EX-99.2 4 v323132_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2 

 

Quarterly Proforma

Supplemental Reporting Data

Acquisition of Net Lease Strategic Assets Fund L.P. 

 

June 30, 2012

 

 

 
 

 

LEXINGTON REALTY TRUST

PROFORMA SUPPLEMENTAL REPORTING PACKAGE

June 30, 2012

 

Table of Contents

 

Section Page
   
Proforma Portfolio Data  
Property Leases and Vacancies – Consolidated Portfolio 3
Lease Rollover Schedule – Cash Basis 10
Debt Maturity Schedule 12
2012 Mortgage Maturities by Property Type 13
2013 Mortgage Maturities by Property Type 14
2014 Mortgage Maturities by Property Type 15
2015 Mortgage Maturities by Property Type 16
2016 Mortgage Maturities by Property Type 17
Mortgages and Notes Payable 18
Select Credit Metrics  22
Revenue Data 23
Net Lease Strategic Assets Fund Supplemental Financial Disclosure 24
Top 20 Markets 25
Tenant Industry Diversification 26
Top 10 Tenants or Guarantors 27

 

The following proforma supplemental reporting data is presented for informational purposes only. It combines certain property information of Lexington Realty Trust (“Lexington”) and Net Lease Strategic Assets Fund L.P. (“NLS”) as if all properties owned by NLS were consolidated by Lexington as of June 30, 2012. This Quarterly Proforma 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) any estimates made in connection with the information set forth herein, (2) the failure to continue to qualify as a real estate investment trust, (3) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (4) competition, (5) increases in real estate construction costs, (6) changes in interest rates, (7) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (8) future impairment charges. 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

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

 

Year of Lease
Expiration		   Date of Lease
Expiration		   Property Location   City   State   Note   Primary Tenant (Guarantor)   Year Acquired/ Built/
Renovated/
Expanded		   Sq.Ft.
Leased or
Available (1)		   Cash
Rent
as of
6/30/2012 ($000)
(2)		  
OFFICE PROPERTIES  
2012   8/31/2012   5757 Decatur Blvd.   Indianapolis   IN   —   Damar Services, Inc.   2002   5,756     23  
    9/30/2012   4000 Johns Creek Pkwy.   Suwanee   GA   —   Kraft Foods Global, Inc.   2001   73,264     724  
    10/31/2012   4455 American Way   Baton Rouge   LA   —   BellSouth Mobility Inc   1997   70,100     591  
    11/7/2012   2706 Media Center Dr.   Los Angeles   CA   —   Playboy Enterprises, Inc.   2000   63,049     776  
    12/31/2012   200 Executive Blvd. South   Southington   CT   —   Hartford Fire Insurance Company   1984/2006   153,364     840  
2013   1/31/2013   12600 Gateway Blvd.   Fort Meyers   FL   —   Gartner, Inc.   1998   62,400     579  
        810 & 820 Gears Rd.   Houston   TX   —   IKON Office Solutions, Inc.   2000   157,790     1,148  
    3/31/2013   3165 McKelvey Rd.   Bridgeton   MO   —   BJC Health System   1981   52,994     199  
    5/31/2013   2401 Cherahala Blvd.   Knoxville   TN   3   AdvancePCS, Inc. / CaremarkPCS, L.L.C.   2002   59,748     450  
    6/30/2013   2210 Enterprise Dr.   Florence   SC   —   JPMorgan Chase Bank, National Association   1998   179,300     628  
        420 Riverport Rd.   Kingsport   TN   3   Kingsport Power Company   1981   42,770     155  
    9/30/2013   9200 South Park Center Loop   Orlando   FL   —   Corinthian Colleges, Inc.   2003   59,927     679  
    10/31/2013   3943 Denny Ave.   Pascagoula   MS   3   Northrop Grumman Systems Corporation   1995   94,841     319  
    11/30/2013   10475 Crosspoint Blvd.   Indianapolis   IN   —   Yellow Book Sales and Distribution Company, Inc.   1999   3,764     33  
        1110 Bayfield Dr.   Colorado Springs   CO   —   Honeywell International Inc.   1980/1990/2002   166,575     815  
    12/13/2013   3333 Coyote Hill Rd.   Palo Alto   CA   16   Xerox Corporation   1973/1975/1982   202,000     1,749  
    12/31/2013   2550 Interstate Dr.   Harrisburg   PA   —   New Cingular Wireless PCS, LLC   1998   81,859     972  
2014   1/31/2014   1401 & 1501 Nolan Ryan Pkwy.   Arlington   TX   3   Siemens Dematic Postal Automation L.P. / Siemens Energy & Automation, Inc. / Siemens Shared Services, LLC   2003   236,547     1,362  
        850-950 Warrenville Rd.   Lisle   IL   —   James J. Benes & Associates, Inc.   1984   6,347     69  
    3/15/2014   101 East Erie St.   Chicago   IL   —   Draftfcb, Inc. (Interpublic Group of Companies, Inc.)   1986   212,988     2,066  
    4/30/2014   12000 & 12025 Tech Center Dr.   Livonia   MI   3   Kelsey-Hayes Company (TRW Automotive, Inc.)   1987/1988/1990   180,230     1,058  
    5/31/2014   3476 Stateview Blvd.   Fort Mill   SC   —   Wells Fargo Bank, N.A.   2002   169,083     1,343  
        3480 Stateview Blvd.   Fort Mill   SC   —   Wells Fargo Bank, N.A.   2004   169,218     1,821  
        859 Mount Vernon Hwy.   Atlanta   GA   8   International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)   2004   50,400     644  
    6/30/2014   70 Mechanic St.   Foxboro   MA   3   Invensys Systems, Inc. (Siebe, Inc.)   1965/1967/1971   251,914     3,256  
    7/31/2014   16676 Northchase Dr.   Houston   TX   —   Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation)   2003   101,111     835  
    9/30/2014   333 Mt. Hope Ave.   Rockaway   NJ   —   BASF Corporation   1981/2002/2004   95,500     1,122  
    10/31/2014   1409 Centerpoint Blvd.   Knoxville   TN   —   Alstom Power, Inc.   1997   84,404     856  
        2800 Waterford Lake Dr.   Midlothian   VA   12   Alstom Power, Inc.   2000   99,057     1,066  
        700 US Hwy. Route 202-206   Bridgewater   NJ   —   Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.)   1985/2003/2004   115,558     1,017  
    11/30/2014   200 Lucent Ln.   Cary   NC   —   Progress Energy Service Company, LLC   1999   124,944     1,062  
        850-950 Warrenville Rd.   Lisle   IL   —   Flexco, Inc.   1984   7,535     68  
    12/14/2014   22011 Southeast 51st St.   Issaquah   WA   —   Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)   1987   95,600     1,064  
        5150 220th Ave.   Issaquah   WA   —   Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)   1992   106,944     1,197  
    12/31/2014   1066 Main St.   Forest Park   GA   —   Bank of America, NA (Bank of America Corporation)   1969   14,859     100  
        1698 Mountain Industrial Blvd.   Stone Mountain   GA   —   Bank of America, NA (Bank of America Corporation)   1973   5,704     48  
        180 South Clinton St.   Rochester   NY   —   Frontier Corporation   1988/2000   226,000     1,478  
        201 West Main St.   Cumming   GA   —   Bank of America, NA (Bank of America Corporation)   1968/1982   14,208     99  
        2223 North Druid Hills Rd.   Atlanta   GA   —   Bank of America, NA (Bank of America Corporation)   1972   6,260     56  
        275 Technology Dr.   Canonsburg   PA   —   ANSYS, Inc.   1996   107,872     715  
        400 Butler Farm Rd.   Hampton   VA   —   Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)   1999   100,632     631  
        4545 Chamblee – Dunwoody Rd.   Chamblee   GA   —   Bank of America, NA (Bank of America Corporation)   1972   4,565     44  
        825 Southway Dr.   Jonesboro   GA   —   Bank of America, NA (Bank of America Corporation)   1971   4,894     38  
        956 Ponce de Leon Ave.   Atlanta   GA   —   Bank of America, NA (Bank of America Corporation)   1975   3,900     39  

 

3
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

 

Year of Lease
Expiration		   Date of Lease
Expiration		   Property Location   City   State   Note   Primary Tenant (Guarantor)   Year Acquired/ Built/
Renovated/
Expanded		   Sq.Ft.
Leased or
Available (1)		   Cash
Rent
as of
6/30/2012 ($000)
(2)		  
OFFICE PROPERTIES  
2015   1/31/2015   26555 Northwestern Hwy.   Southfield   MI   —   Federal-Mogul Corporation   1963/1965/1988/1989   187,163     579  
    3/31/2015   3940 South Teller St.   Lakewood   CO   17   MoneyGram Payment Systems, Inc.   2002   68,165     577  
    4/30/2015   13775 McLearen Rd.   Herndon   VA   —   Equant, Inc. (Equant, NV)   1985/1986/1992/1999   125,293     1,109  
    6/30/2015   2500 Patrick Henry Pkwy.   McDonough   GA   3   Georgia Power Company   1999   111,911     771  
        3711 San Gabriel   Mission   TX   3   VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation   2003   75,016     525  
    7/1/2015   33 Commercial St.   Foxboro   MA   —   Invensys Systems, Inc. (Siebe, Inc.)   1982/1987   164,689     3,025  
    7/31/2015   4001 International Pkwy.   Carrollton   TX   —   Motel 6 Operating, LP (Accor S.A.)   2003   138,443     1,603  
    8/31/2015   2706 Media Center Dr.   Los Angeles   CA   —   Sony Electronics Inc.   2000   20,203     105  
    9/27/2015   10001 Richmond Ave.   Houston   TX   —   Baker Hughes Incorporated   1976   554,385     6,775  
        12645 West Airport Rd.   Sugar Land   TX   —   Baker Hughes Incorporated   1997   165,836     1,719  
        2529 West Thorne Dr.   Houston   TX   3   Baker Hughes, Incorporated   1982/1999   65,500     479  
    9/30/2015   500 Olde Worthington Rd.   Westerville   OH   —   InVentiv Communications, Inc.   2000   97,000     556  
        550 Business Center Dr.   Lake Mary   FL   —   JPMorgan Chase Bank, National Association   1999   125,920     943  
        600 Business Center Dr.   Lake Mary   FL   —   JPMorgan Chase Bank, National Association   1996   125,155     902  
    10/31/2015   12209 West Markham St.   Little Rock   AR   —   Entergy Arkansas, Inc.   1980   36,311     119  
        5201 West Barraque St.   Pine Bluff   AR   3   Entergy Arkansas Inc.   1964/1972/1988   27,189     96  
2016   1/31/2016   1600 Eberhardt Rd.   Temple   TX   3   Nextel of Texas, Inc. (Nextel Finance Company)   2001   108,800     837  
    4/30/2016   11511 Luna Rd.   Farmers Branch   TX   —   Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)   2000   180,507     1,154  
        2000 Eastman Dr.   Milford   OH   —   Siemens Corporation   1991   221,215     1,243  
    5/31/2016   1200 Jupiter Rd.   Garland   TX   3   Raytheon Company   1980   278,759     753  
    7/14/2016   1400 Northeast McWilliams Rd.   Bremerton   WA   3   Nextel West Corp. (Nextel Finance Company)   2002   60,200     608  
    10/31/2016   104 & 110 South Front St.   Memphis   TN   —   Hnedak Bobo Group, Inc.   1871/1980/1988/1999   37,229     259  
    12/31/2016   2050 Roanoke Rd.   Westlake   TX   —   TD Auto Finance LLC   2001   130,290     1,287  
2017   3/31/2017   1701 Market St.   Philadelphia   PA   4   Car-Tel Communications, Inc.   1957/1997   1,220     26  
    4/30/2017   1315 West Century Dr.   Louisville   CO   —   Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)   1987/2006   106,877     811  
    9/30/2017   9201 East Dry Creek Rd.   Centennial   CO   —   The Shaw Group, Inc.   2001/2002   128,500     1,163  
        750 N. Commons Dr.   Aurora   IL   17   Westell, Inc. (Westell Technologies, Inc.)   1996   210,230     1,004  
    11/30/2017   6200 Northwest Pkwy.   San Antonio   TX   —   United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC   2000   142,500     891  
    12/31/2017   100 East Shore Dr.   Glen Allen   VA   —   Capital One, National Association   1999   68,118     609  
2018   1/31/2018   5757 Decatur Blvd.   Indianapolis   IN   5   Allstate Insurance Company   2002   84,200     687  
    3/14/2018   601 & 701 Experian Pkwy.   Allen   TX   —   Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)   1981/1983   292,700     1,537  
    4/30/2018   Sandlake Rd./Kirkman Rd.   Orlando   FL   —   Lockheed Martin Corporation   1982   184,000     480  
    5/30/2018   13651 McLearen Rd.   Herndon   VA   —   United States of America   1987   159,644     1,622  
    5/31/2018   6303 Barfield Rd.   Atlanta   GA   —   International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)   2000/2001   238,600     2,533  
    6/30/2018   100 Barnes Rd.   Wallingford   CT   —   3M Company   1978/1985/1990/1993   44,400     233  
    8/31/2018   3500 North Loop Rd.   McDonough   GA   3   Litton Loan Servicing LP   2007   62,218     602  
    9/30/2018   1701 Market St.   Philadelphia   PA   4   CBC Restaurant Corp.   1957/1997   8,070     103  
    12/22/2018   5200 Metcalf Ave.   Overland Park   KS   —   Swiss Re America Holding Corporation / Westport Insurance Corporation   1980/1990/2004/2005   320,198     2,372  
    12/31/2018   120 East Shore Dr.   Glen Allen   VA   —   Capital One Services, LLC   2000   77,045     252  
2019   1/31/2019   2999 Southwest 6th St.   Redmond   OR   3   VoiceStream PCS I LLC (T-Mobile USA, Inc.)   2004   77,484     771  
    4/1/2019   9201 Stateline Rd.   Kansas City   MO   —   Swiss Re America Holding Corporation / Westport Insurance Corporation   1963/1973/1985/2003   155,925     1,111  
    5/31/2019   4400 Northcorp Pkway   Palm Beach Gardens   FL   —   Office Suites Plus Properties, Inc.   1996   18,400     138  
    6/19/2019   3965 Airways Blvd.   Memphis   TN   —   Federal Express Corporation   1982/1983/1985   521,286     3,426  
    6/29/2019   3265 East Goldstone Dr.   Meridian   ID   3   T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)   2004   77,484     657  
    6/30/2019   275 South Valencia Ave.   Brea   CA   —   Bank of America, National Association   1983   637,503     4,355  
    7/15/2019   19019 North 59th Ave.   Glendale   AZ   3   Honeywell International Inc.   1986/1997/2000   252,300     877  
    7/31/2019   500 Jackson St.   Columbus   IN   —   Cummins, Inc.   1984   390,100     2,213  
    10/31/2019   10475 Crosspoint Blvd.   Indianapolis   IN   —   John Wiley & Sons, Inc.   1999   123,416     1,080  
        9601 Renner Blvd.   Lenexa   KS   3   VoiceStream PCS II Corporation (T-Mobile USA, Inc.)   2004   77,484     673  
    12/31/2019   421 Butler Farm Rd.   Hampton   VA   —   Patient Advocate Foundation   2000   36,484     301  
        850-950 Warrenville Rd.   Lisle   IL   —   National-Louis University   1984   85,532     633  

 

4
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

 

Year of Lease
Expiration		   Date of Lease
Expiration		   Property Location   City   State   Note   Primary Tenant (Guarantor)   Year Acquired/ Built/
Renovated/
Expanded		   Sq.Ft.
Leased or
Available (1)		     Cash
Rent
as of
6/30/2012 ($000)
(2)		  
OFFICE PROPERTIES  
2020   1/31/2020   10300 Kincaid Dr.   Fishers   IN   —   Roche Diagnostics Operations, Inc.   1999   193,000     1,689  
    2/14/2020   5600 Broken Sound Blvd.   Boca Raton   FL   —   Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)   1983/2002   143,290     1,136  
    6/30/2020   10419 North 30th St.   Tampa   FL   3   Time Customer Service, Inc.  (Time Incorporated)   1986   132,981     682  
    7/8/2020   1460 Tobias Gadsen Blvd.   Charleston   SC   —   Hagemeyer North America, Inc.   2005   50,076     398  
    8/31/2020   First Park Dr.   Oakland   ME   3   Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)   2005   78,610     667  
    11/30/2020   11555 University Blvd.   Sugar Land   TX   3   KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)   2005   72,683     613  
2021   1/31/2021   1701 Market St.   Philadelphia   PA   4   Morgan, Lewis & Bockius LLP   1957/1997   289,432     2,236  
    3/31/2021   1311 Broadfield Blvd.   Houston   TX   —   Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)   2000   155,040     1,163  
    6/30/2021   1415 Wyckoff Rd.   Wall   NJ   —   New Jersey Natural Gas Company   1983   157,511     1,656  
    8/31/2021   333 Three D Systems Circle   Rock Hill   SC   —   3D Systems Corporation   2006   80,028     335  
    11/30/2021   29 South Jefferson Rd.   Whippany   NJ   —   CAE SimuFlite, Inc. (CAE INC.)   2006/2008   123,734     1,196  
2022   1/31/2022   26210 and 26220 Enterprise Court   Lake Forest   CA   —   Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)   2001   100,012     568  
    6/30/2022   8555 South River Pkwy.   Tempe   AZ   3 / 20   ASM Lithography, Inc. (ASM Lithography Holding N.V.) (2013)  / DuPont Airproducts Nanomaterials L.L.C. (2022)   1998   95,133     1,177  
N/A   N/A   1701 Market St.   Philadelphia   PA   4   Parking Operators   1957/1997   0     1,249  
    Vacant   101 East Erie St.   Chicago   IL   —   (Available for Lease)   1986   17,716     0  
        10475 Crosspoint Blvd.   Indianapolis   IN   —   (Available for Lease)   1999   13,867     0  
        1701 Market St.   Philadelphia   PA   4   (Available for Lease)   1957/1997   5,315     0  
        4000 Johns Creek Pkwy.   Suwanee   GA   —   (Available for Lease)   2001   13,955     0  
        421 Butler Farm Rd.   Hampton   VA   —   (Available for Lease)   2000   20,080     0  
OFFICE TOTAL/WEIGHTED AVERAGE             99.5% Leased       13,555,335   $   105,783  

 

5
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

 

Year of Lease
Expiration		   Date of Lease
Expiration		   Property Location   City   State   Note   Primary Tenant (Guarantor)   Year Acquired/ Built/
Renovated/
Expanded		   Sq. Ft.
Leased or
Available (1)		     Cash
Rent
as of
6/30/2012 ($000)
(2)		  
INDUSTRIAL PROPERTIES  
2012   MTM   191 Arrowhead Dr.   Hebron   OH   —   Owens Corning Insulating Systems, LLC   1999   250,410     260  
    10/31/2012   1601 Pratt Ave.   Marshall   MI   —   Enbridge Energy, Limited Partnership   1979   58,300     86  
2013   5/31/2013   200 Arrowhead Dr.   Hebron   OH   —   Owens Corning Sales, LLC / Owens Corning Insulating Systems, LLC   2000   400,522     451  
        2203 Sherrill Dr.   Statesville   NC   —   Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)   1999/2002   639,800     894  
    12/31/2013   1133 Poplar Creek Rd.   Henderson   NC   —   Staples, Inc. / Corporate Express, Inc.   1998/2006   196,946     438  
        120 Southeast Pkwy. Dr.   Franklin   TN   3   Essex Group, Inc. (United Technologies Corporation)   1970/1983   289,330     367  
2014   1/1/2014   2415 US Hwy. 78 East   Moody   AL   —   CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)   2004   595,346     527  
    1/31/2014   109 Stevens St.   Jacksonville   FL   3   Wagner Industries, Inc.   1959/1967   168,800     150  
    12/31/2014   324 Industrial Park Rd.   Franklin   NC   3   SKF USA Inc.   1996   72,868     228  
        3686 South Central Ave.   Rockford   IL   —   Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)   1998   90,000     202  
2015   1/31/2015   101 Michelin Dr.   Laurens   SC   7   CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) / Michelin North America, Inc.   1991/1993   1,164,000     1,707  
        7111 Crabb Rd.   Temperance   MI   7   CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) / Michelin North America, Inc.   1978/1993   744,570     1,143  
    6/30/2015   1700 47th Ave North   Minneapolis   MN   3   Owens Corning / Owens Corning Roofing and Asphalt, LLC   2003   18,620     312  
        2935 Van Vactor Dr.   Plymouth   IN   3   Bay Valley Foods, LLC   2000/2003   300,500     406  
    9/27/2015   9110 Grogans Mill Rd.   The Woodlands   TX   3   Baker Hughes, Incorporated   1992   275,750     1,738  
    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  
2016   2/28/2016   7670 Hacks Cross Rd.   Olive Branch   MS   —   MAHLE Clevite, Inc. (MAHLE Industries, Incorporated)   1989   268,104     477  
    3/31/2016   19500 Bulverde Rd.   San Antonio   TX   —   Elsevier STM Inc. (Reed Elsevier Inc.)   2001   559,258     1,832  
        2455 Premier Dr.   Orlando   FL   —   Walgreen Co. / Walgreen Eastern Co.   1980   205,016     254  
    5/31/2016   291 Park Center Dr.   Winchester   VA   —   Kraft Foods Global, Inc.   2001   344,700     605  
    8/31/2016   10590 Hamilton Ave.   Cincinnati   OH   —   The Hillman Group, Inc.   1991/1994/1995/2005   248,200     396  
    9/30/2016   900 Industrial Blvd.   Crossville   TN   —   Dana Commercial Vehicle Products, LLC   1989/2006   222,200     342  
    11/30/2016   736 Addison Rd.   Erwin   NY   3   Corning, Incorporated   2006   408,000     619  
2017   2/28/2017   3456 Meyers Ave.   Memphis   TN   —   Sears, Roebuck and Co. / Sears Logistics Services   1973   780,000     796  
    4/30/2017   3600 Army Post Rd.   Des Moines   IA   3   HP Enterprise Services, LLC   2000   405,000     1,453  
    6/30/2017   7500 Chavenelle Rd.   Dubuque   IA   —   The McGraw-Hill Companies, Inc.   2001   330,988     608  
    9/30/2017   250 Swathmore Ave.   High Point   NC   —   Steelcase Inc.   2002   244,851     549  
    10/31/2017   1420 Greenwood Rd.   McDonough   GA   —   Versacold USA, Inc.   2000/2007   296,972     1,322  
        43955 Plymouth Oaks Blvd.   Plymouth   MI   —   Tower Automotive Operations USA I, LLC  / Tower Automotive Products Inc. (Tower Automotive, Inc.)   1996/1998   290,133     943  
2018   6/30/2018   1650-1654 Williams Rd.   Columbus   OH   —   ODW Logistics, Inc.   1973   772,450     674  
    9/30/2018   50 Tyger River Dr.   Duncan   SC   —   Plastic Omnium Auto Exteriors, LLC   2005/2007/2008   221,833     479  
        904 Industrial Rd.   Marshall   MI   3   Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)   1968/1972/2008   246,508     382  
2019   4/30/2019   113 Wells St.   North Berwick   ME   —   United Technologies Corporation   1965/1980   972,625     768  
    10/17/2019   10345 Philipp Pkwy.   Streetsboro   OH   —   L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)   2004   649,250     1,259  
2020   3/31/2020   2425 Hwy. 77 North   Waxahachie   TX   —   James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV)   1996/2001   335,610     1,700  
    5/31/2020   359 Gateway Dr.   Lavonia   GA   3   TI Group Automotive Systems, LLC (TI Automotive Ltd.)   2005   133,221     600  
    6/30/2020   3102 Queen Palm Dr.   Tampa   FL   —   Time Customer Service, Inc. (Time Incorporated)   1986   229,605     643  
    9/30/2020   3350 Miac Cove Rd.   Memphis   TN   —   Mimeo.com, Inc.   1987   107,400     207  
    12/19/2020   1901 Ragu Dr.   Owensboro   KY   6   Unilever Supply Chain, Inc. (Unilever United States, Inc.)   1975/1979/1995   443,380     524  
2021   5/31/2021   477 Distribution Pkwy.   Collierville   TN   —   Federal Express Corporation / FedEx Techconnect, Inc.   1984/1987/2005/2012   126,213     217  
    9/30/2021   3820 Micro Dr.   Millington   TN   —   Ingram Micro L.P. (Ingram Micro Inc.)   1997   701,819     821  
    10/25/2021   6938 Elm Valley Dr.   Kalamazoo   MI   3   Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)   1999/2004   150,945     1,014  
    11/30/2021   2880 Kenny Biggs Rd.   Lumberton   NC   —   Quickie Manufacturing Corporation   1998/2001/2006   423,280     656  
2022   3/31/2022   5417 Campus Drive   Shreveport   LA   —   The Tire Rack, Inc.   2012   257,849     11  
N/A   Vacant   3350 Miac Cove Rd.   Memphis   TN   —   (Available for Lease)   1987   32,679     0  
INDUSTRIAL TOTAL/WEIGHTED AVERAGE           99.8% Leased       15,823,851   $  29,298  

 

6
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

 

Year of Lease
Expiration		   Date of Lease 
Expiration 		   Property Location   City   State   Note   Primary Tenant (Guarantor)   Year Acquired/ Built/
Renovated/
Expanded 		   Sq.Ft. 
Leased or 
Available (1)		     Cash 
Rent 
as of 
6/30/2012 ($000)
(2)		  
RETAIL/SPECIALTY PROPERTIES  
2012   11/30/2012   101 West Buckingham Rd.   Garland   TX   21   AVT Grocery, Inc.    1982   59,300     163  
2013   2/28/2013   S. Carolina 52/52 Bypass   Moncks Corner   SC   —   Food Lion, LLC / Delhaize America, Inc.   1982   23,000     31  
        US 221 & Hospital Rd.   Jefferson   NC   —   Food Lion, LLC / Delhaize America, Inc.   1981   23,000     36  
    7/1/2013   1053 Mineral Springs Rd.   Paris   TN   —   The Kroger Co.   1982   31,170     79  
    10/31/2013   1084 East Second St.   Franklin   OH   —   Marsh Supermarkets, Inc. / Crystal Food Services, LLC   1961/1978   29,119     56  
        130 Midland Ave.   Port Chester   NY   —   Pathmark Stores, Inc.   1982   59,000     206  
        5104 North Franklin Rd.   Lawrence   IN   —   Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC   1958   28,721     97  
2014   3/31/2014   N.E.C. 45th St./Lee Blvd.   Lawton   OK   —   Associated Wholesale Grocers, Inc. / Safeway, Inc.   1984   30,757     93  
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  
    5/31/2015   24th St. West & St. John’s Ave.   Billings   MT   —   Safeway,  Inc.   1981   40,800     93  
2016   5/31/2016   12535 Southeast 82nd Ave.   Clackamas   OR   —   Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc.  / TRU 2005 RE I, LLC   1981   42,842     153  
        18601 Alderwood Mall Blvd.   Lynnwood   WA   —   Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc.  / TRU 2005 RE I, LLC   1981/1993   43,105     141  
        4811 Wesley St.   Greenville   TX   —   Brookshire Grocery Company / Safeway, Inc.   1985   48,492     85  
        6910 South Memorial Hwy.   Tulsa   OK   —   Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.   1981   43,123     128  
2017   3/31/2017   1610 South Westmoreland Ave.   Dallas   TX   —   Malone’s Food Stores, Ltd.   1960   70,910     180  
    6/30/2017   1600 East 23rd St.   Chattanooga   TN   —   BI-LO, LLC   1983   42,130     67  
    11/30/2017   205 Homer Rd.   Minden   LA   —   Brookshire Grocery Company (Safeway Stores, Inc.)   1981   35,000     96  
    12/31/2017   11411 North Kelly Ave.   Oklahoma City   OK   3   American Golf Corporation   1991/1996   13,924     237  
2018   2/26/2018   399 Peachwood Centre Dr.   Spartanburg   SC   —   Best Buy Co., Inc.   1996   45,800     197  
        4831 Whipple Ave., Northwest   Canton   OH   —   Best Buy Co., Inc.   1995   46,350     232  
    2/28/2018   291 Talbert Blvd.   Lexington   NC   —   Food Lion, LLC / Delhaize America, Inc.   1981   23,000     69  
        3211 West Beverly St.   Staunton   VA   —   Food Lion, LLC / Delhaize America, Inc.   1971   23,000     83  
    9/30/2018   835 Julian Ave.   Thomasville   NC   —   Mighty Dollar, LLC   1983   23,767     36  
    10/31/2018   10340 U.S. 19   Port Richey   FL   —   Kingswere Furniture, LLC   1980   53,820     173  
    12/31/2018   1150 West Carl Sandburg Dr.   Galesburg   IL   —   Kmart Corporation   1992   94,970     21  
        12080 Carmel Mountain Rd.   San Diego   CA   —   Kmart Corporation   1993   107,210     24  
        21082 Pioneer Plaza Dr.   Watertown   NY   —   Kmart Corporation   1993   120,727     36  
        255 Northgate Dr.   Manteca   CA   —   Kmart Corporation   1993   107,489     38  
        5350 Leavitt Rd.   Lorain   OH   —   Kmart Corporation   1993   193,193     55  
        97 Seneca Trail   Fairlea   WV   —   Kmart Corporation   1993/1999   90,933     25  
N/A   Vacant   10415 Grande Ave.   Sun City   AZ   18   (Available for Lease)   1982   10,000     69  
        1700 State Route 160   Port Orchard   WA   —   (Available for Lease)   1983   11,931     0  
        3451 Alta Mesa Blvd.   Fort Worth   TX   18   (Available for Lease)   1985   44,000     127  
RETAIL TOTAL/WEIGHTED AVERAGE             96.1% Leased       1,676,620   $                3,167  

 

7
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Long-Term Leases- Consolidated Portfolio - 6/30/2012

 

Year of
Lease
Expiration		   Date of Lease 
Expiration 		   Property Location   City   State   Note   Primary Tenant (Guarantor)   Property
Type		   Year Acquired/ Built/
Renovated/
Expanded 		   Sq.Ft. 
Leased or
Available (1)		     Cash 
Rent 
as of 
6/30/2012 ($000) (2)		  
LONG-TERM LEASE PROPERTIES
2022   7/31/2022   1440 East 15th Street   Tucson   AZ   3   CoxCom, LLC   Office   1988   28,591     273  
    11/30/2022   4201 Marsh Ln.   Carrollton   TX   —   Carlson Restaurants Inc. (Carlson, Inc.)   Office   2003   130,000     963  
    12/31/2022   147 Milk St.   Boston   MA   —   Harvard Vanguard Medical Associates, Inc.   Office   1910   52,337     766  
2023   2/28/2023   2211 South 47th St.   Phoenix   AZ   —   Avnet, Inc.   Office   1997   176,402     1,204  
    3/31/2023   6555 Sierra Dr.   Irving   TX   —   TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)   Office   1999   247,254     1,524  
        8900 Freeport Pkwy.   Irving   TX   —   Nissan Motor Acceptance Corporation (Nissan North America, Inc.)   Office   2003   225,049     1,519  
2024   2/14/2024   1362 Celebration Blvd.   Florence   SC   —   MED3000, Inc.   Office   2012   32,000     193  
    10/31/2024   6277 Sea Harbor Dr.   Orlando   FL   —   Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation)   Office   1984   259,401     0  
2025   6/30/2025   10000 Business Blvd.   Dry Ridge   KY   —   Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)   Industrial   1988/1999   336,350     673  
        301 Bill Bryan Rd.   Hopkinsville   KY   —   Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)   Industrial   1987/1999/2000/2006   424,904     844  
        37101 Corporate Dr.   Farmington Hills   MI   —   Panasonic Automotive Systems Company of America, a Division of Panasonic Corporation of North America   Office   2001   90,460     0  
        4010 Airpark Dr.   Owensboro   KY   —   Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)   Industrial   1998/2001   211,598     604  
        730 North Black Branch Rd.   Elizabethtown   KY   —   Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)   Industrial   2001   167,770     268  
        750 North Black Branch Rd.   Elizabethtown   KY   —   Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)   Industrial   1995/2000/2001   539,592     1,419  
    7/14/2025   590 Ecology Ln.   Chester   SC   3   Owens Corning Sales, LLC   Industrial   2001/2005   420,597     1,093  
    7/31/2025   7005 Cochran Rd.   Glenwillow   OH   —   Royal Appliance Mfg. Co.   Industrial   1997   458,000     972  
    11/30/2025   11707 Miracle Hills Dr.   Omaha   NE   —   Infocrossing, Inc.   Office   1989/1995   85,200     583  
    12/31/2025   2005 East Technology Cir.   Tempe   AZ   —   Infocrossing, Inc.   Office   1998   60,000     564  
2026   3/30/2026   121 Technology Dr.   Durham   NH   15   Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc.
(Goss International Corporation)		   Industrial   1986/2002/2003   500,500     2,140  
    3/31/2026   459 Wingo Road   Byhalia   MS   —   Asics America Corporation (Asics Corporation)   Industrial   2011   513,734     1,284  
    6/30/2026   351 Chamber Drive   Chillicothe   OH   —   The Kitchen Collection, Inc.   Industrial   1995/1998   475,218     504  
    8/31/2026   25500 State Hwy. 249   Tomball   TX   3   Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin)   Specialty   2005   77,076     676  
    10/31/2026   5001 Greenwood Rd.   Shreveport   LA   —   Libbey Glass Inc. (Libbey Inc.)   Industrial   2006   646,000     1,009  
    11/30/2026   250 Rittenhouse Cir.   Bristol   PA   —   Northtec LLC (The Estée Lauder Companies Inc.)   Industrial   1983/1997   241,977     514  
        500 Kinetic Drive   Huntington   WV   —   AMZN WVCS LLC (Amazon.com, Inc.)   Office   2011   68,693     572  
    12/29/2026   5500 New Albany Road   Columbus   OH   —   Evans, Mechwart, Hambleton & Tilton, Inc.   Office   2005   104,807     760  
2027   4/30/2027   2424 Alpine Rd.   Eau Claire   WI   3   Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)   Industrial   1993/2004   159,000     500  
    7/6/2027   2221 Schrock Road   Columbus   OH   —   MS Consultants, Inc.   Office   1999/2006   42,290     280  
    10/31/2027   11201 Renner Blvd.   Lenexa   KS   18   United States of America   Office   2007   169,585     1,531  
2028   8/31/2028   9803 Edmonds Way   Edmonds   WA   —   Pudget Consumers Co-op d/b/a PCC Natural Markets   Retail   1981   35,459     301  
2029   1/31/2029   6226 West Sahara Ave.   Las Vegas   NV   —   Nevada Power Company   Office   1983/1994   282,000     4,035  
    12/31/2029   400 East Stone Ave.   Greenville   SC   9   Canal Insurance Company   Office   1948/1981/1982/1986/1991/2006/2008   128,041     472  
2031   5/31/2031   671 Washburn Switch Rd.   Shelby   NC   —   Clearwater Paper Corporation   Industrial   2011   673,518     1,073  
2032   4/30/2032   13930 Pike Road        Missouri City   TX   —   Vulcan Construction Materials, LP (Vulcan Materials Company)   Industrial   N/A   0     345  
N/A   Vacant   37101 Corporate Dr.   Farmington Hills   MI   —   (Available for Lease)   Office   2001   38,369     0  
        6277 Sea Harbor Dr.   Orlando   FL   —   (Available for Lease)   Office   1984   100,113     0  
        8900 Freeport Pkwy.   Irving   TX   —   (Available for Lease)   Office   2003   43,396     0  
LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE       97.8% Leased           8,245,281   $  29,458  

 

8
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

 

Year of Lease
Expiration		   Date of Lease
Expiration		   Property Location   City   State   Note   Primary Tenant (Guarantor)   Year Acquired/ Built/
Renovated/
Expanded		   Gross
Book
Value
($000) (10)		   Sq.Ft.   Percentage
Leased		   Cash
Rent
as of
6/30/2012
($000) (2)		     Debt
 Balance
 ($000)		  
MULTI-TENANT PROPERTIES (14)
Various   Various   10 John St.   Clinton   CT   6   Multi-Tenant   1972   0   41,188   0 %    0     0  
        100 Light St.   Baltimore   MD   13   Multi-Tenant   1973/2009   244,692   476,459   95 %    6,077     55,000  
        140 East Shore Dr.   Glen Allen   VA   —   Multi-Tenant   2000   13,481   79,675   72 %    511     19,085  
        13430 North Black Canyon Fwy.   Phoenix   AZ   11   Multi-Tenant   1981/1982/2005/2007/2009   16,723   138,940   100 %    1,322     0  
        207 Mockingbird Ln.   Johnson City   TN   —   Multi-Tenant   1979   11,745   60,684   50 %    306     0  
        2300 Litton Ln.   Hebron   KY   11   Multi-Tenant   1986/1996   9,789   80,441   100 %    250     0  
        4200 Northcorp Pkway   Palm Beach Gardens   FL   11   Multi-Tenant   1996   15,204   95,065   20 %    25     0  
        6050 Dana Way   Antioch   TN   —   Multi-Tenant   1999   14,953   672,629   62 %    694     0  
        King St./1032 Fort St. Mall   Honolulu   HI   11 / 13   Multi-Tenant   1979/2002   47,192   318,451   93 %    1,188     0  
        265 Lehigh St.   Allentown   PA   3   Multi-Tenant   1980   1,851   71,230   31 %    62     0  
        17191 St. Luke's Way   The Woodlands   TX   3 /18   Multi-Tenant   2004   9,039   41,000   33 %    399     7,445  
        1275 Northwest 128th St.   Clive   IA   18   Multi-Tenant   2004   10,599   61,180   0 %    67     5,385  
MULTI-TENANT TOTAL/WEIGHTED AVERAGE           71.5% Leased           2,136,942       $  10,901   $ 86,915  
                                                       
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE             97.7% Leased           41,438,029       $ 178,607        

 

Footnotes

1Square foot leased or vacant.
2Six months ended 6/30/2012 cash rent.
3Net Lease Strategic Assets Fund L.P. property.
4Lexington has an 80.5% interest in this property.
5Current lease for 84,200 square feet expires 08/2012, however, lease extended to 01/2018 for 57,769 square feet.
6Lexington has a 71.1% interest in this property.
7CEVA Logistics U.S., Inc. lease expires 08/2012; however, new tenant (Michelin North America, Inc.) lease expires 01/31/2015.
8IBM lease expires 05/2013, however, new tenant (Problem Solved, LLC) leases 16,000 sf through 05/2014.
9Property is classified as a capital lease for GAAP, accordingly $495 income is included in non-operating income.
10Represents GAAP capitalized costs.
11Property is collateral for secured credit facility and term loan.
12Subsequent to 6/30/2012, lease extended to 12/31/2021.
13Includes parking operations.
14The multi-tenanted properties incurred approximately $5.4 million in operating expenses, net for the six months ended 6/30/2012.
15Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.
16Subsequent to 6/30/2012, lease extended to 12/14/2023.
17Lexington has an 87.1% interest in this property and sold its interest for $13.2 million subsequent to 6/30/2012.
18Cash and GAAP rent amounts represent/include prior tenant.
19Subsequent to 6/30/2012, lease extended to 06/2018.
20Tenant lease expires 6/30/2013; however, new tenant (DuPont Airproducts Nanomaterials, LLC) lease expires 6/30/2022.
21Subsequent to 6/30/2012, lease terminated effective 7/6/2012.

 

9
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Lease Rollover Schedule by Property Type - Cash Basis (2)

6/30/2012

 

   Office   Industrial   Retail/Specialty 
Year  Net
Rentable
Area		   Cash Rent
as of
6/30/2012
($000)		   Annual
Rent
PSF		   Net
Rentable
Area		   Cash Rent
as of
6/30/2012
($000)		   Annual
Rent
PSF		   Net
Rentable
Area		   Cash Rent
as of
6/30/2012
($000)		   Annual
Rent
PSF		 
2012   365,533   $2,954   $16.16    308,710   $346   $2.24    59,300   $163   $5.50 
2013   1,163,968   $7,726   $13.28    1,526,598   $2,150   $2.82    194,010   $505   $5.21 
2014   2,596,274   $23,154   $16.58    927,014   $1,107   $2.39    30,757   $93   $6.05 
2015   2,088,179   $19,883   $14.65    2,653,440   $5,544   $4.14    56,837   $134   $4.72 
2016   1,017,000   $6,141   $12.08    2,255,478   $4,525   $4.01    177,562   $507   $5.71 
2017   657,445   $4,504   $13.70    2,347,944   $5,671   $4.83    161,964   $580   $7.16 
2018   1,471,075   $10,421   $14.17    1,240,791   $1,535   $2.47    930,259   $989   $3.86 
2019   2,453,398   $16,235   $13.23    1,621,875   $2,027   $2.50    -   $-   $- 
2020   670,640   $5,185   $15.46    1,249,216   $3,674   $5.88    -   $-   $- 
2021   805,745   $6,586   $16.35    1,402,257   $2,708   $3.86    -   $-   $- 
2022 - Q1 & Q2   195,145   $1,745   $17.88    257,849   $11   $4.83    -   $-   $- 
Thereafter   2,182,110   $15,239   $14.05    5,768,758   $13,242   $4.50    112,535   $977   $17.36 
Total/Weighted Average (1)   15,666,512   $119,773   $14.51    21,559,930   $42,540   $3.97    1,723,224   $3,948   $5.52 

 

Footnotes

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

(2)   Rents shown are historical cash amounts for the six months ended June 30, 2012, and include the properties of Net Lease Strategic Assets Fund.

 

10
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Lease Rollover Schedule - Cash Basis (2)

6/30/2012

 

Year 
Leases 		  
Rent as of 		  
Cash Base Rent		 
2012   8   $3,463    2.1%
2013   22   $10,381    6.2%
2014   32   $24,354    14.6%
2015   24   $25,561    15.4%
2016   18   $11,173    6.7%
2017   16   $10,755    6.5%
2018   25   $12,945    7.8%
2019   14   $18,262    11.0%
2020   11   $8,859    5.3%
2021   9   $9,294    5.6%
2022 - Q1 & Q2   3   $1,756    1.1%
Thereafter   34   $29,458    17.7%
                
Total (1)   216   $166,261    100.0%

 

Footnotes

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

(2) Rents shown are historical cash amounts for the six months ended June 30, 2012, and include the properties of Net Lease Strategic Assets Fund.

 

11
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Debt Maturity Schedule

6/30/2012

($000)

 

 

Consolidated Properties
Year  Real Estate
Scheduled
 Amortization (2)		   Real Estate
Balloon Payments (2)		   Corporate Debt (2) 
2012  $10,896   $69,990   $- 
2013  $34,973   $251,577   $- 
2014  $30,380   $256,140   $57,450 
2015  $20,832   $302,575   $35,000(1)
2016  $12,720   $148,546   $- 
   $109,801   $1,028,828   $92,450 

 

Non-Consolidated Investments - LXP Proportionate Share
Year  Real Estate
Scheduled
 Amortization		   Real Estate
Balloon Payments		 
2012  $618   $- 
2013  $1,327   $- 
2014  $1,458   $- 
2015  $1,535   $5,469 
2016  $1,402   $- 
   $6,340   $5,469 

 

Footnotes

(1) Maturity date can be extended to 01/2016 at Lexington's option.

(2) Amounts include the debt of Net Lease Strategic Assets Fund as if wholly owned by Lexington.

 

12
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma 2012 Mortgage Maturities by Property Type (2)

6/30/2012

 

  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
6/30/2012
($000)		 
Office   37101 Corporate Dr.    Farmington Hills    MI    128,829   $17,724    09/2012    06/2025   $12,968   $- 
   4455 American Way    Baton Rouge    LA    70,100   $5,943    10/2012    10/2012   $13,868   $591 
   1110 Bayfield Dr.    Colorado Springs    CO    166,575   $10,272    12/2012    11/2013   $19,579   $815 
Industrial   19500 Bulverde Rd. (3)    San Antonio    TX    559,258   $26,025    10/2012    03/2016   $41,882   $1,832 
   43955 Plymouth Oaks Blvd.    Plymouth    MI    290,133   $10,026    12/2012    10/2017   $19,161   $943 
                                              
   Total 2012 Mortgage Maturities            1,214,895   $69,990           $107,458   $4,181 

 

Footnotes

(1) Represents historical capitalized costs as of June 30, 2012.

(2) Amounts include the debt of Net Lease Strategic Assets Fund as if wholly owned by Lexington.

(3) Mortgage satisfied subsequent to June 30, 2012.

 

13
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma 2013 Mortgage Maturities by Property Type (2)

6/30/2012

 

   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
6/30/2012
($000)		 
Office   3476 Stateview Blvd.    Fort Mill    SC    169,083   $9,904    01/2013    05/2014   $18,095   $1,343 
    70 Mechanic St.    Foxboro    MA    251,914   $-    01/2013    06/2014   $38,217   $3,256 
    9201 East Dry Creek Rd.    Centennial    CO    128,500   $13,555    02/2013    09/2017   $26,922   $1,163 
    12600 Gateway Blvd.    Fort Meyers    FL    62,400   $8,550    05/2013    01/2013   $13,561   $579 
    8555 South River Pkwy.    Tempe    AZ    95,133   $12,144    05/2013    06/2022   $24,068   $1,177 
    200 Executive Blvd. South    Southington    CT    153,364   $12,228    05/2013    12/2012   $26,737   $840 
    275 South Valencia Ave.    Brea    CA    637,503   $73,071    05/2013    06/2019   $118,929   $4,355 
    5757 Decatur Blvd.    Indianapolis    IN    89,956   $8,580    05/2013    2012/2018   $15,299   $710 
    810 & 820 Gears Rd.    Houston    TX    157,790   $15,737    05/2013    01/2013   $26,829   $1,148 
    8900 Freeport Pkwy.    Irving    TX    268,445   $36,466    05/2013    03/2023   $60,297   $1,519 
    6303 Barfield Rd./859 Mount Vernon Hwy.    Atlanta    GA    289,000   $40,356    05/2013    Various   $76,766   $3,177 
    2401 Cherahala Blvd.    Knoxville    TN    59,748   $4,496    09/2013    05/2013   $12,460   $450 
    2211 South 47th St.    Phoenix    AZ    176,402   $16,490    09/2013    02/2023   $24,631   $1,204 
                                              
    Total 2013 Mortgage Maturities           2,539,238   $ 251,577          $482,811   $20,921  

 

Footnotes

(1) Represents historical capitalized costs as of June 30, 2012.

(2) Amounts include the debt of Net Lease Strategic Assets Fund as if wholly owned by Lexington.

 

14
 

 

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Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma 2014 Mortgage Maturities by Property Type (3)

6/30/2012

 

  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
6/30/2012
($000)		 
Office &   33 Commercial St.    Foxboro    MA    164,689   $-    01/2014    07/2015   $29,238   $3,025 
Multi-Tenant   1401 & 1501 Nolan Ryan Pkwy.    Arlington    TX    236,547   $18,588    02/2014    01/2014   $34,809   $1,362 
   2999 Southwest 6th St.    Redmond    OR    77,484   $8,484    04/2014    01/2019   $22,135   $771 
   1275 Northwest 128th St.    Clive    IA    61,180   $5,151    05/2014    Vacant   $10,599   $67 
   3480 Stateview Blvd.    Fort Mill    SC    169,218   $18,311    05/2014    05/2014   $29,174   $1,821 
   1701 Market St. (2)    Philadelphia    PA    304,037   $43,520    07/2014    Various   $72,728   $3,614 
   10300 Kincaid Dr.    Fishers    IN    193,000   $10,466    08/2014    01/2020   $28,323   $1,689 
   3965 Airways Blvd.    Memphis    TN    521,286   $47,270    09/2014    06/2019   $116,410   $3,426 
   500 Jackson St.    Columbus    IN    390,100   $26,399    09/2014    07/2019   $53,821   $2,213 
   6226 West Sahara Ave.    Las Vegas    NV    282,000   $32,118    09/2014    01/2029   $64,735   $4,035 
   22011 Southeast 51st St./5150 220th Ave.    Issaquah    WA    202,544   $30,388    12/2014    12/2014   $51,306   $2,261 
   275 Technology Dr.    Canonsburg    PA    107,872   $9,095    12/2014    12/2014   $15,739   $715 
Industrial   2415 US Hwy. 78 East    Moody    AL    595,346   $6,350    01/2014    01/2014   $11,575   $527 
                                              
   Total 2014 Mortgage Maturities            3,305,303   $256,140           $540,592   $25,526 

 

Footnotes

(1) Represents historical capitalized costs as of June 30, 2012.

(2) Lexington has an 80.5% interest in the property and amounts include parking operations.

(3) Amounts include the debt of Net Lease Strategic Assets Fund as if wholly owned by Lexington.

 

15
 

 

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Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma 2015 Mortgage Maturities by Property Type (3)

6/30/2012

 

  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
6/30/2012
($000)		 
Office &   101 East Erie St.    Chicago    IL    230,704   $29,900    01/2015    03/2014   $56,548   $2,066 
Multi-Tenant   400 East Stone Ave. (2)    Greenville    SC    128,041   $9,000    01/2015    12/2029   $10,662   $472 
   4201 Marsh Ln.    Carrollton    TX    130,000   $12,022    01/2015    11/2022   $22,146   $963 
   13775 McLearen Rd.    Herndon    VA    125,293   $10,359    04/2015    04/2015   $25,443   $1,109 
   10475 Crosspoint Blvd.    Indianapolis    IN    141,047   $11,205    05/2015    10/2019   $22,506   $1,113 
   100, 120, 140 East Shore Dr.    Glen Allen    VA    224,838   $18,321    05/2015    Various   $38,044   $1,372 
   1311 Broadfield Blvd.    Houston    TX    155,040   $14,431    05/2015    03/2021   $29,999   $1,163 
   1409 Centerpoint Blvd.    Knoxville    TN    84,404   $6,658    05/2015    10/2014   $12,604   $856 
   2550 Interstate Dr.    Harrisburg    PA    81,859   $7,792    05/2015    12/2013   $15,255   $972 
   2706 Media Center Dr.    Los Angeles    CA    83,252   $9,760    05/2015    Various   $18,070   $881 
   2800 Waterford Lake Dr.    Midlothian    VA    99,057   $9,055    05/2015    10/2014   $15,844   $1,066 
   333 Mt. Hope Ave.    Rockaway    NJ    95,500   $14,900    05/2015    09/2014   $29,295   $1,122 
   4000 Johns Creek Pkwy.    Suwanee    GA    87,219   $10,502    05/2015    09/2012   $4,203   $724 
   6200 Northwest Pkwy.    San Antonio    TX    142,500   $11,167    05/2015    11/2017   $20,813   $891 
   16676 Northchase Dr.    Houston    TX    101,111   $11,282    05/2015    07/2014   $19,369   $835 
   2500 Patrick Henry Pkwy.    McDonough    GA    111,911   $11,349    06/2015    06/2015   $19,508   $771 
   3711 San Gabriel    Mission    TX    75,016   $5,371    06/2015    06/2015   $13,610   $525 
   4001 International Pkwy.    Carrollton    TX    138,443   $18,710    07/2015    07/2015   $30,859   $1,603 
   2529 West Thorne Dr.    Houston    TX    65,500   $2,203    09/2015    09/2015   $12,242   $479 
   12645 West Airport Rd.    Sugar Land    TX    165,836   $6,286    09/2015    09/2015   $19,436   $1,719 
   10001 Richmond Ave.    Houston    TX    554,385   $18,161    09/2015    09/2015   $73,343   $6,775 
Industrial   324 Industrial Park Rd.    Franklin    NC    72,868   $-    04/2015    12/2014   $4,973   $228 
   6938 Elm Valley Dr.    Kalamazoo    MI    150,945   $15,087    05/2015    10/2021   $26,129   $1,014 
   10000 Business Blvd.    Dry Ridge    KY    336,350   $4,463    07/2015    06/2025   $15,227   $673 
   301 Bill Bryan Rd.    Hopkinsville    KY    424,904   $7,846    07/2015    06/2025   $19,066   $844 
   4010 Airpark Dr.    Owensboro    KY    211,598   $3,917    07/2015    06/2025   $13,598   $604 
   730 North Black Branch Rd.    Elizabethtown    KY    167,770   $2,527    07/2015    06/2025   $6,055   $268 
  750 North Black Branch Rd.    Elizabethtown    KY    539,592   $13,376    07/2015    06/2025   $32,222   $1,419 
   9110 Grogans Mill Rd.    The Woodlands    TX    275,750   $6,925    09/2015    09/2015   $43,885   $1,738 
                                           
   Total 2015 Mortgage Maturities           5,200,733   $302,575           $670,954   $34,265 

 

Footnotes

(1) Represents historical capitalized costs as of June 30, 2012.

(2) Property is classified as a capital lease for GAAP, accordingly $495 of GAAP income is included in non-operating income.

(3) Amounts include the debt of Net Lease Strategic Assets Fund as if wholly owned by Lexington.

 

16
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma 2016 Mortgage Maturities by Property Type (2)

6/30/2012

 

  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
6/30/2012
($000)		 
Office   1600 Eberhardt Rd.    Temple    TX    108,800   $7,446    01/2016    01/2016   $19,846   $837 
   700 US Hwy. Route 202-206    Bridgewater    NJ    115,558   $13,825    03/2016    10/2014   $31,657   $1,017 
   11707 Miracle Hills Dr    Omaha    NE    85,200   $7,560    04/2016    11/2025   $13,853   $583 
   1400 Northeast McWilliams Rd.    Bremerton    WA    60,200   $5,465    04/2016    07/2016   $15,501   $608 
   2005 East Technology Circle    Tempe    AZ    60,000   $7,140    04/2016    12/2025   $12,199   $564 
   850-950 Warrenville Rd    Lisle    IL    99,414   $9,377    06/2016    2014/2019   $17,388   $770 
   11511 Luna Rd    Farmers Branch    TX    180,507   $18,363    07/2016    04/2016   $29,984   $1,154 
   180 South Clinton St    Rochester    NY    226,000   $16,765    08/2016    12/2014   $30,830   $1,478 
Industrial   459 Wingo Road    Byhalia    MS    513,734   $15,000    06/2016    03/2026   $27,492   $1,284 
   2203 Sherrill Dr    Statesville    NC    639,800   $12,574    08/2016    05/2013   $21,266   $894 
   3686 S. Central Ave. / 749 Southrock Dr    Rockford    IL    240,000   $6,153    08/2016    2014/2015   $10,919   $440 
   2935 Van Vactor Dr.    Plymouth    IN    300,500   $5,723    09/2016    06/2015   $8,903   $406 
   7005 Cochran Road    Glenwillow    OH    458,000   $15,132    09/2016    07/2025   $28,665   $972 
   25500 State Hwy. 249    Tomball    TX    77,076   $8,023    11/2016    08/2026   $14,577   $676 
                                             
   Total 2016 Mortgage Maturities            3,164,789   $148,546           $283,080   $11,683 

 

Footnotes

(1) Represents historical capitalized cost at June 30, 2012.

(2) Amounts include the debt of Net Lease Strategic Assets Fund as if wholly owned by Lexington.

 

17
 

 

  

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Consolidated Properties: Mortgages and Notes Payable

6/30/2012

 

Property  Footnotes  Debt
Balance
($000)		   Interest
Rate
(%)		   Maturity (a)  Current
Estimated
Annual Debt
Service
($000) (d)		   Balloon
Payment
($000)		 
Farmington Hills, MI  (b)(q)  $17,802    5.723%  09/2012  $333   $17,724 
Baton Rouge, LA  (b)   5,987    5.333%  10/2012   135    5,943 
San Antonio, TX  (p)   26,128    6.080%  10/2012   508    26,025 
Plymouth, MI  (b)   10,202    5.964%  12/2012   480    10,026 
Colorado Springs, CO  (b)   10,378    5.996%  12/2012   423    10,272 
Fort Mill, SC      9,999    6.000%  01/2013   401    9,904 
Foxboro, MA      2,578    7.670%  01/2013   2,776    - 
Centennial, CO  (b)(h)(p)   13,785    5.724%  02/2013   756    13,555 
Tempe, AZ      12,335    5.148%  05/2013   723    12,144 
Brea, CA  (b)   73,976    5.734%  05/2013   4,792    73,071 
Atlanta, GA      41,047    5.268%  05/2013   2,680    40,356 
Irving, TX  (b)   37,020    5.452%  05/2013   2,416    36,466 
Houston, TX      16,009    5.218%  05/2013   1,040    15,737 
Southington, CT      12,446    5.018%  05/2013   792    12,228 
Indianapolis, IN      8,729    5.168%  05/2013   564    8,580 
Fort Meyers, FL      8,660    5.268%  05/2013   531    8,550 
Phoenix, AZ      17,005    6.270%  09/2013   1,527    16,490 
Knoxville, TN      4,611    5.950%  09/2013   381    4,496 
Foxboro, MA  (b)   5,791    6.000%  01/2014   3,399    - 
Moody, AL      6,599    4.978%  01/2014   493    6,350 
Arlington, TX      19,272    5.810%  02/2014   1,551    18,588 
Redmond, OR      8,840    5.616%  04/2014   697    8,484 
Clive, IA  (r)   5,385    5.139%  05/2014   387    5,151 
Fort Mill, SC      18,939    5.373%  05/2014   1,364    18,311 
Philadelphia, PA  (e)   45,314    5.060%  07/2014   3,178    43,520 
Fishers, IN      10,981    6.375%  08/2014   932    10,466 
Columbus, IN  (i)   25,831    6.150%  09/2014   1,611    25,831 
Las Vegas, NV  (i)   31,428    6.150%  09/2014   1,960    31,427 
Memphis, TN  (i)   46,253    6.150%  09/2014   2,884    46,253 
Columbus, IN  (i)   591    7.500%  09/2014   54    568 
Las Vegas, NV  (i)   719    7.500%  09/2014   66    691 
Memphis, TN  (i)   1,058    7.500%  09/2014   97    1,017 
Issaquah, WA  (b)   31,213    5.665%  12/2014   2,113    30,388 
Canonsburg, PA  (b)   9,085    5.426%  12/2014   489    9,095 
Chicago, IL  (b)   29,513    5.639%  01/2015   1,548    29,900 
Greenville, SC      9,000    5.500%  01/2015   495    9,000 
Carrollton, TX      12,786    5.530%  01/2015   993    12,022 
Herndon, VA  (b)   11,024    5.885%  04/2015   888    10,359 
Franklin, NC      661    8.500%  04/2015   271    - 
Kalamazoo, MI      16,033    5.411%  05/2015   1,189    15,087 
Glen Allen, VA  (b)   19,085    5.377%  05/2015   1,292    18,321 
Houston, TX      15,374    5.160%  05/2015   1,114    14,431 
Rockaway, NJ      14,900    5.292%  05/2015   799    14,900 
Houston, TX      12,014    5.210%  05/2015   874    11,282 
Indianapolis, IN      11,937    5.160%  05/2015   865    11,205 

 

18
 

 

LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Consolidated Properties: Mortgages and Notes Payable

6/30/2012

 

Property  Footnotes  Debt
Balance
($000)		   Interest
Rate
(%)		   Maturity (a)  Current
Estimated
Annual Debt
Service
($000) (d)		   Balloon
Payment
($000)		 
San Antonio, TX      11,875    5.340%  05/2015   875    11,167 
Suwanee, GA      11,004    5.260%  05/2015   751    10,502 
Los Angeles, CA      10,386    5.110%  05/2015   750    9,760 
Richmond, VA      9,632    5.310%  05/2015   708    9,055 
Harrisburg, PA      8,305    5.110%  05/2015   599    7,792 
Knoxville, TN      7,083    5.310%  05/2015   520    6,658 
McDonough, GA      11,986    5.212%  06/2015   836    11,349 
Mission, TX      5,764    5.783%  06/2015   462    5,371 
Carrollton, TX  (b)   19,518    5.725%  07/2015   1,382    18,710 
Elizabethtown, KY  (j)   14,349    4.990%  07/2015   1,046    13,376 
Hopkinsville, KY      8,417    4.990%  07/2015   614    7,846 
Dry Ridge, KY  (n)   4,787    4.990%  07/2015   349    4,463 
Owensboro, KY  (n)   4,202    4.990%  07/2015   306    3,917 
Elizabethtown, KY  (j)   2,711    4.990%  07/2015   198    2,527 
Houston, TX  (b)   36,072    6.250%  09/2015   8,385    18,161 
Sugar Land, TX  (b)   9,459    6.250%  09/2015   2,139    6,286 
The Woodlands, TX      13,895    8.036%  09/2015   3,445    6,925 
Houston, TX      4,076    8.036%  09/2015   950    2,203 
Temple, TX      8,101    6.090%  01/2016   668    7,446 
Bridgewater, NJ      14,584    5.732%  03/2016   1,035    13,825 
Omaha, NE      8,189    5.610%  04/2016   621    7,560 
Bremerton, WA      5,987    6.090%  04/2016   494    5,465 
Tempe, AZ      7,734    5.610%  04/2016   586    7,140 
Byhalia, MS      15,000    4.710%  06/2016   707    15,000 
Lisle, IL      9,978    6.500%  06/2016   793    9,377 
Farmers Branch, TX  (b)   18,471    5.939%  07/2016   1,136    18,363 
Rochester, NY  (f)   17,940    6.210%  08/2016   1,383    16,765 
Statesville, NC  (f)   13,455    6.210%  08/2016   1,037    12,574 
Rockford, IL  (f)   6,585    6.210%  08/2016   508    6,153 
Glenwillow, OH      16,207    6.130%  09/2016   1,240    15,132 
Plymouth, IN      6,188    6.315%  09/2016   497    5,723 
Tomball, TX      8,728    6.063%  11/2016   683    8,023 
Memphis, TN      3,770    5.710%  01/2017   275    3,484 
Huntington, WV      6,500    4.150%  02/2017   270    6,500 
Orlando, FL      9,924    5.722%  02/2017   696    9,309 
Dubuque, IA      9,823    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   1,514    21,651 
Lorain, OH  (b)   1,232    7.750%  07/2018   108    - 
Manteca, CA  (b)   870    7.750%  07/2018   77    - 
Watertown, NY  (b)   818    7.750%  07/2018   72    - 
Lewisburg, WV  (b)   575    7.750%  07/2018   51    - 
San Diego, CA  (b)   555    7.750%  07/2018   49    - 
Galesburg, IL  (b)   488    7.750%  07/2018   43    - 
Erwin, NY      8,361    5.910%  10/2018   728    6,624 
Boston, MA      13,075    6.100%  12/2018   996    11,520 
North Berwick, ME      9,282    3.560%  04/2019   1,532    - 

 

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LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Consolidated Properties: Mortgages and Notes Payable

6/30/2012

 

Property  Footnotes  Debt
Balance
($000)		   Interest
Rate
(%)		   Maturity (a)  Current
Estimated
Annual Debt
Service
($000) (d)		   Balloon
Payment
($000)		 
Overland Park, KS  (b)   36,036    5.891%  05/2019   2,657    31,867 
Kansas City, MO  (b)   17,208    5.883%  05/2019   1,268    15,182 
Meridian, ID      9,303    6.010%  08/2019   753    7,658 
Streetsboro, OH  (b)   18,626    5.749%  09/2019   1,344    16,338 
The Woodlands, TX  (r)   7,445    6.507%  11/2019   563    6,692 
Lenexa, KS      9,414    6.270%  12/2019   774    7,755 
Boca Raton, FL      20,400    6.470%  02/2020   1,542    18,383 
Oakland, ME      9,519    5.930%  10/2020   750    7,660 
Lavonia, GA      8,658    5.460%  12/2020   741    5,895 
Wall, NJ  (b)   24,594    6.250%  01/2021   3,312    - 
Sugar Land, TX      9,014    5.640%  01/2021   692    7,018 
Charleston, SC      7,350    5.850%  02/2021   436    6,632 
Whippany, NJ      15,166    6.298%  11/2021   1,344    10,400 
Baltimore, MD      55,000    4.320%  06/2023   2,376    47,676 
Chester, SC      10,814    5.380%  08/2025   1,144    362 
Subtotal/Wtg. Avg./Years Remaining (l)     $1,464,811    5.684%  3.6  $116,500   $1,305,159 
                           
Corporate                          
Revolving Credit Facility  (s)  $57,450    2.489%  07/2014  $1,450   $57,450 
Revolving Credit Facility  (k) (m)   35,000    2.114%  01/2015   750    35,000 
Term Loan  (k)   206,000    3.758%  01/2019   7,849    206,000 
Convertible Notes  (o)(c)   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)    $542,570    4.718%  9.7  $25,734   $542,570 
Total/Wtg. Avg./Years Remaining (l)    $2,007,381    5.423%  5.2  $142,234   $1,847,729 

 

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)Represents full payable of notes, discount of $8,882 excluded from balance.
(d)Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.
(e)Lexington has an 80.5% interest in this property.
(f)Properties are cross-collateralized.
(g)Rate fixed through 04/2017, thereafter LIBOR plus 170 bps.
(h)Maturity date represents lender call date.
(i)Properties are cross-collateralized.
(j)Properties are cross-collateralized.
(k)Secured by a borrowing base of properties.
(l)Total shown may differ from detailed amounts due to rounding.
(m)Maturity can be extended to 01/2016 at Lexington's option.
(n)Properties are cross-collateralized.
(o)Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25.
(p)Mortgage satisfied subsequent to 6/30/2012.
(q)Loan has hyper-amortization option.
(r)Debt service payments have been suspended.
(s)Collateralized by 17 properties and interest of LIBOR plus 225 bps, subject to adjustment.

 

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LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Non- Consolidated Investments: Mortgages & Notes Payable

6/30/2012

 

Joint Venture  Debt
Balance
($000)		   LXP
Proportionate
Share
($000) (3) 		   Interest
Rate
(%)		   Maturity   Current Estimated
Annual Debt
Service ($000)		   Balloon
Payment ($000)		   Proportionate
Share Balloon
Payment
($000) (3) 		 
Oklahoma TIC  $14,329   $5,732    5.240%   05/2015   $976   $13,673   $5,469 
One Summit   11,809    3,543    9.375%   10/2016    3,344    -    - 
One Summit   7,866    2,360    10.625%   11/2016    2,239    -    - 
Rehab Humble Lessee   15,245    2,287    4.700%   05/2017    950    13,982    2,097 
Total/Wtg. Avg. (1)/Years Remaining (2)  $49,249   $13,922    7.12%   3.8   $7,509   $27,655   $7,566 

 

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.

 

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LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Select Credit Metrics

 

   Actual
6/30/2011		   Proforma
6/30/2012 (1)		 
         
Company FFO Payout Ratio   47.9%   56.6%
           
Non-mortgaged Assets  $1.33 billion   $1.41 billion 
           
Debt + Preferred / Gross Assets   50.2%   48.0%
           
Debt/Gross Assets   42.2%   42.7%
           
Secured Debt / Gross Assets   34.9%   37.5%
           
Net Debt / EBITDA   5.7 times    6.0 times 
           
Net Debt + Preferred / EBITDA   6.8 times    6.8 times 
           
Credit Line Availability  $295.9 million   $261.3 million 
           
Development / Gross Assets   0.3%   1.5%
           
EBITDA / Revenue   79.0%   80.4%
           
EBITDA / PrefDiv + Interest Expense   2.3 times    2.4 times 
           
JV + Advisory Income / Revenues   7.0%   1.0%

 

(1) Reflects the operations of Net Lease Strategic Assets Fund and Lexington on a proforma combined basis and assumes a $0.60 annual dividend.

 

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Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Revenue Data

6/30/2012

($000)

 

Other Revenue Data

 

Asset Class  Cash
Base Rent
as of
6/30/12 (1)		   Percentage 
Office  $105,783    59.2%
Long-term leases  $29,458    16.5%
Industrial  $29,298    16.4%
Multi-tenant  $10,901    6.1%
Retail/Specialty  $3,167    1.8%
   $178,607    100.0%
           
Credit Ratings (2)          
Investment Grade  $92,266    51.7%
Non-Investment Grade  $26,078    14.6%
Unrated  $60,263    33.7%
   $178,607    100.0%

 

Footnotes

(1)Six months ended 6/30/2012 cash rent recognized for consolidated properties and Net Lease Strategic Assets Fund properties owned as of 6/30/2012.
(2)Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated.

 

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Net Lease Strategic Assets Fund

Acquisition of Net Lease Strategic Assets Fund L.P.

Supplemental Financial Disclosure

($000)

 

   June 30, 2012   December 31, 2011 
Real estate, including intangibles, net  $559,245   $577,280 
Cash, including restricted cash  $11,478   $12,319 
Mortgages and notes payable  $259,033   $266,136 

 

   Six months ended June 30, 
   2012   2011 
Total gross revenues  $27,742   $30,954 
Depreciation and amortization   (14,653)   (16,299)
Interest expense   (7,185)   (8,323)
Other expense, net   (2,569)   (1,824)
Net income from continuing operations   3,335    4,508 
Total discontinued operations   (517)   241 
Net income  $2,818   $4,749 
           
Funds from operations, as adjusted  $18,360   $20,312 
           
Debt/Gross Assets   37.5%   37.2%
Net Debt/EBITDA    5.1 times     5.1 times 
Interest Coverage    3.6 times     2.8 times 

 

Supplemental Revenue Data

 

Asset Class  GAAP
Base Rent
as of
6/30/12 (1)		   Percentage 
Office  $17,572    64.6%
Industrial  $8,653    31.8%
Other  $992    3.6%
   $27,217    100.0%

 

Credit Ratings (2)  GAAP
Base Rent
as of
6/30/12 (1)		   Percentage 
Investment Grade  $14,325    52.6%
Non-Investment Grade  $3,886    14.3%
Unrated  $9,006    33.1%
   $27,217    100.0%

 

Footnotes

(1) Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012.

(2) Credit ratings are based upon either tenant, guarantor or parent.

 

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LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Top 20 Markets

6/30/2012

 

    Core Based Statistical Area (2)  Percent of
Cash Base
Rent as of
6/30/12 (1)		 
1   Houston-Sugar Land-Baytown, TX   8.9%
2   Dallas-Fort Worth-Arlington, TX   7.8%
3   Boston-Cambridge-Quincy, MA-NH   5.1%
4   Memphis, TN-MS-AR   4.2%
5   Atlanta-Sandy Springs-Marietta, GA   3.9%
6   Baltimore-Towson, MD   3.4%
7   Los Angeles-Long Beach-Santa Ana, CA   3.2%
8   Kansas City, MO-KS   3.2%
9   Phoenix-Mesa-Scottsdale, AZ   2.9%
10   New York-Northern New Jersey-Long Island, NY-NJ-PA   2.9%
11   Philadelphia-Camden-Wilmington, PA-NJ-DE-MD   2.3%
12   Las Vegas-Paradise, NV   2.3%
13   Chicago-Naperville-Joliet, IL-IN-WI   2.1%
14   Detroit-Warren-Livonia, MI   2.1%
15   Indianapolis-Carmel, IN   2.0%
16   Columbus, OH   2.0%
17   Orlando-Kissimmee, FL   1.8%
18   Charlotte-Gastonia-Concord, NC-SC   1.8%
19   Washington-Arlington-Alexandria, DC-VA-MD-WV   1.5%
20   San Antonio, TX   1.5%
    Total Top 20 Markets (3)   65.1%

 

Footnotes

(1) Six months ended 6/30/2012 cash rent recognized for consolidated properties and Net Lease Strategic Assets Fund properties owned as of 6/30/2012.
(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.

 

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LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Tenant Industry Diversification

6/30/2012

 

Industry Category  Percent of
Cash Base
Rent as of
6/30/2012 (1) (2)		 
Technology   13.9%
Energy   13.5%
Finance/Insurance   13.4%
Automotive   9.3%
Consumer Products   6.5%
Telecommunications   6.2%
Service   5.5%
Transportation/Logistics   5.4%
Food   4.6%
Healthcare   4.6%
Media/Advertising   3.4%
Construction/Materials   3.1%
Printing/Production   2.9%
Aerospace/Defense   2.4%
Apparel   1.4%
Education   1.0%
Real Estate   1.0%
Retail Specialty   1.0%
Retail Department   0.7%
Retail Electronics   0.2%
    100.0%

 

Footnotes

(1) Six months ended 6/30/2012 cash rent recognized for consolidated properties and Net Lease Strategic Assets Fund properties owned as of 6/30/2012.

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

 

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LEXINGTON REALTY TRUST

Acquisition of Net Lease Strategic Assets Fund L.P.

Proforma Top 10 Tenants or Guarantors

6/30/2012

 

Tenants or Guarantors  Number of
Leases		   Sq. Ft. Leased   Sq. Ft. Leased
as a Percent of
Consolidated
Portfolio (2)		   Cash Base
Rent as of
6/30/2012
($000) (1)		   Percent of Cash
Base Rent as of
6/30/2012
($000) (1) (2)		 
Baker Hughes, Inc.  4    1,061,471    2.6%  $10,711    6.0%
Invensys Systems, Inc. (Siebe, Inc.)  2    416,603    1.0%  $6,281    3.5%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)  7    2,053,359    5.0%  $5,164    2.9%
Bank of America, National Association  8    691,893    1.7%  $4,779    2.7%
Nevada Power Company  1    282,000    0.7%  $4,035    2.3%
Federal Express Corporation  2    647,499    1.6%  $3,643    2.0%
Morgan, Lewis & Bockius LLP (3)  1    289,432    0.7%  $3,485    2.0%
Swiss Re America Holding Corporation / Westport Insurance Corporation  2    476,123    1.1%  $3,483    2.0%
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)  3    2,503,916    6.0%  $3,377    1.9%
T-Mobile USA, Inc.  5    386,078    0.9%  $3,293    1.8%
   35    8,808,374    21.3%  $48,251    27.0%

 

Footnotes

(1) Six months ended 6/30/2012 cash rent recognized for consolidated properties and Net Lease Strategic Assets Fund properties owned as of 6/30/2012.

(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.

 

27