EX-99.1 2 v327530_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

 

Quarterly Earnings and

Supplemental Operating and Financial Data

 September 30, 2012

 

 

 
 

 

LEXINGTON REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

September 30, 2012

 

Table of Contents

 

Section   Page
     
Third Quarter 2012 Earnings Press Release   3
     
Portfolio Data    
2012 Third Quarter Leasing Summary   13
2012 Third Quarter Investment/Capital Recycling Summary   15
Build-To-Suit Projects   16
Property Leases and Vacancies – Consolidated Portfolio   17
Lease Rollover Schedule – Cash Basis   24
Lease Rollover Schedule – GAAP Basis   25
Mortgage Loans Receivable   26
2012 Third Quarter Financing Summary   27
Debt Maturity Schedule   28
2012 Mortgage Maturities by Property Type   29
2013 Mortgage Maturities by Property Type   30
2014 Mortgage Maturities by Property Type   31
2015 Mortgage Maturities by Property Type   32
2016 Mortgage Maturities by Property Type   33
Mortgages and Notes Payable   34
Partnership Interests   38
Selected Balance Sheet and Income Statement Account Data   39
Select Credit Metrics    40
Revenue and Same-Store NOI 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 authorization of Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimate of Company FFO, as adjusted, for the year ended December 31, 2012, (3) the consummation of the build-to-suit transactions, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (10) 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
  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, November 6, 2012

 

LEXINGTON REALTY TRUST REPORTS THIRD QUARTER 2012 RESULTS

 

New York, NY - November 6, 2012 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the third quarter ended September 30, 2012.

 

Third Quarter 2012 Highlights

Generated Company Funds From Operations, as adjusted (“Company FFO, as adjusted”), of $45.5 million or $0.25 per diluted common share.
Increased quarterly common share dividend by 20%.
Executed 17 new and extended leases, totaling 1.4 million square feet and ended the quarter with overall portfolio occupancy of 97.6%.
Raised $68.1 million of gross proceeds from dispositions.
Closed property acquisitions of $51.2 million and invested $20.2 million in on-going build-to-suit projects.
Acquired remaining interest in Net Lease Strategic Assets Fund (“NLS”).
Entered into agreements to fund the construction of two build-to-suit projects for approximately $51.0 million.
Retired $75.1 million of secured debt which had a weighted-average fixed rate of 6.4%.

 

Subsequent to Quarter End Highlights

Issued 17.25 million common shares in a public offering, raising net proceeds of approximately $156.3 million.
Satisfied $93.0 million of credit facility borrowings and repaid $57.5 million of indebtedness assumed in the acquisition of NLS.
Retired $15.9 million of secured debt, which had a weighted-average fixed rate of 5.8%.
Converted approximately $20.4 million original principal amount of 6.00% Convertible Guaranteed Notes to approximately 2.9 million common shares.
Expanded seven-year term loan facility by $40.0 million.
Executed 0.4 million square feet of new and extended leases.

 

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "We reported another quarter of strong operating results supported by successful leasing activity, favorable asset recycling, attractive external growth opportunities and refinancing maturing debts on advantageous terms. The execution of our business plan in each of these areas allowed us to increase our quarterly common share dividend by 20% ahead of schedule and tighten our guidance for Company FFO, as adjusted, for 2012 to an expected range of $0.96 - $0.98 per share. Subsequent to quarter end, we reduced our leverage by approximately $147.0 million, further strengthening our balance sheet and positioning the Company to continue to grow into next year."

 

3
 

 

FINANCIAL RESULTS

 

Revenues

 

For the quarter ended September 30, 2012, total gross revenues were $87.7 million, compared with total gross revenues of $79.8 million for the quarter ended September 30, 2011. The increase is primarily due to property acquisitions and an increase in occupancy.

 

Company FFO, As Adjusted

 

For the quarter ended September 30, 2012, the Company generated Company FFO, as adjusted, of $45.5 million, or $0.25 per diluted share, compared to Company FFO, as adjusted, for the quarter ended September 30, 2011 of $41.4 million, or $0.23 per diluted share. The calculation of Company FFO, as adjusted, and a reconciliation to net income (loss) is included later in this press release.

 

Net Income (Loss) Attributable to Common Shareholders

 

For the quarter ended September 30, 2012, net income attributable to common shareholders was $169.0 million, or income of $0.96 per diluted share, compared with net loss attributable to common shareholders for the quarter ended September 30, 2011 of $(37.0) million, or a loss of $(0.24) per diluted share. The increase in net income is primarily due to a $167.9 million gain recognized in the acquisition of the remaining interest in NLS.

 

Net Lease Strategic Assets Fund

 

During the third quarter of 2012, Lexington acquired Inland American (Net Lease) Sub, LLC's interest in NLS. As a result, Lexington now controls 100% of NLS. At September 30, 2012, NLS had 40 properties totaling 5.5 million square feet in 23 states, plus a 40% tenant-in-common interest in an office property.

 

Capital Activities and Balance Sheet Update

 

During the third quarter of 2012, Lexington (1) borrowed an additional $9.0 million on its seven-year term loan and swapped the LIBOR rate on such borrowings for a current fixed rate of 3.4% and (2) repaid $75.1 million in secured debt, with a weighted-average interest rate of 6.4%, scheduled to mature through 2015.

 

Subsequent to September 30, 2012, Lexington issued 17.25 million common shares in a public offering, raising net proceeds of approximately $156.3 million. The net proceeds were primarily used to satisfy $93.0 million of outstanding debt on Lexington's secured credit facility and $57.5 million to satisfy a portion of the debt assumed in the NLS acquisition. In addition, Lexington exercised an accordion feature within its seven-year term loan facility increasing the total facility under the term loan to $255.0 million, all of which is currently outstanding.

 

Also, subsequent to September 30, 2012, Lexington issued 2.9 million common shares upon conversion of $20.4 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030. In connection with the conversion, Lexington made a cash payment of approximately $1.7 million plus accrued and unpaid interest on the notes.

 

4
 

 

Common Share/Unit Dividend/Distribution

 

Lexington declared a regular quarterly dividend/distribution for the quarter ended September 30, 2012 of $0.15 per common share/unit, which was paid on October 15, 2012 to common shareholders/unitholders of record as of September 28, 2012. This represents a 20% increase over the previous dividend/distribution.

 

OPERATING ACTIVITIES

Leasing

 

During the third quarter of 2012, Lexington executed 17 new and extended leases for 1.4 million square feet and ended the quarter with overall portfolio occupancy of 97.6%. The extended leases increased annual cash rents from $11.0 million to $14.4 million.

 

Subsequent to quarter end, Lexington executed 0.4 million square feet of new and extended leases.

 

Capital Recycling

 

Dispositions

 

During the third quarter of 2012, Lexington disposed of its interests in four properties to unrelated parties for an aggregate gross sales price of $68.1 million.

 

Investment Activity

 

Build-to-Suit Projects

 

Lexington closed on the acquisition of the 99,000 square foot build-to-suit office property in Saint Joseph, Missouri for a capitalized cost of $17.6 million (9.8% initial cap rate). The property is net-leased for a 15-year term.

 

Lexington completed the 150,000 square foot build-to-suit office property in Jessup, Pennsylvania for a capitalized cost of $24.9 million (9.4% initial cap rate). The property is net-leased for a 15-year term.

 

Lexington completed the 52,000 square foot build-to-suit retail property in Valdosta, Georgia for a project cost of approximately $8.7 million (9.3% initial cap rate). The property is net-leased for a 15-year term.

 

Lexington entered into an $8.4 million build-to-suit commitment to construct a 52,000 square foot retail property in Opelika, Alabama, which will be net-leased upon completion for a 15-year term (9.3% initial cap rate).  

 

Lexington entered into a $42.6 million build-to-suit commitment to construct a 813,000 square foot industrial property in Rantoul, Illinois, which will be net-leased upon completion for a 20-year term (8.0% initial cap rate).

 

In addition, Lexington continues to fund the construction of, or is under contract to acquire, the previously announced build-to-suit projects in (1) Denver, Colorado (8.6% initial cap rate), (2) Long Island City, New York (8.5% initial cap rate) and (3) Eugene, Oregon (9.0% initial cap rate).

 

The aggregate estimated cost of these five on-going build-to-suit projects is approximately $152.9 million of which $45.0 million was invested as of September 30, 2012. Lexington can give no assurance that any of the build-to-suit projects that are under contract or in process will be completed.

 

5
 

 

Joint Venture Investments

 

During the quarter ended September 30, 2012, Lexington formed a joint venture in which it has a minority ownership interest. The joint venture entered into a contract to acquire a 120,000 square foot retail property in Palm Beach Gardens, Florida for $29.8 million, which will be net-leased at closing for an approximately 15-year term (9.6% cap rate). Lexington can give no assurances that this acquisition will be consummated.

 

2012 EARNINGS GUIDANCE

 

Lexington tightened its estimate of Company FFO, as adjusted, to an expected range of $0.96 to $0.98 per diluted share for the year ended December 31, 2012 from a range of $0.95 to $0.98 per diluted share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

 

THIRD QUARTER 2012 CONFERENCE CALL

 

Lexington will host a conference call today, Tuesday, November 6, 2012, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended September 30, 2012. Interested parties may participate in this conference call by dialing 888-296-4174 or 719-325-2302. A replay of the call will be available through November 20, 2012, at 877-870-5176 or 858-384-5517, pin: 6614681. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section.

 

6
 

 

ABOUT LEXINGTON REALTY TRUST

 

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

 

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations, (2) Lexington's ability to achieve its estimate of Company FFO, as adjusted, for the year ended December 31, 2012, (3) the consummation of the built-to-suit transactions, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (10) 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. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.

 

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

 

7
 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2012   2011   2012   2011 
Gross revenues:                    
Rental  $79,915   $71,314   $226,293   $209,898 
Advisory and incentive fees   297    303    1,385    1,750 
Tenant reimbursements   7,443    8,219    22,379    23,660 
Total gross revenues   87,655    79,836    250,057    235,308 
                     
Expense applicable to revenues:                    
Depreciation and amortization   (40,220)   (40,380)   (116,333)   (118,035)
Property operating   (15,446)   (15,215)   (44,415)   (44,554)
General and administrative   (5,810)   (5,080)   (17,381)   (16,055)
Non-operating income   1,383    3,369    5,688    9,108 
Interest and amortization expense   (24,932)   (26,966)   (73,658)   (80,411)
Debt satisfaction gains (charges), net   12    (6)   (1,639)   3 
Change in value of forward equity commitment       (9,866)       (4,318)
Gain on acquisition   167,864        167,864     
Litigation reserve   25        (2,775)    
Impairment charges   (4,262)   (10,849)   (4,262)   (38,719)
Income (loss) before benefit (provision) for income taxes, equity in earnings of non-consolidated entities and discontinued operations   166,269    (25,157)   163,146    (57,673)
Benefit (provision) for income taxes   (296)   (263)   (803)   1,059 
Equity in earnings of non-consolidated entities   3,799    9,047    21,469    20,646 
Income (loss) from continuing operations   169,772    (16,373)   183,812    (35,968)
                     
Discontinued operations:                    
Income (loss) from discontinued operations   483    573    (1,152)   3,689 
Provision for income taxes   (53)   (15)   (62)   (53)
Debt satisfaction gains (charges), net   (1,189)       539    (603)
Gains on sales of properties   6,276    182    8,946    5,251 
Impairment charges       (15,211)   (5,690)   (76,110)
Total discontinued operations   5,517    (14,471)   2,581    (67,826)
Net income (loss)   175,289    (30,844)   186,393    (103,794)
Less net (income) loss attributable to noncontrolling interests   (748)   (70)   (3,730)   11,183 
Net income (loss) attributable to Lexington Realty Trust shareholders   174,541    (30,914)   182,663    (92,611)
Dividends attributable to preferred shares - Series B       (1,590)   (2,298)   (4,770)
Dividends attributable to preferred shares - Series C   (1,573)   (1,675)   (4,718)   (5,055)
Dividends attributable to preferred shares - Series D   (2,926)   (2,926)   (8,777)   (8,777)
Allocation to participating securities   (1,092)   (72)   (1,174)   (227)
Deemed dividend - Series B           (2,346)    
Redemption discount - Series C       129    229    215 
Net income (loss) attributable to common shareholders  $168,950   $(37,048)  $163,579   $(111,225)
Income (loss) per common share - basic:                    
Income (loss) from continuing operations  $1.05   $(0.14)  $1.05   $(0.36)
Income (loss) from discontinued operations   0.04    (0.10)   0.01    (0.37)
Net income (loss) attributable to common shareholders  $1.09   $(0.24)  $1.06   $(0.73)
                     
Weighted-average common shares outstanding - basic:   154,980,137    157,205,530    154,564,041    151,676,401 
                     
Income (loss) per common share - diluted:                    
Income (loss) from continuing operations  $0.93   $(0.14)  $0.97   $(0.36)
Income (loss) from discontinued operations   0.03    (0.10)   0.01    (0.37)
Net income (loss) attributable to common shareholders  $0.96   $(0.24)  $0.98   $(0.73)
                     
Weighted-average common shares outstanding - diluted   180,855,164    157,205,530    180,449,070    151,676,401 
                     
Amounts attributable to common shareholders:                    
Income (loss) from continuing operations  $163,417   $(22,448)  $162,893   $(54,911)
Income (loss) from discontinued operations   5,533    (14,600)   686    (56,314)
Net income (loss) attributable to common shareholders  $168,950   $(37,048)  $163,579   $(111,225)

 

8
 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2012 (unaudited) and December 31, 2011

(In thousands, except share and per share data)

 

   2012   2011 
Assets:          
Real estate, at cost  $3,511,146   $3,172,246 
Investments in real estate under construction   41,676    34,529 
Less: accumulated depreciation and amortization   711,132    638,368 
    2,841,690    2,568,407 
Property held for sale - discontinued operations   8     
Intangible assets, net   278,710    178,569 
Cash and cash equivalents   72,424    63,711 
Restricted cash   25,133    30,657 
Investment in and advances to non-consolidated entities   8,698    39,330 
Deferred expenses, net   51,587    43,966 
Loans receivable, net   72,786    66,619 
Rent receivable   7,661    7,271 
Other assets   27,835    28,290 
Total assets  $3,386,532   $3,026,820 
           
Liabilities and Equity:          
Liabilities:          
Mortgages and notes payable  $1,450,457   $1,366,004 
Credit facility borrowings   93,000     
Term loan payable   215,000     
Exchangeable notes payable       62,102 
Convertible notes payable   106,602    105,149 
Trust preferred securities   129,120    129,120 
Dividends payable   27,956    25,273 
Liabilities - discontinued operations   397     
Accounts payable and other liabilities   74,003    53,058 
Accrued interest payable   9,728    13,019 
Deferred revenue - including below market leases, net   89,805    90,349 
Prepaid rent   15,309    12,543 
Total liabilities   2,211,377    1,856,617 
Commitments and contingencies          
           
Equity:          
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares,          
Series B Cumulative Redeemable Preferred, liquidation preference $68,522; 2,740,874 shares issued and outstanding in 2011       66,193 
Series C Cumulative Convertible Preferred, liquidation preference $96,770 and $98,510; 1,935,400 and 1,970,200 shares issued and outstanding in 2012 and 2011, respectively   94,016    95,706 
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, 156,136,051 and 154,938,351 shares issued and outstanding in 2012 and 2011, respectively   16    15 
Additional paid-in-capital   2,020,858    2,010,850 
Accumulated distributions in excess of net income   (1,110,166)   (1,212,630)
Accumulated other comprehensive income (loss)   (6,393)   1,938 
Total shareholders' equity   1,148,105    1,111,846 
Noncontrolling interests   27,050    58,357 
Total equity   1,175,155    1,170,203 
Total liabilities and equity  $3,386,532   $3,026,820 

 

9
 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE

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

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2012   2011   2012   2011 
EARNINGS PER SHARE:                    
                     
Basic:                    
Income (loss) from continuing operations attributable to common shareholders  $163,417   $(22,448)  $162,893   $(54,911)
Income (loss) from discontinued operations attributable to common shareholders   5,533    (14,600)   686    (56,314)
Net income (loss) attributable to common shareholders  $168,950   $(37,048)  $163,579   $(111,225)
                     
Weighted-average number of common shares outstanding   154,980,137    157,205,530    154,564,041    151,676,401 
                     
Income (loss) per common share:                    
Income (loss) from continuing operations  $1.05   $(0.14)  $1.05   $(0.36)
Income (loss) from discontinued operations   0.04    (0.10)   0.01    (0.37)
Net income (loss) attributable to common shareholders  $1.09   $(0.24)  $1.06   $(0.73)
                     
Diluted:                    
Income (loss) from continuing operations attributable to common shareholders  $163,417   $(22,448)  $162,893   $(54,911)
Impact of assumed conversions:                    
Share options                
Operating Partnership Units   475        913     
6.00% Convertible Guaranteed Notes   2,327        6,980     
Series C Preferred shares   1,573        4,489     
Income (loss) from continuing operations attributable to common shareholders   167,792    (22,448)   175,275    (54,911)
Income (loss) from discontinued operations attributable to common shareholders   5,533    (14,600)   686    (56,314)
Net income (loss) attributable to common shareholders  $173,325   $(37,048)  $175,961   $(111,225)
                     
Weighted-average common shares outstanding - basic   154,980,137    157,205,530    154,564,041    151,676,401 
Effect of dilutive securities:                    
Share options   344,721        279,699     
Operating Partnership Units   4,400,389        4,479,451     
6.00% Convertible Guaranteed Notes   16,419,347        16,412,836     
Series C Preferred shares   4,710,570        4,713,043     
Weighted-average common shares outstanding   180,855,164    157,205,530    180,449,070    151,676,401 
                     
Income (loss) per common share:                    
Income (loss) from continuing operations  $0.93   $(0.14)  $0.97   $(0.36)
Income (loss) from discontinued operations   0.03    (0.10)   0.01    (0.37)
Net income (loss) attributable to common shareholders  $0.96   $(0.24)  $0.98   $(0.73)

 

10
 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION

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

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2012   2011   2012   2011 
FUNDS FROM OPERATIONS: (1)                    
Basic and Diluted:                    
Net income (loss) attributable to Lexington Realty Trust shareholders Adjustments:  $174,541   $(30,914)  $182,663   $(92,611)
Adjustments:                    
Depreciation and amortization   39,190    41,279    118,809    120,797 
Impairment charges - real estate   4,262    26,060    9,952    114,829 
Impairment charges - joint venture       3,252        4,811 
Noncontrolling interests - OP units   475    643    913    (315)
Amortization of leasing commissions   1,212    975    3,509    2,848 
Joint venture and noncontrolling interest adjustment   (911)   (6,289)   15    (20,270)
Preferred dividends - Series B & D   (2,926)   (4,516)   (11,075)   (13,547)
Gains on sales of properties   (6,276)   (182)   (8,946)   (5,251)
Gain on sale - joint venture investment           (7,000)    
Gain on acquisition   (167,864)       (167,864)    
Interest and amortization on 6.00% Convertible Guaranteed Notes   2,327    2,327    6,980    6,980 
Reported Company FFO   44,030    32,635    127,956    118,271 
Debt satisfaction charges, net   1,177    6    1,100    600 
Forward equity commitment       9,866        4,318 
Litigation reserve   (25)       2,775     
Gains on loan sales - joint venture       (1,927)       (1,927)
Other   276    860    598    3,110 
Company FFO, as adjusted   45,458    41,440    132,429    124,372 
                     
FUNDS AVAILABLE FOR DISTRIBUTION: (2)                    
Adjustments:                    
Straight-line rents   (3,565)   (320)   408    2,673 
Lease incentives   313    521    1,143    1,568 
Amortization of below/above market leases   (913)   (937)   (3,608)   (2,215)
Non-cash interest, net   (312)   239    (1,168)   590 
Non-cash general and administrative expenses   1,104    1,012    3,462    2,963 
Tenant improvements   (11,120)   (4,778)   (16,920)   (9,533)
Lease costs   (4,222)   (1,753)   (7,853)   (10,999)
Reported Company Funds Available for Distribution  $26,743   $35,424   $107,893   $109,419 
                     
Per Share Amounts                    
Basic:                    
Reported Company FFO  $0.24   $0.18   $0.71   $0.66 
Company FFO, as adjusted  $0.25   $0.23   $0.73   $0.71 
Company FAD  $0.15   $0.20   $0.60   $0.63 
                     
Diluted:                    
Reported Company FFO  $0.24   $0.18   $0.71   $0.66 
Company FFO, as adjusted  $0.25   $0.23   $0.73   $0.71 
Company FAD  $0.15   $0.20   $0.60   $0.63 

 

11
 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)

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

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2012   2011   2012   2011 
Basic:                    
Weighted-average common shares outstanding - EPS basic   154,980,137    157,205,530    154,564,041    151,676,401 
6.00% Convertible Guaranteed Notes   16,419,347    16,230,905    16,412,836    16,230,905 
Non-vested share-based payment awards   245,166    112,473    200,741    118,572 
Operating Partnership Units   4,400,389    4,618,948    4,479,451    4,779,896 
Preferred Shares - Series C   4,710,570    5,044,564    4,713,043    5,066,264 
Weighted-average common shares outstanding - Reported Company FFO basic   180,755,609    183,212,420    180,370,112    177,872,038 
Adjustments:                    
Forward equity commitment settlement       (3,533,848)       (3,468,421)
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD   180,755,609    179,678,572    180,370,112    174,403,617 
                     
Diluted:                    
Weighted-average common shares outstanding - Reported Company FFO basic   180,755,609    183,212,420    180,370,112    177,872,038 
Options - Incremental shares   344,721    116,970    279,699    269,396 
Weighted-average common shares outstanding - Reported Company FFO diluted   181,100,330    183,329,390    180,649,811    178,141,434 
Adjustments:                    
Forward equity commitment settlement       (3,533,848)       (3,468,421)
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD   181,100,330    179,795,542    180,649,811    174,673,013 

 

1 Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. 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.

 

The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO 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.” NAREIT recently clarified its computation of FFO to exclude impairment charges on depreciable real estate owned directly or indirectly. FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

 

Lexington presents “Reported Company funds from operations” or “Reported Company FFO,” which differs from FFO because it includes Lexington's operating partnership units, Lexington's 6.50% Series C Cumulative Convertible Preferred Shares, and Lexington's 6.00% Convertible Guaranteed 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 Reported 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. Lexington also presents “Company funds from operations, as adjusted” or “Company FFO, as adjusted,” which adjusts Reported Company FFO for certain items which Management believes are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds from operations in a similar fashion, Reported Company FFO and Company FFO, as adjusted, may not be comparable to similarly titled measures as reported by others. Reported Company FFO and Company FFO, as adjusted, 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.

 

2 Reported Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO, as adjusted, for (1) straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements, (5) cash paid for lease costs, (6) non-cash general and administrative expenses, and (7) non-cash interest, net. Although FAD may not be comparable to that of other REITs, Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

 

# # #

 

12
 

 

LEXINGTON REALTY TRUST

2012 Third Quarter Leasing Summary

 

NEW LEASES

 

   Tenants  Location   Lease
Expiration
 Date
  Sq. Ft.   New Cash
Rent Per
Annum
($000)(1)
   New GAAP
Rent Per
Annum
($000)(1)
 
     Office/Multi-Tenant                            
 4   Various  Various        Various   15,400   $144   $131 
 5   Pacific Union Financial, LLC  Irving    TX   05/2018   43,396   $342   $751 
                                  
 5   Total office/multi-tenant new leases                58,796   $486   $882 
                                  
     Industrial/Multi-Tenant                            
 1   Christie Lites Nashville LLC  Antioch    VA   06/2020   50,400   $83   $83 
                                  
 1   Total industrial/multi-tenant new leases                50,400   $83   $83 
                                  
 6   TOTAL NEW LEASES                109,196   $569   $965 

 

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          2012 Extensions                            
 1   AGC Flat Glass North America, Inc.  Hebron  KY   08/2012  09/2017   18,890   $171   $187   $168   $169 
 3   Various  Various      Various  Various   6,962   $90   $79   $90   $79 
 4   New Cingular Wireless PCS, LLC  Baton Rouge  LA   10/2012  10/2017   70,100   $1,016   $1,181   $1,016   $1,114 
                2013 Extensions                            
 5   Kingsport Power Company (2)  Kingsport  TN   06/2013  06/2018   42,770   $310   $310   $128   $307 
 6   Ricoh Americas Corporation  Houston  TX   01/2013  01/2018   78,895   $986   $1,148   $1,142   $1,126 
 7   Xerox Corporation  Palo Alto  CA   12/2013  12/2023   202,000   $7,070   $3,499   $6,642   $3,390 
               2014 Extension                            
 8   Alstom Power Inc.  Midlothian  VA   10/2014  12/2021   99,057   $2,198   $2,279   $2,140   $2,015 
                                             
 8   Total office/multi-tenant lease extensions                 518,674   $11,841   $8,683   $11,326   $8,200 
                                             
     Industrial          2013 Extensions                            
 1   Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)  Statesville  NC   05/2013  12/2017   639,800   $1,951   $1,789   $1,916   $1,789 
                                             
 1   Total industrial lease extensions                 639,800   $1,951   $1,789   $1,916   $1,789 
                `                            
     Retail                                       
 1   Food Lion, LLC (Delhaize America, Inc.)  Jefferson  NC   02/2013  02/2023   34,555   $160   $73   $156   $73 
 2   Pathmark Stores Inc.  Port Chester  NY   10/2013  10/2018   59,000   $458   $433   $1,192   $1,192 
                                             
 2   Total retail lease extensions                 93,555   $618   $506   $1,348   $1,265 
                                             
 11   TOTAL EXTENDED LEASES                 1,252,029   $14,410   $10,978   $14,590   $11,254 
                                             
 17   TOTAL NEW AND EXTENDED LEASES                 1,361,225   $14,979   $10,978   $15,555   $11,254 

 

13
 

 

LEXINGTON REALTY TRUST

2012 Third Quarter Leasing Summary

 

LEASE NON-RENEWAL

 

    Tenants (Guarantors)  Location   Lease
Expiration
Date
  Sq. Ft.   Prior Annual
Cash Rent ($000)
   Prior Annual
GAAP Rent
($000)
 
     Office                            
 1   Kraft Foods Global, Inc.  Suwanee    GA   09/2012   73,264   $1,448   $1,437 
                                  
     Retail                            
 1   AVT Grocery, Inc. (3)  Garland    TX   07/2012   59,300   $326   $326 
                                  
 2   TOTAL LEASE NON-RENEWALS                132,564   $1,774   $1,763 

 

Footnotes

(1) Assumes twelve months rent from the later of 10/1/12 or lease commencement/extension.

(2) Net Lease Strategic Assets Fund property.

(3) Property sold for $2,500 subsequent to 9/30/12.

 

14
 

 

LEXINGTON REALTY TRUST

2012 Third Quarter Investment/Capital Recycling Summary

 

PROPERTY INVESTMENTS (1)

 

    Tenants (Guarantors)  Location  Property Type  Initial Basis
 ($000)
   Initial Annualized
Cash Rent ($000)
   Initial Cash
Yield
   GAAP Yield   Lease Expiration
 1   TMG Health, Inc. (2)  Jessup   PA   Office  $24,917   $1,912    9.4%   10.0%  08/2027
 2   Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)  St. Joseph   MO   Office  $17,571   $1,718    9.8%   11.3%  06/2027
 3   Gander Mountain Company  Valdosta   GA   Retail  $8,735   $813    9.3%   10.3%  08/2027
                                        
 3   TOTAL PROPERTY INVESTMENTS             $51,223   $4,443    9.5%   10.5%   

  

PORTFOLIO INVESTMENT

 

    PORTFOLIO  Portfolio Value ($000)   # of Properties   # of States   Initial Cash Yield   GAAP Yield 
    Net Lease Strategic Assets Fund  $481,317    41    23    10.6%   9.7%

  

CAPITAL RECYCLING

 

PROPERTY DISPOSITIONS

 

    Tenants (Guarantors)  Location  Property
Type
  Gross
Sale Price
($000)
   Annualized NOI
($000)
   Annual Debt
Service ($000)
   Sale Price Per
Square Foot
   Month of
Disposition
 
 1   Westell, Inc. (Westell Technologies, Inc.) (3)  Aurora   IL   Office  $13,218   $1,743   $-   $72.19   July 
 2   Vacant  Sun City   AZ   Retail  $800   $-   $-   $80.00   September 
 3   Baker Hughes, Incorporated  The Woodlands   TX   Industrial  $32,500   $3,352   $3,352   $117.86   September 
 4   Baker Hughes, Incorporated  Sugar Land   TX   Office  $21,600   $2,083   $2,083   $130.25   September 
                                         
 4   TOTAL PROPERTY DISPOSITIONS             $68,118   $7,178   $5,435           

 

Footnotes

(1) Completed build-to-suit projects.

(2) Initial basis includes $4.5 million received from tenant.

(3) Lexington had an 87.1% ownership interest.

 

15
 

 

LEXINGTON REALTY TRUST

BUILD-TO-SUIT PROJECTS

 

BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE

   

   Location  Sq. Ft   Lease
Term (Years)
   Maximum
Commitment/Estimated
Completion Cost
($000)
   Investment balance
as of 9/30/12
($000)(1)
   Estimated Cash Investment Next 12 Months ($000)   Estimated
Completion Date
 
                           Q4 2012   Q1 2013   Q2 2013   Q3 2013    
 1   Long Island City (2)  NY    143,000   15   $46,728   $19,912   $14,510   $9,674   $-   $-   1Q 13 
 2   Eugene  OR    80,000   15   $17,558   $1,700   $-   $15,858   $-   $-   1Q 13 
 3   Denver  CO    163,000   15   $37,592   $11,463   $11,085   $11,085   $3,695   $-   2Q 13 
 4   Rantoul  IL    813,000   20   $42,587   $6,076   $8,374   $8,374   $8,374   $8,374   4Q 13 
 5   Opelika  AL    52,000   15   $8,424   $2,525   $5,783   $-   $-   $-   4Q 12 
 5   TOTAL BUILD-TO-SUIT PROJECTS              $152,889   $41,676   $39,752   $44,991   $12,069   $8,374    

 

Footnotes

(1) Investment balance in accordance with GAAP.

(2) Joint venture investment.

 

16
 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2012

 

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
9/30/2012 ($000) (2)
    GAAP
Base Rent
as of 9/30/2012
($000) (3)
 
OFFICE PROPERTIES                                            
  2012     11/7/2012   2706 Media Center Dr.   Los Angeles   CA         Playboy Enterprises, Inc.   2000       63,049       1,163       943  
        11/30/2012   5757 Decatur Blvd.   Indianapolis   IN         Damar Services, Inc.   2002       5,756       35       35  
        12/31/2012   200 Executive Blvd. South   Southington   CT         Hartford Fire Insurance Company   1984/2006       153,364       1,259       1,218  
  2013     1/31/2013   12600 Gateway Blvd.   Fort Meyers   FL         Gartner, Inc.   1998       62,400       869       819  
            810 Gears Rd.   Houston   TX     16     Ricoh Americas Corporation   2000       78,895       861       838  
        3/31/2013   3165 McKelvey Rd.   Bridgeton   MO         BJC Health System   1981       52,994       298       395  
        5/31/2013   2401 Cherahala Blvd.   Knoxville   TN     17     AdvancePCS, Inc. / CaremarkPCS, L.L.C.   2002       59,748       75       75  
        6/30/2013   2210 Enterprise Dr.   Florence   SC         JPMorgan Chase Bank, National Association   1998       179,300       941       941  
        9/30/2013   9200 South Park Center Loop   Orlando   FL         Corinthian Colleges, Inc.   2003       59,927       1,019       869  
        10/31/2013   3943 Denny Ave.   Pascagoula   MS         Northrop Grumman Systems Corporation   1995       94,841       53       53  
        11/30/2013   10475 Crosspoint Blvd.   Indianapolis   IN         Yellow Book Sales and Distribution Company, Inc.   1999       3,764       50       50  
            1110 Bayfield Dr.   Colorado Springs   CO         Honeywell International Inc.   1980/1990/2002       166,575       1,223       1,200  
        12/31/2013   2550 Interstate Dr.   Harrisburg   PA         New Cingular Wireless PCS, LLC   1998       81,859       1,458       1,403  
  2014     1/31/2014   1401 & 1501 Nolan Ryan Pkwy.   Arlington   TX         Siemens Dematic Postal Automation L.P. / Siemens Energy & Automation, Inc. / Siemens Shared Services, LLC   2003       236,547       227       227  
            850-950 Warrenville Rd.   Lisle   IL         James J. Benes & Associates, Inc.   1984       6,347       104       80  
        3/15/2014   101 East Erie St.   Chicago   IL         Draftfcb, Inc. (Interpublic Group of Companies, Inc.)   1986       212,988       3,102       3,755  
        4/30/2014   12000 & 12025 Tech Center Dr.   Livonia   MI         Kelsey-Hayes Company (TRW Automotive, Inc.)   1987/1988/1990       180,230       181       155  
        5/31/2014   3476 Stateview Blvd.   Fort Mill   SC         Wells Fargo Bank, N.A.   2002       169,083       2,023       1,901  
            3480 Stateview Blvd.   Fort Mill   SC         Wells Fargo Bank, N.A.   2004       169,218       2,746       2,588  
            859 Mount Vernon Hwy.   Atlanta   GA     8     International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)   2004       50,400       973       772  
        6/30/2014   70 Mechanic St.   Foxboro   MA         Invensys Systems, Inc. (Siebe, Inc.)   1965/1967/1971       251,914       0       204  
        7/31/2014   16676 Northchase Dr.   Houston   TX         Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation)   2003       101,111       1,257       1,220  
        9/30/2014   333 Mt. Hope Ave.   Rockaway   NJ         BASF Corporation   1981/2002/2004       95,500       1,683       1,592  
        10/31/2014   1409 Centerpoint Blvd.   Knoxville   TN         Alstom Power, Inc.   1997       84,404       1,297       1,216  
            700 US Hwy. Route 202-206   Bridgewater   NJ         Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.)   1985/2003/2004       115,558       1,526       1,928  
        11/30/2014   200 Lucent Ln.   Cary   NC         Progress Energy Service Company, LLC   1999       124,944       1,593       1,549  
            850-950 Warrenville Rd.   Lisle   IL         Flexco, Inc.   1984       7,535       102       102  
        12/14/2014   22011 Southeast 51st St.   Issaquah   WA         Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)   1987       95,600       1,604       1,458  
            5150 220th Ave.   Issaquah   WA         Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)   1992       106,944       1,798       1,655  
        12/31/2014   1066 Main St.   Forest Park   GA         Bank of America, NA (Bank of America Corporation)   1969       14,859       150       150  
            1698 Mountain Industrial Blvd.   Stone Mountain   GA         Bank of America, NA (Bank of America Corporation)   1973       5,704       71       71  
            180 South Clinton St.   Rochester   NY         Frontier Corporation   1988/2000       226,000       2,226       2,220  
            201 West Main St.   Cumming   GA         Bank of America, NA (Bank of America Corporation)   1968/1982       14,208       149       149  
            2223 North Druid Hills Rd.   Atlanta   GA         Bank of America, NA (Bank of America Corporation)   1972       6,260       84       84  
            275 Technology Dr.   Canonsburg   PA         ANSYS, Inc.   1996       107,872       1,072       1,033  
            400 Butler Farm Rd.   Hampton   VA         Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)   1999       100,632       951       923  
            4545 Chamblee – Dunwoody Rd.   Chamblee   GA         Bank of America, NA (Bank of America Corporation)   1972       4,565       66       66  
            825 Southway Dr.   Jonesboro   GA         Bank of America, NA (Bank of America Corporation)   1971       4,894       58       58  
            956 Ponce de Leon Ave.   Atlanta   GA         Bank of America, NA (Bank of America Corporation)   1975       3,900       59       59  
  2015     1/31/2015   26555 Northwestern Hwy.   Southfield   MI         Federal-Mogul Corporation   1963/1965/1988/1989       187,163       869       1,064  
        3/31/2015   3940 South Teller St.   Lakewood   CO         MoneyGram Payment Systems, Inc.   2002       68,165       838       736  
        4/30/2015   13775 McLearen Rd.   Herndon   VA         Equant, Inc. (Equant, NV)   1985/1986/1992/1999       125,293       1,663       1,603  
        6/30/2015   2500 Patrick Henry Pkwy.   McDonough   GA         Georgia Power Company   1999       111,911       130       115  
            3711 San Gabriel   Mission   TX         VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation   2003       75,016       88       70  
            33 Commercial St.   Foxboro   MA         Invensys Systems, Inc. (Siebe, Inc.)   1982/1987       164,689       3,631       2,723  
        7/31/2015   4001 International Pkwy.   Carrollton   TX         Motel 6 Operating, LP (Accor S.A.)   2003       138,443       2,405       2,396  
        8/31/2015   2706 Media Center Dr.   Los Angeles   CA         Sony Electronics Inc.   2000       20,203       160       160  

 

17
 

  

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2012

 

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
9/30/2012 ($000) (2)
    GAAP
Base Rent
as of 9/30/2012
($000) (3)
 
OFFICE PROPERTIES                                                      
        9/27/2015   10001 Richmond Ave.   Houston   TX         Baker Hughes Incorporated   1976       554,385       8,163       5,531  
            2529 West Thorne Dr.   Houston   TX         Baker Hughes, Incorporated   1982/1999       65,500       164       54  
        9/30/2015   500 Olde Worthington Rd.   Westerville   OH         InVentiv Communications, Inc.   2000       97,000       834       942  
            550 Business Center Dr.   Lake Mary   FL         JPMorgan Chase Bank, National Association   1999       125,920       1,421       1,583  
            600 Business Center Dr.   Lake Mary   FL         JPMorgan Chase Bank, National Association   1996       125,155       1,355       1,542  
        10/31/2015   12209 West Markham St.   Little Rock   AR         Entergy Arkansas, Inc.   1980       36,311       178       178  
            5201 West Barraque St.   Pine Bluff   AR         Entergy Arkansas Inc.   1964/1972/1988       27,189       16       12  
  2016     1/31/2016   1600 Eberhardt Rd.   Temple   TX         Nextel of Texas, Inc. (Nextel Finance Company)   2001       108,800       140       112  
        4/30/2016   11511 Luna Rd.   Farmers Branch   TX         Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)   2000       180,507       1,738       2,391  
            2000 Eastman Dr.   Milford   OH         Siemens Corporation   1991       221,215       1,865       1,739  
        5/31/2016   1200 Jupiter Rd.   Garland   TX         Raytheon Company   1980       278,759       126       144  
        7/14/2016   1400 Northeast McWilliams Rd.   Bremerton   WA         Nextel West Corp. (Nextel Finance Company)   2002       60,200       101       101  
        10/31/2016   104 & 110 South Front St.   Memphis   TN         Hnedak Bobo Group, Inc.   1871/1980/1988/1999       37,229       389       376  
        12/31/2016   2050 Roanoke Rd.   Westlake   TX         TD Auto Finance LLC   2001       130,290       1,930       1,998  
  2017     3/31/2017   1701 Market St.   Philadelphia   PA     4     Car-Tel Communications, Inc.   1957/1997       1,220       40       40  
        4/30/2017   1315 West Century Dr.   Louisville   CO         Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)   1987/2006       106,877       1,224       1,231  
        9/30/2017   9201 East Dry Creek Rd.   Centennial   CO         The Shaw Group, Inc.   2001/2002       128,500       1,745       1,779  
        10/31/2017   4455 American Way   Baton Rouge   LA         New Cingular Wireless PCS, LLC   1997       70,100       886       835  
        11/30/2017   6200 Northwest Pkwy.   San Antonio   TX         United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC   2000       142,500       1,336       1,400  
        12/31/2017   100 East Shore Dr.   Glen Allen   VA         Capital One, National Association   1999       63,442       816       862  
  2018     1/31/2018   5757 Decatur Blvd.   Indianapolis   IN         Allstate Insurance Company   2002       57,769       939       997  
            820 Gears Rd.   Houston   TX     16     Ricoh Americas Corporation   2000       78,895       861       838  
        3/14/2018   601 & 701 Experian Pkwy.   Allen   TX     20     Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)   1981/1983       292,700       2,305       2,305  
        4/30/2018   Sandlake Rd./Kirkman Rd.   Orlando   FL         Lockheed Martin Corporation   1982       184,000       720       1,402  
        5/30/2018   13651 McLearen Rd.   Herndon   VA         United States of America   1987       159,644       2,453       2,543  
        5/31/2018   6303 Barfield Rd.   Atlanta   GA         International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)   2000/2001       238,600       3,799       2,650  
        6/30/2018   100 Barnes Rd.   Wallingford   CT         3M Company   1978/1985/1990/1993       44,400       350       380  
            420 Riverport Rd.   Kingsport   TN         Kingsport Power Company   1981       42,770       26       11  
        8/31/2018   3500 North Loop Rd.   McDonough   GA         Litton Loan Servicing LP   2007       62,218       103       71  
        9/30/2018   1701 Market St.   Philadelphia   PA     4     CBC Restaurant Corp.   1957/1997       8,070       155       158  
        12/22/2018   5200 Metcalf Ave.   Overland Park   KS         Swiss Re America Holding Corporation / Westport Insurance Corporation   1980/1990/2004/2005       320,198       3,556       3,580  
        12/31/2018   120 East Shore Dr.   Glen Allen   VA         Capital One Services, LLC   2000       77,045       430       558  
  2019     1/31/2019   2999 Southwest 6th St.   Redmond   OR         VoiceStream PCS I LLC (T-Mobile USA, Inc.)   2004       77,484       129       122  
        4/1/2019   9201 Stateline Rd.   Kansas City   MO         Swiss Re America Holding Corporation / Westport Insurance Corporation   1963/1973/1985/2003       155,925       1,674       1,674  
        5/31/2019   4400 Northcorp Pkway   Palm Beach Gardens   FL         Office Suites Plus Properties, Inc.   1996       18,400       222       189  
        6/19/2019   3965 Airways Blvd.   Memphis   TN         Federal Express Corporation   1982/1983/1985/2006/2007       521,286       5,139       5,260  
        6/29/2019   3265 East Goldstone Dr.   Meridian   ID         T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)   2004       77,484       112       92  
        6/30/2019   275 South Valencia Ave.   Brea   CA         Bank of America, National Association   1983       637,503       6,268       6,408  
        7/15/2019   19019 North 59th Ave.   Glendale   AZ         Honeywell International Inc.   1986/1997/2000       252,300       149       158  
        7/31/2019   500 Jackson St.   Columbus   IN         Cummins, Inc.   1984       390,100       3,347       3,405  
        10/31/2019   10475 Crosspoint Blvd.   Indianapolis   IN         John Wiley & Sons, Inc.   1999       123,416       1,620       1,701  
            9601 Renner Blvd.   Lenexa   KS         VoiceStream PCS II Corporation (T-Mobile USA, Inc.)   2004       77,484       112       95  
        12/31/2019   421 Butler Farm Rd.   Hampton   VA         Patient Advocate Foundation   2000       36,484       451       451  
            850-950 Warrenville Rd.   Lisle   IL         National-Louis University   1984       85,532       951       1,095  
  2020     1/31/2020   10300 Kincaid Dr.   Fishers   IN         Roche Diagnostics Operations, Inc.   1999       193,000       2,533       2,568  
        2/14/2020   5600 Broken Sound Blvd.   Boca Raton   FL         Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)   1983/2002       143,290       1,717       1,683  

 

 

18
 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 9/30/2012

 

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
9/30/2012 ($000) (2)
    GAAP
Base Rent
as of 9/30/2012
($000) (3)
 
OFFICE PROPERTIES                                              
        6/30/2020   10419 North 30th St.   Tampa   FL         Time Customer Service, Inc.  (Time Incorporated)   1986       132,981       117       121  
        7/8/2020   1460 Tobias Gadsen Blvd.   Charleston   SC         Hagemeyer North America, Inc.   2005       50,076       602       630  
        8/31/2020   First Park Dr.   Oakland   ME         Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)   2005       78,610       113       96  
        11/30/2020   11555 University Blvd.   Sugar Land   TX         KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)   2005       72,683       102       108  
  2021     1/31/2021   1701 Market St.   Philadelphia   PA     4     Morgan, Lewis & Bockius LLP   1957/1997       289,432       3,354       3,233  
        3/31/2021   1311 Broadfield Blvd.   Houston   TX         Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)   2000       155,040       1,744       1,967  
        6/30/2021   1415 Wyckoff Rd.   Wall   NJ         New Jersey Natural Gas Company   1983       157,511       2,484       2,484  
        8/31/2021   333 Three D Systems Circle   Rock Hill   SC         3D Systems Corporation   2006       80,028       502       516  
        11/30/2021   29 South Jefferson Rd.   Whippany   NJ         CAE SimuFlite, Inc. (CAE INC.)   2006/2008       123,734       1,793       1,745  
        12/31/2021   2800 Waterford Lake Dr.   Midlothian   VA         Alstom Power, Inc.   2000       99,057       1,548       1,605  
  2022     1/31/2022   26210 and 26220 Enterprise Court   Lake Forest   CA         Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)   2001       100,012       857       899  
        6/30/2022   8555 South River Pkwy.   Tempe   AZ         ASM Lithography, Inc. (ASM Lithography Holding N.V.) (2013)  / DuPont Airproducts Nanomaterials L.L.C. (2022)   1998       95,133       196       196  
        7/31/2022   1440 E 15th Street   Tucson   AZ         CoxCom, LLC   1988       28,591       46       46  
  N/A     N/A   1701 Market St.   Philadelphia   PA     4     Parking Operators   1957/1997       0       1,806       1,806  
        Vacant   100 East Shore Dr.   Glen Allen   VA         (Available for Lease)   1999       4,676       0       0  
            101 East Erie St.   Chicago   IL         (Available for Lease)   1986       17,716       0       0  
            10475 Crosspoint Blvd.   Indianapolis   IN         (Available for Lease)   1999       13,867       0       0  
            1701 Market St.   Philadelphia   PA     4     (Available for Lease)   1957/1997       5,315       0       0  
            421 Butler Farm Rd.   Hampton   VA         (Available for Lease)   2000       20,080       0       0  
            5757 Decatur Blvd.   Indianapolis   IN         (Available for Lease)   2002       25,041       0       0  
  OFFICE TOTAL/WEIGHTED AVERAGE             99.3% Leased           12,917,251     $ 124,042     $ 121,617  

 

19
 

 

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
9/30/2012 ($000)
(2)
   GAAP
Base Rent
as of 9/30/2012
($000) (3)
 
INDUSTRIAL PROPERTIES                             
  2012    MTM  191 Arrowhead Dr.  Hebron  OH      Owens Corning Insulating Systems, LLC  1999    250,410    394    394 
     10/31/2012  1601 Pratt Ave.  Marshall  MI      Enbridge Energy, Limited Partnership  1979    58,300    129    129 
2013    5/31/2013  200 Arrowhead Dr.  Hebron  OH      Owens Corning Sales, LLC / Owens Corning Insulating Systems, LLC  2000    400,522    676    676 
     12/31/2013  1133 Poplar Creek Rd.  Henderson  NC      Staples, Inc. / Corporate Express, Inc.  1998/2006    196,946    657    608 
        120 Southeast Pkwy. Dr.  Franklin  TN      Essex Group, Inc. (United Technologies Corporation)  1970/1983    289,330    61    104 
2014    1/1/2014  2415 US Hwy. 78 East  Moody  AL      CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)  2004    595,346    790    790 
     1/31/2014  109 Stevens St.  Jacksonville  FL      Wagner Industries, Inc.  1959/1967    168,800    25    25 
     12/31/2014  324 Industrial Park Rd.  Franklin  NC      SKF USA Inc.  1996    72,868    38    23 
        3686 South Central Ave.  Rockford  IL      Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)  1998    90,000    303    236 
2015    1/31/2015  101 Michelin Dr.  Laurens  SC      Michelin North America, Inc.  1991/1993    1,164,000    2,556    2,491 
        7111 Crabb Rd.  Temperance  MI      Michelin North America, Inc.  1978/1993    744,570    1,715    1,672 
     6/30/2015  1700 47th Ave North  Minneapolis  MN      Owens Corning / Owens Corning Roofing and Asphalt, LLC  2003    18,620    53    53 
        2935 Van Vactor Dr.  Plymouth  IN      Bay Valley Foods, LLC  2000/2003    300,500    68    68 
     12/31/2015  749 Southrock Dr.  Rockford  IL      Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)  1992    150,000    357    366 
2016    2/28/2016  7670 Hacks Cross Rd.  Olive Branch  MS      MAHLE Clevite, Inc. (MAHLE Industries, Incorporated)  1989    268,104    716    687 
     3/31/2016  19500 Bulverde Rd.  San Antonio  TX      Elsevier STM Inc. (Reed Elsevier Inc.)  2001    559,258    2,748    2,572 
        2455 Premier Dr.  Orlando  FL      Walgreen Co. / Walgreen Eastern Co.  1980    205,016    381    589 
     5/31/2016  291 Park Center Dr.  Winchester  VA      Kraft Foods Global, Inc.  2001    344,700    913    967 
     8/31/2016  10590 Hamilton Ave.  Cincinnati  OH      The Hillman Group, Inc.  1991/1994/1995/2005    248,200    594    594 
     9/30/2016  900 Industrial Blvd.  Crossville  TN      Dana Commercial Vehicle Products, LLC  1989/2006    222,200    513    513 
     11/30/2016  736 Addison Rd.  Erwin  NY      Corning, Incorporated  2006    408,000    103    103 
2017    2/28/2017  3456 Meyers Ave.  Memphis  TN      Sears, Roebuck and Co. / Sears Logistics Services  1973    780,000    1,194    1,271 
     4/30/2017  3600 Army Post Rd.  Des Moines  IA      HP Enterprise Services, LLC  2000    405,000    207    171 
     6/30/2017  7500 Chavenelle Rd.  Dubuque  IA      The McGraw-Hill Companies, Inc.  2001    330,988    913    873 
     9/30/2017  250 Swathmore Ave.  High Point  NC      Steelcase Inc.  2002    244,851    823    815 
     10/31/2017  1420 Greenwood Rd.  McDonough  GA      Versacold USA, Inc.  2000/2007    296,972    1,983    1,947 
        43955 Plymouth Oaks Blvd.  Plymouth  MI      Tower Automotive Operations USA I, LLC  / Tower Automotive Products Inc. (Tower Automotive, Inc.)  1996/1998    290,133    1,414    1,067 
     12/31/2017  2203 Sherrill Dr.  Statesville  NC      Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)  1999/2002    639,800    1,341    1,386 
2018    6/30/2018  1650-1654 Williams Rd.  Columbus  OH      ODW Logistics, Inc.  1973    772,450    1,010    1,007 
     9/30/2018  50 Tyger River Dr.  Duncan  SC      Plastic Omnium Auto Exteriors, LLC  2005/2007/2008    221,833    718    718 
        904 Industrial Rd.  Marshall  MI      Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)  1968/1972/2008    246,508    64    58 
2019    4/30/2019  113 Wells St.  North Berwick  ME      United Technologies Corporation  1965/1980    972,625    1,152    1,152 
     10/17/2019  10345 Philipp Pkwy.  Streetsboro  OH      L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)  2004    649,250    1,889    1,958 
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    2,550    2,550 
     5/31/2020  359 Gateway Dr.  Lavonia  GA      TI Group Automotive Systems, LLC (TI Automotive Ltd.)  2005    133,221    100    79 
     6/30/2020  3102 Queen Palm Dr.  Tampa  FL      Time Customer Service, Inc. (Time Incorporated)  1986    229,605    973    957 
     9/30/2020  3350 Miac Cove Rd.  Memphis  TN      Mimeo.com, Inc.  1987    107,400    310    288 
     12/19/2020  1901 Ragu Dr.  Owensboro  KY   6   Unilever Supply Chain, Inc. (Unilever United States, Inc.)  1975/1979/1995    443,380    787    1,119 
2021    5/31/2021  477 Distribution Pkwy.  Collierville  TN      Federal Express Corporation / FedEx Techconnect, Inc.  1984/1987/2005/2012    126,213    424    366 
     9/30/2021  3820 Micro Dr.  Millington  TN      Ingram Micro L.P. (Ingram Micro Inc.)  1997    701,819    1,244    1,327 
     10/25/2021  6938 Elm Valley Dr.  Kalamazoo  MI      Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)  1999/2004    150,945    169    146 
     11/30/2021  2880 Kenny Biggs Rd.  Lumberton  NC      Quickie Manufacturing Corporation  1998/2001/2006    423,280    985    1,017 
2022    3/31/2022  5417 Campus Drive  Shreveport  LA      The Tire Rack, Inc.  2012    257,849    330    346 
N/A    Vacant  3350 Miac Cove Rd.  Memphis  TN      (Available for Lease)  1987    32,679    0    0 
INDUSTRIAL TOTAL/WEIGHTED AVERAGE          99.8% Leased       15,548,101   $34,370   $34,278 

 

20
 

  

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
9/30/2012 ($000)
(2)
   GAAP
Base Rent
as of 9/30/2012
($000) (3)
 
RETAIL/SPECIALTY PROPERTIES                                 
  2013    2/28/2013  S. Carolina 52/52 Bypass  Moncks Corner  SC      Food Lion, LLC / Delhaize America, Inc.  1982    23,000    46    92 
     7/1/2013  1053 Mineral Springs Rd.  Paris  TN   5   The Kroger Co.  1982    31,170    119    160 
     10/31/2013  1084 East Second St.  Franklin  OH      Marsh Supermarkets, Inc. / Crystal Food Services, LLC  1961/1978    29,119    84    107 
        5104 North Franklin Rd.  Lawrence  IN   19   Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC  1958    28,721    145    145 
2014    3/31/2014  N.E.C. 45th St./Lee Blvd.  Lawton  OK      Associated Wholesale Grocers, Inc. / Safeway, Inc.  1984    30,757    139    155 
2015    1/31/2015  1700 State Route 160  Port Orchard  WA      Moran Foods, Inc. d/b/a Save-A-Lot, Ltd.  1983    16,037    61    61 
     5/31/2015  24th St. West & St. John’s Ave.  Billings  MT      Safeway,  Inc.  1981    40,800    140    215 
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    229    229 
        18601 Alderwood Mall Blvd.  Lynnwood  WA      Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc.  / TRU 2005 RE I, LLC  1981/1993    43,105    211    211 
        4811 Wesley St.  Greenville  TX      Brookshire Grocery Company / Safeway, Inc.  1985    48,492    128    181 
        6910 South Memorial Hwy.  Tulsa  OK      Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.  1981    43,123    192    192 
2017    3/31/2017  1610 South Westmoreland Ave.  Dallas  TX      Malone’s Food Stores, Ltd.  1960    70,910    270    315 
     6/30/2017  1600 East 23rd St.  Chattanooga  TN      BI-LO, LLC  1983/1995    42,130    98    98 
     11/30/2017  205 Homer Rd.  Minden  LA      Brookshire Grocery Company (Safeway Stores, Inc.)  1981    35,000    145    193 
     12/31/2017  11411 North Kelly Ave.  Oklahoma City  OK      American Golf Corporation  1991/1996    13,924    40    27 
2018    2/26/2018  399 Peachwood Centre Dr.  Spartanburg  SC      Best Buy Co., Inc.  1996    45,800    296    296 
        4831 Whipple Ave., Northwest  Canton  OH      Best Buy Co., Inc.  1995    46,350    349    349 
     2/28/2018  291 Talbert Blvd.  Lexington  NC      Food Lion, LLC / Delhaize America, Inc.  1981    23,000    104    104 
        3211 West Beverly St.  Staunton  VA      Food Lion, LLC / Delhaize America, Inc.  1971    23,000    124    124 
     9/30/2018  835 Julian Ave.  Thomasville  NC      Mighty Dollar, LLC  1983    23,767    55    55 
     10/31/2018  10340 U.S. 19  Port Richey  FL      Kingswere Furniture, LLC  1980    53,820    260    260 
        130 Midland Ave.  Port Chester  NY      Pathmark Stores, Inc.  1982    59,000    314    892 
     12/31/2018  1150 West Carl Sandburg Dr.  Galesburg  IL      Kmart Corporation  1992    94,970    119    247 
        12080 Carmel Mountain Rd.  San Diego  CA      Kmart Corporation  1993    107,210    135    563 
        21082 Pioneer Plaza Dr.  Watertown  NY      Kmart Corporation  1993    120,727    199    362 
        255 Northgate Dr.  Manteca  CA      Kmart Corporation  1993    107,489    212    416 
        5350 Leavitt Rd.  Lorain  OH      Kmart Corporation  1993    193,193    300    548 
        97 Seneca Trail  Fairlea  WV      Kmart Corporation  1993/1999    90,933    140    260 
N/A    Vacant  101 West Buckingham Rd.  Garland  TX   18   (Available for Lease)  1982    59,300    190    190 
        1700 State Route 160  Port Orchard  WA      (Available for Lease)  1983    11,931    0    0 
        3451 Alta Mesa Blvd.  Fort Worth  TX   12/18   (Available for Lease)  1985    44,000    127    148 
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE          93.0% Leased       1,643,620   $4,971   $7,195 

 

21
 

    

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 
9/30/2012 ($000)
 (2)
   GAAP 
Base Rent 
as of 9/30/2012
($000) (3)
 
LONG-TERM LEASE PROPERTIES                              
2022  11/30/2022   4201 Marsh Ln.   Carrollton  TX    Carlson Restaurants Inc. (Carlson, Inc.)  Office  2003   130,000    1,445    1,399 
   12/31/2022   147 Milk St.   Boston  MA    Harvard Vanguard Medical Associates, Inc.  Office  1910   52,337    1,149    1,246 
2023  2/28/2023   2211 South 47th St.   Phoenix  AZ    Avnet, Inc.  Office  1997   176,402    1,806    1,620 
       US 221 & Hospital Rd.   Jefferson  NC    Food Lion, LLC / Delhaize America, Inc.  Retail  1981   34,555    55    70 
   3/31/2023   6555 Sierra Dr.   Irving  TX    TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)  Office  1999   247,254    2,293    2,214 
       8900 Freeport Pkwy.   Irving  TX  7  Nissan Motor Acceptance Corporation (Nissan North America, Inc.) / Pacific Union Financial, LLC.  Office  2003   268,445    2,278    2,548 
   12/14/2023   3333 Coyote Hill Rd.   Palo Alto  CA    Xerox Corporation  Office  1973/1975/1982   202,000    2,624    3,161 
2024  2/14/2024   1362 Celebration Blvd.   Florence  SC    MED3000, Inc.  Office  2012   32,000    322    359 
   10/26/2024   6277 Sea Harbor Dr.   Orlando  FL    Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation)  Office  1984   259,401    0    2,099 
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    1,009    1,009 
       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    1,266    1,266 
       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    508 
       4010 Airpark Dr.   Owensboro  KY    Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)  Industrial  1998/2001   211,598    906    906 
       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    403    403 
       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    2,129    2,129 
   7/14/2025   590 Ecology Ln.   Chester  SC    Owens Corning Sales, LLC  Industrial  2001/2005   420,597    182    138 
   7/31/2025   7005 Cochran Rd.   Glenwillow  OH    Royal Appliance Mfg. Co.  Industrial  1997   458,000    1,474    1,688 
   11/30/2025   11707 Miracle Hills Dr.   Omaha  NE    Infocrossing, Inc.  Office  1989/1995   85,200    875    875 
   12/31/2025   2005 East Technology Cir.   Tempe  AZ    Infocrossing, Inc.  Office  1998   60,000    846    846 
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    2,702    1,903 
   3/31/2026   459 Wingo Road   Byhalia  MS    Asics America Corporation (Asics Corporation)  Industrial  2011   513,734    1,932    2,203 
   6/30/2026   351 Chamber Drive   Chillicothe  OH    The Kitchen Collection, Inc.  Industrial  1995/1998   475,218    758    869 
   8/31/2026   25500 State Hwy. 249   Tomball  TX    Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin)  Specialty  2005   77,076    115    117 
   10/31/2026   5001 Greenwood Rd.   Shreveport  LA    Libbey Glass Inc. (Libbey Inc.)  Industrial  2006   646,000    1,518    1,624 
   11/30/2026   250 Rittenhouse Cir.   Bristol  PA    Northtec LLC (The Estée Lauder Companies Inc.)  Industrial  1983/1997   241,977    770    853 
       500 Kinetic Drive   Huntington  WV    AMZN WVCS LLC (Amazon.com, Inc.)  Office  2011   68,693    870    979 
   12/29/2026   5500 New Albany Road   Columbus  OH    Evans, Mechwart, Hambleton & Tilton, Inc.  Office  2005   104,807    1,140    1,303 
2027  4/30/2027   2424 Alpine Rd.   Eau Claire  WI    Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)  Industrial  1993/2004   159,000    89    84 
   6/30/2027   3902 Gene Field Rd   St. Joseph  MO    Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)  Office  2012   98,849    114    133 
   7/6/2027   2221 Schrock Road   Columbus  OH    MS Consultants, Inc.  Office  1999/2006   42,290    420    481 
   8/7/2027   25 Lakeview Drive   Jessup  PA    TMG Health, Inc.  Office  2012   150,000    283    370 
   8/31/2027   278 Norman Drive   Valdosta  GA    Gander Mountain Company  Retail  2012   52,000    83    92 
   10/31/2027   11201 Renner Blvd.   Lenexa  KS  18  United States of America  Office  2007   169,585    2,414    2,414 
2028  8/31/2028   9803 Edmonds Way   Edmonds  WA    Pudget Consumers Co-op d/b/a PCC Natural Markets  Retail  1981   35,459    452    452 
2029  1/31/2029   6226 West Sahara Ave.   Las Vegas  NV    Nevada Power Company  Office  1983/1994   282,000    6,053    3,190 
   12/31/2029   400 East Stone Ave.   Greenville  SC  9  Canal Insurance Company  Office  1948/1981/1982/1986/1991/2006/2008   128,041    709    0 
2031  5/31/2031   671 Washburn Switch Rd.   Shelby  NC    Clearwater Paper Corporation  Industrial  2011   673,518    1,619    1,950 
2032  4/30/2032   13930 Pike Road        Missouri City  TX    Vulcan Construction Materials, LP (Vulcan Materials Company)  Industrial  N/A   0    782    949 
N/A  Vacant   37101 Corporate Dr.   Farmington Hills  MI    (Available for Lease)  Office  2001   38,369    0    0 
       6277 Sea Harbor Dr.   Orlando  FL    (Available for Lease)  Office  1984   100,113    0    0 
LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE        98.4% Leased         8,754,094   $43,885   $44,450 

 

22
 

 

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 
9/30/2012 
($000) (2)
   GAAP 
Base Rent 
as of 
9/30/2012 
($000) (3)
   Debt
 Balance
 ($000)
 
MULTI-TENANT PROPERTIES (14)                                                
Various  Various  10 John St.  Clinton   CT    6   Multi-Tenant   1972    0    41,188    0%   0    0    0 
      100 Light St.  Baltimore   MD    13   Multi-Tenant   1973/2009    245,066    476,459    95%   8,951    11,490    55,000 
      140 East Shore Dr.  Glen Allen   VA       Multi-Tenant   2000    13,485    79,675    81%   772    689    19,002 
      13430 North Black Canyon Fwy.  Phoenix   AZ    11   Multi-Tenant   1981/1982/2005/2007/2009    16,723    138,940    100%   1,995    2,014    0 
      207 Mockingbird Ln.  Johnson City   TN       Multi-Tenant   1979    11,894    60,684    50%   482    482    0 
      2300 Litton Ln.  Hebron   KY    11   Multi-Tenant   1986/1996    9,789    80,441    95%   358    327    0 
      4200 Northcorp Pkway  Palm Beach Gardens   FL    11   Multi-Tenant   1996    15,676    95,065    20%   100    100    0 
      6050 Dana Way  Antioch   TN       Multi-Tenant   1999    14,953    672,629    70%   1,047    1,065    0 
      King St./1032 Fort St. Mall  Honolulu   HI    11 / 13   Multi-Tenant   1979/2002    47,192    318,451    95%   1,771    1,518    0 
      4000 Johns Creek Pkwy.  Suwanee   GA    18   Multi-Tenant   2001    4,203    87,219    0%   1,086    1,078    10,964 
      265 Lehigh Street  Allentown   PA       Multi-Tenant   1980    2,900    71,230    31%   10    10    0 
      17191 St. Luke's Way  The Woodlands   TX       Multi-Tenant   2004    7,900    41,000    33%   25    25    7,445 
      1275 Northwest 128th St.  Clive   IA    18   Multi-Tenant   2004    10,599    61,180    0%   66    66    5,290 
MULTI-TENANT TOTAL/WEIGHTED AVERAGE           71.5% Leased             2,224,161        $16,663   $18,864   $97,701 
                                                          
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE          97.5% Leased             41,087,227        $223,931   $226,404    

 

Footnotes

1Square foot leased or vacant.
2Nine months ended 9/30/2012 cash rent.
3Nine months ended 9/30/2012 GAAP base rent.
4Lexington has an 80.5% interest in this property.
5Lease extended to 7/1/2018 subsequent to 9/30/2012.
6Lexington has a 71.1% interest in this property.
7Pacific Union Financial, LLC lease for 43,396 square feet expires 03/2018.
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 $743 income is included in non-operating income.
10Represents GAAP capitalized costs.
11Property is collateral for secured credit facility and term loan.
12Subsequent to 9/30/2012, property sold.
13Includes parking operations.
14The multi-tenanted properties incurred approximately $7.8 million in operating expenses, net for the nine months ended 9/30/2012.
15Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.
16Tenant to vacate 78,895 square feet in 01/2013 and occupy 78,895 square feet through 01/2018.
17Lease extended to 5/31/2020 subsequent to 9/30/2012.
18Cash and GAAP rent amounts represent/include prior tenant.
19Lease extended to 10/31/2018 subsequent to 9/30/2012.
20Lease extended to 3/14/2025 subsequent to 9/30/2012.

 

23
 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule by Property Type - Cash Basis

9/30/2012

 

   Office   Industrial   Retail/Specialty 
Year  Net
Rentable
Area
   Cash Rent
as of
9/30/2012
($000)
   Annual
Rent
PSF (2)
   Net
Rentable
Area
   Cash Rent
as of
9/30/2012
($000)
   Annual
Rent
PSF (2)
   Net
Rentable
Area
   Cash Rent
as of
9/30/2012
($000)
   Annual
Rent
PSF (2)
 
2012   222,169   $2,457   $14.75    308,710   $523   $2.26    -   $-   $- 
2013   840,303   $6,847   $12.49    886,798   $1,394   $2.83    112,010   $394   $4.69 
2014   2,497,217   $25,102   $16.45    927,014   $1,156   $2.39    30,757   $139   $6.03 
2015   1,922,343   $21,915   $14.82    2,377,690   $4,749   $3.21    56,837   $201   $4.72 
2016   1,017,000   $6,289   $12.09    2,255,478   $5,968   $4.02    177,562   $760   $5.71 
2017   512,639   $6,047   $15.73    2,987,744   $7,875   $4.26    161,964   $553   $7.16 
2018   1,609,705   $15,697   $13.85    1,240,791   $1,792   $2.47    989,259   $2,607   $4.05 
2019   2,453,398   $20,174   $13.18    1,621,875   $3,041   $2.50    -   $-   $- 
2020   670,640   $5,184   $15.59    1,249,216   $4,720   $5.89    -   $-   $- 
2021   904,802   $11,425   $16.84    1,402,257   $2,822   $3.97    -   $-   $- 
2022 - Q1 - Q3   223,736   $1,099   $18.07    257,849   $330   $4.83    -   $-   $- 
Thereafter   2,604,368   $25,641   $14.36    5,768,758   $17,539   $4.52    199,090   $705   $14.41 
Total/Weighted Average (1)   15,478,320   $147,877   $14.57    21,284,180   $51,909   $3.86    1,727,479   $5,359   $5.81 

 

Footnotes

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

(2) For properties acquired 9/1/2012, cash rents annualized.

 

24
 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule - GAAP Basis

9/30/2012

 

Year  Number of
Leases
Expiring
   GAAP Base
Rent as of 9/30/2012
 ($000)
   Percent of
GAAP Base Rent
as of
9/30/2012
 
2012   5   $2,719    1.3%
2013   17   $8,535    4.2%
2014   31   $26,444    12.9%
2015   22   $23,635    11.5%
2016   18   $13,699    6.7%
2017   17   $14,310    7.0%
2018   29   $21,752    10.6%
2019   14   $23,760    11.6%
2020   11   $10,199    5.0%
2021   10   $14,406    7.0%
2022 - Q1 - Q3   4   $1,487    0.7%
Thereafter   38   $44,450    21.6%
                
Total (1)   216   $205,396    100.0%

 

Footnotes

 

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

 

25
 

 

LEXINGTON REALTY TRUST

Mortgage Loans Receivable

9/30/2012

 

                      Current         
                      Estimated         
                      Annual        
Collateral   Loan Balance   Interest   Maturity   Debt Service   Balloon Payment   Escrow Balance 
   City    State   ($000)(1)(7)   Rate   Date   ($000)(2)   ($000)   ($000) 
Office  Schaumburg (3)   IL   $21,942    20.00%   01/2012   $-   $21,942   $307 
   Southfield   MI   $7,544    4.55%   02/2015   $1,282   $5,810   $- 
   Westmont (4)   IL   $26,983    6.45%   10/2015   $2,090   $25,731   $5,501 
Industrial  New Kingstown (5)   PA   $3,086    7.78%   01/2013   $-   $3,086   $668 
Retail  Austin   TX   $1,958    16.00%   10/2018   $-   $5,104   $- 
   Various   Various   $1,320    8.00%   02/2021   $219   $-   $- 
   Various   Various   $700    8.00%   12/2021   $111   $-   $- 
   Various   Various   $844    8.00%   03/2022   $127   $-   $- 
Charter School  Homestead (6)   FL   $8,094    7.50%   08/2014   $606   $8,000   $- 
   Total Mortgage Loans Receivable       $72,471             $4,435   $69,673   $6,476 

 

Footnotes

(1) Includes accrued interest receivable and net origination fees.

(2) Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months.

(3) Interest only payments to the extent of operating cash flow of underlying asset. Borrower currently in default and Lexington has commenced foreclosure.

(4) Escrow balance includes $2,721 in a collateral escrow account maintained by the borrower and $2,500 letter of credit held by Lexington.

(5) Borrower currently in default and Lexington has commenced foreclosure.

(6) Lexington is committed to lend an additional $30 thousand.

(7) Excludes a $371 joint venture partner loan receivable acquired in the NLS transaction. Amount satisfied in full subsequent to 9/30/2012.

 

26
 

 

 

LEXINGTON REALTY TRUST

2012 Third Quarter Financing Summary

 

DEBT RETIRED

 

      Face
($000)
   Satisfaction
($000)
   Rate   Due Date
 1  San Antonio, TX  $26,128   $26,128    6.080%  10/2012
 2  Plymouth, MI (1)  $10,093   $10,093    5.964%  12/2012
 3  Centennial, CO (1)  $13,696   $13,696    5.724%  02/2013
 4  The Woodlands, TX  $16,115   $16,115    8.036%  09/2015
 5  Sugar Land, TX  $9,043   $9,043    6.250%  09/2015
    TOTAL  $75,075   $75,075         

 

CORPORATE LEVEL FINANCING

 

      Face ($000)   Rate   Maturity     
 1  Term Loan Draw  $9,000    3.360%  01/2019     
    TOTAL  $9,000               

 

Footnotes

(1) Imputed interest rate.

 

27
 

 

LEXINGTON REALTY TRUST

Debt Maturity Schedule

9/30/2012

($000)

 

Consolidated Properties
Year  Real Estate
Scheduled
 Amortization
   Real Estate
Balloon Payments
   Corporate Debt 
2012  $4,870   $33,870   $- 
2013  $33,119   $238,022   $22,450(1)
2014  $27,840   $256,194   $35,000(1)
2015  $19,944   $289,055   $93,000(2)
2016  $13,561   $148,595   $- 
   $99,334   $965,736   $150,450 

 

Non-Consolidated Investments - LXP Proportionate Share
Year  Real Estate
Scheduled
 Amortization
   Real Estate
Balloon Payments
 
2012  $313   $- 
2013  $1,327   $- 
2014  $1,458   $- 
2015  $1,535   $5,469 
2016  $1,402   $- 
   $6,035   $5,469 

 

Footnotes

(1) Net Lease Strategic Assets Fund credit facility - amounts fully satisfied subsequent to 9/30/2012.

(2) Maturity date can be extended to 01/2016 at Lexington's option. Amount fully satisfied subsequent to 9/30/2012.

 

28
 

 

LEXINGTON REALTY TRUST

2012 Mortgage Maturities by Property Type

9/30/2012

 

   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
9/30/2012
($000)
   GAAP
Base Rent
as of
9/30/2012
($000)
 
Office  4455 American Way (2)  Baton Rouge  LA   70,100   $5,943   10/2012  10/2017  $13,868   $886   $835 
   1110 Bayfield Dr.  Colorado Springs  CO   166,575   $10,272   12/2012  11/2013  $19,579   $1,223   $1,200 
   37101 Corporate Dr.  Farmington Hills  MI   128,829   $17,655   12/2012  06/2025  $12,968   $-   $508 
                                         
   Total 2012 Mortgage Maturities         365,504   $33,870         $46,415   $2,109   $2,543 

 

Footnotes

(1) Represents GAAP capitalized costs as of September 30, 2012.

(2) Amount satisfied subsequent to September 30, 2012.

 

29
 

 

LEXINGTON REALTY TRUST

2013 Mortgage Maturities by Property Type

9/30/2012

  

   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
9/30/2012
($000)
   GAAP
Base Rent
as of
9/30/2012
($000)
 
Office  3476 Stateview Blvd. (2)  Fort Mill  SC   169,083   $9,904   01/2013  05/2014  $18,095   $2,023   $1,901 
   70 Mechanic St. (3)  Foxboro  MA   251,914   $-   01/2013  06/2014  $13,200   $3,256   $1,840 
   12600 Gateway Blvd.  Fort Meyers  FL   62,400   $8,550   05/2013  01/2013  $3,304   $869   $819 
   8555 South River Pkwy. (3)  Tempe  AZ   95,133   $12,144   05/2013  06/2022  $15,100   $1,766   $1,766 
   200 Executive Blvd. South  Southington  CT   153,364   $12,228   05/2013  12/2012  $26,737   $1,259   $1,218 
   275 South Valencia Ave.  Brea  CA   637,503   $73,071   05/2013  06/2019  $118,929   $6,268   $6,408 
   5757 Decatur Blvd.  Indianapolis  IN   89,956   $8,580   05/2013  2012/2018  $15,299   $974   $1,032 
   810 & 820 Gears Rd.  Houston  TX   157,790   $15,737   05/2013  2013/2018  $26,829   $1,722   $1,676 
   8900 Freeport Pkwy.  Irving  TX   268,445   $36,466   05/2013  03/2023  $60,587   $2,278   $2,548 
   6303 Barfield Rd./859 Mount Vernon Hwy.  Atlanta  GA   289,000   $40,356   05/2013  Various  $76,766   $4,772   $3,422 
   2401 Cherahala Blvd. (3)  Knoxville  TN   59,748   $4,496   09/2013  05/2013  $8,400   $675   $675 
   2211 South 47th St.  Phoenix  AZ   176,402   $16,490   09/2013  02/2023  $24,631   $1,806   $1,620 
                                         
   Total 2013 Mortgage Maturities         2,410,738   $238,022         $407,877   $27,668   $24,925 

 

Footnotes

(1) Represents GAAP capitalized costs as of September 30, 2012.

(2) Amount satisfied subsequent to September 30, 2012.

(3) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.

 

30
 

 

LEXINGTON REALTY TRUST

2014 Mortgage Maturities by Property Type

9/30/2012

 

   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
9/30/2012
($000)
   GAAP
Base Rent
as of
9/30/2012
($000)
 
Office &  33 Commercial St.  Foxboro  MA   164,689   $-   01/2014  06/2015  $29,238   $3,631   $2,723 
Multi-Tenant  1401 & 1501 Nolan Ryan Pkwy. (3)  Arlington  TX   236,547   $18,642   02/2014  01/2014  $28,303   $2,042   $2,042 
   2999 Southwest 6th St. (3)  Redmond  OR   77,484   $8,484   04/2014  01/2019  $14,100   $1,157   $1,101 
   1275 Northwest 128th St.  Clive  IA   61,180   $5,151   05/2014  Vacant  $10,599   $66   $66 
   3480 Stateview Blvd.  Fort Mill  SC   169,218   $18,311   05/2014  05/2014  $29,174   $2,746   $2,588 
   1701 Market St. (2)  Philadelphia  PA   304,037   $43,520   07/2014  Various  $72,728   $5,355   $5,237 
   10300 Kincaid Dr.  Fishers  IN   193,000   $10,466   08/2014  01/2020  $28,361   $2,533   $2,568 
   3965 Airways Blvd.  Memphis  TN   521,286   $47,270   09/2014  06/2019  $116,410   $5,139   $5,260 
   500 Jackson St.  Columbus  IN   390,100   $26,399   09/2014  07/2019  $53,821   $3,347   $3,405 
   6226 West Sahara Ave.  Las Vegas  NV   282,000   $32,118   09/2014  01/2029  $64,735   $6,053   $3,190 
   22011 Southeast 51st St./5150 220th Ave.  Issaquah  WA   202,544   $30,388   12/2014  12/2014  $51,306   $3,402   $3,113 
   275 Technology Dr.  Canonsburg  PA   107,872   $9,095   12/2014  12/2014  $15,739   $1,072   $1,033 
Industrial  2415 US Hwy. 78 East  Moody  AL   595,346   $6,350   01/2014  01/2014  $11,575   $790   $790 
                                         
   Total 2014 Mortgage Maturities         3,305,303   $256,194         $526,089   $37,333   $33,116 

 

Footnotes

(1) Represents GAAP capitalized costs as of September 30, 2012.

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

(3) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.

 

31
 

 

LEXINGTON REALTY TRUST

2015 Mortgage Maturities by Property Type

9/30/2012

 

   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
9/30/2012
($000)
   GAAP
Base Rent
as of
9/30/2012
($000)
 
Office &  101 East Erie St.  Chicago  IL   230,704   $29,900   01/2015  03/2014  $56,548   $3,102   $3,755 
Multi-Tenant  400 East Stone Ave. (2)  Greenville  SC   128,041   $9,000   01/2015  12/2029  $10,674   $709   $- 
   4201 Marsh Ln.  Carrollton  TX   130,000   $12,022   01/2015  11/2022  $22,146   $1,445   $1,399 
   13775 McLearen Rd.  Herndon  VA   125,293   $10,359   04/2015  04/2015  $25,443   $1,663   $1,603 
   10475 Crosspoint Blvd.  Indianapolis  IN   141,047   $11,205   05/2015  10/2019  $22,570   $1,670   $1,751 
   100, 120, 140 East Shore Dr.  Glen Allen  VA   224,838   $18,321   05/2015  Various  $38,053   $2,018   $2,109 
   1311 Broadfield Blvd.  Houston  TX   155,040   $14,431   05/2015  03/2021  $29,999   $1,744   $1,967 
   1409 Centerpoint Blvd.  Knoxville  TN   84,404   $6,658   05/2015  10/2014  $12,604   $1,297   $1,216 
   2550 Interstate Dr.  Harrisburg  PA   81,859   $7,792   05/2015  12/2013  $15,255   $1,458   $1,403 
   2706 Media Center Dr.  Los Angeles  CA   83,252   $9,760   05/2015  Various  $18,070   $1,323   $1,103 
   2800 Waterford Lake Dr.  Midlothian  VA   99,057   $9,055   05/2015  12/2021  $15,845   $1,548   $1,605 
   333 Mt. Hope Ave.  Rockaway  NJ   95,500   $14,900   05/2015  09/2014  $29,295   $1,683   $1,592 
   4000 Johns Creek Pkwy.  Suwanee  GA   87,219   $10,502   05/2015  Vacant  $4,203   $1,086   $1,078 
   6200 Northwest Pkwy.  San Antonio  TX   142,500   $11,167   05/2015  11/2017  $20,813   $1,336   $1,400 
   16676 Northchase Dr.  Houston  TX   101,111   $11,282   05/2015  07/2014  $19,369   $1,257   $1,220 
   2500 Patrick Henry Pkwy. (3)  McDonough  GA   111,911   $11,349   06/2015  06/2015  $16,000   $1,162   $1,033 
   3711 San Gabriel (3)  Mission  TX   75,016   $5,371   06/2015  06/2015  $7,600   $788   $632 
   4001 International Pkwy.  Carrollton  TX   138,443   $18,710   07/2015  07/2015  $30,859   $2,405   $2,396 
   2529 West Thorne Dr. (3)  Houston  TX   65,500   $2,203   09/2015  09/2015  $5,400   $929   $489 
   10001 Richmond Ave.  Houston  TX   554,385   $18,161   09/2015  09/2015  $73,343   $8,163   $5,531 
Industrial  324 Industrial Park Rd. (3)  Franklin  NC   72,868   $-   04/2015  12/2014  $2,300   $342   $203 
   6938 Elm Valley Dr. (3)  Kalamazoo  MI   150,945   $15,087   05/2015  10/2021  $21,970   $1,520   $1,310 
   10000 Business Blvd.  Dry Ridge  KY   336,350   $4,277   07/2015  06/2025  $15,227   $1,009   $1,009 
   301 Bill Bryan Rd.  Hopkinsville  KY   424,904   $7,862   07/2015  06/2025  $19,066   $1,266   $1,266 
   4010 Airpark Dr.  Owensboro  KY   211,598   $3,746   07/2015  06/2025  $13,598   $906   $906 
   730 North Black Branch Rd.  Elizabethtown  KY   167,770   $2,533   07/2015  06/2025  $6,055   $403   $403 
   750 North Black Branch Rd.  Elizabethtown  KY   539,592   $13,402   07/2015  06/2025  $32,222   $2,129   $2,129 
                                         
   Total 2015 Mortgage Maturities         4,759,147   $289,055         $584,527   $44,361   $40,508 

 

Footnotes

(1) Represents GAAP capitalized costs as of September 30, 2012.

(2) Property is classified as a capital lease for GAAP, accordingly $743 of GAAP income is included in non-operating income.

(3) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.

 

32
 

 

LEXINGTON REALTY TRUST

2016 Mortgage Maturities by Property Type

9/30/2012

 

   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
9/30/2012
($000)
   GAAP
Base Rent
as of
9/30/2012
($000)
 
Office  1600 Eberhardt Rd. (2)  Temple  TX   108,800   $7,463   01/2016  01/2016  $12,161   $1,256   $1,010 
   700 US Hwy. Route 202-206  Bridgewater  NJ   115,558   $13,825   03/2016  10/2014  $31,662   $1,526   $1,928 
   11707 Miracle Hills Dr  Omaha  NE   85,200   $7,560   04/2016  11/2025  $13,853   $875   $875 
   1400 Northeast McWilliams Rd. (2)  Bremerton  WA   60,200   $5,479   04/2016  07/2016  $9,906   $911   $911 
   2005 East Technology Circle  Tempe  AZ   60,000   $7,140   04/2016  12/2025  $12,199   $846   $846 
   850-950 Warrenville Rd  Lisle  IL   99,414   $9,377   06/2016  2014/2019  $17,388   $1,157   $1,277 
   11511 Luna Rd  Farmers Branch  TX   180,507   $18,363   07/2016  04/2016  $29,984   $1,738   $2,391 
   180 South Clinton St  Rochester  NY   226,000   $16,765   08/2016  12/2014  $30,880   $2,226   $2,220 
Industrial  459 Wingo Road  Byhalia  MS   513,734   $15,000   06/2016  03/2026  $27,492   $1,932   $2,203 
   2203 Sherrill Dr  Statesville  NC   639,800   $12,574   08/2016  12/2017  $21,266   $1,341   $1,386 
   3686 S. Central Ave. / 749 Southrock Dr  Rockford  IL   240,000   $6,153   08/2016  2014/2015  $10,919   $660   $602 
   2935 Van Vactor Dr. (2)  Plymouth  IN   300,500   $5,723   09/2016  06/2015  $9,200   $611   $611 
   7005 Cochran Road  Glenwillow  OH   458,000   $15,132   09/2016  07/2025  $28,665   $1,474   $1,688 
Specialty  25500 State Hwy. 249 (2)  Tomball  TX   77,076   $8,041   11/2016  08/2026  $15,776   $1,017   $1,053 
                                         
   Total 2016 Mortgage Maturities         3,164,789   $148,595         $271,351   $17,570   $19,001 

 

Footnotes

(1) Represents GAAP capitalized cost at September 30, 2012.

(2) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.

 

33
 

 

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

9/30/2012

 

Property  Footnotes  Debt
Balance
($000)
   Interest
Rate
(%)
   Maturity (a)  Current
Estimated
Annual Debt
Service
($000) (d)
   Balloon
Payment
($000)
 
Baton Rouge, LA  (b)(p)  $5,958    5.333%  10/2012  $24   $5,943 
Farmington Hills, MI  (b)(q)   17,687    7.420%  12/2012   359    17,655 
Colorado Springs, CO  (b)   10,316    5.996%  12/2012   201    10,272 
Fort Mill, SC  (p)   9,943    6.000%  01/2013   191    9,904 
Foxboro, MA      2,578    7.670%  01/2013   2,677    - 
Tempe, AZ      12,273    5.148%  05/2013   499    12,144 
Brea, CA  (b)   73,718    5.734%  05/2013   3,452    73,071 
Atlanta, GA      40,847    5.268%  05/2013   1,929    40,356 
Irving, TX  (b)   36,859    5.452%  05/2013   1,735    36,466 
Houston, TX      15,930    5.218%  05/2013   749    15,737 
Southington, CT      12,383    5.018%  05/2013   570    12,228 
Indianapolis, IN      8,686    5.168%  05/2013   406    8,580 
Fort Meyers, FL      8,629    5.268%  05/2013   383    8,550 
Phoenix, AZ      16,890    6.270%  09/2013   1,358    16,490 
Knoxville, TN      4,586    5.950%  09/2013   341    4,496 
Foxboro, MA  (b)   5,719    6.000%  01/2014   3,270    - 
Moody, AL      6,559    4.978%  01/2014   493    6,350 
Arlington, TX      20,073    5.810%  02/2014   1,551    18,642 
Redmond, OR      8,793    5.616%  04/2014   697    8,484 
Clive, IA  (r)   5,290    5.139%  05/2014   387    5,151 
Fort Mill, SC      18,857    5.373%  05/2014   1,364    18,311 
Philadelphia, PA  (e)   45,104    5.060%  07/2014   3,178    43,520 
Fishers, IN      10,927    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    31,428 
Memphis, TN  (i)   46,253    6.150%  09/2014   2,884    46,253 
Columbus, IN  (i)   588    7.500%  09/2014   54    568 
Las Vegas, NV  (i)   716    7.500%  09/2014   66    690 
Memphis, TN  (i)   1,054    7.500%  09/2014   97    1,017 
Issaquah, WA  (b)   31,136    5.665%  12/2014   2,113    30,388 
Canonsburg, PA  (b)   9,086    5.426%  12/2014   489    9,095 
Chicago, IL  (b)   29,548    5.639%  01/2015   1,548    29,900 
Greenville, SC      9,000    5.500%  01/2015   495    9,000 
Carrollton, TX      12,714    5.530%  01/2015   993    12,022 
Herndon, VA  (b)   10,967    5.885%  04/2015   888    10,359 
Franklin, NC      607    8.500%  04/2015   271    - 
Kalamazoo, MI      16,628    5.411%  05/2015   1,189    15,087 
Glen Allen, VA  (b)   19,002    5.377%  05/2015   1,292    18,321 
Houston, TX      15,298    5.160%  05/2015   1,114    14,431 
Rockaway, NJ      14,900    5.292%  05/2015   799    14,900 
Houston, TX      11,955    5.210%  05/2015   874    11,282 
Indianapolis, IN      11,878    5.160%  05/2015   865    11,205 
San Antonio, TX      11,798    5.340%  05/2015   875    11,167 
Suwanee, GA  (r)   10,964    5.260%  05/2015   751    10,502 
Los Angeles, CA      10,334    5.110%  05/2015   750    9,760 
Richmond, VA      9,586    5.310%  05/2015   708    9,055 

 

34
 

  

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

9/30/2012

 

Property  Footnotes  Debt 
Balance 
($000)
   Interest 
Rate 
(%)
   Maturity (a)  Current
Estimated
Annual Debt
Service
($000) (d)
   Balloon
Payment
($000)
 
Harrisburg, PA      8,264    5.110%  05/2015   599    7,792 
Knoxville, TN      7,049    5.310%  05/2015   520    6,658 
McDonough, GA      11,937    5.212%  06/2015   836    11,349 
Mission, TX      5,734    5.783%  06/2015   462    5,371 
Carrollton, TX  (b)   19,457    5.725%  07/2015   1,382    18,710 
Elizabethtown, KY  (j)   14,299    4.990%  07/2015   1,048    13,402 
Hopkinsville, KY      8,388    4.990%  07/2015   615    7,862 
Dry Ridge, KY  (n)   4,563    4.990%  07/2015   335    4,277 
Owensboro, KY  (n)   3,996    4.990%  07/2015   293    3,746 
Elizabethtown, KY  (j)   2,702    4.990%  07/2015   198    2,533 
Houston, TX  (b)   35,811    6.250%  09/2015   8,159    18,161 
Houston, TX      4,076    8.036%  09/2015   950    2,203 
Temple, TX      8,720    6.090%  01/2016   668    7,463 
Bridgewater, NJ      14,539    5.732%  03/2016   1,035    13,825 
Omaha, NE      8,151    5.610%  04/2016   621    7,560 
Bremerton, WA      6,562    6.090%  04/2016   494    5,479 
Tempe, AZ      7,698    5.610%  04/2016   586    7,140 
Byhalia, MS      15,000    4.710%  06/2016   707    15,000 
Lisle, IL      9,945    6.500%  06/2016   793    9,377 
Farmers Branch, TX  (b)   18,463    5.939%  07/2016   1,136    18,363 
Rochester, NY  (f)   17,879    6.210%  08/2016   1,383    16,765 
Statesville, NC  (f)   13,409    6.210%  08/2016   1,037    12,574 
Rockford, IL  (f)   6,562    6.210%  08/2016   508    6,153 
Glenwillow, OH      16,171    6.130%  09/2016   1,240    15,132 
Plymouth, IN      6,164    6.315%  09/2016   497    5,723 
Tomball, TX      9,552    6.063%  11/2016   683    8,041 
Memphis, TN      3,756    5.710%  01/2017   275    3,484 
Huntington, WV      6,500    4.150%  02/2017   270    6,500 
Orlando, FL      9,905    5.722%  02/2017   696    9,309 
Dubuque, IA      9,775    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   1,574    21,651 
Lorain, OH  (b)   1,225    7.750%  07/2018   108    - 
Manteca, CA  (b)   866    7.750%  07/2018   77    - 
Watertown, NY  (b)   814    7.750%  07/2018   72    - 
Lewisburg, WV  (b)   572    7.750%  07/2018   51    - 
San Diego, CA  (b)   552    7.750%  07/2018   49    - 
Galesburg, IL  (b)   486    7.750%  07/2018   43    - 
Erwin, NY      9,177    5.910%  10/2018   728    6,637 
Boston, MA      13,025    6.100%  12/2018   996    11,520 
North Berwick, ME      8,981    3.560%  04/2019   1,532    - 
Overland Park, KS  (b)   35,959    5.891%  05/2019   2,657    31,867 
Kansas City, MO  (b)   17,149    5.883%  05/2019   1,268    15,182 
Meridian, ID      10,650    6.010%  08/2019   753    7,675 
Streetsboro, OH  (b)   18,564    5.749%  09/2019   1,344    16,338 
The Woodlands, TX  (r)   7,445    6.507%  11/2019   563    6,692 
Lenexa, KS      10,683    6.270%  12/2019   774    7,770 
Boca Raton, FL      20,370    6.470%  02/2020   1,542    18,414 

 

35
 

 

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

9/30/2012

 

Property  Footnotes  Debt 
Balance 
($000)
   Interest 
Rate 
(%)
   Maturity (a)   Current
Estimated
Annual Debt
Service
($000) (d)
   Balloon
Payment
($000)
 
Oakland, ME      9,476    5.930%   10/2020    750    7,660 
Lavonia, GA      8,593    5.460%   12/2020    741    5,895 
Wall, NJ  (b)   23,706    6.250%   01/2021    3,312    - 
Sugar Land, TX      9,712    5.640%   01/2021    692    7,025 
Charleston, SC      7,350    5.850%   02/2021    436    6,632 
Whippany, NJ      15,074    6.298%   11/2021    1,344    10,400 
Baltimore, MD      55,000    4.320%   06/2023    2,376    47,676 
Chester, SC      10,675    5.380%   08/2025    1,144    362 
Subtotal/Wtg. Avg./Years Remaining (l)     $1,393,007    5.670%   3.4   $104,213   $1,242,150 
                             
Corporate                            
Revolving Credit Facility  (h)(p)  $57,450    2.483%   2013/2014   $1,446   $57,450 
Revolving Credit Facility  (k) (m)(p)   93,000    2.102%   01/2015    1,982    93,000 
Term Loan  (k)   215,000    3.741%   01/2019    8,155    215,000 
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)     $609,570    4.447%   8.7   $27,268   $609,570 
Total/Wtg. Avg./Years Remaining (l)     $2,002,577    5.298%   5.0   $131,481   $1,851,720 

 

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 $8,398 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)Collateralized by 17 properties and interest of LIBOR plus 225 bps, subject to adjustment.
(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)Debt satisfied subsequent to 9/30/2012.
(q)Loan is in hyper-amortization.
(r)Debt service payments have been suspended.

 

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LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

9/30/2012

 

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  $14,277   $5,710    5.240%   05/2015   $976   $13,673   $5,469 
One Summit   11,246    3,375    9.375%   10/2016    3,344    -    - 
One Summit   7,512    2,254    10.625%   11/2016    2,239    -    - 
Rehab Humble Lessee   15,186    2,278    4.700%   05/2017    950    13,982    2,097 
Total/Wtg. Avg. (1)/Years Remaining (2)  $48,221   $13,617    7.07%   3.5   $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

Partnership Interests

Nine months ended September 30, 2012

($000)

 

Noncontrolling Interest Properties - Partners' Proportionate Share (1)     
      
EBITDA  $426 
Interest expense  $402 
Depreciation and amortization  $621 
      
Non-Consolidated Net Leased Real Estate - Lexington's Share (2)     
      
EBITDA  $19,008 
Interest expense  $1,954 

 

Footnotes

(1)Excludes discontinued operations and OP unit noncontrolling interests.
(2)Includes NLS through 8/31/2012.

 

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LEXINGTON REALTY TRUST

Selected Balance Sheet and Income Statement Account Data

9/30/2012

($000)

 

Balance Sheet     
      
Other assets  $27,835 
      
The components of other assets are:     
      
Deposits  $185 
Investments- capital lease   10,674 
Equipment   572 
Prepaids   4,546 
Other receivables   657 
Deferred tax asset   727 
Deferred lease incentives   10,335 
Other   139 
      
Accounts payable and other liabilities  $74,003 
      
The components of accounts payable and other liabilities are:     
      
Accounts payable and accrued expenses  $16,408 
CIP accruals and other   26,128 
Taxes   480 
Deferred lease and loan costs   7,007 
Subordinated notes   2,395 
Deposits   1,691 
Escrows   1,415 
Sale/leaseback financing obligation   4,750 
Transaction / build-to-suit costs   5,115 
Guarantee obligation   1,500 
Interest rate swap derivative liability   7,114 
      
Income Statement - Nine months ended September 30, 2012     
      
Non-cash interest expense, net  $885 

 

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LEXINGTON REALTY TRUST

Select Credit Metrics

 

   9/30/2011   9/30/2012   Adjusted
9/30/2012 (1)
 
             
Company FFO Payout Ratio   48.6%   54.8%   55.6%
                
Non-mortgaged Assets  $1.14 billion   $1.57 billion   $1.57 billion 
                
Debt + Preferred / Gross Assets   50.4%   50.2%   46.4%
                
Debt/Gross Assets   42.3%   44.6%   40.8%
                
Secured Debt / Gross Assets   35.0%   39.2%   35.9%
                
Net Debt / EBITDA   5.7 times    6.7 times    5.6 times 
                
Net Debt + Preferred / EBITDA   6.8  times    7.5 times    6.4 times 
                
Credit Line Availability  $295.9 million   $203.3 million   $296.3 million 
                
Development / Gross Assets   0.8%   1.8%   1.8%
                
EBITDA / Revenue   77.7%   78.6%   79.7%
                
EBITDA / PrefDiv + Interest Expense   2.3 times    2.4 times    2.5 times 
                
JV + Advisory Income / Revenues   7.9%   5.7%   0.6%

 

Footnotes

(1) September 30, 2012 credit metrics adjusted to reflect impact of (i) 17.25 million common share issuance in 4Q 12, (ii) repayment of debt with offering proceeds, (iii) conversion of $20.4 million of 6.00% Convertible Guaranteed Notes due 2030, which occurred in 4Q 12 and (iv) the NLS acquisition as if it occurred at the beginning of the period presented.

 

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LEXINGTON REALTY TRUST

Revenue and Same-Store NOI Data

9/30/2012

($000)

 

Base Rent Estimates for Current Assets

 

Year  Cash  (1)   GAAP  (1) 
2012 - remaining  $78,323   $85,732 
2013  $327,843   $336,631 
2014  $310,861   $309,527 
2015  $266,976   $264,396 
2016  $232,751   $229,534 

 

Other Revenue Data

 

Asset Class  GAAP 
Base Rent 
as of 
9/30/12 (2)
   Percentage 
Office  $121,617    53.7%
Long-term leases  $44,450    19.6%
Industrial  $34,278    15.2%
Multi-tenant  $18,864    8.3%
Retail/Specialty  $7,195    3.2%
   $226,404    100.0%
           
Credit Ratings (3)          
Investment Grade  $111,009    49.0%
Non-Investment Grade  $35,120    15.5%
Unrated  $80,275    35.5%
   $226,404    100.0%

 

Same-Store NOI  (4)(5)  Nine months ended September 30 
   2012   2011 
Total Base Rent  $209,080   $208,805 
Tenant Reimbursements and Other   22,066    23,673 
Property Operating Expenses   (45,020)   (44,299)
Same-Store NOI  $186,126   $188,179 
           
Change in Same-Store NOI   (1.1)%     

 

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 after 9/30/2012.
(2)Nine months ended 9/30/2012 GAAP base rent recognized for consolidated properties owned as of 9/30/2012.
(3)Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated.
(4)NOI is on cash basis.
(5)Excludes properties acquired and sold in 2011 and the nine months ended 9/30/2012.

 

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LEXINGTON REALTY TRUST

Top 20 Markets

9/30/2012

 

   Core Based Statistical Area (2)  Percent of
GAAP Base
Rent as of
9/30/12  (1)
 
1  Dallas-Fort Worth-Arlington, TX   8.4%
2  Memphis, TN-MS-AR   5.2%
3  Houston-Sugar Land-Baytown, TX   5.1%
4  Baltimore-Towson, MD   5.1%
5  New York-Northern New Jersey-Long Island, NY-NJ-PA   3.8%
6  Los Angeles-Long Beach-Santa Ana, CA   3.7%
7  Orlando-Kissimmee, FL   3.6%
8  Kansas City, MO-KS   3.4%
9  Atlanta-Sandy Springs-Marietta, GA   3.2%
10  Philadelphia-Camden-Wilmington, PA-NJ-DE-MD   2.7%
11  Boston-Cambridge-Quincy, MA-NH   2.7%
12  Columbus, OH   2.5%
13  Indianapolis-Carmel, IN   2.4%
14  Chicago-Naperville-Joliet, IL-IN-WI   2.2%
15  Phoenix-Mesa-Scottsdale, AZ   2.1%
16  Charlotte-Gastonia-Concord, NC-SC   2.0%
17  Detroit-Warren-Livonia, MI   2.0%
18  Washington-Arlington-Alexandria, DC-VA-MD-WV   1.8%
19  San Antonio, TX   1.8%
20  Seattle-Tacoma-Bellevue, WA   1.7%
   Total Top 20 Markets (3)   65.4%

 

Footnotes

(1)Nine months ended 9/30/2012 GAAP base rent recognized for consolidated properties owned as of 9/30/2012.
(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.

 

42
 

 

LEXINGTON REALTY TRUST

Tenant Industry Diversification

9/30/2012

 

Industry Category  Percent of 
GAAP Base 
Rent as of 
9/30/2012 (1) (2)
 
Finance/Insurance   15.3%
Technology   9.7%
Energy   9.5%
Automotive   8.6%
Consumer Products   8.4%
Service   8.1%
Transportation/Logistics   6.3%
Food   5.3%
Healthcare   5.2%
Media/Advertising   3.7%
Telecommunications   3.5%
Construction/Materials   3.2%
Printing/Production   2.9%
Aerospace/Defense   2.6%
Apparel   2.0%
Retail Department   1.7%
Retail Specialty   1.4%
Education   1.2%
Real Estate   1.2%
Retail Electronics   0.3%
    100.0%

 

Footnotes

(1)Nine months ended 9/30/2012 GAAP base rent recognized for consolidated properties owned as of 9/30/2012.
(2)Total shown may differ from detailed amounts due to rounding.

 

43
 

 

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

9/30/2012

 

Tenants or Guarantors    Number of
Leases
   Sq. Ft. Leased   Sq. Ft. Leased
as a Percent of
Consolidated
Portfolio (2)
   GAAP Base
Rent as of
9/30/2012
($000) (1)
   Percent of GAAP
Base Rent as of
9/30/2012 
($000) (1) (2)
 
Bank of America, National Association   8    691,893    1.7%  $7,045    3.1%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)   7    2,053,359    5.0%  $6,372    2.8%
Federal Express Corporation   2    647,499    1.6%  $5,626    2.5%
Baker Hughes, Inc.   2    619,885    1.5%  $5,585    2.5%
Swiss Re America Holding Corporation / Westport Insurance Corporation   2    476,123    1.2%  $5,254    2.3%
Morgan, Lewis and Bockius, LLP (3)   1    289,432    0.7%  $5,039    2.2%
Wells Fargo Bank, N.A.   2    338,301    0.8%  $4,489    2.0%
Transamerica Life Insurance Company   1    156,140    0.4%  $4,261    1.9%
Michelin North America, Inc.   2    1,908,570    4.6%  $4,163    1.8%
JPMorgan Chase Bank, National Association   3    430,375    1.0%  $4,066    1.8%
    30    7,611,577    18.5%  $51,900    22.9%

 

Footnotes

(1)Nine months ended 9/30/2012 GAAP base rent recognized for consolidated properties owned as of 9/30/2012.
(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.

 

44
 

  

Investor Information

 

Transfer Agent

 

Computershare Shareowner Services LLC

480 Washington Blvd.

Jersey City NJ 07310-1900

(800) 850-3948

www.bnymellon.com/shareowner/equityaccess

 

Investor Relations

 

Patrick Carroll

Executive Vice President and Chief Financial Officer

Telephone (direct) (212) 692-7215
Facsimile (main) (212) 594-6600
E-mail pcarroll@lxp.com

 

Research Coverage

 

Bank of America/Merrill Lynch   J.P. Morgan Chase  
James Feldman (646) 855-5808   Anthony Paolone (212) 622-6682
         
Barclays Capital     Stifel Nicolaus  
Ross L. Smotrich (212) 526-2306   John W. Guinee (443) 224-1307
         
Evercore Partners     Wells Fargo Securities, LLC  
Sheila K. McGrath (212) 497-0882   Todd J. Stender (212) 214-8067
         
Friedman, Billings, Ramsey        
Gabe Poggi (703) 469-1141      

 

45