0001144204-13-026121.txt : 20130503 0001144204-13-026121.hdr.sgml : 20130503 20130503092644 ACCESSION NUMBER: 0001144204-13-026121 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20130502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130503 DATE AS OF CHANGE: 20130503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON REALTY TRUST CENTRAL INDEX KEY: 0000910108 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133717318 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12386 FILM NUMBER: 13810522 BUSINESS ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: SUITE 4015 CITY: NEW YORK STATE: NY ZIP: 10119 BUSINESS PHONE: (212) 692-7200 MAIL ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: SUITE 4015 CITY: NEW YORK STATE: NY ZIP: 10119 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES TRUST DATE OF NAME CHANGE: 19980625 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 v343556_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant

to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 2, 2013

LEXINGTON REALTY TRUST
(Exact name of registrant as specified in its charter)

Maryland	1-12386	13-3717318
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Penn Plaza, Suite 4015, New York, New York	10119-4015
(Address of principal executive offices)	(Zip Code)

(212) 692-7200

(Registrant's telephone number, including area code)

___________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

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

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

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

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

Item 2.02. Results of Operations and Financial Conditions.

On May 2, 2013, we issued a press release announcing our financial results for the quarter ended March 31, 2013. A copy of the press release is furnished herewith as part of Exhibit 99.1.

The information furnished pursuant to this “Item 2.02 - Results of Operations and Financial Conditions”, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, which we refer to as the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On May 2, 2013, we made available supplemental information, which we refer to as the Quarterly Earnings and Supplemental Operating and Financial Data, March 31, 2013.

Also on May 2, 2013, our management discussed our financial results and certain aspects of our business plan on a conference call with analysts and investors. An unedited transcript of the conference call is furnished herewith as Exhibit 99.2.

The information furnished pursuant to this “Item 7.01 - Regulation FD Disclosure”, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

(d) Exhibits

99.1

Quarterly Earnings and Supplemental Operating and Financial Data, March 31, 2013.

99.2

May 2, 2013 Conference Call Unedited Transcript.

SIGNATURES

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

	Lexington Realty Trust

Date: May 3, 2013	By:	/s/ Patrick Carroll
		Patrick Carroll
		Chief Financial Officer

Exhibit Index

99.1

Quarterly Earnings and Supplemental Operating and Financial Data, March 31, 2013.

99.2

May 2, 2013 Conference Call Unedited Transcript.

EX-99.1 2 v343556_ex99-1.htm EXHIBIT 99.1

Quarterly Earnings and

Supplemental Operating and Financial Data

March 31, 2013

LEXINGTON REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

March 31, 2013

Table of Contents

Section	Page

First Quarter 2013 Earnings Press Release	3

Portfolio Data
2013 First Quarter Leasing Summary	13
2013 First Quarter Investment/Capital Recycling Summary	15
Build-To-Suit Projects/Forward Commitments	16
Property Leases and Vacancies – Consolidated Portfolio	17
Lease Rollover Schedule – Cash Basis	24
Lease Rollover Schedule – GAAP Basis	25
Mortgage Loans Receivable	27
2013 First Quarter Financing Summary	28
Debt Maturity Schedule	29
2013 Mortgage Maturities by Property Type	30
2014 Mortgage Maturities by Property Type	31
2015 Mortgage Maturities by Property Type	32
2016 Mortgage Maturities by Property Type	33
2017 Mortgage Maturities by Property Type	34
Mortgages and Notes Payable	35
Partnership Interests	39
Selected Balance Sheet and Income Statement Account Data	40
Select Credit Metrics	41
Historical Credit Metrics Summary	42
Other Data	43
Top 20 Markets	44
Tenant Industry Diversification	45
Top 10 Tenants or Guarantors	46

Investor Information	47

This Quarterly Earnings Release and Supplemental Reporting Package contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the 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 successful consummation of any lease, acquisition or build-to-suit transaction, (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, May 2, 2013

LEXINGTON REALTY TRUST REPORTS FIRST QUARTER 2013 RESULTS

New York, NY - May 2, 2013 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the first quarter ended March 31, 2013.

First Quarter 2013 Highlights

•

Generated Company Funds From Operations, as adjusted (“Company FFO, as adjusted”), of $51.9 million, or $0.25 per diluted common share.

•

Executed 10 new and extended leases with overall portfolio occupancy of 97.4%.

•

Closed property acquisitions of $123.3 million, invested $11.2 million in current build-to-suit projects, entered into an agreement to fund a new build-to-suit project for $20.8 million and committed to purchase another property upon completion of construction for $39.1 million.

•

Refinanced secured credit facility with a new unsecured credit facility consisting of a four-year $300.0 million unsecured revolving loan and a five-year $250.0 million unsecured term loan.

•

Retired $168.6 million of secured debt, which had a weighted-average fixed interest rate of 5.5%.

•

Raised $294.0 million of common equity.

•

Converted $42.8 million original principal amount of 6.00% Convertible Guaranteed Notes into common equity.

Subsequent to Quarter End Highlights

•

Retired $176.6 million of secured debt, which had a weighted-average fixed interest rate of 6.0% and gave notice to prepay an additional $16.7 million of secured debt with a fixed interest rate of 6.3%.

•

Redeemed all outstanding shares of 7.55% Series D Cumulative Redeemable Preferred Stock, at par.

•

Swapped the LIBOR component on $64.0 million of five-year unsecured term loan borrowings at 0.73% for a current fixed interest rate of 2.43%.

•

Sold vacant Honolulu, Hawaii retail store and garage for $25.9 million.

Lexington Realty Trust

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, “Our operating results continue to be strong in all areas of our business. We have maintained high levels of occupancy, capitalized on opportunities to lower our cost of capital and added long-term net leases to our portfolio. Over the balance of the year, we expect to take advantage of opportunities to extend our debt maturities while interest rates are at attractive levels, add long-term net leases to our portfolio in order to extend our weighted-average lease term and make substantial progress addressing our 2014-2015 lease rollovers. We believe these steps will result in greater cash flow from a higher quality portfolio.”

FINANCIAL RESULTS

Revenues

For the quarter ended March 31, 2013, total gross revenues were $97.1 million, compared with total gross revenues of $78.2 million for the quarter ended March 31, 2012. The increase is primarily due to property acquisitions.

Company FFO, As Adjusted

For the quarter ended March 31, 2013, Lexington generated Company FFO, as adjusted, of $51.9 million, or $0.25 per diluted share, compared to Company FFO, as adjusted, for the quarter ended March 31, 2012 of $42.7 million, or $0.24 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 Loss Attributable to Common Shareholders

For the quarter ended March 31, 2013, net loss attributable to common shareholders was $(7.3) million, or a loss of $(0.04) per diluted share, compared with net loss attributable to common shareholders for the quarter ended March 31, 2012 of $(2.2) million, or a loss of $(0.01) per diluted share.

Common Share/Unit Dividend/Distribution

Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended March 31, 2013 of $0.15 per common share/unit, which was paid on April 15, 2013 to common shareholders/unitholders of record as of March 28, 2013.

OPERATING ACTIVITIES

Leasing

During the first quarter of 2013, Lexington executed 10 new and extended leases and ended the quarter with overall portfolio occupancy of 97.4%.

Capital Recycling

Dispositions

During the first quarter of 2013, Lexington disposed of its interest in one property to an unrelated third party for a gross sales price of $1.9 million and conveyed two vacant properties in foreclosure in satisfaction of the aggregate $23.3 million outstanding non-recourse mortgage loans.

Lexington Realty Trust

Subsequent to March 31, 2013, Lexington sold its vacant Honolulu, Hawaii retail store formerly leased to Macy's West Stores, Inc. and adjoining parking garage for $25.9 million (5.3% cap rate).

Investment Activity

Acquisitions

Lexington closed on the acquisition of an industrial facility in Houston, Texas for a capitalized cost of $81.4 million (6.5% initial cap rate). The facility consists of a deep water intermodal industrial terminal with 2,055 feet of deep water berths and existing structures encompassing 132,000 square feet on over 90 acres on the Houston Ship Channel. The property is net leased for a 25-year term.

Build-to-Suit Projects

Lexington's joint venture completed the 143,000 square foot build-to-suit industrial facility in Long Island City, New York for capitalized hard costs of $41.9 million. In addition, Lexington ($5.0 million) and its developer/partner ($8.6 million) were credited with additional capital for an aggregate project cost of $55.5 million (8.5% initial cap rate). The property is net leased for a 15-year term.

Lexington entered into a $20.8 million build-to-suit lease commitment to construct a 124,000 square foot industrial property in Bingen, Washington, which is subject to a net lease that will have a 10-year (10.9% initial cap rate) to 20-year (7.5% initial cap rate) term at the tenant's option. The commitment may be terminated by the tenant prior to the commencement of construction, which construction is expected to commence in the second quarter of 2013.

In addition, Lexington continues to fund the construction of, and/or is under contract to acquire, the previously announced build-to-suit projects in (1) Denver, Colorado (8.6% initial cap rate), (2) Rantoul, Illinois (8.0% initial cap rate) and (3) Tuscaloosa, Alabama (9.3% initial cap rate).

The aggregate estimated cost of these four on-going build-to-suit projects is approximately $111.2 million of which $48.2 million was invested as of March 31, 2013.

Forward Commitment

Lexington entered into a forward commitment to purchase upon its completion a 128,000 square foot office property in Omaha, Nebraska for $39.1 million (7.1% initial cap rate), which is subject to a net lease that will have a 20-year term upon completion.

Lexington can give no assurance that any of the build-to-suit projects or other potential investments that are under commitment or contract or in process will be completed.

CAPITAL MARKETS

Capital Activities and Balance Sheet Update

During the first quarter of 2013, Lexington repaid $145.3 million in secured debt, which had a weighted-average interest rate of 5.6% and was scheduled to mature through 2019. Lexington also obtained a $40.0 million non-recourse mortgage secured by its property in Lenexa, Kansas. The loan bears interest at an initial blended fixed rate of 3.70% and matures in November 2027.

Lexington Realty Trust

Lexington issued 6.2 million common shares upon conversion of an aggregate $42.8 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030. In connection with the conversions, Lexington made an aggregate cash payment of approximately $2.7 million, plus accrued and unpaid interest on the notes.

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 used borrowings on the revolving loan 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.

Lexington issued 23.0 million common shares in a public offering, raising net proceeds of approximately $258.1 million. In addition, Lexington implemented an At-The-Market offering program (“ATM”) 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 during the first quarter of 2013, raising net proceeds of $35.9 million.

The net proceeds from both the public offering and the ATM were primarily used to satisfy $137.9 million of outstanding debt on Lexington's unsecured revolving loan, to fund investments and retire secured mortgage debt subsequent to quarter end.

In total, Lexington's consolidated debt declined by $190.1 million in the first quarter of 2013.

Subsequent to March 31, 2013, Lexington borrowed $250.0 million on its unsecured revolving loan and $64.0 million on its five-year unsecured term loan and swapped the LIBOR component of the term loan for a current fixed interest rate of 2.43%.

In connection with these borrowings, Lexington repaid $176.6 million of secured debt incurring $11.8 million in yield maintenance costs, gave notice to repay $16.7 million of secured debt and redeemed all $155.0 million outstanding shares of its 7.55% Series D Cumulative Redeemable Preferred Stock, at par.

2013 EARNINGS GUIDANCE

Lexington confirms its estimate of Company FFO, as adjusted, to 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.

FIRST QUARTER 2013 CONFERENCE CALL

Lexington will host a conference call today, Thursday, May 2, 2013, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended March 31, 2013. Interested parties may participate in this conference call by dialing (888) 684-1259 or (913) 312-1502. A replay of the call will be available through May 16, 2013, at (877) 870- 5176 or (858) 384-5517, pin: 8440561. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section.

Lexington Realty Trust

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 successful consummation of any lease, acquisition or build-to-suit transaction, (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 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, some of which are consolidated for financial statement purposes and/or disregarded for income tax purposes.

Lexington Realty Trust

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three Months Ended March 31,
	2013			2012
Gross revenues:
Rental	$	88,982		$	70,543
Advisory and incentive fees		174			323
Tenant reimbursements		7,911			7,369
Total gross revenues		97,067			78,235

Expense applicable to revenues:
Depreciation and amortization		(44,967	)		(37,174	)
Property operating		(16,200	)		(13,886	)
General and administrative		(7,162	)		(5,373	)
Non-operating income		1,962			2,619
Interest and amortization expense		(24,045	)		(24,171	)
Debt satisfaction charges, net		(10,996	)		(1,649	)
Impairment charges		(2,413	)		—
Loss before provision for income taxes, equity in earnings of non-consolidated entities and discontinued operations		(6,754	)		(1,399	)
Provision for income taxes		(407	)		(182	)
Equity in earnings of non-consolidated entities		135			7,393
Income (loss) from continuing operations		(7,026	)		5,812

Discontinued operations:
Income from discontinued operations		1,698			504
Provision for income taxes		—			(5	)
Debt satisfaction gains, net		10,549			1,728
Impairment charges		(7,344	)		(2,561	)
Total discontinued operations		4,903			(334	)
Net income (loss)		(2,123	)		5,478
Less net income attributable to noncontrolling interests		(497	)		(1,867	)
Net income (loss) attributable to Lexington Realty Trust shareholders		(2,620	)		3,611
Dividends attributable to preferred shares - Series B		—			(1,379	)
Dividends attributable to preferred shares - Series C		(1,572	)		(1,572	)
Dividends attributable to preferred shares - Series D		(2,926	)		(2,926	)
Allocation to participating securities		(177	)		(150	)
Redemption discount - Series C		—			229
Net loss attributable to common shareholders	$	(7,295	)	$	(2,187	)
Income (loss) per common share - basic and diluted:
Loss from continuing operations	$	(0.07	)	$	—
Income (loss) from discontinued operations		0.03			(0.01	)
Net loss attributable to common shareholders	$	(0.04	)	$	(0.01	)

Weighted-average common shares outstanding - basic and diluted:		189,232,274			154,149,034

Amounts attributable to common shareholders:
Loss from continuing operations	$	(12,198	)	$	(726	)
Income (loss) from discontinued operations		4,903			(1,461	)
Net loss attributable to common shareholders	$	(7,295	)	$	(2,187	)

Lexington Realty Trust

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2013 (unaudited) and December 31, 2012

(In thousands, except share and per share data)

	2013			2012
Assets:
Real estate, at cost	$	3,644,726		$	3,564,466
Real estate - intangible assets		693,335			685,914
Investments in real estate under construction		47,041			65,122
		4,385,102			4,315,502
Less: accumulated depreciation and amortization		1,175,812			1,150,417
		3,209,290			3,165,085
Cash and cash equivalents		111,404			34,024
Restricted cash		23,007			26,741
Investment in and advances to non-consolidated entities		11,825			27,129
Deferred expenses, net		59,520			57,549
Loans receivable, net		82,660			72,540
Rent receivable		8,499			7,355
Other assets		28,721			27,780
Total assets	$	3,534,926		$	3,418,203

Liabilities and Equity:
Liabilities:
Mortgages and notes payable	$	1,268,654		$	1,415,961
Term loan payable		255,000			255,000
Convertible notes payable		38,491			78,127
Trust preferred securities		129,120			129,120
Dividends payable		36,612			31,351
Accounts payable and other liabilities		59,004			70,367
Accrued interest payable		7,330			11,980
Deferred revenue - including below market leases, net		74,353			79,908
Prepaid rent		24,808			13,224
Total liabilities		1,893,372			2,085,038
Commitments and contingencies

Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares,
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding		94,016			94,016
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, 213,653,183 and 178,616,664 shares issued and outstanding in 2013 and 2012, respectively		21			18
Additional paid-in-capital		2,560,662			2,212,949
Accumulated distributions in excess of net income		(1,182,969	)		(1,143,803	)
Accumulated other comprehensive loss		(5,522	)		(6,224	)
Total shareholders' equity		1,615,982			1,306,730
Noncontrolling interests		25,572			26,435
Total equity		1,641,554			1,333,165
Total liabilities and equity	$	3,534,926		$	3,418,203

Lexington Realty Trust

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE

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

	Three Months Ended March 31,
	2013			2012
EARNINGS PER SHARE:

Basic and Diluted:
Loss from continuing operations attributable to common shareholders	$	(12,198	)	$	(726	)
Income (loss) from discontinued operations attributable to common shareholders		4,903			(1,461	)
Net loss attributable to common shareholders	$	(7,295	)	$	(2,187	)

Weighted-average number of common shares outstanding		189,232,274			154,149,034

Income (loss) per common share:
Loss from continuing operations	$	(0.07	)	$	—
Income (loss) from discontinued operations		0.03			(0.01	)
Net loss attributable to common shareholders	$	(0.04	)	$	(0.01	)

Lexington Realty Trust

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 March 31,
	2013			2012
FUNDS FROM OPERATIONS: ⁽¹⁾
Basic and Diluted:
Net income (loss) attributable to Lexington Realty Trust shareholders	$	(2,620	)	$	3,611
Adjustments:
Depreciation and amortization		43,956			38,301
Impairment charges - real estate		9,757			2,561
Noncontrolling interests - OP units		247			360
Amortization of leasing commissions		1,328			1,087
Joint venture and noncontrolling interest adjustment		576			(1,121	)
Preferred dividends - Series B & D		(2,926	)		(4,305	)
Interest and amortization on 6.00% Convertible Guaranteed Notes		1,064			2,327
Reported Company FFO		51,382			42,821
Debt satisfaction charges (gains), net		447			(79	)
Other		119			(10	)
Company FFO, as adjusted		51,948			42,732

FUNDS AVAILABLE FOR DISTRIBUTION: ⁽²⁾
Adjustments:
Straight-line rents		6,223			9,477
Lease incentives		256			537
Amortization of below/above market leases		48			(1,301	)
Non-cash interest, net		(315	)		(674	)
Non-cash charges, net		1,581			1,181
Tenant improvements		(14,674	)		(2,145	)
Lease costs		(2,794	)		(2,644	)
Reported Company Funds Available for Distribution	$	42,273		$	47,163

Per Share Amounts
Basic:
Reported Company FFO	$	0.25		$	0.24
Company FFO, as adjusted	$	0.25		$	0.24
Company FAD	$	0.21		$	0.26

Diluted:
Reported Company FFO	$	0.25		$	0.24
Company FFO, as adjusted	$	0.25		$	0.24
Company FAD	$	0.20		$	0.26

Lexington Realty Trust

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 March 31,
	2013		2012
Basic:
Weighted-average common shares outstanding - EPS basic		189,232,274		154,149,034
6.00% Convertible Guaranteed Notes		7,496,530		16,409,546
Non-vested share-based payment awards		412,914		203,007
Operating Partnership Units		4,218,813		4,533,375
Preferred Shares - Series C		4,710,570		4,718,016
Weighted-average common shares outstanding - basic		206,071,101		180,012,978

Diluted:
Weighted-average common shares outstanding - basic		206,071,101		180,012,978
Options - Incremental shares		1,040,240		248,216
Weighted-average common shares outstanding - diluted		207,111,341		180,261,194

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 due 2030 because these securities are convertible, at the holder's option, into Lexington's common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Reported Company FFO on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington's common shares, are converted. Lexington also presents “Company funds from operations, as adjusted” or “Company FFO, as adjusted,” which adjusts Reported Company FFO for certain items which Management believes are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds from operations in a similar fashion, Reported Company FFO and Company FFO, as adjusted, may not be comparable to similarly titled measures as reported by others. Reported Company FFO and Company FFO, as adjusted, should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.

²Reported 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 interest, net and (7) non-cash charges, 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.

# # #

LEXINGTON REALTY TRUST

2013 First Quarter Leasing Summary

LEASE EXTENSIONS

	Tenants	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			2013 Extensions
1	Anwar Influence LLC	Honolulu	HI	01/2013	11/2015		326	$	2	$	1	$	2	$	1
2	Ricoh Americas Corporation	Houston	TX	01/2013	MTM		2,460	$	32	$	35	$	32	$	35
3	Alice H. Vinton	Honolulu	HI	02/2013	02/2015		304	$	4	$	4	$	4	$	4
4	BJC Health System	Bridgeton	MO	03/2013	12/2013		52,994	$	397	$	397	$	397	$	527
5	Corinthian Colleges, Inc.	Orlando	FL	09/2013	09/2020		59,927	$	1,089	$	1,359	$	1,136	$	1,159

				2014 Extension
6	Jean-Paul Marquez and Jearl C. Davis	Honolulu	HI	12/2014	02/2015		1,021	$	25	$	24	$	25	$	24

6	Total office/multi-tenant lease extensions						117,032	$	1,549	$	1,820	$	1,596	$	1,750

	Industrial			2013 Extension
1	Owens Corning Insulating Systems, LLC	Hebron	OH	MTM	05/2014		250,410	$	377	$	529	$	377	$	529

1	Total industrial lease extension						250,410	$	377	$	529	$	377	$	529

	Retail			2014 Extension
1	Associated Wholesale Grocers, Inc.	Lawton	OK	03/2014	03/2019		30,757	$	185	$	185	$	189	$	207

1	Total retail lease extension						30,757	$	185	$	185	$	189	$	207

8	TOTAL EXTENDED LEASES						398,199	$	2,111	$	2,534	$	2,162	$	2,486

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	RGN-Indianapolis I, LLC	Indianapolis	IN	07/2024		14,236	$	31	$	295
2	Renal Treatment Centers – Southeast, LP	The Woodlands	TX	07/2023		14,648	$	308	$	308

2	TOTAL NEW LEASES					28,884	$	339	$	603

10	TOTAL NEW AND EXTENDED LEASES					427,083	$	2,450	$	2,765

LEXINGTON REALTY TRUST

2013 First Quarter Leasing Summary (Continued)

LEASE NON-RENEWAL

	Tenants	Location		Lease Expiration Date	Sq. Ft.		Annual 2012 Cash Rent ($000)		Annual 2012 GAAP Rent ($000)
	Office
1	Gartner, Inc.	Fort Myers	FL	01/2013		62,400	$	1,159	$	1,093
2	Ricoh Americas Corporation (2)	Houston	TX	02/2013		78,895	$	1,148	$	981
	Retail
1	Food Lion, LLC / Delhaize America, Inc.	Moncks Corner	SC	02/2013		23,000	$	62	$	123

3	TOTAL LEASE NON-RENEWALS					164,295	$	2,369	$	2,197

Footnotes

(1)

Assumes twelve months rent from the later of 4/1/13 or lease commencement/extension.

(2)

Tenant has leased 2,460 square feet on a month-to-month basis.

LEXINGTON REALTY TRUST

2013 First Quarter Investment/Capital Recycling Summary

PROPERTY INVESTMENTS

	Tenants (Guarantors)	Location		Property Type	Initial Basis ($000)		Initial Annualized Cash Rent ($000)		Initial Cash Yield			GAAP Yield			Lease Expiration
1	Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC)	Houston	TX	Industrial	$	81,400	$	5,287		6.5	%		8.3	%	03/2038
2	FedEx Ground Package System, Inc. (Federal Express Corporation) (1)	Long Island City	NY	Industrial	$	41,872	$	4,720		8.5	%		9.2	%	03/2028

2	TOTAL PROPERTY INVESTMENTS				$	123,272	$	10,007		7.3	%		8.7	%

CAPITAL RECYCLING

PROPERTY DISPOSITIONS

	Tenants	Location		Property Type	Gross Sale Price ($000)		Annualized NOI ($000)		Month of Disposition
1	Vacant (2)	Suwanee	GA	Office	$	10,964	$	-	February
2	Best Buy Co., Inc.	Spartanburg	SC	Retail	$	1,900	$	394	March
3	Vacant (3)	Southington	CT	Office	$	12,317	$	-	March

3	TOTAL PROPERTY DISPOSITIONS				$	25,181	$	394

Footnotes

(1)

Completed build-to-suit project. Joint venture investment. Initial basis represents Lexington's capitalized costs and excludes additional capital of $5.0 million for Lexington and $8.6 million for our joint venture partner.

(2)

Property disposed in foreclosure to satisfy $11.0 million non-recourse mortgage.

(3)

Property disposed in foreclosure to satisfy $12.3 million non-recourse mortgage.

LEXINGTON REALTY TRUST

BUILD-TO-SUIT PROJECTS / FORWARD COMMITMENTS

BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE

	Location		Sq. Ft	Lease Term (Years)	Maximum Commitment/Estimated Completion Cost ($000)		Investment balance as of 3/31/13 ($000)(1)		Estimated Cash Investment Next 12 Months ($000)								Estimated Completion Date
									Q2 2013		Q3 2013		Q4 2013		Q1 2014
1	Denver	CO	167,000	15	$	38,990	$	26,321	$	10,250	$	-	$	-	$	-	2Q 13
2	Tuscaloosa	AL	42,000	15	$	8,843	$	4,497	$	600	$	3,681	$	-	$	-	3Q 13
3	Rantoul	IL	813,000	20	$	42,587	$	16,223	$	11,145	$	11,145	$	3,715	$	-	4Q 13
4	Bingen	WA	124,000	10-20	$	20,825	$	-	$	3,470	$	5,204	$	5,204	$	5,204	2Q 14
4	TOTAL BUILD-TO-SUIT PROJECTS				$	111,245	$	47,041	$	25,465	$	20,030	$	8,919	$	5,204

FORWARD COMMITMENTS

	Tenants	Location		Property Type	Estimated Acquisition Cost ($000)		Estimated Completion Date	Estimated Initial Cash Yield			Estimated GAAP Yield			Lease Term
1	The Gavilion Group LLC	Omaha	NE	Office	$	39,125	4Q 13		7.1	%		8.5	%	20 yrs

1	TOTAL FORWARD COMMITMENT				$	39,125			7.1	%		8.5	%

Footnotes

(1) Investment balance in accordance with GAAP. Aggregate equity invested is $48,236.

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2013

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 3/31/2013 ($000) (2)		GAAP Base Rent as of 3/31/2013 ($000) (3)
OFFICE PROPERTIES
2013	MTM	820 Gears Rd.	Houston	TX	—	Ricoh Americas Corporation	2000	2,460		46		46
	10/31/2013	2210 Enterprise Dr.	Florence	SC	—	JPMorgan Chase Bank, National Association	1998	179,300		314		314
		3943 Denny Ave.	Pascagoula	MS	—	Northrop Grumman Systems Corporation	1995	94,841		160		160
	11/30/2013	1110 Bayfield Dr.	Colorado Springs	CO	—	Honeywell International Inc.	1980/1990/2002	166,575		408		400
	12/31/2013	2550 Interstate Dr.	Harrisburg	PA	—	New Cingular Wireless PCS, LLC	1998	81,859		486		468
		3165 McKelvey Rd.	Bridgeton	MO	—	BJC Health System	1981	52,994		99		132
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		681		681
		850-950 Warrenville Rd.	Lisle	IL	—	James J. Benes & Associates, Inc.	1984	6,347		35		27
	3/15/2014	101 East Erie St.	Chicago	IL	—	Draftfcb, Inc. (Interpublic Group of Companies, Inc.)	1986	212,988		1,036		1,254
	4/30/2014	4400 Northcorp Pkwy.	Palm Beach Gardens	FL	—	Office Suites Plus Properties, Inc.	1996	18,400		69		27
	5/31/2014	3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank, N.A.	2002	169,083		681		634
		3480 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank, N.A.	2004	169,218		926		863
		859 Mount Vernon Hwy.	Atlanta	GA	8	International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)	2004	50,400		329		257
	6/30/2014	70 Mechanic St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)	1965/1967/1971	251,914		2,817		616
	7/31/2014	16676 Northchase Dr.	Houston	TX	—	Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation)	2003	101,111		423		407
	9/30/2014	333 Mt. Hope Ave.	Rockaway	NJ	—	BASF Corporation	1981/2002/2004	95,500		561		531
	10/31/2014	1409 Centerpoint Blvd.	Knoxville	TN	—	Alstom Power, Inc.	1997	84,404		441		405
		700 US Hwy. Route 202-206	Bridgewater	NJ	—	Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.)	1985/2003/2004	115,558		509		643
	11/30/2014	200 Lucent Ln.	Cary	NC	—	Progress Energy Service Company, LLC	1999	124,944		547		517
		850-950 Warrenville Rd.	Lisle	IL	—	Flexco, Inc.	1984	7,535		35		35
	12/14/2014	22011 Southeast 51st St.	Issaquah	WA	—	Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)	1987	95,600		539		488
		5150 220th Ave.	Issaquah	WA	—	Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)	1992	106,944		601		553
	12/31/2014	1066 Main St.	Forest Park	GA	—	Bank of America, NA (Bank of America Corporation)	1969	14,859		50		50
		1698 Mountain Industrial Blvd.	Stone Mountain	GA	—	Bank of America, NA (Bank of America Corporation)	1973	5,704		24		24
		180 South Clinton St.	Rochester	NY	—	Frontier Corporation	1988/2000	226,000		751		750
		201 West Main St.	Cumming	GA	—	Bank of America, NA (Bank of America Corporation)	1968/1982	14,208		50		50
		2223 North Druid Hills Rd.	Atlanta	GA	—	Bank of America, NA (Bank of America Corporation)	1972	6,260		28		28
		275 Technology Dr.	Canonsburg	PA	—	ANSYS, Inc.	1996	107,872		357		344
		400 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)	1999	100,632		326		310
		4545 Chamblee – Dunwoody Rd.	Chamblee	GA	—	Bank of America, NA (Bank of America Corporation)	1972	4,565		22		22
		825 Southway Dr.	Jonesboro	GA	—	Bank of America, NA (Bank of America Corporation)	1971	4,894		19		19
		956 Ponce de Leon Ave.	Atlanta	GA	—	Bank of America, NA (Bank of America Corporation)	1975	3,900		20		20
2015	1/31/2015	26555 Northwestern Hwy.	Southfield	MI	—	Federal-Mogul Corporation	1966/1973/1988/1989	187,163		290		355
	3/31/2015	3940 South Teller St.	Lakewood	CO	—	MoneyGram Payment Systems, Inc.	2002	68,165		261		272
	4/30/2015	13775 McLearen Rd.	Herndon	VA	—	Orange Business Services U.S., Inc. (Equant N.V.)	1985/1986/1992/1999	125,293		568		535
	6/30/2015	2500 Patrick Henry Pkwy.	McDonough	GA	—	Georgia Power Company	1999	111,911		391		344
		33 Commercial St.	Foxboro	MA	—	Invensys Systems, Inc. (Siebe, Inc.)	1982/1987	164,689		3,153		922
		3711 San Gabriel	Mission	TX	—	VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation	2003	75,016		263		211
	7/31/2015	4001 International Pkwy.	Carrollton	TX	—	Motel 6 Operating, LP (Accor S.A.)	2003	138,443		803		799
	9/27/2015	2529 West Thorne Dr.	Houston	TX	—	Baker Hughes, Incorporated	1982/1999	65,500		789		163
	9/30/2015	500 Olde Worthington Rd.	Westerville	OH	—	InVentiv Communications, Inc.	2000	97,000		279		314
		550 Business Center Dr.	Lake Mary	FL	—	JPMorgan Chase Bank, National Association	1999	125,920		481		524
		600 Business Center Dr.	Lake Mary	FL	—	JPMorgan Chase Bank, National Association	1996	125,155		462		513
	10/31/2015	12209 West Markham St.	Little Rock	AR	—	Entergy Arkansas, Inc.	1980	36,311		59		59
		5201 West Barraque St.	Pine Bluff	AR	—	Entergy Arkansas Inc.	1964/1972/1988	27,189		48		35

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2013

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 3/31/2013 ($000) (2)		GAAP Base Rent as of 3/31/2013 ($000) (3)
2016	1/31/2016	1600 Eberhardt Rd.	Temple	TX	—	Nextel of Texas, Inc. (Nextel Finance Company)	2001	108,800		419		337
	4/30/2016	11511 Luna Rd.	Farmers Branch	TX	—	Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)	2000	180,507		584		797
	4/30/2016	2000 Eastman Dr.	Milford	OH	—	Siemens Corporation	1991/1998	221,215		622		580
	5/31/2016	1200 Jupiter Rd.	Garland	TX	—	Raytheon Company	1980	278,759		376		432
	7/14/2016	1400 Northeast McWilliams Rd.	Bremerton	WA	—	Nextel West Corporation (Nextel Finance Company)	2002	60,200		304		304
	10/31/2016	104 & 110 South Front St.	Memphis	TN	—	Hnedak Bobo Group, Inc.	1871/1980/1988/1999	37,229		130		125
	12/31/2016	2050 Roanoke Rd.	Westlake	TX	—	TD Auto Finance LLC	2001	130,290		643		666
2017	3/31/2017	1701 Market St.	Philadelphia	PA	4	Car-Tel Communications, Inc.	1957/1997	1,220		14		14
	4/30/2017	1315 West Century Dr.	Louisville	CO	—	Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)	1987/2006	106,877		413		410
	9/30/2017	9201 East Dry Creek Rd.	Centennial	CO	—	The Shaw Group, Inc.	2001/2002	128,500		593		426
	10/31/2017	4455 American Way	Baton Rouge	LA	—	New Cingular Wireless PCS, LLC	1997	70,100		254		254
	11/30/2017	6200 Northwest Pkwy.	San Antonio	TX	—	United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC	2000	142,500		445		467
	12/31/2017	100 East Shore Dr.	Glen Allen	VA	—	Capital One, National Association	1999	68,118		298		295
2018	1/31/2018	5757 Decatur Blvd.	Indianapolis	IN	—	Allstate Insurance Company	2002	57,769		177		255
		810 Gears Rd.	Houston	TX	—	Ricoh Americas Corporation	2000	78,895		356		285
	4/30/2018	Sandlake Rd./Kirkman Rd.	Orlando	FL	—	Lockheed Martin Corporation	1982	184,000		240		467
	5/30/2018	13651 McLearen Rd.	Herndon	VA	—	United States of America	1987	159,644		831		851
	5/31/2018	6303 Barfield Rd.	Atlanta	GA	—	International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)	2000/2001	238,600		1,266		462
		8900 Freeport Pkwy.	Irving	TX	—	Pacific Union Financial, LLC.	2003	43,396		0		199
	6/30/2018	100 Barnes Rd.	Wallingford	CT	—	3M Company	1977/1978/1985/1990/1993	44,400		120		127
		420 Riverport Rd.	Kingsport	TN	—	Kingsport Power Company	1981	42,770		78		32
	8/31/2018	3500 North Loop Rd.	McDonough	GA	—	Litton Loan Servicing LP	2007	62,218		309		214
	9/30/2018	1701 Market St.	Philadelphia	PA	4	CBC Restaurant Corp.	1957/1997	8,070		52		53
	12/22/2018	5200 Metcalf Ave.	Overland Park	KS	—	Swiss Re America Holding Corporation / Westport Insurance Corporation	1980/1990/2004/2005	320,198		1,223		1,231
	12/31/2018	120 East Shore Dr.	Glen Allen	VA	—	Capital One Services, LLC	2000	77,045		178		190
2019	1/31/2019	2999 Southwest 6th St.	Redmond	OR	—	VoiceStream PCS I, LLC / T-Mobile West Corporation (T-Mobile USA, Inc.)	2004	77,484		405		367
	4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Swiss Re America Holding Corporation / Westport Insurance Corporation	1963/1973/1985/2003	155,925		564		564
	6/19/2019	3965 Airways Blvd.	Memphis	TN	—	Federal Express Corporation	1982/1983/1985/2006/2007	521,286		1,723		1,753
	6/28/2019	3265 East Goldstone Dr.	Meridian	ID	—	VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)	2004	77,484		335		276
	6/30/2019	275 South Valencia Ave.	Brea	CA	—	Bank of America, National Association	1983	637,503		1,913		2,103
	7/15/2019	19019 North 59th Ave.	Glendale	AZ	—	Honeywell International Inc.	1986/1997/2000	252,300		447		475
	7/31/2019	500 Jackson St.	Columbus	IN	—	Cummins, Inc.	1885/1980/1984/2006	390,100		1,147		1,135
	10/31/2019	10475 Crosspoint Blvd.	Indianapolis	IN	16	John Wiley & Sons, Inc.	1999	141,047		565		584
		9601 Renner Blvd.	Lenexa	KS	—	VoiceStream PCS II Corporation (T-Mobile USA, Inc.)	2004	77,484		343		286
	12/31/2019	421 Butler Farm Rd.	Hampton	VA	—	Patient Advocate Foundation	2000	36,484		150		150
		850-950 Warrenville Rd.	Lisle	IL	—	National-Louis University	1984	85,532		328		365
2020	1/31/2020	10300 Kincaid Dr.	Fishers	IN	—	Roche Diagnostics Operations, Inc.	1999	193,000		856		856
	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	—	Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)	1983/2002	143,290		581		561
	5/31/2020	2401 Cherahala Blvd.	Knoxville	TN	—	AdvancePCS, Inc. / CaremarkPCS, L.L.C.	2002	59,748		225		193
	6/30/2020	10419 North 30th St.	Tampa	FL	—	Time Customer Service, Inc. (Time Incorporated)	1986	132,981		350		362
	7/8/2020	1460 Tobias Gadsen Blvd.	Charleston	SC	—	Hagemeyer North America, Inc.	2005	50,076		204		210
	8/31/2020	First Park Dr.	Oakland	ME	—	Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)	2005	78,610		340		287
	9/30/2020	9200 South Park Center Loop	Orlando	FL	—	Corinthian Colleges, Inc.	2003	59,927		190		213
2021	1/31/2021	1701 Market St.	Philadelphia	PA	4	Morgan, Lewis & Bockius LLP	1957/1997	289,432		1,118		1,074
	3/31/2021	1311 Broadfield Blvd.	Houston	TX	—	Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)	2000	155,040		581		656
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	New Jersey Natural Gas Company	1983	157,511		828		828
	8/31/2021	333 Three D Systems Circle	Rock Hill	SC	—	3D Systems Corporation	2006	80,028		167		172
	11/30/2021	29 South Jefferson Rd.	Whippany	NJ	—	CAE SimuFlite, Inc. (CAE INC.)	2006/2008	123,734		606		582
	12/31/2021	2800 Waterford Lake Dr.	Midlothian	VA	—	Alstom Power, Inc.	2000	99,057		527		535

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2013

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 3/31/2013 ($000) (2)		GAAP Base Rent as of 3/31/2013 ($000) (3)
2022	1/31/2022	26210 and 26220 Enterprise Court	Lake Forest	CA	—	Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)	2001	100,012		300		300
	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		589		589
	7/31/2022	1440 E 15th Street	Tucson	AZ	—	CoxCom, LLC	1988	28,591		137		137
	11/30/2022	4201 Marsh Ln.	Carrollton	TX	—	Carlson Restaurants Inc. (Carlson, Inc.)	2003	130,000		504		466
	12/31/2022	147 Milk St.	Boston	MA	—	Harvard Vanguard Medical Associates, Inc.	1910	52,337		383		415
2023	2/28/2023	2211 South 47th St.	Phoenix	AZ	—	Avnet, Inc.	1997	176,402		275		540
	3/31/2023	6555 Sierra Dr.	Irving	TX	—	TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)	1999	247,254		769		738
		8900 Freeport Pkwy.	Irving	TX	—	Nissan Motor Acceptance Corporation (Nissan North America, Inc.)	2003	225,049		760		879
N/A	N/A	1701 Market St.	Philadelphia	PA	4	Parking Operators	1957/1997	0		630		630
	Vacant	101 East Erie St.	Chicago	IL	—	(Available for Lease)	1986	17,716		0		0
		1701 Market St.	Philadelphia	PA	4	(Available for Lease)	1957/1997	5,315		0		0
		421 Butler Farm Rd.	Hampton	VA	—	(Available for Lease)	2000	20,080		0		0
		5757 Decatur Blvd.	Indianapolis	IN	—	(Available for Lease)	2002	30,797		0		0
		820 Gears Rd.	Houston	TX	—	(Available for Lease)	2000	76,435		0		0
OFFICE TOTAL/WEIGHTED AVERAGE						98.8% Leased		12,392,675	$	50,002	$	44,875

LEXINGTON REALTY TRUST

Long-Term Leases- Consolidated Portfolio - 3/31/2013

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 3/31/2013 ($000) (2)		GAAP Base Rent as of 3/31/2013 ($000) (3)
LONG-TERM LEASE PROPERTIES
2023	12/14/2023	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox Corporation	Office	1973/1975/1982	202,000		875		1,614
2024	2/14/2024	1362 Celebration Blvd.	Florence	SC	—	MED3000, Inc.	Office	2012	32,000		129		143
	12/31/2024	12000 & 12025 Tech Center Dr.	Livonia	MI	—	Kelsey-Hayes Company (TRW Automotive Inc.)	Office	1987/1988/1990	180,230		378		341
2025	3/14/2025	601 & 701 Experian Pkwy.	Allen	TX	—	Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)	Office	1981/1983	292,700		768		743
	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		336		336
		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		422		422
		37101 Corporate Dr.	Farmington Hills	MI	—	Panasonic Automotive Systems Company of America, a Division of Panasonic Corporation of North America	Office	2001	90,460		351		401
		4010 Airpark Dr.	Owensboro	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)	Industrial	1998/2001	211,598		302		302
		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		134		134
		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		710		710
	7/14/2025	590 Ecology Ln.	Chester	SC	—	Owens Corning Sales, LLC	Industrial	2001/2005	420,597		546		414
	7/31/2025	7005 Cochran Rd.	Glenwillow	OH	—	Royal Appliance Mfg. Co.	Industrial	1997	458,000		510		563
	9/30/2025	10001 Richmond Ave.	Houston	TX	18	Baker Hughes Incorporated / Schlumberger Holdings Corp.	Office	1976/1984	554,385		7,000		1,844
	10/31/2025	6277 Sea Harbor Dr.	Orlando	FL	19	Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation) / Aramark Corporation	Office	1984/2012	267,662		126		1,268
	11/30/2025	11707 Miracle Hills Dr.	Omaha	NE	—	Infocrossing, Inc.	Office	1989/1995	85,200		292		292
	12/31/2025	2005 East Technology Cir.	Tempe	AZ	—	Infocrossing, Inc.	Office	1998	60,000		282		282
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		1,701		634
	3/31/2026	459 Wingo Road	Byhalia	MS	—	Asics America Corporation (Asics Corporation)	Industrial	2011	513,734		649		734
	6/30/2026	351 Chamber Drive	Chillicothe	OH	—	The Kitchen Collection, Inc.	Industrial	1995/1998	475,218		254		290
	8/31/2026	25500 State Hwy. 249	Tomball	TX	—	Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin)	Specialty	2005	77,076		345		351
	10/31/2026	5001 Greenwood Rd.	Shreveport	LA	—	Libbey Glass Inc. (Libbey Inc.)	Industrial	2006	646,000		511		541
	11/30/2026	250 Rittenhouse Cir.	Bristol	PA	—	Northtec LLC (The Estée Lauder Companies Inc.)	Industrial	1983/1997	241,977		262		287
		500 Kinetic Drive	Huntington	WV	—	AMZN WVCS LLC (Amazon.com, Inc.)	Office	2011	68,693		302		336
	12/29/2026	5500 New Albany Road	Columbus	OH	—	Evans, Mechwart, Hambleton & Tilton, Inc.	Office	2005	104,807		388		434
2027	4/30/2027	2424 Alpine Rd.	Eau Claire	WI	—	Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)	Industrial	1993/2004	159,000		267		251
	6/30/2027	3902 Gene Field Rd	St. Joseph	MO	—	Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)	Office	2012	98,849		428		498
	7/6/2027	2221 Schrock Road	Columbus	OH	—	MS Consultants, Inc.	Office	1999/2006	42,290		140		160
	8/7/2027	25 Lakeview Drive	Jessup	PA	—	TMG Health, Inc.	Office	2012	150,000		478		625
	8/31/2027	278 Norman Drive	Valdosta	GA	—	Gander Mountain Company	Retail	2012	52,258		193		212
	10/31/2027	11201 Renner Blvd.	Lenexa	KS	—	United States of America	Office	2007	169,585		588		1,540
	11/30/2027	1640 Parker Way	Opelika	AL	—	Gander Mountain Company	Retail	2012	51,602		183		202
		1700 Millrace Drive	Eugene	OR	17	Oregon Research Institute / Educational Policy Improvement Center	Office	2012	80,011		395		517
	12/31/2027	10590 Hamilton Ave.	Cincinnati	OH	—	The Hillman Group, Inc.	Industrial	1991/1994/1997/2005	248,700		190		197
2028	3/31/2028	29-01-Borden Ave./29-10 Hunters Point Ave.	Long Island City	NY	5	FedEx Ground Package System, Inc. (Federal Express Corporation)	Industrial	2013	142,969		292		314
	8/31/2028	9803 Edmonds Way	Edmonds	WA	—	Pudget Consumers Co-op d/b/a PCC Natural Markets	Retail	1981	35,459		151		151
2029	1/31/2029	6226 West Sahara Ave.	Las Vegas	NV	—	Nevada Power Company	Office	1983/1994	282,000		2,018		1,063
	12/31/2029	400 East Stone Ave.	Greenville	SC	9	Canal Insurance Company	Office	1948/1981/1982/1986/1991/2006/2008	128,041		242		0
		3030 North 3rd Street	Phoenix	AZ	—	CopperPoint Mutual Insurance Company	Office	1986/2011	252,400		947		1,211
2031	5/31/2031	671 Washburn Switch Rd.	Shelby	NC	—	Clearwater Paper Corporation	Industrial	2011	673,518		546		650
2032	4/30/2032	13930 Pike Road	Missouri City	TX	—	Vulcan Construction Materials, LP (Vulcan Materials Company)	Industrial	N/A	0		437		531
2038	3/31/2038	13901/14035 Industrial Road	Houston	TX	—	Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC)	Industrial	Various	132,449		57		73
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	1984/2012	91,852		0		0
LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE						98.7% Leased			9,780,805	$	25,125	$	21,611

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2013

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 3/31/2013 ($000) (2)		GAAP Base Rent as of 3/31/2013 ($000) (3)
INDUSTRIAL PROPERTIES
2013	12/31/2013	1133 Poplar Creek Rd.	Henderson	NC	—	Staples, Inc. / Corporate Express, Inc.	1998/2006	196,946		219		203
2014	1/1/2014	2415 US Hwy. 78 East	Moody	AL	—	CEVA Logistics U.S., Inc. (CEVA Logistics Holdings, B.V. / PostNL N.V.)	2004	595,346		263		263
	1/31/2014	109 Stevens St.	Jacksonville	FL	—	Wagner Industries, Inc.	1959/1967	168,800		77		77
	5/31/2014	191 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC	1999	250,410		94		94
		200 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC	2000	400,522		225		225
	12/31/2014	324 Industrial Park Rd.	Franklin	NC	—	SKF USA Inc.	1996	72,868		114		68
		3686 South Central Ave.	Rockford	IL	12	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)	1998	90,000		101		79
2015	1/31/2015	101 Michelin Dr.	Laurens	SC	—	Michelin North America, Inc.	1991/1993	1,164,000		847		847
		7111 Crabb Rd.	Temperance	MI	—	Michelin North America, Inc.	1978/1993	744,570		571		571
	6/30/2015	1700 47th Ave North	Minneapolis	MN	—	Owens Corning / Owens Corning Roofing and Asphalt, LLC	2003	18,620		159		159
		2935 Van Vactor Dr.	Plymouth	IN	—	Bay Valley Foods, LLC	2000/2003	300,500		205		205
	12/31/2015	749 Southrock Dr.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)	1992	150,000		119		122
2016	2/28/2016	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Clevite, Inc. (MAHLE Industries, Incorporated)	1989	268,104		239		229
	3/31/2016	19500 Bulverde Rd.	San Antonio	TX	—	Elsevier STM Inc. (Reed Elsevier Inc.)	2001	559,258		916		857
		2455 Premier Dr.	Orlando	FL	—	Walgreen Co. / Walgreen Eastern Co.	1980	205,016		127		196
	5/31/2016	291 Park Center Dr.	Winchester	VA	—	Kraft Foods Global, Inc.	2001	344,700		308		322
	9/30/2016	900 Industrial Blvd.	Crossville	TN	—	Dana Commercial Vehicle Products, LLC	1989/2006	222,200		171		171
	11/30/2016	736 Addison Rd.	Erwin	NY	—	Corning, Incorporated	2006	408,000		317		317
2017	2/28/2017	3456 Meyers Ave.	Memphis	TN	—	Sears, Roebuck and Co. / Sears Logistics Services	1973	780,000		398		424
	4/30/2017	3600 Army Post Rd.	Des Moines	IA	—	HP Enterprise Services, LLC	2000	405,000		620		513
	6/30/2017	7500 Chavenelle Rd.	Dubuque	IA	—	The McGraw-Hill Companies, Inc.	2001	330,988		304		291
	9/30/2017	250 Swathmore Ave.	High Point	NC	—	Steelcase Inc.	2002	244,851		277		272
	10/31/2017	1420 Greenwood Rd.	McDonough	GA	—	Versacold USA, Inc.	2000/2007	296,972		680		649
		43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.)	1996/1998	290,133		345		369
	12/31/2017	2203 Sherrill Dr.	Statesville	NC	—	Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)	1999/2002	639,800		447		479
2018	6/30/2018	1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics, Inc.	1973	772,450		337		336
	9/30/2018	50 Tyger River Dr.	Duncan	SC	—	Plastic Omnium Auto Exteriors, LLC	2005/2007/2008	221,833		239		239
		904 Industrial Rd.	Marshall	MI	—	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)	1968/1972/2008	246,508		191		174
	12/31/2018	120 Southeast Pkwy. Dr.	Franklin	TN	—	Essex Group, Inc. (United Technologies Corporation)	1970/1983	289,330		184		312
2019	4/30/2019	113 Wells St.	North Berwick	ME	—	United Technologies Corporation	1965/1980	972,625		384		384
	10/17/2019	10345 Philipp Pkwy.	Streetsboro	OH	—	L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)	2004	649,250		630		653
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		850		850
	5/31/2020	359 Gateway Dr.	Lavonia	GA	—	TI Group Automotive Systems, LLC (TI Automotive Ltd.)	2005	133,221		300		238
	6/30/2020	3102 Queen Palm Dr.	Tampa	FL	—	Time Customer Service, Inc. (Time Incorporated)	1986	229,605		330		319
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com, Inc.	1987	107,400		105		98
	12/19/2020	1901 Ragu Dr.	Owensboro	KY	6	Unilever Supply Chain, Inc. (Unilever United States, Inc.)	1975/1979/1995	443,380		299		373
2021	5/31/2021	477 Distribution Pkwy.	Collierville	TN	—	Federal Express Corporation / FedEx Techconnect, Inc.	1984/1987/2005/2012	126,213		207		188
	9/30/2021	3820 Micro Dr.	Millington	TN	—	Ingram Micro L.P. (Ingram Micro Inc.)	1997	701,819		423		475
	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)	1999/2004	150,945		507		436
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing Corporation	1998/2001/2006	423,280		333		339
2022	3/31/2022	5417 Campus Drive	Shreveport	LA	—	The Tire Rack, Inc.	2012	257,849		319		335
N/A	Vacant	1601 Pratt Ave.	Marshall	MI	—	(Available for Lease)	1979	58,300		0		0
		3350 Miac Cove Rd.	Memphis	TN	—	(Available for Lease)	1987	32,679		0		0
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						99.4% Leased		15,299,901	$	13,781	$	13,751

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2013

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 3/31/2013 ($000) (2)		GAAP Base Rent as of 3/31/2013 ($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	246,826	476,459		95	%		3,039		4,038		55,000
		140 East Shore Dr.	Glen Allen	VA	—	Multi-Tenant	2000	13,206	76,885		91	%		287		256		18,871
		12600 Gateway Blvd.	Fort Myers	FL	11	Multi-Tenant	1998	3,304	62,400		0	%		97		91		8,585
		13430 North Black Canyon Fwy.	Phoenix	AZ	—	Multi-Tenant	1981/1982/2005/2007/2009	16,723	138,940		100	%		680		675		0
		17191 St. Luke's Way	The Woodlands	TX	—	Multi-Tenant	2004	7,900	41,000		70	%		61		61		0
		207 Mockingbird Ln.	Johnson City	TN	—	Multi-Tenant	1979	12,133	60,684		50	%		162		162		0
		2300 Litton Ln.	Hebron	KY	—	Multi-Tenant	1986/1996	9,902	80,440		95	%		100		99		0
		265 Lehigh St.	Allentown	PA	—	Multi-Tenant	1980	2,920	71,055		32	%		32		32		0
		2706 Media Center Dr.	Los Angeles	CA	—	Multi-Tenant	2000	18,070	83,252		24	%		58		58		10,281
		4200 Northcorp Pkwy.	Palm Beach Gardens	FL	—	Multi-Tenant	1996	21,272	95,065		26	%		87		87		0
		6050 Dana Way	Antioch	TN	—	Multi-Tenant	1999	15,139	672,629		70	%		381		383		0
		King St./1032 Fort St. Mall	Honolulu	HI	7/13	Multi-Tenant	1979/2002	47,209	318,451		66	%		575		575		0
MULTI-TENANT TOTAL/WEIGHTED AVERAGE						69.6% Leased			2,218,448				$	5,559	$	6,517	$	92,737

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2013

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 3/31/2013 ($000) (2)		GAAP Base Rent as of 3/31/2013 ($000) (3)
RETAIL/SPECIALTY PROPERTIES
2014	10/31/2014	1084 East Second St.	Franklin	OH	—	Marsh Supermarkets, LLC / Crystal Food Services, LLC	1961/1978	29,119		28		36
2015	1/31/2015	1700 State Route 160	Port Orchard	WA	—	Moran Foods, Inc. d/b/a Save-A-Lot, Ltd.	1983	16,037		22		22
	5/31/2015	24th St. West & St. John’s Ave.	Billings	MT	—	Safeway, Inc.	1981	40,800		47		72
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		76		76
		18601 Alderwood Mall Blvd.	Lynnwood	WA	—	Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC	1981/1993	43,105		70		70
		4811 Wesley St.	Greenville	TX	—	Brookshire Grocery Company / Safeway, Inc.	1985	48,492		43		60
		6910 South Memorial Hwy.	Tulsa	OK	—	Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.	1981	43,123		64		64
2017	3/31/2017	1610 South Westmoreland Ave.	Dallas	TX	—	Malone’s Food Stores, Ltd.	1960	70,910		90		105
	6/30/2017	1600 East 23rd St.	Chattanooga	TN	—	BI-LO, LLC	1983/1995	42,130		31		31
	12/31/2017	11411 North Kelly Ave.	Oklahoma City	OK	—	American Golf Corporation	1991/1996	13,924		119		81
2018	2/26/2018	4831 Whipple Ave., Northwest	Canton	OH	—	Best Buy Co., Inc.	1995	46,350		116		116
	2/28/2018	291 Talbert Blvd.	Lexington	NC	—	Food Lion, LLC / Delhaize America, Inc.	1981	23,000		35		35
		3211 West Beverly St.	Staunton	VA	—	Food Lion, LLC / Delhaize America, Inc.	1971	23,000		41		41
	7/1/2018	1053 Mineral Springs Rd.	Paris	TN	—	The Kroger Co.	1982	31,170		40		42
	9/30/2018	835 Julian Ave.	Thomasville	NC	—	Mighty Dollar, LLC	1983	23,767		19		19
	10/31/2018	10340 U.S. 19	Port Richey	FL	—	Kingswere Furniture, LLC	1980	53,820		87		87
		130 Midland Ave.	Port Chester	NY	—	Pathmark Stores, Inc.	1982	59,000		108		298
		5104 North Franklin Rd.	Lawrence	IN	—	Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC	1959/1983	28,721		48		48
	12/31/2018	1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart Corporation	1992	94,970		11		82
		12080 Carmel Mountain Rd.	Galesburg	CA	—	Kmart Corporation	1993	107,210		12		188
		21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart Corporation	1993	120,727		18		120
		255 Northgate Dr.	Manteca	CA	—	Kmart Corporation	1993	107,489		19		139
		5350 Leavitt Rd.	Lorain	OH	—	Kmart Corporation	1993	193,193		27		183
		97 Seneca Trail	Fairlea	WV	—	Kmart Corporation	1993/1999	90,933		13		87
2019	3/31/2019	N.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Associated Wholesale Grocers, Inc. / Safeway, Inc.	1984	30,757		46		50
2023	2/28/2023	US 221 & Hospital Rd.	Jefferson	NC	—	Food Lion, LLC / Delhaize America, Inc.	1981	34,555		26		39
N/A	Vacant	1700 State Route 160	Port Orchard	WA	—	(Available for Lease)	1983	11,931		0		0
		S. Carolina 52/52 Bypass	Moncks Corner	SC	11	(Available for Lease)	1982	23,000		10		21
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE						97.7% Leased		1,494,075	$	1,266	$	2,212

TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE						97.4% Leased		41,185,904	$	95,733	$	88,966

Footnotes

Square foot leased or vacant.

Three months ended 3/31/2013 cash rent.

Three months ended 3/31/2013 GAAP base rent.

Lexington has an 80.5% interest in this property.

Joint venture investment. Lexington has a priority return.

Lexington has a 71.1% interest in this property.

240,992 square feet sold subsequent to 3/31/2013.

IBM lease expires 05/2013, however, new tenant (Problem Solved, LLC) leases 16,000 sf through 05/2014.

Property is classified as a capital lease for GAAP, accordingly $249 of income is included in non-operating income.

Represents GAAP capitalized costs.

Cash and GAAP rent amounts represent prior tenant.

Subsequent to 3/31/2013, new tenant lease entered into from 1/1/2015 to through 12/31/2016.

Includes parking operations.

The multi-tenanted properties incurred approximately $2.9 million in operating expenses, net for the three months ended 3/31/2013.

Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.

RGN-Indianapolis I, LLC lease for 14,236 square feet expires 07/2024. Yellow Book Sales and Distribution Company, Inc. lease for 3,764 square feet expires 11/2013.

Educational Policy Improvement Center lease for 10,791 square feet expires 11/2019; however, space is then leased to Oregon Research Institute through 11/2027.

Baker Hughes Incorporated lease expires 09/2015; however, new tenant (Schlumberger Holdings Corp.) lease expires 09/2025.

Aramark Corporation lease for 8,261 square feet expires 11/2017.

LEXINGTON REALTY TRUST

Lease Rollover Schedule by Property Type - Cash Basis

3/31/2013

	Office						Industrial						Retail/Specialty						Multi-Tenant
Year	Net Rentable Area		Cash Rent as of 3/31/2013 ($000)		Annual Rent PSF (2)		Net Rentable Area		Cash Rent as of 3/31/2013 ($000)		Annual Rent PSF (2)		Net Rentable Area		Cash Rent as of 3/31/2013 ($000)		Annual Rent PSF (2)		Net Rentable Area		Cash Rent as of 3/31/2013 ($000)		Annual Rent PSF (2)
2013 - remaining		581,793	$	1,530	$	10.52		196,946	$	219	$	4.45		-	$	-	$	-		31,869	$	119	$	14.94
2014		2,335,387	$	11,877	$	16.92		1,577,946	$	874	$	2.22		29,119	$	28	$	3.85		12,737	$	131	$	41.14
2015		1,347,755	$	7,847	$	15.02		2,377,690	$	1,901	$	3.20		56,837	$	69	$	4.86		123,524	$	438	$	14.18
2016		1,017,000	$	3,078	$	12.11		2,007,278	$	2,078	$	4.14		177,562	$	253	$	5.70		139,185	$	505	$	14.51
2017		525,576	$	2,038	$	15.51		2,987,744	$	3,071	$	4.11		126,964	$	240	$	7.56		22,381	$	57	$	10.19
2018		1,360,401	$	4,830	$	14.20		1,530,121	$	951	$	2.49		1,003,350	$	594	$	3.97		93,726	$	344	$	14.68
2019		2,445,420	$	7,956	$	13.01		1,621,875	$	1,014	$	2.50		30,757	$	46	$	5.98		135,229	$	843	$	24.94
2020		717,632	$	2,746	$	15.31		1,249,216	$	1,884	$	6.03		-	$	-	$	-		85,521	$	116	$	5.43
2021		904,802	$	3,827	$	16.92		1,402,257	$	1,470	$	4.19		-	$	-	$	-		534,538	$	1,651	$	12.35
2022		406,073	$	1,913	$	18.84		257,849	$	319	$	4.95		-	$	-	$	-		-	$	-	$	-
2023 - Q1		605,309	$	1,804	$	11.92		-	$	-	$	-		34,555	$	26	$	3.01		-	$	-	$	-
Thereafter		3,136,497	$	16,053	$	14.15		6,292,876	$	8,126	$	5.81		216,395	$	872	$	16.12		200,084	$	652	$	33.41
Total/Weighted Average ⁽¹⁾		15,383,645	$	65,499	$	14.50		21,501,798	$	21,907	$	4.26		1,675,539	$	2,128	$	6.04		1,378,794	$	4,856	$	9.60

Footnotes

(1)

Total shown may differ from detailed amounts due to rounding and does not include parking operations.

(2)

For properties acquired cash rents are annualized.

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis

3/31/2013

Year	Number of Leases Expiring		GAAP Base Rent as of 3/31/2013 ($000)		Percent of GAAP Base Rent as of 3/31/2013			Percent of GAAP Base Rent as of 3/31/2012
2013 - remaining		8	$	1,740		2.1	%		8.0	%
2014		33	$	10,397		12.7	%		13.6	%
2015		20	$	7,044		8.6	%		12.2	%
2016		17	$	5,603		6.9	%		6.6	%
2017		17	$	5,101		6.2	%		6.4	%
2018		30	$	6,912		8.5	%		7.1	%
2019		15	$	9,181		11.2	%		11.6	%
2020		12	$	4,560		5.6	%		4.9	%
2021		10	$	5,285		6.5	%		6.3	%
2022		6	$	2,242		2.7	%		1.8	%
2023 - Q1		4	$	2,196		2.7	%		3.2	%
Thereafter		42	$	21,537		26.3	%		13.4	%

Total ⁽¹⁾		214	$	81,798		100.0	%

Footnotes

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

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Properties GAAP Basis

3/31/2013

Year	Number of Leases Expiring		GAAP Base Rent as of 3/31/2013 ($000)		Percent of GAAP Base Rent as of 3/31/2013
2013-remaining		30	$	1,859		2.1	%
2014		44	$	10,528		12.0	%
2015		36	$	7,463		8.5	%
2016		30	$	6,101		7.0	%
2017		19	$	5,157		5.9	%
2018		34	$	7,254		8.3	%
2019		23	$	10,020		11.4	%
2020		15	$	4,674		5.3	%
2021		15	$	6,990		8.0	%
2022		6	$	2,242		2.6	%
2023 - Q1		4	$	2,196		2.5	%
Thereafter		45	$	23,134		26.4	%

Total ⁽¹⁾		301	$	87,618		100.0	%

Footnotes

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

LEXINGTON REALTY TRUST

Mortgage Loans Receivable

3/31/2013

Collateral				Loan Balance		Interest			Maturity		Current Estimated Annual Debt Service		Balloon Payment		Escrow Balance
	City	State		($000)(1)		Rate			Date		($000)(2)		($000)		($000)
Office	Schaumburg (3)		IL	$	21,636		20.00	%		01/2012	$	-	$	21,636	$	-
	Norwalk (4)		CT	$	14,249		7.50	%		11/2014	$	-	$	14,249	$	4,526
	Southfield		MI	$	7,181		4.55	%		02/2015	$	1,282	$	5,810	$	-
	Westmont (5)		IL	$	26,810		6.45	%		10/2015	$	2,090	$	25,731	$	6,237
Retail	Austin		TX	$	2,120		16.00	%		10/2018	$	-	$	5,104	$	-
	Various		Various	$	1,262		8.00	%		02/2021	$	219	$	-	$	-
	Various		Various	$	672		8.00	%		12/2021	$	111	$	-	$	-
	Various		Various	$	813		8.00	%		03/2022	$	127	$	-	$	-
Charter School	Homestead (6)		FL	$	7,974		7.50	%		08/2014	$	606	$	8,000	$	-
	Total Mortgage Loans Receivable			$	82,717						$	4,435	$	80,530	$	10,763

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 $4.5 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.

LEXINGTON REALTY TRUST

2013 First Quarter Financing Summary

DEBT RETIRED

		Face / Satisfaction ($000)		Rate			Due Date
1	Convertible Guaranteed Notes (1)	$	42,750		6.000	%		01/2030
2	Tempe, AZ	$	12,191		5.148	%		05/2013
3	The Woodlands, TX	$	7,445		6.507	%		11/2019
4	Brea, CA (2)	$	73,324		5.734	%		05/2013
5	Houston, TX	$	15,797		5.218	%		05/2013
6	Irving, TX (2)	$	36,604		5.452	%		05/2013
7	Suwanee, GA (3)	$	10,964		5.260	%		05/2015
8	Southington, CT (3)	$	12,317		5.018	%		05/2013
	TOTAL	$	211,392

NEW PROPERTY LEVEL FINANCING

		Face ($000)		Rate			Maturity
1	Lenexa, KS	$	40,000		3.700	%		11/2027
2	Palm Beach Gardens, FL (4)	$	15,250		3.700	%		03/2018

CORPORATE LEVEL FINANCING

		Face ($000)		Maturity		Amount Outstanding ($000)
1	Unsecured Revolving Loan (5) (6)	$	300,000		02/2017	$	-
2	Unsecured Term Loan (6)	$	250,000		02/2018	$	-

Footnotes

(1)

Notes converted to 6.2 million common shares for an aggregate cash payment of $2.7 million plus accrued and unpaid interest. Put date is 01/2017.

(2)

Imputed interest rate.

(3)

Property was disposed through foreclosure to satisfy mortgage.

(4)

Lexington has a 25% interest in this property.

(5)

Maturity may be extended to 02/2018 at Lexington's option.

(6)

The unsecured credit facility requires regular payments of interest only at an interest rate dependent on Lexington’s leverage (as defined in the credit agreement). Subsequent to 3/31/2013, $250.0 million drawn on the Revolving Loan and $64.0 million drawn on the Term Loan.

LEXINGTON REALTY TRUST

Debt Maturity Schedule

3/31/2013

($000)

Consolidated Properties
Year	Real Estate Scheduled Amortization		Real Estate Balloon Payments			Corporate Debt
2013	$	14,560	$	88,643	(a)	$	-
2014	$	33,727	$	251,032	(b)	$	-
2015	$	26,375	$	277,936		$	-
2016	$	20,224	$	148,595		$	-
2017	$	20,150	$	68,669		$	41,146	(c)
	$	115,036	$	834,875		$	41,146

Non-Consolidated Investments - LXP Proportionate Share
Year	Real Estate Scheduled Amortization		Real Estate Balloon Payments
2013	$	1,051	$	-
2014	$	1,529	$	-
2015	$	1,608	$	5,469
2016	$	1,477	$	-
2017	$	94	$	2,097
	$	5,759	$	7,566

Footnotes

(a)

$4,496 of balloon debt has been repaid subsequent to March 31, 2013.

(b)

$168,029 of balloon debt has been repaid subsequent to March 31, 2013.

(c)

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

LEXINGTON REALTY TRUST

2013 Mortgage Maturities by Property Type

3/31/2013

	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 3/31/2013 ($000)		GAAP Base Rent as of 3/31/2013 ($000)
Office &	1110 Bayfield Dr.	Colorado Springs		CO		166,575	$	10,171		05/2013		11/2013	$	19,579	$	408	$	400
Multi-Tenant	12600 Gateway Blvd.	Fort Myers		FL		62,400	$	8,550		05/2013		Vacant	$	3,304	$	97	$	91
	5757 Decatur Blvd.	Indianapolis		IN		88,566	$	8,580		05/2013		2018	$	15,297	$	177	$	255
	6303 Barfield Rd./859 Mount Vernon Hwy.	Atlanta		GA		289,000	$	40,356		05/2013		Various	$	76,766	$	1,595	$	719
	2401 Cherahala Blvd. (2)	Knoxville		TN		59,748	$	4,496		09/2013		05/2020	$	8,587	$	225	$	193
	2211 South 47th St.	Phoenix		AZ		176,402	$	16,490		09/2013		02/2023	$	24,631	$	275	$	540

	Total 2013 Mortgage Maturities					842,691	$	88,643					$	148,164	$	2,777	$	2,198

Footnotes

(1)

Represents GAAP capitalized costs as of March 31, 2013.

(2)

Amount satisfied subsequent to March 31, 2013.

LEXINGTON REALTY TRUST

2014 Mortgage Maturities by Property Type

3/31/2013

	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 3/31/2013 ($000)		GAAP Base Rent as of 3/31/2013 ($000)
Office	33 Commercial St. (3)	Foxboro		MA		164,689	$	-		01/2014		06/2015	$	29,238	$	3,153	$	922
	1401 & 1501 Nolan Ryan Pkwy. (3)	Arlington		TX		236,547	$	18,642		02/2014		01/2014	$	28,303	$	681	$	681
	2999 Southwest 6th St. (3)	Redmond		OR		77,484	$	8,484		04/2014		01/2019	$	14,100	$	405	$	367
	3480 Stateview Blvd. (3)	Fort Mill		SC		169,218	$	18,300		05/2014		05/2014	$	29,174	$	926	$	863
	1701 Market St. (2)	Philadelphia		PA		304,037	$	43,520		07/2014		Various	$	72,728	$	1,814	$	1,771
	10300 Kincaid Dr. (3)	Fishers		IN		193,000	$	10,466		08/2014		01/2020	$	28,470	$	856	$	856
	3965 Airways Blvd. (3)	Memphis		TN		521,286	$	47,270		09/2014		06/2019	$	116,410	$	1,723	$	1,753
	500 Jackson St. (3)	Columbus		IN		390,100	$	26,399		09/2014		07/2019	$	53,821	$	1,147	$	1,135
	6226 West Sahara Ave. (3)	Las Vegas		NV		282,000	$	32,118		09/2014		01/2029	$	64,735	$	2,018	$	1,063
	22011 Southeast 51st St./5150 220th Ave.	Issaquah		WA		202,544	$	30,388		12/2014		12/2014	$	51,419	$	1,140	$	1,041
	275 Technology Dr.	Canonsburg		PA		107,872	$	9,095		12/2014		12/2014	$	15,739	$	357	$	344
Industrial	2415 US Hwy. 78 East (3)	Moody		AL		595,346	$	6,350		01/2014		01/2014	$	11,575	$	263	$	263

	Total 2014 Mortgage Maturities					3,244,123	$	251,032					$	515,712	$	14,483	$	11,059

Footnotes

(1)

Represents GAAP capitalized costs as of March 31, 2013.

(2)

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

(3)

Amount satisfied subsequent to March 31, 2013.

LEXINGTON REALTY TRUST

2015 Mortgage Maturities by Property Type

3/31/2013

	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 3/31/2013 ($000)		GAAP Base Rent as of 3/31/2013 ($000)
Office &	101 East Erie St.	Chicago		IL		230,704	$	29,900		01/2015		03/2014	$	56,548	$	1,036	$	1,254
Multi-Tenant	400 East Stone Ave. (2)	Greenville		SC		128,041	$	9,000		01/2015		12/2029	$	10,692	$	242	$	-
	4201 Marsh Ln.	Carrollton		TX		130,000	$	12,022		01/2015		11/2022	$	22,146	$	504	$	466
	13775 McLearen Rd.	Herndon		VA		125,293	$	10,359		04/2015		04/2015	$	25,443	$	568	$	535
	10475 Crosspoint Blvd.	Indianapolis		IN		141,047	$	11,205		05/2015		10/2019	$	22,586	$	565	$	584
	100, 120, 140 East Shore Dr.	Glen Allen		VA		222,048	$	18,321		05/2015		Various	$	38,140	$	763	$	741
	1311 Broadfield Blvd.	Houston		TX		155,040	$	14,431		05/2015		03/2021	$	29,999	$	581	$	656
	1409 Centerpoint Blvd.	Knoxville		TN		84,404	$	6,658		05/2015		10/2014	$	12,604	$	441	$	405
	2550 Interstate Dr.	Harrisburg		PA		81,859	$	7,792		05/2015		12/2013	$	15,255	$	486	$	468
	2706 Media Center Dr.	Los Angeles		CA		83,252	$	9,760		05/2015		Vacant / 2015	$	18,070	$	58	$	58
	2800 Waterford Lake Dr.	Midlothian		VA		99,057	$	9,055		05/2015		12/2021	$	15,850	$	527	$	535
	333 Mt. Hope Ave.	Rockaway		NJ		95,500	$	14,900		05/2015		09/2014	$	29,295	$	561	$	531
	6200 Northwest Pkwy.	San Antonio		TX		142,500	$	11,167		05/2015		11/2017	$	20,813	$	445	$	467
	16676 Northchase Dr.	Houston		TX		101,111	$	11,282		05/2015		07/2014	$	19,369	$	423	$	407
	2500 Patrick Henry Pkwy.	McDonough		GA		111,911	$	11,349		06/2015		06/2015	$	16,000	$	391	$	344
	3711 San Gabriel (3)	Mission		TX		75,016	$	5,371		06/2015		06/2015	$	7,600	$	263	$	211
	4001 International Pkwy.	Carrollton		TX		138,443	$	18,710		07/2015		07/2015	$	30,859	$	803	$	799
	2529 West Thorne Dr.	Houston		TX		65,500	$	2,203		09/2015		09/2015	$	5,400	$	789	$	163
	10001 Richmond Ave.	Houston		TX		554,385	$	18,161		09/2015		09/2025	$	78,887	$	7,000	$	1,844
Industrial	324 Industrial Park Rd.	Franklin		NC		72,868	$	-		04/2015		12/2014	$	2,300	$	114	$	68
	6938 Elm Valley Dr.	Kalamazoo		MI		150,945	$	15,087		05/2015		10/2021	$	21,970	$	507	$	436
	10000 Business Blvd.	Dry Ridge		KY		336,350	$	3,892		07/2015		06/2025	$	15,227	$	336	$	336
	301 Bill Bryan Rd.	Hopkinsville		KY		424,904	$	7,904		07/2015		06/2025	$	19,066	$	422	$	422
	4010 Airpark Dr.	Owensboro		KY		211,598	$	3,389		07/2015		06/2025	$	13,598	$	302	$	302
	730 North Black Branch Rd.	Elizabethtown		KY		167,770	$	2,547		07/2015		06/2025	$	6,055	$	134	$	134
	750 North Black Branch Rd.	Elizabethtown		KY		539,592	$	13,471		07/2015		06/2025	$	32,222	$	710	$	710

	Total 2015 Mortgage Maturities					4,669,138	$	277,936					$	585,994	$	18,971	$	12,876

Footnotes

(1)

Represents GAAP capitalized costs as of March 31, 2013.

(2)

Property is classified as a capital lease for GAAP, accordingly $249 of GAAP income is included in non-operating income.

LEXINGTON REALTY TRUST

2016 Mortgage Maturities by Property Type

3/31/2013

	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 3/31/2013 ($000)		GAAP Base Rent as of 3/31/2013 ($000)
Office	1600 Eberhardt Rd.	Temple		TX		108,800	$	7,463	01/2016	01/2016	$	12,161	$	419	$	337
	700 US Hwy. Route 202-206	Bridgewater		NJ		115,558	$	13,825	03/2016	10/2014	$	31,662	$	509	$	643
	11707 Miracle Hills Dr	Omaha		NE		85,200	$	7,560	04/2016	11/2025	$	13,853	$	292	$	292
	1400 Northeast McWilliams Rd.	Bremerton		WA		60,200	$	5,479	04/2016	07/2016	$	9,906	$	304	$	304
	2005 East Technology Circle	Tempe		AZ		60,000	$	7,140	04/2016	12/2025	$	12,199	$	282	$	282
	850-950 Warrenville Rd	Lisle		IL		99,414	$	9,377	06/2016	2014/2019	$	17,388	$	398	$	427
	11511 Luna Rd	Farmers Branch		TX		180,507	$	18,363	07/2016	04/2016	$	29,984	$	584	$	797
	180 South Clinton St	Rochester		NY		226,000	$	16,765	08/2016	12/2014	$	30,880	$	751	$	750
Industrial	459 Wingo Road	Byhalia		MS		513,734	$	15,000	06/2016	03/2026	$	27,492	$	649	$	734
	2203 Sherrill Dr	Statesville		NC		639,800	$	12,574	08/2016	12/2017	$	21,266	$	447	$	479
	3686 S. Central Ave. / 749 Southrock Dr	Rockford		IL		240,000	$	6,153	08/2016	2014/2015	$	10,919	$	220	$	201
	2935 Van Vactor Dr.	Plymouth		IN		300,500	$	5,723	09/2016	06/2015	$	9,200	$	205	$	205
	7005 Cochran Road	Glenwillow		OH		458,000	$	15,132	09/2016	07/2025	$	28,665	$	510	$	563
Specialty	25500 State Hwy. 249	Tomball		TX		77,076	$	8,041	11/2016	08/2026	$	15,776	$	345	$	351

	Total 2016 Mortgage Maturities					3,164,789	$	148,595			$	271,351	$	5,915	$	6,365

Footnotes

(1)

Represents GAAP capitalized cost at March 31, 2013.

LEXINGTON REALTY TRUST

2017 Mortgage Maturities by Property Type

3/31/2013

	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 3/31/2013 ($000)		GAAP Base Rent as of 3/31/2013 ($000)
Office	104 & 110 South Front St.	Memphis	TN		37,229	$	3,484	01/2017	10/2016	$	5,586	$	130	$	125
	9200 South Park Center Loop	Orlando	FL		59,927	$	9,309	02/2017	09/2020	$	14,898	$	190	$	213
	500 Kinetic Drive	Huntington	WV		68,693	$	6,500	02/2017	11/2026	$	12,558	$	302	$	336
Industrial	7500 Chavenelle Rd.	Dubuque	IA		330,988	$	8,725	06/2017	06/2017	$	11,660	$	304	$	291
	5001 Greenwood Rd.	Shreveport	LA		646,000	$	19,000	07/2017	10/2026	$	26,678	$	511	$	541
	1420 Greenwood Rd.	McDonough	GA		296,972	$	21,651	11/2017	10/2017	$	30,897	$	680	$	649

	Total 2017 Mortgage Maturities				1,439,809	$	68,669			$	102,277	$	2,117	$	2,155

Footnotes

(1)

Represents GAAP capitalized cost at March 31, 2013.

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

3/31/2013

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)	Current Estimated Annual Debt Service ($000)^(d)		Balloon Payment ($000)
Colorado Springs, CO		$	10,190		6.250	%	05/2013	$	199	$	10,171
Atlanta, GA			40,356		5.268	%	05/2013		177		40,356
Indianapolis, IN	(m)		8,686		5.168	%	05/2013		406		8,580
Fort Myers, FL	(m)		8,585		5.268	%	05/2013		185		8,550
Phoenix, AZ	(q)		16,652		6.270	%	09/2013		595		16,490
Knoxville, TN	(p)		4,532		5.950	%	09/2013		150		4,496
Foxboro, MA	(b)(p)		2,738		6.000	%	01/2014		2,901		-
Moody, AL	(p)		6,476		4.978	%	01/2014		397		6,350
Arlington, TX	(p)		19,540		5.810	%	02/2014		1,385		18,642
Redmond, OR	(p)		8,691		5.616	%	04/2014		697		8,484
Fort Mill, SC	(p)		18,683		5.373	%	05/2014		1,364		18,300
Philadelphia, PA	(e)		44,658		5.060	%	07/2014		3,178		43,520
Fishers, IN	(p)		10,810		6.375	%	08/2014		932		10,466
Columbus, IN	(i)(p)		25,831		6.150	%	09/2014		1,611		25,831
Las Vegas, NV	(i)(p)		31,428		6.150	%	09/2014		1,960		31,428
Memphis, TN	(i)(p)		46,253		6.150	%	09/2014		2,884		46,253
Columbus, IN	(i)(p)		583		7.500	%	09/2014		54		568
Las Vegas, NV	(i)(p)		710		7.500	%	09/2014		66		690
Memphis, TN	(i)(p)		1,045		7.500	%	09/2014		97		1,017
Issaquah, WA	(b)		30,939		5.665	%	12/2014		2,113		30,388
Canonsburg, PA	(b)		9,088		5.426	%	12/2014		489		9,095
Chicago, IL	(b)		29,619		5.639	%	01/2015		1,548		29,900
Greenville, SC			9,000		5.500	%	01/2015		495		9,000
Carrollton, TX			12,568		5.530	%	01/2015		993		12,022
Herndon, VA	(b)		10,848		5.885	%	04/2015		888		10,359
Franklin, NC			496		8.500	%	04/2015		271		-
Kalamazoo, MI			16,339		5.411	%	05/2015		1,189		15,087
Glen Allen, VA	(b)		18,871		5.377	%	05/2015		1,292		18,321
Houston, TX			15,136		5.160	%	05/2015		1,114		14,431
Rockaway, NJ			14,900		5.292	%	05/2015		799		14,900
Houston, TX			11,829		5.210	%	05/2015		874		11,282
Indianapolis, IN			11,753		5.160	%	05/2015		865		11,205
San Antonio, TX			11,678		5.340	%	05/2015		875		11,167
Los Angeles, CA	(m)		10,281		5.110	%	05/2015		750		9,760
Richmond, VA			9,487		5.310	%	05/2015		708		9,055
Harrisburg, PA			8,176		5.110	%	05/2015		599		7,792
Knoxville, TN			6,976		5.310	%	05/2015		520		6,658
McDonough, GA			11,832		5.212	%	06/2015		836		11,349
Mission, TX			5,669		5.783	%	06/2015		462		5,371
Carrollton, TX	(b)		19,325		5.725	%	07/2015		1,382		18,710
Elizabethtown, KY	(j)		14,205		4.990	%	07/2015		1,054		13,471
Hopkinsville, KY			8,335		4.990	%	07/2015		618		7,904
Dry Ridge, KY	(n)		4,104		4.990	%	07/2015		305		3,892
Owensboro, KY	(n)		3,574		4.990	%	07/2015		265		3,389
Elizabethtown, KY	(j)		2,686		4.990	%	07/2015		199		2,547
Houston, TX	(b)		29,933		6.250	%	09/2015		8,404		18,161

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

3/31/2013

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)		Current Estimated Annual Debt Service ($000)^(d)		Balloon Payment ($000)
Houston, TX			3,453		8.036	%		09/2015		952		2,203
Temple, TX			8,535		6.090	%		01/2016		668		7,463
Bridgewater, NJ			14,439		5.732	%		03/2016		1,035		13,825
Omaha, NE			8,071		5.610	%		04/2016		621		7,560
Bremerton, WA			6,414		6.090	%		04/2016		494		5,479
Tempe, AZ			7,622		5.610	%		04/2016		586		7,140
Byhalia, MS			15,000		4.710	%		06/2016		707		15,000
Lisle, IL			9,873		6.500	%		06/2016		793		9,377
Farmers Branch, TX	(b)		18,451		5.939	%		07/2016		1,136		18,363
Rochester, NY	(f)		17,744		6.210	%		08/2016		1,383		16,765
Statesville, NC	(f)		13,308		6.210	%		08/2016		1,037		12,574
Rockford, IL	(f)		6,512		6.210	%		08/2016		508		6,153
Glenwillow, OH			16,029		6.130	%		09/2016		1,240		15,132
Plymouth, IN			6,112		6.315	%		09/2016		497		5,723
Tomball, TX			9,374		6.063	%		11/2016		683		8,041
Memphis, TN			3,726		5.710	%		01/2017		275		3,484
Huntington, WV			6,500		4.150	%		02/2017		270		6,500
Orlando, FL			9,841		5.722	%		02/2017		696		9,309
Dubuque, IA			9,673		5.402	%		06/2017		733		8,725
Shreveport, LA			19,000		5.690	%		07/2017		1,096		19,000
McDonough, GA			22,970		6.110	%		11/2017		1,674		21,651
Lorain, OH	(b)		1,219		7.750	%		07/2018		108		-
Manteca, CA	(b)		861		7.750	%		07/2018		77		-
Watertown, NY	(b)		810		7.750	%		07/2018		72		-
Lewisburg, WV	(b)		569		7.750	%		07/2018		51		-
San Diego, CA	(b)		549		7.750	%		07/2018		49		-
Galesburg, IL	(b)		483		7.750	%		07/2018		43		-
Erwin, NY			8,983		5.910	%		10/2018		728		6,637
Boston, MA			12,923		6.100	%		12/2018		996		11,520
North Berwick, ME			8,370		3.560	%		04/2019		1,532		-
Overland Park, KS	(b)		35,652		5.891	%		05/2019		2,657		31,867
Kansas City, MO	(b)		17,001		5.883	%		05/2019		1,268		15,182
Meridian, ID			10,453		6.010	%		08/2019		753		7,675
Streetsboro, OH	(b)		18,405		5.749	%		09/2019		1,344		16,338
Lenexa, KS			10,503		6.270	%		12/2019		774		7,770
Boca Raton, FL			20,260		6.470	%		02/2020		1,542		18,414
Oakland, ME			9,384		5.930	%		10/2020		750		7,660
Lavonia, GA			8,458		5.460	%		12/2020		741		5,895
Wall, NJ	(b)		22,791		6.250	%		01/2021		3,312		-
Charleston, SC			7,350		5.850	%		02/2021		446		6,632
Whippany, NJ			14,877		6.298	%		11/2021		1,344		10,400
Baltimore, MD			55,000		4.320	%		06/2023		2,376		47,676
Palo Alto, CA			59,030		3.970	%		12/2023		4,571		-
Chester, SC			10,391		5.380	%		08/2025		1,144		362
Lenexa, KS			40,000		3.700	%		11/2027		1,995		10,000
Farmington Hills, MI	(b)(h)		17,591		7.420	%		03/2031		1,500		10,279
Subtotal/Wtg. Avg./Years Remaining ^(l)		$	1,268,654		5.543	%		4.3	$	96,402	$	1,049,182

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

3/31/2013

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)		Current Estimated Annual Debt Service ($000)^(d)		Balloon Payment ($000)
Corporate (k)
Term Loan		$	255,000		3.673	%		01/2019	$	9,496	$	255,000
Convertible Notes	(o)(c)		41,146		6.000	%		01/2030		2,469		41,146
Trust Preferred Notes	(g)		129,120		6.804	%		04/2037		8,785		129,120
Subtotal/Wtg. Avg./Years Remaining ^(l)		$	425,266		4.849	%		11.1	$	20,750	$	425,266
Total/Wtg. Avg./Years Remaining ^(l)		$	1,693,920		5.369	%		6.0	$	117,152	$	1,474,448

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 $2,655 excluded from balance.

(d)

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

(e)

Lexington has an 80.5% interest in this property.

(f)

Properties are cross-collateralized.

(g)

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

(h)

Loan is in hyper-amortization.

(i)

Properties are cross-collateralized.

(j)

Properties are cross-collateralized.

(k)

Unsecured

(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 3/31/2013.

(q)

Notice sent to prepay loan in 2Q 2013.

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

3/31/2013

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	$	14,163	$	5,665		5.240	%		05/2015	$	976	$	13,673	$	5,469
One Summit		10,078	$	3,024		9.375	%		10/2016		3,344		-		-
One Summit		6,775	$	2,033		10.625	%		11/2016		2,239		-		-
Rehab Humble Lessee		15,067	$	2,260		4.700	%		05/2017		950		13,982		2,097
Gan Palm Beach Lessee		15,228	$	3,807		3.700	%		03/2018		842		13,768		3,442
Total/Wtg. Avg. ⁽¹⁾/Years Remaining ⁽²⁾	$	61,311	$	16,789		6.21	%		3.4	$	8,351	$	41,423	$	11,008

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.

LEXINGTON REALTY TRUST

Partnership Interests

Three months ended March 31, 2013

($000)

Noncontrolling Interest Properties - Partners' Proportionate Share (1)

EBITDA	$	136
Interest expense	$	128
Depreciation and amortization	$	207

Non-Consolidated Net Leased Real Estate - Lexington's Share

EBITDA	$	1,184
Interest expense	$	247

Footnotes

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

LEXINGTON REALTY TRUST

Selected Balance Sheet and Income Statement Account Data

3/31/2013

($000)

Balance Sheet

Other assets	$	28,721

The components of other assets are:

Deposits	$	461
Investments- capital lease		10,692
Equipment		481
Prepaids		4,226
Other receivables		929
Deferred tax asset		865
Deferred lease incentives		10,929
Other		138

Accounts payable and other liabilities	$	59,004

The components of accounts payable and other liabilities are:

Accounts payable and accrued expenses	$	11,029
CIP accruals and other		15,156
Taxes		874
Deferred lease and loan costs		9,946
Subordinated notes		2,403
Deposits		1,691
Escrows		1,649
Transaction / build-to-suit costs		10,734
Interest rate swap derivative liability		5,522

Income Statement - Three months ended March 31, 2013

Non-cash interest expense, net	$	(115	)

LEXINGTON REALTY TRUST

Select Credit Metrics

	3/31/2012	3/31/2013	Adjusted 3/31/2013 (1)

Company FFO Payout Ratio	52.1%	60.0%	60.0%

Unencumbered Assets (2)(3)	$1.56 billion	$2.07 billion	$2.48 billion

Unencumbered NOI (3)	30.6%	41.8%	54.6%

Debt + Preferred / Gross Assets	48.3%	41.2%	40.4%

Debt/Gross Assets	40.5%	35.9%	38.4%

Market Cap Leverage	48.6%	37.5%	40.5%

Secured Debt / Gross Assets (3)	30.1%	26.9%	22.7%

Net Debt / EBITDA	5.5x	5.4x	6.0x

Net Debt + Preferred / EBITDA	6.6x	6.3x	6.3x

Credit Facilities Availability	$276.3 million	$542.4 million	$228.4 million

Development / Gross Assets	1.1%	1.3%	1.3%

EBITDA / Revenue	87.0%	85.4%	85.4%

EBITDA / PrefDiv + Interest Expense	2.7x	3.0x	3.5x

JV + Advisory Income / Revenues	8.3%	0.3%	0.3%

Footnotes

(1) March 31, 2013 credit metrics adjusted to reflect impact of (i) repayment of $176.6 million of secured debt in April/May 2013, (ii) an additional $16.7 million of secured debt that Lexington has given notice to prepay, (iii) the retirement of Series D Preferred Stock in April 2013, and (iv) April borrowings on the unsecured revolving loan and unsecured term loan of $250.0 million and $64.0 million, respectively.

(2) Includes loans receivable.

(3) As of March 31, 2013, revolving credit facility and term loans are unsecured and all prior periods reflect such borrowings as unsecured.

LEXINGTON REALTY TRUST

Historical Credit Metrics Summary

	2008	2009	2010	2011	2012

Company FFO Payout Ratio	74.5%	49.6%	43.2%	48.5%	56.1%

Unencumbered Assets (1)(2)	$1.18 billion	$1.36 billion	$1.49 billion	$1.15 billion	$1.76 billion

Unencumbered NOI (1)	27.3%	21.0%	22.9%	25.9%	34.8%

Debt + Preferred / Gross Assets	56.9%	54.5%	49.4%	48.7%	46.6%

Debt/Gross Assets	49.4%	46.9%	41.5%	40.9%	41.1%

Market Cap Leverage	72.9%	65.3%	53.7%	52.5%	46.6%

Secured Debt / Gross Assets (1)	37.0%	36.8%	33.0%	31.9%	30.9%

Net Debt / EBITDA	5.4x	6.1x	5.6x	5.5x	6.5x

Net Debt + Preferred / EBITDA	6.3x	7.1x	6.7x	6.6x	7.3x

Credit Facilities Availability	$173.3 million	$96.6 million	$215.9 million	$294.3 million	$296.3 million

Development / Gross Assets	0.5%	0.3%	0.7%	0.9%	1.6%

EBITDA / Revenue	92.6%	81.4%	80.1%	77.0%	76.5%

EBITDA / PrefDiv + Interest Expense	2.4x	2.2x	2.2x	2.3x	2.4x

JV + Advisory Income or (loss) / Revenues	N/A	N/A	5.9%	8.5%	4.4%

Capital Raised (Retired), net (millions):

Common equity, net	$30.2	$20.0	$166.7	$99.7	$162.7

Preferred equity, net	($7.5)	$0.0	$0.0	($15.5)	($70.0)

Unsecured debt, gross (1)	($119.0)	$46.0	$82.5	$0.0	$190.4

Secured debt, gross	($293.5)	($291.9)	($305.3)	($121.3)	($198.3)

Property dispositions net proceeds	$334.2	$113.1	$80.2	$124.0	$155.2

Footnotes:

(1)

As of March 31, 2013, revolving credit facility and term loans are unsecured and all prior periods reflect such borrowings as unsecured.

(2)

Includes loans receivable.

LEXINGTON REALTY TRUST

Other Data

3/31/2013

($000)

Base Rent Estimates for Current Assets

Year	Cash ⁽¹⁾		GAAP ⁽¹⁾
2013 - remaining	$	249,450	$	268,392
2014	$	331,603	$	333,884
2015	$	287,830	$	288,676
2016	$	256,403	$	256,734
2017	$	233,981	$	232,422

Other Revenue Data

Asset Class	GAAP Base Rent as of 3/31/13 (2)		3/31/13 Percentage			3/31/12 Percentage
Office	$	44,875		50.4	%		56.2	%
Long-term leases⁽³⁾	$	21,611		24.3	%		16.0	%
Industrial	$	13,751		15.5	%		14.8	%
Multi-tenant	$	6,517		7.3	%		9.5	%
Retail/Specialty	$	2,212		2.5	%		3.5	%
	$	88,966		100.0	%		100.0	%

Credit Ratings ⁽⁴⁾
Investment Grade	$	43,422		48.8	%		46.6	%
Non-Investment Grade	$	12,042		13.5	%		16.0	%
Unrated	$	33,502		37.7	%		37.4	%
	$	88,966		100.0	%		100.0	%

Same-Store NOI ⁽⁵⁾⁽⁶⁾	Three months ended March 31
	2013			2012
Total Base Rent	$	77,115		$	77,452
Tenant Reimbursements		7,503			7,337
Property Operating Expenses		(15,378	)		(13,849	)
Same-Store NOI	$	69,240		$	70,940

Change in Same-Store NOI		(2.4	)%

Weighted-Average Lease Term		As of 3/31/13			As of 3/31/12
		7.5 years			6.3 years

Footnotes

(1)

Amounts assume (1) lease terms for non-cancellable periods only and (2) that no new or renegotiated leases are entered into after 3/31/2013.

(2)

Three months ended 3/31/2013 GAAP base rent recognized for consolidated properties owned as of 3/31/2013.

(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, multi-tenant assets are included in unrated.

(5)

NOI is on a consolidated cash basis.

(6)

Excludes properties acquired and sold in 2013 and 2012.

LEXINGTON REALTY TRUST

Top 20 Markets

3/31/2013

	Core Based Statistical Area ⁽²⁾	Percent of GAAP Base Rent as of 3/31/13 (1)
1	Dallas-Fort Worth-Arlington, TX		8.3	%
2	Houston-Sugar Land-Baytown, TX		5.0	%
3	Baltimore-Towson, MD		4.5	%
4	Memphis, TN-MS-AR		4.5	%
5	Phoenix-Mesa-Scottsdale, AZ		4.2	%
6	Kansas City, MO-KS		4.1	%
7	New York-Northern New Jersey-Long Island, NY-NJ-PA		3.6	%
8	Orlando-Kissimmee, FL		3.6	%
9	Boston-Cambridge-Quincy, MA-NH		2.9	%
10	Los Angeles-Long Beach-Santa Ana, CA		2.8	%
11	Atlanta-Sandy Springs-Marietta, GA		2.4	%
12	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		2.3	%
13	Detroit-Warren-Livonia, MI		2.3	%
14	Columbus, OH		2.1	%
15	Indianapolis-Carmel, IN		2.0	%
16	Chicago-Naperville-Joliet, IL-IN-WI		1.9	%
17	San Jose-Sunnyvale-Santa Clara, CA		1.8	%
18	Charlotte-Gastonia-Concord, NC-SC		1.7	%
19	Washington-Arlington-Alexandria, DC-VA-MD-WV		1.6	%
20	San Antonio, TX		1.5	%
	Total Top 20 Markets ⁽³⁾		63.0	%

Footnotes

(1)

Three months ended 3/31/2013 GAAP base rent recognized for consolidated properties owned as of 3/31/2013.

(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.

LEXINGTON REALTY TRUST

Tenant Industry Diversification

3/31/2013

Industry Category	Percent of GAAP Base Rent as of 3/31/2013 (1) (2)
Finance/Insurance		14.1	%
Technology		10.8	%
Service		9.8	%
Automotive		9.3	%
Energy		8.6	%
Consumer Products		7.5	%
Transportation/Logistics		6.0	%
Healthcare		5.7	%
Telecommunications		5.2	%
Construction/Materials		3.7	%
Food		3.4	%
Media/Advertising		3.1	%
Aerospace/Defense		2.8	%
Printing/Production		2.4	%
Apparel		1.7	%
Retail Specialty		1.6	%
Education		1.5	%
Retail Department		1.5	%
Real Estate		0.9	%
Retail Electronics		0.1	%
		100.0	%

Footnotes

(1)

Three months ended 3/31/2013 GAAP base rent recognized for consolidated properties owned as of 3/31/2013.

(2)

Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

3/31/2013

Tenants or Guarantors	Number of Leases	Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)			GAAP Base Rent as of 3/31/2013 ($000) (1)		Percent of GAAP Base Rent as of 3/31/2013 ($000) (1) (2)
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)	7		2,053,359		5.0	%	$	2,511		2.8	%
US Government	2		329,229		0.8	%	$	2,391		2.7	%
Bank of America, National Association	8		691,893		1.7	%	$	2,316		2.6	%
Federal Express Corporation	3		790,468		1.9	%	$	2,255		2.5	%
Baker Hughes, Inc.	2		619,885		1.5	%	$	2,007		2.3	%
Swiss Re America Holding Corporation / Westport Insurance Corporation	2		476,123		1.2	%	$	1,795		2.0	%
Xerox Corporation	1		202,000		0.5	%	$	1,614		1.8	%
Invensys Systems, Inc. (Siebe, Inc.)	2		416,603		1.0	%	$	1,538		1.7	%
Wells Fargo Bank, N.A.	2		338,301		0.8	%	$	1,497		1.7	%
T-Mobile USA, Inc.	5		386,078		0.9	%	$	1,427		1.6	%
	34		6,303,939		15.3	%	$	19,351		21.8	%

Footnotes

(1)

Three months ended 3/31/2013 GAAP base rent recognized for consolidated properties owned as of 3/31/2013.

(2)

Total shown may differ from detailed amounts due to rounding.

Investor Information

Transfer Agent

Computershare	Overnight Correspondence:
PO Box 43006	250 Royall Street
Providence, RI 02940-3006	Canton, MA 02021
(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		KeyBanc Capital Markets Inc.
James Feldman	(646) 855-5808	Craig Mailman	(917) 368-2316

Barclays Capital		Ladenburg Thalmann & Co., Inc.
Ross L. Smotrich	(212) 526-2306	Daniel P. Donlan	(212) 409-2056

Evercore Partners		Stifel Nicolaus
Sheila K. McGrath	(212) 497-0882	John W. Guinee	(443) 224-1307

J.P. Morgan Chase		Wells Fargo Securities, LLC
Anthony Paolone	(212) 622-6682	Todd J. Stender	(212) 214-8067

Jeffries & Company, Inc.
Omotayo Okusanya	(212) 336-7076

EX-99.2 3 v343556_ex99-2.htm EXHIBIT 99.2

THOMSON REUTERS STREETEVENTS

EDITED TRANSCRIPT

LXP - Q1 2013 Lexington Realty Trust Earnings Conference Call

EVENT DATE/TIME: MAY 02, 2013 / 03:00PM GMT

THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us

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CORPORATE PARTICIPANTS

Gabriela Reyes Lexington Realty Trust - IR

T. Wilson Eglin Lexington Realty Trust - CEO, President

Pat Carroll Lexington Realty Trust - CFO

CONFERENCE CALL PARTICIPANTS

Sheila McGrath Evercore Partners - Analyst

Anthony Paolone JPMorgan - Analyst

Omotayo Okusanya Jefferies & Co. - Analyst

John Guinee Stifel, Nicolaus & Company, Inc. - Analyst

Todd Stender Wells Fargo Securities, LLC - Analyst

Craig Mailman Keybanc Capital Mkts - Analyst

PRESENTATION

Operator

Good day and welcome to the Lexington Realty Trust First Quarter 2013 Earnings Conference Call. At this time all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. Today's conference is being recorded.

It is now my pleasure to turn the floor over to your host, Gabby Reyes, Investor Relations for Lexington Realty Trust. Please go ahead ma'am.

Gabriela Reyes - Lexington Realty Trust - IR

Hello and welcome to the Lexington Realty Trust first quarter conference call. The earnings press release was distributed over the wire this morning and the release of supplemental disclosure package will be furnished on a Form 8-K. In the press release and supplemental disclosure package, Lexington has reconciled all historical non-GAAP financial measures to the most directly comparable GAAP measure in according with Reg G requirements.

If you did not receive a copy, these documents are available on Lexington's website at www.lxp.com in the Investor Relations section. Additionally we are hosting a live webcast of today's call, which you can access in the same section.

At this time I would like to inform you that certain statements made during this conference call, which are not historical, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Lexington's believes expectations reflected in any forward-looking statements are based on reasonable assumptions, Lexington can give no assurance that its expectations will be attained.

Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in today's press release and from time to time in Lexington's filings with the SEC. Lexington does not undertake a duty to update any forward-looking statements.

Joining me today from management are, Will Eglin, Chief Executive Officer; Robert Roskind, Chairman; Dick Rouse, Chief Investment Officer; Patrick Carroll, Chief Financial Officer and other members of management.

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Thank you, Gabby, and welcome, everyone. Thank you for joining the call today. As always, I'd like to begin by discussing our operating results and accomplishments for the quarter.

For the first quarter our Company funds from operations as adjusted were $0.25 per share and we executed very well in all areas that impact our business.

Our results were modestly impacted by a capital raise in March, yet our Company FFO per share guidance for 2013 remains unchanged at a range of $1.01 to $1.04 per share.

The quarter was characterized by leasing activity of 427,000 square feet of new and renewal leases signed leading to an overall portfolio occupancy rate of approximately 97.4% at quarter end and reducing our 2013 rollover to just 2.1% of rent.

In addition, we had good execution on the investment front with property investments closed totaling $123.3 million. We funded an additional $11.2 million in our current build-to-suit projects, placed on new build-to-suit project under contract for $20.8 million, and entered into an agreement to purchase a property when construction is completed for $39.1 million.

We believe our pipeline of similar opportunities remains robust and we expect investment activities to exceed $375 million in 2013.

We also continued to focus on capital recycling, trimming $25.2 million of non-core assets from the portfolio and subsequent to quarter end we sold our retail store and garage in Honolulu, Hawaii formally occupied my Macy's for $25.9 million, while retaining an adjacent parcel for redevelopment.

Turning to leasing, our accomplishments in the first quarter of 2013 consisted of 427,000 square feet of new leases and lease extensions, 144,000 square feet of which were related to suburban office properties and we had 164,000 square feet of leases that expired and were not renewed.

Overall in the quarter we extended eight leases with annual GAAP rents of $2.2 million, a decrease of $300,000 compared to the previous rents. Currently we have just 2.1% of single tenant rent expiring in 2013 so this area of investor concern has been substantially mitigated.

As of March 31, 2013, we had 1.9 million square feet of space subject to leases that expire in 2013 or which are currently vacant. We believe that over the balance of 2013 we can address roughly half of such expiring or vacant square footage through extensions and dispositions.

We expect our year-end occupancy to stay at a high level and we believe we can address approximately 3.5 million square feet of our 2014 to 2015 lease rollovers prior to the end of this year.

Although leasing results and tenant retention have been solid, we remain cautious with respect to suburban office fundamentals in what continues to be a slow and uneven economic recovery.

Supplementing our leasing and refinancing success was ongoing progress on adding value through accretive acquisitions of properties subject to long-term-net leases. We closed on two industrial investments in the first quarter for $123.3 million at an average going in cap rate of 7.3% and we now have four build-to-suit projects underway and one forward purchase under contract for a total commitment of $150.4 million, of which $48.2 million has been invested through March 31, 2013.

The property investments underlying these five projects have an initial yield of 8.2% and 9.4% on a GAAP basis and our supplemental reporting package contains an estimated funding schedule for these projects.

Based on our investment pipeline of good prospects, we anticipate 50% greater volume compared to last year. We believe that this increased investment activity will contribute meaningfully to our Company funds from operations in 2014 and beyond.

The opportunities we are currently working are supported by long-term net leases at going in cap rates of between 6.5% and 9% typically with annual escalations of 2% to 3%. However, we can give no assurance that these expectations will be realized.

Currently we expect the build-to-suits will have the largest allocation of capital in 2013 but we believe there are attractive opportunities in sale lease back and in first mortgage lending on single-tenant properties.

The addition to our portfolio of long-term leases with escalating rents continues to be a priority for us in order to further strengthen our cash flows, extend our weighted average lease term, reduce the average age of our portfolio and support our dividend growth objectives. As a result of our leasing activity and new investments, we now generate approximately 24.3% of our revenue from leases of 10 years or longer compared to 16% a year ago. Over time our goal is to derive at least half of our revenue from leases of 10 years or longer.

Further our single-tenant lease rollover through 2017 has been reduced from 46.8% of revenue a year ago to 36.5% currently. By any measure we believe we are making good progress in managing down our exposure to shorter-term leases and extending our weighted average lease term, which is now 7.5 years compared to 6.3 years a year ago.

Our successful asset recycling program has helped drive down our cost of capital, as it has continued to generate proceeds for accretive acquisitions and debt repayments. We expect to continue to recycle capital with a focus on capturing the value of our multi-tenant and retail properties.

In the first quarter we disposed of $25.2 million of non-core assets and capital recycling will continue to be a focus of the Company in our efforts to further transform our portfolio. We've completed over $50 million of dispositions so far this year and continue to target $100 million to $150 million of disposition activity in 2013 with the net proceeds invested in new acquisitions.

Our balance sheet changed significantly in the first quarter in what we believe are very positive ways and we've included in the supplemental disclosure package on page 41 additional information showing our credit metrics, both at quarter end and adjusted for certain events on a pro forma basis. We are very pleased with the progress we've made in this area and are optimistic that these improvements will allow us to access the unsecured debt market on favorable terms.

Furthermore, our efforts to drive down our cost of capital are succeeding as we continue to take advantage of the significant refinancing opportunities in our portfolio while reducing leverage considerably.

In the first quarter of 2013, we refinanced our revolving credit facility and obtained an unsecured term loan facility of $250 million. We have dramatically improved our financial flexibility given that all our bank facilities are now unsecured including the seven-year term loan closed last year.

We also closed on one 15-year mortgage financing of $40 million at an initial blended fixed rate of 3.7% on our Lenexa, Kansas property and one of our joint ventures obtained $15.3 million of five-year financing at a fixed rate of 3.7%.

Subsequent to quarter end we drew $64 million on our term loan facility and swapped a LIBOR component into a five-year current fixed rate of 2.43%. During the quarter we retired $168.6 million of secured debt, which had a weighted average interest rate of 5.5%, and subsequent to quarter end we retired an additional $177 million of secured debt at a weighted average interest rate of 6% and we retired our 7.55% Series D preferred.

We continue to be committed to unencumbering assets and pursuing an unsecured financing strategy and we now derive more than half of our net operating income from unencumbered assets.

In the quarter our debt was further reduced by the conversion of $42.8 million of convertible notes into the underlying of $6.2 million in common shares. While we continue to unencumber assets from time to time we expect to obtain secured financing when it is advantageous to do so, as we did in the case of the Lenexa, Kansas financing.

As a result of our efforts, our debt is now about 38.4% of our gross asset value on a pro forma basis. At this point $445 million of our mortgages mature through 2015 at a weighted average interest rate of 5.5% and we believe the Company still has a significant opportunity to lower its financing costs and unencumbered assets, which we expect will improve our cash flow and financial flexibility.

In our supplement on pages 41 and 42 we have added financial disclosure, which should be of interest to fixed-income investors.

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

Pat Carroll - Lexington Realty Trust - CFO

Thanks, Will. During the quarter Lexington had gross revenues of $97.1 million comprised primarily of lease rents and tenant reimbursements. The increase compared to the first quarter of 2012 of $18.8 million relates primarily to property acquisitions and build-to-suit projects coming online and the acquisition of NLS in September of last year.

In the quarter cash rents were in excess of GAAP rents by approximately $6.5 million including the effect of above and below market leases. On page 43 of the supplement we have included our estimates of both cash and GAAP rents for the remainder of 2013 through 2017 for leases in place at March 31st, 2013, our same-store NOI data and the weighted average lease term of our portfolio as of March 31st, 2013 and 2012.

Property operating expenses increased primarily due to the NLS acquisition plus increased use in occupancy in multi-tenanted properties with base-year cost structures. In the first quarter of 2013 we recorded $9.8 million in impairments of properties, $10.5 million in debt satisfaction gains on properties transferred by foreclosures and $11 million in debt satisfaction charges primarily relating to a non-cash charge required under GAAP relating to the retirement of our 6% notes.

On page 39 of the supplement we have disclosed selective income statement data for our consolidated but non-wholly owned properties and our joint venture investments. We also have included the net non-cash interest recognized in the three months ended March 31st, 2013 on page 40 of the supplement.

In the first quarter of 2013 our interest coverage was approximately 3.1 times and our net debt to EBITDA of approximately 6.0 on a pro forma basis.

Non-operating income decreased about $700,000 primarily due to the payoff of mortgages receivable in 2012 and the default of a borrower on one of our notes receivable.

Equity and earnings in joint ventures decreased by $7.3 million, primarily due to the acquisition of our partner's interest in NLS in September of last year.

I'll turn to the balance sheet. We believe our balance sheet is as strong as we continue to increase our financial flexibility capacity. We had $134.4 million of cash at quarter end including cash classified as restricted. Restricted cash balances relate to money primarily held with lenders as escrow deposits on mortgages.

At quarter end we had our $1.7 billion of consolidated debt outstanding, which has a weighted average interest rate of 5.4% almost all of which is at fixed rates. The significant components of other assets and liabilities are included on page 40 of the supplement.

During the quarter of March 31st, 2013 we paid approximately $2.8 million lease cost and approximately $14.7 million in tenant improvements including $2.3 million relating to the Wyndham lease in Orlando, Florida and $10 million related to lease extensions in our properties in Allen, Irving and Houston, Texas and $2.4 million in our Baltimore property.

In our press release we have a reconciliation of Company FFO to Company FAD. For the remainder of 2013 we project expected tenant improvement in lease costs to be approximately $21 million or $0.09 per share. Starting on pages 30 through page 34 of the supplement we disclosed the details of all consolidated mortgages maturing through 2013. We have also included on page 16 of the supplement the funding projections for our four current build-to-suit projects and one forward commitment that we have.

Now I'll turn the call back over to Will.

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Thanks, Pat. In summary we had a great quarter. Occupancies continue to be strong and we believe we had good prospects for early renewals as many leases expiring in 2014 and 2015. We believe acquisition activity is promising and favorable capital market conditions have accelerated the Company's significant improvement in its financial flexibility and our efforts to drive down our cost of capital.

We expect to continue to execute proactively on leasing opportunities in order to maintain high levels of occupancy and address lease rollover risk, realized values on non-core properties and certain fully valued properties, capitalize on our substantial refinancing opportunities and invest in build-to-suit properties and other accretive investment opportunities.

Today we affirm guidance for 2013 and Company funds from operations as adjusted within a range of $1.01 to $1.04 per share, reflecting good growth compared to 2012 and with a less leveraged balance sheet than we had when the year began. Our guidance is forward-looking and reflects the comments that we have made on today's call and a diluted share count of roughly 225 million, which includes 5.9 million shares underlying what's remaining of our 6% convertible guaranteed notes.

We believe the Company remains well positioned and offers investors an attractive dividend yield combined with a conservative payout ratio in an environment where we can continue to improve cash flow, upgrade the quality of our portfolio and provide ongoing value creation for our shareholders.

Operator, I have no further comments at this time so we're ready for you to conduct the question and answer portion of the call.

QUESTION AND ANSWER

Operator

Thank you. (Operator Instructions). And we will take our first question from Sheila McGrath with Evercore.

Sheila McGrath - Evercore Partners - Analyst

Will, you made a lot of changes to the balance sheet in the quarter increasing the unencumbered asset pool. I am just wondering if you could help us understand are your ratios currently at the level that the rating agencies would target for an investment grade rating? And, if not, what else do you have to address to get there?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Well, Sheila, we're in the process with the rating agencies so it would be a little bit premature to speculate on that outcome but clearly we've taken a lot of steps this year to position the Company to access the bond market and we believe that all of our financial metrics would support a solid investment grade rating for the Company so clearly that's something that we've been working toward and the Company is pretty well positioned for that.

Sheila McGrath - Evercore Partners - Analyst

So after paying off the secured debt in the quarter, is your unencumbered pool large enough?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Yes more than half of our net operating income is now unencumbered so that's an important measure and our secured debt has come down. If you look on page 41 and 42 percent of the supplemental we lay out what's happened with all of these important financial metrics, not just this quarter, but over the last five years as well, so secured debt is down to less than 23% of gross assets so that's really come down considerably. I think the unencumbered NOI and asset pool and the secured debt metric have been the two that we both most -- that's what we've been most focused on and we've made a quantum leap forward in improving those measures this year.

Sheila McGrath - Evercore Partners - Analyst

Okay also on the cap rate range that you mentioned in your comments was pretty wide, acquiring assets 6.5% to 9%. I was just wondering if you could explain what would be the characteristics that would drive the big gap between those cap rates. Is it credited to tenant lease term? What would change (inaudible)?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

It's not necessarily any one thing. It would have to do with the type of asset, its residual value, the credit quality and the length of lease term so there's a mix of those. A higher cap rate can either mean lower grade credit or it can mean an asset where you might have to invest more capital in it at the end of the lease term to sustain yield, that sort of thing.

Sheila McGrath - Evercore Partners - Analyst

Okay and last question, your payout ratio is pretty conservative, especially versus the sector. Can you remind us if you're targeting a payout ratio, net taxable income and how we should view potential growth prospects for LXP's dividend?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Well, we've tried to maintain the dividend in line with our taxable income since we reset it after the financial crisis, taxable income has increased about 50%. We do think there will be upward pressure on taxable income next year and we have considerable room to grow the dividend but that would be a likely decision that we would make next year as to what the actual size of the increase would be.

Sheila McGrath - Evercore Partners - Analyst

Okay thank you.

Operator

Anthony Paolone, JPMorgan.

Anthony Paolone - JPMorgan - Analyst

Thanks. Can you just talk through and give us a bit more color on the build-to-suit pipeline, how big it is, how long it takes to get through these things, your sort of hit rate and so forth? Because I guess, as I look through what you have on your plate now, it seems like most of it sort of wraps up at the end of the year so as you look out to 2014 I mean how far in advance are you working on these things and how big does the pool need to be to hit your sort of investment goals, if you will?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Well, I would say, Tony, that in addition to what we've specified as under contract and underway, we have about $290 million of properties that are under letter of intent that we have confidence on. Some of that could begin funding over the balance of this year and it goes into 2014. And in some cases there are office properties take long to come out of the ground so there are some commitments that we're looking at making that actually go out 18 to 24 months right now but the volume number that we've put out for this year of roughly $375 million invested in projects is what we have a high visibility on right now so there is an opportunity for us to increase that number as the year progresses. That's what we have high visibility on now.

Anthony Paolone - JPMorgan - Analyst

Right, but that $375 million though, that -- I understand that includes the stuff you bought too, right?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Yes.

Anthony Paolone - JPMorgan - Analyst

Okay and on the Long Island City deal I was just a little confused. In the press release you talked about just the additional capital that you guys were credited with. Can you just walk through A, how that works and then B, just what you think a margin cap rate for something like that might be?

Pat Carroll - Lexington Realty Trust - CFO

The actual cash that was spent into the project, Tony, was the $41.9 million. The way the partnership agreement works is the developer who is also our partner, got credited with notional capital so they do have a capital account, as did we for taking on things like a completion guaranty and we got credited with that capital account. So from a GAAP standpoint you're not allowed to book that as cost of the asset.

You can only book the hard costs, which is the $41.9 million, but the deal was based upon that if you went out and bought it upon completion it would of course, you know, $55.5 million to buy this type of property at the time so that's the distinction between what we call the notional capital and what we are calling the hard costs. The notional capital is what we're basing the yield on so that's why in theory it would have cost to build this asset. And so that's why when we talk about an 8.5% cap rate, 8.5% on the $55.5 million of notional capital.

Anthony Paolone - JPMorgan - Analyst

And what's your split with the partner again?

Pat Carroll - Lexington Realty Trust - CFO

Well, it's there's a waterfall and we'll disclose it more in the Q but pretty much we get a priority return and our money back but I think you get like a 6.3% IRR on return. We'll have it more disclosed in the Q but from a standpoint of operation cash flow from a waterfall from a GAAP standpoint, right now we'd be picking up 100% of the bottom line income.

Anthony Paolone - JPMorgan - Analyst

Got it and that 8.5% cap rate on the $55 million, do you think that's margin or do you -- like what would an asset like that all done and leased up trade like?

Pat Carroll - Lexington Realty Trust - CFO

I think it's probably mid to low sevens back type of valuation, Tony.

Anthony Paolone - JPMorgan - Analyst

And then just last question you had mentioned looking at some first mortgage lending and so forth that was in the mix, just is that something that could be notable or is it just along the lines of sort of the things you've done historically?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Well, it could be a little bit heavier volume this year compared to last year but I still think that it would be unusual if more than 5% of our assets were in first mortgage loans so I don't think it from a total asset mix, I don't think it moves the needle that much but there are a handful of interesting opportunities that we're working on.

Anthony Paolone - JPMorgan - Analyst

Okay thanks.

Operator

Omotayo Okusanya, Jefferies.

Omotayo Okusanya - Jefferies & Co. - Analyst

In regards to just the mark-to-market trend during the quarter, I mean there are a couple of leases where you saw fairly large mark-to-market, downward mark-to-market. You don't have a lot of leases expiring in 2013 but you do have a fair amount in '14. Just give me your cautious comments about the state of the market right now. Should we continue to expect fairly large mark-to-markets going -- downwards mark-to-markets, even on the 2014 leases?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Yes our forecast and thoughts about it are pretty much unchanged compared to last quarter. We don't view ourselves as having exposure to downward pressure on rents and retail or industrial but if you look historically, we stopped buying office buildings on 10-year leases in the second or third quarter of 2005 and so where we have downward pressure on rents it's in suburban office. If we can put to bed a lot of our 2015 rollovers early, then we can get that mark-to-market behind us and the real thing we need to focus on is refinancing the underlying debt as it matures so we can sustain a wide spread between rents and interest cost. So we do have an opportunity to offset a lot of the impact of marking those rents down.

Omotayo Okusanya - Jefferies & Co. - Analyst

Okay that's helpful. Thank you.

Operator

John Guinee, Stifel, Nicolaus.

John Guinee - Stifel, Nicolaus & Company, Inc. - Analyst

Great, okay. Hey, wonderful quarter, guys, just a few clarifications here; I think you said, Will, talk about the dividend next year, usually you talk about it in October or November. Did you mean to say October or November?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Yes and I apologize for that, John. We -- typically we do it with third quarter earnings.

John Guinee - Stifel, Nicolaus & Company, Inc. - Analyst

Okay and then give me a little more just to make sure I understand it, but I understand you say you have room in your room to move your dividend vis-a-vis taxable income. Can you either tell me exactly what that means or give me some hard numbers there?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Well tax, we think the taxable income will be higher next year than it is this year. We believe that the free cash flow of the Company that we pay dividends out of will be greater than taxable income, so as we look at how our cash flow covers our dividend there should be I think very strong coverage next year.

John Guinee - Stifel, Nicolaus & Company, Inc. - Analyst

Is there a minimum amount of dividend increase that you can already forecast?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

No it's still a little bit premature and early in the year for that.

John Guinee - Stifel, Nicolaus & Company, Inc. - Analyst

Okay then second, oh I know you know the answer, Pat. Okay. Second, what's the amount of non-cash income associated with the Xerox lease in this quarter?

Pat Carroll - Lexington Realty Trust - CFO

It would be disclosed, John, in the supplements. Let me turn to the page where it's on. It is on page 20 of the supplement. It's the very first line so small print for me and I don't have my glasses but it looks like cash rents are 875 and GAAP rents are $1.6 million for the quarter. That's what it looks like on page 20.

John Guinee - Stifel, Nicolaus & Company, Inc. - Analyst

Okay got you, got you, got you. And then just sort of a theoretical question, which I think Sheila was getting at is when you're buying at a five, six, seven cap rate most people expect there to be a principal appreciation or a not much principal risk in the asset but when you're getting north of nine people tend to think of it as a principal deterioration or asset deterioration over time. Where do you think the inflection point is in terms of where you look at taking principal risk versus not taking principal risk in the spectrum of deals that you're doing?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

I would say that if you're looking at rents of above 8%, you're probably expecting that some of those rents are going to amortize base. It just depends on the asset though and the length of the lease and the credit.

John Guinee - Stifel, Nicolaus & Company, Inc. - Analyst

Okay so I am thinking long-term leases here. All right but eight might be the threshold.

T. Wilson Eglin - Lexington Realty Trust - CEO, President

If you want to have -- to make an assumption, sure but it's really transaction specific, John. It's really, really hard to come up with one rule of thumb that's applicable to every situation.

John Guinee - Stifel, Nicolaus & Company, Inc. - Analyst

Okay wonderful, thank you very much.

Operator

Todd Stender, Wells Fargo.

Todd Stender - Wells Fargo Securities, LLC - Analyst

Thanks, guys. Just with the build-to-suit in Bingham, Washington, it sounds like the tenant can terminate their commitment prior to breaking ground. Is this unusual when you make these commitments?

Pat Carroll - Lexington Realty Trust - CFO

Yes. No it's unusual and it's just for this deal. We haven't really seen it in other deals.

Todd Stender - Wells Fargo Securities, LLC - Analyst

Is there any risk? Is there any financial risk to you guys or do you have a backup--?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

No not at all, Todd.

Pat Carroll - Lexington Realty Trust - CFO

We get all the money back.

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Yes we wouldn't have entered into this deal if there was any economic risk to Lexington.

Todd Stender - Wells Fargo Securities, LLC - Analyst

Okay that's helpful. And the sale of the Macy's in Honolulu sounds like a real coup. This is unencumbered isn't it?

Pat Carroll - Lexington Realty Trust - CFO

It is unencumbered. It wasn't a sale to Macy's. It was a Macy's store that they vacated.

Todd Stender - Wells Fargo Securities, LLC - Analyst

Right but there's no mortgage on it and are you going to -- you'll get all these proceeds?

Pat Carroll - Lexington Realty Trust - CFO

Yes.

Todd Stender - Wells Fargo Securities, LLC - Analyst

Okay and--

Pat Carroll - Lexington Realty Trust - CFO

We did already.

T. Wilson Eglin - Lexington Realty Trust - CEO, President

It's already close, Todd.

Pat Carroll - Lexington Realty Trust - CFO

Yes it closed already so we got the money already.

Todd Stender - Wells Fargo Securities, LLC - Analyst

Okay who was the buyer and how did you arrive at the cap rate of a five three?

Pat Carroll - Lexington Realty Trust - CFO

The buyer--

T. Wilson Eglin - Lexington Realty Trust - CEO, President

We're not disclosing the name of the buyer.

Pat Carroll - Lexington Realty Trust - CFO

I believe that was publicly announced by the buyer, a very large discount retailer. But when it came down to the cap rate, Todd, that is pretty much just the parking revenue associated with on a 25 point on it because we sold the vacant store plus the attached parking garage so that's just really the parking revenue.

Todd Stender - Wells Fargo Securities, LLC - Analyst

Okay thanks and then just lastly, the current line balance presently is 250?

Pat Carroll - Lexington Realty Trust - CFO

That is right.

Todd Stender - Wells Fargo Securities, LLC - Analyst

Okay thanks, guys.

Operator

And we will take our last question from Craig Mailman with Keybanc Capital Markets.

Craig Mailman - Keybanc Capital Mkts - Analyst

I just wanted to make sure I heard this right, the $290 million of build-to-suits under LOI is that everything you guys have under LOI right now?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Yes.

Craig Mailman - Keybanc Capital Mkts - Analyst

And apologies, the timing on that, is that all going to -- is that going to be more fourth quarter? I mean just trying to get the revenue recognition on this stuff. I mean is it the 375 obviously it sounds like you guys raised your expectation from the previous guidance range but from sort of an income perspective is it much higher, given when stuff is going to hit?

Pat Carroll - Lexington Realty Trust - CFO

I think we've been -- I don't think we really did raise it. I think we've been consistent for the year at 375. The LOIs, you know, nothing -- obviously we're not under contract with them or nothing is hard but those could be anywhere from nine to 18 to 24 month developments.

Craig Mailman - Keybanc Capital Mkts - Analyst

Okay and then just curious more broadly, I mean you guys do have good visibility in the pipeline but obviously triple nets there's a lot more competition for these, given the rate environment. Just what's the competitive landscape look like right now, especially for the build-to-suit financing with maybe a little bit of easing at some of the banks? Just who are you guys coming up against and are there any concerns about the ability to continue to source deals?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Well, there is substantial competition in properties for immediate delivery. They're either purchase of property is under lease or sale leaseback. That market and the cap rates have continued to compress there. We saw a 20-year lease with a very high grade credit we think trade at 5.25 by way of example. Build-to-suit still continues to be a good business for us. We have been -- we've got good visibility on volume increasing 50% this year.

It's a very big market of corporate owned and occupied real estate and we think, given where we are in the interest rate cycle, that monetizing assets via sale/leaseback should be something that CFOs are continuing to be interested in doing. But it is competitive, certainly in the immediate, like I said, properties for immediate delivery but the competition and forward commitments is still substantially less than the auction market so it's I think still good opportunity for us.

Craig Mailman - Keybanc Capital Mkts - Analyst

Okay that's helpful. Then just a follow-up on the industrial asset in the build-to-suit in Bingham, the initial cap rate on the 10 years obviously is greater than the 20 so you guys have a fixed rent commitment and they can either stay for the extra 10 years or not but you guys get made whole no matter what and that's the difference between the initial yield differentials?

T. Wilson Eglin - Lexington Realty Trust - CEO, President

Yes.

Craig Mailman - Keybanc Capital Mkts - Analyst

Great thank you.

Operator

And that concludes today's question and answer session. At this time I would like to turn the conference over to Mr. -- to the speakers today for additional closing remarks.

T. Wilson Eglin - Lexington Realty Trust - CEO, President

So thank you all again for joining us this morning. We continue to be very excited about our prospects for the balance of this year and beyond and, as always, we appreciate your participation and support.

If you would like to receive our quarterly supplemental package, please contact Gabriela Reyes or you can find additional information on the Company on our website at www.lxp.com. In addition, you may contact me or the other members of Senior Management with any questions.

Thanks again for joining today.

Operator

Ladies and gentlemen, this concludes today's conference. We thank you for your participation.

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