-----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, IYcN4ovascPAGf+lOaux8/z8NBXm4ebjM+gi1cW1gfFFSXzBlODsdDbyncMiTQkI /sBpDQrwxFJWYNbGL0cKwA== 0001116679-05-002647.txt : 20051104 0001116679-05-002647.hdr.sgml : 20051104 20051104163051 ACCESSION NUMBER: 0001116679-05-002647 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20051101 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051104 DATE AS OF CHANGE: 20051104 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: 051180722 BUSINESS ADDRESS: STREET 1: 355 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126927260 MAIL ADDRESS: STREET 1: 355 LEXINGTON AVE STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 l8k-110405.htm

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)    November 1, 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):

 

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

 

Item 1.01.

Entry into a Material Definitive Agreement.

 

On November 2, 2005, Lex GP-1 Trust (“GP-1”), a wholly-owned subsidiary of Lexington Corporate Properties Trust (the “Trust”) and general partner of Lepercq Corporate Income Fund L.P. (“LCIF”), entered into the Seventh Amendment (the “LCIF Amendment”) to the Fifth Amended and Restated Limited Partnership Agreement of LCIF, dated as of December 31, 1996, as amended by Amendment No. 1 thereto dated as of December 31, 2000, by First Amendment thereto effective as of June 19, 2003, by Second Amendment thereto effective as of June 30, 2003, by Third Amendment thereto effective as of December 31, 2003, by Fourth Amendment thereto effective as of October 28, 2004, by Fifth Amendment thereto effective as of December 8, 2004, and by Sixth Amendment thereto effective as of January 3, 2005.

 

The purpose of the LCIF Amendment is to reflect the issuance of 352,244 units of limited partnership interests in LCIF (the “LCIF Units) to certain contributors (the “Contributors”), in consideration of the contribution by the Contributors to LCIF of an escrow account with a qualified intermediary holding funds equal to $7,714,140 (the “Contribution”).

 

Item 2.02.

Results of Operations and Financial Conditions.

 

On November 1, 2005, the Trust issued a press release announcing its financial results for the quarter ended September 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 3.02.

Unregistered Sales of Equity Securities.

 

In connection with the Contribution described in Section 1.01 and pursuant to the LCIF Amendment, LCIF issued 352,244 LCIF Units in consideration of the contribution of $7,714,140. The issuance of the LCIF Units was exempt from registration under Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”), as a transaction not involving a public offering of securities. The LCIF Units are redeemable, at the option of the holders thereof, on a one-for-one basis (subject to certain anti-dilution adjustments) for common shares of beneficial interest, par value $0.0001 per share, of the Trust (“Common Shares”), beginning on November 2, 2006, and on each May 2nd and November 2nd thereafter. LCIF Units are entitled to receive the same distribution per LCIF Unit that is otherwise received with respect to one Common Share.

 

Item 7.01.

Regulation FD Disclosure.

 

 


 

On November 1, 2005, the Trust made available supplemental information (the “Supplemental Reporting Package”) concerning its operations and portfolio as of September 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

 

10.1

LCIF Amendment

99.1

Press Release issued November 1, 2005.

99.2

Supplemental Reporting Package for the quarter ended September 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: November 4, 2005

By:  /s/ Patrick Carroll                              

 

Patrick Carroll

 

 

Chief Financial Officer

 

 

 

 

 

 

Exhibit Index

 

10.1

LCIF Amendment

99.1

Press Release issued November 1, 2005.

99.2

Supplemental Reporting Package for the quarter ended September 30, 2005.

 

 

 

 

 

 EX-10 2 ex10-1.htm EX. 10.1: LCIF AMENDMENT

Exhibit 10.1

 

 

SEVENTH AMENDMENT TO

FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF

LEPERCQ CORPORATE INCOME FUND L.P.

 

This SEVENTH AMENDMENT TO FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF LEPERCQ CORPORATE INCOME FUND L.P. (this “Amendment”) is made and effective as of November 2, 2005 by and among the entities and individuals signatory hereto.

A.           Lepercq Corporate Income Fund L.P., a Delaware limited partnership (the “Partnership”), is governed by that certain Fifth Amended and Restated Agreement of Limited Partnership, dated as of December 31, 1996, as amended by Amendment No. 1 thereto dated as of December 31, 2000, by First Amendment thereto effective as of June 19, 2003, by Second Amendment thereto effective as of June 30, 2003, by Third Amendment thereto effective as of December 31, 2003, by Fourth Amendment thereto effective as of October 28, 2004, by Fifth Amendment thereto effective as of December 8, 2004 (the “Agreement”), and by Sixth Amendment thereto effective as of January 3, 2005. Unless otherwise defined, all capitalized terms used herein shall have such meaning ascribed such terms in the Agreement.

B.           Lex GP-1 Trust, a Delaware statutory trust, is the General Partner of the Partnership.

C.           Pursuant to Sections 4.2(A), 12.1, 12.2, 14.1(B)(2) of the Agreement, the General Partner has the power, without the consent of any other Partner to amend the Agreement as may be required to reflect the admission of Partners in accordance with the Agreement.

NOW, THEREFORE, the undersigned, being desirous of effectuating the foregoing and amending the Agreement accordingly, hereby enter into this Amendment and amend the Agreement as follows:

1.            Exhibit A. Exhibit A of the Agreement is hereby amended by adding the Westport Limited Partners Supplement attached as Exhibit 1 hereto to the end of Exhibit A of the Agreement, for the purposes of admitting the Westport Limited Partners (as defined on Exhibit 1) as Partners of the Partnership with the rights and obligations of Additional Limited Partners.

2.            Miscellaneous. Except as amended hereby, the Agreement shall remain unchanged and in full force and effect.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 


 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on behalf of the Partnership in accordance with the provisions of Section 14.1 of the Agreement as of the date first written above.

 

GENERAL PARTNER:

 

LEX GP-1 TRUST

 

 

 

By:

/s/ T. Wilson Eglin______________

T. Wilson Eglin

President

 

 


 

Exhibit 1

 

Westport Limited Partner Supplement

As a result of the contribution of the interests in Westport View Corporate Center L.P. on November 2, 2005, the General Partner pursuant to Section 4.2.A and Sections 14.1.B(2) and 14.1.B(3) of this Agreement has authorized the issuance of Partnership Units to the contributors signatory hereto (collectively, the “Westport Limited Partners”). The Westport Limited Partners shall receive the number of Partnership Units set forth opposite their respective names below. For purposes of applying the terms and conditions of the Agreement, each Westport Limited Partner shall be a Partner of the Partnership with the rights and obligations of Additional Limited Partners. To the extent that the terms of this Supplement are different than the terms of the following sections of the Agreement, the terms of this Supplement shall apply.

Notwithstanding Section 5.1.A of the Agreement, each Westport Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each REIT Share, determined at the time of each quarterly distribution beginning with the distribution payable to shareholders of record of LXP in February, 2006.

For purposes of Sections 6.1A and 6.1B of the Partnership Agreement, allocations of Net Income and Net Loss by the Partnership generally shall be made after giving effect to all allocations of taxable income to the Westport Limited Partners. Pursuant to the General Partner’s authority in Section 14.1.B(3), Partnership taxable income shall be specially allocated to the Westport Limited Partners in an amount equal to, but not in excess of, all cash distributions to the Westport Limited Partners; provided, however, that the Westport Limited Partners shall be allocated taxable income as otherwise required in Exhibit B and C of the Partnership Agreement. For purposes of Section 6.1C of the Partnership Agreement, Nonrecourse Liabilities of the Partnership shall be allocated to account for any income or gain to be allocated to the Westport Limited Partners pursuant to Sections 2.B and 2.D of Exhibit C, in the same priority as Nonrecourse Liabilities are allocated to the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners, the Pacific Place Limited Partners, the Phoenix Limited Partners, the Savannah Limited Partners, the Anchorage Limited Partner, the Trademark Limited Partners, the Columbia Limited Partners, the LPM Limited Partner, the 12/31/03 Limited Partners, the Montgomery Limited Partners and any subsequent Additional Limited Partners that are admitted to the Partnership. The Partnership covenants to use its commercially reasonable efforts during the five-year period ending November 2, 2010 to retain sufficient Nonrecourse Liabilities to permit the allocation of such Nonrecourse Liabilities to the Westport Limited Partners in an amount sufficient to avoid recapture of tax liability with respect to the Westport Limited Partners’ negative capital accounts.

For purposes of Section 8.4 of the Partnership Agreement, beginning on November 2, 2006, and on each May 2nd and November 2nd thereafter (each a “Notice Date”), each Westport Limited Partner shall have the right (the “Westport Limited

 

1-1

 


 

Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by such Westport Limited Partner for, at the election of the Partnership, the Redemption Amount or the Cash Redemption Amount to be delivered by the Partnership; provided, however, that such Westport Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Westport Limited Partner. The Westport Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4) delivered to the General Partner and LXP on a Notice Date by the Westport Limited Partner who is exercising the Westport Limited Partner Redemption Right (the “Westport Redeeming Partner”). The Westport Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions with respect to a Partnership Record Date after the Specified Redemption Date. The Partnership covenants to cause the registration of any REIT Shares, if any, issued in connection with a redemption in such a manner as is required so that the REIT Shares issued in connection with such redemption are freely transferable. The Assignee of a Westport Limited Partner may exercise the redemption rights of such Westport Limited Partner, and such Westport Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of such Westport Limited Partner, the Redemption Amount or Cash Redemption Amount, as applicable, shall be delivered by the Partnership directly to such Assignee and not to such Westport Limited Partner.

Notwithstanding anything in this Westport Limited Partner Supplement or this Agreement to the contrary, the Partnership and LXP may, upon receipt of a timely Notice of Redemption and in their sole and absolute discretion, delay the redemption of a Westport Redeeming Partner’s Partnership Units for a period of not more than thirty (30) days after the applicable Specified Redemption Date to comply with federal securities laws.

The following definitions shall for all purposes be applied to the following terms in this Westport Limited Partner Supplement:

“Cash Redemption Amount” shall mean an amount equal to the product of (i) the number of Partnership Units offered for redemption by the Westport Redeeming Partner, multiplied by (ii) sum of (a) the average Daily Market Price of the REIT Shares for the twenty (20) Business Days preceding the Specified Redemption Date multiplied by (b) the Redemption Factor.

“Daily Market Price” means the price of REIT Shares on the relevant date, determined (a) on the basis of the last reported trading price of REIT Shares as reported on the New York Stock Exchange (the “NYSE”), or if the REIT Shares are not then listed on the NYSE, as reported on such national securities exchange upon which the REIT Shares are listed, or (b) if there is no reported sale or trade on the day in question, on the basis of the average of the closing bid and asked quotations regular way so reported, or (c) if REIT Shares are not listed on the NYSE or on any national securities exchange, on the basis of the high bid and low asked quotations regular way on the day in question in

 

1-2

 


 

the over-the-counter market as reported by the National Association of Securities Dealers Automated Quotation System, or, if not so quoted, as reported by the National Quotation Bureau, Incorporated, or a similar organization.

The Partnership Units held by the Westport Limited Partners shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the Westport Limited Partners are admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount or the Cash Redemption Amount, as applicable, on the Specified Redemption Date.

Each Westport Limited Partner, LXP, the Partnership and the General Partner shall treat the transaction between LXP and such Westport Limited Partner as a sale of the Westport Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. The Westport Redeeming Partner agrees to execute, if applicable, such documents as the Partnership may reasonably require in connection with the issuance of REIT Shares upon exercise of its Redemption Right.

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

Name and Address of Partner

Capital
Contribution1

 

Partnership Units

Percentage Interest

Redemption Exercise Date

Westport Limited Partners

 

 

0.01%

November 2, 2006

Henry Von Kohorn

2 Tierney Lane
Westport, CT 06880

$5,060,920

231,092

 

 

 

Lester R. Giegerich, as Trustee for Trust dated January 17, 1976, as amended for the benefit of Brenda Klein Giegerich (the “Brenda Trust”)

1552 Post Road
Fairfield, CT 06824

1,099,182

50,191

 

 

 

Lester R. Giegerich, as Trustee for Trust dated November 4, 1974, as amended for

741,047

33,838

 

 

_________________________

1 Agreed upon value of partnership interest in Westport View Corporate Center L.P. contributed.

 

1-3

 


 

 

the benefit of Marsha G. Torkelson (the
“Marsha Trust”)

1552 Post Road
Fairfield, CT 06824

 

Arthur Goldblatt

15 Eastwood Road
Norwalk, CT 06851

596,654

27,244

 

 

 

Lester R. Giegerich

1552 Post Road
Fairfield, CT 06824

38,518

1,759

 

 

 

Stephen P. Lawrence

1552 Post Road
Fairfield, CT 06824

28,747

1,313

 

 

 

CHAPPY ASSOCIATES, LLC
1552 Post Road
Fairfield, CT 06824

149,072

6,807

 

 

 

Totals:

7,714,140

352,244

 

 

 

 

[Signature Page Follows]

 

1-4

 


 

CONTRIBUTORS:

 

 

/s/ Henry Von Kohorn

Henry Von Kohorn

 

Lester R. Giegerich, as Trustee for Trust

dated November 4, 1974, as amended for

the benefit of Marsha G. Torkelson

(the “Marsha Trust”)

 

By: /s/ Lester R. Giegerich

Lester R. Giegerich, Trustee

 

Lester R. Giegerich, as Trustee for

Trust dated January 17, 1976, as amended

for the benefit of Brenda Klein Giegerich

(the “Brenda Trust”)

 

By: /s/ Lester R. Giegerich

Lester R. Giegerich, Trustee

 

/s/ Arthur Goldblatt

Arthur Goldblatt

 

/s/ Lester R. Giegerich

Lester R. Giegerich

 

/s/ Stephen P. Lawrence

Stephen P. Lawrence

 

CHAPPY ASSOCIATES, LLC

 

By: /s/ Lisa Lawrence

 

Name: Lisa Lawrence

 

Title: Manager

 

 

 

 

 

1-5

 

 

 EX-99 3 ex99-1.txt EX. 99.1: PRESS RELEASE Exhibit 99.1 [FINANCIAL RELATIONS BOARD LOGO] [news LOGO] RE: LEXINGTON CORPORATE PROPERTIES TRUST ONE PENN PLAZA SUITE 4015 NEW YORK, NY 10119 FOR FURTHER INFORMATION: AT THE COMPANY: AT FINANCIAL RELATIONS BOARD: Patrick Carroll Claire Koeneman Tim Grace Chief Financial Officer Analyst Inquiries Media Inquiries (212) 692-7200 (312) 640-6745 (312) 640-6667 FOR IMMEDIATE RELEASE TUESDAY NOVEMBER 1, 2005 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES THIRD QUARTER RESULTS New York, NY - November 1, 2005 - Lexington Corporate Properties Trust (NYSE:LXP) ("Lexington"), a real estate investment trust, today announced results for its third quarter ending September 30, 2005. Third Quarter Highlights - ------------------------ o 11.4% increase in FFO per share; o Acquired four properties (three in joint ventures) for $85.1 million at a GAAP cap rate of 7.7%; o Sold two non-core properties (one in a joint venture) for an aggregate $6.8 million in excess of aggregate book value and provided $11.1 million in secured financing at 5.16%; o Expanded equity base by approximately $60.7 million by issuing common shares; o Obtained an aggregate $105.6 million of non-recourse mortgage financings secured by eight properties at a weighted average fixed interest rate of 5.16%; and o Extended/entered into new leases on six properties. Quarterly Results Funds from operations ("FFO") were $30.2 million or $0.49 per diluted common share/unit, net of $0.2 million in impairment charges and $0.7 million in debt satisfaction charges recognized in a joint venture aggregating $0.01 per diluted common share/unit, for the third quarter of 2005. This compares to $23.6 million, or $0.44 per diluted common share/unit, net of $0.6 million in impairment charges or $0.01 per diluted common share/unit, for the third quarter of 2004. Rental revenues for the quarter totaled $51.0 million, compared to rental revenues of $35.1 million for the same period last year. Net income allocable to common shareholders was $4.9 million in the third quarter of 2005, or $0.08 per diluted common share/unit, after $1.6 million in gains on sale of properties and $0.2 million in impairment charges. This compares to $9.6 million, or $0.19 per diluted common share/unit, after the impact of $0.6 million impairment charges for the same period last year. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 1 Net income allocable to common shareholders in 2005 has been impacted by the convertible preferred share offering completed by Lexington in the fourth quarter of 2004. Nine Month Results For the nine months ended September 30, 2005, FFO were $87.4 million, or $1.44 per diluted common share/unit, after $3.9 million in net debt satisfaction gains including $0.7 million in debt satisfaction charges recognized by a joint venture, or $0.06 per diluted common share/unit and $0.9 million in aggregate impairment charges or $0.02 per diluted common share/unit, compared to $65.1 million, or $1.26 per diluted common share/unit, after $3.1 million in aggregate impairment charges or $0.06 per diluted common share/unit, for the same period last year. Rental revenues for the nine months ended September 30, 2005, totaled $133.3 million, compared to rental revenues of $99.9 million for the same period last year. Net income allocable to common shareholders for the nine months ended September 30, 2005 was $22.1 million or $0.41 per diluted common share/unit, after $6.7 million of gains on sales of properties, $3.9 million in net debt satisfaction gains, including $0.7 million in debt satisfaction charges recognized by a joint venture, and $0.8 million of net impairment charges compared to $33.0 million or $0.71 per diluted common share/unit, after $2.8 million in impairment charges and $4.1 million of gains on sales of properties, for the same period last year. Net income allocable to common shareholders in 2005 has been impacted by the convertible preferred share offering completed by Lexington in the fourth quarter of 2004. Conference Call Management will discuss the financial results and Lexington's business plan on a conference call today at 2:00 p.m. Eastern time. The toll-free dial-in number is 800-218-8862. A replay of the conference call will be available through November 8, 2005. The toll-free telephone number for the replay is 800-405-2236, passcode 11040866. International callers can access the conference call by dialing 303-262-2140 and the replay by dialing 303-590-3000 (same passcode). The conference call can also be accessed on the internet at http://www.lxp.com. Comments From Management Commenting on Lexington's financial results, T. Wilson Eglin, Chief Executive Officer said, "Lexington's funds from operations for the quarter were $0.49 per share after the impact of an impairment charge and a debt satisfaction charge associated with a property sale aggregating $0.01 per share. This represents an 11.4% increase compared to the third quarter last year. We made good progress on the leasing front with six leases signed during the third quarter which brings our total for the year to thirteen. A key factor driving our strong improvement in operating results has been our acquisition activity, which totals over $1.0 billion for 2005 after we acquired four properties for $85.1 million in the third quarter." Mr. Eglin added, "The acquisition environment has become even more competitive as the year has progressed and we expect that our investment activity will slow considerably until conditions change. In fact, we are likely to become a much more active seller of properties in our portfolio in order to take advantage of current valuations. The combination of greater disposition activity and fewer acquisitions will impact our FFO per share, which we believe will be $0.47 - $0.49 per share in the fourth quarter of 2005. While this is lower than our previous expectations, we can't help but note the obvious: property valuations are extremely high and it is clearly a seller's market." MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 2 Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington common shares closed Monday, October 31, 2005 at $21.78 per share. Lexington pays an annualized dividend of $1.44 per share. Additional information about Lexington is available at www.lxp.com. Lexington believes that funds from operations ("FFO") enhances an investor's understanding of Lexington's financial condition, results of operations and cash flows. Lexington believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT. FFO is defined in the April 2002 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, (i) the failure to continue to qualify as a real estate investment trust, (ii) changes in general business and economic conditions, (iii) competition, (iv) increases in real estate construction costs, (v) changes in interest rates, (vi) changes in accessibility of debt and equity capital markets, and (vii) those other factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized. Financial Tables Follow MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 3 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 ---- ---- ---- ---- Gross revenues: Rental $ 51,023 $ 35,066 $ 133,309 $ 99,925 Advisory fees 995 1,448 4,186 3,174 Tenant reimbursements 4,213 1,293 7,207 3,958 ---------- ---------- ---------- ---------- Total gross revenues 56,231 37,807 144,702 107,057 Expense applicable to revenues: Depreciation and amortization (20,600) (10,909) (50,322) (27,411) Property operating (7,929) (2,906) (15,978) (7,704) General and administrative (4,164) (3,987) (13,175) (9,997) Non-operating income 337 1,807 1,189 2,563 Interest and amortization expense (18,597) (12,344) (47,264) (33,550) Debt satisfaction gains, net -- -- 4,632 -- ---------- ---------- ---------- ---------- Income before (provision) benefit for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations 5,278 9,468 23,784 30,958 (Provision) benefit for income taxes 111 (350) 44 (1,817) Minority interests (791) (673) (3,002) (2,740) Equity in earnings of non-consolidated entities 2,328 1,862 5,087 5,383 ---------- ---------- ---------- ---------- Income from continuing operations 6,926 10,307 25,913 31,784 ---------- ---------- ---------- ---------- Discontinued operations, net of minority interest: Income from discontinued operations 656 1,418 2,676 4,684 Impairment charges (207) (562) (800) (2,775) Gains on sales of properties 1,595 -- 6,656 4,065 ---------- ---------- ---------- ---------- Total discontinued operations 2,044 856 8,532 5,974 ---------- ---------- ---------- ---------- Net income 8,970 11,163 34,445 37,758 Dividends attributable to preferred shares - Series B (1,590) (1,590) (4,770) (4,770) Dividends attributable to preferred shares - Series C (2,519) -- (7,556) -- ----------- ---------- ----------- ---------- Net income allocable to common shareholders $ 4,861 $ 9,573 $ 22,119 $ 32,988 ========== ========== ========== ========== Funds from operations(1) $ 30,213 $ 23,571 $ 87,354 $ 65,128 ========== ========== ========== ========== Per share/unit Basic net income $ 0.10 $ 0.20 $ 0.45 $ 0.72 Diluted net income $ 0.08 $ 0.19 $ 0.41 $ 0.71 Funds from operations(1)-basic $ 0.49 $ 0.44 $ 1.45 $ 1.27 Funds from operations(1)-diluted $ 0.49 $ 0.44 $ 1.44 $ 1.26
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 4 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
9/30/05 12/31/04 ------- -------- Real estate, at cost $ 1,932,746 $ 1,407,872 Accumulated depreciation (225,225) (180,610) Investment in joint ventures 168,159 132,738 Properties held for sale - discontinued operations 48,222 13,216 Intangible assets, net 137,101 54,736 Cash and cash equivalents 61,115 146,957 Deferred expenses, net 13,209 7,860 Rent receivable 2,717 4,123 Rent receivable - deferred 25,688 23,923 Due from affiliates -- 45,800 Other assets 49,869 40,472 ----------- ----------- $ 2,213,601 $ 1,697,087 ========= ========= Mortgages and notes payable $ 1,186,907 $ 765,144 Liabilities - discontinued operations 26,748 1,688 Other liabilities 21,978 22,388 Prepaid rent 10,015 3,818 Minority interests 56,401 56,759 Shareholders' equity 911,552 847,290 ----------- ----------- $ 2,213,601 $ 1,697,087 ========= ========= Common shares 51,974,639 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 5,371,163 5,408,699 ----------- -------------- 63,605,802 59,889,972 ========== ===========
1 The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT. FFO is defined in the April 2002 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 5 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 ---- ---- ---- ---- Earning Per Share - ----------------- Basic Income from continuing operations $ 6,926 $ 10,307 $ 25,913 $ 31,784 Less preferred dividends (4,109) (1,590) (12,326) (4,770) --------------- --------------- -------------- -------------- Income allocable to common shareholders from continuing operations - basic 2,817 8,717 13,587 27,014 Total income from discontinued operations - basic 2,044 856 8,532 5,974 --------------- --------------- -------------- -------------- Net income allocable to common shareholders - basic $ 4,861 $ 9,573 $ 22,119 $ 32,988 =============== =============== ============== ============== Weighted average number of common shares outstanding 50,837,178 47,901,818 49,269,497 46,033,992 =============== =============== ============== ============== Per share data: Income from continuing operations $ 0.06 $ 0.18 $ 0.28 $ 0.59 Income from discontinued operations 0.04 0.02 0.17 0.13 --------------- --------------- -------------- -------------- Net income $ 0.10 $ 0.20 $ 0.45 $ 0.72 =============== =============== ============== ============== Diluted Income allocable to common shareholders from continuing operations-basic $ 2,817 $ 8,717 $ 13,587 $ 27,014 Adjustments: Incremental income (loss) attributed to assumed conversion of dilutive securities (48) 673 695 2,740 --------------- --------------- -------------- -------------- Income allocable to common shareholders from continuing operations-diluted 2,769 9,390 14,282 29,754 Total income from discontinued operations - diluted 2,044 954 8,532 6,805 --------------- --------------- -------------- -------------- Net income allocable to common shareholders - diluted $ 4,813 $ 10,344 $ 22,814 $ 36,559 =============== =============== ============== ============== Weighted average number of shares used in calculation of basic earnings per share 50,837,178 47,901,818 49,269,497 46,033,992 Add incremental shares representing: Shares issuable upon exercises of employee share options 78,046 118,533 78,382 129,695 Shares issuable upon conversion of dilutive interests 6,849,435 5,329,395 6,849,435 5,357,968 --------------- --------------- -------------- -------------- Weighted average number of shares used in calculation of diluted earnings per common share 57,764,659 53,349,746 56,197,314 51,521,655 =============== =============== ============== ============== Per share data: Income from continuing operations - diluted $ 0.04 $ 0.17 $ 0.26 $ 0.58 Income from discontinued operations - diluted 0.04 0.02 0.15 0.13 --------------- --------------- -------------- -------------- Net income - diluted $ 0.08 $ 0.19 $ 0.41 $ 0.71 =============== =============== ============== ==============
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 Nine Months Ended September 30, September 30, 2005 2004 2005 2004 ---- ---- ---- ---- Funds From Operations - --------------------- Basic and Diluted - ----------------- Net income allocable to common shareholders $ 4,861 $ 9,573 $ 22,119 $ 32,988 Adjustments: Depreciation and amortization 20,467 11,014 50,251 27,874 Minority interests-OP Units 804 771 3,055 2,880 Amortization of leasing commissions 143 184 395 549 Joint venture adjustment-depreciation 4,754 2,029 12,374 4,902 Preferred dividends-Series C 2,519 -- 7,556 -- Gains on sale of properties (1,595) -- (6,656) (4,065) Gains on sale of properties - Joint Venture (1,740) -- (1,740) -- ------------- ------------- ------------- ------------- Funds from operations $ 30,213 $ 23,571 $ 87,354 $ 65,128 ============= ============= ============= ============= Basic - ----- Weighted average shares outstanding-basic EPS 50,837,178 47,901,818 49,269,497 46,033,992 Operating partnership units 5,373,592 5,329,395 5,378,078 5,357,968 Preferred shares - Series C 5,779,330 -- 5,779,330 -- ------------- ------------- ------------- ------------- Weighted average shares outstanding-basic FFO 61,990,100 53,231,213 60,426,905 51,391,960 ============= ============= ============= ============= FFO per share $ 0.49 $ 0.44 $ 1.45 $ 1.27 ============= ============= ============= ============= Diluted - ------- Weighted average shares outstanding-diluted EPS 57,764,659 53,349,746 56,197,314 51,521,655 Operating partnership units 5,373,592 -- 5,378,078 -- Preferred shares - Series C 5,779,330 -- 5,779,330 -- Non-dilutive convertible interests (6,849,435) -- (6,849,435) -- ------------- ------------- ------------- ------------- Weighted average shares outstanding-diluted FFO 62,068,146 53,349,746 60,505,287 51,521,655 ============= ============= ============= ============= FFO per share $ 0.49 $ 0.44 $ 1.44 $ 1.26 ============= ============= ============= =============
### EX-99 4 ex99-2.txt EX. 99.2: SUPPLEMENT Exhibit 99.2 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the nine months ended September 30, 2005 Table of Contents Income Statements............................................... 1 Balance Sheets.................................................. 2 Combined Joint Venture Income Statement......................... 3 Third Quarter Transaction Summary............................... 4 Second Quarter Transaction Summary.............................. 6 First Quarter Transaction Summary............................... 9 Property Holdings............................................... 10 Properties by Location.......................................... 22 Lease Rollover Schedules........................................ 23 Mortgages and Notes Payable..................................... 25 Revenue by Tenant Industry...................................... 31 Revenue by MSA.................................................. 32 Other Revenue Data.............................................. 34 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 ---- ---- ---- ---- Gross revenues: Rental $ 51,023 $ 35,066 $ 133,309 $ 99,925 Advisory fees 995 1,448 4,186 3,174 Tenant reimbursements 4,213 1,293 7,207 3,958 ---------- ---------- ---------- ---------- Total gross revenues 56,231 37,807 144,702 107,057 Expense applicable to revenues: Depreciation and amortization (20,600) (10,909) (50,322) (27,411) Property operating (7,929) (2,906) (15,978) (7,704) General and administrative (4,164) (3,987) (13,175) (9,997) Non-operating income 337 1,807 1,189 2,563 Interest and amortization expense (18,597) (12,344) (47,264) (33,550) Debt satisfaction gains, net -- -- 4,632 -- ----------- ----------- ---------- --------- Income before (provision) benefit for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations 5,278 9,468 23,784 30,958 (Provision) benefit for income taxes 111 (350) 44 (1,817) Minority interests (791) (673) (3,002) (2,740) Equity in earnings of non-consolidated entities 2,328 1,862 5,087 5,383 ---------- ---------- ---------- ---------- Income from continuing operations 6,926 10,307 25,913 31,784 ---------- ---------- ---------- ---------- Discontinued operations, net of minority interest: Income from discontinued operations 656 1,418 2,676 4,684 Impairment charges (207) (562) (800) (2,775) Gains on sales of properties 1,595 -- 6,656 4,065 ---------- ----------- ---------- ---------- Total discontinued operations 2,044 856 8,532 5,974 ---------- ---------- ---------- ---------- Net income 8,970 11,163 34,445 37,758 Dividends attributable to preferred shares - Series B (1,590) (1,590) (4,770) (4,770) Dividends attributable to preferred shares - Series C (2,519) -- (7,556) -- ----------- ----------- ----------- --------- Net income allocable to common shareholders $ 4,861 $ 9,573 $ 22,119 $ 32,988 ========== ========== ========== ========== Funds from operations(1) $ 30,213 $ 23,571 $ 87,354 $ 65,128 ========== ========== ========== ========== Per share/unit Basic net income $ 0.10 $ 0.20 $ 0.45 $ 0.72 Diluted net income $ 0.08 $ 0.19 $ 0.41 $ 0.71 Funds from operations(1)-basic $ 0.49 $ 0.44 $ 1.45 $ 1.27 Funds from operations(1)-diluted $ 0.49 $ 0.44 $ 1.44 $ 1.26
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
9/30/05 12/31/04 ------- -------- Real estate, at cost $ 1,932,746 $ 1,407,872 Accumulated depreciation (225,225) (180,610) Investment in joint ventures 168,159 132,738 Properties held for sale - discontinued operations 48,222 13,216 Intangible assets, net 137,101 54,736 Cash and cash equivalents 61,115 146,957 Deferred expenses, net 13,209 7,860 Rent receivable 2,717 4,123 Rent receivable - deferred 25,688 23,923 Due from affiliates -- 45,800 Other assets 49,869 40,472 ----------- ----------- $ 2,213,601 $ 1,697,087 =========== =========== Mortgages and notes payable 1,186,907 $ 765,144 Liabilities - discontinued operations 26,748 1,688 Other liabilities 21,978 22,388 Prepaid rent 10,015 3,818 Minority interests 56,401 56,759 Shareholders' equity 911,552 847,290 ----------- ----------- $ 2,213,601 $ 1,697,087 =========== =========== Common shares 51,974,639 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 5,371,163 5,408,699 ----------- ----------- 63,605,802 59,889,972 =========== ===========
1 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 JOINT VENTURE COMBINED CONDENSED STATEMENTS OF INCOME (dollars in thousands)
Three Months Ended Nine Months Ended September 30, 2005 September 30, 2005 ------------------ ------------------ Gross Revenue $ 11,584 $ 32,156 -------- ---------- Expenses: Depreciation and amortization 4,575 11,840 Interest and amortization 4,247 11,753 Other income and expenses 1,685 4,693 Debt satisfaction 650 650 -------- ---------- 11,157 28,936 -------- ---------- Income before gain on sale of properties 427 3,220 Gain on sale of properties 1,740 1,740 -------- ---------- Net income $ 2,167 $ 4,960 ======== ==========
3 LEXINGTON CORPORATE PROPERTIES TRUST 2005 Third Quarter Transaction Summary
Acquisitions ($000's) Average Current Annual Average Annual Current Property Capitalized GAAP GAAP Cash Cash Lease Tenants/Guarantors Location Type Costs Rent, net Yield Rent, net Yield Term - ------------------ -------- ---- ----- --------- ----- --------- ----- ---- California Culinary Academy, LLC (1) (Career Education Corp.) San Francisco, CA Office $ 36,905 $ 2,469 6.7% $ 2,492 6.8% Nov-19 Georgia Power Company (2) McDonough, GA Office 19,761 1,511 7.6 1,421 7.2 Jun-15 Omnipoint Holdings, Inc. (2) (T-Mobile USA, Inc.) Oakland, ME Office 14,044 1,366 9.7 1,192 8.5 Aug-20 TI Group Automotive Systems, LLC Lavonia, GA Industrial 14,379 1,200 8.3 1,200 8.3 May-20 --------- -------- --- -------- --- $ 85,089 $ 6,546 7.7% $ 6,305 7.4% ========= ======== === ======== === Completed Expansions ($000's) Average Current Expanded Annual Average Annual Property Square Capitalized GAAP GAAP Cash Rent, Cash Tenants/Guarantors Location Type Feet Costs Rent, net Yield net Yield - ------------------ -------- ---- ---- ----- --------- ----- --- ----- Harbor Freight Tools (Central Purchasing, Inc.) Dillon, SC Industrial 536,386 $ 13,154 $ 1,107 8.4% $ 1,107 8.4% Owens Corning Chester, SC Industrial 226,706 6,404 567 8.9 567 8.9 ------- ------- ------ --- ----- --- 763,092 $ 19,558 $ 1,674 8.6% $ 1,674 8.6% ======= ======= ====== === ===== === Dispositions ($000's) Property Tenants/Guarantors Location Type Net Sale Price Net Book Value - ------------------ -------- ---- -------------- -------------- Hollywood Entertainment Corp. Wilsonville, OR Office $ 14,036 $ 12,428 NEC America, Inc. (3) Herndon, VA Office 23,496 18,277 --------- --------- $ 37,532 $ 30,705 ========= ========= Lease Extensions/New Leases ($000's) Extension Property Previous Extended Rent Per Tenants/Guarantors Location Type Term Term Annum - ------------------ -------- ---- ---- ---- ----- Avnet, Inc. Phoenix, AZ Office Nov-07 Nov-12 $ 2,205 Joseph Campbell Company Marshall, MI Industrial Aug-05 Aug-07 $ 140 Mimeo.com, Inc. Memphis, TN Industrial Oct-09 Sep-20 $ 270 Physical Fitness Centers of Philadelphia, Inc. (Bally Total Fitness Corp) Voorhees, NJ Retail Jun-07 Jun-17 $ 442 Associated Billing Services, LLC Phoenix, AZ Office -- Jul-16 $ 300 Owens Corning Chester, SC Industrial Aug-20 Aug-25 $ 2,186
4 LEXINGTON CORPORATE PROPERTIES TRUST 2005 Third Quarter Transaction Summary
New Financings ($000's) Tenants/Guarantors Location Amount Rate Maturity Date - ------------------ -------- ------ ---- ------------- Dana Corporation Elizabethtown, KY $ 25,603 4.99% Jul-15 Dana Corporation Elizabethtown, KY 4,822 4.99% Jul-15 Dana Corporation Hopkinsville, KY 15,001 4.99% Jul-15 Dana Corporation Owensboro, KY 10,846 4.99% Jul-15 Dana Corporation Dry Ridge, KY 12,128 4.99% Jul-15 Georgia Power Company (2) McDonough, GA 12,675 5.21% Jun-15 Omnipoint Holdings, Inc. (2) (T-Mobile USA, Inc.) Oakland, ME 10,500 5.93% Oct-20 Owens Corning Chester, SC 14,000 5.38% Aug-25 -------- ---- $ 105,575 5.16% ======== ====
(1) Lexington has a 30% interest in this property through Lexington/Lion Venture LP. (2) Lexington has a 25% interest in this property through Lexington Acquiport Company II, LLC. (3) Lexington has a 33 1/3% interest in this property through Lexington Acquiport Company LLC. 5 LEXINGTON CORPORATE PROPERTIES TRUST 2005 Second Quarter Transaction Summary
Acquisitions ($000's) Average Current Annual Average Annual Current Property Capitalized GAAP GAAP Cash Cash Lease Tenants/Guarantors Location Type Costs Rent, net Yield Rent, net Yield Term - ------------------ -------- ---- ----- --------- ----- --------- ----- ---- Bank of America NT & SA (1) Los Angeles, CA Office $ 121,075 $ 9,106 7.5% $ 7,574 6.5% Jun-12 Internet Security Systems, Inc. Atlanta, GA Office 76,606 5,676 7.4 5,141 6.7 May-13 Nissan Motor Acceptance Corp./Nissan North America, Inc. (2) Irving, TX Office 60,414 4,810 8.0 4,505 7.5 Mar-13 Experian Information Solutions, Inc./ TRW Inc. Dallas, TX Office 47,022 3,374 7.2 3,154 6.7 Oct-10 Capital One Services, Inc. (3) - 3 Richmond, VA Office 33,049 2,890 8.7 2,841 8.6 May-06 leases & Mar-10 Chrysler Financial Company LLC (2) Westlake, TX Office 32,297 2,740 8.5 2,390 7.4 Dec-11 Dana Corporation Farmington Hills, Office 29,258 2,319 7.9 2,331 8.0 Oct-21 MI Transocean, Inc. & Newpark Aug-09 Resources, Houston, TX Office 25,512 2,256 8.8 2,176 8.5 & Mar-11 Inc. Ikon Office Solutions, Inc. Houston, TX Office 26,765 2,251 8.4 2,229 8.3 Jan-13 Lucent Technologies, Inc. (3) Raleigh, NC Office 22,428 1,643 7.3 2,041 9.1 Sep-11 ASM Lithograph Holding NV Tempe, AZ Office 21,014 1,841 8.8 2,130 10.1 Jun-13 John Wiley & Sons, Inc. Fishers, IN Office 21,533 1,873 8.7 2,094 9.7 Oct-09 AT&T Wireless Services, Inc. & Jordan Aug-10 Associates, Inc. (5) Oklahoma City, OK Office 21,524 1,698 7.9 1,678 7.8 & Dec-08 Kerr-McGee Corporation Houston, TX Office 19,264 1,627 8.4 1,559 8.1 Jul-14 PacifiCare Health Systems, Inc. San Antonio, TX Office 19,812 1,621 8.2 1,640 8.3 Nov-10 AT&T Wireless Services, Inc. Harrisburg, PA Office 15,103 1,449 9.6 1,433 9.5 Nov-08 The Dial Corporation Phoenix, AZ Office 23,594 1,914 8.1 1,388 6.4 Aug-08 AmeriCredit Corporation Jacksonville, FL Office 12,761 1,530 12.0 1,460 11.4 Jun-11 Metris Companies, Inc. Tulsa, OK Office 13,115 1,307 10.0 1,307 10.0 Jan-10 Kraft Foods North America, Inc. & Jan-12 PerkinElmer Instruments LLC Atlanta, GA Office 16,610 1,298 7.8 1,232 7.4 & Nov-16 Alstom Power, Inc. Richmond, VA Office 15,841 1,421 9.0 1,214 7.7 Oct-14 Travelers Express Company, Inc. Lakewood, CO Office 12,025 865 7.2 1,091 9.1 Mar-12 Allstate Insurance Company Indianapolis, IN Office 16,200 1,372 8.5 1,056 7.2 Aug-12 Gartner, Inc. Fort Meyers, FL Office 13,559 1,052 7.8 998 7.4 Jan-13 Ingram Micro, Inc. Memphis, TN Industrial 24,418 2,271 9.3 2,112 8.6 Sep-11 Dana Corporation Kalamazoo, MI Industrial 23,603 1,954 8.3 1,843 7.8 Oct-21 EDS Information Services LLC/ Electric Data Systems Corp. (2) Des Moines, IA Industrial 34,070 2,856 8.4 2,663 7.8 Apr-12 Dana Corporation 5 locations - KY Industrial 78,900 6,968 8.8 6,968 8.8 Jun-25 Morgan, Lewis & Bockius LLP (4) Philadelphia, PA Office 68,257 4,856 7.1 4,847 7.1 Jan-14 --------- -------- --- -------- --- $ 945,629 $ 76,838 8.1% $ 73,095 7.8% ========= ======== === ======== ===
(1) Lexington has a 25% interest in this property through Lexington Acquiport Company II, LLC. (2) Lexington has a 30% interest in this property through Triple Net Investment Company LLC. (3) Lexington has a 30% interest in this property through Lexington/Lion Venture LP. (4) Lexington has an 80.5% interest in this property. (5) Lexington has a 40% interest in this property through Lexington Oklahoma City, LP. 6 LEXINGTON CORPORATE PROPERTIES TRUST 2005 Second Quarter Transaction Summary
Dispositions ($000's) Property Tenants/Guarantors Location Type Net Sale Price Net 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 Tenants/Guarantors Location Type Term Term Annum - ------------------ -------- ---- ---- ---- ----- Toys "R" Us, Inc. Lynwood, WA Retail May-06 May-11 $ 279 Toys "R" Us, Inc. Clackamas, OR Retail May-06 May-11 $ 298 Toys "R" Us, Inc. Tulsa, OK Retail May-06 May-11 $ 255 AGC Automotive Americas Co./AFG Industries, Inc Hebron, KY Office -- Aug-12 $ 159
7 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 (1) Los Angeles, CA $ 80,182 5.330% May-13 Internet Security Systems, Inc. Atlanta, GA 45,238 5.268 May-13 Nissan Motor Acceptance Corp./Nissan Irving, TX 40,921 5.218 May-13 North America, Inc. (2) Experian Information Solutions, Inc./ Dallas, TX 30,582 5.126 May-11 TRW Inc. Capital One Services, Inc. (3) - 3 Richmond, VA 19,800 5.110 May-15 leases Chrysler Financial Company LLC (2) Westlake, TX 19,645 5.097 May-12 Dana Corporation Farmington Hills, 20,550 5.126 May-11 MI Transocean, Inc. & Newpark Resources, Houston, TX 16,977 5.160 May-15 Inc. Ikon Office Solutions, Inc. Houston, TX 17,660 5.218 May-13 Lucent Technologies, Inc. (3) Raleigh, NC 12,900 4.947 May-12 ASM Lithograph Holding NV Tempe, AZ 13,648 5.148 May-13 John Wiley & Sons, Inc. Fishers, IN 13,182 5.160 May-15 AT&T Wireless Services, Inc. & Jordan Oklahoma City, OK 14,749 5.240 May-15 Associates, Inc. (5) Kerr-McGee Corporation Houston, TX 13,254 5.210 May-15 PacifiCare Health Systems, Inc. San Antonio, TX 13,071 5.340 May-15 AT&T Wireless Services, Inc. Harrisburg, PA 9,180 5.110 May-15 The Dial Corporation Phoenix, AZ 14,170 5.268 May-13 AmeriCredit Corporation Jacksonville, FL 5,804 5.110 May-15 Metris Companies, Inc. Tulsa, OK 7,688 5.060 May-15 Kraft Foods North America, Inc. & PerkinElmer Instruments LLC Atlanta, GA 11,325 5.260 May-15 Alstom Power, Inc. Richmond, VA 10,608 5.310 May-15 Travelers Express Company, Inc. Lakewood, CO 8,694 5.097 May-12 Allstate Insurance Company Indianapolis, IN 9,638 5.168 May-13 Gartner, Inc. Fort Meyers, FL 8,912 5.268 May-13 Ingram Micro, Inc. Memphis, TN 17,827 5.247 May-12 Dana Corporation Kalamazoo, MI 17,625 5.411 May-15 EDS Information Services LLC/ Electric Data Systems Corp. (2) Des Moines, IA 22,761 5.147 May-12 Playboy Enterprises, Inc. & Sony Electronics, Inc. Los Angeles, CA 11,500 5.110 May-15 Cadence Design Systems Chelmsford, MA 7,008 5.118 May-13 Principal Life Insurance Company Clive, IA 5,920 5.139 May-14 Minnesota Mining & Manufacturing Company Wallingford, CT 3,453 4.926 May-11 Alstom Power, Inc. Knoxville, TN 7,800 5.310 May-15 Hartford Fire Insurance Company Southington, CT 13,780 5.018 May-13 Morgan, Lewis & Bockius LLP (4) Philadelphia, PA 49,000 5.060 Jul-14 -------- ------- $ 615,052 5.194% ======== =======
(1) Lexington has a 25% interest in this property through Lexington Acquiport Company II, LLC. (2) Lexington has a 30% interest in this property through Triple Net Investment Company LLC. (3) Lexington has a 30% interest in this property through Lexington/Lion Venture LP. (4) Lexington has an 80.5% interest in this property. (5) Lexington has a 40% interest in this property through Lexington Oklahoma City, LP. 8 LEXINGTON CORPORATE PROPERTIES TRUST 2005 First Quarter Transaction Summary
Acquisitions ($000's) Average Current Annual Average Annual Current Property Capitalized GAAP GAAP Cash Cash Lease Tenants/Guarantors Location Type Costs Rent, net Yield Rent, net Yield Term - ------------------ -------- ---- ----- --------- ----- --------- ----- ---- Alstom Power, Inc. Knoxville, TN Office $ 12,012 $ 1,140 9.5% $ 975 8.1% Oct-14 Dispositions ($000's) Property Tenants/Guarantors Location Type Net Sale Price Net 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) Extension Property Previous Extended Rent Per Tenants/Guarantors Location Type Term Term Annum - ------------------ -------- ---- ---- ---- ----- Ameritech Services, Inc. Columbus, OH Industrial May-05 May-15 $ 138 Hartford Fire Insurance Company Southington, CT Office Dec-05 Dec-12 $ 1,570 Cadbury Adams (1)(3) Parsippany, NJ Office Jan-10 Jun-15 $ 4,009 New Financings ($000's) Tenants/Guarantors Location Amount Rate Maturity Date - ------------------ -------- ------ ---- ------------- Spacelabs Medical, Inc. Issaquah, WA $ 32,800 5.00% Dec-14 (OSI Systems, Inc.) (2) 2 properties Verizon Wireless (2) Wilmington, NC 13,000 5.19% Mar-17 -------- ---- $ 45,800 5.05% ======== ====
(1) Lexington has a 33 1/3% interest in this property through Lexington Acquiport Company, LLC. (2) Lexington has a 25% interest in this property through Lexington Acquiport Company II, LLC. (3) Lease encompasses approximately 50% of gross leaseable area. 9 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 09/30/05
- --------------------------------------------------------------------------------------------------------------------- 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. $ 6,580 $ 6,580 295,000 1982 Salt Lake City, UT 10001 Richmond Avenue Baker Hughes, Inc. 4,420 5,523 554,385 1976/1984 Houston, TX 6303 Barfield Road & 859 Internet Security Systems, 2,877 2,773 289,000 2003 Mount Vernon Hwy. Inc.(24) Atlanta, GA 3480 Stateview Blvd. Wells Fargo Bank N.A. (13) 2,367 2,587 169,218 2004 Fort Mill, SC 33 Commercial Street Invensys Systems, Inc. 2,432 2,432 164,689 1982 Foxboro, MA (Siebe, Inc.) 3476 Stateview Boulevard Wells Fargo Home 2,117 2,266 169,083 2002 Fort Mill, SC Mortgage (4) (5) 9950 Mayland Drive Circuit City Stores, Inc. 2,145 2,094 288,562 1990 Richmond, VA 1415 Wyckoff Road New Jersey Natural Gas Co. 2,023 2,023 157,511 1983 Wall Township, NJ 2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 1,825 1,916 109,281 1985/2001 Valley Forge, PA 1301 California Circle Artesyn North America, Inc. 2,172 1,911 100,026 1985 Milpitas, CA (Balfour Beatty plc) 700 Oakmont Lane North American Van Lines, 1,771 1,887 269,715 1989 Inc. Westmont, IL (SIRVA, Inc.)(3) 70 Mechanic Street Invensys Systems, Inc. 2,149 1,872 251,914 1965/1988 Foxboro, MA (Siebe, Inc.) 13651 McLearen Road Boeing North American 2,016 1,852 159,664 1987 Herndon, VA Services, Inc. (The Boeing Company) 2211 South 47th Street Avnet, Inc. 1,885 1,834 176,402 1997 Phoenix, AZ 1701 Market Street Morgan Lewis & Bockius 1,747 1,756 322,317 1957 Philadelphia, PA LLP(21)(22) 5600 Broken Sound Blvd Oce Printing Systems USA, 1,509 1,684 143,290 1983/2002 Inc. Boca Raton, FL 4200 RCA Boulevard The Wackenhut Corp.(6) 1,636 1,625 114,518 1996 Palm Beach Gardens, FL 1311 Broadfield Blvd. Transocean, Inc.(25) 1,021 1,063 103,260 2000 Houston, TX Newpark Resources, Inc.(26) 545 529 52,731 601 & 701 Experian Pkwy. TRW Inc. (Experian 1,895 1,574 292,700 1981 Dallas, TX Information Solutions, Inc.) 1983 701 Brookfield Parkway Verizon Wireless (7) 1,478 1,550 192,884 2000/2001 Greenville, SC 10 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 19019 No. 59th Avenue Honeywell, Inc. 1,502 1,485 252,300 1985 Glendale, AZ 4201 Marsh Lane Carlson Restaurants 1,352 1,482 130,000 2003 Worldwide, Carrollton, TX Inc. (16) 12645 W. Airport Road Baker Hughes, Inc. 1,132 1,455 165,836 1997 Sugar Land, TX 26210 and 26220 Enterprise Apria Healthcare Group, 1,274 1,344 100,012 2001 Court Inc. Lake Forest, CA 2210 Enterprise Drive Washington Mutual Home 1,312 1,274 177,747 1998 Florence, SC Loan, Inc. 200 Executive Blvd. S Hartford Fire Insurance 1,623 1,218 153,364 1983 Co. Southington, CT 1600 Eberhardt Road Nextel of Texas 1,038 1,169 108,800 2001 Temple, TX 2999 SW 6th St. Voice Stream PCS I LLC 1,001 1,163 77,484 2004 Redmond, OR (T-Mobile USA, Inc.) 160 Clairemont Avenue Allied Holdings, Inc. 1,224 1,147 112,248 1983 Decatur, GA 27016 Media Center Drive Playboy Enterprises, Inc. 974 943 63,049 2000 Los Angeles, CA Sony Electronics, Inc. (17) 192 203 20,203 10475 Crosspoint Blvd. John Wiley & Sons, Inc.(31) 1,102 1,102 141,047 1999 Fishers, IN 27404 Drake Road Dana Corporation 1,088 1,084 112,480 1999 Farmington Hills, MI 26555 Northwestern Highway Federal-Mogul Corporation 869 1,064 187,163 1963/1965 Southfield, MI 10419 North 30th Street Time Customer Service, Inc. 1,082 1,057 132,981 1986 Tampa, FL (Time, Inc.) 810-820 Gears Road IKON Office Solutions, 1,029 1,050 157,790 2000 Houston, TX Inc. 250 Rittenhouse Circle Jones Apparel Group 949 1,039 255,019 1982 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) (1) 400 Butler Farm Road Nextel Communications of 967 977 100,632 1999 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 2800 Waterford Lake Dr. Alstom Power, Inc.(28) 818 940 99,057 2000 Richmond, VA 15501 North Dial Blvd. The Dial Corporation 648 889 129,689 1998 Phoenix, AZ 1409 Centerpoint Blvd Alstom Power, Inc. (19) 771 885 84,404 2001 Knoxville, TN (20) 11 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 8555 South River Pkwy. ASM Lithography Holding 995 863 95,133 1998 Tempe, AZ NV 6455 State Hwy 303 NE Nextel West Corporation 726 835 60,200 2001 Bremerton, WA 270 Billerica Road Cadence Design Systems(14) 761 799 100,000 1985 Chelmsford, MA 16676 Northchase Dr. Kerr-McGee Corporation 718 759 101,111 2003 Houston, TX 6200 Northwest Pkwy. PacifiCare Health Systems, 687 756 142,500 2000 San Antonio, TX Inc. 5757 Decatur Blvd. Allstate Insurance Company(29) 582 721 84,200 2002 Indianapolis, IN Holladay Property 35 35 5,756 Services(30) 4000 Johns Creek Pkwy. Kraft Foods N.A., Inc.(27) 617 647 73,264 2001 Atlanta, GA PerkinElmer Instruments 96 108 13,955 LLC 180 Rittenhouse Circle Jones Apparel Group 692 728 96,000 1998 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.)(10) 2550 Interstate Dr. AT&T Wireless Services, 654 676 81,859 1998 Harrisburg, PA Inc. 16275 Technology Drive Cymer, Inc. 657 666 65,755 1989 San Diego, CA (Hewlett-Packard) 2529 West Thorns Drive Baker Hughes, Inc. 470 634 65,500 1981/1999 Houston, TX 12000 Tech Center Drive Kelsey-Hayes Company 572 617 80,230 1988 Livonia, MI 2401 Cherahala Boulevard Advance PCS, Inc. 589 616 59,748 2002 Knoxville, TN 4848 129th East Ave. Metris Companies, Inc. 610 610 101,100 2000 Tulsa, OK 1275 NW 128th Street Principal Life Insurance 591 600 61,180 2003 Clive, IA Company(12) 2310 Village Square Pkwy. AmeriCredit Corporation 667 580 85,000 2001 Jacksonville, FL 13430 N. Black Canyon Freeway Bull HN Information 843 566 137,058 1985/1994 Phoenix, AZ Systems, Inc. 421 Butler Farm Road Nextel Communications of 542 539 56,515 2000 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 12600 Gateway Blvd. Gartner, Inc. 456 491 62,400 1997 Fort Meyers, FL 12 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 100 Barnes Road Minnesota Mining and 419 454 44,400 1978/1985 Wallingford, CT Manufacturing Company 3940 South Teller St. Travelers Express 509 406 68,165 2002 Lakewood, CO Company, Inc.(18) 1440 East 15th Street Cox Communications, 321 342 28,591 1988 Tucson, AZ Inc. 250 Turnpike Road Honeywell Consumer 324 324 57,698 1984 Southborough, MA Products 2300 Litton Lane AGC Automotive 17 53 81,744 1987 Hebron, KY Americas Company(23) 3615 North 27th Avenue VACANT -- -- 179,280 1960/1979 Phoenix, AZ 1600 Viceroy Drive VACANT -- -- 249,452 1986 Dallas, TX ------------------------------------------------------------------------ Subtotal $ 82,707 $ 84,726 9,475,249 ------------------------------------------------------------------------ Industrial - ---------- 541 Perkins Jones Road Kmart Corp. $ 7,020 $ 6,699 1,700,000 1982 Warren, OH 19500 Bulverde Road Harcourt Brace 2,271 2,572 559,258 2001 San Antonio, TX 2425 Highway 77 North James Hardie Building 2,550 2,550 425,816 1996/1997 Waxahachie, TX Products, Inc. (James Hardie Industries NV) 3501 West Avenue H Michaels Stores, Inc. 2,428 2,478 762,775 1998/2002 Lancaster, CA 9110 Grogans Mill Road Baker Hughes, Inc. 1,543 2,299 275,750 1992 Houston, TX 159 Farley Drive Harbor Freight Tools 1,686 1,895 1,010,859 2001 Dillon, SC (Central Purchasing, Inc.) 8305 SE 58th Avenue Associated Grocers of 1,550 1,679 668,034 1976 Ocala, FL Florida, Inc. 6345 Brackbill Boulevard Exel Logistics, Inc. 1,528 1,389 507,000 1985/1991 Mechanicsburg, PA (NFC plc) 590 Ecology Lane Owens Corning 1,329 1,329 420,597 2001 Chester, SC 431 Smith Lane Kirkland's, Inc. (11) 1,063 1,063 771,127 2004 Jackson, TN 3820 Micro Drive Ingram Micro Inc. 950 1,060 701,819 1997 Memphis, TN 13 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 4425 Purks Road Lear Technologies LLC 1,054 1,024 183,717 1989/1998 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 1,115 1,012 330,000 1989 New Kingston, PA (NFC plc) 6938 Elm Valley Dr. Dana Corporation 860 912 150,945 1999 Kalamazoo, MI 6500 Adelaide Court Anda Pharmaceuticals, 918 905 354,676 2002 Inc. Groveport, OH (Andrx Corporation) 7500 Chavenelle Road The McGraw-Hill 788 873 330,988 2002 Dubuque, IA Companies, Inc. 12025 Tech Center Drive Kelsey-Hayes Company 787 854 100,000 1987/1988 Livonia, MI 250 Swathmore Avenue Steelcase, Inc. (15) 768 815 244,851 2002 High Point, NC Moody Commuter & Tech Park TNT Logistics North 790 790 595,346 2004 Moody, AL America, Inc. (TPG N.V.) 3102 Queen Palm Drive Time Customer 753 757 229,605 1986 Service, Tampa, FL Inc. (Time, Inc.) 2280 Northeast Drive Ryder Integrated 748 753 276,480 1996/1997 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 827 750 252,000 1985 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 770 739 400,522 1999 Hebron, OH 750 N. Black Branch Road Dana Corporation 710 710 539,592 1995/2001 Elizabethtown, KY 3600 Southgate Drive Sygma Network, Inc. 700 700 149,500 2000 Danville, IL 46600 Port Street Johnson Controls, Inc. 692 692 134,160 1996 Plymouth, MI 1133 Poplar Creek Road Corporate Express Office 589 607 196,946 1998 Henderson, NC Products, Inc. (Buhrmann, N.V.) 450 Stern Street Johnson Controls, Inc. 524 524 111,160 1996 Oberlin, OH 34 East Main Street Exel Logistics, Inc. 540 490 179,200 1981 New Kingston, PA 7670 Hacks Cross Road Dana Corporation 458 472 168,104 1989 Olive Branch, MS 14 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 191 Arrowhead Drive Owens Corning 480 470 250,410 2000 Hebron, OH 904 Industrial Road Tenneco Automotive 436 450 195,640 1968/1972 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 109 Stevens Street Unisource Worldwide, Inc. 429 441 168,800 1958/1969 Jacksonville, FL 128 Crews Drive Stone Container 406 428 185,961 1968/1998 Columbia, SC Corporation 1700 47th Avenue North Owens Corning 411 411 18,620 2003 Minneapolis, MN 301 Bill Byran Road Dana Corporation 363 363 410,844 1987/1997/ Hopkinsville, KY 2000 10000 Business Boulevard Dana Corporation 336 336 336,350 1988 Dry Ridge, KY 7150 Exchequer Drive Corporate Express Office 317 317 79,086 1998 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 222 Tappan Drive North The Gerstenslager 281 278 296,720 1970 Mansfield, OH Company(32) (Worthington Industries) 324 Industrial Park Road SKF USA, Inc. 272 272 72,868 1996 Franklin, NC 187 Spicer Drive Dana Corporation 260 256 148,000 1983/1985 Gordonsville, TN 4010 Airpark Drive Dana Corporation 199 199 162,468 1998/2000 Owensboro, KY 359 Gateway Drive TI Group Automotive 177 177 133,221 2005 Lavonia, GA Systems, LLC 300 McCormick Road Ameritech Services, Inc. 148 141 20,000 1990 Columbus, OH (9) 730 N. Black Branch Road Dana Corporation 134 134 167,770 2001 Elizabethtown, KY 3350 Miac Cove Road Mimeo.com, Inc. (8) 144 129 141,359 1987 Memphis, TN 1601 Pratt Avenue Tenneco Automotive(33) 111 109 -- 1979 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) Joseph Campbell Company 17 17 53,600 ---------------------------------------------------------------------------- Subtotal $ 43,230 $ 44,320 15,572,544 ---------------------------------------------------------------------------- 15 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- Retail - ------ 2655 Shasta Way Fred Meyer, Inc. $ 757 $ 757 178,204 1986 Klamath Falls, OR Fort Street Mall, King Liberty House, Inc. 722 729 85,610 1980 Street Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 727 727 118,179 1986 Newport, OR 35400 Cowan Road Sam's Real Estate 565 565 102,826 1987/1997 Westland, MI Business Trust 12235 N. Cave Creek Bally's Health & Tennis 631 535 36,556 1988 Phoenix, AZ Corporation 4733 Hills & Dales Road Scandinavian Health Spa, Inc. 547 514 37,214 1987 Canton, OH (Bally Total Fitness Corp.) 1160 White Horse Road Physical Fitness Centers of 615 490 31,750 1987 Voorhees, NJ Philadelphia, Inc. (Bally Total Fitness Corp.) 5917 S. La Grange Road Bally Total Fitness Corp. 495 386 25,250 1987 Countryside, IL 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 349 349 46,350 1995 Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, Inc. 351 347 76,164 1994 Eau Claire, WI 399 Peach Wood Centre Dr. Best Buy Co., Inc. 296 296 45,800 1996 Spartanburg, SC 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 323 288 42,842 1981 Clackamas, OR 18601 Alder Wood Mall Toys "R" Us, Inc. 298 270 43,105 1981 Boulevard Lynwood, WA 24100 Laguna Hills Mall Federated Department 507 262 160,000 1974 Laguna Hills, CA Stores, Inc. 6910 S. Memorial Highway Toys "R" Us, Inc. 273 247 43,123 1981 Tulsa, OK 9580 Livingston Road GFS Realty, Inc. 154 209 107,337 1976 Oxon Hill, MD (Giant Food, Inc.) 121 South Center Street Greyhound Lines, Inc. 157 157 17,000 1968 Stockton, CA 16 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 2401 Wooton Parkway GFS Realty, Inc. 104 114 51,682 1977 Rockville, MD (Giant Food, Inc.) ---------------------------------------------------------------------------- Subtotal $ 7,871 $ 7,242 1,248,992 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Grand Total $ 133,808 $ 136,288 26,296,785 ----------------------------------------------------------------------------
(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 $600. 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) The original tenant lease expired during the third quarter of 2005 and the subtenant extended lease for two years. 17 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 9/30/05
- --------------------------------------------------------------------------------------------------------------------- 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 $ 6,716 $ 6,419 340,240 2000 Morris Corporate Center IV (Pharma Holdings GmbH)(A) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 5,533 5,198 456,304 1999/2001 Columbia, SC of South Carolina Inc.(B) 275 South Valencia Ave. Bank of America NT & SA (H) 3,534 4,243 637,503 1983 Los Angeles, CA 100 Wood Hollow Drive Greenpoint Mortgage 3,324 3,648 124,600 2001 Novato, CA Funding, Inc. (E)(F) 6555 Sierra Drive True North Communications 3,309 3,187 247,254 1999 Irving, TX Inc.(A) 101 East Erie Building Foote, Cone & Belding 2,908 2,921 203,376 1986 Chicago, IL (Interpublic Group of Companies, Inc.) (E) Higgins Development 87 90 18,869 1986 Partners(E) 5200 Metcalf Avenue Employers Reinsurance 2,968 2,968 320,198 1980/1990/ Overland Park, KS Corporation(H) 2003 27027 Tourney Road Specialty Laboratories, 2,672 2,672 187,262 2004 Santa Clarita, CA Inc.(E) 15375 Memorial Drive Vastar Resources, Inc.(A) 2,578 2,578 327,325 1985 Houston, TX 10300 Kincaid Drive Bank One Indiana, 2,536 2,465 193,000 1999 Fishers, IN N.A.(A)(D) 10300 Town Park Drive Veritas DGC, Inc. (E) 2,081 2,436 218,641 2000 Houston, TX 8900 Freeport Pkwy. Nissan Motor Acceptance 2,066 2,245 268,445 2002 Irving, TX Corporation/ (Nissan North America, Inc.)(L) 600 International Parkway First USA Management 2,192 2,191 125,155 1997 Lake Mary, FL Services, Inc.(A)(C) 550 International Parkway First USA Management 2,115 2,115 125,920 1999 Lake Mary, FL Services, Inc.(A)(C) 10940 White Rock Road Progressive Casualty 2,000 2,103 158,582 2002 10929 Disk Drive Insurance Company(E) Rancho Cordova, CA 2000 Eastman Drive Structural Dynamic 2,074 2,092 212,836 1991 Milford, OH Research Corp.(A) 3701 Corporate Drive Motorola, Inc.(A) (J) 2,035 2,035 119,829 2001 Farmington Hills, MI 1401 & 1501 Nolan Ryan Siemens Dematic Postal 1,789 1,900 233,783 2003 Parkway Automation, L.P. (H) Arlington, TX 18 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Square Year Revenue Revenue Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- 9201 East Dry Creek Road The Shaw Group, Inc. (K) (L) 1,524 1,880 128,500 2001/2002 Centennial, CO 2050 Roanoke Road Chrysler Financial Company 1,488 1,652 130,290 2001 Westlake, TX LLC (L) 1475 Dunwoody Drive ING USA Annuity and Life 1,482 1,529 125,000 1998/1999 West Chester, PA Insurance Company (E) 13775 McLearen Road Equant N.V. (E) (G) 1,353 1,508 125,293 1984/1988/ Herndon, VA 1992 70 Valley Stream Parkway IKON Office Solutions, 1,443 1,496 106,855 1987 Malvern, PA Inc(E)(I) 5150 220th Avenue South Spacelabs Medical, Inc 1,400 1,462 106,944 1992 Issaquah, WA (OSI Systems, Inc.)(H) 9201 Stateline Employers Reinsurance 1,402 1,402 166,641 1963/1985/ Kansas City, MO Corporation(H) 2003 110, 120 & 130 E. Shore Dr. Capital One Services, Inc. (E) 1,305 1,348 68,500 2000 Richmond, VA 77,045 1998 79,675 2000 22011 SE 51st Street Spacelabs Medical, Inc 1,282 1,250 95,600 1987 Issaquah, WA (OSI Systems, Inc.)(H) 1110 Bayfield Drive Honeywell International, 1,151 1,228 166,575 1980/2002 Colorado Springs, CO Inc.(A) (O) 3601 Converse Drive Verizon Wireless(H) 1,150 1,218 160,500 2004 Wilmington, NC 275 Technology Drive ANSYS, Inc.(L) 930 1,015 107,872 1996 Canonsburg, PA Renner Blvd. Voicestream PCS II Corporation 879 1,014 77,484 2004 Lenexa, KS (T-Mobile USA, Inc.) (H) East Goldstone Drive T-Mobile USA, Inc. (H) 864 990 77,483 2004 Meridian, ID 4455 American Way Bell South Mobility, Inc. (L) 758 817 70,100 1997 Baton Rouge, LA 3201 Quail Springs Pkwy. AT& T Wireless Services, Inc.(N) 609 634 103,500 1999 Oklahoma City, OK Jordan Associates, Inc. 153 153 25,000 (N) 200 Lucent Lane Lucent Technologies, Inc. (E) 918 771 120,000 1999 Raleigh, NC 3711 San Gabriel Voice Stream PCS II LLC 675 738 75,016 2004 Mission, TX (T-Mobile USA, Inc.) (L) 19 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- YTD YTD Base Cash Base GAAP Square Year Revenue Revenue Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - --------------------------------------------------------------------------------------------------------------------- First Park Drive Omnipoint Holdings, Inc.(H) 72 83 78,610 2005 Oakland, ME (T-Mobile USA, Inc.) 350 Rhode Island Street California Culinary Academy, 90 73 105,568 2002 San Francisco, CA LLC (Career Education Corp.)(E) Starbucks Coffee 2 2 1,864 Company(E) (P) VACANT(E) -- -- 19,642 2500 Patrick Henry Pkwy. Georgia Power Company(H) 93 97 111,911 1999 McDonough, GA ---------------------------------------------------------------------------- Subtotal Office $ 73,540 $ 75,866 7,030,590 ---------------------------------------------------------------------------- Industrial ---------- 101 Michelin Drive TNT Logistics North $ 2,327 $ 2,420 1,164,000 1991/1993 Laurens, SC America, Inc. (TPG N.V.) (A) Philipp Parkway L'Oreal USA, Inc. (H) 1,718 1,889 649,250 2004 Streetsboro, OH 7111 Crabb Road TNT Logistics North 1,558 1,621 752,000 1978/1993 Temperance, MI America, Inc. (TPG N.V.) (A) 6050 Dana Way Dana Corporation (L) (Q) 1,833 1,606 677,400 1999 Antioch, TN 2400 West Haven Avenue Michaels Stores Procurement 1,456 1,456 693,000 2004 New Lenox, IL Company, Inc. (Michaels Stores, Inc.) (E) 43955 Plymouth Oaks Tower Automotive Products 1,414 1,414 290,133 1996/1998 Boulevard Company Plymouth, MI (Tower Automotive, Inc.) (E) 121 Technology Drive Heidelberg Web Systems, 1,503 1,387 500,500 1986/2003 Durham, NH Inc. (G) (M) 3600 Army Post Rd. EDS Information Services LLC 1,215 1,333 405,000 2002 Des Moines, IA (Electronic Data Systems Corporation) (L) 3225 Meridian Parkway Hagemeyer Foods, Inc. (E) 1,112 1,207 201,845 1995 Weston, FL 291 Park Center Drive Kraft Foods North 1,065 1,110 344,700 2001 Winchester, VA America, Inc. (A) 1109 Commerce Linens-n-Things, Inc. (E) 944 939 262,644 1998 Boulevard Logan Township, NJ 3245 Meridian Parkway Circuit City Stores, Inc. (E) 785 876 230,600 1995 Weston, FL ---------------------------------------------------------------------------- Subtotal Industrial $ 16,930 $ 17,258 6,171,072 ---------------------------------------------------------------------------- 20 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 9/30/05 - --------------------------------------------------------------------------------------------------------------------- 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 (L) (R) $ 276 $ 735 107,210 1993 Road San Diego, CA 5350 Leavitt Road Kmart Corporation (L) (R) 613 547 193,193 1993 Lorain, OH 255 Northgate Drive Kmart Corporation (L) (R) 433 386 107,489 1993 Manteca, CA 21082 Pioneer Plaza Kmart Corporation (L) (R) 407 363 120,727 1993 Drive Watertown, NY US 219 Kmart Corporation (L) (R) 286 232 90,933 1993 Fairlea, WV 1150 West Carl Sandburg Kmart Corporation (L) (R) 243 217 94,970 1992 Drive Galesburg, IL ---------------------------------------------------------------------------- Subtotal Retail $ 2,258 $ 2,480 714,522 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Grand Total $ 92,728 $ 95,604 13,916,184 ----------------------------------------------------------------------------
(A) The Company has a 33 1/3% economic interest in this property through Lexington Acquiport Company, LLC. (B) The Company has a 40% economic interest in this property through Lexington Columbia LLC. (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 through Lexington/Lion Venture LP. (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 through Acquiport Company II, LLC. (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 with 12 months notice, on 5/1/13 and 3/1/15 for a payment of $2,850 and $1,500, respectively. (L) The Company has a 30% economic interest in this property through Triple Net Investment Company LLC. (M) The Company has a 33 1/3% economic interest in this property through Lexington Durham Limited Partnership. (N) The Company has a 40% economic interest in this property through Lexington Oklahoma City, LP. (O) Tenant can cancel lease on 11/30/10 with 12 months notice. (P) Tenant can cancel lease on 9/30/08 with 120 days notice for a payment of $40. (Q) Tenant can terminate lease, for obsolescence by providing 120 days notice, anytime between 11/1/08 and 10/31/18 and pay a predetermined price or fair market value, whichever is greater. (R) Tenant has the right to cancel the lease no earlier than 12/15/03 providing 12 months notice and a minimum payment stipulated in the lease. 21 The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 9/30/05
Historical 9-Months Ended September 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 $ 27,937 16.72% 2 South Carolina 10 100 3,992,453 14,512 8.69 3 Ohio 12 93 4,272,331 11,953 7.16 4 California 14 99 2,738,540 11,910 7.13 5 Pennsylvania 12 100 2,472,403 10,625 6.36 6 Florida 11 100 2,288,148 10,374 6.21 7 Michigan 13 100 2,462,723 9,030 5.41 8 Virginia 10 100 1,399,643 8,083 4.84 9 Utah 1 100 295,000 6,580 3.94 10 Arizona 8 83 1,035,009 6,514 3.90 11 Massachusetts 4 100 574,301 5,426 3.24 12 New Jersey 4 100 792,145 4,935 2.95 13 Georgia 6 100 733,599 4,920 2.95 14 Tennessee 7 96 2,583,857 4,491 2.68 15 Illinois 6 100 1,454,680 4,378 2.62 16 Oregon 5 100 416,709 3,816 2.28 17 Indiana 3 100 424,003 2,680 1.60 18 Iowa 4 100 1,073,648 2,626 1.57 19 North Carolina 5 100 795,165 2,230 1.34 20 Kentucky 6 96 1,698,768 1,795 1.07 21 Washington 4 100 305,849 1,783 1.07 22 Connecticut 2 100 197,764 1,672 1.00 23 Colorado 3 100 363,240 1,379 0.83 24 Oklahoma 3 100 272,723 1,269 0.76 25 Kansas 2 100 397,682 996 0.60 26 Alabama 1 100 595,346 790 0.47 27 Hawaii 1 100 85,610 729 0.44 28 Louisiana 2 100 149,186 562 0.34 29 Maryland 3 100 159,019 550 0.33 30 Mississippi 1 100 168,104 472 0.28 31 New Hampshire 1 100 500,500 463 0.28 32 Minnesota 1 100 18,620 411 0.25 33 Missouri 1 100 166,641 351 0.21 34 Wisconsin 1 100 76,164 347 0.21 35 Idaho 1 100 77,483 248 0.15 36 New York 1 100 120,727 109 0.07 37 West Virginia 1 100 90,933 70 0.04 38 Maine 1 100 78,610 21 0.01 -------------------------------------------------------------------------------------- Total 192 97.7% 40,212,969 $ 167,037 100.00% --------------------------------------------------------------------------------------
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. (2) Includes properties owned as of September 30, 2005. (3) Includes properties owned during the nine months ended September 30, 2005. (4) As of September 30, 2005. 22 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 9/30/05
Office Industrial Retail - -------- ------------ --------------- -------------- ------------ -------------- ------------------------- ------------- ----------- Square Cash Rental Net Rent Square Cash Rental Net Rent Square Cash Rental Net Rent Year Footage Revenue(1) PSF Footage Revenue(1) PSF Footage Revenue(1) PSF - -------- ------------ --------------- -------------- ------------ -------------- ------------------------- ------------- ----------- 2005 100,026 $ 2,895 $ 28.94 -- $ -- $ -- -- $ -- $ -- 2006 276,456 2,461 8.90 1,190,237 6,199 5.21 -- -- -- 2007 189,293 2,032 14.53 1,901,600 9,857 5.18 -- -- -- 2008 573,959 7,628 13.64 -- -- -- 215,418 1,788 8.30 2009 1,837,317 17,924 16.21 831,966 2,015 3.40 205,436 1,943 9.46 2010 2,024,363 18,912 14.26 675,655 2,436 3.61 -- -- -- 2011 981,385 11,604 20.79 1,046,519 536 4.67 247,249 1,659 6.71 2012 1,860,247 18,282 12.69 4,305,199 9,924 4.28 -- -- -- 2013 1,826,048 21,640 15.25 79,086 483 6.11 -- -- -- 2014 1,861,427 19,388 15.70 965,160 3,522 3.65 303,893 1,137 3.74 2015 2,129,494 20,118 13.52 463,870 4,232 9.12 76,164 469 6.15 2016 509,642 5,545 17.90 559,258 3,663 6.55 -- -- -- 2017 128,500 694 17.99 806,439 2,754 4.32 108,682 1,126 10.36 2018 450,198 3,121 13.33 668,034 2,519 3.77 806,672 1,175 2.37 2019 502,931 3,971 19.67 2,183,152 5,519 3.50 -- -- -- 2020 221,900 2,890 18.31 666,437 5,000 7.50 -- -- -- 2021 269,991 6,798 25.18 1,839,204 6,128 4.36 -- -- -- 2022 -- -- -- -- -- -- -- -- -- 2023 -- -- -- -- -- -- -- -- -- 2024 187,262 1,069 19.02 693,000 568 2.73 -- -- -- 2025 -- -- -- 2,037,621 9,154 3.20 -- -- -- 2026 -- -- -- 500,500 427 2.56 -- -- -- Weighted Average $ 15.71 $ 4.42 $ 5.11 ====== ====== ======
(1) Includes proportionate share of joint venture investments. 23 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis 9/30/05 ($000's)
Percentage of Total Total Number of Annualized Base Annualized Year Leases Expiring Rent (1) Base Rent - ------------------------------------------------------------------------------------------------------ 2005 1 $ 2,488 1.0% 2006 9 10,240 4.2 2007 5 11,251 4.6 2008 8 8,902 3.6 2009 16 22,216 9.0 2010 17 20,363 8.3 2011 14 16,723 6.8 2012 23 26,257 10.7 2013 15 22,112 9.0 2014 20 23,887 9.7 2015 17 25,730 10.5 2016 8 7,008 2.8 2017 7 4,483 1.8 2018 11 6,868 2.8 2019 8 8,868 3.6 2020 5 7,586 3.1 2021 5 9,265 3.8 2022 0 0 -- 2023 0 0 -- 2024 2 1,637 0.7 2025 6 9,154 3.7 2026 1 617 0.3 ------------------------------------------------------------------------------------- Total 198 $ 245,655 100.0% =====================================================================================
(1) Includes proportionate share of joint venture investments. 24 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 9/30/05 ($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 9,542 7.400 Feb-08 831 9,262 Boca Raton, FL(e) 15,275 5.250 Mar-08 802 15,275 Decatur, GA 6,457 6.720 Jun-08 579 6,049 Phoenix, AZ 13,648 7.890 Jun-08 1,434 12,591 Palm Beach Gardens, FL 11,016 7.010 Jun-08 970 10,418 Dubuque, IA 7,081 4.890 Aug-08 513 6,588 Canton, OH 3,192 7.150 Aug-08 313 2,936 Spartanburg, SC 2,651 7.150 Aug-08 260 2,438 Florence, SC 9,110 7.500 Feb-09 869 8,443 Ocala, FL 12,306 7.250 Feb-09 1,332 10,700 Canton, OH 1,128 9.490 Feb-09 388 -- Baton Rouge, LA 1,771 7.375 Mar-09 208 1,478 Bristol, PA 5,807 7.250 Apr-09 571 5,228 Livonia, MI(i) 10,805 7.800 Apr-09 992 10,236 Henderson, NC 4,247 7.390 May-09 417 3,854 Westland, MI 2,222 10.500 Sep-09 683 -- Salt Lake City, UT 9,924 7.610 Oct-09 2,901 -- High Point, NC 8,636 5.750 Oct-09 695 7,741 Richmond, VA 16,176 8.100 Feb-10 1,511 15,257 Hampton, VA 4,394 8.260 Apr-10 415 4,144 Hampton, VA 7,165 8.270 Apr-10 677 6,758 Tampa, FL 8,182 6.930 Aug-10 674 7,603 Tampa, FL 5,917 6.880 Aug-10 485 5,495 Herndon, VA 18,506 8.180 Dec-10 1,723 17,301 San Diego, CA 4,080 7.500 Jan-11 411 3,420 Tucson, AZ 2,366 7.500 Jan-11 226 2,076 Columbia, SC 3,310 7.540 Jan-11 317 2,905 Valley Forge, PA 12,644 7.120 Feb-11 1,166 10,927 Glendale, AZ 14,499 7.400 Apr-11 1,258 13,365 Wallingford, CT 3,453 4.926 May-11 188 3,187 Farmington Hills, MI 20,550 5.126 May-11 1,156 19,020 Dallas, TX 30,582 5.126 May-11 1,589 30,582 Auburn Hills, MI 6,953 7.010 Jun-11 637 5,918 Plymouth, MI 4,626 7.960 Jul-11 463 3,949 Newport, OR 6,803 5.030 Aug-11 470 5,980 Greenville, SC 13,487 4.415 Jan-12 841 11,806 New Kingston, PA 7,073 7.790 Jan-12 678 6,101 Mechanicsburg, PA 5,221 7.780 Jan-12 500 4,503 New Kingston, PA 3,370 7.780 Jan-12 323 2,906 Lake Forest, CA 10,639 7.260 Feb-12 901 9,708 Memphis, TN 17,827 5.247 May-12 1,022 16,222 Lakewood, CO 8,694 5.097 May-12 487 7,890 Groveport, OH 7,674 6.030 Oct-12 563 6,860 San Antonio, TX 29,700 6.080 Oct-12 2,260 26,025 Fort Mill, SC 11,270 6.000 Jan-13 839 9,904 Foxboro, MA(c) 17,764 6.000 Jan-13 2,817 -- Waterloo, IA 6,303 5.610 Feb-13 672 3,505 Indianapolis, IN 9,638 5.168 May-13 546 8,580 Tempe, AZ 13,648 5.148 May-13 770 12,144 Chelmsford, MA 7,008 5.118 May-13 394 6,231 Southington, CT 13,780 5.018 May-13 761 12,228 Houston, TX 17,660 5.218 May-13 1,008 15,737 Scottsdale, AZ (i) 14,170 5.268 May-13 757 13,594 Atlanta, GA 45,238 5.268 May-13 2,603 40,356 25 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 9/30/05 ($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) 10,343 7.020 Sep-13 900 8,637 Lancaster, CA (second) 8,706 5.920 Sep-13 642 7,518 Knoxville, TN 5,182 5.950 Sep-13 381 4,496 Foxboro, MA(c) 22,385 6.000 Jan-14 3,271 -- Moody, AL 7,512 4.978 Jan-14 493 6,350 Mechanicsburg, PA 13,479 5.730 Mar-14 1,045 10,538 Redmond, OR 9,922 5.616 Apr-14 697 8,484 Clive, IA 5,920 5.139 May-14 334 5,151 Fort Mill, SC(f) 20,300 5.373 May-14 1,106 18,311 Eau Claire, WI 1,966 8.000 Jul-14 313 -- Philadelphia, PA(h) 49,000 5.060 Jul-14 2,514 43,547 Jackson, TN 10,249 5.930 Jul-14 743 8,820 Carrollton, TX 14,392 5.530 Jan-15 993 12,022 Southfield, MI 10,905 4.550 Feb-15 1,058 4,454 Franklin, NC 1,759 8.500 Mar-15 271 -- Kalamazoo, MI 17,625 5.411 May-15 1,037 15,087 Atlanta, GA 11,325 5.260 May-15 604 10,502 Richmond, VA 10,608 5.310 May-15 615 9,055 Knoxville, TN 7,800 5.310 May-15 452 6,658 Jacksonville, FL 5,804 5.110 May-15 326 4,919 Harrisburg, PA 9,180 5.110 May-15 515 7,780 Houston, TX 16,977 5.160 May-15 960 14,408 Houston, TX 13,254 5.210 May-15 756 11,265 Tulsa, OK 7,688 5.060 May-15 428 6,517 San Antonio, TX 13,071 5.340 May-15 761 11,149 Los Angeles, CA 11,500 5.110 May-15 645 9,760 Fishers, IN 13,182 5.160 May-15 746 11,188 Elizabethtown, KY 25,603 4.990 Jul-15 1,647 21,182 Elizabethtown, KY 4,822 4.990 Jul-15 310 3,990 Hopkinsville, KY 15,001 4.990 Jul-15 965 12,411 Owensboro, KY 10,846 4.990 Jul-15 698 8,974 Dry Ridge, KY 12,128 4.990 Jul-15 780 10,034 Houston, TX(c) 27,150 6.250 Sep-15 2,828 6,985 Houston, TX(c) 7,612 6.250 Sep-15 700 2,222 Sugar Land, TX(c) 17,560 6.250 Sep-15 1,770 6,286 Houston, TX(c) 65,893 6.250 Sep-15 5,595 18,318 Southborough, MA 1,918 7.500 Sep-15 275 -- Danville, IL 6,441 9.000 Jan-16 692 4,578 Temple, TX 9,026 6.090 Jan-16 668 7,446 Bremerton, WA 6,671 6.090 Apr-16 494 5,465 Dillon, SC 11,538 7.900 Dec-16 1,263 5,273 Westmont, IL 15,639 6.210 Mar-18 1,292 9,662 Wall Township, NJ(c) 29,752 6.250 Jan-21 2,013 -- Chester, SC 13,937 5.380 Aug-25 1,144 362 ---------- ----- -------- -------- $ 1,199,577 5.227% $ 99,242 $ 873,778 ---------- ------ -------- -------- Property-Variable Rate Milpitas, CA (a) (b) $ 12,305 7.700% July-06 $ 1,216 $ 11,867 ---------- ------ -------- -------- Corporate Credit Facility (d) $ -- -- June-08 $ -- $ -- ----------- ------- ---------- --------- Total $ 1,211,882 5.252% $ 100,458 $ 885,645 ========== ====== ========= ========
26 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 9/30/05 (000's) (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. 27 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 9/30/05 (000's)
- ----------------------------------------------------------------------------------------------------------------------- Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment - ----------------------------------------------------------------------------------------------------------------------- Santa Clarita, CA(3) $ 28,200 $ 8,460 4.750 Oct-09 $ 1,340 $ 28,200 Columbia, SC(1) 23,917 9,567 7.850 Oct-09 2,196 22,586 Houston, TX(2) 20,465 6,822 7.580 Oct-09 2,032 18,229 Fishers, IN(2) 14,577 4,859 8.190 Apr-10 1,499 12,960 Lorain, OH(5,8) 3,435 1,031 6.000 Jul-10 873 -- Manteca, CA(5,8) 2,427 728 6.000 Jul-10 616 -- Watertown, NY(5,8) 2,282 685 6.000 Jul-10 580 -- Fairlea, WV(5,8) 1,603 481 6.000 Jul-10 407 -- San Diego, CA(5,8) 1,547 464 6.000 Jul-10 393 -- Galesburg, IL(5,8) 1,362 409 6.000 Jul-10 346 -- Irving, TX(2) 26,094 8,698 8.160 Oct-10 2,432 24,454 Lake Mary, FL(2) 12,992 4,331 7.880 Oct-10 1,181 12,118 Lake Mary, FL(2) 12,954 4,318 7.880 Oct-10 1,178 12,082 Parsippany, NJ(2) 40,201 13,400 7.350 Mar-11 3,472 37,047 Novato, CA(3) 22,309 6,693 5.750 Jul-11 1,600 20,307 Winchester, VA(2) 10,564 3,521 7.330 Aug-11 908 9,675 Antioch, TN(8) 14,404 4,321 7.940 Oct-11 1,580 11,177 Milford, OH(2) 16,435 5,478 8.170 Feb-12 1,764 12,686 Des Moines, IA(8) 22,761 6,828 5.147 May-12 1,188 22,153 Fort Worth, TX(8) 19,645 5,894 5.097 May-12 1,036 17,823 Raleigh, NC(3) 12,900 3,870 4.947 May-12 647 12,543 Farmington Hills, MI(2) 20,711 6,904 5.420 Sep-12 1,500 17,724 Laurens, SC(2) 17,045 5,682 6.000 Sep-12 1,396 14,022 Temperance, MI(2) 11,427 3,809 6.000 Sep-12 936 9,400 Baton Rouge, LA(8) 6,822 2,047 4.900 Oct-12 443 5,943 Plymouth, MI(3) 12,349 3,705 6.220 Dec-12 1,026 10,026 Colorado Springs, CO(2) 11,625 3,875 6.250 Dec-12 887 10,272 Centennial, CO(8) 15,578 4,673 6.150 Feb-13 1,177 13,555 Los Angeles, CA(4) 80,182 20,046 5.330 May-13 4,333 73,071 Dallas, TX(8) 40,921 12,276 5.218 May-13 2,206 36,453 Malvern, PA(3) 13,098 3,929 5.530 Jan-14 916 11,236 Arlington, TX(4) 21,578 5,395 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) 18,634 5,590 6.000 Sept-14 1,457 14,646 Weston, FL(3) 10,743 3,223 5.420 Nov-14 733 9,066 Issaquah, WA(4) 32,800 8,200 5.001 Dec-14 1,663 30,388 Canonsburg, PA(8) 9,095 2,729 5.377 Dec-14 489 9,095 Chicago, IL(3) 29,900 8,970 5.105 Jan-15 1,548 29,900 Herndon, VA(3) 12,269 3,681 5.920 Apr-15 888 10,359 Richmond, VA(3) 19,800 5,940 5.110 May-15 1,026 18,321 Oklahoma City, OK(7) 14,749 5,900 5.240 May-15 784 13,673 McDonough, GA(4) 12,675 3,169 5.212 Jun-15 670 11,349 Mission, TX(8) 6,452 1,936 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) 7,421 2,226 5.520 Nov-17 512 5,758 Lorain, OH(5,8) 1,480 444 6.000 Jul-18 108 -- Manteca, CA(5,8) 1,045 314 6.000 Jul-18 77 -- Watertown, NY(5,8) 983 295 6.000 Jul-18 72 -- Fairlea, WV(5,8) 691 207 6.000 Jul-18 51 -- San Diego, CA(5,8) 666 200 6.000 Jul-18 49 -- Galesburg, IL(5,8) 587 176 6.000 Jul-18 43 -- Overland Park, KS(4) 37,620 9,405 5.830 May-19 2,224 31,819 28 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 9/30/05 (000's) - ----------------------------------------------------------------------------------------------------------------------- Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment - ----------------------------------------------------------------------------------------------------------------------- Kansas City, MO(4) 17,950 4,488 5.830 May-19 1,061 15,182 West Chester, PA(3) 10,772 3,232 6.750 Jul-19 1,204 -- Meridian, ID(4) 10,320 2,580 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) 10,366 2,592 6.270 Dec-19 774 7,755 Oakland, ME(4) 10,500 2,625 5.930 Oct-20 750 7,660 Durham, NH(6) 19,182 6,394 6.730 Mar-21 1,309 -- ------- -------- ---------- --------- -------- $ 941,310 $ 280,715 5.987% $ 66,766 $ 796,278 ======= ======== ========== ========= =========
1. The Company has a 40% economic interest in this property through Lexington Columbia LLC. 2 The Company has a (33) 1/3% economic interest in this property thorough Lexington Acquiport Company LLC. 3 The Company has a 30% economic interest in this property through Lexington/Lion Venture LP. 4 The Company has a 25% economic interest in this property through Lexington Acquiport Company II, LLC. 5. Debt balances based upon imputed rates. 6. The Company has a (33) 1/3% economic interest in this property through Lexington Durham LP. 7. The Company has a 40% economic interest in this property through Lexington Oklahoma City, LP. 8. The Company has a 30% economic interest in this property through Triple Net Investment Company LLC. 29 Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 9/30/05 ($000's)
Consolidated properties - ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments(1) Average Interest Rate ------------ -------- --------------------- 2005 - remaining $ 5,802 $ 0 -- 2006 28,776 11,867 7.70% 2007 36,316 0 -- 2008 31,106 65,557 6.60 2009 32,174 47,680 7.18 --------- --------- ----------- $ 134,174 $ 125,104 6.92% ========= ========= =========== Joint venture properties - LXP proportionate share - ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments(2) Average Interest Rate ------------ -------- --------------------- 2005 - remaining $ 564 $ 0 -- 2006 3,311 0 -- 2007 3,828 0 -- 2008 4,229 0 -- 2009 4,755 23,570 6.67% --------- --------- ----------- $ 16,687 $ 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. 30 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 9/30/05 - -------------------------------------------------------------------------------- Percentage of Historical Tenant Industry 9 Month Base Rent (1) - -------------------------------------------------------------------------------- Energy 14.5% Finance/Insurance/Professional Services 13.4 Technology 11.2 Automotive 7.2 Telecommunications 6.2 Transportation/Logistics 5.7 Retail-Department/ Discount Store 5.6 Healthcare 4.6 Media/Advertising 4.5 Food 4.3 Construction Materials 4.0 Retail-Specialty 4.0 Consumer Products/Other 3.9 Printing/Production 3.1 Aerospace/Defense 2.4 Retail-Electronics 1.6 Health/Fitness 1.2 Apparel 1.1 Security 1.0 Paper/Containers & Packaging 0.5 ------- 100.0% (1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 31 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 9/30/05 Percent of Base Rent for 9 Months Ended 9/30/05 - -------------------------------------------------------------------------------- 1 Houston-Galveston-Brazoria-TX 7.85% 2 Dallas-Fort Worth-TX 6.25% 3 Los Angeles-Riverside-Orange County-CA 5.20% 4 Detroit-Ann Arbor-Flint-MI 4.70% 5 Philadelphia-Wilmington-Atlantic City- PA-NJ-DE-MD 4.24% 6 New York-Northern New Jersey-Long Island-NY-NJ-CT-PA 3.62% 7 Boston-Worcester-Lawrence-MA-NH-ME-CT 2.92% 8 Chicago-Gary-Kenosha-IL-IN-WI 2.89% 9 Youngstown-Warren-OH 2.87% 10 Salt Lake City-Ogden-UT 2.82% 11 Phoenix-Mesa-AZ 2.64% 12 San Francisco-Oakland-San Jose-CA 2.41% 13 Columbia-SC 2.41% 14 Kansas City-MO-KS 2.31% 15 Charlotte-Gastonia-Rock Hill-NC-SC 2.08% 16 Atlanta-GA 2.05% 17 Richmond-Petersburg-VA 1.88% 18 Washington-Baltimore-DC-MD-VA-WV 1.86% 19 Indianapolis-IN 1.85% 20 Harrisburg-Lebanon-Carlisle-PA 1.85% 21 Orlando-FL 1.84% 22 Seattle-Tacoma-Bremerton-WA 1.64% 23 San Antonio-TX 1.43% 24 West Palm Beach-Boca Raton-FL 1.42% 25 Cleveland-Akron-OH 1.27% 26 Cincinnati-Hamilton-OH-KY-IN 1.06% 27 Laurens-SC 1.04% 28 Denver-Boulder-Greeley-CO 0.98% 29 Columbus-OH 0.97% 30 Sacramento-Yolo-CA 0.90% 31 Miami-Fort Lauderdale-FL 0.89% 32 Des Moines-IA 0.82% 33 Dillon-SC 0.81% 34 Greenville-Spartanburg-Anderson-SC 0.79% 35 Tampa-St. Petersburg-Clearwater-FL 0.78% 36 Ocala-FL 0.72% 37 Memphis-TN-AR-MS 0.71% 38 Nashville-TN 0.67% 39 Norfolk-Virginia Beach-Newport News-VA-NC 0.65% 40 Knoxville-TN 0.64% 41 Kalamazoo-Battle Creek-MI 0.63% 42 San Diego-CA 0.60% 43 Chester-SC 0.57% 44 Florence-SC 0.55% 45 Colorado Springs-CO 0.53% 46 Wilmington-NC 0.52% 47 Hartford-CT 0.51% 48 Killeen-Temple-TX 0.50% 32 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 9/30/05 Percent of Base Rent for 9 Months Ended 9/30/05 - -------------------------------------------------------------------------------- 49 Redmond-OR 0.50% 50 Baton Rouge-LA 0.49% 51 Winchester-VA 0.48% 52 Jackson-TN 0.46% 53 Jacksonville-FL 0.44% 54 Pittsburgh-PA 0.43% 55 Boise City, ID 0.41% 56 Portland-Salem-OR-WA 0.38% 57 Dubuque-IA 0.37% 58 Canton-Massillon-OH 0.37% 59 Tulsa-OK 0.37% 60 Elizabethtown, KY 0.36% 61 Greensboro-Winston-Salem-High Point-NC 0.35% 62 Birmingham-AL 0.34% 63 Oklahoma, OK 0.34% 64 Raleigh-Durham-Chapel Hill-NC 0.33% 65 Klamath Falls-OR 0.32% 66 Waterloo-Cedar Falls-IA 0.32% 67 McAllen-Edinburg-Mission-TX 0.32% 68 Honolulu-HI 0.31% 69 Newport-OR 0.31% 70 Danville-IL 0.30% 71 Henderson-NC 0.26% 72 Stockton-Lodi-CA 0.23% 73 Fort Meyers-FL 0.21% 74 New Haven-West Haven-Bridgeport-CT 0.19% 75 Minneapolis-St. Paul-MN-WI 0.18% 76 Clarksville-Hopkinsville-TN-KY 0.17% 77 Watertown-NY 0.16% 78 Eau Claire-WI 0.15% 79 Tucson-AZ 0.14% 80 Clackamas-OR 0.12% 81 Mansfield-OH 0.12% 82 Franklin-NC 0.12% 83 Gordonsville, TN 0.11% 84 Lewisburg-WV 0.10% 85 Galesburg-IL 0.09% 86 Owensboro-KY 0.09% 87 Lavonia-GA 0.08% 88 Oakland-ME 0.04% 89 Lynchburg-VA 0.00% - -------------------------------------------------------------------------------- Totals 100.00% 33 Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 9/30/05 Historical 9-Month Base Rent Revenue by Property Type ($000's)(A) Percentage - -------------------------------------------------------------------------------- Office $ 109,166 65.4% Industrial 49,621 29.7 Retail 8,250 4.9 ---------- ------- $ 167,037 100.0% ========== ======= Revenue by Credit Rating(C) - --------------------------- Investment Grade $ 69,432 41.6% Non-Investment Grade 32,739 19.6 Unrated 64,866 38.8 ------------ ------- $ 167,037 100.0% ============ =======
Percentage of Base Rent for 9 Number of Months Top 15 Tenants/Guarantors Properties(B) Property Type Ended 9/30/05(A) - ----------------------------------------------------------------------------------------------------- Baker Hughes, Inc. 4 Office (3)/Industrial (1) 5.9% Kmart Corporation 7 Industrial(1)/Retail (6) 4.0 Northwest Pipeline Corp. 1 Office 3.9 Dana Corporation 10 Office (1)/Industrial (9) 3.0 Wells Fargo Home Mortgage, Inc. 2 Office 2.9 Invensys Systems, Inc. (Siebe, Inc.) 2 Office 2.6 Exel Logistics, Inc.(NFC plc) 4 Industrial 2.2 Nextel Finance Company 4 Office 2.1 Owens Corning 4 Industrial 1.8 Internet Security Systems, Inc. 2 Office 1.7 Harcourt Brace 1 Industrial 1.5 James Hardie Building Products, Inc. 1 Industrial 1.5 (James Hardie Industries N.V.) Michaels Stores, Inc. 2 Industrial 1.5 Circuit City Stores, Inc. 2 Office(1)/Industrial (1) 1.4 Aventis Pharmaceuticals 1 Office 1.3 - --- 47 37.3% == =====
(A) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (B) As of September 30, 2005. (C) As of September 30, 2005. 34 -----END PRIVACY-ENHANCED MESSAGE-----