-----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, HLC1fJkmefwMiObHwq3HR23gy3aXA5h6q9sqJSFkKPs4TpK3AKgSLWBHr/+cPdpS IOTqBKFxUHlg4igLlXftYA== 0001116679-07-000514.txt : 20070223 0001116679-07-000514.hdr.sgml : 20070223 20070223170540 ACCESSION NUMBER: 0001116679-07-000514 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070223 DATE AS OF CHANGE: 20070223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON REALTY 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: 07646551 BUSINESS ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: SUITE 4015 CITY: NEW YORK STATE: NY ZIP: 10119 BUSINESS PHONE: (212) 692-7200 MAIL ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: SUITE 4015 CITY: NEW YORK STATE: NY ZIP: 10119 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES TRUST DATE OF NAME CHANGE: 19980625 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 lex8k.htm FEBRUARY 22, 2007

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

Current Report Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported) February 22, 2007

 

LEXINGTON REALTY TRUST

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Maryland

1-12386

13-371318

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer Identification Number)

 

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 obligations of the registrant under any of the following provisions

 

___         Written communications pursuant to Rule 425 under the Securities Act (17 CFT|R 230.425)

 

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

 

___

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

 

___

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

 

 

 

 

Item 2.02.

Results of Operations and Financial Conditions.

 

On February 22, 2007, we issued a press release announcing our financial results for the quarter and year ended December 31, 2006. 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, which we refer to as the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, which we refer to as the Act, or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 7.01.

Regulation FD Disclosure.

 

On February 22, 2007, we made available supplemental information, which we refer to as the Supplemental Reporting Package, concerning our operations and portfolio for the quarter and year ended December 31, 2006. 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 of our filings 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)

Not applicable

 

(d)

Exhibits

99.1

Press Release issued February 22, 2007.

99.2

Supplemental Reporting Package for the quarter and year ended December 31, 2006.

 

 

 

SIGNATURES

 

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 Realty Trust

 

Date: February 23, 2007

By:

/s/ T. Wilson Eglin

 

T. Wilson Eglin

 

Chief Executive Officer

 

 

Exhibit Index

 

 

99.1

Press Release issued February 22, 2007.

99.2

Supplemental Reporting Package for the quarter and year ended December 31, 2006.

 

 

 

 EX-99 2 ex-press_release.htm EX. 99.1: PRESS RELEASE

 

Exhibit 99.1

 

 

LEXINGTON REALTY TRUST TRADED: NYSE: LXP

ONE PENN PLAZA, SUITE 4015

NEW YORK NY 10119-4015

 

Contact:

Investor or Media Inquiries, Carol Merriman, VP Investor Relations & Corporate Development

Lexington Realty Trust

Phone: (212) 692-7264 E-mail: cmerriman@lxp.com

 

FOR IMMEDIATE RELEASE

Thursday, February 22, 2007

 

LEXINGTON REALTY TRUST REPORTS 2006 RESULTS

Reaffirms 2007 Guidance

 

New York, NY – February 22, 2007 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced results for the year and fourth quarter ended December 31, 2006. All per share amounts are on a diluted basis.

 

Fourth Quarter 2006 Highlights

 

•

Total gross revenues of $55.2 million

 

•

Company’s Funds From Operations (FFO) of $15.1 million (1)

 

•

Company’s FFO per share of $0.24 (1)

 

•

Seven leases executed, totaling 1.0 million square feet

 

•

$2.2 billion single-tenant real estate investment acquisitions, including acquisition of Newkirk

 

•

$18.1 million in non-strategic dispositions

 

•

$0.5975 per share combined quarterly and special cash dividends declared

 

•

450,000 shares repurchased at average price of $21.36 per share

 

Year 2006 Highlights

 

•

Total gross revenues of $207.4 million

 

•

Company’s FFO of $81.6 million (1)

 

•

Company’s FFO per share of $1.28 (1)

 

•

15 leases executed, totaling 2.3 million square feet

 

•

$2.3 billion single-tenant real estate investment acquisitions, including acquisition of Newkirk

 

•

$94.0 million in non-strategic dispositions

 

•

$1.6925 per share combined annual and special cash dividends declared

 

Highlights Subsequent to Year End 2006

 

•

$300.0 million, 5.45% exchangeable notes issued

 

•

$155.0 million of 7.55% Series D Cumulative Redeemable Preferred Stock issued

 

•

14 leases signed or extended

 

(1)

See the last page of this press release for a reconciliation of GAAP net income to Company FFO.

 

COMMENTS FROM MANAGEMENT

 

T. Wilson Eglin, President and Chief Executive Officer of Lexington Realty Trust stated, “2006 was an exceptional year of growth for the company in which we achieved our key objectives. First, we grew our portfolio by 18.6 million square feet and enhanced our geographic diversity into 44 states with our acquisition of Newkirk Realty Trust. Second, we strengthened the quality of our portfolio, increasing the percentage of forward rental income obtained from investment grade-rated tenants to greater than 50%

 

 

Lexington Realty Trust

      Page 2 of 9

 

 

and increasing our investments in markets which we believe have good growth prospects. Third, we maintained high tenant retention, finishing the year 97.6% leased, representing our 13th consecutive year above 95%.” Eglin continued, “Looking ahead, we believe the fundamentals of our business remain sound and we continue to be active on the leasing front with five new leases and nine lease extensions signed since the start of 2007. With our national platform and investment flexibility across a diverse set of single-tenant asset classes, along with our recent re-financing activity which has created significant balance sheet flexibility, we believe we are well positioned to continue growing our business and increasing stockholder value. Additionally, we expect our Board of Trustees will increase our regular quarterly dividend next month by approximately 2.7% to $1.50 per share on an annualized basis, representing our 14th consecutive year of delivering increased dividends.”

 

FINANCIAL RESULTS

 

Revenue

 

For the quarter ended December 31, 2006, total gross revenues increased 9.0% to $55.2 million, compared with total gross revenues of $50.7 million for the quarter ended December 31, 2005.

 

For the year ended December 31, 2006, total gross revenues increased 13.0% to $207.4 million, compared with total gross revenues of $183.5 million for the year ended December 31, 2005.

 

Net Income (Loss) Applicable to Common Shareholders

 

For the quarter ended December 31, 2006, net (loss) allocable to common shareholders was $(10.4) million, which includes $4.0 million of gains on sales, $5.3 million in impairment charges, net, $5.1 million in debt satisfaction gains, net and a $10.8 million charge relating to the acceleration of non-vested time based share awards; compared to the quarter ended December 31, 2005, which had net (loss) allocable to common shareholders of $(5.9) million, which included $4.9 million of gains on sales, $10.5 million in impairment charges and $0.9 million in debt satisfaction charges. On a per share basis, net loss for the quarter ended December 31, 2006 was $0.20, compared with a net loss of $0.11 for the same period last year.

 

For the year ended December 31, 2006, net (loss) allocable to common shareholders was $(8.7) million, which includes $21.5 million of gains on sales, $27.8 million in impairment charges, net, $9.7 million in debt satisfaction gains, net and a $10.8 million charge relating to the acceleration of non-vested time based share awards; compared to the year ended December 31, 2005, which had net income allocable to common shareholders of $16.3 million, which included $11.6 million of gains on sales, $11.3 million in impairment charges and $3.1 million in debt satisfaction gains, net. On a per share basis, net (loss) for the year ended December 31, 2006 was ($0.17), compared with net income of $0.33 for the same period last year.

 

Company’s Funds From Operations Applicable to Common Shareholders

 

For the quarter ended December 31, 2006, Company Funds From Operations (FFO) was $15.1 million, compared with Company FFO for the quarter ended December 31, 2005 of $16.8 million. On a per share basis, Company FFO was $0.24 for the quarter ended December 31, 2006, compared with $0.27 for the quarter ended December 31, 2005. Company FFO for the quarter ended December 31, 2006 includes a $10.8 million charge relating to the acceleration of non-vested time based share awards, a $6.1 million impairment on a property, and $6.2 million in debt satisfaction gains. Company FFO for the quarter ended December 31, 2005 includes a $12.1 million impairment charge on a property and $0.9 million in debt satisfaction charges. The aggregate impact of these items in 2006 and 2005 was a

 

 

Lexington Realty Trust

      Page 3 of 9

 

 

reduction in Company FFO of $10.7 million ($0.16 per share) and $13.0 million ($0.20 per share), respectively.

 

For the year ended December 31, 2006, total Company FFO was $81.6 million, compared with total Company FFO for the year ended December 31, 2005 of $104.2 million. On a per share basis, Company FFO was $1.28 for the year ended December 31, 2006, compared with $1.70 for the year ended December 31, 2005. Company FFO for the year ended December 31, 2006 includes a $10.8 million charge relating to the acceleration of non-vested time based shares awards, $39.7 million in impairment charges and write-offs, $11.7 million in debt satisfaction gains, and $6.9 million in gains from bankruptcy claims sold. Company FFO for the year ended December 31, 2005 includes $13.0 million in impairment charges and $3.0 million in debt satisfaction gains. The aggregate impact of these items in 2006 and 2005 was a reduction in Company FFO of $31.9 million ($0.50 per share) and $10.0 million ($0.16 per share), respectively.

 

Market Capitalization

 

At December 31, 2006, Lexington’s total market capitalization was approximately $4.8 billion (based on the market closing price of Lexington’s common shares on December 29, 2006, assuming the conversion of all operating partnership units to common shares, the liquidation preference of preferred shares, and the principal balance of total debt outstanding). At December 31, 2006 following the Newkirk transaction, Lexington had approximately $2.1 billion in debt outstanding, equating to a debt-to-total market capitalization ratio of 44.2%.

 

Dividend

 

On December 15, 2006, Lexington’s Board of Trustees declared a regular quarterly cash dividend/distribution of $0.365 per share and a special dividend/distribution of $0.2325 per common share/operating partnership unit, both paid on January 16, 2007, to common shareholders/unit holders of record as of December 28, 2006. The special dividend/distribution consisted of the previously announced $0.17 special dividend/distribution per common share/operating partnership unit related to the merger with Newkirk Realty Trust and an additional $0.0625 special dividend/distribution per common share/operating partnership unit related to Newkirk Realty Trust’s special dividend of $0.05 per share of common stock required to maintain its REIT status.

 

Lexington currently pays an annualized dividend of $1.46 per share (excluding the special dividend paid in January 2007). Lexington announced during the quarter ended December 31, 2006, that it anticipated that its annualized dividend would be increased to $1.50 per share, although dividends will continue to be set at the sole discretion of Lexington’s Board of Trustees.

 

Share Repurchase Authorization

 

During the quarter ended December 31, 2006, Lexington repurchased approximately 450,000 common shares at an average price of $21.36 per share. Lexington is currently authorized by its Board of Trustees to repurchase approximately 1.5 million additional common shares.

 

INVESTMENT ACTIVITY

 

Acquisitions

 

During the year ended December 31, 2006, Lexington acquired interests in a total of 185 properties,

 

 

Lexington Realty Trust

      Page 4 of 9

 

 

including the properties acquired through the merger with Newkirk Realty Trust, for an aggregate purchase price of approximately $2.3 billion. The merger with Newkirk Realty Trust significantly increased Lexington’s property portfolio in California, Texas and New Jersey and solidified its position as the dominant REIT in the U.S. focused on single-tenant real estate investments.

 

Non-strategic property dispositions

 

During the year ended December 31, 2006, Lexington sold its interest in eight properties for $94.0 million.

 

2007 EARNINGS GUIDANCE

 

Lexington reaffirmed its previously disclosed 2007, full-year per diluted share Company FFO guidance range of $1.75 to $1.85. This guidance is based on current expectations and is forward-looking.

 

SUBSEQUENT TO YEAR END

 

In January 2007, one of Lexington’s operating partnership subsidiaries, The Lexington Master Limited Partnership, issued $300.0 million aggregate principal amount of 5.45% exchangeable guaranteed notes due January 15, 2027. Interest on the notes is payable semi-annually beginning on July 15, 2007.

 

The notes are unsecured obligations of The Lexington Master Limited Partnership and are fully and unconditionally guaranteed by Lexington and its subsidiaries that are borrowers and guarantors under its unsecured credit facility.

 

The Lexington Master Limited Partnership used the net proceeds of approximately $292.7 million, after initial purchasers’ discounts and the payment of offering related expenses from the sale of the notes to repay indebtedness under its secured credit facility.

 

In February 2007, Lexington issued 6.2 million shares of its 7.55% Series D Cumulative Redeemable Preferred Stock, at a price of $25.00 per share. Net proceeds from the offering of approximately $149.0 million, after underwriters’ discounts and the payment of offering related expenses, were used to repay in full the borrowings under Lexington’s unsecured credit facility and will be used for general corporate purposes.

 

The preferred shares will commence trading today on the New York Stock Exchange under the symbol "LXP_pd".

 

Subsequent to the year ended December 31, 2006, Lexington has executed or extended 14 leases.

 

YEAR END, 4TH QUARTER 2006 CONFERENCE CALL

 

On Thursday, February 22, 2007, at 1:00 p.m. Eastern Time, Lexington will be hosting a conference call to discuss its year end and fourth quarter results for 2006. Lexington’s remarks will be followed by a question and answer period. Interested parties may participate in this conference call by dialing (800) 218-0204 or (303) 262-2140. A taped replay of the call will be available through March 22, 2007 at (800) 405-2236, confirmation 11080978.

 

A live web cast (listen-only mode) of the conference call will be available at www.lxp.com within the Investor Relations section. An online replay will also be available through February 22, 2007.

 

 

Lexington Realty Trust

      Page 5 of 9

 

 

About Lexington Realty Trust

 

Lexington Realty Trust is a real estate investment trust that owns, invests in, 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 currently pays an annualized dividend of $1.46 per share. Lexington disclosed that it anticipated that its annualized dividend would be increased to $1.50 per share, although dividends will continue to be set at the sole discretion of Lexington’s Board of Trustees. Lexington shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.

 

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 integrate our operations and properties with those of Newkirk Realty Trust, (ii) the failure to continue to qualify as a real estate investment trust, (iii) changes in general business and economic conditions, (iv) competition, (v) increases in real estate construction costs, (vi) changes in interest rates, (vii) changes in accessibility of debt and equity capital markets, and (viii) 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.

(1) Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington presents FFO because it considers FFO an important supplemental measure of Lexington’s operating performance. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude generally accepted accounting principles (“GAAP”), historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

 

Lexington computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). FFO is defined by NAREIT as “net income (or loss) computed in accordance with 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 does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.

 

Lexington includes in its calculation of FFO, which as included Lexington refers to as the “Company’s funds from operations” or “Company FFO,” Lexington’s operating partnership units and Lexington’s Series C Cumulative Convertible Preferred Shares because these securities are convertible, at the holder’s option, into Lexington’s common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because it presents Company FFO on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted. Since others do not calculate FFO in a similar fashion, Company FFO may not be comparable to similarly titled measures as reported by others.

 

 

 

 

Lexington Realty Trust

      Page 6 of 9

 

 

Lexington Realty Trust and Consolidated Subsidiaries

Consolidated Statements of Operations

(in thousands, except share data)

 

 

 

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

Gross revenues:

 

 

 

 

 

 

 

 

 

 

Rental

$

49,311 

$

45,795 

$

185,312 

$

167,253 

 

 

Advisory fees

 

1,027 

 

1,180 

 

4,555 

 

5,365 

 

 

Tenant reimbursements

 

4,902 

 

3,687 

 

17,524 

 

10,840 

 

 

 

Total gross revenues

 

55,240 

 

50,662 

 

207,391 

 

183,458

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses applicable to revenues:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

(21,606)

 

(19,263)

 

(80,688)

 

(66,041)

 

 

Property operating

 

(9,050)

 

(6,986)

 

(32,167)

 

(21,913)

 

General and administrative

 

(19,674)

 

(4,438)

 

(35,530)

 

(17,587)

 

Non-operating income

 

1,244 

 

326 

 

8,913 

 

1,514 

 

Interest and amortization expense

 

(19,050)

 

(17,722)

 

(71,402)

 

(62,617)

 

Debt satisfaction (charges) gains, net

 

7,443 

 

(223)

 

7,228 

 

4,409 

 

Impairment charges

 

(6,100)

 

- 

 

(7,221)

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before benefit for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations

 

(11,553)

 

2,356 

 

(3,476)

 

21,223 

 

Benefit for income taxes

 

261 

 

105 

 

238 

 

150 

 

Minority interests

 

(381)

 

(500)

 

(1,611)

 

(2,655)

 

Equity in earnings of non-consolidated entities

 

1,111 

 

1,132 

 

4,186 

 

6,220 

 

Income (loss) from continuing operations

 

(10,562)

 

3,093 

 

(663)

 

24,938 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of minority interest and taxes:

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

1,571 

 

1,408 

 

4,853 

 

8,206 

 

 

Debt satisfaction (charge) gain, net

 

(1,287)

 

(671)

 

3,626 

 

(725)

 

 

Impairment charges

 

- 

 

(10,502)

 

(21,612)

 

(11,302)

 

 

Gains on sale of properties

 

4,029 

 

4,922 

 

21,549 

 

11,578 

 

 

Total discontinued operations

 

4,313 

 

(4,843)

 

8,416 

 

7,757 

 

Net income (loss)

 

(6,249)

 

(1,750)

 

7,753 

 

32,695 

 

Dividends attributable to preferred shares - Series B

 

(1,590)

 

(1,590)

 

(6,360)

 

(6,360)

 

Dividends attributable to preferred shares - Series C

 

(2,519)

 

(2,519)

 

(10,075)

 

(10,075)

 

Net income (loss) allocable to common shareholders

$

(10,358)

$

(5,859)

$

(8,682)

$

16,260 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company’s funds from operations 1 

$

15,060 

$

16,796 

$

81,557 

$

104,150 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share/unit:

 

 

 

 

 

 

 

 

 

 

Basic net income (loss)

$

(0.20)

$

(0.11)

$

(0.17)

$

0.33 

 

 

Diluted net income (loss)

$

(0.20)

$

(0.11)

$

(0.17)

$

0.33 

 

 

Company’s funds from operations 1  - basic

$

0.24 

$

0.27 

$

1.28 

$

1.71 

 

 

Company’s funds from operations 1  - diluted

$

0.24 

$

0.27 

$

1.28 

$

1.70 

 

 

 

 

Lexington Realty Trust

      Page 7 of 9

 

 

Lexington Realty Trust and Consolidated Subsidiaries

Consolidated Balance Sheets

(In thousands)

 

 

 

 

December 31,
2006

 

 

December 31,
2005

 

 

 

 

 

 

 

 

 

 

 

Real estate, at cost

 

 

$

3,747,156 

 

 

$

1,883,115 

 

Accumulated depreciation

 

 

   

(276,129)

 

 

(241,188)

Investments in joint ventures

 

 

 

247,045 

 

 

 

191,146 

 

Properties held for sale – discontinued operations

 

 

 

69,612 

 

 

 

49,397 

 

Intangible assets, net

 

 

 

468,244 

 

 

 

128,775 

 

Cash and cash equivalents

 

 

 

97,547 

 

 

 

53,515 

 

Deferred expenses, net

 

 

 

16,084 

 

 

 

13,582 

 

Rent receivable

 

 

 

53,744 

 

 

 

7,673 

 

Rent receivable – deferred

 

 

 

29,410 

 

 

 

24,778 

 

Notes receivable

 

 

 

50,534 

 

 

 

11,050 

 

Marketable securities

 

 

 

32,036 

 

 

 

— 

 

Other assets

 

 

 

89,574 

 

 

 

38,389 

 

 

 

 

$

4,624,857 

 

 

$

2,160,232 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and notes payable

 

 

$

2,123,174 

 

 

$

1,139,971 

 

Contract rights payable

 

 

 

12,231 

 

 

 

— 

 

Liabilities – discontinued operations

 

 

 

6,064 

 

 

 

32,145 

 

Dividends payable

 

 

 

44,948 

 

 

 

— 

 

Deferred revenue

 

 

 

362,815 

 

 

 

6,271 

 

Prepaid rent

 

 

 

10,109 

 

 

 

10,054 

 

Other liabilities

 

 

 

40,331 

 

 

 

19,109 

 

Minority interests

 

 

 

902,741 

 

 

 

61,372 

 

Shareholders equity

 

 

 

1,122,444 

 

 

 

891,310 

 

 

 

 

$

4,624,857 

 

 

$

2,160,232 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

69,052 

 

 

 

52,156 

 

Preferred shares – Series B

 

 

 

3,160 

 

 

 

3,160 

 

Preferred shares – Series C

 

 

 

3,100 

 

 

 

3,100 

 

Operating partnership units

 

 

 

41,191 

 

 

 

5,720 

 

 

1 Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington presents FFO because it considers FFO an important supplemental measure of Lexington’s operating performance. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude generally accepted accounting principles (“GAAP”), historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

 

Lexington computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). FFO is defined by NAREIT as “net income (or loss) computed in accordance with 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 does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.

 

Lexington includes in its calculation of FFO, which as included Lexington refers to as the “Company’s funds from operations” or “Company FFO,” Lexington’s operating partnership units and Lexington’s Series C Cumulative Convertible Preferred Shares because these securities are convertible, at the holder’s option, into Lexington’s common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because it presents Company FFO on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted. Since others do not calculate FFO in a similar fashion, Company FFO may not be comparable to similarly titled measures as reported by others.

 

 

Lexington Realty Trust

      Page 8 of 9

 

 

Lexington Realty Trust and Consolidated Subsidiaries

Earnings Per Share and Funds from Operations Per Share

(in thousands, except share data)

 

 

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

 

2006

 

2005

 

2006

 

2005

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

$

(10,562)

$

3,093 

$

(663)

$

24,938 

 

Less preferred dividends

 

(4,109)

 

(4,109)

 

(16,435)

 

(16,435)

 

(Loss) income allocable to common shareholders from continuing operations - basic

 

(14,671)

 

(1,016)

 

(17,098)

 

8,503 

 

Total income (loss) from discontinued operations - basic

 

4,313 

 

(4,843)

 

8,416 

 

7,757 

 

Net (loss) income allocable to common shareholders - basic

$

(10,358)

$

(5,859)

$

(8,682)

$

16,260 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

52,407,057 

 

51,516,136 

 

52,163,569 

 

49,835,773 

 

Per share data:

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

$

(0.28)

$

(0.02)

$

(0.33)

$

0.17 

 

Income (loss) from discontinued operations

 

0.08 

 

(0.09)

 

0.16 

 

0.16 

 

Net (loss) income

$

(0.20)

$

(0.11)

$

(0.17)

$

0.33 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

(Loss) income allocable to common shareholders from continuing operations - basic

$

(14,671)

$

(1,016)

$

(17,098)

$

8,503 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Incremental (loss) income attributed to assumed conversion of dilutive securities

 

- 

 

- 

 

- 

 

- 

 

(Loss) income allocable to common shareholders from continuing operations - diluted

 

(14,671)

 

(1,016)

 

(17,098)

 

8,503 

 

Total income (loss) from discontinued operations - diluted

 

4,313 

 

(4,843)

 

8,416 

 

7,757 

 

Net (loss) income allocable to common shareholders - diluted

$

(10,358)

$

(5,859)

$

(8,682)

$

16,260 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in calculation of basic earnings per share

 

52,407,057 

 

51,516,136 

 

52,163,569 

 

49,835,773 

 

Add incremental shares representing:

 

 

 

 

 

 

 

 

 

 

Shares issuable upon exercise of employee share options

 

- 

 

- 

 

- 

 

66,876

 

 

Shares issuable upon conversion of dilutive interests

 

- 

 

- 

 

- 

 

- 

 

Weighted average number of shares used in calculation of diluted earnings per common share

 

52,407,057 

 

51,516,136 

 

52,163,569 

 

49,902,649 

 

Per share data:

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations - diluted

$

(0.28)

$

(0.02)

$

(0.33)

$

0.17 

 

Income (loss) from discontinued operations - diluted

 

0.08 

 

(0.09)

 

0.16 

 

0.16 

 

Net (loss) income - diluted

$

(0.20)

$

(0.11)

$

(0.17)

$

0.33 

 

 

(continued)

 

 

Lexington Realty Trust

      Page 9 of 9

 

 

Lexington Realty Trust and Consolidated Subsidiaries

Earnings Per Share and Funds from Operations Per Share – (continued)

(in thousands, except share data)

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

 

 

2006

 

2005

 

2006

 

2005

 

COMPANY FUNDS FROM OPERATIONS:

 

 

 

 

 

 

 

 

 

Basic and Diluted:

 

 

 

 

 

 

 

 

 

Net (Loss) Income allocable to common shareholders

$

(10,358)

$

(5,859)

$

(8,682)

$

16,260 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

21,502 

 

20,793 

 

82,228 

 

71,044 

 

 

Minority interests - OP units

 

985 

 

(1,145)

 

(2,357)

 

1,910 

 

 

Amortization of leasing commissions

 

242 

 

152 

 

721 

 

547 

 

 

Joint venture adjustment - depreciation

 

4,199 

 

5,258 

 

21,047 

 

17,632 

 

 

Preferred dividends - Series C

 

2,519 

 

2,519 

 

10,075 

 

10,075 

 

 

Gains on sale of properties

 

(4,029)

 

(4,922)

 

(21,549)

 

(11,578)

 

 

Tax on gain on sale

 

- 

 

- 

 

74 

 

- 

 

 

Gains on sale of properties - Joint Venture

 

- 

 

- 

 

- 

 

(1,740)

 

Company Funds From Operations

$

15,060 

$

16,796 

$

81,557 

$

104,150 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

Basic Weighted Average Shares Outstanding - basic EPS

 

52,407,057 

 

51,516,136 

 

52,163,569 

 

49,835,773 

 

Operating Partnership Units

 

5,622,950 

 

5,599,763 

 

5,630,166 

 

5,433,955 

 

Preferred Shares - Series C

 

5,779,330 

 

5,779,330 

 

5,779,330 

 

5,779,330 

 

Weighted average shares outstanding - basic FFO

 

63,809,337 

 

62,895,229 

 

63,573,065 

 

61,049,058 

 

 

Company FFO per share

$

0.24 

$

0.27 

$

1.28 

$

1.71 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted EPS

 

52,407,057 

 

51,516,136 

 

52,163,569 

 

49,902,649 

 

Common shares options

 

20,159 

 

43,117 

 

22,136 

 

- 

 

Operating Partnership Units

 

5,622,950 

 

5,599,763 

 

5,630,166 

 

5,433,955 

 

Preferred Shares - Series C

 

5,779,330 

 

5,779,330 

 

5,779,330 

 

5,779,330 

 

Weighted average shares outstanding - diluted FFO

 

63,829,496 

 

62,938,346 

 

63,595,201 

 

61,115,934 

 

 

Company FFO per share

$

0.24 

$

0.27 

$

1.28 

$

1.70 

 

 

# # #

 

 

 EX-99 3 supplemental.txt EX. 99.2: SUPPLEMENTAL REPORTING PACKAGE Exhibit 99.2 LEXINGTON REALTY TRUST SUPPLEMENTAL REPORTING PACKAGE For the twelve months ended December 31, 2006 Table of Contents Statements of Operations....................................... 1 Balance Sheets................................................. 2 Combined Joint Venture Income Statement........................ 4 Fourth Quarter Transaction Summary............................. 5 Third Quarter Transaction Summary.............................. 6 Second Quarter Transaction Summary............................. 7 First Quarter Transaction Summary ............................. 8 Property Holdings.............................................. 9 Newkirk Portfolio.............................................. 21 Properties by Location......................................... 31 Lease Rollover Schedules....................................... 32 Mortgages and Notes Payable.................................... 35 Revenue by Tenant Industry..................................... 41 Revenue by MSA................................................. 42 Other Revenue Data............................................. 44 LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended December 31, December 31, 2006 2005 2006 2005 ---- ---- ---- ---- Gross revenues: Rental $ 49,311 $ 45,795 $ 185,312 $ 167,253 Advisory fees 1,027 1,180 4,555 5,365 Tenant reimbursements 4,902 3,687 17,524 10,840 ---------- ---------- ----------- ----------- Total gross revenues 55,240 50,662 207,391 183,458 Expense applicable to revenues: Depreciation and amortization (21,606) (19,263) (80,688) (66,041) Property operating (9,050) (6,986) (32,167) (21,913) General and administrative (19,674) (4,438) (35,530) (17,587) Non-operating income 1,244 326 8,913 1,514 Interest and amortization expense (19,050) (17,722) (71,402) (62,617) Debt satisfaction (charges) gains, net 7,443 (223) 7,228 4,409 Impairment charges (6,100) -- (7,221) -- ------------ ----------- ------------ ---------- Income (loss) before benefit for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations (11,553) 2,356 (3,476) 21,223 Benefit for income taxes 261 105 238 150 Minority interests (381) (500) (1,611) (2,655) Equity in earnings of non-consolidated entities 1,111 1,132 4,186 6,220 ---------- ---------- ---------- ---------- Income (loss) from continuing operations (10,562) 3,093 (663) 24,938 ----------- ---------- ----------- ---------- Discontinued operations, net of minority interest and taxes: Income from discontinued operations 1,571 1,408 4,853 8,206 Debt satisfaction (charge) gain, net (1,287) (671) 3,626 (725) Impairment charges -- (10,502) (21,612) (11,302) Gains on sales of properties 4,029 4,922 21,549 11,578 ---------- ---------- ---------- ---------- Total discontinued operations 4,313 (4,843) 8,416 7,757 ---------- ----------- ---------- ---------- Net income (loss) (6,249) (1,750) 7,753 32,695 Dividends attributable to preferred shares - Series B (1,590) (1,590) (6,360) (6,360) Dividends attributable to preferred shares - Series C (2,519) (2,519) (10,075) (10,075) ----------- ----------- ----------- ----------- Net income (loss) allocable to common shareholders $ (10,358) $ (5,859) $ (8,682) $ 16,260 =========== =========== =========== ========== Company's funds from operations(1) $ 15,060 $ 16,796 $ 81,557 $ 104,150 ========== ========== ========== ========== Per share/unit: Basic net income (loss) $ (0.20) $ (0.11) $ (0.17) $ 0.33 Diluted net income (loss) $ (0.20) $ (0.11) $ (0.17) $ 0.33 Company's funds from operations(1)-basic $ 0.24 $ 0.27 $ 1.28 $ 1.71 Company's funds from operations(1)-diluted $ 0.24 $ 0.27 $ 1.28 $ 1.70
1 LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands)
12/31/06 12/31/05 -------- -------- Real estate, at cost $ 3,747,156 $ 1,883,115 Accumulated depreciation (276,129) (241,188) Investment in joint ventures 247,045 191,146 Properties held for sale - discontinued operations 69,612 49,397 Intangible assets, net 468,244 128,775 Cash and cash equivalents 97,547 53,515 Deferred expenses, net 16,084 13,582 Rent receivable 53,744 7,673 Rent receivable - deferred 29,410 24,778 Notes receivable 50,534 11,050 Marketable securities 32,036 -- Other assets 89,574 38,389 --------- ----------- $ 4,624,857 $ 2,160,232 ========= =========== Mortgages and notes payable $ 2,123,174 $ 1,139,971 Contract rights payable 12,231 -- Liabilities - discontinued operations 6,064 32,145 Dividends payable 44,948 -- Deferred revenue 362,815 6,271 Prepaid rent 10,109 10,054 Other liabilities 40,331 19,109 Minority interests 902,741 61,372 Shareholders' equity 1,122,444 891,310 --------- ----------- $ 4,624,857 $ 2,160,232 ========= =========== Common shares 69,052 52,156 Preferred shares - Series B 3,160 3,160 Preferred shares - Series C 3,100 3,100 Operating partnership units 41,191 5,720
1. Lexington believes that funds from operations ("FFO") is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington presents FFO because it considers FFO an important supplemental measure of Lexington's operating performance. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude generally accepted accounting principles ("GAAP") historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably overtime. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income. Lexington computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT"). FFO is defined by NAREIT as "net income (or loss) computed in accordance with 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 does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity. Lexington includes in its calculation of FFO, which as included Lexington refers to as the "Company's funds from operations" or "Company FFO," Lexington's operating partnership units and Lexington's Series C Cumulative 2 Convertible Preferred Shares because these securities are convertible, at the holder's option, into Lexington's common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because it presents Company FFO on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington's common shares, are converted. Since others do not calculate FFO in a similar fashion, Company FFO may not be comparable to similarly titled measures as reported by others. 3 LEXINGTON REALTY TRUST JOINT VENTURE PROPORTIONATE SHARE COMBINED CONDENSED STATEMENT OF INCOME (dollars in thousands)
Three Months Ended Twelve Months Ended December 31, 2006 December 31, 2006 Gross revenues $ 12,930 $ 50,673 ---------- ---------- Depreciation and amortization 5,244 21,497 Interest and amortization 4,610 18,510 Other income and expenses, net 2,096 7,460 ---------- ---------- Expenses 11,950 47,467 ---------- ---------- Net income $ 980 $ 3,206 ========== ==========
Lexington Realty Trust 2006 Fourth Quarter Transaction Summary ($000's)
Acquisitions 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 - ------------------ -------- ---- ----- --------- ----- --------- ----- ---- Hnedak Bobo Group Inc. (1) Memphis, TN Office $ 5,353 $ 501 9.4 % 484 9.0 % 10-16 Northrop Grumman Systems Corporation(1) Pascagoula, MS Office 6,442 679 10.5 679 10.5 10-08 Hagemeyer North American, Inc. Charleston, SC Office 10,560 840 8.0 763 7.2 07-20 CAE SimuFlite, Inc. (1) Whippany, NJ Office 24,457 2,327 9.5 2,231 9.1 11-21 BMW Financial Services NA, LLC Hilliard, OH Office 36,239 2,591 7.1 2,541 7.0 02-21 Multi - tenant (48 tenants) Honolulu, HI Office 35,063 2,178 6.2 2,178 6.2 Various ------ ----- --- ----- --- $ 118,114 $ 9,116 7.7 % $ 8,876 7.5 % ======= ===== === ===== ==
Dispositions Property Tenants/Guarantors Location Type Net Sale Price Net Book Value - ------------------ -------- ---- -------------- -------------- Kirkland's, Inc. Jackson, TN Industrial $ 18,073 $ 14,044 ====== ======
New Leases/Lease Extensions Property Previous Extended Rent Per Square Tenants/Guarantors Location Type Term Term Annum Feet - ------------------ -------- ---- ---- ---- ----- ---- Johnson Controls, Inc. Oberlin, OH Industrial 12-06 12-07 $ 748 111,160 Allied International Credit Richmond, VA Office -- 06-12 446 24,375 Honeywell International, Inc. Glendale, AZ Office 07-06 07-11 2,452 252,300 Johnson Controls, Inc. Plymouth, MI Industrial 12-06 08-07 1,033 134,160 Owens Corning, Inc. Hebron, OH Industrial 10-06 07-07 658 250,410 Fred Meyer Stores, Inc. Klamath Falls, OH Retail 03-08 03-18 1,153 178,204 Joseph Campbell Company Marshall, MI Industrial 08-07 08-08 144 53,600
New Financings Tenants/Guarantors Location Amount Rate Maturity Date - ------------------ -------- ------ ---- ------------- Parkway Chevrolet, Inc. (1) Tomball, TX $ 9,425 6.06% 11-16 CAE SimuFlite, Inc. (1) Whippany, NJ 16,900 6.30% 11-21 BMW Financial Services NA, LLC Hilliard, OH 28,960 5.91% 02-21 Hnedak Bobo Group, Inc. (1) Memphis, TN 3,951 5.71% 01-17 ----- ---- $59,236 6.03% ====== ====
(1) The Company currently has a 76% interest in this property. 5 Lexington Realty Trust 2006 Third Quarter Transaction Summary ($000's)
Acquisitions 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 - ------------------ -------- ---- ----- --------- ----- --------- ----- ---- Parkway Chevrolet, Inc. (2) Tomball, TX Specialty $ 14,718 $ 1,488 10.1 % $ 1,227 8.3 % 08-26 ====== ===== ==== ===== ===
Dispositions Property Tenants/Guarantors Location Type Net Sale Price Net Book Value - ------------------ -------- ---- -------------- -------------- Vacant Phoenix, AZ Office $ 2,845 $ 930 ===== ===
New Leases/Lease Extensions Property Previous Extended Rent Per Square Tenants/Guarantors Location Type Term Term Annum Feet - ------------------ -------- ---- ---- ---- ----- ---- Citibank(1) San Francisco, CA Office -- 08-11 $ 105 6,545 Exel Logistics, Inc. (NFC plc) Mechanicsburg, PA Industrial 12-07 12-12 866 252,000 Exel Logistics, Inc. (NFC plc) New Kingston, PA Industrial 11-06 12-06 599 179,200 Exel Logistics, Inc. (NFC plc) New Kingston, PA Industrial 11-06 05-07 1,270 330,000 TFC Services/(Freeman Decorating Co.) Dallas, TX Office -- 01-19 1,499 108,565
New Financings Tenants/Guarantors Location Amount Rate Maturity Date - ------------------ -------- ------ ---- ------------- Avnet, Inc. Phoenix, AZ $19,250 6.27% 09-13 Bay Valley Foods, LLC (2) Plymouth, IN 6,675 6.32% 09-16 Corning, Inc. (1) Erwin, NY 9,500 5.91% 10-18 ----- ----- $ 35,425 6.18% ====== =====
Mortgage Investment Borrower Location Interest Rate Invested Amount Maturity - -------- -------- ------------- --------------- -------- JR Boudreaux (2) Tomball, TX Libor + 300bps $ 1,750 08-11
(1) The Company has a 30% interest in this property. (2) The Company had a 32.3% interest in this property. 6 Lexington Realty Trust 2006 Second Quarter Transaction Summary ($000's)
Acquisitions 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 - ------------------ -------- ---- ----- --------- ----- --------- ----- ---- Haggar Clothing Corporation (1) Dallas, TX Office $28,340 $2,272 8.0% $2,083 7.4% 04-16 American Golf Corporation (2) Oklahoma Specialty 5,294 475 9.0 475 9.0 12-17 City, OK Montgomery County Management LLC (2) Houston , TX Office 10,010 807 8.1 718 7.2 10-19 Corning, Inc. (1) Erwin, NY Industrial 13,399 1,084 8.1 1,084 8.1 07-16 Bay Valley Foods, LLC (2) Plymouth, IN Industrial 8,984 802 8.9 763 8.5 06-15 ----- --- --- ----- --- $66,027 $5,440 8.2% $5,123 7.8% ====== ===== ==== ===== === Dispositions Property Tenants/Guarantors Location Type Net Sale Price Net Book Value - ------------------ -------- ---- -------------- -------------- Associated Grocers of Florida, Inc. Ocala, FL Industrial $28,972 $18,694 Physical Fitness Center of Voorhees, NJ Retail 5,950 3,238 Philadelphia, Inc. (Bally Total Fitness Corp.) Stone Container Corporation Columbia, SC Industrial 5,628 4,607 Vacant(4) Phoenix, AZ Office 4,284 4,011 Vacant(3) Milpitas, CA Office -- -- ------ ------ $44,834 $30,550 ====== ====== New Leases Property Previous Extended Rent Per Tenants/Guarantors Location Type Term Term Annum Square Feet - ------------------ -------- ---- ---- ---- ----- ----------- FTJ FundChoice, LLC Hebron, KY Office -- 09-12 $ 52 9,164 WM Wright Co. (1) Antioch, TN Industrial -- 03-21 1,016 338,700 New Financings Tenants/Guarantors Location Amount Rate Maturity Date - ------------------ -------- ------ ---- ------------- Montgomery County Management LLC (2) Houston, TX $7,500 6.51% 11/19 Haggar Clothing Corporation (1) Dallas, TX 18,363 6.10% 07/16 Oce Printing Systems USA, Inc. Boca Raton, FL 20,400 6.47% 02/20 ------ ----- $46,263 6.33% Mortgage Investment Borrower Location Face Rate Effective Rate Invested Amount Face Amount - -------- -------- --------- -------------- --------------- ----------- Northwestern Holding Corp. Southfield, MI 4.55% 7.50% $11,151 $13,027 Bankruptcy Claim Receipts Tenants Location Claim Proceeds - ------- -------- -------------- Dana Corporation (1) Antioch, TN $5,680 Dana Corporation Farmington Hills, MI 5,376 ----- $11,056 ======
(1) The Company has a 30% interest in this property. (2) The Company had a 32.3% interest in this property. (3) The Company completed a foreclosure with lender resulting in a $6,289 gain. (4) The Company sold a sub-divided portion of the property, remaining parcel under contract for sale. 7 Lexington Realty Trust 2006 First Quarter Transaction Summary ($000's)
Acquisitions 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 - ------------------ -------- ---- ----- --------- ----- --------- ----- ---- AS Watson(1) Renswoude, The Netherlands Office $ 39,291 $ 2,294 5.8% $ 2,851 7.3% 12-11 & 06-18 Dana Corporation(2) Crossville, TN Industrial 4,776 460 9.6 460 9.6 08-16 --------- -------- --- ------- --- $ 44,067 $ 2,754 6.2% $ 3,311 7.5% ========= ======== === ======= === Dispositions Property Tenants/Guarantors Location Type Net Sale Price Net Book Value - ------------------ -------- ---- -------------- -------------- The Dial Corporation Scottsdale, AZ Office $ 22,563 $ 22,314 Bally Total Fitness Corp. Countryside, IL Retail 5,698 3,293 --------- --------- $ 28,261 $ 25,607 ========= ========= New Leases Property Previous Extended Rent Per Tenants/Guarantors Location Type Term Term Annum Square Feet - ------------------ -------- ---- ---- ---- ----- ----------- The Visiting Nurse Association of Texas Dallas, TX Office -- Jun-16 $ 615 48,027 New Financings Tenants/Guarantors Location Amount Rate Maturity Date - ------------------ -------- ------ ---- ------------- Harbor Freight Tools USA, Inc. Dillon, SC $ 23,750 5.97% Feb-22 (i) Structure, LLC (Infocrossing, Inc.)(2) Omaha, NE 9,000 5.61 Apr-16 (i) Structure, LLC (Infocrossing, Inc.)(2) Tempe, AZ 8,500 5.61 Apr-16 AS Watson(1) Renswoude, The Netherlands 33,136 5.31 Apr-11 -------- ---- $ 74,386 5.59% ======== =====
(1) Lexington has a 90% interest in this property. (2) Lexington has a 32.3% interest in this property. 8 Lexington Realty Trust Supplemental Reporting Package Property Holdings 12/31/06
------------------------------ ---------------------------- ------------- -------------- -------------- YTD YTD Base Cash Base GAAP Revenue Revenue Square Property Location Tenant (Guarantor) ($000) ($000) Footage ------------------------------ ---------------------------- ------------- -------------- -------------- Office 295 Chipeta Way Northwest Pipeline Corp. $ 6,321 $ 6,321 295,000 Salt Lake City, UT 10001 Richmond Avenue Baker Hughes, Inc. 6,025 7,371 554,385 Houston, TX 6303 Barfield Road & 859 Internet Security Systems, 6,303 6,077 289,000 Mount Vernon Hwy. Inc. Atlanta, GA 1701 Market Street Morgan Lewis & Bockius 4,847 4,856 321,815 Philadelphia, PA LLP(1) (3) 3480 Stateview Blvd. Wells Fargo Bank N.A. 3,229 3,449 169,218 Fort Mill, SC 33 Commercial Street Invensys Systems, Inc. 3,306 3,306 164,689 Foxboro, MA (Siebe, Inc.) 3476 Stateview Boulevard Wells Fargo Home 2,884 3,021 169,083 Fort Mill, SC Mortgage, Inc. 9950 Mayland Drive Circuit City Stores, Inc. 2,860 2,791 288,562 Richmond, VA 1415 Wyckoff Road New Jersey Natural Gas Co. 2,923 2,923 157,511 Wall Township, NJ 2750 Monroe Boulevard Quest Diagnostics, Inc. 2,521 2,554 109,281 Valley Forge, PA 700 Oakmont Lane North American Van Lines, 2,438 2,571 269,715 Westmont, IL Inc. (SIRVA, Inc.) 70 Mechanic Street Invensys Systems, Inc. 2,930 2,562 251,914 Foxboro, MA (Siebe, Inc.) 13651 McLearen Road Boeing North American 2,766 2,471 159,664 Herndon, VA Services, Inc. (The Boeing Company) 1311 Broadfield Blvd. Transocean, Inc. 2,284 2,277 103,260 Houston, TX Newpark Resources, Inc. 1,130 1,137 52,731 601 & 701 Experian Pkwy. TRW Inc. (Experian 3,663 3,374 292,700 Dallas, TX Information Solutions, Inc.) 2211 South 47th Street Avnet, Inc. 2,205 2,259 176,402 Phoenix, AZ 5600 Broken Sound Blvd Oce Printing Systems USA, 2,012 2,245 143,290 Boca Raton, FL Inc. 4200 RCA Boulevard The Wackenhut Corp. 2,181 2,167 114,518 Palm Beach Gardens, FL 701 Brookfield Parkway Verizon Wireless 2,011 2,067 192,884 Greenville, SC 19019 No. 59th Avenue Honeywell, Inc. 2,009 2,197 252,300 Glendale, AZ
9 Lexington Realty Trust Supplemental Reporting Package Property Holdings 12/31/06
-------------------------------- ---------------------------- -------------- ------------- --------------- YTD YTD Base Cash Base GAAP Revenue Revenue Square Property Location Tenant (Guarantor) ($000) ($000) Footage -------------------------------- ---------------------------- -------------- ------------- --------------- 4201 Marsh Lane Carlson Restaurants 1,868 1,975 130,000 Carrollton, TX Worldwide, Inc. 12645 W. Airport Road Baker Hughes, Inc. 1,709 1,940 165,836 Sugar Land, TX 26210 and 26220 Enterprise Apria Healthcare Group, 1,752 1,792 100,012 Court Inc. Lake Forest, CA 10475 Crosspoint Blvd. John Wiley & Sons, Inc. 2,397 2,397 141,047 Indianapolis, IN 2210 Enterprise Drive Washington Mutual Home 1,750 1,699 177,747 Florence, SC Loans, Inc. 27404 Drake Road Vacant (4) 971 908 111,454 Farmington Hills, MI 200 Executive Blvd. S Hartford Fire Insurance 1,679 1,625 153,364 Southington, CT Co. 810 & 820 Gears Road IKON Office Solutions, 2,229 2,251 157,790 Houston, TX Inc. 1600 Eberhardt Road Nextel of Texas 1,511 1,559 108,800 Temple, TX 2999 SW 6th St. Voice Stream PCS I LLC 1,335 1,552 77,484 Redmond, OR (T-Mobile USA, Inc.) 160 Clairemont Avenue Allied Holdings, Inc. 1,677 1,530 112,248 Decatur, GA 27016 Media Center Drive Playboy Enterprises, Inc. 1,339 1,257 63,049 Los Angeles, CA Sony Electronics, Inc. 265 271 20,203 2800 Waterford Lake Dr. Alstom Power, Inc. 1,808 2,015 99,057 Richmond, VA 26555 Northwestern Highway Federal-Mogul Corporation 1,158 1,418 187,163 Southfield, MI 4848 129th East Ave. Metris Companies, Inc. (7) 570 570 101,100 Tulsa, OK 10419 North 30th Street Time Customer Service, Inc. 1,490 1,410 132,981 Tampa, FL (Time, Inc.) 250 Rittenhouse Circle Jones Apparel Group 1,265 1,385 255,019 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 8555 South River Pkwy. ASM Lithography Holding 2,130 1,841 95,133 Tempe, AZ NV 400 Butler Farm Road Nextel Communications of 1,315 1,302 100,632 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 16676 Northchase Dr. Kerr-McGee Corporation 1,559 1,627 101,111 Houston, TX
10 Lexington Realty Trust Supplemental Reporting Package Property Holdings 12/31/06
------------------------------ ----------------------------- ---------------- ------------- ---------------- YTD YTD Base Cash Base GAAP Revenue Revenue Square Property Location Tenant (Guarantor) ($000) ($000) Footage ------------------------------ ----------------------------- ---------------- ------------- ---------------- 5757 Decatur Blvd. Allstate Insurance Co. 1,246 1,548 84,200 Indianapolis, IN Damar Services, Inc. 66 66 5,756 6200 Northwest Pkwy. PacifiCare Health Systems, 1,640 1,621 142,500 San Antonio, TX Inc. 4000 Johns Creek Pkwy. Kraft Foods N.A., Inc. 1,340 1,385 73,264 Atlanta, GA PerkinElmer Instruments 211 232 13,955 LLC 6455 State Hwy 303 NE Nextel West Corporation 1,042 1,113 60,200 Bremerton, WA 270 Billerica Road Cadence Design Systems 1,015 1,065 100,000 Chelmsford, MA 2550 Interstate Dr. AT&T Wireless Services, 1,433 1,449 81,859 Harrisburg, PA Inc. 180 Rittenhouse Circle Jones Apparel Group 957 970 96,000 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 2529 West Thorns Drive Baker Hughes, Inc. 686 846 65,500 Houston, TX 12000 Tech Center Drive Kelsey-Hayes Company 787 823 80,230 Livonia, MI 2401 Cherahala Boulevard Advance PCS, Inc. 786 822 59,748 Knoxville, TN 1275 NW 128th Street Principal Life Insurance 799 787 61,180 Clive, IA Company 13430 N. Black Canyon Freeway Bull HN Information Phoenix, AZ Systems, Inc. 784 836 69,492 Associated Billing 125 281 17,767 Services, LLC VACANT -- -- 49,799 12600 Gateway Blvd. Gartner, Inc. 1,059 1,120 62,400 Fort Meyers, FL 421 Butler Farm Road Nextel Communications of 738 719 56,515 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 3940 South Teller St. Travelers Express, Inc. 1,091 866 68,165 Lakewood, CO 100 Barnes Road Minnesota Mining and 581 606 44,400 Wallingford, CT Manufacturing Company 1440 East 15th Street Cox Communications, Inc. 465 457 28,591 Tucson, AZ 250 Turnpike Road Honeywell Consumer 459 459 57,698 Southborough, MA Products 11555 University Blvd. Kelsey-Seybold Clinic 1,114 1,230 72,683 Sugarland, TX (St. Luke's Episcopal Health System)
11 Lexington Realty Trust Supplemental Reporting Package Property Holdings 12/31/06
------------------------------ --------------------------- ---------------- ------------- ---------------- YTD YTD Base Cash Base GAAP Revenue Revenue Square Property Location Tenant (Guarantor) ($000) ($000) Footage ------------------------------ --------------------------- ---------------- ------------- ---------------- Nijborg 15 & 17, 3927 DA AS Watson (Health & Beauty 2,747 2,182 122,450 Renswoude, The Netherlands Continental Europe)(2) 2300 Litton Lane AGC Automotive Americas 204 212 21,542 Hebron, KY Co FTJ FundChoice, LLC -- 21 9,164 VACANT -- -- 49,714 1600 Viceroy Drive The Visiting Nurse 234 465 48,027 Dallas, TX Association of Texas TFC Services -- 362 108,565 (Freeman Decorating Co.) VACANT -- -- 92,860 104 and 110 South Front St. Hnedak Bobo Group, Inc. 81 84 37,229 Memphis, TN (7) 3943 Denny Avenue Northrop Grumman Systems 125 125 94,841 Pascagoula, MS Corp. (7) 1460 Tobias Gadsen Boulevard Hagemeyer North 125 138 50,076 Charleston, SC American, Inc. 29 South Jefferson Road CAE SimuFlite, Inc. (7) 285 297 76,363 Whippany, NJ 26410 McDonald Road Montgomery County 222 249 41,000 Houston, TX Management LLC (7) 2005 East Technology Circle (i) Structure, LLC 491 491 60,000 Tempe, AZ (Infocrossing, Inc.) (7) 11707 Miracle Hills Drive (i) Structure, LLC, 509 509 86,800 Omaha, NE (Infocrossing , Inc.) (7) 2310 Village Square Pkwy. AmeriCredit Corporation 638 532 85,000 Jacksonville, FL (7) 1409 Centerpoint Blvd. Alstom Power, Inc. (7) 637 713 84,404 Knoxville, TN King Street Multi -tenant (6) 33 33 211,831 Honolulu, HI 5550 Britton Parkway BMW Financial 82 84 220,966 Hilliard, OH Services NA, LLC --------------------------- ---------------- ------------- ---------------- Office Subtotal $ 123,462 $ 126,118 10,071,886 --------------------------- ---------------- ------------- ---------------- Industrial ---------- 541 Perkins Jones Road Kmart Corp. $ 9,360 $ 8,932 1,462,642 Warren, OH 19500 Bulverde Road Harcourt Brace & Company 3,229 3,429 559,258 San Antonio, TX (Reed Elsevier, Inc.) 2425 Highway 77 North James Hardie Building 3,400 3,400 425,816 Waxahachie, TX Products, Inc. (James Hardie Industries NV) 3501 West Avenue H Michaels Stores, Inc. 3,237 3,304 762,775 Lancaster, CA
12 Lexington Realty Trust Supplemental Reporting Package Property Holdings 12/31/06
------------------------------ --------------------------- ---------------- ------------- ---------------- YTD YTD Base Cash Base GAAP Revenue Revenue Square Property Location Tenant (Guarantor) ($000) ($000) Footage ------------------------------ --------------------------- ---------------- ------------- ---------------- 9110 Grogans Mill Road Baker Hughes, Inc. 2,485 3,061 275,750 Houston, TX 159 Farley Drive Harbor Freight Tools 2,775 3,041 1,010,859 Dillon, SC USA, Inc. (Central Purchasing, Inc.) 590 Ecology Lane Owens Corning 2,185 2,185 420,597 Chester, SC 6345 Brackbill Boulevard Exel Logistics, Inc. 2,037 1,852 507,000 Mechanicsburg, PA (NFC plc) 3820 Micro Drive Ingram Micro, Inc. 2,149 2,309 701,819 Millington, TN 750 N. Black Branch Road Dana Corporation 2,838 2,838 539,592 Elizabethtown, KY 6938 Elm Valley Dr. Dana Corporation 1,843 1,843 150,945 Kalamazoo, MI 4425 Purks Road Vacant(5) 786 764 183,717 Auburn Hills, MI 6 Doughten Road Exel Logistics, Inc. 1,469 1,361 330,000 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, Inc. 1,224 1,174 354,676 Groveport, OH (Andrx Corporation) 7500 Chavenelle Road The McGraw-Hill 1,089 1,164 330,988 Dubuque, IA Companies, Inc. 12025 Tech Center Drive Kelsey-Hayes Company 1,082 1,139 100,000 Livonia, MI 250 Swathmore Avenue Steelcase, Inc. 1,037 1,087 244,851 High Point, NC Moody Commuter & Tech Park TNT Logistics North 1,054 1,054 595,346 Moody, AL America, Inc. (TPG N.V.) 3102 Queen Palm Drive Time Customer Service, 1,037 1,010 229,605 Tampa, FL Inc. (Time, Inc.) 2280 Northeast Drive Ryder Integrated 998 1,004 276,480 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 986 920 252,000 Mechanicsburg, PA (NFC plc) 359 Gateway Drive TI Group Automotive 523 523 133,221 Systems, Livonia, GA LLC (7) 900 Industrial Boulevard Dana Corporation (7) 241 241 222,200 Crossville, TN 2935 Van Vactor Way Bay Valley Foods, LLC (7) 211 222 300,500 Plymouth, IN
13 Lexington Realty Trust Supplemental Reporting Package Property Holdings 12/31/06
------------------------------ ------------------------ ----------------- ------------- --------------- YTD YTD Base Cash Base GAAP Revenue Revenue Square Property Location Tenant (Guarantor) ($000) ($000) Footage ------------------------------ ------------------------ ----------------- ------------- --------------- 200 Arrowhead Drive Owens Corning 1,027 985 400,522 Hebron, OH 3600 Southgate Drive Sygma Network, Inc. 933 933 149,500 Danville, IL 46600 Port Street Johnson Controls, Inc. 966 966 134,160 Plymouth, MI 301 Bill Breyer Road Dana Corporation 1,530 1,530 424,904 Hopkinsville, KY 450 Stern Street Johnson Controls, Inc. 730 730 111,160 Oberlin, OH 1133 Poplar Creek Road Corporate Express 789 810 196,946 Henderson, NC Office Products, Inc. (Buhrmann, N.V.) 10000 Business Boulevard Dana Corporation 1,346 1,346 336,350 Dry Ridge, KY 7670 Hacks Cross Road Dana Corporation 900 859 268,100 Olive Branch, MS 34 East Main Street Exel Logistics, Inc. 720 659 179,200 New Kingston, PA (NFC plc) 191 Arrowhead Drive Owens Corning 658 642 250,410 Hebron, OH 904 Industrial Road Tenneco Automotive 595 600 195,640 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 109 Stevens Street Unisource Worldwide, 591 588 168,800 Jacksonville, FL Inc. 1901 49th Avenue Owens Corning 560 560 18,620 Minneapolis, MN 7150 Exchequer Drive Corporate Express 438 439 79,086 Baton Rouge, LA Office Products, Inc. (Buhrmann, N.V.) 4010 Airpark Drive Dana Corporation 1,032 1,032 251,041 Owensboro, KY
14 Lexington Realty Trust Supplemental Reporting Package Property Holdings 12/31/06
--------------------------- ---------------------------- ---------------- --------------- -------------- YTD YTD Base Cash Base GAAP Revenue Revenue Square Property Location Tenant (Guarantor) ($000) ($000) Footage --------------------------- ---------------------------- ---------------- --------------- -------------- 324 Industrial Park Road SKF USA, Inc. 395 395 72,868 Franklin, NC 187 Spicer Drive Dana Corporation 355 341 148,000 Gordonsville, TN 730 N. Black Branch Road Dana Corporation 537 537 167,770 Elizabethtown, KY 3350 Miac Cove Road Mimeo.com, Inc. 283 370 107,400 Memphis, TN VACANT -- -- 33,959 300 McCormick Road Ameritech Services, Inc. 127 155 20,000 Columbus, OH 1601 Pratt Avenue Joseph Campbell Company 141 141 58,300 Marshall, MI 477 Distribution Pkwy. Federal Express Corporation 280 336 120,000 Collierville, TN ---------------------------- ---------------- --------------- -------------- Industrial Subtotal $ 62,208 $ 62,811 14,263,373 ---------------------------- ---------------- --------------- -------------- Retail/Other 2655 Shasta Way Fred Meyer, Inc. $ 1,009 $ 1,047 178,204 Klamath Falls, OR Fort Street Mall, King Liberty House, Inc. 990 971 85,610 Street Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 826 826 118,179 Newport, OR 35400 Cowan Road Sam's Real Estate 753 753 102,826 Westland, MI Business Trust 4733 Hills & Dales Road Scandinavian Health Spa, 745 685 37,214 Canton, OH Inc. (Bally Total Fitness Corp.) 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 465 465 46,350 Canton, OH 11411 N. Kelly Avenue American Golf Corporation (7) 149 149 13,924 Oklahoma City, OK 25500 State Hwy 249 Parkway Chevrolet, Inc. (7) 278 337 77,076 Tomball, TX 77375
15 Lexington Realty Trust Supplemental Reporting Package Property Holdings 12/31/06
--------------------------- ---------------------------- ---------------- --------------- -------------- YTD YTD Base Cash Base GAAP Revenue Revenue Square Property Location Tenant (Guarantor) ($000) ($000) Footage --------------------------- ---------------------------- ---------------- --------------- -------------- 3711 Gateway Drive Kohl's Dept. Stores, Inc. 469 463 76,164 Eau Claire, WI 399 Peach Wood Centre Dr. Best Buy Co., Inc. 395 395 45,800 Spartanburg, SC 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 358 333 42,842 Clackamas, OR 24100 Laguna Hills Mall Federated Department 323 349 160,000 Laguna Hills, CA Stores, Inc. 18601 Alderwood Mall Toys "R" Us, Inc. 330 298 43,105 Boulevard Lynwood, WA 6910 S. Memorial Highway Toys "R" Us, Inc. 302 273 43,123 Tulsa, OK 9580 Livingston Road GFS Realty, Inc. 205 274 107,337 Oxon Hill, MD (Giant Food, Inc.) 121 South Center Street Greyhound Lines, Inc. 216 216 17,000 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 115 152 51,682 Rockville, MD (Giant Food, Inc.) ---------------------------- --------------- ---------------- -------------- Retail/ Other Subtotal $ 7,928 $ 7,986 1,246,436 ---------------------------- --------------- ---------------- -------------- ---------------------------- --------------- ---------------- -------------- Grand Total $ 193,598 $ 196,915 25,581,695 ---------------------------- --------------- ---------------- --------------
(1) Company has an 80.5% economic interest in this property. (2) Company has a 90.0% economic interest in this property. (3) Includes 12,766 square feet of retail space leased to 3 tenants. (4) Tenant rejected lease in bankruptcy and property was vacant commencing June 30, 2006. GAAP rent does not reflect accelerated amortization of $2,349. (5) Tenant lease expired in July 2006, and the property is currently vacant. (6) Includes approximately 50 tenants, 98.5% leased. (7) Amounts include GAAP revenue since date of property being consolidated (11/1/06) plus proportionate share of GAAP revenue for 1/1/06 through 10/31/06. 16 Lexington Realty Trust Supplemental Reporting Package Joint Venture Property Holdings 12/31/06
--------------------------- ---------------------------- ----------------- -------------- -------------- ------------ YTD YTD Base Cash Base GAAP Revenue Revenue Square LXP Property Location Tenant (Guarantor) ($000) ($000) Footage Ownership --------------------------- ---------------------------- ----------------- -------------- -------------- ------------ Office 389-399 Interpace Highway Aventis Pharmaceuticals, $ 9,226 $ 8,700 340,240 33.33% Morris Corporate Center IV Inc Parsippany, NJ (Pharma Holdings GmbH) 17 Technology Circle Blue Cross Blue Shield 7,377 6,930 456,304 40.00% Columbia, SC of South Carolina Inc. 275 South Valencia Ave. Bank of America NT & SA 7,574 9,106 637,503 25.00% Los Angeles, CA 100 Wood Hollow Drive Greenpoint Mortgage 4,635 4,864 124,600 30.00% Novato, CA Funding, Inc. 6555 Sierra Drive True North Communications 4,462 4,250 247,254 33.33% Irving, TX Inc. 101 East Erie Building Foote, Cone & Belding 3,940 3,940 203,376 30.00% Chicago, IL (Interpublic Group of Companies, Inc.) Higgins Development 118 120 19,089 Partners Lexington Realty Trust 37 37 2,100 5200 Metcalf Avenue GE Insurance Solutions 4,079 4,079 320,198 25.00% Overland Park, KS (Employers Reinsurance Corporation) 27027 Tourney Road Specialty Laboratories, 3,563 3,563 187,262 30.00% Santa Clarita, CA Inc. 8900 Freeport Pkwy. Nissan Motor Acceptance 4,505 4,810 268,445 30.00% Irving, TX Corporation/ (Nissan North America, Inc.) 15375 Memorial Drive Vastar Resources, Inc. 3,485 3,437 327,325 33.33% Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A. 3,381 3,287 193,000 33.33% Fishers, IN 10300 Town Park Drive Veritas DGC, Inc. 3,114 3,249 218,641 30.00% Houston, TX 600 Business Center Drive First USA Management 2,990 2,921 125,155 33.33% Lake Mary, FL Services, Inc. 550 Business Center Drive First USA Management 2,891 2,820 125,920 33.33% Lake Mary, FL Services, Inc. 10940 White Rock Road Progressive Casualty 2,740 2,804 158,582 30.00% Rancho Cordova, CA Insurance 10929 Disk Drive Company 2000 Eastman Drive Structural Dynamic 2,830 2,790 212,836 33.33% Milford, OH Research Corp. 3701 Corporate Drive Motorola, Inc. 2,714 2,714 119,829 33.33% Farmington Hills, MI 2050 Roanoke Road Chrysler Financial Company 3,189 3,540 130,290 30.00% Westlake, TX LLC
17 Lexington Realty Trust Supplemental Reporting Package Joint Venture Property Holdings 12/31/06
---------------------------- --------------------------- ----------------- -------------- -------------- --------------- YTD YTD Base Cash Base GAAP Square Revenue Revenue LXP Property Location Tenant (Guarantor) ($000) ($000) Footage Ownership ---------------------------- --------------------------- ----------------- -------------- -------------- --------------- 1401 & 1501 Nolan Ryan Siemens Dematic Postal 2,385 2,533 236,547 25.00% Parkway Automation, L.P. Arlington, TX 9201 East Dry Creek Road The Shaw Group, Inc. 2,082 2,507 128,500 30.00% Centennial, CO 110, 120 & 130 E. Shore Capital One Services, Inc. 2,842 2,889 225,220 30.00% Dr. Glen Allen, VA 1475 Dunwoody Drive ING USA Annuity and Life 2,063 2,038 125,000 30.00% West Chester, PA Insurance Company 13775 McLearen Road Equant N.V. 1,868 2,030 125,293 30.00% Herndon, VA 70 Valley Stream Parkway IKON Office Solutions, Inc. 1,938 1,995 106,855 30.00% Malvern, PA 5150 220th Avenue Spacelabs Medical, Inc 1,925 1,949 106,944 25.00% Issaquah, WA (OSI Systems, Inc.) 9201 Stateline GE Insurance Solutions 1,930 1,930 166,641 25.00% Kansas City, MO (Employers Reinsurance Corporation) 22011 SE 51st Street Spacelabs Medical, Inc 1,763 1,667 95,600 25.00% Issaquah, WA (OSI Systems, Inc.) 1110 Bayfield Drive Honeywell International, 1,635 1,637 166,575 33.33% Colorado Springs, CO Inc. 3601 Converse Drive Verizon Wireless 1,533 1,624 160,500 25.00% Wilmington, NC 275 Technology Drive ANSYS, Inc. 1,241 1,354 107,872 30.00% Canonsburg, PA 9601 Renner Blvd. Voicestream PCS II 1,200 1,352 77,484 25.00% Lenexa, KS Corporation (T-Mobile USA, Inc.) 3265 East Goldstone Drive Voicestream PCS II 1,179 1,320 77,484 25.00% Meridian, ID Corporation (T-Mobile USA, Inc.) 3201 Quail Springs Pkwy. AT& T Wireless Services, Inc. 1,346 1,365 103,500 40.00% Oklahoma City, OK Jordan Associates, Inc. 332 332 25,000 200 Lucent Lane Lucent Technologies, Inc. 2,041 1,643 124,944 30.00% Cary, NC 4455 American Way Bell South Mobility, 1,037 1,090 70,100 30.00% Baton Rouge, LA Inc. 3711 San Gabriel Voice Stream PCS II LLC 900 984 75,016 30.00% Mission, TX (T-Mobile USA, Inc.)
18 Lexington Realty Trust Supplemental Reporting Package Joint Venture Property Holdings 12/31/06
------------------------- ---------------------------- ---------------- --------------- -------------- -------------- YTD Base Cash YTD Revenue Base GAAP Square LXP Property Location Tenant (Guarantor) ($000) Revenue ($000) Footage Ownership ------------------------- ---------------------------- ---------------- --------------- -------------- -------------- 4001 International Pkwy. Accor S.A. 2,986 3,231 138,443 25.00% Carrollton, TX (Motel 6 Operating L.P.) 350 Rhode Island Street California Culinary 2,492 2,394 103,838 30.00% San Francisco, CA Academy, LLC (Career Education Corp.) Starbucks Coffee Company 68 74 1,500 Citibank -- 25 6,545 VACANT -- -- 13,461 2500 Patrick Henry Pkwy. Georgia Power Company 1,421 1,511 111,911 25.00% McDonough, GA First Park Drive Omnipoint Holdings, Inc. 1,192 1,365 78,610 25.00% Oakland, ME (T-Mobile USA, Inc.) 11511 Luna Road Haggar Clothing Company 1,447 1,584 180,507 30.00% Farmers Branch, TX (Texas Clothing Holding Corp.) (Haggar Corporation) ---------------------------- ---------------- --------------- -------------- Office Subtotal $ 117,696 $ 120,384 7,357,839 ---------------------------- ---------------- --------------- -------------- Industrial 101 Michelin Drive TNT Logistics North $ 3,103 $ 3,227 1,164,000 33.33% Laurens, SC America, Inc. (TPG N.V.) 10345 Philipp Parkway L'Oreal USA, Inc. 2,290 2,518 649,250 25.00% Streetsboro, OH 7111 Crabb Road TNT Logistics North 2,078 2,161 752,000 33.33% Temperance, MI America, Inc. (TPG N.V.) 6050 Dana Way Vacant(1) 611 535 338,700 30.00% Antioch, TN W.M Wright Company 762 762 338,700 3600 Army Post Rd. EDS Information Services 2,663 2,856 405,000 30.00% Des Moines, IA LLC (Electronic Data Systems Corporation) 2400 West Haven Avenue Michaels Stores Procurement 1,986 1,986 693,185 30.00% New Lenox, IL Company, Inc. (Michaels Stores, Inc.)
19 Lexington Realty Trust Supplemental Reporting Package Joint Venture Property Holdings 12/31/06
- -------------------------------- ---------------------------- ---------------- --------------- -------------- -------------- YTD Base Cash YTD Revenue Base GAAP Square LXP Property Location Tenant (Guarantor) ($000) Revenue ($000) Footage Ownership - -------------------------------- ---------------------------- ---------------- --------------- -------------- -------------- 43955 Plymouth Oaks Tower Automotive Products 1,886 1,886 290,133 30.00% Boulevard Company Plymouth, MI (Tower Automotive, Inc.) 121 Technology Drive Heidelberg Web Systems, 1,833 1,850 500,500 33.33% Durham, NH Inc. 3225 Meridian Parkway Hagemeyer Foods, Inc. 1,482 1,609 201,845 30.00% Weston, FL 291 Park Center Drive Kraft Foods North 1,530 1,514 344,700 33.33% Winchester, VA America, Inc. 1109 Commerce Boulevard Linens-n-Things, Inc. 1,258 1,251 262,644 30.00% Logan Township, NJ 3245 Meridian Parkway Circuit City Stores, Inc. 1,047 1,169 230,600 30.00% Weston, FL 736 Addison Road Corning, Inc. 646 646 408,000 30.00% Erwin, NY ---------------------------- ---------------- --------------- -------------- Subtotal Industrial $ 23,175 $ 23,970 6,579,257 ---------------------------- ---------------- --------------- -------------- Retail 12080 Carmel Mountain Road Kmart Corporation $ 454 $ 980 107,210 30.00% San Diego, CA 5350 Leavitt Road Kmart Corporation 1,008 729 193,193 30.00% Lorain, OH 255 Northgate Drive Kmart Corporation 712 515 107,489 30.00% Manteca, CA 21082 Pioneer Plaza Drive Kmart Corporation 670 484 120,727 30.00% Watertown, NY 97 Seneca Trail Kmart Corporation 471 309 90,933 30.00% Fairlea, WV 1150 West Carl Sandburg Drive Kmart Corporation 400 289 94,970 30.00% Galesburg, IL ---------------------------- ---------------- --------------- -------------- Retail/ Other Subtotal $ 3,715 $ 3,306 714,522 ---------------------------- ---------------- --------------- -------------- ---------------------------- ---------------- --------------- -------------- Grand Total $ 144,586 $ 147,660 14,651,618 ---------------------------- ---------------- --------------- --------------
(1) Original tenant rejected the lease in bankruptcy. GAAP rent does not reflect accelerated amortization of $4,704. 20 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ------------------------------------------- ---------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ------------------------------------------- ---------------------------------- Office 12209 W. Markham Street Entergy Arkansas, Inc. 36,311 Little Rock, AR 5201 West Barraque Street Entergy Services, Inc. 27,189 Pine Bluff, AR 2200/2230 & 2222 East Imperial Highway 1 Raytheon Company 184,636 El Segundo, CA 2200/2230 & 2222 East Imperial Highway 3 Raytheon Company 184,636 El Segundo, CA 1500 Hughes Way Raytheon Company 478,437 Long Beach, CA 599 Ygnacio Valley Road Hercules Credit, Inc. 54,528 Walnut Creek, CA 5550 Tech Center Drive Federal Express Corporation 71,000 Colorado Spring, CO 10 John Street Chesebrough Ponds (Unilever United 41,188 Clinton, CT States, Inc.) 6277 Sea Harbor Drive Harcourt Brace & Company 357,280 Orlando, FL Sandlake Road/Kirkman Road Lockheed Martin Corporation 184,000 Orlando, FL 500 Jackson Street Cummins Engine Company Inc. 390,100 Columbus, IN 313 Carondelet Hibernia Corporation 222,432 New Orleans, LA 1111 Tulane Street Hibernia Corporation 180,595 New Orleans, LA 100 Light Street St. Paul Fire and Marine Insurance Co. 530,000 Baltimore, MD 3165 McKelvey Road BJC Health System 52,994 Bridgeton, MD 200 Milik Street Pathmark Stores, Inc. 96,400 Carteret, NJ 288 North Broad Street Bank of America 30,000 Elizabeth, NJ Columbia Road and Park Avenue Honeywell International Inc. 225,121 Morris Township, NJ Columbia Road and Park Avenue Honeywell International Inc. 49,791 Morris Township, NJ Columbia Road and Park Avenue Honeywell International Inc. 136,516 Morris Township, NJ Columbia Road and Park Avenue Honeywell International Inc. 316,129 Morris Township, NJ
21 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- 656 Plainsboro Road Bank of America 2,000 Plainsboro, NJ 6226 West Sahara Avenue Nevada Power Company 282,000 Las Vegas, NV 9393 Springsboro Pike Reed Elsevier, Inc. 61,229 Miamisburg, OH 9393 Springsboro Pike Reed Elsevier, Inc. 85,873 Miamisburg, OH 265 Lehigh Street Wachovia Bank N.A. 71,230 Allentown, PA 207 Mockingbird lane Sun Trust Bank 63,800 Johnson City, TN 420 Riverport Road American Electric Power 42,770 Kingport, TN 3965 Airways Boulevard Federal Express Corporation 521,286 Memphis, TN 800 Ridgelake Boulevard The Kroger Co. 75,000 Memphis, TN 3535 Calder Avenue Wells Fargo & Co. 49,689 Beaumont, TX 350 Pine Street Entergy Gulf States 427,104 Beaumont, TX 1900 L. Don Dodson Drive VACANT 206,905 Bedford, TX 2010 Alderson Drive Wells Fargo & Co. 185,000 Dallas, TX 1200 Jupiter Road Raytheon Company 278,759 Garland, TX Route 64 West & Junction 333 Entergy Gulf States 191,950 Russellville, AR 101 East Washington Boulevard Bank One 69,690 Fort Wayne, IN American Electric Power 278,762 700 US Hwy Route 202-206 Biovail Pharmaceuticals, Inc. 115,558 Bridgewater, NJ 850-950 Warrenville Road National Louis University 85,532 Lisle, IL James J. Benes & Associates 6,347 PRIMMS, Inc. 7,535 333 Mt. Hope Avenue BASF Corporation 95,500 Rockway, NJ 180 South Clinton Street Frontier Corporation 226,000 Rochester, NY
22 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- 17770 Cartwright Road Associates First Capital Corporation 200,000 Irvine, CA 255 California Street Multi-tenanted (1) 169,846 San Francisco, CA 5724 W. Las Positas Boulevard NK Leasehold 41,760 Pleasanton, CA 849 Front Street Multi - tenanted (2) 22,294 Evanston, WY ---------------------------------------- ----------------------------------- Office Subtotal 7,712,702 ---------------------------------------- -----------------------------------
(1) Property includes 21 tenants and is approximately 84% leased. (2) Property includes 8 tenants and is approximately 71% leased. 23 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- Industrial 1665 Hughes Way Raytheon Company 200,541 Long Beach, CA 3333 Coyote Hill Road Xerox Corporation 123,000 Palo Alto, CA 2455 Premier Drive Walgreen Co. 205,016 Orlando, FL 1901 Ragu Drive Ragu Foods, Inc. (Unilever United 443,380 Owensboro, KY States, Inc.) North Wells Road United Technologies Corp. 820,868 North Berwick, ME 75 North Street Rotron Inc. (EG&G) 52,000 Saugerties, NY US Highway 17 Food Lion, Inc. 36,828 North Myrtle Beach, SC 120 South East Parkway Drive United Technologies Corp. 289,330 Franklin, TN 3456 Meyers Avenue Sears, Roebuck & Company 780,000 Memphis,TN 300 Bennett Lane Xerox Corporation 256,000 Lewisville, TX 4400 State Road 19 Walgreen Co. 356,000 Windsor, WI 749 Southrock Drive Jacobson Warehouse Company Inc. 150,000 Rockford, IL 3686 South Central Avenue Jacobson Warehouse Company Inc. 90,000 Rockford, IL 2203 Sherrill Drive LA-Z-Boy Greenboro, Inc. 639,600 Statesville, NC (LA-Z-Boy Incorporated) 7005 Cochran Road Royal Appliance Mfg. Co. 458,000 Glen Willow, OH 1420 Greenwood Road Atlas Cold Storage America LLC 201,583 McDonough, GA 1650-1654 Williams Road ODW Logistics, Inc. 744,800 Columbus, OH 2880 Kenny Biggs Road Quickie Manufacturing Corp. 308,000 Lumberton, NC 10590 Hamilton Avenue The Hillman Group, Inc. 247,000 Cincinnati, OH ---------------------------------------- ----------------------------------- Industrial Subtotal 6,401,946 ---------------------------------------- -----------------------------------
24 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- Retail/Other 302 Croxcreek Parkway The Kroger Co. 42,130 Florence, AL 5544 Atlanta Highway Beasley Development LLC 60,698 Montgomery, AL Bisbee Naco Highway & Highway 92 Safeway Stores, Inc. 30,181 Bisbee, AZ Grant Road & Craycroft Safeway Stores, Inc. 37,268 Tucson, AZ 22765 Aspan Street Mark C. Bloome (Goodyear) 10,250 Lake Forest, CA Old Mamoth Road/Meridian Safeway Stores, Inc. 44,425 Boulevard Mammoth Lakes, CA 15745 Monterey Road Gerard Tire Services (Goodyear) 10,250 Morgan Hill, CA 1400 Stoneridge Mall Federated Department Stores 175,000 Pleasanton, CA 1631 West Redlands Boulevard Mark C. Bloome (Goodyear) 11,200 Redlands, CA 270 Fashion Valley Road Nordstrom, Inc. 225,919 San Diego, CA 315 Colorado Avenue Federated Department Stores 150,000 Santa Monica, CA 18182 Irvine Boulevard Mervyn's 72,000 Tustin, CA 34734 Alvarado Niles Road Gerard Tire Services (Goodyear) 10,800 Union City, CA 500 East Harbor Boulevard City of San Buenaventura 39,600 Venture, CA 17005 Imperial Highway Mark C. Bloome (Goodyear) 10,800 Yorba Linda., CA 15220 East 6th Avenue VACANT 41,384 Aurora, CO 12000 East Mississippi Avenue Safeway Stores, Inc. 24,000 Aurora, CO Kipling Street & Bowles Avenue VACANT 29,360 Littleton, CO 10340 U.S. 19 VACANT 53,820 Port Richey, FL
25 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- 2010 Apalachee Parkway VACANT 53,820 Tallahassee, FL 2223 North Druid Hills Road Bank of America 6,260 Atlanta, GA 956 Ponce de Leon Avenue Bank of America 3,900 Atlanta, GA 4545 Chamblee - Dunwoody Road Bank of America 4,565 Chamblee, GA 201 West Main Street Bank of America 14,208 Cumming, GA 3468 Georgia Highway 120 Bank of America 9,300 Duluth, GA 1066 Main Street Bank of America 14,859 Forest Park, GA 825 Southway Drive Bank of America 4,894 Jonesboro, GA 1698 Mountain Indus. Boulevard Bank of America 5,704 Stone Mountain, GA 502 East Carmel Drive Marsh Supermarkets, Inc. 38,567 Carmel, IN 5104 North Franklin Road Marsh Supermarkets, Inc. 28,721 Lawrence, IN 2440 Bardstown Road ( Supermarket) The Kroger Co. 40,019 Louisville, KY 2440 Bardstown Road The Kroger Co. 9,600 Louisville, KY 205 Homer Road Safeway Stores, Inc. 35,000 Minden, LA 24th Street West & St. John's Avenue Safeway Stores, Inc. 40,800 Billings, MT Little Rock Road/Tuckaseegee Road Food Lion, Inc. 33,640 Charlotte, NC Brown Mill Road/US 601 Food Lion, Inc. 32,259 Concord, NC Gum Branch Road Food Lion, Inc. 23,000 Jacksonville, NC US 221 & Hospital Road Food Lion, Inc. 23,000 Jefferson, NC 291 Talbet Boulevard Food Lion, Inc. 23,000 Lexington, NC
26 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- Julian Avenue/Clominger Street Food Lion, Inc. 21,000 Thomasville, NC 10 South Avenue Pathmark Stores, Inc. 52,000 Garwood, NJ 2910 Juan Tabo Blvd. Safeway Stores, Inc. 35,000 Albuquerque, NM 130 Midland Avenue Pathmark Stores, Inc. 59,000 Portchester, NY 1606 North Bend Road VACANT 25,628 Cincinnati, OH 2000 East Main Street The Kroger Co. 34,019 Columbus, OH 1084 East Second Street Marsh Supermarkets, Inc. 29,119 Franklin, OH N.E.C. 45th Street/Lee Boulevard Safeway Stores, Inc. 30,757 Lawton, OK 1642 Williams Avenue Safeway Stores, Inc. 33,770 Grants Pass, OR 559 North Main Street Citizens Bank of Pennsylvania 3,800 Doylestown, PA 25 East Main Street Citizens Bank of Pennsylvania 3,800 Lansdale, PA 1055 West Baltimore Pike Citizens Bank of Pennsylvania 3,800 Lima, PA 4947 North Broad Street Citizens Bank of Pennsylvania 3,800 Philadelphia, PA 2001-03 Broad Street Citizens Bank of Pennsylvania 3,800 Philadelphia, PA 6201 North 5th Street Citizens Bank of Pennsylvania 3,800 Philadelphia, PA 7323-29 Frankford Avenue Citizens Bank of Pennsylvania 3,800 Philadelphia, PA 15 South 52nd Street Citizens Bank of Pennsylvania 3,800 Philadelphia, PA 10650 Bustleton Avenue Citizens Bank of Pennsylvania 3,800 Philadelphia, PA 1025 West Lehigh Avenue Citizens Bank of Pennsylvania 3,800 Philadelphia, PA 2014 Cottman Avenue Citizens Bank of Pennsylvania 3,800 Philadelphia, PA
27 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- 4160 Monument Road Pathmark Stores, Inc. 50,000 Philadelphia, PA 15 Newton - Richboro Road Citizens Bank of Pennsylvania 3,800 Richboro, PA 363 West Lancaster Avenue Citizens Bank of Pennsylvania 3,800 Wayne, PA S. Carlina 52/52 Bypass Food Lion, Inc. 23,000 Moncks Corner, SC 1600 East 23rd Street The Kroger Co. 42,130 Chattanooga, TN 1053 Mineral Springs Raod The Kroger Co. 31,170 Paris, TN 3040 Josey Lane Ong's Family Inc. 61,000 Carrolton, TX 1610 South Westmoreland Avenue Malone's Food Stores 68,024 Dallas, TX 3451 Alta Mesa Boulevard Safeway Stores, Inc. 44,000 Fort Worth, TX 101 West Buckingham Road Safeway Stores, Inc. 40,000 Garland, TX 1415 Highway 377 East Safeway Stores, Inc. 35,000 Granbury, TX 2500 E. Carrier Parkway Safeway Stores, Inc. 49,349 Grand Prairie, TX 4811 Wesley Street Safeway Stores, Inc. 48,427 Greenville, TX 120 South Waco Street Safeway Stores, Inc. 35,000 Hillsboro, TX 13133 Steubner Ave The Kroger Co. 52,200 Houston, TX 5402 4th Street VACANT 53,820 Lubbock, TX 3211 W. Beverly Street Food Lion, Inc. 23,000 Staunton. VA 9803 Edmonds Way VACANT 35,459 Edmonds, WA 224th Street & Meridan Safeway Stores, Inc. 44,718 Graham, WA Meridan & 65th Safeway Stores, Inc. 44,718 Milton, WA
28 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- 1700 State Route 160 Jubilee Fun 27,968 Port Orchard, WA 228th Avenue, N.E. Safeway Stores, Inc. 44,718 Redmond, WA 849 Front Street Bank of the West 7,206 Evanston, WY 10415 Grande Avenue Furrs Cafeterias Operators LP 10,000 Sun City, AZ 101 Creger Lithia Motors 10,000 Ft. Collins, CO 900 South Canal Street. Furrs Cafeterias Operators LP 10,000 Carlsbad, NM 4121 South Port Avenue Furrs Cafeterias Operators LP 10,000 Corpus Christi, TX 119 North Balboa Road Furrs Cafeterias Operators LP 10,000 El Paso, TX 901 West Expressway Furrs Cafeterias Operators LP 10,000 McAllen, TX 402 East Crestwood Drive Furrs Cafeterias Operators LP 10,000 Victoria, TX 928 First Avenue Rock Falls County Market 27,650 Rock Falls, IL 4512 N Market Safeway Stores, Inc. 38,905 Spokane, WA 3621 E Lincoln Way VACANT 31,420 Cheyenne, WY 9400 South 755 East Albertsons Inc. 41,612 Sandy, UT 7470 El Camino Real CSK Auto (Albertsons Inc.) 4,000 Atascadero, CA 635 Highland Spring Road CSK Auto (Albertsons Inc.) 4,000 Beaumont, CA 2044 West Main Street CSK Auto (Albertsons Inc.) 7,000 Paso Robles, CA 1321 Commerce Street Adolphus Associates (Met Life) 498,122 Dallas, TX 2200/2230 & 2222 East Imperial Raytheon Company 959,000 Highway 2 El Segundo, CA
29 Lexington Realty Trust Supplemental Reporting Package Newkirk Portfolio 12/31/06
------------------------------------------- ---------------------------------------- ----------------------------------- Square Property Location Tenant (Guarantor) Footage ------------------------------------------- ---------------------------------------- ----------------------------------- 2404 West Main Street CSK Auto (Albertsons Inc.) 3,030 Farmington, NM 2520 E. Bonanza Road CSK Auto (Albertsons Inc.) 2,800 Las Vegas, NV 8960 Dyer Street CSK Auto (Albertsons Inc.) 2,625 El Paso, TX 6100 Alameda Avenue CSK Auto (Albertsons Inc.) 2,800 El Paso, TX 3322 82nd Street CSK Auto (Albertsons Inc.) 2,550 Lubbock, TX 25 E. McKellips Road CSK Auto (Albertsons Inc.) 2,660 Mesa, AZ 7200 Cradle rock way GFS Realty, Inc. 57,209 Columbia, MD 185 Washburn Circle Mark C. Bloome (Goodyear) 9,400 Corona, CA 810124 Highway 111 Mark C. Bloome (Goodyear) 9,600 Indio, CA ---------------------------------------- ----------------------------------- Retail/Other Subtotal 4,529,184 ---------------------------------------- ----------------------------------- ---------------------------------------- ----------------------------------- Grand Total 18,643,832 ---------------------------------------- -----------------------------------
Note ---- As the Merger was effective December 31, 2006 no revenue has been earned from the Newkirk portfolio. 30 Lexington Realty Trust Supplemental Reporting Package Properties by Location 12/31/06
Historical 12-Month Ended December 31, 2006(1) No. of Number of Percent Square Base Rent Percent of Locations Location Properties(3) Leased(4) Feet(2) ($000's) Base Rent ------------- ------------------ ------------ ----------- ------------ ----------------------------- 1 Texas 50 95.5% 7,834,490 $ 46,766 19.1% 2 South Carolina 13 100.0 3,916,396 20,056 8.2 3 Pennsylvania 27 100.0 2,642,531 17,622 7.2 4 Ohio 20 99.5 5,644,887 15,630 6.4 5 California 39 99.3 5,961,657 14,031 5.7 6 Florida 17 95.6 2,474,050 12,416 5.1 7 Michigan 13 88.0 2,466,397 11,546 4.7 8 Virginia 9 100.0 1,422,643 11,278 4.6 9 Georgia 14 100.0 998,872 10,125 4.1 10 Arizona 12 94.0 829,593 8,830 3.6 11 Kentucky 9 97.8 2,293,076 7,516 3.1 12 Massachusetts 4 100.0 574,301 7,392 3.0 13 Tennessee 18 90.8 4,037,645 6,972 2.9 14 New Jersey 15 100.0 1,955,773 6,653 2.7 15 Utah 2 100.0 336,612 6,321 2.6 16 Illinois 10 100.0 1,798,999 5,515 2.3 17 Indiana 8 100.0 1,530,343 5,328 2.2 18 Iowa 4 100.0 1,073,648 3,812 1.5 19 Oregon 5 100.0 450,479 3,758 1.5 20 North Carolina 13 100.0 1,903,608 3,191 1.3 21 Washington 10 93.5 542,335 2,315 0.9 22 Connecticut 3 100.0 238,952 2,231 0.9 23 The Netherlands 1 100.0 122,450 2,182 0.9 24 Colorado 8 86.9 538,984 2,164 0.9 25 Oklahoma 5 100.0 317,404 1,670 0.7 26 Kansas 2 100.0 397,682 1,358 0.6 27 Alabama 3 100.0 698,174 1,054 0.4 28 Hawaii 2 98.2 297,441 1,004 0.4 29 Mississippi 2 100.0 362,941 984 0.4 30 Louisiana 5 100.0 587,213 766 0.3 31 New Hampshire 1 100.0 500,500 617 0.3 32 Minnesota 1 100.0 18,620 560 0.2 33 Nebraska 1 100.0 86,800 509 0.2 34 Missouri 1 100.0 166,641 483 0.2 35 Wisconsin 2 100.0 432,164 463 0.2 36 Maryland 5 100.0 799,222 426 0.2 37 Maine 2 100.0 899,478 341 0.2 38 New York 5 100.0 865,727 339 0.2 39 Idaho 1 100.0 77,484 330 0.1 40 West Virginia 1 100.0 90,933 93 -- 41 Arkansas 3 100.0 255,450 -- -- 42 Nevada 2 100.0 284,800 -- -- 43 Montana 1 100.0 40,800 -- -- 44 New Mexico 3 100.0 48,030 -- -- 45 Wyoming 3 37.8 60,920 -- -- ------------------ ------------ ------------ ------------ -------------- -------------- Total 375 97.6% 58,877,145 $ 244,647 100% ------------------ ------------ ------------ ------------ -------------- --------------
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. (2) Includes properties owned as of December 31, 2006. (3) Includes properties owned during the year ended December 31, 2006. (4) As of December 31, 2006. 31 Lexington Realty Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 12/31/06
Office Industrial Retail/ Other - ------- ------------ ------------- ------------ ------------ ------------- -------------- ------------ -------------- -------------- 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 - ------- ------------ ------------- ------------ ------------ ------------- -------------- ------------ -------------- -------------- 2007 753,450 16,398 22.28 2,436,372 13,336 5.47 217,000 1,971 9.08 2008 3,162,653 52,394 21.90 1,284,379 146 8.18 616,559 7,299 12.10 2009 2,858,244 50,037 21.65 883,966 2,085 3.34 1,213,603 9,493 15.36 2010 2,300,355 19,613 13.51 1,885,413 5,773 3.06 90,800 590 6.50 2011 1,693,948 17,052 15.51 1,251,535 536 4.67 511,164 4,081 7.98 2012 1,897,486 18,077 12.47 4,559,134 10,652 4.20 561,425 4,630 8.25 2013 1,897,103 22,479 15.28 202,086 3,982 19.70 39,600 896 22.63 2014 2,716,818 34,568 16.51 1,055,160 3,927 3.72 267,337 496 1.85 2015 2,274,294 21,072 14.00 1,372,370 7,388 5.53 76,164 469 6.15 2016 1,152,227 9,267 16.74 1,655,158 6,088 4.20 225,919 1,600 7.08 2017 130,690 398 8.67 1,788,022 6,497 4.04 119,706 473 3.95 2018 740,924 5,955 12.35 744,800 1,347 1.81 1,943,876 4,668 3.85 2019 1,649,414 18,960 15.24 1,412,025 4,121 4.41 -- -- -- 2020 344,659 5,214 18.53 666,037 4,712 7.51 -- -- -- 2021 420,926 8,020 19.05 1,928,504 7,607 4.31 61,000 361 5.92 2022 -- -- -- -- -- -- -- -- -- 2023 -- -- -- -- -- -- -- -- -- 2024 187,262 1,069 19.02 693,185 568 2.73 -- -- -- 2025 146,800 1,744 15.63 2,140,254 9,802 3.20 -- -- -- 2026 -- -- -- 500,500 427 2.56 77,076 1,357 23.16 Weighted Average $ 17.05 $ 4.53 $ 8.46 ======= ======== =======
(1) Includes proportionate share of joint venture investments and is net of estimated expenses. 32 Lexington Realty Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis Lexington Portfolio 12/31/06 ($000's)
Percentage of Total Total Number of Annualized Base Rent (1) Annualized Year Leases Expiring Base Rent - ------------------------- ------------------------ --------------------------- ---------------------------- 2007 29 $ 15,935 6.2% 2008 20 6,840 2.7 2009 25 22,504 8.8 2010 21 19,590 7.7 2011 21 19,202 7.5 2012 23 25,946 10.2 2013 15 21,750 8.5 2014 19 23,592 9.2 2015 20 28,291 11.1 2016 14 12,118 4.7 2017 6 3,990 1.6 2018 12 8,557 3.4 2019 10 9,618 3.8 2020 7 9,626 3.8 2021 7 12,594 4.9 2022 -- -- -- 2023 -- -- -- 2024 2 1,665 0.7 2025 8 11,448 4.5 2026 2 2,106 0.7 ------------------------ --------------------------- ---------------------------- Total 261 $ 255,372 100.0% ======================== =========================== ============================
(1) Includes proportionate share of joint venture investments. 33 Lexington Realty Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis Newkirk Portfolio 12/31/06 ($000's)
Percentage of Total Total Number of Annualized Base Rent (1) Annualized Year Leases Expiring Base Rent - ------------------------- ------------------------ --------------------------- ---------------------------- 2007 11 $19,481 10.6% 2008 51 50,929 27.7 2009 43 37,267 20.3 2010 10 6,475 3.5 2011 9 4,765 2.6 2012 17 9,880 5.4 2013 4 7,731 4.2 2014 8 13,303 7.2 2015 4 2,697 1.5 2016 6 3,740 2.0 2017 4 4,161 2.2 2018 2 8,743 4.8 2019 8 12,802 7.0 2020 -- -- -- 2021 2 1,661 1.0 2022 -- -- -- 2023 -- -- -- 2024 -- -- -- 2025 -- -- -- 2026 -- -- -- ------------------------ --------------------------- ---------------------------- Total 179 $ 183,635 100.0% ======================== =========================== ============================
Estimated Estimated Amortization Below Amortization Estimated Annual Market Leases Above Market Leases Amortization, Net - ------------------- ---------------------------------- -------------------------- --------------------------- 2007 $ 17,273 $ (37,850) $ (20,577) 2008 15,880 (29,265) (13,385) 2009 15,772 (10,508) 5,264 2010 15,112 (1,333) 13,779 2011 14,872 (1,333) 13,539
(1) Includes proportionate share of joint venture investments. 34 Lexington Realty Trust Supplemental Reporting Package Mortgages and Notes Payable 12/31/06 ($000's)
- --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Current Estimated Debt Interest Rate Annual Balloon Property - Fixed Rate Balance Maturity Debt Service(d) Payment - --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Warren, OH(a)(b) $ 5,851 7.000% Oct-07 $ 6,160 $ -- Bristol, PA 9,393 7.400 Feb-08 831 9,262 Decatur, GA 6,268 6.720 Jun-08 579 6,049 Palm Beach Gardens, FL 10,759 7.010 Jun-08 970 10,418 Canton, OH 3,085 7.150 Aug-08 313 2,936 Spartanburg, SC 2,562 7.150 Aug-08 260 2,438 Irvine, CA(j) 9,094 9.339 Sep-08 5,653 -- New Orleans, LA(k) 6,712 6.930 Sep-08 4,084 -- New Orleans, LA(k) 5,336 6.930 Sep-08 3,246 -- Owensboro, KY(l) 7,487 7.940 Dec-08 3,361 -- Clinton, CT(l) 1,157 7.940 Dec-08 519 -- Columbia, MD(m) 1,146 8.625 Dec-08 297 719 Long Beach, CA(n) 9,549 6.160 Jan-09 4,180 -- Long Beach, CA(n) 25,751 6.250 Jan-09 11,286 -- Florence, SC 8,879 7.500 Feb-09 869 8,443 Canton, OH 757 9.490 Feb-09 388 -- Baton Rouge, LA 1,670 7.375 Mar-09 208 1,478 Livonia, MI 10,625 7.800 Apr-09 992 10,236 Bristol, PA 5,611 7.250 Apr-09 571 5,228 Henderson, NC 4,119 7.390 May-09 417 3,854 Westland, MI 1,625 10.500 Sep-09 683 -- Salt Lake City, UT 7,138 7.610 Oct-09 2,901 -- High Point, NC 8,372 5.750 Oct-09 695 7,741 Pleasanton, CA(o) 4,652 10.250 Dec-09 727 3,807 San Francisco, CA(o) 23,313 3.893 Dec-09 1,750 20,000 Richmond, VA 15,953 8.100 Feb-10 1,511 15,257 Hampton, VA 7,072 8.270 Apr-10 677 6,758 Hampton, VA 4,337 8.260 Apr-10 415 4,144 Tampa, FL 8,052 6.930 Aug-10 674 7,603 Tampa, FL 5,823 6.880 Aug-10 485 5,495 Herndon, VA 18,258 8.180 Dec-10 1,723 17,301 Tucson, AZ 2,306 7.500 Jan-11 226 2,076 Valley Forge, PA 12,298 7.120 Feb-11 1,166 10,927 Renswoude, NA(f) 35,880 5.305 Apr-11 2,612 32,686 Glendale, AZ 14,278 7.400 Apr-11 1,258 13,365 Dallas, TX 30,582 5.126 May-11 1,589 30,582 Wallingford, CT 3,421 4.926 May-11 221 3,187 Auburn Hills, MI 6,758 7.010 Jun-11 637 5,918 Plymouth, MI 4,502 7.960 Jul-11 463 3,949 Newport, OR 6,644 5.030 Aug-11 470 5,980 Greenville, SC 13,184 4.415 Jan-12 841 11,806 New Kingston, PA 6,917 7.790 Jan-12 678 6,101 Mechanicsburg, PA 5,106 7.780 Jan-12 500 4,503 New Kingston, PA 3,295 7.780 Jan-12 323 2,906 Lake Forest, CA 10,486 7.260 Feb-12 901 9,708 Memphis, TN 17,674 5.247 May-12 1,181 16,222 Lakewood, CO 8,617 5.097 May-12 566 7,890 Groveport, OH 7,552 6.030 Oct-12 563 6,860 San Antonio, TX 29,183 6.080 Oct-12 2,260 26,025 Foxboro, MA(b) 16,003 6.000 Jan-13 2,817 -- Fort Mill, SC 11,086 6.000 Jan-13 839 9,904 Waterloo, IA 5,899 5.610 Feb-13 672 3,505 Atlanta, GA 44,851 5.268 May-13 3,004 40,356 Houston, TX 17,507 5.218 May-13 1,166 15,737 Southington, CT 13,656 5.018 May-13 890 12,228 Tempe, AZ 13,528 5.148 May-13 894 12,144 Indianapolis, IN 9,554 5.168 May-13 633 8,580 Fort Meyers, FL 8,912 5.268 May-13 476 8,550 Chelmsford, MA 6,946 5.118 May-13 458 6,231 Lancaster, CA (first) 10,131 7.020 Sep-13 900 8,637
35 Lexington Realty Trust Supplemental Reporting Package Mortgages and Notes Payable 12/31/06 ($000's)
- --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Current Estimated Debt Interest Rate Annual Balloon Property - Fixed Rate Balance Maturity Debt Service(d) Payment - --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Lancaster, CA (second) 8,552 5.920 Sep-13 642 7,518 Knoxville, TN 5,093 5.950 Sep-13 381 4,496 Phoenix, AZ 19,143 6.270 Sep-13 1,527 16,490 Foxboro, MA(b) 20,452 6.000 Jan-14 3,270 -- Moody, AL 7,365 4.978 Jan-14 493 6,350 Mechanicsburg, PA 13,126 5.730 Mar-14 1,045 10,538 Redmond, OR 9,751 5.616 Apr-14 697 8,484 Clive, IA 5,868 5.139 May-14 387 5,151 Fort Mill, SC 20,300 5.373 May-14 1,148 18,311 Philadelphia, PA(e) 49,000 5.060 Jul-14 2,784 43,547 Eau Claire, WI 1,762 8.000 Jul-14 313 -- Carrollton, TX 14,137 5.530 Jan-15 993 12,022 Franklin, NC 1,600 8.500 Mar-15 271 -- Knoxville, TN(h) 7,734 5.310 May-15 520 6,658 Tulsa, OK(h) 7,619 5.060 May-15 499 6,517 Jacksonville, FL(h) 5,759 5.110 May-15 379 4,927 Kalamazoo, MI 17,479 5.411 May-15 1,189 15,087 Houston, TX 16,828 5.160 May-15 1,114 14,408 Houston, TX 13,140 5.210 May-15 874 11,265 Fishers, IN 13,067 5.160 May-15 865 11,188 San Antonio, TX 12,961 5.340 May-15 875 11,149 Los Angeles, CA 11,398 5.110 May-15 750 9,760 Atlanta, GA 11,325 5.260 May-15 604 10,502 Richmond, VA 10,518 5.310 May-15 708 9,055 Harrisburg, PA 9,099 5.110 May-15 599 7,780 Rockaway, NJ 14,900 5.292 May-15 789 14,900 Elizabethtown, KY(g) 16,303 4.990 Jul-15 1,070 13,766 Hopkinsville, KY(g) 9,550 4.990 Jul-15 627 8,070 Dry Ridge, KY(g) 7,723 4.990 Jul-15 507 6,521 Owensboro, KY(g) 6,879 4.990 Jul-15 452 5,813 Elizabethtown, KY(g) 3,096 4.990 Jul-15 203 2,614 Southborough, MA 1,759 7.500 Sep-15 275 -- Houston, TX(b) 64,380 6.250 Sep-15 8,147 18,318 Houston, TX(b) 25,987 6.250 Sep-15 3,101 6,985 Sugar Land, TX(b) 16,869 6.250 Sep-15 2,237 6,286 Houston, TX(b) 7,382 6.250 Sep-15 891 2,222 Temple, TX 8,881 6.090 Jan-16 668 7,446 Danville, IL 6,292 9.000 Jan-16 692 4,578 Bridgewater, NJ 14,805 5.732 Mar-16 849 13,751 Omaha, NE(h) 8,919 5.610 Apr-16 621 7,560 Tempe, AZ(h) 8,423 5.610 Apr-16 586 7,140 Bremerton, WA 6,564 6.090 Apr-16 494 5,465 Lisle, IL 10,450 6.500 Jun-16 679 9,280 Rockford, IL 6,900 6.210 Aug-16 428 6,093 Statesville, NC 14,100 6.210 Aug-16 876 12,451 Rochester, NY 18,800 6.210 Aug-16 1,167 16,602 Glenwillow, OH 17,000 6.130 Sep-16 1,042 14,988 Plymouth, IN(h) 6,652 6.315 Sep-16 497 5,723 Tomball, TX(h) 9,408 6.063 Nov-16 683 8,023 El Segundo, CA(p) 55,000 5.675 Dec-16 3,820 45,723 Memphis, TN(h) 3,951 5.910 Jan-17 229 3,484 Dubuque, IA 10,745 5.402 Jun-17 733 8,725 Westmont, IL 15,224 6.210 Mar-18 1,292 9,662 Houston, TX(h) 7,500 6.507 Nov-19 495 6,692 Boca Raton, FL 20,400 6.470 Feb-20 1,338 18,383 Houston, TX 9,880 5.640 Dec-20 692 7,018 Livonia, GA(h) 9,898 5.460 Dec-20 741 5,895 Wall Township, NJ(b) 29,596 6.250 Jan-21 2,013 -- Hilliard, OH 28,960 5.907 Feb-21 1,734 27,483
36 Lexington Realty Trust Supplemental Reporting Package Mortgages and Notes Payable 12/31/06 ($000's)
- --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Current Estimated Debt Interest Rate Annual Balloon Property - Fixed Rate Balance Maturity Debt Service(d) Payment - --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Whippany, NJ(h) 16,880 6.290 Nov-21 1,344 10,400 Dillon, SC,CA 23,378 5.974 Feb-22 1,832 13,269 El Segundo, CA(p) 13,282 4.860 Jan-24 54 11,417 El Segundo, CA(p) 16,233 4.860 Jan-24 66 13,955 Chester, SC 13,445 5.380 Aug-25 1,144 362 ---------- ----- -------- --------- 1,516,632 5.963% 154,664 1,113,996 ---------- ----- -------- --------- Corporate Credit Facility (C) 65,194 7.120% Jun-08 4,706 65,194 Corporate Facility (i) 547,199 6.390% Aug-08 42,288 534,074 ---------- ------ --------- --------- Total $ 2,129,025 6.108% $ 201,658 $ 1,713,264 ========== ===== ========= =========
(a) Included in discontinued operations. (b) Debt balances based upon imputed interest rates. (c) Floating rate debt 30/60/90 day LIBOR plus 120 to 170 bps. (d) Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. (e) The Company has an 80.5% interest in the property securing the mortgage. (f) The Company has a 90.0% interest in the property securing the mortgage. (g) Debt balances are net of mortgage investment made by the Company. (h) The Company has a 76.2% interest in the property securing the mortgage. (i) Newkirk facility at LIBOR plus 175 bps. (j) The Company has a 60.4% interest in the property. (k) The Company has a 47.5% interest in the property. (l) The Company has a 63.2% interest in the property. (m) The Company has a 45.0% interest in the property. (n) The Company has a 55.0% interest in the property. (o) The Company consolidates this property as it is a variable interest entity. The Company has a 1% general partnership interest in the property. (p) The Company has a 53.0% interest in the property. 37 Lexington Realty Trust Supplemental Reporting Package Mortgages Payable 12/31/06 (000's)
------------------------------- -------------- ---------------- ------------- --------------- ----------------- ------------------ Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service(d) Payment ------------------------------- -------------- ---------------- ------------- --------------- ----------------- ------------------ Russellville, AK $ 1,281 $ 391 6.850 May-08 $ 913 $ -- Dallas, TX 21,800 5,228 6.680 Jun-09 9,614 -- Santa Clarita, CA 28,200 8,460 4.750 Oct-09 1,340 28,200 Columbia, SC 23,538 9,415 7.850 Oct-09 2,196 22,586 Houston, TX 19,837 6,606 7.580 Oct-09 2,032 18,229 Fishers, IN 14,177 4,721 8.190 Apr-10 1,499 12,960 Lorain, OH(1) 2,740 822 6.000 Jul-10 903 -- Manteca, CA(1) 1,936 581 6.000 Jul-10 638 -- Watertown, NY(1) 1,820 546 6.000 Jul-10 600 -- Fairlea, WV(1) 1,279 384 6.000 Jul-10 421 -- San Diego, CA(1) 1,234 370 6.000 Jul-10 406 -- Galesburg, IL(1) 1,086 326 6.000 Jul-10 358 -- Irving, TX 25,740 8,571 8.160 Oct-10 2,432 24,454 Lake Mary, FL 12,803 4,263 7.880 Oct-10 1,181 12,118 Lake Mary, FL 12,766 4,251 7.880 Oct-10 1,178 12,082 Parsippany, NJ 39,576 13,179 7.350 Mar-11 3,472 37,047 Novato, CA 21,925 6,578 5.750 Jul-11 1,600 20,307 Winchester, VA 10,416 3,469 7.330 Aug-11 908 9,675 Milford, OH 15,882 5,289 8.170 Feb-12 1,783 12,686 Des Moines, IA 22,761 6,828 5.147 May-12 1,188 22,153 Fort Worth, TX 19,471 5,841 5.097 May-12 1,280 17,823 Raleigh, NC 12,900 3,870 4.947 May-12 647 12,543 Farmington Hills, MI 20,246 6,748 5.420 Sep-12 1,500 17,724 Laurens, SC 16,583 5,527 6.000 Sep-12 1,396 14,022 Temperance, MI 11,117 3,705 6.000 Sep-12 936 9,400 Baton Rouge, LA 6,688 2,006 4.900 Oct-12 443 5,943 Plymouth, MI 12,015 3,605 6.220 Dec-12 1,026 10,026 Colorado Springs, CO 11,429 3,809 6.250 Dec-12 887 10,272 Centennial, CO 15,314 4,594 6.150 Feb-13 1,177 13,555 Los Angeles, CA 80,182 20,046 5.330 May-13 4,999 73,071 Dallas, TX 40,567 12,170 5.218 May-13 2,702 36,453 Malvern, PA 12,865 3,860 5.530 Jan-14 916 11,236 Arlington, TX 21,216 5,304 5.810 Feb-14 1,551 18,588 New Lenox, IL 17,400 5,220 5.510 Feb-14 972 17,400 Logan Township, NJ 7,690 2,307 4.760 Apr-14 444 6,784 Rancho Cordova, CA(1) 18,195 5,459 6.000 Sept-14 1,457 14,646 Weston, FL 10,558 3,167 5.420 Nov-14 733 9,066 Issaquah, WA 32,800 8,200 5.001 Dec-14 1,663 30,388 Canonsburg, PA 9,095 2,729 5.377 Dec-14 489 9,095 Chicago, IL 29,900 8,970 5.105 Jan-15 1,548 29,900 Herndon, VA 12,075 3,623 5.920 Apr-15 888 10,359 Richmond, VA 19,800 5,940 5.110 May-15 1,026 18,321 Oklahoma City, OK 14,749 5,900 5.240 May-15 784 13,673 McDonough, GA 12,675 3,169 5.212 Jun-15 670 11,349 Mission, TX 6,344 1,903 5.780 Jun-15 462 5,371 Carrollton, TX 20,800 5,200 5.274 Jul-15 1,112 18,677 Houston, TX 23,910 7,173 5.410 Oct-15 1,311 21,846 Dallas, TX 18,363 5,509 6.100 Jul-16 1,136 18,363 Fort Wayne, IN 21,394 5,370 9.375 Oct-16 3,344 -- Fort Wayne, IN 13,693 3,437 10.625 Nov-16 2,239 -- Wilmington, NC 13,000 3,250 5.190 Mar-17 684 11,580 Weston, FL 7,296 2,189 5.520 Nov-17 512 5,758 Lorain, OH(1) 1,460 438 6.000 Jul-18 108 -- Manteca, CA(1) 1,031 309 6.000 Jul-18 77 -- Watertown, NY(1) 970 291 6.000 Jul-18 72 -- Fairlea, WV(1) 681 204 6.000 Jul-18 51 -- San Diego, CA(1) 657 197 6.000 Jul-18 49 -- Galesburg, IL(1) 579 174 6.000 Jul-18 43 -- Erwin, NY 9,458 2,837 5.910 Oct-18 728 6,624 Dallas, TX 12,513 3,001 15.000 Dec-18 1,877 -- Overland Park, KS 37,620 9,405 5.830 May-19 2,224 31,819
38 Lexington Realty Trust Supplemental Reporting Package Mortgages Payable 12/31/06 (000's)
- ------------------------------- -------------- ---------------- ------------- --------------- ----------------- ------------------ Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service(d) Payment - ------------------------------- -------------- ---------------- ------------- --------------- ----------------- ------------------ Kansas City, MO 17,950 4,488 5.830 May-19 1,061 15,182 West Chester, PA 10,151 3,045 6.750 Jul-19 1,204 -- Meridian, ID 10,160 2,540 6.010 Aug-19 753 7,658 Streetsboro, OH 20,200 5,050 5.285 Sept-19 1,082 16,338 San Francisco, CA 22,080 6,624 5.580 Nov-19 1,249 18,002 Lenexa, KS 10,227 2,557 6.270 Dec-19 774 7,755 Oakland, ME 10,348 2,587 5.930 Oct-20 750 7,660 Durham, NH 19,182 6,393 6.730 Mar-21 1,309 -- Antioch, TN 13,852 4,156 7.940 Oct-21 1,580 774 --------- ------- -------- ------ --------- 1,070,246 314,374 5.858% 90,587 847,541 --------- ------- -------- ------ --------- Corporate Warehouse facility 13,600 6,800 5.685 Jun-07 773 13,600 Warehouse facility 30,294 15,147 6.670 Mar-07 2,021 30,294 CDO 376,650 188,325 5.856 Dec-46 22,057 376,650 -------- ------- -------- ------- --------- $ 1,490,790 $ 524,646 5.873% $ 115,438 $ 1,268,085 ========= ======= ======== ======= =========
1. Debt balances based upon imputed rates. 39 Lexington Realty Trust Supplemental Reporting Package Mortgage Maturity Schedule 12/31/06 ($000's)
Consolidated properties - ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2007 $ 73,075 $ -- --% 2008 68,458 631,091(1)(2) 6.50 2009 43,550 60,788 6.28 2010 33,654 56,558 7.88 2011 34,017 108,670 5.90 ------ ------- ----------- $ 252,754 $ 857,107 6.50% ========= ========= ===========
Joint venture properties - LXP proportionate share - ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2007 $ 6,733 $ 21,947(3) 6.37% 2008 7,209 -- -- 2009 6,917 23,570 6.67 2010 5,790 20,538 8.06 2011 5,027 21,666 6.90 --------- --------- ----------- $ 31,676 $ 87,721 6.97% ========= ========= ===========
(1) Includes Lexington's line of credit facility. (2) Includes the Newkirk borrowing facility. (3) Includes joint venture warehouse facilities. 40 Lexington Realty Trust Supplemental Reporting Package Revenue by Tenant Industry 12/31/06
- --------------------------------------------------------------- -------------------------------- Percentage of Historical Tenant Industry Base Rent (1) - --------------------------------------------------------------- -------------------------------- Energy 13.4% Finance/Insurance 12.7 Technology 10.9 Automotive 9.3 Healthcare 5.7 Telecommunications 5.6 Transportation/Logistics 5.3 Retail-Department/ Discount Store 5.1 Consumer Products 4.7 Media/Advertising 4.3 Food 3.6 Construction Materials 3.6 Printing/Production 3.5 Retail-Specialty 2.8 Aerospace/Defense 2.5 Service 2.2 Retail-Electronics 1.6 Apparel 1.2 Security 0.9 Health/Fitness 0.4 Real Estate 0.4 Paper/Containers & Packaging 0.3 ------- 100.0%
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale for the year ended December 31, 2006. 41 Lexington Realty Trust Supplemental Reporting Package Revenue by MSA 12/31/06 Percent of Base Rent for the 12 Months Ended 12/31/06 - ------- ------------------------------------------------ ---------------------- 1 Houston-TX 10.0% 2 Dallas-Fort Worth-TX 6.3% 3 Philadelphia-Wilmington-PA 4.7% 4 Los Angeles-Riverside-Orange County-CA 4.2% 5 Atlanta-GA 3.9% 6 Detroit-MI 3.7% 7 Youngstown-Warren-OH 3.7% 8 Phoenix-Mesa-AZ 3.4% 9 Boston-MA 3.3% 10 Charlotte-NC 2.6% 11 Salt Lake City-UT 2.6% 12 Harrisburg-PA 2.6% 13 New York-Northern New Jersey 2.5% 14 Richmond-VA 2.3% 15 Indianapolis-IN 2.1% 16 San Antonio-TX 2.1% 17 Chicago-IL 1.8% 18 West Palm Beach-Boca Raton-FL 1.8% 19 Memphis-TN 1.6% 20 Washington-Baltimore-DC-MD 1.4% 21 Elizabethtown, KY 1.4% 22 Dillon-SC 1.2% 23 Columbus-OH 1.2% 24 Columbia-SC 1.2% 25 Kalamazoo-Battle Creek-MI 1.1% 26 Cincinnati-OH 1.0% 27 Greenville-Spartanburg-SC 1.0% 28 Tampa-St. Petersburg-FL 1.0% 29 Seattle-WA 0.9% 30 San Francisco-CA 0.9% 31 Chester-SC 0.9% 32 Renswoude, Netherland 0.9% 33 Norfolk-Virginia Beach-Newport News-VA 0.8% 34 Orlando-FL 0.8% 35 Kansas City-MO-KS 0.8% 36 Florence-SC 0.7% 37 Des Moines-IA 0.7% 38 Hartford-CT 0.7% 39 Denver-CO 0.7% 40 Cleveland-OH 0.6% 41 Killeen-Temple-TX 0.6% 42 Redmond-OR 0.6% 43 Clarksville-TN 0.6% 44 Knoxville-TN 0.6% 45 Jackson-TN 0.6% 46 Canton-OH 0.5% 47 Fort Meyers-FL 0.5% 42 Lexington Realty Trust Supplemental Reporting Package Revenue by MSA 12/31/06 Percent of Base Rent for the 12 Months Ended 12/31/06 - ------- ------------------------------------------------- ---------------------- - ------- ------------------------------------------------- ---------------------- 48 Jacksonville-FL 0.5% 49 Greensboro-Winston-Salem-NC 0.4% 50 Laurens-SC 0.4% 51 Birmingham-AL 0.4% 52 Klamath Falls-OR 0.4% 53 Owensboro-KY 0.4% 54 Dubuque-IA 0.4% 55 Waterloo-Cedar Falls-IA 0.4% 56 Honolulu - HI 0.4% 57 Newport-OR 0.4% 58 Danville-IL 0.4% 59 Tulsa-OK 0.3% 60 Sacramento-CA 0.3% 61 Miami-Fort Lauderdale-FL 0.3% 62 Oklahoma, OK 0.3% 63 Henderson-NC 0.3% 64 Baton Rouge-LA 0.3% 65 New Haven-CT 0.2% 66 Ocala-FL 0.2% 67 Minneapolis-St. Paul-MN 0.2% 68 Colorado Springs-CO 0.2% 69 Lavonia-GA 0.2% 70 Omaha-NE-IA 0.2% 71 Winchester-VA 0.2% 72 Raleigh-Durham-Chapel Hill-NC 0.2% 73 Eau Claire-WI 0.2% 74 Tucson-AZ 0.2% 75 Pittsburgh-PA 0.2% 76 Wilmington-NC 0.2% 77 Franklin-NC 0.2% 78 Nashville-TN 0.2% 79 Stockton-Lodi-CA 0.2% 80 Oakland-ME 0.2% 81 Gordonsville, TN 0.2% 82 Clackamas-OR 0.2% 83 Boise City, ID 0.2% 84 McAllen-Edinburg-Mission-TX 0.1% 85 San Diego-CA 0.1% 86 Crossville, TN 0.1% 87 Plymouth, IN 0.1% 88 Erwin, NY 0.1% 89 Pascagoula - MS 0.1% 90 Watertown-NY 0.1% 91 North Charleston -SC 0.1% 92 Lewisburg-WV - 93 Galesburg-IL - - ------- ------------------------------------------------- ---------------------- Totals 100.00% - ------- ------------------------------------------------- ---------------------- 43 Lexington Realty Trust Supplemental Reporting Package Other Revenue Data 12/31/06 Revenue by Property Type Percentage - ---------------------------------------------- -------------------------------- Office 66.5% Industrial 29.6 Retail 3.9 ------- 100.0% ======= Revenue by Credit Rating(B) Investment Grade 46.5% Non-Investment Grade 20.7 Unrated 32.8 ---- 100.0% =======
Percentage of Base Rent for the Number of 12 Months Ended Top 10 Tenants/Guarantors Properties(B) Property Type 12/31/06(A) - ---------------------------------------------------- ---------------- ---------------------------------- ----------------- Baker Hughes, Inc. 4 Office (3)/Industrial (1) 5.4% Dana Corporation 9 Industrial 4.8 Kmart Corporation/ Sears Roebuck & Co. 8 Industrial(2)/Retail (6) 4.1 Wells Fargo Home Mortgage, Inc. 4 Office 2.6 Northwest Pipeline Corp. 1 Office 2.6 Internet Security Systems, Inc. 1 Office 2.5 Invensys Systems, Inc. (Siebe, Inc.) 2 Office 2.4 Exel Logistics, Inc.(NFC plc) 4 Industrial 2.0 Nextel Finance Company 4 Office 1.9 Morgan, Lewis & Bockius LLP 1 Office 1.8 --- ---- 38 30.1% === ====
(A) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (B) As of December 31, 2006. 44 -----END PRIVACY-ENHANCED MESSAGE-----