8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant

to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2018

LEXINGTON REALTY TRUST

(Exact name of registrant as specified in its charter)

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

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

(212) 692-7200

(Registrant's telephone number, including area code)

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

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

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On May 8, 2018, we issued a press release announcing our financial results for the quarter ended March 31, 2018. A copy of the press release is furnished herewith as part of Exhibit 99.1.

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

Item 7.01. Regulation FD Disclosure.

On May 8, 2018, we made available supplemental information, which we refer to as the “Quarterly Supplemental Information, First Quarter 2018,” a copy of which is furnished herewith as Exhibit 99.1.

Also on May 8, 2018, our management discussed our financial results and certain aspects of our business plan on a conference call with analysts and investors. A transcript of the conference call is furnished herewith as Exhibit 99.2.

The information furnished pursuant to this “Item 7.01 - Regulation FD Disclosure”, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing. Information contained on our web site is not incorporated by reference into this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1	Quarterly Supplemental Information, First Quarter 2018.
99.2	May 8, 2018 Conference Call Transcript.

SIGNATURES

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

	Lexington Realty Trust
Date: May 9, 2018	By:	/s/ Patrick Carroll
		Patrick Carroll
		Chief Financial Officer

Exhibit Index

99.1	Quarterly Supplemental Information, First Quarter 2018.
99.2	May 8, 2018 Conference Call Transcript.

EX-99.1

Exhibit 99.1

 

LEXINGTON REALTY TRUST

QUARTERLY SUPPLEMENTAL INFORMATION

March 31, 2018

Table of Contents

Section	Page
First Quarter 2018 Earnings Press Release	3
Portfolio Data
Capital Recycling Summary	14
Leasing Summary	15
Other Revenue Data	17
Portfolio Detail by Asset Class	19
Portfolio Composition	20
Components of Net Asset Value	21
Top Markets	22
Single-Tenant Office Markets	23
Tenant Industry Diversification	24
Top 10 Tenants or Guarantors	25
Lease Rollover Schedules – GAAP Basis	26
Property Leases and Vacancies	28
Select Credit Metrics Summary	36
Financial Covenants	37
Mortgages and Notes Payable	38
Debt Maturity Schedule	40
Selected Balance Sheet Account Data	41
Non-GAAP Measures – Definitions	42
Reconciliation of Non-GAAP Measures	44
Investor Information	48

This Quarterly Earnings Press Release and Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust (“Lexington”), which may cause actual results, performance or achievements of Lexington and its subsidiaries 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, but not limited to, risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO available to all equityholders and unitholders – diluted for the year ending December 31, 2018, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction on the terms described herein or at all, (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,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to revise those forward-looking statements 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

FOR IMMEDIATE RELEASE

LEXINGTON REALTY TRUST REPORTS FIRST QUARTER 2018 RESULTS

New York, NY - May 8, 2018 - 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, 2018.

First Quarter 2018 Highlights

• Generated Net Loss attributable to common shareholders of $(16.0) million, or $(0.07) per diluted common share.

• Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $62.0 million, or $0.25 per diluted common share.

• Disposed of six properties for an aggregate of $62.7 million.

• Repurchased and retired 795,775 common shares at an average price of $7.94 per share.

• Repaid $60.0 million, net, on the revolving credit facility.

• Completed 209,000 square feet of new leases and lease extensions with portfolio 97.2% leased at quarter end.

Subsequent Events

• Acquired two industrial properties for an aggregate cost of $92.5 million.

Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.

T. Wilson Eglin, Chief Executive Officer and President of Lexington Realty Trust, commented, “In our continued effort to further reduce our suburban office exposure, we disposed of an aggregate of $62.7 million of primarily office assets during the first quarter.  Furthermore, we continue to explore ways to maximize value in our office portfolio and focus our investment strategy on single-tenant industrial assets.”

3

FINANCIAL RESULTS

Revenues

For the quarter ended March 31, 2018, total gross revenues were $102.6 million, compared with total gross revenues of $96.1 million for the quarter ended March 31, 2017. The increase was primarily attributable to revenue generated from 2017 property acquisitions and new leases, partially offset by property sales and lease expirations.

Net Income (Loss) Attributable to Common Shareholders

For the quarter ended March 31, 2018, net loss attributable to common shareholders was $(16.0) million, or $(0.07) per diluted share, compared with net income attributable to common shareholders for the quarter ended March 31, 2017 of $40.4 million, or $0.17 per diluted share. The change between periods relates primarily to the timing of gains on sales and impairments recognized on real estate.

Adjusted Company FFO

For the quarter ended March 31, 2018, Lexington generated Adjusted Company FFO of $62.0 million, or $0.25 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2017 of $57.8 million, or $0.23 per diluted share. The increase was primarily attributable to the items discussed above under “Revenues”.

Dividends/Distributions

As previously announced, during the first quarter of 2018, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended March 31, 2018 of $0.1775 per common share/unit, which was paid on April 16, 2018 to common shareholders/unitholders of record as of March 29, 2018. Lexington also declared dividends of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for each of the quarters ended March 31, 2018 and June 30, 2018, which are expected to be paid on May 15, 2018 and August 15, 2018, respectively, to Series C Preferred Shareholders of record as of April 30, 2018 and July 31, 2018, respectively.

TRANSACTION ACTIVITY

PROPERTY DISPOSITIONS

Primary Tenant	Location	Property Type	Gross Disposition Price ($000)		Annualized Net Income(1) ($000)		Annualized NOI(1) ($000)		Month of Disposition	% Leased
Kelsey-Hayes Company(2)	Livonia, MI	Office	$	21,000	$	1,144	$	1,637	February		100	%
Vacant	Canton, OH	Other		2,975		463		465	February		0	%
Evans, Mechwart, Hambleton & Tillon, Inc.	Columbus, OH	Office		20,000		1,185		1,678	March		100	%
Wipro Data Center and Cloud Services, Inc.	Omaha, NE	Office		16,400		765		1,167	March		100	%
Autocam Corporation	Marshall, MI	Industrial		2,300		145		310	March		100	%
			$	62,675	$	3,702	$	5,257

(1) Quarterly period prior to sale annualized. Net income excludes impairment charges, if any.

(2) Two properties.

These dispositions resulted in aggregate gains on sales of $22.8 million.

4

LEASING

During the first quarter of 2018, Lexington executed the following new and extended leases:

	LEASE EXTENSIONS
	Location		Primary Tenant(1)	Prior Term	Lease Expiration Date	Sq. Ft.
	Industrial
1	Rockford	IL	Pierce Packaging Co.	12/2019	12/2021		93,000
1	Total industrial lease extensions						93,000
	Office/Multi-Tenant
1-6	Philadelphia/Honolulu	PA/HI	N/A	2018	2018-2023		10,633
6	Total office lease extensions						10,633
	Other
1	Lawton	OK	Associated Wholesale Grocers, Inc./Safeway, Inc.	03/2019	03/2024		30,757
1	Total other lease extensions						30,757
8	Total lease extensions						134,390

	NEW LEASES
	Location			Lease Expiration Date	Sq. Ft.
	Office/Multi-Tenant
1	McDonough	GA	Total System Services, Inc.	08/2021		62,218
2	Honolulu	HI	N/A	01/2019		304
3	Charleston	SC	South Carolina Department of Mental Health	07/2023		11,736
3	Total new office leases					74,258
3	Total new leases					74,258
11	TOTAL NEW AND EXTENDED LEASES					208,648

(1) Leases greater than 10,000 square feet.

As of March 31, 2018, Lexington's portfolio was 97.2% leased.

BALANCE SHEET/CAPITAL MARKETS

In the first quarter of 2018, Lexington repurchased and retired 795,775 common shares at an average price of $7.94 per share under its repurchase authorization announced on July 2, 2015 in the amount of 10.0 million common shares. As of March 31, 2018, there were approximately 5.8 million common shares remaining to be repurchased under the authorization.

5

2018 EARNINGS GUIDANCE

Lexington now estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2018 will be within an expected range of $0.54 to $0.57. Lexington is reaffirming that its Adjusted Company FFO for the year ended December 31, 2018 is expected to be within a range of $0.95 to $0.98 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

FIRST QUARTER 2018 CONFERENCE CALL

Lexington will host a conference call today, May 8, 2018, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended March 31, 2018. Interested parties may participate in this conference call by dialing 1-844-825-9783 (U.S.), 1-412-317-5163 (International) or 1-855-669-9657 (Canada). A replay of the call will be available through August 8, 2018, at 1-877-344-7529 (U.S.), 1-412-317-0088 (International) or 1-855-669-9658 (Canada), pin code for all replay numbers is 10119663. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

6

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions. For more information, including Lexington's Quarterly Supplemental Information package, or to follow Lexington on social media, visit www.lxp.com.

Contact:

Investor or Media Inquiries for Lexington Realty Trust:

Heather Gentry, Senior Vice President of Investor Relations

Lexington Realty Trust

Phone: (212) 692-7200 E-mail: hgentry@lxp.com

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 estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2018, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other 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,” “goal,” “objective” 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, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

7

Non-GAAP Financial Measures - Definitions

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures.

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable measures under generally accepted accounting principles (“GAAP”), reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington's financial performance or cash flow from operating, investing or financing activities or liquidity.

Cash Rent: Cash Rent is calculated by making adjustments to GAAP rent to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents relating to free rent periods and contractual rent increases. Cash Rent excludes lease termination income. Lexington believes Cash Rent provides a meaningful indication of an investment's ability to fund cash needs.

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for tenant improvements, and (8) cash paid for lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“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.

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, 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, or 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 non-consolidated 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 FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington's real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) divided by the acquisition/completion cost (or sale) price.

Net Operating Income (“NOI”): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), tenant reimbursements and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington's NOI may not be comparable to other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

# # #

8

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,
	2018			2017
Gross revenues:
Rental	$	94,522		$	88,654
Tenant reimbursements		8,115			7,445
Total gross revenues		102,637			96,099
Expense applicable to revenues:
Depreciation and amortization		(46,537	)		(42,891	)
Property operating		(11,477	)		(12,116	)
General and administrative		(8,996	)		(9,457	)
Non-operating income		546			2,621
Interest and amortization expense		(20,331	)		(19,725	)
Impairment charges and loan loss		(53,049	)		(7,992	)
Gains on sales of properties		22,774			34,193
Income (loss) before provision for income taxes and equity in earnings of non-consolidated entities		(14,433	)		40,732
Provision for income taxes		(503	)		(422	)
Equity in earnings of non-consolidated entities		113			1,910
Net income (loss)		(14,823	)		42,220
Less net (income) loss attributable to noncontrolling interests		508			(180	)
Net income (loss) attributable to Lexington Realty Trust shareholders		(14,315	)		42,040
Dividends attributable to preferred shares – Series C		(1,572	)		(1,572	)
Allocation to participating securities		(70	)		(71	)
Net income (loss) attributable to common shareholders	$	(15,957	)	$	40,397
Net income (loss) attributable to common shareholders - per common share basic	$	(0.07	)	$	0.17
Weighted-average common shares outstanding – basic		238,072,081			237,179,526
Net income (loss) attributable to common shareholders - per common share diluted	$	(0.07	)	$	0.17
Weighted-average common shares outstanding – diluted		238,072,081			241,088,049

9

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

	March 31, 2018			December 31, 2017
Assets:
Real estate, at cost	$	3,792,977		$	3,936,459
Real estate - intangible assets		564,947			599,091
		4,357,924			4,535,550
Less: accumulated depreciation and amortization		1,179,078			1,225,650
Real estate, net		3,178,846			3,309,900
Assets held for sale		—			2,827
Cash and cash equivalents		90,214			107,762
Restricted cash		7,479			4,394
Investment in and advances to non-consolidated entities		17,485			17,476
Deferred expenses, net		30,098			31,693
Rent receivable – current		5,878			5,450
Rent receivable – deferred		56,038			52,769
Other assets		25,958			20,749
Total assets	$	3,411,996		$	3,553,020
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	682,994		$	689,810
Revolving credit facility borrowings		100,000			160,000
Term loans payable, net		596,957			596,663
Senior notes payable, net		495,407			495,198
Trust preferred securities, net		127,221			127,196
Dividends payable		48,438			49,504
Accounts payable and other liabilities		27,284			38,644
Accrued interest payable		11,051			5,378
Deferred revenue - including below market leases, net		32,130			33,182
Prepaid rent		16,130			16,610
Total liabilities		2,137,612			2,212,185
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
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 239,972,103 and 240,689,081 shares issued and outstanding in 2018 and 2017, respectively		24			24
Additional paid-in-capital		2,811,213			2,818,520
Accumulated distributions in excess of net income		(1,647,804	)		(1,589,724	)
Accumulated other comprehensive income		1,311			1,065
Total shareholders’ equity		1,258,760			1,323,901
Noncontrolling interests		15,624			16,934
Total equity		1,274,384			1,340,835
Total liabilities and equity	$	3,411,996		$	3,553,020

10

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE

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

	Three Months Ended
	March 31,
	2018			2017
EARNINGS PER SHARE:
Basic:
Net income (loss) attributable to common shareholders	$	(15,957	)	$	40,397
Weighted-average number of common shares outstanding - basic		238,072,081			237,179,526
Net income (loss) attributable to common shareholders - per common share basic	$	(0.07	)	$	0.17
Diluted:
Net income (loss) attributable to common shareholders - basic	$	(15,957	)	$	40,397
Impact of assumed conversions		—			(19	)
Net income (loss) attributable to common shareholders	$	(15,957	)	$	40,378
Weighted-average common shares outstanding - basic		238,072,081			237,179,526
Effect of dilutive securities:
Share options		—			136,881
Operating Partnership Units		—			3,771,642
Weighted-average common shares outstanding - diluted		238,072,081			241,088,049
Net income (loss) attributable to common shareholders - per common share diluted	$	(0.07	)	$	0.17

11

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION

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

	Three Months Ended March 31,
	2018			2017
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income (loss) attributable to common shareholders	$	(15,957	)	$	40,397
Adjustments:
Depreciation and amortization		45,154			41,542
Impairment charges - real estate		53,049			2,698
Noncontrolling interests - OP units		(729	)		(19	)
Amortization of leasing commissions		1,383			1,349
Joint venture and noncontrolling interest adjustment		258			340
Gains on sales of properties, including non-consolidated entities		(22,774	)		(35,645	)
FFO available to common shareholders and unitholders - basic		60,384			50,662
Preferred dividends		1,572			1,572
Amount allocated to participating securities		70			71
FFO available to all equityholders and unitholders - diluted		62,026			52,305
Loan loss		—			5,294
Transaction costs		—			186
Adjusted Company FFO available to all equityholders and unitholders - diluted		62,026			57,785
FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
Straight-line adjustments		(4,866	)		(2,909	)
Lease incentives		536			431
Amortization of above/below market leases		(22	)		514
Lease termination payments, net		(308	)		235
Non-cash interest, net		1,025			155
Non-cash charges, net		1,939			2,146
Tenant improvements		(5,932	)		(1,762	)
Lease costs		(609	)		(1,671	)
Company Funds Available for Distribution	$	53,789		$	54,924
Per Common Share and Unit Amounts
Basic:
FFO	$	0.25		$	0.21
Diluted:
FFO	$	0.25		$	0.21
Adjusted Company FFO	$	0.25		$	0.23
Basic:
Weighted-average common shares outstanding - basic EPS		238,072,081			237,179,526
Operating partnership units(1)		3,629,195			3,771,642
Weighted-average common shares outstanding - basic FFO		241,701,276			240,951,168
Diluted:
Weighted-average common shares outstanding - diluted EPS		238,072,081			241,088,049
Operating partnership units(1)		3,629,195			—
Unvested share-based payment awards and options		562,084			691,936
Preferred shares - Series C		4,710,570			4,710,570
Weighted-average common shares outstanding - diluted FFO		246,973,930			246,490,555

(1) Includes OP units other than OP units held by Lexington.

12

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

2018 EARNINGS GUIDANCE

	Twelve Months Ended December 31, 2018
	Range
Estimated:
Net income attributable to common shareholders per diluted common share(1)	$	0.54		$	0.57
Depreciation and amortization		0.70			0.70
Impact of capital transactions		(0.29	)		(0.29	)
Estimated Adjusted Company FFO per diluted common share	$	0.95		$	0.98

(1) Assumes all convertible securities are dilutive.

13

LEXINGTON REALTY TRUST

2018 First Quarter Capital Recycling Summary

CAPITAL RECYCLING

PROPERTY DISPOSITIONS

	Primary Tenant	Location		Property Type	Gross Sale Price ($000)		Annualized Net Income ($000) (1)		Annualized NOI ($000)(1)(2)		Month of Disposition	% Leased			Gross Sale Price PSF
1-2	Kelsey-Hayes Company (3)	Livonia	MI	Office	$	21,000	$	1,144	$	1,637	February		100	%	$	116.52
3	Vacant	Canton	OH	Other		2,975		463		465	February		0	%		64.19
4	Evans, Mechwart, Hambleton & Tilton, Inc.	Columbus	OH	Office		20,000		1,185		1,678	March		100	%		190.83
5	Wipro Data Center and Cloud Services, Inc.	Omaha	NE	Office		16,400		765		1,167	March		100	%		192.49
6	Autocam Corporation	Marshall	MI	Industrial		2,300		145		310	March		100	%		39.18
6	TOTAL PROPERTY DISPOSITIONS				$	62,675	$	3,702	$	5,257

Footnotes

(1) Quarterly period prior to sale annualized. Net income excludes impairment charges, if any.

(2) See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(3) Two properties.

14

LEXINGTON REALTY TRUST

2018 First Quarter Leasing Summary

LEASE EXTENSIONS

	Tenant (4)	Location		Prior Term	Lease Expiration Date	Sq. Ft.		New GAAP Rent Per Annum ($000)(1)		Prior GAAP Rent Per Annum ($000)		New Cash Rent Per Annum ($000)(1)(3)		Prior Cash Rent Per Annum ($000)(3)
	Industrial
1	Pierce Packaging Co.	Rockford	IL	12/2019	12/2021		93,000	$	326	$	321	$	326	$	321
1	Total industrial lease extensions						93,000	$	326	$	321	$	326	$	321
	Office / Multi-Tenant Office
1-6	N/A	Philadelphia / Honolulu	PA / HI	2018	2018 - 2023		10,633	$	284	$	252	$	284	$	265
6	Total office lease extension						10,633	$	284	$	252	$	284	$	265
				`
	Other
1	Associated Wholesale Grocers, Inc. / Safeway, Inc.	Lawton	OK	03/2019	03/2024		30,757	$	185	$	189	$	185	$	185
1	Total other lease extensions						30,757	$	185	$	189	$	185	$	185
8	TOTAL EXTENDED LEASES						134,390	$	795	$	762	$	795	$	771

NEW LEASES

	Tenant (4)	Location		Lease Expiration  Date	Sq. Ft.		New GAAP Rent Per Annum ($000)(1)		New Cash Rent Per Annum ($000)(1)(3)
	Office/Multi-Tenant Office
1	Total System Services Inc.	McDonough	GA	08/2021		62,218	$	840	$	840
2	N/A	Honolulu	HI	01/2019		304		6		6
3	South Carolina Department of Mental Health	Charleston	SC	07/2023		11,736		304		304
3	Total office new leases					74,258	$	1,150	$	1,150
3	TOTAL NEW LEASES					74,258	$	1,150	$	1,150
11	TOTAL NEW AND EXTENDED LEASES					208,648	$	1,945	$	1,945

15

LEXINGTON REALTY TRUST 

2018 First Quarter Leasing Summary (Continued)

NEW VACANCY ⁽²⁾

	Tenant	Location		Lease Expiration  Date	Sq. Ft.		2017 GAAP Rent ($000)		2017 Cash Rent ($000)(3)
	Industrial
1	Sears, Roebuck and Co. / Sears Logistics Services	Memphis	TN	02/2027		780,000	$	1,676	$	1,592

Footnotes

(1) Assumes three months rent from the later of 4/1/18 or lease commencement/extension, excluding free rent periods as applicable.

(2) Excludes multi-tenant properties and non-consolidated investments.

(3) See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(4) Leases greater than 10,000 square feet.

16

LEXINGTON REALTY TRUST

Other Revenue Data

3/31/2018

($000)

Other Revenue Data

	GAAP  Rent
Asset Class	Three months ended
	3/31/18 (1)		3/31/18  Percentage			3/31/17 Percentage
Industrial	$	45,114		48.3	%		41.4	%
Office		44,417		47.6	%		52.2	%
Other
Multi-tenant		2,033		2.2	%		3.1	%
Specialty		964		1.0	%		1.1	%
Retail		790		0.9	%		2.2	%
	$	93,318		100.0	%		100.0	%

	GAAP  Rent
Credit Ratings  (2)	Three months ended
	3/31/18 (1)		3/31/18 Percentage			3/31/17 Percentage
Investment Grade	$	39,242		42.0	%		39.3	%
Non-Investment Grade		13,976		15.0	%		16.0	%
Unrated		40,100		43.0	%		44.7	%
	$	93,318		100.0	%		100.0	%

Weighted-Average Lease Term - Cash Basis	As of 3/31/18	As of 3/31/17
	8.9 years	8.8 years

Rent Estimates for Current Assets      

Year	GAAP  (3)		Cash  (3)		Difference
2018 - remaining	$	274,397	$	260,193	$	(14,204	)
2019		338,857		328,159		(10,698	)

Footnotes

(1) Three months ended 3/31/2018 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 3/31/2018.

(2) Credit ratings are based upon either tenant, guarantor or parent. Generally, multi-tenant assets are included in unrated.

(3) Amounts assume (1) lease terms for non-cancellable periods only, (2) no new or renegotiated leases are entered into after 3/31/2018, and (3) no properties are sold or acquired after 3/31/2018.

17

LEXINGTON REALTY TRUST

Other Revenue Data (Continued)

3/31/2018

($000)

Same-Store NOI ⁽¹⁾

	Three months ended March 31,
	2018			2017
Total Cash  Rent	$	78,590		$	78,604
Tenant Reimbursements		7,590			6,933
Property Operating Expenses		(10,732	)		(10,226	)
Same-Store NOI	$	75,448		$	75,311
Change in Same-Store NOI		0.2	%

Same-Store Percent Leased (2)	As of 3/31/18			As of 3/31/17
		96.5	%		98.7	%

Lease Escalation Data ⁽³⁾

 

Footnotes

(1) NOI is on a consolidated cash basis for all consolidated properties except properties acquired and sold in 2018 and 2017. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(2) Excludes properties acquired or sold in 2018 and 2017.

(3) Based on three months consolidated cash rents for single-tenant leases (properties greater than 70% leased) owned as of March 31, 2018. Excludes parking operations and rents from prior tenants.

18

LEXINGTON REALTY TRUST

Portfolio Detail By Asset Class

3/31/2018

($000, except square footage)

Asset Class	YE 2015			YE 2016			YE 2017			Q1 2018
Industrial
% of ABR (1)		30.5	%		39.7	%		43.6	%		48.3	%
LTL (5)		47.4	%		50.8	%		47.1	%		41.8	%
STL (6)		52.6	%		49.2	%		52.9	%		58.2	%
Leased		99.6	%		99.9	%		99.9	%		97.7	%
Wtd. Avg. Lease Term (2)		10.1			10.4			10.6			10.4
Mortgage Debt	$	292,293		$	240,790		$	193,529		$	192,003
% Investment Grade (1)		27.9	%		26.2	%		28.9	%		35.2	%
Square Feet		25,693,585			27,476,653			35,396,894			35,338,187
Office
% of ABR (1)		49.6	%		52.9	%		51.8	%		47.6	%
LTL (5)		23.2	%		26.9	%		30.1	%		31.8	%
STL (6)		76.8	%		73.1	%		69.9	%		68.2	%
Leased		99.6	%		99.6	%		99.2	%		99.1	%
Wtd. Avg. Lease Term (2)		7.2			7.2			7.7			7.3
Mortgage Debt	$	329,696		$	490,948		$	495,842		$	490,409
% Investment Grade (1)		48.0	%		48.1	%		52.0	%		51.5	%
Square Feet		12,847,877			11,569,940			10,881,264			10,511,027
Other
% of ABR (1)		19.9	%		7.4	%		4.6	%		4.1	%
LTL (5)		74.7	%		20.9	%		26.1	%		27.8	%
STL (6)		25.3	%		79.1	%		73.9	%		72.2	%
Leased		64.7	%		60.5	%		81.8	%		79.7	%
Wtd. Avg. Lease Term (2)(3)		15.3			9.5			10.1			11.7
Mortgage Debt	$	269,336		$	13,435		$	7,697		$	7,662
% Investment Grade (1)		8.4	%		16.0	%		12.9	%		12.8	%
Square Feet		3,728,561			4,277,704			2,335,904			2,289,554
Loans Receivable	$	95,871		$	94,210		$	-		$	-
Construction in progress (4)	$	103,954		$	111,771		$	4,219		$	2,730

Footnotes

(1) Percentage of GAAP rent, excluding termination income, for consolidated properties owned as of each respective period.

(2) Cash basis.

(3) Cash basis adjusted to reflect NY land leases to the first purchase option date, as applicable.

(4) Includes development classified as real estate under construction on a consolidated basis.

(5) Long-term leases ("LTL") are defined as leases having a remaining term of ten years or longer.

(6) Short-term leases ("STL") are defined as leases having a remaining term of less than ten years.

19

LEXINGTON REALTY TRUST

Portfolio Composition

3/31/2018

 

Footnotes

(1) Based on gross book value of real estate assets and real estate under construction as of 3/31/2018; excludes held for sale assets.

(2) Based on respective period GAAP rent, excluding termination income.

20

LEXINGTON REALTY TRUST

Components of Net Asset Value

3/31/2018

($000)

The purpose of providing the following information is to enable readers to derive their own estimates of net asset value. This information is not intended to be an asset-by-asset or enterprise valuation.

Consolidated properties three month net operating income (NOI) (1)
Industrial	$	42,724
Office		40,831
Other
Specialty		831
Multi-Tenant		679
Retail		186
Total Net Operating Income	$	85,251
Lexington's share of non-consolidated three month NOI (1)
Office	$	108
Other		454
	$	562
Other income
Advisory fees	$	184

In service assets not fairly valued by capitalized NOI method (1)
Wholly-owned assets less than 70% leased	$	38,203
Add other assets:
Construction in progress	$	2,730
Developable land		5,831
Cash and cash equivalents		90,214
Restricted cash		7,479
Accounts receivable, net		5,878
Other assets		25,958
Total other assets	$	138,090
Liabilities:
Corporate level debt (face amount)	$	1,329,120
Mortgages and notes payable (face amount)		690,074
Dividends payable		48,438
Accounts payable, accrued expenses and other liabilities		54,465
Preferred stock, at liquidation value		96,770
Lexington's share of non-consolidated mortgages		20,816
Total deductions	$	2,239,683
Common shares & OP units at 3/31/2018		243,601,259

Footnotes

(1) NOI for the existing property portfolio at March 31, 2018, excludes NOI related to assets undervalued by a capitalized NOI method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70% and assets acquired in 2018. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, Lexington's net book value has been used. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

21

LEXINGTON REALTY TRUST

Top Markets

3/31/2018

	Core Based Statistical Area (2)	Percent of GAAP Rent as of 3/31/18 (1)
1	Houston-Sugar Land-Baytown, TX		10.1	%
2	Memphis, TN-MS-AR		5.7	%
3	Dallas-Fort Worth-Arlington, TX		5.6	%
4	Kansas City, MO-KS		4.1	%
5	Detroit-Warren-Livonia, MI		3.7	%
6	Kennewick-Pasco-Richland, WA		3.5	%
7	New York-Northern New Jersey-Long Island, NY-NJ-PA		3.3	%
8	Richmond, VA		3.1	%
9	Charlotte-Concord-Gastonia, NC-SC		2.7	%
10	Nashville-Davidson—Murfreesboro—Franklin, TN		2.6	%
11	Phoenix-Mesa-Scottsdale, AZ		2.6	%
12	Atlanta-Sandy Springs-Marietta, GA		2.2	%
13	Chicago-Naperville-Joliet, IL-IN-WI		2.2	%
14	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		2.2	%
15	Denver-Aurora, CO		2.2	%
16	Las Vegas-Paradise, NV		1.8	%
17	San Jose-Sunnyvale-Santa Clara, CA		1.8	%
18	Jackson, MS		1.7	%
19	Columbus, OH		1.5	%
20	San Antonio, TX		1.3	%
	Total Top Markets (3)		63.8	%

Footnotes

(1) Three months ended 3/31/2018 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 3/31/2018.

(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.

22

LEXINGTON REALTY TRUST

Single-Tenant Office Markets ⁽¹⁾⁽²⁾

3/31/2018

 

Footnotes

(1) Three months ended 3/31/2018 GAAP rent, excluding termination income, recognized for consolidated single-tenant office properties owned as of 3/31/2018.

(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.

23

LEXINGTON REALTY TRUST

Tenant Industry Diversification ⁽¹⁾

3/31/2018

 

Footnotes

(1) Three months ended 3/31/2018 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 3/31/2018.

24

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

3/31/2018

Top 10 Tenants or Guarantors - GAAP Basis

Tenants or Guarantors	Number of Leases		Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)			GAAP Rent as of 3/31/2018 ($000) (1)		Percent of GAAP Rent as of 3/31/2018 ($000) (1) (2)
Nissan North America, Inc.		3		3,196,049		6.6	%	$	4,046		4.3	%
The Dow Chemical Company		1		664,100		1.4	%		3,713		4.0	%
Preferred Freezer Services of Richland, LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)		1		456,412		0.9	%		3,283		3.5	%
FedEx Corporation / Federal Express Corporation		2		661,616		1.4	%		3,037		3.3	%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		7		2,053,359		4.3	%		2,485		2.7	%
United States of America		3		398,214		0.8	%		2,386		2.6	%
Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation		2		476,123		1.0	%		2,020		2.2	%
McGuireWoods LLP		1		224,537		0.5	%		1,796		1.9	%
Undisclosed (3)		3		1,090,383		2.3	%		1,785		1.9	%
Watco Dock & Rail III, L.L.C. (Watco Companies, L.L.C.)		1		132,449		0.3	%		1,693		1.8	%
		24		9,353,242		19.4	%	$	26,244		28.1	%

Footnotes

(1) Three months ended 3/31/2018 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 3/31/2018.

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

(3) Tenant is a domestic subsidiary of an international automaker.

25

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis

3/31/2018

($000)

Year	Number of Leases Expiring		GAAP Rent as of 3/31/2018		Percent of GAAP Rent as of 3/31/2018			Percent of GAAP Rent as of 3/31/2017
2018 - remaining		14	$	3,298		3.7	%		6.9	%
2019		15		7,203		8.0	%		9.5	%
2020		13		4,837		5.4	%		4.8	%
2021		13		5,792		6.5	%		6.5	%
2022		6		3,146		3.5	%		2.5	%
2023		10		3,423		3.8	%		4.0	%
2024		13		5,090		5.7	%		5.1	%
2025		16		7,390		8.2	%		9.6	%
2026		11		3,849		4.3	%		5.5	%
2027		16		9,572		10.7	%		7.7	%
Thereafter		45		36,134		40.3	%		35.1	%
Total (1)		172	$	89,734		100.0	%

 

Footnotes

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

26

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Properties GAAP Basis

3/31/2018

($000)

Year	Number of Leases Expiring		GAAP Rent as of 3/31/2018		Percent of GAAP Rent as of 3/31/2018
2018 - remaining		45	$	3,814		4.2	%
2019		24		7,376		8.0	%
2020		20		4,872		5.3	%
2021		19		6,557		7.1	%
2022		6		3,146		3.4	%
2023		11		3,423		3.7	%
2024		14		5,121		5.6	%
2025		18		7,757		8.4	%
2026		11		3,849		4.2	%
2027		16		9,572		10.4	%
Thereafter		47		36,397		39.6	%
Total (1)		231	$	91,884		100.0	%

 

Footnotes

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

27

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2018

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note		Primary Tenant or Guarantor (19)	Sq. Ft. Leased or Available (1)		GAAP Rent as of 3/31/2018 ($000) (3)		Cash Rent as of 3/31/2018 ($000) (2)		3/31/2018 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2018	9/30/2018	50 Tyger River Dr.	Duncan	SC		—	Plastic Omnium		221,833		256		256		-	-
	12/31/2018	1133 Poplar Creek Rd.	Henderson	NC		—	Staples		196,946		217		222		-	-
		2935 Van Vactor Dr.	Plymouth	IN		—	Bay Valley Foods		300,500		214		214		-	-
		749 Southrock Dr.	Rockford	IL		—	Jacobson Warehouse		150,000		118		135		-	-
2019	10/17/2019	10345 Philipp Pkwy.	Streetsboro	OH		—	L'Oreal USA		649,250		653		704		16,867	09/2019
	12/31/2019	191 Arrowhead Dr.	Hebron	OH		—	Owens Corning		250,410		142		142		-	-
		200 Arrowhead Dr.	Hebron	OH		—	Owens Corning		400,522		227		227		-	-
		2415 US Hwy. 78 East	Moody	AL		—	Michelin		595,346		352		362		-	-
2020	1/31/2020	101 Michelin Dr.	Laurens	SC		—	Michelin		1,164,000		862		862		-	-
	5/31/2020	359 Gateway Dr.	Lavonia	GA		—	TI Automotive		133,221		238		300		6,920	12/2020
	6/30/2020	1650-1654 Williams Rd.	Columbus	OH		—	ODW Logistics		772,450		335		337		-	-
		3102 Queen Palm Dr.	Tampa	FL		—	Time		229,605		309		334		-	-
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN		—	Mimeo.com		107,400		105		112		-	-
	12/19/2020	1901 Ragu Dr.	Owensboro	KY		6	Unilever		443,380		373		322		-	-
	12/31/2020	2203 Sherrill Dr.	Statesville	NC		—	Geodis America		639,800		623		616		-	-
2021	3/31/2021	2455 Premier Row	Orlando	FL		—	Walgreen Co.		205,016		196		127		-	-
	5/31/2021	291 Park Center Dr.	Winchester	VA		—	Kraft Heinz		344,700		355		348		-	-
	9/30/2021	3820 Micro Dr.	Millington	TN		—	Ingram Micro		701,819		453		469		-	-
	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI		—	Dana		150,945		437		507		-	-
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC		—	Quickie Manufacturing		423,280		339		359		-	-
	12/31/2021	3686 South Central Ave.	Rockford	IL		—	Pierce Packaging		93,000		79		79		-	-
2022	3/31/2022	5417 Campus Dr.	Shreveport	LA		—	Tire Rack		257,849		336		351		-	-
2023	2/28/2023	7670 Hacks Cross Rd.	Olive Branch	MS		—	MAHLE Industries		268,104		226		221		-	-
	12/31/2023	120 Southeast Pkwy. Dr.	Franklin	TN		—	United Technologies		289,330		185		185		-	-
2024	1/31/2024	1285 W. State Road 32	Lebanon	IN		—	Continental Tire		741,880		570		488		-	-
	3/31/2024	1520 Lauderdale Memorial Hwy.	Cleveland	TN		—	General Electric		851,370		642		647		-	-
	4/30/2024	113 Wells St.	North Berwick	ME		—	United Technologies		993,685		450		491		1,626	04/2019
	5/31/2024	901 East Bingen Point Way	Bingen	WA		—	Boeing		124,539		659		647		-	-

28

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2018

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note		Primary Tenant or Guarantor (19)	Sq. Ft. Leased or Available (1)		GAAP Rent as of 3/31/2018 ($000) (3)		Cash Rent as of 3/31/2018 ($000) (2)		3/31/2018 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2024	9/30/2024	1621 Veterans Memorial Pkwy. E	Lafayette	IN		—	Caterpillar		309,400		304		301		-	-
	10/31/2024	43955 Plymouth Oaks Blvd.	Plymouth	MI		—	Tower Automotive		311,612		398		379		-	-
2025	6/30/2025	10000 Business Blvd.	Dry Ridge	KY		—	Dana		336,350		336		336		-	-
		301 Bill Bryan Rd.	Hopkinsville	KY		—	Metalsa / Dana		424,904		422		422		-	-
		4010 Airpark Dr.	Owensboro	KY		—	Metalsa / Dana		211,598		302		302		-	-
		730 North Black Branch Rd.	Elizabethtown	KY		—	Metalsa / Dana		167,770		134		134		-	-
		750 North Black Branch Rd.	Elizabethtown	KY		—	Metalsa / Dana		539,592		710		710		-	-
	7/14/2025	590 Ecology Ln.	Chester	SC		—	Boral Limited		420,597		435		583		7,144	08/2025
	7/31/2025	7005 Cochran Rd.	Glenwillow	OH		—	Royal Appliance		458,000		515		525		-	-
	12/31/2025	1700 47th Ave North	Minneapolis	MN		—	Owens Corning		18,620		138		138		-	-
2026	3/30/2026	121 Technology Dr.	Durham	NH		15	Heidelberg		500,500		634		2,303		-	-
	3/31/2026	633 Garrett Pkwy.	Lewisburg	TN		—	Calsonic Kansei		310,000		322		299		-	-
	6/30/2026	351 Chamber Dr.	Chillicothe	OH		—	Kitchen Collection		475,218		290		281		-	-
	9/30/2026	900 Industrial Blvd.	Crossville	TN		—	Dana		222,200		144		144		-	-
		3931 Lakeview Corporate Dr.	Edwardsville	IL		—	Amazon.com		769,500		671		635		-	-
	10/31/2026	5001 Greenwood Rd.	Shreveport	LA		—	Libbey		646,000		541		547		-	-
	11/30/2026	250 Rittenhouse Cir.	Bristol	PA		—	Estée Lauder		241,977		287		289		-	-
		736 Addison Rd.	Erwin	NY		—	Corning		408,000		346		348		6,873	10/2018
2027	1/31/2027	27200 West 157th St.	New Century	KS		—	Amazon.com		446,500		310		266		-	-
	2/28/2027	554 Nissan Pkwy.	Canton	MS		—	Nissan		1,466,000		1,550		1,476		-	-
	4/30/2027	16407 Applewhite Rd.	San Antonio	TX		18	Undisclosed / HVAC		849,275		749		683		-	-
		200 Sam Griffin Rd.	Smyrna	TN		—	Nissan		1,505,000		1,640		1,551		-	-
	6/30/2027	1501 Nolan Ryan Expy.	Arlington	TX		—	Arrow Electronics		74,739		101		98		-	-
	9/30/2027	1550 Hwy 302	Byhalia	MS		—	McCormick		615,600		609		429		-	-
	10/31/2027	201 James Lawrence Rd.	Jackson	TN		—	Kellogg		1,062,055		986		922		-	-
	12/31/2027	10590 Hamilton Ave.	Cincinnati	OH		—	Hillman Group		264,598		203		203		-	-
2028	1/31/2028	490 Westridge Pkwy.	McDonough	GA		—	Georgia-Pacific		1,121,120		934		790		-	-
	3/31/2028	29-01-Borden Ave./29-10 Hunters Point Ave.	Long Island City	NY		—	FedEx		140,330		1,284		1,193		42,573	03/2028

29

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2018

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note		Primary Tenant or Guarantor (19)	Sq. Ft. Leased or Available (1)		GAAP Rent as of 3/31/2018 ($000) (3)		Cash Rent as of 3/31/2018 ($000) (2)		3/31/2018 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2028	8/31/2028	1420 Greenwood Rd.	McDonough	GA		—	United States Cold Storage		296,972		542		532		-	-
	9/30/2028	904 Industrial Rd.	Marshall	MI		—	Tenneco		246,508		171		210		-	-
2029	11/24/2029	318 Pappy Dunn Blvd.	Anniston	AL		—	IAC Group		276,782		435		411		-	-
2030	3/31/2030	549 Wingo Rd.	Byhalia	MS		—	Asics		855,878		1,097		1,009		-	-
	5/31/2030	3301 Stagecoach Rd. NE	Thomson	GA		—	Hollander		208,000		232		215		-	-
2031	10/31/2031	1020 W. Airport Rd.	Romeoville	IL		—	ARYZTA		188,166		897		843		-	-
	12/18/2031	80 Tyson Dr.	Winchester	VA		16	Undisclosed / Automaker		400,400		592		517		-	-
2032	4/30/2032	13930 Pike Rd.	Missouri City	TX		—	Vulcan		-		531		483		-	-
	8/24/2032	16950 Pine Dr.	Romulus	MI		16	Undisclosed / Automaker		500,023		642		598		-	-
	10/31/2032	27255 SW 95th Ave.	Wilsonville	OR		—	Pacific Natural Foods		508,277		780		644		-	-
		26700 Bunert Road	Warren	MI		—	Lipari		260,243		971		857		-	-
2034	9/30/2034	5625 North Sloan Ln.	North Las Vegas	NV		—	Nicholas		180,235		639		568		-	-
	10/31/2034	1001 Innovation Rd.	Rantoul	IL		—	Vista Outdoor		813,126		1,049		922		-	-
2035	3/31/2035	13863 Industrial Rd.	Houston	TX		—	Spitzer		187,800		609		521		-	-
		7007 F.M. 362 Rd.	Brookshire	TX		—	Spitzer		262,095		478		409		-	-
	6/30/2035	111 West Oakview Pkwy.	Oak Creek	WI		—	Stella & Chewy's		164,007		525		466		-	-
	8/31/2035	2800 Polar Way	Richland	WA		9	Preferred Freezer		456,412		3,283		2,807		110,000	01/2026
	10/22/2035	2860 Clark St.	Detroit	MI		16	Undisclosed / Automaker		189,960		551		551		-	-
2036	5/31/2036	671 Washburn Switch Rd.	Shelby	NC		—	Clearwater Paper		673,425		696		602		-	-
	6/30/2036	100 Ryobi Drive	Anderson	SC		—	One World Technologies		1,327,022		1,112		933		-	-
2037	3/31/2037	4005 E I-30	Grand Prairie	TX		—	O'Neal Industries		215,000		468		384		-	-
2038	3/31/2038	13901/14035 Industrial Rd.	Houston	TX		—	Watco		132,449		1,693		1,431		-	-
2042	5/31/2042	4801 North Park Dr.	Opelika	AL		—	Golden State Enterprises		165,493		844		652		-	-
N/A	Vacancy	3456 Meyers Ave.	Memphis	TN		11	(Available for Lease)		780,000		1,031		504		-	-
		3350 Miac Cove Rd.	Memphis	TN		—	(Available for Lease)		32,679		-		-		-	-
INDUSTRIAL TOTAL/WEIGHTED AVERAGE							97.7% Leased		35,338,187	$	45,114	$	43,420	$	192,003

30

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2018

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 3/31/2018 ($000) (3)		Cash Rent as of 3/31/2018 ($000) (2)		3/31/2018 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
2018	5/31/2018	8900 Freeport Pkwy.	Irving	TX	17	Pacific Union Financial		43,396		196		228		-	-
	6/30/2018	100 Barnes Rd.	Wallingford	CT	—	3M Company		44,400		127		135		-	-
	10/31/2018	3943 Denny Ave.	Pascagoula	MS	—	Huntington Ingalls		94,841		148		148		-	-
	12/22/2018	5200 Metcalf Ave.	Overland Park	KS	—	Swiss Re		320,198		1,395		1,387		32,591	05/2019
2019	1/31/2019	2999 Southwest 6th St.	Redmond	OR	—	T-Mobile USA		77,484		367		446		-	-
		820 Gears Rd.	Houston	TX	—	Ricoh		78,895		294		293		-	-
	2/28/2019	10475 Crosspoint Blvd.	Indianapolis	IN	—	DMC Insurance		3,764		18		18		-	-
	4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Swiss Re		155,925		625		625		15,557	05/2019
	6/19/2019	3965 Airways Blvd.	Memphis	TN	—	Federal Express		521,286		1,753		1,775		-	-
	6/30/2019	3265 East Goldstone Dr.	Meridian	ID	—	T-Mobile USA		77,484		276		370		8,311	08/2019
	7/15/2019	19019 North 59th Ave.	Glendale	AZ	—	Honeywell		252,300		475		494		-	-
	7/31/2019	500 Jackson St.	Columbus	IN	—	Cummins		390,100		1,135		1,190		11,092	07/2019
	10/31/2019	10475 Crosspoint Blvd.	Indianapolis	IN	—	John Wiley		123,416		567		586		-	-
		9601 Renner Blvd.	Lenexa	KS	—	T-Mobile USA		77,484		286		379		8,486	12/2019
2020	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	—	Oce - USA Holding		143,290		561		625		19,007	02/2020
	5/31/2020	2401 Cherahala Blvd.	Knoxville	TN	—	CaremarkPCS		59,748		193		194		-	-
	6/30/2020	3711 San Gabriel	Mission	TX	—	T-Mobile West		75,016		247		246		-	-
	7/31/2020	13775 McLearen Rd.	Herndon	VA	12	Equant		132,617		420		458		-	-
	8/31/2020	133 First Park Dr.	Oakland	ME	—	T-Mobile USA		78,610		287		375		8,327	10/2020
	9/30/2020	9200 South Park Center Loop	Orlando	FL	—	ECMC Group		59,927		284		298		-	-
2021	1/31/2021	1701 Market St.	Philadelphia	PA	—	Morgan Lewis		289,432		1,074		1,122		-	-
	3/31/2021	1701 Market St.	Philadelphia	PA	—	Car-Tel		1,220		16		16		-	-
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	NJ Natural Gas		157,511		944		944		10,409	01/2021
		2050 Roanoke Rd.	Westlake	TX	—	Charles Schwab		130,199		517		525		-	-
	8/31/2021	3500 North Loop Rd.	McDonough	GA	13	Litton Loan / TSYS		62,218		254		349		-	-
	11/30/2021	29 South Jefferson Rd.	Whippany	NJ	—	CAE		123,734		582		651		12,568	11/2021
	12/31/2021	2800 Waterford Lake Dr.	Midlothian	VA	—	Alstom Power		99,057		546		590		-	-

31

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2018

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 3/31/2018 ($000) (3)		Cash Rent as of 3/31/2018 ($000) (2)		3/31/2018 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
2022	5/30/2022	13651 McLearen Rd.	Herndon	VA	—	United States of America		159,644		786		805		-	-
	6/30/2022	8555 South River Pkwy.	Tempe	AZ	—	Versum Materials		95,133		438		423		-	-
	7/31/2022	1440 E 15th St.	Tucson	AZ	—	CoxCom		28,591		140		140		-	-
	10/31/2022	4455 American Way	Baton Rouge	LA	—	New Cingular Wireless		70,100		291		280		-	-
	12/31/2022	231 N. Martingale Rd.	Schaumburg	IL	—	Career Education Corporation		317,198		1,155		1,144		-	-
2023	2/28/2023	1315 West Century Dr.	Louisville	CO	—	Rogue Wave Software		20,000		88		75		-	-
	3/31/2023	8900 Freeport Pkwy.	Irving	TX	—	Nissan		225,049		856		932		-	-
	6/30/2023	420 Riverport Rd.	Kingsport	TN	—	Kingsport Power		42,770		32		78		-	-
	8/31/2023	400 Butler Farm Rd.	Hampton	VA	7	Nextel / Wisconsin Physicians Service Insurance		100,632		251		265		-	-
	9/30/2023	1701 Market St.	Philadelphia	PA	—	CBC Restaurant		8,070		46		56		-	-
	12/14/2023	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox		202,000		1,660		1,768		36,453	12/2023
2024	2/14/2024	1362 Celebration Blvd.	Florence	SC	—	MED3000		32,000		143		143		-	-
	5/31/2024	3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo		169,083		487		479		-	-
		3480 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo		169,218		506		479		-	-
	8/31/2024	10475 Crosspoint Blvd.	Indianapolis	IN	—	HQ Global Workplaces		14,236		77		77		-	-
	10/31/2024	1409 Centerpoint Blvd.	Knoxville	TN	—	Alstom Power		84,404		314		310		-	-
	11/30/2024	6200 Northwest Pkwy.	San Antonio	TX	—	United HealthCare		142,500		489		359		-	-
2025	1/31/2025	1401 Nolan Ryan Expy.	Arlington	TX	—	Triumph Group		111,409		420		448		-	-
	2/28/2025	6555 Sierra Dr.	Irving	TX	—	TXU		247,254		701		777		-	-
		1401 Nolan Ryan Expy.	Arlington	TX	—	Infotech Enterprise		13,590		51		52		-	-
	3/14/2025	601 & 701 Experian Pkwy.	Allen	TX	—	Experian Holdings		292,700		742		768		-	-
	5/31/2025	1701 Market St.	Philadelphia	PA	—	TruMark Financial		2,641		62		62		-	-
	6/30/2025	2500 Patrick Henry Pkwy.	McDonough	GA	—	Georgia Power		111,911		356		345		-	-
	9/30/2025	10001 Richmond Ave.	Houston	TX	—	Schlumberger		554,385		1,510		1,397		-	-
	12/31/2025	4001 International Pkwy.	Carrollton	TX	—	Motel 6		138,443		556		565		-	-
2026	3/31/2026	500 Olde Worthington Rd.	Westerville	OH	—	inVentiv Health		97,000		277		291		-	-
	4/30/2026	800 East Canal St.	Richmond	VA	5	Richmond Belly Ventures		2,568		20		20		-	-
	11/30/2026	500 Kinetic Dr.	Huntington	WV	—	Amazon.com		68,693		317		283		-	-

32

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2018

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 3/31/2018 ($000) (3)		Cash Rent as of 3/31/2018 ($000) (2)		3/31/2018 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
2027	1/31/2027	1701 Market St.	Philadelphia	PA	—	Drybar		1,975		35		26		-	-
	2/28/2027	800 East Canal St.	Richmond	VA	5	Sumitomo		8,503		34		34		-	-
	4/30/2027	1315 West Century Dr.	Louisville	CO	—	GHX Ultimate Parent		86,877		322		314		-	-
	6/30/2027	3902 Gene Field Rd.	St. Joseph	MO	—	Boehringer Ingelheim USA		98,849		498		475		-	-
	7/6/2027	2221 Schrock Rd.	Columbus	OH	—	MS Consultants		42,290		160		155		-	-
	8/7/2027	25 Lakeview Dr.	Jessup	PA	—	TMG Health		150,000		625		527		-	-
	10/31/2027	11201 Renner Blvd.	Lenexa	KS	—	United States of America		169,585		1,225		1,182		32,848	11/2027
	11/30/2027	1700 Millrace Dr.	Eugene	OR	10	Oregon Research Institute		80,011		525		458		-	-
2028	4/30/2028	9655 Maroon Cir.	Englewood	CO	—	TriZetto		166,912		961		919		-	-
2029	1/31/2029	6226 West Sahara Ave.	Las Vegas	NV	—	Nevada Power		282,000		1,063		772		-	-
	3/31/2029	2800 High Meadow Cir.	Auburn Hills	MI	—	Faurecia		278,000		887		813		-	-
	12/31/2029	333 Mt. Hope Ave.	Rockaway	NJ	—	Atlantic Health		92,326		309		329		-	-
2030	8/31/2030	800 East Canal St.	Richmond	VA	—	McGuireWoods		224,537		1,796		1,702		57,500	02/2031
	9/30/2030	800 East Canal St.	Richmond	VA	5	The Riverstone Group		25,707		173		164		-	-
2031	1/10/2031	810 Gears Rd.	Houston	TX	—	United States of America		68,985		375		356		-	-
	3/1/2031	800 East Canal St.	Richmond	VA	5	Towne Bank		26,047		194		171		-	-
2032	4/30/2032	1210 AvidXchange Ln.	Charlotte	NC	—	AvidXchange		201,450		1,488		1,290		45,900	12/2022 & 01/2033
	10/31/2032	143 Diamond Ave.	Parachute	CO	—	Alenco		49,024		321		274		-	-
	12/31/2032	3030 North 3rd St.	Phoenix	AZ	—	CopperPoint Mutual Insurance		252,400		1,264		1,097		-	-
2033	3/31/2033	9201 East Dry Creek Rd.	Centennial	CO	—	Arrow Electronics		128,500		640		-		-	-
	11/30/2033	1331 Capitol Ave.	Omaha	NE	—	The Gavilon Group		127,810		828		750		-	-
2036	10/31/2036	270 Abner Jackson Pkwy.	Lake Jackson	TX	—	Dow		664,100		3,713		3,093		191,360	10/2036
2088	8/8/2088	800 East Canal St.	Richmond	VA	5	The City of Richmond, Virginia		-		103		103		-	-
N/A	N/A	1701 Market St.	Philadelphia	PA	—	Parking Operations		-		520		520		-	-
	Vacancy	1701 Market St.	Philadelphia	PA	—	(Available for Lease)		699		-		-		-	-
		810 Gears Rd.	Houston	TX	—	(Available for Lease)		9,910		-		-		-	-
		1401 Nolan Ryan Expy.	Arlington	TX	—	(Available for Lease)		36,809		-		-		-	-
		800 East Canal St.	Richmond	VA	5	(Available for Lease)		42,947		-		-		-	-
OFFICE TOTAL/WEIGHTED AVERAGE						99.1% Leased		10,511,027	$	44,417	$	42,812	$	490,409

33

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2018

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 3/31/2018 ($000) (3)		Cash Rent as of 3/31/2018 ($000) (2)		3/31/2018 Debt Balance ($000)		Debt Maturity
OTHER PROPERTIES
Retail
2018	9/30/2018	835 Julian Ave.	Thomasville	NC	—	Mighty Dollar		23,767		21		21		-	-
	12/31/2018	1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart		94,970		72		2		104	07/2018
		12080 Carmel Mountain Rd.	San Diego	CA	—	Kmart		107,210		188		3		118	07/2018
		21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart		120,727		120		4		174	07/2018
		255 Northgate Dr.	Manteca	CA	—	Kmart		107,489		139		4		185	07/2018
		97 Seneca Trail	Fairlea	WV	—	Kmart		90,933		87		3		122	07/2018
2019	6/30/2019	1600 East 23rd St.	Chattanooga	TN	—	K-VA-T		42,130		33		33		-	-
2023	2/28/2023	733 East Main St.	Jefferson	NC	—	Delhaize		34,555		39		40		-	-
	7/1/2023	1053 Mineral Springs Rd.	Paris	TN	—	Kroger		31,170		40		40		-	-
2024	3/31/2024	B.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Safeway		30,757		51		46		-	-
N/A	Vacancy	5104 North Franklin Rd.	Lawrence	IN	—	(Available for Lease)		35,786		-		-		-	-
		832 N. Westover Blvd .	Albany	GA	—	(Available for Lease)		45,554		-		-		-	-
Specialty														-	-
2029	1/31/2029	175 Holt Garrison Pkwy.	Danville	VA	—	Home Depot		-		54		65		-	-
2043	2/28/2043	1237 W. Sherman Ave.	Vineland	NJ	—	Encompass Health		39,287		290		290		-	-
2048	12/31/2048	30 Light St.	Baltimore	MD	—	30 Charm City		-		75		75		-	-
2055	1/31/2055	499 Derbyshire Dr.	Venice	FL	—	Littlestone Brotherhood		31,180		477		333		-	-
2112	8/31/2112	201-215 N. Charles St.	Baltimore	MD	—	201 NC Leasehold		-		68		68		-	-
Multi-tenant (4)(8)(14)														-	-
	Various	11511 Luna Rd.	Farmers Branch	TX	4 (90%)	IBM		181,072		642		303		-	-
	Various	1311 Broadfield Blvd.	Houston	TX	4 (35%)	Saipem		155,407		176		-		-	-
	Various	13430 North Black Canyon Fwy.	Phoenix	AZ	4 (65%)	Multi-Tenant		138,940		211		389		-	-
	Various	1460 Tobias Gadson Blvd.	Charleston	SC	4 (64%)	Vallen Distribution		50,076		97		97		6,959	02/2021
	Various	2210 Enterprise Dr.	Florence	SC	4 (21%)	Caliber Funding		176,557		173		192		-	-
	Various	6050 Dana Way	Antioch	TN	4 (97%)	Multi-Tenant		674,528		566		558		-	-
	Various	King St./1042 Fort St. Mall	Honolulu	HI	4 (48%)	Multi-Tenant		77,459		168		168		-	-
OTHER TOTAL/WEIGHTED AVERAGE						79.7% Leased		2,289,554	$	3,787	$	2,734	$	7,662
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE						97.2% Leased		48,138,768	$	93,318	$	88,966	$	690,074

34

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Non-consolidated Portfolio - 3/31/2018

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant or Guarantor (19)	Sq.Ft. Leased or Available (1)		LXP % Ownership			GAAP Rent as of 3/31/2018 ($000) (3)		Cash Rent as of 3/31/2018 ($000) (2)		3/31/2018 Debt Balance ($000)		Debt Maturity (21)
NON-CONSOLIDATED PROPERTIES
2029	1/31/2029	18839 McKay Blvd.	Humble	TX	—	RehabCare Group		55,646		15	%		683		638		13,799	05/2019
2033	10/31/2033	607 & 611 Lumsden Professional Ct.	Brandon	FL	20	BluePearl		8,500		15	%		51		51		-	-
		4525 Ulmerton Rd.	Clearwater	FL	20	BluePearl		3,000		15	%		31		31		-	-
		455 Abernathy Rd.	Atlanta	GA	20	BluePearl		32,000		15	%		302		253		-	-
		820 Frontage Rd.	Northfield	IL	20	BluePearl		14,000		15	%		120		120		-	-
		4126 Packard Rd.	Ann Arbor	MI	20	BluePearl		3,500		15	%		14		14		-	-
		29080 Inkster Rd.	Southfield	MI	20	BluePearl		38,000		15	%		318		284		18,791	11/2018
2036	8/31/2036	2203 North Westgreen Blvd.	Katy	TX	—	British Schools		274,000		25	%		1,610		1,610		49,752	12/2022
N/A	Vacancy	100 Gander Way	Palm Beach Gardens	FL	22, 23	(Available for Lease)		120,000		25	%		-		-		13,957	03/2018
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						78.1% Leased		548,646				$	3,129	$	3,001	$	96,299

Footnotes

1 Square footage leased or available.

2 Three months ended 3/31/2018 cash rent. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

3 Three months ended 3/31/2018 GAAP rent, excluding termination income.

4 Percent represents % leased as of 3/31/2018.

5 Part of Richmond, Virginia property, which is primarily leased to McGuireWoods LLP.

6 Lexington has a 71.1% interest in this property.

7 Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) lease for 100,632 square feet expires 12/31/2019; however, 71,073 square feet is then leased to Wisconsin Physicians Service Insurance Corp. through 8/31/2023.

8 Multi-tenant properties are properties less than 50% leased to a single tenant.

9 ConAgra Foods, Inc. provides credit support.

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

11 Cash and GAAP rent amounts represent/include prior tenant.

12 21,365 square feet is leased to 7/31/2025.

13 Litton Loan Servicing LP lease expired 8/31/2018; however, new tenant (Total System Services Inc.) lease expires 8/31/2021.

14 The multi-tenanted properties incurred approximately $0.9 million in operating expenses, net for the three months ended 3/31/2018.

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

16 Tenant is a domestic subsidiary of an international automaker.

17 Subsequent to 3/31/2018, Nissan Motor Acceptance Corporation leased the space through 3/31/2023.

18 Lease restricts certain disclosures. Guarantor is investment grade.

19 See Annual Report and other applicable disclosures for actual tenant names.

20 All mortgage notes are cross-collateralized and cross-defaulted.

21 Interest rates range from 3.7% to 5.1% at 3/31/2018.

22 Tenant declared bankruptcy and rejected the lease.

23 Loan is in default.

35

LEXINGTON REALTY TRUST

Select Credit Metrics Summary ⁽¹⁾

	3/31/2018
Adjusted Company FFO Payout Ratio		71.0	%
Unencumbered Assets		$3.4 billion
Unencumbered NOI		74.4	%
(Debt + Preferred) / Gross Assets		45.4	%
Debt/Gross Assets		43.3	%
Secured Debt / Gross Assets		14.8	%
Net Debt / Adjusted EBITDA		6.1	x
(Net Debt + Preferred) / Adjusted EBITDA		6.5	x
Credit Facilities Availability (2)		$405.0 million
Unsecured Debt / Unencumbered NOI		5.6	x

Footnotes

(1) See reconciliations of non-GAAP measures in this document. Lexington believes these credit metrics provide investors with additional information to evaluate its liquidity and performance.

(2) Subject to covenant compliance.

36

LEXINGTON REALTY TRUST

FINANCIAL COVENANTS ⁽¹⁾

Corporate Level Debt

	Must be:	3/31/2018
Bank Loans:
Maximum Leverage	< 60%	47.2%
Fixed Charge Coverage	> 1.5x	2.8x
Recourse Secured Indebtedness Ratio	< 10% cap value	0.0%
Secured Indebtedness Ratio	< 45%	16.9%
Unsecured Debt Service Coverage	> 2.0x	5.8x
Unencumbered Leverage	< 60%	38.2%
Bonds:
Debt to Total Assets	< 60%	44.2%
Secured Debt to Total Assets	< 40%	15.1%
Debt Service Coverage	> 1.5x	4.1x
Unencumbered Assets to Unsecured Debt	> 150%	266.5%

Footnotes

(1) The following is a summary of the key financial covenants for Lexington's credit facility and term loans and senior notes, as defined and calculated per the terms of the credit facility and term loans and senior notes, as applicable. These calculations are presented to show Lexington's compliance with such covenants only and are not measures of Lexington's liquidity or performance.

37

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

3/31/2018

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)	Current Estimated Annual Debt Service ($000) (c)		Balloon Payment ($000)
INDUSTRIAL
Erwin, NY		$	6,873		5.910	%	10/2018	$	385	$	6,637
North Berwick, ME			1,626		3.560	%	04/2019		1,532		-
Streetsboro, OH			16,867		5.749	%	09/2019		1,344		16,338
Lavonia, GA			6,920		5.460	%	12/2020		741		5,895
Chester, SC			7,144		5.380	%	08/2025		1,144		362
Richland, WA			110,000		4.000	%	01/2026		4,400		99,492
Long Island City, NY			42,573		3.500	%	03/2028		4,879		-
		$	192,003		4.211	%	7.2	$	14,425	$	128,724
OFFICE
Overland Park, KS		$	32,591		5.891	%	05/2019	$	2,657	$	31,812
Kansas City, MO			15,557		5.883	%	05/2019		1,268		15,179
Columbus, IN			11,092		2.210	%	07/2019		4,757		4,993
Meridian, ID			8,311		6.010	%	08/2019		753		7,675
Lenexa, KS			8,486		6.270	%	12/2019		774		7,770
Boca Raton, FL			19,007		6.470	%	02/2020		1,542		18,414
Oakland, ME			8,327		5.930	%	10/2020		750		7,660
Wall, NJ			10,409		6.250	%	01/2021		3,774		-
Whippany, NJ			12,568		6.298	%	11/2021		1,344		10,400
Charlotte, NC	(b)		8,500		5.000	%	12/2022		431		8,500
Palo Alto, CA			36,453		3.970	%	12/2023		7,059		-
Lenexa, KS			32,848		3.700	%	11/2027		2,862		10,000
Richmond, VA			57,500		5.191	%	02/2031		3,026		53,176
Charlotte, NC			37,400		5.298	%	01/2033		2,009		34,699
Lake Jackson, TX			191,360		4.040	%	10/2036		12,225		11,305
		$	490,409		4.703	%	11.4	$	45,231	$	221,583
OTHER
Manteca, CA		$	185		7.750	%	07/2018	$	193	$	-
Watertown, NY			174		7.750	%	07/2018		181		-
Fairlea, WV			122		7.750	%	07/2018		127		-
San Diego, CA			118		7.750	%	07/2018		123		-
Galesburg, IL			104		7.750	%	07/2018		108		-
Charleston, SC			6,959		5.850	%	02/2021		520		6,632
		$	7,662		6.024	%	2.6	$	1,252	$	6,632
Subtotal/Wtg. Avg./Years Remaining (i)		$	690,074		4.581	%	10.2	$	60,908	$	356,939

38

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

3/31/2018

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)	Current Estimated Annual Debt Service ($000)  (c)		Balloon Payment ($000)
Corporate (f)
Revolving Credit Facility	(j)	$	100,000		2.849	%	08/2019	$	2,889	$	100,000
Term Loan	(g)		300,000		2.846	%	08/2020		8,657		300,000
Term Loan	(h)		300,000		2.559	%	01/2021		7,784		300,000
Senior Notes			250,000		4.250	%	06/2023		10,625		250,000
Senior Notes			250,000		4.400	%	06/2024		11,000		250,000
Trust Preferred Notes	(d)		129,120		3.467	%	04/2037		4,539		129,120
Subtotal/Wtg. Avg./Years Remaining (i)		$	1,329,120		3.398	%	5.2	$	45,494	$	1,329,120
Total/Wtg. Avg./Years Remaining (i)	(e)	$	2,019,194		3.802	%	6.9	$	106,402	$	1,686,059

Footnotes

(a) Subtotal and total based on weighted-average term to maturity shown in years based on debt balance.

(b) Amount may be increased to $12.0 million upon certain events.

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

(d) Rate is three month LIBOR plus 170 bps.

(e) See reconciliations of non-GAAP measures in this document.

(f) Unsecured.

(g) Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.09% through February 2018 via interest rate swap agreements on $250.0 million of borrowings.

(h) Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.42% through January 2019 via interest rate swap agreements on $255.0 million of borrowings.

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

(j) Rate ranges from LIBOR plus 0.85% to 1.55%.

39

LEXINGTON REALTY TRUST

Debt Maturity Schedule

3/31/2018

($000)

Consolidated Properties
Year	Mortgage Scheduled Amortization		Mortgage Balloon Payments		Corporate Debt
2018 - remaining	$	21,812	$	6,637	$	-
2019		26,681		83,767		100,000
2020		23,174		31,969		300,000
2021		23,433		17,032		300,000
2022		22,120		8,500		-
	$	117,220	$	147,905	$	700,000

Footnotes

(1) Percentage denotes weighted-average interest rate.

40

LEXINGTON REALTY TRUST

Selected Balance Sheet Account Data

3/31/2018

($000)

Balance Sheet
Other assets	$	25,958
The components of other assets are:
Deposits	$	3,401
Equipment		520
Prepaids		3,706
Other receivables		618
Deferred lease incentives		16,278
Interest rate swap derivative asset		1,311
Other		124
Accounts payable and other liabilities
The components of accounts payable and other liabilities are:	$	27,284
Accounts payable and accrued expenses	$	9,682
CIP accruals and other		4,459
Taxes		789
Deferred lease costs		8,616
Deposits		1,135
Escrows		983
Transaction costs		1,620

41

LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in the Quarterly Earnings Press Release, in this Quarterly Supplemental Information and in other public disclosures.

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable Generally Accepted Accounting Principles (“GAAP”) measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington's financial performance or cash flow from operating, investing, or financing activities or liquidity.

Definitions:

Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, impairment charges, debt satisfaction gains (charges), net, non-cash charges, net, straight-line adjustments, non-recurring charges and adjustments for pro-rata share of non-wholly owned entities. Lexington’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Lexington believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA.

Cash Rent: Cash Rent is calculated by making adjustments to GAAP rent to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Rent excludes lease termination income. Lexington believes Cash Rent provides a meaningful indication of an investments ability to fund cash needs.

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity real estate investment trust (“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, or 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 non-consolidated 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 FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington's real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) by the acquisition/completion cost (or sale) price.

42

LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS (CONTINUED)

Net Operating Income (NOI): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), tenant reimbursements and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington's NOI may not be comparable to that of other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned and included in our portfolio for two comparable reporting periods excluding properties encumbered by mortgage loans in default and the revenue associated with the expansion of properties, as applicable. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties and certain other properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, Lexington's Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of Lexington's operating performance. However, Same-Store NOI should not be viewed as an alternative measure of Lexington 's financial performance since it does not reflect the operations of Lexington's entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of Lexington's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact Lexington's results from operations. Lexington believes that net income is the most directly comparable GAAP measure to Same-Store NOI.

43

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES

($000)

	Three months ended March 31, 2018
Cash Rent Reconciliation:
Rental revenue as reported	$	94,522
Rental revenue from sold properties		(896	)
Lease termination income		(308	)
GAAP rent per supplement		93,318
GAAP rent adjustments: (1)
Straight-line adjustments		(4,866	)
Lease incentives		536
Amortization of above/below market leases		(22	)
Cash rent per supplement	$	88,966

Consolidated debt reconciliation March 31, 2018:

	GAAP Balance		Deferred Loan Costs, net		Discounts		Gross Balance
Mortgages and notes payable (2)	$	682,994	$	7,080	$	-	$	690,074
Revolving credit facility borrowings (3)		100,000		-		-		100,000
Term loans payable (3)		596,957		3,043		-		600,000
Senior notes payable(3)		495,407		3,154		1,439		500,000
Trust preferred securities (3)		127,221		1,899		-		129,120
Consolidated debt	$	2,002,579	$	15,176	$	1,439	$	2,019,194

Footnotes

(1) Individual items are adjusted for sold properties, which were previously reflected in the reconciliation.

(2) Secured.

(3) Unsecured.

44

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Same-Store NOI Reconciliation:

	Three months ended March 31,
	2018			2017
Net Income (loss)	$	(14,823	)	$	42,220
Interest and amortization expense		20,331			19,725
Provision for income taxes		503			422
Depreciation and amortization		46,537			42,891
General and administrative		8,996			9,457
Transaction costs		-			186
Non-operating income		(546	)		(2,621	)
Gains on sales of properties		(22,774	)		(34,193	)
Impairment charges and loan loss		53,049			7,992
Equity in (earnings) of non-consolidated entities		(113	)		(1,910	)
Lease termination income		(308	)		(1,929	)
Straight-line adjustments		(4,866	)		(2,909	)
Lease incentives		536			431
Amortization of above/below market leases		(22	)		514
Net Operating Income - ("NOI")		86,500			80,276
Less NOI:
Acquisitions and dispositions		(11,052	)		(4,965	)
Same-Store NOI	$	75,448		$	75,311

NOI for NAV:

	Three months ended
	March 31, 2018
NOI per above	$	86,500
Less NOI:
Disposed of properties		(730	)
Assets less than 70% leased / Other		(519	)
NOI for NAV	$	85,251

45

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Reconciliation to Adjusted EBITDA:

	Three months ended
	3/31/2018			12/31/2017			9/30/2017			6/30/2017			Trailing 12 Months
Net income (loss) attributable to
Lexington Realty Trust shareholders	$	(14,315	)	$	30,850		$	5,541		$	7,152		$	29,228
Interest and amortization expense		20,331			20,055			18,887			19,216			78,489
Provision for income taxes		503			743			375			377			1,998
Depreciation and amortization		46,537			45,262			43,495			42,320			177,614
Straight-line adjustments		(4,866	)		(7,232	)		(4,002	)		(5,641	)		(21,741	)
Lease incentives		536			513			515			510			2,074
Amortization of above/below market leases		(22	)		364			320			346			1,008
Gains on sales of properties		(22,774	)		(8,350	)		(10,645	)		(10,240	)		(52,009	)
Impairment charges and loan loss		53,049			1,419			21,986			13,599			90,053
Debt satisfaction (gains) charges, net		-			(3,818	)		(2,424	)		46			(6,196	)
Litigation reserve		-			-			2,050			-			2,050
Unearned contingent acquisition consideration		-			(3,922	)		-			-			(3,922	)
Non-cash charges, net		1,939			2,119			2,066			1,987			8,111
Pro-rata share adjustments:
Non-consolidated entities adjustment		445			341			329			3,880			4,995
Noncontrolling interests adjustment		(723	)		345			(167	)		7			(538	)
Adjusted EBITDA	$	80,640		$	78,689		$	78,326		$	73,559		$	311,214

46

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Reconciliation of Select Credit Metrics:

Adjusted Company FFO Payout:	Three months ended March 31, 2018			(Debt + Preferred) / Gross Assets:	Three months ended March 31, 2018
Common share dividends per share	$	0.1775		Consolidated debt	$	2,002,579
Adjusted Company FFO per diluted share		0.25		Preferred shares liquidation preference		96,770
Adjusted Company FFO payout ratio		71.0	%	Debt and preferred	$	2,099,349
Unencumbered Assets:				Total assets	$	3,411,996
Real estate, at cost	$	4,357,924		Plus depreciation and amortization:
held for sale real estate, at cost		-		Real estate		1,179,078
less encumbered real estate, at cost		(995,095	)	Deferred lease costs		28,516
Unencumbered assets	$	3,362,829
				Gross assets	$	4,619,590
Unencumbered NOI:
NOI	$	86,500		(Debt + Preferred) / Gross Assets		45.4	%
Disposed of properties NOI		(730	)
Adjusted NOI		85,770		Debt  / Gross Assets:
less encumbered adjusted NOI		(21,977	)	Consolidated debt	$	2,002,579
Unencumbered adjusted NOI (Quarter)	$	63,793
Unencumbered NOI %		74.4	%	Gross assets	$	4,619,590
Net Debt  / Adjusted EBITDA:				Debt / Gross assets		43.3	%
Adjusted EBITDA	$	311,214
				Secured Debt  / Gross Assets:
Consolidated debt	$	2,002,579		Mortgages and notes payable	$	682,994
less cash and cash equivalents		(90,214	)
Net debt	$	1,912,365		Gross assets	$	4,619,590
Net debt / Adjusted EBITDA		6.1	x	Secured Debt / Gross Assets		14.8	%
(Net Debt + Preferred)  / Adjusted EBITDA:				Unsecured Debt / Unencumbered NOI:
Adjusted EBITDA	$	311,214		Consolidated debt	$	2,002,579
				less mortgages and notes payable		(682,994	)
Net debt	$	1,912,365		Unsecured Debt	$	1,319,585
Preferred shares liquidation preference		96,770
Net debt + preferred	$	2,009,135		Unencumbered adjusted NOI (Annual)	$	234,674
(Net Debt + Preferred) / Adjusted EBITDA		6.5	x	Unsecured Debt / Unencumbered NOI		5.6	x

47

Investor Information

Transfer Agent

Computershare	Overnight Correspondence:
PO Box 505000	462 South 4th Street, Suite 1600
Louisville, KY 40233	Louisville, KY 40202
(800) 850-3948
www-us.computershare.com/investor

Investor Relations

Heather Gentry
Senior Vice President, Investor Relations
Telephone (direct)	(212) 692-7219
Facsimile (main)	(212) 594-6600
E-mail	hgentry@lxp.com

Research Coverage

Bank of America/Merrill Lynch		Jeffries & Company, Inc.
James Feldman	(646) 855-5808	Jon Peterson	(212) 284-1705
Barclays Capital		KeyBanc Capital Markets Inc.
Ross L. Smotrich	(212) 526-2306	Craig Mailman	(917) 368-2316
D.A. Davidson		Ladenburg Thalmann & Co., Inc.
Barry Oxford	(212) 240-9871	John Massocca	(212) 409-2543
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	(562) 637-1371

48

 

LEXINGTON REALTY TRUST

One Penn Plaza, Suite 4015 | New York, NY 10119-4015 | (212) 692-7200 | www.lxp.com

EX-99.2

EXHIBIT 99.2

Lexington Realty Trust – UNEDITED TRANSCRIPT

Q1 2018 Earnings Call

Company Participants:

T. Wilson Eglin, Chief Executive Officer and President 


Patrick Carroll, Chief Financial Officer


Brendan Mullinix, Executive Vice President

Lara Johnson, Executive Vice President

James Dudley, Executive Vice President and Director of Asset Management

Heather Gentry, Senior Vice President of Investor Relations

Operator:

Good morning, and welcome to the Lexington Realty Trust Fourth Quarter 2017 Earnings Conference Call and webcast. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Heather Gentry. Please go ahead.

Heather T. Gentry:

Thank you, operator. Welcome to the Lexington Realty Trust First Quarter 2018 Conference Call and webcast. The earnings release was distributed this morning, and both the release and supplemental disclosure package that details this quarter's results are available on our website at www.lxp.com in the Investors section and will be furnished to the SEC on a Form 8-K.

Certain statements made during this conference call regarding future events and expected results may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Lexington believes that these statements are based on reasonable assumptions; however, certain factors and risks, including those included in today's earnings press release and those described in reports that Lexington files with the SEC from time to time, could cause Lexington's actual results to differ materially from those expressed or implied by such statements. Except as required by law, Lexington does not undertake a duty to update any forward-looking statements.

In the earnings press release and supplemental disclosure package, Lexington has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure. Any references in these documents to Adjusted Company FFO refer to Adjusted Company Funds From Operations available to all equityholders and unitholders on a fully diluted basis. Operating performance measures of an individual investment are not intended to be viewed as presenting a numerical measure of Lexington's historical or future financial performance, financial position or cash flows.

On today's conference call, Will Eglin, CEO; Pat Carroll, CFO; and Executive Vice Presidents: Brendan Mullinix, Lara Johnson and James Dudley, will provide commentary around fourth quarter and full year results.

I will now turn the call over to Will.

1

T. Wilson Eglin:

Thanks, Heather, and good morning, everyone. Our first quarter 2018 results were solid as we continue to execute on our business plan. Both GAAP and cash rents increased on lease renewals during the quarter. Our portfolio leased percentage remains high, and same-store NOI was slightly up. Revenue from our industrial properties increased to 48% of total revenue during the quarter and now exceeds office revenue. This percentage is up significantly from 25% at the end of 2013.

During the quarter, we disposed of approximately $63 million of primarily office assets. We remain highly motivated to reduce our exposure to suburban office and continue to explore various ways to accomplish this most efficiently. Our objective is to best maximize the value of our office portfolio while investor demand for yield-producing product continues to be strong. Despite some dilution to current cash flow, we believe that having a more favorable risk-adjusted longer-term growth profile is worth the trade-off as we continue to add more industrial product to our portfolio and dispose of non-core assets. We intend to use disposition proceeds to fund new industrial investments, retire debt and fund share repurchases when appropriate.

During the quarter, we took the opportunity to repurchase approximately 800,000 common shares, and as of March 31st, we have approximately 5.8 million shares available for repurchase under our current authorization.

Subsequent to the quarter, we acquired two industrial assets located in an industrial submarket of Memphis for $93 million. While the investment environment remains competitive for industrial assets, we are currently reviewing a number of investments that are consistent with our strategy. We continue to favor Class A easily-repurposed facilities in secondary industrial markets that are located close to highways and main transportation hubs as well as properties subject to below-market leases.

Our balance sheet remains strong. Leverage was 6.1x net debt to adjusted EBITDA at the end of the quarter and over 74% of the portfolio is now unencumbered, bringing our unsecured debt to unsecured NOI leverage to just 5.6x. I mentioned on our last call, that we may finance some of our office properties with secured debt, but we currently favor dispositions as an alternative to encumbering assets. I will now turn the call over to Brendan, to discuss investments.

Brendan Mullinix:

Thanks, Will. During the first quarter, we continue to pursue industrial investments and are currently reviewing several hundred million dollars of potential new opportunities. As we highlighted on last quarter's call, build-to-suits are becoming more active again, although our current pipeline predominantly consists of direct purchases. Subsequent to the quarter, in the beginning of April, we closed on a two-property industrial transaction in an industrial submarket of Memphis for approximately $93 million. The properties, which reside in two different industrial parks in Olive Branch, Mississippi, have a weighted-average lease term of approximately seven years. The first property, which was completed in early 2017, is a 716,000 square foot Class A distribution warehouse net leased for 11 years to Sephora. The property is expandable by 176,000 square feet and contains sufficient land area for added employee and trailer parking as needed. The second property is a 1.2 million square foot distribution center net leased to Hamilton Beach for three years. While we have not historically acquired properties with leases under five years, the asset is a very functional, generic distribution warehouse in a well-located industrial submarket. We believe the rent to be below market and that there is a high likely that Hamilton Beach renews. We still favor properties with longer lease terms as part of our larger overall investment strategy, but if we find a property that we believe will be a good fit for our portfolio, we will make an exception, like in this case, where the price per square foot is a good value and the property is fungible for use. I'll now turn the call over to Lara to discuss dispositions.

2

Lara Johnson:

Thanks, Brendan. We disposed $63 million of assets during the first quarter at average GAAP and cash cap rates of 8.6% and 8.4%, respectively. This included four office buildings with leases under ten years, a recently vacated retail store and a small industrial asset. Our current disposition program of $250 million to $300 million, which includes a mix of office and other non-core assets with a heavy emphasis on office sales, is well underway. We are currently marketing or in active discussions with buyers for dispositions that would potentially allow us to exceed our dispositions guidance for the year. Timing of sales will vary, but we would expect the majority of the sales to close in latter part of the year.

As we intensify our efforts to reduce our office exposure, we have expanded our focus to include sales of both short and long-term leased office assets. We are committed to extracting value from the office portion of our portfolio by accessing buyer capital sources best suited to the various property profiles within portfolio. We look forward to providing more details as this endeavor progresses. With that, I'll turn the call over to James, who will provide an updates on leasing.

James Dudley:

Thanks, Lara. During the quarter, we leased approximately 210,000 square feet of space, increasing both GAAP and cash rents to 4% and 3% and a 4%, respectively, on 134,000 square feet of lease extensions. We have just 4.2% of leases expiring in 2018 after the progress we made in 2017 and year-to-date. Our portfolio was 97.2% leased at quarter end with a weighted-average lease term of 8.9 years. The decrease in our leased portfolio and weighted average lease term, compared to last quarter, was driven mostly by the Sears vacancy in our 780,000 square foot Memphis, Tennessee warehouse.

Subsequent to quarter end, Nissan signed a lease for 43,000 square feet of space in our Irving, Texas office property, in which they now occupy a 100% of the building. This was a positive outcome for the property as it did not require any downtime, the net rent increased and the property became a single-tenant asset again.

Regarding 2018 office expirations, we are in final negotiations with Huntington Ingalls in Pascagoula, Mississippi for a five-year extension. We continue to market for sale or lease our property leased to 3M through the end of June 2018, and our Overland Park, Kansas office property currently leased to Swiss Re through the end of 2018. We still remain in negotiations with FedEx, whose lease expires in June 2019, and now expect the most likely outcome for this asset will be a sale to FedEx.

On the industrial side, we continue to market for lease or sale our facilities in Duncan, South Carolina, Henderson, North Carolina and Plymouth, Indiana, all whose leases expire in the latter part of this year. We remain optimistic on favorable sales or leasing outcomes for these properties given the long-lead time and strong demand for industrial properties. I will now turn the call over to Pat, will discuss financial results.

3

Patrick Carroll:

Thanks, James. Gross revenues for the first quarter were $103 million compared with gross revenues of $96 million for the same time period in 2017. The increase in revenue was primarily the result of additional revenue generated from property acquisitions and new leases.

We had a net loss attributable to common shareholders for the quarter of $16 million, or $0.07 per diluted common share, compared to net income attributable to common shareholders of approximately $40 million, or $0.17 per diluted common share, for the same time period in 2017. The delta between quarters relates primarily to the timing of gains on sales and impairment charges taken on properties. Currently, the 2018 guidance for net income attributable to common shareholders is a range between $0.54 to $0.57 per diluted common share. This range is subject to change throughout the year.

During the quarter, we recognized $53 million of impairment charges and $23 million of gains related to property sales. The impairment charges were primarily attributable to two properties. We took a $25 million impairment charge on our FedEx office facility in Memphis, Tennessee, and wrote the asset down to its estimated fair value of approximately $50 million. Additionally, we took an $80 million impairment on our office property in Overland Park, Kansas, leased to Swiss Re through December 2018. The property is encumbered by a $33 million nonrecourse mortgage, which matures in May 2019, and we wrote the asset down to its estimated fair value of approximately $13 million.

Adjusted company FFO for the quarter was $62 million, or $0.25 per diluted common share, compared to $58 million, or $0.23 per diluted common share, for the same time period in 2017. The increase relates primarily to new acquisitions coming online as well as new leases. Our current Adjusted Company FFO payout ratio is 71%.

Same-store NOI for the quarter was approximately $75 million, up 0.2% when compared to the first quarter of 2017. Same-store percentage leased at the end of quarter was 96.5%, compared to 98.7% for the same time period in 2017. The decrease was primarily the result of the vacancy in our Memphis warehouse, which was previously leased to Sears.

Property operating expenses were $11.5 million, slightly lower than for the same time period in 2017. Leasing costs and tenant improvements were approximately $6.5 million during the quarter. We are budgeting approximately $19 million for these costs in 2018, although this amount could change as we address future leasing expirations and dispositions.

G&A expenses were approximately $9 million for the quarter. G&A for the first quarter included modest severance charges and annual board fees, which we always expense entirely in the first quarter. Our 2018 G&A budget is expected to be approximately $32 million. We continue to work towards simplifying our operations with a focus on lowering operating costs.

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Moving on to the balance sheet, at quarter end, we had $98 million of cash, including cash classified as restricted. Additionally, our consolidated debt outstanding was approximately $2 billion with a weighted-average interest rate of approximately 3.8% and a weighted-average term of just under 7 years.

Fixed charge coverage at the end of the quarter was approximately 2.8x and leverage decreased to 6.1x net debt to Adjusted EBITDA compared to 6.4x net debt to Adjusted EBITDA last quarter. During the quarter, we repaid $60 million on our revolving credit facility to end the quarter with $100 million outstanding a total of $405 million available.

At quarter end, we had outstanding mortgage debt of $690 million, with a weighted average interest rate of 4.6% and a weighted-average term of slightly over 10 years. Our unencumbered asset base was approximately $3.4 billion at the end of the quarter, which represented approximately 74% of our NOI as of March 31, 2018.

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

T. Wilson Eglin:

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

Operator

(Operator Instructions) The first question will come from Sheila McGrath of Evercore ISI.

Sheila McGrath:

Will, I was just wondering if you can give us your thoughts on accelerating the dispositions in office to more quickly moving the portfolio shift to industrial? And, how should we think about disposition volumes and cap rates for the year?

T. Wilson Eglin:

Sure. I think when we started the year, we gave guidance to about $250 million to $300 million of dispositions in mainly in office. So, with what we transacted in the first quarter, we were sort of right on schedule and second quarter would be I think about the same. With that said, we have good visibility on finishing our guidance earlier than we thought in the context of the whole year. And, as we've said, we do have an interest in going above and beyond that and speeding up the transition towards becoming more of a pure play on industrial. We don't have anything to say in terms of what dollar volume that may be as the year progresses, but we are working very hard on some transactions that could very well allow us to exceed guidance and, hopefully, next quarter we'll have some clarification on that.

In terms of overall cap rate, since we are moving beyond just trying to sell some of our shorter lease office assets and considering longer lease assets are, I think the cap rate range will probably tighten as the year progresses. We've indicated that on a cash basis, we'd be in sort of 7.5 to 8.25 area and for sure some of our office buildings can be transacted at sub 7.5.

5

Sheila McGrath:

Okay. Thank you. As a follow-up, on the industrial that you purchased after the end of the quarter, I was wondering if you could give us a little bit more detail, who was the seller? Describe the expansion opportunity in a little more detail and the cap rates on that?

Brendan Mullinix:

One of the terms of the sale was that we agreed with the seller that we would not disclose the identity of the seller or the cap rates. So, unfortunately, we can’t respond directly to those questions. The Sephora property does have the expansion that was noted in my prepared remarks, which would include an extension of the lease potentially depending on the remaining term of the lease and also an opportunity to enhance the yield.

Sheila McGrath:

Brendan, maybe you could just describe what the competition was. Was it a little bit more limited, because they wanted to sell the buildings together and so it's a higher purchase price? Just how was the competition for that purchase?

Brendan Mullinix:

Yes, that would be fair to say that it was not broadly marketed.

Sheila McGrath:

Okay, thank you.

Operator:

The next question is from Craig Mailman of KeyBank.

Laura Dickson:

Hi everyone, this is a Laura Dickson here as Craig. So, afollow-up on Sheila's question. Can you give us the pro forma, like, percent of industrial annualized base rents following the acquisition of these two assets?

Patrick Carroll:

On a proforma basis, I actually don’t have it in front of me, but the cash rents were about on an annual basis about $5 million.

Laura Dickson:

For both of them? Okay, and not sure I missed this, but given – oh sorry -- but with the acquisition activity, do you have an assumption for 2018 investment activity in guidance?

T. Wilson Eglin:

What we said in our guidance earlier was that basically, the difference between the upper end of the range and the lower end of the range depended on whether we would be utilizing disposition proceeds for acquisitions or simply deleveraging. So this acquisition is – right – absorbs a piece of our disposition guidance. There's one transaction that we're looking at of about $40 million that we think could make, but beyond that, I don't have any further visibility on acquisition activity.

6

Laura Dickson:

Okay, and then, just wanted to ask about the Clayco joint venture, an update on that?

Brendan Mullinix:

On the Clayco joint venture, we're continuing to get started with the buildout of the infrastructure. Looks like the demand in the market is still strong. There's about currently 16 users that are interested in build-to-suit opportunities of 250,000 or greater and about nine of those are sizes of 500,000 or greater. So, we are currently responding to RFPs.

Laura Dickson:

Okay, great. Thank you.

Operator:

The next question comes from John Guinee of Stifel.

John Guinee:

Great. Okay. First question, obviously, dispositions can go to de-lever, they can go to asset acquisitions or they can go to share repurchases, obviously, very reluctant to do share repurchases. But a related question on that, have you thought about just cutting the dividend? And if cut the dividend, how far could you cut it?

T. Wilson Eglin:

We haven't thought about cutting the dividend. But, we are over distributing right now relation to our taxable income, if that's your question.

John Guinee:

Well, it just seems as if you try to morph into becoming an industrial REIT, you're just being restricted by a very, very large payout and very little retention of cash because of the dividend and I'm not sure if the stock would go down if you cut it to the minimum.

T. Wilson Eglin:

I agree that in our trading price, right now, we don't seem to be getting much value for the dividend that we're paying. And, obviously, selling off and us investing in industrial is dilutive to cash flow, although, a lot of the Capex comes out of our cash flow as well. So, we think that in spite of the dilution, there is value for shareholders in continuing to make that shift. But, I think it's premature right now to think about what the distribution might be in context transition all the way to industrial, which would be still a pretty time-consuming process.

John Guinee:

And then second question, someone -- I didn't catch the name of the person who did this, but went through the '18 and '19 maturities, and if you could highlight those again. And then also, on FedEx, if you essentially sell it to FedEx at $50 million, what's essentially the implied cap rate on that sale? If I'm doing the math right, it looks like you've got about $7.1 million of net income.

7

T. Wilson Eglin:

Yes. So, in that calculation that's a high cap rate. But, a building that is of that age, to be able to sell it for $100 a foot, we think is good value for us given the short-term nature of the building and its age.

John Guinee:

Oh no, I'm just thinking about for modeling purposes. Okay, so you mentioned that's a 14 cap going out the door when you sell it to FedEx. Is that an '18 or '19 event?

T. Wilson Eglin:

Right now we contemplate it to be '18 event.

John Guinee:

And then Swiss Re goes back to the lender at $33 million the end of this year?

T. Wilson Eglin:

In all likelihood, yes.

John Guinee:

And, how about the other building in Kansas City, that other Swiss Re building?

T. Wilson Eglin:

We believe the likely outcome there is similar and that is the conveyance to the lender.

John Guinee:

Okay, and did you mention Owens Corning in Ohio?

James Dudley:

Owens Corning has short-term lease extensions and we expect that they'll extend again like they've done previously.

John Guinee:

Okay, great. Thank you very much.

Operator:

[Operator Instructions] The next question is from John Massocca of Ladenburg Thalmann. Please go ahead.

John Massocca:

Hi guys good morning. Any update on the Sears situation? It seems like you were going to fight their definition of the lease that allowed them to vacate. Has that changed at all?

Patrick Carroll:

The answer is it hasn’t changed. However, we took the conservative approach. We did take an impairment charge last year, and we are now showing the property as vacant, because they have moved out. But, we are pursuing them in a legal action.

8

John Massocca:

Understood. And, then it’s a bit smaller in the office but the industrial assets for the tenants that are not going to renew at the end of the year here in 2018, what's your thought process there on selling versus trying to release those assets?

James Dudley:

Well, I think our experience has been in some of these scenarios, we have user buyers that come along and want to overpay us for industrial property or pay us a very competitive amount. So, in those circumstances, we'd be inclined to sell the assets. But, we're also open to leasing. So, I think it's going to be a mixed bag of outcomes for the asset that have the vacancies upcoming this year, because you'll see some leasing and some sales.

John Massocca:

And, relative to where you're able to acquire industrial in the market today, would that potentially be accretive or is that kind of going to be a wash if you sell the assets?

T. Wilson Eglin:

It's a wash. Again, there will be different outcomes for different assets, but I view it as a wash.

John Massocca:

Okay, and then you mentioned your focus was shifting away from putting mortgage debt on office assets and more towards the disposition front. Is that because you're seeing any pushback from lenders in terms of LTVs? Or is that market is still...

T. Wilson Eglin:

If anything it's the other way that the financing is so good that we think it might support disposition activity at very good values for us.

John Massocca:

Essentially because other people are getting such good LTVs you think you can sell at attractive rates?

T. Wilson Eglin:

Yes, that was what made us shift our thinking about it.

John Massocca:

Okay, that’s it for me. Thank you guys very much.

Operator:

You're next question is from John Peterson of Jefferies. Please go ahead.

Jonathan Petersen:

Great. Thank. So, just curious as you shift towards industrial and we think about kind of valuing your portfolio, there's obviously been a couple of large transactions recently, Gramercy a couple of days ago, looks like the cap rate there was a low 6% and then we saw DCT was obviously, much lower than that, but I was just kind of curious as you think about the quality of your industrial portfolio versus some of these ones that are sold, maybe specifically thinking about Gramercy. How do you think your quality stacks up versus those comps?

9

T. Wilson Eglin:

Yes, we view the Gramercy industrial portfolio as most comparable to ours. So, our sort of, quick math is that piece of the transaction was valued at about 5.6% for Gramercy's industrial, which I thought was a very good data point for us and for interested parties trying to underwrite NAV.

Jonathan Petersen:

Do you see those this rise in M&A activity moving over to the office side and as you think about shifting to industrial, is there an opportunity for a larger, kind of, onetime portfolio transaction to reduce your exposure to office?

T. Wilson Eglin:

I think in this market there is the potential for that. Time will tell, but there's a lot of capital on the sidelines looking to be invested. And, if we have a chance to take advantage of that opportunity, its definitely something we'll be exporting.

Jonathan Petersen:

Okay, thank you for the color.

Operator:

The next question is a follow-up from John Guinee of Stifel. Please go ahead.

John Guinee:

Great. Just recite again which move outs you expect on the industrial portfolio?

James Dudley:

Sure, well there's actually been a little bit of a change. We though that there was a certain move out for our property in Duncan South Carolina but we are back in discussions with the tenant. So, it's unknown if for sure they're going to move out. Henderson, the Staples property, we know they're moving out. And, then the Plymouth, Indiana property, we know they're moving out.

John Guinee:

Okay, and then the back of the envelope, it looks like Sears and Memphis was only paying $2 of foot, is that an annual number?

James Dudley:

It was $2.04 a foot.

John Guinee:

And, what do you think the market is for that particular asset? Or, is it functionally challenged.

10

James Dudley:

It's functionally challenged. And, we're not exactly sure what it leases for at point. We've just kind of started that process.

Patrick Carroll:

Our base in the asset is $1.8 million.

John Guinee:

But you don't know what it would lease for?

James Dudley:

It’s a challenging asset. So, we're trying to feel out for the market for exactly what the value is for it.

John Guinee:

Okay, thanks.

Operator:

[Operator instructions] The next question is a follow-up from Sheila McGrath of Evercore. Please go ahead.

Sheila McGrath:

Yes, I was wondering, Will, if you could give us how you think the portfolio distribution will be by year-end, not assuming any major unforeseen portfolio sales or acquisitions, but just kind of on the current plan, what the mix might look like?

T. Wilson Eglin:

I think if we just execute the guidance that we laid out earlier in the year, and used the proceeds to purchase industrial, the NOI shifts more towards mid-50s from industrial and mid-40s-ish for office. We have our eye on transforming the portfolio more than that. But, I think we'd just update market participants as we have visibility on that.

Sheila McGrath:

Okay, and a second question is the AFFO payout ratio when looking versus the sector is reasonably conservative. I'm just wondering how -- what your thoughts are on dividend increases or given the portfolio shift if you'll just – your thought is maintain in the near term?

T. Wilson Eglin:

Yes, I mean given the fact that we're not getting much value for the current level of dividend, we don't have it in our mind to increase it. I think we're going to focus on changing the portfolio and improving its quality and changing the composition of the portfolio so there's not so much capex around sustaining occupancy in office.

Sheila McGrath:

Okay, thank you.

11

Operator:

This concludes our question-and-answer session. I would like to turn the conference back over to Will Eglin for closing remarks.

T. Wilson Eglin:

Well, thanks again for to all of you for joining us this morning. We appreciate your continued participation and support. If you would like to receive our quarterly supplemental package, please contact question, or you can find additional information on the company on our website at www.lxp.com. And, in addition, as always, you may contact me or the other members of our senior management team with any question's. Thanks again, and have a great day.

Operator:

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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