-----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, CxXP52QVpAEfCfib3tTNErrAqhVfDoEkogl01pETIWR2tUC0Jkoj5hjokCpxB0wo wkWvRe2CddN9XToLWfkx3Q== 0001116679-05-000643.txt : 20050303 0001116679-05-000643.hdr.sgml : 20050303 20050303165012 ACCESSION NUMBER: 0001116679-05-000643 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050224 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050303 DATE AS OF CHANGE: 20050303 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: 05658512 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 l8k.txt FEBRUARY 24, 2005 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) February 25, 2005 ---------------------------- 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 1.01. Entry into a Material Definitive Agreement. Potential Portfolio Acquisition - ------------------------------- Purchase and Sale Agreement On February 25, 2005, Lexington Corporate Properties Trust (the "Trust") entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") to purchase a portfolio of twenty seven (27) properties (the "Properties") from affiliates of Wells Real Estate Investment Trust, Inc. (the "Sellers"). None of the Sellers are affiliated with the Trust. The portfolio consists of twenty four (24) office properties, two (2) industrial properties and one (1) office/research and development properties. None of the Properties is currently encumbered by mortgage or similar financing. The total purchase price is approximately $786.0 million. In connection with the execution of the Purchase and Sale Agreement, the Trust paid a deposit of $40.5 million to the Sellers, which will be applied to the purchase price. Under the Purchase and Sale Agreement, the Trust is required to pay certain closing costs including attorneys' fees, title insurance premiums for "extended" coverage and all endorsements as to all owner's title insurance policies issued to the Trust, title insurance premiums for mortgage title insurance policies, other recording fees, and all other costs and expenses incurred by the Trust in connection with the closing and consummating the transaction. The Trust and the Sellers are each required to pay 50% of the costs of all surveys and real estate transfer taxes, although the Trust's obligation for transfer taxes is subject to a maximum obligation of approximately $0.9 million. Under the Purchase and Sale Agreement, the closing of the transaction will occur no earlier than March 25, 2005. Each of the Trust and the Sellers has the right to extend the closing date until no later than April 29, 2005, by giving written notice to the other party on or before March 22, 2005. The agreement is subject to a number of closing conditions, all of which must be satisfied for the closing to occur. The Purchase and Sale Agreement contains customary representations and warranties and customary indemnification provisions. The Purchase and Sale Agreement provides the Trust with the right of specific performance. Alternatively, if the Sellers willfully default on their obligations under the Purchase and Sale Agreement, the Trust is entitled to a refund of its deposit and liquidated damages of up to $10 million. If the Trust breaches its obligation to close, the Sellers have the right to keep the initial deposit. The Trust may assign its rights to purchase the properties to its subsidiaries and affiliates including, without limitation, certain joint venture programs. The Trust has received preliminary commitments from its existing joint venture partners to purchase six (6) of the properties, with an aggregate purchase price of $296.1 million, in its existing joint venture programs. Financing Arrangements To finance the acquisition, the Trust received a loan commitment from JP Morgan Chase Bank, N.A., for $558.3 million of non-recourse first mortgage loans (the "Loans"), secured by individual first mortgages on each of the Properties and on five other properties which the Trust presently owns free and clear. $540.7 million of the Loans will bear interest at a weighted average fixed rate of 5.20% and the balance will bear interest at a floating rate. The Loans will mature in six to ten years with a weighted average maturity of approximately eight years, three months. The Loans are subject to final documentation and standard closing conditions. The balance of the purchase price is expected to be funded from equity commitments from existing joint venture partners ($73.6 million) and cash balances ($154.1 million). Properties
- ----------------------------------------------------------------------------------------------------------------- Year Est. 1st Yr. Lease Square Constructed/ Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated - ----------------------------------------------------------------------------------------------------------------- Office - ------ 275 South Valencia Ave. Bank of America $ 7,574 06/12 637,503 1983 Los Angeles, CA(1) 6303 Barfield Road & Internet Security Systems, Inc. 5,398 05/13 289,000 2001 859 Mount Vernon Hwy. 2003 Atlanta, GA(2) 8900 Freeport Pkwy. Nissan North America, Inc. 4,427 03/13 268,445 2002 Dallas, TX(1) 601 & 701 Experian Pkwy. TRW Inc./Experian 3,579 10/10 292,700 1981 Dallas, TX Information Solutions, Inc. 1983 110, 120, & 130 E. Shore Dr. Capital One Services, Inc. 2,800 03/10 68,500 2000 Richmond, VA(1), (3) 05/06 77,045 1998 02/10 79,675 2000 2050 Roanoke Road Chrysler Financial Company 2,390 12/11 130,290 2001 Ft. Worth, TX(1) LLC 27404 Drake Road Dana Corporation 2,331 10/21 112,480 1999 Farmington Hills, MI 1311 Broadfield Blvd. Transocean, Inc. 2,233 03/11 103,260 2000 Houston, TX Newpark Resources, Inc. 08/09 52,731 810-820 Gears Road IKON Office Solutions, Inc. 2,211 01/13 157,790 2000 Houston, TX 200 Lucent Lane Lucent Technologies, Inc. 1,996 09/11 120,000 1999 Raleigh, NC(1)
- ----------------------------------------------------------------------------------------------------------------- Year Est. 1st Yr. Lease Square Constructed/ Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated - ----------------------------------------------------------------------------------------------------------------- 8555 South River Pkwy. ASM Lithography Holding NV 1,939 06/13 95,133 1998 Tempe, AZ 10475 Crosspoint Blvd. John Wiley & Sons, Inc. 1,825 10/09 123,674 1999 Fishers, IN Robert Half International 04/05 2,960 United Student Aid Fund 07/05 14,413 3201 Quail Springs Pkwy. AT&T Wireless Services, Inc. 1,656 08/10 103,500 1999 Oklahoma City, OK Jordan Associates, Inc. 12/08 25,000 16676 Northcase Dr. Kerr-McGee Corporation 1,545 07/14 101,111 2003 Houston, TX 6200 Northwest Pkwy. PacifiCare Health Systems, 1,528 11/10 142,500 2000 San Antonio, TX Inc. 2550 Interstate Dr. AT&T Wireless Services, Inc. 1,412 11/08 81,859 1998 Harrisburg, PA 15501 North Dial Blvd. The Dial Corporation 1,388 08/08 129,689 1998 Phoenix, AZ 2310 Village Square Pkwy. AmeriCredit Corporation 1,330 06/11 85,000 2001 Jacksonville, FL 4848 129th East Ave. Metris Companies, Inc. 1,307 01/10 101,100 2000 Tulsa, OK 4000 Johns Creek Pkwy. Kraft Foods North America, 1,214 01/12 73,264 2001 Atlanta, GA Inc. PerkinElmer Instruments LLC 11/16 13,955 2800 Waterford Lake Dr. Alstom Power, Inc. 1,175 10/14 99,057 2000 Richmond, VA 3940 South Teller St. Travelers Express Company, 1,091 03/12 68,165 2002 Lakewood, CO Inc. 5757 Decatur Blvd. Allstate Insurance Company 1,075 08/12 84,200 2002 Indianapolis, IN Holladay Property Services 09/06 5,756 Midwest Inc. 12600 Gateway Blvd. Gartner, Inc. 981 01/13 62,400 1997 Ft. Meyers, FL ----------------------------------------------------------------------- Subtotal - Office $ 54,405 3,802,155 ----------------------------------------------------------------------- Industrial - ---------- 3820 Micro Drive Ingram Micro Inc. $ 2,035 09/11 701,819 1997 Memphis, TN Office/R & D - ------------ 6938 Elm Valley Dr. Dana Corporation 1,843 10/21 150,945 1999 Kalamazoo, MI
- ----------------------------------------------------------------------------------------------------------------- Year Est. 1st Yr. Lease Square Constructed/ Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated - ----------------------------------------------------------------------------------------------------------------- Warehouse/Office - ---------------- 3600 Army Post Rd. Electronic Data Systems 2,605 04/12 405,000 2002 Des Moines, IA(1) Corp. ----------------------------- ------------ ------------ ------------ Grand Total $ 60,888 5,059,919 ----------------------------- ------------ ------------ ------------
1 Received preliminary commitment from one of our joint venture partners to purchase in an existing joint venture program. 2 Three buildings - buildings one and two were constructed in 2001, and building three was constructed in 2003. 3 Three buildings. Item 2.02. Results of Operations and Financial Conditions. Earnings Press Release - ---------------------- On March 1, 2005, the Trust issued a press release announcing its financial results for the year ended December 31, 2004 (the "Earnings Press Release"). A copy of the Earnings Press Release is furnished herewith as Exhibit 99.1. The information furnished pursuant to this "Item 2.02 Results of Operations and Financial Condition," including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Trust under the Securities Act of 1933, as amended (the "Act"), or the Exchange Act, regardless of any general incorporation language in such filing. Item 7.01. Regulation FD Disclosure. Potential Acquisition Press Release - ----------------------------------- On February 28, 2005, the Trust issued a press release (the "Potential Acquisition Press Release") announcing the execution of the Purchase and Sale Agreement. A copy of the Potential Acquisition Press Release is furnished herewith as Exhibit 99.2. The information furnished pursuant to this "Item 7.01 Regulation FD Disclosure," including Exhibit 99.2, shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Trust under the Act or the Exchange Act, regardless of any general incorporation language in such filing. Supplemental Information - ------------------------ On March 1, 2005, the Trust made available supplemental information (the "Supplemental Reporting Package") concerning its operations and portfolio as of December 31, 2004. A copy of the Supplemental Reporting Package is furnished herewith as Exhibit 99.3. The information furnished pursuant to this "Item 7.01 Regulation FD Disclosure," including Exhibit 99.3, shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Trust under the Act or the Exchange Act, regardless of any general incorporation language in such filing. Item 9.01. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) Exhibits 99.1 Earnings Press Release issued March 1, 2005. 99.2 Potential Acquisition Press Release issued February 28, 2005. 99.3 Supplemental Reporting Package for the year ended December 31, 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: March 3, 2005 By:/s/ T. Wilson Eglin --------------------------------- T. Wilson Eglin Chief Executive Officer Exhibit Index ------------- Exhibit Number Description 99.1 Press Release issued February 28, 2005. 99.2 Potential Acquisition Press Release issued February 28, 2005. 99.3 Supplemental Reporting Package for the year ended December 31, 2004. EX-99 2 ex99-1.txt EX. 99.1 Exhibit 99.1 [GRAPHIC OMITTED] 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 TUESDAY, MARCH 1, 2005 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES FOURTH QUARTER AND TWELVE MONTH RESULTS New York, NY - March 1, 2005- Lexington Corporate Properties Trust (NYSE:LXP) ("Lexington"), a real estate investment trust, today announced results for its fourth quarter and twelve months ended December 31, 2004. 2004 and Recent Highlights - -------------------------- o Acquired 44 properties for an aggregate investment of $935 million at a GAAP cap rate of 8.9%, including $502 million in joint ventures; o Sold eight non-core properties for $7.0 million in excess of book value; o Expanded equity base by approximately $295 million by issuing common and preferred shares; o Increased institutional equity committed to joint ventures by approximately $145 million; o Obtained $369.9 million of non-recourse mortgage financing at a weighted average fixed interest rate of 5.49% - lowering overall fixed rate borrowing costs from 7.08% to 6.58% for consolidated properties; o Extended leases on ten properties; o Raised dividend to annual rate of $1.44 per common share, the twelfth consecutive annual increase; and o Generated total shareholder return of 18.8%. Quarterly Results Funds from operations were $18.5 million, or $0.34 per diluted share/unit, for the fourth quarter of 2004, after the impact of $3.6 million in impairment charges (including minority interest share of $0.9 million) ($0.07 per diluted share/unit) and $2.9 million in charges due to a tenant bankruptcy ($0.05 per diluted share/unit). This compares to $19.7 million, or $0.45 per diluted share/unit, for the fourth quarter of 2003. Lexington operated with greater cash balances and vacancy than in the prior year and this limited growth in FFO per share before the effect of the charges discussed above. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 1 Rental revenue for the quarter totaled $36.5 million, compared to rental revenue of $28.2 million for the same period last year. Net income allocable to common shareholders was $4.9 million in the fourth quarter of 2004, after the impact of the impairment charges and the charges relating to a tenant bankruptcy discussed above, and $1.4 million in gains on sale of properties, or $0.10 per diluted share/unit. This is compared to $10.9 million, after the impact of debt satisfaction gains and $1.0 million on gains on sale of properties, or $0.28 per diluted share/unit, for the same period last year. Twelve Months Results For the twelve months ended December 31, 2004, FFO were $83.6 million, or $1.60 per diluted share/unit, after the impact of $6.7 million in impairment charges (including minority interest share of $1.3 million) ($0.13 per diluted share/unit) and $2.9 million in charges due to a tenant bankruptcy ($0.06 per diluted share/unit). This compares to $64.5 million, or $1.63 per diluted share/unit net of $7.5 million in debt satisfaction charges, ($0.19 per diluted share/unit), for the same period last year. Lexington operated with greater cash balances and vacancy during 2004 which reduced FFO per share excluding the charges previously discussed. Rental revenue for the twelve months ended December 31, 2004, totaled $140.0 million, compared to rental revenue of $105.1 million for the same period last year. Net income allocable to common shareholders was $37.9 million for the twelve months ended December 31, 2004, after the impairment charges and the charges relating to a tenant bankruptcy discussed above and $5.5 million in gains on sale of properties, or $0.80 per diluted share/unit, compared to $30.3 million, after the impact of debt satisfaction charges discussed above and $2.2 million in gains on sale of properties, or $0.88 per diluted share/unit, for the same period last year. Conference Call Management will discuss the financial results on a conference call today at 2:00 p.m. Eastern Time. The toll-free dial in number is 800-218-0204. The replay of the call will be available through March 8, 2005. The toll-free telephone number for the replay is 800-405-2236, passcode 11022822. 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 at www.lxp.com. Comments From Management Commenting on Lexington's financial results, T. Wilson Eglin, Chief Executive Officer said, "Lexington had numerous accomplishments in 2004. We acquired forty-four properties for $935 million - our busiest year of acquisition volume by a wide margin. We continued to build our balance sheet to support further growth by raising $295 million of equity on terms that we believe were very favorable for shareholders. We also established a third joint venture investment program and obtained $145 million of equity commitments to our joint venture programs. Lexington took advantage of an attractive interest rate environment in 2004 and obtained $369.9 million of non-recourse mortgage financing at a weighted average fixed interest rate of 5.49%. This had the effect of lowering our overall fixed rate borrowing costs by fifty basis points and reducing floating rate debt by $94 million to less than 2% of total debt. In addition, we continued to make good progress on the leasing front by extending leases on ten properties and ended the year with 98.1% occupancy. We also sold eight properties consistent with our objective of reducing our retail property portfolio and exiting smaller markets." 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 Monday, February 28, 2005 at $22.02 per share. Lexington pays an annualized dividend of $1.44 per share. Additional information about Lexington is available at www.lxp.com. Lexington believes that funds from operations ("FFO") enhances an investor's understanding of Lexington's financial condition, results of operations and cash flows. Lexington 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. 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. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized. Financial Tables Follow - ----------------------- This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 3 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Twelve Months Ended Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- Gross revenues: Rental $ 36,452 $ 28,160 $ 140,003 $ 105,057 Advisory fees 1,710 739 4,885 1,429 Tenant reimbursements 2,068 1,059 6,337 4,498 ----------- ----------- ----------- ----------- Total gross revenues 40,230 29,958 151,225 110,984 Expense applicable to revenues: Depreciation and amortization (12,106) (6,856) (38,930) (25,623) Property operating (3,269) (2,084) (10,451) (8,107) General and administrative (3,933) (2,646) (13,939) (9,659) Write off - tenant bankruptcy (2,884) - (2,884) - Non-operating income 711 160 3,276 1,442 Interest and amortization expense (12,230) (8,430) (46,437) (35,793) Debt satisfaction charges - 226 - (7,459) ----------- ----------- ----------- ------------ Income before (provision) benefit for income 6,519 10,328 41,860 25,785 taxes, minority interests and equity in earnings of joint ventures (Provision) benefit for income taxes 635 17 (1,181) (259) Minority interests (693) (1,272) (4,196) (3,569) Equity in earnings of joint ventures 1,811 1,551 7,194 5,707 ----------- ----------- ----------- ----------- Income from continuing operations 8,272 10,624 43,677 27,664 ----------- ----------- ----------- ----------- Discontinued operations, net of minority interest: Income from discontinued operations 38 770 1,102 3,794 Impairment charges (2,671) - (5,447) - Gains on sales of properties 1,410 1,047 5,475 2,191 ----------- ----------- ----------- ----------- Total discontinued operations (1,223) 1,817 1,130 5,985 ------------ ----------- ----------- ----------- Net income 7,049 12,441 44,807 33,649 Dividends attributable to preferred shares - - Series B (1,590) (1,590) (6,360) (3,392) Dividends attributable to preferred shares - - Series C (585) - (585) - ----------- ----------- ------------ ----------- Net income allocable to common shareholders $ 4,874 $ 10,851 $ 37,862 $ 30,257 Depreciation and amortization 12,020 7,304 39,894 27,634 Minority interests - OP Units (311) 1,334 2,570 4,039 Amortization of leasing commissions 98 206 647 812 Joint venture adjustment - depreciation 2,658 1,084 7,559 3,951 Preferred share dividend - Series C 585 - 585 - Gains on sales of properties (1,410) (1,047) (5,475) (2,191) ------------ ------------ ------------ ------------ Funds from operations2 $ 18,514 $ 19,732 $ 83,642 $ 64,502 =========== =========== =========== =========== Rent below GAAP revenue1 $ 414 $ 772 $ 3,350 $ 3,790 Per share/unit Basic net income $ 0.10 $ 0.28 $ 0.81 $ 0.89 Diluted net income $ 0.10 $ 0.28 $ 0.80 $ 0.88 Funds from operations2-basic $ 0.34 $ 0.45 $ 1.60 $ 1.64 Funds from operations2-diluted $ 0.34 $ 0.45 $ 1.60 $ 1.63
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 4 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
12/31/04 12/31/03 -------- -------- Real estate, at cost $ 1,407,872 $ 1,162,395 Accumulated depreciation (180,610) (160,623) Investment in joint ventures 132,738 69,225 Properties held for sale - discontinued 13,216 36,478 operations Intangible assets, net 54,736 14,736 Cash and cash equivalents 146,957 15,923 Deferred expenses, net 7,860 10,013 Rent receivable 4,123 - Rent receivable - deferred 23,923 24,069 Due from affiliates 45,800 - Other assets 40,472 35,195 ---------------- ---------------- $ 1,697,087 $ 1,207,411 ================ ================ Mortgages and notes payable $ 765,144 $ 551,385 Liabilities - discontinued operations 1,688 - Other liabilities 22,388 10,667 Prepaid rent 3,818 2,482 Minority interests 56,759 59,220 Shareholders' equity 847,290 583,657 ---------------- ---------------- $ 1,697,087 $ 1,207,411 ================ ================ Common shares 48,621,273 40,682,001 Preferred shares - Series B 3,160,000 3,160,000 Preferred shares - Series C 2,700,000 - Operating partnership units 5,408,699 5,430,454 ---------------- ---------------- 59,889,972 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 October 1999 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 5 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- Earning Per Share - ----------------- Basic Income from continuing operations $ 8,272 $ 10,624 $ 43,677 $ 27,664 Less preferred dividends (2,175) (1,590) (6,945) (3,392) ---------- ---------- ---------- ---------- Income allocable to common shareholders from continuing operations - basic 6,097 9,034 36,732 24,272 Total income (loss) from discontinued operations - basic (1,223) 1,817 1,130 5,985 ---------- ---------- ---------- ---------- Net income allocable to common shareholders $ 4,874 $ 10,851 $ 37,862 $ 30,257 ========== ========== ========== ========== Weighted average number of common shares outstanding 48,092,092 38,513,927 46,551,328 34,074,935 ========== ========== ========== ========== Per share data: Income from continuing operations $ 0.13 $ 0.23 $ 0.79 $ 0.71 Income from discontinued operations (0.03) 0.05 0.02 0.18 ---------- ---------- ---------- ---------- Net income $ 0.10 $ 0.28 $ 0.81 $ 0.89 ========== ========== ========== ========== Diluted Income allocable to common shareholders from continuing operations - basic $ 6,097 $ 9,034 $ 36,732 $ 24,272 Adjustments: Incremental income attributed to assumed conversion of dilutive securities - - 4,192 3,569 ---------- ---------- ---------- ---------- Income allocable to common shareholders from continuing operations - diluted 6,097 9,034 40,924 27,841 Total income (loss) from discontinued operations - diluted (1,223) 1,817 691 6,899 ---------- ---------- ---------- ---------- Net income allocable to common shareholders - diluted $ 4,874 $ 10,851 $ 41,615 $ 34,740 ========== ========== ========== ========== Weighted average number of shares used in calculation of basic earnings per share 48,092,092 38,513,927 46,551,328 34,074,935 Add incremental shares representing: Shares issuable upon exercises of employee share options 126,179 218,824 131,415 202,504 Shares issuable upon conversion of dilutive securities - - 5,366,166 5,216,433 ---------- ---------- ---------- ---------- Weighted average number of shares used in calculation of diluted earnings per common share 48,218,271 38,732,751 52,048,909 39,493,872 ========== ========== ========== ========== Per share data: Income from continuing operations - diluted $ 0.13 $ 0.23 $ 0.79 $ 0.70 Income (loss) from discontinued operations - diluted (0.03) 0.05 0.01 0.18 ---------- ---------- ---------- ---------- Net income diluted $ 0.10 $ 0.28 $ 0.80 $ 0.88 ========== ========== ========== ==========
MORE LEXINGTON PROPERTIEST 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 Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- Funds From Operations - --------------------- Basic and Diluted - ----------------- Net income allocable to common shareholders Adjustments: $ 4,874 $ 10,851 $ 37,862 $ 30,257 Depreciation and amortization 12,020 7,304 39,894 27,634 Minority interests-OP Units (311) 1,334 2,570 4,039 Amortization of leasing commissions 98 206 647 812 Joint venture adjustment-depreciation 2,658 1,084 7,559 3,951 Preferred dividends-Series C 585 - 585 - Gains on sale of properties (1,410) (1,047) (5,475) (2,191) ------------ ------------ ------------ ------------ Funds from operations $ 18,514 $ 19,732 $ 83,642 $ 64,502 ============ ============ ============ ============ Basic - ----- Weighted average shares outstanding-basic EPS 48,092,092 38,513,927 46,551,328 34,074,935 Operating partnership units 5,390,583 5,201,210 5,366,166 5,216,433 Preferred shares - Series C 1,313,116 - 330,073 - ------------ ------------ ------------ ------------ Weighted average shares outstanding-basic FFO 54,795,791 43,715,137 52,247,567 39,291,368 ============ ============ ============ ============ FFO per share $ 0.34 $ 0.45 $ 1.60 $ 1.64 ============ ============ ============ ============ Diluted - ------- Weighted average shares outstanding-diluted EPS 48,218,271 38,732,751 52,048,909 39,493,872 Operating partnership units 5,390,583 5,201,210 - - Preferred shares - Series C 1,313,116 - 330,073 - ------------ ------------ ------------ ------------ Weighted average shares outstanding-diluted FFO 54,921,970 43,933,961 52,378,982 39,493,872 ============ ============ ============ ============ FFO per share $ 0.34 $ 0.45 $ 1.60 $ 1.63 ============ ============ ============ ============
### EX-99 3 ex99-2.txt EX. 99.2 Exhibit 99.2 [GRAPHIC OMITTED] RE: LEXINGTON CORPORATE PROPERTIES TRUST ONE PENN PLAZA SUITE 4015 NEW YORK, NY 10119 FOR FURTHER INFORMATION: AT THE COMPANY: AT FINANCIAL RELATIONS BOARD: T. Wilson Eglin Diane Hettwer Tim Grace Chief Executive Officer Analyst Inquiries Media Inquiries (212) 692-7200 (312) 640-6760 (312) 640-6667 FOR IMMEDIATE RELEASE MONDAY, FEBRUARY 28, 2005 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES $786.0 MILLION ACQUISITION OF TWENTY-SEVEN PROPERTY PORTFOLIO FROM WELLS REAL ESTATE FUNDS New York, NY - February 28, 2005 - Lexington Corporate Properties Trust (NYSE:LXP) ("Lexington"), a real estate investment trust, today announced that it has entered into a definitive agreement to purchase twenty-four office buildings, one industrial facility, one office/R & D facility and one office/warehouse property (the "Properties") from affiliates of Wells Real Estate Investment Trust, Inc. and Wells-affiliated joint venture partners The office buildings contain 3.8 million square feet and the remaining three properties contain 1.3 million square feet, and are predominantly leased to single tenants in fourteen states. The purchase price equals $786.0 million ($155 psf). A detailed list of the Properties is attached to this press release. The transaction is expected to close by the end of April, 2005, and is subject to standard closing conditions. E. Robert Roskind, Lexington's Chairman, commented, "This acquisition fits our strategy very well and the timing is great. It is rare to have the opportunity to acquire such a portfolio at any time, but this is especially good timing for us considering the favorable financing environment and the significant range of capital resources available to Lexington to fund an acquisition of this size." Financing Of The Acquisition To finance the acquisition, Lexington has arranged to obtain $558.3 million of non-recourse first mortgage loans (the "Loans") from JPMorgan Chase Bank, N.A., secured by individual first mortgages on each of the Properties and on five other properties which Lexington presently owns free and clear. Thirty-one Loans, with an aggregate original principal amount of $540.7 million, MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 1 will bear interest at a weighted average fixed rate of 5.20%. The remaining Loan, with an original principal amount of $17.6 million, will bear interest at a floating rate. The Loans will mature in six to ten years with a weighted average maturity of approximately eight years, three months. The balance of the purchase price is expected to come from equity commitments of existing joint venture partners (approximately $73.7 million) and cash balances (approximately $154.1 million). The Loans are subject to final documentation and standard closing conditions. Accretive Acquisition Of Office And Industrial Assets Richard J. Rouse, Lexington's Vice Chairman and Chief Investment Officer, said, "We are very pleased to announce this agreement to acquire a high quality portfolio that complements our nationwide single-tenant office and industrial platform and provides us with further portfolio diversification. We believe that this is a highly accretive use of the capital we raised in December, 2004 from our Series C Convertible Preferred Offering." T. Wilson Eglin, Lexington's Chief Executive Officer, added, "The favorable financing that we have arranged underscores the strength of this portfolio. Assuming the transaction closes within the planned time frame, we are increasing our guidance of funds from operations this year by $0.10 per share to a range of $1.95 - $2.00 per share. This would result in a more conservative dividend payout ratio. This conservative payout ratio will allow Lexington to retain additional capital to fund growth and pay down debt." Transaction Highlights >> Lexington substantially exceeds previously forecasted acquisition activity for 2005 with favorable earnings impact; >> Increases Lexington's total assets under management to approximately $3.8 billion; >> Deployment of cash balances ahead of schedule enhances return on equity and funds from operations; and >> Enhanced portfolio diversification and balanced lease rollover. About Lexington Lexington 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 Monday, February 28, 2005 at $22.02 per share. Lexington pays an annualized dividend of $1.44 per share. Additional information about Lexington is available at www.lxp.com Lexington believes that funds from operations ("FFO") enhances an investor's understanding of Lexington's financial condition, results of operations and cash flows. Lexington 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 MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 2 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. 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) supply and demand for properties in our current and proposed market areas, and (ii) those other factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 3 Lexington Corporate Properties Trust Wells Portfolio Property Summary
- -------------------------------------------------------------------------------------------------------------- Year Est. 1st Yr. Lease Square Constructed/ Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated - -------------------------------------------------------------------------------------------------------------- Office - ------ 275 South Valencia Ave. Bank of America $ 7,574 06/12 637,503 1983 Los Angeles, CA 6303 Barfield Road & Internet Security Systems, 5,398 05/13 289,000 2001 859 Mount Vernon Hwy. Inc. 2003 Atlanta, GA1 8900 Freeport Pkwy. Nissan North America, Inc. 4,427 03/13 268,445 2002 Dallas, TX 601 & 701 Experian Pkwy. TRW Inc./Experian 3,579 10/10 292,700 1981 Dallas, TX Information Solutions, Inc. 1983 110, 120, & 130 E. Shore Dr. Capital One Services, Inc. 2,800 03/10 68,500 2000 Richmond, VA2 05/06 77,045 1998 02/10 79,675 2000 2050 Roanoke Road Chrysler Financial Company 2,390 12/11 130,290 2001 Ft. Worth, TX LLC 27404 Drake Road Dana Corporation 2,331 10/21 112,480 1999 Farmington Hills, MI 1311 Broadfield Blvd. Transocean, Inc. 2,233 03/11 103,260 2000 Houston, TX Newpark Resources, Inc. 08/09 52,731 810-820 Gears Road IKON Office Solutions, Inc. 2,211 01/13 157,790 2000 Houston, TX 200 Lucent Lane Lucent Technologies, Inc. 1,996 09/11 120,000 1999 Raleigh, NC 8555 South River Pkwy. ASM Lithography Holding NV 1,939 06/13 95,133 1998 Tempe, AZ 10475 Crosspoint Blvd. John Wiley & Sons, Inc. 1,825 10/09 123,674 1999 Fishers, IN Robert Half International 04/05 2,960 United Student Aid Fund 07/05 14,413 3201 Quail Springs Pkwy. AT&T Wireless Services, Inc. 1,656 08/10 103,500 1999 Oklahoma City, OK Jordan Associates, Inc. 12/08 25,000 16676 Northcase Dr. Kerr-McGee Corporation 1,545 07/14 101,111 2003 Houston, TX 6200 Northwest Pkwy. PacifiCare Health Systems, 1,528 11/10 142,500 2000 San Antonio, TX Inc. 2550 Interstate Dr. AT&T Wireless Services, Inc. 1,412 11/08 81,859 1998 Harrisburg, PA
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 4 Lexington Corporate Properties Trust Wells Portfolio Property Summary
- ------------------------------------------------------------------------------------------------------------------ Year Property Location Tenants or Guarantors Est. 1st Year Lease Square Constructed/ NOI ($000) Exps. Footage Renovated - ------------------------------------------------------------------------------------------------------------------ 15501 North Dial Blvd. The Dial Corporation 1,388 08/08 129,689 1998 Phoenix, AZ 2310 Village Square Pkwy. AmeriCredit Corporation 1,330 06/11 85,000 2001 Jacksonville, FL 4848 129th East Ave. Metris Companies, Inc. 1,307 01/10 101,100 2000 Tulsa, OK 4000 Johns Creek Pkwy. Kraft Foods North America, Inc. 1,214 01/12 73,264 2001 Atlanta, GA PerkinElmer Instruments LLC 11/16 13,955 2800 Waterford Lake Dr. Alstom Power, Inc. 1,175 10/14 99,057 2000 Richmond, VA 3940 South Teller St. Travelers Express Company, 1,091 03/12 68,165 2002 Lakewood, CO Inc. 5757 Decatur Blvd. Allstate Insurance Company 1,075 08/12 84,200 2002 Indianapolis, IN Holladay Property Services 09/06 5,756 Midwest Inc. 12600 Gateway Blvd. Gartner, Inc. 981 01/13 62,400 1997 Ft. Meyers, FL ----------------------------------------------------------------------- Subtotal - Office $ 54,405 3,802,155 ----------------------------------------------------------------------- Industrial - ---------- 3820 Micro Drive Ingram Micro Inc. $ 2,035 09/11 701,819 1997 Memphis, TN Office/R & D 6938 Elm Valley Dr. Dana Corporation 1,843 10/21 150,945 1999 Kalamazoo, MI Warehouse/Office - ---------------- 3600 Army Post Rd. Electronic Data Systems 2,605 04/12 405,000 2002 Des Moines, IA Corp. ----------------------------------------------------------------------- Grand Total $ 60,888 5,059,919 -----------------------------------------------------------------------
1 Three buildings - buildings one and two were constructed in 2001, and building three was constructed in 2003. 2 Three buildings. ### EX-99 4 supp.txt EX. 99.3 Exhibit 99.3 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the year ended December 31, 2004 Table of Contents Income Statements................................................ 1 Balance Sheets................................................... 2 Fourth Quarter Transaction Summary............................... 3 Third Quarter Transaction Summary................................ 4 Second Quarter Transaction Summary............................... 5 First Quarter Transaction Summary................................ 6 Property Holdings................................................ 7 Properties by Location........................................... 18 Lease Rollover Schedules......................................... 19 Mortgages and Notes Payable...................................... 21 Revenue by Tenant Industry....................................... 25 Review by MSA.................................................... 26 Other Revenue Data............................................... 28 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 ---- ---- ---- ---- Gross revenues: Rental $ 36,452 $ 28,160 $ 140,003 $ 105,057 Advisory fees 1,710 739 4,885 1,429 Tenant reimbursements 2,068 1,059 6,337 4,498 -------------- -------------- -------------- -------------- Total gross revenues 40,230 29,958 151,225 110,984 Expense applicable to revenues: Depreciation and amortization (12,106) (6,856) (38,930) (25,623) Property operating (3,269) (2,084) (10,451) (8,107) General and administrative (3,933) (2,646) (13,939) (9,659) Write off - tenant bankruptcy (2,884) -- (2,884) -- Non-operating income 711 160 3,276 1,442 Interest and amortization expense (12,230) (8,430) (46,437) (35,793) Debt satisfaction charges - 226 -- (7,459) -------------- -------------- -------------- -------------- Income before (provision) benefit for income taxes, minority 6,519 10,328 41,860 25,785 interests and equity in earnings of joint ventures (Provision) benefit for income taxes 635 17 (1,181) (259) Minority interests (693) (1,272) (4,196) (3,569) Equity in earnings of joint ventures 1,811 1,551 7,194 5,707 -------------- -------------- -------------- -------------- Income from continuing operations 8,272 10,624 43,677 27,664 -------------- -------------- -------------- -------------- Discontinued operations, net of minority interest: Income from discontinued operations 38 770 1,102 3,794 Impairment charges (2,671) -- (5,447) -- Gains on sales of properties 1,410 1,047 5,475 2,191 -------------- -------------- -------------- -------------- Total discontinued operations (1,223) 1,817 1,130 5,985 -------------- -------------- -------------- -------------- Net income 7,049 12,441 44,807 33,649 Dividends attributable to preferred shares - Series B (1,590) (1,590) (6,360) (3,392) Dividends attributable to preferred shares - Series C (585) -- (585) -- ------------- -------------- -------------- -------------- Net income allocable to common shareholders $ 4,874 $ 10,851 $ 37,862 $ 30,257 Depreciation and amortization 12,020 7,304 39,894 27,634 Minority interests - OP Units (311) 1,334 2,570 4,039 Amortization of leasing commissions 98 206 647 812 Joint venture adjustment - depreciation 2,658 1,084 7,559 3,951 Preferred share dividend - Series C 585 -- 585 -- Gains on sales of properties (1,410) (1,047) (5,475) (2,191) -------------- -------------- -------------- -------------- Funds from operations(2) $ 18,514 $ 19,732 $ 83,642 $ 64,502 ============== ============== ============== ============== Rent below GAAP revenue(1) $ 414 $ 772 $ 3,350 $ 3,790 Per share/unit Basic net income $ 0.10 $ 0.28 $ 0.81 $ 0.89 Diluted net income $ 0.10 $ 0.28 $ 0.80 $ 0.88 Funds from operations(2)-basic $ 0.34 $ 0.45 $ 1.60 $ 1.64 Funds from operations(2)-diluted $ 0.34 $ 0.45 $ 1.60 $ 1.63
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
12/31/04 12/31/03 -------- -------- Real estate, at cost $ 1,407,872 $ 1,162,395 Accumulated depreciation (180,610) (160,623) Investment in joint ventures 132,738 69,225 Properties held for sale - discontinued operations 13,216 36,478 Intangible assets, net 54,736 14,736 Cash and cash equivalents 146,957 15,923 Deferred expenses, net 7,860 10,013 Rent receivable 4,123 - Rent receivable - deferred 23,923 24,069 Due from affiliates 45,800 - Other assets 40,472 35,195 ------------------- ------------------- $ 1,697,087 $ 1,207,411 =================== =================== Mortgages and notes payable $ 765,144 $ 551,385 Liabilities - discontinued operations 1,688 - Other liabilities 22,388 10,667 Prepaid rent 3,818 2,482 Minority interests 56,759 59,220 Shareholders' equity 847,290 583,657 ------------------- ------------------- $ 1,697,087 $ 1,207,411 =================== =================== Common shares 48,621,273 40,682,001 Preferred shares - Series B 3,160,000 3,160,000 Preferred shares - Series C 2,700,000 - Operating partnership units 5,408,699 5,430,454 ------------------- ------------------- 59,889,972 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 Fourth Quarter Transaction Summary Investments ($000's) Average Scheduled Property Capitalized Annual GAAP Lease Tenant/Guarantor Location Type Costs Rent Yield Term - ---------------- -------- ---- ----- ---- ----- ---- Spacelabs Medical, Inc. Issaquah, WA - 2 Office $ 50,914 $ 4,053 8.0% 12/14 (OSI Systems, Inc.)(1) locations Playboy Enterprises, Inc./ Los Angeles, CA Office 18,010 1,258 8.5% 10/12 & Sony Electronics, Inc. 271 08/09 Foot, Cone & Belding Chicago, IL Office 50,155 3,951 7.9% 03/14 (Interpublic Group of Companies, Inc.) (2) Dana Corporation Olive Branch, MS Industrial 7,079 632 8.9% 06/12 Voicestream PCS II Corporation (T-Mobile USA, Inc.) (1) Lenexa, KS Office 13,940 1,352 9.7% 10/19 Progressive Casualty Insurance Company (2) Rancho Cordova, CA Office 33,448 2,804 8.4% 07/12 ANSYS, Inc.(2) Canonsburg, PA Office 15,132 1,354 8.9% 12/14 Verizon Wireless(1) Wilmington, NC Office 20,450 1,624 7.9% 12/16 Kmart Corporation(2) 6 locations Retail 27,818 2,685 9.7% 12/18 Invensys Systems, Inc. (Siebe, Inc.) Foxboro, MA Office 29,238 3,365 11.5% 07/15 Invensys Systems, Inc. (Siebe, Inc.) Foxboro, MA Office 24,574 2,593 10.6% 07/14 --------- --------- ----- $ 290,758 $ 25,942 8.9% ========= ========= ==== Dispositions ($000's) Tenant/Guarantor Location Property Type Net Sale Price Net Book Value ---------------- -------- ------------- --------------- -------------- Wal-Mart, Inc. Jacksonville, AL Retail $ 1,408 $ 1,908 Circuit City Stores, Inc. Sacramento, CA Retail 4,324 2,422 ------------ ------------ $ 5,732 $ 4,330 ============ ============ Lease Extensions ($000's) Property Previous Extended Extension Rent Tenant/Guarantor Location Type Term Term Per Annum ---------------- -------- ---- ---- ---- --------- Bull Information Systems, Inc. Phoenix, AZ Office 10/05 10/10 $ 704 New Financings ($000's) Tenant/Guarantor Location Amount Rate Term ---------------- -------- ------ ---- ---- Veritas DGC, Inc. (2) Houston, TX $ 23,910 5.41% 10/15 Hagemeyer Foods (N.A.), Inc. (2) Weston, FL 10,860 5.42 11/14 Circuit City Stores, Inc. (2) Weston, FL 7,500 5.52 11/17 ANSYS, Inc.(2) Canonsburg, PA 9,095 5.38 01/15 Carlson Restaurants Worldwide, Inc. Carrollton, TX 14,520 5.53 12/14 Voicestream PCS II Corporation (T-Mobile USA, Inc.) (1) Lenexa, KS 10,460 6.27 12/19 Foot, Cone & Belding (Interpublic Group of Companies, Inc.) (2) Chicago, IL 29,900 5.11 01/15 ------------ --------- $ 106,245 5.43% ============ ========== Assumed Financings ($000's) Tenant/Guarantor Location Amount Rate Term ---------------- -------- ------ ---- ---- Progressive Casualty Insurance(2) Rancho Cordova, CA $18,936(7) 6.00% 09/14 Kmart Corporation(2) 6 locations - Series F 15,064(3) 6.00 07/10 Kmart Corporation(2) 6 locations - Series G 5,521(4) 6.00 07/18 Invensys Systems, Inc. (Siebe, Inc.) Foxboro, MA 23,649(5) 6.00 01/14 Invensys Systems, Inc. (Siebe, Inc.) Foxboro, MA 19,425(6) 6.00 01/13 ------ ----- $82,595 6.00% ======= ====== (1) Lexington has a 25% interest in the property. (2) Lexington has a 30% interest in the property. (3) Face amount of debt is $13,890 with a stated rate of 8.80%. (4) Face amount of debt is $4,229 with a stated rate of 9.44%. (5) Face amount of debt is $20,866 with a stated rate of 8.82%. (6) Face amount of debt is $18,156 with a stated rate of 7.67%. (7) Face amount of debt is $17,380 with a stated rate of 7.28%.
3
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. 4
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 Industrial 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 22,776 1,975 8.7% 12/18 Worldwide, Inc. -------- -------- ---- $ 126,151 $ 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) 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% 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. 5
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%. 6
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ 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. $ 8,773 $ 8,773 295,000 1982 Salt Lake City, UT 10001 Richmond Avenue Baker Hughes, Inc. 4,622 5,652 554,385 1976/1984 Houston, TX 1600 Viceroy Drive VACANT(19) 3,445 3,475 249,452 1986 Dallas, TX 3476 Stateview Boulevard Wells Fargo Home 2,766 2,996 169,083 2002 Fort Mill, SC Mortgage (4) (5) 9950 Mayland Drive Circuit City Stores, Inc. 2,859 2,791 288,562 1990 Richmond, VA 1415 Wyckoff Road New Jersey Natural Gas Co. (10) 2,585 2,585 157,511 1983 Wall Township, NJ 2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 2,360 2,554 109,281 1985/2001 Valley Forge, PA 1301 California Circle Artesyn North America, Inc. 2,895 2,548 100,026 1985 Milpitas, CA (Balfour Beatty plc) 700 Oakmont Lane North American Van Lines, Inc. 2,298 2,516 269,715 1989 Westmont, IL (SIRVA, Inc.)(3) 2211 South 47th Street Avnet, Inc. 2,552 2,469 176,402 1997 Phoenix, AZ 13651 McLearen Road Boeing North American 2,633 2,456 159,664 1987 Herndon, VA Services, Inc. (The Boeing Company) 5600 Broken Sound Blvd Oce Printing Systems USA, 2,012 2,245 143,290 1983/2002 Boca Raton, FL Inc. 4200 RCA Boulevard The Wackenhut Corp.(6) 2,161 2,167 114,518 1996 Palm Beach Gardens, FL 701 Brookfield Parkway Verizon Wireless (7) 1,933 2,067 192,884 2000/2001 Greenville, SC 19019 No. 59th Avenue Honeywell, Inc. 2,002 1,980 252,300 1985 Glendale, AZ 26210 and 26220 Enterprise Apria Healthcare Group, Inc. 1,651 1,792 100,012 2001 Court Lake Forest, CA 200 Executive Blvd. S Hartford Fire Insurance Co. 2,165 1,780 153,364 1983 Southington, CT 1600 Eberhardt Road Nextel of Texas 1,384 1,559 108,800 2001 Temple, TX 9275 S.W. Peyton Lane Hollywood Entertainment 1,468 1,531 122,853 1980/1998 Wilsonville, OR Corp.
7
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ 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. 1,589 1,530 112,248 1983 Decatur, GA 12645 W. Airport Road Baker Hughes, Inc. 1,177 1,489 165,836 1997 Sugar Land, TX 10419 North 30th Street Time Customer Service, Inc. 1,411 1,409 132,981 1986 Tampa, FL (Time, Inc.) 250 Rittenhouse Circle Jones Apparel Group 1,265 1,385 255,019 1982 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.)(1) 2999 SW 6th St. Voice Stream PCS I LLC 1,182 1,373 77,484 2004 Redmond, OR (T-Mobile USA, Inc.) 400 Butler Farm Road Nextel Communications of 1,264 1,302 100,632 1999 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 3480 Stateview Blvd. Wells Fargo Bank N.A. (13) 1,083 1,196 169,218 2004 Fort Mill, SC 2210 Enterprise Drive Washington Mutual 1,227 1,191 177,747 1998 Florence, SC Home Loan, Inc. 6455 State Hwy 303 NE Nextel West Corporation 969 1,113 60,200 2001 Bremerton, WA 13430 N. Black Canyon Bull HN Information 1,104 1,084 137,058 1985/1994 Freeway Systems, Inc. Phoenix, AZ 180 Rittenhouse Circle Jones Apparel Group 901 970 96,000 1998 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 16275 Technology Drive Cymer, Inc. 857 888 65,755 1989 San Diego, CA (Hewlett-Packard) 2401 Cherahala Boulevard Advance PCS, Inc. 786 822 59,748 2002 Knoxville, TN 12000 Tech Center Drive Kelsey-Hayes Company 742 775 80,230 1988 Livonia, MI 421 Butler Farm Road Nextel Communications of 709 721 56,515 2000 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 26555 Northwestern Highway Federal-Mogul Corporation 579 720 187,163 1963/1965 Southfield, MI 2529 West Thorns Drive Baker Hughes, Inc. 613 649 65,500 1981/1999 Houston, TX 100 Barnes Road Minnesota Mining and 538 606 44,400 1978/1985 Wallingford, CT Manufacturing Company 270 Billerica Road Cadence Design Systems(14) 450 472 100,000 1985 Chelmsford, MA
8
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------ 1440 East 15th Street Cox Communications, Inc. 428 457 28,591 1988 Tucson, AZ 250 Turnpike Road Honeywell Consumer 433 433 57,698 1984 Southborough, MA Products 1275 NW 128th Street Principal Life Insurance 389 389 61,180 2003 Clive, IA Company(12) 2300 Litton Lane VACANT (9) 1,199 322 81,744 1987 Hebron, KY 27016 Media Center Drive Playboy Enterprises, Inc. 104 112 63,049 2000 Los Angeles, CA 4201 Marsh Lane Carlson Resturants Worldwide, 78 85 130,000 2003 Carrollton, TX Inc. (16) 27016 Media Center Drive Sony Electronics, Inc. (17) 21 23 20,203 2000 Los Angeles, CA 33 Commercial Street Invensys Systems, Inc. (18) -- -- 164,689 1982 Foxboro, MA (Siebe, Inc.) 70 Mechanic Street Invensys Systems, Inc. (18) -- -- 251,914 1965/1988 Foxboro, MA (Siebe, Inc.) 3615 North 27th Avenue VACANT -- -- 179,280 1960/1979 Phoenix, AZ --------------------------------------------------------------------------- Subtotal $ 73,662 $ 75,452 6,899,184 --------------------------------------------------------------------------- Industrial ---------- 541 Perkins Jones Road Kmart Corp. $ 9,359 $ 8,932 1,700,000 1982 Warren, OH 2425 Highway 77 North James Hardie Building 3,400 3,400 425,816 1996/1997 Waxahachie, TX Products, Inc. (James Hardie Industries NV) 3501 West Avenue H Michaels Stores, Inc. 3,238 3,304 762,775 1998/2002 Lancaster, CA 9110 Grogans Mill Road Baker Hughes, Inc. 2,213 2,349 275,750 1992 Houston, TX 8305 SE 58th Avenue Associated Grocers of 2,067 2,238 668,034 1976 Ocala, FL Florida, Inc. 6345 Brackbill Boulevard Exel Logistics, Inc. 2,037 2,052 507,000 1985/1991 Mechanicsburg, PA (NFC plc) 159 Farley Drive Harbor Freight Tools 1,642 1,875 474,473 2001 Dillon, SC (Central Purchasing, Inc.) 590 Ecology Lane Owens Corning 1,619 1,619 193,891 2001 Chester, SC
9
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------ 19500 Bulverde Road Harcourt Brace 1,302 1,475 559,258 2001 San Antonio, TX 4425 Purks Road Lear Technologies LLC 1,405 1,365 183,717 1989/1998 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 1,487 1,349 330,000 1989 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, Inc. 1,151 1,206 354,676 2002 Groveport, OH (Andrx Corporation) 7500 Chavenelle Road The McGraw-Hill 1,031 1,164 330,988 2002 Dubuque, IA Companies, Inc. 12025 Tech Center Drive Kelsey-Hayes Company 1,024 1,078 100,000 1987/1988 Livonia, MI 3102 Queen Palm Drive Time Customer Service, Inc. 983 1,010 229,605 1986 Tampa, FL (Time, Inc.) 2280 Northeast Drive Ryder Integrated 997 1,004 276,480 1996/1997 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 1,103 1,000 252,000 1985 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 974 985 400,522 1999 Hebron, OH 3600 Southgate Drive Sygma Network, Inc. 933 933 149,500 2000 Danville, IL 431 Smith Lane Kirkland's, Inc. (11) 887 887 771,127 2004 Jackson, TN Moody Commuter & Tech TNT Logistics North 887 887 595,346 2004 Park America, Inc. Moody, AL (TPG N.V.) 46600 Port Street Johnson Controls, Inc. 884 884 134,160 1996 Plymouth, MI 1133 Poplar Creek Road Corporate Express Office 754 810 196,946 1998 Henderson, NC Products, Inc. (Buhrmann, N.V.) 450 Stern Street Johnson Controls, Inc. 669 669 111,160 1996 Oberlin, OH 222 Tappan Drive North The Gerstenslager Company 674 667 296,720 1970 Mansfield, OH (Worthington Industries) 34 East Main Street Exel Logistics, Inc. 721 654 179,200 1981 New Kingston, PA 191 Arrowhead Drive Owens Corning 578 626 250,410 2000 Hebron, OH
10
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------ 904 Industrial Road Tenneco Automotive 586 594 195,640 1968/1972 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 109 Stevens Street Unisource Worldwide, Inc. 560 588 168,800 1958/1969 Jacksonville, FL 128 Crews Drive Stone Container Corporation 541 571 185,961 1968/1998 Columbia, SC 1700 47th Avenue North Owens Corning 538 538 18,620 2003 Minneapolis, MN 250 Swathmore Avenue Steelcase, Inc. (15) 474 505 244,851 2002 High Point, NC 7150 Exchequer Drive Corporate Express Office 350 368 65,043 1998 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 324 Industrial Park Road SKF USA, Inc. 363 363 72,868 1996 Franklin, NC 187 Spicer Drive Dana Corporation 345 341 148,000 1983/1985 Gordonsville, TN 300 McCormick Road Ameritech Services, Inc. 255 255 20,000 1990 Columbus, OH 1601 Pratt Avenue Tenneco Automotive 166 163 53,600 1979 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 3350 Miac Cove Road Mimeo.com, Inc. (8) 178 154 141,359 1987 Memphis, TN 7670 Hacks Cross Road Dana Corporation 70 74 168,104 1989 Olive Branch, MS --------------------------------------------------------------------------- Subtotal $ 48,445 $ 48,936 12,192,400 --------------------------------------------------------------------------- Retail 2655 Shasta Way Fred Meyer, Inc. $ 1,009 $ 1,009 178,204 1986 Klamath Falls, OR Fort Street Mall, King Liberty House, Inc. 963 971 85,610 1980 Street Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 826 826 118,179 1986 Newport, OR 6475 Dobbin Road Offenbacher Aquatics, Inc 161 187 17,100 1983 Columbia, MD Haverty Furniture 140 632 46,724 Companies, Inc. 35400 Cowan Road Sam's Real Estate 753 753 102,826 1987/1997 Westland, MI Business Trust 12235 N. Cave Creek Bally's Health & Tennis 842 731 36,556 1988 Phoenix, AZ Corporation
11
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ 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. 714 685 37,214 1987 Canton, OH (Bally Total Fitness Corp.) 1160 White Horse Road Physical Fitness Centers of 820 672 31,750 1987 Voorhees, NJ Philadelphia, Inc. (Bally Total Fitness Corp.) 5917 S. La Grange Road Bally Total Fitness Corp. 660 587 25,250 1987 Countryside, IL 24100 Laguna Hills Mall Federated Department 677 538 160,000 1974 Laguna Hills, CA Stores, Inc. 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 465 465 46,350 1995 Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, Inc. 460 463 76,164 1994 Eau Claire, WI 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 431 424 42,842 1981 Clackamas, OR 399 Peach Wood Centre Drive Best Buy Co., Inc. 395 395 45,800 1996 Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 398 391 43,105 1981 Boulevard Lynwood, WA 6910 S. Memorial Highway Toys "R" Us, Inc. 364 358 43,123 1981 Tulsa, OK 2275 Browns Bridge Road Wal-Mart Stores, Inc. 328 328 89,199 1984 Gainesville, GA 9580 Livingston Road GFS Realty, Inc. 239 270 107,337 1976 Oxon Hill, MD (Giant Food, Inc.) 121 South Center Street Greyhound Lines, Inc. 204 204 17,000 1968 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 224 152 51,682 1977 Rockville, MD (Giant Food, Inc.) 2832 Chandler Mountain Road Circuit City Stores,Inc. 101 101 9,300 1986 Lynchburg, VA --------------------------------------------------------------------------- Subtotal $ 11,174 $ 11,142 1,411,315 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Grand Total $ 133,281 $ 135,530 20,502,899 ---------------------------------------------------------------------------
12 (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 $820. (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 $482. There is a second tenant at this property encompassing approximately 18,000 square feet. (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 and paid $899 termination fee. (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. (16) Tenant can cancel lease after 12/22/13 with twelve months notice plus payment equal to one year rent plus unamortized deal costs. (17) Tenant can cancel lease after 9/1/07 with 180 days notice and payment of 2 months rent plus unamortized tenant improvements and commissions. (18) Tenant can cancel for uneconomic obsolescence and pay an amount as stipulated in the lease. (19) The previous tenant has rejected the lease in its bankruptcy and the property is currently vacant. 13
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ 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 $ 7,844 $ 8,487 340,240 2000 Morris Corporate Center IV (Pharma Holdings GmbH)(A) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 6,655 6,930 456,304 1999/2001 Columbia, SC of South Carolina Inc.(B) 100 Wood Hollow Drive Greenpoint Mortgage 4,300 4,864 124,600 2001 Novato, CA Funding, Inc. (E)(F) 6555 Sierra Drive True North Communications 4,009 4,249 247,254 1999 Irving, TX Inc.(A) 5200 Metcalf Avenue Employers Reinsurance 3,851 3,851 320,198 1980/1990/ Overland Park, KS Corporation(H) 2003 15375 Memorial Drive Vastar Resources, Inc.(A) 3,437 3,437 327,325 1985 Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A.(A)(D) 3,217 3,287 193,000 1999 Fishers, IN 600 International Parkway First USA Management 2,880 2,921 125,155 1997 Lake Mary, FL Services, Inc.(A)(C) 550 International Parkway First USA Management 2,778 2,820 125,920 1999 Lake Mary, FL Services, Inc.(A)(C) 2000 Eastman Drive Structural Dynamic 2,713 2,790 212,836 1991 Milford, OH Research Corp.(A) 3701 Corporate Drive Motorola, Inc.(A)(J) 2,714 2,714 119,829 2001 Farmington Hills, MI 1401 & 1501 Nolan Ryan Siemens Dematic Postal 2,317 2,461 233,783 2003 Parkway Automation, L.P. (H) Arlington, TX 9201 East Dry Creek Road The Shaw Group, Inc.(E)(K) 1,505 2,009 128,500 2001/2002 Centennial, CO 70 Valley Stream Parkway IKON Office Solutions, Inc(E)(I) 1,923 1,995 106,855 1987 Malvern, PA 27027 Tourney Road Specialty Laboratories, Inc.(E) 1,972 1,972 187,262 2004 Santa Clarita, CA 14040 Park Center Road NEC America, Inc.(A) 1,885 1,907 108,000 1987 Herndon, VA 9201 Stateline Employers Reinsurance 1,833 1,833 166,641 1963/1985/ Kansas City, MO Corporation(H) 2003 1110 Bayfield Drive Honeywell International, 1,535 1,637 166,575 1980/2002 Colorado Springs, CO Inc.(A) 13775 McLearen Road Equant N.V.(E)(M) 1,222 1,397 125,293 1984/1988/ Herndon, VA 1992
14
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------ 10300 Town Park Drive Veritas DGC, Inc. (E) 984 1,153 218,641 2000 Houston, TX 4455 American Way Bell South Mobility, Inc. (E) 992 1,087 70,100 1997 Baton Rouge, LA 1475 Dunwoody Drive ING USA Annuity and Life 964 1,030 125,000 1998/1999 West Chester, PA Insurance Company (E) 3711 San Gabriel Voice Stream PCS II LLC 863 943 75,016 2004 Mission, TX (T-Mobile USA, Inc.) (E) 10940 White Rock Road Progressive Casualty Insurance 533 565 158,582 2002 10929 Disk Drive Company(E) Rancho Cordova, CA East Goldstone Drive T-Mobile USA, Inc. (H) 486 561 77,483 2004 Meridian, ID 101 East Erie Building Foote, Cone & Belding 416 420 203,376 1986 Chicago, IL (Interpublic Group of Companies, Inc.) (E) Higgins Development 19,089 1986 Partners(E) VACANT(E) 2,100 1986 Renner Blvd. Voicestream PCS II Corporation 166 192 77,484 2004 Lenexa, KS (T-Mobile USA, Inc.) (H) 5150 220th Avenue South Spacelabs Medical, Inc 54 56 106,944 1992 Issaquah, WA (OSI Systems, Inc.)(H) 22011 SE 51st Street Spacelabs Medical, Inc 49 46 95,600 1987 Issaquah, WA (OSI Systems, Inc.)(H) 275 Technology Drive ANSYS, Inc.(E) 33 36 107,872 1996 Canonsburg, PA 3601 Converse Drive Verizon Wireless(H) - 9 160,500 2004 Wilmington, NC ------------------------------------------------ Subtotal Office $ 64,130 $ 67,659 5,313,357 ------------------------------------------------ Industrial ---------- 101 Michelin Drive TNT Logistics North $ 3,103 $ 3,227 1,164,000 1991/1993 Laurens, SC America, Inc. (TPG N.V.) (A) 7111 Crabb Road TNT Logistics North 2,078 2,161 752,000 1978/1993 Temperance, MI America, Inc. (TPG N.V.) (A) 121 Technology Drive Heidelberg Web Systems, 1,912 1,964 500,500 1986/2003 Durham, NH Inc. (A) (G) 43955 Plymouth Oaks Tower Automotive Products 1,886 1,886 290,133 1996/1998 Boulevard Company Plymouth, MI (Tower Automotive, Inc.) (E)(O)
15
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 12/31/04 - ------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated - ------------------------------------------------------------------------------------------------------------------------ 2400 West Haven Avenue Michaels Stores Procurement 1,826 1,826 693,000 2004 New Lenox, IL Company, Inc. (Michaels Stores, Inc.) (E) 291 Park Center Drive Kraft Foods North 1,420 1,515 344,700 2001 Winchester, VA America, Inc. (A) 1109 Commerce Boulevard Linens-n-Things, Inc. (E) 1,258 1,251 262,644 1998 Logan Township, NJ 6050 Dana Way Dana Corporation (E) (L) 1,229 1,065 677,400 1999 Antioch, TN Philipp Parkway L'Oreal USA, Inc. (H) 468 871 649,250 2004 Streetsboro, OH 3225 Meridian Parkway Hagemeyer Foods, Inc. (E) 526 571 201,845 1995 Weston, FL 3245 Meridian Parkway Circuit City Stores, Inc. (E) 371 417 230,600 1995 Weston, FL ------------------------------------------------ Subtotal Industrial $ 16,077 $ 16,754 5,766,072 ------------------------------------------------ Retail ------ 12080 Carmel Mountain Kmart Corporation (E) (N) $ 7 $ 31 107,210 1993 Road San Diego, CA 5350 Leavitt Road Kmart Corporation (E) (N) 16 8 193,193 1993 Lorain, OH 255 Northgate Drive Kmart Corporation (E) (N) 12 6 107,489 1993 Manteca, CA 21082 Pioneer Plaza Kmart Corporation (E) (N) 11 5 120,727 1993 Drive Watertown, NY 1150 West Carl Sandburg Kmart Corporation (E) (N) 7 3 94,970 1992 Drive Galesburg, IL US 219 Kmart Corporation (E) (N) 8 2 90,933 1993 Fairlea, WV --------------------------------------------------------------------------- Subtotal Retail $ 61 $ 55 714,522 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Grand Total $ 80,268 $ 84,468 11,793,951 ---------------------------------------------------------------------------
16 (A) The Company has a 33?% 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 a payment as stipulated in the lease. (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 for economic obsolescence between 11/1/08 through 10/30/18 with 120 days notice and a payment as stipulated in the lease. (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%. (N) Tenant can cancel lease at any time for uneconomic obsolescence and pay an amount as stipulated in the lease. (O) Tenant declared bankruptcy subsequent to year end. 17
The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 12/31/04 Historical 12-Months Ended December 31, 2004 ----------------------- No. of No. of Percent Square Base Rent Percent of Locations Location Properties(3) Leased Feet(2) ($000's)(1) Base Rent - ------------------------------------------------------------------------------------------------------ 1 Texas 14 93% 3,636,816 $ 24,436 14.4% 2 South Carolina 10 100 3,229,361 15,757 9.3 3 Ohio 12 100 4,272,331 15,640 9.2 4 California 13 100 1,973,963 12,014 7.1 5 Florida 9 100 2,140,748 11,867 7.0 6 Pennsylvania 10 100 2,068,227 10,882 6.4 7 Virginia 8 100 1,192,666 8,931 5.3 8 Utah 1 100 295,000 8,773 5.2 9 Michigan 11 100 2,199,298 8,601 5.1 10 Arizona 6 78 810,187 6,721 4.0 11 New Jersey 4 100 792,145 6,461 3.8 12 Oregon 5 100 539,562 5,163 3.1 13 Illinois 6 100 1,457,000 4,711 2.8 14 Kansas 2 100 397,682 2,831 1.7 15 Connecticut 3 100 197,764 2,597 1.5 16 Iowa 3 100 668,648 2,557 1.5 17 Tennessee 5 94 1,797,634 2,524 1.5 18 Massachusetts 5 100 574,301 2,137 1.3 19 Georgia 3 100 201,447 2,009 1.2 20 North Carolina 4 100 675,165 1,680 1.0 21 Colorado 2 100 295,075 1,673 1.0 22 Washington 4 100 305,849 1,530 0.9 23 Maryland 4 100 222,843 1,447 0.9 24 Missouri 1 100 166,641 1,327 0.8 25 Indiana 1 100 193,000 1,096 0.6 26 Louisiana 2 100 135,143 1,071 0.6 27 Alabama 2 100 595,346 998 0.6 28 Hawaii 1 100 85,610 971 0.6 29 New Hampshire 1 100 500,500 655 0.4 30 Minnesota 1 100 18,620 538 0.3 31 Wisconsin 1 100 76,164 463 0.3 32 Oklahoma 1 100 43,123 358 0.2 33 Kentucky 1 - 81,744 322 0.2 34 Idaho 1 100 77,483 140 0.1 35 New York 2 100 120,727 75 - 36 Mississippi 1 100 168,104 74 - 37 West Virginia 1 100 90,933 1 - 38 Nevada 1 - 132 0.1 - --------------------------------------------------------------------------------------- Total 162 98.1% 32,296,850 $ 169,163 100.0% ---------------------------------------------------------------------------------------
(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 December 31, 2004. (3) Includes operating properties owned during the twelve months ended December 31, 2004. 18
Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 12/31/04 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 - ------------------------------------------------------------------------------------------------------------- 2005 $ 5,060 $ 19.97 $ 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 -- -- 1,788 8.30 2009 15,233 16.34 2,207 3.49 1,943 9.46 2010 12,724 16.90 2,436 3.61 -- -- 2011 6,129 20.78 536 4.67 826 6.99 2012 7,707 16.39 8,988 3.93 -- -- 2013 8,913 12.10 412 6.34 226 13.50 2014 9,722 14.89 3,522 3.65 1,346 3.68 2015 18,378 12.30 4,081 9.19 469 6.15 2016 4,939 17.82 3,663 6.55 -- -- 2017 -- -- 2,754 4.32 645 8.39 2018 3,121 13.33 2,519 3.77 1,175 2.37 2019 3,005 16.72 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. 19 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule -- GAAP Basis 12/31/04 ($000's) Percentage of Total Total Number of Annualized Annualized Year Leases Expiring Base Rent (1) Base Rent - -------------------------------------------------------------------------------- 2005 5 $ 6,255 3.4% 2006 12 11,371 6.1 2007 5 13,813 7.4 2008 5 7,401 4.0 2009 15 19,520 10.5 2010 12 14,243 7.7 2011 6 8,067 4.4 2012 15 15,344 8.3 2013 10 9,204 4.9 2014 17 15,324 8.2 2015 14 24,173 13.0 2016 6 7,950 4.3 2017 5 3,229 1.7 2018 11 6,838 3.7 2019 7 8,056 4.3 2020 3 7,264 3.9 2021 3 5,280 2.8 2022 0 0 -- 2023 0 0 -- 2024 3 2,269 1.2 2025 0 0 -- 2026 1 447 0.2 ------------------------------------------------------------------- Total 155 $ 186,048 100.0% =================================================================== (1) Includes proportionate share of joint venture investments. 20
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 12/31/04 ($000's) - ----------------------------------------------------------------------------------------------------------------------- Current Estimated Debt Interest Annual Balloon Property -- Fixed Rate Balance Rate Maturity Debt Service(h) Payment - ----------------------------------------------------------------------------------------------------------------------- Warren, OH(i) $ 16,412 7.000% Oct--07 $ 6,160 $ -- Bristol, PA 9,627 7.400 Feb--08 831 9,262 Boca Raton, FL(f) 15,275 5.250 Mar--08 802 15,275 Decatur, GA 6,562 6.720 Jun--08 579 6,049 Phoenix, AZ 13,907 7.890 Jun--08 1,434 12,591 Palm Beach Gardens, FL 11,160 7.010 Jun--08 970 10,418 Dubuque, IA 7,200 4.890 Aug--08 513 6,588 Canton, OH 3,252 7.150 Aug--08 313 2,936 Spartanburg, SC 2,700 7.150 Aug--08 260 2,438 Gainesville, GA(e) (j) 765 7.500 Jan--09 218 -- Florence, SC 9,237 7.500 Feb--09 869 8,443 Ocala, FL 12,626 7.250 Feb--09 1,332 10,700 Canton, OH 1,330 9.490 Feb--09 388 -- Baton Rouge, LA 1,827 7.375 Mar--09 208 1,478 Bristol, PA 5,916 7.250 Apr--09 571 5,228 Livonia, MI 10,904 7.800 Apr--09 992 10,236 Henderson, NC 4,319 7.390 May--09 417 3,854 Westland, MI 2,545 10.500 Sep--09 683 -- Salt Lake City, UT 11,474 7.610 Oct--09 2,901 -- High Point, NC 8,786 5.750 Oct--09 695 7,741 Richmond, VA 16,311 8.100 Feb--10 1,511 15,257 Hampton, VA 4,432 8.260 Apr--10 415 4,144 Hampton, VA 7,227 8.270 Apr--10 677 6,758 Tampa, FL 8,253 6.930 Aug--10 674 7,603 Tampa, FL 5,970 6.880 Aug--10 485 5,495 Herndon, VA 18,642 8.180 Dec--10 1,723 17,301 San Diego, CA 4,156 7.500 Jan--11 411 3,420 Tucson, AZ 2,404 7.500 Jan--11 226 2,076 Columbia, SC 3,362 7.540 Jan--11 317 2,905 Valley Forge, PA 12,838 7.120 Feb--11 1,166 10,927 Glendale, AZ 14,625 7.400 Apr--11 1,258 13,365 Auburn Hills, MI 7,061 7.010 Jun--11 637 5,918 Plymouth, MI 4,695 7.960 Jul--11 463 3,949 Newport, OR 6,894 5.030 Aug--11 470 5,980 Greenville, SC 13,663 4.415 Jan--12 841 11,806 New Kingston, PA 7,159 7.790 Jan--12 678 6,101 Mechanicsburg, PA 5,285 7.780 Jan--12 500 4,503 New Kingston, PA 3,411 7.780 Jan--12 323 2,906 Lake Forest, CA 10,727 7.260 Feb--12 901 9,708 Groveport, OH (c) 7,742 6.030 Oct--12 563 6,860 San Antonio, TX 30,017 6.080 Oct--12 2,260 26,025 Dallas, TX 20,912 7.490 Dec--12 2,020 16,030 Fort Mill, SC 11,394 6.000 Jan--13 839 9,904 Foxboro, MA(i) 19,425 6.000 Jan--13 2,817 -- Waterloo, IA 6,533 5.610 Feb--13 672 3,505 Lancaster, CA (first) 10,464 7.020 Sep--13 900 8,637 Lancaster, CA (second) 8,794 5.920 Sep--13 642 7,518 Knoxville, TN 5,233 5.950 Sep--13 381 4,496 Foxboro, MA(i) 23,649 6.000 Jan--14 2,676 -- Moody, AL 7,596 4.978 Jan--14 493 6,350 Mechanicsburg, PA 13,679 5.730 Mar--14 1,045 10,538 Redmond, OR 10,018 5.616 Apr--14 697 8,484 Fort Mill, SC(g) 20,300 5.373 May--14 1,106 18,311 Eau Claire, WI 2,079 8.000 Jul--14 313 -- Jackson, TN 10,343 5.930 Jul--14 743 8,820 Carrollton, TX 14,520 5.530 Jan--15 993 12,022 Southfield, MI 11,319 4.550 Feb--15 1,058 4,454 Franklin, NC 1,847 8.500 Apr--15 271 --
21
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 12/31/04 ($000's) - ----------------------------------------------------------------------------------------------------------------------- Current Estimated Debt Interest Rate Annual Balloon Property Balance Maturity Debt Service(h) Payment - ----------------------------------------------------------------------------------------------------------------------- Houston, TX(i) 27,488 6.250 Sep-15 2,050 6,985 Houston, TX(i) 7,788 6.250 Sep-15 658 2,222 Sugar Land, TX(i) 18,050 6.250 Sep-15 1,606 6,286 Houston, TX(i) 68,163 6.250 Sep-15 6,470 18,318 Southborough, MA 2,013 7.500 Sep-15 275 -- Danville, IL 6,522 9.000 Jan-16 692 4,578 Temple, TX 9,106 6.090 Jan-16 668 7,446 Bremerton, WA 6,731 6.090 Apr-16 494 5,465 Dillon, SC 11,793 7.900 Dec-16 1,263 5,273 Westmont, IL 15,877 6.210 Mar-18 1,292 9,662 Wall Township, NJ(i) 29,899 6.250 Jan-21 2,013 -- ------------- ---------- ---------- ---------- $ 752,233 6.582% $ 72,782 $ 471,548 ------------- ----------- ---------- ---------- Property--Variable Rate ----------------------- Milpitas, CA (a) (b) $ 13,676 5.500% July-05 $ 1,352 $ 12,713 ------------- ----------- ---------- ---------- Corporate --------- Credit Facility (d) -- --% Aug-06 $ -- $ -- ------------- ----------- ---------- ---------- Total $ 765,909 6.562% $ 74,134 $ 484,261 ============= ====== =========== ===========
_______________________________ (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. (i) Debt balances based upon imputed interest rates. (j) Debt balance included in discontinued operations on the balance sheet. 22
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 12/31/04 (000's) - ------------------------------------------------------------------------------------------------------------------------------------ Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment - ------------------------------------------------------------------------------------------------------------------------------------ Columbia, SC(1) $ 24,134 $ 9,654 7.850% Oct-09 $ 2,196 $ 22,586 Houston, TX(2) 20,814 6,938 7.580 Oct-09 2,032 18,229 Santa Clarita, CA(3) 28,200 8,460 4.750 Oct-09 1,340 28,200 Fishers, IN(2) 14,798 4,933 8.190 Apr-10 1,499 12,960 Watertown, NY(3),(5) 2,716 815 6.000 Jul-10 596 -- San Diego, CA(3),(5) 1,841 552 6.000 Jul-10 404 -- Lorain, OH(3),(5) 4,089 1,227 6.000 Jul-10 898 -- Galesburg, IL(3),(5) 1,621 486 6.000 Jul-10 356 -- Fairlea, WV(3),(5) 1,908 572 6.000 Jul-10 419 -- Manteca, CA(3),(5) 2,889 867 6.000 Jul-10 634 -- Herndon, VA(2) 11,373 3,791 7.600 Sep-10 1,107 9,769 Lake Mary, FL(2) 13,086 4,362 7.880 Oct-10 1,181 12,118 Lake Mary, FL(2) 13,047 4,349 7.880 Oct-10 1,178 12,082 Irving, TX(2) 26,297 8,766 8.160 Oct-10 2,432 24,454 Parsippany, NJ(2) 40,545 13,515 7.350 Mar-11 3,472 37,047 Novato, CA(3) 22,531 6,759 5.750 Jul-11 1,600 20,307 Winchester, VA(2) 10,655 3,552 7.330 Aug-11 908 9,675 Antioch, TN(3) 14,708 4,412 7.940 Oct-11 1,580 11,177 Milford, OH(2) 16,727 5,576 8.170 Feb-12 1,751 12,686 Temperance, MI(2) 11,604 3,868 6.000 Sep-12 936 9,400 Laurens, SC(2) 17,310 5,770 6.000 Sep-12 1,396 14,022 Farmington Hills, MI(2) 20,979 6,993 5.420 Sep-12 1,500 17,724 Baton Rouge, LA(3) 6,899 2,070 4.900 Oct-12 443 5,943 Plymouth, MI(3) 12,538 3,761 6.220 Dec-12 1,026 10,026 Colorado Springs, CO(2) 11,734 3,911 6.250 Dec-12 887 10,272 Centennial, CO(3) 15,738 4,721 6.150 Feb-13 1,177 13,555 Malvern, PA(3) 13,233 3,970 5.530 Jan-14 916 11,236 Arlington, TX(4) 21,782 5,446 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 Rancho Cordova, CA(3) 18,855 5,657 6.000 Sept-14 1,457 14,646 Weston, FL(3) 10,848 3,254 5.420 Nov-14 733 9,066 Canonsburg, PA(3) 9,095 2,729 5.377 Dec-14 489 9,095 Chicago, IL(3) 29,900 8,970 5.105 Jan-15 1,548 29,900 Herndon, VA(3) 12,382 3,715 5.920 Apr-15 888 10,359 Mission, TX(3) 6,513 1,954 5.780 Jun-15 462 5,371 Houston, TX(3) 23,910 7,173 5.410 Oct-15 1,311 21,846 Weston, FL(3) 7,492 2,248 5.520 Nov-17 512 5,758 Watertown, NY(3),(5) 996 299 6.000 Jul-18 72 -- San Diego, CA(3),(5) 675 203 6.000 Jul-18 49 -- Lorain, OH(3),(5) 1,499 450 6.000 Jul-18 108 -- Galesburg, IL(3),(5) 594 178 6.000 Jul-18 43 -- Fairlea, WV(3),(5) 699 210 6.000 Jul-18 51 -- Manteca, CA(3),(5) 1,059 318 6.000 Jul-18 77 -- Overland Park, KS(4) 37,620 9,405 5.830 May-19 2,224 31,819 Kansas City, MO(4) 17,950 4,488 5.830 May-19 1,061 15,182 West Chester, PA(3) 11,120 3,336 6.750 Jul-19 1,204 -- Meridian, ID(4) 10,413 2,603 6.010 Aug-19 753 7,658 Streetsboro, OH(4) 20,200 5,050 5.285 Sept-19 1,082 16,338 Lenexa, KS(4) 10,452 2,613 6.270 Dec-19 774 7,755 Durham, NH(2) 19,182 6,394 6.730 Mar-21 1,312 -- ------------- ------------ ---------- ---------- -------------- $ 680,340 $ 208,870 6.337% $ 52,968 $ 551,050 ============ =========== =========== ========== ==============
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. 5 Debt balances based upon imputed rates. 23 Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 12/31/04 ($000's) Consolidated properties - -------------------------------------------------------------------------------- Scheduled Balloon Balloon Weighted Amortization Payments(1) Average Interest Rate ------------ -------- --------------------- 2005 $ 24,057 $ 12,713 5.50% 2006 25,873 -- -- 2007 31,298 -- -- 2008 25,474 65,557 6.60 2009 26,007 47,680 7.18 --------------- --------------- ---------------- $ 132,709 $ 125,950 6.71% =============== =============== ================= Joint venture properties -- LXP proportionate share - -------------------------------------------------------------------------------- Scheduled Balloon Balloon Weighted Amortization Payments(2) Average Interest Rate ------------ -------- --------------------- 2005 $ 3,011 $ -- -- 2006 3,228 -- -- 2007 3,487 -- -- 2008 3,749 -- -- 2009 4,216 23,571 6.67% --------------- --------------- ----------------- $ 17,691 $ 23,571 6.67% =============== =============== ================= (1) Properties encompassing totals are detailed on page 21 and 22. (2) Properties encompassing totals are detailed on page 23. 24 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 12/31/04 ---------------------------------------------------------------- Percentage of Historical Tenant Industry 12 Month Base Rent (1) ---------------------------------------------------------------- Energy 13.6% Finance/Insurance 11.6 Telecommunications 9.3 Transportation/Logistics 7.6 Retail--Department/ Discount Store 7.3 Technology 6.2 Construction Materials 5.5 Healthcare 5.4 Retail--Specialty 5.3 Automotive 4.5 Aerospace/Defense 3.9 Food 3.7 Media/Advertising 3.3 Consumer Products 2.7 Retail--Electronics 2.6 Printing/Production 2.5 Health/Fitness 1.6 Apparel 1.4 Security 1.3 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. 25 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 12/31/04 - -------------------------------------------------------------------------------- Metropolitan Statistical Area/Location Percentage -------------------------------------- ---------- - -------------------------------------------------------------------------------- 1 Houston--Galveston--Brazoria--TX 6.9% 2 Dallas--Fort Worth--TX 5.3% 3 Youngstown--Warren--OH 5.3% 4 Salt Lake City--Ogden--UT 5.2% 5 Detroit--Ann Arbor--Flint--MI 4.6% 6 Philadelphia--Wilmington--Atlantic City--PA--NJ--DE--MD 4.1% 7 Los Angeles--Riverside--Orange County--CA 3.8% 8 Phoenix--Mesa--AZ 3.7% 9 New York--Northern New Jersey--Long Island--NY--NJ--CT--PA 3.2% 10 Harrisburg--Lebanon--Carlisle--PA 3.0% 11 Washington--Baltimore--DC--MD--VA--WV 2.9% 12 West Palm Beach--Boca Raton--FL 2.6% 13 Charlotte--Gastonia--Rock Hill--NC--SC 2.5% 14 Kansas City--MO--KS 2.5% 15 San Francisco--Oakland--San Jose--CA 2.4% 16 Chicago--Gary--Kenosha--IL--IN--WI 2.2% 17 Columbia--SC 2.0% 18 Columbus--OH 1.8% 19 Boston--Worcester--Lawrence--MA--NH--ME--CT 1.7% 20 Richmond--Petersburg--VA 1.6% 21 Tampa--St. Petersburg--Clearwater--FL 1.5% 22 Greenville--Spartanburg--Anderson--SC 1.5% 23 Ocala--FL 1.3% 24 Norfolk--Virginia Beach--Newport News--VA--NC 1.2% 25 Orlando--FL 1.1% 26 Dillon--SC 1.1% 27 Hartford--CT 1.1% 28 Atlanta--GA 1.0% 29 Chester--VA 1.0% 30 Killeen--Temple--TX 0.9% 31 Portland--Salem--OR--WA 0.9% 32 Seattle--Tacoma--Bremerton--WA 0.9% 33 San Antonio--TX 0.9% 34 Redmond--OR 0.8% 35 Cincinnati--Hamilton--OH--KY--IN 0.7% 36 Florence--SC 0.7% 37 Dubuque--IA 0.7% 38 Canton--Massillon--OH 0.7% 39 Denver--Boulder--Greeley--CO 0.7% 40 Indianapolis--IN 0.6% 41 Laurens--SC 0.6% 42 Baton Rouge--LA 0.6% 43 Klamath Falls--OR 0.6% 44 Waterloo--Cedar Falls--IA 0.6% 45 Honolulu--HI 0.6% 26 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 12/31/04 - -------------------------------------------------------------------------------- Metropolitan Statistical Area/Location Percentage -------------------------------------- ---------- - -------------------------------------------------------------------------------- 46 Danville--IL 0.6% 47 San Diego--CA 0.5% 48 Cleveland--Akron--OH 0.5% 49 Birmingham--AL 0.5% 50 Jackson--TN 0.5% 51 Newport--OR 0.5% 52 Knoxville--TN 0.5% 53 New Haven--West Haven--Bridgeport--CT 0.5% 54 Henderson--NC 0.5% 55 McAllen--Edinburg--Mission--TX 0.5% 56 Kalamazoo--Battle Creek--MI 0.4% 57 Mansfield--OH 0.4% 58 Jacksonville--FL 0.3% 59 Colorado Springs--CO 0.3% 60 Sacramento--Yolo--CA 0.3% 61 Minneapolis--St. Paul--MN--WI 0.3% 62 Greensboro--Winston--Salem--High Point--NC 0.3% 63 Winchester--VA 0.3% 64 Eau Claire--WI 0.3% 65 Tucson--AZ 0.3% 66 Clackamas--OR 0.3% 67 Des Moines--IA 0.2% 68 Franklin--NC 0.2% 69 Tulsa--OK 0.2% 70 Gordonsville--TN 0.2% 71 Nashville--TN 0.2% 72 Miami--Fort Lauderdale--FL 0.1% 73 Memphis--TN--AR--MS 0.1% 74 Gainesville--GA 0.1% 75 Stockton--Lodi--CA 0.1% 76 Boise City--ID 0.1% 77 Reno--NV 0.1% 78 Anniston--AL 0.1% 79 Lynchburg--VA 0.1% 80 Syracuse--NY -- 81 Pittsburgh--PA -- 82 Wilmington--NC -- 83 Watertown--NY -- 84 Galesburg--IL -- 85 Lewisburg--WV -- ================================================================================ Totals 100.0% ================================================================================ 27 Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 12/31/04 Historical 12--Month Base Rent Revenue by Property Type ($000's)(A) Percentage - -------------------------------------------------------------------------------- Office $ 102,663 60.7% Industrial 54,292 32.1 Retail 12,208 7.2 ---------- ------- $ 169,163 100.0% ========== ======== Revenue by Credit Rating(C) - --------------------------- Investment Grade $ 81,663 48.3% Non--Investment Grade 35,286 20.9 Unrated 52,214 30.8 ---------- -------- $ 169,163 100.0% ============ ========
Percentage of Base Rent for 12 Number of Months Top 15 Tenants/Guarantors Properties(B) Property Type Ended 12/31/04(A) - ---------------------------------------------------------------------------------------------------------------------- Baker Hughes, Inc. 4 Office (3)/Industrial (1) 6.0% Kmart Corporation 7 Industrial(1)/Retail (6) 5.3 Northwest Pipeline Corp. 1 Office 5.2 Exel Logistics, Inc.(NFC plc) 4 Industrial 3.0 Nextel Finance Company 4 Office 2.8 Honeywell, Inc. 3 Office 2.5 Wells Fargo Home Mortgage, Inc. 2 Office 2.5 Employers Reinsurance Corp. 2 Office 2.4 Michaels Stores, Inc. 2 Industrial 2.3 Owens Corning 4 Industrial 2.2 VarTec Telecom, Inc. (D) 1 Office 2.1 James Hardie Building Products, Inc. 1 Industrial 2.0 (James Hardie Industries N.V.) Circuit City Stores, Inc. 3 Office(1)/Retail(1)/Industrial (1) 2.0 Aventis Pharmaceuticals, Inc. 1 Office 1.7 Blue Cross Blue Shield of South Carolina, Inc. 1 Office 1.5 -- --- 40 43.5% == =====
(A) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (B) As of December 31, 2004. (C) As of February 7, 2005. (D) Tenant declared bankruptcy and has rejected the lease. 28 -----END PRIVACY-ENHANCED MESSAGE-----