EX-99 3 ex99-2.txt EX. 99.1 - SUPPLEMENTAL REPORTING PACKAGE LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the three months ended March 31, 2005 Table of Contents Income Statements.................................................. 1 Balance Sheets..................................................... 2 First Quarter Transaction Summary.................................. 3 Property Holdings.................................................. 4 Properties by Location.............................................15 Lease Rollover Schedules...........................................16 Mortgages and Notes Payable........................................18 Revenue by Tenant Industry.........................................22 Revenue by MSA.....................................................23 Other Revenue Data.................................................25 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended March 31, 2005 2004 ---- ---- Gross revenues: Rental $ 37,459 $ 31,311 Advisory fees 634 950 Tenant reimbursements 549 1,512 ---------- ---------- Total gross revenues 38,642 33,773 Expense applicable to revenues: Depreciation and amortization (11,913) (7,284) Property operating (2,313) (2,287) General and administrative (4,347) (3,475) Non-operating income 684 114 Interest and amortization expense (12,671) (9,327) ---------- ---------- Income before provision for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations 8,082 11,514 Provision for income taxes (96) (872) Minority interests (881) (1,239) Equity in earnings of joint ventures 1,425 1,804 ---------- ---------- Income from continuing operations 8,530 11,207 ---------- ---------- Discontinued operations, net of minority interest: Income from discontinued operations 282 766 Impairment charges (30) (1,732) Gains on sales of properties 744 1,737 ---------- ---------- Total discontinued operations 996 771 ---------- ---------- Net income 9,526 11,978 Dividends attributable to preferred shares - Series B (1,590) (1,590) Dividends attributable to preferred shares - Series C (2,519) -- ---------- ---------- Net income allocable to common shareholders $ 5,417 $ 10,388 Depreciation and amortization 11,789 7,752 Minority interests - OP Units 857 928 Amortization of leasing commissions 124 181 Joint venture adjustment - depreciation 3,148 1,314 Preferred share dividend - Series C 2,519 -- Gains on sales of properties (744) (1,737) ---------- ---------- Funds from operations(2) $ 23,110 $ 18,826 ========== ========== Rent below GAAP revenue(1) $ 59 $ 531 ========== ========== Per share/unit Basic net income $ 0.11 $ 0.24 Diluted net income $ 0.11 $ 0.24 Funds from operations(2)-basic $ 0.39 $ 0.39 Funds from operations(2)-diluted $ 0.39 $ 0.39
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
3/31/05 12/31/04 ------- -------- Real estate, at cost $ 1,414,201 $ 1,407,872 Accumulated depreciation (190,643) (180,610) Investment in joint ventures 132,526 132,738 Properties held for sale - discontinued operations 17,162 13,216 Intangible assets, net 54,280 54,736 Cash and cash equivalents 150,551 146,957 Deferred expenses, net 8,346 7,860 Rent receivable 421 4,123 Rent receivable - deferred 23,516 23,923 Due from affiliates - 45,800 Other assets 93,983 40,472 ------------------- ------------------- $ 1,704,343 $ 1,697,087 =================== =================== Mortgages and notes payable $ 758,487 $ 765,144 Liabilities - discontinued operations 959 1,688 Other liabilities 20,000 22,388 Prepaid rent 7,702 3,818 Minority interests 55,449 56,759 Shareholders' equity 861,746 847,290 ------------------- ------------------- $ 1,704,343 $ 1,697,087 =================== =================== Common shares 49,133,925 48,621,273 Preferred shares - Series B 3,160,000 3,160,000 Preferred shares - Series C 3,100,000 2,700,000 Operating partnership units 5,374,499 5,408,699 ------------------- ------------------- 60,768,424 59,889,972 =================== ===================
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 2005 First Quarter Transaction Summary
Acquisitions ($000's) Average Property Capitalized Annual Average Lease Tenant/Guarantor Location Type Costs Rent net Yield Term ---------------- -------- ---- ----- -------- ----- ---- Alstom Power, Inc. Knoxville, TN Office $ 12,012 $ 1,140 9.5% 10/14 Dispositions ($000's) Tenant/Guarantor Location Property Net Sale Net ---------------- -------- Type Price Book Value ---- ----- ---------- Wal-Mart, Inc. Gainesville, GA Retail $ 3,089 $ 2,564 Circuit City Stores, Inc. Lynchburg, VA Retail 986 761 ---------------- ------------ $ 4,075 $ 3,325 ================ ============ Lease Extensions ($000's) Tenant/Guarantor Location Property Previous Extended Extension Rent ---------------- -------- Type Term Term Per Annum ---- ---- ---- --------- Ameritech Services, Inc. Columbus, OH Industrial 05/05 05/15 $ 138 Hartford Fire Insurance Company Southington, CT Office 12/05 12/12 1,570 Cadbury Adams (1) Parsippany, NJ Office 01/10 06/15 4,009 New Financings ($000's) Tenant/Guarantor Location Amount Rate Maturity Date ---------------- -------- ------ ---- ------------- Spacelabs Medical, Inc. Issaquah, WA $ 32,800 5.00% 12/14 (OSI Systems, Inc.) (2) 2 properties Verizon Wireless (2) Wilmington, NC 13,000 5.19% 03/17 ---------- ----- $ 45,800 5.05% ========= =====
(1) Lexington has a 33 1/3% interest in this property. (2) Lexington has a 25% interest in this property. 3 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/05
------------------------------ ----------------------------- ------------- ------------- -------------- ------------- 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. $ 2,193 $ 2,193 295,000 1982 Salt Lake City, UT 10001 Richmond Avenue Baker Hughes, Inc. 1,996 1,843 554,385 1976/1984 Houston, TX 3480 Stateview Blvd. Wells Fargo Bank N.A. (13) 781 862 169,218 2004 Fort Mill, SC 33 Commercial Street Invensys Systems, Inc. (18) 795 795 164,689 1982 Foxboro, MA (Siebe, Inc.) 3476 Stateview Boulevard Wells Fargo Home 702 755 169,083 2002 Fort Mill, SC Mortgage (4) (5) 9950 Mayland Drive Circuit City Stores, Inc. 715 698 288,562 1990 Richmond, VA 1415 Wyckoff Road New Jersey Natural Gas Co. (10) 646 646 157,511 1983 Wall Township, NJ 2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 597 639 109,281 1985/2001 Valley Forge, PA 1301 California Circle Artesyn North America, Inc. 724 637 100,026 1985 Milpitas, CA (Balfour Beatty plc) 700 Oakmont Lane North American Van Lines, Inc. 590 629 269,715 1989 Westmont, IL (SIRVA, Inc.)(3) 13651 McLearen Road Boeing North American 666 619 159,664 1987 Herndon, VA Services, Inc. (The Boeing Company) 2211 South 47th Street Avnet, Inc. 638 617 176,402 1997 Phoenix, AZ 70 Mechanic Street Invensys Systems, Inc. (18) 704 612 251,914 1965/1988 Foxboro, MA (Siebe, Inc.) 5600 Broken Sound Blvd Oce Printing Systems USA, Inc. 503 561 143,290 1983/2002 Boca Raton, FL 4200 RCA Boulevard The Wackenhut Corp.(6) 545 542 114,518 1996 Palm Beach Gardens, FL 701 Brookfield Parkway Verizon Wireless (7) 491 517 192,884 2000/2001 Greenville, SC 19019 No. 59th Avenue Honeywell, Inc. 501 495 252,300 1985 Glendale, AZ 4201 Marsh Lane Carlson Resturants Worldwide, 451 494 130,000 2003 Carrollton, TX Inc. (16) 12645 W. Airport Road Baker Hughes, Inc. 478 486 165,836 1997 Sugar Land, TX
4 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/05
-------------------------------- ------------------------- --------------- ------------- -------------- -------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated -------------------------------- ------------------------- --------------- ------------- -------------- -------------- 26210 and 26220 Apria Healthcare Group, 422 448 100,012 2001 Enterprise Court Inc. Lake Forest, CA 2210 Enterprise Drive Washington Mutual 437 425 177,747 1998 Florence, SC Home Loan, Inc. 200 Executive Blvd. S Hartford Fire 541 406 153,364 1983 Southington, CT Insurance Co. 1600 Eberhardt Road Nextel of Texas 346 390 108,800 2001 Temple, TX 2999 SW 6th St. Voice Stream PCS I LLC 334 388 77,484 2004 Redmond, OR (T-Mobile USA, Inc.) 9275 S.W. Peyton Lane Hollywood Entertainment 367 383 122,853 1980/1998 Wilsonville, OR Corp. 160 Clairemont Avenue Allied Holdings, Inc. 408 382 112,248 1983 Decatur, GA 27016 Media Center Drive Playboy Enterprises, Inc. 312 314 63,049 2000 Los Angeles, CA Sony Electronics, Inc. (17) 64 68 20,203 26555 Northwestern Highway Federal-Mogul 290 355 187,163 1963/1965 Southfield, MI Corporation 10419 North 30th Street Time Customer Service, Inc. 358 352 132,981 1986 Tampa, FL (Time, Inc.) 250 Rittenhouse Circle Jones Apparel Group 316 346 255,019 1982 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) (1) 400 Butler Farm Road Nextel Communications 322 326 100,632 1999 Hampton, VA of the Mid-Atlantic, Inc. (Nextel Finance Company) 6455 State Hwy 303 NE Nextel West Corporation 242 278 60,200 2001 Bremerton, WA 270 Billerica Road Cadence Design 254 266 100,000 1985 Chelmsford, MA Systems(14) 180 Rittenhouse Circle Jones Apparel Group 229 243 96,000 1998 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 16275 Technology Drive Cymer, Inc. 214 222 65,755 1989 San Diego, CA (Hewlett-Packard) 2529 West Thorns Drive Baker Hughes, Inc. 189 212 65,500 1981/1999 Houston, TX 12000 Tech Center Drive Kelsey-Hayes Company 191 206 80,230 1988 Livonia, MI 2401 Cherahala Boulevard Advance PCS, Inc. 196 205 59,748 2002 Knoxville, TN
5 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/05
------------------------------- ------------------------ ---------------- ------------- ---------------- ------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated ------------------------------- ------------------------ ---------------- ------------- ---------------- ------------- 1275 NW 128th Street Principal Life 194 194 61,180 2003 Clive, IA Insurance Company(12) 13430 N. Black Canyon Freeway Bull HN Information 281 189 137,058 1985/1994 Phoenix, AZ Systems, Inc. 421 Butler Farm Road Nextel Communications 180 180 56,515 2000 Hampton, VA of the Mid-Atlantic, Inc. (Nextel Finance Company) 100 Barnes Road Minnesota Mining and 140 151 44,400 1978/1985 Wallingford, CT Manufacturing Company 1440 East 15th Street Cox Communications, 107 114 28,591 1988 Tucson, AZ Inc. 250 Turnpike Road Honeywell Consumer 108 108 57,698 1984 Southborough, MA Products 1409 Centerpoint Blvd Alstom Power, Inc. 64 74 84,404 2001 Knoxville, TN (19) (20) 2300 Litton Lane VACANT - - 81,744 1987 Hebron, KY 3615 North 27th Avenue VACANT - - 179,280 1960/1979 Phoenix, AZ 1600 Viceroy Drive VACANT - - 249,452 1986 Dallas, TX ------------------------ ---------------- ------------- ---------------- Subtotal $ 21,822 $ 21,865 6,983,588 ------------------------ ---------------- ------------- ---------------- Industrial ---------- 541 Perkins Jones Road Kmart Corp. $ 2,340 $ 2,233 1,700,000 1982 Warren, OH 19500 Bulverde Road Harcourt Brace 757 857 559,258 2001 San Antonio, TX 2425 Highway 77 North James Hardie Building 850 850 425,816 1996/1997 Waxahachie, TX Products, Inc. (James Hardie Industries NV) 3501 West Avenue H Michaels Stores, Inc. 809 826 762,775 1998/2002 Lancaster, CA 9110 Grogans Mill Road Baker Hughes, Inc. 531 766 275,750 1992 Houston, TX 8305 SE 58th Avenue Associated Grocers of 517 560 668,034 1976 Ocala, FL Florida, Inc. 159 Farley Drive Harbor Freight Tools 410 480 474,473 2001 Dillon, SC (Central Purchasing, Inc.) 6345 Brackbill Boulevard Exel Logistics, Inc. 509 463 507,000 1985/1991 Mechanicsburg, PA (NFC plc)
6 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/05
------------------------------- ----------------------- ------------------ ------------ ---------------- ------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated ------------------------------- ----------------------- ------------------ ------------ ---------------- ------------- 590 Ecology Lane Owens Corning 405 405 193,891 2001 Chester, SC 431 Smith Lane Kirkland's, Inc. (11) 352 352 771,127 2004 Jackson, TN 4425 Purks Road Lear Technologies LLC 351 341 183,717 1989/1998 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 372 337 330,000 1989 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, Inc. 306 302 354,676 2002 Groveport, OH (Andrx Corporation) 7500 Chavenelle Road The McGraw-Hill 258 291 330,988 2002 Dubuque, IA Companies, Inc. 12025 Tech Center Drive Kelsey-Hayes Company 262 285 100,000 1987/1988 Livonia, MI 250 Swathmore Avenue Steelcase, Inc. (15) 256 272 244,851 2002 High Point, NC Moody Commuter & Tech Park TNT Logistics North 263 263 595,346 2004 Moody, AL America, Inc. (TPG N.V.) 3102 Queen Palm Drive Time Customer 250 252 229,605 1986 Tampa, FL Service, Inc. (Time, Inc.) 2280 Northeast Drive Ryder Integrated 249 251 276,480 1996/1997 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 276 250 252,000 1985 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 257 246 400,522 1999 Hebron, OH 3600 Southgate Drive Sygma Network, Inc. 233 233 149,500 2000 Danville, IL 46600 Port Street Johnson Controls, Inc. 231 231 134,160 1996 Plymouth, MI 1133 Poplar Creek Road Corporate Express Office 194 202 196,946 1998 Henderson, NC Products, Inc. (Buhrmann, N.V.) 450 Stern Street Johnson Controls, Inc. 175 175 111,160 1996 Oberlin, OH 222 Tappan Drive North The Gerstenslager 168 167 296,720 1970 Mansfield, OH Company (Worthington Industries)
7 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/05
---------------------------- --------------------------- ----------------- -------------- --------------- ------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated ---------------------------- --------------------------- ----------------- -------------- --------------- ------------ 34 East Main Street Exel Logistics, Inc. 180 163 179,200 1981 New Kingston, PA 7670 Hacks Cross Road Dana Corporation 151 158 168,104 1989 Olive Branch, MS 191 Arrowhead Drive Owens Corning 151 157 250,410 2000 Hebron, OH 904 Industrial Road Tenneco Automotive 144 150 195,640 1968/1972 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 109 Stevens Street Unisource Worldwide, Inc. 143 147 168,800 1958/1969 Jacksonville, FL 128 Crews Drive Stone Container 135 143 185,961 1968/1998 Columbia, SC Corporation 1700 47th Avenue North Owens Corning 136 136 18,620 2003 Minneapolis, MN 7150 Exchequer Drive Corporate Express Office 98 98 79,086 1998 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 324 Industrial Park Road SKF USA, Inc. 91 91 72,868 1996 Franklin, NC 187 Spicer Drive Dana Corporation 86 85 148,000 1983/1985 Gordonsville, TN 300 McCormick Road Ameritech Services, Inc. (9) 64 63 20,000 1990 Columbus, OH 3350 Miac Cove Road Mimeo.com, Inc. (8) 48 42 141,359 1987 Memphis, TN 1601 Pratt Avenue Tenneco Automotive 42 41 53,600 1979 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) --------------------------- ----------------- -------------- --------------- Subtotal $ 13,050 $ 13,364 12,206,443 --------------------------- ----------------- -------------- --------------- Retail ------ 2655 Shasta Way Fred Meyer, Inc. $ 252 $ 252 178,204 1986 Klamath Falls, OR Fort Street Mall, Liberty House, Inc. 241 243 85,610 1980 King Street Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 207 207 118,179 1986 Newport, OR 6475 Dobbin Road Offenbacher Aquatics, Inc. 41 47 17,100 1983 Columbia, MD Haverty Furniture 140 158 46,724 Companies, Inc. 35400 Cowan Road Sam's Real Estate 188 188 102,826 1987/1997 Westland, MI Business Trust
8 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/05
---------------------------- --------------------------- ----------------- --------------- ------------- ------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated ---------------------------- --------------------------- ----------------- --------------- ------------- ------------- 12235 N. Cave Creek Bally's Health & Tennis 210 178 36,556 1988 Phoenix, AZ Corporation 4733 Hills & Dales Road Scandinavian Health Spa, Inc. 182 171 37,214 1987 Canton, OH (Bally Total Fitness Corp.) 1160 White Horse Road Physical Fitness Centers of 205 168 31,750 1987 Voorhees, NJ Philadelphia, Inc. (Bally Total Fitness Corp.) 5917 S. La Grange Road Bally Total Fitness Corp. 165 129 25,250 1987 Countryside, IL 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 116 116 46,350 1995 Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, Inc. 117 116 76,164 1994 Eau Claire, WI 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 108 106 42,842 1981 Clackamas, OR 399 Peach Wood Centre Drive Best Buy Co., Inc. 99 99 45,800 1996 Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 99 98 43,105 1981 Boulevard Lynwood, WA 6910 S. Memorial Highway Toys "R" Us, Inc. 91 89 43,123 1981 Tulsa, OK 24100 Laguna Hills Mall Federated Department 169 87 160,000 1974 Laguna Hills, CA Stores, Inc. 9580 Livingston Road GFS Realty, Inc. 51 68 107,337 1976 Oxon Hill, MD (Giant Food, Inc.) 121 South Center Street Greyhound Lines, Inc. 52 52 17,000 1968 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 47 38 51,682 1977 Rockville, MD (Giant Food, Inc.) --------------------------- ----------------- -------------- --------------- Subtotal $ 2,780 $ 2,610 1,312,816 --------------------------- ----------------- -------------- --------------- --------------------------- ----------------- -------------- --------------- Grand Total $ 37,652 $ 37,839 20,502,847 --------------------------- ----------------- -------------- ---------------
9 (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 $517. 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 can cancel lease on 6/1/10 with 6 months notice and a payment of $102 (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 can cancel 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) Expense stop on this property is $481. (20) Tenant can cancel lease on 6/30/12 with 12 months notice and a payment of approximately $1,100. 10 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 3/31/05
---------------------------- --------------------------- ----------------- -------------- --------------- ------------ 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 $ 2,156 $ 2,122 340,240 2000 Morris Corporate Center IV (Pharma Holdings GmbH)(A) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 1,844 1,733 456,304 1999/2001 Columbia, SC of South Carolina Inc.(B) 100 Wood Hollow Drive Greenpoint Mortgage 1,099 1,216 124,600 2001 Novato, CA Funding, Inc. (E)(F) 6555 Sierra Drive True North Communications 1,078 1,062 247,254 1999 Irving, TX Inc.(A) 5200 Metcalf Avenue Employers Reinsurance 989 989 320,198 1980/1990/ Overland Park, KS Corporation(H) 2003 101 East Erie Building Foote, Cone & Belding 959 960 203,376 1986 Chicago, IL (Interpublic Group of Companies, Inc.) (E) Higgins Development Partners(E) 27 27 19,089 1986 VACANT(E) - - 2,100 1986 27027 Tourney Road Specialty Laboratories, 891 891 187,262 2004 Santa Clarita, CA Inc.(E) 15375 Memorial Drive Vastar Resources, Inc.(A) 859 859 327,325 1985 Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A.(A)(D) 845 822 193,000 1999 Fishers, IN 10300 Town Park Drive Veritas DGC, Inc. (E) 694 812 218,641 2000 Houston, TX 600 International Parkway First USA Management 731 730 125,155 1997 Lake Mary, FL Services, Inc.(A)(C) 550 International Parkway First USA Management 705 705 125,920 1999 Lake Mary, FL Services, Inc.(A)(C) 10940 White Rock Road Progressive Casualty 661 701 158,582 2002 10929 Disk Drive Insurance Company(E) Rancho Cordova, CA 2000 Eastman Drive Structural Dynamic 683 697 212,836 1991 Milford, OH Research Corp.(A) 3701 Corporate Drive Motorola, Inc.(A) (J) 678 678 119,829 2001 Farmington Hills, MI 1401 & 1501 Nolan Siemens Dematic Postal 596 633 233,783 2003 Ryan Parkway Automation, L.P. (H) Arlington, TX 9201 East Dry Creek Road The Shaw Group, Inc. (E) (K) 508 627 128,500 2001/2002 Centennial, CO
11 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 3/31/05
---------------------------- --------------------------- ----------------- -------------- --------------- -------------- YTD YTD Base Cash Base GAAP Square Year Revenue Revenue Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated ---------------------------- --------------------------- ----------------- -------------- --------------- -------------- 1475 Dunwoody Drive ING USA Annuity and Life 477 510 125,000 1998/1999 West Chester, PA Insurance Company (E) 13775 McLearen Road Equant N.V. (E) (M) 451 503 125,293 1984/1988/ Herndon, VA 1992 14040 Park Center Road NEC America, Inc.(A) 477 500 108,000 1987 Herndon, VA 70 Valley Stream Parkway IKON Office Solutions, 481 499 106,855 1987 Malvern, PA Inc(E)(I) 5150 220th Avenue South Spacelabs Medical, Inc 467 487 106,944 1992 Issaquah, WA (OSI Systems, Inc.)(H) 9201 Stateline Employers Reinsurance 458 458 166,641 1963/1985/ Kansas City, MO Corporation(H) 2003 22011 SE 51st Street Spacelabs Medical, Inc 423 417 95,600 1987 Issaquah, WA (OSI Systems, Inc.)(H) 1110 Bayfield Drive Honeywell International, 384 409 166,575 1980/2002 Colorado Springs, CO Inc.(A) 3601 Converse Drive Verizon Wireless(H) 383 406 160,500 2004 Wilmington, NC 275 Technology Drive ANSYS, Inc.(E) 310 338 107,872 1996 Canonsburg, PA Renner Blvd. Voicestream PCS II 293 338 77,484 2004 Lenexa, KS Corporation (T-Mobile USA, Inc.) (H) East Goldstone Drive T-Mobile USA, Inc. (H) 286 330 77,483 2004 Meridian, ID 4455 American Way Bell South Mobility, 253 272 70,100 1997 Baton Rouge, LA Inc. (E) 3711 San Gabriel Voice Stream PCS II LLC 225 246 75,016 2004 Mission, TX (T-Mobile USA, Inc.) (E) --------------------------- ----------------- -------------- --------------- Subtotal Office $ 21,371 $ 21,977 5,313,357 --------------------------- ----------------- -------------- --------------- Industrial ---------- 101 Michelin Drive TNT Logistics North 776 $ 807 1,164,000 1991/1993 Laurens, SC America, Inc. (TPG N.V.) (A) Philipp Parkway L'Oreal USA, Inc. (H) 573 630 649,250 2004 Streetsboro, OH 7111 Crabb Road TNT Logistics North 519 540 752,000 1978/1993 Temperance, MI America, Inc. (TPG N.V.) (A)
12 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 3/31/05
------------------------- --------------------------- ----------------- -------------- --------------- -------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated ------------------------- --------------------------- ----------------- -------------- --------------- -------------- 6050 Dana Way Dana Corporation (E) (L) 611 535 677,400 1999 Antioch, TN 2400 West Haven Avenue Michaels Stores Procurement 486 486 693,000 2004 New Lenox, IL Company, Inc. (Michaels Stores, Inc.) (E) 43955 Plymouth Oaks Tower Automotive Products 471 471 290,133 1996/1998 Boulevard Company (E) Plymouth, MI (Tower Automotive, Inc.) 121 Technology Drive Heidelberg Web Systems, 339 462 500,500 1986/2003 Durham, NH Inc. (A) (G) 3225 Meridian Parkway Hagemeyer Foods, Inc. (E) 371 402 201,845 1995 Weston, FL 291 Park Center Drive Kraft Foods North 355 379 344,700 2001 Winchester, VA America, Inc. (A) 1109 Commerce Boulevard Linens-n-Things, Inc. (E) 315 313 262,644 1998 Logan Township, NJ 3245 Meridian Parkway Circuit City Stores, Inc. (E) 262 292 230,600 1995 Weston, FL --------------------------- ----------------- -------------- --------------- Subtotal Industrial $ 5,078 $ 5,317 5,766,072 --------------------------- ----------------- -------------- --------------- Retail ------ 12080 Carmel Kmart Corporation (E) (N) $ 50 $ 245 107,210 1993 Mountain Road San Diego, CA 5350 Leavitt Road Kmart Corporation (E) (N) 110 182 193,193 1993 Lorain, OH 255 Northgate Drive Kmart Corporation (E) (N) 78 129 107,489 1993 Manteca, CA 21082 Pioneer Kmart Corporation (E) (N) 73 121 120,727 1993 Plaza Drive Watertown, NY US 219 Kmart Corporation (E) (N) 51 77 90,933 1993 Fairlea, WV 1150 West Carl Kmart Corporation (E) (N) 44 72 94,970 1992 Sandburg Drive Galesburg, IL --------------------------- ----------------- -------------- --------------- Subtotal Retail $ 406 $ 826 714,522 --------------------------- ----------------- -------------- --------------- --------------------------- ----------------- -------------- --------------- Grand Total $ 26,855 $ 28,120 11,793,951 --------------------------- ----------------- -------------- ---------------
13 (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 3/30/11 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. 14 The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 3/31/05
Historical 3-Months Ended March 31, 2005 -------------------- No. of Number 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 $ 7,014 15.0% 2 South Carolina 10 100 3,229,361 4,648 10.0 3 Ohio 12 100 4,272,331 4,074 8.8 4 California 12 100 1,973,963 3,609 7.7 5 Florida 9 100 2,140,748 3,101 6.6 6 Pennsylvania 10 100 2,068,227 2,845 6.1 7 Michigan 11 100 2,199,298 2,344 5.0 8 Virginia 8 100 1,183,366 2,278 4.9 9 Utah 1 100 295,000 2,193 4.7 10 Massachusetts 4 100 574,301 1,781 3.8 11 New Jersey 4 100 792,145 1,615 3.5 12 Arizona 6 78 810,187 1,593 3.4 13 Illinois 6 100 1,457,000 1,455 3.1 14 Oregon 5 100 539,562 1,336 2.9 15 Tennessee 6 94 1,882,038 919 2.0 16 Iowa 3 100 668,648 736 1.6 17 North Carolina 4 100 675,165 667 1.5 18 Washington 4 100 305,849 602 1.3 19 Connecticut 2 100 197,764 557 1.2 20 Georgia 2 100 112,248 405 0.9 21 Kansas 2 100 397,682 332 0.7 22 Colorado 2 100 295,075 324 0.7 23 Maryland 3 100 222,843 311 0.7 24 Indiana 1 100 193,000 274 0.6 25 Alabama 1 100 595,346 263 0.6 26 Hawaii 1 100 85,610 243 0.5 27 Louisiana 2 100 149,186 180 0.4 28 Mississippi 1 100 168,104 158 0.3 29 New Hampshire 1 100 500,500 154 0.3 30 Minnesota 1 100 18,620 136 0.2 31 Wisconsin 1 100 76,164 116 0.2 32 Missouri 1 100 166,641 114 0.2 33 Oklahoma 1 100 43,123 88 0.2 34 Idaho 1 100 77,483 83 0.2 35 New York 1 100 120,727 36 0.1 36 West Virginia 1 100 90,933 23 0.1 37 Kentucky 1 - 81,744 - - ----------------- ------------ ------------ ------------ -------------- --------------- Total 155 98.1% 32,296,798 $ 46,607 100.0% ----------------- ------------ ------------ ------------ -------------- ---------------
(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 March 31, 2005. (3) Includes operating properties owned during the three months ended March 31, 2005. 15 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 3/31/05
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 $ 2,895 $ 28.94 $ 840 $ 2.40 $ - $ - 2006 2,386 8.82 6,199 5.21 1,183 9.16 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 11,388 15.48 2,436 3.61 - - 2011 6,129 20.78 536 4.67 826 6.99 2012 9,386 13.25 8,988 3.93 - - 2013 8,219 11.31 483 6.11 226 13.24 2014 11,557 15.32 3,522 3.65 1,137 3.74 2015 19,715 13.47 4,232 9.12 469 6.15 2016 4,939 17.82 3,663 6.55 - - 2017 694 17.99 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 - - Weighted Average $ 15.35 $ 4.35 $ 5.80 ======= ======= ========
(1) Includes proportionate share of joint venture investments. 16 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis 3/31/05 ($000's)
Percentage of Total Total Number of Annualized Annualized Year Leases Expiring Base Rent (1) Base Rent ---------------- -------------------------------- ---------------------- ---------------------------------- 2005 3 $ 2,929 1.6% 2006 11 11,338 6.1 2007 5 13,944 7.6 2008 5 7,417 4.0 2009 15 19,537 10.6 2010 11 12,908 7.0 2011 6 8,100 4.4 2012 16 16,916 9.2 2013 9 8,994 4.9 2014 17 16,649 9.0 2015 16 25,353 13.7 2016 6 6,468 3.5 2017 6 3,966 2.1 2018 11 6,495 3.5 2019 7 8,020 4.3 2020 3 7,264 3.9 2021 3 5,406 2.9 2022 0 0 - 2023 0 0 - 2024 3 2,269 1.3 2025 0 0 - 2026 1 617 0.4 -------------------------------- ---------------------- ---------------------------------- Total 154 $ 184,590 100.0% ================================ ====================== ==================================
(1) Includes proportionate share of joint venture investments. 17 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 3/31/05 ($000's)
--------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Current Estimated Debt Interest Annual Balloon Property - Fixed Rate Balance Rate Maturity Debt Service(g) Payment --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Warren, OH(c) $ 16,412 7.000% Oct-07 $ 6,160 $ -- Bristol, PA 9,597 7.400 Feb-08 831 9,262 Boca Raton, FL(e) 15,275 5.250 Mar-08 802 15,275 Decatur, GA 6,539 6.720 Jun-08 579 6,049 Phoenix, AZ 13,823 7.890 Jun-08 1,434 12,591 Palm Beach Gardens, FL 11,113 7.010 Jun-08 970 10,418 Dubuque, IA 7,159 4.890 Aug-08 513 6,588 Canton, OH 3,231 7.150 Aug-08 313 2,936 Spartanburg, SC 2,683 7.150 Aug-08 260 2,438 Florence, SC 9,193 7.500 Feb-09 869 8,443 Ocala, FL 12,521 7.250 Feb-09 1,332 10,700 Canton, OH 1,264 9.490 Feb-09 388 -- Baton Rouge, LA 1,809 7.375 Mar-09 208 1,478 Bristol, PA 5,880 7.250 Apr-09 571 5,228 Livonia, MI 10,869 7.800 Apr-09 992 10,236 Henderson, NC 4,294 7.390 May-09 417 3,854 Westland, MI 2,441 10.500 Sep-09 683 -- Salt Lake City, UT 10,967 7.610 Oct-09 2,901 -- High Point, NC 8,737 5.750 Oct-09 695 7,741 Richmond, VA 16,275 8.100 Feb-10 1,511 15,257 Hampton, VA 4,420 8.260 Apr-10 415 4,144 Hampton, VA 7,207 8.270 Apr-10 677 6,758 Tampa, FL 8,228 6.930 Aug-10 674 7,603 Tampa, FL 5,951 6.880 Aug-10 485 5,495 Herndon, VA 18,592 8.180 Dec-10 1,723 17,301 San Diego, CA 4,131 7.500 Jan-11 411 3,420 Tucson, AZ 2,392 7.500 Jan-11 226 2,076 Columbia, SC 3,346 7.540 Jan-11 317 2,905 Valley Forge, PA 12,775 7.120 Feb-11 1,166 10,927 Glendale, AZ 14,581 7.400 Apr-11 1,258 13,365 Auburn Hills, MI 7,026 7.010 Jun-11 637 5,918 Plymouth, MI 4,672 7.960 Jul-11 463 3,949 Newport, OR 6,863 5.030 Aug-11 470 5,980 Greenville, SC 13,622 4.415 Jan-12 841 11,806 New Kingston, PA 7,129 7.790 Jan-12 678 6,101 Mechanicsburg, PA 5,262 7.780 Jan-12 500 4,503 New Kingston, PA 3,397 7.780 Jan-12 323 2,906 Lake Forest, CA 10,704 7.260 Feb-12 901 9,708 Groveport, OH 7,718 6.030 Oct-12 563 6,860 San Antonio, TX 29,908 6.080 Oct-12 2,260 26,025 Dallas, TX 20,798 7.490 Dec-12 2,020 16,030 Fort Mill, SC 11,344 6.000 Jan-13 839 9,904 Foxboro, MA(c) 19,099 6.000 Jan-13 2,762 -- Waterloo, IA 6,456 5.610 Feb-13 672 3,505 Lancaster, CA (first) 10,422 7.020 Sep-13 900 8,637 Lancaster, CA (second) 8,764 5.920 Sep-13 642 7,518 Knoxville, TN 5,215 5.950 Sep-13 381 4,496 Foxboro, MA(c) 23,438 6.000 Jan-14 2,639 -- Moody, AL 7,567 4.978 Jan-14 493 6,350 Mechanicsburg, PA 13,613 5.730 Mar-14 1,045 10,538 Redmond, OR 9,985 5.616 Apr-14 697 8,484 Fort Mill, SC(f) 20,300 5.373 May-14 1,106 18,311 Eau Claire, WI 2,042 8.000 Jul-14 313 -- Jackson, TN 10,320 5.930 Jul-14 743 8,820 Carrollton, TX 14,488 5.530 Jan-15 993 12,022 Southfield, MI 11,182 4.550 Feb-15 1,058 4,454 Franklin, NC 1,818 8.500 Apr-15 271 -- Houston, TX(c) 27,292 6.250 Sep-15 2,050 6,985 Houston, TX(c) 7,652 6.250 Sep-15 658 2,222
18 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 3/31/05 ($000's)
--------------------------------- ------------------- ------------ -------------- ---------------- ------------------- Current Estimated Debt Interest Annual Balloon Property Balance Rate Maturity Debt Service(g) Payment --------------------------------- ------------------- ------------ -------------- ---------------- ------------------- Sugar Land, TX(c) 17,652 6.250 Sep-15 1,606 6,286 Houston, TX(c) 66,233 6.250 Sep-15 6,470 18,318 Southborough, MA 1,982 7.500 Sep-15 275 -- Danville, IL 6,496 9.000 Jan-16 692 4,578 Temple, TX 9,078 6.090 Jan-16 668 7,446 Bremerton, WA 6,710 6.090 Apr-16 494 5,465 Dillon, SC 11,710 7.900 Dec-16 1,263 5,273 Westmont, IL 15,797 6.210 Mar-18 1,292 9,662 Wall Township, NJ(c) 29,828 6.250 Jan-21 2,013 -- ---------- ----- ------------ ------------ $ 745,287 6.590% $ 72,472 $ 471,548 ------------- ------ ------------ ------------ Property-Variable Rate ---------------------- Milpitas, CA (a) (b) $ 13,200 6.090% July-05 $ 676 $ 12,732 ------------- ----- ------------ ------------ Corporate Credit Facility (d) -- --% Aug-06 -- -- ------------- ----- ------------ ------------ Total $ 758,487 6.581% $ 73,148 $ 484,280 ============= ===== ============= ============
_______________________ (a) Floating rate debt, 30 day LIBOR plus 350 bps; in April 05 Company exercised 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) Debt balances based upon imputed interest rates. (d) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps. (e) Interest only through maturity. (f) Interest only through 10/1/07. Commencing 11/1/07 annual debt service of $1,364 is due. (g) Remaining payments for debt with less than 12 months to maturity. 19 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 3/31/05 (000's)
----------------------------------------------------------------------------------------------------------------------------------- LXP Current Debt Proportionate Interest Estimated Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment ----------------------------------------------------------------------------------------------------------------------------------- Columbia, SC(1) $ 24,058 $ 9,623 7.850 Oct-09 $ 2,196 $ 22,586 Houston, TX(2) 20,700 6,900 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) 14,726 4,909 8.190 Apr-10 1,499 12,960 Watertown, NY(3),(5) 2,688 806 6.000 Jul-10 596 -- San Diego, CA(3),(5) 1,821 546 6.000 Jul-10 404 -- Lorain, OH(3),(5) 4,046 1,214 6.000 Jul-10 898 -- Galesburg, IL(3),(5) 1,604 481 6.000 Jul-10 356 -- Fairlea, WV(3),(5) 1,888 566 6.000 Jul-10 419 -- Manteca, CA(3),(5) 2,858 857 6.000 Jul-10 634 -- Herndon, VA(2) 11,312 3,770 7.600 Sep-10 1,107 9,769 Lake Mary, FL(2) 13,058 4,353 7.880 Oct-10 1,181 12,118 Lake Mary, FL(2) 13,019 4,340 7.880 Oct-10 1,178 12,082 Irving, TX(2) 26,243 8,748 8.160 Oct-10 2,432 24,454 Parsippany, NJ(2) 40,422 13,474 7.350 Mar-11 3,472 37,047 Novato, CA(3) 22,477 6,743 5.750 Jul-11 1,600 20,307 Winchester, VA(2) 10,632 3,544 7.330 Aug-11 908 9,675 Antioch, TN(3) 14,604 4,381 7.940 Oct-11 1,580 11,177 Milford, OH(2) 16,637 5,545 8.170 Feb-12 1,751 12,686 Temperance, MI(2) 11,562 3,854 6.000 Sep-12 936 9,400 Laurens, SC(2) 17,247 5,748 6.000 Sep-12 1,396 14,022 Farmington Hills, MI(2) 20,888 6,962 5.420 Sep-12 1,500 17,724 Baton Rouge, LA(3) 6,872 2,062 4.900 Oct-12 443 5,943 Plymouth, MI(3) 12,476 3,743 6.220 Dec-12 1,026 10,026 Colorado Springs, CO(2) 11,695 3,898 6.250 Dec-12 887 10,272 Centennial, CO(3) 15,686 4,706 6.150 Feb-13 1,177 13,555 Malvern, PA(3) 13,187 3,956 5.530 Jan-14 916 11,236 Arlington, TX(4) 21,711 5,428 5.810 Feb-14 1,551 18,588 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) 18,801 5,640 6.000 Sept-14 1,457 14,646 Weston, FL(3) 10,811 3,243 5.420 Nov-14 733 9,066 Canonsburg, PA(3) 9,095 2,729 5.377 Dec-14 489 9,095 Issaquah, WA(4) 32,800 8,200 5.001 Dec-14 1,663 30,388 Chicago, IL(3) 29,900 8,970 5.105 Jan-15 1,548 29,900 Herndon, VA(3) 12,343 3,703 5.920 Apr-15 888 10,359 Mission, TX(3) 6,491 1,947 5.780 Jun-15 462 5,371 Houston, TX(3) 23,910 7,173 5.410 Oct-15 1,311 21,846 Wilmington, NC(4) 13,000 3,250 5.190 Mar-17 684 11,580 Weston, FL(3) 7,467 2,240 5.520 Nov-17 512 5,758 Watertown, NY(3),(5) 989 297 6.000 Jul-18 72 -- San Diego, CA(3),(5) 671 201 6.000 Jul-18 49 -- Lorain, OH(3),(5) 1,489 447 6.000 Jul-18 108 -- Galesburg, IL(3),(5) 590 177 6.000 Jul-18 43 -- Fairlea, WV(3),(5) 695 209 6.000 Jul-18 51 -- Manteca, CA(3),(5) 1,052 316 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) 11,006 3,302 6.750 Jul-19 1,204 -- Meridian, ID(4) 10,381 2,595 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) 10,430 2,608 6.270 Dec-19 774 7,755 Durham, NH(2) 19,182 6,394 6.730 Mar-21 1,312 -- ------------ ----------- ---------- --------- -------------- $ 724,280 $ 219,728 6.255% $ 55,315 $ 593,001 ============ =========== =========== ========= ==============
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. 20 Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 3/31/05 ($000's)
Consolidated properties ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments(1) Average Interest Rate ------------ -------- --------------------- 2005 - remaining $ 17,215 $ 12,732(3) 6.09% 2006 25,694 - - 2007 31,105 - - 2008 25,266 65,557 6.60 2009 25,989 47,680 7.18 ------------------ ------------------ ------------------- $ 125,269 $ 125,969 6.77% ================== ================== ==================== Joint venture properties - LXP proportionate share ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments(2) Average Interest Rate ------------ -------- --------------------- 2005 - remaining $ 2,416 $ - -% 2006 3,228 - - 2007 3,487 - - 2008 3,749 - - 2009 4,215 23,571 6.67% ------------------ ----------------- -------------------- $ 17,095 $ 23,571 6.67% ================== ================= ====================
(1) Properties encompassing totals are detailed on pages 18 and 19. (2) Properties encompassing totals are detailed on page 20. (3) Subsequent to March 31, 2005 the maturity date of the loan was extended to July 2006. 21 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 3/31/05 ----------------------------------------------- -------------------------------- Percentage of Historical Tenant Industry 3 Month Base Rent (1) ----------------------------------------------- -------------------------------- Energy 14.5% Finance/Insurance 11.2 Technology 9.7 Transportation/Logistics 6.8 Telecommunications 6.8 Retail-Department/ Discount Store 6.7 Media/Advertising 5.3 Retail-Specialty 5.0 Automotive 5.0 Healthcare 4.9 Construction Materials 4.8 Food 4.5 Consumer Products 3.0 Aerospace/Defense 2.9 Printing/Production 2.2 Retail-Electronics 2.2 Health/Fitness 1.4 Apparel 1.3 Security 1.2 Paper/Containers/Packaging 0.6 ----- 100.0% ====== (1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 22 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 3/31/05 Percent of Base Rent for 3 Months Ended 3/31/05 1 Houston-TX 8.2% 2 Youngstown-Warren-OH 4.8% 3 Salt Lake City-UT 4.7% 4 Detroit-MI 4.6% 5 Los Angeles-Orange County-CA 4.3% 6 Boston-MA 4.1% 7 Dallas-Fort Worth-TX 4.0% 8 Philadelphia-PA 3.8% 9 Charlotte-NC 3.5% 10 Phoenix-AZ 3.2% 11 New York-NY 2.9% 12 Washington-Baltimore-DC-MD 2.7% 13 Harrisburg-PA 2.6% 14 Chicago-IL 2.6% 15 West Palm Beach-Boca Raton-FL 2.4% 16 San Francisco-CA 2.1% 17 Columbia-SC 1.9% 18 San Antonio-TX 1.8% 19 Columbus-OH 1.6% 20 Richmond-VA 1.5% 21 Greenville-Spartanburg-SC 1.3% 22 Tampa-FL 1.3% 23 Seattle-WA 1.3% 24 Ocala-FL 1.2% 25 Norfolk-VA 1.1% 26 Dillon, SC 1.0% 27 Orlando-FL 1.0% 28 Kansas City-MO-KS 0.9% 29 Florence-SC 0.9% 30 Cleveland-OH 0.9% 31 Hartford-CT 0.9% 32 Atlanta-GA 0.9% 33 Chester, SC 0.9% 34 Killeen-Temple-TX 0.8% 35 Redmond, OR 0.8% 36 Portland-OR 0.8% 37 Jackson-TN 0.8% 38 Dubuque-IA 0.6% 39 Canton-Massillon-OH 0.6% 40 Knoxville-TN 0.6% 41 Indianapolis-IN 0.6% 42 Greensboro-NC 0.6% 43 Laurens, SC 0.6% 44 Birmingham-AL 0.6% 45 San Diego-CA 0.6% 46 Klamath Falls, OR 0.5% 47 Waterloo-IA 0.5% 23 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 3/31/05 Percent of Base Rent for 3 Months Ended 3/31/05 48 Honolulu-HI 0.5% 49 Danville, IL 0.5% 50 Cincinnati-OH 0.5% 51 Sacramento-CA 0.5% 52 Miami-Fort Lauderdale-FL 0.5% 53 Newport, OR 0.4% 54 Henderson, NC 0.4% 55 Memphis-TN 0.4% 56 Des Moines-IA 0.4% 57 Kalamazoo-Battle Creek-MI 0.4% 58 Denver-CO 0.4% 59 Baton Rouge-LA 0.4% 60 Mansfield-OH 0.4% 61 Nashville-TN 0.3% 62 New Haven-CT 0.3% 63 Jacksonville-FL 0.3% 64 Colorado Springs-CO 0.3% 65 Minneapolis-St. Paul-MN 0.3% 66 Winchester, VA 0.3% 67 Stockton-CA 0.3% 68 Wilmington-NC 0.3% 69 Eau Claire-WI 0.3% 70 Tucson-AZ 0.2% 71 Clackamas, OR 0.2% 72 Pittsburgh-PA 0.2% 73 Franklin, NC 0.2% 74 Tulsa-OK 0.2% 75 Gordonsville, TN 0.2% 76 Boise City-ID 0.2% 77 McAllen-TX 0.2% 78 Watertown, NY 0.1% 79 Lewisburg, WV 0.0% 80 Galesburg, IL 0.0% 81 Lynchburg-VA 0.0% ------- ---------------------------------------------------- ------------------- Totals 100.00% 24 Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 3/31/05
Historical 3-Month Base Rent Revenue by Property Type ($000's)(A) Percentage ---------------------------------------------------- -------------------------------- ------------------------------ Office $ 28,715 61.6% Industrial 15,001 32.2 Retail 2,891 6.2 ---------- ------- $ 46,607 100.0% ========== ======= Revenue by Credit Rating(C) --------------------------- Investment Grade $ 22,529 48.4% Non-Investment Grade 9,237 19.8 Unrated 14,841 31.8 ------------ ------- $ 46,607 100.0% ============ =======
Percentage of Base Rent for 3 Number of Months Top 15 Tenants/Guarantors Properties(B) Property Type Ended 3/31/05(A) ---------------------------------------------------- ---------------- ---------------------------------- -------------------- Baker Hughes, Inc. 4 Office (3)/Industrial (1) 7.1% Kmart Corporation 7 Industrial(1)/Retail (6) 5.3 Northwest Pipeline Corp. 1 Office 4.7 Wells Fargo Home Mortgage, Inc. 2 Office 3.5 Invensys Systems, Inc. (Siebe, Inc.) 2 Office 3.0 Exel Logistics, Inc.(NFC plc) 4 Industrial 2.6 Nextel Finance Company 4 Office 2.5 Michaels Stores, Inc. 2 Industrial 2.1 Owens Corning 4 Industrial 2.0 Harcourt Brace 1 Industrial 1.8 James Hardie Building Products, Inc. 1 Industrial 1.8 (James Hardie Industries N.V.) Circuit City Stores, Inc. 2 Office(1)/Industrial (1) 1.7 Honeywell, Inc. 3 Office 1.6 Blue Cross Blue Shield of South Carolina, Inc. 1 Office 1.6 TNT Logistics North America, Inc. (TPG N.V) 3 Industrial 1.5 - --- 41 42.8% == =====
(A) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (B) As of March 31, 2005. (C) As of April 25, 2005 25