-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AcHlkf0n5H6wTRASiPGmy85yDoQ4P+vN+DrBcBAb90/Bw/kf1Bu7Cu47iVna8Llp 1h0omAFdlMHShm4Cw8Gk8g== 0001144204-10-041217.txt : 20100804 0001144204-10-041217.hdr.sgml : 20100804 20100804163224 ACCESSION NUMBER: 0001144204-10-041217 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20100804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100804 DATE AS OF CHANGE: 20100804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON REALTY TRUST CENTRAL INDEX KEY: 0000910108 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133717318 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12386 FILM NUMBER: 10991465 BUSINESS ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: SUITE 4015 CITY: NEW YORK STATE: NY ZIP: 10119 BUSINESS PHONE: (212) 692-7200 MAIL ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: SUITE 4015 CITY: NEW YORK STATE: NY ZIP: 10119 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES TRUST DATE OF NAME CHANGE: 19980625 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 v192268_8k.htm
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): August 4, 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

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

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

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

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

 
 
 

Item 2.02.       Results of Operations and Financial Condition.

On August 3, 2010, we issued a press release announcing our financial results for the quarter ended June 30, 2010. A copy of the press release is furnished herewith as part of Exhibit 99.1.

The information furnished pursuant to this Item 2.02 Results of Operations and Financial 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 August 3, 2010, we made available supplemental information, which we refer to as the Supplemental Reporting Package, concerning our operations and portfolio, as of June 30, 2010.

Also on August 3, 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 as of June 30, 2010.

 
99.2
Conference Call Transcript.

 
 
 

SIGNATURES

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

 
Lexington Realty Trust
     
Date: August 4, 2010
By:
/s/ Patrick Carroll
   
Patrick Carroll
   
Chief Financial Officer

 
 
 

Exhibit Index

99.1
Supplemental Reporting Package as of June 30, 2010.

99.2
Conference Call Transcript.

 
 
 
EX-99.1 2 v192268_ex99-1.htm
 
 
Quarterly Earnings and
Supplemental Operating and Financial Data

June 30, 2010
 

 
 
 
 
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
June 30, 2010
 
Table of Contents

Section
  
Page
     
Second Quarter 2010 Earnings Press Release
  
3
     
Portfolio Data
    
2010 Second Quarter Leasing Summary
  
11
2010 Second Quarter Monetization Summary
  
13
Property Leases and Vacancies – Consolidated Portfolio
  
14
Property Leases and Vacancies – Net Lease Strategic Assets Fund
  
22
Lease Rollover Schedule – Cash Basis
  
24
Lease Rollover Schedule – GAAP Basis
  
25
Mortgage Note Receivables
  
26
2010 Second Quarter Financing Summary
  
27
Debt Maturity Schedule
  
28
2010 Mortgage Maturities by Property Type
  
29
2011 Mortgage Maturities by Property Type
  
30
2012 Mortgage Maturities by Property Type
  
31
2013 Mortgage Maturities by Property Type
  
32
2014 Mortgage Maturities by Property Type
  
33
Mortgages and Notes Payable
  
34
Partnership Interests
  
39
Selected Balance Sheet Account Detail
  
40
Revenue Data
  
41
Top 20 Markets
  
42
Tenant Industry Diversification
  
43
Top 10 Tenants or Guarantors
  
44
     
 Investor Information
  
45
 
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 web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

 
 
 
  
Lexington Realty Trust
TRADED: NYSE: LXP
One Penn Plaza, Suite 4015
New York NY 10119-4015
Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com

FOR IMMEDIATE RELEASE
Tuesday, August 3, 2010

LEXINGTON REALTY TRUST REPORTS SECOND QUARTER 2010 RESULTS

New York, NY – August 3, 2010 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the second quarter ended June 30, 2010.

 
Second Quarter 2010 Highlights
 
·
Generated Company Funds From Operations (“Company FFO”) of $35.9 million or $0.23 per diluted common share/unit, adjusted for certain items.
 
·
Executed 17 new and renewal leases, totaling approximately 1.0 million square feet; overall portfolio approximately 92% leased.
 
·
Raised $48.4 million from dispositions and financing activities.
 
·
Amended secured credit facility, which increased the availability under the revolving loan portion from $150.0 million to $175.0 million.
·
Agreed to acquire a to-be-built, 514,000 square foot industrial facility upon completion of construction and commencement of a 15-year net lease at an initial cap rate of 9.25%.
·
Recorded a non-cash charge of $1.6 million related to a previously disclosed forward equity commitment and impairment charges of $26.0 million on real estate and debt investments.

Subsequent to Quarter End Highlights
 
·
Sold three unencumbered multi-tenant office properties for $69.7 million at an annualized cap rate of 0.6%.
 
·
Satisfied $29.8 million in non-recourse mortgage debt on three properties scheduled to mature in 2010.
 
·
Agreed to (1) lend up to $23.4 million to fund the construction of a 672,000 square foot industrial facility and (2) purchase the facility upon completion of construction and commencement of a 20-year net lease at an initial cap rate of 8.9%.
 
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, “During the second quarter of 2010, we continued to monetize assets, strengthen our balance sheet and improve liquidity, which allowed us to end the quarter with cash in excess of $130 million. We have continued to execute on non-core property sales in the third quarter by selling $69.7 million of multi-tenant properties, bringing our total volume for 2010 to $149.0 million at a cap rate of 4.7%. Overall, leasing activity has continued to be good with over one million square feet of leases executed in the quarter.”

 
Page 3 of 45
 
 
FINANCIAL RESULTS
Revenues

For the quarter ended June 30, 2010, total gross revenues were $86.1 million, compared with total gross revenues of $93.7 million for the quarter ended June 30, 2009.

Company FFO Attributable to Common Shareholders/Unitholders

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

   
Three Months Ended
    
Six Months Ended
  
   
June 30,
2010
Millions
    
Per Diluted
Share/Unit
    
June 30,
2009
Millions
    
Per Diluted
Share/Unit
    
June 30,
2010
Millions
    
Per Diluted
Share/Unit
    
June 30,
2009
Millions
    
Per Diluted
Share/Unit
  
Reported Company FFO(A)
   $ 14.6     $ 0.09     $ (38.9 )   $ (0.34 )   $ 28.6     $ 0.19     $ (57.7 )   $ (0.51 )
New accounting pronouncements
     0.1               0.4               0.3               0.9          
Debt satisfaction, net
     —               (5.9 )             (2.6 )             (12.3 )        
Forward equity commitment
     1.6               (4.2 )             (0.5 )             4.4          
Impairment losses – real estate
     22.1               —               50.1               9.5          
Impairment loss – real estate noncontrolling interest
     (6.4 )             —               (9.5 )             —          
Impairment losses – consolidated debt investments
     3.9               —               3.9               1.1          
Impairment losses – Concord debt investments
     —               51.3               —               71.4          
Impairment loss – Concord equity investment
     —               39.1               —               68.2          
Lease termination/
deferred maintenance payments
     —               (1.3 )             —               (1.3 )        
Land transaction income, net
     —               —               —               (1.3 )        
    $ 35.9     $ 0.23 (B)   $ 40.5     $ 0.36 (B)   $ 70.3     $ 0.47 (B)   $ 82.9     $ 0.75 (B)

(A)
A reconciliation of GAAP net income (loss) to Company FFO is provided later in this press release.
(B)
Per diluted share/unit reflects the impact of estimated net shares retired upon the assumed settlement of the forward equity commitment of (3,356,445), (1,809,042), (3,312,724) and (2,139,550) for the three months ended June 30, 2010 and 2009 and the six months ended June 30, 2010 and 2009, respectively.

 
Page 4 of 45
 
 
Net Loss Attributable to Common Shareholders

For the quarter ended June 30, 2010, net loss attributable to common shareholders was ($30.4) million, or a loss of ($0.23) per diluted share, compared with net loss attributable to common shareholders for the quarter ended June 30, 2009 of ($90.5) million, or a loss of ($0.87) per diluted share.

Financing Activities and Balance Sheet Update

During the second quarter of 2010, Lexington entered into an amendment to its secured credit agreement, which provides for the addition of a commitment from a new lender in the amount of $25.0 million for the revolving loan portion, increasing the revolving loan’s current capacity to $175.0 million. No additional borrowings were made by Lexington in connection with the amendment, and, as of June 30, 2010, no borrowings were outstanding under the revolving loan portion.

Lexington obtained a $9.0 million non-recourse mortgage loan on its Greenville, South Carolina property leased to Canal Insurance Company. The 5.50% fixed rate loan is interest only and matures in January 2015. Subsequent to quarter end, Lexington satisfied $29.8 million of non-recourse mortgage debt encumbering three properties scheduled to mature in 2010.

Common Share Dividend/Distribution

During the quarter ended June 30, 2010, Lexington declared a regular quarterly dividend/distribution of $0.10 per common share/unit, which was paid in cash on July 15, 2010 to common shareholders/unitholders of record as of June 30, 2010.

OPERATING ACTIVITIES

Capital Recycling

During the quarter ended June 30, 2010, Lexington raised $39.4 million from two retail property sales and the 100% loan-to-value, non-recourse, match-term financing of its leasehold interest in Salt Lake City, Utah. Subsequent to quarter end, Lexington sold three unencumbered multi-tenant office properties for $69.7 million ($136 psf). The properties were 67.2% leased and generated annualized net operating income of $0.4 million.

Investments

Lexington agreed to acquire a 514,000 square foot industrial facility being built in Byhalia, Mississippi for $27.5 million. The facility will be leased to ASICS America Corporation, with ASICS Corporation as guarantor, for a term of 15 years upon completion of construction, which is expected to occur in the second quarter of 2011. No assurance can be provided that construction will be completed or the acquisition will be consummated.

Subsequent to quarter end, Lexington agreed (1) to lend up to $23.4 million to fund the construction of a 672,000 square foot industrial facility in Shelby, North Carolina and (2) to acquire the property for approximately $300,000 in excess of the construction loan commitment. The facility will be leased to Clearwater Paper Corporation for a term of 20 years upon completion of construction, which is expected to occur in the second quarter of 2011.  No assurance can be provided that construction will be completed or the acquisition will be consummated.

 
Page 5 of 45
 
 
Leasing Activity

For the quarter ended June 30, 2010, Lexington executed 17 new and renewal leases for one million square feet. At June 30, 2010, Lexington’s overall portfolio was approximately 92% leased.

2010 EARNINGS GUIDANCE

Lexington reaffirms its estimated Company FFO guidance of a range of $0.93 to $0.97 per diluted share for the year ended December 31, 2010. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

SECOND QUARTER 2010 CONFERENCE CALL

Lexington will host a conference call today, Tuesday, August 3, 2010, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2010. Interested parties may participate in this conference call by dialing (877) 795-3649 or (719) 325-4904. A replay of the call will be available through August 17, 2010, at (888) 203-1112 or (719) 457-0820, pin: 1013843. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section.

ABOUT LEXINGTON REALTY TRUST

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

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the 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 web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

 
Page 6 of 45
 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and six months ended June 30, 2010 and 2009
(Unaudited and in thousands, except share and per share data)

   
Three months ended
June 30,
    
Six months ended
June 30,
  
   
2010
    
2009
    
2010
    
2009
  
Gross revenues:
                        
Rental
   $ 77,891     $ 83,207     $ 155,252     $ 164,720  
Advisory and incentive fees
     201       583       615       1,046  
Tenant reimbursements
     8,002       9,877       17,625       19,581  
Total gross revenues
     86,094       93,667       173,492       185,347  
                                 
Expense applicable to revenues:
                                
Depreciation and amortization
     (40,976 )     (42,182 )     (83,584 )     (85,206 )
Property operating
     (18,256 )     (19,627 )     (37,639 )     (38,567 )
General and administrative
     (4,937 )     (6,214 )     (10,924 )     (12,781 )
Non-operating income
     2,872       1,475       5,099       5,573  
Interest and amortization expense
     (31,892 )     (32,575 )     (63,494 )     (65,162 )
Debt satisfaction gains (charges), net
     —       7,305       (762 )     13,716  
Change in value of forward equity commitment
     (1,617 )     4,198       460       (4,435 )
Impairment charges and loan losses
     (7,974 )     —       (28,542 )     (1,085 )
                                 
Income (loss) before provision for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations
     (16,686 )     6,047       (45,894 )     (2,600 )
Provision for income taxes
     (611 )     (321 )     (1,252 )     (991 )
Equity in earnings (losses) of non-consolidated entities
     5,368       (83,164 )     10,606       (130,288 )
Loss from continuing operations
     (11,929 )     (77,438 )     (36,540 )     (133,879 )
                                 
Discontinued operations:
                                
Income (loss) from discontinued operations
     189       (685 )     (930 )     (1,594 )
Provision for income taxes
     (7 )     (11 )     (7 )     (64 )
Debt satisfaction gains (charges), net
     —       (1,399 )     3,385       (1,399 )
Gains on sales of properties
     52       3,186       498       6,280  
Impairment charges
     (18,006 )     (46 )     (25,433 )     (9,557 )
Total discontinued operations
     (17,772 )     1,045       (22,487 )     (6,334 )
Net loss
     (29,701 )     (76,393 )     (59,027 )     (140,213 )
  Less net loss (income) attributable to noncontrolling interests
     5,600       (715 )     8,159       (1,843 )
Net loss attributable to Lexington Realty Trust shareholders
     (24,101 )     (77,108 )     (50,868 )     (142,056 )
Dividends attributable to preferred shares – Series B
     (1,590 )     (1,590 )     (3,180 )     (3,180 )
Dividends attributable to preferred shares – Series C
     (1,703 )     (1,703 )     (3,405 )     (3,814 )
Dividends attributable to preferred shares – Series D
     (2,925 )     (2,925 )     (5,851 )     (5,851 )
Dividends attributable to non-vested common shares
     (60 )     (130 )     (123 )     (258 )
Conversion dividend – Series C
     —       (6,994 )     —       (6,994 )
Net loss attributable to common shareholders
   $ (30,379 )   $ (90,450 )   $ (63,427 )   $ (162,153 )
                                 
Income (loss) per common share – basic and diluted:
                                
Loss from continuing operations
   $ (0.14 )   $ (0.88 )   $ (0.37 )   $ (1.52 )
Income (loss) from discontinued operations
     (0.09 )     0.01       (0.13 )     (0.07 )
Net loss attributable to common shareholders
   $ (0.23 )   $ (0.87 )   $ (0.50 )   $ (1.59 )
                                 
Weighted average common shares outstanding – basic and diluted
     133,141,084       104,163,378       127,339,144       102,070,600  
                                 
Amounts attributable to common shareholders:
                                
Loss from continued operations
   $ (18,951 )   $ (91,052 )   $ (47,299 )   $ (155,391 )
Income (loss) from discontinued operations
     (11,428 )     602       (16,128 )     (6,762 )
Net loss attributable to common shareholders
   $ (30,379 )   $ (90,450 )   $ (63,427 )   $ (162,153 )
 
 
Page 7 of 45
 
 
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2010 and December 31, 2009
(Unaudited and in thousands, except share and per share data)

   
2010
    
2009
  
Assets:
            
Real estate, at cost
   $ 3,419,589     $ 3,552,806  
Less: accumulated depreciation and amortization
     577,161       537,406  
      2,842,428       3,015,400  
Properties held for sale – discontinued operations
     61,003       —  
Intangible assets, net
     225,763       267,161  
Cash and cash equivalents
     102,030       53,865  
Restricted cash
     28,604       21,519  
Investment in and advances to non-consolidated entities
     63,348       55,985  
Deferred expenses, net
     39,160       38,245  
Notes receivable, net
     85,097       60,567  
Rent receivable – current
     9,421       11,463  
Rent receivable – deferred
     13,058       12,529  
Other assets
     42,913       43,111  
Total assets
   $ 3,512,825     $ 3,579,845  
                 
Liabilities and Equity:
                
Liabilities:
                
Mortgages and notes payable
   $ 1,724,258     $ 1,857,909  
Exchangeable notes payable
     61,106       85,709  
Convertible notes payable
     102,242       -  
Trust preferred securities
     129,120       129,120  
Contract right payable
     15,001       15,252  
Dividends payable
     19,606       18,412  
Liabilities – discontinued operations
     4,536       —  
Accounts payable and other liabilities
     36,851       43,629  
Accrued interest payable
     13,679       11,068  
Deferred revenue - below market leases, net
     100,948       107,535  
Prepaid rent
     17,035       13,975  
      2,224,382       2,282,609  
Commitments and contingencies
                
                 
Equity:
                
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares,
                
Series B Cumulative Redeemable Preferred, liquidation preference $79,000, 3,160,000 shares issued and outstanding
     76,315       76,315  
Series C Cumulative Convertible Preferred, liquidation preference $104,760, 2,095,200 shares issued and outstanding
     101,778       101,778  
Series D Cumulative Redeemable Preferred, liquidation preference $155,000, 6,200,000 shares issued and outstanding
     149,774       149,774  
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 133,878,864 and 121,943,258 shares issued and outstanding in 2010 and 2009, respectively
     13       12  
Additional paid-in-capital
     1,843,389       1,750,979  
Accumulated distributions in excess of net income
     (960,919 )     (870,862 )
Accumulated other comprehensive income (loss)
     (789 )     673  
Total shareholders’ equity
     1,209,561       1,208,669  
Noncontrolling interests
     78,882       88,567  
Total equity
     1,288,443       1,297,236  
Total liabilities and equity
   $ 3,512,825     $ 3,579,845  
 
 
Page 8 of 45
 
 
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
COMPANY FUNDS FROM OPERATIONS PER SHARE
(Unaudited and in thousands, except share and per share data)

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2010
    
2009
    
2010
    
2009
  
COMPANY FUNDS FROM OPERATIONS: (1)
                        
                         
Basic and Diluted:
                        
Net loss attributable to common shareholders
   $ (30,379 )   $ (90,450 )   $ (63,427 )   $ (162,153 )
Adjustments:
                                
Depreciation and amortization
     40,358       44,724       83,480       91,410  
Noncontrolling interests - OP units
     447       624       756       712  
Amortization of leasing commissions
     695       713       1,767       1,482  
Joint venture and noncontrolling interest adjustment
     (526 )     (4 )     (846 )     6,291  
Preferred dividends - Series C
     1,703       8,697       3,405       10,808  
Gains on sale of properties
     (52 )     (3,186 )     (498 )     (6,280 )
Interest and amortization on 6.00% Convertible Notes
     2,325       —       3,958       —  
Company FFO
   $ 14,571     $ (38,882 )   $ 28,595     $ (57,730 )
                                 
Basic:
                                
Weighted average shares outstanding –basic EPS
     133,141,084       104,163,378       127,339,144       102,070,600  
6.00% Convertible Notes
     16,230,905       —       13,918,888       —  
Non-vested share-based payment awards
     58,512       —       51,664       —  
Operating Partnership Units
     5,379,186       5,437,194       5,384,193       5,373,650  
Preferred Shares – Series C
     5,099,507       5,791,818       5,099,507       5,720,779  
Weighted average common shares outstanding–basic Company FFO
     159,909,194       115,392,390       151,793,396       113,165,029  
Company FFO per common share—basic
   $ 0.09     $ (0.34 )   $ 0.19     $ (0.51 )
                                 
Diluted:
                                
Weighted average shares outstanding –basic EPS
     133,141,084       104,163,378       127,339,144       102,070,600  
6.00% Convertible Notes
     16,230,905       —       13,918,888       —  
Non-vested share-based payment awards
     58,512       —       51,664       —  
Operating Partnership Units
     5,379,186       5,437,194       5,384,193       5,373,650  
Preferred Shares – Series C
     5,099,507       5,791,818       5,099,507       5,720,779  
Options – incremental shares
     37,755       —       2,145       —  
Weighted average common shares outstanding–diluted Company FFO
     159,946,949       115,392,390       151,795,541       113,165,029  
Company FFO per common share—diluted
   $ 0.09     $ (0.34 )   $ 0.19     $ (0.51 )

 
Page 9 of 45
 
 
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2010
    
2009
    
2010
    
2009
  
EARNINGS PER SHARE:
                        
                         
Basic and Diluted:
                        
Loss from continuing operations attributable to common shareholders
   $ (18,951 )   $ (91,052 )   $ (47,299 )   $ (155,391 )
Income (loss) from discontinued operations attributable to common shareholders
     (11,428 )     602       (16,128 )     (6,762 )
Net loss attributable to common shareholders
   $ (30,379 )   $ (90,450 )   $ (63,427 )   $ (162,153 )
                                 
Weighted average number of common shares outstanding
     133,141,084       104,163,378       127,339,144       102,070,600  
Income (loss) per common share:
                                
Loss from continuing operations
   $ (0.14 )   $ (0.88 )   $ (0.37 )   $ (1.52 )
Income (loss) from discontinued operations
     (0.09 )     0.01       (0.13 )     (0.07 )
Net loss attributable to common shareholders
   $ (0.23 )   $ (0.87 )   $ (0.50 )   $ (1.59 )

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

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

Lexington includes in its calculation of FFO, which Lexington refers to as the “Company’s funds from operations” or “Company FFO,” Lexington’s operating partnership units, Lexington’s Series C Cumulative Convertible Preferred Shares, and Lexington’s 6.00% Convertible Notes because these securities are convertible, at the holder’s option, into Lexington’s common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Company FFO on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted. Since others do not calculate FFO in a similar fashion, Company FFO may not be comparable to similarly titled measures as reported by others.

# # #

 
Page 10 of 45
 
 
LEXINGTON REALTY TRUST
2010 Second Quarter Leasing Summary
   
NEW LEASES
                                                
   
Tenants/Guarantors
  
Location
  
Lease
Expiration
 Date
    
Sq. Ft.
    
New Cash
Rent Per
Annum
($000)(1)
    
New
GAAP
Rent Per
Annum
($000)(1)
                    
   
Office/Multi-Tenant
                                                
1
  
Denise D. Vanlanduyt, Attorney at Law LLC
  
Decatur
GA
     11/2017       1,477     $ 17     $ 17                    
2
  
General Electric Company
  
Glen Allen
VA
     08/2012       968     $ 18     $ 18                    
3
  
Mockingbird Capital, LLC (2)
  
Dallas
TX
     08/2013       1,878     $ 22     $ 22                    
4
  
Ober, Kaler, Grimes & Shriver, A Professional Corporation, d/b/a Ober/Kaler
  
Baltimore
MD
     03/2026       94,213     $ 536     $ 2,005                    
5
  
SNL Financial LC (3)
  
Glen Allen
VA
     09/2015       6,235     $ 62     $ 62                    
                                                             
5
  
TOTAL NEW LEASES
                   104,771     $ 655     $ 2,124                    
                                                             
   
LEASE EXTENSIONS
                                                        
   
Tenants/Guarantors
  
Location
  
Prior
Term
    
Lease
Expiration
Date
    
Sq. Ft.
    
New Cash
Rent Per
Annum
($000)(1)
    
Prior
Cash Rent
Per Annum
($000)
    
New
GAAP
Rent Per
Annum
($000)(1)
    
Prior
GAAP
Rent Per
Annum
($000)
  
   
Office/Multi-Tenant
                                                        
1
  
Amy K. S. Fung, dba Hong Kong Fashion
  
Honolulu
HI
     03/2010       03/2012       347     $ 5     $ 5     $ 5     $ 5  
2
  
Department of the Navy
  
Beaumont
TX
     06/2010       06/2011       1,982     $ 38     $ 38     $ 38     $ 38  
3
  
Diabetech, LP (2)
  
Dallas
TX
     06/2010       06/2011       424     $ 6     $ 6     $ 6     $ 6  
4
  
Hawaii Right to Life Inc. (3)
  
Honolulu
HI
     10/2010       10/2013       266     $ 5     $ 5     $ 5     $ 5  
5
  
Hazel M. Yoichisako
  
Honolulu
HI
     05/2010       05/2012       326     $ 4     $ 4     $ 4     $ 4  
6
  
University of Utah
  
Salt Lake City
UT
     09/2018       09/2028       295,000     $ 3,524     $ 3,701     $ 3,524     $ 3,701  
7
  
VC3 Inc.
  
Decatur
GA
     04/2010       05/2013       2,811     $ 54     $ 63     $ 54     $ 63  
8
  
Wells Fargo Bank, N.A. (3)(4)
  
Allentown
PA
     10/2010       06/2011       71,230     $ 249     $ 249     $ 656     $ 571  
                                                                   
8
  
Total office/multi-tenant lease extensions
                           372,386     $ 3,885     $ 4,071     $ 4,292     $ 4,393  
                                                                   
   
Industrial
                                                              
1
  
Owens Corning Insulating Systems, LLC
  
Hebron
OH
     05/2010       05/2011       400,522     $ 801     $ 801     $ 801     $ 801  
                                                                   
1
  
Total industrial lease extension
                           400,522     $ 801     $ 801     $ 801     $ 801  
                                                                   
   
Retail
                                                              
1
  
TRU 2005 RE I, LLC (3)
  
Clackamas
OR
     05/2011       05/2016       42,842     $ 298     $ 298     $ 298     $ 317  
2
  
TRU 2005 RE I, LLC (3)
  
Lynnwood
WA
     05/2011       05/2016       43,105     $ 279     $ 279     $ 279     $ 296  
3
  
Toys "R" Us-Delaware, Inc. (3)
  
Tulsa
OK
     05/2011       05/2016       43,123     $ 255     $ 255     $ 255     $ 271  
                                                                   
3
  
Total retail lease extensions
                           129,070     $ 832     $ 832     $ 832     $ 884  
12
  
TOTAL LEASE EXTENSIONS
                           901,978     $ 5,518     $ 5,704     $ 5,925     $ 6,078  
17
  
TOTAL NEW AND EXTENDED LEASES
                           1,006,749     $ 6,173     $ 5,704     $ 8,049     $ 6,078  

 
Page 11 of 45
 

LEXINGTON REALTY TRUST
2010 Second Quarter Leasing Summary (Continued)
   
LEASE NON-RENEWALS
                              
   
Tenants/Guarantors
  
Location
  
Lease 
Expiration
 Date
    
Sq. Ft.
    
Prior Cash
Rent Per
Annum
($000)
    
Prior
GAAP
Rent Per
Annum
($000)
  
1
  
La-Z-Boy Greensboro, Inc.
  
Statesville
NC
     04/2010       168,600     $ 435     $ 502  
2
  
Owens Corning Insulating Systems, Inc.
  
Hebron
OH
     04/2010       102,960     $ 286     $ 286  
3
  
Cardinal Unijax, LLC and Camelot Drive Holdinsgs, LLC (4)
  
Jacksonville
FL
     06/2010       58,589     $ 148     $ 148  
                                           
3
  
TOTAL LEASE NON-RENEWALS
                   330,149     $ 869     $ 936  

Footnotes
(1) Represents next twelve months rent unless noted.
(2) Property sold subsequent to June 30, 2010.
(3) New Cash and new GAAP rents annualized for twelve months from lease commencement.
(4) Held as an investment in Net Lease Strategic Assets Fund L.P.

 
Page 12 of 45
 

LEXINGTON REALTY TRUST
2010 Second Quarter Monetization Summary
 
   
ASSET MONETIZATIONS
                      
   
Tenants/Guarantors
  
Location
  
Property 
Type
  
Gross 
Proceeds 
($000)
    
Annualized NOI
($000)
  
Month of
Disposition
1
  
The Kroger Co.
  
Florence, AL
  
Retail
   $ 2,200     $ 224  
May
2
  
Vacant
  
Westland, MI
  
Retail
   $ 225     $ (230 )
June
3
  
University of Utah (1)
  
Salt Lake City, UT
  
Office
   $ 37,000     $ 3,269  
May
3
  
TOTAL ASSET MONETIZATIONS
           $ 39,425     $ 3,263    

Footnotes
(1) Represents leasehold financing.

 
Page 13 of 45
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2010
 
Year of Lease Expiration
  
Date of
Lease
Expiration
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
  
Sq.Ft.
Leased or
Available (1)
  
Cash
Rent
as of
06/30/2010
($000) (2)
  
GAAP
Base Rent
as of
06/30/2010
($000) (3)
  
Fixed Rent
at
Next
Option
 ($000) (4)
  
OFFICE PROPERTIES
                                      
2010
  
12/31/2010
  
1701 Market St.
  
Philadelphia
  
PA
  
(6)(7)
  
City National Bank of New Jersey
  
1957/1997
     5,315     120     120     0  
2011
  
1/31/2011
  
4848 129th East Ave.
  
Tulsa
  
OK
  
—
  
HSBC Card Services, Inc. (HSBC Finance Corporation)
  
2000
     101,100     711     711     0  
   
2/28/2011
  
4200 RCA Blvd.
  
Palm Beach Gardens
  
FL
  
—
  
The Wackenhut Corporation
  
1996
     96,118     906     906     2,402  
   
9/30/2011
  
200 Lucent Ln.
  
Cary
  
NC
  
—
  
Alcatel-Lucent USA, Inc.
  
1999
     124,944     1,140     1,029     0  
   
11/30/2011
  
207 Mockingbird Ln.
  
Johnson City
  
TN
  
—
  
SunTrust Bank
  
1979
     63,800     338     378     675  
   
12/31/2011
  
2050 Roanoke Rd.
  
Westlake
  
TX
  
—
  
Chrysler Financial Services Americas, LLC
  
2001
     130,290     1,830     1,727     0  
2012
  
1/31/2012
  
26210 and 26220 Enterprise Court
  
Lake Forest
  
CA
  
—
  
Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)
  
2001
     100,012     983     896     0  
       
4000 Johns Creek Pkwy.
  
Suwanee
  
GA
  
—
  
Kraft Foods Global, Inc.
  
2001
     73,264     711     693     0  
       
1275 Northwest 128th St.
  
Clive
  
IA
  
—
  
Principal Life Insurance Company
  
2004
     61,180     400     400     935  
   
3/31/2012
  
1701 Market St.
  
Philadelphia
  
PA
  
(6)(7)
  
Car-Tel Communications, Inc.
  
1957/1997
     1,220     24     24     0  
       
3940 South Teller St.
  
Lakewood
  
CO
  
—
  
MoneyGram Payment Systems, Inc.
  
2002
     68,165     602     434     1,295  
       
120 East Shore Dr.
  
Glen Allen
  
VA
  
—
  
Capital One Services, LLC
  
2000
     77,045     438     396     847  
   
6/30/2012
  
275 South Valencia Ave.
  
Brea
  
CA
  
—
  
Bank of America, NA
  
1983
     637,503     4,355     4,397     0  
   
8/31/2012
  
5757 Decatur Blvd.
  
Indianapolis
  
IN
  
—
  
Allstate Insurance Company
  
2002
     84,200     686     774     0  
                       
Damar Services, Inc.
  
2002
     5,756     22     22     47  
       
2706 Media Center Dr.
  
Los Angeles
  
CA
  
—
  
Sony Electronics, Inc.
  
2000
     20,203     105     105     0  
   
10/31/2012
  
4455 American Way
  
Baton Rouge
  
LA
  
—
  
Bell South Mobility, Inc.
  
1997
     70,100     565     557     0  
   
11/7/2012
  
2706 Media Center Dr.
  
Los Angeles
  
CA
  
—
  
Playboy Enterprises, Inc.
  
2000
     63,049     738     629     0  
   
11/14/2012
  
2211 South 47th St.
  
Phoenix
  
AZ
  
—
  
Avnet, Inc.
  
1997
     176,402     1,204     1,130     0  
   
12/31/2012
  
200 Executive Blvd. South
  
Southington
  
CT
  
—
  
Hartford Fire Insurance Company
  
1984/2006
     153,364     840     812     0  
2013
  
1/31/2013
  
12600 Gateway Blvd.
  
Fort Meyers
  
FL
  
—
  
Gartner, Inc.
  
1998
     62,400     559     546     0  
       
810 & 820 Gears Rd.
  
Houston
  
TX
  
—
  
IKON Office Solutions, Inc.
  
2000
     157,790     1,126     1,126     0  
   
3/31/2013
  
3165 McKelvey Rd.
  
Bridgeton
  
MO
  
—
  
BJC Health System
  
1981
     52,994     192     263     0  
       
8900 Freeport Pkwy.
  
Irving
  
TX
  
—
  
Nissan Motor Acceptance Corporation (Nissan North America, Inc.)
  
2003
     268,445     2,457     2,444     0  
   
4/30/2013
  
Sandlake Rd./Kirkman Rd.
  
Orlando
  
FL
  
—
  
Lockheed Martin Corporation
  
1982
     184,000     480     935     960  
   
5/31/2013
  
6303 Barfield Rd.
  
Atlanta
  
GA
  
—
  
International Business Machines Corporation (Internet Security Systems, Inc.)
  
2000/2001
     238,600     2,411     2,441     0  
   
6/30/2013
  
2210 Enterprise Dr.
  
Florence
  
SC
  
(6)
  
JPMorgan Chase Bank, National Association
  
1998
     179,300     628     628     0  
   
9/30/2013
  
9200 South Park Center Loop
  
Orlando
  
FL
  
(6)
  
Corinthian Colleges, Inc.
  
2003
     59,927     640     579     0  
   
11/30/2013
  
1110 Bayfield Dr.
  
Colorado Springs
  
CO
  
—
  
Honeywell International, Inc.
  
1980/1990/2002
     166,575     872     800     1,713  
   
12/13/2013
  
3333 Coyote Hill Rd.
  
Palo Alto
  
CA
  
—
  
Xerox Corporation
  
1973/1975/1982
     202,000     1,749     1,695     0  
   
12/31/2013
  
2550 Interstate Dr.
  
Harrisburg
  
PA
  
—
  
New Cingular Wireless PCS, LLC
  
1998
     81,859     931     935     0  
2014
  
1/31/2014
  
1701 Market St.
  
Philadelphia
  
PA
  
(7)
  
Morgan, Lewis & Bockius, LLC
  
1957/1997
     290,565     2,232     2,232     4,631  
   
3/15/2014
  
101 East Erie St.
  
Chicago
  
IL
  
—
  
Draftfcb, Inc. (Interpublic Group of Companies, Inc.)
  
1986
     218,414     2,014     2,449     0  
   
5/31/2014
  
3476 Stateview Blvd.
  
Fort Mill
  
SC
  
—
  
Wells Fargo Bank, N.A.
  
2002
     169,083     1,272     1,267     0  
       
3480 Stateview Blvd.
  
Fort Mill
  
SC
  
—
  
Wells Fargo Bank, N.A.
  
2004
     169,218     1,744     1,733     0  
       
859 Mount Vernon Hwy.
  
Atlanta
  
GA
  
(12)
  
International Business Machines Corporation (Internet Security Systems, Inc.)
  
2004
     50,400     613     515     0  
   
7/31/2014
  
16676 Northchase Dr.
  
Houston
  
TX
  
—
  
Anadarko Petroleum Corporation
  
2003
     101,111     814     813     0  
   
9/30/2014
  
333 Mt. Hope Ave.
  
Rockaway
  
NJ
  
—
  
BASF Corporation
  
1981/2002/2004
     95,500     1,122     1,061     0  
   
10/31/2014
  
1409 Centerpoint Blvd.
  
Knoxville
  
TN
  
—
  
Alstom Power, Inc.
  
1997
     84,404     807     810     0  
       
2800 Waterford Lake Dr.
  
Midlothian
  
VA
  
—
  
Alstom Power, Inc.
  
2000
     99,057     1,005     1,007     0  
       
700 US Hwy. Route 202-206
  
Bridgewater
  
NJ
  
—
  
Biovail Pharmaceuticals, Inc. (Biovail Corporation)
  
1985/2003/2004
     115,558     1,156     1,424     0  
   
12/14/2014
  
5150 220th Ave.
  
Issaquah
  
WA
  
—
  
OSI Systems, Inc. (Instrumentarium Corporation)
  
1992
     106,944     1,097     1,076     0  
       
22011 Southeast 51st St.
  
Issaquah
  
WA
  
—
  
OSI Systems, Inc. (Instrumentarium Corporation)
  
1987
     95,600     973     944     0  

 
Page 14 of 45
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2010
  
Year of Lease Expiration
  
Date of
Lease
Expiration
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
  
Sq.Ft.
Leased or
Available (1)
  
Cash
Rent
as of
06/30/2010
($000) (2)
  
GAAP
Base Rent
as of
06/30/2010
($000) (3)
  
Fixed Rent
at
Next
Option
 ($000) (4)
  
   
12/31/2014
  
1066 Main St.
  
Forest Park
  
GA
  
—
  
Bank of America, NA (Bank of America Corporation)
  
1969
     14,859     100     100     199  
       
180 South Clinton St.
  
Rochester
  
NY
  
(6)
  
Frontier Corporation
  
1988/2000
     226,000     1,488     1,485     0  
       
201 West Main St.
  
Cumming
  
GA
  
—
  
Bank of America, NA (Bank of America Corporation)
  
1968/1982
     14,208     100     100     198  
       
2223 North Druid Hills Rd.
  
Atlanta
  
GA
  
—
  
Bank of America, NA (Bank of America Corporation)
  
1972
     6,260     56     56     112  
       
275 Technology Dr.
  
Canonsburg
  
PA
  
—
  
ANSYS, Inc.
  
1996
     107,872     715     689     0  
       
400 Butler Farm Rd.
  
Hampton
  
VA
  
—
  
Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)
  
1999
     100,632     615     621     0  
       
4545 Chamblee – Dunwoody Rd.
  
Chamblee
  
GA
  
—
  
Bank of America, NA (Bank of America Corporation)
  
1972
     4,565     45     45     88  
       
825 Southway Dr.
  
Jonesboro
  
GA
  
—
  
Bank of America, NA (Bank of America Corporation)
  
1971
     4,894     39     39     77  
       
956 Ponce de Leon Ave.
  
Atlanta
  
GA
  
—
  
Bank of America, NA (Bank of America Corporation)
  
1975
     3,900     40     40     78  
       
1698 Mountain Industrial Blvd.
  
Stone Mountain
  
GA
  
—
  
Bank of America, NA (Bank of America Corporation)
  
1973
     5,704     48     48     95  
2015
  
1/31/2015
  
26555 Northwestern Hwy.
  
Southfield
  
MI
  
—
  
Federal-Mogul Corporation
  
1963/1965/1988/1989
     187,163     579     709     0  
   
4/30/2015
  
13775 McLearen Rd.
  
Herndon
  
VA
  
—
  
Equant, Inc. (Equant, NV)
  
1984/1988/1992
     125,293     1,055     1,066     0  
   
6/30/2015
  
389-399 Interpace Hwy.
  
Parsippany
  
NJ
  
—
  
Cadbury Schweppes Holdings
  
1999
     133,647     1,983     1,977     0  
   
7/1/2015
  
33 Commercial St.
  
Foxboro
  
MA
  
—
  
Invensys Systems, Inc. (Siebe, Inc.)
  
1982/1987
     164,689     2,800     1,752     3,024  
   
7/31/2015
  
4001 International Pkwy.
  
Carrollton
  
TX
  
—
  
Motel 6 Operating, LP (Accor S.A.)
  
2003
     138,443     1,596     1,597     3,580  
   
9/27/2015
  
10001 Richmond Ave.
  
Houston
  
TX
  
—
  
Baker Hughes, Inc.
  
1976/1984
     554,385     6,375     3,688     6,596  
       
12645 West Airport Rd.
  
Sugar Land
  
TX
  
—
  
Baker Hughes, Inc.
  
1997
     165,836     1,622     974     1,976  
   
9/30/2015
  
500 Olde Worthington Rd.
  
Westerville
  
OH
  
(5)
  
InVentiv Communications, Inc.
  
2000
     97,000     556     628     0  
       
550 Business Center Dr.
  
Lake Mary
  
FL
  
—
  
JPMorgan Chase Bank, National Association
  
1999
     125,920     894     1,048     0  
       
600 Business Center Dr.
  
Lake Mary
  
FL
  
—
  
JPMorgan Chase Bank, National Association
  
1996
     125,155     857     1,025     0  
   
10/31/2015
  
12209 West Markham St.
  
Little Rock
  
AR
  
—
  
Entergy Arkansas, Inc.
  
1981
     36,311     119     119     237  
2016
  
4/30/2016
  
11511 Luna Rd.
  
Farmers Branch
  
TX
  
—
  
Haggar Clothing Company (Texas Holding Clothing Corporation and Haggar Corporation)
  
2000
     180,507     1,109     1,594     2,531  
       
2000 Eastman Dr.
  
Milford
  
OH
  
—
  
Siemens Shared Services, LLC
  
1991
     221,215     1,243     911     2,486  
   
10/31/2016
  
104 & 110 South Front St.
  
Memphis
  
TN
  
—
  
Hnedak Bobo Group, Inc.
  
1871/1988/1999
     37,229     242     251     0  
   
11/30/2016
  
4000 Johns Creek Pkwy.
  
Suwanee
  
GA
  
—
  
PerkinElmer Instruments, LLC
  
2001
     13,955     114     116     0  
   
12/31/2016
  
37101 Corporate Dr.
  
Farmington Hills
  
MI
  
(19)
  
Continental Automotive Systems, Inc.
  
2001
     119,829     1,537     1,221     0  
2017
  
4/30/2017
  
1315 West Century Dr.
  
Louisville
  
CO
  
—
  
Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)
  
1987/2006
 
   106,877     713     800     0  
   
9/30/2017
  
9201 East Dry Creek Rd.
  
Centennial
  
CO
  
—
  
The Shaw Group, Inc.
  
2001/2002
     128,500     1,119     1,186     0  
   
11/30/2017
  
6200 Northwest Pkwy.
  
San Antonio
  
TX
  
—
  
United HealthCare Services, Inc.
  
2000
     142,500     820     933     0  
2018
  
5/30/2018
  
13651 McLearen Rd.
  
Herndon
  
VA
  
—
  
US Government
  
1987
     159,664     1,529     1,693     0  
   
6/30/2018
  
100 Barnes Rd.
  
Wallingford
  
CT
  
—
  
3M Company
  
1978/1985/1990/1993
     44,400     340     254     0  
   
7/31/2018
  
4200 RCA Blvd.
  
Palm Beach Gardens
  
FL
  
—
  
Office Suites Plus Properties, Inc.
  
1996
     18,400     218     224     0  
   
9/30/2018
  
1701 Market St.
  
Philadelphia
  
PA
  
(6)(7)
  
Brinker Corner Bakery II, LLC
  
1957/1997
     8,070     104     105     0  
   
11/30/2018
  
4201 Marsh Ln.
  
Carrollton
  
TX
  
—
  
Carlson Restaurants Worldwide, Inc. (Carlson Companies, Inc.)
  
2003
     130,000     963     988     0  
   
12/22/2018
  
5200 Metcalf Ave.
  
Overland Park
  
KS
  
(6)
  
Swiss Re America Holding Corporation
  
1980/1990/2004/2005
     320,198     2,235     2,252     0  
2019
  
4/1/2019
  
9201 Stateline Rd.
  
Kansas City
  
MO
  
(6)
  
Swiss Re America Holding Corporation
  
1963/1973/1985/2003
     155,925     1,047     1,047     0  
   
6/19/2019
  
3965 Airways Blvd.
  
Memphis
  
TN
  
—
  
Federal Express Corporation
  
1982/1983/1985
     521,286     3,388     3,506     5,375  
   
7/31/2019
  
500 Jackson St.
  
Columbus
  
IN
  
—
  
Cummins, Inc.
  
1984
     390,100     2,213     2,270     4,925  
   
10/31/2019
  
10475 Crosspoint Blvd.
  
Fishers
  
IN
  
(6)
  
John Wiley & Sons, Inc.
  
1999
     123,416     1,049     1,134     0  
   
12/31/2019
  
421 Butler Farm Rd.
  
Hampton
  
VA
  
—
  
Patient Advocate Foundation
  
2000
     36,484     115     115     0  
       
850-950 Warrenville Rd.
  
Lisle
  
IL
  
(5)
  
National-Louis University
  
1985
     99,414     703     830     0  
2020
  
1/31/2020
  
10300 Kincaid Dr.
  
Fishers
  
IN
  
—
  
Roche Diagnostics Operations, Inc.
  
1999
     193,000     1,367     1,712     3,812  
   
2/14/2020
  
5600 Broken Sound Blvd.
  
Boca Raton
  
FL
  
(6)
  
Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)
  
1983/2002
     136,789     1,081     1,122     0  
   
7/8/2020
  
1460 Tobias Gadsen Blvd.
  
Charleston
  
SC
  
(6)
  
Hagemeyer North America, Inc.
  
2005
     50,076     381     420     0  

 
Page 15 of 45
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2010
  
Year of Lease Expiration
  
Date of
Lease
Expiration
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
  
Sq.Ft.
Leased or
Available (1)
  
Cash
Rent
as of
06/30/2010
($000) (2)
  
GAAP
Base Rent
as of
06/30/2010
($000) (3)
  
Fixed Rent
at
Next
Option
 ($000) (4)
  
2021
  
1/31/2021
  
389-399 Interpace Hwy.
  
Parsippany
  
NJ
  
—
  
Reckitt Benckiser, Inc.
  
1999
     186,889     2,581     2,758     0  
   
3/31/2021
  
1311 Broadfield Blvd.
  
Houston
  
TX
  
—
  
Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)
  
2000
     155,040     1,530     1,312     0  
   
6/30/2021
  
1415 Wyckoff Rd.
  
Wall
  
NJ
  
—
  
New Jersey Natural Gas Company
  
1983
     157,511     1,462     1,462     4,224  
   
11/30/2021
  
29 South Jefferson Rd.
  
Whippany
  
NJ
  
—
  
CAE SimuFlite, Inc. (HP Whippany, LLC)
  
2006/2008
     123,734     1,163     1,164     2,069  
2022
  
12/31/2022
  
147 Milk St.
  
Boston
  
MA
  
—
  
Harvard Vanguard Medical Associates, Inc.
  
1910
     52,337     766     831     0  
2023
  
3/31/2023
  
6555 Sierra Dr.
  
Irving
  
TX
  
—
  
TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)
  
1999
     247,254     1,325     1,476     0  
   
7/31/2023
  
11201 Renner Blvd.
  
Lenexa
  
KS
  
(6)
  
Applebee’s Services, Inc. (DineEquity, Inc.)
  
2007
     178,000     1,781     1,951     0  
2025
  
11/30/2025
  
11707 Miracle Hills Dr.
  
Omaha
  
NE
  
—
  
Infocrossing, LLC (Infocrossing, Inc.)
  
1988/1995
     85,200     583     583     0  
   
12/31/2025
  
2005 East Technology Cir.
  
Tempe
  
AZ
  
—
  
Infocrossing, Inc.
  
1998
     60,000     564     564     0  
2028
  
9/30/2028
  
295 Chipeta Way
  
Salt Lake City
  
UT
  
—
  
University of Utah
  
1982
     295,000     1,830     1,830     0  
2029
  
1/31/2029
  
6226 West Sahara Ave.
  
Las Vegas
  
NV
  
—
  
Nevada Power Company
  
1982
     282,000     4,007     2,106     2,914  
   
12/31/2029
  
400 East Stone Ave.
  
Greenville
  
SC
  
(13)
  
Canal Insurance Company
  
1948/1981/1982/1986/1991/2006/2008
     128,041     452     0     0  
N/A
  
N/A
  
10475 Crosspoint Blvd.
  
Fishers
  
IN
  
—
  
(Available for Lease)
  
1999
     17,631     0     0     0  
       
1701 Market St.
  
Philadelphia
  
PA
  
(7)
  
Parking Operators
  
1957/1997
     0     1,089     1,089     0  
       
421 Butler Farm Rd.
  
Hampton
  
VA
  
—
  
(Available for Lease)(Amounts represent prior tenant)
  
2000
     20,080     30     27     0  
       
389-399 Interpace Hwy.
  
Parsippany
  
NJ
  
—
  
(Available for Lease)(Amounts represent prior tenant)
  
1999
     19,704     43     43     0  
       
101 East Erie St.
  
Chicago
  
IL
  
—
  
(Available for Lease)
  
1986
     12,270     0     0     0  
OFFICE TOTAL/WEIGHTED AVERAGE
              
99.5% Leased
         13,064,035   $ 108,130   $ 103,549          

 
Page 16 of 45
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2010
  
Year of Lease
Expiration
  
Date of
Lease
Expiration
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
  
Sq.Ft.
Leased or
Available (1)
  
Cash
Rent
as of
06/30/2010
($000) (2)
  
GAAP
Base Rent
as of
06/30/2010
($000) (3)
  
Fixed Rent
at
Next
Option
 ($000) (4)
  
INDUSTRIAL PROPERTIES
                                      
2011
  
3/31/2011
  
2455 Premier Dr.
  
Orlando
  
FL
  
—
  
Walgreen Co.
  
1980
     205,016     254     393     508  
   
5/31/2011
  
200 Arrowhead Dr.
  
Hebron
  
OH
  
—
  
Owens Corning Insulating Systems, LLC
  
2000
     400,522     401     401     0  
       
291 Park Center Dr.
  
Winchester
  
VA
  
(5)
  
Kraft Foods Global, Inc.
  
2001
     344,700     804     788     0  
   
9/25/2011
  
3820 Micro Dr.
  
Millington
  
TN
  
(6)
  
Ingram Micro, L.P (Ingram Micro, Inc.)
  
1997
     701,819     1,220     1,185     0  
2012
  
8/4/2012
  
101 Michelin Dr.
  
Laurens
  
SC
  
—
  
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
  
1991/1993
     1,164,000     1,707     1,652     2,619  
       
7111 Crabb Rd.
  
Temperance
  
MI
  
—
  
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
  
1978/1993
     744,570     1,144     1,107     1,756  
   
10/31/2012
  
43955 Plymouth Oaks Blvd.
  
Plymouth
  
MI
  
—
  
Tower Automotive Operations USA I, LLC (Tower Automotive Inc.)
  
1996/1998
     290,133     943     917     2,081  
   
12/31/2012
  
245 Salem Church Rd.
  
Mechanicsburg
  
PA
  
—
  
Exel, Inc. (NFC plc)
  
1985
     252,000     435     433     0  
2013
  
5/31/2013
  
2203 Sherrill Dr.
  
Statesville
  
NC
   —  
Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)
  
1999/2002
     471,000     681     744     0  
2014
  
1/2/2014
  
2415 US Hwy. 78 East
  
Moody
  
AL
   —  
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
  
2004
     595,346     527     527     1,054  
   
1/31/2014
  
1133 Poplar Creek Rd.
  
Henderson
  
NC
   —  
Staples, Inc.
  
1998/2006
     196,946     412     401     0  
   
12/31/2014
  
3686 South Central Ave.
  
Rockford
  
IL
   —  
Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)
  
1992
     90,000     202     158     446  
       
75 North St.
  
Saugerties
  
NY
   (11)  
Rotron, Inc. (EG&G)
  
1979
     52,000     61     116     122  
2015
  
12/31/2015
  
749 Southrock Dr.
  
Rockford
  
IL
  
—
  
Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)
  
1992
     150,000     238     244     525  
2016
  
2/28/2016
  
7670 Hacks Cross Rd.
  
Olive Branch
  
MS
  
—
  
MAHLE Clevite, Inc. (MAHLE Industries, Inc.)
  
1989
     268,104     477     458     0  
   
3/31/2016
  
19500 Bulverde Rd.
  
San Antonio
  
TX
  
—
  
Harcourt, Inc. (Harcourt General, Inc.)
  
2001
     559,258     1,665     1,715     0  
   
8/31/2016
  
10590 Hamilton Ave.
  
Cincinnati
  
OH
   —  
The Hillman Group, Inc.
  
1991/1994/1995/2005
     248,200     396     396     0  
   
9/30/2016
  
900 Industrial Blvd.
  
Crossville
  
TN
   —  
Dana Commercial Vehicle Products, LLC
  
1989/2006
     222,200     342     342     0  
2017
  
2/28/2017
  
3456 Meyers Ave.
  
Memphis
  
TN
   —  
Sears Logistics Services
  
1973
     780,000     796     847     1,592  
   
6/30/2017
  
7500 Chavenelle Rd.
  
Dubuque
  
IA
   (6)  
The McGraw-Hill Companies, Inc.
  
2002
     330,988     576     582     0  
   
9/30/2017
  
250 Swathmore Ave.
  
High Point
  
NC
  
—
  
Steelcase, Inc.
  
2002
     244,851     538     543     1,165  
   
10/31/2017
  
1420 Greenwood Rd.
  
McDonough
  
GA
  
—
  
Versacold USA, Inc.
  
2000/2007
     296,972     1,322     1,298     0  
2018
  
6/30/2018
  
1650-1654 Williams Rd.
  
Columbus
  
OH
   —  
ODW Logistics, Inc.
  
1973
     772,450     674     671     0  
   
9/30/2018
  
50 Tyger River Dr.
  
Duncan
  
SC
   (6)  
Plastic Omnium Exteriors, LLC
  
2005/2007/2008
     221,833     479     479     0  
2019
  
4/30/2019
  
113 Wells St.
  
North Berwick
  
ME
  
—
  
United Technologies Corporation
  
1965/1980
     972,625     768     768     1,200  
   
10/17/2019
  
10345 Philipp Pkwy.
  
Streetsboro
  
OH
  
—
  
L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)
  
2004
     649,250     1,259     1,305     3,149  
2020
  
3/31/2020
  
2425 Hwy. 77 North
  
Waxahachie
  
TX
   —  
James Hardie Building Products, Inc. (James Hardie, NV)
  
1996/2001
     335,610     1,700     1,700     0  
   
6/30/2020
  
3102 Queen Palm Dr.
  
Tampa
  
FL
   —  
Time Customer Service, Inc. (Time, Inc.)
  
1986
     229,605     572     638     0  
   
9/30/2020
  
3350 Miac Cove Rd.
  
Memphis
  
TN
   —  
Mimeo.com, Inc.
  
1987
     107,399     200     185     0  
   
12/19/2020
  
1901 Ragu Dr.
  
Owensboro
  
KY
   (9)  
Unilever Supply Chain, Inc. (Unilever United States, Inc.)
  
1975/1979/1995
     443,380     521     743     1,802  
2021
  
3/30/2021
  
121 Technology Dr.
  
Durham
  
NH
  
—
  
Heidelberg Web Systems, Inc.
  
1986/2002/2003
     500,500     1,092     999     0  
   
5/31/2021
  
477 Distribution Pkwy.
  
Collierville
  
TN
  
—
  
Federal Express Corporation
  
1984/1987/2005
     120,000     240     202     0  
   
11/30/2021
  
2880 Kenny Biggs Rd.
  
Lumberton
  
NC
  
—
  
Quickie Manufacturing Corporation
  
1998/2001/2006
     423,280     637     678     0  
   
12/31/2021
  
224 Harbor Freight Rd.
  
Dillon
  
SC
  
(6)
  
Harbor Freight Tools USA, Inc. (Central Purchasing, Inc.)
  
2001/2005
     1,010,859     1,506     1,562     0  
2025
  
6/30/2025
  
10000 Business Blvd.
  
Dry Ridge
  
KY
  
—
  
Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)
  
1988/1999
     336,350     673     673     1,402  
       
4010 Airpark Dr.
  
Owensboro
  
KY
  
—
  
Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited)
  
1998/2006
     211,598     604     604     829  
       
301 Bill Bryan Rd.
  
Hopkinsville
  
KY
  
—
  
Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited)
  
1989/1999/2000/2005
     424,904     844     844     1,512  
       
730 North Black Branch Rd.
  
Elizabethtown
  
KY
   —  
Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited)
  
2001
     167,770     268     268     558  
       
750 North Black Branch Rd.
  
Elizabethtown
  
KY
   —  
Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited)
  
1995/2000/2001
     539,592     1,419     1,419     2,960  
   
7/31/2025
  
7005 Cochran Rd.
  
Glenwillow
  
OH
   —  
Royal Appliance Manufacturing Company
  
1997
     458,000     972     1,126     0  
2026
  
10/31/2026
  
5001 Greenwood Rd.
  
Shreveport
  
LA
   —  
Libbey Glass, Inc. (Libbey, Inc.)
  
2006
     646,000     982     1,083     0  
N/A
  
N/A
  
1109 Commerce Blvd.
  
Swedesboro
  
NJ
   —  
(Available for Lease)
  
1998
     262,644     0     0     0  
       
1601 Pratt Ave.
  
Marshall
  
MI
   —  
(Available for Lease)(Amounts represent prior tenant)
  
1979
     58,300     31     31     0  

 
Page 17 of 45
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2010
  
Year of Lease Expiration
  
Date of
Lease
Expiration
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
  
Sq.Ft.
Leased or
Available (1)
  
Cash
Rent
as of
06/30/2010
($000) (2)
  
GAAP
Base Rent
as of
06/30/2010
($000) (3)
  
Fixed Rent
at
Next
Option
 ($000) (4)
  
       
1665 Hughes Way
  
Long Beach
  
CA
  
(8)
  
(Available for Lease)
  
1981
     200,541     0     0     0  
       
191 Arrowhead Dr.
  
Hebron
  
OH
  
—
  
(Available for Lease)(Amounts represent prior tenant)
  
1999
     250,410     95     95     0  
       
2203 Sherrill Dr.
  
Statesville
  
NC
  
—
  
(Available for Lease)(Amounts represent prior tenant)
  
1999/2002
     168,600     87     109     0  
       
250 Rittenhouse Cir.
  
Bristol
  
PA
  
—
  
(Available for Lease)
  
1983/1997
     255,019     0     0     0  
       
3350 Miac Cove Rd.
  
Memphis
  
TN
  
—
  
(Available for Lease)
  
1987
     32,679     0     0     0  
       
34 East Main St.
  
New Kingstown
  
PA
  
—
  
(Available for Lease)
  
1981
     179,200     0     0     0  
       
6 Doughten Rd.
  
New Kingstown
  
PA
  
—
  
(Available for Lease)
  
1989
     330,000     0     0     0  
INDUSTRIAL TOTAL/WEIGHTED AVERAGE
      
90.8% Leased
         18,917,023   $ 30,764   $ 31,429        

 
Page 18 of 45
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2010
  
Year of Lease Expiration
  
Date of
Lease
Expiration
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
  
Sq.Ft.
Leased or
Available (1)
  
Cash
Rent
as of
06/30/2010
($000) (2)
  
GAAP
Base Rent
as of
06/30/2010
($000) (3)
  
Fixed Rent
at
Next
Option
 ($000) (4)
  
RETAIL PROPERTIES
                                      
2011
  
5/31/2011
  
4811 Wesley St.
  
Greenville
  
TX
  
—
  
Safeway Stores, Inc.
  
1985
     48,492     85     121     171  
   
6/30/2011
  
4733 Hills & Dales Rd.
  
Canton
  
OH
  
—
  
Bally's Total Fitness of the Midwest, Inc. (Bally's Health & Tennis Corporation)
  
1987
     37,214     140     117     0  
   
12/29/2011
  
13133 Steubner Ave.
  
Houston
  
TX
  
—
  
The Kroger Co.
  
1980
     52,200     141     202     281  
2012
  
4/30/2012
  
10415 Grande Ave.
  
Sun City
  
AZ
  
—
  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
  
1982
     10,000     83     132     0  
       
119 North Balboa Rd.
  
El Paso
  
TX
  
—
  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
  
1982
     10,000     83     68     0  
       
402 East Crestwood Dr.
  
Victoria
  
TX
  
—
  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
  
1982
     10,000     83     58     0  
       
4121 South Port Ave.
  
Corpus Christi
  
TX
  
—
  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
  
1980
     10,000     83     68     0  
       
900 South Canal St.
  
Carlsbad
  
NM
  
—
  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
  
1980
     10,000     83     52     0  
       
901 West Expwy.
  
McAllen
  
TX
  
—
  
Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
  
1980
     10,000     83     82     0  
   
5/31/2012
  
3451 Alta Mesa Blvd.
  
Fort Worth
  
TX
  
—
  
Minyard Food Stores, Inc.
  
1985
     44,000     152     180     304  
   
6/30/2012
  
1600 East 23rd St.
  
Chattanooga
  
TN
  
—
  
BI-LO, LLC
  
1983
     42,130     65     65     138  
   
11/30/2012
  
101 West Buckingham Rd.
  
Garland
  
TX
  
—
  
Minyard Food Stores, Inc.
  
1982
     40,000     163     163     326  
       
120 South Waco St.
  
Hillsboro
  
TX
  
—
  
Brookshire Grocery Company
  
1985
     35,000     80     93     161  
       
205 Homer Rd.
  
Minden
  
LA
  
—
  
Brookshire Grocery Company
  
1985
     35,000     96     143     193  
2013
  
2/28/2013
  
US 221 & Hospital Rd.
  
Jefferson
  
NC
  
—
  
Food Lion, Inc. (Delhaize America, Inc.)
  
1981
     23,000     36     36     73  
       
291 Talbert Blvd.
  
Lexington
  
NC
  
—
  
Food Lion, Inc. (Delhaize America, Inc.)
  
1981
     23,000     69     69     138  
       
S. Carolina 52/52 Bypass
  
Moncks Corner
  
SC
  
—
  
Food Lion, Inc. (Delhaize America, Inc.)
  
1982
     23,000     31     62     62  
       
3211 West Beverly St.
  
Staunton
  
VA
  
—
  
Food Lion, Inc. (Delhaize America, Inc.)
  
1971
     23,000     82     83     166  
       
1146 Gum Branch Rd.
  
Jacksonville
  
NC
  
—
  
Food Lion, Inc. (Delhaize America, Inc.)
  
1982/1995
     23,000     42     55     84  
   
7/1/2013
  
1053 Mineral Springs Rd.
  
Paris
  
TN
  
—
  
The Kroger Co.
  
1982
     31,170     80     107     159  
   
10/31/2013
  
1084 East Second St.
  
Franklin
  
OH
  
—
  
Marsh Supermarkets, Inc.
  
1961/1978
     29,119     56     79     111  
       
130 Midland Ave.
  
Port Chester
  
NY
  
—
  
Pathmark Stores, Inc.
  
1982
     59,000     229     598     458  
       
5104 North Franklin Rd.
  
Lawrence
  
IN
  
—
  
Marsh Supermarkets, Inc.
  
1958
     28,721     97     97     193  
2014
  
3/31/2014
  
N.E.C. 45th St./Lee Blvd.
  
Lawton
  
OK
  
—
  
Associated Wholesale Grocers, Inc.
  
1984
     30,757     93     103     185  
2015
  
1/31/2015
  
1700 State Route 160
  
Port Orchard
  
WA
  
—
  
Moran Foods, Inc. d/b/a Save-A-Lot, Ltd.
  
1983
     16,037     41     41     97  
   
5/31/2015
  
24th St. West & St. John’s Ave.
  
Billings
  
MT
  
—
  
Safeway Stores, Inc.
  
1981
     40,800     93     166     186  
2016
  
5/31/2016
  
18601 Alderwood Mall Blvd.
  
Lynnwood
  
WA
  
—
  
TRU 2005 RE I, LLC
  
1981/1993
     43,105     141     149     279  
       
12535 Southeast 82nd Ave.
  
Clackamas
  
OR
  
—
  
TRU 2005 RE I, LLC
  
1981
     42,842     153     162     298  
       
6910 South Memorial Hwy.
  
Tulsa
  
OK
  
—
  
Toys "R" Us-Delaware, Inc.
  
1981
     43,123     129     136     255  
2017
  
3/31/2017
  
1610 South Westmoreland Ave.
  
Dallas
  
TX
  
—
  
Malone’s Food Stores, Ltd.
  
1960
     68,024     179     239     376  
2018
  
2/26/2018
  
4831 Whipple Ave., Northwest
  
Canton
  
OH
  
—
  
Best Buy Company, Inc.
  
1995
     46,350     233     233     465  
       
399 Peachwood Centre Dr.
  
Spartanburg
  
SC
  
—
  
Best Buy Company, Inc.
  
1996
     45,800     198     198     395  
   
9/30/2018
  
835 Julian Ave.
  
Thomasville
  
NC
  
—
  
Mighty Dollar, LLC
  
1983
     23,767     35     35     0  
   
10/31/2018
  
10340 U.S. 19
  
Port Richey
  
FL
  
—
  
Kingswere Furniture, LLC
  
1980
     53,280     173     173     400  
   
12/31/2018
  
1150 West Carl Sandburg Dr.
  
Galesburg
  
IL
  
—
  
Kmart Corporation
  
1992
     94,970     28     164     0  
       
12080 Carmel Mountain Rd.
  
San Diego
  
CA
  
—
  
Sears Holdings Corporation
  
1993
     107,210     32     376     0  
       
21082 Pioneer Plaza Dr.
  
Watertown
  
NY
  
—
  
Kmart Corporation
  
1993
     120,727     47     241     0  
       
255 Northgate Dr.
  
Manteca
  
CA
  
—
  
Kmart Corporation
  
1993
     107,489     50     278     0  
       
5350 Leavitt Rd.
  
Lorain
  
OH
  
—
  
Kmart Corporation
  
1993
     193,193     70     366     0  
       
97 Seneca Trail
  
Fairlea
  
WV
  
—
  
Kmart Corporation
  
1993/1999
     90,933     33     173     0  
2021
  
1/31/2021
  
3040 Josey Ln.
  
Carrollton
  
TX
  
—
  
Ong’s Family, Inc.
  
1984
     61,000     136     203     0  

 
Page 19 of 45
 
 
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2010
  
Year of Lease Expiration
  
Date of
Lease
Expiration
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
  
Sq.Ft.
Leased or
Available (1)
  
Cash
Rent
as of
06/30/2010
($000) (2)
  
GAAP
Base Rent
as of
06/30/2010
($000) (3)
  
Fixed Rent
at
Next
Option
 ($000) (4)
  
2028
  
1/31/2028
  
2010 Apalachee Pkwy.
  
Tallahassee
  
FL
  
—
  
Kohl's Department Stores, Inc.
  
2007
     102,381     200     210     484  
   
8/31/2028
  
9803 Edmonds Way
  
Edmonds
  
WA
  
—
  
Pudget Consumers Co-op d/b/a PCC Natural Markets
  
1981
     34,459     301     301     0  
N/A
  
N/A
  
1700 State Route 160
  
Port Orchard
  
WA
  
—
  
(Available for Lease)
  
1983
     11,931     0     0     0  
       
5544 Atlanta Hwy.
  
Montgomery
  
AL
  
—
  
(Available for Lease)
  
1980/2007
     60,698     0     0     0  
       
811 US Hwy. 17
  
North Myrtle Beach
  
SC
  
—
  
(Available for Lease)
  
1981
     41,021     0     0     0  
   
RETAIL TOTAL/WEIGHTED AVERAGE
              
94.7% Leased
         2,136,943   $ 4,507   $ 6,677        

 
Page 20 of 45
 
  
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2010
  
Year of Lease Expiration
  
Date of
Lease
Expiration
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
    
Gross
Book
Value
($000) (14)
    
Sq.Ft.
    
Percentage
Leased
    
Cash
Rent
as of
06/30/2010
($000) (2)
    
GAAP
Base Rent
as of
06/30/2010
($000) (3)
    
Debt
 Balance
 ($000)
  
MULTI-TENANT PROPERTIES
                                                          
Various
  
Various
  
10 John St.
  
Clinton
  
CT
  
(9)
  
Multi-Tenant
  
1972
       3,195       41,188       0 %     0       0       0  
       
100 East Shore Dr.
  
Glen Allen
  
VA
  
—
  
Multi-Tenant
  
1999
       11,486       68,003       100 %     674       667       19,557  
       
30/100 Light St.
  
Baltimore
  
MD
  
—
  
Multi-Tenant
  
1973/2009
       214,607       534,918       47 %     2,081       2,081       0  
       
130 East Shore Dr.
  
Glen Allen
  
VA
  
(17)
  
Multi-Tenant
  
2000
       13,457       79,675       65 %     302       380       0  
       
13430 North Black Canyon Fwy.
  
Phoenix
  
AZ
  
(15)
  
Multi-Tenant
  
1981/1982/2005/2007/2009
       25,436       138,940       100 %     1,028       1,029       0  
       
1500 Hughes Way
  
Long Beach
  
CA
  
(8)(16)
  
Multi-Tenant
  
1981
       118,081       490,555       67 %     3,436       3,588       15,001  
       
160 Clairemont Ave.
  
Decatur
  
GA
  
—
  
Multi-Tenant
  
1983
       19,799       121,596       78 %     732       732       0  
       
17770 Cartwright Rd.
  
Irvine
  
CA
  
(10)(18)
  
Multi-Tenant
  
1982
       19,640       165,080       74 %     995       1,229       0  
       
2300 Litton Ln.
  
Hebron
  
KY
  
(15)
  
Multi-Tenant
  
1986/1996
       9,740       80,441       100 %     234       228       0  
       
255 California St.
  
San Francisco
  
CA
  
(18)
  
Multi-Tenant
  
1959
       39,138       173,747       64 %     1,180       1,358       0  
       
3468 Georgia Hwy. 120
  
Duluth
  
GA
  
(15)
  
Multi-Tenant
  
1971
       423       10,341       0 %     0       0       0  
       
350 Pine St.
  
Beaumont
  
TX
  
(15)
  
Multi-Tenant
  
1981
       28,808       425,198       82 %     2,037       2,129       0  
       
6050 Dana Way
  
Antioch
  
TN
  
—
  
Multi-Tenant
  
1999
       26,200       674,528       52 %     559       559       13,047  
       
6277 Sea Harbor Dr.
  
Orlando
  
FL
  
—
  
Multi-Tenant
  
1984
       51,727       360,307       0 %     81       81       0  
       
6301 Gaston Ave.
  
Dallas
  
TX
  
(18)
  
Multi-Tenant
  
1970/1981
       7,900       173,855       64 %     750       750       0  
       
King St./1032 Fort St. Mall
  
Honolulu
  
HI
  
(15)
  
Multi-Tenant
  
1979/2002
       47,109       318,451       96 %     1,295       1,341       0  
MULTI-TENANT TOTAL/WEIGHTED AVERAGE
          
61.4% Leased
             3,856,823             $ 15,384     $ 16,152     $ 47,605  
                                                                               
   
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE
  
91.0% Leased
               37,974,824             $ 158,785     $ 157,807          

Footnotes
(1)
Square foot leased or vacant.
(2)
Six months ended 06/30/10 cash rent.
(3)
Six months ended 06/30/10 GAAP base rent.
(4)
Rent at option rate listed for those lease contracts where a set rent in dollars is specified, as it relates to Fixed Rent at Next Option.
(5)
Option rent lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(6)
Option rent greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(7)
Lexington has an 80.5% interest in this property.
(8)
Lexington has a 55.0% interest in this property.
(9)
Lexington has a 71.1% interest in this property.
(10)
Lexington has a 64.4% interest in this property.
(11)
Lexington has a 57.8% interest in this property.
(12)
Current lease ends 05/2013, however, new tenant (Problem Solved, LLC) lease expires 05/2014.
(13)
Property is classified as a capital lease for GAAP.
(14)
Represents GAAP capitalized costs.
(15)
Property is collateral for secured credit facility.
(16)
Contract right payable.
(17)
Mortgage shown under 100 East Shore Dr., Glen Allen VA.
(18)
Property sold subsequent to June 30, 2010.
(19)
Subsequent to 6/30/2010, tenant exercised lease termination option effective 12/31/2011 and paid $6.8 million.

 
Page 21 of 45
 

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio - 6/30/2010

Year of
Lease
Expiration
  
Date of
Lease 
Expiration 
  
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
    
Sq.Ft. 
Leased or
Available (1)
    
Cash 
Rent 
as of 
06/30/2010
($000) (2)
    
GAAP 
Base Rent 
as of 
06/30/2010 
($000) (3)
    
Fixed Rent 
at 
Next 
Option
 ($000) (4)
  
NET LEASE STRATEGIC ASSETS FUND PROPERTIES
                                    
2011
  
5/31/2011
  
1200 Jupiter Rd.
  
Garland
  
TX
  
—
  
Raytheon Company
  
1980
       278,759       753       1,027       1,506  
   
6/30/2011
  
265 Lehigh St.
  
Allentown
  
PA
  
—
  
Wells Fargo Bank, N.A.
  
1980
       71,230       224       300       0  
   
7/15/2011
  
19019 North 59th Ave.
  
Glendale
  
AZ
  
—
  
Honeywell International, Inc.
  
1986/1997/2000
       252,300       1,226       1,554       0  
2012
  
4/30/2012
  
3600 Army Post Rd.
  
Des Moines
  
IA
  
(6)
  
HP Enterprise Services, LLC
  
2002
       405,000       1,484       1,484       0  
   
5/31/2012
  
101 Creger Dr.
  
Ft. Collins
  
CO
  
—
  
Lithia Real Estate, Inc. (Lithia Motors, Inc.)
  
1982
       10,000       137       118       0  
2013
  
5/31/2013
  
2401 Cherahala Blvd.
  
Knoxville
  
TN
  
—
  
AdvancePCS, Inc.
  
2002
       59,748       450       450       0  
   
6/30/2013
  
420 Riverport Rd.
  
Kingsport
  
TN
  
—
  
Kingsport Power Company
  
1981
       42,770       155       153       310  
       
8555 South River Pkwy.
  
Tempe
  
AZ
  
(6)
  
ASM Lithography, Inc. (ASM Lithography Holding, NV)
  
1998
       95,133       1,178       1,106       0  
   
10/14/2013
  
3943 Denny Ave.
  
Pascagoula
  
MS
  
—
  
Northrop Grumman Systems Corporation
  
1995
       94,841       319       319       0  
   
12/31/2013
  
120 Southeast Pkwy. Dr.
  
Franklin
  
TN
  
—
  
Essex Group, Inc. (United Technologies Corporation)
  
1970/1983
       289,330       367       327       735  
2014
  
1/31/2014
  
1401 & 1501 Nolan Ryan Pkwy.
  
Arlington
  
TX
  
—
  
Siemens Shared Services, LLC
  
2003
       236,547       1,362       1,340       0  
   
4/30/2014
  
12000 & 12025 Tech Center Dr.
  
Livonia
  
MI
  
(6)
  
Kelsey-Hayes Company (TRW Automotive, Inc.)
  
1987/1988/1990
       180,230       1,010       1,037       0  
   
7/1/2014
  
70 Mechanic St.
  
Foxboro
  
MA
  
—
  
Invensys Systems, Inc. (Siebe, Inc.)
  
1965/1967/1971
       251,914       3,131       2,925       2,562  
   
12/31/2014
  
324 Industrial Park Rd.
  
Franklin
  
NC
  
(5)
  
SKF USA, Inc.
  
1996
       72,868       212       212       0  
2015
  
6/30/2015
  
2935 Van Vactor Dr.
  
Plymouth
  
IN
  
—
  
Bay Valley Foods, LLC
  
2000/2003
       300,500       396       405       853  
       
3711 San Gabriel
  
Mission
  
TX
  
—
  
VoiceStream PCS II Corporation (T-Mobile USA, Inc.)
  
2003
       75,016       525       510       0  
       
2500 Patrick Henry Pkwy.
  
McDonough
  
GA
  
—
  
Georgia Power Company
  
1999
       111,911       748       768       0  
       
1700 47th Ave North
  
Minneapolis
  
MN
  
(5)
  
Owens Corning Roofing and Asphalt, LLC
  
2003
       18,620       300       300       0  
   
9/27/2015
  
9110 Grogans Mill Rd.
  
The Woodlands
  
TX
  
—
  
Baker Hughes, Inc.
  
1992
       275,750       1,738       1,566       2,756  
       
2529 West Thorne Dr.
  
Houston
  
TX
  
—
  
Baker Hughes, Inc.
  
1982/1999
       65,500       480       419       746  
   
10/31/2015
  
5201 West Barraque St.
  
Pine Bluff
  
AR
  
—
  
Entergy Services, Inc.
  
1964/1973
       27,189       96       96       192  
2016
  
1/31/2016
  
1600 Eberhardt Rd.
  
Temple
  
TX
  
—
  
Nextel of Texas (Nextel Finance Company)
  
2001
       108,800       761       808       0  
   
7/14/2016
  
1400 Northeast McWilliams Rd.
  
Bremerton
  
WA
  
—
  
Nextel West Corporation
  
2002
       60,200       542       581       0  
   
11/30/2016
  
736 Addison Rd.
  
Erwin
  
NY
  
(6)
  
Corning, Inc.
  
2006
       408,000       589       589       0  
2017
  
12/31/2017
  
11411 North Kelly Ave.
  
Oklahoma City
  
OK
  
—
  
American Golf Corporation
  
1991/1996
       13,924       238       239       0  
2018
  
3/15/2018
  
601 & 701 Experian Pkwy.
  
Allen
  
TX
  
—
  
Experian Information Solutions, Inc. (Experian Holdings, Inc.)
  
1981/1983
       292,700       1,533       1,859       0  
   
8/31/2018
  
3500 North Loop Rd.
  
McDonough
  
GA
  
—
  
Litton Loan Servicing, LP
  
2007
       62,218       573       573       0  
   
9/30/2018
  
904 Industrial Rd.
  
Marshall
  
MI
  
—
  
Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)
  
1968/1972/2008
       246,508       382       401       925  
2019
  
1/31/2019
  
2999 Southwest 6th St.
  
Redmond
  
OR
  
—
  
VoiceStream PCS I, LLC (T-Mobile USA, Inc.)
  
2004
       77,484       762       786       0  
   
6/28/2019
  
3265 East Goldstone Dr.
  
Meridian
  
ID
  
(6)
  
VoiceStream PCS Holding, LLC  (T-Mobile USA, Inc.)
  
2004
       77,484       632       682       0  
   
10/31/2019
  
17191 St. Luke's Way
  
The Woodlands
  
TX
  
—
  
Montgomery County Management Company, LLC
  
2004
       41,000       399       493       0  
       
9601 Renner Blvd.
  
Lenexa
  
KS
  
(6)
  
VoiceStream PCS II Corporation (T-Mobile USA, Inc.)
  
2004
       77,484       647       696       0  
2020
  
5/31/2020
  
359 Gateway Dr.
  
Lavonia
  
GA
  
—
  
TI Group Automotive Systems, LLC (TI Automotive, Ltd.)
  
2005
       133,221       600       600       0  
   
6/30/2020
  
10419 North 30th St.
  
Tampa
  
FL
  
—
  
Time Customer Service, Inc.
  
1986
       132,981       646       678       0  
   
8/31/2020
  
First Park Dr.
  
Oakland
  
ME
  
(6
  
Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)
  
2005
       78,610       641       575       0  
   
11/30/2020
  
11555 University Blvd.
  
Sugar Land
  
TX
  
—
  
KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)
  
2005
       72,683       557       626       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       921       966       0  
2022
  
7/31/2022
  
1440 East 15th St.
  
Tucson
  
AZ
  
—
  
CoxCom, Inc.
  
1988
       28,591       262       275       0  
2025
  
7/14/2025
  
590 Ecology Ln.
  
Chester
  
SC
  
—
  
Owens Corning, Inc.
  
2001/2005
       420,597       1,093       1,084       1,678  
2026
  
8/31/2026
  
25500 State Hwy. 249
  
Tomball
  
TX
  
—
  
Parkway Chevrolet, Inc. (Raymond Durdin and Jean W. Durdin)
  
2005
       77,076       650       753       0  
 
 
Page 22 of 45
 

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio - 6/30/2010

Year of
Lease
Expiration
  
Date of
Lease 
Expiration
    
Property Location
  
City
  
State
  
Note
  
Primary Tenant (Guarantor)
  
Year Built/
Renovated/
Expanded
    
Sq.Ft. 
Leased or
Available (1)
    
Cash 
Rent 
as of 
06/30/2010
($000) (2)
    
GAAP 
Base Rent 
as of 
06/30/2010 
($000) (3)
    
Fixed Rent 
at 
Next 
Option
 ($000) (4)
  
2027
  
4/30/2027
    
2424 Alpine Rd.
  
Eau Claire
  
WI
  
(6)
  
Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.)
  
1993/2004
       159,000       466       586       0  
N/A
  
N/A
    
109 Stevens St.
  
Jacksonville
  
FL
  
—
  
(Available for Lease)(Amounts represent prior tenant)
  
1959/1967
       168,800       74       74       0  
   
NET LEASE STRATEGIC ASSETS FUND TOTAL/WEIGHTED AVERAGE
  
97.2% Leased
           6,103,462     $ 29,259     $ 30,340          

Footnotes
(1)
Square foot leased or vacant.
(2)
Six months ended 06/30/10 cash rent.
(3)
Six months ended 06/30/10 GAAP base rent.
(4)
Rent at option rate listed for those lease contracts where a set rent in dollars is specified, as it relates to Fixed Rent at Next Option.
(5)
Option rent lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
(6)
Option rent greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%.
 
 
Page 23 of 45
 

LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type - Cash Basis
6/30/2010

   
Office
    
Industrial
    
Retail
  
Year
  
Net
Rentable
Area
    
Cash Rent
as of
6/30/2010
($000)
    
Annual
Rent
PSF
    
Net
Rentable
Area
    
Cash Rent
as of
6/30/2010
($000)
    
Annual
Rent
PSF
    
Net
Rentable
Area
    
Cash Rent
as of
6/30/2010
($000)
    
Annual
Rent
PSF
  
2010
     5,315     $ 120     $ 45.16       -     $ -     $ -       -     $ -     $ -  
2011
     516,252     $ 4,925     $ 19.08       1,652,057     $ 2,679     $ 3.24       137,906     $ 366     $ 5.31  
2012
     1,591,463     $ 11,673     $ 14.67       2,450,703     $ 4,229     $ 3.45       256,130     $ 1,054     $ 8.23  
2013
     1,653,890     $ 12,045     $ 14.57       471,000     $ 681     $ 2.89       263,010     $ 722     $ 5.49  
2014
     2,084,748     $ 18,095     $ 17.36       934,292     $ 1,202     $ 2.57       30,757     $ 93     $ 6.05  
2015
     1,853,842     $ 18,436     $ 15.54       150,000     $ 238     $ 3.17       56,837     $ 134     $ 4.72  
2016
     572,735     $ 4,245     $ 14.82       1,297,762     $ 2,880     $ 4.44       129,070     $ 423     $ 6.55  
2017
     377,877     $ 2,652     $ 14.04       1,652,811     $ 3,232     $ 3.91       68,024     $ 179     $ 5.26  
2018
     680,732     $ 5,389     $ 15.83       994,283     $ 1,153     $ 2.32       883,719     $ 899     $ 2.03  
2019
     1,326,625     $ 8,515     $ 12.84       1,621,875     $ 2,027     $ 2.50       -     $ -     $ -  
2020
     379,865     $ 2,829     $ 14.89       1,115,994     $ 2,993     $ 5.36       -     $ -     $ -  
2021
     623,174     $ 6,736     $ 21.62       2,054,639     $ 3,475     $ 3.38       61,000     $ 136     $ 4.46  
2022
     52,337     $ 766     $ 29.27       -     $ -     $ -       -     $ -     $ -  
2023
     425,254     $ 3,106     $ 14.61       -     $ -     $ -       -     $ -     $ -  
2024
     -     $ -     $ -       -     $ -     $ -       -     $ -     $ -  
2025
     145,200     $ 1,147     $ 15.80       2,138,214     $ 4,780     $ 4.47       -     $ -     $ -  
2026
     -     $ -     $ -       646,000     $ 982     $ 3.04       -     $ -     $ -  
2027
     -     $ -     $ -       -     $ -     $ -       -     $ -     $ -  
2028
     295,000     $ 1,830     $ 12.41       -     $ -     $ -       136,840     $ 501     $ 7.32  
2029
     410,041     $ 4,459     $ 21.75       -     $ -     $ -       -     $ -     $ -  
Total/Weighted Average (1)
     12,994,350     $ 106,968     $ 15.84       17,179,630     $ 30,551     $ 3.56       2,023,293     $ 4,507     $ 4.46  
 
Footnotes
(1)
Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.
 
 
Page 24 of 45
 

LEXINGTON REALTY TRUST
Lease Rollover Schedule - GAAP Basis
6/30/2010
 
Year
  
Number of 
Leases 
Expiring
    
GAAP Base 
Rent as of 
6/30/2010
 ($000)
    
Percent of 
GAAP Base Rent 
as of 
6/30/2010
  
2010
  
1
     $ 120       0.1 %
2011
  
12
     $ 7,958       5.7 %
2012
  
29
     $ 16,482       11.8 %
2013
  
21
     $ 14,322       10.2 %
2014
  
27
     $ 19,859       14.2 %
2015
  
14
     $ 15,034       10.7 %
2016
  
12
     $ 7,451       5.3 %
2017
  
8
     $ 6,428       4.6 %
2018
  
18
     $ 8,903       6.3 %
2019
  
8
     $ 10,975       7.8 %
2020
  
7
     $ 6,520       4.6 %
2021
  
9
     $ 10,340       7.4 %
2022
  
1
     $ 831       0.6 %
2023
  
2
     $ 3,427       2.4 %
2024
  
-
     $ -       -  
2025
  
8
     $ 6,081       4.3 %
2026
  
1
     $ 1,083       0.8 %
2027
  
-
     $ -       -  
2028
  
3
     $ 2,341       1.7 %
2029
  
2
     $ 2,106       1.5 %
Total (1)
  
183
     $ 140,261       100.0 %
 
Footnotes
(1)
Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.

 
Page 25 of 45
 
 
LEXINGTON REALTY TRUST
Mortgage Notes Receivable
6/30/2010

                             
Current
              
                      
Estimated
              
Collateral
  
 
                
Annual
          
 
  
           
Note Balance
    
Interest
    
Maturity
    
Debt Service
    
Balloon Payment
    
Escrow Balance
  
   
City
  
State
  
($000)(1)
    
Rate
    
Date
    
($000)
    
($000)
    
($000)
  
Medical Facilities
  
Various (2)
  
MO/TX
   $ 17,106       15.00 %     12/2011     $ 2,526     $ 17,000     $ -  
Office
  
Schaumburg (3)
  
IL
   $ 13,191       15.00 %     01/2012     $ -     $ 13,191     $ -  
   
Westmont (4)
  
IL
   $ 27,678       6.45 %     10/2015     $ 2,090     $ 25,731     $ 4,707  
   
Southfield
  
MI
   $ 9,022       4.55 %     02/2015     $ 1,282     $ 5,810     $ -  
   
Wilsonville
  
OR
   $ 6,922       5.46 %     08/2015     $ 750     $ 9,684     $ 1,624  
Retail
  
Austin
  
TX
   $ 1,369       16.00 %     10/2018     $ -     $ 5,104     $ -  
   
Tampa
  
FL
   $ 198       8.00 %     12/2020     $ 29     $ -     $ -  
   
Various
  
Various
   $ 6,979       8.00 %     01/2014     $ 2,288     $ -     $ -  
   
Various
  
Various
   $ 1,459       8.00 %     02/2021     $ 119     $ -     $ -  
   
Various
  
Various
   $ 878       8.00 %     03/2022     $ 74     $ -     $ -  
   
Various
  
Various
   $ 801       8.00 %     12/2021     $ 79     $ -     $ -  
                                                         
Total Mortgage Notes Receivables
   $ 85,603                     $ 9,237     $ 76,520     $ 6,331  

Footnotes
(1)
Excludes net origination fees of $506.
(2)
Loan is interest only at a rate of 14.0% through February 2011, and 16.0% thereafter.
(3)
Interest only payments to the extent of operating cash flow of underlying assets.
(4)
Escrow balance includes $4,430 in a collateral escrow account maintained by the borrower.

 
Page 26 of 45
 

2010 Second Quarter Financing Summary

 
DEBT RETIRED
                        
     
Face
($000)
    
Satisfaction
($000)
    
Rate
    
Due/Put
Date
  
1
Term Loan
   $ 10,000     $ 10,000       3.20 %     02/2011  
2
Term Loan
   $ 172     $ 172       5.52 %     03/2013  
 
TOTAL
   $ 10,172     $ 10,172                  


 
NEW PROPERY LEVEL FINANCING (2)
                  
     
Face
($000)
    
Rate
    
Maturity
  
1
Greenville, SC (1)
   $ 9,000       5.50 %     01/2015  

Footnotes
(1)
Loan is interest only through maturity.
(2)
Excludes leasehold financing, see page 13.
 
 
Page 27 of 45
 

LEXINGTON REALTY TRUST
Debt Maturity Schedule
6/30/2010
($000)

Consolidated Properties
Year
    
Real Estate
Scheduled
 Amortization
      
Real Estate
Balloon Payments
 
      
Corporate Debt
  
2010 - remainder
   $ 
12,899
   $
71,458
(1)
   $
-
  
2011
    
31,918
    
49,924
      
 80,000
  
2012
    
32,218
    
191,034
      
 62,150
(2)
2013
    
28,478
    
234,937
      
60,551
  
2014
    
28,303
    
235,879
      
-
  
    $ 
133,816
   $
783,232
     $
 202,701
  
 
Non-Consolidated Investments - LXP Proportionate Share
Year
    
Real Estate
Scheduled
 Amortization
      
Real Estate
Balloon Payments
 
2010 - remainder
   $
984
   $
1,140
  
2011
    
2,686
    
   6,903
  
2012
    
2,756
    
3,323
  
2013
    
2,895
    
2,496
  
2014
    
2,514
    
4,061
  
    $ 
11,835
   $
17,923
  

Footnotes
(1) $29,703 of this balance satisfied on July 1, 2010.
(2) Assumes debt is put to Lexington in 2012.

 
Page 28 of 45
 


2010 Mortgage Maturities by Property Type
6/30/2010

 
Property Location
  
City
  
State
  
Net
Rentable
Area
    
Mortgage
Balance
at Maturity
($000)
    
Maturity
Date
    
Tenant
Lease
Expires
    
Gross
Book
Value
($000) (1)
    
Cash Rent
as of
6/30/2010
($000)
    
GAAP
Base Rent
as of
6/30/2010
($000)
  
Office
550 Business Center Dr. (2)
  
Lake Mary
  
FL
     125,920     $ 12,082       10/2010       09/2015     $ 23,958     $ 894     $ 1,048  
 
600 Business Center Dr. (2)
  
Lake Mary
  
FL
     125,155     $ 12,118       10/2010       09/2015     $ 23,846     $ 857     $ 1,025  
 
6555 Sierra Dr.
  
Irving
  
TX
     247,254     $ 24,454       10/2010       03/2023     $ 41,899     $ 1,325     $ 1,476  
 
13651 McLearen Rd.
  
Herndon
  
VA
     159,664     $ 17,301       12/2010       05/2018     $ 27,780     $ 1,529     $ 1,693  
Industrial
3102 Queen Palm Dr. (2)
  
Tampa
  
FL
     229,605     $ 5,503       08/2010       06/2020     $ 8,662     $ 572     $ 638  
Retail
1150 West Carl Sandburg Dr. (2)
  
Galesburg
  
IL
     94,970     $ -       07/2010       12/2018     $ 2,884     $ 28     $ 164  
 
12080 Carmel Mountain Rd. (2)
  
San Diego
  
CA
     107,210     $ -       07/2010       12/2018     $ 5,463     $ 32     $ 376  
 
21082 Pioneer Plaza Dr. (2)
  
Watertown
  
NY
     120,727     $ -       07/2010       12/2018     $ 5,316     $ 47     $ 241  
 
255 Northgate Dr. (2)
  
Manteca
  
CA
     107,489     $ -       07/2010       12/2018     $ 6,509     $ 50     $ 278  
 
5350 Leavitt Rd. (2)
  
Lorain
  
OH
     193,193     $ -       07/2010       12/2018     $ 8,513     $ 70     $ 366  
 
97 Seneca Trail (2)
  
Fairlea
  
WV
     90,933     $ -       07/2010       12/2018     $ 3,360     $ 33     $ 173  
                                                                   
 
Total 2010 Mortgage Maturities
     1,602,120     $ 71,458                     $ 158,190     $ 5,437     $ 7,478  

Footnotes
(1) Represents GAAP capitalized costs.
(2) Loan satisfied July 2010.

 
Page 29 of 45
 

LEXINGTON REALTY TRUST
2011 Mortgage Maturities by Property Type
6/30/2010

   
Property Location
  
City
  
State
  
Net
Rentable
Area
    
Mortgage
Balance 
at Maturity
($000)
    
Maturity
Date
    
Tenant
Lease
Expires
    
Gross 
Book 
Value 
($000) (1)
    
Cash Rent 
as of 
6/30/2010 
($000)
    
GAAP 
Base Rent 
as of 
6/30/2010
($000)
  
Office
  
389-399 Interpace Hwy.
  
Parsippany
  
NJ
     340,240     $ 37,047       03/2011       2015/2021     $ 106,561     $ 4,607     $ 4,778  
   
100 Barnes Rd.
  
Wallingford
  
CT
     44,400     $ 3,187       05/2011       06/2018     $ 5,675     $ 340     $ 254  
Industrial
  
291 Park Center Dr.
  
Winchester
  
VA
     344,700     $ 9,690       08/2011       05/2011     $ 18,865     $ 804     $ 788  
                                                                     
   
Total 2011 Mortgage Maturities
     729,340     $ 49,924                     $ 131,101     $ 5,751     $ 5,820  

Footnotes
(1) Represents GAAP capitalized costs.

 
Page 30 of 45
 

LEXINGTON REALTY TRUST
2012 Mortgage Maturities by Property Type
6/30/2010

   
Property Location
  
City
  
State
  
Net
Rentable
Area
    
Mortgage
Balance
at Maturity
($000)
  
Maturity
Date
  
Tenant
Lease
Expires
  
Gross
Book
Value
($000) (1)
    
Cash Rent
as of
6/30/2010
($000)
    
GAAP
Base Rent
as of
6/30/2010
($000)
  
Office
  
1315 West Century Dr.
  
Louisville
  
CO
     106,877     $ 7,195  
01/2012
  
 04/2017
   $ 16,933     $ 713     $ 800  
   
2000 Eastman Dr.
  
Milford
  
OH
     221,215     $ 12,686  
02/2012
  
04/2016
   $ 26,627     $ 1,243     $ 911  
   
26210 and 26220 Enterprise Court
  
Lake Forest
  
CA
     100,012     $ 9,708  
02/2012
  
01/2012
   $ 17,211     $ 983     $ 896  
   
200 Lucent Ln.
  
Cary
  
NC
     124,944     $ 12,543  
05/2012
  
09/2011
   $ 23,881     $ 1,140     $ 1,029  
   
2050 Roanoke Rd.
  
Westlake
  
TX
     130,290     $ 17,829  
05/2012
  
12/2011
   $ 32,697     $ 1,830     $ 1,727  
   
3940 South Teller St.
  
Lakewood
  
CO
     68,165     $ 7,890  
05/2012
  
03/2012
   $ 12,155     $ 602     $ 434  
   
37101 Corporate Dr.
  
Farmington Hills
  
MI
     119,829     $ 17,724  
09/2012
  
12/2016
   $ 32,876     $ 1,537     $ 1,221  
   
4455 American Way
  
Baton Rouge
  
LA
     70,100     $ 5,948  
10/2012
  
10/2012
   $ 13,868     $ 565     $ 557  
   
1110 Bayfield Dr.
  
Colorado Springs
  
CO
     166,575     $ 10,272  
12/2012
  
11/2013
   $ 19,579     $ 872     $ 800  
Industrial
  
245 Salem Church Rd.
  
Mechanicsburg
  
PA
     252,000     $ 4,514  
01/2012
  
12/2012
   $ 9,051     $ 435     $ 433  
   
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     $ 1,220     $ 1,185  
   
101 Michelin Dr.
  
Laurens
  
SC
     1,164,000     $ 14,022  
09/2012
  
08/2012
   $ 34,370     $ 1,707     $ 1,652  
   
7111 Crabb Rd.
  
Temperance
  
MI
     744,570     $ 9,400  
09/2012
  
08/2012
   $ 21,188     $ 1,144     $ 1,107  
   
19500 Bulverde Rd.
  
San Antonio
  
TX
     559,258     $ 26,025  
10/2012
  
03/2016
   $ 41,882     $ 1,665     $ 1,715  
   
43955 Plymouth Oaks Blvd.
  
Plymouth
  
MI
     290,133     $ 10,026  
12/2012
  
10/2012
   $ 19,161     $ 943     $ 917  
                                                           
   
Total 2012 Mortgage Maturities
             5,328,987     $ 191,034           $ 364,725     $ 16,599     $ 15,384  

Footnotes
(1) Represents GAAP capitalized costs.
 
Page 31 of 45
 
LEXINGTON REALTY TRUST
2013 Mortgage Maturities by Property Type
6/30/2010

   
Property Location
  
City
  
State
  
Net
Rentable
Area
    
Mortgage
Balance
at Maturity
($000)
    
Maturity
Date
    
Tenant
Lease
Expires
    
Gross
Book
Value
($000) (1)
    
Cash Rent
as of
6/30/2010
($000)
    
GAAP
Base Rent
as of
6/30/2010
($000)
  
Office
  
3476 Stateview Blvd.
  
Fort Mill
  
SC
     169,083     $ 9,904    
01/2013
       05/2014     $ 18,079     $ 1,272     $ 1,267  
   
9201 East Dry Creek Rd.
  
Centennial
  
CO
     128,500     $ 13,555    
02/2013
       09/2017     $ 26,922     $ 1,119     $ 1,186  
   
12600 Gateway Blvd.
  
Fort Meyers
  
FL
     62,400     $ 8,550    
05/2013
       01/2013     $ 13,561     $ 559     $ 546  
   
200 Executive Blvd. South
  
Southington
  
CT
     153,364     $ 12,228    
05/2013
       12/2012     $ 26,737     $ 840     $ 812  
   
275 South Valencia Ave.
  
Brea
  
CA
     637,503     $ 73,071    
05/2013
       06/2012     $ 118,929     $ 4,355     $ 4,397  
   
5757 Decatur Blvd.
  
Indianapolis
  
IN
     89,956     $ 8,580    
05/2013
       08/2012     $ 15,220     $ 708     $ 796  
   
810 & 820 Gears Rd.
  
Houston
  
TX
     157,790     $ 15,737    
05/2013
       01/2013     $ 26,819     $ 1,126     $ 1,126  
   
8900 Freeport Pkwy.
  
Irving
  
TX
     268,445     $ 36,466    
05/2013
       03/2013     $ 59,730     $ 2,457     $ 2,444  
   
6303 Barfield Rd.
  
Atlanta
  
GA
     238,600     $ 40,356    
05/2013
       05/2013     $ 62,264     $ 2,411     $ 2,441  
   
2211 South 47th St.
  
Phoenix
  
AZ
     176,402     $ 16,490    
09/2013
       11/2012     $ 24,631     $ 1,204     $ 1,130  
                                                                   
   
Total 2013 Mortgage Maturities
         2,082,043     $ 234,937                   $ 392,892     $ 16,051     $ 16,145  

Footnotes
(1) Represents GAAP capitalized costs.

Page 32 of 45
 
LEXINGTON REALTY TRUST
2014 Mortgage Maturities by Property Type
6/30/2010

   
Property Location
  
City
  
State
  
Net
Rentable
Area
    
Mortgage
Balance
at Maturity
($000)
    
Maturity
Date
    
Tenant 
Lease
Expires
    
Gross
Book
Value
($000) (1)
    
Cash Rent
as of
6/30/2010
($000)
    
GAAP
Base Rent
as of
6/30/2010
($000)
  
Office
  
33 Commercial St.
  
Foxboro
  
MA
     164,689     $ -       01/2014       07/2015     $ 29,238     $ 2,800     $ 1,752  
   
1275 Northwest 128th St.
  
Clive
  
IA
     61,180     $ 5,151       05/2014       01/2012     $ 10,599     $ 400     $ 400  
   
3480 Stateview Blvd.
  
Fort Mill
  
SC
     169,218     $ 18,311       05/2014       05/2014     $ 29,174     $ 1,744     $ 1,733  
   
1701 Market St. (2)
  
Philadelphia
  
PA
     305,170     $ 43,547       07/2014    
Various
     $ 69,886     $ 3,569     $ 3,570  
   
10300 Kincaid Dr.
  
Fishers
  
IN
     193,000     $ 10,466       08/2014       01/2020     $ 28,198     $ 1,367     $ 1,712  
   
3965 Airways Blvd.
  
Memphis
  
TN
     521,286     $ 47,270       09/2014       06/2019     $ 116,410     $ 3,388     $ 3,506  
   
500 Jackson St.
  
Columbus
  
IN
     390,100     $ 26,399       09/2014       07/2019     $ 53,821     $ 2,213     $ 2,270  
   
6226 West Sahara Ave.
  
Las Vegas
  
NV
     282,000     $ 32,118       09/2014       01/2029     $ 64,735     $ 4,007     $ 2,106  
   
22011 Southeast 51st St./5150 220th Ave.
  
Issaquah
  
WA
     202,544     $ 30,388       12/2014       12/2014     $ 51,195     $ 2,070     $ 2,020  
   
275 Technology Dr.
  
Canonsburg
  
PA
     107,872     $ 9,095       12/2014       12/2014     $ 15,739     $ 715     $ 689  
Industrial
  
2415 US Hwy. 78 East
  
Moody
  
AL
     595,346     $ 6,350       01/2014       01/2014     $ 11,575     $ 527     $ 527  
   
1109 Commerce Blvd.
  
Swedesboro
  
NJ
     262,644     $ 6,784       04/2014    
NA
     $ 14,695     $ -     $ -  
                                                                     
   
Total 2014 Mortgage Maturities
             3,255,049     $ 235,879                     $ 495,265     $ 22,800     $ 20,285  

Footnotes
(1) Represents GAAP capitalized costs.
(2) Lexington has an 80.5% interest in the property.
 
Page 33 of 45
 
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
6/30/2010

Property
  
Footnotes
  
Debt
Balance
($000)
    
Interest
Rate
(%)
    
Maturity (a)
    
Current
Estimated
Annual Debt
Service
($000) (d)
    
Balloon
Payment
($000)
  
Lorain, OH
  
(b)
   $ 376       5.540 %     07/2010     $ 386     $ -  
Manteca, CA
  
(b)
     265       5.540 %     07/2010       273       -  
Watertown, NY
  
(b)
     249       5.540 %     07/2010       256       -  
Lewisburg, WV
  
(b)
     175       5.540 %     07/2010       180       -  
San Diego, CA
  
(b)
     169       5.540 %     07/2010       174       -  
Galesburg, IL
  
(b)
     149       5.540 %     07/2010       153       -  
Tampa, FL
         5,512       6.880 %     08/2010       73       5,503  
Irving, TX
  
(b)
     24,581       6.587 %     10/2010       572       24,454  
Lake Mary, FL
  
(b)
     12,211       6.502 %     10/2010       375       12,118  
Lake Mary, FL
  
(b)
     12,175       6.502 %     10/2010       374       12,082  
Herndon, VA
         17,415       8.180 %     12/2010       836       17,301  
Parsippany, NJ
  
(b)
     37,744       6.349 %     03/2011       2,527       37,047  
Wallingford, CT
         3,232       4.926 %     05/2011       179       3,187  
Winchester, VA
  
(b)
     9,995       6.346 %     08/2011       908       9,690  
Louisville, CO
         7,365       5.830 %     01/2012       544       7,195  
New Kingston, PA
         6,490       7.790 %     01/2012       678       6,116  
Mechanicsburg, PA
         4,716       7.780 %     01/2012       500       4,514  
New Kingston, PA
         3,092       7.780 %     01/2012       323       2,914  
Milford, OH
  
(b)
     14,103       6.612 %     02/2012       1,822       12,686  
Lake Forest, CA
         9,970       7.260 %     02/2012       901       9,708  
Westlake, TX
  
(b)
     18,357       5.392 %     05/2012       1,280       17,829  
Millington, TN
         16,749       5.247 %     05/2012       1,181       16,222  
Cary, NC
  
(b)
     12,734       5.584 %     05/2012       826       12,543  
Lakewood, CO
         8,166       5.097 %     05/2012       566       7,890  
Farmington Hills, MI
  
(b)
     18,643       5.723 %     09/2012       1,500       17,724  
Laurens, SC
  
(b)
     15,145       5.911 %     09/2012       1,396       14,022  
Temperance, MI
  
(b)
     10,152       5.912 %     09/2012       936       9,400  
Baton Rouge, LA
  
(b)
     6,212       5.333 %     10/2012       443       5,948  
San Antonio, TX
         27,392       6.080 %     10/2012       2,260       26,025  
Plymouth, MI
  
(b)
     10,988       5.964 %     12/2012       1,026       10,026  
Colorado Springs, CO
  
(b)
     10,857       5.996 %     12/2012       887       10,272  
Fort Mill, SC
         10,430       6.000 %     01/2013       839       9,904  
Centennial, CO
  
(b)
     14,516       5.724 %     02/2013       1,177       13,555  
Brea, CA
  
(b)
     75,880       5.734 %     05/2013       5,361       73,071  
Atlanta, GA
         42,513       5.268 %     05/2013       3,004       40,356  
Irving, TX
  
(b)
     38,202       5.452 %     05/2013       2,702       36,466  
Houston, TX
         16,611       5.218 %     05/2013       1,166       15,737  
Southington, CT
         12,910       5.018 %     05/2013       890       12,228  
Indianapolis, IN
         9,061       5.168 %     05/2013       633       8,580  
Fort Meyers, FL
         8,893       5.268 %     05/2013       592       8,550  
Phoenix, AZ
         17,869       6.270 %     09/2013       1,527       16,490  
Foxboro, MA
  
(b)
     11,362       6.000 %     01/2014       3,378       -  
Moody, AL
         6,902       4.978 %     01/2014       493       6,350  
Swedesboro, NJ
  
(b)
     7,128       5.545 %     04/2014       482       6,784  
Clive, IA
         5,563       5.139 %     05/2014       387       5,151  
Fort Mill, SC
         19,538       5.373 %     05/2014       1,364       18,311  
Philadelphia, PA
  
(p)
     46,926       5.060 %     07/2014       3,178       43,547  
Fishers, IN
         11,396       6.375 %     08/2014       932       10,466  
 
Page 34 of 45
 
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
6/30/2010
 
Property
  
Footnotes
  
Debt
Balance
($000)
    
Interest
Rate
(%)
    
Maturity (a)
    
Current
Estimated
Annual Debt
Service
($000) (d)
    
Balloon
Payment
($000)
  
Columbus, IN
  
(i)
     25,831       6.150 %     09/2014       1,611       25,831  
Las Vegas, NV
  
(i)
     31,427       6.150 %     09/2014       1,960       31,427  
Memphis, TN
  
(i)
     46,253       6.150 %     09/2014       2,884       46,253  
Columbus, IN
  
(i)
     609       7.500 %     09/2014       54       568  
Las Vegas, NV
  
(i)
     741       7.500 %     09/2014       66       691  
Memphis, TN
  
(i)
     1,091       7.500 %     09/2014       97       1,017  
Issaquah, WA
  
(b)
     31,815       5.665 %     12/2014       2,113       30,388  
Canonsburg, PA
  
(b)
     9,078       5.426 %     12/2014       489       9,095  
Chicago, IL
  
(b)
     29,252       5.639 %     01/2015       1,548       29,900  
Greenville, SC
         9,000       5.500 %     01/2015       512       9,000  
Carrollton, TX
         13,326       5.530 %     01/2015       993       12,022  
Herndon, VA
  
(b)
     11,455       5.885 %     04/2015       888       10,359  
Richmond, VA
  
(b)
     19,557       5.377 %     05/2015       1,292       18,321  
Houston, TX
         15,958       5.160 %     05/2015       1,114       14,408  
Rockaway, NJ
         14,900       5.292 %     05/2015       799       14,900  
Houston, TX
         12,466       5.210 %     05/2015       874       11,265  
Fishers, IN
         12,391       5.160 %     05/2015       865       11,188  
San Antonio, TX
         12,294       5.340 %     05/2015       875       11,149  
Atlanta, GA
         11,314       5.260 %     05/2015       751       10,502  
Los Angeles, CA
         10,787       5.110 %     05/2015       750       9,760  
Richmond, VA
         9,989       5.310 %     05/2015       708       9,055  
Harrisburg, PA
         8,623       5.110 %     05/2015       599       7,780  
Knoxville, TN
         7,345       5.310 %     05/2015       520       6,658  
Tulsa, OK
         7,218       5.060 %     05/2015       499       6,517  
Carrollton, TX
  
(b)
     19,985       5.725 %     07/2015       1,382       18,710  
Elizabethtown, KY
  
(j)
     14,909       4.990 %     07/2015       1,042       13,358  
Hopkinsville, KY
         8,740       4.990 %     07/2015       611       7,830  
Dry Ridge, KY
  
(n)
     6,339       4.990 %     07/2015       445       5,702  
Owensboro, KY
  
(n)
     5,626       4.990 %     07/2015       395       5,064  
Elizabethtown, KY
  
(j)
     2,813       4.990 %     07/2015       197       2,520  
Houston, TX
  
(b)
     47,242       6.250 %     09/2015       8,351       18,161  
Sugar Land, TX
  
(b)
     12,280       6.250 %     09/2015       2,131       6,286  
Bridgewater, NJ
         14,805       5.732 %     03/2016       860       13,825  
Omaha, NE
         8,480       5.610 %     04/2016       621       7,560  
Tempe, AZ
         8,009       5.610 %     04/2016       586       7,140  
Lisle, IL
         10,229       6.500 %     06/2016       793       9,377  
Dallas, TX
  
(b)
     18,516       5.939 %     07/2016       1,136       18,365  
Rochester, NY
  
(f)
     18,413       6.210 %     08/2016       1,383       16,765  
Statesville, NC
  
(f)
     13,810       6.210 %     08/2016       1,037       12,574  
Rockford, IL
  
(f)
     6,758       6.210 %     08/2016       508       6,153  
Glenwillow, OH
         16,641       6.130 %     09/2016       1,240       15,132  
Memphis, TN
         3,877       5.710 %     01/2017       275       3,484  
Orlando, FL
         9,975       5.722 %     02/2017       579       9,309  
Dubuque, IA
         10,190       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)
     1,255       7.750 %     07/2018       108       -  
Manteca, CA
  
(b)
     887       7.750 %     07/2018       77       -  
Watertown, NY
  
(b)
     834       7.750 %     07/2018       72       -  
 
Page 35 of 45
 
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
6/30/2010
 
Property
  
Footnotes
  
Debt
Balance
($000)
    
Interest
Rate
(%)
    
Maturity (a)
    
Current
Estimated
Annual Debt
Service
($000) (d)
    
Balloon
Payment
($000)
  
Lewisburg, WV
  
(b)
     586       7.750 %     07/2018       51       -  
San Diego, CA
  
(b)
     565       7.750 %     07/2018       49       -  
Galesburg, IL
  
(b)
     498       7.750 %     07/2018       43       -  
Boston, MA
         13,448       6.100 %     12/2018       996       11,520  
Overland Park, KS
  
(b)
     36,980       5.891 %     05/2019       2,657       31,819  
Kansas City, MO
  
(b)
     17,640       5.883 %     05/2019       1,268       15,182  
Streetsboro, OH
  
(b)
     19,091       5.749 %     09/2019       1,344       16,338  
Boca Raton, FL
         20,400       6.470 %     02/2020       1,338       18,383  
Wall, NJ
  
(b)
     27,528       6.250 %     01/2021       3,182       -  
Charleston, SC
         7,350       5.850 %     02/2021       436       6,632  
Durham, NH
  
(b)
     18,175       6.750 %     03/2021       1,472       -  
Antioch, TN
  
(b)
     13,047       6.320 %     10/2021       1,580       774  
Whippany, NJ
         15,867       6.298 %     11/2021       1,344       10,400  
Dillon, SC
         21,801       5.974 %     02/2022       1,832       13,269  
Salt Lake City, UT
         37,000       5.527 %     10/2028       3,232       -  
Subtotal/Wtg. Avg./Years Remaining (l)
   $ 1,586,388       5.845 %     4.9     $ 123,208     $ 1,347,024  
                                             
Corporate
                                            
Term Loan
  
(c)
   $ 80,000       3.200 %     02/2011     $ 2,596     $ 80,000  
Term Loan
  
(h)(k)
     35,551       5.520 %     03/2013       1,990       35,551  
Term Loan
  
(h)(k)
     25,000       5.520 %     03/2013       1,399       25,000  
Exchangeable Notes
  
(e)(m)
     62,150       5.450 %     01/2027       3,387       62,150  
Convertible Notes
  
(o)(q)
     115,000       6.000 %     01/2030       6,900       115,000  
Trust Preferred Notes
  
(g)
     129,120       6.804 %     04/2037       8,785       129,120  
Subtotal/Wtg. Avg./Years Remaining (l)
   $ 446,821       5.589 %     10.1     $ 25,057     $ 446,821  
Total/Wtg. Avg./Years Remaining (l)
   $ 2,033,209       5.789 %     6.0     $ 148,265     $ 1,793,845  

Footnotes
(a)
Subtotal and total based on weighted average term to maturity (or put dates) shown in years based on debt balance.
(b)
Debt balances based upon imputed interest rates.
(c)
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.
(f)
Properties are cross-collateralized properties.
(g)
Rate fixed through 04/2017, thereafter LIBOR plus 170 bps.
(h)
Rate is swapped to fixed rate through maturity.
(i)
Properties are cross-collateralized properties.
(j)
Properties are cross-collateralized properties.
(k)
Represents full payable of loans, discount of $2,681 excluded from balance.
(l)
Total shown may differ from detailed amounts due to rounding.
(m)
Represents full payable of notes, discount of $1,044 excluded from balance.
(n)
Properties are cross-collateralized properties.
(o)
Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25.
(p)
Lexington has an 80.5% interest in this property.
(q)
Represents full payable of notes, discount of $12,758 excluded from balance.
 
Page 36 of 45
 
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
6/30/2010

Joint Venture
  
Debt
Balance
($000)
    
LXP
Proportionate
Share
($000) (3)
    
Interest
Rate
(%)
    
Maturity
    
Current
Estimated
Annual Debt
Service
($000) (4)
    
Balloon
Payment
($000)
    
Proportionate
Share Balloon
Payment
($000) (3)
  
Net Lease Strategic
   $ 7,626     $ 1,144       6.930 %     08/2010     $ 112     $ 7,603     $ 1,140  
Harpard
     300       82       9.875 %     01/2011       309       -       -  
Net Lease Strategic
     2,103       315       7.500 %     01/2011       108       2,076       311  
Net Lease Strategic
     13,531       2,030       7.400 %     04/2011       924       13,365       2,005  
Net Lease Strategic
     30,582       4,587       5.126 %     05/2011       1,324       30,582       4,587  
Taber
     296       81       10.125 %     06/2011       313       -       -  
Jayal
     600       178       11.500 %     03/2012       303       -       -  
Net Lease Strategic
     22,711       3,407       5.147 %     05/2012       1,491       22,153       3,323  
Net Lease Strategic
     7,437       1,116       7.670 %     01/2013       2,907       -       -  
Net Lease Strategic
     12,807       1,921       5.148 %     05/2013       894       12,144       1,822  
Net Lease Strategic
     4,805       721       5.950 %     09/2013       381       4,496       674  
Net Lease Strategic
     20,051       3,008       5.810 %     02/2014       1,551       18,588       2,788  
Net Lease Strategic
     9,204       1,381       5.616 %     04/2014       697       8,484       1,273  
Net Lease Strategic
     1,054       158       8.500 %     04/2015       271       -       -  
Net Lease Strategic
     16,592       2,489       5.411 %     05/2015       1,189       15,087       2,263  
Net Lease Strategic - Oklahoma TIC
     14,734       884       5.240 %     05/2015       976       13,673       820  
Net Lease Strategic
     12,369       1,855       5.212 %     06/2015       836       11,349       1,702  
Net Lease Strategic
     5,996       899       5.783 %     06/2015       462       5,371       806  
Net Lease Strategic
     18,027       2,704       8.036 %     09/2015       3,432       6,925       1,039  
Net Lease Strategic
     5,181       777       8.036 %     09/2015       948       2,203       330  
Net Lease Strategic
     8,415       1,262       6.090 %     01/2016       668       7,446       1,117  
Net Lease Strategic
     6,220       933       6.090 %     04/2016       494       5,465       820  
Net Lease Strategic
     6,375       956       6.315 %     09/2016       497       5,723       858  
One Summit
     15,874       4,762       9.375 %     10/2016       3,344       -       -  
Net Lease Strategic
     9,001       1,350       6.063 %     11/2016       683       8,023       1,203  
One Summit
     10,385       3,116       10.625 %     11/2016       2,239       -       -  
Net Lease Strategic
     8,802       1,320       5.910 %     10/2018       728       6,624       994  
Net Lease Strategic
     9,652       1,448       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 45
 
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
6/30/2010
Joint Venture
  
Debt
Balance
($000)
    
LXP
Proportionate
Share
($000) (3)
    
Interest
Rate
(%)
    
Maturity
    
Current
Estimated
Annual Debt
Service
($000) (4)
    
Balloon
Payment
($000)
    
Proportionate
Share Balloon
Payment
($000) (3)
  
Net Lease Strategic
     9,742       1,461       6.270 %     12/2019       774       7,755       1,163  
Net Lease Strategic
     9,216       1,382       9.800 %     02/2020       1,917       -       -  
Net Lease Strategic
     9,851       1,478       5.930 %     10/2020       750       7,660       1,149  
Net Lease Strategic
     9,172       1,376       5.460 %     12/2020       741       5,895       884  
Net Lease Strategic
     9,360       1,404       5.640 %     01/2021       692       7,018       1,053  
Net Lease Strategic
     11,860       1,779       5.380 %     08/2025       1,144       362       54  
Total/Wtg. Avg. (1)/Years Remaining (2)
   $ 347,431     $ 54,889       6.667 %     5.4     $ 35,347     $ 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 45
 
LEXINGTON REALTY TRUST
Partnership Interests
Six Months Ended June 30, 2010
($000)

Noncontrolling Interest Properties - Partners' Proportionate Share (1)
      
       
EBITDA
   $ 2,084  
Interest expense
   $ 575  
Depreciation and amortization
   $ 1,094  
Impairment loss on real estate
   $ 9,551  
         
Non-Consolidated Net Leased Real Estate - Lexington's Share
        
         
EBITDA
   $ 15,815  
Interest expense
   $ 1,860  

Footnotes
(1) Does not include OP unit noncontrolling interests.
 
Page 39 of 45
 
LEXINGTON REALTY TRUST
Selected Balance Sheet Account Detail
6/30/2010
($000)

Other assets
   $ 42,913  
         
The components of other assets are:
        
         
Deposits, including forward purchase equity commitment
   $ 21,065  
Investments
     10,550  
Equipment
     1,204  
Prepaids
     4,196  
Other receivables
     1,330  
Other
     4,568  
         
Accounts payable and other liabilities
   $ 36,851  
         
The components of accounts payable and other liabilities are:
        
         
Accounts payable and accrued expenses
   $ 10,613  
CIP accruals and other
     5,900  
Taxes
     1,187  
Deferred lease costs
     1,983  
Subordinated notes
     2,081  
Deposits
     1,477  
Escrows
     2,321  
Sale/leaseback financing obligation
     4,750  
Transaction costs
     577  
Derivative liability
     5,962  
 
Page 40 of 45
 
LEXINGTON REALTY TRUST
Revenue Data
6/30/2010
($000)

Base Rent Estimates for Current Assets

Year
  
Cash (1)
    
GAAP (1)
  
2010 - remainder
   $ 149,876     $ 153,489  
2011
   $ 297,424     $ 300,423  
2012
   $ 270,992     $ 271,438  
2013
   $ 232,321     $ 231,794  
2014
   $ 193,883     $ 197,417  

Other Revenue Data

Asset Class
  
GAAP
Base Rent
as of
6/30/10 (2)
    
Percentage
  
Office
   $ 103,549       65.7 %
Industrial
   $ 31,429       19.9 %
Retail
   $ 6,677       4.2 %
Multi-tenant
   $ 16,152       10.2 %
    $ 157,807       100.0 %
                 
Credit Ratings  (3)
                
Investment Grade
   $ 70,888       44.9 %
Non-Investment Grade
   $ 24,794       15.7 %
Unrated
   $ 62,125       39.4 %
    $ 157,807       100.0 %

Footnotes
(1)
Amounts assume (1) lease terms for non-cancellable periods only, (2) that all below market leases are renewed by the tenants at the option rate and (3) that no new or renegotiated leases are entered into for any other property.
(2)
Six months ended 6/30/2010 GAAP base rent recognized for consolidated properties owned as of6/30/2010.
(3)
Credit ratings are based upon either tenant, guarantor or parent. All multi-tenant assets are included in unrated.
 
Page 41 of 45
 
Top 20 Markets
6/30/2010

   
Core Based Statistical Area (2)
  
Percent of
GAAP Base
Rent as of
6/30/10 (1)
  
1
  
Dallas-Fort Worth-Arlington, TX
     7.9 %
2
  
Los Angeles-Long Beach-Santa Ana, CA
     6.9 %
3
  
New York-Northern New Jersey-Long Island, NY-NJ-PA
     6.6 %
4
  
Houston-Sugar Land-Baytown, TX
     5.0 %
5
  
Memphis, TN-MS-AR
     4.2 %
6
  
Atlanta-Sandy Springs-Marietta, GA
     3.9 %
7
  
Kansas City, MO-KS
     3.3 %
8
  
Orlando-Kissimmee, FL
     2.6 %
9
  
Detroit-Warren-Livonia, MI
     2.5 %
10
  
Indianapolis-Carmel, IN
     2.4 %
11
  
Boston-Cambridge-Quincy, MA-NH
     2.3 %
12
  
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
     2.3 %
13
  
Chicago-Naperville-Joliet, IL-IN-WI
     2.1 %
14
  
Charlotte-Gastonia-Concord, NC-SC
     1.9 %
15
  
Phoenix-Mesa-Scottsdale, AZ
     1.8 %
16
  
Washington-Arlington-Alexandria, DC-VA-MD-WV
     1.7 %
17
  
San Antonio, TX
     1.7 %
18
  
Seattle-Tacoma-Bellevue, WA
     1.6 %
19
  
Richmond, VA
     1.6 %
20
  
Denver-Aurora, CO
     1.5 %
   
Total Top 20 Markets (3)
     63.7 %

Footnotes
(1) 
Six months ended 6/30/2010 GAAP base rent recognized for consolidated properties owned as of 6/30/2010.
(2) 
A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people,based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990.
(3) 
Total shown may differ from detailed amounts due to rounding.
 
Page 42 of 45
 
LEXINGTON REALTY TRUST
Tenant Industry Diversification
6/30/2010

Industry Category
  
Percent of
GAAP Base
Rent as of
6/30/10 (1)
  
Finance/Insurance
     12.4 %
Consumer Products
     9.3 %
Technology
     9.3 %
Energy
     9.1 %
Automotive
     9.1 %
Food
     7.3 %
Service
     7.2 %
Transportation/Logistics
     6.1 %
Healthcare
     5.9 %
Construction/Materials
     3.7 %
Telecommunications
     3.6 %
Media/Advertising
     3.4 %
Aerospace/Defense
     2.9 %
Printing/Production
     2.6 %
Education
     2.3 %
Retail Department & Discount
     2.0 %
Real Estate
     1.2 %
Apparel
     1.0 %
Retail - Specialty
     0.7 %
Security
     0.6 %
Retail - Electronics
     0.3 %
Total (2)
     100.0 %
 
Footnotes
(1) 
Six months ended 6/30/2010 GAAP base rent recognized for consolidated properties owned as of 6/30/2010.
(2)
Total shown may differ from detailed amounts due to rounding.
 
Page 43 of 45
 
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
6/30/2010

Tenants or Guarantors
  
Number of
Leases
    
Sq. Ft. Leased
    
Sq. Ft. Leased
as a Percent of
Consolidated
Portfolio (2)
    
GAAP Base
Rent as of
6/30/10
($000) (1)
    
Percent of
GAAP Base
Rent as of
6/30/10
($000) (1)
  
Bank of America, NA
     8       691,893       1.8 %   $ 4,825       3.1 %
Baker Hughes, Inc.
     2       720,221       1.9 %   $ 4,662       3.0 %
Dana Holding Corporation and Dana Limited
     6       1,902,414       5.0 %   $ 4,150       2.6 %
Federal Express Corporation
     2       641,286       1.7 %   $ 3,708       2.3 %
Morgan, Lewis & Bockius, LLC (3)
     1       290,565       0.8 %   $ 3,321       2.1 %
Swiss Re America Holding Corporation
     2       476,123       1.3 %   $ 3,299       2.1 %
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
     3       2,503,916       6.6 %   $ 3,286       2.1 %
Wells Fargo Bank, N.A.
     3       354,732       0.9 %   $ 3,074       1.9 %
International Business Machines Corporation (Internet Security Systems, Inc.)
     2       289,000       0.8 %   $ 2,956       1.9 %
Reckitt Benckiser, Inc.
     1       186,889       0.5 %   $ 2,758       1.7 %
      30       8,057,039       21.2 %   $ 36,039       22.8 %

Footnotes
(1)
Six months ended 6/30/2010 GAAP base rent recognized for consolidated properties owned as of 6/30/2010.
(2)
Total shown may differ from detailed amounts due to rounding.
(3)
Includes parking garage operations, Lexington has an 80.5% interest in this property.

Page 44 of 45

Investor Information

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

Research Coverage
     
Barclays Capital
  
Morgan, Keegan & Co., Inc.
Ross L. Smotrich
(212) 526-2306
  
Stephen C. Swett
(212) 508-7585
     
Friedman, Billings, Ramsey
  
Raymond James & Assoc.
Gabe Poggi
(703) 469-1141
  
Paul Puryear
(727) 567-2253
     
J.P. Morgan Chase
  
Stifel Nicolaus
Anthony Paolone, CFA
(212) 622-6682
  
John W. Guinee
(443) 224-1307
 
   
Keefe, Bruyette & Woods
  
Wells Fargo Securities, LLC
Sheila K. McGrath
(212) 887-7793
  
Todd J. Stender
(212) 214-8067
 
 
Page 45 of 45
 

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Final Transcript 
 
 
Conference Call Transcript
 
LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call
 
Event Date/Time: Aug 03, 2010 / 03:00PM  GMT
 
 
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Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call
 
CORPORATE PARTICIPANTS
 
Will Eglin
Lexington Realty Trust - President, CEO, COO
 
Pat Carroll
Lexington Realty Trust - EVP, CFP, Treasurer
 
CONFERENCE CALL PARTICIPANTS
 
Stephen Swett
Morgan Keegan - Analyst
 
Anthony Paolone
JPMorgan - - Analyst
 
John Guinee
Stifel Nicholaus - Analyst
 
PRESENTATION
 
Operator
 
Good morning and welcome to the Lexington Realty Trust second quarter earnings conference call. (Operator Instructions.) It's now my pleasure to turn the call over to your host, Lexington's Chief Executive Officer, Mr. Will Eglin. Please go ahead.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO
 
Thank you. Hello, and welcome to the Lexington Realty Trust's second 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 measure in accordance with Reg G requirements. If you did not receive a copy, these documents are available on Lexington's website at www.lxp.com in the Investor Relations section. Additionally, we are hosting a live webcast of today's call which you can access in the same section. At this time, we would like to inform you that certain statements made during this conference call which are not historical may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Although Lexington believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Lexington can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in today's press release and from time to time in Lexington's filings with the SEC. Lexington does not undertake a duty to update any forward-looking statements. Joining me today from management are my longtime partners, Robert Roskind, our Chairman, and Patrick Carroll, our Chief Financial Officer, and other members of management.

And now I would like to begin by discussing our operating results. Lexington generated good results in its real estate portfolio for the second quarter of 2010. We executed well in of all of our key areas including leasing, capital recycling through dispositions and refinancings, balance sheet management, and operating efficiency. For the quarter, our reported funds from operations were $0.23 per share after adjusting for a few charges as detailed in the earnings release.

We ended the quarter with $130.6 million of cash which was our strongest cash position since September, 2008. In the second quarter, we continued to monetize assets and execute on our capital recycling initiative. Total disposition activity for the quarter was approximately $39.4 million at a weighted average cap rate of 8.3% and this includes the effective disposition of our lease hold interest in Salt Lake City that we have fully monetized in a previously announced credit tenant lease financing. Our strategy is to continue with our capital recycling effort by selling non-core properties, particularly our multi-tenant properties, in order to create additional liquidity and focus our portfolio strategy on our core single-tenant office and industrial properties.

 
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Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

So far in the third quarter, we have sold three unencumbered multi-tenant office properties for $69.7 million at an annualized cap rate of 0.6% bringing our disposition volume for the year to $149 million at a cap rate of 4.7%. Given the success of the program and the strong values we have generated in the sales process, we will be marketing additional properties for sale over the balance of the year. And we believe that by our next reporting period, we will have reached $190 million of dispositions, the low end of our current guidance, and expect at that time to be able to revisit the upper end of the range which is currently $225 million. However, these expectations are dependent on many factors beyond our control.

On the financing front, during the second quarter, Lexington closed a mortgage financing of $9 million at a fixed rate of 5.5% with a 5-year maturity, secured by the Canal Insurance property that we bought at the end of last year. In addition, and as I just discussed, we monetized the remaining stream of lease payments on our Salt Lake City, Utah, leasehold interest in an 18 year, credit tenant lease financing, at a 5.53% interest rate, raising $37 million which equates to a cap rate of about 8.8%.

As mentioned last quarter, we have been in the market with requests for financing on properties with mortgage debt maturing this year, and we have received a variety of attractive quotes to refinance these and other properties on a cross collateralized basis. Rather than encumber our assets now with this type of financing, we plan to retire maturing mortgages with cash and sale proceeds. Accordingly, in July, we retired $29.8 million of mortgage debt, which would have matured later this year. Overall, our financial flexibility has continued to increase. We have improved our liquidity and we have $175 million of available credit line capacity after adding a new bank to our lending syndicate during the quarter.

From an operating perspective, our general and administrative costs decreased about 21% compared to second quarter last year, and we continue to execute on opportunities to make our operations more efficient. On the leasing front, we had another strong quarter with 17 new and extended leases executed for 1 million square feet while leases for 330,000 square feet expired and were not renewed. During the second quarter, cash rents decreased by 3.3% and GAAP rents decreased by 2.5% on renewals, but this is directly attributable to the extension of the lease on the Salt Lake City, Utah, property that allowed us to monetize the assets in the credit tenant lease financing previously discussed.

Absent this lease, renewal rents would have been essentially flat. We encourage you to review our rollover schedule in our supplemental disclosure package which shows that at quarter end, we had just 0.1% of rental revenue expiring in the reminder of 2010 in our single-tenant portfolio, and 5.7% in 2011. We haven't had any material lease defaults and credit quality has held up well in spite of continuing economic uncertainty. Portfolio occupancy at quarter end was 91.5% which continues to be healthy, and we expect overall occupancy for the portfolio to improve later this year as a result of the sales of vacant properties.

It's true that we continue to be in a challenging leasing environment. We are currently negotiating new leases and extensions which total approximately 1.3 million square feet. In our portfolio, we currently have or expect to have about 3.6 million square feet of space available for lease this year. We expect vacancy to be reduced by the sale of vacant properties totalling 650,000 to 1 million square feet and the execution of new and renewal leases totalling 400,000 to 600,000 square feet. And as a result, we are currently forecasting that our 2010 occupancy at year end will be between 93% and 95%. Looking at next year, we have about 2.6 million square feet of space scheduled to expire. And our current forecast is that we expect to lease about 1.9 million square feet.

We continue to work very diligently on new investments and currently we have two transactions, totalling about $50 million, under contract on our investment pipeline. Each of these is a build -to-suit project that we expect to contribute to our financial results next year, and we believe these are very attractive opportunities for us, given that they are long term net leases at an average going-in cap rate of above 9% and this equates to between 10% and 11.4% on a GAAP basis. We expect to finance our acquisition pipeline with mortgage financings and proceeds from our capital recycling program and each of these transactions is being acquired at a cap rate that is accretive relative to the cap rate at which we have been selling our properties for.

Now, I'll turn the call over to Pat who will take you through our results in more detail.
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

Thanks, Will. During the quarter, Lexington had gross revenue of $86.1 million, comprised primarily of lease rents and tenant fee investments. The decrease in the second quarter 2010 revenue compared to the second quarter of 2009 relates primarily to the decrease in occupancy at 100 Light Street, and in our Orlando property. Under GAAP, we are required to recognize revenue on a straight line basis over the non cancelable lease terms, plus any periods covered by a bargained renewal option. In addition, the amortizations of above and below market leases are included directly in rental revenue.

 
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Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

In the quarter, GAAP rents were in excess of cash rents by about $4.9 million including the effect of above and below market leases. We have also included on page 41 of the supplement our estimates of both cash and GAAP rents for the reminder of 2010 through 2014. In the quarter, we recorded a $1.6 million noncash charge related to our forward equity commitment entered into in 2008 as a result of the change in our share price from March 31 to June 30.

We also recorded $26 million in impairment charges including charges included in discontinued operations, primarily relating to properties disposed of and investments written down to estimated fair value. On page 39 of the supplement, we have disclosed selected income statement data for our consolidated but non wholly-owned properties and our joint venture real estate investments. Our G&A decreased $1.3 million in the second quarter compared with the second quarter of 2009. The primary drivers for this decrease are lower professional fees and personnel costs.

Now looking at the balance sheet, our balance sheet is strong and we have continue to increase our financial flexibility. We had $130.6 million of cash at quarter end, including cash classified as restricted. Restricted cash balances relate to money held with lenders as escrow deposits on mortgages. At quarter end, we had about $2 billion of debt outstanding which had a weighted average interest rate of about 5.8%.

Included in intangibles is the allocation of the purchase price of properties related to in-place and above-market leases and customer relationships in accordance with GAAP. Also, we have about $101 million in below market lease liabilities. The significant components of other assets and liabilities are included on page 40 of the supplement. During the quarter ended June 30, 2010, the Company capitalized $1.1 million in lease costs, $2.8 million in TI costs and $7.7 million in capital improvements including $2.8 million spent at 100 Light Street. On pages 29 through 33 of the supplement, we disclosed the details of all consolidated mortgages maturing through 2014.

Now I would like to turn the call back over to Will.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

Thanks, Pat. In summary, this was a good quarter for Lexington on every level, and we are pleased with our progress and the investment opportunities we are uncovering. Occupancy held up well. Leasing continues to be consistent with our expectations, our balance sheet and debt maturity profile are significantly improved, and we have been able to source several investment opportunities that we believe are very attractive. That being said, we continue to have a high degree of success in selling properties and unlocking significant value that we do not believe is reflected in our share price. Sales continue to be a great value proposition for shareholders, and we are accelerating our property sales efforts accordingly.

Operator, I have no further comments at this time, so we are ready for you to conduct the question and answer portion of the call.
 
QUESTION AND ANSWER
 
Operator
 
(Operator Instructions.) And we'll take our first question from Steve Swett with Morgan Keegen.
 
Stephen Swett - Morgan Keegan - Analyst
 
Hi and thanks very much. Hi guys. Will, on the build-to-suit opportunities in addition to the two you mentioned that I think you said were under contract, is there a pipeline behind that of transactions you are looking at as well?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO
 
There's two others that would total about $60 million, Steve, that we continue to work on. They just haven't made it to contract status. But one of those we mentioned on the last call and there's been one other transaction that we think we have a chance to put under contract. Pending a similar pricing to the ones that we have under contract.
 
Stephen Swett - Morgan Keegan - Analyst

 
4
 

Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

As you look at the dispositions into the second half, obviously you've got two types of assets, some high occupancy and higher yields, some lower occupancy and lower yields. Can you give a sense of what the mix of those assets is in the second half still?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

I would say that it's pretty well-balanced. To be honest, we are having a little bit of — we're taking a little bit longer to process some sales that are on some vacancies where we have mortgages that need to be assumed. So that's a little bit of a more time-consuming process than we thought. I would say that the balance is probably pretty evenly mixed between properties that have fairly decent occupancy and next to none.
 
Stephen Swett - Morgan Keegan - Analyst

Okay. And then last question, Pat, you've got the high cash balances today. Given the timing of the loan maturities and dispositions coming, how do you think that cash balance tracks in the second half of the year?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

Steve, it all depends on the timing of the investments and the pay off of the mortgages. I'd say right now — like I said, we had $100 million of cash on the books at quarter end and plus the $30 million in restricted. Right now, after the sales and paying our dividends, we are back up to around $95 million. So I know we're still running with a pretty solid cash balance. The mortgages maturing the rest of the year, we'll settle — take those out in cash. So that will eat into it. But right now it's still a pretty healthy cash balance.
 
Stephen Swett - Morgan Keegan - Analyst

Thanks.
 
Operator
 
Our next questions comes from Anthony Paolone with JPMorgan.
 
Anthony Paolone - JPMorgan - Analyst

Thank you. Can you talk about these build-to-suits and where they are coming from? You did a couple in industrial and then I don't know what property type the couple that you have teed up are in. But just wondering if this is coming from a common source or if you have gone out to the market and said these are the kinds of things you'd rather see or if it just happens to be playing out this way?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO
 
The two properties under contract are industrial and the two others that we are working on are also industrial, Tony. So we think there's an opportunity for us in the forward market because there's inefficient pricing. So we think we can get a pretty nice yield premium. So we have been focusing on that part of or franchise if you will to uncover investment opportunities. The two properties we have under contract are with builders that we have done business with before. So those are direct transactions and we think there's some value add by being able to do repeat business with builders that we've worked with before.
 
Anthony Paolone - JPMorgan - Analyst
 
Is — do you think there's a lot more of this stuff out there behind all of these with these folks?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

 
5
 

Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

Hard to say. You know, we are happy with what we've got. I don't think we are at the point where we are ready to predict that there's much more volume. It's still, I think, fairly slow out there from a new construction standpoint. So we will have to take it as it comes and make sure that we are emphasizing quality versus stretching for volume.
 
Anthony Paolone - JPMorgan - Analyst

Okay. And can you give us an update on 100 Light Street and what you are seeing there?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

Yes, we are seeing very strong tenant interest in terms of number of showings, et cetera. And I would be surprised if we couldn't report more leasing progress there prior to year end.
 
Anthony Paolone - JPMorgan - Analyst

Okay. And last question. Do you have tenant improvements, leasing commissions and maintenance CapEx for the second half of the year and thoughts on what those might look like?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

Yes. Just a second. I think over the second half, we probably spent about $9 million.
 
Anthony Paolone - JPMorgan - Analyst
 
Okay. Thank you.
 
Operator

We'll move on from Stifel we have John Guinee.
 
John Guinee - Stifel Nicholaus - Analyst

Hi. Nice job, guys.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

Thanks, John.
 
John Guinee - Stifel Nicholaus - Analyst

All right. A bunch of just little miscellaneous questions. First, on your Salt Lake City deal, does that stay on the balance sheet in any way shape or form?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

Yes, it does, John. It does stay on the balance sheet.
 
John Guinee - Stifel Nicholaus - Analyst

 
6
 

Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

And where is it?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer
 
Although — It's where it always was. It's in real estate, in the mortgages included and mortgages payable. We recognize rent on it and we recognize interest expense on it and we recognize depreciation on it. There really is no change. It's just like putting a mortgage on a property. Although, we've completely monetized our value.
 
John Guinee - Stifel Nicholaus - Analyst

Okay, so you have no economic interest anymore, but you are going to continue to show it on the balance sleet?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer
 
Yes, and then we have — Yes, that's right. We have $37 million of cash and no economic value going forward from either residual or the rent stream itself. It was a — we had discussions with our auditors and they came down and said you can't take it down the balance sheet because you didn't sell it. That's in essence what they said.
 
John Guinee - Stifel Nicholaus - Analyst

Okay. All right. What assets did you sell in the third quarter? $70 million, I think it was three mostly vacant office buildings?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO
 
Well, occupancy for the three on a blended basis was about 67%.
 
John Guinee - Stifel Nicholaus - Analyst
 
Okay.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

The big sale was 255 California Street —
 
John Guinee - Stifel Nicholaus - Analyst

Okay.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO
 
— in San Francisco and then we sold another property in Irvine, California and another outside Dallas.
 
John Guinee - Stifel Nicholaus - Analyst

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

 
7
 

Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

And none of those properties were in the borrowing base supporting our line. They didn't have any debt. So we freed up a lot of unrestricted liquidity from those sales.
 
John Guinee - Stifel Nicholaus - Analyst

Okay. On the acquisition side, it looks like you — if we are doing the math right, are paying about $35 a foot in Shelby, North Carolina, but $53 a foot somewhere in Mississippi. Can you talk through if those numbers are correct and why one building would be about $35 a square and the other would be $53 a square? Both of which seem to be somewhere in the southeast?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

Yes. The ASICS building outside Memphis is higher clear height and has just a higher level of finish and stronger frame to support overhead racking. And that's really the difference in the cost.
 
John Guinee - Stifel Nicholaus - Analyst
 
Okay. You have — on a sources and uses perspective, as I recall you have a preferred equity loan, for lack of a better term, to the Inland joint venture? How much is that? When is it due? And where does it show up on the balance sheet?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

It's about $180 million, John. And it doesn't show up at its full face amount on the balance sheet because we had a lot of those asses were contributed to the ventures. There was carry-over basis. So on our balance sheet we currently show —
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer
 
About $50 million.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

About $50 million as investments and joint ventures. That joint venture has a buy-sell in 2012. And after mortgage debt our preferred would come out next, so it's a senior position.
 
John Guinee - Stifel Nicholaus - Analyst
 
Okay.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO
 
And as long as the properties can be sold at — today, with roughly an 11% cap on in-place rents. We would have roughly $180 million of cash coming back to us that because of the carry-over basis is not reflected that on balance sheet.
 
John Guinee - Stifel Nicholaus - Analyst
 
Due in payable in 2012 is roughly $180 million and that's free cash flow?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

 
8
 

Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

(Overlapping speakers.) I think it's closer to about $170 from a preferred standpoint.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

And then we do have an unpaid 9% return on our common investment that would come out after which would bump the $170 up.
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

That's right.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO
 
So we think by 2012, it's probably a $180 million cashout for us.
 
John Guinee - Stifel Nicholaus - Analyst

Okay. Are you booking the 9% on your common?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

Yes, we're taking — well, the way it works is— the answer is yes, John. On the GAAP, you have to do a hypothetical liquidation book value method. So we do pick up — you calculate it as if what you would get if you liquidated it every quarter. So yes, we are — I would say yes, are picking that up.
 
John Guinee - Stifel Nicholaus - Analyst

And that's coming in equity and earnings of unconsolidated JVs?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer
 
That's right, and it increased the investment [updates] on that.
 
John Guinee - Stifel Nicholaus - Analyst

Equity and earnings of unconsolidated JVs looks like it was about $5.2 million last quarter, about $5.4 million this quarter. Is that a good run rate?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

Yes, I would say so.
 
John Guinee - Stifel Nicholaus - Analyst
 
Okay, and then sort of lastly, you guys have a very light maturity schedule through 2012, I guess with one exception. It looks like both the Wells and the Owens Corning renewals for 2010 were just one year. Are they expected to vacate in 2011?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

 
9
 

Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

I think Wells will be out. That property is in the joint venture. That's in the — we don't have — we don't own all of that one. Owens Corning has been renewing from year to year for a while. So I don't necessarily think that's a moveout.
 
John Guinee - Stifel Nicholaus - Analyst

Okay. Can you just look at your page 14 and then page 17 of your lease rollover schedule? And just tell us maybe in 2012 and 2013 if there are any major leases where the tenants aren't occupying now which would could pretty much assume would dark at lease expiration?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

Well, I think looking at 2012, certainly the building lease to Principal Life in Des Moines I think will probably be an empty one. But beyond that, I don't — and the Hartford Fire Insurance Company, that expires at the end of 2012 in the office area, I would characterize those two as known moveouts.
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

On the industrial side, Ceva Logistics is a big one.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

I don't feel like we have any known moveouts there at this time.
 
John Guinee - Stifel Nicholaus - Analyst

Okay. And then can you just quickly, within the $26 million of impairment charges, which assets were those?
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

The main one, John, was the property that was sold in the third quarter, the office building in Irvine. That was about 18 million of it.
 
John Guinee - Stifel Nicholaus - Analyst

Okay.
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

The rest of it is two relatively small retail properties that are vacant that we took about $4 million on. And then the — we took also about a $3.7 million charge on a note receivable that we had from a property we sold previously in 2004, I believe, that is first mortgage on a property in Wilsonville, Oregon, leased to Hollywood Entertainment. Hollywood is obviously liquidating, and we wrote just — we wrote the note down to what we think we could sell it for vacant.
 
John Guinee - Stifel Nicholaus - Analyst

(Overlapping speakers.) Lastly, Pat, can you run through your second quarter capitalized numbers again? We missed them on (overlapping speakers.)
 
Pat Carroll - Lexington Realty Trust - EVP, CFP, Treasurer

 
10
 

Final Transcript
Aug 03, 2010 / 03:00PM  GMT, LXP - Q2 2010 Lexington Realty Trust Earnings Conference Call

Sure. No problem. From a lease cost, we capitalized $1.1 million. TI, $2.8 million. And capital improvements to property was $7.7 million and $2.8 million of that $7.7 was Light Street.
 
John Guinee - Stifel Nicholaus - Analyst

Gotcha. Okay, anything we forgot to ask?
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

Not that I can think of, John. You are your usual thorough self, thank you.
 
John Guinee - Stifel Nicholaus - Analyst

Thank you.
 
Operator

(Operator Instructions.) That concludes the question and answer session today. At this time, Mr. Eglin, I will turn the conference back over to you for any additional or closing remarks.
 
Will Eglin - Lexington Realty Trust - - President, CEO, COO

Thank you again for joining us this morning. We are very excited about our prospects for 2010 and beyond. And as always, we appreciate your participation and support. If you would like to receive our quarterly supplemental package please contact Ashley Fillmore, or you can find additional information on our Company on our website, www.lxp.com. In addition, as always, you may contact me or the other members of senior management with any questions. Thank you.
 
Operator

Once again, ladies and gentlemen, that does conclude today's conference. Thank you for your participation.
 
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11
 
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