EX-99.1 2 v335857_ex99-1.htm EXHIBIT 99.1

 

 

Quarterly Earnings and

Supplemental Operating and Financial Data

 

December 31, 2012

 

 

 
 

 

LEXINGTON REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

December 31, 2012

 

Table of Contents

 

Section   Page
     
Fourth Quarter 2012 Earnings Press Release   3
     
Portfolio Data    
2012 Fourth Quarter Leasing Summary   13
2012 Fourth 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 Fourth Quarter Financing Summary   27
Debt Maturity Schedule   28
2013 Mortgage Maturities by Property Type   29
2014 Mortgage Maturities by Property Type   30
2015 Mortgage Maturities by Property Type   31
2016 Mortgage Maturities by Property Type   32
2017 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
Other 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, 2013, (3) the consummation of 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 any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (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,” may,” “plans,” “predicts,” “will,” “will likely result,” “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

Thursday, February 21, 2013

 

LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2012 RESULTS

 

New York, NY - February 21, 2013 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter ended December 31, 2012.

 

Fourth Quarter 2012 Highlights

Generated Company Funds From Operations, as adjusted (“Company FFO, as adjusted”), of $48.2 million, or $0.25 per diluted common share.
Executed 17 new and extended leases, totaling 2.4 million square feet. Overall portfolio occupancy of 97.3% at quarter end.
Closed property acquisitions of $114.9 million, invested $27.1 million in on-going build-to-suit projects and agreed to fund up to $41.4 million for the construction of new build-to-suit projects.
Raised $24.7 million of gross proceeds from dispositions.
Raised net proceeds of approximately $156.3 million through a public offering of common shares.
Satisfied $211.7 million of borrowings, including through the conversion of $31.1 million original principal amount of 6.00% Convertible Guaranteed Notes into common equity.
Expanded seven-year term loan facility by $40.0 million and obtained a $59.5 million secured non-recourse mortgage.

 

Subsequent to Quarter End Transaction Activity

Refinanced its secured credit facility with a new credit facility consisting of a four-year $300.0 million unsecured revolving loan and a five-year $250.0 million unsecured term loan.
Obtained a $40.0 million 15-year secured non-recourse mortgage and a joint venture investment obtained a $15.3 million five-year secured non-recourse mortgage.
Retired $21.0 million of secured debt and gave notice to prepay $137.9 million of secured debt at par in first quarter.
Issued 3.4 million common shares and raised gross proceeds of $36.9 million through an At-The-Market offering program.
Converted $35.0 million of original principal amount of 6.00% Convertible Guaranteed Notes into common equity.

 

3
 

  

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, “We are very excited about our growth prospects for 2013. We have positioned Lexington to pursue growth opportunities in the coming year, having significantly reduced our debt levels both by accessing the capital markets and the timely and accretive disposition of non-core assets. After completing $247.0 million in new investments in 2012, we believe that investment volume this year will substantially increase. With just 3.0% of single-tenant revenue currently expiring this year and a strong pipeline of accretive investment opportunities, we expect to generate strong growth in our cash flow and funds from operations per share”.

 

FINANCIAL RESULTS

Revenues

 

For the quarter ended December 31, 2012, total gross revenues were $95.5 million, compared with total gross revenues of $79.6 million for the quarter ended December 31, 2011. The increase is primarily due to property acquisitions and an increase in occupancy.

 

Company FFO, As Adjusted

 

For the quarter ended December 31, 2012, the Company generated Company FFO, as adjusted, of $48.2 million, or $0.25 per diluted share, compared to Company FFO, as adjusted, for the quarter ended December 31, 2011 of $45.6 million, or $0.25 per diluted share. For the year ended December 31, 2012, the Company generated Company FFO, as adjusted, of $180.6 million, or $0.98 per diluted share, compared to Company FFO, as adjusted, for the year ended December 31, 2011 of $170.0 million, or $0.97 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 December 31, 2012, net loss attributable to common shareholders was $(7.0) million, or a loss of $(0.04) per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2011 of $7.5 million, or income of $0.05 per diluted share.

 

Capital Activities and Balance Sheet Update

 

Lexington financed its office property in Palo Alto, California with a $59.5 million non-recourse mortgage loan which bears interest at a fixed rate of 3.97%. The fully-amortizing loan matures at the end of the tenant lease in December 2023.

 

In addition, Lexington exercised an accordion feature within its seven-year term loan agreement increasing the term loan to $255.0 million, all of which is currently outstanding. Lexington swapped the LIBOR rate on such borrowings for a weighted-average fixed rate of 3.67% as of the date of this press release.

 

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 $150.5 million of outstanding debt on Lexington's credit facilities. In addition, Lexington satisfied $30.1 million in non-recourse mortgage debt which had a weighted-average interest rate of 5.6%.

 

Lexington issued 4.5 million common shares upon conversion of an aggregate of $31.1 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030 and made an aggregate cash payment of $2.4 million plus accrued and unpaid interest on the notes. In January 2013, Lexington converted an additional $35.0 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030 for 5.0 million common shares and a cash payment of approximately $2.3 million plus accrued and unpaid interest.

 

4
 

 

In total, Lexington's consolidated debt declined by $118.6 million in the fourth quarter of 2012.

 

In February 2013, Lexington refinanced its secured credit facility with an unsecured credit facility consisting of a four-year $300.0 million unsecured revolving loan and a five-year $250.0 million unsecured term loan. Lexington expects to use a portion of the credit facility to retire $137.9 million of mortgage debt in March 2013. Lexington also amended its term loan due in 2019 to release the collateral as security for such loan. As a result, all of Lexington's corporate borrowings are now unsecured.

 

Subsequent to December 31, 2012, Lexington obtained a $40.0 million non-recourse mortgage secured by its property in Lenexa, Kansas. The loan bears interest at a blended fixed rate of 3.70% and matures in November 2027.

 

At-The-Market Offering Program

 

Subsequent to December 31, 2012, Lexington implemented an At-The-Market offering program under which Lexington may issue up to $100.0 million in common shares over the term of the program. Lexington issued 3.4 million common shares under the program as of the date of this press release, raising gross proceeds of $36.9 million.

 

Common Share/Unit Dividend/Distribution

 

Lexington declared a regular quarterly dividend/distribution for the quarter ended December 31, 2012 of $0.15 per common share/unit, which was paid on January 15, 2013 to common shareholders/unitholders of record as of December 31, 2012.

 

OPERATING ACTIVITIES

Leasing

 

During the fourth quarter of 2012, Lexington executed 17 new and extended leases for 2.4 million square feet. Overall in 2012, Lexington executed new and extended leases totaling approximately 7.4 million square feet and increased overall portfolio occupancy by 140 basis points to 97.3%.

 

Subsequent to quarter end, Lexington executed 325,000 square feet of new and extended leases.

 

Capital Recycling

 

Dispositions

 

During the fourth quarter of 2012, Lexington disposed of its interests in four properties to unrelated parties for an aggregate gross sales price of $24.7 million and conveyed one vacant property in foreclosure in satisfaction of the $5.3 million outstanding non-recourse mortgage.

 

Investment Activity

 

Property Acquisitions and Completed Build-to-Suit Transactions

 

A joint venture, in which Lexington has a minority position, acquired a120,000 square foot retail property in Palm Beach Gardens, Florida for $29.8 million (9.8% initial cap rate), which is net-leased for a 15-year term. Lexington provided a $12.0 million non-recourse mortgage loan at closing. In February 2013, this property was refinanced with a $15.3 million first mortgage and Lexington's loan was repaid.

 

Lexington acquired a 252,400 square foot office property in Phoenix, Arizona for $53.2 million (7.1% initial cap rate). The property is net-leased for a 17-year term.

 

5
 

 

Lexington acquired 6.2 acres of land in Palm Beach Gardens, Florida for approximately $6.0 million. Lexington previously had been leasing the land and owns the multi-tenant improvements on the property.

 

In the build-to-suit area, Lexington completed the 52,000 square foot build-to-suit retail property in Opelika, Alabama for approximately $8.3 million (9.4% initial cap rate). The property is net-leased for a 15-year term.

 

Lexington closed on its forward commitment to acquire the 80,000 square foot build-to-suit office property in Eugene, Oregon for approximately $17.6 million (9.0% initial cap rate). The property is net-leased for a 15-year term.

 

Overall in 2012, Lexington completed acquisitions/build-to-suit transactions for an aggregate capitalized cost of approximately $247.0 million. The properties have a weighted-average lease term of approximately 16 years and are expected to generate approximately $24.3 million of annual GAAP rent.

 

New and On-going Build-to-Suit Projects

 

Lexington entered into a new build-to-suit, an $8.8 million commitment (of which $3.2 million was funded as of December 31, 2012) to construct a 42,000 square foot retail property in Tuscaloosa, Alabama, which is net-leased for a 15-year term commencing upon completion (9.3% initial cap rate).

 

Lexington continues to fund the construction of the previously announced build-to-suit projects in (1) Denver, Colorado (8.6% initial rap rate), (2) Rantoul, Illinois (8.0% initial cap rate) and (3) Long Island City, New York (8.5% initial cap rate). The aggregate estimated cost of these four on-going build-to-suit projects is approximately $136.5 million, of which approximately $68.9 million was invested as of December 31, 2012. Lexington can give no assurance that any of the build-to-suit projects that are under contract or in process will be completed.

 

Loan Investments

 

Lexington closed on a $32.6 million construction loan (of which $3.5 million was funded as of December 31, 2012) for a 168,000 square foot build-to-suit data center in Norwalk, Connecticut. The interest-only construction loan bears interest at 7.5% and matures in November 2014. The property is subject to a 21-year net-lease.

 

Lexington received approximately $2.5 million in full satisfaction of its loan investment in New Kingstown, Pennsylvania.

 

2013 EARNINGS GUIDANCE

 

Lexington estimates that its Company FFO, as adjusted, guidance will be an expected range of $1.01 to $1.04 per diluted share for the year ended December 31, 2013. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

 

FOURTH QUARTER 2012 CONFERENCE CALL

 

Lexington will host a conference call today, Thursday, February 21, 2013, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2012. Interested parties may participate in this conference call by dialing (888) 215-6917 or (913) 312-1383. A replay of the call will be available through March 7, 2013, at (877) 870-5176 or (858) 384-5517, pin: 5345505. 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 self-managed and self-administered real estate investment trust that invests in, owns, finances and manages predominantly single-tenant office, industrial and retail properties leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the single-tenant area. Lexington common 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, 2013, (3) the consummation of 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 any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (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,” “may,” “plans,” “predicts,” “will,” “will likely result,” “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 
December 31,
   Twelve Months Ended 
December 31,
 
   2012   2011   2012   2011 
Gross revenues:                    
Rental  $87,345   $71,563   $313,081   $280,410 
Advisory and incentive fees   421    262    1,806    2,012 
Tenant reimbursements   7,767    7,745    29,992    31,404 
Total gross revenues   95,533    79,570    344,879    313,826 
                     
Expense applicable to revenues:                    
Depreciation and amortization   (46,069)   (38,855)   (161,876)   (156,358)
Property operating   (16,277)   (13,720)   (60,213)   (58,229)
General and administrative   (6,576)   (6,146)   (23,956)   (22,200)
Non-operating income   1,225    3,912    6,888    13,020 
Interest and amortization expense   (25,397)   (26,286)   (98,803)   (106,478)
Debt satisfaction gains (charges), net   (7,841)   42    (9,480)   45 
Change in value of forward equity commitment       6,348        2,030 
Gain on acquisition           167,864     
Litigation reserve           (2,775)    
Impairment charges           (4,262)   (35,946)
Income (loss) before benefit (provision) for income taxes, equity in earnings of non-consolidated entities and discontinued operations   (5,402)   4,865    158,266    (50,290)
Benefit (provision) for income taxes   (141)   (215)   (941)   845 
Equity in earnings of non-consolidated entities   62    9,688    21,531    30,334 
Income (loss) from continuing operations   (5,481)   14,338    178,856    (19,111)
                     
Discontinued operations:                    
Income (loss) from discontinued operations   212    1,011    (1,463)   4,955 
Provision for income taxes   (97)   (22)   (161)   (76)
Debt satisfaction charges, net   (717)   (3)   (178)   (606)
Gains on sales of properties   4,345    1,306    13,291    6,557 
Impairment charges   (17)   (2,614)   (5,707)   (81,497)
Total discontinued operations   3,726    (322)   5,782    (70,667)
Net income (loss)   (1,755)   14,016    184,638    (89,778)
Less net (income) loss attributable to noncontrolling interests   (592)   (989)   (4,322)   10,194 
Net income (loss) attributable to Lexington Realty Trust shareholders   (2,347)   13,027    180,316    (79,584)
Dividends attributable to preferred shares - Series B       (1,379)   (2,298)   (6,149)
Dividends attributable to preferred shares - Series C   (1,572)   (1,600)   (6,290)   (6,655)
Dividends attributable to preferred shares - Series D   (2,926)   (2,926)   (11,703)   (11,703)
Allocation to participating securities   (194)   (141)   (1,059)   (368)
Deemed dividend - Series B       (95)   (2,346)   (95)
Redemption discount - Series C       618    229    833 
Net income (loss) attributable to common shareholders  $(7,039)  $7,504   $156,849   $(103,721)
Income (loss) per common share - basic:                    
Income (loss) from continuing operations  $(0.06)  $0.05   $0.96   $(0.29)
Income (loss) from discontinued operations   0.02        0.03    (0.39)
Net income (loss) attributable to common shareholders  $(0.04)  $0.05   $0.99   $(0.68)
                     
Weighted-average common shares outstanding - basic:   172,646,759    154,838,153    159,109,424    152,473,336 
                     
Income (loss) per common share - diluted:                    
Income (loss) from continuing operations  $(0.06)  $0.05   $0.91   $(0.29)
Income (loss) from discontinued operations   0.02        0.02    (0.39)
Net income (loss) attributable to common shareholders  $(0.04)  $0.05   $0.93   $(0.68)
                     
Weighted-average common shares outstanding - diluted   172,646,759    154,942,637    179,659,826    152,473,336 
                     
Amounts attributable to common shareholders:                    
Income (loss) from continuing operations  $(10,750)  $7,697   $152,808   $(44,703)
Income (loss) from discontinued operations   3,711    (193)   4,041    (59,018)
Net income (loss) attributable to common shareholders  $(7,039)  $7,504   $156,849   $(103,721)

 

8
 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of December 31,

 

   2012   2011 
Assets:          
Real estate, at cost  $3,564,466   $3,172,246 
Real estate - intangible assets   685,914    546,918 
Investments in real estate under construction   65,122    34,529 
Less: accumulated depreciation and amortization   1,150,417    1,006,717 
Real estate, net   3,165,085    2,746,976 
Cash and cash equivalents   34,024    63,711 
Restricted cash   26,741    30,657 
Investment in and advances to non-consolidated entities   27,129    39,330 
Deferred expenses, net   57,549    43,966 
Loans receivable, net   72,540    66,619 
Rent receivable   7,355    7,271 
Other assets   27,780    28,290 
Total assets  $3,418,203   $3,026,820 
           
Liabilities and Equity:          
Liabilities:          
Mortgages and notes payable  $1,415,961   $1,366,004 
Term loan payable   255,000     
Exchangeable notes payable       62,102 
Convertible notes payable   78,127    105,149 
Trust preferred securities   129,120    129,120 
Dividends payable   31,351    25,273 
Accounts payable and other liabilities   70,367    53,058 
Accrued interest payable   11,980    13,019 
Deferred revenue - including below market leases, net   79,908    90,349 
Prepaid rent   13,224    12,543 
Total liabilities   2,085,038    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, 178,616,664 and 154,938,351 shares issued and outstanding in 2012 and 2011, respectively   18    15 
Additional paid-in-capital   2,212,949    2,010,850 
Accumulated distributions in excess of net income   (1,143,803)   (1,212,630)
Accumulated other comprehensive income (loss)   (6,224)   1,938 
Total shareholders' equity   1,306,730    1,111,846 
Noncontrolling interests   26,435    58,357 
Total equity   1,333,165    1,170,203 
Total liabilities and equity  $3,418,203   $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
December 31,
   Twelve Months Ended
December 31,
 
   2012   2011   2012   2011 
EARNINGS PER SHARE:                    
                     
Basic:                    
Income (loss) from continuing operations attributable to common shareholders  $(10,750)  $7,697   $152,808   $(44,703)
Income (loss) from discontinued operations attributable to common shareholders   3,711    (193)   4,041    (59,018)
Net income (loss) attributable to common shareholders  $(7,039)  $7,504   $156,849   $(103,721)
                     
Weighted-average number of common shares outstanding   172,646,759    154,838,153    159,109,424    152,473,336 
                     
Income (loss) per common share:                    
Income (loss) from continuing operations  $(0.06)  $0.05   $0.96   $(0.29)
Income (loss) from discontinued operations   0.02        0.03    (0.39)
Net income (loss) attributable to common shareholders  $(0.04)  $0.05   $0.99   $(0.68)
                     
Diluted:                    
Income (loss) from continuing operations attributable to common shareholders  $(10,750)  $7,697   $152,808   $(44,703)
Impact of assumed conversions:                    
Share options                
Operating Partnership Units           1,371     
6.00% Convertible Guaranteed Notes           8,953     
Income (loss) from continuing operations attributable to common shareholders   (10,750)   7,697    163,132    (44,703)
Income (loss) from discontinued operations attributable to common shareholders   3,711    (193)   4,041    (59,018)
Impact of assumed conversions:                    
Operating Partnership Units           (179)    
Income (loss) from discontinued operations attributable to common shareholders   3,711    (193)   3,862    (59,018)
Net income (loss) attributable to common shareholders  $(7,039)  $7,504   $166,994   $(103,721)
                     
Weighted-average common shares outstanding - basic   172,646,759    154,838,153    159,109,424    152,473,336 
Effect of dilutive securities:                    
Share options       104,484    306,449     
Operating Partnership Units           4,438,708     
6.00% Convertible Guaranteed Notes           15,805,245     
Weighted-average common shares outstanding   172,646,759    154,942,637    179,659,826    152,473,336 
                     
Income (loss) per common share:                    
Income (loss) from continuing operations  $(0.06)  $0.05   $0.91   $(0.29)
Income (loss) from discontinued operations   0.02        0.02    (0.39)
Net income (loss) attributable to common shareholders  $(0.04)  $0.05   $0.93   $(0.68)

 

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 
December 31,
   Twelve Months Ended 
December 31,
 
   2012   2011   2012   2011 
FUNDS FROM OPERATIONS: (1)                    
Basic and Diluted:                    
Net income (loss) attributable to Lexington Realty Trust shareholders  $(2,347)  $13,027   $180,316   $(79,584)
Adjustments:                    
Depreciation and amortization   45,081    39,892    163,890    160,689 
Impairment charges - real estate   17    2,614    9,969    117,443 
Impairment charges - joint venture               4,811 
Noncontrolling interests - OP units   279    893    1,192    578 
Amortization of leasing commissions   1,329    1,070    4,838    3,918 
Joint venture and noncontrolling interest adjustment   545    (3,039)   560    (23,309)
Preferred dividends – Series B & D   (2,926)   (4,305)   (14,001)   (17,852)
Gains on sales of properties   (4,345)   (1,306)   (13,291)   (6,557)
Gain on sale - joint venture investment           (7,000)    
Gain on acquisition of real estate           (167,864)    
Interest and amortization on 6.00% Convertible Guaranteed Notes   1,973    2,327    8,953    9,307 
Reported Company FFO   39,606    51,173    167,562    169,444 
Debt satisfaction charges (gains), net   8,558    (39)   9,658    561 
Forward equity commitment       (6,348)       (2,030)
Litigation reserve           2,775     
Gains on loan sales - joint venture               (1,927)
Other   5    857    603    3,966 
Company FFO, as adjusted   48,169    45,643    180,598    170,014 
                     
FUNDS AVAILABLE FOR DISTRIBUTION: (2)                    
Adjustments:                    
Straight-line rents   (7,900)   (4,437)   (7,491)   (1,763)
Lease incentives   323    570    1,466    2,138 
Amortization of below/above market leases   57    (886)   (3,551)   (3,101)
Non-cash interest, net   (132)   121    (1,300)   711 
Non-cash general and administrative expenses   1,103    1,077    4,565    4,040 
Tenant improvements   (8,856)   (2,732)   (25,776)   (12,266)
Lease costs   (5,185)   (4,871)   (13,038)   (15,870)
Reported Company Funds Available for Distribution  $27,579   $34,485   $135,473   $143,903 
                     
Per Share Amounts                    
Basic:                    
Reported Company FFO  $0.20   $0.28   $0.91   $0.95 
Company FFO, as adjusted  $0.25   $0.25   $0.98   $0.97 
Company FAD  $0.14   $0.19   $0.74   $0.82 
                     
Diluted:                    
Reported Company FFO  $0.20   $0.28   $0.91   $0.95 
Company FFO, as adjusted  $0.25   $0.25   $0.98   $0.97 
Company FAD  $0.14   $0.19   $0.73   $0.82 

 

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 
December 31,
   Twelve Months Ended 
December 31,
 
   2012   2011   2012   2011 
Basic:                    
Weighted-average common shares outstanding - EPS basic   172,646,759    154,838,153    159,109,424    152,473,336 
6.00% Convertible Guaranteed Notes   13,995,678    16,238,672    15,805,245    16,232,862 
Non-vested share-based payment awards   308,854    131,234    244,366    130,684 
Operating Partnership Units   4,317,367    4,565,269    4,438,708    4,725,798 
Preferred Shares - Series C   4,710,570    4,976,034    4,712,421    5,043,521 
Weighted-average common shares outstanding - Reported Company FFO basic   195,979,228    180,749,362    184,310,164    178,606,201 
Adjustments:                    
Forward equity commitment settlement       (551,108)       (2,760,608)
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD   195,979,228    180,198,254    184,310,164    175,845,593 
                     
Diluted:                    
Weighted-average common shares outstanding - Reported Company FFO basic   195,979,228    180,749,362    184,310,164    178,606,201 
Options - Incremental shares   432,356    104,484    306,449    208,463 
Weighted-average common shares outstanding - Reported Company FFO diluted   196,411,584    180,853,846    184,616,613    178,814,664 
Adjustments:                    
Forward equity commitment settlement       (551,108)       (2,760,608)
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD   196,411,584    180,302,738    184,616,613    176,054,056 

 

1 Lexington believes that Funds from Operations (“FFO”), which is not a measure under generally accepted accounting principles (“GAAP”), 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 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 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 non-recurring and 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 Fourth Quarter Leasing Summary

 

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        2012/2013 Extensions                            
1  Edward Jiang & Ming You  Honolulu  HI  09/2012  09/2015   565   $12   $11   $12   $11 
2  AdvancePCS, Inc. / CaremarkPCS, L.L.C.  Knoxville  TN  05/2013  05/2020   59,748   $717   $900   $773   $900 
3  JPMorgan Chase Bank, National Association  Florence  SC  06/2013  10/2013   179,300   $1,255   $1,255   $1,255   $1,255 
4  Zwicker & Associates, P.C.  Hebron  KY  07/2013  07/2018   34,402   $203   $187   $203   $181 
            2014 Extension                            
5  Kelsey-Hayes Company (TRW Automotive Inc.)  Livonia  MI  04/2014  12/2024   180,230   $1,513   $2,181   $1,364   $1,854 
            2015 Extension                            
6  Schlumberger Holdings Corp.  Houston  TX  09/2015  09/2025   554,385   $5,267   $8,163   $6,038   $7,375 
            2018 Extension                            
7  Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)  Allen  TX  03/2018  03/2025   292,700   $3,073   $3,073   $2,908   $3,073 
                                         
7  Total office/multi-tenant lease extensions               1,301,330   $12,040   $15,770   $12,553   $14,649 
                                         
   Industrial        2013 Extensions                            
1  Owens Corning Sales, LLC / Owens Corning Insulating Systems, LLC  Hebron  OH  05/2013  05/2014   400,522   $941   $901   $941   $901 
2  Essex Group, Inc. (United Technologies Corporation)  Franklin  TN  12/2013  12/2018   289,330   $735   $735   $1,250   $1,250 
            2016 Extension                            
3  The Hillman Group, Inc.  Cincinnati  OH  08/2016  12/2027   248,700   $759   $793   $790   $793 
                                         
3  Total industrial lease extensions               938,552   $2,435   $2,429   $2,981   $2,944 
            `                            
   Retail        2013 Extensions                            
1  The Kroger Co.  Paris  TN  07/2013  07/2018   31,170   $159   $159   $169   $213 
2  Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC  Lawrence  IN  10/2013  10/2018   28,721   $193   $193   $193   $193 
3  Marsh Supermarkets, LLC / Crystal Food Services, LLC  Franklin  OH  10/2013  10/2014   29,119   $111   $111   $142   $142 
                                         
3  Total retail lease extensions               89,010   $463   $463   $504   $548 
                                         
13  TOTAL EXTENDED LEASES               2,328,892   $14,938   $18,662   $16,038   $18,141 

 

NEW LEASES

 

   Tenants (Guarantors)  Location  Lease 
Expiration
 Date
  Sq. Ft.   New Cash
Rent Per
Annum
($000)(1)
   New GAAP
Rent Per
Annum
($000)(1)
 
   Office/Multi-Tenant                        
1  Elephant Insurance Services, LLC (Admiral Group plc)  Glen Allen  VA  01/2015   5,980   $106   $107 
2  Aramark Corporation  Orlando  FL  11/2017   8,261   $83   $83 
3  Capital One, National Association  Glen Allen  VA  12/2017   4,676   $81   $80 
4  eXfuze, LLC  Palm Beach Gardens  FL  06/2018   6,410   $124   $124 
                            
4  Total office/multi-tenant new leases            25,327   $394   $394 
                            
4  TOTAL NEW LEASES            25,327   $394   $394 
                            
17  TOTAL NEW AND EXTENDED LEASES            2,354,219   $15,332   $16,432 

 

13
 

 

LEXINGTON REALTY TRUST

2012 Fourth Quarter Leasing Summary

 

LEASE NON-RENEWAL

 

   Tenants  Location  Lease
Expiration
 Date
  Sq. Ft.   2012 Cash Rent 
($000)
   2012 GAAP
Rent ($000)
 
   Office                        
1  Playboy Enterprises, Inc.  Los Angeles  CA  11/2012   63,049   $1,323   $1,069 
2  Damar Services, Inc.  Indianapolis  IN  11/2012   5,756   $45   $45 
3  Hartford Fire Insurance Company  Southington  CT  12/2012   153,364   $1,679   $1,625 
   Industrial                        
1  Enbridge Energy Limited Partnership  Marshall  MI  10/2012   58,300   $143   $143 
                            
4  TOTAL LEASE NON-RENEWALS            280,469   $3,190   $2,882 

 

Footnotes

(1) Assumes twelve months rent from the later of 1/1/13 or lease commencement/extension.

 

14
 

 

LEXINGTON REALTY TRUST

2012 Fourth Quarter Investment/Capital Recycling Summary

 

PROPERTY INVESTMENTS

 

   Tenants  Location  Property Type  Initial Basis
  ($000)
   Initial Annualized Cash
 Rent ($000)
   Initial Cash
Yield
  

 

GAAP Yield

   Lease Expiration
1  CopperPoint Mutual Insurance Company  Phoenix  AZ  Office  $53,200   $3,786    7.1%   9.1%  12/2029
2  Oregon Research Institute/Education Policy Improvement Center (1)  Eugene  OR  Office  $17,558   $1,580    9.0%   11.8%  11/2027
3  Gander Mountain Company (1)  Opelika  AL  Retail  $8,333   $779    9.4%   10.3%  11/2027
                                    
3  TOTAL PROPERTY INVESTMENTS (4)           $79,091   $6,145    7.8%   9.8%   

    

JOINT VENTURE INVESTMENTS

 

   Tenant  Location  Property Type 

 

Ownership % 

   Initial Equity
Investment ($000)
   Initial Cash
Yield
   GAAP Yield   Lease Expiration
                                    
1  Gander Mountain Company (2)  Palm Beach Gardens  FL  Retail   36%  $6,432    9.8%   10.5%  03/2028

   

CAPITAL RECYCLING

 

PROPERTY DISPOSITIONS

 

   Tenants (Guarantors)  Location  Property
Type
  Gross 
Sale Price
($000)
   Annualized NOI ($000)   Month of
Disposition
1  Vacant  Fort
Worth
  TX  Retail  $2,500   $-   October
2  Vacant  Garland  TX  Retail  $2,750   $-   December
3  KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)  Sugar Land  TX  Office  $17,500   $1,235   December
4  Brookshire Grocery Company (Safeway Stores, Inc.)  Minden  LA  Retail  $1,925   $193   December
5  Vacant (3)  Clive  IA  Multi-tenant  $5,290   $-   December
                          
5  TOTAL PROPERTY DISPOSITIONS           $29,965   $1,428    

 

Footnotes

(1) Completed build-to-suit project.

(2) In addition, Lexington provided a $12.0 million, 4% interest-only mortgage loan, which was repaid in February 2013.

(3) Property sold in foreclosure to satisfy $5.3 million non-recourse mortgage.

(4) Lexington also acquired 6.2 acres of land previously leased in Palm Beach Gardens, FL, for approximately $6.0 million.

 

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 12/31/12
($000)(1)
   Estimated Cash Investment Next 12 Months ($000)   Estimated
Completion Date
                       Q1 2013   Q2 2013   Q3 2013   Q4 2013    
1  Long Island City (2)  NY  143,000  15  $46,728   $29,870   $14,217   $-   $-   $-   1Q 13
2  Tuscaloosa  AL  42,000  15  $8,843   $3,251   $3,355   $2,237   $-   $-   2Q 13
3  Denver  CO  163,000  15  $38,390   $22,447   $11,802   $3,934   $-   $-   2Q 13
4  Rantoul  IL  813,000  20  $42,587   $9,554   $9,824   $9,824   $9,824   $3,275   4Q 13
                                              
4  TOTAL BUILD-TO-SUIT PROJECTS     $136,548   $65,122   $39,198   $15,995   $9,824   $3,275    

 

Footnotes

(1) Investment balance in accordance with GAAP. Aggregate equity invested is $68,884.

(2) Joint venture investment.

 

16
 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2012

 

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
12/31/2012 ($000)
(2)
   GAAP
Base Rent
as of 12/31/2012
($000) (3)
 
OFFICE PROPERTIES                              
2013  1/31/2013  12600 Gateway Blvd.  Fort Myers  FL    Gartner, Inc.  1998   62,400    1,159    1,093 
      820 Gears Rd.  Houston  TX  16  Ricoh Americas Corporation  2000   78,895    1,148    981 
   3/31/2013  3165 McKelvey Rd.  Bridgeton  MO    BJC Health System  1981   52,994    397    527 
   9/30/2013  9200 South Park Center Loop  Orlando  FL  5  Corinthian Colleges, Inc.  2003   59,927    1,369    1,159 
   10/31/2013  2210 Enterprise Dr.  Florence  SC    JPMorgan Chase Bank, National Association  1998   179,300    1,255    1,255 
      3943 Denny Ave.  Pascagoula  MS    Northrop Grumman Systems Corporation  1995   94,841    213    213 
   11/30/2013  10475 Crosspoint Blvd.  Indianapolis  IN    Yellow Book Sales and Distribution Company, Inc.  1999   3,764    66    66 
      1110 Bayfield Dr.  Colorado Springs  CO    Honeywell International Inc.  1980/1990/2002   166,575    1,630    1,599 
   12/31/2013  2550 Interstate Dr.  Harrisburg  PA    New Cingular Wireless PCS, LLC  1998   81,859    1,944    1,870 
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    908    908 
      850-950 Warrenville Rd.  Lisle  IL    James J. Benes & Associates, Inc.  1984   6,347    138    107 
   3/15/2014  101 East Erie St.  Chicago  IL    Draftfcb, Inc. (Interpublic Group of Companies, Inc.)  1986   212,988    4,136    5,007 
   5/31/2014  3476 Stateview Blvd.  Fort Mill  SC    Wells Fargo Bank, N.A.  2002   169,083    2,704    2,535 
      3480 Stateview Blvd.  Fort Mill  SC    Wells Fargo Bank, N.A.  2004   169,218    3,672    3,451 
      859 Mount Vernon Hwy.  Atlanta  GA  8  International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)  2004   50,400    1,301    1,030 
   6/30/2014  70 Mechanic St.  Foxboro  MA    Invensys Systems, Inc. (Siebe, Inc.)  1965/1967/1971   251,914    0    818 
   7/31/2014  16676 Northchase Dr.  Houston  TX    Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation)  2003   101,111    1,679    1,627 
   9/30/2014  333 Mt. Hope Ave.  Rockaway  NJ    BASF Corporation  1981/2002/2004   95,500    2,244    2,123 
   10/31/2014  1409 Centerpoint Blvd.  Knoxville  TN    Alstom Power, Inc.  1997   84,404    1,738    1,621 
      700 US Hwy. Route 202-206  Bridgewater  NJ    Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.)  1985/2003/2004   115,558    2,035    2,571 
   11/30/2014  200 Lucent Ln.  Cary  NC    Progress Energy Service Company, LLC  1999   124,944    2,129    2,066 
      850-950 Warrenville Rd.  Lisle  IL    Flexco, Inc.  1984   7,535    136    136 
   12/14/2014  22011 Southeast 51st St.  Issaquah  WA    Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)  1987   95,600    2,143    1,945 
      5150 220th Ave.  Issaquah  WA    Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)  1992   106,944    2,399    2,208 
   12/31/2014  1066 Main St.  Forest Park  GA    Bank of America, NA (Bank of America Corporation)  1969   14,859    200    200 
      1698 Mountain Industrial Blvd.  Stone Mountain  GA    Bank of America, NA (Bank of America Corporation)  1973   5,704    95    95 
      180 South Clinton St.  Rochester  NY    Frontier Corporation  1988/2000   226,000    2,974    2,966 
      201 West Main St.  Cumming  GA    Bank of America, NA (Bank of America Corporation)  1968/1982   14,208    198    198 
      2223 North Druid Hills Rd.  Atlanta  GA    Bank of America, NA (Bank of America Corporation)  1972   6,260    112    112 
      275 Technology Dr.  Canonsburg  PA    ANSYS, Inc.  1996   107,872    1,429    1,378 
      400 Butler Farm Rd.  Hampton  VA    Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)  1999   100,632    1,271    1,233 
      4545 Chamblee – Dunwoody Rd.  Chamblee  GA    Bank of America, NA (Bank of America Corporation)  1972   4,565    89    89 
      825 Southway Dr.  Jonesboro  GA    Bank of America, NA (Bank of America Corporation)  1971   4,894    77    77 
      956 Ponce de Leon Ave.  Atlanta  GA    Bank of America, NA (Bank of America Corporation)  1975   3,900    79    79 
2015  1/31/2015  26555 Northwestern Hwy.  Southfield  MI    Federal-Mogul Corporation  1963/1965/1988/1989   187,163    1,158    1,418 
   3/31/2015  3940 South Teller St.  Lakewood  CO    MoneyGram Payment Systems, Inc.  2002   68,165    1,098    1,008 
   4/30/2015  13775 McLearen Rd.  Herndon  VA    Orange Business Services U.S., Inc. (Equant N.V.)  1985/1986/1992/1999   125,293    2,218    2,138 
   6/30/2015  2500 Patrick Henry Pkwy.  McDonough  GA    Georgia Power Company  1999   111,911    522    459 
      33 Commercial St.  Foxboro  MA    Invensys Systems, Inc. (Siebe, Inc.)  1982/1987   164,689    3,631    3,631 
      3711 San Gabriel  Mission  TX    VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation  2003   75,016    350    281 
   7/31/2015  4001 International Pkwy.  Carrollton  TX    Motel 6 Operating, LP (Accor S.A.)  2003   138,443    3,208    3,194 
   9/27/2015  2529 West Thorne Dr.  Houston  TX    Baker Hughes, Incorporated  1982/1999   65,500    164    217 
   9/30/2015  500 Olde Worthington Rd.  Westerville  OH    InVentiv Communications, Inc.  2000   97,000    1,113    1,256 
      550 Business Center Dr.  Lake Mary  FL    JPMorgan Chase Bank, National Association  1999   125,920    1,902    2,107 
      600 Business Center Dr.  Lake Mary  FL    JPMorgan Chase Bank, National Association  1996   125,155    1,817    2,055 
   10/31/2015  12209 West Markham St.  Little Rock  AR    Entergy Arkansas, Inc.  1980   36,311    237    237 
      5201 West Barraque St.  Pine Bluff  AR    Entergy Arkansas Inc.  1964/1972/1988   27,189    64    47 

 

17
 

 

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
12/31/2012 ($000)
(2)
   GAAP
Base Rent
as of 12/31/2012
($000) (3)
 
                                   
2016  1/31/2016  1600 Eberhardt Rd.  Temple  TX    Nextel of Texas, Inc. (Nextel Finance Company)   2001    108,800    558    449 
   4/30/2016  11511 Luna Rd.  Farmers Branch  TX    Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)   2000    180,507    2,322    3,189 
      2000 Eastman Dr.  Milford  OH    Siemens Corporation   1991    221,215    2,486    2,318 
   5/31/2016  1200 Jupiter Rd.  Garland  TX    Raytheon Company   1980    278,759    502    577 
   7/14/2016  1400 Northeast McWilliams Rd.  Bremerton  WA    Nextel West Corp. (Nextel Finance Company)   2002    60,200    405    405 
   10/31/2016  104 & 110 South Front St.  Memphis  TN    Hnedak Bobo Group, Inc.   1871/1980/1988/1999    37,229    519    501 
   12/31/2016  2050 Roanoke Rd.  Westlake  TX    TD Auto Finance LLC   2001    130,290    2,573    2,664 
2017  3/31/2017  1701 Market St.  Philadelphia  PA  4  Car-Tel Communications, Inc.   1957/1997    1,220    54    54 
   4/30/2017  1315 West Century Dr.  Louisville  CO    Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)   1987/2006    106,877    1,637    1,642 
   9/30/2017  9201 East Dry Creek Rd.  Centennial  CO    The Shaw Group, Inc.   2001/2002    128,500    2,338    1,925 
   10/31/2017  4455 American Way  Baton Rouge  LA    New Cingular Wireless PCS, LLC   1997    70,100    1,154    1,097 
   11/30/2017  6200 Northwest Pkwy.  San Antonio  TX    United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC   2000    142,500    1,781    1,866 
   12/31/2017  100 East Shore Dr.  Glen Allen  VA    Capital One, National Association   1999    68,118    839    1,158 
2018  1/31/2018  5757 Decatur Blvd.  Indianapolis  IN    Allstate Insurance Company   2002    57,769    976    1,270 
      810 Gears Rd.  Houston  TX  16  Ricoh Americas Corporation   2000    78,895    1,148    981 
   4/30/2018  Sandlake Rd./Kirkman Rd.  Orlando  FL    Lockheed Martin Corporation   1982    184,000    960    1,870 
   5/30/2018  13651 McLearen Rd.  Herndon  VA    United States of America   1987    159,644    3,284    3,394 
   5/31/2018  6303 Barfield Rd.  Atlanta  GA    International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)   2000/2001    238,600    5,065    3,112 
   6/30/2018  100 Barnes Rd.  Wallingford  CT    3M Company   1978/1985/1990/1993    44,400    467    507 
      420 Riverport Rd.  Kingsport  TN    Kingsport Power Company   1981    42,770    103    43 
   8/31/2018  3500 North Loop Rd.  McDonough  GA    Litton Loan Servicing LP   2007    62,218    412    285 
   9/30/2018  1701 Market St.  Philadelphia  PA  4  CBC Restaurant Corp.   1957/1997    8,070    207    211 
   12/22/2018  5200 Metcalf Ave.  Overland Park  KS    Swiss Re America Holding Corporation / Westport Insurance Corporation   1980/1990/2004/2005    320,198    4,740    4,772 
   12/31/2018  120 East Shore Dr.  Glen Allen  VA    Capital One Services, LLC   2000    77,045    608    748 
2019  1/31/2019  2999 Southwest 6th St.  Redmond  OR    VoiceStream PCS I LLC (T-Mobile USA, Inc.)   2004    77,484    514    490 
   4/1/2019  9201 Stateline Rd.  Kansas City  MO    Swiss Re America Holding Corporation / Westport Insurance Corporation   1963/1973/1985/2003    155,925    2,238    2,238 
   5/31/2019  4400 Northcorp Pkwy.  Palm Beach Gardens  FL    Office Suites Plus Properties, Inc.   1996    18,400    314    270 
   6/19/2019  3965 Airways Blvd.  Memphis  TN    Federal Express Corporation   1982/1983/1985/2006/2007    521,286    6,853    7,013 
   6/28/2019  3265 East Goldstone Dr.  Meridian  ID    T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)   2004    77,484    447    368 
   6/30/2019  275 South Valencia Ave.  Brea  CA    Bank of America, National Association   1983    637,503    8,180    8,511 
   7/15/2019  19019 North 59th Ave.  Glendale  AZ    Honeywell International Inc.   1986/1997/2000    252,300    596    634 
   7/31/2019  500 Jackson St.  Columbus  IN    Cummins, Inc.   1984    390,100    4,494    4,540 
   10/31/2019  10475 Crosspoint Blvd.  Indianapolis  IN    John Wiley & Sons, Inc.   1999    123,416    2,165    2,269 
      9601 Renner Blvd.  Lenexa  KS    VoiceStream PCS II Corporation (T-Mobile USA, Inc.)   2004    77,484    453    381 
   12/31/2019  421 Butler Farm Rd.  Hampton  VA    Patient Advocate Foundation   2000    36,484    602    602 
      850-950 Warrenville Rd.  Lisle  IL    National-Louis University   1984    85,532    1,269    1,461 
2020  1/31/2020  10300 Kincaid Dr.  Fishers  IN    Roche Diagnostics Operations, Inc.   1999    193,000    3,386    3,425 
   2/14/2020  5600 Broken Sound Blvd.  Boca Raton  FL    Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)   1983/2002    143,290    2,298    2,244 
   5/31/2020  2401 Cherahala Blvd.  Knoxville  TN    AdvancePCS, Inc. / CaremarkPCS, L.L.C.   2002    59,748    300    274 
   6/30/2020  10419 North 30th St.  Tampa  FL    Time Customer Service, Inc. (Time Incorporated)   1986    132,981    467    482 
   7/8/2020  1460 Tobias Gadson Blvd.  Charleston  SC    Hagemeyer North America, Inc.   2005    50,076    805    840 
   8/31/2020  First Park Dr.  Oakland  ME    Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)   2005    78,610    453    382 
2021  1/31/2021  1701 Market St.  Philadelphia  PA  4  Morgan, Lewis & Bockius LLP   1957/1997    289,432    4,472    4,306 
   3/31/2021  1311 Broadfield Blvd.  Houston  TX    Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)   2000    155,040    2,326    2,623 
   6/30/2021  1415 Wyckoff Rd.  Wall  NJ    New Jersey Natural Gas Company   1983    157,511    3,312    3,312 

 

18
 

 

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
12/31/2012 ($000)
(2)
   GAAP
Base Rent
as of 12/31/2012
($000) (3)
 
                                   
   8/31/2021  333 Three D Systems Circle  Rock Hill  SC    3D Systems Corporation   2006    80,028    669    687 
   11/30/2021  29 South Jefferson Rd.  Whippany  NJ    CAE SimuFlite, Inc. (CAE INC.)   2006/2008    123,734    2,394    2,327 
   12/31/2021  2800 Waterford Lake Dr.  Midlothian  VA    Alstom Power, Inc.   2000    99,057    2,063    2,140 
2022  1/31/2022  26210 and 26220 Enterprise Court  Lake Forest  CA    Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)   2001    100,012    1,147    1,199 
   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    785    785 
   7/31/2022  1440 E 15th Street  Tucson  AZ    CoxCom, LLC   1988    28,591    182    182 
   11/30/2022  4201 Marsh Ln.  Carrollton  TX    Carlson Restaurants Inc. (Carlson, Inc.)   2003    130,000    1,934    1,866 
   12/31/2022  147 Milk St.  Boston  MA    Harvard Vanguard Medical Associates, Inc.   1910    52,337    1,532    1,661 
N/A  N/A  1701 Market St.  Philadelphia  PA  4  Parking Operators   1957/1997    0    2,380    2,380 
   Vacant  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  18  (Available for Lease)   2002    30,797    45    45 
OFFICE TOTAL/WEIGHTED AVERAGE           99.3% Leased        11,762,974   $154,762   $156,366 

 

19
 

 

LEXINGTON REALTY TRUST

Long-Term Leases- Consolidated Portfolio - 12/31/2012

 

Year of
Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant (Guarantor)  Property Type  Year Acquired/ Built/
Renovated/
Expanded
   Sq.Ft.
Leased or
Available (1)
   Cash
Rent
as of
12/31/2012 ($000)
(2)
   GAAP
Base Rent
as of 12/31/2012
($000) (3)
 
LONG-TERM LEASE PROPERTIES                                   
2023  2/28/2023  2211 South 47th St.  Phoenix  AZ    Avnet, Inc.  Office   1997    176,402    2,100    2,160 
      US 221 & Hospital Rd.  Jefferson  NC    Food Lion, LLC / Delhaize America, Inc.  Retail   1981    34,555    73    108 
   3/31/2023  6555 Sierra Dr.  Irving  TX    TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)  Office   1999    247,254    3,063    2,952 
      8900 Freeport Pkwy.  Irving  TX  7  Nissan Motor Acceptance Corporation (Nissan North America, Inc.) / Pacific Union Financial, LLC.  Office   2003    268,445    3,038    3,501 
   12/14/2023  3333 Coyote Hill Rd.  Palo Alto  CA    Xerox Corporation  Office   1973/1975/1982    202,000    3,499    4,775 
2024  2/14/2024  1362 Celebration Blvd.  Florence  SC    MED3000, Inc.  Office   2012    32,000    450    502 
   12/31/2024  12000 & 12025 Tech Center Dr.  Livonia  MI    Kelsey-Hayes Company (TRW Automotive Inc.)  Office   1987/1988/1990    180,230    727    618 
2025  3/14/2025  601 & 701 Experian Pkwy.  Allen  TX    Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)  Office   1981/1983    292,700    3,073    3,046 
   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    1,346    1,346 
      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    1,687    1,687 
      37101 Corporate Dr.  Farmington Hills  MI    Panasonic Automotive Systems Company of America, a Division of Panasonic Corporation of North America  Office   2001    90,460    82    909 
      4010 Airpark Dr.  Owensboro  KY    Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)  Industrial   1998/2001    211,598    1,208    1,208 
      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    537    537 
      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    2,838    2,838 
   7/14/2025  590 Ecology Ln.  Chester  SC    Owens Corning Sales, LLC  Industrial   2001/2005    420,597    728    552 
   7/31/2025  7005 Cochran Rd.  Glenwillow  OH    Royal Appliance Mfg. Co.  Industrial   1997    458,000    1,984    2,251 
   9/30/2025  10001 Richmond Ave.  Houston  TX  20  Baker Hughes Incorporated / Schlumberger Holdings Corp.  Office   1976    554,385    8,163    7,375 
   10/31/2025  6277 Sea Harbor Dr.  Orlando  FL  19  Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation) / Aramark Corporation  Office   1984/2012    267,662    11    3,352 
   11/30/2025  11707 Miracle Hills Dr.  Omaha  NE    Infocrossing, Inc.  Office   1989/1995    85,200    1,167    1,167 
   12/31/2025  2005 East Technology Cir.  Tempe  AZ    Infocrossing, Inc.  Office   1998    60,000    1,128    1,128 
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    2,537 
   3/31/2026  459 Wingo Road  Byhalia  MS    Asics America Corporation (Asics Corporation)  Industrial   2011    513,734    2,582    2,937 
   6/30/2026  351 Chamber Drive  Chillicothe  OH    The Kitchen Collection, Inc.  Industrial   1995/1998    475,218    1,013    1,159 
   8/31/2026  25500 State Hwy. 249  Tomball  TX    Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin)  Specialty   2005    77,076    460    468 
   10/31/2026  5001 Greenwood Rd.  Shreveport  LA    Libbey Glass Inc. (Libbey Inc.)  Industrial   2006    646,000    2,030    2,165 
   11/30/2026  250 Rittenhouse Cir.  Bristol  PA    Northtec LLC (The Estée Lauder Companies Inc.)  Industrial   1983/1997    241,977    1,029    1,139 
      500 Kinetic Drive  Huntington  WV    AMZN WVCS LLC (Amazon.com, Inc.)  Office   2011    68,693    1,169    1,315 
   12/29/2026  5500 New Albany Road  Columbus  OH    Evans, Mechwart, Hambleton & Tilton, Inc.  Office   2005    104,807    1,520    1,737 
2027  4/30/2027  2424 Alpine Rd.  Eau Claire  WI    Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)  Industrial   1993/2004    159,000    357    334 
   6/30/2027  3902 Gene Field Rd  St. Joseph  MO    Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)  Office   2012    98,849    542    631 
   7/6/2027  2221 Schrock Road  Columbus  OH    MS Consultants, Inc.  Office   1999/2006    42,290    560    641 
   8/7/2027  25 Lakeview Drive  Jessup  PA    TMG Health, Inc.  Office   2012    150,000    761    995 
   8/31/2027  278 Norman Drive  Valdosta  GA    Gander Mountain Company  Retail   2012    51,198    271    299 
   10/31/2027  11201 Renner Blvd.  Lenexa  KS  18  United States of America  Office   2007    169,585    3,194    3,795 
   11/30/2027  1700 Millrace Drive  Eugene  OR  17  Oregon Research Institute / Educational Policy Improvement Center  Office   2012    80,011    46    61 
   11/30/2027  1640 Parker Way  Opelika  AL    Gander Mountain Company  Retail   2012    52,000    128    141 
   12/31/2027  10590 Hamilton Ave.  Cincinnati  OH    The Hillman Group, Inc.  Industrial   1991/1994/1995/2005    248,700    793    792 
2028  8/31/2028  9803 Edmonds Way  Edmonds  WA    Pudget Consumers Co-op d/b/a PCC Natural Markets  Retail   1981    35,459    603    603 
2029  1/31/2029  6226 West Sahara Ave.  Las Vegas  NV    Nevada Power Company  Office   1983/1994    282,000    8,070    4,253 
   12/31/2029  400 East Stone Ave.  Greenville  SC  9  Canal Insurance Company  Office   1948/1981/1982/1986/1991/2006/2008    128,041    946    0 
      3030 North 3rd Street  Phoenix  AZ    CopperPoint Mutual Insurance Company  Office   1986/2011    252,400    112    143 
2031  5/31/2031  671 Washburn Switch Rd.  Shelby  NC    Clearwater Paper Corporation  Industrial   2011    673,518    2,165    2,601 
2032  4/30/2032  13930 Pike Road  Missouri City  TX    Vulcan Construction Materials, LP (Vulcan Materials Company)  Industrial   N/A    0    1,219    1,480 
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    91,852    0    0 
LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE  98.7% Leased                10,231,381   $69,174   $72,238 

 

20
 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2012

 

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
12/31/2012 ($000)
(2)
   GAAP
Base Rent
as of 12/31/2012
($000) (3)
 
INDUSTRIAL PROPERTIES                              
2013  MTM  191 Arrowhead Dr.  Hebron  OH  21  Owens Corning Insulating Systems, LLC  1999   250,410    529    529 
   12/31/2013  1133 Poplar Creek Rd.  Henderson  NC    Staples, Inc. / Corporate Express, Inc.  1998/2006   196,946    876    811 
2014  1/1/2014  2415 US Hwy. 78 East  Moody  AL    CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)  2004   595,346    1,054    1,054 
   1/31/2014  109 Stevens St.  Jacksonville  FL    Wagner Industries, Inc.  1959/1967   168,800    100    100 
   5/31/2014  200 Arrowhead Dr.  Hebron  OH    Owens Corning Insulating Systems, LLC  2000   400,522    901    901 
   12/31/2014  324 Industrial Park Rd.  Franklin  NC    SKF USA Inc.  1996   72,868    152    90 
      3686 South Central Ave.  Rockford  IL    Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)  1998   90,000    404    314 
2015  1/31/2015  101 Michelin Dr.  Laurens  SC    Michelin North America, Inc.  1991/1993   1,164,000    3,403    3,338 
      7111 Crabb Rd.  Temperance  MI    Michelin North America, Inc.  1978/1993   744,570    2,287    2,243 
   6/30/2015  1700 47th Ave North  Minneapolis  MN    Owens Corning / Owens Corning Roofing and Asphalt, LLC  2003   18,620    212    212 
      2935 Van Vactor Dr.  Plymouth  IN    Bay Valley Foods, LLC  2000/2003   300,500    274    274 
   12/31/2015  749 Southrock Dr.  Rockford  IL    Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)  1992   150,000    475    488 
2016  2/28/2016  7670 Hacks Cross Rd.  Olive Branch  MS    MAHLE Clevite, Inc. (MAHLE Industries, Incorporated)  1989   268,104    954    915 
   3/31/2016  19500 Bulverde Rd.  San Antonio  TX    Elsevier STM Inc. (Reed Elsevier Inc.)  2001   559,258    3,663    3,429 
      2455 Premier Dr.  Orlando  FL    Walgreen Co. / Walgreen Eastern Co.  1980   205,016    508    786 
   5/31/2016  291 Park Center Dr.  Winchester  VA    Kraft Foods Global, Inc.  2001   344,700    1,221    1,289 
   9/30/2016  900 Industrial Blvd.  Crossville  TN    Dana Commercial Vehicle Products, LLC  1989/2006   222,200    684    684 
   11/30/2016  736 Addison Rd.  Erwin  NY    Corning, Incorporated  2006   408,000    415    415 
2017  2/28/2017  3456 Meyers Ave.  Memphis  TN    Sears, Roebuck and Co. / Sears Logistics Services  1973   780,000    1,592    1,694 
   4/30/2017  3600 Army Post Rd.  Des Moines  IA    HP Enterprise Services, LLC  2000   405,000    827    684 
   6/30/2017  7500 Chavenelle Rd.  Dubuque  IA    The McGraw-Hill Companies, Inc.  2001   330,988    1,217    1,164 
   9/30/2017  250 Swathmore Ave.  High Point  NC    Steelcase Inc.  2002   244,851    1,101    1,087 
   10/31/2017  1420 Greenwood Rd.  McDonough  GA    Versacold USA, Inc.  2000/2007   296,972    2,657    2,595 
      43955 Plymouth Oaks Blvd.  Plymouth  MI    Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.)  1996/1998   290,133    1,801    1,431 
   12/31/2017  2203 Sherrill Dr.  Statesville  NC    Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)  1999/2002   639,800    1,789    1,865 
2018  6/30/2018  1650-1654 Williams Rd.  Columbus  OH    ODW Logistics, Inc.  1973   772,450    1,347    1,342 
   9/30/2018  50 Tyger River Dr.  Duncan  SC    Plastic Omnium Auto Exteriors, LLC  2005/2007/2008   221,833    958    958 
      904 Industrial Rd.  Marshall  MI    Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)  1968/1972/2008   246,508    255    233 
   12/31/2018  120 Southeast Pkwy. Dr.  Franklin  TN    Essex Group, Inc. (United Technologies Corporation)  1970/1983   289,330    245    417 
2019  4/30/2019  113 Wells St.  North Berwick  ME    United Technologies Corporation  1965/1980   972,625    1,535    1,535 
   10/17/2019  10345 Philipp Pkwy.  Streetsboro  OH    L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)  2004   649,250    2,518    2,611 
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    3,400    3,400 
   5/31/2020  359 Gateway Dr.  Lavonia  GA    TI Group Automotive Systems, LLC (TI Automotive Ltd.)  2005   133,221    400    317 
   6/30/2020  3102 Queen Palm Dr.  Tampa  FL    Time Customer Service, Inc. (Time Incorporated)  1986   229,605    1,303    1,276 
   9/30/2020  3350 Miac Cove Rd.  Memphis  TN    Mimeo.com, Inc.  1987   107,400    415    386 
   12/19/2020  1901 Ragu Dr.  Owensboro  KY  6  Unilever Supply Chain, Inc. (Unilever United States, Inc.)  1975/1979/1995   443,380    1,049    1,488 
2021  5/31/2021  477 Distribution Pkwy.  Collierville  TN    Federal Express Corporation / FedEx Techconnect, Inc.  1984/1987/2005/2012   126,213    631    554 
   9/30/2021  3820 Micro Dr.  Millington  TN    Ingram Micro L.P. (Ingram Micro Inc.)  1997   701,819    1,667    1,777 
   10/25/2021  6938 Elm Valley Dr.  Kalamazoo  MI    Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)  1999/2004   150,945    676    582 
   11/30/2021  2880 Kenny Biggs Rd.  Lumberton  NC    Quickie Manufacturing Corporation  1998/2001/2006   423,280    1,314    1,356 
2022  3/31/2022  5417 Campus Drive  Shreveport  LA    The Tire Rack, Inc.  2012   257,849    649    681 
N/A  Vacant  1601 Pratt Ave.  Marshall  MI  18  (Available for Lease)  1979   58,300    143    143 
      3350 Miac Cove Rd.  Memphis  TN    (Available for Lease)  1987   32,679    0    0 
INDUSTRIAL TOTAL/WEIGHTED AVERAGE        99.4% Leased      15,299,901   $47,601   $47,448 

 

21
 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2012

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State   Note   Primary Tenant (Guarantor)  Year Acquired/ Built/
Renovated/
Expanded
   Gross
Book
Value
($000) (10)
   Sq.Ft.   Percentage
Leased
   Cash
Rent
as of
12/31/2012
($000) (2)
   GAAP
Base Rent
as of
12/31/2012
($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    244,676    476,459    95%   11,972    15,534    55,000 
      140 East Shore Dr.  Glen Allen   VA       Multi-Tenant   2000    13,177    76,885    91%   1,033    918    18,940 
      13430 North Black Canyon Fwy.  Phoenix   AZ    11   Multi-Tenant   1981/1982/2005/2007/2009    16,723    138,940    100%   2,674    2,690    0 
      207 Mockingbird Ln.  Johnson City   TN       Multi-Tenant   1979    12,138    60,684    50%   643    643    0 
      2300 Litton Ln.  Hebron   KY    11   Multi-Tenant   1986/1996    9,796    80,440    95%   468    424    0 
      4200 Northcorp Pkway  Palm Beach Gardens   FL    11   Multi-Tenant   1996    20,880    95,065    26%   176    176    0 
      6050 Dana Way  Antioch   TN       Multi-Tenant   1999    15,137    672,629    70%   1,406    1,424    0 
      King St./1032 Fort St. Mall  Honolulu   HI    11 / 13   Multi-Tenant   1979/2002    47,209    318,451    92%   2,354    2,101    0 
      4000 Johns Creek Pkwy.  Suwanee   GA    12 / 18   Multi-Tenant   2001    4,203    87,219    0%   1,086    1,078    10,964 
      265 Lehigh Street  Allentown   PA       Multi-Tenant   1980    2,920    71,055    32%   43    43    0 
      17191 St. Luke's Way  The Woodlands   TX       Multi-Tenant   2004    7,900    41,000    33%   95    95    7,445 
      200 Executive Blvd. South  Southington   CT    18   Multi-Tenant   1984/2006    28,580    153,364    0%   1,679    1,625    12,317 
      2706 Media Center Dr.  Los Angeles   CA    18   Multi-Tenant   2000    18,070    83,252    24%   1,540    1,286    10,298 
MULTI-TENANT TOTAL/WEIGHTED AVERAGE           67.4% Leased             2,396,631       $25,169   $28,037   $ 114,964 

   

22
 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2012

 

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
12/31/2012 ($000)
(2)
   GAAP
Base Rent
as of 12/31/2012
($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    62    123 
 2014   3/31/2014  N.E.C. 45th St./Lee Blvd.  Lawton   OK       Associated Wholesale Grocers, Inc. / Safeway, Inc.   1984    30,757    185    207 
     10/31/2014  1084 East Second St.  Franklin   OH       Marsh Supermarkets, LLC / Crystal Food Services, LLC   1961/1978    29,119    111    142 
 2015   1/31/2015  1700 State Route 160  Port Orchard   WA       Moran Foods, Inc. d/b/a Save-A-Lot, Ltd.   1983    16,037    82    82 
     5/31/2015  24th St. West & St. John’s Ave.  Billings   MT       Safeway, Inc.   1981    40,800    186    287 
 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    305    305 
        18601 Alderwood Mall Blvd.  Lynnwood   WA       Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC   1981/1993    43,105    281    281 
        4811 Wesley St.  Greenville   TX       Brookshire Grocery Company / Safeway, Inc.   1985    48,492    171    242 
        6910 South Memorial Hwy.  Tulsa   OK       Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.   1981    43,123    255    255 
 2017   3/31/2017  1610 South Westmoreland Ave.  Dallas   TX       Malone’s Food Stores, Ltd.   1960    70,910    361    420 
     6/30/2017  1600 East 23rd St.  Chattanooga   TN       BI-LO, LLC   1983/1995    42,130    129    129 
     12/31/2017  11411 North Kelly Ave.  Oklahoma City   OK       American Golf Corporation   1991/1996    13,924    158    108 
 2018   2/26/2018  399 Peachwood Centre Dr.  Spartanburg   SC       Best Buy Co., Inc.   1996    45,800    395    395 
        4831 Whipple Ave., Northwest  Canton   OH       Best Buy Co., Inc.   1995    46,350    465    465 
     2/28/2018  291 Talbert Blvd.  Lexington   NC       Food Lion, LLC / Delhaize America, Inc.   1981    23,000    138    138 
        3211 West Beverly St.  Staunton   VA       Food Lion, LLC / Delhaize America, Inc.   1971    23,000    166    166 
     7/1/2018  1053 Mineral Springs Rd.  Paris   TN       The Kroger Co.   1982    31,170    159    188 
     9/30/2018  835 Julian Ave.  Thomasville   NC       Mighty Dollar, LLC   1983    23,767    73    73 
     10/31/2018  10340 U.S. 19  Port Richey   FL       Kingswere Furniture, LLC   1980    53,820    346    346 
        130 Midland Ave.  Port Chester   NY       Pathmark Stores, Inc.   1982    59,000    423    1,190 
        5104 North Franklin Rd.  Lawrence   IN       Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC   1958    28,721    193    193 
     12/31/2018  1150 West Carl Sandburg Dr.  Galesburg   IL       Kmart Corporation   1992    94,970    216    329 
        12080 Carmel Mountain Rd.  San Diego   CA       Kmart Corporation   1993    107,210    245    751 
        21082 Pioneer Plaza Dr.  Watertown   NY       Kmart Corporation   1993    120,727    362    482 
        255 Northgate Dr.  Manteca   CA       Kmart Corporation   1993    107,489    385    555 
        5350 Leavitt Rd.  Lorain   OH       Kmart Corporation   1993    193,193    545    731 
        97 Seneca Trail  Fairlea   WV       Kmart Corporation   1993/1999    90,933    254    347 
N/A   Vacant  1700 State Route 160  Port Orchard   WA       (Available for Lease)   1983    11,931    0    0 
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE        99.2% Leased        1,505,320   $6,651   $8,930 
                                             
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE      97.3% Leased        41,196,207   $303,357   $313,019 

 

 Footnotes

 

1Square foot leased or vacant.
2Twelve months ended 12/31/2012 cash rent.
3Twelve months ended 12/31/2012 GAAP base rent.
4Lexington has an 80.5% interest in this property.
5Lease extended to 09/2020 subsequent to 12/31/2012.
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 $992 of income is included in non-operating income.
10Represents GAAP capitalized costs.
11Property is collateral for secured credit facility and term loan as of 12/31/2012. Collateral released after 12/31/2012.
12Subsequent to 12/31/2012, property was sold in foreclosure to satisfy mortgage.
13Includes parking operations.
14The multi-tenanted properties incurred approximately $10.1 million in operating expenses, net for the twelve months ended 12/31/2012.
15Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.
16Tenant vacated 78,895 square feet in 01/2013 and continues to lease 78,895 square feet through 01/2018.
17Educational Policy Improvement Center lease for 10,791 square feet expires 11/2019; however, space is then leased to Oregon Research Institute through 11/2027.
18Cash and GAAP rent amounts represent/include prior tenant.
19Aramark Corporation lease for 8,261 square feet expires 11/2017.
20Baker Hughes Incorporated lease expires 09/2015; however, new tenant (Schlumberger Holdings Corp.) lease expires 09/2025.
21Lease extended to 05/2014 subsequent to 12/31/2012.

   

23
 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule by Property Type - Cash Basis

12/31/2012

 

   Office   Industrial   Retail/Specialty 
Year  Net
Rentable
Area
   Cash Rent
as of
12/31/2012
($000)
   Annual
Rent
PSF (2)
   Net
Rentable
Area
   Cash Rent
as of
12/31/2012
($000)
   Annual
Rent
PSF (2)
   Net
Rentable
Area
   Cash Rent
as of
12/31/2012
($000)
   Annual
Rent
PSF (2)
 
2013   780,555   $9,181   $12.31    447,356   $1,405   $3.14    23,000   $62   $2.70 
2014   2,316,987   $33,886   $16.81    1,327,536   $2,611   $2.35    59,876   $296   $4.94 
2015   1,347,755   $17,482   $14.93    2,377,690   $6,651   $3.21    56,837   $268   $4.72 
2016   1,017,000   $9,365   $12.09    2,007,278   $7,445   $4.12    177,562   $1,012   $5.70 
2017   525,576   $7,814   $14.87    2,987,744   $10,984   $4.23    126,964   $648   $7.60 
2018   1,317,005   $17,970   $14.43    1,530,121   $2,805   $2.49    1,049,150   $4,365   $4.16 
2019   2,464,189   $28,131   $13.13    1,621,875   $4,053   $2.50    -   $-   $- 
2020   657,705   $7,709   $15.43    1,249,216   $6,567   $5.90    -   $-   $- 
2021   904,802   $15,236   $16.84    1,402,257   $4,288   $4.02    -   $-   $- 
2022   406,073   $5,580   $18.50    257,849   $649   $4.83    -   $-   $- 
Thereafter   3,770,966   $43,404   $13.86    6,017,458   $24,218   $4.47    250,288   $1,535   $14.41 
Total/Weighted Average (1)   15,508,613   $195,758   $14.53    21,226,380   $71,676   $3.87    1,743,677   $8,186   $6.06 

 

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 cash rents are annualized.

  

24
 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule - GAAP Basis

12/31/2012

 

Year  Number of
Leases
Expiring
   GAAP Base
Rent as of
12/31/2012
($000)
   Percent of
GAAP Base Rent
as of
12/31/2012
   Percent of
GAAP Base Rent
as of
12/31/2011
 
2013   12   $10,226    3.6%   9.7%
2014   32   $37,388    13.2%   15.8%
2015   20   $24,972    8.8%   10.4%
2016   17   $18,704    6.6%   6.8%
2017   17   $18,930    6.7%   6.1%
2018   31   $26,580    9.4%   6.8%
2019   15   $32,929    11.7%   11.9%
2020   11   $14,514    5.1%   5.0%
2021   10   $19,664    7.0%   4.8%
2022   6   $6,374    2.3%   2.8%
Thereafter   43   $72,133    25.6%   14.1%
                     
Total (1)   214   $282,414    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

12/31/2012

 

                      Current         
                      Estimated         
                      Annual         
Collateral   Loan Balance   Interest   Maturity   Debt Service   Balloon Payment   Escrow Balance 
   City  State   ($000)(1)   Rate   Date   ($000)(2)   ($000)   ($000) 
Office  Schaumburg (3)   IL   $21,942    20.00%   01/2012   $-   $21,942   $306 
   Norwalk (4)   CT   $3,479    7.50%   11/2014   $-   $3,469   $4,369 
   Southfield   MI   $7,364    4.55%   02/2015   $1,282   $5,810   $- 
   Westmont (5)  IL   $26,902    6.45%   10/2015   $2,090   $25,731   $5,997 
Retail  Austin   TX   $2,038    16.00%   10/2018   $-   $5,104   $- 
   Various   Various   $1,291    8.00%   02/2021   $219   $-   $- 
   Various   Various   $686    8.00%   12/2021   $111   $-   $- 
   Various   Various   $829    8.00%   03/2022   $127   $-   $- 
Charter School  Homestead (6)   FL   $8,036    7.50%   08/2014   $606   $8,000   $- 
   Total Mortgage Loans Receivable     72,567           $4,435   $70,056  $ 10,672 

 

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)  Lexington is committed to lend up to a maximum of $32.6 million. Escrow balance represents a security interest of $4.4 million in an account maintained by the borrower.

(5)Escrow balance includes $2.5 million in a collateral escrow account maintained by the borrower and $2.5 million tenant letter of credit held by Lexington. Tenant in property exercised its option to terminate the lease effective 11/30/2013 for a termination payment of $1.3 million.

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

 

26
 

  

LEXINGTON REALTY TRUST

2012 Fourth Quarter Financing Summary

 

DEBT RETIRED

 

      Face /
Satisfaction
($000)
   Rate  Due Date
1  Convertible Guaranteed Notes (1)  $31,104   6.000%  01/2030
2  Revolving Credit Facility  $93,000   LIBOR + 187.5 bps  01/2015
3  Revolving Credit Facility - NLS  $57,450   LIBOR + 225 bps  2013-2014
4  Baton Rouge, LA (2)  $5,955   5.333%  10/2012
5  Fort Mill, SC  $9,963   6.000%  01/2013
6  Sugar Land, TX  $8,921   5.640%  01/2021
7  Clive, IA (3)  $5,290   5.139%  05/2014
   TOTAL  $211,683       

 

CORPORATE LEVEL FINANCING

 

      Face ($000)   Rate   Maturity 
1  Term Loan Draw  $40,000    3.308%   01/2019 
                   

 

NEW PROPERTY LEVEL FINANCING

 

      Face ($000)   Rate   Maturity 
1  Palo Alto, CA  $59,500    3.970%   12/2023 

 

Footnotes

(1)Notes converted to 4.5 million common shares for an aggregate cash payment of $2.4 million plus accrued and unpaid interest. Put date is 01/2017.
(2)Imputed interest rate.
(3)Property was sold in foreclosure to satisfy mortgage.

 

27
 

  

LEXINGTON REALTY TRUST

Debt Maturity Schedule

12/31/2012

($000)

 

Consolidated Properties 
Year   Real Estate
Scheduled
Amortization
   Real Estate
Balloon Payments
   Corporate Debt 
 2013   $33,841   $238,351   $- 
 2014   $32,428   $251,032   $- 
 2015   $24,885   $288,589   $- 
 2016   $18,717   $148,595   $- 
 2017   $18,493   $68,669   $83,896(1)
     $128,364   $995,236   $83,896 

 

Non-Consolidated Investments - LXP Proportionate Share 
Year   Real Estate
Scheduled
Amortization
   Real Estate
Balloon Payments
     
 2013   $1,327   $-     
 2014   $1,458   $-     
 2015   $1,535   $5,469     
 2016   $1,402   $-      
 2017   $14   $2,097      
     $5,736   $7,566      

 

Footnotes

(1)Assumes debt is put to Lexington in 2017; stated maturity date is January 2030.

Subsequent to 12/31/2012, $35.0 million of debt was satisfied through the issuance of 5.0 million common shares and a cash payment of $2.3 million.

 

28
 

  

LEXINGTON REALTY TRUST

2013 Mortgage Maturities by Property Type

12/31/2012

  

   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
12/31/2012
($000)
   GAAP
Base Rent
as of
12/31/2012
($000)
 
Office &  70 Mechanic St. (2)  Foxboro  MA    251,914   $-   01/2013  06/2014  $13,200   $3,256   $2,454 
Multi-Tenant  1110 Bayfield Dr.  Colorado Springs  CO    166,575   $10,233   02/2013  11/2013  $19,579   $1,630   $1,599 
   12600 Gateway Blvd.  Fort Myers  FL    62,400   $8,550   05/2013  01/2013  $3,304   $1,159   $1,093 
   8555 South River Pkwy. (2)  Tempe  AZ    95,133   $12,144   05/2013  06/2022  $15,100   $2,354   $2,354 
   200 Executive Blvd. South  Southington  CT    153,364   $12,228   05/2013  Vacant  $28,580   $1,679   $1,625 
   275 South Valencia Ave.  Brea  CA    637,503   $73,071   05/2013  06/2019  $118,929   $8,180   $8,511 
   5757 Decatur Blvd.  Indianapolis  IN    89,956   $8,580   05/2013  Vacant/2018  $15,297   $1,021   $1,315 
   810 & 820 Gears Rd.  Houston  TX    157,790   $15,737   05/2013  2013/2018  $26,834   $2,296   $1,962 
   8900 Freeport Pkwy.  Irving  TX    268,445   $36,466   05/2013  03/2023  $61,754   $3,038   $3,501 
   6303 Barfield Rd./859 Mount Vernon Hwy.  Atlanta  GA    289,000   $40,356   05/2013  Various  $76,766   $6,366   $4,142 
   2401 Cherahala Blvd. (2)  Knoxville  TN    59,748   $4,496   09/2013  05/2020  $8,400   $900   $822 
   2211 South 47th St.  Phoenix  AZ    176,402   $16,490   09/2013  02/2023  $24,631   $2,100   $2,160 
                                          
   Total 2013 Mortgage Maturities            2,408,230   $238,351         $412,374   $33,979   $31,538 

 

Footnotes

(1) Represents GAAP capitalized costs as of December 31, 2012.

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

 

29
 

 

LEXINGTON REALTY TRUST

2014 Mortgage Maturities by Property Type

12/31/2012

 

   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
12/31/2012
($000)
   GAAP
Base Rent
as of
12/31/2012
($000)
 
Office  33 Commercial St.  Foxboro  MA    164,689   $-   01/2014  06/2015  $29,238   $3,631   $3,631 
   1401 & 1501 Nolan Ryan Pkwy. (3)  Arlington  TX    236,547   $18,642   02/2014  01/2014  $28,303   $2,723   $2,723 
   2999 Southwest 6th St. (3)  Redmond  OR    77,484   $8,484   04/2014  01/2019  $14,100   $1,543   $1,469 
   3480 Stateview Blvd.  Fort Mill  SC    169,218   $18,300   05/2014  05/2014  $29,174   $3,672   $3,451 
   1701 Market St. (2)  Philadelphia  PA    304,037   $43,520   07/2014  Various  $72,728   $7,113   $6,951 
   10300 Kincaid Dr.  Fishers  IN    193,000   $10,466   08/2014  01/2020  $28,391   $3,386   $3,425 
   3965 Airways Blvd.  Memphis  TN    521,286   $47,270   09/2014  06/2019  $116,410   $6,853   $7,013 
   500 Jackson St.  Columbus  IN    390,100   $26,399   09/2014  07/2019  $53,821   $4,494   $4,540 
   6226 West Sahara Ave.  Las Vegas  NV    282,000   $32,118   09/2014  01/2029  $64,735   $8,070   $4,253 
   22011 Southeast 51st St./5150 220th Ave.  Issaquah  WA    202,544   $30,388   12/2014  12/2014  $51,419   $4,542   $4,153 
   275 Technology Dr.  Canonsburg  PA    107,872   $9,095   12/2014  12/2014  $15,739   $1,429   $1,378 
Industrial  2415 US Hwy. 78 East  Moody  AL    595,346   $6,350   01/2014  01/2014  $11,575   $1,054   $1,054 
                                          
   Total 2014 Mortgage Maturities            3,244,123   $251,032         $515,633   $48,510   $44,041 

 

Footnotes

(1) Represents GAAP capitalized costs as of December 31, 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.

 

30
 

 

LEXINGTON REALTY TRUST

2015 Mortgage Maturities by Property Type

12/31/2012

 

   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
12/31/2012
($000)
   GAAP
Base Rent
as of
12/31/2012
($000)
 
Office &  101 East Erie St.  Chicago  IL    230,704   $29,900   01/2015  03/2014  $56,548   $4,136   $5,007 
Multi-Tenant  400 East Stone Ave. (2)  Greenville  SC    128,041   $9,000   01/2015  12/2029  $10,685   $946   $- 
   4201 Marsh Ln.  Carrollton  TX    130,000   $12,022   01/2015  11/2022  $22,146   $1,934   $1,866 
   13775 McLearen Rd.  Herndon  VA    125,293   $10,359   04/2015  04/2015  $25,443   $2,218   $2,138 
   10475 Crosspoint Blvd.  Indianapolis  IN    141,047   $11,205   05/2015  10/2019  $22,586   $2,231   $2,335 
   100, 120, 140 East Shore Dr.  Glen Allen  VA    222,048   $18,321   05/2015  Various  $38,057   $2,480   $2,824 
   1311 Broadfield Blvd.  Houston  TX    155,040   $14,431   05/2015  03/2021  $29,962   $2,326   $2,623 
   1409 Centerpoint Blvd.  Knoxville  TN    84,404   $6,658   05/2015  10/2014  $12,604   $1,738   $1,621 
   2550 Interstate Dr.  Harrisburg  PA    81,859   $7,792   05/2015  12/2013  $15,255   $1,944   $1,870 
   2706 Media Center Dr.  Los Angeles  CA    83,252   $9,760   05/2015  Vacant / 2015  $18,070   $1,540   $1,286 
   2800 Waterford Lake Dr.  Midlothian  VA    99,057   $9,055   05/2015  12/2021  $15,850   $2,063   $2,140 
   333 Mt. Hope Ave.  Rockaway  NJ    95,500   $14,900   05/2015  09/2014  $29,295   $2,244   $2,123 
   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   $1,781   $1,866 
   16676 Northchase Dr.  Houston  TX    101,111   $11,282   05/2015  07/2014  $19,369   $1,679   $1,627 
   2500 Patrick Henry Pkwy. (3)  McDonough  GA    111,911   $11,349   06/2015  06/2015  $16,000   $1,565   $1,378 
   3711 San Gabriel (3)  Mission  TX    75,016   $5,371   06/2015  06/2015  $7,600   $1,050   $843 
   4001 International Pkwy.  Carrollton  TX    138,443   $18,710   07/2015  07/2015  $30,859   $3,208   $3,194 
   2529 West Thorne Dr. (3)  Houston  TX    65,500   $2,203   09/2015  09/2015  $5,400   $929   $652 
   10001 Richmond Ave.  Houston  TX    554,385   $18,161   09/2015  09/2025  $78,887   $8,163   $7,375 
Industrial  324 Industrial Park Rd. (3)  Franklin  NC    72,868   $-   04/2015  12/2014  $2,300   $456   $271 
   6938 Elm Valley Dr. (3)  Kalamazoo  MI    150,945   $15,087   05/2015  10/2021  $21,970   $2,027   $1,747 
   10000 Business Blvd.  Dry Ridge  KY    336,350   $4,088   07/2015  06/2025  $15,227   $1,346   $1,346 
   301 Bill Bryan Rd.  Hopkinsville  KY    424,904   $7,828   07/2015  06/2025  $19,066   $1,687   $1,687 
   4010 Airpark Dr.  Owensboro  KY    211,598   $3,571   07/2015  06/2025  $13,598   $1,208   $1,208 
   730 North Black Branch Rd.  Elizabethtown  KY    167,770   $2,522   07/2015  06/2025  $6,055   $537   $537 
   750 North Black Branch Rd.  Elizabethtown  KY    539,592   $13,345   07/2015  06/2025  $32,222   $2,838   $2,838 
                                          
   Total 2015 Mortgage Maturities          4,756,357   $288,589         $590,070   $55,360   $53,480 

 

Footnotes

(1) Represents GAAP capitalized costs as of December 31, 2012.

(2) Property is classified as a capital lease for GAAP, accordingly $992 of GAAP income is included in non-operating income.

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

 

31
 

 

LEXINGTON REALTY TRUST

2016 Mortgage Maturities by Property Type

12/31/2012

 

   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
12/31/2012
($000)
   GAAP
Base Rent
as of
12/31/2012
($000)
 
Office  1600 Eberhardt Rd. (2)  Temple   TX    108,800   $7,463   01/2016  01/2016  $12,161   $1,675   $1,346 
   700 US Hwy. Route 202-206  Bridgewater   NJ    115,558   $13,825   03/2016  10/2014  $31,662   $2,035   $2,571 
   11707 Miracle Hills Dr  Omaha   NE    85,200   $7,560   04/2016  11/2025  $13,853   $1,167   $1,167 
   1400 Northeast McWilliams Rd. (2)  Bremerton   WA    60,200   $5,479   04/2016  07/2016  $9,906   $1,215   $1,215 
   2005 East Technology Circle  Tempe   AZ    60,000   $7,140   04/2016  12/2025  $12,199   $1,128   $1,128 
   850-950 Warrenville Rd  Lisle   IL    99,414   $9,377   06/2016  2014/2019  $17,388   $1,543   $1,704 
   11511 Luna Rd  Farmers Branch   TX    180,507   $18,363   07/2016  04/2016  $29,984   $2,322   $3,189 
   180 South Clinton St  Rochester   NY    226,000   $16,765   08/2016  12/2014  $30,880   $2,974   $2,966 
Industrial  459 Wingo Road  Byhalia   MS    513,734   $15,000   06/2016  03/2026  $27,492   $2,582   $2,937 
   2203 Sherrill Dr  Statesville   NC    639,800   $12,574   08/2016  12/2017  $21,266   $1,789   $1,865 
   3686 S. Central Ave. / 749 Southrock Dr  Rockford   IL    240,000   $6,153   08/2016  2014/2015  $10,919   $879   $802 
   2935 Van Vactor Dr. (2)  Plymouth   IN    300,500   $5,723   09/2016  06/2015  $9,200   $822   $822 
   7005 Cochran Road  Glenwillow   OH    458,000   $15,132   09/2016  07/2025  $28,665   $1,984   $2,251 
Specialty  25500 State Hwy. 249 (2)  Tomball   TX    77,076   $8,041   11/2016  08/2026  $15,776   $1,380   $1,404 
                                           
   Total 2016 Mortgage Maturities           3,164,789   $148,595         $271,351   $23,495   $25,367 

 

Footnotes

(1) Represents GAAP capitalized cost at December 31, 2012.

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

 

32
 

 

LEXINGTON REALTY TRUST

2017 Mortgage Maturities by Property Type

12/31/2012

 

   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
12/31/2012
($000)
   GAAP
Base Rent
as of
12/31/2012
($000)
 
Office  104 & 110 South Front St.  Memphis    TN    37,229   $3,484   01/2017  10/2016  $5,586   $519   $501 
   9200 South Park Center Loop (2)  Orlando    FL    59,927   $9,309   02/2017  09/2013  $14,898   $1,369   $1,159 
   500 Kinetic Drive  Huntington     WV    68,693   $6,500   02/2017  11/2026  $12,558   $1,169   $1,315 
Industrial  7500 Chavenelle Rd.  Dubuque    IA    330,988   $8,725   06/2017  06/2017  $11,660   $1,217   $1,164 
   5001 Greenwood Rd.  Shreveport    LA    646,000   $19,000   07/2017  10/2026  $26,678   $2,030   $2,165 
   1420 Greenwood Rd.  McDonough    GA    296,972   $21,651   11/2017  10/2017  $30,897   $2,657   $2,595 
                                            
   Total 2017 Mortgage Maturities            1,439,809   $68,669         $102,277   $8,961   $8,899 

 

Footnotes

(1) Represents GAAP capitalized cost at December 31, 2012.

(2) Lease extended to 09/2020 subsequent to 12/31/2012.

 

33
 

 

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2012

 

Property  Footnotes   Debt
Balance
($000)
   Interest
Rate
(%)
   Maturity (a)  Current
Estimated
Annual Debt
Service
($000) (d)
   Balloon
Payment
($000)
 
Foxboro, MA  (p)   $2,578    7.670%  01/2013  $2,677   $- 
Colorado Springs, CO       10,252    6.250%  02/2013   165    10,233 
Tempe, AZ       12,211    5.148%  05/2013   276    12,144 
Brea, CA  (b)    73,445    5.734%  05/2013   2,112    73,071 
Atlanta, GA       40,639    5.268%  05/2013   1,178    40,356 
Irving, TX  (b)    36,691    5.452%  05/2013   1,059    36,466 
Houston, TX       15,849    5.218%  05/2013   457    15,737 
Southington, CT  (m)    12,317    5.018%  05/2013   348    12,228 
Indianapolis, IN  (m)    8,686    5.168%  05/2013   406    8,580 
Fort Myers, FL  (m)    8,595    5.268%  05/2013   235    8,550 
Phoenix, AZ       16,811    6.270%  09/2013   1,104    16,490 
Knoxville, TN       4,560    5.950%  09/2013   246    4,496 
Foxboro, MA  (b)    5,719    6.000%  01/2014   3,270    - 
Moody, AL       6,518    4.978%  01/2014   493    6,350 
Arlington, TX       19,808    5.810%  02/2014   1,551    18,642 
Redmond, OR       8,743    5.616%  04/2014   697    8,484 
Fort Mill, SC       18,745    5.373%  05/2014   1,364    18,300 
Philadelphia, PA  (e)    44,885    5.060%  07/2014   3,178    43,520 
Fishers, IN       10,870    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)    586    7.500%  09/2014   54    568 
Las Vegas, NV  (i)    713    7.500%  09/2014   66    690 
Memphis, TN  (i)    1,049    7.500%  09/2014   97    1,017 
Issaquah, WA  (b)    31,028    5.665%  12/2014   2,113    30,388 
Canonsburg, PA  (b)    9,087    5.426%  12/2014   489    9,095 
Chicago, IL  (b)    29,583    5.639%  01/2015   1,548    29,900 
Greenville, SC       9,000    5.500%  01/2015   495    9,000 
Carrollton, TX       12,642    5.530%  01/2015   993    12,022 
Herndon, VA  (b)    10,928    5.885%  04/2015   888    10,359 
Franklin, NC       552    8.500%  04/2015   271    - 
Kalamazoo, MI       16,485    5.411%  05/2015   1,189    15,087 
Glen Allen, VA  (b)    18,940    5.377%  05/2015   1,292    18,321 
Houston, TX       15,218    5.160%  05/2015   1,114    14,431 
Rockaway, NJ       14,900    5.292%  05/2015   799    14,900 
Houston, TX       11,893    5.210%  05/2015   874    11,282 
Indianapolis, IN       11,817    5.160%  05/2015   865    11,205 
San Antonio, TX       11,740    5.340%  05/2015   875    11,167 
Suwanee, GA  (p)    10,964    5.260%  05/2015   751    10,502 
Los Angeles, CA       10,298    5.110%  05/2015   750    9,760 
Richmond, VA       9,538    5.310%  05/2015   708    9,055 
Harrisburg, PA       8,221    5.110%  05/2015   599    7,792 
Knoxville, TN       7,013    5.310%  05/2015   520    6,658 
McDonough, GA       11,887    5.212%  06/2015   836    11,349 
Mission, TX       5,702    5.783%  06/2015   462    5,371 

 

34
 

 

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2012

 

Property  Footnotes   Debt
Balance
($000)
   Interest
Rate
(%)
   Maturity (a)  Current
Estimated
Annual Debt
Service
($000) (d)
   Balloon
Payment
($000)
 
Carrollton, TX  (b)    19,393    5.725%  07/2015   1,382    18,710 
Elizabethtown, KY  (j)    14,152    4.990%  07/2015   1,044    13,345 
Hopkinsville, KY       8,301    4.990%  07/2015   612    7,828 
Dry Ridge, KY  (n)    4,335    4.990%  07/2015   320    4,088 
Owensboro, KY  (n)    3,787    4.990%  07/2015   279    3,571 
Elizabethtown, KY  (j)    2,675    4.990%  07/2015   197    2,522 
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       8,628    6.090%  01/2016   668    7,463 
Bridgewater, NJ       14,476    5.732%  03/2016   1,035    13,825 
Omaha, NE       8,113    5.610%  04/2016   621    7,560 
Bremerton, WA       6,489    6.090%  04/2016   494    5,479 
Tempe, AZ       7,662    5.610%  04/2016   586    7,140 
Byhalia, MS       15,000    4.710%  06/2016   707    15,000 
Lisle, IL       9,910    6.500%  06/2016   793    9,377 
Farmers Branch, TX  (b)    18,459    5.939%  07/2016   1,136    18,363 
Rochester, NY  (f)    17,813    6.210%  08/2016   1,383    16,765 
Statesville, NC  (f)    13,360    6.210%  08/2016   1,037    12,574 
Rockford, IL  (f)    6,538    6.210%  08/2016   508    6,153 
Glenwillow, OH       16,093    6.130%  09/2016   1,240    15,132 
Plymouth, IN       6,147    6.315%  09/2016   497    5,723 
Tomball, TX       9,464    6.063%  11/2016   683    8,041 
Memphis, TN       3,742    5.710%  01/2017   275    3,484 
Huntington, WV       6,500    4.150%  02/2017   270    6,500 
Orlando, FL       9,865    5.722%  02/2017   696    9,309 
Dubuque, IA       9,725    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   1,637    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       9,082    5.910%  10/2018   728    6,637 
Boston, MA       12,975    6.100%  12/2018   996    11,520 
North Berwick, ME       8,677    3.560%  04/2019   1,532    - 
Overland Park, KS  (b)    35,829    5.891%  05/2019   2,657    31,867 
Kansas City, MO  (b)    17,087    5.883%  05/2019   1,268    15,182 
Meridian, ID       10,553    6.010%  08/2019   753    7,675 
Streetsboro, OH  (b)    18,497    5.749%  09/2019   1,344    16,338 
The Woodlands, TX  (p)    7,445    6.507%  11/2019   563    6,692 
Lenexa, KS       10,594    6.270%  12/2019   774    7,770 
Boca Raton, FL       20,317    6.470%  02/2020   1,542    18,414 
Oakland, ME       9,446    5.930%  10/2020   750    7,660 
Lavonia, GA       8,549    5.460%  12/2020   741    5,895 
Wall, NJ  (b)    23,706    6.250%  01/2021   3,312    - 
Charleston, SC       7,350    5.850%  02/2021   436    6,632 

 

35
 

 

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2012

 

Property  Footnotes   Debt
Balance
($000)
   Interest
Rate
(%)
   Maturity (a)   Current
Estimated
Annual Debt
Service
($000) (d)
   Balloon
Payment
($000)
 
Whippany, NJ       14,977    6.298%   11/2021    1,344    10,400 
Baltimore, MD       55,000    4.320%   06/2023    2,376    47,676 
Palo Alto, CA       59,409    3.970%   12/2023    3,491    - 
Chester, SC       10,582    5.380%   08/2025    1,144    362 
Farmington Hills, MI  (b)(h)    17,639    7.420%   03/2031    1,500    10,279 
Subtotal/Wtg. Avg./Years Remaining (l)      $1,415,961    5.603%   3.8   $103,540   $1,206,235 
                              
                              
Corporate                             
Term Loan  (k)   $255,000    3.673%   01/2019   $9,496   $255,000 
Convertible Notes  (o)(c)    83,896    6.000%   01/2030    5,034    83,896 
Trust Preferred Notes  (g)    129,120    6.804%   04/2037    8,785    129,120 
Subtotal/Wtg. Avg./Years Remaining (l)      $468,016    4.954%   10.7   $23,315   $468,016 
Total/Wtg. Avg./Years Remaining (l)      $1,883,977    5.442%   5.5   $126,855   $1,674,251 

 

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 $5,769 excluded from balance. Subsequent to 12/31/2012, $35.0 million of notes converted for 5.0 million common shares.
(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)Loan is in hyper-amortization.
(i)Properties are cross-collateralized.
(j)Properties are cross-collateralized.
(k)As of 12/31/2012, secured by a borrowing base of properties, which collateral has been released subsequent to 12/31/2012.
(l)Total shown may differ from detailed amounts due to rounding.
(m)Debt service payments have been suspended.
(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 12/31/2012.

  

36
 

 

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

12/31/2012

 

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  $14,221   $5,688    5.240%   05/2015   $976   $13,673   $5,469 
One Summit   10,669    3,201    9.375%   10/2016    3,344    -    - 
One Summit   7,149    2,145    10.625%   11/2016    2,239    -    - 
Rehab Humble Lessee   15,127    2,269    4.700%   05/2017    950    13,982    2,097 
Total/Wtg. Avg. (1)/Years Remaining (2)  $47,166   $13,303    7.01%   3.3   $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.

 

37
 

 

LEXINGTON REALTY TRUST

Partnership Interests

Twelve months ended December 31, 2012

($000)

 

Noncontrolling Interest Properties - Partners' Proportionate Share (1)     
      
EBITDA  $595 
Interest expense  $533 
Depreciation and amortization  $830 
      
Non-Consolidated Net Leased Real Estate - Lexington's Share (2)     
      
EBITDA  $19,892 
Interest expense  $2,098 

 

Footnotes

(1) Excludes discontinued operations and OP unit noncontrolling interests.

(2) Includes NLS through 8/31/2012.

 

38
 

 

LEXINGTON REALTY TRUST

Selected Balance Sheet and Income Statement Account Data

12/31/2012

($000)

 

Balance Sheet    
     
Other assets  $27,780 
      
The components of other assets are:     
      
Deposits  $265 
Investments- capital lease   10,685 
Equipment   527 
Prepaids   2,546 
Other receivables   768 
Deferred tax asset   858 
Deferred lease incentives   11,992 
Other   139 
      
Accounts payable and other liabilities  $70,367 
      
The components of accounts payable and other liabilities are:     
      
Accounts payable and accrued expenses  $14,033 
CIP accruals and other   26,987 
Taxes   813 
Deferred lease and loan costs   10,630 
Subordinated notes   2,447 
Deposits   1,798 
Escrows   1,448 
Transaction / build-to-suit costs   4,155 
Guarantee obligation   1,500 
Interest rate swap derivative liability   6,556 
      
Income Statement - Twelve months ended December 31, 2012     
      
Non-cash interest expense, net  $736 

 

39
 

 

LEXINGTON REALTY TRUST

Select Credit Metrics

 

   12/31/2011   12/31/2012   Adjusted
12/31/2012 (1)
 
             
Company FFO Payout Ratio   49.0%   56.1%   57.3%
                
Non-mortgaged Assets  $1.39 billion   $1.69 billion   $1.69 billion 
                
Debt + Preferred / Gross Assets   49.7%   46.8%   46.0%
                
Debt/Gross Assets   41.9%   41.3%   40.5%
                
Secured Debt / Gross Assets   34.4%   36.7%   31.1%
                
Net Debt / EBITDA   5.6 times    6.4 times    6.0 times 
                
Net Debt + Preferred / EBITDA   6.7 times    7.3 times    6.8 times 
                
Credit Line Availability  $294.3 million   $296.3 million   $296.3 million 
                
Development / Gross Assets   0.9%   1.6%   1.6%
                
EBITDA / Revenue   77.0%   76.5%   77.6%
                
EBITDA / PrefDiv + Interest Expense   2.3 times    2.4 times    2.5 times 
                
JV + Advisory Income / Revenues   8.5%   4.4%   0.6%

 

Footnotes

(1) December 31, 2012 credit metrics adjusted to reflect impact of (i) 17.25 million common share issuance in 4Q12, (ii) repayment of debt with offering proceeds, (iii) conversion of $66.1 million of 6.00% Convertible Guaranteed Notes due 2030, which occurred in 4Q12 & 1Q13, (iv) $255.0 million term loan unsecured in 1Q13, and (v) the NLS acquisition as if they occurred at the beginning of the period presented.

 

40
 

 

LEXINGTON REALTY TRUST

Other Data

12/31/2012

($000)

 

Base Rent Estimates for Current Assets

 

Year  Cash (1)   GAAP (1)     
2013  $335,434   $345,880      
2014  $319,130   $319,413      
2015  $276,267   $275,184      
2016  $245,691   $244,531      
2017  $223,331   $222,025      

 

Other Revenue Data

 

Asset Class  GAAP
Base Rent
as of
12/31/12 (2)
   2012 Percentage   2011 Percentage 
Office  $156,366    50.0%   56.2%
Long-term leases (3)  $72,238    23.1%   15.0%
Industrial  $47,448    15.1%   15.0%
Multi-tenant  $28,037    9.0%   10.2%
Retail/Specialty  $8,930    2.8%   3.6%
   $313,019    100.0%   100.0%
                
Credit Ratings (4)               
Investment Grade  $153,656    49.1%   47.8%
Non-Investment Grade  $49,025    15.7%   16.6%
Unrated  $110,338    35.2%   35.6%
   $313,019    100.0%   100.0%

 

Same-Store NOI (5)(6)  Twelve months ended December 31     
   2012   2011     
Total Base Rent  $272,542   $272,208      
Tenant Reimbursements and Other   29,257    31,396      
Property Operating Expenses   (58,169)   (57,788)     
Same-Store NOI  $243,630   $245,816      
                
Change in Same-Store NOI   (0.9)%          
                
Weighted-Average Lease Term  As of
12/31/12
   As of
12/31/11
      
    7.1 years    6.2 years      

 

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 12/31/2012.
(2) Twelve months ended 12/31/2012 GAAP base rent recognized for consolidated properties owned as of 12/31/2012.
(3) Long-term leases are defined as leases having a term of ten years or longer.
(4) Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated.
(5) NOI is on a consolidated cash basis.
(6) Excludes properties acquired and sold in 2012 and 2011.

 

41
 

 

LEXINGTON REALTY TRUST

Top 20 Markets

12/31/2012

 

   Core Based Statistical Area (2)  Percent of
GAAP Base
Rent as of
12/31/12 (1)
 
1  Dallas-Fort Worth-Arlington, TX   8.3%
2  Houston-Sugar Land-Baytown, TX   5.1%
3  Memphis, TN-MS-AR   5.0%
4  Baltimore-Towson, MD   5.0%
5  New York-Northern New Jersey-Long Island, NY-NJ-PA   3.7%
6  Orlando-Kissimmee, FL   3.6%
7  Kansas City, MO-KS   3.6%
8  Los Angeles-Long Beach-Santa Ana, CA   3.5%
9  Atlanta-Sandy Springs-Marietta, GA   3.0%
10  Boston-Cambridge-Quincy, MA-NH   2.8%
11  Philadelphia-Camden-Wilmington, PA-NJ-DE-MD   2.6%
12  Columbus, OH   2.4%
13  Phoenix-Mesa-Scottsdale, AZ   2.4%
14  Indianapolis-Carmel, IN   2.3%
15  Chicago-Naperville-Joliet, IL-IN-WI   2.1%
16  Detroit-Warren-Livonia, MI   2.1%
17  Charlotte-Gastonia-Concord, NC-SC   1.9%
18  Washington-Arlington-Alexandria, DC-VA-MD-WV   1.8%
19  San Antonio, TX   1.7%
20  Seattle-Tacoma-Bellevue, WA   1.6%
   Total Top 20 Markets (3)   64.5%

 

Footnotes

(1) Twelve months ended 12/31/2012 GAAP base rent recognized for consolidated properties owned as of 12/31/2012.
(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

12/31/2012

 

Industry Category  Percent of
GAAP Base
Rent as of
12/31/2012 (1) (2)
 
Finance/Insurance   14.8%
Technology   10.1%
Energy   9.3%
Automotive   9.0%
Consumer Products   8.2%
Service   8.1%
Transportation/Logistics   6.2%
Healthcare   5.3%
Food   5.0%
Telecommunications   4.0%
Media/Advertising   3.6%
Construction/Materials   3.2%
Printing/Production   2.8%
Aerospace/Defense   2.7%
Apparel   2.0%
Retail Department   1.6%
Retail Specialty   1.5%
Education   1.2%
Real Estate   1.1%
Retail Electronics   0.3%
    100.0%

 

Footnotes

(1) Twelve months ended 12/31/2012 GAAP base rent recognized for consolidated properties owned as of 12/31/2012.
(2) Total shown may differ from detailed amounts due to rounding.

 

43
 

 

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

12/31/2012

 

Tenants or Guarantors  Number of
Leases
  Sq. Ft. Leased   Sq. Ft. Leased
as a Percent of
Consolidated
Portfolio (2)
   GAAP Base
Rent as of
12/31/2012
($000) (1)
   Percent of GAAP
Base Rent as of
12/31/2012
($000) (1) (2)
 
Bank of America, National Association  8   691,893    1.7%  $9,361    3.0%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)  7   2,053,359    5.0%  $8,882    2.8%
Baker Hughes, Inc.  2   619,885    1.5%  $7,592    2.4%
Federal Express Corporation  2   647,499    1.6%  $7,567    2.4%
Swiss Re America Holding Corporation / Westport Insurance Corporation  2   476,123    1.2%  $7,010    2.2%
Morgan, Lewis & Bockius LLP (3)  1   289,432    0.7%  $6,686    2.1%
Wells Fargo Bank, N.A.  2   338,301    0.8%  $5,986    1.9%
Michelin North America, Inc.  2   1,908,570    4.6%  $5,581    1.8%
Transamerica Life Insurance Company  1   156,140    0.4%  $5,524    1.8%
JPMorgan Chase Bank, National Association  3   430,375    1.0%  $5,417    1.7%
   30   7,611,577    18.5%  $69,606    22.2%

 

Footnotes

(1) Twelve months ended 12/31/2012 GAAP base rent recognized for consolidated properties owned as of 12/31/2012.
(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

PO Box 43078

Providence, RI 02940-3078

(800) 850-3948

www-us.computershare.com/investor/

 

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     Jefferies  
Ross L. Smotrich (212) 526-2306   Omotayo Okusanya (212) 336-7076
       
Evercore Partners     Stifel Nicolaus  
Sheila K. McGrath (212) 497-0882   John W. Guinee (443) 224-1307
         
Friedman, Billings, Ramsey     Wells Fargo Securities, LLC  
Gabe Poggi (703) 469-1141   Todd J. Stender (212) 214-8067

 

45