-----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, Leyauk2Q5Thx0/hNIWqg8zgHhzrh9YWIvNCyN0BsK93DmdZvTjgtqFBdZcUSVEFl 9UVRHzg1GaDA3DPdlbEj2A== 0001116679-05-002020.txt : 20050802 0001116679-05-002020.hdr.sgml : 20050802 20050802152915 ACCESSION NUMBER: 0001116679-05-002020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050802 DATE AS OF CHANGE: 20050802 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: 05991779 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-080205.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) August 2, 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 2.02. Results of Operations and Financial Conditions. On August 2, 2005, Lexington Corporate Properties Trust (the "Trust") issued a press release announcing its financial results for the quarter ended June 30, 2005 (the "Press Release"). A copy of the 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. On August 2, 2005, the Trust made available supplemental information (the "Supplemental Reporting Package") concerning its operations and portfolio as of June 30, 2005. A copy of this supplemental information 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. Item 9.01. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) Exhibits 99.1 Press Release issued August 2, 2005. 99.2 Supplemental Reporting Package for the quarter ended June 30, 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: August 2, 2005 By:/s/ Patrick Carroll --------------------------------- Patrick Carroll Chief Financial Officer Exhibit Index ------------- 99.1 Press Release issued August 2, 2005. 99.2 Supplemental Reporting Package for the quarter ended June 30, 2005. EX-99 2 ex99-1.txt EX. 99.1: PRESS RELEASE Exhibit 99.1 [FINANCIAL RELATIONS BOARD LOGO] news 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, AUGUST 2, 2005 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES RECORD SECOND QUARTER OPERATING RESULTS New York, NY - August 2, 2005 - Lexington Corporate Properties Trust (NYSE:LXP), a real estate investment trust ("Lexington"), today announced results for its second quarter ended June 30, 2005. Quarterly Highlights - Closed on 33 investments for an aggregate capitalized cost of $945.6 million, including $393.1 million in joint ventures; - Obtained $615.1 million in new non-recourse first mortgage financings ($260.0 million in joint ventures) at a weighted average fixed rate of 5.19%; - Sold one non-core retail property, generating gain of $4.3 million; - Extended three leases on portfolio properties; - Repaid mortgage debt at a discount resulting in a $4.6 million gain, net; - Signed new lease for approximately 21,500 square feet in Hebron, Kentucky; and - Replaced existing $100 million credit facility with a new $200 million unsecured revolving credit facility. Quarterly Results Funds from operations were $34.0 million, or $0.57 per diluted share/unit, for the second quarter of 2005, after $4.6 million in debt satisfaction gains, net ($0.08 per diluted share/unit) and $0.6 million in impairment charges ($0.01 per diluted share/unit), compared to $22.7 million, or $0.43 per diluted share/unit, after $0.5 million ($0.01 per diluted share/unit) in impairment charges, for the second quarter of 2004. Rental revenues for the quarter totaled $46.2 million, compared to rental revenues of $34.7 million for the same period last year. Net income allocable to common shareholders was $11.8 million in the second quarter of 2005, including $4.3 million of gains on sales, $4.6 million in debt satisfaction gains, MORE Lexington Corporate Properties Trust Add 1 net and $0.6 million of impairment charges, compared to $13.0 million, which included $2.3 million of gains on sale and $0.5 million of impairment charges, for the same period last year. Six Month Results For the six months ended June 30, 2005 FFO were $57.1 million, or $0.96 per diluted share/unit, after $4.6 million in debt satisfaction gains, net ($0.08 per diluted share/unit) and $0.6 million in impairment charges ($0.01 per diluted share/unit), compared to $41.6 million, after $2.2 million in impairment charges ($0.04 per diluted share/unit), or $0.82 per diluted share/unit, for the same period last year. Rental revenues for the six months ended June 30, 2005 totaled $83.0 million, compared to rental revenues of $65.3 million for the same period last year. Net income allocable to common shareholders for the six months ended June 30, 2005 was $17.3 million, which includes $5.1 million of gains on sales, $4.6 million in debt satisfaction gains, net and $0.6 million of impairment charges, compared to $23.4 million, which includes $2.2 million in impairment charges and $4.1 million of gains on sale, for the same period last year. Quarterly Dividends Declared Lexington declared a common dividend of $0.36 per share, payable on August 15, 2005 to common shareholders of record on July 29, 2005. Lexington also declared a dividend of $0.503125 per share on its Series B Cumulative Redeemable Preferred Shares and $0.8125 per share on its Series C Cumulative Convertible Preferred Shares, each payable on August 15, 2005 to preferred shareholders of record on July 29, 2005. Conference Call Management will discuss the financial results on a conference call today at 2:00 pm Eastern Time. The toll-free dial in number is 800-218-0713. The replay of the call will be available through August 9, 2005. The toll-free telephone number for the replay is 800-405-2236, passcode 11033119. The international number is 303-262-2138 and a replay can be accessed via 303-590-3000, passcode 11033119. The conference call can also be accessed on the internet at www.lxp.com and www.fulldisclosure.com. A supplemental reporting package can be accessed in the Company Profile section at www.lxp.com. Comments From Management Commenting on Lexington's financial results, T. Wilson Eglin, Chief Executive Officer, said, "We are pleased to report that Lexington's funds from operations per share reached a record level in the second quarter. Funds from operations excluding one-time items were $0.50 per share, a 13.6% increase compared to the second quarter last year. During the quarter, we made new investments, on our own behalf and on behalf of joint ventures, totaling $946 million at an average cap rate of 8.1% and enhanced our returns by obtaining $615.1 million of non-recourse financing at an average fixed rate of 5.19%. These investments will contribute to earnings growth over the balance of the year and in the future. With our dividend payout now below our target level of 75% we believe our prospects are good for additional dividend growth in 2006." MORE Lexington Corporate Properties Trust Add 2 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. The closing price of Lexington common shares on the New York Stock Exchange Monday August 1, 2005 was $23.91 per share. Lexington currently pays an annualized dividend of $1.44 per share. Additional information about Lexington is available at www.lxp.com Financial Tables Follow - ----------------------- 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. MORE Lexington Corporate Properties Trust Add 3 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, 2005 2004 2005 2004 ---- ---- ---- ---- Gross revenues: Rental $ 46,208 $ 34,693 $ 82,967 $ 65,309 Advisory fees 2,556 777 3,191 1,727 Tenant reimbursements 2,106 1,347 2,994 2,794 -------- -------- -------- -------- Total gross revenues 50,870 36,817 89,152 69,830 Expense applicable to revenues: Depreciation and amortization (18,111) (8,598) (29,874) (15,731) Property operating (4,919) (2,229) (7,565) (4,451) General and administrative (4,663) (2,537) (9,011) (6,008) Non-operating income 206 640 892 756 Interest and amortization expense (16,426) (12,315) (29,096) (21,643) Debt satisfaction gains, net 4,632 -- 4,632 -- -------- -------- -------- -------- Income before (provision) benefit for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations 11,589 11,778 19,130 22,753 (Provision) benefit for income taxes 29 (595) (67) (1,467) Minority interests (1,497) (1,188) (2,347) (2,394) Equity in earnings of non-consolidated entities 1,334 1,717 2,759 3,521 -------- -------- -------- -------- Income from continuing operations 11,455 11,712 19,475 22,413 -------- -------- -------- -------- Discontinued operations, net of minority interest: Income from discontinued operations 769 1,056 1,562 2,329 Impairment charges (592) (478) (623) (2,212) Gains on sales of properties 4,317 2,327 5,061 4,065 -------- -------- -------- -------- Total discontinued operations 4,494 2,905 6,000 4,182 -------- -------- -------- -------- Net income 15,949 14,617 25,475 26,595 Dividends attributable to preferred shares - Series B (1,590) (1,590) (3,180) (3,180) Dividends attributable to preferred shares - Series C (2,519) -- (5,038) -- -------- -------- -------- -------- Net income allocable to common shareholders $ 11,840 $ 13,027 $ 17,257 $ 23,415 Depreciation and amortization 17,995 9,109 29,784 16,860 Minority interests - OP Units 1,394 1,180 2,251 2,109 Amortization of leasing commissions 129 183 253 365 Joint venture adjustment - depreciation 4,471 1,559 7,619 2,873 Preferred share dividend - Series C 2,519 -- 5,038 -- Gains on sales of properties (4,317) (2,327) (5,061) (4,065) -------- -------- -------- -------- Funds from operations(2) $ 34,031 $ 22,731 $ 57,141 $ 41,557 ======== ======== ======== ======== Rent below GAAP revenue(1) $ 1,290 $ 1,218 $ 1,349 $ 1,749 ======== ======== ======== ======== Per share/unit Basic net income $ 0.24 $ 0.27 $ 0.35 $ 0.52 Diluted net income $ 0.22 $ 0.27 $ 0.33 $ 0.52 Funds from operations(2)-basic $ 0.57 $ 0.43 $ 0.96 $ 0.82 Funds from operations(2)-diluted $ 0.57 $ 0.43 $ 0.96 $ 0.82
MORE Lexington Corporate Properties Trust Add 4 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
6/30/05 12/31/04 ------- -------- Real estate, at cost $ 1,899,774 $ 1,407,872 Accumulated depreciation (200,371) (180,610) Investment in joint ventures 159,387 132,738 Properties held for sale - discontinued 52,975 13,216 operations Intangible assets, net 139,119 54,736 Cash and cash equivalents 42,380 146,957 Deferred expenses, net 13,316 7,860 Rent receivable 4,392 4,123 Rent receivable - deferred 24,807 23,923 Due from affiliates -- 45,800 Other assets 48,470 40,472 ------------ ------------ $ 2,184,249 $ 1,697,087 ============ ============ Mortgages and notes payable $ 1,220,834 $ 765,144 Liabilities - discontinued operations 16,753 1,688 Other liabilities 22,531 22,388 Prepaid rent 6,548 3,818 Minority interests 57,413 56,759 Shareholders' equity 860,170 847,290 ------------ ------------ $ 2,184,249 $ 1,697,087 ============ ============ Common shares 49,301,514 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 ------------ ------------ 60,936,013 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. MORE Lexington Corporate Properties Trust Add 5 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, 2005 2004 2005 2004 ---- ---- ---- ---- Earning Per Share - ----------------- Basic Income from continuing operations $ 11,455 $ 11,712 $ 19,475 $ 22,413 Less preferred dividends (4,109) (1,590) (8,218) (3,180) ------------ ------------ ------------ ------------ Income allocable to common shareholders from continuing operations - basic 7,346 10,122 11,257 19,233 Total income from discontinued operations - basic 4,494 2,905 6,000 4,182 ------------ ------------ ------------ ------------ Net income allocable to common shareholders $ 11,840 $ 13,027 $ 17,257 $ 23,415 ============ ============ ============ ============ Weighted average number of common shares outstanding 48,593,332 47,704,823 48,472,665 45,089,816 ============ ============ ============ ============ Per share data: Income from continuing operations $ 0.15 $ 0.21 $ 0.23 $ 0.43 Income from discontinued operations 0.09 0.06 0.12 0.09 ------------ ------------ ------------ ------------ Net income $ 0.24 $ 0.27 $ 0.35 $ 0.52 ============ ============ ============ ============ Diluted Income allocable to common shareholders from continuing operations-basic $ 7,346 $ 10,122 $ 11,257 $ 19,233 Adjustments: Incremental income attributed to assumed conversion of dilutive securities 169 -- 743 -- ------------ ------------ ------------ ------------ Income allocable to common shareholders from continuing operations-diluted 7,515 10,122 12,000 19,233 Total income from discontinued operations - diluted 4,494 2,905 6,000 4,182 ------------ ------------ ------------ ------------ Net income allocable to common shares - diluted $ 12,009 $ 13,027 $ 18,000 $ 23,415 ============ ============ ============ ============ Weighted average number of shares used in calculation of basic earnings per share 48,593,332 47,704,823 48,472,665 45,089,816 Add incremental shares representing: Shares issuable upon exercises of employee share options 80,928 100,935 77,748 134,784 Shares issuable upon conversion of dilutive securities 5,308,392 -- 5,308,392 -- ------------ ------------ ------------ ------------ Weighted average number of shares used in calculation of diluted earnings per common share 53,982,652 47,805,758 53,858,805 45,224,600 ============ ============ ============ ============ Per share data: Income from continuing operations - diluted $ 0.14 $ 0.21 $ 0.22 $ 0.43 Income from discontinued operations - diluted 0.08 0.06 0.11 0.09 ------------ ------------ ------------ ------------ Net income - diluted $ 0.22 $ 0.27 $ 0.33 $ 0.52 ============ ============ ============ ============
MORE Lexington Corporate Properties Trust Add 6 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, 2005 2004 2005 2004 ---- ---- ---- ---- Funds From Operations - --------------------- Basic and Diluted - ----------------- Net income allocable to common shareholders - basic $ 11,840 $ 13,027 $ 17,257 $ 23,415 Adjustments: Depreciation and amortization 17,995 9,109 29,784 16,860 Minority interests-OP Units 1,394 1,180 2,251 2,109 Amortization of leasing commissions 129 183 253 365 Joint venture adjustment-depreciation 4,471 1,559 7,619 2,873 Preferred share dividend - Series C 2,519 -- 5,038 -- Gains on sale of properties (4,317) (2,327) (5,061) (4,065) ------------ ------------ ------------ ------------ Funds from operations $ 34,031 $ 22,731 $ 57,141 $ 41,557 ============ ============ ============ ============ Basic - ----- Weighted average shares outstanding-basic EPS 48,593,332 47,704,823 48,472,665 45,089,816 Operating partnership units 5,374,499 5,352,198 5,380,357 5,372,411 Series C Preferred shares 5,779,330 -- 5,779,330 -- ------------ ------------ ------------ ------------ Weighted average shares outstanding-basic FFO 59,747,161 53,057,021 59,632,352 50,462,227 ============ ============ ============ ============ FFO per share $ 0.57 $ 0.43 $ 0.96 $ 0.82 ============ ============ ============ ============ Diluted - ------- Weighted average shares outstanding-diluted EPS 53,982,652 47,805,758 53,858,805 45,224,600 Operating partnership units 5,374,499 5,352,198 5,380,357 5,372,411 Series C Preferred shares 5,779,330 -- 5,779,330 -- Non-dilutive convertible securities (5,308,392) -- (5,308,392) -- ------------ ------------ ------------ ------------ Weighted average shares outstanding-diluted FFO 59,828,089 53,157,956 59,710,100 50,597,011 ============ ============ ============ ============ FFO per share $ 0.57 $ 0.43 $ 0.96 $ 0.82 ============ ============ ============ ============
### EX-99 3 ex99-2.txt EX. 99.2: SUPPLEMENTAL REPORTING PACKAGE Exhibit 99.2 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the six months ended June 30, 2005 Table of Contents Income Statements.............................................. 1 Balance Sheets................................................. 2 Second Quarter Transaction Summary............................. 3 First Quarter Transaction Summary.............................. 6 Property Holdings.............................................. 7 Properties by Location......................................... 19 Lease Rollover Schedules....................................... 20 Mortgages and Notes Payable.................................... 22 Revenue by Tenant Industry..................................... 27 Revenue by MSA................................................. 28 Other Revenue Data............................................. 30 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, 2005 2004 2005 2004 ---- ---- ---- ---- Gross revenues: Rental $ 46,208 $ 34,693 $ 82,967 $ 65,309 Advisory fees 2,556 777 3,191 1,727 Tenant reimbursements 2,106 1,347 2,994 2,794 -------- -------- -------- -------- Total gross revenues 50,870 36,817 89,152 69,830 Expense applicable to revenues: Depreciation and amortization (18,111) (8,598) (29,874) (15,731) Property operating (4,919) (2,229) (7,565) (4,451) General and administrative (4,663) (2,537) (9,011) (6,008) Non-operating income 206 640 892 756 Interest and amortization expense (16,426) (12,315) (29,096) (21,643) Debt satisfaction gains, net 4,632 -- 4,632 -- -------- -------- -------- -------- Income before (provision) benefit for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations 11,589 11,778 19,130 22,753 (Provision) benefit for income taxes (595) (67) (1,467) 29 Minority interests (1,497) (1,188) (2,347) (2,394) Equity in earnings of non-consolidated entities 1,334 1,717 2,759 3,521 -------- -------- -------- -------- Income from continuing operations 11,455 11,712 19,475 22,413 -------- -------- -------- -------- Discontinued operations, net of minority interest: Income from discontinued operations 769 1,056 1,562 2,329 Impairment charges (592) (478) (623) (2,212) Gains on sales of properties 4,317 2,327 5,061 4,065 -------- -------- -------- -------- Total discontinued operations 4,494 2,905 6,000 4,182 -------- -------- -------- -------- Net income 15,949 14,617 25,475 26,595 Dividends attributable to preferred shares - Series B (1,590) (1,590) (3,180) (3,180) Dividends attributable to preferred shares - Series C (2,519) -- (5,038) -- -------- -------- -------- -------- Net income allocable to common shareholders $ 11,840 $ 13,027 $ 17,257 $ 23,415 Depreciation and amortization 17,995 9,109 29,784 16,860 Minority interests - OP Units 1,394 1,180 2,251 2,109 Amortization of leasing commissions 129 183 253 365 Joint venture adjustment - depreciation 4,471 1,559 7,619 2,873 Preferred share dividend - Series C 2,519 -- 5,038 -- Gains on sales of properties (4,317) (2,327) (5,061) (4,065) -------- -------- -------- -------- Funds from operations(2) $ 34,031 $ 22,731 $ 57,141 $ 41,557 ======== ======== ======== ======== Rent below GAAP revenue(1) $ 1,290 $ 1,218 $ 1,349 $ 1,749 ======== ======== ======== ======== Per share/unit Basic net income $ 0.24 $ 0.27 $ 0.35 $ 0.52 Diluted net income $ 0.22 $ 0.27 $ 0.33 $ 0.52 Funds from operations(2)-basic $ 0.57 $ 0.43 $ 0.96 $ 0.82 Funds from operations(2)-diluted $ 0.57 $ 0.43 $ 0.96 $ 0.82
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
6/30/05 12/31/04 ------- -------- Real estate, at cost $ 1,899,774 $ 1,407,872 Accumulated depreciation (200,371) (180,610) Investment in joint ventures 159,387 132,738 Properties held for sale - discontinued operations 52,975 13,216 Intangible assets, net 139,119 54,736 Cash and cash equivalents 42,380 146,957 Deferred expenses, net 13,316 7,860 Rent receivable 4,392 4,123 Rent receivable - deferred 24,807 23,923 Due from affiliates -- 45,800 Other assets 48,470 40,472 ------------------- ------------------- $ 2,184,249 $ 1,697,087 =================== =================== Mortgages and notes payable $ 1,220,834 $ 765,144 Liabilities - discontinued operations 16,753 1,688 Other liabilities 22,531 22,388 Prepaid rent 6,548 3,818 Minority interests 57,413 56,759 Shareholders' equity 860,170 847,290 ------------------- ------------------- $ 2,184,249 $ 1,697,087 =================== =================== Common shares 49,301,514 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 ------------------- ------------------- 60,936,013 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 Second Quarter Transaction Summary Acquisitions ($000's) Average Property Capitalized Annual Average Lease Tenants/Guarantors Location Type Costs Rent net Yield Term - ------------------ -------- ---- ----- -------- ----- ---- Bank of America NT & SA(2) Los Angeles, CA Office $ 121,075 $ 9,106 7.5% 06/12 Internet Security Systems, Inc. Atlanta, GA Office 76,606 5,676 7.4 05/13 Nissan Motor Acceptance Corp./Nissan North America, Inc.(1) Irving, TX Office 60,414 4,810 8.0 03/13 Experian Information Solutions, Inc./TRW Inc. Dallas, TX Office 47,022 3,374 7.2 10/10 Capital One Services, Inc.(1) - 3 leases Richmond, VA Office 33,049 2,890 8.7 05/06 & 03/10 Chrysler Financial Company LLC(1) Westlake, TX Office 32,297 2,740 8.5 12/11 Dana Corporation Farmington Hills, MI Office 29,258 2,319 7.9 10/21 Transocean, Inc. 08/09 & & Newpark Resources, Inc. Houston, TX Office 25,512 2,256 8.8 03/11 IKON Office Solutions, Inc. Houston, TX Office 26,765 2,251 8.4 01/13 Lucent Technologies, Inc. (1) Raleigh, NC Office 22,428 1,643 7.3 09/11 ASM Lithograph Holding NV Tempe, AZ Office 21,014 1,841 8.7 06/13 John Wiley & Sons, Inc. Fishers, IN Office 21,533 1,873 8.7 10/09 AT&T Wireless Services, Inc. 08/10 & & Jordan Associates, Inc.(3) Oklahoma City, OK Office 21,524 1,698 7.9 12/08 Kerr-McGee Corporation Houston, TX Office 19,264 1,627 8.4 07/14 PacifiCare Health Systems, Inc. San Antonio, TX Office 19,812 1,621 8.2 11/10 AT&T Wireless Services, Inc. Harrisburg, PA Office 15,103 1,449 9.6 11/08 The Dial Corporation Phoenix, AZ Office 23,594 1,914 8.1 08/08 AmeriCredit Corporation Jacksonville, FL Office 12,761 1,530 11.9 06/11 Metris Companies, Inc. Tulsa, OK Office 13,115 1,307 10.0 01/10 Kraft Foods North America, Inc. 01/12 & & PerkinElmer Instruments LLC Atlanta, GA Office 16,610 1,298 7.8 11/16 Alstom Power, Inc. Richmond, VA Office 15,841 1,421 9.0 10/14 Travelers Express Company, Inc. Lakewood, CO Office 12,025 865 7.2 03/12 Allstate Insurance Company Indianapolis, IN Office 16,200 1,372 8.5 08/12 Gartner, Inc. Fort Meyers, FL Office 13,559 1,052 7.8 01/13 Ingram Micro, Inc. Memphis, TN Industrial 24,418 2,271 9.3 09/11 Dana Corporation Kalamazoo, MI Industrial 23,603 1,954 8.3 10/21 EDS Information Services LLC/Electronic Data Systems Corp. (1) Des Moines, IA Industrial 34,070 2,856 8.4 04/12 Dana Corporation 5 locations - KY Industrial 78,900 6,968 8.8 06/25 Morgan, Lewis & Bockius LLP(4) Philadelphia, PA Office 68,257 4,856 7.1 01/14 -------- ------- --- $ 945,629 $ 76,839 8.1% ======== ======= ===
(1) Lexington has a 30% interest in this property. (2) Lexington has a 25% interest in this property. (3) Lexington has a 40% interest in this property. (4) Lexington has an 80.5% interest in this property. 3 LEXINGTON CORPORATE PROPERTIES TRUST 2005 Second Quarter Transaction Summary
Dispositions ($000's) Tenant/Guarantor Location Property Net Sale Net - ---------------- -------- Type Price Book Value ---- ----- ---------- Haverty Furniture Company, Inc. & Offenbacher Aquatics Columbia, MD Retail $ 11,599 $ 6,617 Lease Extensions/New Leases ($000's) Extension Property Previous Extended Rent Per Tenant/Guarantor Location Type Term Term Annum - ---------------- -------- ---- ---- ---- ----- Toys "R" Us, Inc. Lynwood, WA Retail 05/06 05/11 $ 279 Toys "R" Us, Inc. Clackamas, OR Retail 05/06 05/11 $ 298 Toys "R" Us, Inc. Tulsa, OK Retail 05/06 05/11 $ 255 AGC Automotive Americas Co./AFG Industries, Inc. Hebron, KY Office -- 08/12 $ 159
4 LEXINGTON CORPORATE PROPERTIES TRUST 2005 Second Quarter Transaction Summary
New Financings ($000's) Tenants/Guarantors Location Amount Rate Maturity Date - ------------------ -------- ------ ---- ------------- Bank of America NT & SA(2) Los Angeles, CA $ 80,182 5.330% 05/13 Internet Security Systems, Inc. Atlanta, GA 45,238 5.268 05/13 Nissan Motor Acceptance Corp./ Nissan North America, Inc.(1) Irving, TX 40,921 5.218 05/13 Experian Information Solutions, Inc./TRW Inc. Dallas, TX 30,582 5.126 05/11 Capital One Services, Inc. (1) Richmond, VA 19,800 5.110 05/15 Chrysler Financial Company LLC(1) Westlake, TX 19,645 5.097 05/12 Dana Corporation Farmington Hills, MI 20,550 5.126 05/11 Transocean, Inc. & Newpark Resources, Inc. Houston, TX 16,977 5.160 05/15 IKON Office Solutions, Inc. Houston, TX 17,660 5.218 05/13 Lucent Technologies, Inc. (1) Raleigh, NC 12,900 4.947 05/12 ASM Lithograph Holding NV Tempe, AZ 13,648 5.148 05/13 John Wiley & Sons, Inc. Fishers, IN 13,182 5.160 05/15 AT&T Wireless Services, Inc. & Jordan Associates, Inc. (3) Oklahoma City, OK 14,749 5.240 05/15 Kerr McGee Corporation Houston, TX 13,254 5.210 05/15 PacifiCare Health Systems, Inc. San Antonio, TX 13,071 5.340 05/15 AT&T Wireless Services, Inc. Harrisburg, PA 9,180 5.110 05/15 The Dial Corporation Phoenix, AZ 14,170 5.268 05/13 AmeriCredit Corporation Jacksonville, FL 5,804 5.110 05/15 Metris Companies, Inc. Tulsa, OK 7,688 5.060 05/15 Kraft Foods North America, Inc. & PerkinElmer Instruments LLC Atlanta, GA 11,325 5.260 05/15 Alstom Power, Inc. Richmond, VA 10,608 5.310 05/15 Travelers Express Company, Inc. Lakewood, CO 8,694 5.097 05/12 Allstate Insurance Company Indianapolis, IN 9,638 5.168 05/13 Gartner, Inc. Fort Meyers, FL 8,912 5.268 05/13 Ingram Micro, Inc. Memphis, TN 17,827 5.247 05/12 Dana Corporation Kalamazoo, MI 17,625 5.411 05/15 EDS Information Services LLC/ Electronic Data Systems Corp. (1) Des Moines, IA 22,761 5.147 05/12 Playboy Enterprises, Inc. & Sony Electronics, Inc. Los Angeles, CA 11,500 5.110 05/15 Cadence Design Systems Chelmsford, MA 7,008 5.118 05/13 Principal Life Insurance Company Clive, IA 5,920 5.139 05/14 Minnesota Mining & Manufacturing Company Wallingford, CT 3,453 4.926 05/11 Alstom Power, Inc. Knoxville, TN 7,800 5.310 05/15 Hartford Fire Insurance Company Southington, CT 13,780 5.018 05/13 Morgan, Lewis & Bockius LLP(4) Philadelphia, PA 49,000 5.060 07/14 --------- ------- $ 615,052 5.193% ========= =======
(1) Lexington has a 30% interest in this property. (2) Lexington has a 25% interest in this property. (3) Lexington has a 40% interest in this property. (4) Lexington has an 80.5% interest in this property. 5 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) (3) 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) Lease encompasses approximately 50% of gross leaseable area. 6
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/05 - --------------------------------------------------------------------------------------------------------------------- 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. $ 4,387 $ 4,387 295,000 1982 Salt Lake City, UT 10001 Richmond Avenue Baker Hughes, Inc. 3,201 3,688 554,385 1976/1984 Houston, TX 3480 Stateview Blvd. Wells Fargo Bank N.A. (13) 1,569 1,725 169,218 2004 Fort Mill, SC 33 Commercial Street Invensys Systems, Inc. 1,622 1,622 164,689 1982 Foxboro, MA (Siebe, Inc.) 3476 Stateview Boulevard Wells Fargo Home 1,410 1,511 169,083 2002 Fort Mill, SC Mortgage (4) (5) 9950 Mayland Drive Circuit City Stores, Inc. 1,430 1,396 288,562 1990 Richmond, VA 1415 Wyckoff Road New Jersey Natural Gas Co. 1,292 1,292 157,511 1983 Wall Township, NJ 6303 Barfield Road & 859 Internet Security Systems, 1,333 1,287 289,000 2003 Mount Vernon Hwy. Inc.(24) Atlanta, GA 2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 1,208 1,277 109,281 1985/2001 Valley Forge, PA 1301 California Circle Artesyn North America, Inc. 1,447 1,274 100,026 1985 Milpitas, CA (Balfour Beatty plc) 700 Oakmont Lane North American Van Lines, Inc. 1,181 1,258 269,715 1989 Westmont, IL (SIRVA, Inc.)(3) 70 Mechanic Street Invensys Systems, Inc. 1,432 1,248 251,914 1965/1988 Foxboro, MA (Siebe, Inc.) 2211 South 47th Street Avnet, Inc. 1,276 1,234 176,402 1997 Phoenix, AZ 13651 McLearen Road Boeing North American 1,333 1,233 159,664 1987 Herndon, VA Services, Inc. (The Boeing Company) 5600 Broken Sound Blvd Oce Printing Systems USA, Inc. 1,006 1,123 143,290 1983/2002 Boca Raton, FL 4200 RCA Boulevard The Wackenhut Corp.(6) 1,090 1,083 114,518 1996 Palm Beach Gardens, FL 701 Brookfield Parkway Verizon Wireless (7) 984 1,033 192,884 2000/2001 Greenville, SC 19019 No. 59th Avenue Honeywell, Inc. 1,001 990 252,300 1985 Glendale, AZ 4201 Marsh Lane Carlson Restaurants Worldwide, 902 988 130,000 2003 Carrollton, TX Inc. (16)
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 12645 W. Airport Road Baker Hughes, Inc. 800 971 165,836 1997 Sugar Land, TX 26210 and 26220 Enterprise Apria Healthcare Group, 848 896 100,012 2001 Court Inc. Lake Forest, CA 2210 Enterprise Drive Washington Mutual 875 849 177,747 1998 Florence, SC Home Loan, Inc. 200 Executive Blvd. S Hartford Fire Insurance Co. 1,083 812 153,364 1983 Southington, CT 1600 Eberhardt Road Nextel of Texas 692 779 108,800 2001 Temple, TX 2999 SW 6th St. Voice Stream PCS I LLC 668 776 77,484 2004 Redmond, OR (T-Mobile USA, Inc.) 9275 S.W. Peyton Lane Hollywood Entertainment 734 766 122,853 1980/1998 Wilsonville, OR Corp. 160 Clairemont Avenue Allied Holdings, Inc. 816 765 112,248 1983 Decatur, GA 27016 Media Center Drive Playboy Enterprises, Inc. 639 628 63,049 2000 Los Angeles, CA Sony Electronics, Inc. (17) 127 136 20,203 1311 Broadfield Blvd. Transocean, Inc.(25) 470 493 103,260 2000 Houston, TX Newpark Resources, Inc.(26) 253 246 52,731 601 & 701 Experian Pkwy. TRW Inc. (Experian 880 731 292,700 1981 Dallas, TX Information Solutions, Inc.) 1983 26555 Northwestern Highway Federal-Mogul Corporation 579 709 187,163 1963/1965 Southfield, MI 10419 North 30th Street Time Customer Service, Inc. 717 705 132,981 1986 Tampa, FL (Time, Inc.) 250 Rittenhouse Circle Jones Apparel Group 633 693 255,019 1982 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) (1) 400 Butler Farm Road Nextel Communications of 644 651 100,632 1999 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 6455 State Hwy 303 NE Nextel West Corporation 484 556 60,200 2001 Bremerton, WA 270 Billerica Road Cadence Design Systems(14) 508 533 100,000 1985 Chelmsford, MA 10475 Crosspoint Blvd. John Wiley & Sons, Inc.(31) 510 510 141,047 1999 Fishers, IN 27404 Drake Road Dana Corporation 504 504 112,480 1999 Farmington Hills, MI 810-820 Gears Road IKON Office Solutions, 472 488 157,790 2000 Houston, TX Inc.
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/05 - ------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------------------------------------------------------------------------------------------------------ 180 Rittenhouse Circle Jones Apparel Group 458 485 96,000 1998 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.)(10) 1409 Centerpoint Blvd Alstom Power, Inc. (19)(20) 412 479 84,404 2001 Knoxville, TN 16275 Technology Drive Cymer, Inc. 432 444 65,755 1989 San Diego, CA (Hewlett-Packard) 2800 Waterford Lake Dr. Alstom Power, Inc.(28) 376 437 99,057 2000 Richmond, VA 2529 West Thorns Drive Baker Hughes, Inc. 328 423 65,500 1981/1999 Houston, TX 12000 Tech Center Drive Kelsey-Hayes Company 381 412 80,230 1988 Livonia, MI 2401 Cherahala Boulevard Advance PCS, Inc. 393 411 59,748 2002 Knoxville, TN 15501 North Dial Blvd. The Dial Corporation 301 410 129,689 1998 Phoenix, AZ 8555 South River Pkwy. ASM Lithography Holding 462 402 95,133 1998 Tempe, AZ NV 1275 NW 128th Street Principal Life Insurance 391 396 61,180 2003 Clive, IA Company(12) 13430 N. Black Canyon Freeway Bull HN Information 562 377 137,058 1985/1994 Phoenix, AZ Systems, Inc. 421 Butler Farm Road Nextel Communications of 361 360 56,515 2000 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 16676 Northchase Dr. Kerr-McGee Corporation 332 352 101,111 2003 Houston, TX 6200 Northwest Pkwy. PacifiCare Health Systems, 319 351 142,500 2000 San Antonio, TX Inc. 4000 Johns Creek Pkwy. Kraft Foods N.A., Inc.(27) 286 300 73,264 2001 Atlanta, GA PerkinElmer Instruments 45 50 13,955 LLC 5757 Decatur Blvd. Allstate Insurance Company(29) 270 334 84,200 2002 Indianapolis, IN Holladay Property Services(30) 16 16 5,756 2550 Interstate Dr. AT&T Wireless Services, 304 314 81,859 1998 Harrisburg, PA Inc. 100 Barnes Road Minnesota Mining and 280 303 44,400 1978/1985 Wallingford, CT Manufacturing Company
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/05 - ------------------------------------------------------------------------------------------------------------------------ YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------------------------------------------------------------------------------------------------------ 4848 129th East Ave. Metris Companies, Inc. 283 283 101,100 2000 Tulsa, OK 2310 Village Square Pkwy. AmeriCredit Corporation 307 271 85,000 2001 Jacksonville, FL 1440 East 15th Street Cox Communications, Inc. 214 228 28,591 1988 Tucson, AZ 12600 Gateway Blvd. Gartner, Inc. 212 228 62,400 1997 Fort Meyers, FL 250 Turnpike Road Honeywell Consumer 216 216 57,698 1984 Southborough, MA Products 3940 South Teller St. Travelers Express 236 190 68,165 2002 Lakewood, CO Company, Inc.(18) 1701 Market Street Morgan Lewis & Bockius 54 54 322,317 1957 Philadelphia, PA LLP(21)(22) 2300 Litton Lane AGC Automotive Americas -- 40 81,744 1987 Hebron, KY Company(23) 3615 North 27th Avenue VACANT -- -- 179,280 1960/1979 Phoenix, AZ 1600 Viceroy Drive VACANT -- -- 249,452 1986 Dallas, TX ------------------------------------------------------------------------ Subtotal $ 51,271 $ 52,411 9,598,102 ------------------------------------------------------------------------ Industrial - ---------- 541 Perkins Jones Road Kmart Corp. $ 4,680 $ 4,466 1,700,000 1982 Warren, OH 19500 Bulverde Road Harcourt Brace 1,514 1,715 559,258 2001 San Antonio, TX 2425 Highway 77 North James Hardie Building 1,700 1,700 425,816 1996/1997 Waxahachie, TX Products, Inc. (James Hardie Industries NV) 3501 West Avenue H Michaels Stores, Inc. 1,619 1,652 762,775 1998/2002 Lancaster, CA 9110 Grogans Mill Road Baker Hughes, Inc. 1,029 1,533 275,750 1992 Houston, TX 8305 SE 58th Avenue Associated Grocers of 1,033 1,119 668,034 1976 Ocala, FL Florida, Inc. 159 Farley Drive Harbor Freight Tools 821 960 474,473 2001 Dillon, SC (Central Purchasing, Inc.) 6345 Brackbill Boulevard Exel Logistics, Inc. 1,018 926 507,000 1985/1991 Mechanicsburg, PA (NFC plc)
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/05 - ----------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ----------------------------------------------------------------------------------------------------------------------- 590 Ecology Lane Owens Corning 810 810 193,891 2001 Chester, SC 431 Smith Lane Kirkland's, Inc. (11) 706 706 771,127 2004 Jackson, TN 4425 Purks Road Lear Technologies LLC 703 683 183,717 1989/1998 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 743 674 330,000 1989 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, Inc. 612 603 354,676 2002 Groveport, OH (Andrx Corporation) 7500 Chavenelle Road The McGraw-Hill 515 582 330,988 2002 Dubuque, IA Companies, Inc. 12025 Tech Center Drive Kelsey-Hayes Company 525 569 100,000 1987/1988 Livonia, MI 250 Swathmore Avenue Steelcase, Inc. (15) 512 543 244,851 2002 High Point, NC Moody Commuter & Tech Park TNT Logistics North 527 527 595,346 2004 Moody, AL America, Inc. (TPG N.V.) 3102 Queen Palm Drive Time Customer Service, 500 504 229,605 1986 Tampa, FL Inc. (Time, Inc.) 2280 Northeast Drive Ryder Integrated 499 502 276,480 1996/1997 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 551 500 252,000 1985 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 514 492 400,522 1999 Hebron, OH 3820 Micro Drive Ingram Micro Inc. 441 492 701,819 1997 Memphis, TN 3600 Southgate Drive Sygma Network, Inc. 467 467 149,500 2000 Danville, IL 46600 Port Street Johnson Controls, Inc. 461 461 134,160 1996 Plymouth, MI 6938 Elm Valley Dr. Dana Corporation 400 423 150,945 1999 Kalamazoo, MI 1133 Poplar Creek Road Corporate Express Office 392 405 196,946 1998 Henderson, NC Products, Inc. (Buhrmann, N.V.) 450 Stern Street Johnson Controls, Inc. 349 349 111,160 1996 Oberlin, OH
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/05 - ----------------------------------------------------------------------------------------------------------------------- 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. 360 327 179,200 1981 New Kingston, PA 7670 Hacks Cross Road Dana Corporation 302 316 168,104 1989 Olive Branch, MS 191 Arrowhead Drive Owens Corning 315 313 250,410 2000 Hebron, OH 904 Industrial Road Tenneco Automotive 290 300 195,640 1968/1972 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 109 Stevens Street Unisource Worldwide, Inc. 286 294 168,800 1958/1969 Jacksonville, FL 128 Crews Drive Stone Container Corporation 271 285 185,961 1968/1998 Columbia, SC 222 Tappan Drive North The Gerstenslager 281 278 296,720 1970 Mansfield, OH Company(32) (Worthington Industries) 1700 47th Avenue North Owens Corning 272 272 18,620 2003 Minneapolis, MN 7150 Exchequer Drive Corporate Express Office 207 208 79,086 1998 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 324 Industrial Park Road SKF USA, Inc. 181 181 72,868 1996 Franklin, NC 187 Spicer Drive Dana Corporation 173 170 148,000 1983/1985 Gordonsville, TN 300 McCormick Road Ameritech Services, Inc. (9) 117 102 20,000 1990 Columbus, OH 3350 Miac Cove Road Mimeo.com, Inc. (8) 96 85 141,359 1987 Memphis, TN 1601 Pratt Avenue Tenneco Automotive 83 82 53,600 1979 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 750 N. Black Branch Road Dana Corporation(33) -- -- 539,592 1995/2001 Elizabethtown, KY 730 N. Black Branch Road Dana Corporation(33) -- -- 167,770 2001 Elizabethtown, KY 301 Bill Byran Road Dana Corporation(33) -- -- 410,844 1987/1997/ Hopkinsville, KY 2000 4010 Airpark Drive Dana Corporation(33) -- -- 162,468 1998/2000 Owensboro, KY
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/05 - ----------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ----------------------------------------------------------------------------------------------------------------------- 10000 Business Boulevard Dana Corporation(33) -- -- 336,350 1988 Dry Ridge, KY ---------------------------------------------------------------------------- Subtotal $ 26,875 $ 27,576 14,676,231 ---------------------------------------------------------------------------- Retail - ------ 2655 Shasta Way Fred Meyer, Inc. $ 505 $ 505 178,204 1986 Klamath Falls, OR Fort Street Mall, King Liberty House, Inc. 481 486 85,610 1980 Street Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 413 413 118,179 1986 Newport, OR 35400 Cowan Road Sam's Real Estate 376 376 102,826 1987/1997 Westland, MI Business Trust 12235 N. Cave Creek Bally's Health & Tennis 421 357 36,556 1988 Phoenix, AZ Corporation 4733 Hills & Dales Road Scandinavian Health Spa, Inc. 365 343 37,214 1987 Canton, OH (Bally Total Fitness Corp.) 1160 White Horse Road Physical Fitness Centers of 410 336 31,750 1987 Voorhees, NJ Philadelphia, Inc. (Bally Total Fitness Corp.) 5917 S. La Grange Road Bally Total Fitness Corp. 330 257 25,250 1987 Countryside, IL 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 233 233 46,350 1995 Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, Inc. 228 231 76,164 1994 Eau Claire, WI 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 216 212 42,842 1981 Clackamas, OR 399 Peach Wood Centre Dr. Best Buy Co., Inc. 198 198 45,800 1996 Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 199 196 43,105 1981 Boulevard Lynwood, WA 6910 S. Memorial Highway Toys "R" Us, Inc. 182 179 43,123 1981 Tulsa, OK
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 6/30/05 - ----------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ----------------------------------------------------------------------------------------------------------------------- 24100 Laguna Hills Mall Federated Department 338 175 160,000 1974 Laguna Hills, CA Stores, Inc. 9580 Livingston Road GFS Realty, Inc. 102 140 107,337 1976 Oxon Hill, MD (Giant Food, Inc.) 121 South Center Street Greyhound Lines, Inc. 105 105 17,000 1968 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 76 76 51,682 1977 Rockville, MD (Giant Food, Inc.) ---------------------------------------------------------------------------- Subtotal $ 5,178 $ 4,818 1,248,992 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Grand Total $ 83,324 $ 84,805 25,523,325 ----------------------------------------------------------------------------
(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 on 7/31/08 with 12 months notice and a payment of $2,095. (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 lease on 3/31/08 with 12 months notice and a payment of $1,041. (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. (21) The Company has an 80.5% economic interest in this property. (22) Included in square footage is 10,426 of retail space leased to three tenants and 2,842 of vacant space. (23) Tenant leases 21,500 square feet. (24) Expense stop on this property is $804 per annum. (25) Expense stop on this property for tenant is $7.89 per square foot. (26) Expense stop on this property for tenant is $6.50 per square foot. (27) Expense stop on this property for tenant is $4.35 per square foot. (28) Expense stop on this property is $593 per annum. (29) Expense stop on this property for tenant is $2.75 per square foot. (30) Expense stop on this property for tenant is $2.50 per square foot. (31) Expense stop on this property is $501 per annum. (32) The tenant lease expired 5/31/05 and the property is currently vacant. (33) These properties were acquired on June 30, 2005. 14
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 6/30/05 - ----------------------------------------------------------------------------------------------------------------------- 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 $ 4,410 $ 4,244 340,240 2000 Morris Corporate Center IV (Pharma Holdings GmbH)(A) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 3,688 3,465 456,304 1999/2001 Columbia, SC of South Carolina Inc.(B) 100 Wood Hollow Drive Greenpoint Mortgage 2,197 2,432 124,600 2001 Novato, CA Funding, Inc. (E)(F) 6555 Sierra Drive True North Communications 2,193 2,125 247,254 1999 Irving, TX Inc.(A) 5200 Metcalf Avenue Employers Reinsurance 1,979 1,979 320,198 1980/1990/ Overland Park, KS Corporation(H) 2003 101 East Erie Building Foote, Cone & Belding 1,981 1,921 203,376 1986 Chicago, IL (Interpublic Group of Companies, Inc.) (E) Higgins Development Partners(E) 54 54 19,089 1986 VACANT(E) -- 2,100 1986 275 South Valencia Ave. Bank of America NT & SA (H) 1,641 1,967 637,503 1983 Los Angeles, CA 27027 Tourney Road Specialty Laboratories, Inc.(E) 1,781 1,781 187,262 2004 Santa Clarita, CA 15375 Memorial Drive Vastar Resources, Inc.(A) 1,718 1,718 327,325 1985 Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A.(A)(D) 1,691 1,644 193,000 1999 Fishers, IN 10300 Town Park Drive Veritas DGC, Inc. (E) 1,387 1,624 218,641 2000 Houston, TX 600 International Parkway First USA Management 1,461 1,460 125,155 1997 Lake Mary, FL Services, Inc.(A)(C) 550 International Parkway First USA Management 1,410 1,410 125,920 1999 Lake Mary, FL Services, Inc.(A)(C) 10940 White Rock Road Progressive Casualty Insurance 1,323 1,402 158,582 2002 10929 Disk Drive Company(E) Rancho Cordova, CA 2000 Eastman Drive Structural Dynamic 1,376 1,395 212,836 1991 Milford, OH Research Corp.(A) 3701 Corporate Drive Motorola, Inc.(A) (J) 1,357 1,357 119,829 2001 Farmington Hills, MI 1401 & 1501 Nolan Ryan Siemens Dematic Postal 1,192 1,267 233,783 2003 Parkway Automation, L.P. (H) Arlington, TX
15
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 6/30/05 - ----------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ----------------------------------------------------------------------------------------------------------------------- 9201 East Dry Creek Road The Shaw Group, Inc. (E)(K) 1,016 1,253 128,500 2001/2002 Centennial, CO 8900 Freeport Pkwy. Nissan Motor Acceptance 959 1,042 268,445 2002 Irving, TX Corporation/ (Nissan North America, Inc.)(E 1475 Dunwoody Drive ING USA Annuity and Life 966 1,019 125,000 1998/1999 West Chester, PA Insurance Company (E) 13775 McLearen Road Equant N.V. (E) (G) 902 1,006 125,293 1984/1988/ Herndon, VA 1992 14040 Park Center Road NEC America, Inc.(A) 954 1,000 108,000 1987 Herndon, VA 70 Valley Stream Parkway IKON Office Solutions, Inc(E)(I) 962 997 106,855 1987 Malvern, PA 5150 220th Avenue South Spacelabs Medical, Inc 933 974 106,944 1992 Issaquah, WA (OSI Systems, Inc.)(H) 9201 Stateline Employers Reinsurance 930 930 166,641 1963/1985/ Kansas City, MO Corporation(H) 2003 22011 SE 51st Street Spacelabs Medical, Inc 852 834 95,600 1987 Issaquah, WA (OSI Systems, Inc.)(H) 1110 Bayfield Drive Honeywell International, Inc.(A) 767 819 166,575 1980/2002 Colorado Springs, CO 3601 Converse Drive Verizon Wireless(H) 766 812 160,500 2004 Wilmington, NC 2050 Roanoke Road Chrysler Financial Company 691 767 130,290 2001 Westlake, TX LLC (E) 275 Technology Drive ANSYS, Inc.(E) 620 677 107,872 1996 Canonsburg, PA Renner Blvd. Voicestream PCS II Corporation 586 676 77,484 2004 Lenexa, KS (T-Mobile USA, Inc.) (H) East Goldstone Drive T-Mobile USA, Inc. (H) 572 660 77,483 2004 Meridian, ID 110, 120 & 130 E. Shore Dr. Capital One Services, Inc. (E) 604 626 68,500 2000 Richmond, VA 77,045 1998 79,675 2000 4455 American Way Bell South Mobility, Inc. (E) 505 545 70,100 1997 Baton Rouge, LA 3711 San Gabriel Voice Stream PCS II LLC 450 492 75,016 2004 Mission, TX (T-Mobile USA, Inc.) (E) 3201 Quail Springs Pkwy. AT& T Wireless Services, Inc. 280 289 103,500 1999 Oklahoma City, OK Jordan Associates, Inc. (B) 72 72 25,000
16
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 6/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 200 Lucent Lane Lucent Technologies, Inc. (E) 426 360 120,000 1999 Raleigh, NC ---------------------------------------------------------------------------- Subtotal Office $ 47,589 $ 49,095 6,823,315 ---------------------------------------------------------------------------- Industrial - ---------- 101 Michelin Drive TNT Logistics North $ 1,551 $ 1,614 1,164,000 1991/1993 Laurens, SC America, Inc. (TPG N.V.) (A) Philipp Parkway L'Oreal USA, Inc. (H) 1,145 1,259 649,250 2004 Streetsboro, OH 7111 Crabb Road TNT Logistics North 1,039 1,081 752,000 1978/1993 Temperance, MI America, Inc. (TPG N.V.) (A) 6050 Dana Way Dana Corporation (E) 1,222 1,071 677,400 1999 Antioch, TN 2400 West Haven Avenue Michaels Stores Procurement 971 971 693,000 2004 New Lenox, IL Company, Inc. (Michaels Stores, Inc.)(E) 43955 Plymouth Oaks Tower Automotive Products 943 943 290,133 1996/1998 Boulevard Company Plymouth, MI (Tower Automotive, Inc.)(E) 121 Technology Drive Heidelberg Web Systems, 925 925 500,500 1986/2003 Durham, NH Inc. (A) (G) 3225 Meridian Parkway Hagemeyer Foods, Inc. (E) 741 804 201,845 1995 Weston, FL 291 Park Center Drive Kraft Foods North 710 758 344,700 2001 Winchester, VA America, Inc. (A) 1109 Commerce Linens-n-Things, Inc. (E) 629 626 262,644 1998 Boulevard Logan Township, NJ 3600 Army Post Rd. EDS Information Services LLC 562 619 405,000 2002 Des Moines, IA (Electronic Data Systems Corporation) (E) 3245 Meridian Parkway Circuit City Stores, Inc. (E) 524 584 230,600 1995 Weston, FL ---------------------------------------------------------------------------- Subtotal Industrial $ 10,962 $ 11,255 6,171,072 ----------------------------------------------------------------------------
17
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 6/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- Retail - ------ 12080 Carmel Mountain Kmart Corporation (E) $ 99 $ 490 107,210 1993 Road San Diego, CA 5350 Leavitt Road Kmart Corporation (E) 220 364 193,193 1993 Lorain, OH 255 Northgate Drive Kmart Corporation (E) 155 257 107,489 1993 Manteca, CA 21082 Pioneer Plaza Kmart Corporation (E) 146 242 120,727 1993 Drive Watertown, NY US 219 Kmart Corporation (E) 103 155 90,933 1993 Fairlea, WV 1150 West Carl Sandburg Kmart Corporation (E) 87 144 94,970 1992 Drive Galesburg, IL ---------------------------------------------------------------------------- Subtotal Retail $ 810 $ 1,652 714,522 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Grand Total $ 59,361 $ 62,002 13,708,909 ----------------------------------------------------------------------------
(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 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%. (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. 18 The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 6/30/05
Historical 6-Months Ended June 30, 2005 ------------------- No. of Number of Percent Square Base Rent Percent of Locations Location Properties(3) Leased(4) Feet(2) ($000's)(1) Base Rent - ---------------------------------------------------------------------------------------------------------------------- 1 Texas 21 95% 4,885,643 $ 17,233 16.5% 2 South Carolina 10 100 3,229,361 9,294 8.9 3 Ohio 12 93 4,272,331 8,068 7.7 4 California 13 100 2,611,466 7,710 7.4 5 Florida 11 100 2,288,148 6,699 6.4 6 Pennsylvania 12 100 2,472,403 6,047 5.8 7 Michigan 13 100 2,462,723 5,615 5.4 8 Virginia 10 100 1,507,643 5,164 5.0 9 Utah 1 100 295,000 4,387 4.2 10 Arizona 8 83 1,035,009 3,998 3.8 11 Massachusetts 4 100 574,301 3,619 3.5 12 New Jersey 4 100 792,145 3,230 3.1 13 Illinois 6 100 1,457,000 2,908 2.8 14 Oregon 5 100 539,562 2,671 2.6 15 Tennessee 7 96 2,583,857 2,664 2.6 16 Georgia 4 100 488,467 2,425 2.3 17 Iowa 4 100 1,073,648 1,666 1.6 18 North Carolina 5 100 795,165 1,440 1.4 19 Indiana 3 100 424,003 1,408 1.4 20 Washington 4 100 305,849 1,204 1.2 21 Connecticut 2 100 197,764 1,115 1.1 22 Colorado 3 100 363,240 839 0.8 23 Oklahoma 3 100 272,723 705 0.7 24 Kansas 2 100 397,682 664 0.6 25 Alabama 1 100 595,346 527 0.5 26 Hawaii 1 100 85,610 486 0.5 27 Maryland 3 100 159,019 444 0.4 28 Louisiana 2 100 149,186 372 0.3 29 Mississippi 1 100 168,104 316 0.3 30 New Hampshire 1 100 500,500 308 0.3 31 Minnesota 1 100 18,620 272 0.2 32 Missouri 1 100 166,641 233 0.2 33 Wisconsin 1 100 76,164 231 0.2 34 Idaho 1 100 77,483 165 0.2 35 New York 1 100 120,727 73 0.1 36 West Virginia 1 100 90,933 46 -- 37 Kentucky 6 96 1,698,768 39 -- ------------------------------------------------------------------------------------------------------- Total 188 97.7% 39,232,234 $ 104,285 100.0% -------------------------------------------------------------------------------------------------------
(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 June 30, 2005. (3) Includes properties owned during the six months ended June 30, 2005. (4) As of June 30, 2005. 19
Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 6/30/05 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 2,461 8.90 6,199 5.21 - - 2007 4,820 15.15 9,714 5.26 820 25.82 2008 9,256 13.57 - - 1,788 8.30 2009 18,690 16.49 2,207 3.49 1,943 9.46 2010 18,912 14.26 2,436 3.61 - - 2011 11,604 20.79 536 4.67 1,659 6.71 2012 15,875 14.02 9,924 4.28 - - 2013 21,640 15.25 483 6.11 - - 2014 19,388 15.70 3,522 3.65 1,137 3.74 2015 19,715 13.47 4,232 9.12 469 6.15 2016 5,195 17.83 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 3.50 - - 2020 2,500 17.44 5,019 8.10 - - 2021 6,798 25.18 5,021 5.30 - - 2022 - - - - - - 2023 - - - - - - 2024 1,069 19.02 568 2.73 - - 2025 - - 6,968 4.31 - - 2026 - - 427 2.56 - - Weighted Average $ 15.64 $ 4.45 $ 5.28 ======= ======= =======
(1) Includes proportionate share of joint venture investments. 20 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis 6/30/05 ($000's)
Percentage of Total Total Number of Annualized Annualized Year Leases Expiring Base Rent (1) Base Rent - ----------------------------------------------------------------------------------------------------------- 2005 2 $ 2,651 1.1 % 2006 9 10,240 4.2 2007 6 14,248 5.8 2008 9 10,433 4.3 2009 18 23,005 9.4 2010 17 20,363 8.3 2011 14 16,723 6.8 2012 22 23,939 9.8 2013 14 22,089 9.0 2014 20 23,887 9.8 2015 16 25,353 10.4 2016 7 6,700 2.7 2017 6 3,966 1.6 2018 11 6,868 2.8 2019 7 8,020 3.3 2020 3 7,264 3.0 2021 5 9,265 3.8 2022 0 0 -- 2023 0 0 -- 2024 2 1,636 0.7 2025 5 6,967 2.9 2026 1 617 0.3 ------------------------------------------------------------------------------------------ Total 194 $ 244,234 100.0% ==========================================================================================
(1) Includes proportionate share of joint venture investments. 21
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 6/30/05 ($000's) - ----------------------------------------------------------------------------------------------------------------------- Current Estimated Debt Interest Annual Balloon Property - Fixed Rate Balance Rate Maturity Debt Service(g) Payment - ----------------------------------------------------------------------------------------------------------------------- Warren, OH(c) $ 13,906 7.000% Oct-07 $ 6,160 $ -- Bristol, PA 9,579 7.400 Feb-08 831 9,262 Boca Raton, FL(e) 15,275 5.250 Mar-08 802 15,275 Decatur, GA 6,492 6.720 Jun-08 579 6,049 Phoenix, AZ 13,736 7.890 Jun-08 1,434 12,591 Palm Beach Gardens, FL 11,065 7.010 Jun-08 970 10,418 Dubuque, IA 7,120 4.890 Aug-08 513 6,588 Canton, OH 3,212 7.150 Aug-08 313 2,936 Spartanburg, SC 2,667 7.150 Aug-08 260 2,438 Florence, SC 9,152 7.500 Feb-09 869 8,443 Ocala, FL 12,415 7.250 Feb-09 1,332 10,700 Canton, OH 1,219 9.490 Feb-09 388 -- Baton Rouge, LA 1,790 7.375 Mar-09 208 1,478 Bristol, PA 5,844 7.250 Apr-09 571 5,228 Livonia, MI 10,837 7.800 Apr-09 992 10,236 Henderson, NC 4,270 7.390 May-09 417 3,854 Westland, MI 2,333 10.500 Sep-09 683 -- Salt Lake City, UT 10,451 7.610 Oct-09 2,901 -- High Point, NC 8,687 5.750 Oct-09 695 7,741 Richmond, VA 16,218 8.100 Feb-10 1,511 15,257 Hampton, VA 4,405 8.260 Apr-10 415 4,144 Hampton, VA 7,183 8.270 Apr-10 677 6,758 Tampa, FL 8,205 6.930 Aug-10 674 7,603 Tampa, FL 5,934 6.880 Aug-10 485 5,495 Herndon, VA 18,550 8.180 Dec-10 1,723 17,301 San Diego, CA 4,106 7.500 Jan-11 411 3,420 Tucson, AZ 2,377 7.500 Jan-11 226 2,076 Columbia, SC 3,325 7.540 Jan-11 317 2,905 Valley Forge, PA 12,710 7.120 Feb-11 1,166 10,927 Glendale, AZ 14,539 7.400 Apr-11 1,258 13,365 Wallingford, CT 3,453 4.926 May-11 176 3,187 Farmington Hills, MI 20,550 5.126 May-11 1,089 19,020 Dallas, TX 30,582 5.126 May-11 1,589 30,582 Auburn Hills, MI 6,990 7.010 Jun-11 637 5,918 Plymouth, MI 4,657 7.960 Jul-11 463 3,949 Newport, OR 6,833 5.030 Aug-11 470 5,980 Greenville, SC 13,565 4.415 Jan-12 841 11,806 New Kingston, PA 7,101 7.790 Jan-12 678 6,101 Mechanicsburg, PA 5,242 7.780 Jan-12 500 4,503 New Kingston, PA 3,383 7.780 Jan-12 323 2,906 Lake Forest, CA 10,667 7.260 Feb-12 901 9,708 Memphis, TN 17,827 5.247 May-12 966 16,222 Lakewood, CO 8,694 5.097 May-12 458 7,890 Groveport, OH 7,696 6.030 Oct-12 563 6,860 San Antonio, TX 29,802 6.080 Oct-12 2,260 26,025 Fort Mill, SC 11,307 6.000 Jan-13 839 9,904 Foxboro, MA(c) 19,099 6.000 Jan-13 2,762 -- Waterloo, IA 6,406 5.610 Feb-13 672 3,505 Indianapolis, IN 9,638 5.168 May-13 515 8,580 Tempe, AZ 13,648 5.148 May-13 726 12,144 Chelmsford, MA 7,008 5.118 May-13 371 6,231 Southington, CT 13,780 5.018 May-13 716 12,228 Houston, TX 17,660 5.218 May-13 952 15,737 Phoenix, AZ (i) 14,170 5.268 May-13 757 13,594 Atlanta, GA 45,238 5.268 May-13 2,461 40,356
22
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 6/30/05 ($000's) - ----------------------------------------------------------------------------------------------------------------------- Current Estimated Debt Interest Annual Balloon Property - Fixed Rate Balance Rate Maturity Debt Service(g) Payment - ----------------------------------------------------------------------------------------------------------------------- Fort Meyers, FL 8,912 5.268 May-13 476 8,550 Lancaster, CA (first) 10,382 7.020 Sep-13 900 8,637 Lancaster, CA (second) 8,734 5.920 Sep-13 642 7,518 Knoxville, TN 5,198 5.950 Sep-13 381 4,496 Foxboro, MA(c) 23,438 6.000 Jan-14 2,639 -- Moody, AL 7,540 4.978 Jan-14 493 6,350 Mechanicsburg, PA 13,546 5.730 Mar-14 1,045 10,538 Redmond, OR 9,954 5.616 Apr-14 697 8,484 Clive, IA 5,920 5.139 May-14 315 5,151 Fort Mill, SC(f) 20,300 5.373 May-14 1,106 18,311 Eau Claire, WI 2,005 8.000 Jul-14 313 -- Philadelphia, PA(h) 49,000 5.060 Jul-14 2,514 43,547 Jackson, TN 10,280 5.930 Jul-14 743 8,820 Carrollton, TX 14,440 5.530 Jan-15 993 12,022 Southfield, MI 11,044 4.550 Feb-15 1,058 4,454 Franklin, NC 1,789 8.500 Mar-15 271 -- Kalamazoo, MI 17,625 5.411 May-15 984 15,087 Atlanta, GA 11,325 5.260 May-15 604 10,502 Richmond, VA 10,608 5.310 May-15 582 9,055 Knoxville, TN 7,800 5.310 May-15 428 6,658 Jacksonville, FL 5,804 5.110 May-15 307 4,919 Harrisburg, PA 9,180 5.110 May-15 485 7,780 Houston, TX 16,977 5.160 May-15 905 14,408 Houston, TX 13,254 5.210 May-15 714 11,265 Tulsa, OK 7,688 5.060 May-15 402 6,517 San Antonio, TX 13,071 5.340 May-15 720 11,149 Los Angeles, CA 11,500 5.110 May-15 608 9,760 Fishers, IN 13,182 5.160 May-15 703 11,188 Houston, TX(c) 27,292 6.250 Sep-15 2,863 6,985 Houston, TX(c) 7,652 6.250 Sep-15 706 2,222 Sugar Land, TX(c) 17,652 6.250 Sep-15 1,791 6,286 Houston, TX(c) 66,233 6.250 Sep-15 5,627 18,318 Southborough, MA 1,950 7.500 Sep-15 275 -- Danville, IL 6,469 9.000 Jan-16 692 4,578 Temple, TX 9,052 6.090 Jan-16 668 7,446 Bremerton, WA 6,690 6.090 Apr-16 494 5,465 Dillon, SC 11,625 7.900 Dec-16 1,263 5,273 Westmont, IL 15,721 6.210 Mar-18 1,292 9,662 Wall Township, NJ(c) 29,826 6.250 Jan-21 2,013 -- ---------- ----- ------ --------- $ 1,123,256 6.064% $ 92,178 $ 816,825 ---------- ------ ------ -------- Property-Variable Rate Milpitas, CA (a) (b) $ 12,748 6.630% July-06 $ 1,748 $ 11,813 ---------- ------ ------ -------- Corporate Credit Facility (d) $ 99,000 5.787% June-08 $ 5,809 $ 99,000 ---------- ------ ------- -------- Total $ 1,235,004 6.048% $ 99,735 $ 927,638 ========== ====== ====== ========
(a) Floating rate debt, 30 day LIBOR plus 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 120 to 170 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. (h) The Company has an 80.5% interest in the property securing the mortgage. (i) Included in discontinued operations. 23
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 6/30/05 (000's) - ---------------------------------------------------------------------------------------------------------------------------------- Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment - ---------------------------------------------------------------------------------------------------------------------------------- Columbia, SC(1) $ 23,986 $ 9,594 7.850 Oct-09 $ 2,196 $ 22,586 Houston, TX(2) 20,584 6,861 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) 14,652 4,884 8.190 Apr-10 1,499 12,960 Watertown, NY(3,5) 2,688 806 6.000 Jul-10 580 -- San Diego, CA(3,5) 1,821 546 6.000 Jul-10 393 -- Lorain, OH(3,5) 4,046 1,214 6.000 Jul-10 873 -- Galesburg, IL(3,5) 1,604 481 6.000 Jul-10 346 -- Fairlea, WV(3,5) 1,888 566 6.000 Jul-10 407 -- Manteca, CA(3,5) 2,858 857 6.000 Jul-10 616 -- Herndon, VA(2) 11,252 3,751 7.600 Sep-10 1,107 9,769 Lake Mary, FL(2) 13,025 4,342 7.880 Oct-10 1,181 12,118 Lake Mary, FL(2) 12,987 4,329 7.880 Oct-10 1,178 12,082 Irving, TX(2) 26,182 8,727 8.160 Oct-10 2,432 24,454 Parsippany, NJ(2) 40,312 13,437 7.350 Mar-11 3,472 37,047 Novato, CA(3) 22,407 6,722 5.750 Jul-11 1,600 20,307 Winchester, VA(2) 10,604 3,535 7.330 Aug-11 908 9,675 Antioch, TN(3) 14,505 4,352 7.940 Oct-11 1,580 11,177 Milford, OH(2) 16,573 5,524 8.170 Feb-12 1,764 12,686 Fort Worth, TX(3) 19,645 6,548 5.097 May-12 1,036 17,823 Des Moines, IA(3) 22,761 7,587 5.147 May-12 1,188 22,153 Raleigh, NC(3) 12,900 4,300 4.947 May-12 647 12,543 Temperance, MI(2) 11,505 3,835 6.000 Sep-12 936 9,400 Laurens, SC(2) 17,163 5,721 6.000 Sep-12 1,396 14,022 Farmington Hills, MI(2) 20,829 6,943 5.420 Sep-12 1,500 17,724 Baton Rouge, LA(3) 6,847 2,054 4.900 Oct-12 443 5,943 Plymouth, MI(3) 12,413 3,724 6.220 Dec-12 1,026 10,026 Colorado Springs, CO(2) 11,660 3,887 6.250 Dec-12 887 10,272 Centennial, CO(3) 15,632 4,690 6.150 Feb-13 1,177 13,555 Dallas, TX(3) 40,921 12,276 5.218 May-13 2,206 36,453 Los Angeles, CA(4) 80,182 20,046 5.330 May-13 4,333 73,071 Malvern, PA(3) 13,142 3,943 5.530 Jan-14 916 11,236 Arlington, TX(4) 21,645 5,411 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, CA3, (5) 18,718 5,615 6.000 Sept-14 1,457 14,646 Weston, FL(3) 10,778 3,233 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) 12,319 3,696 5.920 Apr-15 888 10,359 Oklahoma City, OK(1) 14,749 4,425 5.240 May-15 784 13,673 Richmond, VA(3) 19,800 5,940 5.110 May-15 1,026 18,321 Mission, TX(3) 6,472 1,942 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) 7,444 2,233 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 --
24
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 6/30/05 (000's) - ---------------------------------------------------------------------------------------------------------------------------------- Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment - ---------------------------------------------------------------------------------------------------------------------------------- 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) 10,890 3,267 6.750 Jul-19 1,204 -- Meridian, ID(4) 10,350 2,588 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) 10,404 2,601 6.270 Dec-19 774 7,755 Durham, NH(2) 19,182 6,394 6.730 Mar-21 1,309 -- ------- -------- ---------- --------- -------------- $ 933,576 $ 280,324 6.019% $ 66,453 $ 787,038 ======= ======== =========== ========= ===============
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. 25 Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 6/30/05 ($000's)
Consolidated properties - ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments(1) (3) Average Interest Rate ------------ -------- --------------------- 2005 - remaining $ 12,038 $ 0 -- 2006 27,405 11,813 6.63% 2007 34,873 0 -- 2008 29,582 65,557 6.60 2009 30,573 47,680 7.18 --------- --------- ----------- $ 134,471 $ 125,050 6.82% ========= ========= =========== Joint venture properties - LXP proportionate share - ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments(2) Average Interest Rate ------------ -------- --------------------- 2005 - remaining $ 1,889 $ 0 -- 2006 3,366 0 -- 2007 3,889 0 -- 2008 4,284 0 -- 2009 4,783 23,570 6.67% --------- --------- ----------- $ 18,211 $ 23,570 6.67% --------- ========= ===========
(1) Properties encompassing totals are detailed on pages 22 and 23. (2) Properties encompassing totals are detailed on pages 24 and 25. (3) Excludes $99,000 outstanding on the credit facility due in 2008. 26 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 6/30/05 --------------------------------------------------------------------- Percentage of Historical Tenant Industry 6 Month Base Rent (1) --------------------------------------------------------------------- Energy 14.7% Finance/Insurance 12.3 Technology 11.0 Telecommunications 6.5 Transportation/Logistics 6.1 Retail-Department/ Discount Store 6.0 Automotive 5.9 Media/Advertising 4.8 Healthcare 4.7 Food 4.4 Retail-Specialty 4.3 Construction Materials 4.2 Consumer Products 3.5 Printing/Production 2.9 Aerospace/Defense 2.6 Retail-Electronics 1.9 Health/Fitness 1.2 Apparel 1.1 Security 1.0 Paper/Containers/Packaging 0.9 ------- 100.0% ======= (1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 27 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 6/30/05 Percent of Base Rent for 6 Months Ended 6/30/05 --------------------------------------------------------------------- 1 Houston-TX 8.9% 2 Dallas-Fort Worth-TX 4.8% 3 Detroit-MI 4.6% 4 Los Angeles-Orange County-CA 4.3% 5 Youngstown-Warren-OH 4.3% 6 Salt Lake City-UT 4.2% 7 Boston-MA 3.8% 8 Phoenix-AZ 3.6% 9 Philadelphia-PA 3.5% 10 Charlotte-NC 3.1% 11 Harrisburg-PA 2.6% 12 New York-NY 2.6% 13 Atlanta-GA 2.3% 14 Chicago-IL 2.3% 15 Washington-Baltimore-DC-MD 2.2% 16 West Palm Beach-Boca Raton-FL 2.1% 17 San Antonio-TX 2.0% 18 Richmond-VA 1.9% 19 San Francisco-CA 1.9% 20 Columbia-SC 1.6% 21 Columbus-OH 1.4% 22 Indianapolis-IN 1.4% 23 Greenville-Spartanburg-SC 1.2% 24 Tampa-FL 1.2% 25 Seattle, WA 1.2% 26 Ocala-FL 1.1% 27 Norfolk-VA 1.0% 28 Dillon, SC 0.9% 29 Orlando-FL 0.9% 30 Kansas City-MO-KS 0.9% 31 Memphis-TN 0.9% 32 Knoxville-TN 0.9% 33 Florence-SC 0.8% 34 Hartford-CT 0.8% 35 Chester, SC 0.8% 36 Kalamazoo-Battle Creek-MI 0.8% 37 Killeen-Temple-TX 0.7% 38 Redmond, OR 0.7% 39 Cleveland-OH 0.7% 40 Portland-OR 0.7% 41 Jackson-TN 0.7% 42 Dubuque-IA 0.6% 43 Des Moines-IA 0.6% 44 Canton-Massillon-OH 0.6% 45 Denver-CO 0.5% 46 Jacksonville-FL 0.5% 47 Greensboro-NC 0.5% 28 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 6/30/05 Percent of Base Rent for 6 Months Ended 6/30/05 --------------------------------------------------------------------- 48 Laurens, SC 0.5% 49 Birmingham-AL 0.5% 50 San Diego-CA 0.5% 51 Cincinnati-OH 0.5% 52 Klamath Falls, OR 0.5% 53 Waterloo-IA 0.5% 54 Honolulu-HI 0.5% 55 Danville, IL 0.4% 56 Tulsa-OK 0.4% 57 Sacramento-CA 0.4% 58 Miami-Fort Lauderdale-FL 0.4% 59 Newport, OR 0.4% 60 Henderson, NC 0.4% 61 Baton Rouge-LA 0.4% 62 Nashville-TN 0.3% 63 New Haven-CT 0.3% 64 Mansfield-OH 0.3% 65 Colorado Springs-CO 0.3% 66 Minneapolis-St. Paul-MN 0.3% 67 Winchester, VA 0.2% 68 Stockton-CA 0.2% 69 Oklahoma City, OK 0.2% 70 Eau Claire-WI 0.2% 71 Fort Meyers, FL 0.2% 72 Tucson-AZ 0.2% 73 Clackamas, OR 0.2% 74 Pittsburgh-PA 0.2% 75 Wilmington-NC 0.2% 76 Franklin, NC 0.2% 77 Gordonsville, TN 0.2% 78 Boise City-ID 0.1% 79 McAllen-TX 0.1% 80 Raleigh-Durham, NC 0.1% 81 Watertown, NY 0.1% 82 Lewisburg, WV 0.0% 83 Galesburg, IL 0.0% 84 Lynchburg-VA 0.0% --------------------------------------------------------------------- Totals 100.00% 29 Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 6/30/05
Historical 6-Month Base Rent Revenue by Property Type ($000's)(A) Percentage - ----------------------------------------------------------------------------------------------------- Office $ 67,671 64.9% Industrial 31,035 29.8 Retail 5,579 5.3 ---------- ------- $ 104,285 100.0% ========== ======= Revenue by Credit Rating(C) - --------------------------- Investment Grade $ 49,036 47.0% Non-Investment Grade 21,362 20.5 Unrated 33,887 32.5 ------------ ------- $ 104,285 100.0% ============ ======= Percentage of Base Rent for 6 Number of Months Top 15 Tenants/Guarantors Properties(B) Property Type Ended 6/30/05(A) - -------------------------------------------------------------------------------------------------------------------------- Baker Hughes, Inc. 4 Office (3)/Industrial (1) 6.3% Kmart Corporation 7 Industrial(1)/Retail (6) 4.8 Northwest Pipeline Corp. 1 Office 4.2 Wells Fargo Home Mortgage, Inc. 2 Office 3.1 Invensys Systems, Inc. (Siebe, Inc.) 2 Office 2.8 Exel Logistics, Inc.(NFC plc) 4 Industrial 2.3 Nextel Finance Company 4 Office 2.3 Michaels Stores, Inc. 2 Industrial 1.9 Owens Corning 4 Industrial 1.8 Dana Corporation 10 Office (1)/Industrial (9) 1.7 Harcourt Brace 1 Industrial 1.6 James Hardie Building Products, Inc. 1 Industrial 1.6 (James Hardie Industries N.V.) Circuit City Stores, Inc. 2 Office(1)/Industrial (1) 1.5 Honeywell, Inc. 3 Office 1.4 TNT Logistics North America, Inc. (TPG N.V) 3 Industrial 1.4 - --- 50 38.7% == =====
(A) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (B) As of June 30, 2005. (C) As of June 30, 2005 30 -----END PRIVACY-ENHANCED MESSAGE-----