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 24, 2010

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 Condition.

On February 24, 2010, we issued a press release announcing our financial results for the quarter ended December 31, 2009. 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 24, 2010, we made available supplemental information, which we refer to as the Supplemental Reporting Package, concerning our operations and portfolio for the three months ended December 31, 2009.

Also on February 24, 2010, 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 three months ended December 31, 2009.

99.2 Conference Call Transcript.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Lexington Realty Trust
Date: February 25, 2010	By:	/s/ Patrick Carroll
		Patrick Carroll
		Chief Financial Officer

Exhibit Index

99.1 Supplemental Reporting Package for the three months ended December 31, 2009.

99.2 Conference Call Transcript.

EX-99.1

Quarterly Earnings and

Supplemental Operating and Financial Data

For the Three Months Ended December 31, 2009

LEXINGTON REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

For the Three Months Ended December 31, 2009

Table of Contents

Section	Page
Fourth Quarter 2009 Earnings Press Release	3
Portfolio Data
4Q ’09 Leasing Summary	11
4Q ’09 Investment/Disposition Summary	12
Property Leases and Vacancies – Consolidated Portfolio	13
Property Leases and Vacancies – Net Lease Strategic Assets Fund	21
Lease Rollover Schedule – Cash Basis	23
Lease Rollover Schedule – GAAP Basis	24
Mortgage Note Receivables	25
4Q ’09 Financing Summary	26
Debt Maturity Schedule	27
2010 Mortgage Maturities by Property Type	28
2011 Mortgage Maturities by Property Type	29
2012 Mortgage Maturities by Property Type	30
2013 Mortgage Maturities by Property Type	31
2014 Mortgage Maturities by Property Type	32
Mortgages and Notes Payable	33
Noncontrolling Interest Properties – Partners’ Proportionate Share	39
Non-Consolidated Investments - Proportionate Share	40
Selected Balance Sheet Account Detail	41
Base Rent Estimates for Current Assets	42
Major Markets	43
Tenant Industry Diversification	44
Other Revenue Data	45
Top 10 Tenants or Guarantors	46
Investor Information	47

This Quarterly Earnings Release and Supplemental Reporting Package contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the 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.

 

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 24, 2010

LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2009 RESULTS

New York, NY – February 24, 2010 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter ended December 31, 2009.

Fourth Quarter 2009 Highlights

· Generated Company Funds From Operations (“Company FFO”) of $32.5 million or $0.25 per diluted share/unit, adjusted for certain items.

· Reduced overall debt by $72.6 million.

· Executed 20 new and renewal leases, totaling approximately 1.1 million square feet.

· Raised approximately $35.7 million through property and joint venture investment sales.

· Completed a 20 year sale/leaseback transaction on a 128,000 square foot office facility for $10.5 million.

· Recorded non-cash income of $4.6 million related to a previously disclosed forward equity commitment and impairment charges of $60.8 million on real estate.

T. Wilson Eglin, President and Chief Executive Officer of Lexington stated, “Our efforts to strengthen Lexington’s financial flexibility continued in the fourth quarter as we once again successfully recycled capital through asset sales, further reducing our debt by an additional $72.6 million and bringing total debt reduction in 2009 to $305.6 million. We also had another strong quarter of leasing with 1.1 million square feet leased, raising our total to 3.8 million square feet leased for 2009. We believe our portfolio continues to perform well with overall portfolio occupancy of approximately 92.0% at year end. Building on our success, we have already retired an additional $116.1 million in debt in the first quarter of 2010, which would have matured in the next two years, primarily by utilizing the proceeds of our successful offering of 6.00% Convertible Notes. During 2010, we expect to remain focused on selling our non-core retail and multi-tenant properties and further deleveraging our balance sheet while being opportunistic with respect to new investments.”

FINANCIAL RESULTS

Revenues

For the quarter ended December 31, 2009, total gross revenues were $90.1 million, compared with total gross revenues of $98.6 million for the quarter ended December 31, 2008.

Page 3 of 47

Company FFO Applicable to Common Shareholders/Unitholders

The following presents in tabular form items excluded from Company FFO for the periods presented:

	Three Months Ended												Twelve Months Ended
	Dec 31 2009 Millions(1)			Per Diluted Share/Unit			Dec 31, 2008 Millions(1)			Per Diluted Share/Unit			Dec 31, 2009 Millions(1)			Per Diluted Share/Unit			Dec 31 2008 Millions (1)			Per Diluted Share/Unit
Reported Company FFO(A)	$	(17.0	)	$	(0.13	)	$	37.7		$	0.34		$	(56.0	)	$	(0.46	)	$	196.5		$	1.81
Severance charges		—						—						—						2.0
New accounting pronouncements		0.3						0.8						1.3						3.6
Formation costs – joint venture		—						—						—						1.1
Debt satisfaction, net		(7.0	)					(27.8	)					(28.5	)					(62.8	)
Debt satisfaction, net – Concord		—						(1.5	)					—						(7.8	)
Forward equity commitment		(4.6	)					2.1						(7.2	)					2.1
Impairment losses – real estate		60.8						12.8						99.6						16.5
Impairment losses – investments		—						—						1.6						—
Impairment losses/ reserves – Concord		—						19.8						71.4						52.4
Equity impairment - Concord		—						—						68.2						—
Impairment loss – JV		—						—						6.5						1.1
Lease termination/ deferred maintenance payments		—						—						(3.2	)					(34.9	)
Land transaction income, net		—						—						(1.3	)					—
	$	32.5		$	0.25	(B)	$	43.9		$	0.40	(B)	$	152.4		$	1.29	(B)	$	169.8		$	1.57	(B)

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

(B) Per diluted share/unit reflects the impact of net shares retired upon the assumed settlement of the forward equity commitment of (3,162,470), (1,407,609), (2,356,328) and (353,825) for the three months ended December 31, 2009 and 2008 and the twelve months ended December 31, 2009 and 2008, respectively.

Net Loss Attributable to Common Shareholders

For the quarter ended December 31, 2009, net loss attributable to common shareholders was ($52.2) million, or a loss of ($0.43) per diluted share, compared with net loss attributable to common shareholders for the quarter ended December 31, 2008 of ($20.4) million, or a loss of ($0.23) per diluted share.

Financing Activities and Balance Sheet Update

Lexington reduced its consolidated debt during the fourth quarter of 2009 by approximately $72.6 million, including retiring $17.6 million of original principal amount of its 5.45% Exchangeable Notes. During 2009, Lexington reduced the amount of its 5.45% Exchangeable Notes outstanding from $211.0 million to approximately $87.7 million. Subsequent to year end, Lexington retired an additional $23.0 million of its 5.45% Exchangeable Notes, bringing the balance to approximately $64.7 million. In addition, the availability under the revolving portion of Lexington’s secured credit facility was increased from $125.0 million to $150.0 million, following the addition of a new bank to the syndicate of lenders and no amounts are currently outstanding.

Page 4 of 47

Common Share Dividend

On November 18, 2009, Lexington announced that it declared a regular common share dividend for the quarter ending December 31, 2009 of $0.10 per common share which was paid in cash on January 15, 2010 to common shareholders of record on December 31, 2009.

OPERATING ACTIVITIES

Dispositions

During the fourth quarter of 2009, Lexington sold or disposed of its interests in eight properties to unrelated parties for an aggregate disposition price of approximately $45.7 million. Prior to disposition, the properties generated annualized net operating income of approximately $1.7 million or 3.7% of the aggregate disposition price. In addition, Lexington sold its interest in two joint venture investments generating approximately $12.6 million in net proceeds.

Acquisitions

On December 31, 2009, Lexington acquired a property in Greenville, South Carolina for $10.5 million, consisting of a three-story 106,306 square foot office building and a one-story 21,735 square foot annex building on an approximately 8.0 acre parcel. At closing, the property was net-leased to Canal Insurance Company for 20 years at an initial capitalization rate of 8.60%, with 2.35% rent increases annually during the first ten years and CPI rent increases subject to a floor of 2.0% and a ceiling of 4.0% during the remainder of the term. Canal Insurance Company has an option to purchase the property on the fifth anniversary of the lease commencement at fair market value, but not less than $10.7 million and no greater than $11.6 million. If Canal Insurance Company fails to exercise its purchase option, Lexington has the right to require Canal Insurance Company to purchase the property for approximately $10.7 million.

Canal Insurance Company is an underwriter and provider of property/casualty insurance, primarily for the commercial trucking industry. Canal Insurance Company is rated A(PI) by Standard & Poor’s and A+ by A.M. Best.

Leasing Activity

During the fourth quarter of 2009, Lexington executed 20 new and extended leases for approximately 1.1 million square feet and ended the year with portfolio occupancy of approximately 92.0%.

2010 EARNINGS GUIDANCE

Lexington estimates that Company FFO will be $0.93 to $0.97 per diluted share/unit for the year ended December 31, 2010. This guidance is forward looking, excludes the impact of certain items, is based on current expectations, and a diluted share count of 145.4 million, which includes 16.2 million common shares underlying the recent issue of $115.0 million of 6.00% Convertible Notes.

Page 5 of 47

4THQUARTER 2009 CONFERENCE CALL

Lexington will host a conference call today, Wednesday, February 24, 2010, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2009. Interested parties may participate in this conference call by dialing (800) 946-0708 or (719) 457-2615. A replay of the call will be available through March 10, 2010, at (888) 203-1112 or (719) 457-0820, Replay Pin Number: 4153488. A live web cast of the conference call will be available at www.lxp.com within the Investor Relations section.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns, invests in, and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the 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 6 of 47

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three and Twelve Months ended December 31, 2009 and 2008

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

	Three months ended December 31,						Year ended December 31,
	2009			2008			2009			2008
Gross Revenues:
Rental	$	79,566		$	87,024		$	334,224		$	376,760
Advisory and incentive fees		388			360			1,822			1,432
Tenant reimbursements		10,116			11,186			40,575			39,957
Total gross revenues		90,070			98,570			376,621			418,149
Expense applicable to revenues:
Depreciation and amortization		(42,357	)		(47,542	)		(174,119	)		(228,542	)
Property operating		(20,917	)		(20,786	)		(83,343	)		(75,182	)
General and administrative		(5,706	)		(5,054	)		(23,586	)		(30,497	)
Non-operating income		1,166			1,830			8,117			24,407
Interest and amortization expense		(32,110	)		(35,943	)		(131,629	)		(152,904	)
Debt satisfaction gains, net		155			24,346			17,023			59,710
Change in value of forward equity commitment		4,586			(2,128	)		7,182			(2,128	)
Impairment charges and loan losses		(25,773	)		—			(27,350	)		—
Gains on sale-affiliates		—			—			—			31,806
Income (loss) before provision for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations		(30,886	)		13,293			(31,084	)		44,819
Provision for income taxes		(727	)		(380	)		(2,378	)		(2,985	)
Equity in earnings (losses) of non-consolidated entities		7,637			(20,134	)		(123,176	)		(43,305	)
Loss from continuing operations		(23,976	)		(7,221	)		(156,638	)		(1,471	)
Discontinued operations:
Income (loss) from discontinued operations		368			(506	)		(1,345	)		(1,162	)
Provision for income taxes		(9	)		(168	)		(78	)		(529	)
Debt satisfaction gains, net		6,864			3,495			11,471			3,062
Gains on sales of properties		2,854			1,166			9,134			13,151
Impairment charges		(35,029	)		(12,762	)		(73,816	)		(16,519	)
Total discontinued operations		(24,952	)		(8,775	)		(54,634	)		(1,997	)
Net loss		(48,928	)		(15,996	)		(211,272	)		(3,468	)
Less net loss attributable to noncontrolling interests		2,961			2,206			1,120			6,222
Net income (loss) attributable to Lexington Realty Trust		(45,967	)		(13,790	)		(210,152	)		2,754
Dividends attributable to preferred shares- Series B		(1,590	)		(1,590	)		(6,360	)		(6,360	)
Dividends attributable to preferred shares- Series C		(1,702	)		(2,111	)		(7,218	)		(8,852	)
Dividends attributable to preferred shares- Series D		(2,926	)		(2,926	)		(11,703	)		(11,703	)
Redemption discount – Series C		—			—			—			5,678
Conversion dividend – Series C		—			—			(6,994	)		—
Net loss attributable to common shareholders	$	(52,185	)	$	(20,417	)	$	(242,427	)	$	(18,483	)
Loss per common share-basic:
Loss from continuing operations	$	(0.25	)	$	(0.15	)	$	(1.75	)	$	(0.24	)
Loss from discontinued operations		(0.18	)		(0.08	)		(0.47	)		(0.04	)
Net loss attributable to common shareholders	$	(0.43	)	$	(0.23	)	$	(2.22	)	$	(0.28	)
Weighted average common shares outstanding - basic		120,530,087			86,895,674			109,280,955			67,872,590
Loss per common share-diluted:
Loss from continuing operations	$	(0.25	)	$	(0.15	)	$	(1.75	)	$	(0.24	)
Loss from discontinued operations		(0.18	)		(0.08	)		(0.47	)		(0.04	)
Net loss attributable to common shareholders	$	(0.43	)	$	(0.23	)	$	(2.22	)	$	(0.28	)
Weighted average common shares outstanding-diluted		120,530,087			86,895,674			109,280,955			67,872,590
Amounts attributable to common shareholders:
Loss from continuing operations	$	(30,329	)	$	(13,171	)	$	(190,635	)	$	(15,776	)
Loss from discontinued operations		(21,856	)		(7,246	)		(51,792	)		(2,707	)
Net loss attributable to common shareholders	$	(52,185	)	$	(20,417	)	$	(242,427	)	$	(18,483	)

Page 7 of 47

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, 2009 and December 31, 2008

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

	December 31, 2009			December 31, 2008
Assets:
Real estate, at cost	$	3,552,806		$	3,756,188
Less: accumulated depreciation and amortization		537,406			461,661
		3,015,400			3,294,527
Properties held for sale-discontinued operations		—			8,150
Intangible assets, net		267,161			343,192
Cash and cash equivalents		53,865			67,798
Restricted cash		21,519			31,369
Investment in and advances to non-consolidated entities		55,985			179,133
Deferred expenses, net		38,245			35,741
Notes receivable, net		60,567			68,812
Rent receivable-current		11,463			19,829
Rent receivable- deferred		12,529			16,499
Other assets		43,111			40,675
Total assets	$	3,579,845		$	4,105,725
Liabilities and Equity:
Liabilities:
Mortgages and notes payable	$	1,857,909		$	2,033,854
Exchangeable notes payable		85,709			204,074
Trust preferred securities		129,120			129,120
Contract right payable		15,252			14,776
Dividends payable		18,412			24,681
Liabilities-discontinued operations		—			6,142
Accounts payable and other liabilities		43,629			33,814
Accrued interest payable		11,068			16,345
Deferred revenue-below market leases, net		107,535			121,722
Prepaid rent		13,975			20,126
		2,282,609			2,604,654
Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares,
Series B Cumulative Redeemable Preferred, liquidation preference $79,000, 3,160,000 shares issued and outstanding		76,315			76,315
Series C Cumulative Convertible Preferred, liquidation preference $104,760 and  $129,915 respectively, and 2,095,200 and 2,598,300 shares issued and outstanding in 2009 and 2008, respectively		101,778			126,217
Series D Cumulative Redeemable Preferred, liquidation preference $155,000, 6,200,000 shares issued and outstanding		149,774			149,774
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 121,943,258 and 100,300,238 shares issued and outstanding in 2009 and 2008, respectively		12			10
Additional paid-in-capital		1,750,979			1,638,540
Accumulated distributions in excess of net income		(870,862	)		(569,131	)
Accumulated other comprehensive income (loss)		673			(15,650	)
Total shareholders’ equity		1,208,669			1,406,075
Noncontrolling interests		88,567			94,996
Total equity		1,297,236			1,501,071
Total liabilities and equity	$	3,579,845		$	4,105,725

Page 8 of 47

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,
	2009			2008			2009			2008
EARNINGS PER SHARE: (1)
Basic:
Loss from continuing operations attributable to common shareholders	$	(30,329	)	$	(13,171	)	$	(190,635	)	$	(15,776	)
Less: Unvested common share dividends		(64	)		(69	)		(449	)		(491	)
Loss attributable to common shareholders from continuing operations for earnings per share		(30,393	)		(13,240	)		(191,084	)		(16,267	)
Loss from discontinued operations attributable to common shareholders		(21,856	)		(7,246	)		(51,792	)		(2,707	)
Net loss attributable to common shareholders for earnings per share - basic	$	(52,249	)	$	(20,486	)	$	(242,876	)	$	(18,974	)
Weighted average number of common shares outstanding – basic		120,530,087			86,895,674			109,280,955			67,872,590
Loss per common share-basic:
Loss from continuing operations	$	(0.25	)	$	(0.15	)	$	(1.75	)	$	(0.24	)
Loss from discontinued operations		(0.18	)		(0.08	)		(0.47	)		(0.04	)
Net loss attributable to common shareholders	$	(0.43	)	$	(0.23	)	$	(2.22	)	$	(0.28	)
Diluted:
Loss attributable to common shareholders from continuing operations for earnings per share-basic	$	(30,393	)	$	(13,240	)	$	(191,084	)	$	(16,267	)
Incremental loss attributed to assumed conversion of dilutive securities		—			—			—			—
Loss attributable to common shareholders from continuing operations for earnings per share		(30,393	)		(13,240	)		(191,084	)		(16,267	)
Loss from discontinued operations attributable to common shareholders		(21,856	)		(7,246	)		(51,792	)		(2,707	)
Net loss attributable to common shareholders for earnings per share - diluted	$	(52,249	)	$	(20,486	)	$	(242,876	)	$	(18,974	)
Weighted average number of common shares used in calculation of basic earnings per share		120,530,087			86,895,674			109,280,955			67,872,590
Add incremental shares representing:
Shares issuable upon conversion of dilutive securities		—			—			—			—
Weighted average number of shares used in calculation of diluted earnings per share		120,530,087			86,895,674			109,280,955			67,872,590
Loss per common share-diluted:
Loss from continuing operations	$	(0.25	)	$	(0.15	)	$	(1.75	)	$	(0.24	)
Loss from discontinued operations		(0.18	)		(0.08	)		(0.47	)		(0.04	)
Net loss attributable to common shareholders	$	(0.43	)	$	(0.23	)	$	(2.22	)	$	(0.28	)

Page 9 of 47

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,
	2009			2008			2009			2008
COMPANY FUNDS FROM OPERATIONS: (1) (2)
Basic and Diluted:
Net loss attributable to common shareholders	$	(52,185	)	$	(20,417	)	$	(242,427	)	$	(18,483	)
Adjustments:
Depreciation and amortization		41,597			50,350			178,000			241,986
Noncontrolling interests- OP units		(2,903	)		(2,297	)		(1,970	)		(12,493	)
Amortization of leasing commissions		794			1,191			3,063			2,684
Joint venture and noncontrolling interest adjustment		(1,106	)		7,933			4,279			23,245
Gain on sale of joint venture investment		(2,000	)		—			(2,003	)		—
Noncontrolling interest share of gain on sale		—			—			—			1,385
Preferred dividends- Series C		1,702			2,111			14,212			3,174
Gains on sale of properties		(2,854	)		(1,166	)		(9,134	)		(44,957	)
Gain on sale of marketable securities		—			—			(19	)		—
Company FFO	$	(16,955	)	$	37,705		$	(55,999	)	$	196,541
Basic:
Weighted average shares outstanding-basic EPS		120,530,087			86,895,674			109,280,955			67,872,590
Unvested share-based payment awards		676,145			386,256			698,549			415,741
Operating partnership units		5,442,773			18,327,874			5,447,974			34,202,572
Preferred Shares- Series C		5,099,507			5,633,894			5,370,135			6,094,590
Weighted average shares outstanding-basic Company FFO		131,748,512			111,243,698			120,797,613			108,585,493
Company FFO per share	$	(0.13	)	$	0.34		$	(0.46	)	$	1.81
Diluted:
Weighted average shares outstanding – diluted EPS		120,530,087			86,895,674			109,280,955			67,872,590
Unvested share-based payment awards		676,145			386,256			698,549			415,741
Operating partnership units		5,442,773			18,327,874			5,447,974			34,202,572
Preferred Shares- Series C		5,099,507			5,633,894			5,370,135			6,094,590
Weighted average shares outstanding – diluted Company FFO		131,748,512			111,243,698			120,797,613			108,585,493
Company FFO per share	$	(0.13	)	$	0.34		$	(0.46	)	$	1.81

1 Effective January 1, 2009 the Company adopted new guidance issued by the FASB relating to the accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) and new guidance on determining whether instruments granted in share-based payment transactions are participating securities, both of which required retrospective application to prior periods. In accordance with the new FASB guidance, net income attributable to common shareholders and earnings per common share and accordingly FFO and FFO per common share are adjusted for an allocation of net income to unvested share awards. However, net losses will not be allocated to unvested share awards. The Company’s FFO per common share (diluted) and earnings per common share (diluted) were reduced by the Company’s implementation of this new guidance. FFO per common share (diluted) was reduced by $0.03 for the three months ended December 31, 2008, and $0.09 for the twelve months ended December 31, 2008 respectively. Loss per common share (diluted) was increased by $0.02 for the three months ended December 31, 2008, and loss per common share (diluted) was increased by $0.09 for the twelve months ended December 31, 2008.

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

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

Lexington includes in its calculation of FFO, which 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 10 of 47

LEXINGTON REALTY TRUST

2009 Fourth Quarter Leasing Summary

	NEW LEASES
	Tenants/Guarantors	Location		Lease Expiration Date	Sq. Ft.		New Cash Rent Per Annum ($000)		New GAAP Rent Per Annum ($000)
	Office
1	Brown Mackie College (1)	Phoenix	AZ	09/2019		4,747	$	85	$	85
2	Grupo SMS U.S.A. LLC (2)	Irvine	CA	05/2020		35,028	$	787	$	876
3	Leetex Construction (1)	Dallas	TX	07/2012		554	$	9	$	9
4	Neighborhood Assistance Corporation of America	Decatur	GA	05/2017		6,994	$	138	$	138
5	Patient Advocate Foundation	Hampton	VA	12/2019		36,484	$	602	$	602
6	STIA, LLC	Dallas	TX	01/2013		1,288	$	18	$	18
6	Total office new leases					85,095	$	1,639	$	1,728
	Industrial
1	Ozburn-Hessey Logistics	Statesville	NC	05/2013		471,000	$	1,313	$	1,313
2	Cardinal Unijax, LLC and Camelot Drive Holdings, LLC (3)	Jacksonville	FL	03/2010		58,589	$	148	$	148
2	Total industrial new leases					529,589	$	1,461	$	1,461
8	TOTAL NEW LEASES					614,684	$	3,100	$	3,189

	LEASE EXTENSIONS
	Tenants/Guarantors	Location		Prior Term	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)
	Office
1	Alice H. Vinton, d/b/a Vinton Realty	Honolulu	HI	10/2009	02/2013		308	$	4	$	7	$	4	$	7
2	Capital One Services, LLC	Glenn Allen	VA	03/2010	03/2012		77,045	$	732	$	1,019	$	785	$	1,010
3	City National Bank of NJ (4)	Philadelphia	PA	12/2009	12/2010		5,315	$	239	$	213	$	239	$	213
4	Cityspace Real Estate, Inc.	Dallas	TX	11/2009	11/2012		1,161	$	16	$	17	$	16	$	17
5	Dallas MTA, L.P., d/b/a Verizon Wireless	Dallas	TX	09/2009	09/2014		265	$	25	$	18	$	25	$	18
6	Entergy Arkansas, Inc.	Little Rock	AR	10/2010	10/2015		36,311	$	237	$	237	$	237	$	237
7	Entergy Services, Inc. (3)	Pine Bluff	AR	10/2010	10/2015		27,189	$	192	$	192	$	192	$	192
8	HSBC Card Services, Inc.	Tulsa	OK	01/2010	01/2011		101,100	$	1,446	$	1,307	$	1,446	$	1,307
9	John Michelli	Baltimore	MD	09/2009	12/2015		543	$	4	$	3	$	4	$	3
10	Money Management International (5)	Phoenix	AZ	03/2016	07/2018		48,831	$	1,099	$	646	$	1,107	$	627
11	United HealthCare Services, Inc.	San Antonio	TX	11/2010	11/2017		142,500	$	1,781	$	1,640	$	1,866	$	1,621
12	Windell Investments, Inc. (2)	Irvine	CA	02/2010	08/2015		6,725	$	160	$	129	$	160	$	129
12	Total office lease extensions						447,293	$	5,935	$	5,428	$	6,081	$	5,381
12	TOTAL LEASE EXTENSIONS						447,293	$	5,935	$	5,428	$	6,081	$	5,381
20	TOTAL NEW AND EXTENDED LEASES						1,061,977	$	9,035	$	5,428	$	9,270	$	5,381

Footnotes

(1) Represents expansion portion of existing lease.

(2) Consolidated joint venture property, our ownership is 64.35%.

(3) Held as an investment in Net Lease Strategic Assets Fund.

(4) Consolidated joint venture property, our ownership is 80.50%.

(5) New cash and GAAP rents represent full occupancy, prior cash and GAAP rents for 28,710 square feet.

Page 11 of 47

LEXINGTON REALTY TRUST

2009 Fourth Quarter Investment/Disposition Summary

	INVESTMENTS
	Tenants/Guarantors	Location		Property Type	Basis  ($000)		Estimated Current Annual Cash  Rent Net  ($000)		Current Cash Yield			Lease Expiration
1	Canal Insurance Company (1)	Greenville	SC	Office	$	10,500	$	903		8.6	%	12/2029
1	TOTAL INVESTMENT				$	10,500	$	903		8.6	%

	DISPOSITIONS (2)
	Tenants/Guarantors	Location		Property Type	Gross Sale Price ($000)		Annualized NOI			Month of Disposition
1	Compass Bank	Beaumont	TX	Office	$	3,200	$	290		Nov
2	Kohl's Department Stores, Inc.	Eau Claire	WI	Retail	$	5,000	$	472		Dec
3	Multi-tenant	Dallas	TX	Office	$	7,750	$	482		Dec
4	Rock Falls Country Market, LLC (Rock Island Country Market, LLC)	Rock Falls	IL	Retail	$	650	$	128		Nov
5	Staples, Inc.	Baton Rouge	LA	Industrial	$	5,000	$	454		Dec
6	Vacant (3)	Houston	TX	Office	$	18,229	$	408		Dec
7	Vacant (3)	Plymouth	MI	Industrial	$	4,335	$	(499	)	Dec
8	Vacant	Grand Prairie	TX	Retail	$	1,525	$	(37	)	Nov
8	TOTAL DISPOSITIONS				$	45,689	$	1,698

Footnotes

(1) Tenant has an option to purchase the property on the fifth anniversary of the lease commencement at fair market value, but not less than $10.7 million and no greater than $11.6 million. If tenant fails to exercise its purchase option, Lexington has the right to require tenant to purchase the property for approximately $10.7 million.

(2) Lexington also sold its investment in two joint ventures for an aggregate gross sales price of approximately $36.6 million. Lexington's share of gross sales price  was approximately $14.7 million and net proceeds were approximately $12.6 million.

(3) Gross sale price represents mortgage debt balance transferred to lender.

Page 12 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
OFFICE PROPERTIES
2010	1/14/2010	421 Butler Farm Rd.	Hampton	VA	(20)(22)	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)		20,031		181		117		0
	1/31/2010	389-399 Interpace Hwy.	Parsippany	NJ	(17)(18)(20)	Sanofi-aventis U.S., Inc. (Aventis, Inc. and Aventis Pharma Holding GmbH)		19,704		534		524		0
	11/30/2010	5724 West Las Positas Blvd.	Pleasanton	CA	(8)(9)(27)	NK Leasehold, LLC		40,914		778		643		0
	12/31/2010	100 Barnes Rd.	Wallingford	CT	—	3M Company		44,400		654		606		475
		1701 Market St.	Philadelphia	PA	(6)(10)	Sun National Bank		5,315		213		213		0
2011	1/31/2011	4848 129th East Ave.	Tulsa	OK	—	HSBC Card Services, Inc. (HSBC Finance Corporation)		101,100		1,307		1,307		0
	2/28/2011	4200 RCA Blvd.	Palm Beach Gardens	FL	—	The Wackenhut Corporation		96,118		1,813		1,812		2,402
	9/30/2011	200 Lucent Ln.	Cary	NC	—	Alcatel-Lucent USA, Inc.		124,944		2,230		2,059		0
	11/30/2011	207 Mockingbird Ln.	Johnson City	TN	—	SunTrust Bank		63,800		675		756		675
	12/20/2011	15 Nijborg	3927 DA Renswoude	The Netherlands	(27)	AS Watson (Health and Beauty Continental Europe, BV)		17,610		351		351		0
	12/31/2011	2050 Roanoke Rd.	Westlake	TX	—	Chrysler Financial Services Americas, LLC		130,290		3,660		3,455		0
2012	1/31/2012	26210 and 26220 Enterprise Court	Lake Forest	CA	—	Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)		100,012		1,914		1,791		0
		4000 Johns Creek Pkwy.	Suwanee	GA	—	Kraft Foods North America, Inc.		73,264		1,402		1,385		0
		1275 Northwest 128th St.	Clive	IA	—	Principal Life Insurance Company		61,180		799		799		935
	3/31/2012	1701 Market St.	Philadelphia	PA	(6)(10)	Car-Tel Communications, Inc.		1,220		49		48		0
		3940 South Teller St.	Lakewood	CO	—	MoneyGram Payment Systems, Inc.		68,165		1,169		867		1,295
		120 East Shore Dr.	Glen Allen	VA	—	Capital One Services, LLC		77,045		1,014		1,010		847
	6/30/2012	275 South Valencia Ave.	Brea	CA	—	Bank of America NT & SA		637,503		8,710		8,794		0
	8/31/2012	5757 Decatur Blvd.	Indianapolis	IN	—	Allstate Insurance Company		84,200		1,373		1,547		0
					—	Damar Services, Inc.		5,756		42		42		47
		2706 Media Center Dr.	Los Angeles	CA	—	Sony Electronics, Inc.		20,203		261		251		0
	10/31/2012	4455 American Way	Baton Rouge	LA	—	Bell South Mobility, Inc.		70,100		1,109		1,114		1,207
	11/7/2012	2706 Media Center Dr.	Los Angeles	CA	—	Playboy Enterprises, Inc.		63,049		1,445		1,257		0
	11/14/2012	2211 South 47th St.	Phoenix	AZ	—	Avnet, Inc.		176,402		2,408		2,259		0
	12/31/2012	200 Executive Blvd. South	Southington	CT	—	Hartford Fire Insurance Company		153,364		1,679		1,624		0
2013	1/31/2013	12600 Gateway Blvd.	Fort Meyers	FL	—	Gartner, Inc.		62,400		1,099		1,088		0
		810 & 820 Gears Rd.	Houston	TX	—	IKON Office Solutions, Inc.		157,790		2,229		2,251		0
	3/31/2013	3165 McKelvey Rd.	Bridgeton	MO	—	BJC Health System		52,994		384		527		0
		8900 Freeport Pkwy.	Irving	TX	—	Nissan Motor Acceptance Corporation (Nissan North America, Inc.)		268,445		4,830		4,889		0
	4/30/2013	Sandlake Rd./Kirkman Rd.	Orlando	FL	—	Lockheed Martin Corporation		184,000		960		1,869		960
	5/31/2013	6303 Barfield Rd.	Atlanta	GA	—	International Business Machines Corporation (Internet Security Systems, Inc.)		238,600		4,714		4,882		0
	6/30/2013	2210 Enterprise Dr.	Florence	SC	(6)	JPMorgan Chase Bank, NA		179,300		1,255		1,255		0
	9/30/2013	9200 South Park Center Loop	Orlando	FL	(6)	Corinthian Colleges, Inc.		59,927		1,253		1,159		0
	11/30/2013	1110 Bayfield Dr.	Colorado Springs	CO	—	Honeywell International, Inc.		166,575		1,743		1,600		1,713
	12/13/2013	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox Corporation		202,000		3,499		3,390		0
	12/31/2013	2550 Interstate Dr.	Harrisburg	PA	—	New Cingular Wireless PCS, LLC		81,859		1,821		1,870		0
2014	1/31/2014	1701 Market St.	Philadelphia	PA	(10)	Morgan, Lewis & Bockius, LLC		293,170		4,465		4,464		5,149
		6226 West Sahara Ave.	Las Vegas	NV	—	Nevada Power Company		282,000		7,735		4,008		2,754
	3/15/2014	101 East Erie St.	Chicago	IL	—	Draftfcb, Inc. (Interpublic Group of Companies, Inc.)		218,414		4,135		5,006		0

Page 13 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
	5/31/2014	3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank, N.A.		169,083		2,648		2,657		0
		3480 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank, N.A.		169,218		3,441		3,449		0
		859 Mount Vernon Hwy.	Atlanta	GA	(16)	International Business Machines Corporation (Internet Security Systems, Inc.)		50,400		1,208		1,030		0
	7/31/2014	16676 Northchase Dr.	Houston	TX	—	Anadarko Petroleum Corporation		101,111		1,618		1,627		0
	9/30/2014	333 Mt. Hope Ave.	Rockaway	NJ	—	BASF Corporation		95,500		2,244		2,123		0
	10/31/2014	1409 Centerpoint Blvd.	Knoxville	TN	—	Alstom Power, Inc.		84,404		1,591		1,621		0
		2800 Waterford Lake Dr.	Midlothian	VA	—	Alstom Power, Inc.		99,057		1,976		2,015		0
		700 US Hwy. Route 202-206	Bridgewater	NJ	—	Biovail Pharmaceuticals, Inc. (Biovail Corporation)		115,558		2,070		2,848		0
	12/14/2014	5150 220th Ave.	Issaquah	WA	—	OSI Systems, Inc. (Instrumentarium Corporation)		106,944		2,124		2,151		0
		22011 Southeast 51st St.	Issaquah	WA	—	OSI Systems, Inc. (Instrumentarium Corporation)		95,600		1,899		1,896		0
	12/31/2014	1066 Main St.	Forest Park	GA	—	Bank of America, N.A. (Bank of America Corporation)		14,859		199		187		199
		180 South Clinton St.	Rochester	NY	(6)	Frontier Corporation		226,000		2,973		2,966		0
		201 West Main St.	Cumming	GA	—	Bank of America, N.A. (Bank of America Corporation)		14,208		198		286		198
		2223 North Druid Hills Rd.	Atlanta	GA	—	Bank of America, N.A. (Bank of America Corporation)		6,260		112		97		112
		275 Technology Dr.	Canonsburg	PA	—	ANSYS, Inc.		107,872		1,429		1,378		0
		400 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)		100,632		1,206		1,241		0
		4545 Chamblee – Dunwoody Rd.	Chamblee	GA	—	Bank of America, N.A. (Bank of America Corporation)		4,565		88		74		88
		825 Southway Dr.	Jonesboro	GA	—	Bank of America, N.A. (Bank of America Corporation)		4,894		77		63		77
		956 Ponce de Leon Ave.	Atlanta	GA	—	Bank of America, N.A. (Bank of America Corporation)		3,900		78		87		78
		1698 Mountain Industrial Blvd.	Stone Mountain	GA	—	Bank of America, N.A. (Bank of America Corporation)		5,704		95		89		95
2015	1/31/2015	26555 Northwestern Hwy.	Southfield	MI	—	Federal-Mogul Corporation		187,163		1,158		1,418		0
	4/30/2015	13775 McLearen Rd.	Herndon	VA	—	Equant, Inc. (Equant, N.V.)		125,293		2,059		2,132		0
	6/30/2015	389-399 Interpace Hwy.	Parsippany	NJ	(18)(20)	Sanofi-aventis U.S., Inc. (Aventis, Inc. and Aventis Pharma Holding GmbH)		133,647		3,624		3,555		0
	7/1/2015	33 Commercial St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)		164,689		3,438		3,438		3,024
	7/31/2015	4001 International Pkwy.	Carrollton	TX	—	Motel 6 Operating, LP (Accor S.A.)		138,443		3,098		3,204		3,612
	9/27/2015	10001 Richmond Ave.	Houston	TX	—	Baker Hughes, Inc.		554,385		8,163		7,375		6,596
		12645 West Airport Rd.	Sugar Land	TX	—	Baker Hughes, Inc.		165,836		2,091		1,943		1,976
	9/30/2015	500 Olde Worthington Rd.	Westerville	OH	(5)	InVentiv Communications, Inc.		97,000		1,112		1,256		0
		550 Business Center Dr.	Lake Mary	FL	—	JPMorgan Chase Bank, NA		125,920		2,732		1,832		0
		600 Business Center Dr.	Lake Mary	FL	—	JPMorgan Chase Bank, NA		125,155		2,789		1,757		0
	10/31/2015	12209 West Markham St.	Little Rock	AR	—	Entergy Arkansas, Inc.		36,311		237		237		237
2016	4/30/2016	11511 Luna Rd.	Farmers Branch	TX	—	Haggar Clothing Company (Texas Holding Clothing Corporation and Haggar Corporation)		180,507		2,188		3,189		2,531
		2000 Eastman Dr.	Milford	OH	—	Siemens Shared Services, LLC		221,215		2,486		1,823		2,486
	10/31/2016	104 & 110 South Front St.	Memphis	TN	—	Hnedak Bobo Group, Inc.		37,229		484		501		0
	11/30/2016	4000 Johns Creek Pkwy.	Suwanee	GA	—	Perkin Elmer Instruments, LLC		13,955		224		232		0
	12/31/2016	37101 Corporate Dr.	Farmington Hills	MI	—	TEMIC Automotive of North America, Inc.		119,829		3,073		2,442		0
2017	4/30/2017	1315 West Century Dr.	Louisville	CO	—	Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)		106,877		1,338		1,600		0
	9/30/2017	9201 East Dry Creek Rd.	Centennial	CO	—	The Shaw Group, Inc.		128,500		2,206		2,372		0
	11/30/2017	6200 Northwest Pkwy.	San Antonio	TX	—	United HealthCare Services, Inc.		142,500		1,640		1,631		1,968
2018	5/30/2018	13651 McLearen Rd.	Herndon	VA	—	US Government		159,664		3,005		3,386		0

Page 14 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
	6/14/2018	17 Nijborg	3927 DA Renswoude	The Netherlands	(27)	AS Watson (Health and Beauty Continental Europe, BV)		114,195		3,124		2,491		0
	7/31/2018	4200 RCA Blvd.	Palm Beach Gardens	FL	—	Office Suites Plus Properties, Inc.		18,400		428		449		0
	9/15/2018	295 Chipeta Way	Salt Lake City	UT	—	University of Utah		295,000		5,696		5,696		0
	9/30/2018	1701 Market St.	Philadelphia	PA	(6)(10)	Brinker Corner Bakery II, LLC		8,070		196		211		0
	11/30/2018	4201 Marsh Ln.	Carrollton	TX	—	Carlson Restaurants Worldwide, Inc. (Carlson Companies, Inc.)		130,000		1,927		1,975		0
	12/22/2018	5200 Metcalf Ave.	Overland Park	KS	—	Swiss Re America Holding Corporation		320,198		4,332		4,364		0
2019	4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Swiss Re America Holding Corporation		155,925		2,063		2,063		0
	6/19/2019	3965 Airways Blvd.	Memphis	TN	—	Federal Express Corporation		521,286		7,113		7,013		5,375
	7/31/2019	500 Jackson St.	Columbus	IN	—	Cummins, Inc.		390,100		4,335		4,539		4,925
	10/31/2019	10475 Crosspoint Blvd.	Fishers	IN	—	John Wiley & Sons, Inc.		123,416		2,347		2,269		0
	12/31/2019	421 Butler Farm Rd.	Hampton	VA	(20)(22)	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)		36,484		602		602		0
	12/31/2019	850-950 Warrenville Rd.	Lisle	IL	(5)	National Louis University		99,414		1,323		1,669		0
2020	1/31/2020	10300 Kincaid Dr.	Fishers	IN	—	Roche Diagnostics Operations, Inc.		193,000		2,818		2,883		3,812
	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	(6)	Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)		136,789		2,157		2,237		0
	7/8/2020	1460 Tobias Gadsen Blvd.	Charleston	SC	(6)	Hagemeyer North America, Inc.		50,076		763		840		0
2021	1/31/2021	389-399 Interpace Hwy.	Parsippany	NJ	(17)(20)	Sanofi-aventis U.S., Inc. (Aventis, Inc. and Aventis Pharma Holding GmbH)		186,889		5,068		4,972		0
	3/31/2021	1311 Broadfield Blvd.	Houston	TX	—	Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)		155,040		2,922		2,670		0
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	New Jersey Natural Gas Company		157,511		2,923		2,923		4,224
	11/30/2021	29 South Jefferson Rd.	Whippany	NJ	—	CAE SimuFlite, Inc.		123,734		2,296		2,327		2,069
2022	12/31/2022	147 Milk St.	Boston	MA	—	Harvard Vanguard Medical Assoc.		52,337		1,532		1,661		0
2023	3/31/2023	6555 Sierra Dr.	Irving	TX	—	TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)		247,254		2,277		2,952		0
	7/31/2023	11201 Renner Blvd.	Lenexa	KS	(6)	Applebee’s Services, Inc. (DineEquity, Inc.)		178,000		3,532		3,902		0
2025	11/30/2025	11707 Miracle Hills Dr.	Omaha	NE	—	Infocrossing, LLC (Infocrossing, Inc.)		85,200		1,167		1,167		0
	12/31/2025	2005 East Technology Cir.	Tempe	AZ	—	Infocrossing, Inc.		60,000		1,128		1,128		0
2029	12/31/2029	400 East Stone Ave.	Greenville	SC	(21)	Canal Insurance Company		128,041		0		0		0
NA	NA	10475 Crosspoint Blvd.	Fishers	IN	—	(Available for Lease)(Prior tennat John Wiley & Sons, Inc.)		17,631		0		0		0
		1701 Market St.	Philadelphia	PA	(10)	Parking Operators		0		2,283		2,283		0
		101 East Erie St.	Chicago	IL	—	(Available for Lease)		12,270		0		0		0
OFFICE TOTAL/WEIGHTED AVERAGE						99.8% Leased		13,239,310	$	214,663	$	211,383

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LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
INDUSTRIAL PROPERTIES
2010	3/31/2010	1601 Pratt Ave.	Marshall	MI	—	Joseph Campbell Company		58,300		141		141		0
		191 Arrowhead Dr.	Hebron	OH	(15)	Owens Corning Insulating Systems, LLC		102,960		286		286		0
	4/30/2010	2203 Sherrill Dr.	Statesville	NC	(19)(20)	LA-Z-Boy Greensboro, Inc. (LA-Z-Boy Inc.)		168,600		386		640		0
	5/31/2010	200 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		400,522		895		878		881
2011	3/31/2011	2455 Premier Dr.	Orlando	FL	—	Walgreen Company		205,016		508		786		508
	5/31/2011	291 Park Center Dr.	Winchester	VA	(5)	Kraft Foods North America, Inc.		344,700		1,608		1,577		0
	9/25/2011	3820 Micro Dr.	Millington	TN	(6)	Ingram Micro, L.P (Ingram Micro, Inc.)		701,819		2,440		2,370		0
2012	8/4/2012	101 Michelin Dr.	Laurens	SC	—	CEVA Logistics U.S., Inc. (TNT Holdings, B.V.)		1,164,000		3,413		3,304		2,619
		7111 Crabb Rd.	Temperance	MI	—	CEVA Logistics U.S., Inc. (TNT Holdings, B.V.)		744,570		2,287		2,214		1,756
	10/31/2012	43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive Operations USA I, LLC (Tower Automotive Holdings I, LLC)		290,133		1,886		1,834		2,081
	12/31/2012	245 Salem Church Rd.	Mechanicsburg	PA	—	Exel Logistics, Inc. (NFC plc)		252,000		869		866		0
2013	5/31/2013	2203 Sherrill Dr.	Statesville	NC	(19)(20)	LA-Z-Boy Greensboro, Inc. (LA-Z-Boy Inc.)		471,000		1,313		1,313		0
2014	1/2/2014	2415 US Hwy. 78 East	Moody	AL	—	CEVA Logistics U.S., Inc. (TNT Holdings, B.V.)		595,346		1,054		1,054		1,054
	1/31/2014	1133 Poplar Creek Rd.	Henderson	NC	—	Staples, Inc.		196,946		825		809		0
	12/31/2014	3686 South Central Ave.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)		90,000		404		314		446
		75 North St.	Saugerties	NY	(14)	Rotron, Inc. (EG&G)		52,000		122		232		122
2015	12/31/2015	749 Southrock Dr.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)		150,000		450		488		525
2016	2/28/2016	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Clevite, Inc. (MAHLE Industries, Inc.)		268,104		954		915		0
	3/31/2016	19500 Bulverde Rd.	San Antonio	TX	—	Harcourt, Inc. (Harcourt General, Inc.)		559,258		3,410		3,509		0
	8/31/2016	10590 Hamilton Ave.	Cincinnati	OH	—	The Hillman Group, Inc.		248,200		793		793		0
	9/30/2016	900 Industrial Blvd.	Crossville	TN	—	Dana Commercial Vehicle Products, LLC		222,200		684		684		0
2017	2/28/2017	3456 Meyers Ave.	Memphis	TN	—	Sears, Roebuck & Company		780,000		1,592		1,694		1,592
	6/30/2017	7500 Chavenelle Rd.	Dubuque	IA	—	The McGraw-Hill Companies, Inc.		330,988		1,151		1,164		0
	9/30/2017	250 Swathmore Ave.	High Point	NC	—	Steelcase, Inc.		244,851		1,068		1,087		1,165
	10/31/2017	1420 Greenwood Rd.	McDonough	GA	—	Versacold USA, Inc.		296,972		2,645		2,595		0
2018	6/30/2018	1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics, Inc.		772,450		1,347		1,342		0
	9/30/2018	50 Tyger River Dr.	Duncan	SC	(6)	Plastic Omnium Exteriors, LLC		221,833		958		958		0
2019	4/30/2019	113 Wells St.	North Berwick	ME	—	United Technologies Corporation		972,625		1,535		1,535		1,200
	10/17/2019	10345 Philipp Pkwy.	Streetsboro	OH	—	L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)		649,250		2,337		2,611		3,149
2020	3/31/2020	2425 Hwy. 77 North	Waxahachie	TX	—	James Hardie Building Products, Inc. (James Hardie, NV)		335,610		3,400		3,400		0
	6/30/2020	3102 Queen Palm Dr.	Tampa	FL	—	Time Customer Service, Inc. (Time, Inc.)		229,605		1,129		1,276		0
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com, Inc.		107,405		381		370		0
	12/19/2020	1901 Ragu Dr.	Owensboro	KY	(12)	Unilever Supply Chain, Inc. (Unilever United States, Inc.)		443,380		1,049		1,493		1,802
2021	3/30/2021	121 Technology Dr.	Durham	NH	—	Heidelberg Web Systems, Inc.		500,500		1,833		1,999		0
	5/31/2021	477 Distribution Pkwy.	Collierville	TN	—	Federal Express Corporation		120,000		480		403		0
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing Corporation		423,280		1,257		1,356		0
	12/31/2021	224 Harbor Freight Rd.	Dillon	SC	(6)	Harbor Freight Tools USA, Inc. (Central Purchasing, Inc.)		1,010,859		2,996		3,109		0
2025	6/30/2025	10000 Business Blvd.	Dry Ridge	KY	—	Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)		336,350		1,346		1,346		1,402
		4010 Airpark Dr.	Owensboro	KY	—	Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		211,598		1,208		1,208		829

Page 16 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
		301 Bill Bryan Rd.	Hopkinsville	KY	—	Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		424,904		1,687		1,687		1,512
		730 North Black Branch Rd.	Elizabethtown	KY	—	Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		167,770		537		537		558
		750 North Black Branch Rd.	Elizabethtown	KY	—	Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		539,592		2,838		2,838		2,960
	7/31/2025	7005 Cochran Rd.	Glenwillow	OH	—	Royal Appliance Manufacturing Company		458,000		1,944		2,251		2,164
2026	10/31/2026	5001 Greenwood Rd.	Shreveport	LA	—	Libbey Glass, Inc. (Libbey, Inc.)		646,000		1,954		2,170		0
NA	NA	1109 Commerce Blvd.	Swedesboro	NJ	—	(Available for Lease)		262,644		0		0		0
		1665 Hughes Way	Long Beach	CA	(11)	(Available for Lease)		200,541		0		0		0
		191 Arrowhead Dr.	Hebron	OH	—	(Available for Lease)		147,450		0		0		0
		250 Rittenhouse Cir.	Bristol	PA	—	(Available for Lease)		255,019		0		0		0
		3350 Miac Cove Rd.	Memphis	TN	—	(Available for Lease)		33,954		0		0		0
		34 East Main St.	New Kingstown	PA	—	(Available for Lease)		179,200		0		0		0
		6 Doughten Rd.	New Kingstown	PA	—	(Available for Lease)		330,000		0		0		0
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						92.6% Leased		18,918,304	$	61,400	$	63,436

Page 17 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
RETAIL PROPERTIES
2010	7/1/2010	1600 East 23rd St.	Chattanooga	TN	—	BI-LO, LLC		42,130		130		130		134
2011	5/31/2011	18601 Alderwood Mall Blvd.	Lynnwood	WA	—	Toys “R” Us, Inc.		43,105		281		298		279
		4811 Wesley St.	Greenville	TX	—	Safeway Stores, Inc.		48,492		171		242		171
		12535 Southeast 82nd Ave.	Clackamas	OR	—	Toys “R” Us, Inc.		42,842		305		324		298
		6910 South Memorial Hwy.	Tulsa	OK	—	Toys “R” Us, Inc.		43,123		257		273		255
	6/30/2011	4733 Hills & Dales Rd.	Canton	OH	—	Bally's Total Fitness of the Midwest, Inc. (Bally's Health & Tennis Corporation)		37,214		363		306		0
	12/29/2011	13133 Steubner Ave.	Houston	TX	—	The Kroger Company		52,200		281		404		281
2012	4/30/2012	10415 Grande Ave.	Sun City	AZ	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000		165		265		0
		119 North Balboa Rd.	El Paso	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000		165		136		0
		402 East Crestwood Dr.	Victoria	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000		165		116		0
		4121 South Port Ave.	Corpus Christi	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000		165		135		0
		900 South Canal St.	Carlsbad	NM	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000		165		105		0
		901 West Expwy.	McAllen	TX	—	Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)		10,000		165		164		0
	5/31/2012	3451 Alta Mesa Blvd.	Fort Worth	TX	—	Minyard Food Stores, Inc.		44,000		304		360		304
	11/30/2012	101 West Buckingham Rd.	Garland	TX	—	Minyard Food Stores, Inc.		40,000		326		326		326
		120 South Waco St.	Hillsboro	TX	—	Brookshire Grocery		35,000		161		186		161
		205 Homer Rd.	Minden	LA	—	Brookshire Grocery		35,000		193		285		193
2013	2/28/2013	US 221 & Hospital Rd.	Jefferson	NC	—	Food Lion, Inc. (Delhaize America, Inc.)		23,000		73		73		73
		104 Branchwood Shopping Center	Jacksonville	NC	—	Food Lion, Inc. (Delhaize America, Inc.)		23,000		84		110		84
		291 Talbert Blvd.	Lexington	NC	—	Food Lion, Inc. (Delhaize America, Inc.)		23,000		138		138		138
		S. Carolina 52/52 Bypass	Moncks Corner	SC	—	Food Lion, Inc. (Delhaize America, Inc.)		23,000		62		123		62
		3211 West Beverly St.	Staunton	VA	—	Food Lion, Inc. (Delhaize America, Inc.)		23,000		166		166		166
	7/1/2013	1053 Mineral Springs Rd.	Paris	TN	—	The Kroger Company		31,170		159		213		159
		302 Coxcreek Pkwy.	Florence	AL	—	The Kroger Company		42,130		224		313		223
	10/31/2013	1084 East Second St.	Franklin	OH	—	Marsh Supermarkets, Inc.		29,119		111		158		111
		130 Midland Ave.	Port Chester	NY	—	Pathmark Stores, Inc.		59,000		458		1,197		458
		5104 North Franklin Rd.	Lawrence	IN	—	Marsh Supermarkets, Inc.		28,721		193		193		193
2014	3/31/2014	N.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Associated Wholesale Grocers, Inc.		30,757		222		174		185
2015	1/31/2015	1700 State Route 160	Port Orchard	WA	—	Moran Foods, Inc. d/b/a Save-A-Lot, Ltd.		16,037		82		82		97
	5/31/2015	24th St. West & St. John’s Ave.	Billings	MT	—	Safeway Stores, Inc.		40,800		186		333		186
2017	3/31/2017	1610 South Westmoreland Ave.	Dallas	TX	—	Malone’s Food Stores		68,024		358		478		376
2018	2/26/2018	4831 Whipple Ave., Northwest	Canton	OH	—	Best Buy Company, Inc.		46,350		465		465		465
		399 Peachwood Centre Dr.	Spartanburg	SC	—	Best Buy Company, Inc.		45,800		395		395		395
	9/30/2018	835 Julian Ave.	Thomasville	NC	—	Mighty Dollar, LLC		23,767		70		70		0
	10/31/2018	10340 U.S. 19	Port Richey	FL	—	Kingswere Furniture		53,280		424		424		400
	12/31/2018	1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart Corporation		94,970		403		329		0
		12080 Carmel Mountain Rd.	San Diego	CA	—	Sears Holding Corporation		107,210		458		751		0
		21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart Corporation		120,727		675		482		0
		255 Northgate Dr.	Manteca	CA	—	Kmart Corporation		107,489		718		555		0

Page 18 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
		5350 Leavitt Rd.	Lorain	OH	—	Kmart Corporation		193,193		1,017		731		0
		97 Seneca Trail	Fairlea	WV	—	Kmart Corporation		90,933		474		347		0
2021	1/31/2021	3040 Josey Ln.	Carrollton	TX	—	Ong’s Family, Inc.		61,000		268		404		0
2028	1/31/2028	2010 Apalachee Pkwy.	Tallahassee	FL	—	Kohl's Department Stores, Inc.		102,381		400		420		484
	8/31/2028	9803 Edmonds Way	Edmonds	WA	—	Pudget Consumers Co-op d/b/a PCC Natural Markets		34,459		602		602		0
NA	NA	1700 State Route 160	Port Orchard	WA	—	(Available for Lease)		11,931		0		0		0
		35400 Cowan Rd.	Westland	MI	(7)	(Available for Lease)(Prior tenant Sam’s Real Estate Business Trust)		101,402		62		62		0
		5544 Atlanta Hwy.	Montgomery	AL	—	(Available for Lease)		60,698		0		0		0
		811 US Hwy. 17	North Myrtle Beach	SC	—	(Available for Lease)		41,021		0		0		0
	RETAIL TOTAL/WEIGHTED AVERAGE					90.6% Leased		2,280,475	$	12,709	$	13,843

Page 19 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Year Built/ Renovated/  Expanded	Gross Book Value ($000) (23)		Sq.Ft.		Percentage Leased			Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Debt Balance ($000)
MULTI-TENANT PROPERTIES
Various	Various	10 John St.	Clinton	CT	(12)	Multi-Tenant	1972		3,195		41,188		0	%		0		0		0
		100 East Shore Dr.	Glen Allen	VA	—	Multi-Tenant	1999		11,608		67,508		95	%		1,296		1,310		19,561
		100 Light St.	Baltimore	MD	—	Multi-Tenant	1973/2009		207,286		523,240		27	%		10,632		10,632		0
		130 East Shore Dr.	Glen Allen	VA	(26)	Multi-Tenant	2000		13,700		79,675		100	%		686		914		0
		13430 North Black Canyon Fwy.	Phoenix	AZ	(24)	Multi-Tenant	1981/1982/2005/2007/2009		25,632		138,940		100	%		1,571		1,921		0
		1500 Hughes Way	Long Beach	CA	(11)(25)	Multi-Tenant	1981		120,951		490,054		67	%		4,770		6,391		15,252
		160 Clairemont Ave.	Decatur	GA	—	Multi-Tenant	1983		19,975		121,686		71	%		916		916		0
		17770 Cartwright Rd.	Irvine	CA	(13)	Multi-Tenant	1982		36,238		143,165		81	%		2,387		2,503		0
		2300 Litton Ln.	Hebron	KY	(24)	Multi-Tenant	1986/1996		10,179		80,440		100	%		465		455		0
		255 California St.	San Francisco	CA	(9)	Multi-Tenant	1959		40,444		173,455		67	%		3,548		3,630		19,924
		3468 Georgia Hwy. 120	Duluth	GA	(7)(24)	Multi-Tenant	1971		1,950		10,341		0	%		133		151		0
		350 Pine St.	Beaumont	TX	(24)	Multi-Tenant	1981		29,940		425,198		82	%		4,446		4,647		0
		5550 Tech Center Dr.	Colorado Springs	CO	(7)(27)	Multi-Tenant	1982		6,790		61,690		0	%		280		249		0
		6050 Dana Way	Antioch	TN	—	Multi-Tenant	1999		26,459		674,528		52	%		1,017		1,017		13,418
		6277 Sea Harbor Dr.	Orlando	FL	(7)	Multi-Tenant	1984		51,720		355,840		0	%		3,004		2,777		0
		6301 Gaston Ave.	Dallas	TX	—	Multi-Tenant	1970/1981		22,164		173,855		63	%		1,488		1,488		0
		King St./1032 Fort St. Mall	Honolulu	HI	(24)	Multi-Tenant	1979/2002		35,962		324,901		96	%		3,334		3,342		0
MULTI-TENANT TOTAL/WEIGHTED AVERAGE						58.7% Leased					3,885,704				$	39,973	$	42,343	$	68,155
	TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE					91.50% Leased					38,323,793				$	328,745	$	331,005

Footnotes

(1) Square foot leased or vacant.

(2) Twelve months ended 12/31/09 cash rent.

(3) Twelve months ended 12/31/09 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) Tenant exercised purchase option under the lease, closed 01/15/2010.

(9) Lexington has an 0.01% interest in this property.

(10) Lexington has an 80.5% interest in this property.

(11) Lexington has an 55.0% interest in this property.

(12) Lexington has an 71.1% interest in this property.

(13) Lexington has an 64.4% interest in this property.

(14) Lexington has an 57.8% interest in this property.

(15) Month to month tenant.

(16) Current lease ends 05/2013, however, new tenant (Problem Solved, LLC) lease expires 05/2014.

(17) Lease entered into with new tenant (Reckitt Benckiser, Inc.) effective 02/2010 for 163,386 square feet which expires 01/2021 and 23,503 square feet which expires 04/2010.

(18) Lease entered into with subtenant (Cadbury Schweppes Holdings) effective 02/2010 which expires 06/2015.

(19) Lease entered into with new tenant (Ozburn-Hessey Logistics) effective 03/2010 for 471,000 square feet which expires 05/2013.

(20) Cash rent and GAAP base rent represent current tenant's allocated rents.

(21) Property acquired on 12/31/2009.

(22) Lease entered into with new tenant (Patient Advocate Foundation) effective 02/2010 for 36,484 square feet which expires 12/2019.

(23) Represents GAAP capitalized costs.

(24) Property is collateral for secured credit facility.

(25) Contract right payable.

(26) Mortgage shown under 100 East Shore Dr., Glen Allen VA.

(27) Property sold subsequent to December 31, 2009.

Page 20 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies -  Net Lease Strategic Assets Fund Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Year Built/Renovated/ Expanded	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
NET LEASE STRATEGIC ASSETS FUND PROPERTIES
2010	3/31/2010	109 Stevens St.	Jacksonville	FL	—	Cardinal Unijax, LLC and Camelot Drive Holdings, LLC	1959/1967		58,589		25		25		0
	10/31/2010	265 Lehigh St.	Allentown	PA	—	Wachovia Bank National Association	1980		71,230		250		570		261
2011	5/31/2011	1200 Jupiter Rd.	Garland	TX	—	Raytheon Company	1980		278,759		1,506		2,053		1,588
	7/15/2011	19019 North 59th Ave.	Glendale	AZ	—	Honeywell International, Inc.	1986/1997/2000		252,300		2,452		3,109		0
2012	4/30/2012	3600 Army Post Rd.	Des Moines	IA	(6)	Electronic Data Systems, LLC	2002		405,000		2,910		2,968		0
	5/31/2012	101 Creger Dr.	Ft. Collins	CO	—	Lithia Motors	1982		10,000		275		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		310		307		310
		8555 South River Pkwy.	Tempe	AZ	(6)	ASM Lithography, Inc. (ASM Lithography Holding, NV)	1998		95,133		2,354		2,210		0
	10/14/2013	3943 Denny Ave.	Pascagoula	MS	—	Northrop Grumman Systems Corporation	1995		94,841		638		638		0
	12/31/2013	120 Southeast Pkwy. Dr.	Franklin	TN	—	Essex Group, Inc. (United Technologies Corporation)	1970/1983		289,330		735		654		735
2014	1/31/2014	1401 & 1501 Nolan Ryan Pkwy.	Arlington	TX	—	Siemens Shared Services, LLC	2003		236,547		2,698		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		2,074		0
	7/1/2014	70 Mechanic St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)	1965/1967/1971		251,914		3,061		2,649		2,817
	12/31/2014	324 Industrial Park Rd.	Franklin	NC	(5)	SKF USA, Inc.	1996		72,868		423		423		0
2015	6/30/2015	2935 Van Vactor Dr.	Plymouth	IN	—	Bay Valley Foods, LLC	2000/2003		300,500		787		809		853
		3711 San Gabriel	Mission	TX	—	VoiceStream PCS II Corporation (T-Mobile USA, Inc.)	2003		75,016		975		1,020		0
		2500 Patrick Henry Pkwy.	McDonough	GA	—	Georgia Power Company	1999		111,911		1,486		1,536		0
		1700 47th Ave North	Minneapolis	MN	(5)	Owens Corning Roofing and Asphalt, LLC	2003		18,620		594		594		0
	9/27/2015	9110 Grogans Mill Rd.	Houston	TX	—	Baker Hughes, Inc.	1992		275,750		3,363		3,147		2,756
		2529 West Thorne Dr.	Houston	TX	—	Baker Hughes, Inc.	1982/1999		65,500		929		838		746
	10/31/2015	5201 West Barraque St.	Pine Bluff	AR	—	Entergy Services, Inc.	1964/1973		27,189		192		192		192
2016	1/31/2016	1600 Eberhardt Rd.	Temple	TX	—	Nextel of Texas	2001		108,800		1,523		1,617		0
	7/14/2016	6455 State Hwy 303 Northeast	Bremerton	WA	—	Nextel West Corporation	2002		60,200		1,085		1,163		0
	11/30/2016	736 Addison Rd.	Erwin	NY	(6)	Corning, Inc.	2006		408,000		1,152		1,152		0
2017	12/31/2017	11411 North Kelly Ave.	Oklahoma City	OK	—	American Golf Corporation	1991/1996		13,924		475		479		0
2018	3/15/2018	601 & 701 Experian Pkwy.	Allen	TX	—	Experian Information Solutions, Inc. (Experian Holdings, Inc.)	1981/1983		292,700		3,073		3,726		0
	8/31/2018	3500 North Loop Rd.	McDonough	GA	—	Litton Loan Servicing, LP	2007		62,218		1,128		1,128		0
	9/30/2018	904 Industrial Rd.	Marshall	MI	—	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)	1968/1972/2008		246,508		765		803		925
2019	1/31/2019	2999 Southwest 6th St.	Redmond	OR	—	VoiceStream PCS I, LLC (T-Mobile USA, Inc.)	2004		77,484		1,435		1,572		0
	6/28/2019	3265 East Goldstone Dr.	Meridian	ID	(6)	VoiceStream PCS Holding, LLC  (T-Mobile USA, Inc.)	2004		77,484		1,251		1,364		0
	10/31/2019	17191 St. Luke's Way	The Woodlands	TX	—	Montgomery County Management Company, LLC	2004		41,000		798		986		0
		9601 Renner Blvd.	Lenexa	KS	(6)	VoiceStream PCS II Corporation (T-Mobile USA, Inc.)	2004		77,484		1,273		1,392		0
2020	5/31/2020	359 Gateway Dr.	Lavonia	GA	—	TI Group Automotive Systems, LLC (TI Automotive, Ltd.)	2005		133,221		1,200		1,200		0
	6/30/2020	10419 North 30th St.	Tampa	FL	—	Time Customer Service, Inc.	1986		132,981		1,274		1,355		0
	8/31/2020	First Park Dr.	Oakland	ME	(6)	Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)	2005		78,610		1,265		1,150		0
	11/30/2020	11555 University Blvd.	Sugar Land	TX	—	KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)	2005		72,683		1,114		1,251		0
2021	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)	1999/2004		150,945		1,843		1,932		0
2022	7/31/2022	1440 East 15th St.	Tucson	AZ	—	CoxCom, Inc.	1988		28,591		502		552		0
2025	7/14/2025	590 Ecology Ln.	Chester	SC	—	Owens Corning, Inc.	2001/2005		420,597		2,185		2,169		1,678

Page 21 of 47

LEXINGTON REALTY TRUST

Property Leases and Vacancies -  Net Lease Strategic Assets Fund Portfolio - 12/31/09

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Year Built/Renovated/ Expanded	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2009 ($000) (2)		GAAP Base Rent as of 12/31/2009 ($000) (3)		Fixed Rent at Next Option ($000) (4)
2026	8/31/2026	25500 State Hwy. 249	Tomball	TX	—	Parkway Chevrolet, Inc. (R. Durdin, J. Durdin)	2005		77,076		1,283		1,507		0
2027	4/30/2027	2424 Alpine Rd.	Eau Claire	WI	(6)	Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.)	1993/2004		159,000		930		1,171		0
NA	NA	109 Stevens St.	Jacksonville	FL	—	(Available for Lease)(Prior tenant Unisource Worldwide, Inc.)	1959/1967		110,211		557		519		0
	NET LEASE STRATEGIC ASSETS FUND TOTAL/WEIGHTED AVERAGE					98.2% Leased			6,103,462	$	54,962	$	57,820

Footnotes

(1)  Square foot leased or vacant.

(2)  Twelve months ended 12/31/09 cash rent.

(3)  Twelve months ended 12/31/09 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 22 of 47

LEXINGTON REALTY TRUST

Lease Rollover Schedule by Property Type - Cash Basis

12/31/2009

	Office						Industrial						Retail
Year	Net Rentable Area		Cash Rent as of 12/31/2009 ($000)		Rent PSF		Net Rentable Area		Cash Rent as of 12/31/2009 ($000)		Rent PSF		Net Rentable Area		Cash Rent as of 12/31/2009 ($000)		Rent PSF
2010		130,364	$	2,360	$	18.10		730,382	$	1,708	$	2.34		42,130	$	130	$	3.09
2011		533,862	$	10,036	$	18.80		1,251,535	$	4,556	$	3.64		266,976	$	1,658	$	6.21
2012		1,591,463	$	23,374	$	14.69		2,450,703	$	8,455	$	3.45		214,000	$	1,974	$	9.22
2013		1,653,890	$	23,787	$	14.38		471,000	$	1,313	$	2.79		305,140	$	1,668	$	5.47
2014		2,369,353	$	43,609	$	18.41		934,292	$	2,405	$	2.57		30,757	$	222	$	7.22
2015		1,853,842	$	30,501	$	16.45		150,000	$	450	$	3.00		56,837	$	268	$	4.72
2016		572,735	$	8,455	$	14.76		1,297,762	$	5,841	$	4.50		-	$	-	$	-
2017		377,877	$	5,184	$	13.72		1,652,811	$	6,456	$	3.91		68,024	$	358	$	5.26
2018		1,045,527	$	18,708	$	17.89		994,283	$	2,305	$	2.32		883,719	$	5,099	$	5.77
2019		1,326,625	$	17,783	$	13.40		1,621,875	$	3,872	$	2.39		-	$	-	$	-
2020		379,865	$	5,738	$	15.11		1,116,000	$	5,959	$	5.34		-	$	-	$	-
2021		623,174	$	13,209	$	21.20		2,054,639	$	6,566	$	3.20		61,000	$	268	$	4.39
2022		52,337	$	1,532	$	29.27		-	$	-	$	-		-	$	-	$	-
2023		425,254	$	5,809	$	13.66		-	$	-	$	-		-	$	-	$	-
2024		-	$	-	$	-		-	$	-	$	-		-	$	-	$	-
2025		145,200	$	2,295	$	15.81		2,138,214	$	9,560	$	4.47		-	$	-	$	-
2026		-	$	-	$	-		646,000	$	1,954	$	3.02		-	$	-	$	-
2027		-	$	-	$	-		-	$	-	$	-		-	$	-	$	-
2028		-	$	-	$	-		-	$	-	$	-		136,840	$	1,002	$	7.32
2029 (2)		128,041	$	-	$	-		-	$	-	$	-		-	$	-	$	-
Total/Weighted Average (1)		13,209,409	$	212,380	$	16.08		17,509,496	$	61,400	$	3.51		2,065,423	$	12,647	$	6.12

Footnotes

(1) Total shown may differ from detailed amounts due to rounding and does not include Multi-Tenant properties and Parking Operations.

(2) New property acquired 12/31/2009.

Page 23 of 47

LEXINGTON REALTY TRUST

Lease Rollover Schedule - GAAP Basis

12/31/2009

Year	Number of Leases Expiring		GAAP Base Rent as of 12/31/2009 ($000)		Percent of GAAP Base Rent as of 12/31/2009
2010		10	$	4,178		1.5	%
2011		15	$	16,320		5.7	%
2012		28	$	33,084		11.6	%
2013		22	$	28,777		10.1	%
2014		28	$	43,946		15.3	%
2015		14	$	29,050		10.1	%
2016		9	$	14,088		4.9	%
2017		8	$	12,621		4.4	%
2018		19	$	25,421		8.9	%
2019		8	$	22,301		7.8	%
2020		7	$	12,499		4.4	%
2021		9	$	20,163		7.0	%
2022		1	$	1,661		0.6	%
2023		2	$	6,854		2.4	%
2024		-	$	-		0.0	%
2025		8	$	12,162		4.2	%
2026		1	$	2,170		0.8	%
2027		-	$	-		0.0	%
2028		2	$	1,022		0.4	%
2029 (2)		1	$	-		0.0	%
Total (1)		192	$	286,317		100.0	%

Footnotes

(1) Total shown may differ from detailed amounts due to rounding and does not include Multi-Tenant properties and Parking Operations.

(2) New property acquired 12/31/2009.

Page 24 of 47

LEXINGTON REALTY TRUST

Mortgage Notes Receivable

12/31/2009

										Current
			Note		Imputed					Estimated		Balloon		Escrow
Collateral			Balance		Interest			Maturity		Annual Debt		Payment		Balance
	City	State	($000)(1)		Rate			Date		Service ($000)		($000)		($000)
Office	Wilsonville	OR	$	10,760		5.46	%		08/2015	$	750	$	9,684	$	1,184
	Westmont (2)	IL	$	27,654		6.45	%		10/2015	$	2,090	$	25,731	$	4,798
	Southfield	MI	$	9,318		4.55	%		02/2015	$	1,282	$	5,810	$	-
Retail	Austin	TX	$	1,265		16.00	%		10/2018	$	-	$	5,104	$	-
	Tampa	FL	$	204		8.0	%		12/2020	$	29	$	-	$	-
	Various	Various	$	8,259		8.0	%		01/2014	$	2,396	$	-	$	-
	Various	Various	$	1,436		8.0	%		02/2021	$	69	$	-	$	-
	Various	Various	$	880		8.0	%		03/2022	$	74	$	-	$	-
	Various	Various	$	791		8.0	%		12/2021	$	43	$	-	$	-
	Total Mortgage Notes Receivables		$	60,567						$	6,733	$	46,329	$	5,982

Footnotes

(1) Includes accrued interest.

(2) Escrow balance includes $4,394 in a collateral escrow account maintained by the borrower.

Page 25 of 47

LEXINGTON REALTY TRUST

2009 Fourth Quarter Financing Summary

	DEBT RETIRED
		Face ($000)		Satisfaction ($000)		Rate			Due Date
1	Exchangeable Guaranteed Notes	$	17,550	$	16,787		5.450	%		01/2012
2	Credit Facility	$	23,000	$	23,000		3.084	%		02/2011
3	Term Loan	$	652	$	652		3.084	%		02/2011
4	Eau Claire, WI (1)	$	1,198	$	1,198		8.000	%		07/2014
5	Baton Rouge, LA (1)	$	1,402	$	1,402		7.375	%		03/2010
6	Houston, TX	$	18,229	$	18,229		7.580	%		10/2009
7	Plymouth, MI	$	4,335	$	4,335		7.960	%		07/2011
7	TOTAL RETIRED	$	66,366	$	65,603

Footnotes

(1) Settled on sale of property.

Page 26 of 47

LEXINGTON REALTY TRUST

Debt Maturity Schedule

12/31/2009

($000)

Consolidated Properties
Year	Real Estate Scheduled Amortization		Real Estate Balloon Payments			Corporate Debt
2010	$	33,508	$	105,978	(1)	$	-
2011		30,888		85,172	(2)		171,348	(3)
2012		30,884		191,034			87,650	(4)
2013		27,067		234,937			60,723
2014		26,832		233,603			-
	$	149,179	$	850,724		$	319,721

Non-Consolidated Investments - LXP Proportionate Share
Year	Real Estate Scheduled Amortization		Real Estate Balloon Payments
2010	$	2,627	$	1,140
2011		2,690		6,903
2012		2,760		3,323
2013		2,900		2,496
2014		2,515		4,061
	$	13,492	$	17,923

Footnotes

(1) Reduced to $91,268 subsequent to quarter end.

(2) Reduced to $49,909 subsequent to quarter end.

(3) Reduced to $129,348 subsequent to quarter end.

(4) Reduced to $64,650 subsequent to quarter end.

Page 27 of 47

LEXINGTON REALTY TRUST

2010 Mortgage Maturities by Property Type

12/31/2009

	Property Location	City	State	Net Rentable Area		Mortgage Balance at Maturity ($000)		Maturity Date		Tenant Lease Expires		Gross Book Value ($000) (1)		Cash Rent as of 12/31/2009 ($000)		GAAP Base Rent as of 12/31/2009 ($000)
Office	5724 West Las Positas Blvd. (2)(3)(5)	Pleasanton	CA		40,914	$	3,808		01/2010		11/2010	$	-	$	778	$	643
	400 Butler Farm Rd. (5)	Hampton	VA		100,632	$	6,758		04/2010		12/2014	$	12,923	$	1,206	$	1,241
	421 Butler Farm Rd. (5)	Hampton	VA		56,515	$	4,144		04/2010		01/2010	$	7,015	$	783	$	719
	550 Business Center Dr.	Lake Mary	FL		125,920	$	12,082		10/2010		09/2015	$	23,958	$	2,732	$	1,832
	600 Business Center Dr.	Lake Mary	FL		125,155	$	12,118		10/2010		09/2015	$	23,846	$	2,789	$	1,757
	6555 Sierra Dr.	Irving	TX		247,254	$	24,454		10/2010		03/2023	$	46,661	$	2,277	$	2,952
	13651 McLearen Rd.	Herndon	VA		159,664	$	17,301		12/2010		05/2018	$	27,789	$	3,005	$	3,386
Industrial	3102 Queen Palm Dr.	Tampa	FL		229,605	$	5,503		08/2010		06/2020	$	9,648	$	1,129	$	1,276
Retail	1150 West Carl Sandburg Dr.	Galesburg	IL		94,970	$	-		07/2010		12/2018	$	2,884	$	403	$	329
	12080 Carmel Mountain Rd.	San Diego	CA		107,210	$	-		07/2010		12/2018	$	5,463	$	458	$	751
	21082 Pioneer Plaza Dr.	Watertown	NY		120,727	$	-		07/2010		12/2018	$	5,316	$	675	$	482
	255 Northgate Dr.	Manteca	CA		107,489	$	-		07/2010		12/2018	$	6,509	$	718	$	555
	5350 Leavitt Rd.	Lorain	OH		193,193	$	-		07/2010		12/2018	$	8,513	$	1,017	$	731
	97 Seneca Trail	Fairlea	WV		90,933	$	-		07/2010		12/2018	$	3,360	$	474	$	347
Multi-Tenant	255 California St. (2)(4)	San Francisco	CA		173,455	$	19,810		02/2010	Various		$	40,444	$	3,548	$	3,630
	Total 2010 Mortgage Maturities				1,973,636	$	105,978					$	224,329	$	21,992	$	20,631

Footnotes

(1) Represents GAAP capitalized costs.

(2) Properties are in a partnership that is a variable interest entity (VIE) that is consolidated with our operations as we are the primary beneficiary of the VIE, however, mortgage debt will be satisfied with partnership assets only. Our ownership interest is 0.01%.

(3) Original maturity 12/2009, forbearance agreement until 01/15/2010, property sold to tenant/lender 01/15/2010.

(4) Original maturity 12/2009, forbearance agreement in effect.

(5) Mortgage satisfied subsequent to December 31, 2009.

Page 28 of 47

LEXINGTON REALTY TRUST

2011 Mortgage Maturities by Property Type

12/31/2009

	Property Location	City	State	Net Rentable Area		Mortgage Balance at Maturity ($000)		Maturity Date		Tenant Lease Expires		Gross Book Value ($000) (1)		Cash Rent as of 12/31/2009 ($000)		GAAP Base Rent  as of 12/31/2009  ($000)
Office	389-399 Interpace Hwy.	Parsippany	NJ		340,240	$	37,047		03/2011		2015/2021	$	109,022	$	9,226	$	9,051
	15/17 Nijborg (2)	Renswoude	The Netherlands		131,805	$	35,263		04/2011		2011/2018	$	46,465	$	3,475	$	2,842
	100 Barnes Rd.	Wallingford	CT		44,400	$	3,187		05/2011		12/2010	$	5,525	$	654	$	606
Industrial	291 Park Center Dr.	Winchester	VA		344,700	$	9,675		08/2011		05/2011	$	18,865	$	1,608	$	1,577
	Total 2011 Mortgage Maturities				861,145	$	85,172					$	179,877	$	14,963	$	14,076

Footnotes

(1) Represents GAAP capitalized costs.

(2) Property sold subsequent to December 31, 2009 and mortgage was assumed by the buyer.

Page 29 of 47

LEXINGTON REALTY TRUST

2012 Mortgage Maturities by Property Type

12/31/2009

	Property Location	City	State	Net Rentable Area		Mortgage Balance at Maturity ($000)		Maturity Date		Tenant Lease Expires		Gross Book Value ($000) (1)		Cash Rent as of 12/31/2009 ($000)		GAAP Base Rent as of 12/31/2009 ($000)
Office	1315 West Century Dr.	Louisville	CO		106,877	$	7,195		01/2012		04/2017	$	16,933	$	1,338	$	1,600
	2000 Eastman Dr.	Milford	OH		221,215	$	12,686		02/2012		04/2016	$	26,595	$	2,486	$	1,823
	26210 and 26220 Enterprise Court	Lake Forest	CA		100,012	$	9,708		02/2012		01/2012	$	17,211	$	1,914	$	1,791
	200 Lucent Ln.	Cary	NC		124,944	$	12,543		05/2012		09/2011	$	23,881	$	2,230	$	2,059
	2050 Roanoke Rd.	Westlake	TX		130,290	$	17,829		05/2012		12/2011	$	32,697	$	3,660	$	3,455
	3940 South Teller St.	Lakewood	CO		68,165	$	7,890		05/2012		03/2012	$	12,155	$	1,169	$	867
	37101 Corporate Dr.	Farmington Hills	MI		119,829	$	17,724		09/2012		12/2016	$	32,876	$	3,073	$	2,442
	4455 American Way	Baton Rouge	LA		70,100	$	5,948		10/2012		10/2012	$	13,868	$	1,109	$	1,114
	1110 Bayfield Dr.	Colorado Springs	CO		166,575	$	10,272		12/2012		11/2013	$	19,579	$	1,743	$	1,600
Industrial	245 Salem Church Rd.	Mechanicsburg	PA		252,000	$	4,514		01/2012		12/2012	$	9,085	$	869	$	866
	34 East Main St.	New Kingstown	PA		179,200	$	2,914		01/2012	NA		$	6,034	$	-	$	-
	6 Doughten Rd.	New Kingstown	PA		330,000	$	6,116		01/2012	NA		$	12,342	$	-	$	-
	3820 Micro Dr.	Millington	TN		701,819	$	16,222		05/2012		09/2011	$	24,870	$	2,440	$	2,370
	101 Michelin Dr.	Laurens	SC		1,164,000	$	14,022		09/2012		08/2012	$	34,460	$	3,413	$	3,304
	7111 Crabb Rd.	Temperance	MI		744,570	$	9,400		09/2012		08/2012	$	21,249	$	2,287	$	2,214
	19500 Bulverde Rd.	San Antonio	TX		559,258	$	26,025		10/2012		03/2016	$	41,882	$	3,410	$	3,509
	43955 Plymouth Oaks Blvd.	Plymouth	MI		290,133	$	10,026		12/2012		10/2012	$	19,161	$	1,886	$	1,834
	Total 2012 Mortgage Maturities				5,328,987	$	191,034					$	364,878	$	33,027	$	30,848

Footnotes

(1) Represents GAAP capitalized costs.

Page 30 of 47

LEXINGTON REALTY TRUST

2013 Mortgage Maturities by Property Type

12/31/2009

	Property Location	City	State	Net Rentable Area		Mortgage Balance at Maturity ($000)		Maturity Date		Tenant Lease Expires		Gross Book Value ($000) (1)		Cash Rent as of 12/31/2009 ($000)		GAAP Base Rent as of 12/31/2009 ($000)
Office	3476 Stateview Blvd.	Fort Mill	SC		169,083	$	9,904		01/2013		05/2014	$	18,079	$	2,648	$	2,657
	9201 East Dry Creek Rd.	Centennial	CO		128,500	$	13,555		02/2013		09/2017	$	26,922	$	2,206	$	2,372
	12600 Gateway Blvd.	Fort Meyers	FL		62,400	$	8,550		05/2013		01/2013	$	13,755	$	1,099	$	1,088
	200 Executive Blvd. South	Southington	CT		153,364	$	12,228		05/2013		12/2012	$	27,919	$	1,679	$	1,624
	275 South Valencia Ave.	Brea	CA		637,503	$	73,071		05/2013		06/2012	$	118,929	$	8,710	$	8,794
	5757 Decatur Blvd.	Indianapolis	IN		89,956	$	8,580		05/2013		08/2012	$	15,220	$	1,415	$	1,589
	810 & 820 Gears Rd.	Houston	TX		157,790	$	15,737		05/2013		01/2013	$	26,819	$	2,229	$	2,251
	8900 Freeport Pkwy.	Irving	TX		268,445	$	36,466		05/2013		03/2013	$	59,730	$	4,830	$	4,889
	6303 Barfield Rd.	Atlanta	GA		238,600	$	40,356		05/2013		05/2013	$	62,264	$	4,714	$	4,882
	2211 South 47th St.	Phoenix	AZ		176,402	$	16,490		09/2013		11/2012	$	25,017	$	2,408	$	2,259
	Total 2013 Mortgage Maturities				2,082,043	$	234,937					$	394,654	$	31,938	$	32,405

Footnotes

(1) Represents GAAP capitalized costs.

Page 31 of 47

LEXINGTON REALTY TRUST

2014 Mortgage Maturities by Property Type

12/31/2009

	Property Location	City	State	Net Rentable Area		Mortgage Balance at Maturity ($000)		Maturity Date		Tenant Lease Expires		Gross Book Value ($000) (1)		Cash Rent as of 12/31/2009 ($000)		GAAP Base Rent as of 12/31/2009 ($000)
Office	33 Commercial St.	Foxboro	MA		164,689	$	-		01/2014		07/2015	$	29,238	$	3,438	$	3,438
	1275 Northwest 128th St.	Clive	IA		61,180	$	5,151		05/2014		01/2012	$	10,599	$	799	$	799
	3480 Stateview Blvd.	Fort Mill	SC		169,218	$	18,311		05/2014		05/2014	$	29,174	$	3,441	$	3,449
	1701 Market St. (2)	Philadelphia	PA		307,775	$	43,547		07/2014	Various		$	69,017	$	7,206	$	7,219
	10300 Kincaid Dr.	Fishers	IN		193,000	$	10,466		08/2014		01/2020	$	29,017	$	2,818	$	2,883
	3965 Airways Blvd.	Memphis	TN		521,286	$	46,253		09/2014		06/2019	$	116,410	$	7,113	$	7,013
	500 Jackson St.	Columbus	IN		390,100	$	25,831		09/2014		07/2019	$	53,821	$	4,335	$	4,539
	6226 West Sahara Ave.	Las Vegas	NV		282,000	$	31,427		09/2014		01/2014	$	61,460	$	7,735	$	4,008
	22011 Southeast 51st St.	Issaquah	WA		95,600	$	30,388		12/2014		12/2014	$	23,602	$	1,899	$	1,896
	275 Technology Dr.	Canonsburg	PA		107,872	$	9,095		12/2014		12/2014	$	15,739	$	1,429	$	1,378
Industrial	2415 US Hwy. 78 East	Moody	AL		595,346	$	6,350		01/2014		01/2014	$	11,575	$	1,054	$	1,054
	1109 Commerce Blvd.	Swedesboro	NJ		262,644	$	6,784		04/2014	NA		$	14,695	$	-	$	-
	Total 2014 Mortgage Maturities				3,150,710	$	233,603					$	464,347	$	41,267	$	37,676

Footnotes

(1) Represents GAAP capitalized costs.

(2) Lexington has an 80.5% interest in the property.

Page 32 of 47

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2009

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Pleasanton, CA	(p)(t)	$	3,808		10.250	%		01/2010	$	-	$	3,808
San Francisco, CA	(o)		19,924		6.000	%		02/2010		264		19,810
Hampton, VA	(t)		6,779		8.270	%		04/2010		161		6,758
Hampton, VA	(t)		4,162		8.260	%		04/2010		133		4,144
Lorain, OH	(b)		381		5.540	%		07/2010		402		-
Manteca, CA	(b)		269		5.540	%		07/2010		284		-
Watertown, NY	(b)		253		5.540	%		07/2010		267		-
Lewisburg, WV	(b)		178		5.540	%		07/2010		188		-
San Diego, CA	(b)		172		5.540	%		07/2010		181		-
Galesburg, IL	(b)		151		5.540	%		07/2010		159		-
Tampa, FL			5,561		6.880	%		08/2010		316		5,503
Irving, TX	(b)		25,036		6.587	%		10/2010		1,958		24,454
Lake Mary, FL	(b)		12,367		6.502	%		10/2010		853		12,118
Lake Mary, FL	(b)		12,360		6.502	%		10/2010		949		12,082
Herndon, VA			17,553		8.180	%		12/2010		1,698		17,301
Parsippany, NJ	(b)		38,260		6.349	%		03/2011		3,472		37,047
Renswoude, NA	(t)		36,354		5.305	%		04/2011		2,806		35,263
Wallingford, CT			3,261		4.926	%		05/2011		221		3,187
Winchester, VA	(b)		10,126		6.346	%		08/2011		908		9,675
Louisville, CO			7,419		5.830	%		01/2012		544		7,195
New Kingston, PA			6,490		7.790	%		01/2012		678		6,116
Mechanicsburg, PA			4,779		7.780	%		01/2012		500		4,514
New Kingston, PA			3,092		7.780	%		01/2012		323		2,914
Milford, OH	(b)		14,541		6.612	%		02/2012		1,822		12,686
Lake Forest, CA			10,055		7.260	%		02/2012		901		9,708
Westlake, TX	(b)		18,495		5.392	%		05/2012		1,280		17,829
Millington, TN			16,896		5.247	%		05/2012		1,181		16,222
Cary, NC	(b)		12,727		5.584	%		05/2012		763		12,543
Lakewood, CO			8,238		5.097	%		05/2012		566		7,890
Farmington Hills, MI	(b)		18,853		5.723	%		09/2012		1,500		17,724
Laurens, SC	(b)		15,386		5.911	%		09/2012		1,396		14,022
Temperance, MI	(b)		10,314		5.912	%		09/2012		936		9,400
Baton Rouge, LA	(b)		6,265		5.333	%		10/2012		443		5,948
San Antonio, TX			27,631		6.080	%		10/2012		2,260		26,025
Plymouth, MI	(b)		11,170		5.964	%		12/2012		1,026		10,026
Colorado Springs, CO	(b)		10,970		5.996	%		12/2012		887		10,272
Fort Mill, SC			10,533		6.000	%		01/2013		839		9,904
Centennial, CO	(b)		14,687		5.724	%		02/2013		1,177		13,555
Brea, CA	(b)		76,435		5.734	%		05/2013		5,361		73,071
Atlanta, GA			42,883		5.268	%		05/2013		3,004		40,356
Irving, TX	(b)		38,501		5.452	%		05/2013		2,702		36,466
Houston, TX			16,753		5.218	%		05/2013		1,166		15,737
Southington, CT			13,028		5.018	%		05/2013		890		12,228
Indianapolis, IN			9,127		5.168	%		05/2013		633		8,580
Fort Meyers, FL			8,912		5.268	%		05/2013		551		8,550
Phoenix, AZ			18,068		6.270	%		09/2013		1,527		16,490
Foxboro, MA	(b)		13,750		6.000	%		01/2014		3,270		-
Moody, AL			6,974		4.978	%		01/2014		493		6,350

Page 33 of 47

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2009

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Swedesboro, NJ	(b)		7,168		5.545	%		04/2014		482		6,784
Clive, IA			5,611		5.139	%		05/2014		387		5,151
Fort Mill, SC			19,690		5.373	%		05/2014		1,364		18,311
Philadelphia, PA			47,309		5.060	%		07/2014		3,178		43,547
Fishers, IN			11,493		6.375	%		08/2014		932		10,466
Columbus, IN	(i)		25,831		6.150	%		09/2014		1,611		25,831
Las Vegas, NV	(i)		31,427		6.150	%		09/2014		1,960		31,427
Memphis, TN	(i)		46,253		6.150	%		09/2014		2,884		46,253
Issaquah, WA	(b)		31,890		5.665	%		12/2014		2,043		30,388
Canonsburg, PA	(b)		9,076		5.426	%		12/2014		489		9,095
Chicago, IL	(b)		29,201		5.639	%		01/2015		1,548		29,900
Carrollton, TX			13,451		5.530	%		01/2015		993		12,022
Herndon, VA	(b)		11,558		5.885	%		04/2015		888		10,359
Richmond, VA	(b)		19,561		5.377	%		05/2015		1,198		18,321
Houston, TX			16,075		5.160	%		05/2015		1,114		14,408
Rockaway, NJ			14,900		5.292	%		05/2015		799		14,900
Houston, TX			12,557		5.210	%		05/2015		874		11,265
Fishers, IN			12,482		5.160	%		05/2015		865		11,188
San Antonio, TX			12,400		5.340	%		05/2015		875		11,149
Atlanta, GA			11,325		5.260	%		05/2015		699		10,502
Los Angeles, CA			10,898		5.110	%		05/2015		750		9,760
Richmond, VA			10,073		5.310	%		05/2015		708		9,055
Harrisburg, PA			8,687		5.110	%		05/2015		599		7,780
Knoxville, TN			7,407		5.310	%		05/2015		520		6,658
Tulsa, OK			7,282		5.060	%		05/2015		499		6,517
Carrollton, TX	(b)		20,080		5.725	%		07/2015		1,382		18,710
Elizabethtown, KY	(j)		15,084		4.990	%		07/2015		1,043		13,371
Hopkinsville, KY			8,842		4.990	%		07/2015		612		7,838
Dry Ridge, KY	(n)		6,463		4.990	%		07/2015		447		5,729
Owensboro, KY	(n)		5,743		4.990	%		07/2015		397		5,091
Elizabethtown, KY	(j)		2,846		4.990	%		07/2015		197		2,523
Houston, TX	(b)		51,989		6.250	%		09/2015		8,159		18,161
Sugar Land, TX	(b)		13,477		6.250	%		09/2015		2,083		6,286
Bridgewater, NJ			14,805		5.732	%		03/2016		860		13,825
Omaha, NE			8,550		5.610	%		04/2016		621		7,560
Tempe, AZ			8,075		5.610	%		04/2016		586		7,140
Lisle, IL			10,279		6.500	%		06/2016		793		9,377
Dallas, TX	(b)		18,526		5.939	%		07/2016		1,136		18,365
Rochester, NY	(f)		18,524		6.210	%		08/2016		1,383		16,765
Statesville, NC	(f)		13,893		6.210	%		08/2016		1,037		12,574
Rockford, IL	(f)		6,799		6.210	%		08/2016		508		6,153
Glenwillow, OH			16,746		6.130	%		09/2016		1,240		15,132
Memphis, TN			3,903		5.710	%		01/2017		275		3,484
Orlando, FL			9,975		5.722	%		02/2017		579		9,309
Dubuque, IA			10,277		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)		1,261		7.750	%		07/2018		108		-
Manteca, CA	(b)		891		7.750	%		07/2018		77		-

Page 34 of 47

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2009

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Watertown, NY	(b)		837		7.750	%		07/2018		72		-
Lewisburg, WV	(b)		588		7.750	%		07/2018		51		-
San Diego, CA	(b)		568		7.750	%		07/2018		49		-
Galesburg, IL	(b)		500		7.750	%		07/2018		43		-
Boston, MA			13,535		6.100	%		12/2018		996		11,520
Overland Park, KS	(b)		37,242		5.891	%		05/2019		2,657		31,819
Kansas City, MO	(b)		17,751		5.883	%		05/2019		1,268		15,182
Streetsboro, OH	(b)		19,209		5.749	%		09/2019		1,344		16,338
Boca Raton, FL			20,400		6.470	%		02/2020		1,338		18,383
Wall, NJ	(b)		28,098		6.250	%		01/2021		3,039		-
Charleston, SC			7,350		5.850	%		02/2021		436		6,632
Durham, NH	(b)		18,866		6.750	%		03/2021		2,196		-
Antioch, TN	(b)		13,418		6.320	%		10/2021		1,580		774
Whippany, NJ			16,030		6.298	%		11/2021		1,344		10,400
Dillon, SC			22,056		5.974	%		02/2022		1,832		13,269
Subtotal/Wtg. Avg./Years Remaining (l)		$	1,629,008		5.870	%		4.7	$	127,120	$	1,405,594

Page 35 of 47

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2009

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Corporate
Credit Facility	(c)(q)	$	7,000		3.084	%		02/2011	$	219	$	7,000
Term Loan	(c)(r)		164,348		3.084	%		02/2011		5,139		164,348
Exchangeable Notes	(e)(m)(s)		87,650		5.450	%		01/2012		4,777		87,650
Term Loan	(h)(k)		35,723		5.520	%		03/2013		1,999		35,723
Term Loan	(h)(k)		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 (l)		$	448,841		4.946	%		9.1	$	22,318	$	448,841
Total/Wtg. Avg./Years Remaining (l)		$	2,077,849		5.671	%		5.6	$	149,438	$	1,854,435

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 30/60/90/120 day LIBOR plus 285 bps, maturity can be extended to 02/2012 at the Company's option.

(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) Properties are cross-collateralized properties.

(g) Rate fixed through 04/2017, thereafter LIBOR plus 170 bps.

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

(i) Properties are cross-collateralized properties.

(j) Properties are cross-collateralized properties.

(k) Represents full payable of loans, discount of $3,170 excluded from balance.

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

(m) Represents full payable of notes, discount of $1,941 excluded from balance.

(n) Properties are cross-collateralized properties.

(o) Original maturity 12/2009, forbearance agreement in effect.

(p) Original maturity 12/2009, forbearance agreement in effect until 01/15/2010, property sold to tenant/lender 01/15/2010.

(q) Subsequent to December 31, 2009 balance repaid by $7,000.

(r) Subsequent to December 31, 2009 balance repaid by $35,000.

(s) Subsequent to December 31, 2009 balance repaid by $23,000.

(t) Mortgage satisfied subsequent to December 31, 2009.

Page 36 of 47

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

12/31/2009

Joint Venture	Footnotes	Debt  Balance ($000)		LXP Proportionate Share ($000) (3)		Interest Rate (%)			Maturity		Current Estimated Annual Debt Service ($000) (4)		Balloon Payment ($000)		Proportionate Share Balloon Payment ($000) (3)
Net Lease Strategic		$	7,694	$	1,154		6.930	%		08/2010	$	449	$	7,603	$	1,140
Harpard			543		148		9.875	%		01/2011		531		-		-
Net Lease Strategic			2,136		320		7.500	%		01/2011		207		2,076		311
Net Lease Strategic			13,654		2,048		7.400	%		04/2011		1,258		13,365		2,005
Net Lease Strategic			30,582		4,587		5.126	%		05/2011		1,589		30,582		4,587
Taber			433		118		10.125	%		06/2011		313		-		-
Jayal			744		221		11.500	%		03/2012		365		-		-
Net Lease Strategic			22,761		3,414		5.147	%		05/2012		1,361		22,153		3,323
Net Lease Strategic			9,601		1,440		7.670	%		01/2013		2,817		-		-
Net Lease Strategic			12,921		1,938		5.148	%		05/2013		894		12,144		1,822
Net Lease Strategic			4,851		728		5.950	%		09/2013		381		4,496		674
Net Lease Strategic			20,234		3,035		5.810	%		02/2014		1,551		18,588		2,788
Net Lease Strategic			9,290		1,394		5.616	%		04/2014		697		8,484		1,273
Net Lease Strategic			1,143		171		8.500	%		04/2015		271		-		-
Net Lease Strategic			16,733		2,510		5.411	%		05/2015		1,189		15,087		2,263
Net Lease Strategic - Oklahoma TIC			14,749		885		5.240	%		05/2015		845		13,673		820
Net Lease Strategic			12,462		1,869		5.212	%		06/2015		836		11,349		1,702
Net Lease Strategic			6,051		908		5.783	%		06/2015		462		5,371		806
Net Lease Strategic			19,856		2,978		8.036	%		09/2015		3,352		6,925		1,039
Net Lease Strategic			5,670		851		8.036	%		09/2015		925		2,203		330
Net Lease Strategic			8,489		1,273		6.090	%		01/2016		668		7,446		1,117
Net Lease Strategic			6,274		941		6.090	%		04/2016		494		5,465		820
Net Lease Strategic			6,420		963		6.315	%		09/2016		497		5,723		858
One Summit			16,778		5,033		9.375	%		10/2016		3,344		-		-
Net Lease Strategic			9,067		1,360		6.063	%		11/2016		683		8,023		1,203
One Summit			10,935		3,281		10.625	%		11/2016		2,239		-		-
Net Lease Strategic			8,904		1,336		5.910	%		10/2018		728		6,624		994
Net Lease Strategic			9,721		1,458		6.010	%		08/2019		753		7,658		1,149
Net Lease Strategic			7,500		1,125		6.507	%		11/2019		495		6,692		1,004

Page 37 of 47

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

12/31/2009

Joint Venture	Footnotes	Debt Balance ($000)		LXP Proportionate Share ($000) (3)		Interest Rate (%)			Maturity		Current Estimated Annual Debt Service ($000) (4)		Balloon Payment ($000)		Proportionate Share Balloon Payment ($000) (3)
Net Lease Strategic			9,672		1,451		9.800	%		12/2019		1,908		-		-
Net Lease Strategic			9,819		1,473		6.270	%		12/2019		774		7,755		1,163
Net Lease Strategic			9,931		1,490		5.930	%		10/2020		750		7,660		1,149
Net Lease Strategic			9,288		1,393		5.460	%		12/2020		741		5,895		884
Net Lease Strategic			9,441		1,416		5.640	%		01/2021		692		7,018		1,053
Net Lease Strategic			12,108		1,816		5.380	%		08/2025		1,144		362		54
Total/Wtg. Avg. (1)/Years Remaining (2)		$	356,455	$	56,526		6.715	%		5.9	$	36,203	$	250,420	$	36,331

Footnotes

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

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

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

(4) Remaining payments for debt with less than 12 months to maturity, all others are debt service for 12 months.

Page 38 of 47

LEXINGTON REALTY TRUST

Noncontrolling Interest Properties- Partners' Proportionate Share

Twelve Months Ended December 31, 2009

($000)

Noncontrolling Interest Properties - Partners' Proportionate Share (1)
EBITDA (2)	$	4,033
Interest expense	$	1,156
Non-operating income (2)	$	1,136
Depreciation and amortization	$	2,244

Footnotes

(1) Does not include OP unit noncontrolling interests.

(2) Includes $1,125 non-cash income for the transfer of land in Long Beach, California.

Page 39 of 47

LEXINGTON REALTY TRUST

Non-Consolidated Investments - Proportionate Share

Twelve Months Ended December 31, 2009

($000)

Non-Consolidated Operations- Net Leased Real Estate (1)
EBITDA	$	30,291
Interest expense	$	3,901

Footnotes

(1) Excludes the operations of interests in two joint ventures sold in Q4 2009.

Page 40 of 47

LEXINGTON REALTY TRUST

Selected Balance Sheet Account Detail

As of December 31, 2009

($000)

Other assets	$	43,111
The components of other assets are:
Deposits, including forward purchase equity commitment	$	20,832
Investments		10,437
Equipment		1,384
Prepaids		3,878
Other receivables		1,396
Other		5,184
Accounts payable and other liabilities	$	43,629
The components of accounts payable and other liabilities are:
Accounts payable and accrued expenses	$	14,352
CIP accruals and other		8,925
Taxes		1,141
Deferred lease costs		2,688
Subordinated notes		2,109
Deposits		1,812
Escrows		2,009
Sale/leaseback financing obligation		4,750
Transaction costs		603
Derivative liability		5,240

Page 41 of 47

LEXINGTON REALTY TRUST

Base Rent Estimates for Current Assets

12/31/2009

($000)

Year	Cash		GAAP
2010	$	308,189	$	310,890
2011		299,747		303,234
2012		272,696		274,336
2013		233,154		233,723
2014		194,668		198,678

Amounts assume (1) lease terms for non-cancellable periods only, (2) that all below market leases are renewed by the tenants at the option rate and (3) that no new or renegotiated leases are entered into for any other property.

Page 42 of 47

LEXINGTON REALTY TRUST

Major Markets

12/31/2009

	Core Based Statistical Area (2)	Percent of GAAP Base Rent as of 12/31/09 (1)
1	Dallas-Fort Worth-Arlington, TX		7.6	%
2	Los Angeles-Long Beach-Santa Ana, CA		6.3	%
3	New York-Northern New Jersey-Long Island, NY-NJ-PA		6.2	%
4	Houston-Sugar Land-Baytown, TX		4.8	%
5	Memphis, TN-MS-AR		4.0	%
6	Atlanta-Sandy Springs-Marietta, GA		3.7	%
7	Baltimore-Towson, MD		3.2	%
8	Kansas City, MO-KS		3.1	%
9	Orlando-Kissimmee, FL		3.1	%
10	Detroit-Warren-Livonia, MI		2.4	%
11	Boston-Cambridge-Quincy, MA-NH		2.1	%
12	Indianapolis-Carmel, IN		2.1	%
13	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		2.1	%
14	Chicago-Naperville-Joliet, IL-IN-WI		2.0	%
15	Charlotte-Gastonia-Concord, NC-SC		1.8	%
16	Salt Lake City, UT		1.7	%
17	Phoenix-Mesa-Scottsdale, AZ		1.7	%
18	Washington-Arlington-Alexandria, DC-VA-MD-WV		1.7	%
19	Richmond, VA		1.6	%
20	San Antonio, TX		1.6	%
21	Seattle-Tacoma-Bellevue, WA		1.5	%
22	Denver-Aurora, CO		1.5	%
23	Beaumont-Port Arthur, TX		1.4	%
24	Cincinnati-Middletown, OH-KY-IN		1.4	%
25	Columbus, IN		1.4	%
26	Miami-Fort Lauderdale-Pompano Beach, FL		1.4	%
27	San Francisco-Oakland-Fremont, CA		1.3	%
28	Las Vegas-Paradise, NV		1.2	%
29	Columbus, OH		1.1	%
30	San Jose-Sunnyvale-Santa Clara, CA		1.0	%
31	Elizabethtown, KY		1.0	%
32	Honolulu, HI		1.0	%
33	Greenville-Mauldin-Easley, SC		1.0	%
	Areas which account for 1% or greater of total GAAP base rent (3)		79.0	%

Footnotes

(1) Twelve months ended 12/31/2009 GAAP base rent recognized for consolidated properties owned as of 12/31/2009.

(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 43 of 47

LEXINGTON REALTY TRUST

Tenant Industry Diversification

12/31/2009

Industry Category	Percent of GAAP Base Rent as of 12/31/09 (1)
Finance/Insurance		15.7	%
Energy		10.4	%
Technology		9.2	%
Automotive		8.8	%
Service		7.9	%
Healthcare		6.7	%
Food		6.6	%
Consumer Products/Other		6.5	%
Transportation/Logistics		5.2	%
Media/Advertising		5.2	%
Aerospace/Defense		3.8	%
Construction Materials		2.8	%
Printing/Production		2.4	%
Retail Department & Discount		2.4	%
Telecommunications		2.0	%
Real Estate		1.3	%
Apparel		1.2	%
Retail - Specialty		0.7	%
Security		0.5	%
Other		0.4	%
Retail - Electronics		0.3	%
Health/Fitness		0.1	%
Total (2)		100.0	%

Footnotes

(1) Twelve months ended 12/31/2009 GAAP base rent recognized for consolidated properties owned as of 12/31/2009.

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

Page 44 of 47

LEXINGTON REALTY TRUST

Other Revenue Data

12/31/2009

	GAAP Base Rent as of 12/31/09 ($000) (1)		Percentage
Asset Class
Office	$	211,383		63.9	%
Industrial	$	63,436		19.2	%
Retail	$	13,843		4.1	%
Multi-Tenant	$	42,343		12.8	%
	$	331,005		100.0	%
Credit Rating
Investment Grade	$	146,517		44.3	%
Non-Investment Grade	$	40,280		12.2	%
Unrated	$	144,208		43.5	%
	$	331,005		100.0	%

Footnotes

(1) Twelve months ended 12/31/2009 GAAP base rent recognized for consolidated properties owned as of 12/31/2009.

Page 45 of 47

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

12/31/2009

Tenant or Guarantor (4)	Number of Leases		Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)			GAAP Base Rent as of 12/31/09 ($000) (1)		Percent of GAAP Base Rent as of 12/31/09 ($000) (1)
Bank of America		8		691,893		1.8	%	$	9,677		2.9	%
Baker Hughes, Inc.		2		720,221		1.9	%		9,318		2.8	%
Sanofi-aventis U.S., Inc. (Aventis, Inc. and Aventis Pharma Holding GmbH)		1		340,240		0.9	%		9,051		2.7	%
Dana Holding Corporation and Dana Limited		6		1,902,414		5.0	%		8,300		2.5	%
Federal Express Corporation		2		641,286		1.7	%		7,416		2.2	%
Morgan, Lewis & Bockius, LLC (3)		1		293,170		0.8	%		6,747		2.0	%
CEVA Logistics US, Inc. (TNT Holdings BV)		3		2,503,916		6.5	%		6,572		2.0	%
Swiss Re America Holding Corporation		2		476,123		1.2	%		6,427		1.9	%
Wells Fargo		3		354,732		0.9	%		6,254		1.9	%
International Business Machines Corporation (Internet Security Systems, Inc.)		2		289,000		0.8	%		5,912		1.8	%
		30		8,212,995		21.5	%	$	75,674		22.7	%

Footnotes

(1) Twelve months ended 12/31/2009 GAAP base rent recognized for consolidated properties owned as of 12/31/2009.

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

(3) Includes parking garage operations, the Company has an 80.5% interest in this property.

(4) Amounts exclude rents from tenants that vacated as of 12/31/2009.

Page 46 of 47

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

Friedman, Billings, Ramsey		Keefe, Bruyette & Woods
Gabe Poggi	(703) 469-1141	Sheila K. McGrath	(212) 887-7793
J.P. Morgan Chase		Barclays Capital
Anthony Paolone, CFA	(212) 622-6682	Ross L. Smotrich	(212)526-2306
Stifel Nicolaus		Raymond James & Assoc.
John W. Guinee	(443) 224-1307	Paul Puryear	(727) 567-2253
Wells Fargo Securities, LLC
Todd J. Stender	(212) 214-8067

Page 47 of 47

EX-99.2

Final Transcript

Conference Call Transcript

LXP - - Q4 2009 Lexington Realty Trust Earnings Conference Call

Event Date/Time: Feb. 24. 2010 / 11:00AM ET

THOMSON REUTERS STREETEVENTS  |  www.streetevents.com  |  Contact Us   © 2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.

1

Final Transcript

 Feb. 24. 2010 / 11:00AM ET, LXP - Q4 2009 Lexington Realty Trust Earnings Conference Call

CORPORATE PARTICIPANTS

 Lisa Soares

 Lexington Realty Trust - IR

 Will Eglin

 Lexington Realty Trust - President, CEO, COO

 Pat Carroll

 Lexington Realty Trust - Executive VP, CFO, Treasurer

 Natasha Roberts

 Lexington Realty Trust - EVP, Director of Real Estate

CONFERENCE CALL PARTICIPANTS

 Sheila McGrath

 Keefe, Bruyette & Woods, Inc. - SVP of Research

 John Guinee

 Stifel Nicolaus - Managing Director

 Todd Stender

 Wells Fargo Securities - Senior Equity Analyst

 PRESENTATION

Operator

Good morning and welcome to the Lexington Realty Trust 2009 earnings conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host Ms. Lisa Soares, Investor Relations of Lexington Realty Trust. Please go ahead.

Lisa Soares - Lexington Realty Trust - IR

Thanks Peter. Hello and welcome to the Lexington Realty Trust fourth quarter conference call. The earnings press release was distributed over the wire this morning and the release and supplemental disclosure package will be furnished on a Form 8-K. In the press release and supplemental disclosure package, Lexington has reconciled all historical non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Regulation G requirements. If you do 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 reflected in any forward-looking statements are based on reasonable assumptions, Lexington can give no assurance that its expectations will be 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, Dick Rouse, Chief Investment Officer, Pat Carroll, Chief Financial Officer, Natasha Roberts, Executive Vice President and Director of Real Estate Operations, and other members of management. I'd like to turn the call over to Will for his opening remarks.

2

Final Transcript

 Feb. 24. 2010 / 11:00AM ET, LXP - Q4 2009 Lexington Realty Trust Earnings Conference Call

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

Thanks, Lisa and welcome to all of you and thank you for joining us today. We are pleased to have delivered strong results in our real estate portfolio for the fourth quarter of 2009 as we executed well against our objective of increasing our financial flexibility. We continued to take advantage of opportunities to reduce leverage, manage debt maturities and generate liquidity through asset sales while maintaining high levels of occupancy. For the quarter and year ended, our reported funds from operations were $0.25 and $1.29 per share respectively after adjusting for a variety of charges as detailed in the earnings release. This compares favorably to our 2009 guidance range of $1.26 to $1.28 per share for 2009.

Overall it was a good quarter that capped a good year in which our total return was about 36% and was marked in December by our return to paying our dividend in cash. We have continued to make good progress with respect to our balance sheet. We deleveraged by approximately $72.6 million during the quarter which included repurchasing $17.2 million face amount of our 5.45% exchangeable notes, reducing the amount outstanding to $87.7 million at quarter end and subsequent to quarter end we repurchased an additional $23 million face amount.

Throughout 2009, we executed well on our capital recycling initiative through select property and notes receivable disposition. Total disposition activity for the year was approximately $190 million at a weighted average cap rate of 8.2% including $81.9 million in the fourth quarter. This year our strategy is to continue selling non core properties, particularly our multi-tenant and retail properties in order to further deleverage, create additional liquidity and focus our portfolio strategy on our core single tenant office and industrial properties.

In 2010, we are currently targeting disposition volume of approximately $150 to $275 million. In our supplemental disclosure package we have now broken out our multi-tenant portfolio separately making it easier to understand this component of our portfolio. In addition we've provided additional information on our notes receivable portfolio as we said we would do last quarter. As mentioned throughout last year, we have been and continue to be very focused on managing our debt maturities.

As of December 31, 2009 our debts maturing through 2012, including our proportionate share of real estate joint-venture debt, totalled $652.5 million and consisted of $382.2 million of consolidated non-recourse mortgage debt, $171.3 million under our secured credit facility, $11.4 million of joint-venture obligation and $87.7 million of exchangeable notes. Subsequent to quarter end, these maturities were reduced by $116.1 million following the successful completion of our offering of 6% convertible guaranteed notes, which resulted in net proceeds of $111.5 million. Our remaining recourse liabilities maturing through 2012 consist of $64.7 million in exchangeable notes and $129.3 million under our secured credit facility. We intend to create sufficient liquidity from asset sales to retire these liabilities. In the current environment, we are unlikely to use any of our financial resources to retire approximately $9 million of the non-recourse mortgage debt secured by two vacant properties which matures during this time period.

As of December 31, 2009, we stopped making debt service payments on these non-recourse mortgages and one other in the amount of $13.4 million. Overall we believe our liquidity is adequate and we have $150 million of available credit line capacity which was recently expanded by $25 million by adding a new bank to our lending syndicate. Our 2010 maturities now total $91.3 million on six properties where the 2009 cash rents total $15.5 million, or 17% of what we owe, so we believe there's ample coverage to support our refinancing activity. From an operating perspective, we remain highly focused on improving the efficiency of all of our operations and during 2009 we lowered our general and administrative costs by about $7 million, or 23%, to $23.6 million.

Turning to leasing, we had another highly successful quarter with 20 new and extended leases executed for 1.1 million square feet and have executed new and extended leases for an additional 360,000 square feet subsequent to quarter end. We encourage you to review our rollover schedule in our supplemental disclosure package, which shows that at year end we had about 1.5% of rental revenue expiring in 2010 in our single tenant portfolio. Two of our 2010 office lease expirations totalling 85,000 square feet were addressed subsequent to quarter end. We haven't had any material lease defaults, and credit quality has held up very well in spite of current economic conditions.

On the investment front, we remain disciplined and highly focused. In the fourth quarter we made one acquisition, a $10.5 million sale leaseback transaction with Canal Insurance Company, which is rated single A by Standard & Poor's. This was a 20 year sale leaseback at an initial cap rate of 8.6% with annual escalations, and we can cause the tenant to repurchase the property after five years. We believe this lease structure should allow us to obtain great financing and bring significant positive leverage to this opportunity.

In the first quarter, we have made two loan investments, one a first mortgage, the other a mezzanine loan, totalling roughly $20 million at rates of 14% to 16% with maturities of 2 to 3 years. Our strategy in these two cases is to earn a high current return for a short period and use the proceeds at maturity to pay down our $60.7 million term loan due 2013, or other debt. In the interim, we have an opportunity to put this capital to work at a high rate of return. We are willing to be opportunistic with respect to new acquisitions but we have no current plans to make any additional investments and our main focus continues to be on executing our dispositions program and related debt reduction.

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

3

Final Transcript

 Feb. 24. 2010 / 11:00AM ET, LXP - Q4 2009 Lexington Realty Trust Earnings Conference Call

Pat Carroll - Lexington Realty Trust - Executive VP, CFO, Treasurer

Thanks, Will. During the quarter, Lexington had gross revenues of $90 million comprised primarily of lease rents and tenant reimbursements. Under GAAP we are required to recognize revenue on a straight line basis over the non-cancellable lease term or any periods covered by a bargained renewal option. In addition, the amortization of above and below market leases are included directly in the rental revenue. In the quarter, GAAP rents were in excess of cash rents by approximately $1.8 million, including the effect of above and below market leases. Also included on page 43 in the supplement are estimates of both cash and GAAP rents for 2010 through 2014.

We recorded a $4.6 million non-cash gain related to our forward equity commitment, entered into in 2008 as a result of the increase in our share price from September 30 to December 31, 2009. We also recorded $60.8 million in impairment charges including impairment charges classified in discontinued operations primarily relating to properties disposed of and properties written down to estimated fair value. In discontinued operations we recognized $6.9 million in debt satisfaction gains related primarily to the disposition of our property in Houston, Texas.

On pages 40 and 41 of the supplement, we have disclosed selected income statement data for our consolidated but non-wholly-owned properties and our joint-venture investments. Turning to the balance sheet, we believe it continues to strengthen. We have $75.4 million of cash at quarter end including cash classified as restricted. Restricted cash balances relate to monies held with lenders as escrow deposits on mortgages. At quarter end we had about $2.1 billion of debt outstanding which had a weighted average interest rate of about 5.7%. Included in intangibles is the allocation of the purchase price of properties related to in-place and above-market leases and tenant relationships in accordance with FAS 141. Also, we have approximately $107 million in below-market lease liabilities.

The significant components of other assets and liabilities are included on page 42 of the supplement. During the quarter ended December 31, 2009, the Company capitalized $1.3 million in lease costs, $3.8 million in TI costs and $5.9 million in capital improvements. On pages of 29 through 33 of the supplement, we have disclosed the details of all consolidated mortgages maturing through 2014. Now I would like for Natasha Roberts to discuss our leasing and expansion activity. Natasha?

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

Thanks, Pat. As of December 31, 2009, our portfolio totaled approximately $41.4 million square feet including our interest in 45 properties that are held in joint-ventures. 20 leases were either executed or extended in the quarter leading to an occupancy level of approximately 92% at quarter end which includes our share of JV properties. Out of the 20 leases that were signed during the quarter, eight were new and accounted for approximately 615,000 square feet and 12 were renewals or extensions which accounted for approximately 447,000 square feet. We lost approximately 10,000 square feet of occupancy due to a previously disclosed lease expiration that was not renewed during the quarter. As of December 31, 2009, we had 1.1million square feet of space scheduled to expire in 2010. 46,000 square feet of this space has already been leased and 41,000 square feet disposed of.

We signed 13 leases totalling 360,000 square feet subsequent to quarter end. In addition, we are currently negotiating three new leases and three lease extensions which total 375,000 square feet. We currently have approximately 4.4 million square feet of space available or likely to become available for lease. The 4.4 million is comprised of our current vacancy of 3.3 million square feet, less our recent lease executions, plus our potential vacancy of an additional 1.1 million square feet in 2010. We expect vacancy to be reduced by the sale of vacant properties totalling 700,000 to 1.3 million square feet and the execution of new and renewal leases totalling 120,000 to 410,000 square feet. As a result, we expect 2010 year end occupancy to be 92% to 95%. Credit quality in the portfolio has held up and we do not have any material delinquencies in the portfolio.

There continues to be strong competition to obtain and retain tenants and this is reflected in our retenanting assumptions. Our tenant improvement allowances and leasing commissions have not materially changed since last quarter. Office TIs range from $0 to $30 per square foot for renewing tenants, and $25 to $40 per square foot for a new tenant. Industrial TIs range from $0 to $2 per square foot for a renewing tenant and $1.50 to $3.50 per square foot for a new tenant. Leasing commissions range from 0% 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 $15 million in tenant improvement allowances and leasing costs for 2010 and $8 million for 2011.

Our CapEx budget for 2010 is $15 million which includes $7 million for 100 Light Street and $4 million for 2011, $1 million of which relates to 100 Light Street. Overall we are pleased with our leasing success. Tenant retention has been high and we think we can continue to make progress in 2010. And now I'll turn the call back over to Will.

4

Final Transcript

 Feb. 24. 2010 / 11:00AM ET, LXP - Q4 2009 Lexington Realty Trust Earnings Conference Call

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

Thanks Natasha. In summary, this was a good solid quarter for Lexington and we are pleased to have gotten back into the business of distributing cash to our shareholders. Occupancy held up well, leasing continues to be consistent with our expectations and our balance sheet is vastly improved compared to a year ago, as our financial flexibility has increased through better liquidity and a substantially improved debt maturity profile.

Turning to financial guidance, with few moving parts in the portfolio including limited lease rollovers and fewer debt maturities, we believe our cash flows have stabilized and we expect to generate funds from operation this year of $0.93 to $0.97 per share. This guidance is based on a share count of 145.4 million which includes 16.2 million shares underlying our recent offering of 6% convertible guaranteed notes. Our new annualized dividend level of $0.40 per share represents a conservative payout ratio of 42% at the midpoint, so we will be able to use the majority of our funds from operations to deleverage and reinvest in our portfolio and we believe our prospects for annual dividend growth going forward are good. Operator, I have no further comments at this time, so we are ready for you to conduct the question and answer portion of this call.

QUESTION AND ANSWER

Operator

(Operator Instructions) We'll first go to Sheila McGrath with KBW.

Sheila McGrath - Keefe, Bruyette & Woods, Inc. - SVP of Research

Good morning. Will, I was wondering if you could give us a little bit more detail on those mezz loan investments, were they on triple net properties?

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

$12 million of it was a first mortgage on a single tenant property and the balance was on a portfolio of five properties, four of which were single tenant.

Sheila McGrath - Keefe, Bruyette & Woods, Inc. - SVP of Research

Okay. And then on the acquisition, the 8.6% cap rate, I was wondering if you could tell us if that was like an auction process and what the outlook is for additional acquisitions in 2010?

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

That was a marketed investment opportunity. In terms of the outlook for 2010, our view is that we're open open-minded about making new acquisitions but the market really hasn't — I mean cap rates really haven't gone up that much so it hasn't become a particularly attractive environment for us. Our view is right now focused on making the most out of what we've got in the existing portfolio and that's why we are focused on selling the multi-tenant and the retail and bringing our leverage down with those sale proceeds.

Sheila McGrath - Keefe, Bruyette & Woods, Inc. - SVP of Research

Okay. And then last question, on the multi-tenant kind of breakout in the supplemental, should we consider that most of those assets are currently for sale and that is kind of the bucket of what you'll be selling this year?

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 Feb. 24. 2010 / 11:00AM ET, LXP - Q4 2009 Lexington Realty Trust Earnings Conference Call

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

That's the main focus only because there's much more value there than in the retail portfolio which has shrunk considerably. Not all of those properties are on the market right now. There are a few where we would like to make a little more leasing progress. But that's where the bulk of our disposition efforts are focused right now from a value standpoint.

Sheila McGrath - Keefe, Bruyette & Woods, Inc. - SVP of Research

Okay. Thank you. .

Operator

Let's take our next question from John Guinee with Stifel Nicholaus. John Guinee: Hi guys, a couple quick questions. One, any lease termination fees this quarter?

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

No.

John Guinee - Stifel Nicolaus - Managing Director

All right. Second, if you look at your $60.8 million of impairment charges, where do they show up on the income statement? Obviously —

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

They're in two places, John. One place is in continuing operations. If you turn — the P&L, the press release, the $25.7 million, that relates to four properties that we wrote down to what we believe we could sell them for. And the rest of it is down in discontinued operations, that's the $35,029 and that's the impairment charges we took on properties that we actually sold.

John Guinee - Stifel Nicolaus - Managing Director

Okay. Equity and earnings from non consolidated entities, looks like about $7.6 million. Is that an abnormally high number?

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

That's high, because we sold the Blue Cross Blue Shield partnership we had in Columbia. We sold the property. We recognized a $2 million gain on that disposition and that $2 million is running through that equity line. So on a normalized basis if you took out the Blue Cross gain and also the operating results of Blue Cross for the quarter, because we don't have it going forward, it's about a $4.8 million run rate.

John Guinee - Stifel Nicolaus - Managing Director

$4.8 million run rate? Okay. That's all right.

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

And remember that's where we used to recognize income and loss from Concord, and there was really nothing recognizing Concord in the quarter. We had a slight distribution of about $150,000 that we picked up into income.

John Guinee - Stifel Nicolaus - Managing Director

Are there any liabilities on Concord on your balance sheet still?

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 Feb. 24. 2010 / 11:00AM ET, LXP - Q4 2009 Lexington Realty Trust Earnings Conference Call

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

No. Liabilities on Concord, everything is non recourse to us. So there are no liabilities in Concord on our balance sheet. Concord obviously has debt on its balance sheet but none of it to is recoursed to us.

John Guinee - Stifel Nicolaus - Managing Director

Okay. And then the mezz loans, or actually the loans you are making, Will. $20 million, 14 to 16% interest rate, how much of that is a pay and how much of that is accrual? (inaudible - multiple speakers) out of current cash or is it — are they paying it out of a reserve account or accruing it?

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

In the first mortgage loan, there is an accrual feature.

John Guinee - Stifel Nicolaus - Managing Director

Okie doke. Thank you very much.

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

Thank you.

Operator

Let's go to Todd Stender with Wells Fargo Securities.

Todd Stender - Wells Fargo Securities - Senior Equity Analyst

Hi, good morning guys. Can you give us a sense of timing on your disposition? Volume said it could go on a volume stance $150 to $275 million. Does that look like it's more front-end loaded or do you think that'll take some time and we could see maybe the bulk of it in the second half of the year?

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

I think there will be more rateable than — might be a tiny bit loaded in the second half, but I think first quarter $40 million or so is certainly a good number. And that's probably a pretty good assumption for second quarter, maybe a tad more. We may end up doing more in the second half of the year than in the first but I think we'll make good progress every quarter.

Todd Stender - Wells Fargo Securities - Senior Equity Analyst

And your direct share issuance program. Have you guys issued any shares subsequent to the fourth quarter?

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

We have not. We haven't issued any shares through that program since last October.

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 Feb. 24. 2010 / 11:00AM ET, LXP - Q4 2009 Lexington Realty Trust Earnings Conference Call

Todd Stender - Wells Fargo Securities - Senior Equity Analyst

Certainly your interest rates on the first mortgage and the mezz stuff which you did at 14% to16% is pretty high. What would be a current rate if you guys were to underwrite a mortgage note at this point, maybe something a little more longer term?

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

Right now we're not actively looking to underwrite any debt investments. These were opportunities that we felt we could capitalize on, and for us we really didn't want to go long. We want the money coming back to us so we can use the money to pay down the 2013 term financing.

Todd Stender - Wells Fargo Securities - Senior Equity Analyst

Okay. Thanks, guys.

Operator

And once again (Operator Instructions) And we have a follow-up from John Guinee.

John Guinee - Stifel Nicolaus - Managing Director

Hi. Sorry about that. Will, kind of walk through the proxy and the comp plan, it looked like a number of shares were issued over the last couple of years to the top four or five folks?

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

We issued very little stock. We did issue options the last two years which we hadn't done in a while. The option grant this year to the top members of management was about 1% of shares outstanding and there's — they vest over five years. There actually wasn't any — there were options issued but no common shares.

John Guinee - Stifel Nicolaus - Managing Director

Thank you.

Operator

And at this time we have no further questions. I would like to turn the conference back over to Will Eglin for any closing remarks.

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

Well thanks to all of you again for joining us this morning. We are very excited about our prospects for 2010 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, www.lxp.com . And in addition you may contact me or any of the other members of our senior management team with any questions. Thank you and have a good day,

Operator

Once again we now conclude today's Lexington Realty Trust teleconference. Thank you for your participation.

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Final Transcript

 Feb. 24. 2010 / 11:00AM ET, LXP - Q4 2009 Lexington Realty Trust Earnings Conference Call

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