-----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, H7XwXz74UyMSkd2sc+lVcoRfMaeInplmAzEYrKtsxDdLKzFY33vNkpzQOjkxye4a hZGIkxcir83XlKZHtz/Rdg== 0001116679-05-001214.txt : 20050419 0001116679-05-001214.hdr.sgml : 20050419 20050419171023 ACCESSION NUMBER: 0001116679-05-001214 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050413 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050419 DATE AS OF CHANGE: 20050419 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: 05759875 BUSINESS ADDRESS: STREET 1: 355 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126927260 MAIL ADDRESS: STREET 1: 355 LEXINGTON AVE STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 lex8k.txt APRIL 13, 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) April 13, 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 2.01. Completion of Acquisition or Disposition of Assets. Acquisition of Real Estate Properties On April 13, 2005, Lexington Corporate Properties Trust (the "Trust"), through its subsidiaries and joint venture programs, completed the acquisition of twenty-seven (27) properties (the "Properties") from affiliates of Wells Real Estate Investment Trust, Inc. (the "Sellers"). None of the Sellers are affiliated in any way with the Trust. The portfolio consists of twenty-four (24) office properties, two (2) industrial properties and one (1) office/research and development property. The Trust assigned its rights to purchase the properties to its subsidiaries and affiliates including certain existing joint venture programs. The Trust's existing joint venture programs purchased six (6) of the properties, with an aggregate purchase price of $296.1 million. To finance the acquisition, the Trust obtained $540.8 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 four (4) other properties which the Trust previously owned free and clear. The Loans bear interest at a weighted average fixed rate of 5.21%. The Loans will mature in six (6) to ten (10) years with a weighted average maturity of approximately eight (8) years, three (3) months. The balance of the purchase price was funded from $73.6 million from equity contributions of existing joint venture partners, $167.6 million from the Trust's cash balances and $4.0 million in borrowings under its $100.0 million unsecured revolving credit facility with Bank of America, N.A. (as successor-in-interest to Fleet National Bank), as administrative agent, and Wachovia Bank, National Association, as syndication agent. The Trust's $100 million unsecured revolving credit facility is filed as Exhibit 99.2 to the Trust's Current Report on Form 8-K dated September 9, 2003. Description of Real Estate 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, 5,398 05/13 289,000 2001 859 Mount Vernon Hwy. Inc. 2003 Atlanta, GA(2) 8900 Freeport Pkwy. Nissan North America, Inc. 4,427 03/13 268,445 2002 Dallas, TX(1)
- ------------------------------ ----------------------------- ------------ ------------ ------------ ------------ Year Est. 1st Yr. Lease Square Constructed/ Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated - ------------------------------ ----------------------------- ------------ ------------ ------------ ------------ 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 LLC 2,390 12/11 130,290 2001 Ft. Worth, TX(1) 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) 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 10/09 141,047 1999 Fishers, IN 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, 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
- ------------------------------ ----------------------------- ------------ ------------ ------------ ------------ Year Est. 1st Yr. Lease Square Constructed/ Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated - ------------------------------ ----------------------------- ------------ ------------ ------------ ------------ 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(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. On April 13, 2005, the Trust issued a press release (the "Press Release") announcing the completion of the acquisition of the Properties, a copy of the Press Release is attached herewith as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits. (a) The Trust will file any financial statements required by this item by amendment not later than 71 calendar days after the date that this Current Report on Form 8-K must be filed. (b) The Trust will file any pro forma financial information required by this item by amendment not later than 71 calendar days after the date that this Current Report on Form 8-K must be filed. (c) Exhibits 99.1 Press Release issued April 13, 2005. 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: April 19, 2005 By:/s/ T. Wilson Eglin --------------------------------- T. Wilson Eglin Chief Executive Officer Exhibit Index ------------- Exhibit Number Description 99.1 Press Release issued April 13, 2005. EX-99 2 ex99-1.txt EX. 99.1 - PRESS RELEASE [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 WEDNESDAY, APRIL 13, 2005 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES CLOSING OF $786.0 MILLION PORTFOLIO ACQUISITION New York, NY - April 13, 2005 - Lexington Corporate Properties Trust (NYSE:LXP) ("Lexington"), a real estate investment trust, today announced that it has closed on the acquisition of a portfolio of twenty-seven properties from affiliates of Wells Real Estate Investment Trust, Inc. and Wells-affiliated joint venture partners for an aggregate purchase price of approximately $786.0 million. Lexington acquired twenty-one of the properties for approximately $490.0 million with the remaining six acquired by affiliated joint venture programs. A description of the portfolio, the financing used to acquire the portfolio and a detailed list of the properties was attached to Lexington's February 28, 2005 press release. 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 Wednesday, April 13, 2005 at $22.35 per share. Lexington pays an annualized dividend of $1.44 per share. Additional information about Lexington is available at www.lxp.com This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under 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, those factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized. ### -----END PRIVACY-ENHANCED MESSAGE-----