 to this report on Form 8-K. Item 9.01. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) Exhibits 99.1 Press Release dated October 28, 2004. 99.2 Supplemental Reporting Package for the nine months ended September 30, 2004. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Lexington Corporate Properties Trust Date: November 2, 2004 By: /s/ Patrick Carroll ------------------------ Patrick Carroll Chief Financial Officer EX-99 2 ex99-1.txt EX. 99.1 Exhibit 99.1 [FINANCIAL RELATIONS BOARD LOGO] 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 Tim Grace Chief Financial Officer Analyst Inquiries Media Inquiries (212) 692-7200 (312) 640-6760 (312) 640-6667 FOR IMMEDIATE RELEASE Thursday, October 28, 2004 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES THIRD QUARTER OPERATING RESULTS New York, NY - October 28, 2004 - Lexington Corporate Properties Trust (NYSE:LXP) ("Lexington"), a real estate investment trust, today announced results for its third quarter ended September 30, 2004. Quarterly Highlights - - Closed on 10 investments for an aggregate capitalized cost of $257.5 million, including $161.0 million in joint ventures; - - Obtained $79.2 million in new non-recourse first mortgage financings at a weighted-average fixed rate of 5.21%, including $58.9 million at a weighted-average fixed rate of 5.16% for joint ventures; - - Signed three lease extensions on portfolio properties; and - - Sold two properties for net proceeds of $13.7 million. Quarterly Results Funds from operations ("FFO") were $23.6 million, or $0.44 per diluted share/unit, for the third quarter of 2004, after a non-cash impairment charge of $0.6 million ($0.01 per diluted share/unit) relating to three properties and a $0.5 million ($0.01 per diluted share/unit) expense relating to the departure of a senior executive, compared to $18.3 million, or $0.45 per diluted share/unit, for the third quarter of 2003. Rental revenue for the quarter totaled $35.7 million, compared to $27.4 million for the same period last year. Net income allocable to common shareholders for the third quarter of 2004 was $9.6 million, which includes $0.6 million of impairment charges relating to three properties and $0.5 million in expenses relating to the departure of a senior executive, compared to $8.4 million for the same period last year. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 1 Nine Month Results For the nine months ended September 30, 2004, FFO were $65.1 million, or $1.26 per diluted share/unit, compared to $44.8 million, after $7.7 million of debt satisfaction charges ($0.20 per diluted share/unit), or $1.18 per diluted share/unit, for the same period last year. Rental revenue for the nine months ended September 30, 2004 totaled $101.6 million, compared to $78.9 million for the same period last year. Net income allocable to common shareholders for the nine months ended September 30, 2004 was $33.0 million, which includes $4.1 million of gains on sales of four properties, $2.8 million of impairment charges relating to three properties, and $0.5 million in expenses relating to the departure of a senior executive, compared to $19.4 million, which included $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 Lexington declared a common dividend of $0.35 per share, payable on November 15, 2004 to common shareholders of record on October 29, 2004. Lexington also declared a dividend on its Series B Cumulative Redeemable Preferred Shares of $0.503125 per preferred share, payable on November 15, 2004 to preferred shareholders of record on October 29, 2004. Conference Call Management will discuss the financial results on a conference call today at 2:00p.m. Eastern Time. The toll-free dial in number is 800-218-0204. The replay of the call will be available through November 4, 2004. The toll-free telephone number for the replay is 800-405-2236, passcode 11009845. The international number is 303-262-2131 and a replay can be accessed via 303-590-3000, passcode 11009845. The conference call can also be accessed on the internet at www.lxp.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, "This was a great quarter for Lexington. Before the impairment charge, funds from operations per diluted share/unit would have been the same as in the third quarter last year even though our cash position increased by $94 million over the last twelve months and quarterly revenue was impacted by the loss of $717,000 of rental revenue due to two vacancies. During the quarter, Lexington continued to implement a growth-oriented business plan by making new investments totaling $257.5 million. Year-to-date, Lexington has invested $137.4 million of capital in $673.1 million of property investments. These investments, together with others scheduled to close this quarter, are expected to lead to funds from operations of $0.45-$0.47 per diluted share/unit in the fourth quarter and $1.76 -$1.78 of funds from operations per diluted share/unit for 2004, before the $0.05 per diluted share/unit in impairment charges. We continue to believe that Lexington is well-positioned to deliver growth in funds from operations per diluted share/unit of 8-10% in 2005." MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 2 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, October 27, 2004, at $22.54 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 Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, (i) the failure to continue to qualify as a real estate investment trust, (ii) changes in general business and economic conditions, (iii) competition, (iv) increases in real estate construction costs, (v) changes in interest rates, (vi) changes in accessibility of debt and equity capital markets, and (vii) those other factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized. 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 Nine Months Ended September 30, September 30, 2004 2003 2004 2003 ---- ---- ---- ---- Gross revenues: Rental $ 35,662 $ 27,409 $ 101,605 $ 78,926 Advisory fees 1,448 184 3,174 690 Tenant reimbursements 1,396 1,106 4,270 3,439 --------- --------- --------- --------- Total gross revenues 38,506 28,699 109,049 83,055 Expense applicable to revenues: Depreciation and amortization (11,198) (7,093) (28,264) (20,203) Property operating (2,999) (2,193) (8,076) (6,037) General and administrative (3,969) (2,617) (9,990) (7,291) Non-operating income 1,815 789 2,586 1,303 Interest and amortization expense (12,578) (8,314) (34,254) (27,425) Debt satisfaction charges -- -- -- (7,685) --------- --------- --------- --------- Income before provision for income taxes, minority interests and equity in earnings of joint ventures 9,577 9,271 31,051 15,717 Provision for income taxes (243) -- (1,497) -- Minority interests (766) (1,512) (2,985) (2,390) Equity in earnings of joint ventures 1,862 1,414 5,383 4,156 --------- --------- --------- --------- Income from continuing operations 10,430 9,173 31,952 17,483 --------- --------- --------- --------- Discontinued operations, net of minority interest: Income from discontinued operations 1,295 789 4,516 2,582 Impairment charge (562) -- (2,775) -- Gains on sales of properties -- -- 4,065 1,143 --------- --------- --------- --------- Total discontinued operations 733 789 5,806 3,725 --------- --------- --------- --------- Net income 11,163 9,962 37,758 21,208 Dividends attributable to preferred shares - Series B (1,590) (1,590) (4,770) (1,802) --------- --------- --------- --------- Net income allocable to common shareholders $ 9,573 $ 8,372 $ 32,988 $ 19,406 Depreciation and amortization 11,014 7,109 27,874 20,330 Minority interests-OP Units 771 1,603 2,880 2,704 Amortization of leasing commissions 184 206 549 606 Joint venture adjustment-depreciation 2,029 978 4,902 2,867 Gains on sales of properties -- -- (4,065) (1,143) --------- --------- --------- --------- Funds from operations(2) $ 23,571 $ 18,268 $ 65,128 $ 44,770 ========= ========= ========= ========= Rent below GAAP revenue(1) $ 1,111 $ 868 $ 2,860 $ 3,018 ========= ========= ========= ========= Per share/unit Basic net income $ 0.20 $ 0.24 $ 0.72 $ 0.60 Diluted net income $ 0.19 $ 0.24 $ 0.71 $ 0.58 Funds from operations(2)-basic $ 0.44 $ 0.46 $ 1.27 $ 1.18 Funds from operations(2)-diluted $ 0.44 $ 0.45 $ 1.26 $ 1.18
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 4 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
9/30/04 12/31/03 Real estate, at cost $ 1,335,650 $ 1,162,395 Accumulated depreciation (180,660) (160,623) Investment in joint ventures 123,574 69,225 Properties held for sale - discontinued operations 39,327 36,478 Intangible assets, net 27,464 14,736 Cash and cash equivalents 106,123 15,923 Deferred expenses, net 9,232 10,013 Accounts receivable 136 - Rent receivable - deferred 25,313 24,069 Other assets 44,057 35,195 --------------- --------------- $ 1,530,216 $ 1,207,411 =============== =============== Mortgages and notes payable $ 725,845 $ 551,385 Other liabilities 16,282 10,667 Prepaid rent 5,508 2,482 Minority interests 58,538 59,220 Shareholders' equity 724,043 583,657 --------------- --------------- $ 1,530,216 $ 1,207,411 =============== =============== Common shares 48,464,996 40,682,001 Preferred shares-Series B 3,160,000 3,160,000 Operating partnership units 5,328,858 5,430,454 --------------- --------------- 56,953,854 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 Nine Months Ended September 30, September 30, 2004 2003 2004 2003 ---- ---- ---- ---- Earning Per Share - ----------------- Basic Income from continuing operations $ 10,430 $ 9,173 $ 31,952 $ 17,483 Less preferred dividends (1,590) (1,590) (4,770) (1,802) ------------ ------------ ------------ ------------ Income allocable to common shareholders from continuing operations - basic 8,840 7,583 27,182 15,681 Total income from discontinued operations - basic 733 789 5,806 3,725 ------------ ------------ ------------ ------------ Net income allocable to common shareholders $ 9,573 $ 8,372 $ 32,988 $ 19,406 ============ ============ ============ ============ Weighted average number of common shares outstanding 47,901,818 34,780,279 46,033,992 32,579,011 ============ ============ ============ ============ Per share data: Income from continuing operations $ 0.18 $ 0.22 $ 0.59 $ 0.48 Income from discontinued operations 0.02 0.02 0.13 0.12 ------------ ------------ ------------ ------------ Net income $ 0.20 $ 0.24 $ 0.72 $ 0.60 ============ ============ ============ ============ Diluted Income allocable to common shareholders from continuing operations-basic $ 8,840 $ 7,583 $ 27,182 $ 15,681 Adjustments: Incremental earnings attributed to assumed conversion of dilutive securities 761 -- 2,980 2,390 ------------ ------------ ------------ ------------ Income allocable to common shareholders from continuing operations-diluted 9,601 7,583 30,162 18,071 Total income from discontinued operations - diluted 744 789 6,397 4,151 ------------ ------------ ------------ ------------ Net income allocable to common shares - diluted $ 10,345 $ 8,372 $ 36,559 $ 22,222 ============ ============ ============ ============ Weighted average number of shares used in calculation of basic earnings per share 47,901,818 34,780,279 46,033,992 32,579,011 Add incremental shares representing: Shares issuable upon exercises of employee share options 118,533 193,151 129,695 188,988 Shares issuable upon conversion of dilutive securities 5,329,395 -- 5,357,968 5,221,564 ------------ ------------ ------------ ------------ Weighted average number of shares used in calculation of diluted earnings per common share 53,349,746 34,973,430 51,521,655 37,989,563 ============ ============ ============ ============ Per share data: Income from continuing operations - diluted $ 0.18 $ 0.22 $ 0.59 $ 0.47 Income from discontinued operations - diluted 0.01 0.02 0.12 0.11 ------------ ------------ ------------ ------------ Net income - diluted $ 0.19 $ 0.24 $ 0.71 $ 0.58 ============ ============ ============ ============
MORE LEXINGTON CORPORATE PROPERTIES 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 Nine Months Ended September 30, September 30, 2004 2003 2004 2003 ---- ---- ---- ---- Funds From Operations - --------------------- Basic and Diluted - ----------------- Net income allocable to common shareholders - basic $ 9,573 $ 8,372 $ 32,988 $ 19,406 Adjustments: Depreciation and amortization 11,014 7,109 27,874 20,330 Minority interests-OP Units 771 1,603 2,880 2,704 Amortization of leasing commissions 184 206 549 606 Joint venture adjustment-depreciation 2,029 978 4,902 2,867 Gains on sale of properties -- -- (4,065) (1,143) ------------ ------------ ------------ ------------ Funds from operations $ 23,571 $ 18,268 $ 65,128 $ 44,770 ============ ============ ============ ============ Basic - ----- Weighted average shares outstanding-basic EPS 47,901,818 34,780,279 46,033,992 32,579,011 Operating partnership units 5,329,395 5,202,975 5,357,968 5,221,564 ------------ ------------ ------------ ------------ Weighted average shares outstanding-basic FFO 53,231,213 39,983,254 51,391,960 37,800,575 ============ ============ ============ ============ FFO per share $ 0.44 $ 0.46 $ 1.27 $ 1.18 ============ ============ ============ ============ Diluted - ------- Weighted average shares outstanding-diluted EPS 53,349,746 34,973,430 51,521,655 37,989,563 Operating partnership units -- 5,202,975 -- -- ------------ ------------ ------------ ------------ Weighted average shares outstanding-diluted FFO 53,349,746 40,176,405 51,521,655 37,989,563 ============ ============ ============ ============ FFO per share $ 0.44 $ 0.45 $ 1.26 $ 1.18 ============ ============ ============ ============
### EX-99 3 ex99-2.txt EX. 99.2 Exhibit 99.2 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the nine months ended September 30, 2004 Table of Contents Income Statements....................................................... 1 Balance Sheets.......................................................... 2 Third Quarter Transaction Summary....................................... 3 Second Quarter Transaction Summary...................................... 4 First Quarter Transaction Summary....................................... 5 Property Holdings....................................................... 6 Properties by Location.................................................. 16 Lease Rollover Schedules................................................ 17 Mortgages and Notes Payable............................................. 19 Revenue by Tenant Industry.............................................. 23 Other Revenue Data...................................................... 24 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, 2004 2003 2004 2003 ---- ---- ---- ---- Gross revenues: Rental $ 35,662 $ 27,409 $ 101,605 $ 78,926 Advisory fees 1,448 184 3,174 690 Tenant reimbursements 1,396 1,106 4,270 3,439 --------- --------- --------- --------- Total gross revenues 38,506 28,699 109,049 83,055 Expense applicable to revenues: Depreciation and amortization (11,198) (7,093) (28,264) (20,203) Property operating (2,999) (2,193) (8,076) (6,037) General and administrative (3,969) (2,617) (9,990) (7,291) Non-operating income 1,815 789 2,586 1,303 Interest and amortization expense (12,578) (8,314) (34,254) (27,425) Debt satisfaction charges -- -- -- (7,685) --------- --------- --------- --------- Income before provision for income taxes, minority interests and equity in earnings of joint ventures 9,577 9,271 31,051 15,717 Provision for income taxes (243) -- (1,497) -- Minority interests (766) (1,512) (2,985) (2,390) Equity in earnings of joint ventures 1,862 1,414 5,383 4,156 --------- --------- --------- --------- Income from continuing operations 10,430 9,173 31,952 17,483 --------- --------- --------- --------- Discontinued operations, net of minority interest: Income from discontinued operations 1,295 789 4,516 2,582 Impairment charge (562) -- (2,775) -- Gains on sales of properties -- -- 4,065 1,143 --------- --------- --------- --------- Total discontinued operations 733 789 5,806 3,725 --------- --------- --------- --------- Net income 11,163 9,962 37,758 21,208 Dividends attributable to preferred shares - Series B (1,590) (1,590) (4,770) (1,802) --------- --------- --------- --------- Net income allocable to common shareholders $ 9,573 $ 8,372 $ 32,988 $ 19,406 Depreciation and amortization 11,014 7,109 27,874 20,330 Minority interests-OP Units 771 1,603 2,880 2,704 Amortization of leasing commissions 184 206 549 606 Joint venture adjustment-depreciation 2,029 978 4,902 2,867 Gains on sales of properties -- -- (4,065) (1,143) --------- --------- --------- --------- Funds from operations(2) $ 23,571 $ 18,268 $ 65,128 $ 44,770 ========= ========= ========= ========= Rent below GAAP revenue(1) $ 1,111 $ 868 $ 2,860 $ 3,018 ========= ========= ========= ========= Per share/unit Basic net income $ 0.20 $ 0.24 $ 0.72 $ 0.60 Diluted net income $ 0.19 $ 0.24 $ 0.71 $ 0.58 Funds from operations(2)-basic $ 0.44 $ 0.46 $ 1.27 $ 1.18 Funds from operations(2)-diluted $ 0.44 $ 0.45 $ 1.26 $ 1.18
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
9/30/04 12/31/03 ------- -------- Real estate, at cost $ 1,335,650 $ 1,162,395 Accumulated depreciation (180,660) (160,623) Investment in joint ventures 123,574 69,225 Properties held for sale - discontinued operations 39,327 36,478 Intangible assets, net 27,464 14,736 Cash and cash equivalents 106,123 15,923 Deferred expenses, net 9,232 10,013 Accounts receivable 136 - Rent receivable - deferred 25,313 24,069 Other assets 44,057 35,195 ------------- -------------- $ 1,530,216 $ 1,207,411 ============= ============== Mortgages and notes payable $ 725,845 $ 551,385 Other liabilities 16,282 10,667 Prepaid rent 5,508 2,482 Minority interests 58,538 59,220 Shareholders' equity 724,043 583,657 ------------- -------------- $ 1,530,216 $ 1,207,411 ============= ============== Common shares 48,464,996 40,682,001 Preferred shares-Series B 3,160,000 3,160,000 Operating partnership units 5,328,858 5,430,454 ------------- -------------- 56,953,854 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 Third Quarter Transaction Summary
Investments ($000's) Average Scheduled Property Capitalized Annual GAAP Lease Tenant/Guarantor Location Type Costs Rent, net Yield Term - ---------------- -------- ---- ----- --------- ----- ---- T-Mobile USA, Inc. (1) Meridian, ID Office $ 13,970 $ 1,320 9.4% 06/19 Cadence Design Systems, Inc. Chelmsford, MA Office 12,193 1,065 8.7% 09/13 Steelcase, Inc. High Point, NC Industrial 13,232 1,087 8.2% 09/17 Wells Fargo Bank, N.A. Fort Mill, SC Office 29,171 2,501 8.6% 05/14 Harcourt Brace San Antonio, TX Industrial 41,882 3,429 8.2% 03/16 Veritas DGC, Inc. (2) Houston, TX Office 39,904 3,249 8.1% 09/15 Circuit City Stores, Inc. (2) Weston, FL Industrial 12,605 1,047 8.3% 02/17 Hagemeyer Foods (N.A.), Inc. (2) Weston, FL Industrial 18,210 1,609 8.8% 12/12 L'Oreal USA, Inc. (1) Streetsboro, OH Industrial 29,224 2,518 8.6% 10/19 Specialty Laboratories, Inc. (2) Santa Clarita, CA Office 47,118 3,563 7.6% 08/24 ------- ------ --- $ 257,509 $ 21,388 8.3% =========== ========== === Dispositions ($000's) Tenant/Guarantor Location Property Net Sale Net - ---------------- -------- Type Price Book Value ---- ----- ---------- Lockheed Martin Corp. Marlborough, MA Office $ 11,307 $ 13,556 IKON Office Solutions, Inc. Milford, CT Office 2,348 2,698 ----- ----- $ 13,655 $ 16,254 =========== ========== Lease Extensions (3) ($000's) Property Previous Extended Extension Rent Tenant/Guarantor Location Type Term Term Per Annum - ---------------- -------- ---- ---- ---- --------- Federated Department Stores, Inc. Laguna Hills, CA Retail 01/06 04/14 $ 350 Heidelberg Web Systems, Inc. (4) Durham, NH Industrial 12/21 12/26 NOTE 5 Harbor Freight Tools USA, Inc. Dillon, SC Industrial 12/16 12/21 1,919 New Financings ($000's) Tenant/Guarantor Location Amount Rate Term - ---------------- -------- ------ ---- ---- Specialty Laboratories, Inc. (2) Santa Clarita, CA $ 28,200 4.75% 10/09 Wells Fargo Bank, N.A. Fort Mill, SC 20,300 5.37% 05/14 L'Oreal USA, Inc. (1) Streetsboro, OH 20,200 5.29% 09/19 T-Mobile USA, Inc. (1) Meridian, ID 10,460 6.01% 08/19 ------ ---- $ 79,160 5.21% ========= ==== Assumed Financings ($000's) Tenant/Guarantor Location Amount Rate Term - ---------------- -------- ------ ---- ---- Harcourt Brace San Antonio, TX $ 30,211 6.08% 10/12 Steelcase, Inc. High Point, NC 8,883 5.75% 10/09 ----------- ---- $ 39,094 6.01% =========== ====
1. Lexington has a 25% interest in this property. 2. Lexington has a 30% interest in this property. 3. All extensions were option renewal exercises. 4. Lexington has a 33 1/3% interest in this property. 5. Rent will be the greater of fair market value or the previous year's rent which will be determined on 9/30/11 based on interest rates at that time. 3 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 $ 2,315 Comp USA, Inc. Reno, NV Retail 3,873 2,377 ----------- --------- $ 11,056 $ 4,692 =========== ========= Lease Extensions ($000's) Tenant/Guarantor Location Property Previous Extended Extension Rent - ---------------- -------- 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% 7/14 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. 4 LEXINGTON CORPORATE PROPERTIES TRUST First Quarter Transaction Summary
Acquisitions ($000's) 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) Tenant/Guarantor Location Property Previous Extended Extension Rent - ---------------- -------- 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 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 ------------ ---- $ 91,415 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%. 5 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------ 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. $ 6,580 $ 6,580 295,000 1982 Salt Lake City, UT 10001 Richmond Avenue Baker Hughes, Inc. 2,590 3,808 554,385 1976/1984 Houston, TX 1600 Viceroy Drive VarTec Telecom, Inc. 2,584 2,614 249,452 1986 Dallas, TX 3476 Stateview Boulevard Wells Fargo Home 2,073 2,242 169,083 2002 Fort Mill, SC Mortgage (4) (5) 9950 Mayland Drive Circuit City Stores, Inc. 2,145 2,094 288,562 1990 Richmond, VA 1415 Wyckoff Road New Jersey Natural Gas Co. (10) 1,939 1,939 157,511 1983 Wall Township, NJ 2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 1,764 1,916 109,281 1985/2001 Valley Forge, PA 1301 California Circle Artesyn North America, Inc. 2,171 1,911 100,026 1985 Milpitas, CA (Balfour Beatty plc) 700 Oakmont Lane North American Van Lines, Inc. 1,719 1,887 269,715 1989 Westmont, IL (SIRVA, Inc.)(3) 2211 South 47th Street Avnet, Inc. 1,914 1,852 176,402 1997 Phoenix, AZ 13651 McLearen Road Boeing North American 1,966 1,836 159,664 1987 Herndon, VA Services, Inc. (The Boeing Company) 5600 Broken Sound Blvd Oce Printing Systems USA, Inc. 1,509 1,684 143,290 1983/2002 Boca Raton, FL 4200 RCA Boulevard The Wackenhut Corp.(6) 1,621 1,625 114,518 1996 Palm Beach Gardens, FL 701 Brookfield Parkway Verizon Wireless (7) 1,449 1,550 192,884 2000/2001 Greenville, SC 19019 No. 59th Avenue Honeywell, Inc. 1,502 1,485 252,300 1985 Glendale, AZ 26210 and 26220 Enterprise Court Apria Healthcare Group, Inc. 1,237 1,344 100,012 2001 Lake Forest, CA 200 Executive Blvd. S Hartford Fire Insurance Co. 1,624 1,277 153,364 1983 Southington, CT 1600 Eberhardt Road Nextel of Texas 1,038 1,169 108,800 2001 Temple, TX 9275 S.W. Peyton Lane Hollywood Entertainment 1,101 1,149 122,853 1980/1998 Wilsonville, OR Corp.
6 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 160 Clairemont Avenue Allied Holdings, Inc. 1,191 1,147 112,248 1983 Decatur, GA 10419 North 30th Street Time Customer Service, Inc. 1,053 1,057 132,981 1986 Tampa, FL (Time, Inc.) 250 Rittenhouse Circle Jones Apparel Group 949 1,039 255,019 1982 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) (1) 12645 W. Airport Road Baker Hughes, Inc. 692 1,003 165,836 1997 Sugar Land, TX 2999 SW 6th St. Voice Stream PCS I LLC 848 985 77,484 2004 Redmond, OR (T-Mobile USA, Inc.) 400 Butler Farm Road Nextel Communications of 948 977 100,632 1999 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 6455 State Hwy 303 NE Nextel West Corporation 726 835 60,200 2001 Bremerton, WA 13430 N. Black Canyon Freeway Bull HN Information 823 814 137,058 1985/1994 Systems, Inc. Phoenix, AZ 2210 Enterprise Drive Washington Mutual 789 767 177,747 1998 Florence, SC Home Loan, Inc. 180 Rittenhouse Circle Jones Apparel Group 672 728 96,000 1998 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 3711 San Gabriel Voice Stream PCS II LLC 641 697 75,016 2004 Mission, TX (T-Mobile USA, Inc.) 16275 Technology Drive Cymer, Inc. 643 666 65,755 1989 San Diego, CA (Hewlett-Packard) 2401 Cherahala Boulevard Advance PCS, Inc. 589 616 59,748 2002 Knoxville, TN 12000 Tech Center Drive Kelsey-Hayes Company 552 569 80,230 1988 Livonia, MI 421 Butler Farm Road Nextel Communications of 532 541 56,515 2000 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 100 Barnes Road Minnesota Mining and 403 454 44,400 1978/1985 Wallingford, CT Manufacturing Company 2529 West Thorns Drive Baker Hughes, Inc. 422 437 65,500 1981/1999 Houston, TX
7 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 26555 Northwestern Highway Federal-Mogul Corporation 290 366 187,163 1963/1965 Southfield, MI 1440 East 15th Street Cox Communications, Inc. 321 342 28,591 1988 Tucson, AZ 3480 Stateview Blvd. Wells Fargo Bank N.A. (13) 302 334 169,218 2004 Fort Mill, SC 250 Turnpike Road Honeywell Consumer 324 324 57,698 1984 Southborough, MA Products 2300 Litton Lane VACANT (9) 1,199 322 81,744 1987 Hebron, KY 270 Billerica Road Cadence Design Systems(14) 196 206 100,000 1985 Chelmsford, MA 1275 NW 128th Street Principal Life Insurance 196 196 61,180 2004 Clive, IA Company(12) 3615 North 27th Avenue VACANT -- -- 179,280 1960/1979 Phoenix, AZ ------------------------------------------------------------------------------------ Subtotal $ 53,827 $ 55,384 6,344,345 ------------------------------------------------------------------------------------ Industrial - ---------- 541 Perkins Jones Road Kmart Corp. $ 7,020 $ 6,699 1,700,000 1982 Warren, OH 2425 Highway 77 North James Hardie Building 2,550 2,550 425,816 1996/1997 Waxahachie, TX Products, Inc. (James Hardie Industries NV) 3501 West Avenue H Michaels Stores, Inc. 2,428 2,478 762,775 1998/2002 Lancaster, CA 8305 SE 58th Avenue Associated Grocers of 1,550 1,679 668,034 1976 Ocala, FL Florida, Inc. 6345 Brackbill Boulevard Exel Logistics, Inc. 1,528 1,589 507,000 1985/1991 Mechanicsburg, PA (NFC plc) 9110 Grogans Mill Road Baker Hughes, Inc. 1,681 1,583 275,750 1992 Houston, TX 159 Farley Drive Harbor Freight Tools 1,231 1,395 474,473 2001 Dillon, SC (Central Purchasing, Inc.) 590 Ecology Lane Owens Corning 1,214 1,214 193,891 2001 Chester, SC 4425 Purks Road Lear Technologies LLC 1,054 1,024 183,717 1989/1998 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 1,115 1,012 330,000 1989 New Kingston, PA (NFC plc)
8 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 6500 Adelaide Court Anda Pharmaceuticals, Inc. 845 905 354,676 2002 Groveport, OH (Andrx Corporation) 7500 Chavenelle Road The McGraw-Hill Companies, Inc. 773 873 330,988 2002 Dubuque, IA 12025 Tech Center Drive Kelsey-Hayes Company 762 794 100,000 1987/1988 Livonia, MI 3102 Queen Palm Drive Time Customer Service, Inc. 733 757 229,605 1986 Tampa, FL (Time, Inc.) 2280 Northeast Drive Ryder Integrated 748 753 276,480 1996/1997 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 827 750 252,000 1985 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 717 739 400,522 1999 Hebron, OH 3600 Southgate Drive Sygma Network, Inc. 700 700 149,500 2000 Danville, IL 46600 Port Street Johnson Controls, Inc. 662 662 134,160 1996 Plymouth, MI Moody Commuter & Tech Park TNT Logistics North 624 624 595,346 2004 America, Inc. Moody, AL (TPG N.V.) 19500 Bulverde Road Harcourt Brace 548 618 559,258 2001 San Antonio, TX 1133 Poplar Creek Road Corporate Express Office 566 607 196,946 1998 Henderson, NC Products, Inc. (Buhrmann, N.V.) 431 Smith Lane Kirkland's, Inc. (11) 535 535 771,127 2004 Jackson, TN 450 Stern Street Johnson Controls, Inc. 501 501 111,160 1996 Oberlin, OH 222 Tappan Drive North The Gerstenslager Company 505 500 296,720 1970 Mansfield, OH (Worthington Industries) 34 East Main Street Exel Logistics, Inc. 540 490 179,200 1981 New Kingston, PA 191 Arrowhead Drive Owens Corning 433 470 250,410 2000 Hebron, OH 904 Industrial Road Tenneco Automotive 442 444 195,640 1968/1972 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.)
9 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------ 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. 417 441 168,800 1958/1969 Jacksonville, FL 128 Crews Drive Stone Container Corporation 406 428 185,961 1968/1998 Columbia, SC 1700 47th Avenue North Owens Corning 403 403 18,620 2003 Minneapolis, MN 7150 Exchequer Drive Corporate Express Office 260 276 65,043 1998 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 324 Industrial Park Road SKF USA, Inc. 272 272 72,868 1996 Franklin, NC 187 Spicer Drive Dana Corporation 259 256 148,000 1983/1985 Gordonsville, TN 250 Swathmore Avenue Steelcase, Inc. (15) 218 234 244,851 2002 High Point, NC 300 McCormick Road Ameritech Services, Inc. 191 191 20,000 1990 Columbus, OH 1601 Pratt Avenue Tenneco Automotive 125 123 53,600 1979 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 3350 Miac Cove Road Mimeo.com, Inc. (8) 131 113 141,359 1987 Memphis, TN --------------------------------------------------------------------------------- Subtotal $ 35,514 $ 35,682 12,024,296 --------------------------------------------------------------------------------- Retail - ------ 2655 Shasta Way Fred Meyer, Inc. $ 757 $ 757 178,204 1986 Klamath Falls, OR Fort Street Mall, King Street Liberty House, Inc. 722 729 85,610 1980 Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 620 620 118,179 1986 Newport, OR 6475 Dobbin Road Offenbacher Aquatics, Inc 120 140 17,100 1983 Columbia, MD Haverty Furniture Companies, -- 474 46,724 Inc. 35400 Cowan Road Sam's Real Estate 565 565 102,826 1987/1997 Westland, MI Business Trust
10 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 12235 N. Cave Creek Bally's Health & Tennis 631 553 36,556 1988 Phoenix, AZ Corporation 4733 Hills & Dales Road Scandinavian Health Spa, Inc. 535 514 37,214 1987 Canton, OH (Bally Total Fitness Corp.) 1160 White Horse Road Physical Fitness Centers of 615 504 31,750 1987 Voorhees, NJ Philadelphia, Inc. (Bally Total Fitness Corp.) 5917 S. La Grange Road Bally Total Fitness Corp. 495 458 25,250 1987 Countryside, IL 24100 Laguna Hills Mall Federated Department 507 451 160,000 1974 Laguna Hills, CA Stores, Inc. 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 349 349 46,350 1995 Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, Inc. 343 347 76,164 1994 Eau Claire, WI 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 323 318 42,842 1981 Clackamas, OR 399 Peach Wood Centre Drive Best Buy Co., Inc. 296 296 45,800 1996 Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 298 293 43,105 1981 Boulevard Lynwood, WA 7272 55th Street Circuit City Stores, Inc. 316 282 45,308 1988 Sacramento, CA 6910 S. Memorial Highway Toys "R" Us, Inc. 273 268 43,123 1981 Tulsa, OK 9580 Livingston Road GFS Realty, Inc. 188 202 107,337 1976 Oxon Hill, MD (Giant Food, Inc.) 2275 Browns Bridge Road Wal-Mart Stores, Inc. 163 163 89,199 1984 Gainesville, GA 121 South Center Street Greyhound Lines, Inc. 153 153 17,000 1968 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 168 114 51,682 1977 Rockville, MD (Giant Food, Inc.) A1 21 South Wal-Mart Real Estate 110 110 56,132 1983 Jacksonville, AL Business Trust 2832 Chandler Mountain Road Circuit City Stores,Inc. 76 76 9,300 1986 Lynchburg, VA ------------------------------------------------------------------------------------------ Subtotal $ 8,623 $ 8,736 1,512,755 ------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------ Grand Total $ 97,964 $ 99,802 19,881,396 ------------------------------------------------------------------------------------------
11 (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. 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. (13) Expense stop in this property is $948. (14) Tenant can cancel lease on 9/30/10 with twelve months notice and a payment of $965. (15) Tenant may terminate the lease during the last year if damage occurs and is greater than $500 or 50% of cost to replace building. 12 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------ 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 $ 5,883 $ 6,365 340,240 2000 Morris Corporate Center IV (Pharma Holdings GmbH)(A) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 4,811 5,198 456,304 1999/2001 Columbia, SC of South Carolina Inc.(B) 100 Wood Hollow Drive Greenpoint Mortgage 3,201 3,647 124,600 2001 Novato, CA Funding, Inc. (E)(F) 6555 Sierra Drive True North Communications 3,007 3,187 247,254 1999 Irving, TX Inc.(A) 5200 Metcalf Avenue Employers Reinsurance 2,881 2,881 320,198 1980/1990/ Overland Park, KS Corporation(H) 2003 15375 Memorial Drive Vastar Resources, Inc.(A) 2,578 2,578 327,325 1985 Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A.(A)(D) 2,388 2,465 193,000 1999 Fishers, IN 600 International Parkway First USA Management 2,150 2,191 125,155 1997 Lake Mary, FL Services, Inc.(A)(C) 550 International Parkway First USA Management 2,073 2,115 125,920 1999 Lake Mary, FL Services, Inc.(A)(C) 2000 Eastman Drive Structural Dynamic 2,030 2,092 212,836 1991 Milford, OH Research Corp.(A) 3701 Corporate Drive Motorola, Inc.(A) (J) 2,035 2,035 119,829 2001 Farmington Hills, MI 1401 & 1501 Nolan Ryan Parkway Siemens Dematic Postal 1,700 1,806 233,783 2003 Arlington, TX Automation, L.P. (H) 70 Valley Stream Parkway IKON Office Solutions, Inc(E)(I) 1,443 1,497 106,855 1987 Malvern, PA 14040 Park Center Road NEC America, Inc.(A) 1,437 1,490 108,000 1987 Herndon, VA 9201 East Dry Creek Road The Shaw Group, Inc. (E) (K) 997 1,383 128,500 2001/2002 Centennial, CO 9201 Stateline Employers Reinsurance 1,375 1,375 166,641 1963/1985/ Kansas City, MO Corporation(H) 2003 1110 Bayfield Drive Honeywell International, Inc.(A) 1,151 1,228 166,575 1980/2002 Colorado Springs, CO 27027 Tourney Road Specialty Laboratories, Inc.(E) 1,081 1,081 187,262 2004 Santa Clarita, CA 13775 McLearen Road Equant N.V. (E) (M) 782 894 125,293 1984/1988/ Herndon, VA 1992
13 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------------------ 4455 American Way Bell South Mobility, Inc. (E) 741 815 70,100 1997 Baton Rouge, LA 6050 Dana Way Dana Corporation (E) (L) 618 530 677,400 1999 Antioch, TN 1475 Dunwoody Drive ING USA Annuity and Life 487 521 125,000 1998/1999 West Chester, PA Insurance Company (E) 10300 Town Park Drive Veritas DGC, Inc. (E) 291 341 218,641 2000 Houston, TX East Goldstone Drive T-Mobile USA, Inc. (H) 200 231 77,483 2004 Meridian, ID -------------------------------------------------- Subtotal Office $ 45,340 $ 47,946 4,984,194 -------------------------------------------------- Industrial - ---------- 101 Michelin Drive TNT Logistics North $ 2,327 $ 2,420 1,164,000 1991/1993 Laurens, SC America, Inc. (TPG N.V.) (A) 7111 Crabb Road TNT Logistics North 1,558 1,621 752,000 1978/1993 Temperance, MI America, Inc. (TPG N.V.) (A) 121 Technology Drive Heidelberg Web Systems, 1,582 1,501 500,500 1986/2003 Durham, NH Inc. (A) (G) 43955 Plymouth Oaks Tower Automotive Products 1,415 1,415 290,133 1996/1998 Boulevard Company Plymouth, MI (Tower Automotive, Inc.) (E) 2400 West Haven Avenue Michaels Stores Procurement 1,353 1,353 693,000 2004 New Lenox, IL Company, Inc. (Michaels Stores, Inc.) (E) 291 Park Center Drive Kraft Foods North 1,065 1,136 344,700 2001 Winchester, VA America, Inc. (A) 1109 Commerce Boulevard Linens-n-Things, Inc. (E) 944 939 262,644 1998 Logan Township, NJ Philipp Parkway L'Oreal USA, Inc. (H) - 242 649,250 2004 Streetsboro, OH 3225 Meridian Parkway Hagemeyer Foods, Inc. (E) 155 168 201,845 1995 Weston, FL 3245 Meridian Parkway Circuit City Stores, Inc. (E) 110 125 230,600 1995 Weston, FL --------------------------------------------------- Subtotal Industrial $ 10,509 $ 10,920 5,088,672 --------------------------------------------------- $ 55,849 $ 58,866 10,072,866 ===================================================
14 (A) The Company has a 33 1/3 % economic interest in this property. (B) The Company has a 40% economic interest in this property. (C) Cumulative expense stop on these properties is $1,264 per annum. (D) Expense stop on this property is $768 per annum. (E) The Company has a 30% economic interest in this property. (F) Expense stop on this property is $945 per annum. (G) Tenant can cancel lease anytime after 9/30/11 with 365 days notice and payment currently of $25,259. (H) The Company has a 25% economic interest in this property. (I) 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%. (J) 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. (K) Tenant can cancel lease on 5/1/13 and 3/1/15 for a payment of $2,850 and $1,500, respectively. (L) 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. (M) 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%. 15 The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 9/30/04
Historical 9-Months Ended September 30, 2004 ------------------------ No. of Number of Percent Base Rent Percent of Locations Location Properties(3) Leased Square Feet(2 ($000's)(1) Base Rent - ------------------ --------------------- ----------------- ----------------- ----------------- ------------------------------------- 1 Texas 13 100% 3,506,816 $ 16,954 13.6% 2 Ohio 11 100 4,079,138 11,626 9.3 3 South Carolina 10 100 3,229,361 11,111 8.9 4 Florida 9 100 2,140,748 8,766 7.0 5 California 9 100 1,562,738 8,703 7.0 6 Pennsylvania 9 100 1,960,355 8,129 6.5 7 Virginia 8 100 1,192,666 6,668 5.4 8 Utah 1 100 295,000 6,580 5.3 9 Michigan 11 100 2,199,298 6,269 5.0 10 Arizona 6 78 810,187 5,046 4.1 11 New Jersey 4 100 792,145 4,846 3.9 12 Oregon 5 100 539,562 3,829 3.1 13 Illinois 4 100 1,137,465 3,451 2.8 14 Kansas 1 100 320,198 2,541 2.0 15 Connecticut 3 100 197,764 1,942 1.6 16 Iowa 3 100 668,648 1,822 1.5 17 Massachusetts 3 100 157,698 1,777 1.4 18 Tennessee 5 94 1,797,634 1,679 1.3 19 Georgia 3 100 201,447 1,463 1.2 20 Colorado 2 100 295,075 1,348 1.1 21 Missouri 1 100 166,641 1,212 1.0 22 Maryland 4 100 222,843 1,136 0.9 23 Washington 2 100 103,305 1,128 0.9 24 North Carolina 3 100 514,665 1,113 0.9 25 Louisiana 2 100 135,143 898 0.7 26 Indiana 1 100 193,000 822 0.7 27 Alabama 2 100 651,478 734 0.6 28 Hawaii 1 100 85,610 729 0.6 29 New Hampshire 1 100 500,500 500 0.4 30 Minnesota 1 100 18,620 403 0.3 31 Wisconsin 1 100 76,164 347 0.3 32 Kentucky 1 - 81,744 322 0.3 33 Oklahoma 1 100 43,123 268 0.2 34 Idaho 1 100 77,483 58 -- 35 Nevada 1 - - 132 0.1 36 New York 1 - - 73 0.1 --------------------- ----------------- ----------------- ----------------- -------------------- ---------------- Total 144 98.8% 29,954,262 $ 124,425 100.0% --------------------- ----------------- ----------------- ----------------- -------------------- ----------------
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. (2) Includes properties owned as of September 30, 2004. (3) Includes operating properties owned during the nine months ended September 30, 2004. 16 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 9/30/04
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 $ - $ - $ - $ - $ - $ - 2005 6,225 15.94 1,095 2.96 - - 2006 2,386 8.82 6,199 5.21 1,283 9.28 2007 4,512 15.63 9,714 5.26 820 25.82 2008 6,248 13.57 - - 2,209 8.47 2009 14,947 16.37 2,207 3.49 2,090 7.99 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 8,354 3.93 - - 2013 8,913 12.10 412 6.34 226 13.50 2014 4,418 13.26 3,522 3.65 1,346 3.68 2015 19,537 11.99 4,081 9.19 469 6.15 2016 4,509 21.42 3,663 6.55 - - 2017 - - 2,754 4.32 645 8.39 2018 961 12.00 2,519 3.77 860 9.33 2019 2,619 15.94 5,519 3.49 - - 2020 2,500 17.44 5,019 8.10 - - 2021 4,234 26.88 2,994 4.23 - - 2022 - - - - - - 2023 - - - - - - 2024 1,069 19.02 568 2.73 821 17.57 2025 - - - - - - 2026 - - 427 2.56 - -
(1) Includes proportionate share of joint venture investments. 17 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis 9/30/04 ($000's)
Percentage of Total Number of Total Annualized Year Leases Expiring Annualized Base Rent (1) Base Rent - --------------------- --------------------------------------------- ------------------------------ --------------------------------- 2004 0 $ 0 0% 2005 6 7,341 4.2 2006 12 11,306 6.4 2007 5 13,813 7.9 2008 6 7,777 4.4 2009 15 19,392 11.0 2010 11 13,488 7.7 2011 6 8,067 4.6 2012 12 12,435 7.1 2013 10 9,204 5.2 2014 11 9,760 5.6 2015 14 25,272 14.4 2016 5 7,463 4.3 2017 5 3,229 1.8 2018 4 4,059 2.3 2019 6 7,718 4.4 2020 3 7,264 4.1 2021 3 5,280 3.0 2022 0 0 0 2023 0 0 0 2024 3 2,269 1.3 2025 0 0 0 2026 1 447 0.3 --------------------------------------------- ------------------------------ --------------------------------- Total 138 $ 175,584 100.0% ============================================= ============================== =================================
(1) Includes proportionate share of joint venture investments. 18 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 9/30/04 ($000's)
- ------------------------------ ------------------------ ------------------ ------------------ ---------------------- --------------- Current Estimated Debt Annual Debt Balloon Property - Fixed Rate Balance Interest Rate Maturity Service Payment - ------------------------------ ------------------------ ------------------ ------------------ ---------------------- --------------- Warren, OH $ 18,833 7.000% Oct-07 $ 6,160 $ -- Bristol, PA 9,652 7.400 Feb-08 831 9,262 Boca Raton, FL(f) 15,275 5.250 Mar-08 802 15,275 Decatur, GA 6,596 6.720 Jun-08 579 6,049 Phoenix, AZ 13,991 7.890 Jun-08 1,434 12,591 Palm Beach Gardens, FL 11,206 7.010 Jun-08 970 10,418 Dubuque, IA 7,239 4.890 Aug-08 513 6,588 Canton, OH 3,271 7.150 Aug-08 313 2,936 Spartanburg, SC 2,716 7.150 Aug-08 260 2,438 Hebron, KY 5,285 7.000 Oct-08 451 4,935 Gainesville, GA(e) 805 7.500 Jan-09 218 -- Florence, SC 9,279 7.500 Feb-09 869 8,443 Ocala, FL 12,729 7.250 Feb-09 1,332 10,700 Canton, OH 1,394 9.490 Feb-09 388 -- Baton Rouge, LA 1,846 7.375 Mar-09 208 1,478 Bristol, PA 5,951 7.250 Apr-09 571 5,228 Livonia, MI 10,937 7.800 Apr-09 992 10,236 Henderson, NC 4,341 7.390 May-09 417 3,854 Westland, MI 2,647 10.500 Sep-09 683 -- Salt Lake City, UT 11,972 7.610 Oct-09 2,901 -- High Point, NC 8,835 5.750 Oct-09 695 7,741 Richmond, VA 16,350 8.100 Feb-10 1,511 15,257 Hampton, VA 4,439 8.260 Apr-10 415 4,144 Hampton, VA 7,239 8.270 Apr-10 677 6,758 Tampa, FL 8,277 6.930 Aug-10 674 7,603 Tampa, FL 5,987 6.880 Aug-10 485 5,495 Herndon, VA 18,687 8.180 Dec-10 1,723 17,301 San Diego, CA 4,181 7.500 Jan-11 411 3,420 Tucson, AZ 2,414 7.500 Jan-11 226 2,076 Columbia, SC 3,377 7.540 Jan-11 317 2,905 Valley Forge, PA 12,900 7.120 Feb-11 1,166 10,927 Glendale, AZ 14,662 7.400 Apr-11 1,258 13,365 Auburn Hills, MI 7,096 7.010 Jun-11 637 5,918 Plymouth, MI 4,717 7.960 Jul-11 463 3,949 Newport, OR 6,923 5.030 Aug-11 470 5,980 Greenville, SC 13,719 4.415 Jan-12 841 11,806 New Kingston, PA 7,187 7.790 Jan-12 678 6,101 Mechanicsburg, PA 5,305 7.780 Jan-12 500 4,503 New Kingston, PA 3,424 7.780 Jan-12 323 2,906 Lake Forest, CA 10,753 7.260 Feb-12 901 9,708 Groveport, OH (c) 7,765 6.030 Oct-12 563 6,860 San Antonio, TX 30,115 6.080 Oct-12 2,260 26,025 Dallas, TX 21,025 7.490 Dec-12 2,020 16,030 Fort Mill, SC 11,431 6.000 Jan-13 839 9,904 Waterloo, IA 6,607 5.610 Feb-13 672 3,505 Lancaster, CA (first) 10,501 7.020 Sep-13 900 8,637 Lancaster, CA (second) 8,821 5.920 Sep-13 642 7,518 Knoxville, TN 5,248 5.950 Sep-13 381 4,496 Moody, AL 7,623 4.978 Jan-14 493 6,350 Mechanicsburg, PA 13,743 5.730 Mar-14 1,045 10,538 Redmond, OR 10,050 5.616 Apr-14 697 8,484 Fort Mill, SC(g) 20,300 5.373 May-14 1,106 18,311 Eau Claire, WI 2,115 8.000 Jul-14 313 -- Jackson, TN 10,372 5.930 Jul-14 743 8,820 Southfield, MI 11,454 4.550 Feb-15 1,058 4,454 Franklin, NC 1,875 8.500 Apr-15 271 -- Mission, TX 6,533 5.780 Jun-15 462 5,371
19 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 9/30/04 ($000's)
------------------------- ---------------------- ------------------ ---------------- ---------------------- ------------------ Current Estimated Debt Annual Balloon Property Balance Interest Rate Maturity Debt Service(h) Payment ------------------------- ---------------------- ------------------ ---------------- ---------------------- ------------------ Houston, TX 27,488 6.250 Sep-15 2,050 6,985 Houston, TX 7,788 6.250 Sep-15 658 2,222 Sugar Land, TX 18,050 6.250 Sep-15 1,606 6,286 Houston, TX 68,163 6.250 Sep-15 6,470 18,318 Southborough, MA 2,043 7.500 Sep-15 275 -- Danville, IL 6,548 9.000 Jan-16 692 4,578 Temple, TX 9,133 6.090 Jan-16 668 7,446 Bremerton, WA 6,750 6.090 Apr-16 494 5,465 Dillon, SC 11,876 7.900 Dec-16 1,263 5,273 Westmont, IL 15,950 6.210 Mar-18 1,292 9,662 Wall Township, NJ 29,899 6.250 Jan-21 2,013 -- ------ ----- ----- -- $ 711,703 6.637% $ 67,209 469,832 ------- ------ ------ ------- Property-Variable Rate Milpitas, CA (a) (b) $ 14,142 5.170% July-05 $ 2,027 $ 12,643 ------ ------ ----- ------ Corporate Credit Facility (d) $ -- --% Aug-06 $ -- $ -- ------ ------ ----- ------ Total $ 725,845 6.609% $ 69,236 $ 482,475 ======= ====== ====== =======
- -------------------------- (a) Floating rate debt, 30 day LIBOR plus 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 was 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 10/1/07. Commencing 11/1/07 annual debt service of $1,364 is due. (h) Remaining payments for debt with less than 12 months to maturity. 20 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 9/30/04 ($000's)
- ------------------------ ------------------- ------------------ ------------- ----------------- ------------------- ---------------- Current LXP Estimated Debt Proportionate Interest Annual Debt Balloon Joint Venture Property Balance Share Rate Maturity Service Payment - ------------------------ ------------------- ------------------ ------------- ----------------- ------------------- ---------------- Columbia, SC1 $ 24,198 $ 9,679 7.850% Oct-09 $ 2,196 $ 22,586 Houston, TX2 20,926 6,975 7.580 Oct-09 2,032 18,229 Santa Clarita, CA3 28,200 8,460 4.750 Oct-09 1,285 28,200 Fishers, IN2 14,869 4,956 8.190 Apr-10 1,499 12,960 Herndon, VA2 11,428 3,809 7.600 Sep-10 1,107 9,769 Lake Mary, FL2 13,129 4,376 7.880 Oct-10 1,181 12,118 Lake Mary, FL2 13,091 4,364 7.880 Oct-10 1,178 12,082 Irving, TX2 26,356 8,785 8.160 Oct-10 2,432 24,454 Parsippany, NJ2 40,659 13,553 7.350 Mar-11 3,472 37,047 Novato, CA3 22,600 6,780 5.750 Jul-11 1,600 20,307 Winchester, VA2 10,682 3,561 7.330 Aug-11 908 9,675 Antioch, TN3 14,807 4,442 7.940 Oct-11 1,580 11,177 Milford, OH2 16,815 5,605 8.170 Feb-12 1,724 12,686 Temperance, MI2 11,659 3,886 6.000 Sep-12 936 9,400 Laurens, SC2 17,393 5,798 6.000 Sep-12 1,396 14,022 Farmington Hills, MI2 21,062 7,021 5.420 Sep-12 1,500 17,724 Baton Rouge, LA3 6,924 2,077 4.900 Oct-12 443 5,943 Plymouth, MI3 12,599 3,780 6.220 Dec-12 1,026 10,026 Colorado Springs, CO2 11,770 3,923 6.250 Dec-12 887 10,272 Centennial, CO3 15,790 4,737 6.150 Feb-13 1,177 13,555 Malvern, PA3 13,275 3,983 5.530 Jan-14 916 11,236 Arlington, TX4 21,849 5,462 5.810 Feb-14 1,551 18,605 New Lenox, IL3 17,400 5,220 5.510 Feb-14 972 17,400 Logan Township, NJ3 7,690 2,307 4.760 Apr-14 371 6,784 Herndon, VA3 12,416 3,725 5.920 Apr-15 888 10,371 Overland Park, KS4 37,620 9,405 5.830 May-19 2,224 31,819 Kansas City, MO4 17,950 4,488 5.830 May-19 1,061 15,182 West Chester, PA3 11,269 3,381 6.750 Jul-19 1,204 -- Boise, ID4 10,451 2,613 6.010 Aug-19 753 7,670 Streetsboro, OH4 20,200 5,050 5.285 Sept-19 1,082 16,338 Durham, NH2 19,182 6,394 6.730 Mar-21 1,312 -- ------------ --------------- ----- ------------ --------------- $ 544,259 $ 168,595 6.525% $ 41,893 $ 447,637 ============ =============== ===== ============ ===============
- ------------------------- 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. 21 Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 9/30/04 ($000's)
Consolidated properties - ------------------------------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2004 - remaining $ 5,361 $ - - 2005 21,570 12,643(1) 5.17% 2006 22,147 - - 2007 27,253 - - 2008 21,162 70,492(2) 6.62% -------------- ----------- ----- $ 97,493 $ 83,135 6.40% ============== =========== ===== Joint venture properties - LXP proportionate share - ------------------------------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2004 - remaining $ 464 - - 2005 2,038 - - 2006 2,197 - - 2007 2,392 - - 2008 2,586 - - -------------- ------ ------ $ 9,677 - - ============== ====== ======
- ------------------------ (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). 22 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 9/30/04
- --------------------------------------------------------------- -------------------------------------------- Percentage of Historical Tenant Industry 9 Month Base Rent (1) - --------------------------------------------------------------- -------------------------------------------- Energy 13.1% Finance/Insurance 11.6 Telecommunications 9.5 Transportation/Logistics 7.7 Retail-Department/ Discount Store 7.4 Technology 6.1 Construction Materials 5.7 Healthcare 5.5 Retail-Specialty 5.4 Automotive 4.3 Aerospace/Defense 4.3 Food 3.6 Media/Advertising 2.8 Retail-Electronics 2.6 Consumer Products 2.6 Printing/Production 2.5 Health/Fitness 1.7 Apparel 1.4 Security 1.4 Paper/Containers/Packaging 0.8 ----- 100%
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 23 Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 9/30/04
Revenue by Property Type Historical 9-Month Base Rent ($000's)(A) Percentage - ---------------------------------------- -------------------------------------------- ---------------------------------------------- Office $ 75,879 61.0% Industrial 39,246 31.5 Retail 9,300 7.5 ---------------- ------ $ 124,425 100.0% ================ ====== Revenue by Credit Rating(C) Investment Grade $ 59,720 48.0% Non-Investment Grade 25,705 20.7 Unrated 39,000 31.3 ---------------- ------ $ 124,425 100.0% ================ ====== Percentage of Base Rent for 9 Number of Months Top 15 Tenants/Guarantors Properties(B) Property Type Ended 9/30/04(A) - ---------------------------------------- --------------------- ------------------------------------------------ -------------------- Baker Hughes, Inc. 4 Office (3)/Industrial (1) 5.5% Kmart Corporation 1 Industrial 5.4 Northwest Pipeline Corp. 1 Office 5.3 Exel Logistics, Inc.(NFC plc) 4 Industrial 3.1 Employers Reinsurance Corp. 2 Office 3.0 Nextel Finance Company 4 Office 2.8 Honeywell, Inc. 3 Office 2.8 Michaels Stores, Inc. 2 Industrial 2.3 Owens Corning 4 Industrial 2.3 VarTec Telecom, Inc. 1 Office 2.1 Wells Fargo Home Mortgage, Inc. 2 Office 2.1 James Hardie Building Products, Inc. 1 Industrial 2.0 (James Hardie Industries N.V.) Circuit City Stores, Inc. 4 Office(1)/Retail(2)/Industrial (1) 2.0 Aventis Pharmaceuticals, Inc. 1 Office 1.7 Bally Total Fitness Corp. 4 Retail 1.7 - --- 38 44.1% == =====
(A) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (B) As of September 30, 2004. (C) As of October 6, 2004. 24 -----END PRIVACY-ENHANCED MESSAGE-----