8-K

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 25, 2009

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 CFT|R 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 25, 2009, we issued a press release announcing our financial results for the quarter and twelve months ended December 31, 2008. 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 Condition,” including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, which we refer to as the Act, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 7.01.  Regulation FD Disclosure.

On February 25, 2009, we made available supplemental information, which we refer to as the Supplemental Reporting Package, concerning our operations and portfolio for the quarter and twelve months ended December 31, 2008.  A copy of the Supplemental Reporting Package is furnished herewith as Exhibit 99.1.

Also on February 25, 2009, 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	Supplemental Reporting Package for the quarter and twelve months ended December 31, 2008.
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 26, 2009	By:	/s/ Patrick Carroll
		Patrick Carroll
		Chief Financial Officer

Exhibit Index

99.1	Supplemental Reporting Package for the quarter and twelve months ended December 31, 2008.
99.2	Conference Call Transcript.

EX-99.1

Quarterly Earnings and

Supplemental Operating and Financial Data

For the Three and Twelve Months Ended December 31, 2008

LEXINGTON REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

For the Three and Twelve Months Ended December 31, 2008

Table of Contents

Section	Page
Fourth Quarter 2008 Earnings Press Release		3
Portfolio Data
Major Markets		10
Tenant Industry Diversification		11
Other Revenue Data		12
Top 10 Tenants or Guarantors		13
Property Leases and Vacancies – Consolidated Portfolio		14
Property Leases and Vacancies – Net Lease Strategic Assets Fund		22
2009 Mortgage Maturities by Property Type		24
4Q ’08 Disposition Summary		25
4Q ’08 Investment Summary		26
4Q ’08 Leasing Summary		27
4Q ’08 Debt Summary		28
Lease Rollover Schedule – Cash Basis		29
Lease Rollover Schedule – GAAP Basis		30
Financial Data
Joint Venture Investments - Proportionate Share		31
Selected Balance Sheet Account Detail		32
Mortgages and Notes Payable		33
Base Rent Estimates from Current Assets		41
Investor Information		42

This Quarterly Earnings and Supplemental Operating and Financial Data contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust (“Lexington”) 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 (the “SEC”) filed with the SEC, including risks related to, (i) the failure to continue to qualify as a real estate investment trust, (ii) changes in general business and economic conditions, (iii) competition, (iv) increases in real estate construction costs, (v) changes in interest rates, or (vi) changes in accessibility of debt and equity capital markets. Copies of periodic reports Lexington files with the SEC are available on Lexington’s website at www.lxp.com and may be obtained free of charge by calling Lexington at 212-692-7200. Forward-looking statements, which are based on certain assumptions and describe the Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.

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

Wednesday February 25, 2009

LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2008 RESULTS

New York, NY – February 25, 2009 – 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 and year ended December 31, 2008.

Fourth Quarter 2008 Highlights

· Generated Company Funds From Operations (“Company FFO”) of $40.7 million or $0.37 per diluted common share/unit.(1)

· Executed 24 new and renewal leases, totaling approximately 1.5 million square feet.

· Sold 17 properties for $49.5 million.

· Repurchased $88.5 million original principal amount of 5.45% Exchangeable Notes at a 31.6% discount.

· Reduced overall debt by $103.0 million.

· Recorded impairment charges, net of debt satisfaction gains, of $1.1 million, including our share of joint ventures.

· Incurred $2.1 million non-cash charge related to a forward equity commitment to repurchase 3.5 million common shares.

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

T. Wilson Eglin, President and Chief Executive Officer of Lexington stated, “During the fourth quarter, we continued to create liquidity through favorable asset sales and reduce our leverage by repurchasing our debt at attractive discounts to the original principal amount. More recently, the refinancing of our term loan and revolving credit facility has enhanced our financial flexibility and reduced our current 2009 consolidated debt maturities by approximately $200.0 million to $55.1 million, consisting solely of non-recourse mortgage debt. Over the balance of the year we expect to continue marketing assets for sale in order to create liquidity to take further advantage of opportunities to reduce our debt on what we believe are advantageous terms.”

FINANCIAL RESULTS

Revenues

For the quarter ended December 31, 2008, total gross revenues were $105.1 million, compared with total gross revenues of $119.3 million for the quarter ended December 31, 2007. The decrease is primarily due to the sale of certain assets to a co-investment program in 2007 and 2008 and the early lease termination in the second quarter of 2008 for a property located at 100 Light Street in Baltimore, Maryland.

Page 3 of 42

Net Income (Loss) Allocable to Common Shareholders

For the quarter ended December 31, 2008, net loss allocable to common shareholders was ($18.0) million, or a loss of ($0.21) per diluted share, compared with net income allocable to common shareholders for the quarter ended December 31, 2007 of $24.2 million, or income of $0.39 per diluted share.

Company FFO Applicable to Common Shareholders/Unitholders

For the quarter ended December 31, 2008, Company FFO was $40.7 million, or $0.37 per diluted share/unit, compared with Company FFO for the quarter ended December 31, 2007 of $21.3 million, or $0.20 per diluted share/unit.  Company FFO for the quarter ended December 31, 2008 was positively impacted by debt satisfaction gains of $31.6 million, including Lexington’s proportionate share through joint ventures, which were offset by impairment charges of $32.7 million, including Lexington’s proportionate share through joint ventures, and a $2.1 million non-cash charge relating to Lexington’s forward equity commitment. For the quarter ended December 31, 2007, Company FFO was negatively impacted by impairment charges of $22.7 million, including Lexington’s proportionate share through joint ventures, debt satisfaction losses of $5.5 million and joint venture formation costs of $2.3 million, which were offset by lease termination payments of $4.8 million and incentive fees earned of $1.1 million.

Balance Sheet

At December 31, 2008, Lexington had approximately $99.2 million of cash and restricted cash and $2.4 billion in debt outstanding.  As of December 31, 2008, the weighted average interest rate on Lexington’s debt was 5.6% with a weighted average maturity of 6.3 years. Approximately 91.6% of Lexington’s debt was subject to fixed interest rates at December 31, 2008.

Common Share Dividend/Distribution

During the quarter ended December 31, 2008, Lexington’s Board of Trustees declared a regular quarterly cash dividend/distribution of $0.18 per share/unit, which was paid on January 15, 2009, to common shareholders/unitholders of record as of December 31, 2008, and which equated toan annualized dividend of $0.72 per share.

OPERATING ACTIVITIES

Sales

During the quarter ended December 31, 2008, Lexington sold its interest in 17 properties, including 4 vacant properties, to unrelated parties for an aggregate sales price of $49.5 million, which generated gains on sale of $1.2 million. These properties generated annualized net operating income of $2.1 million, or 4.3% of the sales price.

Leasing Activity

At December 31, 2008, Lexington’s consolidated portfolio was approximately 93.3% leased.  For the quarter ended December 31, 2008, Lexington executed 24 new and renewal leases for approximately 1.5 million square feet.

Page 4 of 42

2009 EARNINGS GUIDANCE

Lexington disclosed an estimated Company FFO guidance range of $1.35 to $1.42 per diluted share/unit for the year ending December 31, 2009.  This guidance excludes the impact of non-recurring items and the new accounting requirements for convertible securities effective in 2009.  In addition, this guidance is based on current expectations and is forward-looking.

FOURTHQUARTER 2008 CONFERENCE CALL

Lexington will host a conference call today, Wednesday, February 25, 2009, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2008. Interested parties may participate in this conference call by dialing (877) 407-0778 or (201) 689-8565. A replay of the call will be available through March 25, 2009, at (877) 660-6853, Account #: 286, Conference ID #: 306317.

A live web cast of the conference call will be available at www.lxp.com within the Investor Relations section. An online replay will also be available through February 25, 2010.

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 failure to continue to qualify as a real estate investment trust, (2) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (3) competition, (4) increases in real estate construction costs, (5) changes in interest rates, or (6) 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 website 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.

Page 5 of 42

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three and Twelve Months ended December 31, 2008 and 2007

(Unaudited and in thousands, except share and per share data)

	Three months ended December 31,						Twelve months ended December 31,
	2008			2007			2008			2007
Gross Revenues:
Rental	$	92,507		$	107,777		$	396,546		$	373,877
Advisory and incentive fees		360			1,384			1,432			13,567
Tenant reimbursements		12,230			10,139			43,253			32,214
Total gross revenues		105,097			119,300			441,231			419,658
Expense applicable to revenues:
Depreciation and amortization		(50,551	)		(65,336	)		(239,899	)		(228,050	)
Property operating		(23,058	)		(17,788	)		(82,187	)		(58,764	)
General and administrative		(5,049	)		(10,670	)		(30,515	)		(39,334	)
Non-operating income		1,831			3,222			24,410			11,448
Interest and amortization expense		(36,883	)		(48,042	)		(156,063	)		(162,028	)
Debt satisfaction gains (charges), net		26,631			(1,209	)		65,651			(1,209	)
Change in value of forward equity commitment		(2,128	)		—			(2,128	)		—
Gains on sale of properties – affiliates		—			17,864			31,806			17,864
Income (loss) before provision for income taxes, minority interests, equity in earnings (losses) of non-consolidated entities and discontinued operations		15,890			(2,659	)		52,306			(40,415	)
Provision for income taxes		(375	)		(745	)		(3,008	)		(3,288	)
Minority interests share of (income) loss		133			4,940			3,131			1,110
Equity in earnings (losses) of non-consolidated entities		(20,134	)		522			(43,305	)		46,467
Income (loss) from continuing operations		(4,486	)		2,058			9,124			3,874
Discontinued operations:
Income (loss) from discontinued operations		(131	)		4,050			753			28,948
Provision for income taxes		(173	)		(687	)		(506	)		(3,413	)
Debt satisfaction gains (charges), net		3,495			(4,265	)		3,062			(7,950	)
Gains on sales of properties		1,166			53,070			13,151			92,878
Impairment charges		(12,762	)		(17,170	)		(16,519	)		(17,170	)
Minority interests share of income		1,536			(5,822	)		(600	)		(20,316	)
Total discontinued operations		(6,869	)		29,176			(659	)		72,977
Net income (loss)		(11,355	)		31,234			8,465			76,851
Dividends attributable to preferred shares- Series B		(1,590	)		(1,590	)		(6,360	)		(6,360	)
Dividends attributable to preferred shares- Series C		(2,111	)		(2,519	)		(8,852	)		(10,075	)
Dividends attributable to preferred shares- Series D		(2,926	)		(2,926	)		(11,703	)		(10,298	)
Redemption discount – Series C		—			—			5,678			—
Net income (loss) allocable to common shareholders	$	(17,982	)	$	24,199		$	(12,772	)	$	50,118
Income (loss) per common share-basic:
Income (loss) from continuing operations, after preferred dividends	$	(0.13	)	$	(0.08	)	$	(0.18	)	$	(0.35	)
Income (loss) from discontinued operations		(0.08	)		0.47			(0.01	)		1.12
Net income (loss) allocable to common shareholders	$	(0.21	)	$	0.39		$	(0.19	)	$	0.77
Weighted average common shares outstanding – basic		86,895,674			62,461,438			67,872,590			64,910,123
Income (loss) per common share-diluted:
Income (loss)  from continuing operations, after preferred dividends	$	(0.13	)	$	(0.08	)	$	(0.18	)	$	(0.35	)
Income (loss) from discontinued operations		(0.08	)		0.47			(0.01	)		1.12
Net income (loss) allocable to common shareholders	$	(0.21	)	$	0.39		$	(0.19	)	$	0.77
Weighted average common shares outstanding-diluted		86,895,674			62,461,438			67,872,590			64,910,123

Page 6 of 42

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, 2008 and December 31, 2007

( Unaudited and in thousands, except share and per share data)

	December 31, 2008			December 31, 2007
Assets:
Real estate, at cost	$	3,756,188		$	4,109,097
Less: accumulated depreciation and amortization		461,661			379,831
		3,294,527			3,729,266
Properties held for sale-discontinued operations		8,150			150,907
Intangible assets, net		343,192			516,698
Cash and cash equivalents		67,798			412,106
Restricted cash		31,369			41,026
Investment in and advances to non-consolidated entities		179,133			226,476
Deferred expenses, net		35,904			42,040
Notes receivable		68,812			69,775
Rent receivable-current		19,829			25,289
Rent receivable- deferred		19,255			15,303
Other assets		37,919			36,277
	$	4,105,888		$	5,265,163
Liabilities and Shareholders’ Equity:
Liabilities:
Mortgages and notes payable	$	2,033,854		$	2,312,422
Exchangeable notes payable		211,000			450,000
Trust preferred securities		129,120			200,000
Contract rights payable		14,776			13,444
Dividends payable		24,681			158,168
Liabilities-discontinued operations		6,142			119,093
Accounts payable and other liabilities		33,814			49,442
Accrued interest payable		16,345			23,507
Deferred revenue-below market leases, net		121,722			217,389
Prepaid rent		20,126			16,764
		2,611,580			3,560,229
Minority interests		94,996			765,863
		2,706,576			4,326,092
Commitments and contingencies
Shareholders’ 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 $129,915 and $155,000, respectively, and 2,598,300 and 3,100,000 shares issued and outstanding in 2008 and 2007, respectively		126,217			150,589
Series D Cumulative Redeemable Preferred, liquidation preference $155,000, 6,200,000 shares issued and outstanding		149,774			149,774
Special Voting Preferred Share, par value $0.0001 per share; 1 share authorized, issued and outstanding  in  2007	—			—
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 100,300,238 and 61,064,334 shares issued and outstanding in 2008 and 2007, respectively		10			6
Additional paid-in-capital		1,624,463			1,033,332
Accumulated distributions in excess of net income		(561,817	)		(468,167	)
Accumulated other comprehensive income (loss)		(15,650	)		(2,778	)
Total shareholders’ equity		1,399,312			939,071
	$	4,105,888		$	5,265,163

Page 7 of 42

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE AND 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,
	2008			2007			2008			2007
EARNINGS PER SHARE:
Basic:
Income (loss ) from continuing operations	$	(4,486	)	$	2,058		$	9,124		$	3,874
Less preferred dividends		(6,627	)		(7,035	)		(21,237	)		(26,733	)
Income (loss) allocable to common shareholders from continuing operations		(11,113	)		(4,977	)		(12,113	)		(22,859	)
Total income (loss ) from discontinued  operations		(6,869	)		29,176			(659	)		72,977
Net income (loss)  allocable to common shareholders	$	(17,982	)	$	24,199		$	(12,772	)	$	50,118
Weighted average number of common shares outstanding		86,895,674			62,461,438			67,872,590			64,910,123
Income (loss) per common share-basic:
Income (loss)  from continuing operations	$	(0.13	)	$	(0.08	)	$	(0.18	)	$	(0.35	)
Income (loss ) from discontinued operations		(0.08	)		0.47			(0.01	)		1.12
Net income (loss )	$	(0.21	)	$	0.39		$	(0.19	)	$	0.77
Diluted:
Income (loss) allocable to common shareholders from      continuing operations- basic	$	(11,113	)	$	(4,977	)	$	(12,113	)	$	(22,859	)
Incremental loss attributed to assumed conversion of      dilutive securities	—			—			—			—
Income (loss) allocable to common shareholders from      continuing operations		(11,113	)		(4,977	)		(12,113	)		(22,859	)
Total income (loss) from discontinued operations		(6,869	)		29,176			(659	)		72,977
Net income (loss) allocable to common  shareholders	$	(17,982	)	$	24,199		$	(12,772	)	$	50,118
Weighted average number of common shares used in calculation of basic earnings per share		86,895,674			62,461,438			67,872,590			64,910,123
Add incremental shares representing:
Shares issuable upon exercise of employee share          options/non-vested shares	—			—			—			—
Shares issuable upon conversion of dilutive securities	—			—			—			—
Weighted average number of shares used in calculation of         diluted earnings per share		86,895,674			62,461,438			67,872,590			64,910,123
Income (loss)  per common share-diluted:
Income  (loss) from continuing operations	$	(0.13	)	$	(0.08	)	$	(0.18	)	$	(0.35	)
Income (loss) from discontinued operations		(0.08	)		0.47			(0.01	)		1.12
Net income (loss)	$	(0.21	)	$	0.39		$	(0.19	)	$	0.77

Page 8 of 42

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE AND COMPANY FUNDS FROM OPERATIONS PER SHARE (Continued)

(Unaudited and in thousands, except share and per share data)

	Three Months ended December 31,						Twelve Months ended December 31,
	2008			2007			2008			2007
COMPANY FUNDS FROM OPERATIONS: (1)
Basic and Diluted:
Net income (loss) allocable to common shareholders-basic	$	(17,982	)	$	24,199		$	(12,772	)	$	50,118
Adjustments:
Depreciation and amortization		50,350			67,387			241,986			247,611
Minority interests- OP units		(1,760	)		(320	)		(8,803	)		14,547
Amortization of leasing commissions		1,191			370			2,684			1,252
Joint venture adjustment-depreciation		7,933			(1,056	)		23,245			642
Preferred dividends- Series C		2,111			2,519			3,174			10,075
Gains on sale of properties		(1,166	)		(70,934	)		(44,957	)		(110,742	)
Taxes and minority interest on sale of property		—			673			1,385			2,422
Gains on sale of joint venture properties		—			(1,558	)		—			(35,722	)
Company FFO	$	40,677		$	21,280		$	205,942		$	180,203
Basic:
Weighted average shares outstanding-basic EPS		86,895,674			62,461,438			67,872,590			64,910,123
Operating partnership units		18,327,874			39,748,268			34,202,572			40,057,955
Preferred Shares- Series C		5,633,894			5,779,330			6,094,590			5,779,330
Weighted average shares outstanding-basic Company FFO		110,857,442			107,989,036			108,169,752			110,747,408
Company FFO per share	$	0.37		$	0.20		$	1.90		$	1.63
Diluted:
Weighted average shares outstanding – diluted EPS		86,895,674			62,461,438			67,872,590			64,910,123
Other		—			—			—			367
Operating partnership units		18,327,874			39,748,268			34,202,572			40,057,955
Preferred Shares- Series C		5,633,894			5,779,330			6,094,590			5,779,330
Weighted average shares outstanding – diluted Company FFO		110,857,442			107,989,036			108,169,752			110,747,775
Company FFO per share	$	0.37		$	0.20		$	1.90		$	1.63

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

Lexington computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”).   FFO is defined by NAREIT as “net income (or loss) computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.”  FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.  FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.

Lexington includes in its calculation of FFO, which Lexington refers to as the “Company’s funds from operations” or “Company FFO,” Lexington’s operating partnership units and Lexington’s Series C Cumulative Convertible Preferred Shares because these securities are convertible, at the holder’s option, into Lexington’s common shares.  Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because 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 9 of 42

LEXINGTON REALTY TRUST

Major Markets

12/31/2008

	Core Based Statistical Area (2)	% of Annualized GAAP Base Rent at 12/31/2008 (1)
1	Dallas-Fort Worth-Arlington, TX		8.1	%
2	Los Angeles-Long Beach-Santa Ana, CA		7.2	%
3	Houston-Sugar Land-Baytown, TX		5.7	%
4	New York-Northern New Jersey-Long Island, NY-NJ-PA		5.6	%
5	Memphis, TN-MS-AR		3.6	%
6	Baltimore-Towson, MD		3.4	%
7	Atlanta-Sandy Springs-Marietta, GA		3.2	%
8	Orlando-Kissimmee, FL		3.0	%
9	Kansas City, MO-KS		2.9	%
10	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		2.7	%
11	Detroit-Warren-Livonia, MI		2.4	%
12	Richmond, VA		2.3	%
13	Boston-Cambridge-Quincy, MA-NH		1.9	%
14	Indianapolis-Carmel, IN		1.9	%
15	Charlotte-Gastonia-Concord, NC-SC		1.9	%
16	Beaumont-Port Arthur, TX		1.8	%
17	Chicago-Naperville-Joliet, IL-IN-WI		1.8	%
18	Salt Lake City, UT		1.7	%
19	Columbus, OH		1.7	%
20	Washington-Arlington-Alexandria, DC-VA-MD-WV		1.5	%
21	Phoenix-Mesa-Scottsdale, AZ		1.4	%
22	San Francisco-Oakland-Fremont, CA		1.4	%
23	San Antonio, TX		1.4	%
24	Seattle-Tacoma-Bellevue, WA		1.4	%
25	Denver-Aurora, CO		1.3	%
26	Cincinnati-Middletown, OH-KY-IN		1.2	%
27	Columbus, IN		1.2	%
28	Miami-Fort Lauderdale-Pompano Beach, FL		1.2	%
29	Las Vegas-Paradise, NV		1.1	%
30	Honolulu, HI		1.0	%
	Areas which account for 1% or greater of total GAAP base rent (3)		77.2	%

Footnotes

(1) Calculated by annualizing the three months ended 12/31/2008 GAAP base rent recognized for consolidated properties owned as of 12/31/2008.

(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 10 of 42

LEXINGTON REALTY TRUST

Tenant Industry Diversification

12/31/2008

Industry Category	% of Annualized GAAP Base Rent at 12/31/2008 (1)
Finance/Insurance		15.2	%
Energy		10.1	%
Automotive		8.6	%
Technology		8.5	%
Aerospace/Defense		7.0	%
Food		6.8	%
Consumer Products/Other		5.9	%
Service		5.4	%
Media/Advertising		5.3	%
Healthcare		5.2	%
Transportation/Logistics		4.8	%
Retail Department & Discount		2.6	%
Construction Materials		2.4	%
Printing/Production		2.2	%
Telecommunications		1.9	%
Other		1.6	%
Real Estate		1.4	%
Apparel		1.4	%
Retail - Specialty		1.3	%
Security		1.0	%
Retail - Electronics		1.0	%
Health/Fitness		0.1	%
Total (2)		100.0	%
Footnotes
(1) Calculated by annualizing the three months ended 12/31/2008 GAAP base rent recognized for consolidated properties owned as of 12/31/2008.
(2) Total shown may differ from detailed amounts due to rounding.

Page 11 of 42

LEXINGTON REALTY TRUST

Other Revenue Data

12/31/2008

	Annualized GAAP Base Rent at 12/31/08 ($000) (1)		Percentage
Asset Class
Office	$	278,724		76.1	%
Industrial	$	68,520		18.7	%
Retail	$	18,924		5.2	%
	$	366,168		100.0	%
Credit Rating
Investment Grade	$	168,548		46.0	%
Non-Investment Grade	$	44,228		12.1	%
Unrated	$	153,392		41.9	%
	$	366,168		100.0	%
Footnotes
(1) Calculated by annualizing the three months ended 12/31/2008 GAAP base rent recognized for consolidated properties owned as of 12/31/2008.

Page 12 of 42

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

12/31/2008

Tenant or Guarantor	Number of Leases		Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)			Annualized GAAP Base Rent at 12/31/08 ($000) (1)		Percentage of Annualized GAAP Base Rent at 12/31/2008 (1) (2)
Raytheon Company  (4)		2		690,595		1.7	%	$	11,720		3.2	%
Bank of America		9		701,193		1.7	%		9,836		2.7	%
Baker Hughes, Inc.		2		720,221		1.8	%		9,320		2.5	%
Sanofi-aventis U.S., Inc. (Aventis Inc. and Aventis Pharma Holding GmbH)		1		206,593		0.5	%		8,840		2.4	%
Dana Limited		6		1,902,414		4.7	%		8,300		2.3	%
Federal Express Corporation		3		702,976		1.8	%		8,164		2.2	%
Legg Mason Tower, Inc.		1		371,392		0.9	%		7,968		2.2	%
JPMorgan Chase Bank, NA		4		623,375		1.6	%		7,928		2.2	%
Harcourt, Inc.		2		915,098		2.3	%		7,164		2.0	%
Morgan, Lewis & Bockius, LLC  (3)		1		293,170		0.7	%		7,008		1.9	%
		31		7,127,027		17.7	%	$	86,248		23.6	%

Footnotes

(1) Calculated by annualizing the three months ended 12/31/2008 GAAP base rent recognized for consolidated properties owned as of 12/31/2008.

(2) Total shown may differ from detailed amounts due to rounding.

(3) Includes parking garage operations.

(4) Tenant's leases expired 12/31/08. Direct leases with current sub-tenants at one property. Effective 1/1/09, annualized GAAP rent approximates $7,505.

Page 13 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/08

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)	Annualized Cash Rent ($000) (2)	Annualized GAAP Rent ($000) (3)	Fixed Rent at Next Option ($000) (4)
OFFICE PROPERTIES
2009	3/31/2009	5757 Decatur Blvd.	Indianapolis	IN	—	Damar Services, Inc.	2002	5,756	44	44	10
		6277 Sea Harbor Dr.	Orlando	FL	—	Harcourt Brace Jovanovich, Inc.	1984	355,840	4,644	3,736	3,735
	4/30/2009	5550 Tech Center Dr.	Colorado Springs	CO	—	Federal Express Corporation	1982/2006	61,690	840	748	0
	8/31/2009	1311 Broadfield Blvd.	Houston	TX	—	Newpark Drilling Fluids, Inc. (Newpark Resources, Inc.)	2000	52,731	1,128	1,136	0
		2706 Media Center Dr.	Los Angeles	CA	—	Sony Electronics, Inc.	2000	20,203	288	272	0
	9/15/2009	15375 Memorial Dr.	Houston	TX	—	BP America Production Company	1985	349,674	3,600	4,252	0
	9/30/2009	100 Light St.	Baltimore	MD	—	Legg Mason Tower, Inc.	1973	371,392	7,968	7,968	0
	10/31/2009	10300 Kincaid Dr.	Fishers	IN	—	JPMorgan Chase Bank, NA	1999	193,000	3,384	2,776	0
	11/30/2009	5724 West Las Positas Blvd.	Pleasanton	CA	—	NK Leasehold	1984	40,914	828	680	0
	12/31/2009	1701 Market St.	Philadelphia	PA	(6)	Sun National Bank	1957/1997	5,315	212	212	0
2010	1/14/2010	421 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)	2000	56,515	768	720	0
	1/31/2010	4848 129th East Ave.	Tulsa	OK	—	Metris Direct, Inc. (Metris Companies, Inc.)	2000	101,100	1,308	1,308	0
		389-399 Interpace Hwy.	Parsippany	NJ	—	Sanofi-aventis U.S., Inc. (Aventis Inc. and Aventis Pharma Holding GmbH)	1999	206,593	9,228	8,840	0
	2/10/2010	130 East Shore Dr.	Glen Allen	VA	—	Capital One Services, Inc.	2000	79,675	1,028	1,072	1,070
	2/28/2010	9950 Mayland Dr.	Richmond	VA	(9)	Circuit City Stores, Inc.	1990	288,000	2,860	2,792	4,079
	3/31/2010	120 East Shore Dr.	Glen Allen	VA	—	Capital One Services, Inc.	2000	77,045	1,000	1,008	1,042
	7/31/2010	350 Pine St.	Beaumont	TX	—	Honeywell International, Inc.	1981	7,045	108	108	0
	10/31/2010	12209 West Markham St.	Little Rock	AR	—	Entergy Arkansas, Inc.	1980	36,311	236	236	237
	11/30/2010	6200 Northwest Pkwy.	San Antonio	TX	—	United Healthcare Services, Inc.	2000	142,500	1,640	1,620	1,968
	12/31/2010	100 Barnes Rd.	Wallingford	CT	—	3M Company	1978/1985/1990/1993	44,400	628	604	475
2011	2/28/2011	4200 RCA Blvd.	Palm Beach Gardens	FL	—	The Wackenhut Corporation	1996	96,118	1,812	1,812	2,402
	3/31/2011	1311 Broadfield Blvd.	Houston	TX	—	Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)	2000	103,260	2,284	2,276	0
	9/30/2011	200 Lucent Ln.	Cary	NC	—	Alcatel-Lucent USA, Inc.	1999	124,944	2,212	2,056	0
	11/30/2011	207 Mockingbird Ln.	Johnson City	TN	—	Sun Trust Bank	1979	63,800	676	756	675
	12/20/2011	15 Nijborg	3927 DA Renswoude	The Netherlands	—	AS Watson (Health and Beauty Continental Europe, BV)	1993/1994	17,610	328	328	0
	12/31/2011	2050 Roanoke Rd.	Westlake	TX	—	Daimler Chrysler Services North America, LLC	2001	130,290	3,660	3,456	0
2012	1/31/2012	26210 and 26220 Enterprise Court	Lake Forest	CA	—	Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)	2001	100,012	1,864	1,792	0
		4000 Johns Creek Pkwy.	Suwanee	GA	—	Kraft Foods North America, Inc.	2001	73,264	1,384	1,388	0
		1275 Northwest 128th St.	Clive	IA	—	Principal Life Insurance Company	2004	61,180	800	800	935
	3/31/2012	1701 Market St.	Philadelphia	PA	(6)	Car-Tel Communications, Inc.	1957/1997	1,220	48	48	0
		3940 South Teller St.	Lakewood	CO	—	Travelers Express Company, Inc.	2002	68,165	1,168	864	1,295
	4/30/2012	2300 Litton Ln.	Hebron	KY	—	Zwicker & Associates, P.C.	1986/1996	12,356	80	80	0
	6/30/2012	275 South Valencia Ave.	Brea	CA	—	Bank of America NT & SA	1983	637,503	8,712	8,796	0
	8/31/2012	2300 Litton Ln.	Hebron	KY	—	AGC Automotive Americas Company (AFG Industries, Inc.)	1986/1996	21,542	204	204	0
		5757 Decatur Blvd.	Indianapolis	IN	—	Allstate Insurance Company	2002	84,200	1,372	1,548	0
	10/31/2012	4455 American Way	Baton Rouge	LA	—	Bell South Mobility, Inc.	1997	70,100	1,096	1,112	1,207
	11/7/2012	2706 Media Center Dr.	Los Angeles	CA	—	Playboy Enterprises, Inc.	2000	63,049	1,444	1,256	0
	11/14/2012	2211 South 47th St.	Phoenix	AZ	—	Avnet, Inc.	1997	176,402	2,308	2,260	0
	12/31/2012	200 Executive Blvd. South	Southington	CT	—	Hartford Fire Insurance Company	1984	153,364	1,680	1,624	0
2013	1/31/2013	12600 Gateway Blvd.	Fort Meyers	FL	—	Gartner, Inc.	1998	62,400	1,080	1,092	0
		2300 Litton Ln.	Hebron	KY	—	FTJ FundChoice, LLC	1986/1996	9,164	52	48	0

Page 14 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/08

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)	Annualized Cash Rent ($000) (2)	Annualized GAAP Rent ($000) (3)	Fixed Rent at Next Option ($000) (4)
		3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Home Mortgage, Inc.	2004	169,083	3,016	3,020	0
		810 & 820 Gears Rd.	Houston	TX	—	IKON Office Solutions, Inc.	2000	157,790	2,232	2,256	0
	3/31/2013	3165 McKelvey Rd.	Bridgeton	MO	—	BJC Health System	1981	52,994	384	528	0
		8900 Freeport Pkwy.	Irving	TX	—	Nissan Motor Acceptance Corporation (Nissan North America, Inc.)	2003	268,445	4,748	4,888	0
	4/30/2013	Sandlake Rd./Kirkman Rd.	Orlando	FL	—	Lockheed Martin Corporation	1982	184,000	960	1,868	960
	5/31/2013	6303 Barfield Rd.	Atlanta	GA	—	International Business Machines Corporation (Internet Security Systems, Inc.)	2000/2001	238,600	4,628	4,880	0
		859 Mount Vernon Hwy.	Atlanta	GA	—	International Business Machines Corporation (Internet Security Systems, Inc.)	2004	50,400	1,184	1,028	0
	6/30/2013	2210 Enterprise Dr.	Florence	SC	(6)	JPMorgan Chase Bank, NA	1998	179,300	1,748	1,748	0
	7/31/2013	2300 Litton Ln.	Hebron	KY	—	Zwicker & Associates, P.C.	1986/1996	37,234	112	108	0
	9/30/2013	9200 South Park Center Loop	Orlando	FL	(6)	Corinthian Colleges, Inc.	2003	59,927	1,244	1,160	0
	11/30/2013	1110 Bayfield Dr.	Colorado Springs	CO	—	Honeywell International, Inc.	1980/1990/2002	166,575	1,672	1,600	1,713
	12/13/2013	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox Corporation	1973/1975/1982	202,000	3,500	3,392	0
	12/31/2013	2550 Interstate Dr.	Harrisburg	PA	—	New Cingular Wireless PCS, LLC	1998	81,859	1,780	1,868	0
2014	1/31/2014	1701 Market St.	Philadelphia	PA	—	Morgan, Lewis & Bockius, LLC	1957/1997	293,170	4,464	4,464	5,149
		6226 West Sahara Ave.	Las Vegas	NV	—	Nevada Power Company	1982	282,000	7,736	4,008	2,754
	2/28/2014	1500 Hughes Way	Long Beach	CA	(8)	Fluor Enterprises, Inc. (Prior tenant Raytheon Company)	1981	86,610	0	0	0
	3/15/2014	101 East Erie St.	Chicago	IL	—	Draftfcb, Inc. (Interpublic Group of Companies, Inc.)	1986	230,684	4,160	5,032	0
	5/31/2014	3480 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank N.A.	2004	169,218	3,396	3,448	0
	7/31/2014	16676 Northchase Dr.	Houston	TX	—	Anadarko Petroleum Corporation	2003	101,111	1,608	1,628	0
		350 Pine St.	Beaumont	TX	—	Entergy Gulf States, Inc.	1981	125,406	1,064	1,264	0
	9/30/2014	333 Mt. Hope Ave.	Rockway	NJ	—	BASF Corporation	1981/2002/2004	95,500	2,244	2,124	0
	10/31/2014	1409 Centerpoint Blvd.	Knoxville	TN	—	Alstom Power, Inc.	1997	84,404	1,568	1,620	0
		2800 Waterford Lake Dr.	Midlothian	VA	—	Alstom Power, Inc.	2000	99,057	1,952	2,016	0
		700 US Hwy. Route 202-206	Bridgewater	NJ	—	Biovail Pharmaceuticals, Inc. (Biovail Corporation)	1985/2003/2004	115,558	2,024	2,848	0
	12/14/2014	5150 220th Ave.	Issaquah	WA	—	OSI Systems, Inc. (Instrumentarium Corporation)	1992	106,944	2,056	2,152	0
		22011 Southeast 51st St.	Issaquah	WA	—	OSI Systems, Inc. (Instrumentarium Corporation)	1987	95,600	1,888	1,936	0
	12/31/2014	180 South Clinton St.	Rochester	NY	(6)	Frontier Corporation	1988/2000	226,000	2,976	2,968	0
		275 Technology Dr.	Canonsburg	PA	—	ANSYS, Inc.	1996	107,872	1,240	1,376	0
		3535 Calder Ave.	Beaumont	TX	—	Compass Bank	1977	49,639	684	684	0
		400 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)	1999	100,632	996	1,180	0
2015	1/31/2015	26555 Northwestern Hwy.	Southfield	MI	—	Federal-Mogul Corporation	1963/1965/1988/1989	187,163	1,160	1,420	0
	4/30/2015	13775 McLearen Rd.	Herndon	VA	—	Equant, Inc. (Equant N.V.)	1984/1988/1992	125,293	2,008	2,132	0
	6/30/2015	389-399 Interpace Hwy.	Parsippany	NJ	—	Cadbury Schweppes Holdings	1999	133,647	212	212	0
	7/1/2015	33 Commercial St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)	1982/1987	164,689	3,436	3,436	3,024
	7/31/2015	4001 International Pkwy.	Carrollton	TX	—	Motel 6 Operating L.P. (Accor S.A.)	2003	138,443	3,244	3,268	3,612
	9/27/2015	10001 Richmond Ave.	Houston	TX	—	Baker Hughes, Inc.	1976/1984	554,385	0	7,376	6,596
		12645 West Airport Rd.	Sugar Land	TX	—	Baker Hughes, Inc.	1997	165,836	0	1,944	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, NA	1999	125,920	3,048	1,744	0
		600 Business Center Dr.	Lake Mary	FL	—	JPMorgan Chase Bank, NA	1996	125,155	3,148	1,660	0
	10/31/2015	13430 North Black Canyon Fwy.	Phoenix	AZ	—	Bull HN Information Systems, Inc.	1981/1982	42,320	616	656	0
2016	3/31/2016	13430 North Black Canyon Fwy.	Phoenix	AZ	—	Money Management International	1981/1982	28,710	612	636	0

Page 15 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/08

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)	Annualized CashRent ($000) (2)	Annualized GAAP Rent  ($000) (3)	Fixed Rent at Next Option ($000) (4)
	4/30/2016	11511 Luna Rd.	Farmers Branch	TX	—	Haggar Clothing Company (Texas Holding Clothing Corporation and Haggar Corporation)	2000	180,507	2,160	3,188	2,531
		2000 Eastman Dr.	Milford	OH	—	Siemens Product Lifecycle Management Software, Inc.	1991	221,215	2,488	1,824	2,426
	7/31/2016	1600 Viceroy Dr.	Dallas	TX	—	Visiting Nurse Association	1986	48,027	576	544	0
		13430 North Black Canyon Fwy.	Phoenix	AZ	—	Associated Billing Services, LLC	1981/1982	17,767	300	308	0
	10/31/2016	104 & 110 South Front St.	Memphis	TN	—	Hnedak Bobo Group, Inc.	1871/1988/1999	37,229	484	500	0
	11/30/2016	4000 Johns Creek Pkwy.	Suwanee	GA	—	Perkin Elmer Instruments, LLC	2001	13,955	220	232	0
	12/31/2016	37101 Corporate Dr.	Farmington Hills	MI	—	TEMIC Automotive of North America, Inc.	2001	119,829	3,072	2,440	0
2017	1/31/2017	6301 Gaston Ave.	Dallas	TX	—	Wells Fargo	1970/1981	16,431	224	224	0
	4/30/2017	555 Dividend Dr.	Coppell	TX	—	Brinks, Inc.	2002	101,844	1,860	1,916	0
		1315 W. Century Dr.	Louisville	CO	—	Global Healthcare Exchange	1987	106,877	1,252	1,600	0
	9/30/2017	9201 East Dry Creek Rd.	Centennial	CO	—	The Shaw Group, Inc.	2001/2002	128,500	2,196	2,396	0
2018	5/30/2018	13651 McLearen Rd.	Herndon	VA	—	US Government	1987	159,664	2,952	3,384	0
	5/31/2018	2300 Litton Ln.	Hebron	KY	—	Great American Insurance Company	1986/1996	3,145	16	16	99
	6/14/2018	17 Nijborg	3927 DA Renswoude	The Netherlands	—	AS Watson (Health and Beauty Continental Europe, BV)	1993/1994	114,195	2,912	2,316	0
	7/31/2018	180 Rittenhouse Cir.	Bristol	PA	—	Jones Management Service Company	1981/1998	96,000	1,032	1,100	0
		4200 RCA Blvd.	Palm Beach Gardens	FL	—	Office Suites Plus Properties, Inc.	1996	18,400	420	448	0
	9/15/2018	295 Chipeta Way	Salt Lake City	UT	—	Northwest Pipeline Corporation	1982	295,000	6,320	6,320	3,463
	9/30/2018	1701 Market St.	Philadelphia	PA	(6)	Brinker Corner Bakery II, LLC	1957/1997	8,070	192	212	0
	11/30/2018	4201 Marsh Ln.	Carrollton	TX	—	Carlson Restaurants Worldwide, Inc. (Carlson Companies, Inc.)	2003	130,000	1,888	1,976	0
	12/22/2018	5200 Metcalf Ave.	Overland Park	KS	—	Swiss Re American Holding Corporation	1980/1990/2004/2005	320,198	4,728	4,760	0
	12/31/2018	1500 Hughes Way	Long Beach	CA	(8)	Molina Healthcare, Inc. (Prior tenant Raytheon Company)	1981	158,074	0	0	0
2019	1/31/2019	1600 Viceroy Dr.	Dallas	TX	—	TFC Services, Inc. (Freeman Decorating Co.)	1986	110,080	1,100	1,488	0
	3/31/2019	1500 Hughes Way	Long Beach	CA	(8)	Jacobs Engineering Group, Inc. (Prior tenant Raytheon Company)	1981	83,919	0	0	0
	4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Swiss Re American Holding Corporation	1963/1973/1985/2003	155,925	2,064	2,064	0
	6/19/2019	3965 Airways Blvd.	Memphis	TN	—	Federal Express Corporation	1982/1983/1985	521,286	7,324	7,012	5,375
	7/31/2019	500 Jackson St.	Columbus	IN	—	Cummins, Inc.	1984	390,100	4,272	4,540	4,925
	9/30/2019	13430 North Black Canyon Fwy.	Phoenix	AZ	—	Brown Mackie College-Phoenix, Inc.	1981/1982	24,834	0	0	0
	10/31/2019	10475 Crosspoint Blvd.	Fishers	IN	—	John Wiley & Sons, Inc.	1999	141,047	2,396	2,268	0
	12/31/2019	850-950 Warrenville Rd.	Lisle	IL	(5)	National Louis University	1985	99,329	1,276	1,676	0
2020	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	(6)	Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)	1983/2002	136,789	2,164	2,248	0
	7/8/2020	1460 Tobias Gadsen Blvd.	Charleston	SC	(6)	Hagemeyer North America, Inc.	2005	50,076	764	840	0
2021	2/28/2021	5550 Britton Pkwy.	Hilliard	OH	(5)	BMW Financial Services NA, LLC	2006	220,966	3,012	2,608	0
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	New Jersey Natural Gas Company	1983	157,511	2,924	2,924	4,224
	11/30/2021	29 South Jefferson Rd.	Whippany	NJ	—	CAE SimuFlite, Inc.	2006/2008	123,734	2,272	2,328	2,069
2022	12/31/2022	147 Milk St.	Boston	MA	—	Harvard Vanguard Medical Assoc.	1910	52,337	1,532	1,620	0
2023	3/31/2023	6555 Sierra Dr.	Irving	TX	—	TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)	1999	247,254	2,072	2,952	0
	7/31/2023	11201 Renner Blvd.	Lenexa	KS	(6)	Applebee’s Services, Inc. (DineEquity, Inc.)	2007	178,000	3,512	3,904	0
2025	11/30/2025	11707 Miracle Hills Dr.	Omaha	NE	—	Infocrossing, LLC (Infocrossing, Inc.)	1988/1995	85,200	1,168	1,168	0
	12/31/2025	2005 East Technology Cir.	Tempe	AZ	—	(i) Structure, LLC (Infocrossing, Inc.)	1998	60,000	1,128	1,128	0

Page 16 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/08

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)	Annualized Cash Rent ($000) (2)		Annualized GAAP Rent ($000) (3)		Fixed Rent at Next Option ($000) (4)
NA	NA	10 John St.	Clinton	CT	(7)	(Available for Lease)(Prior tenant Unilever Supply Chain, Inc.)	1972	41,188	712		364		0
		100 Light St.	Baltimore	MD	—	(Available for Lease)	1973	12,648	0		0		0
		1500 Hughes Way	Long Beach	CA	(7)	(Available for Lease)(Prior tenant Raytheon Company)	1981	161,451	16,988		10,040		0
		160 Clairemont Ave.	Decatur	GA	—	(Available for Lease)	1983	64,494	0		0		0
		1600 Viceroy Dr.	Dallas	TX	—	(Available for Lease)	1986	54,637	0		0		0
		1701 Market St.	Philadelphia	PA	—	Parking Operators	1957/1997	-	2,544		2,544		0
		255 California St.	San Francisco	CA	—	(Available for Lease)	1959	12,435	0		0		0
		350 Pine St.	Beaumont	TX	—	(Available for Lease)	1981	91,215	0		0		0
		6301 Gaston Ave.	Dallas	TX	—	(Available for Lease)	1970/1981	68,742	0		0		0
		1032 Fort St. Mall	Honolulu	HI	—	Parking Operators	1979/2002	-	1,556		1,556		0
		13430 North Black Canyon Fwy.	Phoenix	AZ	—	(Available for Lease)	1981/1982	24,799	0		0		0
		100 East Shore Dr.	Glen Allen	VA	—	(Available for Lease)	1999	3,263	0		0		0
		1770 Cartwright Rd.	Irvine	CA	—	(Available for Lease)	1982	44,531	0		0		0
		King St.	Honolulu	HI	—	(Available for Lease)	1979/2002	10,629	0		0		0
Various	Various	100 Light St.	Baltimore	MD	—	Multi-Tenant	1973	139,200	4,612		4,612		0
		160 Clairemont Ave.	Decatur	GA	—	Multi-Tenant	1983	57,192	704		704		0
		255 California St.	San Francisco	CA	—	Multi-Tenant	1959	157,492	4,112		4,460		0
		350 Pine St.	Beaumont	TX	—	Multi-Tenant	1981	201,532	4,500		4,712		0
		6301 Gaston Ave.	Dallas	TX	—	Multi-Tenant	1970/1981	88,682	1,292		1,292		0
		100 East Shore Dr.	Glen Allen	VA	—	Multi-Tenant	1999	64,245	1,576		1,616		0
		1770 Cartwright Rd.	Irvine	CA	—	Multi-Tenant	1982	104,663	1,840		2,480		0
		King St.	Honolulu	HI	—	Multi-Tenant	1979/2002	228,662	1,356		1,312		990
OFFICE TOTAL/WEIGHTED AVERAGE						96.6% Leased		17,496,829	$	277,928	$	278,724

Page 17 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/08

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)	Annualized Cash Rent ($000) (2)	Annualized GAAP Rent ($000) (3)	Fixed Rent at Next Option ($000) (4)
INDUSTRIAL PROPERTIES
2009	1/31/2009	191 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC	1999	102,960	0	0	0
	5/31/2009	200 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC	2000	401,260	1,028	984	0
	12/31/2009	75 North St.	Saugerties	NY	—	Rotron, Inc. (EG&G)	1979	52,000	124	232	122
2010	4/30/2010	2203 Sherrill Dr.	Statesville	NC	—	LA-Z-Boy Greensboro, Inc. (LA-Z-Boy Inc.)	1999/2002	639,600	1,648	1,904	1,813
	12/31/2010	113 Wells St.	North Berwick	ME	—	United Technologies Corporation	1965/1980	820,868	2,344	2,344	1,811
2011	3/31/2011	2455 Premier Dr.	Orlando	FL	—	Walgreen Company	1980	205,016	508	784	508
	5/31/2011	291 Park Center Dr.	Winchester	VA	(5)	Kraft Foods North America, Inc.	2001	344,700	1,608	1,576	0
	9/25/2011	3820 Micro Dr.	Millington	TN	(6)	Ingram Micro, L.P (Ingram Micro, Inc.)	1997	701,819	2,440	2,372	0
	9/30/2011	1601 Pratt Ave.	Marshall	MI	—	Joseph Campbell Company	1979	58,300	124	124	0
2012	8/4/2012	101 Michelin Dr.	Laurens	SC	—	CEVA Logistics US, Inc. (TNT Holdings BV)	1991/1993	1,164,000	3,412	3,304	2,619
		7111 Crabb Rd.	Temperance	MI	—	CEVA Logistics US, Inc. (TNT Holdings BV)	1978/1993	744,570	2,288	2,212	1,756
	10/31/2012	43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive Operations USA I, LLC (Tower Automotive Holdings I, LLC)	1996/1998	290,133	1,884	1,836	0
	12/31/2012	245 Salem Church Rd.	Mechanicsburg	PA	—	Exel Logistics, Inc. (NFC plc)	1985	252,000	868	864	0
2013	10/31/2013	7150 Exchequer Dr.	Baton Rouge	LA	—	Corporate Express Office Products, Inc. (Corporate Express US, Inc.)	1998/2005	79,086	460	440	0
2014	1/2/2014	2415 US Hwy. 78 East	Moody	AL	—	CEVA Logistics US, Inc. (TNT Holdings BV)	2004	595,346	1,052	1,052	1,054
	1/31/2014	1133 Poplar Creek Rd.	Henderson	NC	—	Corporate Express Office Products, Inc. (Corporate Express US, Inc.)	1998/2006	196,946	824	808	0
	12/31/2014	3686 South Central Ave.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)	1992	90,000	332	316	446
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	452	488	525
2016	2/28/2016	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Clevite, Inc. (MAHLE Industries, Inc.)	1989	268,104	956	916	0
	3/31/2016	19500 Bulverde Rd.	San Antonio	TX	—	Harcourt, Inc. (Harcourt General, Inc.)	2001	559,258	3,332	3,428	0
	8/31/2016	10590 Hamilton Ave.	Cincinnati	OH	—	The Hillman Group, Inc.	1991/1994/1995/2005	247,088	792	792	0
	9/30/2016	900 Industrial Blvd.	Crossville	TN	—	Dana Commercial Vehicle Products, LLC (Dana Limited)	1989/2006	222,200	684	684	0
2017	2/28/2017	3456 Meyers Ave.	Memphis	TN	—	Sears, Roebuck & Company	1973	780,000	1,592	1,696	1,592
	6/30/2017	7500 Chavenelle Rd.	Dubuque	IA	—	The McGraw-Hill Companies, Inc.	2002	330,988	1,152	1,164	0
	9/30/2017	250 Swathmore Ave.	High Point	NC	—	Steelcase, Inc.	2002	244,851	1,064	1,088	1,165
	10/31/2017	1420 Greenwood Rd.	McDonough	GA	—	Versacold USA, Inc.	2000	296,972	2,612	2,596	0
2018	6/30/2018	1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics, Inc.	1973	772,450	1,348	1,344	0
	9/30/2018	50 Tyger River Dr.	Duncan	SC	(6)	Plastic Omnium Exteriors, LLC	2005/2007/2008	221,833	956	956	0
2019	10/17/2019	10345 Philipp Pkwy.	Streetsboro	OH	—	L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)	2004	649,250	2,292	2,612	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	1,112	1,276	0
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com, Inc.	1987	107,405	376	372	0
	12/19/2020	1901 Ragu Dr.	Owensboro	KY	—	Unilever Supply Chain, Inc. (Unilever United States, Inc.)	1975/1979/1995	443,380	4,744	0	1,802
2021	3/30/2021	121 Technology Dr.	Durham	NH	—	Heidelberg Web Systems, Inc.	1986/2002/2003	500,500	2,076	1,996	0
	3/31/2021	6050 Dana Way	Antioch	TN	—	W.M Wright Company	1999	338,700	1,016	1,016	0
	5/31/2021	477 Distribution Pkwy.	Collierville	TN	—	Federal Express Corporation	1984/1987/2005	120,000	480	404	0
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing Corporation	1998/2001/2006	423,280	1,244	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	2,980	3,092	0
2023	4/30/2023	3600 Southgate Dr.	Danville	IL	—	The Sygma Network, Inc. (Sysco Corporation)	2000/2008	201,369	1,720	1,720	1,027
2025	6/30/2025	10000 Business Blvd.	Dry Ridge	KY	—	Dana Light Axle Products, LLC (Dana Limited)	1988/1999	336,350	1,344	1,344	1,402

Page 18 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/08

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)	Annualized Cash Rent ($000) (2)		Annualized GAAP Rent ($000) (3)		Fixed Rent at Next Option ($000) (4)
		4010 Airpark Dr.	Owensboro	KY	—	Dana Structural Products, LLC (Dana Limited)	1998/2006	211,598	1,208		1,208		829
		301 Bill Bryan Rd.	Hopkinsville	KY	—	Dana Structural Products, LLC (Dana Limited)	1989/1999/2000/2005	424,904	1,688		1,688		1,512
		730 North Black Branch Rd.	Elizabethtown	KY	—	Dana Structural Products, LLC (Dana Limited)	2001	167,770	536		536		558
		750 North Black Branch Rd.	Elizabethtown	KY	—	Dana Structural Products, LLC (Dana Limited)	1995/2000/2001	539,592	2,840		2,840		2,960
	7/31/2025	7005 Cochran Rd.	Glenwillow	OH	—	Royal Appliance Manufacturing Company	1997	458,000	1,944		2,252		2,164
2026	10/31/2026	5001 Greenwood Rd.	Shreveport	LA	—	Libbey Glass, Inc. (Libbey Inc.)	2006	646,000	1,940		2,164		0
NA	NA	1109 Commerce Blvd.	Swedesboro	NJ	(7)	(Available for Lease)(Prior tenant Linens-n-Things, Inc.)	1998	262,644	1,260		1,260		0
		1665 Hughes Way	Long Beach	CA	(7)	(Available for Lease)(Prior tenant Raytheon Company)	1981	200,541	2,984		1,680		0
		191 Arrowhead Dr.	Hebron	OH	—	(Available for Lease)	1999	147,450	0		0		0
		250 Rittenhouse Cir.	Bristol	PA	—	(Available for Lease)	1983/1997	255,019	0		0		0
		3350 Miac Cove Rd.	Memphis	TN	—	(Available for Lease)	1987	33,954	0		0		0
		34 East Main St.	New Kingstown	PA	—	(Available for Lease)	1981	179,200	0		0		0
		46600 Port St.	Plymouth	MI	—	(Available for Lease)	1996	134,160	0		0		0
		6 Doughten Rd.	New Kingstown	PA	—	(Available for Lease)	1989	330,000	0		0		0
		6050 Dana Way	Antioch	TN	—	(Available for Lease)	1999	338,700	0		0		0
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						90.5% Leased		19,858,188	$	73,068	$	68,520

Page 19 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/08

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)	Annualized Cash Rent ($000) (2)	Annualized GAAP Rent ($000) (3)	Fixed Rent at Next Option ($000) (4)
RETAIL PROPERTIES
2009	1/31/2009	35400 Cowan Rd.	Westland	MI	—	Sam’s Real Estate Business Trust	1987/1997	101,402	752	752	0
	3/31/2009	2500 E. Carrier Pkwy.	Grand Prairie	TX	—	Grocer's Supply	1984	49,349	496	372	274
	9/30/2009	1032 Fort St. Mall	Honolulu	HI	—	Macy's Department Stores, Inc.	1979/2002	85,610	988	972	990
	12/31/2009	3468 Georgia Hwy. 120	Duluth	GA	—	Bank of America, N.A. (Bank of America Corporation)	1971	9,300	144	152	133
		4733 Hills & Dales Rd.	Canton	OH	—	Bally's Total Fitness of the Midwest (Bally's Health & Tennis Corporation)	1987	37,214	448	400	0
2010	5/31/2010	24th St. West & St. John’s Ave.	Billings	MT	—	Safeway Stores, Inc.	1981	40,800	188	332	186
	7/1/2010	1600 East 23rd St.	Chattanooga	TN	—	BI-LO, LLC	1983	42,130	128	128	134
2011	5/31/2011	18601 Alderwood Mall Blvd.	Lynnwood	WA	—	Toys “R” Us, Inc.	1981/1993	43,105	280	300	279
		4811 Wesley St.	Greenville	TX	—	Safeway Stores, Inc.	1985	48,492	172	240	171
		12535 Southeast 82nd Ave.	Clackamas	OR	—	Toys “R” Us, Inc.	1981	42,842	304	324	298
		6910 South Memorial Hwy.	Tulsa	OK	—	Toys “R” Us, Inc.	1981	43,123	256	272	255
	9/30/2011	928 First Ave.	Rock Falls	IL	—	Rock Falls Country Market, LLC (Rock Island Country Market, LLC)	1982	27,650	92	96	140
	12/29/2011	13133 Steubner Ave.	Houston	TX	—	The Kroger Company	1980	52,200	280	404	281
2012	4/30/2012	10415 Grande Ave.	Sun City	AZ	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1982	10,000	164	264	0
		119 North Balboa Rd.	El Paso	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1982	10,000	164	136	0
		402 East Crestwood Dr.	Victoria	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1982	10,000	164	116	0
		4121 South Port Ave.	Corpus Christi	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1980	10,000	164	136	0
		900 South Canal St.	Carlsbad	NM	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1980	10,000	164	104	0
		901 West Expwy.	McAllen	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)	1980	10,000	164	164	0
	5/31/2012	3451 Alta Mesa Blvd.	Fort Worth	TX	—	Minyard Food Stores, Inc.	1985	44,000	304	360	304
	11/30/2012	101 West Buckingham Rd.	Garland	TX	—	Minyard Food Stores, Inc.	1982	40,000	324	324	326
		120 South Waco St.	Hillsboro	TX	—	Brookshire Grocery	1985	35,000	160	188	161
		1415 Hwy. 377 East	Granbury	TX	—	The Kroger Company	1982	65,417	204	316	204
		205 Homer Rd.	Minden	LA	—	Brookshire Grocery	1985	35,000	192	284	193
2013	2/28/2013	US 221 & Hospital Rd.	Jefferson	NC	—	Food Lion, Inc.	1981	23,000	72	72	73
		104 Branchwood Shopping Center	Jacksonville	NC	—	Food Lion, Inc.	1982/1995	23,000	84	112	84
		291 Talbert Blvd.	Lexington	NC	—	Food Lion, Inc.	1981	23,000	140	140	138
		S. Carolina 52/52 Bypass	Moncks Corner	SC	—	Food Lion, Inc.	1982	23,000	60	124	62
		3211 West Beverly St.	Staunton	VA	—	Food Lion, Inc.	1971	23,000	164	164	166
	7/1/2013	1053 Mineral Springs Rd.	Paris	TN	—	The Kroger Company	1982	31,170	160	212	159
		302 Coxcreek Pkwy.	Florence	AL	—	The Kroger Company	1983	42,130	224	312	223
	10/31/2013	1084 East Second St.	Franklin	OH	—	Marsh Supermarkets, Inc.	1961/1978	29,119	112	156	111
		130 Midland Ave.	Port Chester	NY	—	Pathmark Stores, Inc.	1982	59,000	676	1,196	458
		5104 North Franklin Rd.	Lawrence	IN	—	Marsh Supermarkets, Inc.	1958	28,721	192	192	193
		3501 US 601 South	Concord	NC	—	Food Lion, Inc.	1983	32,259	196	184	197

Page 20 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/08

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)	Annualized  Cash Rent  ($000) (2)	Annualized  GAAP Rent  ($000) (3)	Fixed Rent at  Next Option  ($000) (4)
		2526 Little Rock Road	Charlotte	NC	—	Food Lion, Inc.	1982/1997	33,640	96	152	98
2014	3/31/2014	N.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Associated Wholesale Grocers Inc.	1984	30,757	332	76	185
	12/31/2014	1066 Main St.	Forest Park	GA	—	Bank of America, N.A. (Bank of America Corporation)	1969	14,859	216	188	199
		201 West Main St.	Cumming	GA	—	Bank of America, N.A. (Bank of America Corporation)	1968/1982	14,208	216	288	198
		2223 North Druid Hills Rd.	Atlanta	GA	—	Bank of America, N.A. (Bank of America Corporation)	1972	6,260	120	96	112
		4545 Chamblee – Dunwoody Rd.	Chamblee	GA	—	Bank of America, N.A. (Bank of America Corporation)	1972	4,565	96	76	88
		825 Southway Dr.	Jonesboro	GA	—	Bank of America, N.A. (Bank of America Corporation)	1971	4,894	84	64	77
		956 Ponce de Leon Ave.	Atlanta	GA	—	Bank of America, N.A. (Bank of America Corporation)	1975	3,900	84	88	78
		1698 Mountain Industrial Blvd.	Stone Mountain	GA	—	Bank of America, N.A. (Bank of America Corporation)	1973	5,704	104	88	95
2015	1/25/2015	3711 Gateway Dr.	Eau Claire	WI	—	Kohl's Department Stores, Inc.	1994	76,164	468	460	487
	1/31/2015	1700 State Route 160	Port Orchard	WA	—	Save-A-Lot, Ltd.	1983	16,037	80	80	97
2017	3/31/2017	1610 South Westmoreland Ave.	Dallas	TX	—	Malone’s Food Stores	1960	68,024	360	480	376
	11/30/2017	10340 U.S. 19	Port Richey	FL	—	Kingswere Furniture	1980	53,820	0	0	400
2018	2/26/2018	4831 Whipple Ave., Northwest	Canton	OH	—	Best Buy Company, Inc.	1995	46,350	464	464	465
		399 Peachwood Centre Dr.	Spartanburg	SC	—	Best Buy Company, Inc.	1996	45,800	396	396	395
	9/30/2018	835 Julian Ave.	Thomasville	NC	(7)	Mighty Dollar, LLC (Prior tenant Food Lion, Inc.)	1983	23,767	68	68	0
	12/31/2018	1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart Corporation	1992	94,970	696	328	0
		12080 Carmel Mountain Rd.	San Diego	CA	—	Sears Holding Corporation	1993	107,210	788	752	0
		21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart Corporation	1993	120,727	1,164	480	0
		255 Northgate Dr.	Manteca	CA	—	Kmart Corporation	1993	107,489	1,236	556	0
		5350 Leavitt Rd.	Lorain	OH	—	Kmart Corporation	1993	193,193	1,752	732	0
		97 Seneca Trail	Fairlea	WV	—	Kmart Corporation	1993/1999	90,933	816	348	0
2021	1/31/2021	3040 Josey Ln.	Carrollton	TX	—	Ong’s Family Inc.	1984	61,000	240	404	0
2028	1/31/2028	2010 Apalachee Pkwy.	Tallahassee	FL	—	Kohl's Department Stores, Inc.	2007	102,381	400	420	484
	8/31/2028	9803 Edmonds Way	Edmonds	WA	—	PCC Natural Markets	1981	34,459	604	604	0
NA	NA	1700 State Route 160	Port Orchard	WA	—	(Available for Lease)	1983	11,931	0	0	0
		5402 4th St.	Lubbock	TX	—	(Available for Lease)	1978	53,820	0	0	0
		5544 Atlanta Hwy.	Montgomery	AL	—	(Available for Lease)	1980/2007	60,698	0	0	0
		9400 South 755 East	Sandy	UT	—	(Available for Lease)	1981	41,612	0	0	0
		811 US Hwy. 17	North Myrtle Beach	SC	(7)	(Available for Lease)(Prior tenant Food Lion, Inc.)	1981	41,021	48	1,236	0
	RETAIL TOTAL/WEIGHTED AVERAGE					92.6% Leased		2,810,226	19,704	18,924
	TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE					93.31% Leased		40,165,243	370,700	366,168

Footnotes

(1) Square foot leased or vacant includes those tenants with month-to-month leases.

(2) Calculated by annualizing the three months ended 12/31/08 cash rent.

(3) Calculated by annualizing the three months ended 12/31/08 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) Lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%.

(6) Greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%.

(7) Rents from tenants prior to expiration of lease, prior tenant has vacated.

(8) Direct lease with current sub-tenants at property.  2009 annual cash and GAAP rents are estimated to be $5,287 and $7,024, respectively.

(9) Tenant filed Chapter 7 bankruptcy. Expects to vacate premises in 1Q 2009.

Page 21 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies -  Net Lease Strategic Assets Fund Portfolio - 12/31/08

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)	Annualized  Cash Rent  ($000) (2)	Annualized  GAAP Rent  ($000) (3)	Fixed Rent at  Next Option  ($000) (4)
NET LEASE STRATEGIC ASSETS FUND PROPERTIES
2009	9/30/2009	109 Stevens St.	Jacksonville	FL	(5)	Unisource Worldwide, Inc.	1959/1967	168,800	636	584	0
2010	10/31/2010	265 Lehigh St.	Allentown	PA	—	Wachovia Bank N.A.	1980	71,230	248	572	261
		5201 West Barraque St.	Pine Bluff	AR	—	Entergy Services, Inc.	1964/1973	27,189	192	192	192
2011	5/31/2011	1200 Jupiter Rd.	Garland	TX	—	Raytheon Company	1980	278,759	1,508	2,052	1,588
	7/15/2011	19019 North 59th Ave.	Glendale	AZ	—	Honeywell International, Inc.	1986/1997/2000	252,300	2,452	3,100	0
2012	4/30/2012	3600 Army Post Rd.	Des Moines	IA	(6)	Electronic Data Systems LLC	2002	405,000	2,852	2,968	0
	5/31/2012	101 Creger Dr.	Ft. Collins	CO	—	Lithia Motors	1982	10,000	276	236	0
2013	5/31/2013	2401 Cherahala Blvd.	Knoxville	TN	—	Advance PCS, Inc.	2002	59,748	900	900	0
	6/30/2013	420 Riverport Rd.	Kingsport	TN	—	Kingsport Power Company	1981	42,770	312	308	310
		8555 South River Pkwy.	Tempe	AZ	(6)	ASM Lithography, Inc. (ASM Lithography Holding NV)	1998	95,133	2,356	2,212	0
	10/14/2013	3943 Denny Ave.	Pascagoula	MS	—	Northrop Grumman Systems Corporation	1995	94,841	652	652	0
	12/31/2013	120 Southeast Pkwy. Dr.	Franklin	TN	—	Essex Group, Inc. (United Technologies Corporation)	1970/1983	289,330	1,476	652	735
2014	1/31/2014	1401 & 1501 Nolan Ryan Pkwy.	Arlington	TX	—	Siemens Dematic Postal Automation, L.P.	2003	236,547	2,420	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	1,988	2,072	0
	6/30/2014	70 Mechanic St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)	1965/1967/1971	251,914	0	0	2,817
	12/31/2014	324 Industrial Park Rd.	Franklin	NC	(5)	SKF USA, Inc.	1996	72,868	396	396	0
2015	6/30/2015	1901 49th Ave.	Minneapolis	MN	(5)	Owens Corning Roofing and Asphalt, LLC	2003	18,620	588	588	0
		2935 Van Vactor Dr.	Plymouth	IN	—	Bay Valley Foods, LLC	2000/2003	300,500	780	808	853
		3711 San Gabriel	Mission	TX	—	VoiceStream PCS II Corporation (T-Mobile USA, Inc.)	2003	75,016	900	1,020	0
		2500 Patrick Henry Pkwy.	McDonough	GA	—	Georgia Power Company	1999	111,911	1,476	1,540	0
	9/27/2015	9110 Grogans Mill Rd.	Houston	TX	—	Baker Hughes, Inc.	1992	275,750	0	3,180	0
		2529 West Thorne Dr.	Houston	TX	—	Baker Hughes, Inc.	1982/1999	66,243	0	836	0
2016	1/31/2016	1600 Eberhardt Rd.	Temple	TX	—	Nextel of Texas	2001	108,800	1,524	1,616	0
	5/14/2016	6455 State Hwy. 303 Northeast	Bremerton	WA	—	Nextel West Corporation	2002	60,200	1,084	1,164	0
	9/30/2016	1440 East 15th St.	Tucson	AZ	—	Cox Communications, Inc.	1988	28,591	480	548	0
	11/30/2016	736 Addison Rd.	Erwin	NY	(6)	Corning, Inc.	2006	408,000	1,140	784	0
2017	12/31/2017	11411 North Kelly Ave.	Oklahoma City	OK	—	American Golf Corporation	1991/1996	13,924	476	480	0
2018	3/15/2018	601 & 701 Experian Pkwy.	Allen	TX	—	Experian Information Solutions, Inc. (Experian North America)	1981/1983	292,700	3,072	3,712	0
	8/31/2018	3500 North Loop Rd.	McDonough	GA	—	Litton Loan Servicing, L.P.	2007	62,218	1,120	1,120	0
	9/30/2018	904 Industrial Rd.	Marshall	MI	—	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)	1968/1972	246,508	764	820	925
2019	1/31/2019	2999 Southwest 6th St.	Redmond	OR	—	VoiceStream PCS I, LLC (T-Mobile USA, Inc.)	2004	77,484	1,436	1,572	0
	6/28/2019	3265 East Goldstone Dr.	Meridian	ID	(6)	VoiceStream PCS Holding, LLC  (T-Mobile USA, Inc.)	2004	77,484	1,240	1,364	0
	10/31/2019	17191 St. Luke's Way	The Woodlands	TX	—	Montgomery County Management Company, LLC	2004	41,000	772	1,136	0
		9601 Renner Blvd.	Lenexa	KS	(6)	VoiceStream PCS II Corporation (T-Mobile USA, Inc.)	2004	77,484	1,260	1,392	0

Page 22 of 42

LEXINGTON REALTY TRUST

Property Leases and Vacancies -  Net Lease Strategic Assets Fund Portfolio - 12/31/08

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)	Annualized Cash Rent ($000) (2)	Annualized GAAP Rent ($000) (3)	Fixed Rent at Next Option ($000) (4)
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.	1986	132,981	1,256	1,416	0
	8/31/2020	First Park Dr.	Oakland	ME	(6)	Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)	2005	78,610	1,256	1,148	0
	11/30/2020	11555 University Blvd.	Sugar Land	TX	—	KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)	2005	72,683	1,116	1,252	0
2021	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana Commercial Vehicle Products, LLC (Dana Limited)	1999/2004	150,945	1,844	1,932	0
2025	7/14/2025	590 Ecology Ln.	Chester	SC	—	Owens Corning, Inc.	2001/2005	420,597	2,184	2,168	1,678
2026	8/31/2026	25500 State Hwy. 249	Tomball	TX	—	Parkway Chevrolet, Inc. (R. Durdin, J. Durdin)	2005	77,076	1,276	1,508	0
2027	4/30/2027	2424 Alpine Rd.	Eau Claire	WI	(6)	Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.)	1993/2004	159,000	932	1,172	0
	NET LEASE STRATEGIC ASSETS FUND TOTAL/WEIGHTED AVERAGE					100.0% Leased		6,104,205	47,840	55,052

Footnotes

(1) Square foot leased or vacant includes those tenants with month-to-month leases.

(2) Calculated by annualizing the three months ended 12/31/08 cash rent.

(3) Calculated by annualizing the three months ended 12/31/08 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) Lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%.

(6) Greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%.

Page 23 of 42

LEXINGTON REALTY TRUST

2009 Mortgage Maturities by Property Type

12/31/2008

	Property Location	City	State	Net Rentable  Area		Mortgage Balance at  Maturity ($000)		Maturity Date		Original Gross  Book Value  ($000) (3)		Annualized  Cash Rent  ($000) (1)		Annualized  GAAP Rent  ($000) (2)
Office	1500 Hughes Way	Long Beach	CA		490,054	$	-		01/2009	$	112,383	$	16,988	$	10,040
	15375 Memorial Dr.	Houston	TX		349,674	$	18,229		10/2009	$	45,792	$	3,600	$	4,252
	180 Rittenhouse Cir. (4)	Bristol	PA		96,000	$	5,228		04/2009	$	8,782	$	1,032	$	1,100
	255 California St.	San Francisco	CA		169,927	$	20,000		12/2009	$	53,772	$	4,112	$	4,460
	295 Chipeta Way	Salt Lake City	UT		295,000	$	-		10/2009	$	55,404	$	6,320	$	6,320
	5724 West Las Positas Blvd.	Pleasanton	CA		40,914	$	3,808		12/2009	$	6,544	$	828	$	680
Industrial	1133 Poplar Creek Rd.	Henderson	NC		196,946	$	3,854		05/2009	$	7,442	$	824	$	808
	1665 Hughes Way	Long Beach	CA		200,541	$	-		01/2009	$	18,419	$	2,984	$	1,680
	250 Swathmore Ave.	High Point	NC		244,851	$	7,741		10/2009	$	13,248	$	1,064	$	1,088
	7150 Exchequer Dr. (5)	Baton Rouge	LA		79,086	$	1,478		03/2009	$	4,001	$	460	$	440
Retail	35400 Cowan Rd.	Westland	MI		101,402	$	-		09/2009	$	7,221	$	752	$	752
	4733 Hills & Dales Rd.	Canton	OH		37,214	$	-		02/2009	$	4,422	$	448	$	400
	Total 2009 Mortgage Maturities				2,301,609	$	60,338			$	337,430	$	39,412	$	32,020

Footnotes

(1) Calculated by annualizing the three months ended 12/31/2008 cash rent.

(2) Calculated by annualizing the three months ended 12/31/2008 GAAP rent.

(3) Represents original GAAP capitalized costs.

(4) Property sold subsequent to December 31, 2008 and mortgage satisfied.

(5) Neither the lender nor Lexington, elected to call/put debt at 3/1/09. Earliest call/put date is currently 6/1/09.

Page 24 of 42

LEXINGTON REALTY TRUST

2008 Fourth Quarter Disposition Summary

	DISPOSITIONS - LEASED PROPERTIES
	Tenants/Guarantors	Location		Property Type	Gross Sale Price ($000)		Gain (Impairment) Recognized ($000)			Cash Cap Rate			Month of Disposition
1	GFS Realty, Inc. (Giant Food, Inc.)	Rockville	MD	Retail	$	1,475	$	899			7.8	%	Oct
2	Bank of America	Elizabeth	NJ	Office	$	4,850	$	(236	)		7.6	%	Nov
3	Bank of America	Plainsboro	NJ	Office	$	850	$	267			8.2	%	Dec
4	Safeway Stores, Inc. - 9 Properties (1)	Various	Various	Retail	$	23,650	$	(2,248	)		9.2	%	Dec
5	Multi-Tenant	Evanston	WY	Office	$	430	$	(2,487	)		6.7	%	Dec
13	TOTAL DISPOSITIONS				$	31,255	$	(3,805	)		8.8	%
	DISPOSITIONS - VACANT
	Tenants/Guarantors	Location		Property Type	Gross Sale Price ($000)		Gain (Impairment) Recognized ($000)				Month of  Disposition
1	Vacant	Littleton	CO	Retail	$	815	$	-			Dec
2	Vacant	Cheyenne	WY	Retail	$	700	$	(2,193	)		Dec
3	Vacant	Farmington Hills	MI	Office	$	6,000	$	(754	)		Dec
4	Vacant (2)	Auburn Hills	MI	Industrial	$	-	$	(4,488	)		Dec
5	N/M (3)	Bedford	TX	Office	$	10,700	$	(356	)		Dec
5	TOTAL DISPOSITIONS - VACANT				$	18,215	$	(7,791	)
18	TOTAL DISPOSITIONS AND DISPOSITIONS - VACANT				$	49,470	$	(11,596	)

Footnotes

(1) Cash cap rate based upon applicable step down renewal rents effective 4/1/09.

(2) Property transferred to lender to satisfy mortgage.

(3) Property was approximately 30% leased at sale date.

Page 25 of 42

LEXINGTON REALTY TRUST

2008 Fourth Quarter Investment Summary

	INVESTMENTS - FEE POSITIONS
	Tenants/Guarantors	Location		Property Type	Basis ($000)
1	BI-LO, LLC - Ground Parcel	Chattanooga	TN	Retail	$	31
2	BJC Health System - Ground Parcel	Bridgeton	MO	Office	$	886
3	Safeway Stores, Inc. - Ground Parcel	Garland	TX	Retail	$	177
4	Safeway Stores, Inc. - Ground Parcel	Granbury	TX	Retail	$	177
5	The Kroger Company - Ground Parcel	Florence	AL	Retail	$	103
5	TOTAL INVESTMENTS				$	1,374

Page 26 of 42

LEXINGTON REALTY TRUST

2008 Fourth Quarter Leasing Summary

	NEW LEASES
	Tenants/Guarantors	Location		Property  Type	Lease  Expiration  Date	Sq. Ft.		New Cash  Rent Per  Annum  ($000)		New GAAP  Rent Per  Annum  ($000)
1	Brown Mackie College-Phoenix, Inc.	Phoenix	AZ	Office	09/2019		24,834	$	545	$	564
2	Fabulous Sites, Inc.	Decatur	GA	Office	01/2012		2,191	$	44	$	44
3	Jacobs Engineering Group, Inc. (1)	Long Beach	CA	Office	03/2019		83,919	$	1,813	$	1,813
4	Song Suk Yu	Honolulu	HI	Office	09/2012		309	$	6	$	6
5	Golden Pass LNG Terminal, LLC	Beaumont	TX	Office	06/2009		7,988	$	80	$	80
6	Robert C. Schwartz, Jr., M.D., P.A.	Dallas	TX	Office	12/2013		646	$	10	$	10
6	TOTAL NEW LEASES						119,887	$	2,498	$	2,517

	LEASE EXTENSIONS
	Tenants/Guarantors	Location		Property  Type	Lease  Expiration  Date		Sq. Ft.		New Cash  Rent Per  Annum  ($000)		Prior Cash  Rent Per  Annum  ($000)		New GAAP  Rent Per  Annum  ($000)		Prior  GAAP Rent  Per Annum  ($000)
1	Bank of America, N. A.	Atlanta	GA	Retail		12/2014		6,260	$	112	$	112	$	112	$	97
2	Bank of America, N. A.	Atlanta	GA	Retail		12/2014		3,900	$	78	$	78	$	78	$	87
3	Bank of America, N. A.	Chamblee	GA	Retail		12/2014		4,565	$	88	$	88	$	88	$	74
4	Bank of America, N. A.	Cumming	GA	Retail		12/2014		14,208	$	198	$	198	$	198	$	286
5	Bank of America, N. A.	Forest Park	GA	Retail		12/2014		14,859	$	199	$	199	$	199	$	187
6	Bank of America, N. A.	Jonesboro	GA	Retail		12/2014		4,894	$	77	$	77	$	77	$	63
7	Bank of America, N. A.	Stone Mountain	GA	Retail		12/2014		5,704	$	95	$	95	$	95	$	89
8	Blue Cross Blue Shield of South Carolina, Inc. (2)	Columbia	SC	Office		09/2010		456,304	$	7,377	$	7,377	$	7,377	$	6,930
9	Bull HN Information Systems, Inc.	Phoenix	AZ	Office		10/2015		42,320	$	475	$	730	$	607	$	603
10	Experian Information Solutions, Inc. (Experian North America) (4)	Allen	TX	Office		03/2018		292,700	$	3,073	$	3,624	$	3,715	$	4,149
11	Fidelity National Bank	Decatur	GA	Office		12/2013		5,892	$	145	$	139	$	145	$	139
12	Kevin M. Connors, PSY. D., Inc.	Honolulu	HI	Office		11/2013		701	$	12	$	12	$	12	$	12
13	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)	Hampton	VA	Office		12/2014		100,632	$	1,207	$	1,368	$	1,203	$	1,302
14	Mark Clayton, d/b/a Clayton Insurance Agency	Dallas	TX	Office		02/2012		1,017	$	19	$	15	$	19	$	15
15	Modern Key Shop, Inc.	Honolulu	HI	Office		12/2011		1,117	$	29	$	30	$	29	$	30
16	Morgan & Woodling	Decatur	GA	Office		08/2013		1,078	$	24	$	24	$	24	$	24
17	Plastic Omnium Exteriors, LLC	Duncan	SC	Industrial		09/2018		221,833	$	958	$	901	$	958	$	901
18	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) (3)(4)	Marshall	MI	Industrial		10/2018		246,508	$	765	$	623	$	803	$	623
18	TOTAL LEASE EXTENSIONS							1,424,492	$	14,931	$	15,690	$	15,739	$	15,611
24	TOTAL NEW AND RENEWED LEASES							1,544,379	$	17,429	$	15,690	$	18,256	$	15,611

Footnotes

(1) Direct lease with current sub-tenant at property, effective 1/1/09.

(2) Joint venture property, Lexington owns 40% of joint venture.

(3) Expansion property.

(4) Held in NLS joint venture.

Page 27 of 42

LEXINGTON REALTY TRUST

2008 Fourth Quarter Debt Summary

	NEW FINANCING
	Tenants/Guarantors	Location		Property  Type		Amount  ($000)		Rate			Maturity
1	Harvard Vanguard Medical Assoc.	Boston	MA	Office		$	13,700		6.10	%		12/2018
1	TOTAL FINANCING					$	13,700		6.10	%
	DEBT RETIRED
	Debt			Face  ($000)		Payoff  ($000)		Rate			Due Date
1	Exchangeable Guaranteed Notes			$	88,500	$	60,520		5.45	%	01/2012
2	Term Loan			$	23,650	$	23,650		2.43	%	06/2009
3	Term Loan			$	5,351	$	5,351		5.52	%	03/2013
4	Florence, SC Mortgage - Balloon Payment			$	8,463	$	8,463		7.50	%	Matured
5	Auburn Hills, MI Mortgage (1)			$	6,516	$	-		7.01	%	Disposition
5	TOTAL RETIRED			$	132,480	$	97,984

Footnotes

(1) Property was transferred to lender to satisfy the mortgage.

Page 28 of 42

LEXINGTON REALTY TRUST

Lease Rollover Schedule by Property Type - Cash Basis

12/31/2008

	Office						Industrial						Retail
Year	Net Rentable Area		Cash Rental Revenue ($000)		Net Rent  PSF		Net Rentable Area		Cash Rental Revenue ($000)		Net Rent  PSF		Net Rentable Area		Cash Rental Revenue ($000)		Net Rent  PSF
2009		1,456,515	$	22,936	$	15.75		556,220	$	1,152	$	2.07		282,875	$	2,828	$	10.00
2010		1,039,184	$	18,804	$	18.09		1,460,468	$	3,992	$	2.73		82,930	$	316	$	3.81
2011		536,022	$	10,972	$	20.47		1,309,835	$	4,680	$	3.57		257,412	$	1,384	$	5.38
2012		1,522,357	$	22,160	$	14.56		2,450,703	$	8,452	$	3.45		279,417	$	2,168	$	7.76
2013		1,919,771	$	28,340	$	14.76		79,086	$	460	$	5.82		371,039	$	2,176	$	5.86
2014		2,369,405	$	42,135	$	17.78		882,292	$	2,208	$	2.50		85,147	$	1,252	$	14.70
2015		1,859,851	$	17,984	$	9.67		150,000	$	452	$	3.01		92,201	$	548	$	5.94
2016		667,239	$	9,912	$	14.86		1,296,650	$	5,764	$	4.45		-	$	-	$	-
2017		353,652	$	5,532	$	15.64		1,652,811	$	6,420	$	3.88		121,844	$	360	$	2.95
2018		1,302,746	$	23,720	$	18.21		994,283	$	2,304	$	2.32		830,439	$	7,380	$	8.89
2019		1,526,520	$	20,245	$	13.26		649,250	$	2,292	$	3.53		-	$	-	$	-
2020		186,865	$	2,928	$	15.67		1,116,000	$	9,632	$	8.63		-	$	-	$	-
2021		502,211	$	8,208	$	16.34		2,393,339	$	7,796	$	3.26		61,000	$	240	$	3.93
2022		52,337	$	1,532	$	29.27		-	$	-	$	-		-	$	-	$	-
2023		425,254	$	5,584	$	13.13		201,369	$	1,720	$	8.54		-	$	-	$	-
2024		-	$	-	$	-		-	$	-	$	-		-	$	-	$	-
2025		145,200	$	2,296	$	15.81		2,138,214	$	9,560	$	4.47		-	$	-	$	-
2026		-	$	-	$	-		646,000	$	1,940	$	3.00		-	$	-	$	-
2027		-	$	-	$	-		-	$	-	$	-		-	$	-	$	-
2028		-	$	-	$	-		-	$	-	$	-		136,840	$	1,004	$	7.34
Total/Weighted Average (1)		15,865,129	$	243,288	$	15.33		17,976,520	$	68,824	$	3.83		2,601,144	$	19,656	$	7.56

Footnotes

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

Page 29 of 42

LEXINGTON REALTY TRUST

Lease Rollover Schedule - GAAP Basis

12/31/2008

Year	Number of Leases Expiring		Total Annualized GAAP Base Rent ($000)		Percentage of Total Annualized GAAP Base Rent
2009		18	$	25,688		7.7	%
2010		14	$	23,016		6.9	%
2011		16	$	17,176		5.1	%
2012		28	$	32,380		9.7	%
2013		28	$	32,940		9.9	%
2014		28	$	43,820		13.1	%
2015		14	$	26,132		7.8	%
2016		12	$	15,492		4.6	%
2017		10	$	13,160		3.9	%
2018		21	$	30,604		9.2	%
2019		9	$	23,585		7.1	%
2020		6	$	8,136		2.4	%
2021		9	$	16,128		4.8	%
2022		1	$	1,620		0.5	%
2023		3	$	8,576		2.6	%
2024		-	$	-		0.0	%
2025		8	$	12,164		3.6	%
2026		1	$	2,164		0.6	%
2027		-	$	-		0.0	%
2028		2	$	1,024		0.3	%
Total (1)		228	$	333,805		100.0	%

Footnotes

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

Page 30 of 42

LEXINGTON REALTY TRUST

Joint Venture Investments - Proportionate Share

Three and Twelve Months Ended December 31, 2008

($000)

Joint Venture Operations- Real Estate	3 months		12 months
EBITDA	$	9,185	$	32,929
Interest expense	$	3,072	$	11,114

Joint Venture Operations- Debt Platform	3 months		12 months
EBITDA	$	6,972	$	32,661
Interest expense	$	3,935	$	17,466
Gain on debt repayment	$	1,453	$	7,802
Impairment charges and loan loss reserves	$	19,832	$	52,443

Page 31 of 42

LEXINGTON REALTY TRUST

Selected Balance Sheet Account Detail

As of December 31, 2008

($000)

Investments in and advances to non-consolidated entities	$	179,133
Lexington's "Investments in and advances to non-consolidated entities" line item includes investments in entities which invest in real estate debt securities and net leased properties. A summary is as follows:
Investment in debt platform	$	114,604
Investment in net lease partnerships		64,529
Other assets	$	37,919
The components of other assets are:
Deposits, including  forward equity commitment	$	11,380
Investments		15,460
Equipment		399
Prepaids		3,820
Other receivables		2,798
Other		4,062
Accounts payable and other liabilities	$	33,814
The components of accounts payable and other liabilities are:
Accounts payable and accrued expenses	$	13,266
CIP accruals and other		3,874
Taxes		1,077
Deferred lease costs		1,968
Subordinated notes		2,051
Deposits		1,608
Escrows		1,506
Transaction costs		1,409
Derivative liability		7,055

Page 32 of 42

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2008

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Long Beach, CA		$	5,472		6.250	%		01/2009	$	5,643	$	-
Long Beach, CA			2,027		6.160	%		01/2009		2,090		-
Canton, OH			64		9.490	%		02/2009		64		-
Baton Rouge, LA	(m)		1,487		7.375	%		03/2009		35		1,478
Bristol, PA	(l)		5,275		7.250	%		04/2009		190		5,228
Henderson, NC			3,887		7.390	%		05/2009		104		3,854
Westland, MI			490		10.500	%		09/2009		398		-
Houston, TX	(b)		18,861		5.810	%		10/2009		1,693		18,229
High Point, NC			7,928		5.750	%		10/2009		579		7,741
Salt Lake City, UT			2,096		7.610	%		10/2009		2,176		-
San Francisco, CA			21,197		3.893	%		12/2009		1,934		20,000
Pleasanton, CA			4,101		10.250	%		12/2009		666		3,808
Richmond, VA			15,522		8.100	%		02/2010		1,511		15,257
Fishers, IN	(b)		13,745		5.880	%		04/2010		1,499		12,960
Hampton, VA			6,891		8.270	%		04/2010		677		6,758
Hampton, VA			4,225		8.260	%		04/2010		415		4,144
Lorain, OH	(b)		1,222		5.540	%		07/2010		908		-
Manteca, CA	(b)		863		5.540	%		07/2010		642		-
Watertown, NY	(b)		812		5.540	%		07/2010		603		-
Lewisburg, WV	(b)		570		5.540	%		07/2010		424		-
San Diego, CA	(b)		550		5.540	%		07/2010		409		-
Galesburg, IL	(b)		485		5.540	%		07/2010		360		-
Tampa, FL			5,655		6.880	%		08/2010		485		5,495
Irving, TX	(b)		25,773		5.880	%		10/2010		2,432		24,454
Lake Mary, FL	(b)		12,722		5.880	%		10/2010		1,181		12,118
Lake Mary, FL	(b)		12,712		5.880	%		10/2010		1,178		12,082
Herndon, VA			17,809		8.180	%		12/2010		1,723		17,301
Parsippany, NJ	(b)		39,239		5.860	%		03/2011		3,472		37,047
Renswoude, NA			36,645		5.305	%		04/2011		2,785		34,735
Wallingford, CT			3,318		4.926	%		05/2011		221		3,187
Plymouth, MI			4,372		7.960	%		07/2011		421		4,171
Winchester, VA	(b)		10,374		5.860	%		08/2011		908		9,675
Louisville, CO			7,520		5.830	%		01/2012		544		7,195
New Kingston, PA			6,635		7.790	%		01/2012		678		6,116
Mechanicsburg, PA			4,897		7.780	%		01/2012		500		4,514
New Kingston, PA			3,161		7.780	%		01/2012		323		2,914
Milford, OH	(b)		15,375		5.860	%		02/2012		1,822		12,686
Lake Forest, CA			10,210		7.260	%		02/2012		901		9,708
Fort Worth, TX	(b)		18,755		5.392	%		05/2012		1,280		17,829
Memphis, TN			17,170		5.247	%		05/2012		1,181		16,222
Raleigh, NC	(b)		12,656		5.860	%		05/2012		647		12,543
Lakewood, CO			8,364		5.097	%		05/2012		566		7,890
Farmington Hills, MI	(b)		19,277		5.860	%		09/2012		1,500		17,724
Laurens, SC	(b)		15,844		5.870	%		09/2012		1,396		14,022
Temperance, MI	(b)		10,621		5.870	%		09/2012		936		9,400
Baton Rouge, LA	(b)		6,366		5.520	%		10/2012		443		5,948
San Antonio, TX			28,210		6.080	%		10/2012		2,260		26,025
Plymouth, MI	(b)		11,519		5.860	%		12/2012		1,026		10,026

Page 33 of 42

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2008

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Colorado Springs, CO	(b)		11,182		5.870	%		12/2012		887		10,272
Fort Mill, SC			10,725		6.000	%		01/2013		839		9,904
Centennial, CO	(b)		15,013		5.550	%		02/2013		1,177		13,555
Los Angeles, CA	(b)		77,326		5.860	%		05/2013		5,361		73,071
Atlanta, GA			43,629		5.268	%		05/2013		3,004		40,356
Dallas, TX	(b)		39,100		5.550	%		05/2013		2,702		36,467
Houston, TX			17,005		5.218	%		05/2013		1,166		15,737
Southington, CT			13,248		5.018	%		05/2013		890		12,228
Indianapolis, IN			9,277		5.168	%		05/2013		633		8,580
Fort Meyers, FL			8,912		5.268	%		05/2013		476		8,550
Phoenix, AZ			18,449		6.270	%		09/2013		1,527		16,490
Foxboro, MA	(b)		16,120		6.000	%		01/2014		3,270		-
Moody, AL			7,111		4.978	%		01/2014		493		6,350
Logan Township, NJ	(b)		7,246		5.870	%		04/2014		482		6,781
Clive, IA			5,697		5.139	%		05/2014		387		5,151
Fort Mill, SC			19,973		5.373	%		05/2014		1,364		18,311
Philadelphia, PA			48,040		5.060	%		07/2014		3,178		43,547
Eau Claire, WI			1,406		8.000	%		07/2014		313		-
3 Properties	(i)		103,511		6.150	%		09/2014		6,366		103,511
Issaquah, WA	(b)		31,729		5.890	%		12/2014		1,663		30,388
Canonsburg, PA	(b)		9,073		5.550	%		12/2014		489		9,095
Chicago, IL	(b)		29,085		5.870	%		01/2015		1,548		29,900
Carrollton, TX			13,693		5.530	%		01/2015		993		12,022
Herndon, VA	(b)		11,751		5.870	%		04/2015		888		10,359
Richmond, VA	(b)		19,522		5.510	%		05/2015		1,026		18,292
Houston, TX			16,340		5.160	%		05/2015		1,114		14,408
Rockaway, NJ			14,900		5.292	%		05/2015		799		14,900
Houston, TX			12,762		5.210	%		05/2015		874		11,265
Fishers, IN			12,688		5.160	%		05/2015		865		11,188
San Antonio, TX			12,598		5.340	%		05/2015		875		11,149
Atlanta, GA			11,325		5.260	%		05/2015		604		10,502
Los Angeles, CA			11,064		5.110	%		05/2015		750		9,760
Richmond, VA			10,222		5.310	%		05/2015		708		9,055
Harrisburg, PA			8,832		5.110	%		05/2015		599		7,780
Knoxville, TN			7,525		5.310	%		05/2015		520		6,658
Tulsa, OK			7,394		5.060	%		05/2015		499		6,517
Carrollton, TX	(b)		20,305		5.870	%		07/2015		1,382		18,677
Elizabethtown, KY			15,463		4.990	%		07/2015		1,050		13,468
Hopkinsville, KY			9,063		4.990	%		07/2015		615		7,894
Dry Ridge, KY			6,701		4.990	%		07/2015		455		5,861
Owensboro, KY			5,967		4.990	%		07/2015		405		5,197
Elizabethtown, KY			2,917		4.990	%		07/2015		198		2,541
Houston, TX	(b)		56,740		6.250	%		09/2015		8,159		18,318
Sugar Land, TX	(b)		14,677		6.250	%		09/2015		2,083		6,286
Danville, IL			6,030		9.000	%		01/2016		692		4,578
Bridgewater, NJ			14,805		5.732	%		03/2016		860		13,825
Omaha, NE			8,680		5.610	%		04/2016		621		7,560
Tempe, AZ			8,198		5.610	%		04/2016		586		7,140
Lisle, IL			10,390		6.500	%		06/2016		793		9,377

Page 34 of 42

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2008

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Dallas, TX	(b)		18,544		5.870	%		07/2016		1,136		18,365
Rochester, NY			18,734		6.210	%		08/2016		1,383		16,765
Statesville, NC			14,051		6.210	%		08/2016		1,037		12,574
Rockford, IL			6,876		6.210	%		08/2016		508		6,153
Glenwillow, OH			16,939		6.130	%		09/2016		1,240		15,132
Memphis, TN			3,951		5.710	%		01/2017		275		3,484
Orlando, FL			9,975		5.722	%		02/2017		579		9,309
Coppell, TX			14,400		5.710	%		06/2017		834		14,400
Dubuque, IA			10,442		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)		1,271		7.750	%		07/2018		108		-
Manteca, CA	(b)		898		7.750	%		07/2018		77		-
Watertown, NY	(b)		844		7.750	%		07/2018		72		-
Lewisburg, WV	(b)		593		7.750	%		07/2018		51		-
San Diego, CA	(b)		572		7.750	%		07/2018		49		-
Galesburg, IL	(b)		504		7.750	%		07/2018		43		-
Boston, MA			13,700		6.100	%		12/2018		996		11,520
Overland Park, KS	(b)		37,477		5.911	%		05/2019		2,470		31,819
Kansas City, MO	(b)		17,880		5.900	%		05/2019		1,179		15,182
Streetsboro, OH	(b)		19,428		5.900	%		09/2019		1,344		16,338
Boca Raton, FL			20,400		6.470	%		02/2020		1,338		18,383
Wall Township, NJ	(b)		28,891		6.250	%		01/2021		2,588		-
Hilliard, OH			28,960		5.907	%		02/2021		1,734		27,483
Charleston, SC			7,350		5.850	%		02/2021		436		6,632
Durham, NH	(b)		19,261		6.750	%		03/2021		1,683		-
Antioch, TN	(b)		14,123		5.630	%		10/2021		1,580		774
Whippany, NJ			16,341		6.298	%		11/2021		1,344		10,400
Dillon, SC			22,501		5.974	%		02/2022		1,832		13,269
Subtotal/Wtg. Avg./Years Remaining (k)			1,783,284		5.871	%		5.8		150,227		1,510,663

Page 35 of 42

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2008

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Corporate
Credit Facility	(c)		25,000		1.970	%		06/2009		250		25,000
Term Loan	(f)		174,280		2.430	%		06/2009		1,776		174,280
Exchangeable Notes	(e)		211,000		5.450	%		01/2012		11,500		211,000
Term Loan	(h)(j)		35,723		5.520	%		03/2013		1,999		35,723
Term Loan	(h)(j)		25,000		5.520	%		03/2013		1,399		25,000
Trust Preferred Notes	(g)		129,120		6.804	%		04/2037		8,785		129,120
Subtotal/Wtg. Avg./Years Remaining (k)			600,123		4.726	%		7.7		25,709		600,123
Total/Wtg. Avg./Years Remaining (k)		$	2,383,407		5.583	%		6.3	$	175,936	$	2,110,786

Footnotes

(a)  Subtotal and total based on weighted average term to maturity shown in years based on debt balance.

(b)  Debt balances based upon imputed interest rates.

(c)  Floating rate debt 30/60/90 day LIBOR plus 120 to 170 bps.

Subsequent to December 31, 2008 this loan has been refinanced and now matures 2/13/11 and has a stated interest rate at LIBOR plus 285 bps.

(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. Notes mature in 2027.

(f)  Floating rate debt 30 day LIBOR plus 60 bps; maturity can be extended by Company to December 2009.

Subsequent to December 31, 2008 this loan has been refinanced and now matures 2/13/11 and has a stated interest rate at LIBOR plus 285 bps.

(g)  Rate fixed through April 2017, thereafter LIBOR plus 170 bps.

(h)  Rate is swapped to fixed rate through maturity.

(i)  Debt on three cross-collateralized properties located in Nevada, Indiana, and Tennessee.

(j)  Represents full payable of loans, discount of $4,158 excluded from balance.

(k)  Total shown may differ from detailed amounts due to rounding.

(l)  Classified as held for sale, property sold in 1Q 2009 and mortgage satisfied.

(m)  Mortgage call date was 3/1/09. Lender did not call and earliest call date is currently 6/1/09.

Page 36 of 42

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

12/31/2008

Joint Venture	Footnotes	Debt Balance ($000)		LXP Proportionate Share ($000) (10)		Interest Rate (%)			Maturity		Current Estimated Annual Debt Service ($000) (9)		Balloon Payment ($000)		Proportionate Share Balloon Payment ($000)
Net Lease Strategic		$	10,286	$	4,922		7.800	%		04/2009	$	331	$	10,239	$	4,899
Dallas Commerce			4,652		1,205		6.680	%		06/2009		4,807		-		-
BCBS LLC			22,874		9,150		7.850	%		10/2009		1,830		22,586		9,034
Net Lease Strategic			7,822		3,743		6.930	%		08/2010		674		7,603		3,638
Harpard			1,067		290		9.875	%		01/2011		569		-		-
Net Lease Strategic			2,197		1,051		7.500	%		01/2011		226		2,076		993
Net Lease Strategic			13,879		6,641		7.400	%		04/2011		1,258		13,365		6,395
Net Lease Strategic			30,582		14,633		5.126	%		05/2011		1,589		30,582		14,633
Taber			688		187		10.125	%		06/2011		313		-		-
Jayal			1,007		299		11.500	%		03/2012		365		-		-
Net Lease Strategic			22,761		10,891		5.147	%		05/2012		1,188		22,153		10,600
Net Lease Strategic			11,605		5,553		7.670	%		01/2013		2,817		-		-
Net Lease Strategic			13,135		6,285		5.148	%		05/2013		894		12,144		5,811
Net Lease Strategic			4,937		2,362		5.950	%		09/2013		381		4,496		2,151
Net Lease Strategic			20,582		9,848		5.810	%		02/2014		1,551		18,588		8,894
Net Lease Strategic			9,453		4,523		5.616	%		04/2014		697		8,484		4,060
Net Lease Strategic			1,308		626		8.500	%		04/2015		271		-		-
Net Lease Strategic			16,996		8,133		5.411	%		05/2015		1,189		15,087		7,219
Net Lease Strategic - Oklahoma TIC			14,749		2,823		5.240	%		05/2015		784		13,673		2,617
Net Lease Strategic			12,635		6,046		5.212	%		06/2015		836		11,349		5,430
Net Lease Strategic			6,155		2,945		5.783	%		06/2015		462		5,371		2,570
Net Lease Strategic			21,545		10,309		8.036	%		09/2015		3,352		6,925		3,314
Net Lease Strategic			6,121		2,929		8.036	%		09/2015		925		2,203		1,054
Net Lease Strategic			8,628		4,128		6.090	%		01/2016		668		7,446		3,563
Net Lease Strategic			6,377		3,051		6.090	%		04/2016		494		5,465		2,615
Net Lease Strategic			6,503		3,112		6.315	%		09/2016		497		5,723		2,738
One Summit			18,462		5,539		9.375	%		10/2016		3,344		-		-
Net Lease Strategic			9,188		4,396		6.063	%		11/2016		683		8,023		3,839
One Summit			11,953		3,586		10.625	%		11/2016		2,239		-		-

Page 37 of 42

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

12/31/2008

Joint Venture	Footnotes	Debt Balance ($000)		LXP Proportionate Share ($000) (10)		Interest Rate (%)			Maturity		Current Estimated Annual Debt Service ($000) (9)		Balloon Payment ($000)		Proportionate Share Balloon Payment ($000)
Net Lease Strategic			9,100		4,354		5.910	%		10/2018		728		6,624		3,170
Dallas Commerce			12,512		3,241		15.000	%		12/2018		2,455		-		-
Net Lease Strategic			9,877		4,726		6.010	%		08/2019		753		7,658		3,664
Net Lease Strategic			7,500		3,589		6.507	%		11/2019		495		6,692		3,202
Net Lease Strategic			9,964		4,768		6.270	%		12/2019		774		7,755		3,711
Net Lease Strategic			10,079		4,823		5.930	%		10/2020		750		7,660		3,665
Net Lease Strategic			9,508		4,573		5.460	%		12/2020		741		5,895		2,821
Net Lease Strategic			9,595		4,591		5.640	%		01/2021		692		7,018		3,358
Net Lease Strategic			12,578		6,019		5.380	%		08/2025		1,144		362		173
Subtotal/Wtg. Avg. (4)/Years Remaining (5)		$	408,860	$	179,891		6.554	%		6.2	$	43,766	$	283,245	$	129,834

Page 38 of 42

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

12/31/2008

Joint Venture	Footnotes	Debt Balance ($000)		LXP Proportionate Share ($000) (10)		Interest Rate (%)			Maturity		Current Estimated Annual Debt Service ($000) (9)		Balloon Payment ($000)		Proportionate Share Balloon Payment ($000)
Corporate
Concord	(3)(7)		15,000		7,500		1.471	%		03/2009		224		15,000		7,500
Concord	(3)		21,516		10,758		1.501	%		12/2009		327		21,516		10,758
Concord	(6)(8)		80,000		40,000		2.715	%		03/2010		2,202		80,000		40,000
Concord	(1)		144,475		72,238		1.489	%		03/2011		2,181		144,475		72,238
Concord	(3)		59,613		29,807		2.040	%		12/2012		1,233		59,613		29,807
Concord	(2)		347,525		173,762		3.700	%		12/2016		13,037		347,525		173,762
Subtotal/Wtg. Avg. (4)/Years Remaining (5)		$	668,129	$	334,065		2.835	%		5.1	$	19,204	$	668,129	$	334,065
Total/Wtg. Avg. (4)/Years Remaining (5)		$	1,076,989	$	513,956		4.137	%		5.5	$	62,970	$	951,374	$	463,899

Footnotes

(1)  Represents amount outstanding on $150.0 million repurchase agreement, variable rate.

(2)  Collateralized debt obligation of investment grade-rated debt secured directly or indirectly by real estate assets.

(3)  Represents amount outstanding on term loans.

(4)  Weighted average interest rate based on proportionate share.

(5)  Weighted average years remaining on maturities based on proportionate debt balance.

(6)  Maturity date can be extended to 03/2011 if certain criteria are met.

(7)  Maturity date can be extended to 03/2012 if certain criteria are met.

(8)  Represents amount outstanding on $100.0 million repurchase agreement, variable rate.

(9)  Amounts represent estimated 12 months debt service regardless of maturity date for corporate level debt.

(10)  Total balance shown may differ from detailed amounts due to rounding.

Page 39 of 42

LEXINGTON REALTY TRUST

Mortgage Maturity Schedule

12/31/2008

($000)

Consolidated Properties
Year	Scheduled Amortization		Balloon Payments			Balloon Weighted Average Interest Rate (%)
2009	$	45,846	$	60,338	(1)		6.25	%
2010		34,583		110,568			8.04
2011		31,086		88,814			6.49
2012		31,124		191,035	(2)		6.02
2013		27,084		234,938	(3)		5.41
	$	169,723	$	685,693			6.22	%

Joint Venture Investments - LXP Proportionate Share
Year	Scheduled Amortization		Balloon Payments		Balloon Weighted Average Interest Rate (%)
2009	$	2,454	$	32,191		4.20	%
2010		1,387		43,638		3.10
2011		1,346		94,259		2.50
2012		1,364		40,407		2.90
2013		1,482		7,962		5.40
	$	8,033	$	218,457		3.05	%

Footnotes

(1) Excludes corporate level debt of (i) $174,280, variable rate 2.43%  and (ii) $25,000, variable rate debt at 1.97%.

Subsequent to December 31, 2008, the coprorate level debt has been refinanced at LIBOR plus 2.85% and matures in 2011, with a Company option to extend to 2012.

(2) Excludes corporate level debt of $211,000, fixed rate of 5.45%.

(3) Excludes corporate level debt of $60,723, fixed rate of 5.52%.

Page 40 of 42

LEXINGTON REALTY TRUST

Base Rent Estimates for Current Assets

12/31/2008

($000)

Year	Cash		GAAP
2009	$	338,944	$	343,891
2010		308,485		311,373
2011		295,025		298,314
2012		268,679		269,317
2013		233,323		233,026

Amounts assume all below market leases are renewed by the tenants at the option rate and no new or renegotiated leases are entered into for any other property.

Page 41 of 42

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

Cantor Fitzgerald		Keefe, Bruyette & Woods
Matthew Thorp	(312) 469-7484	Sheila K. McGrath	(212) 887-7793
Friedman, Billings, Ramsey		Barclays Capital
Gabe Poggi	(703) 469-1141	Ross L. Smotrich	(212)526-2306
Merrill Ross	(703) 312-9769
		Raymond James & Assoc.
J.P. Morgan Chase		Paul Puryear	(727) 567-2253
Joseph Dazio, CFA	(212) 622-6416
Michael W. Mueller, CFA	(212) 622-6689	Stifel Nicolaus
Anthony Paolone, CFA	(212) 622-6682	John W. Guinee	(443) 224-1307
Gregory P. Stuart	(212) 622-5390

Page 42 of 42

EX-99.2

Conference Call Transcript

LXP - - Q4 2008 Lexington Realty Trust Earnings Conference Call

Event Date/Time: Feb. 25. 2009 / 11:00AM ET

CORPORATE PARTICIPANTS

 Lisa Soares

 Lexington Realty Trust - IR

 Will Eglin

 Lexington Realty Trust - President, CEO, COO

 Pat Carroll

 Lexington Realty Trust - EVP, CFO, Treasurer

 Natasha Roberts

 Lexington Realty Trust - EVP, Director of Real Estate

CONFERENCE CALL PARTICIPANTS

 Sheila McGrath

 Keefe, Bruyette & Woods - Analyst

 John Guinee

 Stifel, Nicolaus & Co. Inc. - Analyst

 Jeff Miller

 JMG Capital Management - Analyst

 Anthony Paolone

 JPMorgan - - Analyst

 Jay Hatfield

 Infrastructure Capital Group - Analyst

 Charles Fisher

 LS Partners - Analyst

 PRESENTATION

Operator

Greetings and welcome to the Lexington Realty Trust fourth-quarter 2008 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions). As a reminder this conference is being recorded. It is now my pleasure to introduce your host, Ms. Lisa Soares, Investor Relations for Lexington Realty Trust.

Lisa Soares - 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 that most directly compare with GAAP measure in accordance with Regulation G requirements.

© 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

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 in the same section.

At this time, management would like me 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 expectations requested in any forward-looking statements are based on a reasonable assumption, Lexington can give no assurance (multiple speakers) attained.

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.

With us today from management are Will Eglin, CEO and President; Robert Roskind, Chairman; Pat Carroll, Chief Financial Officer; Natasha Roberts, Executive Vice President and Director of Real Estate; and other members of management. I would like to turn the call over to Will for his opening remarks.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

Welcome to all of you. Thank you for listening in to our fourth-quarter conference call. We are pleased to have delivered strong results in our real estate portfolio for the fourth quarter of 2008, as we continue to execute well on our opportunities to deleverage the balance sheet, improve liquidity, and address debt maturities.

For the quarter, our reported funds from operations were $0.37 per share, after a net $0.01 per share impairment and a $0.02 per share non-cash charge relating to a forward equity commitment. Adjusted for these and other onetime items during the year, our funds from operations per share were $1.57 in 2008. This is inside our guidance range.

We've made great progress with respect to our overall leverage. We deleveraged our balance sheet throughout 2008 and reduced debt, including our share of joint venture debt, by approximately $686 million, year over year.

From an investment standpoint, in the fourth quarter, we continued to stay focused on capitalizing on tumultuous conditions in the debt markets, by repurchasing 88.5 million face value of our 5.45% exchangeable notes at a 31.6% discount. We continue to see good opportunities to repurchase our own debt and subsequent to quarter end, we repurchased an additional 13 million of our exchangeable notes at a 34.2% discount and a yield to maturity of about 21.5%.

We plan to continue to take advantage of these market dislocations, which offer extremely high risk-adjusted returns with the added positive of reducing our leverage. This trend is likely to continue in 2009 and we view the repurchase of our debt at significant discounts as a great opportunity to create value for shareholders. And we expect to continue to use our financial resources to retire debt at attractive discounts going forward.

In addition, we continue to improve the Company's financial flexibility as we reduced our balance sheet leverage by $103 million during the quarter and ended the quarter with about $99 million of cash and restricted cash.

We also believe that, as part of our strategy to maximize value and reduce leverage, pursuing and executing well on property dispositions and related capital recycling is very important. To that end, during the fourth quarter, we completed 17 asset sales for $49.5 million at a cap rate of 4.3%. And these sales included several vacant properties.

We are currently marketing for sale about $400 million of properties in order to create additional liquidity to repurchase our debt at a discount, and have good visibility on about $85 million of dispositions at an average cap rate of about 8.2%. Given the returns available under current market conditions, we can earn substantially more by repurchasing our own debt than we can by holding onto these real estate assets.

We also improved our ability to retain capital and further pay down debt by reducing our annual dividend to a rate of $0.72 per share, thereby retaining about $63 million per annum. This new dividend level represents an FFO payout ratio of about 52%, based on the midpoint of our 2009 guidance.

© 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

On the leasing front, we had a highly successful quarter with 24 leases executed for 1.5 million square feet, and we have completed new leases or extended leases on 315,000 square feet in the first quarter of 2009.

As we mentioned last quarter, we have been and continue to be very focused on refinancing our 2009 debt maturities. As of September 30, 2008, these debt maturities, including our proportionate share of joint venture debt, had totaled $386.9 million and consisted of $68.8 million of consolidated mortgage debt, $197.9 million in a term loan scheduled to mature in June 2009, $13.9 million of joint venture obligations, and $106.3 million at the Concord level.

In February of 2009, we closed on a new term loan and revolving credit facility of $250 million with aggregate accordion capacity of additional $250 million. The new facility is secured by a borrowing base of assets consisting of interest in 72 properties.

As a result of this refinancing and other activities, our current 2009 maturities have been reduced by approximately $300 million to about $87.3 million, consisting primarily of $69 million of non-recourse property debt. And we are well into the process of addressing these remaining maturities.

In view of our cash, credit line capacity, accordion features contained in the new credit facilities, and ongoing property sales, we believe that we have made enormous progress in addressing the market's concern with respect to liquidity and near-term debt maturities.

Regarding our investment in Concord debt holdings, we have taken and are taking steps to manage down Concord's leverage and extend debt maturities. Overall, last year, Concord reduced its debt from $849 million to $668 million, all of which is non-recourse to Lexington.

After generating $14.4 million in funds from operations in 2008, net of impairments and debt gains, we are currently forecasting that our investment in Concord will generate about $8 million of funds from operations in 2009, a significant decrease from 2008 that reflects the highly challenging market conditions in the specialty finance area, debt markets in general, and the aforementioned deleveraging.

From an execution perspective, we remain highly focused on improving the efficiency of all of our operations and, during the fourth quarter, we ran the Company with the lowest level of general and administrative costs since 2006. We are targeting annual G&A costs of $25 million in 2009 and will continue to use every effort to operate our business as efficiently as possible.

Now I'll turn the call over to Pat, who will take you through our results in more detail.

Pat Carroll - Lexington Realty Trust - EVP, CFO, Treasurer

During the quarter, Lexington had gross revenues of $105.1 million, comprised primarily of lease rents and tenant reimbursements.

The decrease in rental revenue in fourth quarter '08, compared to fourth quarter '07, relates primarily to the sale of properties to the Inland joint venture in the fourth quarter of '07 and the first six months of 2008, and two lease terminations we received in the second quarter of 2008.

The reduction in interest expense of $11.2 million relates to the deleveraging of the balance sheet, particularly the repurchase of $239 million of the exchangeable notes and $70.9 million of the trust-preferred securities during 2008.

During the fourth quarter of 2008, debt satisfaction gains included in continuing operations were $26.6 million, and these relate primarily to satisfying a portion of our 5.45% exchangeable notes at a discount to the original principal.

The debt and preferred equity retirements we completed during 2008 are summarized as follows. On the exchangeable notes, we retired $239 million via a cash payment of $169.5 million and the issuance of $23.5 million worth of common shares. That was 1.6 million common shares at an average price of 14.5. That resulted in about a $46 million discount.

The trust-preferred securities, we retired $70.9 million via a cash payment of $44.6 million, which resulted in about a $26.3 million discount.

And we also repurchased some of our preferred C shares. We retired $24.4 million worth of them — that was about 502,000 preferred C shares — via cash payment of $7.5 million and the issuance of common shares valued at $11.2 million, which was 728,000 shares at an average price of $15.35. And this resulted in a $5.7 million discount.

© 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

When you summarize all three of the repurchases that we did, we retired $334.3 million of these securities via cash payment of $221.6 million and the issuance of $34.7 million in common shares, which equated to about 2.3 million common shares at an average price of $14.76. This resulted in a total discount of about $78 million.

The equity and loss of nonconsolidated entities in the fourth quarter was $20.1 million, which relates primarily to our share of the impairment charges recorded by Concord. During the fourth quarter, Concord recorded reserves of $22.9 million on its loan portfolio, which totaled — and was $31.1 million since inception in the loan portfolio, and $16.8 million on its bond portfolio, which was $84.7 million in total since inception. They also recorded a gain on CDO debt extinguishments of about $2.9 million.

As of December 31, 2008, the Concord loan portfolio has a book basis of about $894 million and the bond portfolio has a book basis of about $202 million. Both of these numbers are before any other reserves recorded by Concord.

Under GAAP, we are required to recognize revenue on a straight-line basis over the noncancelable lease term, with any periods covered by a bargain renewal option. In addition, the amortization of above and below market leases is included directly in the rental revenue numbers.

During the quarter, GAAP rents were in excess of cash rents by about $500,000. This also includes the effect of the above and below market leases.

We also have included, in the supplemental on page 41, our estimates of both cash and GAAP rents for 2009 through 2013.

Quarterly G&A decreased by about $5.6 million, compared to the same quarter of last year. That was due to personnel reductions and cost-containment initiatives.

During the fourth quarter of 2008, we entered into a forward equity commitment to purchase 3.5 million common shares, our common shares, at $5.60 per share, which have to be settled by October 2011. Although we can settle this obligation by issuing cash, common shares, or a combination of both, GAAP requires us to run through the P&L the impact of the change in the share price and the forward equity commitment price. Accordingly, in the fourth quarter, we took a $2.1 million charge.

Now turning to the balance sheet. We had $99.2 million of cash at quarter end, including cash classified as restricted. Restricted cash balances relate primarily to money held in escrow by mortgage lenders that can be used to fund capital expenditures and releasing costs.

At quarter end, we had about $2.4 billion of debt outstanding, which had a weighted average interest rate of 5.6% and a maturity of 6.3 years. Intangibles on the balance sheet are the allocation of the purchase price of properties related to in plays and above-market leases in customer relationships, in accordance with FAS 141.

In addition, we also have approximately $121 million in below-market lease liabilities. Included in the property held for sale line is one property that met the accounting definition as held for sale.

The significant components of other assets and other liabilities are included on page 32 of the supplement. During the quarter ended December 31, 2008, the Company capitalized about $1.8 million in lease costs, which were mainly commissions, and $4.5 million in capital expenditure cost of properties.

In 2009, we now have consolidated mortgage balloon maturities of $55.1 million outstanding. On page 24 of the supplement, we have detailed the mortgages maturing in 2009.

Now I would like for Natasha to discuss our leasing and expansion activities.

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

During the fourth quarter, we sold 17 properties for $49.5 million. Including the 47 properties that are held in joint ventures, our portfolio now totals approximately 48 million square feet, as of December 31, 2008.

At year end, we were approximately 94% leased and we expect to remain at or above 92% through 2009. This is a modest decrease from our prior expectation. That is reflective of the current economic environment.

© 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

Out of the 24 leases signed during the fourth quarter, six were new and accounted for about 120,000 square feet, and 18 were renewals or extensions, which accounted for about 1.4 million square feet.

We lost approximately 1.2 million square feet of occupancy due to lease expirations that were not renewed and bankruptcy rejections during the quarter. This includes the two Raytheon buildings in Long Beach that expired on December 31 and the building that was leased to Linens 'N Things in Logan Township, New Jersey, that was vacated due to the lease rejection in mid-December.

Credit underwriting is key for new leases, and the monitoring of the credit of the tenants in our portfolio is of great importance. Linens 'N Things, formerly our tenant, rejected our lease and vacated a 260,000-square-foot warehouse in December, which generated approximately $1.3 million of annual NOI.

Circuit City, which occupies a 288,000-square-foot office building, generated an approximately $2.9 million of NOI, has rejected our lease and we expect that building to be vacant at the end of February.

That being said, we currently do not have any other material delinquencies in the portfolio and we are pleased with how well credit quality is holding up in such a severe economic contraction.

Our credit watch list includes Bally's Total Fitness — they filed Chapter 11 but continue to pay rent, Kmart, and our automotive tenants, DaimlerChrysler, Tower Automotive, Dana, and Tenneco Automotive.

As of year end, we had 18 leases in our consolidated portfolio scheduled to expire in 2009, representing $25.6 million in GAAP revenues, and 14 leases scheduled to expire in 2010, representing $23 million in GAAP revenues. These amounts represent 7.7% and 6.9%, respectively, of our consolidated portfolio GAAP revenues as of December 31, 2008.

Increased competition to obtain and retain tenants in our current economic environment is reflected in our re-tenanting assumptions. Office TIs are ranging from zero to $20 per square foot for renewing tenants, and $25 to $40 per square foot for a new tenant. Industrial TIs range from zero to $2 per square foot for a renewing tenant, and $1.50 to $3.50 per square foot for a new tenant.

Free rent and moving allowances are being offered and in some markets, tenants are looking for the landlord to pay all relocation expenses.

Additionally, tenants are looking for greater flexibility as it relates to lease term and contraction provisions. Leasing commissions have ranged from zero to 4.5% for a renewing lease and 4.5% to 6.75% for a new lease, with additional incentives in the form of additional commission and cash bonuses.

We have budgeted $24 million in tenant improvement allowances and leasing costs for 2009, $33 million for 2010, and $20 million for 2011.

With regard to 100 Light Street, our renovation and redesign project is underway. The project includes improvements to the building's façade, roof, plaza, and HVAC system, including a chiller and a new cooling tower.

In addition, we have planned an upgrade of the building's lobby, new perimeter lighting, new elevator cabs, and the addition of landscaping to the plaza. The new 10-story parking garage is just about complete, with a scheduled opening of early April, and we have signed our first lease in the retail space.

We have yet to complete any new building leases, but we are in lease negotiations with an existing tenant for a 15,000-square-foot renewal. Assuming no additional leasing prior to the Legg Mason lease expiration in September 2009, the property will be 23% leased. We hope to bring building occupancy to 50% by this time next year.

Leasing activity has been slow in 2009, but we are continuing to get leases signed. Year to date, we have executed five new leases and two lease extensions totaling approximately 315,000 square feet, and we are in discussions for seven leases totaling 1.4 million square feet.

Nine leases are scheduled to expire in the first quarter of 2009 that will total approximately 515,000 square feet. Our lease with Harcourt on a 356,000-square-foot office building in Orlando, Florida, expires on March 31, 2009, and the tenant has given us notice that they intend to move. Their new building is under construction with an expected completion of June 2009. It is our expectation that they will need approximately three months of holdover in our building.

© 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

We have engaged a broker to market the property for either sale or lease. This building is located next to Sea World and near the Orlando Convention Center. It has good visibility from I-4 and the Beachline Expressway. We anticipate leasing the [eight]-story building to multiple tenants with an anchor tenant taking the top two or three floors with signage rights.

Market rents are $20 to $22 per square foot gross, and market TIs are $30 per square foot. We expect this to take us approximately 12 to 18 months to lease, and we will spend approximately $3.5 million to $5 million on upgrades to the building, including new bathrooms, a new chiller, and a new lobby.

Additional 2009 lease expirations are the FedEx building in Colorado Springs, 61,000 square feet in April of 2009; BP America, an office building, 327,000 square feet in September of 2009 — this building is currently being marketed for sale; and Macy's, 85,000 square feet scheduled to expire September 2009.

To provide some additional perspective in 2008, we have — in 2008, we had 2.9 million square feet come up for expiration, and in 2009, it will be 2.5 million square feet.

And now, I'll turn the call back over to Will.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

Again, I think it's important to note the success we're having in our capital recycling strategy. We did very well on our fourth quarter sales and debt repurchases and are continuing to make good progress on the property sale front.

Overall, we believe Lexington has the right strategy and is well positioned to capitalize on opportunities to lower our leverage, and we continue to do well in our leasing efforts, and our portfolio is well positioned and diversified.

This year, we expect to continue implementing our strategy to deleverage the balance sheet and create additional liquidity in the form of asset sales. The performance of our property portfolio continues to be very good in a tough market, but, unfortunately, a market that is clearly getting tougher.

We believe our valuation should improve as we continue to take steps to strengthen our balance sheet. We continue to make very good progress in reducing our debt, managing our refinancing needs, and maintaining adequate levels of liquidity, and to reiterate, over the last four months, we've taken actions to reduce our 2009 debt maturities by about $300 million to about $87 million today, and our new credit facilities have improved our financial flexibility.

Our current expectation on guidance is for funds from operations per share to be in the range of $1.35 to $1.42 in 2009, and this range does not include items that should be considered nonrecurring, such as lease termination revenue and gains on discharge of indebtedness.

Operator, that concludes our formal remarks and we'll turn it over to you to conduct the question-and-answer session.

QUESTION AND ANSWER

Operator

(Operator Instructions). Sheila McGrath, Keefe, Bruyette & Woods.

Sheila McGrath - Keefe, Bruyette & Woods - Analyst

Good morning. Your stock is trading at about two times FFO, as if there's a near-term risk either on the maturity side or a need for significant equity. I was just wondering if you could walk through, Will, what you view as your biggest near-term risks for Lexington, and your thoughts on any near-term equity capital requirements.

© 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

Will Eglin - Lexington Realty Trust - - President, CEO, COO

If you look at our cash plus our existing line capacity, and compare that to our maturities this year, we think we're in pretty good shape. The two big mortgages that we have in our balance sheet debt that are maturing in fourth quarter, one is 255 California Street and the other is the facility down in Houston that Natasha mentioned that we're marketing for sale.

Those numbers total $38 million, and both of those properties are being marketed for sale.

One, at 255 California Street, is a very well-located building in San Francisco that we expect there to be a decent market for. If we're unhappy with the prices that we get for those assets, we can either use line capacity to pay them off or perhaps restructure those loans with the existing lenders. So — I think in a relatively short period of time, we've really changed the outlook tremendously, just from the standpoint of working down in our 2009 maturities.

Sheila McGrath - Keefe, Bruyette & Woods - Analyst

And so, you don't have any needs for new equity issuance either, in your view.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

No, we don't. We really want to try to get through this period without tapping the equity markets. It's obviously good to know that there are other tools available to us to improve liquidity, but our focus has been on asset sales to try to create that liquidity.

Sheila McGrath - Keefe, Bruyette & Woods - Analyst

If you could give us some information on what you expect the convert non-cash adjustment to be to interest expense, or did you go over that?

Pat Carroll - Lexington Realty Trust - EVP, CFO, Treasurer

No. We estimated, for 2009, the impact will be about $2 million as an increase in interest expense, which isn't a cash payment.

Sheila McGrath - Keefe, Bruyette & Woods - Analyst

Okay. And last question. On the guidance, that one adjustment that impacted for the securities, that — an adjustment is not in your guidance for that, is there?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

That is correct.

Sheila McGrath - Keefe, Bruyette & Woods - Analyst

Okay. Thank you.

Operator

John Guinee, Stifel, Nicolaus & Co. Inc..

© 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

Aaron and I are here having a beer. John Guinness, here. I think it's Pat, maybe it's Will. You guys have done a remarkable job of having your gains on debt extinguishment match your impairment charges and losses associated with asset sales. Do you expect that to continue in 2009?

Pat Carroll - Lexington Realty Trust - EVP, CFO, Treasurer

No, I don't see how they are correlated.

I don't think that they would move in lockstep with each other, no.

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

Second, where do you think you'll be at the end of 2009 for Concord? Right now, it's got — looks to me like a book value of about $450 million, and your pro rata share of the debt is maybe $330 million.

Pat Carroll - Lexington Realty Trust - EVP, CFO, Treasurer

Right. Our investment at year end is $114 million, that's right.

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

And what total write-downs have you taken so far?

Pat Carroll - Lexington Realty Trust - EVP, CFO, Treasurer

Since inception, we have — Concord has taken $31.1 million on its loans and $84.7 million on its bonds, so that — we're 50% of that.

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

Nice job, thanks.

Operator

Jeff Miller, JMG Capital Management.

Jeff Miller - JMG Capital Management - Analyst

Thanks. I didn't see it in the supplemental — can you walk through where you are regarding any new covenants and ratio requirements that you have, given the new term loan that you just did? (multiple speakers)

Will Eglin - Lexington Realty Trust - - President, CEO, COO

The covenants are almost identical to the current one, the one that just — we refinanced out of. In certain instances, they were actually a little bit better for us. But we are well within the covenant guidelines in our loan docs.

Jeff Miller - JMG Capital Management - Analyst

So you don't see any pressure going through the end of '09, and then, how about into 2010?

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

Will Eglin - Lexington Realty Trust - - President, CEO, COO

No, we don't.

Jeff Miller - JMG Capital Management - Analyst

Thank you.

Operator

Anthony Paolone, JPMorgan.

Anthony Paolone - JPMorgan - Analyst

Thank you. Natasha, I think you mentioned occupancy for '09 projected to end at about 92% and I think your year end was 93.3%. And you'd mentioned Harcourt potentially going out. I'm just trying to get a sense as to how much speculative leasing do you need to get done to hit the 92, given what you know about tenants that are probably not sticking around.

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

Harcourt, I assume, is empty through year end, so that's a vacant building. The other big one is [the fans] real estate trust. That stays vacant through year end. Properties that become vacant in 2009 stay vacant.

Anthony Paolone - JPMorgan - Analyst

And is that all that you have assumed to get to the 92%? I'm just trying to see if there's any — if you need to do any other leasing to get — like, if the expected vacancies get you below 92% and you need to do some leasing to get it back up to 92%.

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

No, the expected vacancies get me to 92%. The only assumptions I am making are — there's leases where we either have a renewal already or I'm very close to having one. The Harcourt is not one of them. The Sam's Club is not one of them.

Federal Express is not one of them.

Anthony Paolone - JPMorgan - Analyst

So, to dip below that, it would have to be something more unexpected occurring.

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

Exactly.

Anthony Paolone - JPMorgan - Analyst

Pat, do you have an estimate or a number for unencumbered cash NOI that the portfolio has right now?

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

Pat Carroll - Lexington Realty Trust - EVP, CFO, Treasurer

The properties that are in the borrowing base, the 72 properties, they generate about $11 million quarterly of NOI.

And the properties — the properties that are unencumbered and not in the borrowing base, I don't have that in front of me.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

They consist mainly of properties where we have — that are either vacant or have occupancy less than 80%.

Anthony Paolone - JPMorgan - Analyst

Those are the assets that are unencumbered and not in the borrowings.

Unidentified Company Representative

That's correct.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

For example, Light Street is not in the borrowing base, and that's a significant asset that came out of the former term loan that's now in our unencumbered pool.

Anthony Paolone - JPMorgan - Analyst

Okay. And then, what — in renewing your line and the term loan that you just did, I guess you have the option to essentially double the amount. What would you need to do to extend or to increase the capacity there? What would the banks need to see? It sounds like there might be some criteria there.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

New assets for the borrowing base?

Anthony Paolone - JPMorgan - Analyst

Okay.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

I mean, the borrowing base presently supports a little more availability than the 250. But exercising the accordion involves adding more property to the existing borrowing base. But that could come in the form of properties that we presently have encumbered by first mortgages that mature in the next couple of years.

And in 2010, for example, we have about $111 million of mortgages maturing. But we are expecting continued occupancy on properties representing about $90 million of that debt. We will have a lot of properties that are cash flowing that we can put into the borrowing base.

Anthony Paolone - JPMorgan - Analyst

Okay. And then, in terms of the dividend and thoughts on dividend policy, you cut the dividend down to the $0.18 a quarter. But the IRS gives you the ability to do a lot in stock at this point — for '09, at least. Why maybe not take advantage of that, or not?

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

Will Eglin - Lexington Realty Trust - - President, CEO, COO

I think our first choice, having cut the dividend to a very low level in relation to funds from operations, is to take advantage of retained cash flow and dispositions as our source of liquidity.

That being said, it's great to have that extra tool in the toolkit, as we seek to address the factors that are hanging over our share price. But so far, we've chosen to try to create liquidity from the property market versus in the equity market.

But a decision on that is a Board decision, and if we feel like we are — need to use those additional tools in order to get the share price back to a better valuation, that's certainly something that we will have to consider.

Anthony Paolone - JPMorgan - Analyst

Last question, on Concord. The $8 million FFO number you put out for '09 — from that, is that cash coming back to LXP, or is that net of reserves? What exactly is that number?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

That's just the flat FFO. The amount of cash coming back to Lexington will be less than that because they'll be using some of the proceeds to delever the Concord level.

Anthony Paolone - JPMorgan - Analyst

And are there any further reserves assumed at Concord to get to the $8 million, or if they take more reserves, that would bring that number down?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

That's a clean number. To the extent that additional reserves are required going forward, that would impact that number.

Anthony Paolone - JPMorgan - Analyst

Thank you.

Operator

[Jay] Hatfield, Infrastructure Capital Group.

Jay Hatfield - Infrastructure Capital Group - Analyst

Good morning. It seems like, now that you've been able to refinance your line of credit and your term loan and also have the ability to expand the borrowing base, that you might be in a position to not just buy back the corporate debt maturity, but to also — to start looking at the preferreds, which would have much higher IRRs and also be more accretive to FFO. Is that something that you would consider or at least consider with incremental sales? Right now, your preferreds are trading at about 27% yields.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

We agree with you that the preferreds are a compelling buy, but since the exchangeable notes are a hard maturity in three years and that's a recourse liability, we've decided to focus our financial resources on that since that's a debt.

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

But you're absolutely right. If we were able to create more liquidity, we would have an interest in buying those securities, sure. Because they are very high yield and very safe.

Jay Hatfield - Infrastructure Capital Group - Analyst

So if you were able to generate some incremental asset sales, then you would consider that? Because it seems like, between cash and capacity on your line, that you would have enough cash to take care of your corporate debt maturity. Particularly if you buy back some of the preferreds, and then you get 2.5 years of accretion at 27%.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

We agree that buying preferred stock is more accretive to current period earnings, but our focus from a liabilities management standpoint is to — like I say, attack that hard maturity in three years.

Jay Hatfield - Infrastructure Capital Group - Analyst

I'm just saying, like, let's say — you said you had $80 million in properties for sale. If you were to execute on those, and then you would have, arguably, excess capacity to buy back that debt. Would you then consider doing it, or if not — you're not going to consider it until you're completely out of that 2012 maturity?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

I think until we have addressed our mortgages maturing this year, and have given the street very good visibility on how we're going to address our mortgages maturing next year, we're going to use our financial resources to buy in our exchangeable notes. I don't think — we really don't have the luxury to look at buying preferred right now.

Jay Hatfield - Infrastructure Capital Group - Analyst

And are you seeing — what kind of cap rates are you seeing in terms of sales? You were able to execute last quarter at quite low cap rates. Are you —

Will Eglin - Lexington Realty Trust - - President, CEO, COO

The sales were very good last year, but the cap rate was a little distorted because we sold some empty real estate. On the properties that we sold that were leased, the cash cap rate was about 8.8%.

We are actually in the market with several hundred million of property we're trying to sell. We just have good visibility on about $85 million right now. And that's — at a cap rate of, on average, about 8.2%. And what we're trying to do is sell properties that have mortgages in place that can be assumed, because that's — honestly, that's the way to get the best value for the assets right now.

Jay Hatfield - Infrastructure Capital Group - Analyst

So you're seeing a fairly significant demand, or it's not — maybe as depressed as the equity markets?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

It's a tough market. There's certainly less liquidity in it and there are fewer buyers. But we, over the last two years, have sold $1.5 billion of single-tenant real estate, so I feel, at this point, that we're better at it than anybody.

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

So it's not a great market to sell in, but again, if you have a property with reasonably long lease term and attractive financing that's in place that can be assumed by the buyer, there's a decent market right now.

Jay Hatfield - Infrastructure Capital Group - Analyst

Great. Thank you very much.

Operator

Charles [Fisher], [LS] Partners.

Charles Fisher - LS Partners - Analyst

You're programmed to spend about $72 million in '09 on dividends, and I guess you stated there's another $63 million of free cash flow. Is the $63 million — would that be encumbered or limited if you have to spend a bunch of money on TIs and LCs on buildings?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

The $63 million was the amount of cash flow that we retained as a result of reducing our dividend from $1.32 to $0.72. So, yes, some of that money — money is fungible.

We do have fairly heavy capital expenditure needs this year and next year. So I'm not saying that the $63 million necessarily is entirely available for debt repayment, but it's certainly increased our financial flexibility a lot.

Charles Fisher - LS Partners - Analyst

Is it fair to say that if you spent $5 million or $10 million on a TI or LC program, that you could probably put that into your line, possibly, as additional collateral and borrow some money against it?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

We have some assets — in order to go into the borrowing base, we have to have 80% occupancy. And we've got a couple of properties that have occupancy that are just below 80%. To the extent we were investing money in an asset to get occupancy above 80%, then those assets could become eligible to go into the borrowing base.

Charles Fisher - LS Partners - Analyst

Could you give us an idea on — I know it's hypothetical or it's not yet closed, on the $85 million that you're looking to sell, or under contract, or LOI, what kind of cash generation would that possibly give back to the Company?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

About $35 million.

Charles Fisher - LS Partners - Analyst

That's a big number.

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

Will Eglin - Lexington Realty Trust - - President, CEO, COO

Yes, in this market, it is. I mean, $35 million can buy in a lot of debt, given the discounts that are available today.

Charles Fisher - LS Partners - Analyst

Just help me out here, one last question, Will. And this goes back to the first question. There's, give or take, a $3 stock price with 100 million shares. You've got about a $300 million market cap, give or take. And there is projected in '09 about $130 million of cash flow between the dividends and the $63 million. So, the Company is trading at about 2.5 times cash flow. Did I miss something?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

No.

Charles Fisher - LS Partners - Analyst

Okay. Well, keep up the good work and we'll get there.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

We will. Thanks.

Operator

Anthony Paolone, JPMorgan.

Anthony Paolone - JPMorgan - Analyst

Natasha, you gave us the budget for TIs and leasing commissions for the next few years. Do you have those numbers updated for 100 Light Street? Like what needs to be spent?

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

We still have $15 million to spend on CapEx at 100 Light Street. That'll be spent in 2009. And 2010 is another $2 million to $3 million.

Anthony Paolone - JPMorgan - Analyst

Okay. So then, with 100 Light and the TIs and LCs that you outlined earlier, is there anything else, like maintenance CapEx or any other CapEx, we need to be aware of?

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

No, that covers all the CapEx for 100 Light Street. As for TIs and leasing commissions, those are included in the $24 million that I told you for 2009 and $33 million for 2010, and some of that runs into 2011, the $20 million number.

Anthony Paolone - JPMorgan - Analyst

But there's no other expenditures we need to be aware of, for things like maintenance or any expansions that you've committed to or anything like that?

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

No. We have no expansions that we're committed to right now.

We've (multiple speakers) all expansions.

Anthony Paolone - JPMorgan - Analyst

Last question, on the debt side. Just — can you give us a sense as to what the terms would be like right now to go get mortgage financing or to refinance some of the mortgages that are coming due this year on your properties?

Because if I look at your supplemental, the stuff that's coming due in '09 has about $39 million of cash revenues associated with it, and it's only about $60 million of maturity. I guess you sold an asset after the end of the quarter. But it would — give us a sense as to, maybe, where LTVs, term, and rate might be?

Will Eglin - Lexington Realty Trust - - President, CEO, COO

It's a little bit of guesswork, because there isn't really a commercial mortgage market to speak of right now. But our working assumption is 7.5% interest, to the extent a first mortgage lender is staying in a deal and rolling their loan.

Anthony Paolone - JPMorgan - Analyst

Okay. Thank you.

Operator

John Guinee, Stifel, Nicolaus & Co. Inc..

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

I forgot to ask a couple questions. I apologize. Natasha, can you review the status on JPMorgan Chase in Indianapolis, and the Aventis building in Parsippany, and then, also, the big United Technologies industrial building in Maine.

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

I sure can. I'll start with United Technologies in Maine. We're in discussions with them on a renewal.

And with respect to the other two buildings, JPMorgan and Aventis, both buildings are currently subleased. And the sublease terms extend beyond the primary lease terms. So there will be no rollover.

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

So if I was to put in the — when you go from sublease to primary lease, when JPMorgan and Aventis move — or when they cease being liable, what should we think about for the lease expirations at both JPMorgan Chase and Aventis?

Natasha Roberts - Lexington Realty Trust - EVP, Director of Real Estate

JPMorgan Chase has another — I want to say eight years of term on that building. And Aventis has two tenants in it. I don't have the exact terms but easily five years. Longer than five years. Beyond the Aventis lease.

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

And then, Pat, have you projected out your Inland dividend for 2009 in order to maintain REIT status?

Pat Carroll - Lexington Realty Trust - EVP, CFO, Treasurer

We set the dividend at $0.72.

Unidentified Company Representative

That's our minimum dividend, $0.72.

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

And you think that's still a good number?

Pat Carroll - Lexington Realty Trust - EVP, CFO, Treasurer

Yes.

Unidentified Company Representative

Yes.

John Guinee - Stifel, Nicolaus & Co. Inc. - Analyst

Thanks.

Operator

There are no further questions at this time. I'd like to turn the floor back over to management for any closing comments.

Will Eglin - Lexington Realty Trust - - President, CEO, COO

Thank you, again, for joining us this morning. We are very excited about our prospects for 2009 and, as always, we appreciate your participation and support.

If you would like to receive our quarterly supplemental package, please contact Lisa Soares, or you can find additional information on the Company on our website at www.LXP.com. And in addition, as always, you may contact me or the other members of our senior management team with any questions. Thank you and have a good day, everyone.

Operator

This does conclude today's teleconference. You may disconnect your lines at this time and we thank you for your participation.

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FEB. 25. 2009 / 11:00AM ET, LXP - Q4 2008 LEXINGTON REALTY TRUST EARNINGS CONFERENCE CALL

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