EX-99.1 2 tv521020_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

 

 

LEXINGTON REALTY TRUST

QUARTERLY SUPPLEMENTAL INFORMATION

March 31, 2019

 

Table of Contents

 

Section   Page
     
First Quarter 2019 Earnings Press Release   3
     
Portfolio Data    
Investment / Capital Recycling Summary   14
Financing Summary   15
Leasing Summary   16
Other Revenue Data   18
Portfolio Detail by Asset Class   20
Portfolio Composition   21
Components of Net Asset Value   22
Portfolio Concentration   23
Tenant Industry Diversification   26
Top 15 Tenants or Guarantors   28
Lease Rollover Schedules   29
Property Leases and Vacancies   31
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

 

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, 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.

 

 

 

 

  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 2019 RESULTS

 

New York, NY - May 8, 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 first quarter ended March 31, 2019.

 

First Quarter 2019 Highlights

 

Recorded Net Income attributable to common shareholders of $26.4 million, or $0.11 per diluted common share.
Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $47.2 million, or $0.20 per diluted common share.
Disposed of one industrial property for a gross sales price of $79.3 million.
Acquired two industrial properties for an aggregate cost of $58.0 million.
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.
Repurchased and retired 441,581 common shares at an average price of $8.13 per share.
Completed 1.5 million square feet of new leases and lease extensions.

 

Subsequent Events

 

Disposed of three consolidated properties for an aggregate gross disposition price of $32.6 million.
Acquired two industrial properties for an aggregate cost of approximately $61.0 million.
Satisfied $15.2 million in property non-recourse mortgage debt.

 

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, Chairman, Chief Executive Officer and President of Lexington Realty Trust, commented, “We continued making progress on our repositioning efforts in the first quarter, and we are on pace to complete approximately $400-$500 million or more of non-core, primarily office, dispositions by year end. We acquired two industrial distribution facilities during the quarter and purchased an additional $61 million subsequently. Our industrial exposure currently represents more than 72% of our gross book value and we remain focused on adding high-quality industrial product to our portfolio while reducing our remaining office exposure.”

 

 3 

 

 

FINANCIAL RESULTS

 

Revenues

 

For the quarter ended March 31, 2019, total gross revenues were $81.2 million, compared with total gross revenues of $102.8 million for the quarter ended March 31, 2018. The decrease was primarily attributable to property sales and lease expirations, partially offset by revenue generated from property acquisitions and new leases.

 

Net Income (Loss) Attributable to Common Shareholders

 

For the quarter ended March 31, 2019, net income attributable to common shareholders was $26.4 million, or $0.11 per diluted share, compared with a net loss attributable to common shareholders for the quarter ended March 31, 2018 of $(16.0) million, or $(0.07) per diluted share.

 

Adjusted Company FFO

 

For the quarter ended March 31, 2019, Lexington generated Adjusted Company FFO of $47.2 million, or $0.20 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2018 of $62.0 million, or $0.25 per diluted share.

 

Dividends/Distributions

 

As previously announced, during the first quarter of 2019, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended March 31, 2019 of $0.1025 per common share/unit, which was paid on April 15, 2019 to common shareholders/unitholders of record as of March 29, 2019. Lexington also declared a cash dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended March 31, 2019, which is expected to be paid on May 15, 2019 to Series C Preferred Shareholders of record as of April 30, 2019.

 

TRANSACTION ACTIVITY

 

ACQUISITION TRANSACTIONS

 

Primary Tenant  Market  Sq. Ft.   Property Type  Initial Basis
($000)
   Approximate
Lease Term
(Yrs)
LaCrosse Footwear  Indianapolis, IN   380,000   Industrial  $20,809   7
The Carlstar Group  Atlanta, GA   676,000   Industrial   37,182   5
       1,056,000      $57,991    

 

The above properties were acquired at aggregate weighted-average GAAP and cash capitalization rates of 5.7% and 5.3%, respectively.

 

 4 

 

 

PROPERTY DISPOSITIONS    
Primary Tenant  Location  Property Type  Gross
Disposition
Price
($000)
   Annualized
Net Income(1)
($000)
   Annualized
NOI(1)
($000)
   Month of
Disposition
  %
Leased
 
One World Technologies(2)  Anderson, SC  Industrial  $79,300   $4,446   $3,808   January   100.0%

 

(1)Quarterly period prior to sale, annualized.
(2)Build-to-suit property completed in 2016 for a $61.3 million initial cost basis.

 

In addition, Lexington received $2.3 million from the sale of a non-consolidated rehabilitation hospital.

 

LEASING

 

   LEASE EXTENSIONS       
                    
   Location  Primary Tenant(1)  Prior
Term
  Lease
Expiration Date
  Sq. Ft. 
   Industrial             
1  Richland  WA  Preferred Freezer  08/2035  08/2040   456,412 
2  Rockford  IL  Jacobson Warehouse  MTM  12/2024   150,000 
3  Hebron  OH  Owens Corning  12/2019  12/2021   250,410 
4  Hebron  OH  Owens Corning  12/2019  12/2021   400,522 
4  Total industrial lease extensions         1,257,344 
                     
   Office                 
1  Oakland  ME  T-Mobile USA  08/2020  08/2027   78,610 
1  Total office lease extensions         78,610 
                     
5  Total lease extensions         1,335,954 

 

   NEW LEASES          
              
   Location     Lease
Expiration Date
  Sq. Ft. 
   Office / Multi-Tenant              
1  Houston  TX  Expro America  08/2033   27,213 
2  Farmers Branch  TX  S&P Global  02/2030   25,384 
3  Kansas City  MO  Burns & McDonnell  04/2031   155,925 
3  Total new office / multi-tenant leases            208,522 
                  
8  TOTAL NEW AND EXTENDED LEASES            1,544,476 

 

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

 

As of March 31, 2019, Lexington's portfolio was 94.9% leased.

 

 5 

 

 

BALANCE SHEET/CAPITAL MARKETS

 

In February 2019, Lexington replaced its revolving credit facility and 2021 term loan with a new revolving credit facility and the continuation of the 2021 term loan, which increased the availability under the revolving credit facility from $505.0 million to $600.0 million, extended the maturity date of the revolving credit facility to February 2023 and lowered the applicable margin rates on both the revolving credit facility and the 2021 term loan.

 

In the first quarter of 2019, Lexington repurchased and retired 441,581 common shares at an average price of $8.13 per share under its share repurchase authorization. As of March 31, 2019, there were approximately 10,306,255 common shares remaining to be repurchased under the authorization.

 

2019 EARNINGS GUIDANCE

 

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 $1.11 to $1.15.

 

Additionally, Lexington is reaffirming that its Adjusted Company FFO for the year ended December 31, 2019 is expected to be within a 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.

 

FIRST QUARTER 2019 CONFERENCE CALL

 

Lexington will host a conference call today, May 8, 2019, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended March 31, 2019. 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, 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 10130821. 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 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.

 

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, 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 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.

 

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 (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 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), 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, 
   2019   2018 
Gross revenues:          
Rental revenue  $79,975   $102,637 
Other revenue   1,273    184 
Total gross revenues   81,248    102,821 
Expense applicable to revenues:          
Depreciation and amortization   (37,595)   (46,537)
Property operating   (10,567)   (11,477)
General and administrative   (8,527)   (8,996)
Non-operating income   481    362 
Interest and amortization expense   (17,208)   (20,331)
Debt satisfaction charges, net   (103)    
Impairment charges   (588)   (53,049)
Gains on sales of properties   20,957    22,774 
Income (loss) before provision for income taxes and equity in earnings of non-consolidated entities   28,098    (14,433)
Provision for income taxes   (437)   (503)
Equity in earnings of non-consolidated entities   619    113 
Net income (loss)   28,280    (14,823)
Less net (income) loss attributable to noncontrolling interests   (253)   508 
Net income (loss) attributable to Lexington Realty Trust shareholders   28,027    (14,315)
Dividends attributable to preferred shares – Series C   (1,572)   (1,572)
Allocation to participating securities   (50)   (70)
Net income (loss) attributable to common shareholders  $26,405   $(15,957)
           
Net income (loss) attributable to common shareholders - per common share basic  $0.11   $(0.07)
Weighted-average common shares outstanding – basic   232,538,495    238,072,081 
           
Net income (loss) attributable to common shareholders - per common share diluted  $0.11   $(0.07)
Weighted-average common shares outstanding – diluted   236,142,143    238,072,081 

 

 9 

 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

   March 31, 2019   December 31, 2018 
   (unaudited)     
Assets:          
Real estate, at cost  $3,123,110   $3,090,134 
Real estate - intangible assets   420,248    419,612 
    3,543,358    3,509,746 
Less: accumulated depreciation and amortization   981,809    954,087 
Real estate, net   2,561,549    2,555,659 
Assets held for sale   26,316    63,868 
Operating lease right-of-use assets, net   40,860     
Cash and cash equivalents   170,289    168,750 
Restricted cash   9,287    8,497 
Investment in non-consolidated entities   61,464    66,183 
Deferred expenses, net   20,609    15,937 
Rent receivable – current   2,706    3,475 
Rent receivable – deferred   61,068    58,692 
Other assets   16,042    12,779 
Total assets  $2,970,190   $2,953,840 
           
Liabilities and Equity:          
Liabilities:          
Mortgages and notes payable, net  $562,951   $570,420 
Term loan payable, net   298,792    298,733 
Senior notes payable, net   496,243    496,034 
Trust preferred securities, net   127,321    127,296 
Dividends payable   28,916    48,774 
Liabilities held for sale   465    386 
Operating lease liabilities   42,004     
Accounts payable and other liabilities   24,563    30,790 
Accrued interest payable   11,071    4,523 
Deferred revenue - including below market leases, net   20,690    20,531 
Prepaid rent   11,840    9,675 
Total liabilities   1,624,856    1,607,162 
           
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, 234,859,561 and 235,008,554 shares issued and outstanding in 2019 and 2018, respectively   23    24 
Additional paid-in-capital   2,769,822    2,772,855 
Accumulated distributions in excess of net income   (1,534,539)   (1,537,100)
Accumulated other comprehensive income       76 
Total shareholders’ equity   1,329,322    1,329,871 
Noncontrolling interests   16,012    16,807 
Total equity   1,345,334    1,346,678 
Total liabilities and equity  $2,970,190   $2,953,840 

 

 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, 
   2019   2018 
EARNINGS PER SHARE:          
           
Basic:          
Net income (loss) attributable to common shareholders  $26,405   $(15,957)
           
Weighted-average number of common shares outstanding - basic   232,538,495    238,072,081 
           
Net income (loss) attributable to common shareholders - per common share basic  $0.11   $(0.07)
           
Diluted:          
Net income (loss) attributable to common shareholders - basic  $26,405   $(15,957)
Impact of assumed conversions   1     
Net income (loss) attributable to common shareholders  $26,406   $(15,957)
           
Weighted-average common shares outstanding - basic   232,538,495    238,072,081 
Effect of dilutive securities:          
Unvested share-based payment awards and options   53,274     
Operating partnership units   3,550,374     
Weighted-average common shares outstanding - diluted   236,142,143    238,072,081 
           
Net income (loss) attributable to common shareholders - per common share diluted  $0.11   $(0.07)

 

 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, 
   2019   2018 
FUNDS FROM OPERATIONS:          
Basic and Diluted:          
Net income (loss) attributable to common shareholders  $26,405   $(15,957)
Adjustments:          
Depreciation and amortization   36,867    45,154 
Impairment charges - real estate   588    53,049 
Noncontrolling interests - OP units   1    (729)
Amortization of leasing commissions   728    1,383 
Joint venture and noncontrolling interest adjustment   2,533    258 
Gains on sales of properties, including non-consolidated entities   (21,605)   (22,774)
FFO available to common shareholders and unitholders - basic   45,517    60,384 
Preferred dividends   1,572    1,572 
Amount allocated to participating securities   50    70 
FFO available to all equityholders and unitholders - diluted   47,139    62,026 
Debt satisfaction charges, net   103     
Adjusted Company FFO available to all equityholders and unitholders - diluted   47,242    62,026 
           
FUNDS AVAILABLE FOR DISTRIBUTION:          
Adjustments:          
Straight-line adjustments   (2,330)   (4,866)
Lease incentives   273    536 
Amortization of above/below market leases   (6)   (22)
Lease termination payments, net   (744)   (308)
Non-cash interest, net   806    1,025 
Non-cash charges, net   1,727    1,939 
Tenant improvements   (995)   (5,932)
Lease costs   (1,124)   (609)
Joint venture and noncontrolling interest adjustment   (176)    
Company Funds Available for Distribution  $44,673   $53,789 
           
Per Common Share and Unit Amounts          
Basic:          
FFO  $0.19   $0.25 
           
Diluted:          
FFO  $0.20   $0.25 
Adjusted Company FFO  $0.20   $0.25 
           
Basic:          
Weighted-average common shares outstanding - basic EPS   232,538,495    238,072,081 
Operating partnership units(1)   3,550,374    3,629,195 
Weighted-average common shares outstanding - basic FFO   236,088,869    241,701,276 
           
Diluted:          
Weighted-average common shares outstanding - diluted EPS   236,142,143    238,072,081 
Operating partnerhsip units(1)       3,629,195 
Unvested share-based payment awards and options   16,499    562,084 
Preferred shares - Series C   4,710,570    4,710,570 
Weighted-average common shares outstanding - diluted FFO   240,869,212    246,973,930 

 

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

 

 12 

 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

 

2019 EARNINGS GUIDANCE

 

   Twelve Months Ended
December 31, 2019
 
   Range 
Estimated:          
Net income attributable to common shareholders per diluted common share(1)  $1.11   $1.15 
Depreciation and amortization   0.65    0.65 
Impact of capital transactions   (1.01)   (1.01)
Estimated Adjusted Company FFO per diluted common share  $0.75   $0.79 

 

(1)Assumes all convertible securities are dilutive.

 

 13 

 

 

LEXINGTON REALTY TRUST

2019 First Quarter Investments / Capital Recycling Summary

 

PROPERTY INVESTMENTS

 

   Primary Tenant  Market  Property Type  Square Feet
(Approx.)
   Initial Basis
($000)
   Month
Closed
  Primary
Lease
Expiration
1  LaCrosse Footwear  Indianapolis  IN  Industrial   380,000   $20,809   January  07/2025
2  The Carlstar Group  Atlanta  GA  Industrial   676,000    37,182   February  10/2023
                             
2  TOTAL PROPERTY INVESTMENTS            1,056,000   $57,991       

 

CAPITAL RECYCLING

 

CONSOLIDATED PROPERTY DISPOSITION                                
   Primary Tenant  Location  Property Type  Gross
Disposition
Price
($000)
   Annualized
Net Income
($000) (1)
   Annualized
NOI
($000)(1)(2)
   Month of
Disposition
  %
Leased
   Gross
Disposition
Price PSF
 
1  One World Technologies (3)  Anderson  SC  Industrial  $79,300   $4,446   $3,808   January   100%  $59.76 
                                         
NON-CONSOLIDATED PROPERTY DISPOSITION                             
   Primary Tenant  Location  Property Type  Gross
Disposition
Price
($000)
   Annualized
Net Income
($000) (1)
   Annualized
NOI
($000)(1)(2)
   Month of
Disposition
  %
Leased
   Gross
Disposition
Price PSF
 
1  RehabCare Group (4)  Humble  TX  Other  $28,459   $867   $2,478   February   100.0%  $511.42 

 

Footnotes

(1)Quarterly period prior to sale, annualized.
(2)See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
(3)Build-to-suit property completed in 2016 for $61.3 million initial cost basis.
(4)Lexington had a 15% interest in the joint venture and received $2.3 million in net proceeds at closing.

 

 14 

 

 

LEXINGTON REALTY TRUST

2019 First Quarter Financing Summary

 

DEBT RETIRED

 

Location  Primary Tenant  Property Type  Face /
Satisfaction
($000)
   Rate  Maturity
Date
                 
Consolidated Mortgage Debt                 
North Berwick, ME  United Technologies  Industrial  $254   3.56%  04/2019
                  
Non-Consolidated Mortgage Debt (1)                 
Humble, TX  RehabCare Group  Other  $13,611   LIBOR plus 300 bps  05/2019

 

CORPORATE LEVEL FINANCING (2)

 

   Quarterly Activity
($000)
   Current Rate  Maturity Date
Revolving credit facility (3)  $600,000   LIBOR plus 90 bps  02/2023
Term Loan  $300,000   LIBOR plus 100 bps  01/2021

 

Footnotes
(1)Lexington had a 15% interest in the joint venture.
(2)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.
(3)No amounts outstanding at 3/31/2019.

 

 15 

 

 

LEXINGTON REALTY TRUST

2019 First Quarter Leasing Summary

 

LEASE EXTENSIONS                                
   Tenant (3)  Location  Prior
Term
  Lease
Expiration
Date
  Sq. Ft.   New Base
Rent Per
Annum
($000)(1)(2)
   Prior
Base Rent
Per
Annum
($000)
   New Cash
Base Rent
Per Annum
($000)(1)(2)
   Prior
Cash
Base Rent
Per
Annum
($000)(2)
 
   Industrial                                     
1  Preferred Freezer  Richland  WA  08/2035  08/2040   456,412   $13,959   $13,133   $16,036   $15,722 
2  Jacobson Warehouse  Rockford  IL  MTM  12/2024   150,000    638    471    600    540 
3  Owens Corning  Hebron  OH  12/2019  12/2021   250,410    578    573    578    573 
4  Owens Corning  Hebron  OH  12/2019  12/2021   400,522    925    916    925    916 
                                         
4  Total industrial lease extensions               1,257,344   $16,100   $15,093  $18,139   $17,751 
                                         
   Office                                     
1  T-Mobile USA  Oakland  ME  08/2020  08/2027   78,610    1,194    1,147    1,179    1,562 
                                         
1  Total office lease extensions               78,610   $1,194   $1,147   $1,179   $1,562 
                                         
5  TOTAL EXTENDED LEASES               1,335,954   $17,294   $16,240   $19,318   $19,313 

 

NEW LEASES                     
   Tenant (3)  Location  Lease
Expiration
Date
  Sq. Ft.   New Base
Rent Per
Annum
($000)(1)(2)
   New Cash
Base Rent
Per Annum
($000)(1)(2)
 
   Office / Multi-tenant Office                        
1  Expro America  Houston  TX  08/2033   27,213   $357   $386 
2  S&P Global  Farmers Branch  TX  02/2030   25,384    430    393 
3  Burns & McDonnell  Kansas City  MO  04/2031   155,925    1,729    1,592 
                            
3  Total office new leases            208,522   $2,516   $2,371 
                            
8  TOTAL NEW AND EXTENDED LEASES            1,544,476   $19,810   $21,689 

 

 16 

 

 

LEXINGTON REALTY TRUST

2019 First Quarter Leasing Summary (Continued)

 

NEW VACANCY (4)

 

   Former Tenant  Location  Lease
Expiration
Date
  Sq. Ft.   2018 Base
Rent
($000)(2)
   2018 Cash
Base Rent
($000)(2)
 
   Office                     
1  Ricoh  Houston  TX  1/31/2019   78,895   $1,181   $1,180 

 

Footnotes
(1)Assumes twelve months rent from the later of 4/1/19 or lease commencement/extension, excluding free rent periods as applicable.
(2)See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
(3)Leases greater than 10,000 square feet.
(4)Excludes multi-tenant properties, disposed properties and non-consolidated investments.

 

 17 

 

 

LEXINGTON REALTY TRUST

Other Revenue Data

3/31/2019

($000)

 

Other Revenue Data
 
   Base Rent 
Asset Class  Three months ended 
   3/31/19 (1)   3/31/19
Percentage
   3/31/18
Percentage
 
Industrial  $49,036    68.2%   49.0%
Office/Other   22,825    31.8%   51.0%
   $71,861    100.0%   100.0%

 

   Base Rent 
Credit Ratings  (2)  Three months ended 
   3/31/19 (1)   3/31/19
Percentage
   3/31/18
Percentage
 
Investment Grade  $29,300    40.8%   42.0%
Non-Investment Grade   13,987    19.5%   15.0%
Unrated   28,574    39.7%   43.0%
   $71,861    100.0%   100.0%

 

Weighted-Average Lease Term - Cash Basis  As of 3/31/19  As of 3/31/18
   9.0 years  8.9 years

 

Rent Estimates for Current Assets        
         
Year  Base Rent  (3)   Cash Base
Rent (3)
   Difference 
2019 - remaining  $213,874   $201,323   $(12,551)
2020   268,750    257,263    (11,487)

 

Footnotes

(1)Three months ended 3/31/2019 Base Rent, recognized for consolidated properties owned as of 3/31/2019.
(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 3/31/2019, and (3) no properties are sold or acquired after 3/31/2019.

 

 18 

 

 

LEXINGTON REALTY TRUST

Other Revenue Data (Continued)

3/31/2019

($000)

 

Same-Store NOI (1)    
   Three months ended March 31, 
   2019   2018 
Total Cash Base Rent  $65,181   $65,966 
Tenant Reimbursements   6,123    4,627 
Property Operating Expenses   (9,354)   (7,220)
Same-Store NOI  $61,950   $63,373 
           
Change in Same-Store NOI (2)   (2.2)%     

 

Same-Store Percent Leased (3)  As of 3/31/19   As of 3/31/18 
    94.8%   97.2%

 

Lease Escalation Data (4)

 

 

Footnotes

(1)NOI is on a consolidated cash basis for all consolidated properties except properties acquired and sold in 2019 and 2018 and properties subject to mortgage loans in default at March 31, 2019. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
(2)Change in Same-Store NOI was 0.7 % excluding single-tenant property vacancies.
(3)Excludes properties acquired or sold in 2019 and 2018 and properties subject to mortgage loans in default at March 31, 2019.
(4)Based on three months consolidated Base Cash Rents for single-tenant leases (properties greater than 50% leased to a single tenant) owned as of March 31, 2019. Excludes parking operations and rents from prior tenants.

 

 19 

 

 

LEXINGTON REALTY TRUST

Portfolio Detail By Asset Class

3/31/2019

($000, except square footage)

 

Asset Class  YE 2016 (5)   YE 2017 (5)   YE 2018 (5)(6)   Q1 2019 
                 
Industrial                    
% of Cost (1)   42.2%   49.3%   71.2%   72.2%
% of ABR (2)   40.8%   44.3%   65.4%   68.2%
Leased   98.2%   99.9%   96.3%   96.2%
Wtd. Avg. Lease Term (3)   10.3    10.5    9.7    9.6 
Mortgage Debt  $240,790   $193,529   $206,006   $204,389 
% Investment Grade (2)   25.4%   28.4%   31.6%   35.2%
Square Feet   28,908,037    36,071,422    41,447,962    41,176,940 
                     
Office/Other                    
% of Cost (1)   57.8%   50.7%   28.8%   27.8%
% of ABR (2)(4)   59.2%   55.7%   34.6%   31.8%
Leased   91.3%   96.0%   87.1%   85.7%
Wtd. Avg. Lease Term (3)   7.4    7.9    7.2    7.6 
Mortgage Debt  $504,383   $503,539   $369,508   $363,482 
% Investment Grade (2)   45.0%   49.4%   53.2%   52.8%
Square Feet   14,416,260    12,542,640    6,111,588    6,111,588 

 

Footnotes

(1)Based on gross book value of real estate assets; excludes held for sale assets.
(2)Percentage of Base Rent, for consolidated properties owned as of each respective period.
(3)Cash basis.
(4)YE 2018 excludes the acceleration of below-market lease intangible accretion on one Kmart asset.
(5)Office and Other properties combined.
(6)Kohl's reclassed to Industrial from Office/Other

 

 20 

 

 

LEXINGTON REALTY TRUST

Portfolio Composition

3/31/2019

 

As a Percent of Gross Book Value (1)

 

 

Portfolio Composition (2)

 

 

Footnotes

(1)Based on gross book value of real estate assets as of 3/31/2019; excludes held for sale assets.
(2)Based on gross book value of real estate assets as of 3/31/2019, 12/31/2018, 12/31/2017 and 12/31/2016, as applicable and excludes held for sale assets.

 

 21 

 

 

LEXINGTON REALTY TRUST

Components of Net Asset Value

3/31/2019

($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  $46,821 
Office/Other   18,744 
Total Net Operating Income  $65,565 
      
Lexington's share of non-consolidated three month NOI (1)     
NNN OFFICE JV     
Office  $2,960 
OTHER JV     
Other  $370 
      
Other income     
Advisory fees  $846 
      
      
In service assets not fairly valued by capitalized NOI method (1)     
Wholly-owned assets acquired in 2019  $57,405 
Wholly-owned assets less than 70% leased  $61,609 
      
Add other assets:     
Assets held for sale  $26,316 
Construction in progress   3,348 
Developable land   5,393 
Cash and cash equivalents   170,289 
Restricted cash   9,287 
Accounts receivable   2,706 
Other assets   16,042 
Total other assets  $233,381 
      
Liabilities:     
Corporate level debt (face amount)  $929,120 
Mortgages and notes payable (face amount)   567,871 
Dividends payable   28,916 
Liabilities held for sale   465 
Accounts payable, accrued expenses and other liabilities   47,474 
Preferred stock, at liquidation value   96,770 
Lexington's share of non-consolidated mortgages   106,437 
Total deductions  $1,777,053 
      
Common shares & OP units at 3/31/2019   238,394,970 

 

Footnotes

(1)NOI for the existing property portfolio at March 31, 2019, 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 2019. 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.

 

 22 

 

 

LEXINGTON REALTY TRUST

Consolidated Portfolio Concentration

3/31/2019

 

     Markets (2)  Percent of Base Rent
as of
3/31/19  (1)
 
1    Houston, TX   10.6%
2    Memphis, TN   5.7%
3    Detroit, MI   4.8%
4    Kennewick, WA   4.7%
5    New York, NY   3.9%
6    Dallas, TX   3.5%
7    Kansas City, MO   3.4%
8    Nashville, TN   3.4%
9    Philadelphia, PA   2.7%
10    Atlanta, GA   2.7%
11    Phoenix, AZ   2.4%
12    San Jose, CA   2.3%
13    Jackson, MS   2.2%
14    St. Louis, MO   2.1%
15    Indianapolis, IN   2.1%
16    Richmond, VA   2.1%
17    Columbus, OH   1.7%
18    Columbus, IN   1.7%
19    Champaign, IL   1.5%
20    Charlotte, NC   1.4%
     Total Consolidated Portfolio Concentration (3)   64.9%

 

Footnotes

(1)Three months ended 3/31/2019 Base Rent, recognized for consolidated properties owned as of 3/31/2019.
(2)Markets are based on a Core Based Statistical Area, which 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.

 

 23 

 

 

LEXINGTON REALTY TRUST

Portfolio Concentration - Industrial

3/31/2019

 

     Markets (2)  Percent of Base Rent
as of

3/31/19  (1)
 
1    Memphis, TN   8.4%
2    Houston, TX   7.4%
3    Kennewick, WA   6.9%
4    Detroit, MI   5.2%
5    Nashville, TN   4.9%
6    Atlanta, GA   3.5%
7    Jackson, MS   3.2%
8    St. Louis, MO   3.1%
9    New York, NY   2.6%
10    Columbus, OH   2.5%
11    Champaign, IL   2.1%
12    Jackson, TN   2.0%
13    Richmond, VA   2.0%
14    Dallas, TX   1.9%
15    Winchester, VA   1.9%
16    Chicago, IL   1.8%
17    Shreveport, LA   1.8%
18    Indianapolis, IN   1.8%
19    Greenville, SC   1.8%
20    Elizabethtown, KY   1.7%
     Total Industrial Portfolio Concentration (3)   66.7%

 

Footnotes

(1)Three months ended 3/31/2019 Base Rent, recognized for consolidated properties owned as of 3/31/2019.
(2)Markets are based on a Core Based Statistical Area, which 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.

 

 24 

 

 

LEXINGTON REALTY TRUST

Portfolio Concentration - Office/Other

3/31/2019

 

     Markets (2)  Percent of Base Rent
as of
3/31/19  (1)
 
1    Houston, TX   17.5%
2    Kansas City, MO   9.5%
3    Philadelphia, PA   7.4%
4    San Jose, CA   7.3%
5    Dallas, TX   6.8%
6    New York, NY   6.7%
7    Columbus, IN   5.3%
8    Phoenix, AZ   4.7%
9    Charlotte, NC   4.5%
10    Detroit, MI   3.9%
11    Washington, DC   3.4%
12    Indianapolis, IN   2.9%
13    Miami, FL   2.5%
14    Richmond, VA   2.4%
15    Sarasota, FL   2.1%
16    Baton Rouge, LA   1.3%
17    Augusta, ME   1.2%
18    Boise City, ID   1.2%
19    Bend, OR   1.2%
20    McAllen, TX   1.1%
     Total Office/Other Portfolio Concentration (3)   92.7%

 

Footnotes

(1) Three months ended 3/31/2019 Base Rent, recognized for consolidated properties owned as of 3/31/2019.
(2) Markets are based on a Core Based Statistical Area, which 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.

 

 25 

 

 

LEXINGTON REALTY TRUST

Tenant Industry Diversification - Industrial Assets (1)

3/31/2019

 

 

Footnotes

(1) Three months ended 3/31/2019 Base Rent, recognized for consolidated properties owned as of 3/31/2019.

 

 26 

 

 

LEXINGTON REALTY TRUST

Tenant Industry Diversification - Office/Other Assets (1)

3/31/2019

 

 

Footnotes

(1) Three months ended 3/31/2019 Base Rent, recognized for consolidated properties owned as of 3/31/2019.

 

 27 

 

 

LEXINGTON REALTY TRUST

Top 15 Tenants or Guarantors

3/31/2019

 

Top 15 Tenants or Guarantors

 

Tenants or Guarantors (4)  Property Type  Lease Expirations  Number
of Leases
  Sq. Ft.
Leased
   Sq. Ft.
Leased as a
Percent of
Consolidated
Portfolio (2)(3)
   Base Rent
as of
3/31/2019
($000) (1)
   Percent of Base
Rent as of
3/31/2019
($000) (1)(2)
 
Dow  Office  2036  1   664,100    1.5%  $3,713    5.2%
Preferred Freezer  Industrial  2040  1   456,412    1.0%   3,374    4.7%
Nissan  Industrial  2027  2   2,971,000    6.6%   3,190    4.4%
Dana  Industrial  2021-2026  7   2,053,359    4.6%   2,485    3.5%
United States of America  Office  2022 & 2027  2   329,229    0.7%   2,014    2.8%
Undisclosed (5)  Industrial  2031-2035  3   1,090,383    2.4%   1,785    2.5%
Watco  Industrial  2038  1   132,449    0.3%   1,693    2.4%
Xerox  Office  2023  1   202,000    0.5%   1,660    2.3%
Morgan Lewis  Office  2021  1   289,432    0.6%   1,501    2.1%
Undisclosed (6)  Industrial  2023-2027  3   2,132,290    4.8%   1,382    1.9%
FedEx  Industrial  2028  1   140,330    0.3%   1,284    1.8%
Hamilton Beach  Industrial  2021 & 2026  2   1,645,436    3.7%   1,237    1.7%
T-Mobile USA  Office  2019-2027  4   308,594    0.7%   1,218    1.7%
Cummins  Office  2024  1   390,100    0.9%   1,217    1.7%
Michelin  Industrial  2019 & 2020  2   1,759,346    3.9%   1,214    1.7%
         32   14,564,460    32.5%  $28,967    40.4%

 

Footnotes

(1) Three months ended 3/31/2019 Base Rent, excluding vacant single-tenant properties recognized for consolidated properties owned as of 3/31/2019.
(2) Total shown may differ from detailed amounts due to rounding.
(3) Excludes vacant square feet.
(4) See Annual Report and other applicable disclosures for actual tenant names.
(5) Tenant is a domestic subsidiary of an international automaker.
(6) Lease restricts certain disclosures. Guarantor is investment grade.

 

 28 

 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Industrial Properties

3/31/2019

($000)

 

Year  Number
of
Leases
Expiring
   Base Rent
as of
3/31/2019
   Percent of
Base Rent
as of
3/31/2019
   Percent of
Base Rent
as of
3/31/2018
 
2019 - remaining   3   $1,059    2.2%   3.2%
2020   9    2,884    5.9%   6.4%
2021   11    3,542    7.2%   5.0%
2022   1    336    0.7%   0.8%
2023   4    972    2.0%   0.9%
2024   10    3,718    7.6%   6.8%
2025   10    3,396    6.9%   6.9%
2026   9    3,857    7.9%   7.2%
2027   8    6,149    12.5%   13.8%
2028   4    2,963    6.0%   6.6%
Thereafter   25    20,160    41.1%   40.6%
                     
Total (1)   94   $49,036    100.0%     

 

 

Footnotes

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

 

 29 

 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Office/Other Properties

3/31/2019

($000)

 

Year  Number of
Leases
Expiring
   Base Rent as of
3/31/2019
   Percent of
Base Rent
as of
3/31/2019
   Percent of
Base Rent
as of
3/31/2018
 
2019 - remaining   36   $1,597    7.2%   11.2%
2020   7    817    3.7%   4.2%
2021   11    3,661    16.4%   9.2%
2022   3    1,213    5.4%   5.9%
2023   5    1,987    8.9%   6.4%
2024   9    3,055    13.7%   4.4%
2025   5    784    3.5%   9.9%
2026   1    279    1.3%   1.3%
2027   5    1,761    7.9%   7.2%
2028   2    350    1.6%   2.6%
Thereafter   12    6,795    30.5%   29.9%
                     
Total (1)   96   $22,299    100.0%     

 

 

Footnotes

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

 

 30 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2019

 

Year of
Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant or Guarantor (19)  Sq. Ft.
Leased or
Available (1)
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt Balance
($000)
   Debt
Maturity
INDUSTRIAL PROPERTIES
Single-tenant                                
2019  10/17/2019  10345 Philipp Pkwy.  Streetsboro  OH  20  L'Oreal USA   649,250    653    704    16,496   09/2019
   12/31/2019  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    6,552   12/2020
   6/30/2020  1650-1654 Williams Rd.  Columbus  OH    ODW Logistics   772,450    337    337    -   -
      3102 Queen Palm Dr.  Tampa  FL    Time   229,605    309    341    -   -
   9/30/2020  3350 Miac Cove Rd.  Memphis  TN    Mimeo.com   107,400    107    115    -   -
   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    634    -   -
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    358    -   -
   6/30/2021  11624 S. Distribution Cv.  Olive Branch  MS    Hamilton Beach   1,170,218    947    775    -   -
   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    364    -   -
   12/31/2021  191 Arrowhead Dr.  Hebron  OH    Owens Corning   250,410    143    143    -   -
      200 Arrowhead Dr.  Hebron  OH    Owens Corning   400,522    229    229    -   -
      3686 South Central Ave.  Rockford  IL    Pierce Packaging   93,000    80    80    -   -
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    224    -   -
   8/31/2023  10535 Red Bluff Rd.  Pasadena  TX    Unis   257,835    308    300    -   -
   10/31/2023  493 Westridge Pkwy.  McDonough  GA    Carlstar   676,000    254    241    -   -
   12/31/2023  120 Southeast Pkwy. Dr.  Franklin  TN    United Technologies   289,330    184    184    -   -
2024  1/31/2024  1285 W. State Road 32  Lebanon  IN    Continental Tire   741,880    576    597    -   -
   3/31/2024  1520 Lauderdale Memorial Hwy.  Cleveland  TN    General Electric   851,370    664    655    -   -

 

 31 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2019

 

Year of
Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant or Guarantor (19)  Sq. Ft.
Leased or
Available (1)
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt Balance
($000)
   Debt
Maturity
INDUSTRIAL PROPERTIES
2024  4/30/2024  113 Wells St.  North Berwick  ME    United Technologies   993,685    450    491    -   -
   5/31/2024  901 East Bingen Point Way  Bingen  WA    Boeing   124,539    659    654    -   -
   7/31/2024  5795 North Blackstock Road  Spartanburg  SC    Wal-Mart   341,660    418    406    -   -
   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    385    -   -
      2115 East Belt Line Rd.  Carrollton  TX    L.E. Klein   58,202    58    43    -   -
   12/31/2024  749 Southrock Dr.  Rockford  IL    Jacobson Warehouse   150,000    159    150    -   -
2025  6/30/2025  10000 Business Blvd.  Dry Ridge  KY    Dana   336,350    336    336    -   -
      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    -   -
      301 Bill Bryan Blvd.  Hopkinsville  KY    Metalsa / Dana   424,904    422    422    -   -
   7/14/2025  590 Ecology Ln.  Chester  SC    Boral Limited   420,597    445    593    6,371   08/2025
   7/31/2025  7005 Cochran Rd.  Glenwillow  OH    Royal Appliance   458,000    515    525    -   -
      5352 Performance Way  Whitestown  IN    LaCrosse   380,000    292    275    -   -
   12/31/2025  1700 47th Ave North  Minneapolis  MN    Owens Corning   18,620    137    137    -   -
2026  3/30/2026  121 Technology Dr.  Durham  NH  15  Heidelberg   500,500    634    2,379    -   -
   3/31/2026  633 Garrett Pkwy.  Lewisburg  TN    Calsonic Kansei   310,000    322    299    -   -
   4/30/2026  16811 W. Commerce Dr.  Goodyear  AZ    Blue Buffalo   540,349    611    -    -   -
   6/30/2026  351 Chamber Dr.  Chillicothe  OH    Kitchen Collection   475,218    290    287    -   -
   9/30/2026  900 Industrial Blvd.  Crossville  TN    Dana   222,200    144    144    -   -
      3931 Lakeview Corporate Dr.  Edwardsville  IL    Amazon.com   769,500    674    644    -   -
   10/31/2026  5001 Greenwood Rd.  Shreveport  LA    Libbey   646,000    541    554    -   -
   11/30/2026  250 Rittenhouse Cir.  Bristol  PA    Estée Lauder   241,977    287    295    -   -
      736 Addison Rd.  Erwin  NY    Corning   408,000    354    356    -   -
2027  1/31/2027  27200 West 157th St.  New Century  KS    Amazon.com   446,500    310    271    -   -

 

 32 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2019

 

Year of
Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant or Guarantor (19)  Sq. Ft.
Leased or
Available (1)
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt Balance
($000)
   Debt
Maturity
INDUSTRIAL PROPERTIES
2027  2/28/2027  554 Nissan Pkwy.  Canton  MS    Nissan   1,466,000    1,550    1,498    -   -
   4/30/2027  16407 Applewhite Rd.  San Antonio  TX  18  Undisclosed / HVAC   849,275    748    696    -   -
      200 Sam Griffin Rd.  Smyrna  TN    Nissan   1,505,000    1,640    1,569    -   -
   6/30/2027  1501 Nolan Ryan Expy.  Arlington  TX    Arrow Electronics   74,739    102    100    -   -
   9/30/2027  1550 Hwy 302  Byhalia  MS    McCormick   615,600    610    596    -   -
   10/31/2027  201 James Lawrence Rd.  Jackson  TN    Kellogg   1,062,055    986    936    -   -
   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    859    -   -
   3/31/2028  29-01-Borden Ave./29-10 Hunters Point Ave.  Long Island City  NY    FedEx   140,330    1,284    1,282    39,120   03/2028
   8/31/2028  1420 Greenwood Rd.  McDonough  GA    United States Cold Storage   296,972    542    538    -   -
   9/30/2028  904 Industrial Rd.  Marshall  MI    Tenneco   246,508    203    185    -   -
2029  7/31/2029  8500 Nail Rd.  Olive Branch  MS    Sephora   716,080    688    646    -   -
   11/24/2029  318 Pappy Dunn Blvd.  Anniston  AL    IAC Group   276,782    435    417    -   -
2030  3/31/2030  549 Wingo Rd.  Byhalia  MS    Asics   855,878    1,097    1,029    -   -
   5/31/2030  3301 Stagecoach Rd. NE  Thomson  GA    Hollander   208,000    232    219    -   -
      4015 Lakeview Corporate Drive  Edwardsville  IL    Spectrum   1,017,780    865    675    -   -
   6/30/2030  2601 Bermuda Hundred Rd.  Chester  VA    Philip Morris   1,034,470    963    945    -   -
2031  10/31/2031  1020 W. Airport Rd.  Romeoville  IL    ARYZTA   188,166    907    862    -   -
   12/18/2031  80 Tyson Dr.  Winchester  VA  16  Undisclosed / Automaker   400,400    592    527    -   -
2032  4/30/2032  13930 Pike Rd.  Missouri City  TX    Vulcan   -    531    492    -   -
   8/24/2032  16950 Pine Dr.  Romulus  MI  16  Undisclosed / Automaker   500,023    642    604    -   -
   10/31/2032  27255 SW 95th Ave.  Wilsonville  OR    Pacific Natural Foods   508,277    780    672    -   -
      26700 Bunert Road  Warren  MI    Lipari   260,243    971    872    25,850   11/2032
2033  12/31/2033  2115 East Belt Line Rd.  Carrollton  TX    Teasdale   298,653    324    253    -   -
2034  9/30/2034  5625 North Sloan Ln.  North Las Vegas  NV    Nicholas   180,235    639    579    -   -
   10/31/2034  1001 Innovation Rd.  Rantoul  IL    Vista Outdoor   813,126    1,049    940    -   -

 

 33 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2019

 

Year of
Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant or Guarantor (19)  Sq. Ft.
Leased or
Available (1)
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt Balance
($000)
   Debt
Maturity
INDUSTRIAL PROPERTIES
2035  3/31/2035  13863 Industrial Rd.  Houston  TX    Spitzer   187,800    609    532    -   -
      7007 F.M. 362 Rd.  Brookshire  TX     Spitzer   262,095    478    417    -   -
   6/30/2035  111 West Oakview Pkwy.  Oak Creek  WI     Stella & Chewy's   164,007    525    473    -   -
   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    615    -   -
2037  3/31/2037  4005 E I-30  Grand Prairie  TX    O'Neal  Industries   215,000    468    392    -   -
2038  3/31/2038  13901/14035 Industrial Rd.  Houston  TX    Watco   132,449    1,693    1,459    -   -
2040  8/31/2040  2800 Polar Way  Richland  WA  9  Preferred Freezer   456,412    3,374    2,863    110,000   01/2026
2042  5/31/2042  4801 North Park Dr.  Opelika  AL    Golden State Enterprises   165,493    811    639    -   -
2067  12/31/2067  10201 Schuster Way  Pataskala  OH    Kohl's   -    240    108    -   -
N/A  Vacancy  3350 Miac Cove Rd.  Memphis  TN    (Available for Lease)   32,679    -    -    -   -
SINGLE TENANT INDUSTRIAL TOTAL            39,003,133   $48,449   $46,917   $204,389    
Multi-tenant / Vacancy (8)(14)                                
   Various  6050 Dana Way  Antioch  TN  4 (97%)  Multi-Tenant   674,528    587    583    -   -
   Vacancy  50 Tyger River Dr.  Duncan  SC    (Available for Lease)   221,833    -    -    -   -
   Vacancy  3456 Meyers Ave.  Memphis  TN  21  (Available for Lease)   780,000    -    -    -   -
   Vacancy  2935 Van Vactor Dr.  Plymouth  IN    (Available for Lease)   300,500    -    -    -   -
   Vacancy  1133 Poplar Creek Rd.  Henderson  NC    (Available for Lease)   196,946    -    -    -   -
MULTI-TENANT/VACANCY INDUSTRIAL TOTAL            2,173,807   $587   $583   $-    
INDUSTRIAL TOTAL/WEIGHTED AVERAGE        96.2% Leased   41,176,940   $49,036   $47,500   $204,389    

 

 34 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2019

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant or Guarantor (19)  Sq.Ft.
Leased or
Available (1)
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt Balance
($000)
   Debt Maturity
OFFICE PROPERTIES                                
Single-tenant                                
2019  5/31/2019  10475 Crosspoint Blvd.  Indianapolis  IN    DMC Insurance   3,764    18    18    -   -
   10/31/2019  10475 Crosspoint Blvd.  Indianapolis  IN    John Wiley   123,047    567    594    -   -
      9601 Renner Blvd.  Lenexa  KS    T-Mobile USA   77,484    286    387    8,038   12/2019
   12/31/2019  2800 Waterford Lake Dr.  Midlothian  VA  10  Alstom Power   99,057    546    603    -   -
2020  2/14/2020  5600 Broken Sound Blvd.  Boca Raton  FL    Oce - USA Holding   143,290    561    625    18,702   02/2020
   6/30/2020  3711 San Gabriel  Mission  TX     T-Mobile West   75,016    247    253    -   -
2021  1/31/2021  1701 Market St.  Philadelphia  PA    Morgan Lewis   289,432    1,074    1,139    -   -
   3/31/2021  1701 Market St.  Philadelphia  PA    Prime Communications   1,220    16    16    -   -
   6/30/2021  1415 Wyckoff Rd.  Wall  NJ    NJ Natural Gas   157,511    943    943    7,237   01/2021
      2050 Roanoke Rd.  Westlake  TX    Charles Schwab   130,199    517    542    -   -
   8/31/2021  3500 North Loop Rd.  McDonough  GA    TSYS   62,218    210    210    -   -
   10/31/2021  1401 Nolan Ryan Expy.  Arlington  TX    Butler America Aerospace   4,979    21    21    -   -
   11/30/2021  29 South Jefferson Rd.  Whippany  NJ  3  CAE   123,734    582    487    12,011   11/2021
2022  5/30/2022  13651 McLearen Rd.  Herndon  VA    United States of America   159,644    782    805    -   -
   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    286    -   -
2023  9/30/2023  1701 Market St.  Philadelphia  PA    CBC Restaurant   8,070    61    61    -   -
   10/31/2023  3943 Denny Ave.  Pascagoula  MS  10, 21  Huntington Ingalls   94,841    148    148    -   -
   12/14/2023  3333 Coyote Hill Rd.  Palo Alto  CA    Xerox   202,000    1,660    1,768    30,738   12/2023
2024  2/14/2024  1362 Celebration Blvd.  Florence  SC    MED3000   32,000    143    145    -   -
   5/31/2024  3476 Stateview Blvd.  Fort Mill  SC    Wells Fargo   169,083    504    488    -   -
      3480 Stateview Blvd.  Fort Mill  SC    Wells Fargo   169,218    522    489    -   -
   7/15/2024  19019 North 59th Ave.  Glendale  AZ  10, 21  Honeywell   252,300    525    504    -   -
   7/31/2024  500 Jackson St.  Columbus  IN    Cummins   390,100    1,217    1,190    6,534   07/2019
   8/31/2024  10475 Crosspoint Blvd.  Indianapolis  IN    HQ Global Workplaces   14,236    79    79    -   -

 

 35 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 3/31/2019

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant or Guarantor (19)  Sq.Ft.
Leased or
Available (1)
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt Balance
($000)
   Debt Maturity
OFFICE PROPERTIES                                
2025  1/31/2025  1401 Nolan Ryan Expy.  Arlington  TX    Triumph Group   111,409    404    441    -   -
   2/28/2025  1401 Nolan Ryan Expy.  Arlington  TX    Infotech Enterprise   13,590    52    53    -   -
   5/31/2025  1701 Market St.  Philadelphia  PA    TruMark Financial   2,641    64    64    -   -
2026  6/30/2026  3265 East Goldstone Dr.  Meridian  ID    T-Mobile USA   77,484    279    378    -   -
2027  1/31/2027  1701 Market St.  Philadelphia  PA    Drybar   1,975    36    27    -   -
   5/31/2027  2401 Cherahala Blvd.  Knoxville  TN    CaremarkPCS   59,748    211    198    -   -
   8/31/2027  133 First Park Dr.  Oakland  ME    T-Mobile USA   78,610    284    383    8,071   10/2020
   10/31/2027  11201 Renner Blvd.  Lenexa  KS    United States of America   169,585    1,232    1,318    31,199   11/2027
2029  3/31/2029  2800 High Meadow Cir.  Auburn Hills  MI    Faurecia   278,000    887    829    -   -
   7/31/2029  2999 Southwest 6th St.  Redmond  OR  11  Consumer Cellular   77,260    275    149    -   -
   9/30/2029  9200 South Park Center Loop  Orlando  FL    CardWorks   59,927    220    -    -   -
2031  4/30/2031  9201 Stateline Rd.  Kansas City  MO  17  Swiss Re   155,925    644    644    15,208   05/2019
2033  12/31/2033  8555 South River Pkwy.  Tempe  AZ    Versum   95,133    370    321    -   -
2036  10/31/2036  270 Abner Jackson Pkwy.  Lake Jackson  TX    Dow   664,100    3,713    3,155    186,783   10/2036
N/A  N/A  1701 Market St.  Philadelphia  PA    Parking Operations   -    427    427    -   -
   Vacancy  1701 Market St.  Philadelphia  PA    (Available for Lease)   699    -    -    -   -
      1401 Nolan Ryan Expy.  Arlington  TX    (Available for Lease)   31,830    -    -    -   -
SINGLE TENANT OFFICE TOTAL            4,759,050   $20,758   $20,328   $324,521    
Multi-tenant / Vacancy (8)(14)                                
   Vacancy  5200 Metcalf Ave.  Overland Park  KS    (Available for Lease)   320,198    -    -    32,112   05/2019
   Vacancy  820 Gears Rd.  Houston  TX  11  (Available for Lease)   78,895    99    99    -   -
   Various  11511 Luna Rd.  Farmers Branch  TX  4 (88%)  Multi-Tenant   181,072    548    583    -   -
   Various  1311 Broadfield Blvd.  Houston  TX  4 (66%)  Saipem   155,407    174    184    -   -
   Various  13430 North Black Canyon Fwy.  Phoenix  AZ  4 (65%)  Multi-Tenant   138,940    183    219    -   -
   Various  1460 Tobias Gadson Blvd.  Charleston  SC  4 (64%)  Vallen Distribution   50,246    178    176    6,849   02/2021
MULTI-TENANT/VACANCY OFFICE TOTAL            924,758   $1,182   $1,261   $38,961    
OFFICE SUBTOTAL/WEIGHTED AVERAGE        89.9% Leased   5,683,808   $21,940   $21,589   $363,482    

 

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Property Leases and Vacancies - Consolidated Portfolio - 3/31/2019

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant or
Guarantor (19)
  Sq.Ft.
Leased or
Available (1)
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt Balance
($000)
   Debt Maturity
OTHER PROPERTIES                                
Single-tenant                                
Retail                                
2023  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    46    46    -   -
Specialty                                
2029  1/31/2029  175 Holt Garrison Pkwy.  Danville  VA    Home Depot   -    57    68    -   -
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    340    -   -
2112  8/31/2112  201-215 N. Charles St.  Baltimore  MD    201 NC Leasehold   -    77    77    -   -
SINGLE TENANT OTHER TOTAL            93,107   $772   $646   $-    
Multi-tenant / Vacancy (8)(14)                                
   Vacancy  21082 Pioneer Plaza Dr.  Watertown  NY  10  (Available for Lease)   120,727    -    -    -   -
   Vacancy  97 Seneca Trail  Fairlea  WV    (Available for Lease)   90,933    -    -    -   -
   Vacancy  832 N. Westover Blvd .  Albany  GA  10  (Available for Lease)   45,554    -    -    -   -
   Various  King St./1042 Fort St. Mall  Honolulu  HI  4 (45%)  Multi-Tenant   77,459    113    113    -   -
MULTI-TENANT/VACANCY OTHER TOTAL            334,673   $113   $113   $-    
OTHER SUBTOTAL/WEIGHTED AVERAGE        29.9% Leased   427,780   $885   $759   $-    
                                          
TOTAL OFFICE & OTHER/WEIGHTED AVERAGE        85.7% Leased   6,111,588   $22,825   $22,348   $363,482    
                                          
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE        94.9% Leased   47,288,528   $71,861   $69,848   $567,871    

 

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Property Leases and Vacancies - Non-consolidated Portfolio - 3/31/2019

 

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
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt
Balance
($000)
   Debt Maturity
(13)
NON-CONSOLIDATED PROPERTIES                                     
NNN OFFICE JV PROPERTIES                                     
2022  12/31/2022  231 N. Martingale Rd.  Schaumburg  IL  7  Career Education Corporation   317,198    20%   1,150    1,166    362,800   09/2021
2023  2/28/2023  1315 West Century Dr.  Louisville  CO  7  Rogue Wave Software   20,000    20%   77    77    -   -
   3/31/2023  8900 Freeport Pkwy.  Irving  TX  7  Nissan   268,445    20%   1,212    1,109    -   -
2025  2/28/2025  6555 Sierra Dr.  Irving  TX  7  TXU   247,254    20%   951    792    -   -
   3/14/2025  601 & 701 Experian Pkwy.  Allen  TX  7  Experian Holdings   292,700    20%   810    768    -   -
   6/30/2025  2500 Patrick Henry Pkwy.  McDonough  GA  7  Georgia Power   111,911    20%   407    352    -   -
   9/30/2025  10001 Richmond Ave.  Houston  TX  7  Schlumberger   554,385    20%   1,573    1,439    -   -
   12/31/2025  4001 International Pkwy.  Carrollton  TX  7  Motel 6   138,443    20%   634    582    -   -
2026  3/31/2026  500 Olde Worthington Rd.  Westerville  OH  7  Syneos   97,000    20%   336    297    -   -
   4/30/2026  800 East Canal St.  Richmond  VA  5  Richmond Belly Ventures   2,568    20%   20    20    -   -
   11/30/2026  500 Kinetic Dr.  Huntington  WV  7  Amazon.com   68,693    20%   309    289    -   -
2027  2/28/2027  800 East Canal St.  Richmond  VA  5  Sumitomo   8,503    20%   50    36    -   -
   4/30/2027  1315 West Century Dr.  Louisville  CO  7  GHX Ultimate Parent   86,877    20%   373    324    -   -
   6/30/2027  3902 Gene Field Rd.  St. Joseph  MO  7  Boehringer Ingelheim USA   98,849    20%   529    485    -   -
   7/6/2027  2221 Schrock Rd.  Columbus  OH  7  MS Consultants   42,290    20%   171    158    -   -
   8/7/2027  25 Lakeview Dr.  Jessup  PA  7  TMG Health   150,000    20%   582    537    -   -
2028  4/30/2028  9655 Maroon Cir.  Englewood  CO  7  TriZetto   166,912    20%   1,046    940    -   -
2029  1/31/2029  6226 West Sahara Ave.  Las Vegas  NV  7  Nevada Power   282,000    20%   868    772    -   -
2030  8/31/2030  800 East Canal St.  Richmond  VA    McGuireWoods   224,537    20%   1,748    1,744    57,500   02/2031
   9/30/2030  800 East Canal St.  Richmond  VA  5  The Riverstone Group   25,707    20%   193    164    -   -
2031  1/10/2031  810 Gears Rd.  Houston  TX  7  United States of America   68,985    20%   300    356    -   -
   3/1/2031  800 East Canal St.  Richmond  VA  5  Towne Bank   26,047    20%   211    175    -   -
   12/31/2031  333 Mt. Hope Ave.  Rockaway  NJ  7, 10  Atlantic Health   92,326    20%   455    329    -   -
2032  4/30/2032  1210 AvidXchange Ln.  Charlotte  NC    AvidXchange   201,450    20%   1,506    1,316    45,900   12/2022; 01/2033
   10/31/2032  143 Diamond Ave.  Parachute  CO  7  Alenco   49,024    20%   277    295    -   -
2033  3/31/2033  9201 East Dry Creek Rd.  Centennial  CO  7, 21  Arrow Electronics   128,500    20%   716    594    -   -
2088  8/8/2088  800 East Canal St.  Richmond  VA  5  The City of Richmond, Virginia   -    20%   89    105    -   -
N/A  Vacancy  810 Gears Rd.  Houston  TX  7  (Available for Lease)   9,910    20%   -    -    -   -
      800 East Canal St.  Richmond  VA  5  (Available for Lease)   42,947    20%   -    -    -   -
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE        98.6% Leased   3,823,461        $16,593   $15,221   $466,200    

 

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LEXINGTON REALTY TRUST

Property Leases and Vacancies - Non-consolidated Portfolio - 3/31/2019

 

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
   Base Rent
as of
3/31/2019
($000) (2)
   Cash
Base Rent
as of
3/31/2019
($000) (2)
   3/31/2019
Debt
Balance
($000)
   Debt Maturity
(13)
OTHER NON-CONSOLIDATED PROPERTIES                                     
2036  8/31/2036  2203 North Westgreen Blvd.  Katy  TX    British Schools   274,000    25%   1,642    1,642    52,787   12/2022
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE        100% Leased   274,000        $1,642   $1,642   $52,787    
                                               
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE        98.7% Leased   4,097,461        $18,235   $16,863   $518,987    

 

Footnotes

 

1 Square footage leased or available.
2 Three months ended 3/31/2019 Base Rent and Cash Base Rent. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
3 Subsequent to 3/31/2019, lease extended to 11/30/2031.
4 Percent represents % leased as of 3/31/2019.
5 Part of Richmond, Virginia property, which is primarily leased to McGuireWoods LLP.
6 Lexington has a 71.1% interest in this property.
7 All debt is cross-collateralized and cross-defaulted.
8 Multi-tenant properties are properties less than 50% leased to a single tenant.
9 Lamb Weston Holdings, Inc. provides credit support.
10 Property held for sale at 3/31/2019.
11 Base Rent and Cash Base Rent amounts represent/include prior tenant.
12 Swiss Re America Holding Corporation lease expired 4/1/2019; however, new tenant (Burns & McDonnell) lease expires 4/30/2031.
13 Interest rates range from 0.25% to 5.3% at 3/31/2019.
14 The multi-tenanted / vacant properties incurred approximately $1.5 million in operating expenses, net for the three months ended 3/31/2019.
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 Loan satisfied subsequent to 3/31/2019.
18 Lease restricts certain disclosures. Guarantor is investment grade.
19 See Annual Report and other applicable disclosures for actual tenant names.
20 Subsequent to 3/31/2019, lease extended to 10/31/2026.
21 Property disposed of subsequent to 3/31/2019.

 

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LEXINGTON REALTY TRUST

Select Credit Metrics Summary (1)

 

   3/31/2019 
     
Adjusted Company FFO Payout Ratio   51.3%
      
Unencumbered Assets   $2.8 billion 
      
Unencumbered NOI   75.1%
      
(Debt + Preferred) / Gross Assets   39.6%
      
Debt/Gross Assets   37.2%
      
Secured Debt / Gross Assets   14.1%
      
Net Debt / Adjusted EBITDA   4.9x
      
(Net Debt + Preferred) / Adjusted EBITDA   5.2x
      
Credit Facilities Availability (2)   $600.0 million 
      
Unsecured Debt / Unencumbered NOI   4.9x

 

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.

 

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LEXINGTON REALTY TRUST

FINANCIAL COVENANTS (1)

Corporate Level Debt

 

   Must be:   3/31/2019 
Bank Loans:          
           
Maximum Leverage   <60%    40.0%
Fixed Charge Coverage   >1.5x    2.5x
Recourse Secured Indebtedness Ratio   <10% cap value    0.0%
Secured Indebtedness Ratio   <40%    18.4%
Unsecured Debt Service Coverage   >2.0x    5.0x
Unencumbered Leverage   <60%    28.3%
           
Bonds:          
           
Debt to Total Assets   <60%    38.0%
Secured Debt to Total Assets   <40%    14.4%
Debt Service Coverage   >1.5x    3.8x
Unencumbered Assets to Unsecured Debt   >150%    332.2%

 

Footnotes

 

(1)The following is a summary of the key financial covenants for Lexington's credit facility and term loan and senior notes, as of March 31, 2019 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date and applicable. These calculations are presented to show Lexington's compliance with such covenants only and are not measures of Lexington's liquidity or performance.

 

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LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

3/31/2019

 

Property  Footnotes  Debt
Balance
($000)
   Interest
Rate
(%)
   Maturity (a)  Current
Estimated Annual
Debt Service
($000) (b)
   Balloon
Payment
($000)
 
INDUSTRIAL                          
Streetsboro, OH     $16,496    5.749%  09/2019  $634   $16,338 
Lavonia, GA      6,552    5.460%  12/2020   741    5,895 
Chester, SC      6,371    5.380%  08/2025   1,144    362 
Richland, WA      110,000    4.000%  01/2026   4,400    99,492 
Long Island City, NY      39,120    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)     $204,389    4.310%  7.3  $13,189   $144,124 
                           
OFFICE                          
Overland Park, KS  (h)  $32,112    5.891%  05/2019  $-   $32,112 
Kansas City, MO  (i)   15,208    5.883%  05/2019   179    15,179 
Columbus, IN      6,534    2.210%  07/2019   1,593    4,993 
Lenexa, KS      8,038    6.270%  12/2019   477    7,770 
Boca Raton, FL      18,702    6.470%  02/2020   1,450    18,414 
Oakland, ME      8,071    5.930%  10/2020   750    7,660 
Wall, NJ      7,237    6.250%  01/2021   3,774    - 
Charleston, SC      6,849    5.850%  02/2021   520    6,632 
Whippany, NJ      12,011    6.298%  11/2021   1,344    10,400 
Palo Alto, CA      30,738    3.970%  12/2023   7,059    - 
Lenexa, KS      31,199    3.700%  11/2027   3,187    10,000 
Lake Jackson, TX      186,783    4.040%  10/2036   12,470    11,305 
Office Subtotal/Wtg. Avg./Years Remaining (c)     $363,482    4.582%  10.4  $32,803   $124,465 
                           
Subtotal/Wtg. Avg./Years Remaining (c)     $567,871    4.484%  9.3  $45,992   $268,589 
                           
Corporate (d)                          
Revolving Credit Facility     $-    -   02/2023  $-   $- 
Term Loan  (e)   300,000    3.489%  01/2021   10,612    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    4.451%  04/2037   5,827    129,120 
Subtotal/Wtg. Avg./Years Remaining (c)     $929,120    4.073%  5.6  $38,064   $929,120 
Total/Wtg. Avg./Years Remaining (c)  (g)  $1,496,991    4.229%  7.0  $84,056   $1,197,709 

 

Footnotes

(a) Subtotal and total based on weighted-average term to maturity shown in years based on debt balance.
(b) Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.
(c) Total shown may differ from detailed amounts due to rounding.
(d) Unsecured.
(e) Rate ranges from LIBOR plus 0.85% to 1.65%. LIBOR rate was fixed at 1.42% through January 2019 via interest rate swap agreements on
  $255.0 million of borrowings.
(f) Rate is three month LIBOR plus 170 bps.
(g) See reconciliations of non-GAAP measures in this document.
(h) Loan is in default.
(i) Loan satisfied subsequent to 3/31/2019.

 

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LEXINGTON REALTY TRUST

Debt Maturity Schedule

3/31/2019

($000)

 

Consolidated Properties
Year  Mortgage
Scheduled
Amortization
   Mortgage
Balloon
Payments
   Corporate Debt 
2019 - remaining  $18,152   $76,392   $- 
2020   23,174    31,969    - 
2021   23,433    17,032    300,000 
2022   22,120    -    - 
2023   23,998    -    250,000 
   $110,877   $125,393   $550,000 

 

Debt Maturity Profile (1)

 

 

Footnotes

(1) Percentage denotes weighted-average interest rate.

 

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LEXINGTON REALTY TRUST

Selected Balance Sheet Account Data

3/31/2019

($000)

 

Balance Sheet

 

Other assets  $16,042 
      
The components of other assets are:     
      
Deposits  $1,148 
Equipment   471 
Prepaids   3,054 
Other receivables   1,764 
Deferred lease incentives   9,605 
      
Accounts payable and other liabilities     
      
The components of accounts payable and other liabilities are:  $24,563 
      
Accounts payable and accrued expenses  $9,271 
CIP accruals and other   3,226 
Taxes   402 
Deferred lease costs   9,537 
Deposits   1,381 
Escrows   746 

 

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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.

 

Base Rent: Base Rent is calculated by making adjustments to GAAP rental revenue to exclude billed tenant reimbursements, and lease termination income and to include ancillary income. Lexington believes Base Rent provides a meaningful measure due to the net lease structure of leases in the portfolio.

 

Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue 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 Base Rent excludes billed tenant reimbursements and lease termination income and includes ancillary income. Lexington believes Cash Base 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 (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 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.

 

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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) 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, 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.

 

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LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES

($000)

 

   Three months ended
March 31, 2019
 
     
Rent Reconciliation:     
      
Rental revenue as reported  $79,975 
      
Rental revenue from sold properties   (335)
Lease termination income   (1,070)
Ancillary revenue   427 
Reimbursements   (7,136)
      
Base Rent per supplement   71,861 
      
Adjustments: (1)     
Straight-line adjustments   (2,280)
Lease incentives   273 
Amortization of above/below market leases   (6)
      
Cash Base Rent per supplement  $69,848 

 

Consolidated debt reconciliation March 31, 2019:

 

   GAAP Balance   Deferred Loan
Costs, net
   Discounts   Gross Balance 
                 
Mortgages and notes payable (2)  $562,951   $4,920   $-   $567,871 
Term loans payable (3)   298,792    1,208    -    300,000 
Senior notes payable(3)   496,243    2,590    1,167    500,000 
Trust preferred securities (3)   127,321    1,799    -    129,120 
Consolidated debt  $1,485,307   $10,517   $1,167   $1,496,991 

 

Footnotes

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

 

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LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

 

Same-Store NOI Reconciliation:

 

   Three months ended March 31, 
   2019   2018 
         
Net income (loss)  $28,280   $(14,823)
           
Interest and amortization expense   17,208    20,331 
Provision for income taxes   437    503 
Depreciation and amortization   37,595    46,537 
General and administrative   8,527    8,996 
Non-operating/advisory income   (1,327)   (546)
Gains on sales of properties   (20,957)   (22,774)
Impairment charges   588    53,049 
Debt satisfaction charges, net   103    - 
Equity in (earnings) of non-consolidated entities   (619)   (113)
Lease termination income   (1,070)   (308)
Straight-line adjustments   (2,330)   (4,866)
Lease incentives   273    536 
Amortization of above/below market leases   (6)   (22)
           
Net Operating Income - ("NOI")   66,702    86,500 
           
Less NOI:          
Acquisitions and dispositions   (5,083)   (21,740)
Property in default   331    (1,387)
           
Same-Store NOI  $61,950   $63,373 

 

NOI for NAV:

 

   Three months ended         
   March 31, 2019         
             
NOI per above  $66,702         
Less NOI:               
Disposed of properties   (269)          
Assets held for sale   (1,050)          
Assets acquired in 2019   (522)          
Assets less than 70% leased / Other   704           
NOI for NAV  $65,565           

 

 48 

 

 

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

 

Reconciliation to Adjusted EBITDA:

 

   Three months ended     
   3/31/2019   12/31/2018   9/30/2018   6/30/2018   Trailing 12 Months 
                     
Net income (loss) attributable to                         
Lexington Realty Trust shareholders  $28,027   $25,408   $218,016   $(1,694)  $269,757 
Interest and amortization expense   17,208    16,656    21,159    21,734    76,757 
Provision for income taxes   437    402    444    379    1,662 
Depreciation and amortization   37,595    38,498    37,716    45,440    159,249 
Straight-line adjustments   (2,330)   (4,722)   (5,367)   (6,013)   (18,432)
Lease incentives   273    227    404    519    1,423 
Amortization of above/below market leases   (6)   (3,500)   (3,384)   (3,226)   (10,116)
Gains on sales of properties   (20,957)   (13,336)   (202,371)   (14,432)   (251,096)
Impairment charges   588    4,953    2,542    35,269    43,352 
Debt satisfaction charges, net   103    368    2,228    -    2,699 
Non-cash charges, net   1,727    1,611    1,635    1,625    6,598 
                          
Pro-rata share adjustments:                         
Non-consolidated entities adjustment   2,692    1,877    1,388    449    6,406 
Noncontrolling interests adjustment   (5)   15    2,580    644    3,234 
                          
Adjusted EBITDA  $65,352   $68,457   $76,990   $80,694   $291,493 

 

 49 

 

 

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

 

Reconciliation of Select Credit Metrics:

 

Adjusted Company FFO Payout:  Three months ended
March 31, 2019
   (Debt + Preferred) / Gross Assets:  Three months ended
March 31, 2019
 
Common share dividends per share  $0.1025   Consolidated debt  $1,485,307 
Adjusted Company FFO per diluted share   0.20   Preferred shares liquidation preference   96,770 
Adjusted Company FFO payout ratio   51.3%  Debt and preferred  $1,582,077 
              
Unencumbered Assets:       Total assets  $2,970,190 
Real estate, at cost  $3,543,358   Plus depreciation and amortization:     
held for sale real estate, at cost   46,882   Real estate   981,809 
less encumbered real estate, at cost   (742,250)  Deferred lease costs   19,443 
Unencumbered assets  $2,847,990   Held for sale assets   22,158 
              
Unencumbered NOI:       Gross assets  $3,993,600 
NOI  $66,702         
Disposed of properties NOI   (269)  (Debt + Preferred) / Gross Assets   39.6%
Adjusted NOI   66,433         
less encumbered adjusted NOI   (16,554)  Debt / Gross Assets:     
Unencumbered adjusted NOI (Quarters)  $49,879   Consolidated debt  $1,485,307 
Unencumbered NOI %   75.1%        
        Gross assets  $3,993,600 
Net Debt / Adjusted EBITDA:             
Adjusted EBITDA  $291,493   Debt / Gross assets   37.2%
              
Consolidated debt  $1,485,307   Secured Debt / Gross Assets:     
less consolidated cash and cash equivalents   (170,289)  Mortgages and notes payable  $562,951 
Non-consolidated debt, net   102,321         
Net debt  $1,417,339   Gross assets  $3,993,600 
              
Net debt / Adjusted EBITDA   4.9x  Secured Debt / Gross Assets   14.1%
              
(Net Debt + Preferred) / Adjusted EBITDA:       Unsecured Debt / Unencumbered NOI:     
Adjusted EBITDA  $291,493   Consolidated debt  $1,485,307 
        less mortgages and notes payable   (562,951)
Net debt  $1,417,339   Unsecured Debt  $922,356 
Preferred shares liquidation preference   96,770         
Net debt + preferred  $1,514,109   Unencumbered adjusted NOI (Annual)  $188,912 
              
(Net Debt + Preferred) / Adjusted EBITDA   5.2x  Unsecured Debt / Unencumbered NOI   4.9x

 

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Investor Information

 

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Telephone (direct) (212) 692-7219
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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
       
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Ross L. Smotrich (212) 526-2306 Craig Mailman (917) 368-2316
       
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