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.

 

3
 

 

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.

 

4
 

 

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.

 

5
 

 

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.

 

6
 

 

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.

 

7
 

 

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)

 

8
 

 

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 

 

9
 

 

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)

 

10
 

 

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 

 

11
 

 

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.

 

2  Reported Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO, as adjusted, for (1) straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements, (5) cash paid for lease costs, (6) non-cash 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.

 

# # #

 

12
 

 

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                        
RGN-Indianapolis I, LLC  Indianapolis  IN  07/2024   14,236   $31   $295 
Renal Treatment Centers – Southeast, LP  The Woodlands  TX  07/2023   14,648   $308   $308 
                           
TOTAL NEW LEASES            28,884   $339   $603 
                           
10  TOTAL NEW AND EXTENDED LEASES            427,083   $2,450   $2,765 

 

13
 

 

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                        
Gartner, Inc.  Fort Myers  FL  01/2013   62,400   $1,159   $1,093 
Ricoh Americas Corporation (2)  Houston  TX  02/2013   78,895   $1,148   $981 
  Retail                        
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.

 

14
 

 

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.

 

15
 

 

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.

 

16
 

 

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 

 

17
 

 

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 

 

18
 

 

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 

 

19
 

 

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 

 

20
 

 

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 

 

21
 

 

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 

 

22
 

 

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

1Square foot leased or vacant.
2Three months ended 3/31/2013 cash rent.
3Three months ended 3/31/2013 GAAP base rent.
4Lexington has an 80.5% interest in this property.
5Joint venture investment. Lexington has a priority return.
6Lexington has a 71.1% interest in this property.
7240,992 square feet sold subsequent to 3/31/2013.
8IBM lease expires 05/2013, however, new tenant (Problem Solved, LLC) leases 16,000 sf through 05/2014.
9Property is classified as a capital lease for GAAP, accordingly $249 of income is included in non-operating income.
10Represents GAAP capitalized costs.
11Cash and GAAP rent amounts represent prior tenant.
12Subsequent to 3/31/2013, new tenant lease entered into from 1/1/2015 to through 12/31/2016.
13Includes parking operations.
14The multi-tenanted properties incurred approximately $2.9 million in operating expenses, net for the three months ended 3/31/2013.
15Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.
16RGN-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.
17Educational Policy Improvement Center lease for 10,791 square feet expires 11/2019; however, space is then leased to Oregon Research Institute through 11/2027.
18Baker Hughes Incorporated lease expires 09/2015; however, new tenant (Schlumberger Holdings Corp.) lease expires 09/2025.
19Aramark Corporation lease for 8,261 square feet expires 11/2017.

 

23
 

 

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.

 

24
 

 

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.

 

25
 

 

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.

 

26
 

 

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.

 

27
 

 

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.

 

28
 

 

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.

 

29
 

 

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.

 

30
 

 

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.

 

31
 

 

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.

 

32
 

 

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.

 

33
 

 

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.

 

34
 

 

 

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 

 

35
 

 

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 

 

36
 

 

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.

 

37
 

 

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.

 

38
 

 

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.

 

39
 

 

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)

 

40
 

 

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.

 

41
 

 

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.

 

42
 

 

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.

 

43
 

 

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.

 

44
 

 

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.

 

45
 

 

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.

 

46
 

 

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    

 

47