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, including dividend declarations to achieve a $0.41 per share annualized dividend, (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, 2019, (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.

New York, NY - February 27, 2019 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant industrial real estate investments, today announced results for the fourth quarter and year ended December 31, 2018.

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 “Through our targeted disposition and investment efforts in 2018, we increased our industrial exposure to 71% of our total gross book value at year end compared to 49% at year-end 2017. We were very active in our share buyback plan during the fourth quarter, bringing our total 2018 share repurchases to almost six million shares at an average price of $8.05 per share.

We remain focused on transitioning to a single-tenant net-leased industrial REIT, and our disposition plan contemplates the sale of primarily office and other non-core assets with this objective in mind. Proceeds from sales, available cash, and low leverage will provide further capital to fund industrial purchases and build-to-suit opportunities.

In connection with the repositioning of our portfolio and growth plans going forward, last year we announced that in 2019 we would revise our distribution policy in order to retain and reinvest as much of our cash flow as possible. We believe this is a prudent course which will enhance our earnings growth and net asset value per share over time. Accordingly, we announced today a new annualized dividend rate of $0.41 per common share.”

For the quarter ended December 31, 2018, total gross revenues were $87.3 million, compared with total gross revenues of $102.2 million for the quarter ended December 31, 2017. The decrease was primarily attributable to a decrease in revenue due to property sales, partially offset by 2018 and 2017 property acquisitions.

For the quarter ended December 31, 2018, net income attributable to common shareholders was $23.8 million, or $0.10 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2017 of $29.2 million, or $0.12 per diluted share.

For the quarter ended December 31, 2018, Lexington generated Adjusted Company FFO of $53.7 million, or $0.22 per diluted share, compared to Adjusted Company FFO for the quarter ended December 31, 2017 of $63.1 million, or $0.26 per diluted share.

As previously announced, during the fourth quarter of 2018, Lexington declared its quarterly common share/unit dividend/distribution for the quarter ended December 31, 2018 of $0.1775 per common share/unit, which was paid on January 15, 2019 to common shareholders/unitholders of record as of December 31, 2018. Lexington previously declared a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended December 31, 2018, which was paid February 15, 2019 to Series C Preferred shareholders of record as of January 31, 2019.

Today, Lexington declared its quarterly common share/unit dividend/distribution for the quarter ended March 31, 2019 in the amount of $0.1025 per common share/unit, which will be paid on April 15, 2019 to common shareholders/unitholders of record as of March 29, 2019. Lexington previously declared a dividend of $0.8125 per share on its Series C Preferred for the quarter ended March 31, 2019, which will be paid on May 15, 2019, to Series C Preferred shareholders of record as of April 30, 2019.

Including fourth quarter acquisition activity, consolidated 2018 acquisition activity totaled $315.6 million at average GAAP and cash capitalization rates of 6.5% and 5.3%, respectively.

In addition, a vacant retail property in San Diego, California was transferred to its ground owner and Lexington received $4.3 million from the sale of a six-property non-consolidated office portfolio.

Including fourth quarter disposition activity, consolidated 2018 property disposition volume totaled $1.1 billion at average GAAP and cash capitalization rates of 8.9% and 8.4%, respectively.

As a result of 2018 transactions, Lexington's total gross book value attributable to industrial assets accounts for 71.1% of total consolidated real estate gross book value at December 31, 2018 compared to 49.3% at December 31, 2017. Rental revenue attributable to industrial assets increased to 65.4% of total consolidated rental revenue as of December 31, 2018 from 44.3% as of December 31, 2017.

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

During the fourth quarter, Lexington fully repaid the remaining $149.0 million outstanding on its 2020 term loan and satisfied $7.9 million of non-recourse debt.

Also in the fourth quarter, Lexington's Board of Trustees increased the amount of common shares available for repurchase under its repurchase authorization initially announced on July 2, 2015 by 10.0 million common shares. Lexington repurchased and retired 3,979,597 common shares at an average price of $8.07 per share, bringing the total 2018 repurchases to 5,851,252 common shares at an average price of $8.05 per share. Subsequent to December 31, 2018, Lexington repurchased and retired 441,581 common shares at an average price of $8.13 per share. As of February 27, 2019, there were 10,306,255 common shares available for repurchase.

Subsequent to December 31, 2018, Lexington replaced its revolving credit facility and the 2021 term loan with a new revolving credit facility and the continuation of the 2021 term loan, which extended the maturity of the revolving credit facility to February 2023 and reduced the applicable margin rates on the revolving credit facility and 2021 term loan.

Lexington estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2019 will be within an expected range of $1.36 to $1.40. Lexington estimates that its Adjusted Company FFO for the year ended December 31, 2019 will be within an expected range of $0.75 to $0.79 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

Lexington will host a conference call today February 27, 2019, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended December 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 May 27, 2019, 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 10128738. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

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 industrial 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.

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, including dividend declarations to achieve a $0.41 per share annualized dividend, (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, 2019, (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 REIT, (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 has filed 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 or 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.

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Press 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 rent 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 (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.” 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 estimated 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.

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.

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.

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.

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.

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 three comparable reporting periods. As Same-Store NOI excludes the change in NOI from acquired and disposed of 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.

Bank of America/Merrill Lynch
James Feldman	(646) 855-5808

Barclays Capital
Ross L. Smotrich	(212) 526-2306

D.A. Davidson
Barry Oxford	(212) 240-9871

Evercore Partners
Sheila K. McGrath	(212) 497-0882

J.P. Morgan Chase
Anthony Paolone	(212) 622-6682

Jeffries & Company, Inc.
Jon Peterson	(212) 284-1705

KeyBanc Capital Markets Inc.
Craig Mailman	(917) 368-2316

Ladenburg Thalmann & Co., Inc.
John Massocca	(212) 409-2543

Stifel Nicolaus
John W. Guinee	(443) 224-1307

Wells Fargo Securities, LLC
Todd J. Stender	(562) 637-1371

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

	99.1	Quarterly Supplemental Information, Fourth Quarter 2018.

	99.2	February 27, 2019 Conference Call Transcript.

	Lexington Realty Trust

Date: February 28, 2019	By:	/s/ Patrick Carroll
		Patrick Carroll
		Chief Financial Officer

Section		Page

Fourth Quarter 2018 Earnings Press Release		3

Portfolio Data
Investment / Capital Recycling Summary		15
Financing Summary		16
Leasing Summary		17
Other Revenue Data		19
Portfolio Detail by Asset Class		21
Portfolio Composition		22
Components of Net Asset Value		23
Portfolio Concentration		24
Tenant Industry Diversification		27
Top 15 Tenants or Guarantors		29
Lease Rollover Schedules – GAAP Basis		30
Property Leases and Vacancies		32
Select Credit Metrics Summary		40
Financial Covenants		41
Mortgages and Notes Payable		42
Debt Maturity Schedule		43
Selected Balance Sheet Account Data		44
Non-GAAP Measures – Definitions		45
Reconciliation of Non-GAAP Measures		47
Investor Information		51

Primary Tenant⁽¹⁾	Location	Sq. Ft. (Approx.)		Property Type	Initial Basis ($000)		Approximate Lease Term (Yrs)
Blue Buffalo	Goodyear, AZ		540,349	Industrial	$	41,372	7
Philip Morris	Chester, VA		1,034,470	Industrial		66,311	12
			1,574,819		$	107,683

Primary Tenant	Location	Property Type	Gross Disposition Price ($000)		Annualized Net Income (Loss)⁽¹⁾ ($000)			Annualized NOI⁽¹⁾ ($000)			Month of Disposition	% Leased
Oregon Research Institute	Eugene, OR	Office	$	16,000	$	2,098		$	1,832		October		100	%
Alstom Power	Knoxville, TN	Office		16,000		1,262			1,249		November		100	%
Vacant	Manteca, CA	Other		2,700		967			381		November		0	%
Delhaize	Jefferson, NC	Other		1,550		156			160		December		100	%
Vacant	Wallingford, CT	Office		1,050		(222	)		(179	)	December		0	%
Vacant	Florence, SC	Office		1,838		(320	)		325		December		0	%
Kingsport Power	Kingsport, TN	Office		3,400		287			310		December		100	%
Federal Express	Memphis, TN	Office		50,800		6,844			7,101		December		100	%
			$	93,338	$	11,072		$	11,179

	Three months ended December 31,						Twelve months ended December 31,
	2018			2017			2018			2017
Gross revenues:
Rental	$	80,745		$	93,909		$	364,731		$	359,832
Tenant reimbursements		6,506			8,260			30,608			31,809
Total gross revenues		87,251			102,169			395,339			391,641
Expense applicable to revenues:
Depreciation and amortization		(38,498	)		(45,262	)		(168,191	)		(173,968	)
Property operating		(9,614	)		(12,410	)		(42,675	)		(49,194	)
General and administrative		(7,763	)		(8,597	)		(31,662	)		(34,158	)
Litigation settlement		—			—			—			(2,050	)
Non-operating income		1,825			5,381			3,491			10,378
Interest and amortization expense		(16,656	)		(20,055	)		(79,880	)		(77,883	)
Debt satisfaction gains (charges), net		(368	)		3,818			(2,596	)		6,196
Impairment charges and loan losses		(4,953	)		(1,419	)		(95,813	)		(44,996	)
Gains on sales of properties		13,336			8,350			252,913			63,428
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities		24,560			31,975			230,926			89,394
Provision for income taxes		(402	)		(743	)		(1,728	)		(1,917	)
Equity in earnings (losses) of non-consolidated entities		1,516			216			1,708			(848	)
Net income		25,674			31,448			230,906			86,629
Less net income attributable to noncontrolling interests		(266	)		(598	)		(3,491	)		(1,046	)
Net income attributable to Lexington Realty Trust shareholders		25,408			30,850			227,415			85,583
Dividends attributable to preferred shares – Series C		(1,572	)		(1,572	)		(6,290	)		(6,290	)
Allocation to participating securities		(40	)		(43	)		(287	)		(226	)
Net income attributable to common shareholders	$	23,796		$	29,235		$	220,838		$	79,067
Net income attributable to common shareholders – per common share basic	$	0.10		$	0.12		$	0.93		$	0.33
Weighted-average common shares outstanding – basic		233,963,608			238,131,814			236,666,375			237,758,408
Net income attributable to common shareholders – per common share diluted	$	0.10		$	0.12		$	0.93		$	0.33
Weighted-average common shares outstanding – diluted		238,292,912			241,821,194			240,810,990			241,537,837

	2018			2017
Assets:
Real estate, at cost	$	3,090,134		$	3,936,459
Real estate - intangible assets		419,612			599,091
		3,509,746			4,535,550
Less: accumulated depreciation and amortization		954,087			1,225,650
Real estate, net		2,555,659			3,309,900
Assets held for sale		63,868			2,827
Cash and cash equivalents		168,750			107,762
Restricted cash		8,497			4,394
Investment in and advances to non-consolidated entities		66,183			17,476
Deferred expenses, net		15,937			31,693
Rent receivable – current		3,475			5,450
Rent receivable – deferred		58,692			52,769
Other assets		12,779			20,749
Total assets	$	2,953,840		$	3,553,020

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	570,420		$	689,810
Revolving credit facility borrowings		—			160,000
Term loans payable, net		298,733			596,663
Senior notes payable, net		496,034			495,198
Trust preferred securities, net		127,296			127,196
Dividends payable		48,774			49,504
Liabilities held for sale		386			—
Accounts payable and other liabilities		30,790			38,644
Accrued interest payable		4,523			5,378
Deferred revenue - including below market leases, net		20,531			33,182
Prepaid rent		9,675			16,610
Total liabilities		1,607,162			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, 235,008,554 and 240,689,081 shares issued and outstanding in 2018 and 2017, respectively		24			24
Additional paid-in-capital		2,772,855			2,818,520
Accumulated distributions in excess of net income		(1,537,100	)		(1,589,724	)
Accumulated other comprehensive income		76			1,065
Total shareholders’ equity		1,329,871			1,323,901
Noncontrolling interests		16,807			16,934
Total equity		1,346,678			1,340,835
Total liabilities and equity	$	2,953,840		$	3,553,020

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2018		2017		2018		2017
EARNINGS PER SHARE:

Basic:
Net income attributable to common shareholders	$	23,796	$	29,235	$	220,838	$	79,067

Weighted-average common shares outstanding - basic		233,963,608		238,131,814		236,666,375		237,758,408

Net income attributable to common shareholders - per common share basic	$	0.10	$	0.12	$	0.93	$	0.33

Diluted:
Net income attributable to common shareholders - basic	$	23,796	$	29,235	$	220,838	$	79,067
Impact of assumed conversions		21		338		2,528		147
Income from continuing operations attributable to common shareholders	$	23,817	$	29,573	$	223,366	$	79,214

Weighted-average common shares outstanding - basic		233,963,608		238,131,814		236,666,375		237,758,408
Effect of dilutive securities:
Unvested share-based payment awards and options		723,120		57,731		528,495		86,285
Operating Partnership Units		3,606,184		3,631,649		3,616,120		3,693,144
Weighted-average common shares outstanding - diluted		238,292,912		241,821,194		240,810,990		241,537,837

Net income attributable to common shareholders - per common share diluted	$	0.10	$	0.12	$	0.93	$	0.33

	Twelve Months Ended December 31, 2019
	Range
Estimated:
Net income attributable to common shareholders per diluted common share⁽¹⁾	$	1.36		$	1.40
Depreciation and amortization		0.56			0.56
Impact of capital transactions		(1.17	)		(1.17	)
Estimated Adjusted Company FFO per diluted common share	$	0.75		$	0.79

CAPITAL RECYCLING
PROPERTY DISPOSITIONS
	Primary Tenant	Location		Property Type	Gross Disposition Price ($000)		Annualized Net Income (Loss) ($000) ⁽²⁾			Annualized NOI ($000)⁽²⁾⁽³⁾			Month of Disposition	% Leased			Gross Disposition Price PSF
1	Oregon Research Institute	Eugene	OR	Office	$	16,000	$	2,098		$	1,832		October		100	%	$	199.97
2	Alstom Power	Knoxville	TN	Office		16,000		1,262			1,249		November		100	%		189.56
3	Vacant ⁽⁴⁾	Manteca	CA	Other		2,700		967			381		November		0	%		25.12
4	Delhaize	Jefferson	NC	Other		1,550		156			160		December		100	%		44.86
5	Vacant	Wallingford	CT	Office		1,050		(222	)		(179	)	December		0	%		23.65
6	Vacant	Florence	SC	Office		1,838		(320	)		325		December		0	%		10.41
7	Kingsport Power	Kingsport	TN	Office		3,400		287			310		December		100	%		79.49
8	Federal Express	Memphis	TN	Office		50,800		6,844			7,101		December		100	%		97.45

8	TOTAL PROPERTY DISPOSITIONS ⁽⁵⁾				$	93,338	$	11,072		$	11,179

NON-CONSOLIDATED DISPOSITION

	Primary Tenant	Location	Property Type	Gross Disposition Price ($000)		Annualized Net Income ($000) ⁽²⁾		Annualized NOI ($000)⁽²⁾⁽³⁾		Month of Disposition	% Leased			Gross Disposition Price PSF
6	BluePearl ⁽⁶⁾	Various	Office	$	46,100	$	1,025	$	2,870	December		100.0	%	$	465.66

LEASE EXTENSIONS
	Tenant ⁽³⁾	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⁾⁽²⁾		Prior Cash Rent Per Annum ($000)⁽²⁾
	Industrial
1	Teasdale	Carrollton	TX	03/2025	12/2033		298,653	$	1,297	$	1,180	$	1,179	$	1,131

1	Total industrial lease extensions						298,653	$	1,297	$	1,180	$	1,179	$	1,131

	Office

1	CaremarkPCS	Knoxville	TN	05/2020	05/2027		59,748	$	845	$	773	$	822	$	807
2	N/A	Indianapolis	IN	02/2019	05/2019		3,764		75		72		75		72

2	Total office lease extensions						63,512	$	920	$	845	$	897	$	879

3	TOTAL EXTENDED LEASES						362,165	$	2,217	$	2,025	$	2,076	$	2,010

NEW LEASES
	Tenant ⁽³⁾	Location		Lease Expiration Date	Sq. Ft.	New GAAP Rent Per Annum ($000)⁽¹⁾		New Cash Rent Per Annum ($000)⁽¹⁾⁽²⁾
	Office / Multi-tenant Office
1	Argosy Education	Phoenix	AZ	05/2024	27,470	$	494	$	494
2	N/A	Farmers Branch	TX	04/2024	2,937		46		47
3	CardWorks	Orlando	FL	09/2029	59,927		881		1,019

3	Total office new leases				90,334	$	1,421	$	1,560

6	TOTAL NEW AND EXTENDED LEASES				452,499	$	3,638	$	3,636

NEW VACANCY ⁽⁴⁾
	Former Tenant	Location		Lease Expiration Date	Sq. Ft.		2018 GAAP Rent ($000)		2018 Cash Rent ($000)⁽²⁾
	Industrial
1	Staples	Henderson	NC	12/2018		196,946	$	869	$	886
2	Bay Valley Foods	Plymouth	IN	12/2018		300,500		856		856
2	Total industrial vacancy					497,446	$	1,725	$	1,742

	Office
1	Swiss Re	Overland Park	KS	12/2018		320,198	$	5,419	$	5,401
1	Total office vacancy					320,198	$	5,419	$	5,401

	Other
1	Kmart ⁽⁵⁾⁽⁶⁾	Watertown	NY	01/2019		120,727	$	525	$	112
2	Kmart ⁽⁵⁾	Fairlea	WV	01/2019		90,933		297		79
2	Total other vacancy					211,660	$	822	$	191

5	TOTAL VACANCY					1,029,304	$	7,966	$	7,334

	GAAP Rent
Asset Class	Twelve months ended
	12/31/18 ⁽¹⁾⁽⁴⁾		12/31/18 Percentage			12/31/17 Percentage ⁽⁵⁾
Industrial	$	187,904		65.4	%		44.3	%
Office		94,818		33.0	%		53.3	%
Other		4,605		1.6	%		2.4	%
	$	287,327		100.0	%		100.0	%

	GAAP Rent
Credit Ratings ⁽²⁾	Twelve months ended
	12/31/18 ⁽¹⁾⁽⁴⁾		12/31/18 Percentage			12/31/17 Percentage
Investment Grade	$	112,242		39.1	%		40.1	%
Non-Investment Grade		54,716		19.0	%		15.5	%
Unrated		120,369		41.9	%		44.4	%
	$	287,327		100.0	%		100.0	%

Weighted-Average Lease Term - Cash Basis		As of 12/31/18		As of 12/31/17
		8.9 years		9.1 years

Rent Estimates for Current Assets

Year	GAAP ⁽³⁾		Cash ⁽³⁾		Difference
2019	$	284,640	$	270,557	$	(14,083	)
2020		264,419		253,660		(10,759	)

Same-Store Percent Leased ⁽²⁾		As of 12/31/18				As of 12/31/17				As of 12/31/16
			92.1	%			98.9	%			99.1	%

Asset Class	YE 2016 ⁽¹⁾			YE 2017 ⁽¹⁾			YE 2018

Industrial
% of Cost ⁽²⁾		42.2	%		49.3	%		71.1	%
% of ABR ⁽³⁾		40.8	%		44.3	%		65.4	%
Leased		98.2	%		99.9	%		96.3	%
Wtd. Avg. Lease Term ⁽⁴⁾		10.3			10.5			9.6
Mortgage Debt	$	240,790		$	193,529		$	206,006
% Investment Grade ⁽³⁾		25.4	%		28.4	%		31.6	%
Square Feet		28,908,037			36,071,422			41,447,962

Office
% of Cost ⁽²⁾		53.6	%		48.0	%		27.2	%
% of ABR ⁽³⁾		55.4	%		53.3	%		33.0	%
Leased		90.7	%		96.8	%		91.4	%
Wtd. Avg. Lease Term ⁽⁴⁾		7.0			7.5			6.5
Mortgage Debt	$	501,534		$	502,829		$	369,508
% Investment Grade ⁽³⁾		47.0	%		51.1	%		55.4	%
Square Feet		13,032,223			11,583,316			5,683,808

Other
% of Cost ⁽²⁾		4.2	%		2.7	%		1.7	%
% of ABR ⁽³⁾⁽⁵⁾		3.8	%		2.4	%		1.6	%
Leased		97.2	%		87.3	%		30.0	%
Wtd. Avg. Lease Term ⁽⁴⁾		13.7			18.0			30.5
Mortgage Debt	$	2,849		$	710		$	-
% Investment Grade ⁽³⁾		16.8	%		12.0	%		9.4	%
Square Feet		1,384,037			959,324			427,780

Loans Receivable	$	94,210		$	-		$	-
Construction in progress ⁽⁶⁾	$	111,771		$	4,219		$	1,840

Consolidated properties twelve month net operating income (NOI) ⁽¹⁾
Industrial	$	161,342
Office		78,557
Other		2,522
Total Net Operating Income	$	242,421

Lexington's share of non-consolidated twelve month NOI ⁽¹⁾
NNN OFFICE JV
Office ⁽²⁾	$	3,618
OTHER JV
Other	$	1,828

Other income
Advisory fees	$	1,632


In service assets not fairly valued by capitalized NOI method ⁽¹⁾
Wholly-owned assets acquired in 2018	$	313,187
Wholly-owned assets less than 70% leased	$	53,925

Add other assets:
Assets held for sale	$	63,868
Construction in progress		1,840
Developable land		4,975
Cash and cash equivalents		168,750
Restricted cash		8,497
Accounts receivable		3,475
Other assets		12,779
Total other assets	$	264,184

Liabilities:
Corporate level debt (face amount)	$	929,120
Mortgages and notes payable (face amount)		575,514
Dividends payable		48,774
Liabilities held for sale		386
Accounts payable, accrued expenses and other liabilities		44,988
Preferred stock, at liquidation value		96,770
Lexington's share of non-consolidated mortgages		108,543
Total deductions	$	1,804,095

Common shares & OP units at 12/31/2018		238,586,058

	Markets ⁽²⁾	Percent of GAAP Rent as of 12/31/18 ⁽¹⁾⁽⁴⁾
1	Houston, TX		10.6	%
2	Memphis, TN		5.5	%
3	Kansas City, MO		5.3	%
4	Detroit, MI		4.8	%
5	Kennewick, WA		4.6	%
6	New York, NY		3.9	%
7	Nashville, TN		3.3	%
8	Dallas, TX		3.2	%
9	Philadelphia, PA		2.8	%
10	Atlanta, GA		2.4	%
11	San Jose, CA		2.3	%
12	Jackson, MS		2.2	%
13	Phoenix, AZ		1.7	%
14	Indianapolis, IN		1.7	%
15	Columbus, IN		1.6	%
16	St. Louis, MO		1.6	%
17	Greenville, SC		1.5	%
18	Champaign, IL		1.5	%
19	Columbus, OH		1.4	%
20	Charlotte, NC		1.4	%
	Total Consolidated Portfolio Concentration ⁽³⁾		63.3	%

Tenants or Guarantors ⁽⁵⁾	Property Type	Lease Expirations	Number of Leases	Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio ⁽²⁾⁽³⁾			GAAP Rent as of 12/31/2018 ($000) ⁽¹⁾⁽⁴⁾		Percent of GAAP Rent as of 12/31/2018 ($000) ^(1)(2)(4)
Dow	Office	2036	1		664,100		1.5	%	$	14,850		5.3	%
Preferred Freezer	Industrial	2035	1		456,412		1.0	%		13,133		4.7	%
Nissan	Industrial	2027	2		2,971,000		6.6	%		12,810		4.6	%
Dana	Industrial	2021-2026	7		2,053,359		4.5	%		9,942		3.6	%
United States of America	Office	2022 & 2027	2		329,229		0.7	%		8,039		2.9	%
Undisclosed ⁽⁶⁾	Industrial	2031-2035	3		1,090,383		2.4	%		7,138		2.6	%
Watco	Industrial	2038	1		132,449		0.3	%		6,773		2.4	%
Xerox	Office	2023	1		202,000		0.4	%		6,642		2.4	%
Techtronic Industries ⁽⁷⁾	Industrial	2025 & 2036	2		1,785,022		3.9	%		6,507		2.3	%
Morgan Lewis	Office	2021	1		289,432		0.6	%		6,309		2.3	%
T-Mobile USA	Office	2019-2029	5		385,854		0.9	%		5,856		2.1	%
Undisclosed ⁽⁸⁾	Industrial	2023-2027	3		2,132,290		4.7	%		5,528		2.0	%
FedEx	Industrial	2028	1		140,330		0.3	%		5,135		1.8	%
Michelin	Industrial	2019 & 2020	2		1,759,346		3.9	%		4,856		1.7	%
General Electric ⁽⁹⁾	Industrial/Office	2019 & 2024	2		950,427		2.1	%		4,752		1.7	%
			34		15,341,633		33.9	%	$	118,270		42.6	%

Year	Number of Leases Expiring		GAAP Rent as of 12/31/2018		Percent of GAAP Rent as of 12/31/2018			Percent of GAAP Rent as of 12/31/2017
2019		6	$	6,182		3.4	%		3.9	%
2020		9		11,520		6.2	%		7.2	%
2021		9		11,622		6.3	%		5.5	%
2022		1		1,343		0.7	%		0.9	%
2023		3		2,088		1.1	%		1.3	%
2024		9		12,888		7.0	%		6.5	%
2025		9		12,397		6.7	%		8.0	%
2026		9		13,248		7.2	%		8.4	%
2027		8		24,667		13.4	%		9.8	%
2028		4		11,755		6.4	%		6.2	%
Thereafter		25		76,669		41.6	%		40.2	%

Total ⁽¹⁾		92	$	184,379		100.0	%

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 12/31/2018 ($000) (3)		Cash Rent as of 12/31/2018 ($000) (2)		12/31/2018 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
Single-tenant
2019	MTM	749 Southrock Dr.	Rockford	IL	20	Jacobson Warehouse		150,000		471		540		-		-
	10/17/2019	10345 Philipp Pkwy.	Streetsboro	OH	—	L'Oreal USA		649,250		2,611		2,817		16,565		09/2019
	12/31/2019	191 Arrowhead Dr.	Hebron	OH	22	Owens Corning		250,410		570		570		-		-
		200 Arrowhead Dr.	Hebron	OH	22	Owens Corning		400,522		912		912		-		-
		2415 US Hwy. 78 East	Moody	AL	—	Michelin		595,346		1,408		1,450		-		-
2020	1/31/2020	101 Michelin Dr.	Laurens	SC	—	Michelin		1,164,000		3,448		3,448		-		-
	5/31/2020	359 Gateway Dr.	Lavonia	GA	—	TI Automotive		133,221		952		1,200		6,647		12/2020
	6/30/2020	1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics		772,450		1,345		1,347		-		-
		3102 Queen Palm Dr.	Tampa	FL	—	Time		229,605		1,234		1,351		-		-
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com		107,400		422		451		-		-
	12/19/2020	1901 Ragu Dr.	Owensboro	KY	6	Unilever		443,380		1,493		1,288		-		-
	12/31/2020	2203 Sherrill Dr.	Statesville	NC	—	Geodis America		639,800		2,493		2,463		-		-
2021	3/31/2021	2455 Premier Row	Orlando	FL	—	Walgreen Co.		205,016		786		508		-		-
	5/31/2021	291 Park Center Dr.	Winchester	VA	—	Kraft Heinz		344,700		1,421		1,416		-		-
	6/30/2021	11624 S. Distribution Cv.	Olive Branch	MS	—	Hamilton Beach		1,170,218		2,760		2,222		-		-
	9/30/2021	3820 Micro Dr.	Millington	TN	—	Ingram Micro		701,819		1,812		1,874		-		-
	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana		150,945		1,747		2,027		-		-
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing		423,280		1,356		1,437		-		-
	12/31/2021	3686 South Central Ave.	Rockford	IL	—	Pierce Packaging		93,000		316		316		-		-
2022	3/31/2022	5417 Campus Dr.	Shreveport	LA	—	Tire Rack		257,849		1,343		1,403		-		-
2023	2/28/2023	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Industries		268,104		906		891		-		-
	8/31/2023	10535 Red Bluff Rd.	Pasadena	TX	—	Unis		257,835		446		435		-		-
	12/31/2023	120 Southeast Pkwy. Dr.	Franklin	TN	—	United Technologies		289,330		736		736		-		-
2024	1/31/2024	1285 W. State Road 32	Lebanon	IN	—	Continental Tire		741,880		2,281		2,241		-		-
	3/31/2024	1520 Lauderdale Memorial Hwy.	Cleveland	TN	—	General Electric		851,370		2,568		2,614		-		-
	4/30/2024	113 Wells St.	North Berwick	ME	—	United Technologies		993,685		1,798		1,962		381		04/2019
	5/31/2024	901 East Bingen Point Way	Bingen	WA	—	Boeing		124,539		2,636		2,606		-		-
	7/31/2024	5795 North Blackstock Road	Spartanburg	SC	—	Wal-Mart		341,660		602		585		-		-
	9/30/2024	1621 Veterans Memorial Pkwy. E	Lafayette	IN	—	Caterpillar		309,400		1,215		1,204		-		-
	10/31/2024	43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive		311,612		1,591		1,520		-		-
		2115 East Belt Line Rd.	Carrollton	TX	—	L.E. Klein		58,202		69		52		-		-
2025	6/30/2025	10000 Business Blvd.	Dry Ridge	KY	—	Dana		336,350		1,346		1,346		-		-

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 12/31/2018 ($000) (3)		Cash Rent as of 12/31/2018 ($000) (2)		12/31/2018 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
Single-tenant
2019	1/31/2019	820 Gears Rd.	Houston	TX	—	Ricoh		78,895		1,181		1,180		-		-
	4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Swiss Re		155,925		2,558		2,558		15,272		05/2019
	5/31/2019	10475 Crosspoint Blvd.	Indianapolis	IN	—	DMC Insurance		3,764		72		72		-		-
	10/31/2019	10475 Crosspoint Blvd.	Indianapolis	IN	—	John Wiley		123,047		2,269		2,350		-		-
		9601 Renner Blvd.	Lenexa	KS	—	T-Mobile USA		77,484		1,142		1,522		8,153		12/2019
	12/31/2019	2800 Waterford Lake Dr.	Midlothian	VA	10	Alstom Power		99,057		2,184		2,359		-		-
2020	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	—	Oce - USA Holding		143,290		2,244		2,500		18,785		02/2020
	6/30/2020	3711 San Gabriel	Mission	TX	—	T-Mobile West		75,016		989		997		-		-
	8/31/2020	133 First Park Dr.	Oakland	ME	—	T-Mobile USA		78,610		1,147		1,512		8,138		10/2020
2021	1/31/2021	1701 Market St.	Philadelphia	PA	—	Morgan Lewis		289,432		4,299		4,505		-		-
	3/31/2021	1701 Market St.	Philadelphia	PA	—	Prime Communications		1,220		62		62		-		-
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	NJ Natural Gas		157,511		3,774		3,774		8,847		01/2021
		2050 Roanoke Rd.	Westlake	TX	—	Charles Schwab		130,199		2,069		2,134		-		-
	8/31/2021	3500 North Loop Rd.	McDonough	GA	11	TSYS		62,218		958		1,211		-		-
	10/31/2021	1401 Nolan Ryan Expy.	Arlington	TX	—	Butler America Aerospace		4,979		14		14		-		-
	11/30/2021	29 South Jefferson Rd.	Whippany	NJ	—	CAE		123,734		2,332		2,555		12,156		11/2021
2022	5/30/2022	13651 McLearen Rd.	Herndon	VA	—	United States of America		159,644		3,135		3,220		-		-
	7/31/2022	1440 E 15th St.	Tucson	AZ	—	CoxCom		28,591		561		561		-		-
	10/31/2022	4455 American Way	Baton Rouge	LA	—	New Cingular Wireless		70,100		1,165		1,125		-		-
2023	9/30/2023	1701 Market St.	Philadelphia	PA	—	CBC Restaurant		8,070		219		229		-		-
	10/31/2023	3943 Denny Ave.	Pascagoula	MS	—	Huntington Ingalls		94,841		593		593		-		-
	12/14/2023	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox		202,000		6,642		7,070		32,188		12/2023
2024	2/14/2024	1362 Celebration Blvd.	Florence	SC	—	MED3000		32,000		573		576		-		-
	5/31/2024	3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo		169,083		1,960		1,914		-		-

	12/31/2018

Adjusted Company FFO Payout Ratio		74.0	%

Unencumbered Assets		$2.8 billion

Unencumbered NOI		71.5	%

(Debt + Preferred) / Gross Assets		40.3	%

Debt/Gross Assets		37.8	%

Secured Debt / Gross Assets		14.5	%

Net Debt / Adjusted EBITDA		4.7	x

(Net Debt + Preferred) / Adjusted EBITDA		5.0	x

Credit Facilities Availability ⁽²⁾		$505.0 million

Unsecured Debt / Unencumbered NOI		4.9	x

	Must be:			12/31/2018
Bank Loans:

Maximum Leverage		< 60	%		42.0	%
Fixed Charge Coverage		> 1.5	x		2.5	x
Recourse Secured Indebtedness Ratio		< 10% cap value			0.0	%
Secured Indebtedness Ratio		< 45	%		19.5	%
Unsecured Debt Service Coverage		> 2.0	x		5.0	x
Unencumbered Leverage		< 60	%		29.0	%

Bonds:

Debt to Total Assets		< 60	%		38.6	%
Secured Debt to Total Assets		< 40	%		14.8	%
Debt Service Coverage		> 1.5	x		3.9	x
Unencumbered Assets to Unsecured Debt		> 150	%		326.6	%

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)	Current Estimated Annual Debt Service ($000)^(b)		Balloon Payment ($000)
INDUSTRIAL
North Berwick, ME		$	381		3.560	%	04/2019	$	383	$	-
Streetsboro, OH			16,565		5.749	%	09/2019		858		16,338
Lavonia, GA			6,647		5.460	%	12/2020		741		5,895
Chester, SC			6,569		5.380	%	08/2025		1,144		362
Richland, WA			110,000		4.000	%	01/2026		4,400		99,492
Long Island City, NY			39,994		3.500	%	03/2028		4,879		-
Warren, MI			25,850		5.380	%	11/2032		1,391		22,037
Industrial Subtotal/Wtg. Avg./Years Remaining ^(c)		$	206,006		4.307	%	7.6	$	13,796	$	144,124

OFFICE
Overland Park, KS		$	32,112		5.891	%	05/2019	$	1,040	$	31,812
Kansas City, MO			15,272		5.883	%	05/2019		391		15,179
Columbus, IN			7,301		2.210	%	07/2019		2,386		4,993
Lenexa, KS			8,153		6.270	%	12/2019		671		7,770
Boca Raton, FL			18,785		6.470	%	02/2020		1,542		18,414
Oakland, ME			8,138		5.930	%	10/2020		750		7,660
Wall, NJ			8,847		6.250	%	01/2021		3,774		-
Charleston, SC			6,878		5.850	%	02/2021		520		6,632
Whippany, NJ			12,156		6.298	%	11/2021		1,344		10,400
Palo Alto, CA			32,188		3.970	%	12/2023		7,059		-
Lenexa, KS			31,698		3.700	%	11/2027		3,187		10,000
Lake Jackson, TX			187,980		4.040	%	10/2036		12,408		11,305
Office Subtotal/Wtg. Avg./Years Remaining ^(c)		$	369,508		4.581	%	10.6	$	35,072	$	124,165

Subtotal/Wtg. Avg./Years Remaining ^(c)		$	575,514		4.483	%	9.5	$	48,868	$	268,289

Corporate ^(d)
Revolving Credit Facility	(h)	$	-		-		08/2019	$	-	$	-
Term Loan	(e)		300,000		2.662	%	01/2021		10,491		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	(f)		129,120		4.220	%	04/2037		5,525		129,120
Subtotal/Wtg. Avg./Years Remaining ^(c)		$	929,120		3.773	%	5.8	$	37,641	$	929,120
Total/Wtg. Avg./Years Remaining ^(c)	(g)	$	1,504,634		4.045	%	7.2	$	86,509	$	1,197,409

Consolidated Properties
Year	Mortgage Scheduled Amortization		Mortgage Balloon Payments		Corporate Debt
2019	$	25,795	$	76,092	$	-
2020		23,174		31,969		-
2021		23,433		17,032		300,000
2022		22,120		-		-
2023		23,998		-		250,000
	$	118,520	$	125,093	$	550,000

Other assets	$	12,779

The components of other assets are:

Deposits	$	933
Equipment		462
Prepaids		960
Other receivables		1,778
Deferred lease incentives		8,570
Interest rate swap derivative asset		76

Accounts payable and other liabilities

The components of accounts payable and other liabilities are:	$	30,790

Accounts payable and accrued expenses	$	17,985
CIP accruals and other		1,850
Taxes		367
Deferred lease costs		8,380
Deposits		1,381
Escrows		699
Transaction costs		128

	Twelve months ended December 31, 2018

Cash Rent Reconciliation:

Rental revenue as reported	$	364,731

Rental revenue from sold properties		(73,820	)
Lease termination income		(2,755	)

GAAP rent per supplement		288,156

GAAP rent adjustments: ⁽¹⁾
Straight-line adjustments		(16,249	)
Lease incentives		916
Amortization of above/below market leases		(16	)

Cash rent per supplement	$	272,807

	GAAP Balance		Deferred Loan Costs, net		Discounts		Gross Balance

Mortgages and notes payable ⁽²⁾	$	570,420	$	5,094	$	-	$	575,514
Term loans payable ⁽³⁾		298,733		1,267		-		300,000
Senior notes payable⁽³⁾		496,034		2,731		1,235		500,000
Trust preferred securities ⁽³⁾		127,296		1,824		-		129,120
Consolidated debt	$	1,492,483	$	10,916	$	1,235	$	1,504,634

	Twelve months ended
	December 31, 2018

NOI per above	$	320,755
Less NOI:
Disposed of properties		(58,531	)
Assets held for sale		(5,646	)
Assets acquired in 2018		(6,784	)
Assets less than 70% leased / Other		(7,373	)
NOI for NAV	$	242,421