-----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, KhiRD/WPY9/rPlj6l8aXU7OYIRFDHBjwSI+tQeFpzJJa8ih8qx+nQMjVYV1yGL08 K8KSyYaEeNvaAIRi4DHpYA== 0001140361-11-012291.txt : 20110225 0001140361-11-012291.hdr.sgml : 20110225 20110225164203 ACCESSION NUMBER: 0001140361-11-012291 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20110224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110225 DATE AS OF CHANGE: 20110225 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: 11641657 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 form8k.htm LEXINGTON REALTY TRUST 8-K 2-24-2011 form8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 24, 2011

LEXINGTON REALTY TRUST
(Exact Name of Registrant as Specified in Its Charter)

Maryland
1-12386
13-3717318
(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

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

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

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

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 2.02.                      Results of Operations and Financial Conditions.

On February 24, 2011, we issued a press release announcing our financial results for the quarter ended December 31, 2010. A copy of the press release is furnished herewith as part of Exhibit 99.1.

The information furnished pursuant to this Item 2.02 Results of Operations and Financial Conditions, 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 24, 2011, we made available supplemental information, which we refer to as the Quarterly Earnings and Supplemental Operating and Financial Data, concerning our operations and portfolio as of December 31, 2010.

Also on February 24, 2011, our management discussed our financial results and certain aspects of our business plan on a conference call with analysts and investors. A transcript of the conference call is furnished herewith as Exhibit 99.2.

The information furnished pursuant to this Item 7.01 Regulation FD Disclosure, including Exhibit 99.1 and 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
Quarterly Earnings and Supplemental Operating and Financial Data as of December 31, 2010.
 
99.2
Conference Call Transcript.
 
 
 
 
 
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 25, 2011
By:
/s/ Patrick Carroll
  
   
Patrick Carroll
  
   
Chief Financial Officer
  
 
 
 
 
 
Exhibit Index

 
Quarterly Earnings and Supplemental Operating and Financial Data as of December 31, 2010.
 
Conference Call Transcript.
 
 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1 ex99_1.htm
Exhibit 99.1
 
Logo 1
 
Quarterly Earnings and
Supplemental Operating and Financial Data

December 31, 2010

Logo 2
 
 
 
 

LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
December 31, 2010

Table of Contents

Section
Page
   
Fourth Quarter 2010 Earnings Press Release
3
   
Portfolio Data
  
2010 Fourth Quarter Leasing Summary
11
2010 Fourth Quarter Investment/Disposition Summary
12
Property Leases and Vacancies – Consolidated Portfolio
13
Property Leases and Vacancies – Net Lease Strategic Assets Fund
21
Lease Rollover Schedule – Cash Basis
23
Lease Rollover Schedule – GAAP Basis
24
Mortgage Loans Receivable
25
2010 Fourth Quarter Financing Summary
26
Debt Maturity Schedule
27
2011 Mortgage Maturities by Property Type
28
2012 Mortgage Maturities by Property Type
29
2013 Mortgage Maturities by Property Type
30
2014 Mortgage Maturities by Property Type
31
2015 Mortgage Maturities by Property Type
32
Mortgages and Notes Payable
33
Partnership Interests
38
Selected Balance Sheet Account Detail
39
Revenue Data
40
Top 20 Markets
41
Tenant Industry Diversification
42
Top 10 Tenants or Guarantors
43
   
Investor Information
44

This Quarterly Earnings Release and Supplemental Reporting Package 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. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to:  (1) the authorizatio n of Lexington’s Board of Trustees of future dividend declarations to achieve an annualized dividend paid in 2011 of $0.46 per common share, (2) the failure to continue to qualify as a real estate investment trust, (3) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (4) competition, (5) increases in real estate construction costs, (6) changes in interest rates, or (7) changes in accessibility of debt and equity capital markets. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “ estimates,” “projects”, “is optimistic” 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.

 
 
 
 
 
Lexington Realty Trust
TRADED: NYSE: LXP
 
One Penn Plaza, Suite 4015
 
New York NY 10119-4015

Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com

FOR IMMEDIATE RELEASE
Thursday, February 24, 2011

LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2010 RESULTS

New York, NY – February 24, 2011 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter ended December 31, 2010.

Fourth Quarter 2010 Highlights
 
·
Generated Company Funds From Operations (“Company FFO”) of $37.5 million or $0.24 per diluted common share/unit, adjusted for certain items.
 
·
Executed 17 new and renewal leases, totaling approximately 1.9 million square feet.
 
·
Reduced overall consolidated debt by $149.4 million, bringing debt reduction for the year to $300.3 million.
 
·
Sold three properties for an aggregate gross sales price of $9.1 million.
 
·
Issued 11.5 million common shares, raising net proceeds of $87.1 million.
 
·
Acquired a 105,000 square foot office property in Columbus, Ohio for $16.7 million.

Subsequent to Quarter End Highlights
 
·
Disposed of five properties for $78.4 million.
 
·
Refinanced existing secured revolving credit facility with a $300.0 million secured revolving credit facility increasing the availability by $80.0 million and extending the maturity for three years.
 
·
Executed eight new and renewal leases, totaling approximately 1.1 million square feet.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, “We are pleased with our fourth quarter results and our many achievements in 2010. We reduced debt by $300.3 million, signed 4.1 million square feet of leases, and raised overall portfolio occupancy from 92.0% to 93.4%. We had great success with our disposition program, monetizing 13 non-core properties for $158.1 million at a weighted-average cap rate of 4.2%. So far in 2011, we continued our capital recycling strategy by disposing of five properties for $78.4 million at a weighted-average cap rate of 5.9%, further evidencing our commitment to non-core asset sales as a primary source of capital to retire maturing debt and fund new core investments that we believe will grow our cash flow and enhance our portfolio.”

 
Page 3 of 44
 

FINANCIAL RESULTS

Revenues

For the quarter ended December 31, 2010, total gross revenues were $85.7 million, compared with total gross revenues of $85.8 million for the quarter ended December 31, 2009.

Company FFO Attributable to Common Shareholders/Unitholders

The following presents in tabular form the items excluded from Company FFO for the periods presented (in millions, except for per diluted share/unit data):

   
Three Months Ended December 31,
    
Twelve Months Ended December 31,
  
   
2010
    
Per Diluted Share/Unit
    
2009
    
Per Diluted Share/Unit
    
2010
    
Per Diluted Share/Unit
    
2009
    
Per Diluted Share/Unit
  
Reported Company FFO(A)
   $ 39.2     $ 0.24     $ (17.0 )   $ (0.13 )   $ 110.6     $ 0.71     $ (56.4 )   $ (0.47 )
Debt satisfaction, net
     (0.5 )             (7.0 )             (3.1 )             (28.5 )        
Forward equity commitment
     (3.5 )             (4.6 )             (8.9 )             (7.2 )        
Impairment losses – real estate
     1.9               60.8               56.9               99.6          
Impairment losses – real estate noncontrolling interests
     (0.1 )             --               (9.7 )             --          
Impairment losses – consolidated debt investments
     --               --               --               1.6          
Impairment losses/reserves – Concord debt investments
     --               --               --               71.4          
Impairment loss – Concord equity investment
     --               --               --               68.2          
Impairment loss – JV
     --               --               --               6.5          
Lease termination/ deferred maintenance payments
     --               --               --               (3.2 )        
Land transaction income, net
     --               --               --               (1.3 )        
Other
     0.5       --       0.2               1.1       --       1.3          
Company FFO, as adjusted
   $ 37.5     $ 0.24 (B)   $ 32.4     $ 0.25 (B)   $ 146.9     $ 0.96 (B)   $ 152.0     $ 1.29 (B)

(A)
A reconciliation of GAAP net income (loss) to Company FFO is provided later in this press release.
(B)
Per diluted share/unit reflects the impact of estimated net common shares retired upon the assumed settlement of the forward equity commitment of (3,412,567), (3,162,470), (3,312,724) and (2,356,328) for the three months ended December 31, 2010 and 2009 and the twelve months ended December 31, 2010 and 2009, respectively.

Net Income (Loss) Attributable to Common Shareholders

For the quarter ended December 31, 2010, net income attributable to common shareholders was $5.3 million, or income of $0.04 per diluted share, compared with net loss attributable to common shareholders for the quarter ended December 31, 2009 of ($52.3) million, or a loss of ($0.43) per diluted share.

Capital Activities and Balance Sheet Update

During the fourth quarter, Lexington issued 11.5 million common shares, raising net proceeds of $87.1 million. The proceeds are expected to be used for general corporate purposes, including debt repayment and acquisitions.

 
Page 4 of 44
 

Overall consolidated debt was reduced in the fourth quarter by $149.4 million and by $300.3 million for the year. During the fourth quarter, Lexington fully satisfied the $18.8 million balance on the secured revolving credit facility outstanding at September 30, 2010, retired $111.0 million in non-recourse mortgage debt on four properties and paid off a $14.5 million contract right payable.

Subsequent to quarter end, Lexington refinanced its existing $220.0 million secured revolving credit facility which was scheduled to mature in February 2011, with a $300.0 million secured revolving credit facility, which matures in January 2014 but can be extended to January 2015 at Lexington’s option. The new credit facility is secured by ownership interest pledges and guarantees by certain of Lexington’s subsidiaries that in the aggregate own, as of today, interests in a borrowing base consisting of 79 properties. With the consent of the lenders, Lexington can increase the size of the secured revolving credit facility by $225.0 million, for a total facility size of $525.0 million.

As a result of these fourth quarter activities, Lexington’s 2011 scheduled debt maturities were reduced from $68.7 million to $12.9 million.

Common Share Dividend/Distribution

On November 3, 2010, Lexington declared a regular quarterly dividend/distribution for the quarter ended December 31, 2010 of $0.115 per common share/unit, which was paid on January 14, 2011 to common shareholders/unitholders of record as of December 31, 2010. This quarterly dividend of $0.115 per common share/unit represents a 15% increase and, subject to quarterly authorization by Lexington’s Board of Trustees, an expected annualized dividend of $0.46 per common share/unit.

OPERATING ACTIVITIES

Capital Recycling

During the fourth quarter of 2010, Lexington sold three properties to unrelated parties for an aggregate gross sales price of $9.1 million, representing a cap rate of -4.3%. During 2010, Lexington monetized 13 properties for an aggregate price of $158.1 million at a weighted-average cap rate of 4.2%. Subsequent to quarter end, Lexington disposed of five properties for $78.4 million at a weighted-average cap rate of 5.9%.

Investments

During the fourth quarter of 2010, Lexington acquired an interest in a 105,000 square foot Class A office property for $16.7 million (9.1% cap rate, 10.4% on a GAAP basis). The property is located in Columbus, Ohio and is net-leased for a 16-year term.

Leasing Activity

For the quarter ended December 31, 2010, 17 new and renewal leases for 1.9 million square feet were executed in Lexington’s portfolio. At December 31, 2010, Lexington’s overall portfolio was 93.4% leased.

 
Page 5 of 44
 

2011 EARNINGS GUIDANCE

Lexington estimates that Company FFO guidance will be $0.90 to $0.93 per diluted share for the year ended December 31, 2011. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

FOURTH QUARTER 2010 CONFERENCE CALL

Lexington will host a conference call today, Thursday, February 24, 2011, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2010. Interested parties may participate in this conference call by dialing (877) 397-0272 or (719) 325-4781. A replay of the call will be available through March 10, 2011, at (877) 870-5176 or (858) 384-5517, pin: 8079941. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section.

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 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, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.

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. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington’s Board of Trustees of future dividend decla rations to achieve an annualized dividend paid in 2011 of $0.46 per common share, (2) Lexington’s ability to achieve its estimate of Company FFO for the year ended December 31, 2011, (3) the failure to continue to qualify as a real estate investment trust, (4) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (5) competition, (6) increases in real estate construction costs, (7) changes in interest rates, or (8) changes in accessibility of debt and equity capital markets. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the wor ds “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” 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.

References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties are held through special purpose entities, which are separate and distinct legal entities, but consolidated for financial statement purposes and/or disregarded for income tax purposes.

 
Page 6 of 44
 
 
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and twelve months ended December 31, 2010 and 2009
(Unaudited and in thousands, except share and per share data)

   
Three months ended
December 31,
    
Twelve months ended
December 31,
  
   
2010
    
2009
    
2010
    
2009
  
Gross revenues:
                        
Rental
   $ 77,058     $ 75,715     $ 307,713     $ 315,493  
Advisory and incentive fees
     239       388       1,108       1,822  
Tenant reimbursements
     8,385       9,707       34,034       39,001  
Total gross revenues
     85,682       85,810       342,855       356,316  
                                 
Expense applicable to revenues:
                                
Depreciation and amortization
     (40,823 )     (40,083 )     (163,355 )     (164,968 )
Property operating
     (18,627 )     (18,597 )     (71,907 )     (75,026 )
General and administrative
     (6,682 )     (5,613 )     (22,487 )     (23,425 )
Non-operating income
     3,873       1,145       11,855       8,021  
Interest and amortization expense
     (29,523 )     (31,188 )     (123,115 )     (127,793 )
Debt satisfaction gains, net
     982       155       208       17,023  
Change in value of forward equity commitment
     3,506       4,586       8,906       7,182  
Impairment charges and loan losses
     --       (3,598 )     (6,879 )     (5,174 )
 
                                
Loss before benefit (provision) for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations
     (1,612 )     (7,383 )     (23,919 )     (7,844 )
Benefit (provision) for income taxes
     140       (727 )     (1,556 )     (2,374 )
Equity in earnings (losses) of non-consolidated entities
     5,675       7,637       21,741       (123,176 )
Income (loss) from continuing operations
     4,203       (473 )     (3,734 )     (133,394 )
                                 
Discontinued operations:
                                
Income (loss) from discontinued operations
     316       (958 )     (1,139 )     (2,410 )
Provision for income taxes
     (1 )     (9 )     (16 )     (81 )
Debt satisfaction gains (charges), net
     (458 )     6,864       2,927       11,471  
Gains on sales of properties
     12,091       2,854       14,613       9,134  
Impairment charges
     (1,874 )     (57,205 )     (50,061 )     (95,992 )
Total discontinued operations
     10,074       (48,454 )     (33,676 )     (77,878 )
Net income (loss)
     14,277       (48,927 )     (37,410 )     (211,272 )
Less net loss (income) attributable to noncontrolling interests
     (2,703 )     2,960       4,450       1,120  
Net income (loss) attributable to Lexington Realty Trust shareholders
     11,574       (45,967 )     (32,960 )     (210,152 )
Dividends attributable to preferred shares – Series B
     (1,590 )     (1,590 )     (6,360 )     (6,360 )
Dividends attributable to preferred shares – Series C
     (1,702 )     (1,702 )     (6,809 )     (7,218 )
Dividends attributable to preferred shares – Series D
     (2,926 )     (2,926 )     (11,703 )     (11,703 )
Dividends attributable to non-vested common shares
     (83 )     (65 )     (264 )     (449 )
Conversion dividend – Series C
     --       --       --       (6,994 )
Net income (loss) attributable to common shareholders
   $ 5,273     $ (52,250 )   $ (58,096 )   $ (242,876 )
                                 
Income (loss) per common share – basic and diluted:
                                
Loss from continuing operations
   $ (0.03 )   $ (0.06 )   $ (0.25 )   $ (1.53 )
Income (loss) from discontinued operations
     0.07       (0.37 )     (0.19 )     (0.69 )
Net income (loss) attributable to common shareholders
   $ 0.04     $ (0.43 )   $ (0.44 )   $ (2.22 )
                                 
Weighted average common shares outstanding – basic and diluted
     135,432,527       120,530,087       130,985,809       109,280,955  
                                 
Amounts attributable to common shareholders:
                                
Loss from continuing operations
   $ (3,726 )   $ (6,986 )   $ (33,357 )   $ (167,880 )
Income (loss) from discontinued operations
     8,999       (45,264 )     (24,739 )     (74,996 )
Net income (loss) attributable to common shareholders
   $ 5,273     $ (52,250 )   $ (58,096 )   $ (242,876 )


 
Page 7 of 44
 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2010 and December 31, 2009
(Unaudited and in thousands, except share and per share data)

   
2010
    
2009
  
Assets:
            
Real estate, at cost
   $ 3,363,586     $ 3,552,806  
Less: accumulated depreciation and amortization
     601,239       537,406  
      2,762,347       3,015,400  
Property held for sale – discontinued operations
     7,316       --  
Intangible assets, net
     203,495       267,161  
Cash and cash equivalents
     52,644       53,865  
Restricted cash
     26,644       21,519  
Investment in and advances to non-consolidated entities
     83,738       55,985  
Deferred expenses, net
     39,912       38,245  
Loans receivable, net
     88,937       60,567  
Rent receivable – current
     7,498       11,463  
Rent receivable – deferred
     6,293       12,529  
Other assets
     56,172       43,111  
Total assets
   $ 3,334,996     $ 3,579,845  
                 
Liabilities and Equity:
                
Liabilities:
                
Mortgages and notes payable
   $ 1,481,216     $ 1,857,909  
Exchangeable notes payable
     61,438       85,709  
Convertible notes payable
     103,211       -  
Trust preferred securities
     129,120       129,120  
Contract right payable
     --       15,252  
Dividends payable
     23,071       18,412  
Liabilities – discontinued operations
     3,876       --  
Accounts payable and other liabilities
     51,292       43,629  
Accrued interest payable
     13,989       11,068  
Deferred revenue - below market leases, net
     96,490       107,535  
Prepaid rent
     15,164       13,975  
      1,978,867       2,282,609  
Commitments and contingencies
                
                 
Equity:
                
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares,
                
Series B Cumulative Redeemable Preferred, liquidation preference $79,000, 3,160,000 shares issued and outstanding
     76,315       76,315  
Series C Cumulative Convertible Preferred, liquidation preference $104,760, 2,095,200 shares issued and outstanding
     101,778       101,778  
Series D Cumulative Redeemable Preferred, liquidation preference $155,000, 6,200,000 shares issued and outstanding
     149,774       149,774  
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 146,552,589 and 121,943,258 shares issued and outstanding in 2010 and 2009, respectively
     15       12  
Additional paid-in-capital
     1,937,942       1,750,979  
Accumulated distributions in excess of net income
     (985,562 )     (870,862 )
Accumulated other comprehensive income (loss)
     (106 )     673  
Total shareholders’ equity
     1,280,156       1,208,669  
Noncontrolling interests
     75,973       88,567  
Total equity
     1,356,129       1,297,236  
Total liabilities and equity
   $ 3,334,996     $ 3,579,845  

 
Page 8 of 44
 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
COMPANY FUNDS FROM OPERATIONS PER SHARE
(Unaudited and in thousands, except share and per share data)

   
Three Months Ended
December 31,
    
Twelve Months Ended
December 31,
  
   
2010
    
2009
    
2010
    
2009
  
COMPANY FUNDS FROM OPERATIONS: (1)
                        
Basic and Diluted:
                        
Net income (loss) attributable to common shareholders
   $ 5,273     $ (52,250 )   $ (58,096 )   $ (242,876 )
Adjustments:
                                
Depreciation and amortization
     39,953       41,597       163,759       178,000  
Noncontrolling interests - OP units
     2,040       (2,903 )     3,482       (1,970 )
Amortization of leasing commissions
     870       794       3,491       3,063  
Joint venture and noncontrolling interest adjustment
     (894 )     (1,106 )     (2,872 )     4,279  
Gain on sale of joint venture investment
     --       (2,000 )     --       (2,003 )
Preferred dividends - Series C
     1,702       1,702       6,809       14,212  
Gains on sales of properties
     (12,091 )     (2,854 )     (14,613 )     (9,134 )
Gain on sale of marketable securities
     --       --       --       (19 )
Interest and amortization on 6.00% Convertible Notes
     2,327       --       8,610       --  
Company FFO
   $ 39,180     $ (17,020 )   $ 110,570     $ (56,448 )
                                 
Basic:
                                
Weighted average common shares outstanding - EPS
     135,432,527       120,530,087       130,985,809       109,280,955  
6.00% Convertible Notes
     16,230,905       --       15,084,397       --  
Non-vested share-based payment awards
     92,207       9,757       75,675       540  
Operating Partnership Units
     5,001,173       5,442,773       5,200,191       5,447,974  
Preferred Shares – Series C
     5,099,507       5,099,507       5,099,507       5,370,135  
Weighted average common shares outstanding
     161,856,319       131,082,124       156,445,579       120,099,604  
Company FFO per common share - Basic
   $ 0.24     $ (0.13 )   $ 0.71     $ (0.47 )
                         
Diluted:
                        
Weighted average common shares outstanding - EPS
     135,432,527       120,530,087       130,985,809       109,280,955  
6.00% Convertible Notes
     16,230,905       --       15,084,397       --  
Non-vested share-based payment awards
     92,207       9,757       75,675       540  
Operating Partnership Units
     5,001,173       5,442,773       5,200,191       5,447,974  
Preferred Shares – Series C
     5,099,507       5,099,507       5,099,507       5,370,135  
Options – Incremental shares
     272,140       --       --       --  
Weighted average common shares outstanding
     162,128,459       131,082,124       156,445,579       120,099,604  
Company FFO per common share - Diluted
   $ 0.24     $ (0.13 )   $ 0.71     $ (0.47 )

 
Page 9 of 44
 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)

   
Three Months Ended
December 31,
    
Twelve Months Ended
December 31,
  
   
2010
    
2009
    
2010
    
2009
  
EARNINGS PER SHARE:
                        
                         
Basic and Diluted:
                        
Loss from continuing operations attributable to common shareholders
   $ (3,726 )   $ (6,986 )   $ (33,357 )   $ (167,880 )
Income (loss) from discontinued operations attributable to common shareholders
     8,999       (45,264 )     (24,739 )     (74,996 )
Net income (loss) attributable to common shareholders
   $ 5,273     $ (52,250 )   $ (58,096 )   $ (242,876 )
                                 
Weighted average number of common shares outstanding
     135,432,527       120,530,087       130,985,809       109,280,955  
Income (loss) per common share:
                                
Loss from continuing operations
   $ (0.03 )   $ (0.06 )   $ (0.25 )   $ (1.53 )
Income (loss) from discontinued operations
     0.07       (0.37 )     (0.19 )     (0.69 )
Net income (loss) attributable to common shareholders
   $ 0.04     $ (0.43 )   $ (0.44 )   $ (2.22 )

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.

FFO is determined 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 Lexington refers to as the “Company’s funds from operations” or “Company FFO,” Lexington’s operating partnership units, Lexington’s Series C Cumulative Convertible Preferred Shares, and Lexington’s 6.00% Convertible Notes 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 Lexington 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.

# # #

 
Page 10 of 44
 

LEXINGTON REALTY TRUST
2010 Fourth Quarter Leasing Summary

 
  
NEW LEASES
  
 
 
                                          
   
Tenants/Guarantors
  
Location
  
Lease Expiration Date
    
Sq. Ft.
    
New Cash Rent Per Annum ($000)(1)
    
New GAAP Rent Per Annum ($000)(1)
                    
                                                     
   
Office/Multi-Tenant
                                                
  1  
Anwar Influence LLC
  
Honolulu
HI
     11/2012       326     $ 1     $ 1                    
  2  
Brown Mackie College-Phoenix, Inc.
  
Phoenix
AZ
     09/2019       8,104     $ 44     $ 44                    
  3  
Business Pro LLC
  
Decatur
GA
     06/2016       2,258     $ 23     $ 23                    
  4  
DuPont Airproducts Nanomaterials LLC (2)(3)
  
Tempe
AZ
     06/2022       95,133     $ 613     $ 678                    
  5  
Pacific Rim Play Therapy LLC
  
Honolulu
HI
     11/2011       391     $ 1     $ 1                    
  6  
TRC Staffing Services, Inc.
  
Decatur
GA
     12/2014       1,137     $ 18     $ 18                    
  6  
Total new office/multi-tenant leases
                   107,349     $ 700     $ 765                    
     
Industrial/Multi-Tenant
                                                        
  1  
Cimetra LLC
  
Antioch
TN
     07/2016       67,200     $ 66     $ 141                    
  1  
Total new industrial/multi-tenant leases
                   67,200     $ 66     $ 141                    
  7  
TOTAL NEW LEASES
                   174,549     $ 766     $ 906                    
 
     
LEASE EXTENSIONS
  
 
 
                                                  
     
Tenants/Guarantors
  
Location
  
Prior Term
    
Lease Expiration Date
    
Sq. Ft.
    
New Cash Rent Per Annum ($000)(1)
    
Prior Cash Rent Per Annum ($000)
    
New GAAP Rent Per Annum ($000)(1)
    
Prior GAAP Rent Per Annum ($000)
  
                                                               
     
Office/Multi-Tenant
                                                        
  1  
Associated Billing Services, Inc.
  
Phoenix
AZ
     07/2016       11/2016       17,767     $ 178     $ 325     $ 245     $ 308  
  2  
Nissan Motor Acceptance Corporation (4)
  
Irving
TX
     03/2013       03/2023       225,049     $ 3,038     $ 4,168     $ 3,272     $ 4,098  
  3  
Office Suites Plus Properties
  
Decatur
GA
     09/2019       01/2020       18,838     $ 425     $ 425     $ 425     $ 425  
  4  
Raytheon Company (2)
  
Garland
TX
     05/2011       05/2016       278,759     $ 719     $ 719     $ 719     $ 980  
  5  
SunTrust Bank (5)
  
Johnson City
TN
     11/2011       11/2021       20,507     $ 458     $ 228     $ 458     $ 255  
  6  
Yogikrupa, Inc.
  
Chicago
IL
     08/2010       06/2011       134     $ 9     $ 9     $ 9     $ 9  
  6  
Total office/multi-tenant lease extensions
                           561,054     $ 4,827     $ 5,874     $ 5,128     $ 6,075  
     
Industrial
                                                              
  1  
Enbridge Energy L.P.
  
Marshall
MI
     02/2011       02/2012       58,300     $ 190     $ 198     $ 190     $ 198  
  2  
Ingram Micro L.P.
  
Millington
TN
     09/2011       09/2021       701,819     $ 1,790     $ 2,440     $ 1,887     $ 2,370  
  3  
Kraft Foods Global, Inc.
  
Winchester
VA
     05/2011       05/2016       344,700     $ 1,206     $ 1,608     $ 1,289     $ 1,577  
  3  
Total industrial lease extensions
                           1,104,819     $ 3,186     $ 4,246     $ 3,366     $ 4,145  
     
Retail
                                                              
  1  
The Kroger Company
  
Houston
TX
     12/2011       12/2016       52,200     $ 281     $ 281     $ 404     $ 404  
  1  
Total retail lease extensions
                           52,200     $ 281     $ 281     $ 404     $ 404  
  10  
TOTAL LEASE EXTENSIONS
                           1,718,073     $ 8,294     $ 10,401     $ 8,898     $ 10,624  
  17  
TOTAL NEW AND EXTENDED LEASES
                           1,892,622     $ 9,060     $ 10,401     $ 9,804     $ 10,624  

Footnotes
(1)
Assumes twelve months rent from the later of 1/1/2011 or lease commencement/extension.
(2)
Investment held in Net Lease Strategic Assets Fund L.P., rent amounts reflect Lexington's 47.73% ownership percentage.
(3)
New subtenant direct lease commences July 2013.
(4)
Prior Cash and GAAP rent reflects only the 225,049 leased sq. ft.  Remaining sq. ft. will be vacant.
(5)
Prior Cash and GAAP rent reflects only the 20,507 leased sq. ft. Remaining sq. ft. will not be leased by tenant in 11/11.

 
Page 11 of 44
 

LEXINGTON REALTY TRUST
2010 Fourth Quarter Investment/Disposition Summary

 
  
INVESTMENTS (1)
  
 
 
 
  
 
    
 
    
 
    
 
  
   
Tenants/Guarantors
  
Location
Property Type
  
Basis ($000)
    
Estimated Current Annual Cash Rent Net ($000)
    
Current Cash Yield
    
Lease Expiration
  
  1  
Evans, Mechwart, Hambleton & Tilton, Inc.
  
Columbus
OH
Office
   $ 16,650     $ 1,520       9.1 %     12/2026  
  1  
TOTAL INVESTMENTS
           $ 16,650     $ 1,520       9.1 %        
 
     
DISPOSITIONS (2)
  
 
 
                                  
     
Tenants/Guarantors
  
Location
Property Type
  
Gross Sale Price ($000)
    
Annualized NOI ($000)
    
Month of Disposition
          
  1  
Kohl's Department Stores, Inc.
  
Tallahassee
FL
Retail
   $ 2,200     $ 200    
December
          
  2  
Vacant
  
Long Beach
CA
Industrial
   $ 6,100     $ (577 )  
October
          
  3  
Vacant
  
Duluth
GA
Multi-Tenant/Office
   $ 775     $ (14 )  
November
          
                                               
  3  
TOTAL DISPOSITIONS
           $ 9,075     $ (391 )                

Footnotes
(1)
In addition, purchased 3.4 acres of land underlying the Beaumont, Texas property for $500 thousand.
(2)
Excludes Salt Lake City, Utah property sold 12/2010 for $36.6 million including mortgage assumption of $36.4 million. This asset was monetized in 2Q 2010 supplemental after the financing closed.

 
Page 12 of 44
 

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
OFFICE PROPERTIES
 
 
 
  
 
  
 
  
 
                          
2011
1/31/2011
4848 129th East Ave.
Tulsa
OK
     --  
HSBC Card Services, Inc. (HSBC Finance Corporation)
     2000       101,100       1,434       1,434       0  
 
2/28/2011
4200 RCA Blvd.
Palm Beach Gardens
FL
     --  
The Wackenhut Corporation
     1996       96,118       1,813       1,811       2,402  
 
9/30/2011
200 Lucent Ln.
Cary
NC
     --  
Alcatel-Lucent USA, Inc.
     1999       124,944       2,297       2,059       0  
 
11/30/2011
4000 Johns Creek Pkwy.
Suwanee
GA
     --  
PerkinElmer Instruments, LLC
     2001       13,955       255       253       0  
 
12/31/2011
2050 Roanoke Rd.
Westlake
TX
     --  
Chrysler Financial Services Americas, LLC
     2001       130,290       3,660       3,455       0  
 
 
37101 Corporate Dr.
Farmington Hills
MI
     (10 )
Continental Automotive Systems, Inc.
     2001       119,829       5,111       3,537       0  
2012
1/31/2012
26210 and 26220 Enterprise Court
Lake Forest
CA
     --  
Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)
     2001       100,012       1,972       1,792       0  
 
 
4000 Johns Creek Pkwy.
Suwanee
GA
     --  
Kraft Foods Global, Inc.
     2001       73,264       1,424       1,385       0  
 
 
1275 Northwest 128th St.
Clive
IA
     --  
Principal Life Insurance Company
     2004       61,180       799       799       935  
 
3/31/2012
1701 Market St.
Philadelphia
PA
     (6 )(7)
Car-Tel Communications, Inc.
     1957/1997       1,220       49       48       0  
 
 
3940 South Teller St.
Lakewood
CO
     --  
MoneyGram Payment Systems, Inc.
     2002       68,165       1,222       867       1,295  
 
 
120 East Shore Dr.
Glen Allen
VA
     --  
Capital One Services, LLC
     2000       77,045       804       784       847  
 
6/30/2012
275 South Valencia Ave.
Brea
CA
     (21 )
Bank of America, NA
     1983       637,503       8,710       8,794       0  
 
8/31/2012
5757 Decatur Blvd.
Indianapolis
IN
     --  
Allstate Insurance Company
     2002       84,200       1,374       1,548       0  
 
 
 
 
 
        
Damar Services, Inc.
     2002       5,756       43       43       47  
 
 
2706 Media Center Dr.
Los Angeles
CA
     --  
Sony Electronics, Inc.
     2000       20,203       211       211       0  
 
10/31/2012
4455 American Way
Baton Rouge
LA
     --  
Bell South Mobility, Inc.
     1997       70,100       1,134       1,114       0  
 
11/7/2012
2706 Media Center Dr.
Los Angeles
CA
     --  
Playboy Enterprises, Inc.
     2000       63,049       1,514       1,257       0  
 
11/14/2012
2211 South 47th St.
Phoenix
AZ
     --  
Avnet, Inc.
     1997       176,402       2,408       2,259       0  
 
12/31/2012
200 Executive Blvd. South
Southington
CT
     --  
Hartford Fire Insurance Company
     1984/2006       153,364       1,679       1,624       0  
2013
1/31/2013
12600 Gateway Blvd.
Fort Meyers
FL
     --  
Gartner, Inc.
     1998       62,400       1,119       1,093       0  
 
 
810 & 820 Gears Rd.
Houston
TX
     --  
IKON Office Solutions, Inc.
     2000       157,790       2,273       2,251       0  
 
3/31/2013
3165 McKelvey Rd.
Bridgeton
MO
     --  
BJC Health System
     1981       52,994       384       527       0  
 
4/30/2013
Sandlake Rd./Kirkman Rd.
Orlando
FL
     --  
Lockheed Martin Corporation
     1982       184,000       960       1,870       960  
 
5/31/2013
6303 Barfield Rd.
Atlanta
GA
     --  
International Business Machines Corporation (Internet Security Systems, Inc.)
     2000/2001       238,600       4,831       4,882       0  
 
6/30/2013
2210 Enterprise Dr.
Florence
SC
     (6 )
JPMorgan Chase Bank, National Association
     1998       179,300       1,255       1,255       0  
 
9/30/2013
9200 South Park Center Loop
Orlando
FL
     (6 )
Corinthian Colleges, Inc.
     2003       59,927       1,290       1,159       0  
 
11/30/2013
10475 Crosspoint Blvd.
Indianapolis
IN
     --  
Yellow Book Sales and Distribution Company, Inc.
     1999       3,764       5       5       0  
 
 
1110 Bayfield Dr.
Colorado Springs
CO
     --  
Honeywell International, Inc.
  
1980/1990/
2002
       166,575       1,598       1,599       1,713  
 
12/13/2013
3333 Coyote Hill Rd.
Palo Alto
CA
     --  
Xerox Corporation
  
1973/1975/
1982
       202,000       3,499       3,390       0  
 
12/31/2013
2550 Interstate Dr.
Harrisburg
PA
     --  
New Cingular Wireless PCS, LLC
     1998       81,859       1,862       1,870       0  
2014
1/31/2014
1701 Market St.
Philadelphia
PA
     (7 )
Morgan, Lewis & Bockius, LLC
     1957/1997       290,565       4,465       4,464       4,631  
 
3/15/2014
101 East Erie St.
Chicago
IL
     --  
Draftfcb, Inc. (Interpublic Group of Companies, Inc.)
     1986       216,011       4,148       5,018       0  
 
5/31/2014
3476 Stateview Blvd.
Fort Mill
SC
     --  
Wells Fargo Bank, N.A.
     2002       169,083       2,562       2,535       0  
 
 
3480 Stateview Blvd.
Fort Mill
SC
     --  
Wells Fargo Bank, N.A.
     2004       169,218       3,516       3,458       0  
 
 
859 Mount Vernon Hwy.
Atlanta
GA
     (12 )
International Business Machines Corporation (Internet Security Systems, Inc.)
     2004       50,400       1,239       1,030       0  
 
7/31/2014
16676 Northchase Dr.
Houston
TX
     --  
Anadarko Petroleum Corporation
     2003       101,111       1,638       1,629       0  
 
9/30/2014
333 Mt. Hope Ave.
Rockaway
NJ
     --  
BASF Corporation
  
1981/2002/
2004
       95,500       2,244       2,123       0  
 
10/31/2014
1409 Centerpoint Blvd.
Knoxville
TN
     --  
Alstom Power, Inc.
     1997       84,404       1,639       1,621       0  
 
 
2800 Waterford Lake Dr.
Midlothian
VA
     --  
Alstom Power, Inc.
     2000       99,057       2,035       2,015       0  
 
 
700 US Hwy. Route 202-206
Bridgewater
NJ
     --  
Biovail Pharmaceuticals, Inc. (Biovail Corporation)
  
1985/2003/
2004
       115,558       2,311       2,848       0  
 
12/14/2014
5150 220th Ave.
Issaquah
WA
     --  
OSI Systems, Inc. (Instrumentarium Corporation)
     1992       106,944       2,194       2,151       0  

 
Page 13 of 44
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010
 
Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
 
 
22011 Southeast 51st St.
Issaquah
WA
     --  
OSI Systems, Inc. (Instrumentarium Corporation)
     1987       95,600       1,954       1,888       0  
 
12/31/2014
1066 Main St.
Forest Park
GA
     --  
Bank of America, NA (Bank of America Corporation)
     1969       14,859       199       199       199  
 
 
180 South Clinton St.
Rochester
NY
     (6 )
Frontier Corporation
     1988/2000       226,000       2,977       2,970       0  
 
 
201 West Main St.
Cumming
GA
     --  
Bank of America, NA (Bank of America Corporation)
     1968/1982       14,208       198       198       198  
 
 
2223 North Druid Hills Rd.
Atlanta
GA
     --  
Bank of America, NA (Bank of America Corporation)
     1972       6,260       112       112       112  
 
 
275 Technology Dr.
Canonsburg
PA
     --  
ANSYS, Inc.
     1996       107,872       1,429       1,378       0  
 
 
400 Butler Farm Rd.
Hampton
VA
     --  
Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)
     1999       100,632       1,230       1,241       0  
 
 
4545 Chamblee – Dunwoody Rd.
Chamblee
GA
     --  
Bank of America, NA (Bank of America Corporation)
     1972       4,565       88       88       88  
 
 
825 Southway Dr.
Jonesboro
GA
     --  
Bank of America, NA (Bank of America Corporation)
     1971       4,894       77       77       77  
 
 
956 Ponce de Leon Ave.
Atlanta
GA
     --  
Bank of America, NA (Bank of America Corporation)
     1975       3,900       79       79       78  
 
 
1698 Mountain Industrial Blvd.
Stone Mountain
GA
     --  
Bank of America, NA (Bank of America Corporation)
     1973       5,704       95       95       95  
2015
1/31/2015
26555 Northwestern Hwy.
Southfield
MI
     --  
Federal-Mogul Corporation
  
1963/1965/
1988/1989
       187,163       1,158       1,418       0  
 
4/30/2015
13775 McLearen Rd.
Herndon
VA
     --  
Equant, Inc. (Equant, NV)
  
1984/1988/
1992
       125,293       2,111       2,134       0  
 
7/1/2015
33 Commercial St.
Foxboro
MA
     --  
Invensys Systems, Inc. (Siebe, Inc.)
     1982/1987       164,689       3,505       3,505       3,024  
 
7/31/2015
4001 International Pkwy.
Carrollton
TX
     --  
Motel 6 Operating, LP (Accor S.A.)
     2003       138,443       3,195       3,195       3,580  
 
9/27/2015
10001 Richmond Ave.
Houston
TX
     --  
Baker Hughes, Inc.
     1976/1984       554,385       8,163       7,375       6,596  
 
 
12645 West Airport Rd.
Sugar Land
TX
     --  
Baker Hughes, Inc.
     1997       165,836       2,094       1,946       1,976  
 
9/30/2015
500 Olde Worthington Rd.
Westerville
OH
     (5 )
InVentiv Communications, Inc.
     2000       97,000       1,112       1,256       0  
 
 
550 Business Center Dr.
Lake Mary
FL
     --  
JPMorgan Chase Bank, National Association
     1999       125,920       1,799       2,096       0  
 
 
600 Business Center Dr.
Lake Mary
FL
     --  
JPMorgan Chase Bank, National Association
     1996       125,155       1,725       2,050       0  
 
10/31/2015
12209 West Markham St.
Little Rock
AR
     --  
Entergy Arkansas, Inc.
     1981       36,311       237       237       237  
2016
4/30/2016
11511 Luna Rd.
Farmers Branch
TX
     --  
Haggar Clothing Company (Texas Holding Clothing Corporation and Haggar Corporation)
     2000       180,507       2,232       3,189       2,531  
 
 
2000 Eastman Dr.
Milford
OH
     --  
Siemens Shared Services, LLC
     1991       221,215       2,486       1,823       2,486  
 
10/31/2016
104 & 110 South Front St.
Memphis
TN
     --  
Hnedak Bobo Group, Inc.
  
1871/1988/
1999
       37,229       484       501       0  
2017
4/30/2017
1315 West Century Dr.
Louisville
CO
     --  
Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)
     1987/2006       106,877       1,473       1,600       0  
 
9/30/2017
9201 East Dry Creek Rd.
Centennial
CO
     --  
The Shaw Group, Inc.
     2001/2002       128,500       2,260       2,383       0  
 
11/30/2017
6200 Northwest Pkwy.
San Antonio
TX
     --  
United HealthCare Services, Inc.
     2000       142,500       1,652       1,866       0  
2018
5/30/2018
13651 McLearen Rd.
Herndon
VA
     --  
US Government
     1987       159,664       3,095       3,386       0  
 
6/30/2018
100 Barnes Rd.
Wallingford
CT
     --  
3M Company
  
1978/1985/
1990/1993
       44,400       680       507       0  
 
7/31/2018
4200 RCA Blvd.
Palm Beach Gardens
FL
     --  
Office Suites Plus Properties, Inc.
     1996       18,400       440       449       0  
 
9/30/2018
1701 Market St.
Philadelphia
PA
     (6 )(7)
Brinker Corner Bakery II, LLC
     1957/1997       8,070       206       211       0  
 
11/30/2018
4201 Marsh Ln.
Carrollton
TX
     --  
Carlson Restaurants Worldwide, Inc. (Carlson Companies, Inc.)
     2003       130,000       1,927       1,975       0  
 
12/22/2018
5200 Metcalf Ave.
Overland Park
KS
     (6 )
Swiss Re America Holding Corporation
  
1980/1990/
2004/2005
       320,198       4,468       4,500       0  
2019
4/1/2019
9201 Stateline Rd.
Kansas City
MO
     (6 )
Swiss Re America Holding Corporation
  
1963/1973/
1985/2003
       155,925       2,109       2,109       0  
 
6/19/2019
3965 Airways Blvd.
Memphis
TN
     --  
Federal Express Corporation
  
1982/1983/
1985
       521,286       6,776       7,013       5,375  
 
7/31/2019
500 Jackson St.
Columbus
IN
     --  
Cummins, Inc.
     1984       390,100       4,426       4,540       4,925  
 
10/31/2019
10475 Crosspoint Blvd.
Fishers
IN
     (6 )
John Wiley & Sons, Inc.
     1999       123,416       2,104       2,269       0  
 
 
850-950 Warrenville Rd.
Lisle
IL
     (5 )
National-Louis University
     1984       91,879       1,375       1,627       0  
2020
1/31/2020
10300 Kincaid Dr.
Fishers
IN
     --  
Roche Diagnostics Operations, Inc.
     1999       193,000       3,016       3,425       3,812  
 
2/14/2020
5600 Broken Sound Blvd.
Boca Raton
FL
     (6 )
Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)
     1983/2002       143,290       2,163       2,244       0  
 
7/8/2020
1460 Tobias Gadsen Blvd.
Charleston
SC
     (6 )
Hagemeyer North America, Inc.
     2005       50,076       771       840       0  
2021
3/31/2021
1311 Broadfield Blvd.
Houston
TX
     --  
Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)
     2000       155,040       3,061       2,623       0  

 
Page 14 of 44
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010
 
Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
 
6/30/2021
1415 Wyckoff Rd.
Wall
NJ
     --  
New Jersey Natural Gas Company
     1983       157,511       3,118       3,118       4,224  
 
11/30/2021
29 South Jefferson Rd.
Whippany
NJ
     --  
CAE SimuFlite, Inc. (HP Whippany, LLC)
     2006/2008       123,734       2,328       2,327       2,069  
2022
12/31/2022
147 Milk St.
Boston
MA
     --  
Harvard Vanguard Medical Associates, Inc.
     1910       52,337       1,532       1,661       0  
2023
3/31/2023
6555 Sierra Dr.
Irving
TX
     --  
TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)
     1999       247,254       2,803       2,952       0  
 
 
8900 Freeport Pkwy.
Irving
TX
     --  
Nissan Motor Acceptance Corporation (Nissan North America, Inc.)
     2003       268,445       4,460       4,484       0  
 
7/31/2023
11201 Renner Blvd.
Lenexa
KS
     (6 )
Applebee’s Services, Inc. (DineEquity, Inc.)
     2007       178,000       3,585       3,902       0  
2025
11/30/2025
11707 Miracle Hills Dr.
Omaha
NE
     --  
Infocrossing, Inc.
     1988/1995       85,200       1,167       1,167       0  
 
12/31/2025
2005 East Technology Cir.
Tempe
AZ
     --  
Infocrossing, Inc.
     1998       60,000       1,128       1,128       0  
2026
12/29/2026
5500 New Albany Road
Columbus
OH
     (18 )
Evans, Mechwart, Hambleton & Tilton, Inc.
     2005       104,807       8       9       0  
2029
1/31/2029
6226 West Sahara Ave.
Las Vegas
NV
     --  
Nevada Power Company
     1982       282,000       8,043       4,232       2,914  
 
12/31/2029
400 East Stone Ave.
Greenville
SC
     (13 )
Canal Insurance Company
  
1948/1981/ 1982/1986/ 1991/2006/ 2008
       128,041       903       -       0  
N/A N/A
10475 Crosspoint Blvd.
Fishers
IN
     --  
(Available for Lease)
     1999       13,867       -       -       0  
   
1701 Market St.
Philadelphia
PA
     (7 )
Parking Operators
     1957/1997       -       2,175       2,175       0  
   
1701 Market St.
Philadelphia
PA
     (7 )
(Available for Lease)(Amounts represent prior tenant)
     1957/1997       5,315       239       239       0  
   
850-950 Warrenville Rd.
Lisle
IL
     --  
(Available for Lease)
     1984       7,535       -       -       0  
   
101 East Erie St.
Chicago
IL
     --  
(Available for Lease)
     1986       14,693       -       -       0  
OFFICE TOTAL/WEIGHTED AVERAGE    
99.7% Leased
             12,419,759     $ 197,210     $ 193,878          

 
Page 15 of 44
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010
 
Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
INDUSTRIAL PROPERTIES
2011
5/31/2011
200 Arrowhead Dr.
Hebron
OH
     --  
Owens Corning Insulating Systems, LLC
     2000       400,522       801       801       0  
2012
2/15/2012
1601 Pratt Ave.
Marshall
MI
     --  
Enbridge Energy L.P.
     1979       58,300       108       108       0  
 
8/4/2012
101 Michelin Dr.
Laurens
SC
     --  
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
     1991/1993       1,164,000       3,413       3,304       2,619  
 
 
7111 Crabb Rd.
Temperance
MI
     --  
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
     1978/1993       744,570       2,287       2,214       1,756  
 
10/31/2012
43955 Plymouth Oaks Blvd.
Plymouth
MI
     --  
Tower Automotive Operations USA I, LLC (Tower Automotive Inc.)
     1996/1998       290,133       1,886       1,834       2,081  
 
12/31/2012
245 Salem Church Rd.
Mechanicsburg
PA
     --  
Exel, Inc. (NFC plc)
     1985       252,000       869       866       0  
2013
5/31/2013
2203 Sherrill Dr.
Statesville
NC
     --  
Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)
     1999/2002       639,800       1,480       1,565       0  
2014
1/2/2014
2415 US Hwy. 78 East
Moody
AL
     --  
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
     2004       595,346       1,054       1,054       1,054  
 
1/31/2014
1133 Poplar Creek Rd.
Henderson
NC
     --  
Staples, Inc.
     1998/2006       196,946       825       806       0  
 
12/31/2014
3686 South Central Ave.
Rockford
IL
     --  
Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)
     1998       90,000       404       314       446  
 
 
75 North St.
Saugerties
NY
     (11 )
Rotron, Inc. (EG&G)
     1979       52,000       122       232       122  
2015
12/31/2015
749 Southrock Dr.
Rockford
IL
     --  
Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)
     1992       150,000       476       488       525  
2016
2/28/2016
7670 Hacks Cross Rd.
Olive Branch
MS
     --  
MAHLE Clevite, Inc. (MAHLE Industries, Inc.)
     1989       268,104       954       915       0  
 
3/31/2016
19500 Bulverde Rd.
San Antonio
TX
     --  
Harcourt, Inc. (Harcourt General, Inc.)
     2001       559,258       3,330       3,429       0  
 
 
2455 Premier Dr.
Orlando
FL
     --  
Walgreen Co.
     1980       205,016       508       786       508  
 
5/31/2016
291 Park Center Dr.
Winchester
VA
     (5 )
Kraft Foods Global, Inc.
     2001       344,700       1,608       1,529       0  
 
8/31/2016
10590 Hamilton Ave.
Cincinnati
OH
     --  
The Hillman Group, Inc.
  
1991/1994/ 1995/2005
       248,200       793       793       0  
 
9/30/2016
900 Industrial Blvd.
Crossville
TN
     --  
Dana Commercial Vehicle Products, LLC
     1989/2006       222,200       684       684       0  
2017
2/28/2017
3456 Meyers Ave.
Memphis
TN
     --  
Sears Logistics Services
     1973       780,000       1,592       1,694       1,592  
 
6/30/2017
7500 Chavenelle Rd.
Dubuque
IA
     (6 )
The McGraw-Hill Companies, Inc.
     2001       330,988       1,151       1,164       0  
 
9/30/2017
250 Swathmore Ave.
High Point
NC
     --  
Steelcase, Inc.
     2002       244,851       1,079       1,087       1,165  
 
10/31/2017
1420 Greenwood Rd.
McDonough
GA
     --  
Versacold USA, Inc.
     2000/2007       296,972       2,645       2,595       0  
2018
6/30/2018
1650-1654 Williams Rd.
Columbus
OH
     --  
ODW Logistics, Inc.
     1973       772,450       1,347       1,342       0  
 
9/30/2018
50 Tyger River Dr.
Duncan
SC
     (6 )
Plastic Omnium Exteriors, LLC
  
2005/2007/
2008
       221,833       958       958       0  
2019
4/30/2019
113 Wells St.
North Berwick
ME
     --  
United Technologies Corporation
     1965/1980       972,625       1,535       1,535       1,200  
 
10/17/2019
10345 Philipp Pkwy.
Streetsboro
OH
     --  
L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)
     2004       649,250       2,529       2,621       3,149  
2020
3/31/2020
2425 Hwy. 77 North
Waxahachie
TX
     --  
James Hardie Building Products, Inc. (James Hardie, NV)
     1996/2001       335,610       3,400       3,400       0  
 
6/30/2020
3102 Queen Palm Dr.
Tampa
FL
     --  
Time Customer Service, Inc. (Time, Inc.)
     1986       229,605       1,197       1,276       0  
 
9/30/2020
3350 Miac Cove Rd.
Memphis
TN
     --  
Mimeo.com, Inc.
     1987       107,399       401       371       0  
 
12/19/2020
1901 Ragu Dr.
Owensboro
KY
     (9 )
Unilever Supply Chain, Inc. (Unilever United States, Inc.)
  
1975/1979/
1995
       443,380       1,046       1,490       1,932  
2021
3/30/2021
121 Technology Dr.
Durham
NH
     --  
Heidelberg Americas, Inc. (Heidelberg Drackmaschinen AG)
  
1986/2002/
2003
       500,500       2,199       1,999       0  
 
5/31/2021
477 Distribution Pkwy.
Collierville
TN
     --  
Federal Express Corporation
  
1984/1987/
2005
       120,000       480       403       0  
 
9/30/2021
3820 Micro Dr.
Millington
TN
     (6 )
Ingram Micro, L.P (Ingram Micro, Inc.)
     1997       701,819       2,440       2,330       0  
 
11/30/2021
2880 Kenny Biggs Rd.
Lumberton
NC
     --  
Quickie Manufacturing Corporation
  
1998/2001/
2006
       423,280       1,276       1,356       0  
 
12/31/2021
224 Harbor Freight Rd.
Dillon
SC
     (6 )
Harbor Freight Tools USA, Inc. (Central Purchasing, Inc.)
     2001/2005       1,010,859       3,019       3,131       0  
2025
6/30/2025
10000 Business Blvd.
Dry Ridge
KY
     --  
Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)
     1988/1999       336,350       1,346       1,346       1,402  
 
 
4010 Airpark Dr.
Owensboro
KY
     --  
Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited)
     1998/2006       211,598       1,208       1,208       829  
 
 
301 Bill Bryan Rd.
Hopkinsville
KY
     --  
Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited)
  
1989/1999/
2000/2005
       424,904       1,687       1,687       1,512  
 
 
730 North Black Branch Rd.
Elizabethtown
KY
     --  
Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited)
     2001       167,770       537       537       558  
 
 
750 North Black Branch Rd.
Elizabethtown
KY
     --  
Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited)
  
1995/2000/
2001
       539,592       2,838       2,838       2,960  
 
7/31/2025
7005 Cochran Rd.
Glenwillow
OH
     --  
Royal Appliance Manufacturing Company
     1997       458,000       1,944       2,251       0  
2026
10/31/2026
5001 Greenwood Rd.
Shreveport
LA
     --  
Libbey Glass, Inc. (Libbey, Inc.)
     2006       646,000       1,976       2,165       0  
N/A
N/A
1109 Commerce Blvd.
Swedesboro
NJ
     (16 )
(Available for Lease)
     1998       262,644       -       -       0  

 
Page 16 of 44
 
 
Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
 
 
191 Arrowhead Dr.
Hebron
OH
     --  
(Available for Lease)(Amounts represent prior tenant)
     1999       250,410       95       95       0  
 
 
250 Rittenhouse Cir.
Bristol
PA
     (22 )
(Available for Lease)
     1983/1997       255,019       -       -       0  
 
 
3350 Miac Cove Rd.
Memphis
TN
     --  
(Available for Lease)
     1987       32,679       -       -       0  
 
 
34 East Main St.
New Kingstown
PA
     (16 )
(Available for Lease)
     1981       179,200       -       -       0  
 
 
6 Doughten Rd.
New Kingstown
PA
     --  
(Available for Lease)
     1989       330,000       -       -       0  
INDUSTRIAL TOTAL/WEIGHTED AVERAGE
      
93.0% Leased
             18,716,682     $ 61,527     $ 62,601          

 
Page 17 of 44
 
 
Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
RETAIL PROPERTIES
    
2011
6/30/2011
4733 Hills & Dales Rd.
Canton
OH
     --  
Bally's Total Fitness of the Midwest, Inc. (Bally's Health & Tennis Corporation)
     1987       37,214       279       234       0  
2012
4/30/2012
10415 Grande Ave.
Sun City
AZ
     --  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
     1982       10,000       165       265       0  
 
 
119 North Balboa Rd.
El Paso
TX
     --  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
     1982       10,000       165       136       0  
 
 
402 East Crestwood Dr.
Victoria
TX
     --  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
     1982       10,000       165       116       0  
 
 
4121 South Port Ave.
Corpus Christi
TX
     --  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
     1980       10,000       165       135       0  
 
 
900 South Canal St.
Carlsbad
NM
     --  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
     1980       10,000       165       105       0  
 
 
901 West Expwy.
McAllen
TX
     --  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
     1980       10,000       165       164       0  
 
5/31/2012
3451 Alta Mesa Blvd.
Fort Worth
TX
     --  
Minyard Food Stores, Inc.
     1985       44,000       304       361       304  
 
6/30/2012
1600 East 23rd St.
Chattanooga
TN
     --  
BI-LO, LLC
     1983       42,130       131       131       138  
 
11/30/2012
101 West Buckingham Rd.
Garland
TX
     --  
Minyard Food Stores, Inc.
     1982       40,000       326       326       326  
 
 
120 South Waco St.
Hillsboro
TX
     --  
Brookshire Grocery Company
     1985       35,000       161       186       161  
 
 
205 Homer Rd.
Minden
LA
     --  
Brookshire Grocery Company
     1985       35,000       193       285       193  
2013
2/28/2013
US 221 & Hospital Rd.
Jefferson
NC
     --  
Food Lion, Inc. (Delhaize America, Inc.)
     1981       23,000       73       73       73  
 
 
291 Talbert Blvd.
Lexington
NC
     --  
Food Lion, Inc. (Delhaize America, Inc.)
     1981       23,000       138       138       138  
 
 
S. Carolina 52/52 Bypass
Moncks Corner
SC
     --  
Food Lion, Inc. (Delhaize America, Inc.)
     1982       23,000       62       123       62  
 
 
3211 West Beverly St.
Staunton
VA
     --  
Food Lion, Inc. (Delhaize America, Inc.)
     1971       23,000       166       166       166  
 
 
1146 Gum Branch Rd.
Jacksonville
NC
     --  
Food Lion, Inc. (Delhaize America, Inc.)
     1982/1995       23,000       84       110       84  
 
7/1/2013
1053 Mineral Springs Rd.
Paris
TN
     --  
The Kroger Co.
     1982       31,170       159       213       159  
 
10/31/2013
1084 East Second St.
Franklin
OH
     --  
Marsh Supermarkets, Inc.
     1961/1978       29,119       111       158       111  
 
 
130 Midland Ave.
Port Chester
NY
     --  
Pathmark Stores, Inc.
     1982       59,000       458       1,197       458  
 
 
5104 North Franklin Rd.
Lawrence
IN
     --  
Marsh Supermarkets, Inc.
     1958       28,721       193       193       193  
2014
3/31/2014
N.E.C. 45th St./Lee Blvd.
Lawton
OK
     --  
Associated Wholesale Grocers, Inc.
     1984       30,757       185       207       185  
2015
1/31/2015
1700 State Route 160
Port Orchard
WA
     --  
Moran Foods, Inc. d/b/a Save-A-Lot, Ltd.
     1983       16,037       82       82       97  
 
5/31/2015
24th St. West & St. John’s Ave.
Billings
MT
     --  
Safeway Stores, Inc.
     1981       40,800       186       333       186  
2016
5/31/2016
18601 Alderwood Mall Blvd.
Lynnwood
WA
     --  
TRU 2005 RE I, LLC
     1981/1993       43,105       281       298       279  
 
 
4811 Wesley St.
Greenville
TX
     --  
Safeway Stores, Inc.
     1985       48,492       171       242       171  
 
 
12535 Southeast 82nd Ave.
Clackamas
OR
     --  
TRU 2005 RE I, LLC
     1981       42,842       305       324       298  
 
 
6910 South Memorial Hwy.
Tulsa
OK
     --  
Toys "R" Us-Delaware, Inc.
     1981       43,123       257       273       255  
 
12/29/2016
13133 Steubner Ave.
Houston
TX
     --  
The Kroger Co.
     1980       52,200       281       404       281  
2017
3/31/2017
1610 South Westmoreland Ave.
Dallas
TX
     --  
Malone’s Food Stores, Ltd.
     1960       70,910       358       479       376  
2018
2/26/2018
4831 Whipple Ave., Northwest
Canton
OH
     --  
Best Buy Company, Inc.
     1995       46,350       465       465       465  
 
 
399 Peachwood Centre Dr.
Spartanburg
SC
     --  
Best Buy Company, Inc.
     1996       45,800       395       395       395  
 
9/30/2018
835 Julian Ave.
Thomasville
NC
     --  
Mighty Dollar, LLC
     1983       23,767       70       70       0  
 
10/31/2018
10340 U.S. 19
Port Richey
FL
     --  
Kingswere Furniture, LLC
     1980       53,280       346       346       400  
 
12/31/2018
1150 West Carl Sandburg Dr.
Galesburg
IL
     --  
Kmart Corporation
     1992       94,970       395       329       0  
 
 
12080 Carmel Mountain Rd.
San Diego
CA
     --  
Sears Holdings Corporation
     1993       107,210       449       751       0  
 
 
21082 Pioneer Plaza Dr.
Watertown
NY
     --  
Kmart Corporation
     1993       120,727       663       482       0  
 
 
255 Northgate Dr.
Manteca
CA
     --  
Kmart Corporation
     1993       107,489       705       555       0  
 
 
5350 Leavitt Rd.
Lorain
OH
     --  
Kmart Corporation
     1993       193,193       997       731       0  
 
 
97 Seneca Trail
Fairlea
WV
     --  
Kmart Corporation
     1993/1999       90,933       465       347       0  
2021
1/31/2021
3040 Josey Ln.
Carrollton
TX
     (16 )
Ong’s Family, Inc.
     1984       61,000       273       406       0  

 
Page 18 of 44
 
 
Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
2028
8/31/2028
9803 Edmonds Way
Edmonds
WA
     --  
Pudget Consumers Co-op d/b/a PCC Natural Markets
     1981       35,459       603       603       0  
N/A N/A
1700 State Route 160
Port Orchard
WA
     --  
(Available for Lease)
     1983       11,931       -       -       0  
   
5544 Atlanta Hwy.
Montgomery
AL
     (16 )
(Available for Lease)
     1980/2007       60,698       -       -       0  
 
RETAIL TOTAL/WEIGHTED AVERAGE
 
 
        
96.4% Leased
             1,997,427     $ 11,760     $ 12,937          


 
Page 19 of 44
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Gross Book Value ($000) (14)
    
Sq.Ft.
    
Percentage Leased
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Debt Balance ($000)
  
MULTI-TENANT PROPERTIES (20)
  
Various
Various
10 John St.
Clinton
CT
     (9 )
Multi-Tenant
     1972       3,195       41,188       0 %     0       0       0  
 
 
100 East Shore Dr.
Glen Allen
VA
     --  
Multi-Tenant
     1999       11,549       68,003       100 %     1,372       1,352       19,427  
 
 
100 Light St.
Baltimore
MD
     (19 )
Multi-Tenant
     1973/2009       222,761       474,498       75 %     4,395       5,571       0  
 
 
130 East Shore Dr.
Glen Allen
VA
     (17 )
Multi-Tenant
     2000       13,532       79,675       65 %     593       739       0  
 
 
13430 North Black Canyon Fwy.
Phoenix
AZ
     (15 )
Multi-Tenant
  
1981/1982/
2005/2007/
2009
       25,643       138,940       100 %     2,073       2,065       0  
 
 
1500 Hughes Way
Long Beach
CA
     (8 )
Multi-Tenant
     1981       118,381       490,555       67 %     7,045       7,343       0  
 
 
160 Clairemont Ave.
Decatur
GA
     --  
Multi-Tenant
     1983       19,894       121,686       79 %     1,630       1,630       0  
 
 
207 Mockingbird Ln.
Johnson City
TN
     (15 )
Multi-Tenant
     1979       10,120       60,684       100 %     675       756       0  
 
 
2300 Litton Ln.
Hebron
KY
     (15 )
Multi-Tenant
     1986/1996       9,740       80,441       100 %     477       455       0  
 
 
350 Pine St.
Beaumont
TX
     (15 )
Multi-Tenant
     1981       29,479       425,198       82 %     4,075       4,255       0  
 
 
389-399 Interpace Hwy.
Parsipanny
NJ
     (16 )
Multi-Tenant
     1999       108,185       340,240       87 %     9,067       9,460       0  
 
 
421 Butler Farm Rd.
Hampton
VA
     --  
Multi-Tenant
     2000       7,363       56,564       65 %     446       443       0  
 
 
6050 Dana Way
Antioch
TN
     --  
Multi-Tenant
     1999       26,203       674,528       62 %     1,133       1,133       0  
 
 
6277 Sea Harbor Dr.
Orlando
FL
     --  
Multi-Tenant
     1984       51,779       360,307       0 %     83       83       0  
 
 
King St./1032 Fort St. Mall
Honolulu
HI
     (15 )
Multi-Tenant
     1979/2002       47,079       318,451       95 %     2,636       2,456       0  
MULTI-TENANT TOTAL/WEIGHTED AVERAGE
69.2% Leased
                     3,730,958             $ 35,700     $ 37,741     $ 19,427  
                                                                           
 
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE
93.0% Leased
                     36,864,826             $ 306,197     $ 307,157          

Footnotes
(1)
Square foot leased or vacant.
(2)
Twelve months ended 12/31/10 cash rent.
(3)
Twelve months ended 12/31/10 GAAP base rent.
(4)
Rent at option rate listed for those lease contracts where a set rent in dollars is specified, as it relates to Fixed Rent at Next Option.
(5)
Option rent lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(6)
Option rent greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(7)
Lexington has an 80.5% interest in this property.
(8)
Lexington has a 55.0% interest in this property.
(9)
Lexington has a 71.1% interest in this property.
(10)
Tenant exercised lease termination option effective 12/31/2011 and paid $6.8 million.
(11)
Lexington has a 57.8% interest in this property.
(12)
IBM lease expires 05/2013, however, new tenant (Problem Solved, LLC) lease expires 05/2014.
(13)
Property is classified as a capital lease for GAAP, accordingly $980 income is included in non-operating income.
(14)
Represents GAAP capitalized costs.
(15)
Property is collateral for secured credit facility.
(16)
Property disposed of subsequent to December 31, 2010.
(17)
Mortgage shown under 100 East Shore Dr., Glen Allen VA.
(18)
Property acquired 12/30/2010.
(19)
Includes parking operations.
(20)
The multi-tenanted properties incurred approximately $20.8 million in operating expenses, net for the twelve months ended December 31, 2010.
(21)
Subsequent to 12/31/10, lease extended to 6/30/19.
(22)
Subsequent to 12/31/10, new 15 year lease executed.

 
Page 20 of 44
 

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio - 12/31/2010

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
NET LEASE STRATEGIC ASSETS FUND PROPERTIES
2011
6/30/2011
265 Lehigh St.
Allentown
PA
     --  
Wells Fargo Bank, N.A.
     1980       71,230       349       2,936       0  
 
7/15/2011
19019 North 59th Ave.
Glendale
AZ
     --  
Honeywell International, Inc.
  
1986/1997/
2000
       252,300       2,452       3,109       0  
2012
4/30/2012
3600 Army Post Rd.
Des Moines
IA
     (6 )
HP Enterprises, LLC
     2000       405,000       2,998       2,968       0  
 
5/31/2012
101 Creger Dr.
Ft. Collins
CO
     --  
Lithia Real Estate, Inc. (Lithia Motors, Inc.)
     1982       10,000       275       236       0  
2013
5/31/2013
2401 Cherahala Blvd.
Knoxville
TN
     --  
AdvancePCS, Inc.
     2002       59,748       900       900       0  
 
6/30/2013
420 Riverport Rd.
Kingsport
TN
     --  
Kingsport Power Company
     1981       42,770       310       307       310  
 
10/14/2013
3943 Denny Ave.
Pascagoula
MS
     --  
Northrop Grumman Systems Corporation
     1995       94,841       638       638       0  
 
12/31/2013
120 Southeast Pkwy. Dr.
Franklin
TN
     --  
Essex Group, Inc. (United Technologies Corporation)
     1970/1983       289,330       735       654       735  
2014
1/31/2014
1401 & 1501 Nolan Ryan Pkwy.
Arlington
TX
     --  
Siemens Shared Services, LLC
     2003       236,547       2,723       2,680       0  
 
4/30/2014
12000 & 12025 Tech Center Dr.
Livonia
MI
     (6 )
Kelsey-Hayes Company (TRW Automotive, Inc.)
  
1987/1988/
1990
       180,230       2,050       2,074       0  
 
7/1/2014
70 Mechanic St.
Foxboro
MA
     --  
Invensys Systems, Inc. (Siebe, Inc.)
  
1965/1967/
1971
       251,914       3,131       2,719       2,562  
 
12/31/2014
324 Industrial Park Rd.
Franklin
NC
     (5 )
SKF USA, Inc.
     1996       72,868       423       423       0  
2015
6/30/2015
2935 Van Vactor Dr.
Plymouth
IN
     --  
Bay Valley Foods, LLC
     2000/2003       300,500       797       809       853  
 
 
3711 San Gabriel
Mission
TX
     --  
VoiceStream PCS II Corporation (T-Mobile USA, Inc.)
     2003       75,016       1,050       1,020       0  
 
 
2500 Patrick Henry Pkwy.
McDonough
GA
     --  
Georgia Power Company
     1999       111,911       1,508       1,537       0  
 
 
1700 47th Ave North
Minneapolis
MN
     (5 )
Owens Corning Roofing and Asphalt, LLC
     2003       18,620       606       606       0  
 
9/27/2015
9110 Grogans Mill Rd.
The Woodlands
TX
     --  
Baker Hughes, Inc.
     1992       275,750       3,363       3,147       2,756  
 
 
2529 West Thorne Dr.
Houston
TX
     --  
Baker Hughes, Inc.
     1982/1999       65,500       929       838       746  
 
10/31/2015
5201 West Barraque St.
Pine Bluff
AR
     --  
Entergy Services, Inc.
     1964/1973       27,189       192       192       192  
2016
1/31/2016
1600 Eberhardt Rd.
Temple
TX
     --  
Nextel of Texas (Nextel Finance Company)
     2001       108,800       1,523       1,617       0  
 
5/31/2016
1200 Jupiter Rd.
Garland
TX
     --  
Raytheon Company
     1980       278,759       1,506       2,053       1,506  
 
7/14/2016
1400 Northeast McWilliams Rd.
Bremerton
WA
     --  
Nextel West Corporation
     2002       60,200       1,085       1,166       0  
 
11/30/2016
736 Addison Rd.
Erwin
NY
     (6 )
Corning, Inc.
     2006       408,000       1,180       1,180       0  
2017
12/31/2017
11411 North Kelly Ave.
Oklahoma City
OK
     --  
American Golf Corporation
     1991/1996       13,924       475       479       0  
2018
3/15/2018
601 & 701 Experian Pkwy.
Allen
TX
     --  
Experian Information Solutions, Inc. (Experian Holdings, Inc.)
     1981/1983       292,700       3,073       3,539       0  
 
8/31/2018
3500 North Loop Rd.
McDonough
GA
     --  
Litton Loan Servicing, LP
     2007       62,218       1,156       1,156       0  
 
9/30/2018
904 Industrial Rd.
Marshall
MI
     --  
Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)
  
1968/1972/
2008
       246,508       765       803       925  
2019
1/31/2019
2999 Southwest 6th St.
Redmond
OR
     --  
VoiceStream PCS I, LLC (T-Mobile USA, Inc.)
     2004       77,484       1,534       1,572       0  
 
6/28/2019
3265 East Goldstone Dr.
Meridian
ID
     (6 )
VoiceStream PCS Holding, LLC  (T-Mobile USA, Inc.)
     2004       77,484       1,276       1,364       0  
 
10/31/2019
17191 St. Luke's Way
The Woodlands
TX
     --  
Montgomery County Management Company, LLC
     2004       41,000       798       986       0  
 
 
9601 Renner Blvd.
Lenexa
KS
     (6 )
VoiceStream PCS II Corporation (T-Mobile USA, Inc.)
     2004       77,484       1,299       1,393       0  
2020
5/31/2020
359 Gateway Dr.
Lavonia
GA
     --  
TI Group Automotive Systems, LLC (TI Automotive, Ltd.)
     2005       133,221       1,200       1,200       0  
 
6/30/2020
10419 North 30th St.
Tampa
FL
     --  
Time Customer Service, Inc. (Time, Inc.)
     1986       132,981       1,309       1,355       0  
 
8/31/2020
First Park Dr.
Oakland
ME
     (6 )
Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)
     2005       78,610       1,290       1,150       0  
 
11/30/2020
11555 University Blvd.
Sugar Land
TX
     --  
KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)
     2005       72,683       1,129       1,251       0  
2021
10/25/2021
6938 Elm Valley Dr.
Kalamazoo
MI
     --  
Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)
     1999/2004       150,945       1,843       1,933       0  
2022
6/30/2022
8555 South River Pkwy.
Tempe
AZ
     (6 )(7)
ASM Lithography, Inc. (ASM Lithography Holding, NV)/DuPont Airproducts Nanomaterials LLC
     1998       95,133       2,354       2,210       0  
 
7/31/2022
1440 East 15th St.
Tucson
AZ
     --  
CoxCom, Inc.
     1988       28,591       530       550       0  
2025
7/14/2025
590 Ecology Ln.
Chester
SC
     --  
Owens Corning, Inc.
     2001/2005       420,597       2,185       2,169       1,678  
2026
8/31/2026
25500 State Hwy. 249
Tomball
TX
     --  
Parkway Chevrolet, Inc. (Raymond Durdin and Jean W. Durdin)
     2005       77,076       1,322       1,520       0  

 
Page 21 of 44
 
 
Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/ Renovated/ Expanded
    
Sq.Ft. Leased or Available (1)
    
Cash Rent as of 12/31/2010 ($000) (2)
    
GAAP Base Rent as of 12/31/2010 ($000) (3)
    
Fixed Rent at Next Option ($000) (4)
  
2027
4/30/2027
2424 Alpine Rd.
Eau Claire
WI
     (6 )
Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.)
     1993/2004       159,000       931       1,169       0  
N/A N/A
109 Stevens St.
Jacksonville
FL
     (8 )
(Available for Lease)(Amounts represent prior tenant)
     1959/1967       168,800       74       74       0  
 
NET LEASE STRATEGIC ASSETS FUND TOTAL/WEIGHTED AVERAGE
97.2% Leased
             6,103,462     $ 55,266     $ 59,682          


Footnotes
(1)
Square foot leased or vacant.
(2)
Twelve months ended 12/31/10 cash rent.
(3)
Twelve months ended 12/31/10 GAAP base rent.
(4)
Rent at option rate listed for those lease contracts where a set rent in dollars is specified, as it relates to Fixed Rent at Next Option.
(5)
Option rent lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(6)
Option rent greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(7)
Current lease ends 06/2013, however, new tenant (DuPont Airproducts Nanomaterials LLC) lease expires 06/2022.
(8)
Subsequent to 12/31/10, new three year lease executed.

 
Page 22 of 44
 

LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type - Cash Basis
12/31/2010

   
Office
    
Industrial
    
Retail
  
Year
  
Net Rentable Area
    
Cash Rent as of 12/31/2010 ($000)
    
Annual Rent PSF
    
Net Rentable Area
    
Cash Rent as of 12/31/2010 ($000)
    
Annual Rent PSF
    
Net Rentable Area
    
Cash Rent as of 12/31/2010 ($000)
    
Annual Rent PSF
  
2011
     586,236     $ 14,570     $ 24.85       400,522     $ 801     $ 2.00       37,214     $ 279     $ 7.50  
2012
     1,591,463     $ 23,343     $ 14.67       2,509,003     $ 8,563     $ 3.41       256,130     $ 2,105     $ 8.22  
2013
     1,389,209     $ 19,076     $ 13.73       639,800     $ 1,480     $ 2.31       263,010     $ 1,444     $ 5.49  
2014
     2,082,345     $ 36,429     $ 17.49       934,292     $ 2,405     $ 2.57       30,757     $ 185     $ 6.01  
2015
     1,720,195     $ 25,099     $ 14.59       150,000     $ 476     $ 3.17       56,837     $ 268     $ 4.72  
2016
     438,951     $ 5,202     $ 11.85       1,847,478     $ 7,877     $ 4.26       229,762     $ 1,295     $ 5.64  
2017
     377,877     $ 5,385     $ 14.25       1,652,811     $ 6,467     $ 3.91       70,910     $ 358     $ 5.05  
2018
     680,732     $ 10,816     $ 15.89       994,283     $ 2,305     $ 2.32       883,719     $ 4,950     $ 5.60  
2019
     1,282,606     $ 16,790     $ 13.09       1,621,875     $ 4,064     $ 2.51       -     $ -     $ -  
2020
     386,366     $ 5,950     $ 15.40       1,115,994     $ 6,044     $ 5.42       -     $ -     $ -  
2021
     436,285     $ 8,507     $ 19.50       2,756,458     $ 9,414     $ 3.42       61,000     $ 273     $ 4.48  
2022
     52,337     $ 1,532     $ 29.27       -     $ -     $ -       -     $ -     $ -  
2023
     693,699     $ 10,848     $ 15.64       -     $ -     $ -       -     $ -     $ -  
2024
     -     $ -     $ -       -     $ -     $ -       -     $ -     $ -  
2025
     145,200     $ 2,295     $ 15.81       2,138,214     $ 9,560     $ 4.47       -     $ -     $ -  
2026 (2)
     104,807     $ 8     $ -       646,000     $ 1,976     $ 3.06       -     $ -     $ -  
2027
     -     $ -     $ -       -     $ -     $ -       -     $ -     $ -  
2028
     -     $ -     $ -       -     $ -     $ -       35,459     $ 603     $ 17.01  
2029
     410,041     $ 8,946     $ 21.82       -     $ -     $ -       -     $ -     $ -  
                                                                         
Total/Weighted Average (1)
     12,378,349     $ 194,796     $ 15.74       17,406,730     $ 61,432     $ 3.53       1,924,798     $ 11,760     $ 6.11  

Footnotes
(1)
Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.
(2)
Office property acquired 12/30/2010.

 
Page 23 of 44
 

LEXINGTON REALTY TRUST
Lease Rollover Schedule - GAAP Basis
12/31/2010

Year
  
Number of Leases Expiring
    
GAAP Base Rent as of 12/31/2010 ($000)
    
Percent of GAAP Base Rent as of 12/31/2010
  
2011
     8     $ 13,584       5.1 %
2012
     30     $ 33,061       12.4 %
2013
     21     $ 23,837       8.9 %
2014
     27     $ 39,830       14.9 %
2015
     13     $ 26,115       9.8 %
2016
     14     $ 15,190       5.7 %
2017
     8     $ 12,868       4.8 %
2018
     18     $ 17,799       6.7 %
2019
     7     $ 21,714       8.1 %
2020
     7     $ 13,046       4.9 %
2021
     9     $ 17,693       6.6 %
2022
     1     $ 1,661       0.6 %
2023
     3     $ 11,338       4.2 %
2024
     -     $ -       -  
2025
     8     $ 12,162       4.6 %
2026
     2     $ 2,174       0.8 %
2027
     -     $ -       -  
2028
     1     $ 603       0.2 %
2029
     2     $ 4,232       1.6 %
Total (1)
     179     $ 266,907       100.0 %

Footnotes
(1)
Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.

 
Page 24 of 44
 

LEXINGTON REALTY TRUST
Mortgage Loans Receivable
12/31/2010

Collateral
                                    
 
City
State
  
Loan Balance ($000)(1)
    
Interest Rate
    
Maturity Date
    
Current Estimated Annual Debt Service ($000)(2)
    
Balloon Payment ($000)
    
Escrow Balance ($000)
  
Medical Facilities
Various (3)
TX
   $ 10,707       15.00 %     12/2011     $ 1,713     $ 10,637     $ -  
Office
Tampa (4)
FL
   $ 7,610       6.93 %     04/2011     $ 213     $ 7,527     $ -  
 
Schaumburg (5)
IL
   $ 18,700       15.00 %     01/2012     $ -     $ 18,700     $ -  
 
Wilsonville
OR
   $ 6,908       5.46 %     12/2012     $ 580     $ 10,451     $ 1,623  
 
Westmont (6)
IL
   $ 27,538       6.45 %     10/2015     $ 2,090     $ 25,731     $ 4,431  
 
Southfield
MI
   $ 8,715       4.55 %     02/2015     $ 1,282     $ 5,810     $ -  
Retail
Various (7)
Various
   $ 4,241       8.00 %     07/2012     $ 2,268     $ -     $ -  
 
Austin
TX
   $ 1,483       16.00 %     10/2018     $ -     $ 5,104     $ -  
 
Tampa
FL
   $ 192       8.00 %     12/2020     $ 29     $ -     $ -  
 
Various
Various
   $ 1,483       8.00 %     02/2021     $ 194     $ -     $ -  
 
Various
Various
   $ 811       8.00 %     12/2021     $ 114     $ -     $ -  
 
Various
Various
   $ 875       8.00 %     03/2022     $ 74     $ -     $ -  
                                                     
 
Total Mortgage Loans Receivable
   $ 89,263                     $ 8,557     $ 83,960     $ 6,054  

Footnotes
(1)
Excludes net origination fees of $274.
(2)
Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months.
(3)
Loan is interest only at a rate of 14.0% through February 2011, and 16.0% thereafter. Prepayment of $6.4 million plus defeasance of $1.0 million received 4Q 2010.
(4)
Borrower is Net Lease Strategic Assets Fund L.P.
(5)
Interest only payments to the extent of operating cash flow of underlying assets.
(6)
Escrow balance includes $4,249 in a collateral escrow account maintained by the borrower.
(7)
Prepayment of $2.7 million received 4Q 2010.

 
Page 25 of 44
 

LEXINGTON REALTY TRUST
2010 Fourth Quarter Financing Summary

   
DEBT RETIRED (1)
                        
       
Face ($000)
    
Satisfaction ($000)
    
Rate
    
Due Date
  
  1  
Irving, TX (2)
   $ 24,453     $ 24,453       6.59 %     10/2010  
  2  
Parsippany, NJ (2)
   $ 37,311     $ 37,311       6.35 %     03/2011  
  3  
Antioch, TN (2)
   $ 12,796     $ 12,796       6.32 %     10/2021  
  4  
Salt Lake City, UT (3)
   $ 36,402     $ 36,402       5.53 %     10/2028  
  5  
Contract Right - Long Beach, CA (4)
   $ 14,452     $ 14,452       9.68 %     01/2024  
     
TOTAL
   $ 125,414     $ 125,414                  

Footnotes
(1)
Excludes $18,772 in revolving credit facility repayments.
(2)
Imputed interest rate.
(3)
Property sold 12/2010;  loan assumed by buyer.
(4)
Lexington's ownership is 55%.

 
Page 26 of 44
 
 
LEXINGTON REALTY TRUST
Debt Maturity Schedule
12/31/2010
($000)

Consolidated Properties
Year
  
Real Estate Scheduled Amortization
    
Real Estate Balloon Payments
    
Corporate Debt
  
2011
   $ 30,657     $ 12,877     $ -  
2012
     31,139       191,034       62,150 (1)
2013
     27,271       234,937       60,551  
2014
     26,960       235,852       -  
2015
     17,375       269,941       -  
    $ 133,402     $ 944,641     $ 122,701  


Non-Consolidated Investments - LXP Proportionate Share
Year
  
Real Estate Scheduled Amortization
    
Real Estate Balloon Payments
  
2011
   $ 2,705     $ 7,721 (2)
2012
     2,808       3,323  
2013
     2,953       2,496  
2014
     2,578       4,061  
2015
     2,519       6,960  
    $ 13,563     $ 24,561  

Footnotes
(1)
Assumes debt is put to Lexington in 2012, stated maturity date is January, 2027.
(2)
$1,129 is due to Lexington.

 
Page 27 of 44
 

LEXINGTON REALTY TRUST
2011 Mortgage Maturities by Property Type
12/31/2010

 
  
Property Location
  
City
  
State
  
Net Rentable Area
    
Mortgage Balance at Maturity ($000)
    
Maturity Date
    
Tenant Lease Expires
    
Gross Book Value ($000) (1)
    
Cash Rent as of 12/31/2010 ($000)
    
GAAP Base Rent as of 12/31/2010 ($000)
  
Office
  
100 Barnes Rd.
  
Wallingford
  
CT
     44,400     $ 3,187       05/2011       06/2018     $ 6,100     $ 680     $ 507  
Industrial
  
291 Park Center Dr.
  
Winchester
  
VA
     344,700     $ 9,690       08/2011       05/2016     $ 18,865     $ 1,608     $ 1,529  
                                                                     
   
Total 2011 Mortgage Maturities
     389,100     $ 12,877                     $ 24,965     $ 2,288     $ 2,036  

Footnotes
(1)
Represents GAAP capitalized costs.

 
Page 28 of 44
 

LEXINGTON REALTY TRUST
2012 Mortgage Maturities by Property Type
12/31/2010

   
Property Location
  
City
  
State
  
Net Rentable Area
    
Mortgage Balance at Maturity ($000)
    
Maturity Date
    
Tenant Lease Expires
    
Gross Book Value ($000) (1)
    
Cash Rent as of 12/31/2010 ($000)
    
GAAP Base Rent as of 12/31/2010 ($000)
  
Office
  
1315 West Century Dr.
  
Louisville
  
CO
     106,877     $ 7,195       01/2012       04/2017     $ 16,933     $ 1,473     $ 1,600  
   
2000 Eastman Dr.
  
Milford
  
OH
     221,215     $ 12,686       02/2012       04/2016     $ 26,627     $ 2,486     $ 1,823  
   
26210 and 26220 Enterprise Court
  
Lake Forest
  
CA
     100,012     $ 9,708       02/2012       01/2012     $ 17,211     $ 1,972     $ 1,792  
   
200 Lucent Ln.
  
Cary
  
NC
     124,944     $ 12,543       05/2012       09/2011     $ 23,881     $ 2,297     $ 2,059  
   
2050 Roanoke Rd.
  
Westlake
  
TX
     130,290     $ 17,829       05/2012       12/2011     $ 32,697     $ 3,660     $ 3,455  
   
3940 South Teller St.
  
Lakewood
  
CO
     68,165     $ 7,890       05/2012       03/2012     $ 12,155     $ 1,222     $ 867  
   
37101 Corporate Dr.
  
Farmington Hills
  
MI
     119,829     $ 17,724       09/2012       12/2011     $ 32,876     $ 5,111     $ 3,537  
   
4455 American Way
  
Baton Rouge
  
LA
     70,100     $ 5,948       10/2012       10/2012     $ 13,868     $ 1,134     $ 1,114  
   
1110 Bayfield Dr.
  
Colorado Springs
  
CO
     166,575     $ 10,272       12/2012       11/2013     $ 19,579     $ 1,598     $ 1,599  
Industrial
  
245 Salem Church Rd.
  
Mechanicsburg
  
PA
     252,000     $ 4,514       01/2012       12/2012     $ 9,051     $ 869     $ 866  
   
34 East Main St. (2)
  
New Kingstown
  
PA
     179,200     $ 2,914       01/2012    
NA
     $ 5,281     $ -     $ -  
   
6 Doughten Rd. (3)
  
New Kingstown
  
PA
     330,000     $ 6,116       01/2012    
NA
     $ 12,342     $ -     $ -  
   
3820 Micro Dr.
  
Millington
  
TN
     701,819     $ 16,222       05/2012       09/2021     $ 24,870     $ 2,440     $ 2,330  
   
101 Michelin Dr.
  
Laurens
  
SC
     1,164,000     $ 14,022       09/2012       08/2012     $ 34,370     $ 3,413     $ 3,304  
   
7111 Crabb Rd.
  
Temperance
  
MI
     744,570     $ 9,400       09/2012       08/2012     $ 21,188     $ 2,287     $ 2,214  
   
19500 Bulverde Rd.
  
San Antonio
  
TX
     559,258     $ 26,025       10/2012       03/2016     $ 41,882     $ 3,330     $ 3,429  
   
43955 Plymouth Oaks Blvd.
  
Plymouth
  
MI
     290,133     $ 10,026       12/2012       10/2012     $ 19,161     $ 1,886     $ 1,834  
   
 
  
 
  
 
                                                        
   
Total 2012 Mortgage Maturities
     5,328,987     $ 191,034                     $ 363,972     $ 35,178     $ 31,823  

Footnotes
(1)
Represents GAAP capitalized costs.
(2)
Loan satisfied subsequent to quarter end.
(3)
Lexington has suspended debt service payments.

 
Page 29 of 44
 

LEXINGTON REALTY TRUST
2013 Mortgage Maturities by Property Type
12/31/2010

   
Property Location
  
City
  
State
  
Net Rentable Area
    
Mortgage Balance at Maturity ($000)
    
Maturity Date
    
Tenant Lease Expires
    
Gross Book Value ($000) (1)
    
Cash Rent as of 12/31/2010 ($000)
    
GAAP Base Rent as of 12/31/2010 ($000)
  
Office
  
3476 Stateview Blvd.
  
Fort Mill
  
SC
     169,083     $ 9,904       01/2013       05/2014     $ 18,079     $ 2,562     $ 2,535  
   
9201 East Dry Creek Rd.
  
Centennial
  
CO
     128,500     $ 13,555       02/2013       09/2017     $ 26,922     $ 2,260     $ 2,383  
   
12600 Gateway Blvd.
  
Fort Meyers
  
FL
     62,400     $ 8,550       05/2013       01/2013     $ 13,561     $ 1,119     $ 1,093  
   
200 Executive Blvd. South
  
Southington
  
CT
     153,364     $ 12,228       05/2013       12/2012     $ 26,737     $ 1,679     $ 1,624  
   
275 South Valencia Ave. (2)
  
Brea
  
CA
     637,503     $ 73,071       05/2013       06/2012     $ 118,929     $ 8,710     $ 8,794  
   
5757 Decatur Blvd.
  
Indianapolis
  
IN
     89,956     $ 8,580       05/2013       08/2012     $ 15,220     $ 1,417     $ 1,591  
   
810 & 820 Gears Rd.
  
Houston
  
TX
     157,790     $ 15,737       05/2013       01/2013     $ 26,819     $ 2,273     $ 2,251  
   
8900 Freeport Pkwy.
  
Irving
  
TX
     268,445     $ 36,466       05/2013       03/2023     $ 59,730     $ 4,460     $ 4,484  
   
6303 Barfield Rd.
  
Atlanta
  
GA
     238,600     $ 40,356       05/2013       05/2013     $ 62,264     $ 4,831     $ 4,882  
   
2211 South 47th St.
  
Phoenix
  
AZ
     176,402     $ 16,490       09/2013       11/2012     $ 24,631     $ 2,408     $ 2,259  
   
 
  
 
  
 
                                                        
   
Total 2013 Mortgage Maturities
     2,082,043     $ 234,937                     $ 392,892     $ 31,719     $ 31,896  

Footnotes
(1)
Represents GAAP capitalized costs.
(2)
Subsequent to 12/31/10, lease extended to 6/30/19.

 
Page 30 of 44
 

LEXINGTON REALTY TRUST
2014 Mortgage Maturities by Property Type
12/31/2010

   
Property Location
  
City
  
State
  
Net Rentable Area
    
Mortgage Balance at Maturity ($000)
    
Maturity Date
    
Tenant Lease Expires
    
Gross Book Value ($000) (1)
    
Cash Rent as of 12/31/2010 ($000)
    
GAAP Base Rent as of 12/31/2010 ($000)
  
Office
  
33 Commercial St.
  
Foxboro
  
MA
     164,689     $ -       01/2014       07/2015     $ 29,238     $ 3,505     $ 3,505  
   
1275 Northwest 128th St.
  
Clive
  
IA
     61,180     $ 5,151       05/2014       01/2012     $ 10,599     $ 799     $ 799  
   
3480 Stateview Blvd.
  
Fort Mill
  
SC
     169,218     $ 18,311       05/2014       05/2014     $ 29,174     $ 3,516     $ 3,458  
   
1701 Market St. (2)
  
Philadelphia
  
PA
     305,170     $ 43,520       07/2014    
Various
     $ 69,886     $ 7,134     $ 7,137  
   
10300 Kincaid Dr.
  
Fishers
  
IN
     193,000     $ 10,466       08/2014       01/2020     $ 28,233     $ 3,016     $ 3,425  
   
3965 Airways Blvd.
  
Memphis
  
TN
     521,286     $ 47,270       09/2014       06/2019     $ 116,410     $ 6,776     $ 7,013  
   
500 Jackson St.
  
Columbus
  
IN
     390,100     $ 26,399       09/2014       07/2019     $ 53,821     $ 4,426     $ 4,540  
   
6226 West Sahara Ave.
  
Las Vegas
  
NV
     282,000     $ 32,118       09/2014       01/2029     $ 64,735     $ 8,043     $ 4,232  
   
22011 Southeast 51st St./5150 220th Ave.
  
Issaquah
  
WA
     202,544     $ 30,388       12/2014       12/2014     $ 51,195     $ 4,148     $ 4,039  
   
275 Technology Dr.
  
Canonsburg
  
PA
     107,872     $ 9,095       12/2014       12/2014     $ 15,739     $ 1,429     $ 1,378  
Industrial
  
2415 US Hwy. 78 East
  
Moody
  
AL
     595,346     $ 6,350       01/2014       01/2014     $ 11,575     $ 1,054     $ 1,054  
   
1109 Commerce Blvd. (3)
  
Swedesboro
  
NJ
     262,644     $ 6,784       04/2014    
NA
     $ 14,695     $ -     $ -  
   
 
  
 
  
 
                                                        
   
Total 2014 Mortgage Maturities
     3,255,049     $ 235,852                     $ 495,300     $ 43,846     $ 40,580  

Footnotes
(1)
Represents GAAP capitalized costs.
(2)
Lexington has an 80.5% interest in the property.
(3)
Property sold 01/2011, mortgage assumed by buyer.

 
Page 31 of 44
 

LEXINGTON REALTY TRUST
2015 Mortgage Maturities by Property Type
12/31/2010

   
Property Location
  
City
  
State
  
Net Rentable Area
    
Mortgage Balance at Maturity ($000)
    
Maturity Date
    
Tenant Lease Expires
    
Gross Book Value ($000) (1)
    
Cash Rent as of 12/31/2010 ($000)
    
GAAP Base Rent as of 12/31/2010 ($000)
  
Office
  
101 East Erie St.
  
Chicago
  
IL
     230,704     $ 29,900       01/2015       03/2014     $ 56,548     $ 4,148     $ 5,018  
   
400 East Stone Ave. (2)
  
Greenville
  
SC
     128,041     $ 9,000       01/2015       12/2029     $ 10,577     $ 903     $ -  
   
4201 Marsh Ln.
  
Carrollton
  
TX
     130,000     $ 12,022       01/2015       11/2018     $ 22,146     $ 1,927     $ 1,975  
   
13775 McLearen Rd.
  
Herndon
  
VA
     125,293     $ 10,359       04/2015       04/2015     $ 25,443     $ 2,111     $ 2,134  
   
10475 Crosspoint Blvd.
  
Indianapolis
  
IN
     141,047     $ 11,205       05/2015       10/2019     $ 22,463     $ 2,109     $ 2,274  
   
100, 120, 130 East Shore Dr.
  
Glen Allen
  
VA
     224,723     $ 18,321       05/2015    
Various
     $ 38,166     $ 2,769     $ 2,875  
   
1311 Broadfield Blvd.
  
Houston
  
TX
     155,040     $ 14,431       05/2015       03/2021     $ 29,917     $ 3,061     $ 2,623  
   
1409 Centerpoint Blvd.
  
Knoxville
  
TN
     84,404     $ 6,658       05/2015       10/2014     $ 12,604     $ 1,639     $ 1,621  
   
2550 Interstate Dr.
  
Harrisburg
  
PA
     81,859     $ 7,792       05/2015       12/2013     $ 15,135     $ 1,862     $ 1,870  
   
2706 Media Center Dr.
  
Los Angeles
  
CA
     83,252     $ 9,760       05/2015    
Various
     $ 18,070     $ 1,725     $ 1,468  
   
2800 Waterford Lake Dr.
  
Midlothian
  
VA
     99,057     $ 9,055       05/2015       10/2014     $ 15,844     $ 2,035     $ 2,015  
   
333 Mt. Hope Ave.
  
Rockaway
  
NJ
     95,500     $ 14,900       05/2015       09/2014     $ 29,295     $ 2,244     $ 2,123  
   
4000 Johns Creek Pkwy.
  
Suwanee
  
GA
     87,219     $ 10,502       05/2015    
Various
     $ 16,612     $ 1,679     $ 1,638  
   
4848 129th East Ave.
  
Tulsa
  
OK
     101,100     $ 6,517       05/2015       01/2011     $ 13,018     $ 1,434     $ 1,434  
   
6200 Northwest Pkwy.
  
San Antonio
  
TX
     142,500     $ 11,167       05/2015       11/2017     $ 19,815     $ 1,652     $ 1,866  
   
16676 Northchase Dr.
  
Houston
  
TX
     101,111     $ 11,282       05/2015       07/2014     $ 19,267     $ 1,638     $ 1,629  
   
4001 International Pkwy.
  
Carrollton
  
TX
     138,443     $ 18,710       07/2015       07/2015     $ 30,859     $ 3,195     $ 3,195  
   
12645 West Airport Rd.
  
Sugar Land
  
TX
     165,836     $ 6,286       09/2015       09/2015     $ 19,436     $ 2,094     $ 1,946  
   
10001 Richmond Ave.
  
Houston
  
TX
     554,385     $ 18,161       09/2015       09/2015     $ 73,343     $ 8,163     $ 7,375  
Industrial
  
10000 Business Blvd.
  
Dry Ridge
  
KY
     336,350     $ 5,442       07/2015       06/2025     $ 15,227     $ 1,346     $ 1,346  
   
301 Bill Bryan Rd.
  
Hopkinsville
  
KY
     424,904     $ 7,811       07/2015       06/2025     $ 19,066     $ 1,687     $ 1,687  
   
4010 Airpark Dr.
  
Owensboro
  
KY
     211,598     $ 4,821       07/2015       06/2025     $ 13,598     $ 1,208     $ 1,208  
   
730 North Black Branch Rd.
  
Elizabethtown
  
KY
     167,770     $ 2,515       07/2015       06/2025     $ 6,055     $ 537     $ 537  
   
750 North Black Branch Rd.
  
Elizabethtown
  
KY
     539,592     $ 13,324       07/2015       06/2025     $ 32,222     $ 2,838     $ 2,838  
   
 
  
 
  
 
                                                        
   
Total 2015 Mortgage Maturities
     4,549,728     $ 269,941                     $ 574,726     $ 54,004     $ 52,695  

Footnotes
(1)
Represents GAAP capitalized costs.
(2)
Property is classified as a capital lease for GAAP, accordingly $980 income is included in non-operating income.

 
Page 32 of 44
 

LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
12/31/2010

Property
Footnotes
  
Debt Balance ($000)
    
Interest Rate (%)
    
Maturity (a)
    
Current Estimated Annual Debt Service ($000) (d)
    
Balloon Payment ($000)
  
Wallingford, CT
     $ 3,202       4.926 %     05/2011     $ 68     $ 3,187  
Winchester, VA
(b)
     9,861       6.346 %     08/2011       591       9,690  
Louisville, CO
       7,310       5.830 %     01/2012       544       7,195  
New Kingston, PA
(s)
     6,490       7.790 %     01/2012       -       6,116  
Mechanicsburg, PA
       4,652       7.780 %     01/2012       500       4,514  
New Kingston, PA
(c)
     3,092       7.780 %     01/2012       -       2,914  
Milford, OH
(b)
     13,727       6.612 %     02/2012       1,822       12,686  
Lake Forest, CA
       9,888       7.260 %     02/2012       901       9,708  
Westlake, TX
(b)
     18,219       5.392 %     05/2012       1,280       17,829  
Millington, TN
       16,630       5.247 %     05/2012       1,181       16,222  
Cary, NC
(b)
     12,684       5.584 %     05/2012       826       12,543  
Lakewood, CO
       8,094       5.097 %     05/2012       566       7,890  
Farmington Hills, MI
(b)
     18,436       5.723 %     09/2012       1,500       17,724  
Laurens, SC
(b)
     14,899       5.911 %     09/2012       1,396       14,022  
Temperance, MI
(b)
     9,988       5.912 %     09/2012       936       9,400  
Baton Rouge, LA
(b)
     6,158       5.333 %     10/2012       443       5,948  
San Antonio, TX
       27,058       6.080 %     10/2012       2,260       26,025  
Plymouth, MI
(b)
     10,800       5.964 %     12/2012       1,026       10,026  
Colorado Springs, CO
(b)
     10,744       5.996 %     12/2012       887       10,272  
Fort Mill, SC
       10,330       6.000 %     01/2013       839       9,904  
Centennial, CO
(b)(r)
     14,341       5.724 %     02/2013       1,177       13,555  
Brea, CA
(b)
     75,492       5.734 %     05/2013       5,361       73,071  
Atlanta, GA
       42,211       5.268 %     05/2013       3,004       40,356  
Irving, TX
(b)
     37,959       5.452 %     05/2013       2,702       36,466  
Houston, TX
       16,467       5.218 %     05/2013       1,166       15,737  
Southington, CT
       12,796       5.018 %     05/2013       890       12,228  
Indianapolis, IN
       8,981       5.168 %     05/2013       633       8,580  
Fort Meyers, FL
       8,836       5.268 %     05/2013       592       8,550  
Phoenix, AZ
       17,663       6.270 %     09/2013       1,527       16,490  
Foxboro, MA
(b)
     11,233       6.000 %     01/2014       3,270       -  
Moody, AL
       6,829       4.978 %     01/2014       493       6,350  
Swedesboro, NJ
(b)(c)
     7,087       5.545 %     04/2014       482       6,784  
Clive, IA
       5,514       5.139 %     05/2014       387       5,151  
Fort Mill, SC
       19,391       5.373 %     05/2014       1,364       18,311  
Philadelphia, PA
(p)
     46,540       5.060 %     07/2014       3,178       43,520  
Fishers, IN
       11,298       6.375 %     08/2014       932       10,466  
Columbus, IN
(i)
     25,831       6.150 %     09/2014       1,611       25,831  
Las Vegas, NV
(i)
     31,427       6.150 %     09/2014       1,960       31,427  
Memphis, TN
(i)
     46,253       6.150 %     09/2014       2,884       46,253  
Columbus, IN
(i)
     604       7.500 %     09/2014       54       568  
Las Vegas, NV
(i)
     736       7.500 %     09/2014       66       691  
Memphis, TN
(i)
     1,082       7.500 %     09/2014       97       1,017  
Issaquah, WA
(b)
     31,672       5.665 %     12/2014       2,113       30,388  
Canonsburg, PA
(b)
     9,080       5.426 %     12/2014       489       9,095  
Chicago, IL
(b)
     29,314       5.639 %     01/2015       1,548       29,900  
Greenville, SC
       9,000       5.500 %     01/2015       495       9,000  
Carrollton, TX
       13,196       5.530 %     01/2015       993       12,022  
Herndon, VA
(b)
     11,371       5.885 %     04/2015       888       10,359  

 
Page 33 of 44
 
 
Property
Footnotes
  
Debt Balance ($000)
    
Interest Rate (%)
    
Maturity (a)
    
Current Estimated Annual Debt Service ($000) (d)
    
Balloon Payment ($000)
  
Glen Allen, VA
(b)
     19,427       5.377 %     05/2015       1,292       18,321  
Houston, TX
       15,818       5.160 %     05/2015       1,114       14,431  
Rockaway, NJ
       14,900       5.292 %     05/2015       799       14,900  
Houston, TX
       12,358       5.210 %     05/2015       874       11,282  
Indianapolis, IN
       12,282       5.160 %     05/2015       865       11,205  
San Antonio, TX
       12,208       5.340 %     05/2015       875       11,167  
Atlanta, GA
       11,240       5.260 %     05/2015       751       10,502  
Los Angeles, CA
       10,692       5.110 %     05/2015       750       9,760  
Richmond, VA
       9,904       5.310 %     05/2015       708       9,055  
Harrisburg, PA
       8,547       5.110 %     05/2015       599       7,792  
Knoxville, TN
       7,282       5.310 %     05/2015       520       6,658  
Tulsa, OK
       7,153       5.060 %     05/2015       499       6,517  
Carrollton, TX
(b)
     19,874       5.725 %     07/2015       1,382       18,710  
Elizabethtown, KY
(j)
     14,749       4.990 %     07/2015       1,041       13,324  
Hopkinsville, KY
       8,647       4.990 %     07/2015       610       7,811  
Dry Ridge, KY
(n)
     6,024       4.990 %     07/2015       425       5,442  
Owensboro, KY
(n)
     5,337       4.990 %     07/2015       377       4,821  
Elizabethtown, KY
(j)
     2,784       4.990 %     07/2015       196       2,515  
Houston, TX
(b)
     46,930       6.250 %     09/2015       8,159       18,161  
Sugar Land, TX
(b)
     12,199       6.250 %     09/2015       2,083       6,286  
Bridgewater, NJ
       14,805       5.732 %     03/2016       988       13,825  
Omaha, NE
       8,412       5.610 %     04/2016       621       7,560  
Tempe, AZ
       7,945       5.610 %     04/2016       586       7,140  
Lisle, IL
       10,169       6.500 %     06/2016       793       9,377  
Dallas, TX
(b)
     18,505       5.939 %     07/2016       1,136       18,365  
Rochester, NY
(f)
     18,301       6.210 %     08/2016       1,383       16,765  
Statesville, NC
(f)
     13,726       6.210 %     08/2016       1,037       12,574  
Rockford, IL
(f)
     6,710       6.210 %     08/2016       508       6,153  
Glenwillow, OH
       16,557       6.130 %     09/2016       1,240       15,132  
Memphis, TN
       3,852       5.710 %     01/2017       275       3,484  
Orlando, FL
       9,975       5.722 %     02/2017       579       9,309  
Dubuque, IA
       10,103       5.402 %     06/2017       733       8,725  
Shreveport, LA
       19,000       5.690 %     07/2017       1,096       19,000  
McDonough, GA
       23,000       6.110 %     11/2017       1,425       21,651  
Lorain, OH
(b)
     1,250       7.750 %     07/2018       108       -  
Manteca, CA
(b)
     883       7.750 %     07/2018       77       -  
Watertown, NY
(b)
     830       7.750 %     07/2018       72       -  
Lewisburg, WV
(b)
     583       7.750 %     07/2018       51       -  
San Diego, CA
(b)
     563       7.750 %     07/2018       49       -  
Galesburg, IL
(b)
     495       7.750 %     07/2018       43       -  
Boston, MA
       13,359       6.100 %     12/2018       996       11,520  
North Berwick, ME
       11,036       3.560 %     04/2019       1,532       -  
Overland Park, KS
(b)
     36,797       5.891 %     05/2019       2,657       31,867  
Kansas City, MO
(b)
     17,552       5.883 %     05/2019       1,268       15,182  
Streetsboro, OH
(b)
     18,996       5.749 %     09/2019       1,344       16,338  
Boca Raton, FL
       20,400       6.470 %     02/2020       1,338       18,383  
Wall, NJ
(b)
     26,797       6.250 %     01/2021       3,106       -  
Charleston, SC
       7,350       5.850 %     02/2021       436       6,632  
Durham, NH
(b)
     17,921       6.750 %     03/2021       1,219       -  

 
Page 34 of 44
 
 
Property
Footnotes
  
Debt Balance ($000)
    
Interest Rate (%)
    
Maturity (a)
    
Current Estimated Annual Debt Service ($000) (d)
    
Balloon Payment ($000)
  
Whippany, NJ
       15,701       6.298 %     11/2021       1,344       10,400  
Dillon, SC
       21,546       5.974 %     02/2022       1,832       13,269  
Subtotal/Wtg. Avg./Years Remaining (l)
     $ 1,425,940       5.762 %     4.4     $ 111,713     $ 1,237,292  
                                           
Corporate
                                          
Term Loan
(h)(k)
   $ 35,551       5.520 %     03/2013     $ 1,990     $ 35,551  
Term Loan
(h)(k)
     25,000       5.520 %     03/2013       1,399       25,000  
Exchangeable Notes
(e)(m)
     62,150       5.450 %     01/2027       3,387       62,150  
Convertible Notes
(o)(q)
     115,000       6.000 %     01/2030       6,900       115,000  
Trust Preferred Notes
(g)
     129,120       6.804 %     04/2037       8,785       129,120  
Subtotal/Wtg. Avg./Years Remaining (l)
     $ 366,821       6.111 %     11.7     $ 22,461     $ 366,821  
Total/Wtg. Avg./Years Remaining (l)
     $ 1,792,761       5.834 %     5.9     $ 134,174     $ 1,604,113  

Footnotes
(a)
Subtotal and total based on weighted average term to maturity (or put dates) shown in years based on debt balance.
(b)
Debt balances based upon imputed interest rates.
(c)
Loan satisfied subsequent to quarter end.
(d)
Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.
(e)
Holders have the right to put notes to the Company commencing 2012 and every five years thereafter.
(f)
Properties are cross-collateralized properties.
(g)
Rate fixed through 04/2017, thereafter LIBOR plus 170 bps.
(h)
Rate is swapped to fixed rate through maturity.
(i)
Properties are cross-collateralized properties.
(j)
Properties are cross-collateralized properties.
(k)
Represents full payable of loans, discount of $2,183 excluded from balance.
(l)
Total shown may differ from detailed amounts due to rounding.
(m)
Represents full payable of notes, discount of $712 excluded from balance.
(n)
Properties are cross-collateralized properties.
(o)
Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25.
(p)
Lexington has an 80.5% interest in this property.
(q)
Represents full payable of notes, discount of $11,789 excluded from balance.
(r)
Maturity date represents lender call date.
(s)
Debt service payments have been suspended by Lexington.

 
Page 35 of 44
 

LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
12/31/2010

Joint Venture
  
Debt Balance ($000)
    
LXP Proportionate Share ($000) (3)
    
Interest Rate (%)
    
Maturity
    
Current Estimated Annual Debt Service ($000) (4)
    
Balloon Payment ($000)
    
Proportionate Share Balloon Payment ($000) (3)
  
Harpard
   $ 44       12       9.875 %     01/2011     $ 44     $ -     $ -  
Net Lease Strategic (5)
     7,565       1,135       6.930 %     04/2011       213       7,527       1,129  
Net Lease Strategic
     13,412       2,012       7.400 %     04/2011       295       13,365       2,005  
Net Lease Strategic
     30,582       4,587       5.126 %     05/2011       523       30,582       4,587  
Taber
     152       41       10.125 %     06/2011       156       -       -  
Jayal
     449       133       11.500 %     03/2012       365       -       -  
Net Lease Strategic
     22,562       3,384       5.147 %     05/2012       1,491       22,153       3,323  
Net Lease Strategic
     7,437       1,116       7.670 %     01/2013       2,817       -       -  
Net Lease Strategic
     12,696       1,904       5.148 %     05/2013       894       12,144       1,822  
Net Lease Strategic
     4,759       714       5.950 %     09/2013       381       4,496       674  
Net Lease Strategic
     19,866       2,980       5.810 %     02/2014       1,551       18,588       2,788  
Net Lease Strategic
     9,117       1,368       5.616 %     04/2014       697       8,484       1,273  
Net Lease Strategic
     962       144       8.500 %     04/2015       271       -       -  
Net Lease Strategic
     16,455       2,468       5.411 %     05/2015       1,189       15,087       2,263  
Net Lease Strategic - Oklahoma TIC
     14,637       878       5.240 %     05/2015       976       13,673       820  
Net Lease Strategic
     12,279       1,842       5.212 %     06/2015       836       11,349       1,702  
Net Lease Strategic
     5,941       891       5.783 %     06/2015       462       5,371       806  
Net Lease Strategic
     18,027       2,704       8.036 %     09/2015       3,352       6,925       1,039  
Net Lease Strategic
     5,181       777       8.036 %     09/2015       925       2,203       330  
Net Lease Strategic
     8,340       1,251       6.090 %     01/2016       668       7,446       1,117  
Net Lease Strategic
     2,070       311       9.500 %     03/2016       506       -       -  
Net Lease Strategic
     6,165       925       6.090 %     04/2016       494       5,465       820  
Net Lease Strategic
     6,332       950       6.315 %     09/2016       497       5,723       858  
One Summit
     14,928       4,478       9.375 %     10/2016       3,344       -       -  
Net Lease Strategic
     8,938       1,341       6.063 %     11/2016       683       8,023       1,203  
One Summit
     9,804       2,941       10.625 %     11/2016       2,239       -       -  
Net Lease Strategic
     8,696       1,304       5.910 %     10/2018       728       6,624       994  
Net Lease Strategic
     9,569       1,435       6.010 %     08/2019       753       7,658       1,149  
Net Lease Strategic
     7,500       1,125       6.507 %     11/2019       525       6,692       1,004  

 
Page 36 of 44
 
 
Joint Venture
  
Debt Balance ($000)
    
LXP Proportionate Share ($000) (3)
    
Interest Rate (%)
    
Maturity
    
Current Estimated Annual Debt Service ($000) (4)
    
Balloon Payment ($000)
    
Proportionate Share Balloon Payment ($000) (3)
  
Net Lease Strategic
     9,664       1,450       6.270 %     12/2019       774       7,755       1,163  
Net Lease Strategic
     8,704       1,306       9.800 %     02/2020       1,917       -       -  
Net Lease Strategic
     9,774       1,466       5.930 %     10/2020       750       7,660       1,149  
Net Lease Strategic
     9,035       1,355       5.460 %     12/2020       741       5,895       884  
Net Lease Strategic
     9,277       1,392       5.640 %     01/2021       692       7,018       1,053  
Net Lease Strategic
     11,612       1,742       5.380 %     08/2025       1,144       362       54  
Total/Wtg. Avg. (1)/Years Remaining (2)
   $ 342,531     $ 53,862       6.641 %     4.9     $ 33,893     $ 248,268     $ 36,009  

Footnotes
(1)
Weighted average interest rate based on proportionate share.
(2)
Weighted average years remaining on maturities based on proportionate debt balance.
(3)
Total balance shown may differ from detailed amounts due to rounding.
(4)
Remaining payments for debt with less than 12 months to maturity, all others are debt service for 12 months.
(5)
Lender is Lexington.

 
Page 37 of 44
 

LEXINGTON REALTY TRUST
Partnership Interests
Twelve Months Ended December 31, 2010
($000)

Noncontrolling Interest Properties - Partners' Proportionate Share (1)
      
       
       
EBITDA
   $ 2,802  
Interest expense
   $ 948  
Depreciation and amortization
   $ 1,936  
         
         
Non-Consolidated Net Leased Real Estate - Lexington's Share
        
         
         
EBITDA
   $ 30,992  
Interest expense
   $ 3,693  

Footnotes
(1)
Excludes discontinued operations and OP unit noncontrolling interests.

 
Page 38 of 44
 

LEXINGTON REALTY TRUST
Selected Balance Sheet Account Detail
12/31/2010
($000)

Other assets
   $ 56,172  
         
The components of other assets are:
        
         
Deposits, including forward purchase equity commitment
   $ 29,445  
Investments, primarily capital lease
     10,590  
Equipment
     1,024  
Prepaids
     3,248  
Other receivables
     1,040  
Deferred lease incentives
     8,568  
Other
     2,257  
         
Accounts payable and other liabilities
   $ 51,292  
         
The components of accounts payable and other liabilities are:
        
         
Accounts payable and accrued expenses
   $ 16,007  
CIP accruals and other
     11,721  
Taxes
     1,276  
Deferred lease costs
     5,984  
Subordinated notes
     2,076  
Deposits
     1,397  
Escrows
     2,226  
Sale/leaseback financing obligation
     4,750  
Transaction costs
     575  
Derivative liability
     5,280  

 
Page 39 of 44
 

LEXINGTON REALTY TRUST
Revenue Data
12/31/2010
($000)

Base Rent Estimates for Current Assets
Year
  
Cash (1)
    
GAAP (1)
  
2011
   $ 292,963     $ 293,605  
2012
   $ 266,049     $ 267,324  
2013
   $ 231,355     $ 231,244  
2014
   $ 194,474     $ 197,477  
2015
   $ 162,646     $ 164,429  

Other Revenue Data
Asset Class
  
GAAP Base Rent as of 12/31/10 (2)
    
Percentage
  
Office
   $ 193,878       63.1 %
Industrial
   $ 62,601       20.4 %
Retail
   $ 12,937       4.2 %
Multi-tenant
   $ 37,741       12.3 %
    $ 307,157       100.0 %
                 
Credit Ratings  (3)
                
Investment Grade
   $ 145,375       47.3 %
Non-Investment Grade
   $ 49,445       16.1 %
Unrated
   $ 112,337       36.6 %
    $ 307,157       100.0 %

Footnotes
(1)
Amounts assume (1) lease terms for non-cancellable periods only, (2) that all below market leases are renewed by the tenants at the option rate and (3) that no new or renegotiated leases are entered into for any other property.  Excludes properties sold through February 22, 2011.
(2)
Twelve months ended 12/31/2010 GAAP base rent recognized for consolidated properties owned as of 12/31/2010.
(3)
Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated.

 
Page 40 of 44
 

LEXINGTON REALTY TRUST
Top 20 Markets
12/31/2010

   
Core Based Statistical Area (2)
  
Percent of GAAP Base Rent as of 12/31/10 (1)
  
  1  
Dallas-Fort Worth-Arlington, TX
     8.0 %
  2  
New York-Northern New Jersey-Long Island, NY-NJ-PA
     6.9 %
  3  
Los Angeles-Long Beach-Santa Ana, CA
     6.3 %
  4  
Houston-Sugar Land-Baytown, TX
     5.2 %
  5  
Memphis, TN-MS-AR
     4.3 %
  6  
Atlanta-Sandy Springs-Marietta, GA
     4.1 %
  7  
Kansas City, MO-KS
     3.4 %
  8  
Detroit-Warren-Livonia, MI
     2.9 %
  9  
Orlando-Kissimmee, FL
     2.6 %
  10  
Indianapolis-Carmel, IN
     2.4 %
  11  
Boston-Cambridge-Quincy, MA-NH
     2.3 %
  12  
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
     2.3 %
  13  
Chicago-Naperville-Joliet, IL-IN-WI
     2.2 %
  14  
Charlotte-Gastonia-Concord, NC-SC
     2.0 %
  15  
Phoenix-Mesa-Scottsdale, AZ
     1.9 %
  16  
Baltimore-Towson, MD
     1.8 %
  17  
Washington-Arlington-Alexandria, DC-VA-MD-WV
     1.8 %
  18  
San Antonio, TX
     1.7 %
  19  
Seattle-Tacoma-Bellevue, WA
     1.6 %
  20  
Richmond, VA
     1.6 %
     
Total Top 20 Markets (3)
     65.3 %

Footnotes
(1)
Twelve months ended 12/31/2010 GAAP base rent recognized for consolidated properties owned as of 12/31/2010.
(2)
A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990.
(3)
Total shown may differ from detailed amounts due to rounding.

 
Page 41 of 44
 
 
LEXINGTON REALTY TRUST
Tenant Industry Diversification
12/31/2010

Industry Category
  
Percent of GAAP Base Rent as of 12/31/10 (1)
  
Finance/Insurance
     12.8 %
Automotive
     9.6 %
Energy
     9.5 %
Consumer Products
     9.5 %
Technology
     8.8 %
Food
     7.4 %
Service
     6.6 %
Healthcare
     6.3 %
Transportation/Logistics
     6.2 %
Construction/Materials
     3.8 %
Telecommunications
     3.7 %
Media/Advertising
     3.6 %
Aerospace/Defense
     3.0 %
Printing/Production
     2.6 %
Retail Department & Discount
     1.8 %
Real Estate
     1.2 %
Education
     1.1 %
Apparel
     1.0 %
Retail - Specialty
     0.8 %
Security
     0.6 %
Retail - Electronics
     0.3 %
Total (2)
     100.0 %

Footnotes
(1)
Twelve months ended 12/31/2010 GAAP base rent recognized for consolidated properties owned as of 12/31/2010.
(2)
Total shown may differ from detailed amounts due to rounding.

 
Page 42 of 44
 

LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
12/31/2010

Tenants or Guarantors
  
Number of Leases
    
Sq. Ft. Leased
    
Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)
    
GAAP Base Rent as of 12/31/10 ($000) (1)
    
Percent of GAAP Base Rent as of 12/31/10 ($000) (1)
  
Bank of America, NA
     8       691,893       1.9 %   $ 9,642       3.1 %
Baker Hughes, Inc.
     2       720,221       2.0 %   $ 9,321       3.0 %
Dana Holding Corporation and Dana Limited
     6       1,902,414       5.2 %   $ 8,300       2.7 %
Federal Express Corporation
     2       641,286       1.7 %   $ 7,416       2.4 %
Morgan, Lewis & Bockius, LLC (3)
     1       290,565       0.8 %   $ 6,639       2.2 %
Swiss Re America Holding Corporation
     2       476,123       1.3 %   $ 6,609       2.2 %
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
     3       2,503,916       6.8 %   $ 6,572       2.1 %
Wells Fargo Bank, N.A.
     2       338,301       0.9 %   $ 5,993       2.0 %
International Business Machines Corporation (Internet Security Systems, Inc.)
     2       289,000       0.8 %   $ 5,912       1.9 %
JPMorgan Chase Bank, National Association
     3       430,375       1.2 %   $ 5,401       1.8 %
      31         8,284,094       22.6 %   $ 71,805       23.4 %

Footnotes
(1)
Twelve months ended 12/31/2010 GAAP base rent recognized for consolidated properties owned as of 12/31/2010.
(2)
Total shown may differ from detailed amounts due to rounding.
(3)
Includes parking garage operations, Lexington has an 80.5% interest in this property.

 
Page 43 of 44
 
 
Investor Information

Transfer Agent
  
Investor Relations
       
BNY Mellon Shareowner Services
  
Patrick Carroll
480 Washington Blvd.
  
Executive Vice President and Chief Financial Officer
Jersey City NJ 07310-1900
  
Telephone (direct)
(212) 692-7215
(800) 850-3948
  
Facsimile (main)
(212) 594-6600
www.bnymellon.com/shareowner/isd
  
E-mail
pcarroll@lxp.com

Research Coverage

Barclays Capital
    
Morgan, Keegan & Co., Inc.
  
Ross L. Smotrich
(212) 526-2306
  
Stephen C. Swett
(212) 508-7585
         
Friedman, Billings, Ramsey
    
Raymond James & Assoc.
  
Gabe Poggi
(703) 469-1141
  
Paul Puryear
(727) 567-2253
         
J.P. Morgan Chase
    
Stifel Nicolaus
  
Anthony Paolone
(212) 622-6682
  
John W. Guinee
(443) 224-1307
         
Keefe, Bruyette & Woods
    
Wells Fargo Securities, LLC
  
Sheila K. McGrath
(212) 887-7793
  
Todd J. Stender
(212) 214-8067
 
 
Page 44 of 44
 EX-99.2 3 ex99_2.htm EXHIBIT 99.2 ex99_2.htm
Exhibit 99.1
 
 
Final Transcript

Thomson StreetEventsSM
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Conference Call Transcript

LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call

Event Date/Time: Feb 24, 2011 / 04:00PM  GMT
 
 
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Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
CORPORATE PARTICIPANTS
 
Ashley Fillmore
Lexington Realty Trust - IR
 
Will Eglin
Lexington Realty Trust - CEO
 
Patrick Carroll
Lexington Realty Trust - CFO

CONFERENCE CALL PARTICIPANTS
 
Sheila McGrath
KBW Investment Bank - Analyst
 
John Guinee
Stifel Nicolaus - Analyst
 
Joseph Dazio
JPMorgan - Analyst
 
Bill Stiefel
William Stiefel Inc. - Analyst
 
Steve Swett
Morgan Keegan - Analyst
 
Bob Hotokowski
Beacon Hill Advisors - Analyst
 
Alan Calderon
Realty Capital Securities - Analyst

PRESENTATION

Operator

Good morning, and welcome to the Lexington Realty Trust fourth quarter 2010 earnings conference call. At this time, all participants have been placed in a listen-only mode, and the floor will be opened for your questions following the presentation. Today's conference is being recorded. It is now my pleasure to turn the floor over to your host, Ashley Fillmore. Ms. Fillmore, please go ahead.
 
 
Ashley Fillmore - Lexington Realty Trust - IR

Hello, and welcome to the Lexington Realty Trust fourth quarter conference call. The earnings press release was distributed over the wire this morning, and the release and supplemental disclosure package will be furnished on a Form 8-K. In the press release and supplemental disclosure package, Lexington has reconciled all historical non-GAAP financial measures to the most directly comparable GAAP measures, in accordance with Reg G requirements.

If you did not receive a copy, these documents are available on Lexington's website at www.lxp.com in the investor relations section. Additionally, we are hosting a live webcast of today's call, which you can access from the same section.

At this time, we would like to inform you that certain statements made during this conference call which are not historical may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Lexington believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Lexington can give no assurance that its expectations will be attained.
 

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Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call

 
Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in today's press release and, from time to time, in Lexington's filings with the SEC. Lexington does not undertake a duty to update any forward-looking statements.

Joining me today from management are Will Eglin, Chief Executive Officer, Patrick Carroll, Chief Financial Officer, and other members of management.
 
Will Eglin - Lexington Realty Trust - CEO

Thanks, Ashley, and welcome, everyone. Thank you for joining the call today. I'd like to begin by discussing our operating results. Lexington generated very strong results in its real estate portfolio for the fourth quarter of 2010. We continue to execute well in all aspects of our business, including leasing, capital recycling, and balance sheet management, while further building our investment pipeline.

For the quarter, our reported funds from operations were $0.24 per share, a modest $0.01 decline compared to the fourth quarter a year earlier. During 2010, we reduced our debt by $300.3 million, after reducing debt by $305.6 million in 2009, and we are pleased to have accomplished such a significant deleveraging while minimizing the dilutive impact to our funds from operations per share.

The key element to achieving these results was the continuation of the strategy of selling assets and recycling capital that we put in place in the fourth quarter of 2008. Since then, we have sold $476 million of properties while raising $184 million of new equity, and in the fourth quarter, we continued to monetize assets and execute on our capital recycling initiative.

Our total disposition activity for the fourth quarter was approximately $9.1 million, at a weighted average cap rate of negative 4.3%, which brought our volume for the year to $158.1 million at a weighted average cap rate of 4.2%.

While our fourth quarter 2010 disposition volume was relatively modest, so far in the first quarter of 2011, we have sold five properties for $78.4 million at a cap rate of 5.9%. These sales, one multi-tenant office facility, two empty industrial buildings, and two retail properties, are consistent with our strategy of continuing to monetize assets in 2011 by selling non-core properties, particularly our multi-tenant properties, in order to create additional liquidity and focus our portfolio and acquisition strategy on our core, single-tenant office and industrial properties.

Our disposition objectives for 2011 will be to sell at least $200 million of property, of which $78.4 million has been completed, as I mentioned, with sales mainly focused on our multi-tenant properties, and we are forecasting that these sales will be completed at an average cap rate of between 7% or 7.5%, however, no assurances can be given that we will be completely successful in our efforts.

In addition, as we mentioned on the last call, we believe we will be able to create liquidity in our net lease strategic assets fund joint venture by beginning to sell property and perhaps monetizing our entire investment, which is carried on our balance sheet for just $65 million.

In the event of a complete liquidation, we would expect to receive proceeds of approximately $180 million, which could be used to retire non-recourse mortgage debt in 2012, when we have $191 million maturing. However, these expectations are dependent on many factors that are beyond our control.

On the finance and capital markets front, during the fourth quarter, we retired $149.4 million of consolidated debt, utilizing disposition proceeds in cash, some of which were proceeds from our December equity offering of $11.5 million shares. These activities allowed us to begin 2011 with our credit line fully available and just $12.9 million of maturities this year.

Overall, our financial flexibility has increased substantially. In the first quarter of 2011, we refinanced our revolving $220 million credit line to a new, three-year $300 million facility which is undrawn as of today. We received $505 million of bank commitments, we were able to improve the terms under our credit facility, and we added six new banks to our lending syndicate.

Our leasing efforts were quite strong in the quarter, with seven new leases executed for 175,000 square feet. During the quarter, when we had no single-tenant property leases expire that were not renewed, and we extended ten leases for 1.7 million feet for total leasing activity of about 1.9 million square feet.

While some might be discouraged to see that rents and extended leases declined, in some cases substantially, we do believe markets are slowly strengthening. Over the last few months, we have seen prospects that improved, and so far, in the first quarter we have signed 1.1 million square feet of new and renewal leases. Of particular note are the 242,000 square foot 15-year lease with Estee Lauder at our formerly vacant industrial property in Bristol, Pennsylvania, and the 7-year lease extension on our 638,000 square foot office facility in Brea, California, leased to Bank of America. This lease, which represents our largest source of revenue, would have expired in 2012.
 

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Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
In addition, we expect Transamerica to take an additional floor at Transamerica Tower in Baltimore, and we believe we have good prospects to raise occupancy at this property above 90%. We believe that this leasing activity at Transamerica Tower, if completed, will put this asset on a path to generating annual net operating income of an excess of $7 million a few years out.

Portfolio occupancy at quarter end was above 93%, which continues to be very healthy, and we are pleased to have increased occupancy by signing 175,000 of new leases in the quarter, and first quarter 2011 has been better, with 7 new leases signed for 473,000 square feet.

We started this year with approximately 4 million square feet of space available for lease or expected to become available over the balance of the year, and our plan is to continue attacking vacancy through a combination of new leasing and sales, and we are pleased to report that this inventory has already been reduced by 927,000 square feet.

We expect to continue making progress in this area over the balance of the year, and as a result, we currently expect 2011 year-end occupancy to increase above present levels. We have 1.4 million square feet of space scheduled to expire in 2011, and of that, we currently expect to extend leases on approximately 700,000 square feet, so included in our non-renewals are our five major remaining 2011 office expiration. These properties generated $13.3 million of net operating income in 2010, and are projected to generate net operating income of $8.4 million in 2011, a decline of $4.9 million, or about $0.03 per share.

During the fourth quarter, we acquired an interest in one property in a sale lease-back transaction with EMH&T, a regional engineering firm founded in 1926 and located in Ohio. This property is a three-story, 105,000 square foot Class A building on 16 acres in Columbus, Ohio, which was constructed in 2005. Initial cap rate on the 16 year lease was 9.13%, and rents escalate annually by 2% beginning in year three, so the gap cap rate on this investment is 10.4%.

We continue to work on other new investments, and currently, we expect to close on two transactions totaling about $50 million in the second quarter as we have previously disclosed. Further, we have a pipeline of $150 million to $200 million of other transactions that would fund later in the year, and partly through the third quarter of 2012, though the impact of those investments would be modest this year but more significant next year.

We believe these are very attractive opportunities for us since they are generally long-term, 15 to 20-year net leases at an average billing and cap rate of above 9%, and this equates to 10% to 11% on a gap basis. Our expectation is to finance our acquisition pipeline with proceeds from our capital recycling program.

We would expect all of our new acquisitions to be acquired at cap rates that are well in excess of the cap rates which we have been selling our properties for, and furthermore, the addition to our portfolio of long-term leases with escalating rents will strengthen our cash flows.

Now I will turn the call over to Pat, who will take you through our results in more detail.
 
 
Patrick Carroll - Lexington Realty Trust - CFO

Thanks, Will. During the quarter, Lexington had gross revenues of $85.7 million, comprised primarily of lease rent and tenant reimbursement. Under GAAP, we are required to recognize revenue on a straight-line basis over the non-canceled lease term of any period covered by a barter/renewal option. In addition, the amortization of above and below-market leases are included directly in the realm of revenue.

In the quarter, cash rents were in GAAP rents by about $2.5 million, including the effect of above and below-market leases. We have also included on Page 40 of the supplement, our estimates for both cash and GAAP rents for 2011 to 2015. We recorded a $3.5 million non-cash gain related to our lowered equity commitment entered into in 2008. As a result of the change in our share price from September 30th to September 31st, 2010.

We recorded $1.9 million in impairment charges, and gains on sales of properties of $12.1 million during the quarter. On Page 38 of the supplement, we have disclosed selected income statement data for consolidated but non wholly-owned properties in our joint venture investment. Our G&A increased $1.1 million in the fourth quarter of 2010 compared to the fourth quarter of 2009.
 

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Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call

 
The primary driver for this increase is the acceleration of cost related to common-share option investing. This is required because the options (inaudible) an increase in our share prices.

Interest expense decreased $1.7 million due to the deleveraging of our balance sheet. Now, turning over to our balance sheet, it is strong and we continue to increase our financial flexibility. We had $79.3 million of cash at quarter-end, including cash (inaudible) as restricted. Restricted cash balances related primarily to money held under escrow deposits on mortgages.

At quarter end, we have about $1.8 billion of debt outstanding, which has a weighted average interest rate of 5.8%. Included in intangibles is the allocation of the purchase price of properties related to in-place and above-market leases and customer relationships in accordance with GAAP. Also, we have approximately $95 million in below-market lease liabilities.

The significant components of other assets and liabilities are included on page 39 of the supplement, and during the quarter ended December 31st, 2010, the Company capitalized approximately $1.9 million in lease costs, $2 million in TI costs and $4.5 million to capital improvements, including the approximately $5 million spent on the Transamerica Tower.

On pages 28 through 32 of the supplement, we disclose the details of all consolidated mortgages maturing through 2015. Now, I would like to turn the call back over to Will.
 
 
Will Eglin - Lexington Realty Trust - CEO

Thanks, Pat. Now, in summary, this was a great quarter for Lexington in a very strong year. We are pleased about progress on capital recycling, debt reduction, and the large lease activity that indicates a steadily-improving leasing outlook. We believe we have materially improved our balance sheet by lowering leverage and extending maturities, and we look forward to continuing on that path in the years ahead.

We believe our debt maturity profile has significantly improved with just $12.9 million maturing this year, and we are very pleased to have been able to secure several investment opportunities that we believe are very attractive. We expect to continue to focus our efforts on selling properties and unlocking value that may not be reflected in our valuation, and we believe that any capital that comes out of our net lease strategic asset fund joint venture will further strengthen our liquidity, perhaps materially so, and provide substantial capital to retire additional leverage or to grow.

As a final comment, the one thing I would point out compared to last quarter is that leasing opportunities have gotten better, and we are certainly more confident about managing lease flow over risk compared to last quarter.

On the guidance front, we issued guidance this morning for 2011 of funds from operations per share of $0.90 to $0.93, which reflects comments that we've made on today's call, specifically with respect to 2011 offers expiration and the timing of sales and acquisitions, and a share count of roughly 170 million, which includes 16.2 million shares underlying our 6% convertible guaranteed notes.

Our annualized dividend of $0.46 per share represents a payout ratio of roughly 50% at the midpoint of our guidance, so we believe the Company is well-positioned for future dividend growth.

Operator, I have no further comments at this time, so we are ready for you to conduct the question-and-answer portion of the call.


QUESTION AND ANSWER

 
Operator

Thank you very much. (Operator Instructions). We'll hear first from Sheila McGrath with KBW Investment Bank. Please go ahead.
 
 
 Sheila McGrath - KBW Investment Bank - Analyst
 

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5
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
Yes, good morning, Will. I was wondering if you could give us some insight into the mark-to-market on the portfolio over the next few years? Is there any big rent rolldown in the near-term that we should be aware of?
 
Will Eglin - Lexington Realty Trust - CEO

As you can imagine, we've done fairly extensive analysis of our expiring rents relative to market, and over the next two years, there will be headwinds. We believe we have mark-to-market exposure and expiring leases this year and next that probably totals $12 million to $13 million in the aggregate, but our analysis suggests that in 2013 and 2014, expiring rents are roughly in line with market.

So, we do have some headwinds the next couple of years that aren't large in relation to our total enterprise value, and honestly, after the economy that we have lived through the last couple of years, I view that as somewhat of a relief, to be honest. So, I think that we can see with some clarity, coming to the end of this period, that we will have some headwinds to work our way through the next couple of years.
 
Sheila McGrath - KBW Investment Bank - Analyst

Is that $12 million or $13 million per year, or over the course of --
 
Will Eglin - Lexington Realty Trust - CEO

No, no, in the aggregate, 2011 and 2012 combined.
 
Sheila McGrath - KBW Investment Bank - Analyst

Okay, and then I'll see expiring leases over the next year or so. Could you give us some insight on your outlook for renewals? If there is a tenant that you know of now that's not going to renew, if you have non-recourse debt on the property, and if you might anticipate giving the property back?
 
Will Eglin - Lexington Realty Trust - CEO

On the side of big offer expirations that I mentioned this year, where we're going to have move-outs on four of those properties, we do have non-recourse mortgages that total about $56.5 million, which is roughly $119 per foot, so that is -- I view that $119 a foot as well-above what those buildings are worth empty, so it's a little premature to say that we know what the outcome would be, but we would expect lenders will either need to restructure or provide substantial discounts to us.

So, I think the right way of looking at it is that we have certainly limited our potential downside on those investments, but there may be an opportunity for lenders to make concessions to us that would help those investments work out to be advantageous to us.
 
Sheila McGrath - KBW Investment Bank - Analyst

Okay, last question. You do have a new line-of-credit facility with grid pricing. I was wondering if you could give us a little insight on how far away you are from reducing the cost of the line by achieving those lower leverage levels?
 
Will Eglin - Lexington Realty Trust - CEO

Sure. The low spread in the grid is 250 over LIBOR, which we would get to if our leverage is less than 50%, as calculated in our covenants package. We are a tiny bit above 50% right now, but we expect, in connection with executing our business plan that to the extent we get to the point of wanting to draw on the line, we'll be below 50% leverage and borrowing at the 250 spread.

So, we very much view the new facility as an (inaudible) 250 facility compared to LIBOR plus 285 on the old facility.
 

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6
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call

 
Sheila McGrath - KBW Investment Bank - Analyst

Okay, thank you.
 
Operator

We'll take our next question with John Guinee with Stifel. Thank you.
 
John Guinee - Stifel Nicolaus - Analyst

Yes, sort of building on what Sheila was saying, can you give us the details on the renewals for B of A in Brea? It looks like they're paying about $13.70 net today?
 
Will Eglin - Lexington Realty Trust - CEO

That is the current rent, John. The extension is for 7 years, and the rent at the beginning of the extension is $12 net, and that was an additive lease with no TI and there are annual escalations during that 7-year extension.
 
John Guinee - Stifel Nicolaus - Analyst

I was looking at that [100 light], and I think you mentioned you were going to get to about $7 million of stabilized MLI?
 
Will Eglin - Lexington Realty Trust - CEO

Yes, it will take several years, but we think that number is achievable.
 
John Guinee - Stifel Nicolaus - Analyst

Did that include Miles and Stockbridge, that lease that's out floating around the marketplace?
 
Will Eglin - Lexington Realty Trust - CEO

It does include leases that we are negotiating and are hopeful that we will sign before too long, and if we are successful in those efforts, essentially, 100 light is fully-occupied. But --
 
John Guinee - Stifel Nicolaus - Analyst

Would that likely be held until late '11 or '12?
 
 Will Eglin - Lexington Realty Trust - CEO

 Yes, once -- at that point we would have no further leasing objectives, so it would be a good time to consider monetizing, but we just want to make sure that the value fully reflects the ramp up in cash flow that we see.

So, that investment, I think, is turning out really well for us.
 
 John Guinee - Stifel Nicolaus - Analyst
 

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7
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
It looks to me that your gross book value is about $222 million now, which is $470 a foot per the supplemental. Are you going to crack $500 a foot before this great investment works out?
 
Will Eglin - Lexington Realty Trust - CEO

No, when I characterize it as a great investment, I characterize it relative to the value of the building when (inaudible) moved out, not in relation to its carrying value.
 
John Guinee - Stifel Nicolaus - Analyst

Got you, okay. In Beaumont, Texas, you bought some land for $500,000. Can you kind of walk through what's going on with that building?
 
Will Eglin - Lexington Realty Trust - CEO

Well, it's a multi-tenant property, and it was subject to a ground lease, and we had an opportunity to get control of the ground that would allow us to control some nearby parking, as well, so it was a relatively small investment that I think helps us, if you will, position that asset for sale. That's sort of in our disposition budget for next year, not this year, but it is part of our total capital recycling agenda.
 
John Guinee - Stifel Nicolaus - Analyst

Got you, and I think Sheila asked a very important question. If I'm reading your supplemental right, your office rents now average about $15.88, which I'm assuming is a net number, and the two bigger leases you did in Phoenix and Tempe, Arizona, were at $5.40 and $6.40 net per Page 11 of the supplemental.

What do you think -- at the end of the day, is $15.88 -- is it $5? $6? $12? $14? What's the mark-to-market there? Because what's ending up happening is, these trends are clearly going down. The question is, how far?
 
Will Eglin - Lexington Realty Trust - CEO

Well, the $15.74 certainly has -- there are some gross lease numbers in there where we charge back expenses, so it's not a completely net number. As I said in my answer to Sheila, over the next two years, I think we have a total of $12 million to $13 million of exposure, expiring rents relative to market. I think the key is, after that our kind of push right now, forecasting beyond that is a little bit difficult.

So, that's our take on -- we're not going asset by asset and indicating where we think we're more starved than other places.
 
John Guinee - Stifel Nicolaus - Analyst

Okay. Thanks very much.
 
Will Eglin - Lexington Realty Trust - CEO

Thanks, John.
 
Operator

(Operator Instructions). We'll hear next from Joseph Dazio with JPMorgan.
 
Joseph Dazio - JPMorgan - Analyst
 

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8
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
Okay, thanks, good morning, guys. Couple of quick questions. First, Pat, you mentioned the G&A kind of popping in the fourth quarter due to the stock thing. Can you kind of give some details, just what you're assuming in guidance for 2011?
 
Patrick Carroll - Lexington Realty Trust - CFO

On the G&A front?
 
Joseph Dazio - JPMorgan - Analyst
 
Yes.
 
Patrick Carroll - Lexington Realty Trust - CFO

I think we're looking at a run-rate of about $22 million.
 
Joseph Dazio - JPMorgan - Analyst

Okay, and then I know the operating expenses, the property operating expenses can bounce around a bit quarter-to-quarter. If I'm looking at it a bit from 3Q to 4Q, I know it kind of popped $1.2 million. Was there something in either of those quarters unusual or is it just kind of tough to peg that quarter-to-quarter?
 
Patrick Carroll - Lexington Realty Trust - CFO

It's tough on a quarter-to-quarter basis. It comes down to some repairs that were done to facilities and timing.
 
Joseph Dazio - JPMorgan - Analyst

Okay, then, and last question, on the new leases that you signed both in 4Q and 1Q, how should we think about rent commencement on those? Do they kind of commence immediately in the quarter after signed, or is there some lag associated with them, typically?
 
Will Eglin - Lexington Realty Trust - CEO

It varies. On renewals, obviously, it's just continuous. Somebody like Estee Lauder (inaudible) it has to get done. You look at the basic property that is subject to a couple of months of down time just to get the facility ready for tenancy, but we're not talking -- you might be talking 3 to 5 months max.
 
Joseph Dazio - JPMorgan - Analyst

Okay, thank you.
 
Operator

We'll take our next question from [Bill Stiefel] with William Stiefel Incorporated.
 
Bill Stiefel - William Stiefel Inc. - Analyst

Gentlemen, thank you. There was some mention about 5 buildings that you might be underwater in that have about $118 a foot in debt on them with non-recourse loans. Has Lexington ever given back a building to a lender, and what would that do -- what does that do to you in the marketplace?
 

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9
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
Will Eglin - Lexington Realty Trust - CEO

We have given back several buildings in this cycle, and our experience is that non-recourse loans are non-recourse loans, and it's not part of our business plan to -- when we buy a building, we don't plan to give it back, but there are times in every business cycle where it does make sense, and we arguably save probably $50 million of liquidity during this cycle by having those types of loans.

So, we don't think our reputation with the borrower is hurt at all, we never take an adversarial tone with our lenders, and in fact we work very hard to try to see that they get out of it as best as they can, and typically right up until the very last moment where we convey title, we are working to find a tenant or find someone to buy the building for them, so we are essentially working for nothing at that point.

So, I don't think we have harmed our reputation at all with any of our actions.
 
Bill Stiefel - William Stiefel Inc. - Analyst

Fair enough. You mentioned a venture in Columbus, Ohio, with an engineering firm. 16 acres of ground. Curious if you have much excess ground, how you carry it on your books, and what your strategy is for excess real estate, vacant land?
 
Will Eglin - Lexington Realty Trust - CEO

Well, we try to buy buildings that have enough adjacent land to allow for facility expansion, so that as our tenants' businesses grow, they don't have a need to move out just because we can't accommodate their needs, but we view carrying that land really as an opportunity to keep our tenants happy for the long term rather than doing it as an opportunity to slice up partials to develop them some other way.

So, we do have some excess land, but we don't have any real plans to carve it off of existing parcels right now.
 
Bill Stiefel - William Stiefel Inc. - Analyst

Thank you.
 
Operator

We'll take a follow-up question from Sheila McGrath with KBW Investment Bank.
 
Sheila McGrath - KBW Investment Bank - Analyst

Yes, I was wondering if you could give us an idea how you sourced that one acquisition in the quarter, and give us some insight how the pipeline of acquisition of build-to-suit activity is looking at this juncture.
 
Will Eglin - Lexington Realty Trust - CEO

That transaction came to us. The company had hired a financial advisor to find a sale lease-back firm to complete a transaction, and what we liked about it is it's a very, very good, small, private company, and we thought there credit was excellent, but since it's not a rated company, there wasn't as much competition, and that's why we were able to complete that transaction at what we think is a very high and attractive yield.

With respect to the balance of the pipeline, it's mainly in the build-to-suit area. We are seeing the best opportunity in forward-commitment, that's where we're getting long leases and what we think are quite high cap rates compared to a product that's available for current delivery, and the thing is that the impact of that in our numbers is mostly next year since they are forward-commitment.
 
Sheila McGrath - KBW Investment Bank - Analyst
 

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10
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
Okay, and Pat, real quick, I think you mentioned in the quarter that $2.5 million set cash rents were exceeding GAAP. Was there something in the quarter specifically driving that?
 
Patrick Carroll - Lexington Realty Trust - CFO

No, it's just the way that the structures are.
 
Sheila McGrath - KBW Investment Bank - Analyst

Okay, alright, thanks.
 
Operator

We will take our next question from Steve Swett with Morgan Keegan.
 
Steve Swett - Morgan Keegan - Analyst

Thanks very much. Let me -- if I can, just follow up on Sheila's last question on the investment pipeline. Are you seeing more acquisitions, but you just like the build-to-suit yields better, and do you think that the change in rates over the last several months brings you more sale leaseback opportunities? Is that something that you're looking for?
 
Will Eglin - Lexington Realty Trust - CEO

Well, honestly, we haven't seen much -- that much sale leaseback. Almost everything that we're working on is new construction, and it's mainly build-to-suit, Steve, so that's where we see the opportunity for ourselves and our ability to commit forward is different from some other investors, and in addition, we're able to provide a combination of (inaudible) and in some cases, construction financing, which is also a pretty unique and popular product with merchant builders.

So, my expectation is that that's where the opportunity is right this second. Interest rates popped a lot -- at least treasury yields did from their low in October, but I don't think the market was really viewing a 2.5% ten-year treasury is a permanent thing, so I don't think pricing has changed much, even though yield curve has come up quite a bit since then. If the 10-year bond gets to 4.25%, 4.5%, do I think that changes the market dynamic? Probably so.

We'll just have to wait and see and monitor that.
 
Steve Swett - Morgan Keegan - Analyst

Are you seeing any increased competition for the build-to-suits, or do you still have that space largely to yourself?
 
Will Eglin - Lexington Realty Trust - CEO

I think we still have that space to our own for now.
 
 Steve Swett - Morgan Keegan - Analyst

 Okay, and then the couple hundred million dollars of potential sales that you talked about, does that include sales from the venture?
 
Will Eglin - Lexington Realty Trust - CEO

It does not. That's our own account, and we think that perhaps at least $100 million of that could be done in the first quarter of this year, so we could be done with more than half the program early in the year. Obviously, that puts us in a position of going partly to cash in advance of investment opportunities, and it's part of a -- what I would characterize as a comprehensive capital recycling program. Over this year and next year, what we want to do is sell $325 million to $350 million of property, get the capital out of the net lease strategic asset fund joint venture.

If you compare those total sources, relative to our acquisition pipeline and our debt maturities next year, we're in a position where we can fund a lot of great new business, and also put a material dent in our leverage next year if we desire to.
 
Steve Swett - Morgan Keegan - Analyst

Okay, and then last question, on the Transamerica, you said they took an extra floor. Is the start date for that the same as the rest of the lease?
 
Will Eglin - Lexington Realty Trust - CEO
 

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11
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 

Well, we think they will. They haven't signed the lease yet for that but it would be consistent with the rest of the lease.
 
Steve Swett - Morgan Keegan - Analyst

Okay, thanks a lot.
 
Operator

We'll take our next question from Bob Hotokowski with Beacon Hill Advisors.
 
Bob Hotokowski - Beacon Hill Advisors - Analyst

Yes, I just had a question in light of your roughly 70% increase of common shares over the last couple of years, whether you have any intention to issue any more common equity in the near future.
 
Will Eglin - Lexington Realty Trust - CEO

No, we don't. We've gotten the Company in a position where, as I just laid out, our total view with respect to capital recycling and sales over the next few years, we can run the Company and accomplish all of our objectives for a long time without having to issue any common. So, we're happy to have gotten back to this point. We recognize that we did have to issue some common stock to recover from the financial crisis, but as I said in my opening remarks, by far we have focused on asset sales as our primary source of liquidity in the last ten quarters, with $476 million of sales relative to the new equity issuance, and we can run the Company for a couple of years, given our plans to sell real estate, so we're in a position where we can stay away from the equity market for a good long time.
 
Bob Hotokowski - Beacon Hill Advisors - Analyst

Perfect. Thank you.
 
Operator

We will hear next from Alan Calderon at Realty Capital Securities.
 
Alan Calderon - Realty Capital Securities - Analyst
 

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12
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call

 
Hey, guys. Can you give us a little bit more color on who the buyers are of the properties you're selling? Are they more opportunistic buyers or income buyers?
 
Will Eglin - Lexington Realty Trust - CEO

I would say that last year, we were selling to value-oriented investors. What's happening now is, we have done so much leasing on what's left of our multi-tenant portfolio, we do have one big empty building still there just outside of Orlando, but we think we actually have good leasing prospects there.

But if you take that out, occupancy in the multi-tenant portfolio, I think, on average, is about 75% right now, and we have some assets that are so highly leased that we can sell those now to income or core-type investors.

So, I think the mix of people that we sell real estate to going forward will be different from what has happened in the last 12 to 18 months.
 
Alan Calderon - Realty Capital Securities - Analyst

Are you seeing more potential transactional activity with rated companies or non-rated companies?
 
Will Eglin - Lexington Realty Trust - CEO

For us, the sweet spot seems to be in that credit profile that's just slightly below investment-grade, BB companies. That's where we think we can buy real estate at a better price point, and there is less competition, so that's where we think we can add value.
 
Alan Calderon - Realty Capital Securities - Analyst

Okay, thank you very much for your time.
 
Operator

(Operator Instructions). We'll take a follow-up question from John Guinee with Stifel.
 
John Guinee - Stifel Nicolaus - Analyst

Hey, Pat, just a clarification. When you're lacking at your GAAP SSO and then your Company SSO, you go from 39.2 down to 37.5, but you come up with $0.24 per share. Is there a different share count that you're using on those two numbers?
 
Patrick Carroll - Lexington Realty Trust - CFO

Yes, I am. If you look at Footnote B on page 44, it shows you how many -- on the denominator, how many shares we are removing. It relates to the forward equity commitment. So, we committed to buy 3.5 million common shares (inaudible), so the difference between what is the denominated, reported Company SSO includes those shares outstanding (inaudible) Lexington really owns.
 
John Guinee - Stifel Nicolaus - Analyst

Okay, and then you mentioned a 170 million share number for 2011, I think, in your guidance. Can you walk through what that entails?
 
Patrick Carroll - Lexington Realty Trust - CFO

It's the common shares outstanding as of the balance sheet date --
 
John Guinee - Stifel Nicolaus - Analyst

Which is how many?
 
Patrick Carroll - Lexington Realty Trust - CFO

146.6 million. 146.6 million of common shares, 16.2 million of convertible notes, about 5 million of OP units, about 5.1 million of preferred seed.
 

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13
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
John Guinee - Stifel Nicolaus - Analyst

Got you, and then the non-vested in the options, when do those actually kick in?
 
Patrick Carroll - Lexington Realty Trust - CFO

It depends on-- if you look at what's on Page 9 of the supplement, (inaudible), that (inaudible), I mean, it varies based on the share price of the stock what's in or out of the money, but to be conservative in your modeling, I would continue to have that as the amount that's in the denominator every quarter.
 
John Guinee - Stifel Nicolaus - Analyst

Thanks a lot.
 
Operator

Mr. Eglin, there are no further questions in our queue today, so I will turn the conference back over to you for any additional or closing remarks today.
 
Will Eglin - Lexington Realty Trust - CEO

Well, thank you all again for joining us this morning. We continue to be very excited about our prospects for the balance of this year and beyond, and as always, we appreciate your participation and support.

If you would like to receive our quarterly supplemental package, please contact Ashley Fillmore, or you can find additional information on the Company on our website, www.lxp.com. In addition, as always, you may contact me or the other members of our Senior Management Team with any questions. So, thanks again, and have a good day, everyone.
 
Operator

That does conclude today's conference. Thank you all once again for your participation, and have a wonderful day.
 
 
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14
 
 
Final Transcript
Feb 24, 2011 / 04:00PM  GMT, LXP - Q4 2010 Lexington Realty Trust Earnings Conference Call
 
 
 
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15
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