-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WA9U8UNXqxGwlatWb55VQhRFm9N24alfZOpWhuWslKo8g0XT77/gl0pU6Mjige8t AKkDNGpc/TVMnsF66KZ2aw== 0001157523-03-003306.txt : 20030724 0001157523-03-003306.hdr.sgml : 20030724 20030724153422 ACCESSION NUMBER: 0001157523-03-003306 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030723 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES TRUST CENTRAL INDEX KEY: 0000910108 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133717318 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12386 FILM NUMBER: 03800934 BUSINESS ADDRESS: STREET 1: 355 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126927260 MAIL ADDRESS: STREET 1: 355 LEXINGTON AVE STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 a4439198.txt LEXINGTON CORPORATE 8-K SECURITIES AND EXCHANGE COMMISION Washington, D.C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 23, 2003 LEXINGTON CORPORATE PROPERTIES TRUST (Exact Name of Registrant as specified in its charter) Maryland 1-12386 13-3717318 -------- ------- ---------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 355 Lexington Avenue, New York, New York 10017 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (212) 692-7260 ------------- Not Applicable -------------- (Former name or former address, if changed since last report) Item 5. Other Events and Regulation FD Disclosure On July 23, 2003, Lexington Corporate Properties Trust (the "Trust") issued a press release announcing its financial results for the quarter and six months ended June 30, 2003 (the "Press Release"). A copy of the Press Release is furnished with this report as an exhibit. Except to the extent set forth under Item 12 below, the contents of the Press Release shall be deemed "filed" pursuant to Item 5 of Form 8-K for purposes of the Securities Exchange Act of 1934 (the "Exchange Act"). Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (a) not applicable (b) not applicable (c) Exhibits 99.1 Press Release of Lexington Corporate Properties Trust dated July 23, 2003 Item 12. Results of Operations and Financial Condition The information contained under the heading "Comments from Management" in the Press Release shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language included in such filing. This report (including the exhibit attached hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. By: Lexington Corporate Properties Trust Date: July 24, 2003 By: /s/ Patrick Carroll ------------------------------------------- Patrick Carroll Chief Financial Officer EX-99 3 a4439198ex99.txt EXHIBIT 99.1 PRESS RELEASE RE: LEXINGTON CORPORATE PROPERTIES TRUST 355 LEXINGTON AVENUE NEW YORK, NY 10017 FOR FURTHER INFORMATION: AT THE COMPANY: AT FRB|WEBERSHANDWICK: T.Wilson Eglin Claire Koeneman Diane Hettwer Chief Executive Officer General Inquiries General Inquiries (212) 692-7260 (312) 640-6745 (312) 640-6760 FOR IMMEDIATE RELEASE WEDNESDAY, JULY 23, 2003 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES Second Quarter Operating Results New York, NY - July 23, 2003 - Lexington Corporate Properties Trust (NYSE:LXP), a real estate investment trust, today announced results for its second quarter ended June 30, 2003. Quarterly Results Funds from operations were $9.49 million, or $0.25 per diluted share/unit for the second quarter of 2003, after $7.69 million ($0.20 per diluted share/unit) in debt satisfaction charges, compared to $15.54 million, or $0.48 per diluted share/unit, for the second quarter of 2003. Before the effect of the debt satisfaction charges, FFO were $17.18 million, or $0.45 per diluted share/unit. As a result of the common share and preferred share offerings in the second quarter of 2003, Lexington operated with greater cash balances and lower leverage than in the prior year and this reduced FFO per share. Revenues for the quarter totaled $29.14 million, compared with revenues of $24.19 million for the same period last year. Net income allocable to common shareholders was $2.27 million in the second quarter of 2003, including the impact of $7.69 million in debt satisfaction charges and $0.68 million in gains on sales, compared to $7.88 million for the same period last year which included $0.28 million in gains on sale. Six Month Results For the six months ended June 30, 2003, FFO were $26.50 million, or $0.72 per diluted share/unit, after $7.69 million ($0.21 per diluted share/unit) in debt satisfaction charges, compared to $30.46 million, or $0.95 per diluted share/unit, for the same period last year. Revenues for the six months ended June 30, 2003 totaled $57.93 million, compared to revenues of $48.45 million for the same period last year. Net income allocable to common shareholders for the six months ended June 30, 2003 was $11.03 million, including the impact of the debt satisfaction charges described above and $1.14 million in gains on sales, compared to $15.15 million, which includes $1.02 million in gains on sales, for the same period last year. Dividend Declaration The Company declared a dividend of $0.335 per common share for the second quarter of 2003, payable on August 14, 2003 to common shareholders of record on July 31, 2003. The Company also declared a pro rata dividend on its Cumulative Redeemable Preferred Shares of $0.067083 per preferred share, payable on August 15, 2003 to preferred shareholders of record on July 31, 2003. Conference Call Management will discuss the financial results on a conference call today at 2pm Eastern Time. The toll-free dial in number is 800-366-3908. The replay of the call will be available through July 30, 2003. The toll-free telephone number for the replay is 800-405-2236 or 303-590-3000, passcode 545099. The conference call can also be accessed on the internet at www.lxp.com and www.Streetevents.com. A supplemental reporting package can be accessed in the Company Profile section at www.lxp.com. Comments From Management Commenting on Lexington's results, T. Wilson Eglin, Chief Executive Officer and President, said, " During the second quarter, Lexington significantly increased its balance sheet strength and capacity for future growth by raising approximately $150 million in equity capital and retiring $78.1 million of debt with unfavorable terms. As a result, we are well positioned to take advantage of favorable acquisition opportunities that may arise. Our acquisition pipeline is strong and we expect to be an active investor over the balance of the year. Based on our anticipated acquisitions, we expect FFO to be $1.85 - $1.88 per share this year before the impact of the debt satisfaction charges and $1.90 - $1.95 per share in 2004." About Lexington Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties net leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington common shares, with annualized dividend of $1.34 per share, closed Tuesday, July 22, 2003 at $18.23 per share. Lexington preferred shares, with annualized dividend of $2.0125 per share, closed Tuesday, July 22, 2003 at $25.85 per share. Additional information about Lexington is available at www.lxp.com. Financial tables follow
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2003 2002 2003 2002 ---- ---- ---- ---- Revenues: Rental $ 27,266 $ 22,646 $ 54,022 $ 45,087 Equity in earnings of non-consolidated 1,312 937 2,575 2,363 entities Advisory fees 269 - 680 - Interest and other 293 608 650 1,000 ---------- ---------- ---------- ---------- 29,140 24,191 57,927 48,450 ---------- ---------- ---------- ---------- Expenses: Interest 9,306 8,050 18,652 16,270 Debt satisfaction charges 7,685 - 7,685 - Depreciation 6,840 5,124 13,153 10,185 General and administrative 2,448 1,191 4,751 2,763 Property operating 744 452 1,655 1,248 Amortization 513 459 1,044 944 ---------- ---------- ---------- ---------- 27,536 15,276 46,940 31,410 ---------- ---------- ---------- ---------- Income from continuing operations before minority 1,604 8,915 10,987 17,040 interests Minority interests 98 (1,493) (1,186) (2,748) ---------- ----------- ---------- ---------- Income from continuing operations 1,702 7,422 9,801 14,292 ---------- ---------- ---------- ---------- Discontinued operations: Income from discontinued operations 97 180 302 532 Gains on sales of properties 684 277 1,143 1,016 ---------- ---------- ---------- ---------- Total discontinued operations 781 457 1,445 1,548 ---------- ---------- ---------- ---------- Net income 2,483 7,879 11,246 15,840 Dividends attributable to preferred shares - Series A - - - (693) Dividends attributable to preferred shares - Series B (212) - (212) - ----------- ---------- ----------- ---------- Net income allocable to common shareholders $ 2,271 $ 7,879 $ 11,034 $ 15,147 Depreciation 6,860 5,192 13,221 10,375 Minority interests-OP Units (138) 1,454 1,101 2,686 Amortization of leasing commissions 200 174 400 348 Joint venture adjustment-depreciation 981 1,114 1,889 2,226 Gains on sales of properties (684) (277) (1,143) (1,016) Series A preferred dividends - - - 693 ---------- ---------- ---------- ---------- Funds from operations $ 9,490 $ 15,536 $ 26,502 $ 30,459 ========== ========== ========== ========== Rent below GAAP revenue1 $ 1,013 $ 581 $ 2,150 $ 1,226 ========== ========== ========== ========== Per share/unit Basic net income $ 0.07 $ 0.30 $ 0.35 $ 0.59 Diluted net income $ 0.06 $ 0.29 $ 0.33 $ 0.58 Funds from operations2-basic $ 0.25 $ 0.48 $ 0.72 $ 0.95 Funds from operations2-diluted $ 0.25 $ 0.48 $ 0.72 $ 0.95
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands) 6/30/03 12/31/02 Real estate, at cost $ 972,014 $ 913,370 Accumulated depreciation (148,659) (134,220) Investment in non-consolidated entities 56,645 54,261 Cash and cash equivalents 71,564 12,097 Deferred assets 7,305 8,168 Rent receivable - current - 3,535 Rent receivable - deferred 22,518 20,115 Other assets 19,711 25,145 ------------------ ------------- $ 1,001,098 $ 902,471 ================ ============= Mortgages and notes payable $ 444,897 $ 491,517 Other liabilities 15,481 17,323 Prepaid rent 3,356 - Minority interests 54,240 56,846 Shareholders' equity 483,124 336,785 ------------------ ------------- $ 1,001,098 $ 902,471 ================ ============= Common shares 35,086,134 30,030,048 Preferred shares-Series B 3,160,000 - Operating partnership units 5,203,970 5,257,365 ------------------ ------------- 43,450,104 35,287,413 ================ ==========
1 Equal to the difference between rents collected and straight-line rental income recognized under generally accepted accounting principles. 2 The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT, and that it can be one measure of a REIT's ability to make cash distributions. FFO is defined in the October 1999 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP.
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERTATIONS PER SHARE (dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2003 2002 2003 2002 ---- ---- ---- ---- Earning Per Share Basic Income from continuing operations $ 1,702 $ 7,422 $ 9,801 $ 14,292 Less preferred dividends (212) - (212) (693) ---------- ----------- ---------- ---------- Income allocable to common shareholders from continuing operations - basic 1,490 7,422 9,589 13,599 Total income from discontinued operations - basic 781 457 1,445 1,548 ----------- ----------- ----------- ---------- Net income allocable to common shareholders $ 2,271 $ 7,879 $ 11,034 $ 15,147 ========== ============ ========== =========== Weighted average number of common shares outstanding 32,920,546 26,584,426 31,460,135 25,552,478 ========== ========== ========== ========== Per share data: Income from continuing operations $ 0.05 $ 0.28 $ 0.30 $ 0.53 Income from discontinued operations 0.02 0.02 0.05 0.06 ----------- ----------- ----------- ---------- Net income $ 0.07 $ 0.30 $ 0.35 $ 0.59 ========== =========== ========== ========== Diluted Income allocable to common shareholders from continuing operations-basic $ 1,490 $ 7,422 $ 9,589 $ 13,599 Adjustments: Incremental income (loss) attributed to assumed conversion of dilutive securities (138) - 1,098 2,665 ----------- ----------- ----------- ---------- Income allocable to common shareholders from continuing operations-diluted 1,352 7,422 10,687 16,264 Total income from discontinued operations - diluted 787 457 1,560 1,686 ----------- ----------- ----------- ---------- Net income allocable to common shares - diluted $ 2,139 $ 7,879 $ 12,247 $ 17,950 ========== =========== ========== ========== Weighted average number of shares used in calculation of basic earnings per share 32,920,546 26,584,426 31,460,135 25,552,478 Add incremental shares representing: Shares issuable upon exercises of employee share options 199,986 304,165 181,690 276,020 Shares issuable upon conversion of dilutive securities 5,212,514 219,780 5,231,012 5,292,412 --------- ----------- --------- --------- Weighted average number of shares used in calculation of diluted earnings per common share 38,333,046 27,108,371 36,872,837 31,120,910 ========== ========== ========== ========== Per share data: Income from continuing operations - diluted $ 0.04 $ 0.27 $ 0.29 $ 0.52 Income from discontinued operations - diluted 0.02 0.02 0.04 0.06 ---------- ----------- ----------- ---------- Net income - diluted $ 0.06 $ 0.29 $ 0.33 $ 0.58 ========== =========== ========== ===========
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERTATIONS PER SHARE (dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2003 2002 2003 2002 ---- ---- ---- ---- Funds From Operations Basic and Diluted Net income allocable to common shareholders-basic $ 2,271 $ 7,879 $ 11,034 $ 15,147 Adjustments: Depreciation 6,860 5,192 13,221 10,375 Minority interests-OP Units (138) 1,454 1,101 2,686 Amortization of leasing commissions 200 174 400 348 Joint venture adjustment-depreciation 981 1,114 1,889 2,226 Gains on sale of properties (684) (277) (1,143) (1,016) Preferred dividends-Series A - - - 693 ------------ ------------ -------------- -------------- Funds from operations $ 9,490 $ 15,536 $ 26,502 $ 30,459 ============ ============ ============== ============== Basic Weighted average shares outstanding-basic EPS 32,920,546 26,584,426 31,460,135 25,552,478 Operating partnership units 5,212,514 5,277,964 5,231,012 5,292,412 Preferred shares - Series A - 219,780 - 1,104,972 ------------ ------------ ------------ -------------- Weighted average shares outstanding-basic FFO 38,133,060 32,082,170 36,691,147 31,949,862 ============ ============ ========== ============ FFO per share $ 0.25 $ 0.48 $ 0.72 $ 0.95 ============ ============ ========== ============ Diluted - ------- Weighted average shares outstanding-diluted EPS 38,333,046 27,108,371 36,872,837 31,120,910 Operating partnership units - 5,277,964 - - Preferred shares - Series A - - - 1,104,972 ------------ ------------ ------------ ------------ Weighted average shares outstanding-diluted FFO 38,333,046 32,386,335 36,872,837 32,225,882 ========== ========= ========== ========== FFO per share $ 0.25 $ 0.48 $ 0.72 $ 0.95 ========== ========== =========== ========== ###
EX-99 4 a4439198sup.txt SUPPLEMENTAL LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the six months ended June 30, 2003
Table of Contents I. Income Statement........................................................................ 1 II. Balance Sheet........................................................................... 2 III. Property Holdings....................................................................... 3 IV. Properties by Location.................................................................. 11 V. Lease Rollover Schedules................................................................ 12 VI. Mortgages and Notes Payable............................................................. 14 VII. Revenue by Tenant Industry.............................................................. 18 VIII. Other Revenue Data...................................................................... 19
LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2003 2002 2003 2002 ---- ---- ---- ---- Revenues: Rental $ 27,266 $ 22,646 $ 54,022 $ 45,087 Equity in earnings of non-consolidated 1,312 938 2,575 2,363 entities Advisory fees 269 - 680 - Interest and other 293 608 650 1,000 ---------- ---------- ---------- ---------- 29,140 24,191 57,927 48,450 ---------- ---------- ---------- ---------- Expenses: Interest 9,306 8,050 18,652 16,270 Debt satisfaction charges 7,685 - 7,685 - Depreciation 6,840 5,124 13,153 10,185 General and administrative 2,448 1,191 4,751 2,763 Property operating 744 452 1,655 1,248 Amortization 513 459 1,044 944 ---------- ---------- ---------- ---------- 27,536 15,276 46,940 31,410 ---------- ---------- ---------- ---------- Income from continuing operations before minority 1,604 8,915 10,987 17,040 interests Minority interests 98 (1,493) (1,186) (2,748) ---------- ----------- ---------- ---------- Income from continuing operations 1,702 7,422 9,801 14,292 ---------- ---------- ---------- ---------- Discontinued operations: Income from discontinued operations 97 180 302 532 Gains on sales of properties 684 277 1,143 1,016 ---------- ---------- ---------- ---------- Total discontinued operations 781 457 1,445 1,548 ---------- ---------- ---------- ---------- Net income 2,483 7,879 11,246 15,840 Dividends attributable to preferred shares - Series A - - - (693) Dividends attributable to preferred shares - Series B (212) - (212) - ----------- ---------- ----------- ---------- Net income allocable to common shareholders $ 2,271 $ 7,879 $ 11,034 $ 15,147 Depreciation 6,860 5,192 13,221 10,375 Minority interests-OP Units (138) 1,454 1,101 2,686 Amortization of leasing commissions 200 174 400 348 Joint venture adjustment-depreciation 981 1,114 1,889 2,226 Gains on sales of properties (684) (277) (1,143) (1,016) Series A preferred dividends - - - 693 ---------- ---------- ---------- ---------- Funds from operations $ 9,490 $ 15,536 $ 26,502 $ 30,459 ========== ========== ========== ========== Rent below GAAP revenue1 $ 1,013 $ 581 $ 2,150 $ 1,226 ========== ========== ========== ========== Per share/unit Basic net income $ 0.07 $ 0.30 $ 0.35 $ 0.59 Diluted net income $ 0.06 $ 0.29 $ 0.33 $ 0.58 Funds from operations2-basic $ 0.25 $ 0.48 $ 0.72 $ 0.95 Funds from operations2-basic $ 0.25 $ 0.48 $ 0.72 $ 0.95
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LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands) 6/30/03 12/31/02 Real estate, at cost $ 972,014 $ 913,370 Accumulated depreciation (148,659) (134,220) Investment in non-consolidated entities 56,645 54,261 Cash and cash equivalents 71,564 12,097 Deferred assets 7,305 8,168 Rent receivable - current - 3,535 Rent receivable - deferred 22,518 20,115 Other assets 19,711 25,145 ------------------ ----------- $ 1,001,098 $ 902,471 ================== =========== Mortgages and notes payable $ 444,897 $ 491,517 Other liabilities 15,481 17,323 Prepaid rent 3,356 - Minority interests 54,240 56,846 Shareholders' equity 483,124 336,785 ------------------ ----------- $ 1,001,098 $ 902,471 ================== =========== Common shares 35,086,134 30,030,048 Preferred shares-Series B 3,160,000 - Operating partnership units 5,203,970 5,257,365 ------------------ ----------- 43,450,104 35,287,413 ================== ==========
1 Equal to the difference between rents collected and straight-line rental income recognized under generally accepted accounting principles. 2 The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT, and that it can be one measure of a REIT's ability to make cash distributions. FFO is defined in the October 1999 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. 2
Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/03 ------------------------- ------------------------- --------------- ------------ -------------- ------------ YTD YTD Lease 2003 Cash 2003 Rental Maturity Revenue Revenue Square Date Property Location Tenant (Guarantor) ($000) ($000) Footage (Mo/Yr) ------------------------- ------------------------- --------------- ------------ -------------- ------------ Office 295 Chipeta Way Northwest Pipeline Corp. $ 4,387 $ 4,387 295,000 9/09 Salt Lake City, UT 1600 Viceroy Drive Var Tec Telecom, Inc. 1,598 1,743 249,452 9/15 Dallas, TX 9950 Mayland Drive Circuit City Stores, 1,430 1,396 288,562 2/10 Richmond, VA Inc. 2750 Monroe Boulevard Quest Diagnostics, 1,126 1,277 109,281 4/11 Valley Forge, PA Inc.(3) 1301 California Circle Artesyn North America, 1,309 1,274 100,026 12/05 Milpitas, CA Inc. (Balfour Beatty plc) 700 Oakmont Lane North American Van - 1,258 269,715 11/15 Westmont, IL Lines, Inc. (SIRVA, Inc.)(4) (5) 13651 McLearen Road Boeing North American 1,274 1,238 159,664 5/08 Herndon, VA Services, Inc. (The Boeing Company) 2211 South 47th Street Avnet, Inc. 1,168 1,234 176,402 11/07 Phoenix, AZ 3476 Stateview Boulevard Wells Fargo Home 1,182 1,182 169,083 1/13 Fort Mill, SC Mortgage (6) (7) 4200 RCA Boulevard The Wackenhut Corp.(10) 1,081 1,073 114,518 2/11 Palm Beach Gardens, FL 200 Executive Blvd. S Hartford Fire Insurance 1,083 1,004 153,364 12/05 Southington, CT Co. 19019 No. 59th Avenue Honeywell, Inc. 1,001 990 252,300 7/06 Glendale, AZ 3615 North 27th Avenue Bank One, Arizona, N.A. 950 950 179,280 11/03 Phoenix, AZ 401 Elm Street Lockheed Martin Corp. 935 935 126,000 12/06 Marlborough, MA (Honeywell, Inc.) 26210 and 26220 Apria Healthcare Group, 800 896 100,012 1/12 Enterprise Court Inc. Lake Forest, CA 5600 Broken Sound Blvd OCE Printing Systems 689 768 143,290 2/20 Boca Raton, FL USA, Inc. 9275 S.W. Peyton Lane Hollywood Entertainment 734 766 122,853 11/08 Wilsonville, OR Corp. 160 Clairemont Avenue Allied Holdings, Inc. 773 765 112,248 12/07 Decatur, GA 10419 North 30th Street Time Customer Service, 679 704 132,981 7/10 Tampa, FL Inc. (Time, Inc.)
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/03 ------------------------- ------------------------- --------------- ------------ -------------- ------------ YTD YTD Lease 2003 Cash 2003 Rental Maturity Revenue Revenue Square Date Property Location Tenant (Guarantor) ($000) ($000) Footage (Mo/Yr) ------------------------- ------------------------- --------------- ------------ -------------- ------------ 250 Rittenhouse Circle Jones Apparel Group 605 693 255,019 3/13 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.)(1) 400 Butler Farm Road Nextel Communications 619 651 100,632 12/09 Hampton, VA of the Mid-Atlantic, Inc. (Nextel Finance Company) 13430 N. Black Canyon Bull HN Information 536 543 137,058 10/05 Freeway Systems, Inc. Phoenix, AZ 180 Rittenhouse Circle Jones Apparel Group 432 485 96,000 7/13 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 2300 Litton Lane Fidelity Corporate 450 482 81,744 4/07 Hebron, KY Real Estate, LLC (2) 16275 Technology Drive Cymer, Inc. 412 444 65,755 1/10 San Diego, CA (Hewlett-Packard) 2401 Cherahala Boulevard Advance PCS, Inc. 229 411 59,748 5/13 Knoxville, TN 421 Butler Farm Road Nextel Communications 347 360 56,515 1/10 Hampton, VA of the Mid-Atlantic, Inc. (Nextel Finance Company) 12000 Tech Center Drive Kelsey-Hayes Company 351 339 80,230 4/07 Livonia, MI 1440 East 15th Street Cox Communications, Inc. 201 228 28,591 9/16 Tucson, AZ 250 Turnpike Road Honeywell Consumer 216 216 57,698 9/15 Southborough, MA Products 183 Plains Road IKON Office Solutions 168 168 27,360 12/04 Milford, CT --------------- ------------ -------------- Subtotal $ 26,765 $ 28,860 4,300,381 --------------- ------------ --------------
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/03 ------------------------- ------------------------- --------------- ------------ -------------- ------------ YTD YTD Lease 2003 Cash 2003 Rental Maturity Revenue Revenue Square Date Property Location Tenant (Guarantor) ($000) ($000) Footage (Mo/Yr) ------------------------- ------------------------- --------------- ------------ -------------- ------------ Industrial 541 Perkins Jones Road Kmart Corp. $ 4,680 $ 4,466 1,700,000 9/07 Warren , OH 3501 West Avenue H Michaels Stores, Inc. 1,604 1,652 762,775 9/19 Lancaster, CA 8305 SE 58th Avenue Associated Grocers of 936 1,119 668,034 12/18 Ocala, FL Florida, Inc. 6345 Brackbill Boulevard Exel Logistics, Inc. 1,018 926 507,000 3/12 Mechanicsburg, PA (NFC plc) 159 Farley Drive Harbor Freight Tools 821 906 474,473 12/16 Dillon, SC (Central Purchasing, Inc.) 590 Ecology Lane Owens Corning 810 810 193,891 12/20 Chester, SC 4425 Purks Road Lear Technologies LLC 702 683 183,717 7/06 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 6 Doughten Road Exel Logistics, Inc. 680 674 330,000 11/06 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda Pharmaceuticals, 393 603 354,676 4/12 Groveport, OH Inc. (Andrx Corporation) 3102 Queen Palm Drive Time Customer Service, 473 505 229,605 7/10 Tampa, FL Inc. (Time, Inc.) 2280 Northeast Drive Ryder Integrated 499 502 276,480 7/12 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 505 500 252,000 11/06 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 450 492 400,522 5/09 Hebron, OH 12025 Tech Center Drive Kelsey-Hayes Company 488 479 100,000 4/07 Livonia, MI 3600 Southgate Drive Sygma Network, Inc. 467 467 149,500 10/15 Danville, IL 46600 Port Street Johnson Controls, Inc. 422 422 134,160 12/06 Plymouth, MI 1133 Poplar Creek Road Corporate Express Office 377 405 196,946 1/14 Henderson, NC Products, Inc. (Buhrmann, N.V.) 222 Tappan Drive North The Gerstenslager 337 334 296,720 5/05 Mansfield, OH Company (Worthington Industries)
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/03 --------------------------- ------------------------- ------------- ------------ -------------- ------------ YTD YTD Lease 2003 Cash 2003 Rental Maturity Revenue Revenue Square Date Property Location Tenant (Guarantor) ($000) ($000) Footage (Mo/Yr) --------------------------- ------------------------- ------------- ------------ -------------- ------------ 34 East Main Street Exel Logistics, Inc. 330 327 179,200 11/06 New Kingston, PA (NFC plc) 450 Stern Street Johnson Controls, Inc. 320 320 111,160 12/06 Oberlin, OH 109 Stevens Street Unisource Worldwide, 271 294 168,800 9/09 Jacksonville, FL Inc. 191 Arrowhead Drive Owens Corning 289 292 250,410 2/10 Hebron, OH 904 Industrial Road Tenneco Automotive 293 291 195,640 8/05 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 128 Crews Drive Stone Container 252 285 185,961 8/12 Columbia, SC Corporation 7150 Exchequer Drive Corporate Express Office 173 184 65,043 10/13 Baton Rouge, LA Products, Inc. (Buhrmann, N.V.) 324 Industrial Park Road SKF USA, Inc. 181 181 72,868 12/14 Franklin, NC 187 Spicer Drive Dana Corporation 173 170 148,000 8/07 Gordonsville, TN 300 McCormick Road Ameritech Services, Inc. 128 128 20,000 5/05 Columbus, OH 1601 Pratt Avenue Tenneco Automotive 80 82 53,600 8/05 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 3350 Miac Cove Road Mimeo.com, Inc. 87 76 141,359 10/09 Memphis, TN ------------- ------------ -------------- Subtotal $ 18,239 $ 18,575 8,802,540 ------------- ------------ --------------
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/03 ----------------------------- ----------------------- ------------- ------------ -------------- ------------ YTD YTD Lease 2003 Cash 2003 Rental Maturity Revenue Revenue Square Date Property Location Tenant (Guarantor) ($000) ($000) Footage (Mo/Yr) ----------------------------- ----------------------- ------------- ------------ -------------- ------------ Retail 150 N.E. 20th Street Fred Meyer, Inc. $ 508 $ 508 118,179 5/11 Newport, OR 2655 Shasta Way Fred Meyer, Inc. 505 505 178,204 3/08 Klamath Falls, OR Fort Street Mall, King Liberty House, Inc. 481 486 85,610 9/09 Street Honolulu, HI 12235 N. Cave Creek Bally's Health & 377 410 36,556 6/08 Phoenix, AZ Tennis Corporation 35400 Cowan Road Sam's Real Estate 376 376 102,826 1/09 Westland, MI Business Trust 4733 Hills & Dales Road Scandinavian Health 349 343 37,214 12/08 Canton, OH Spa, Inc. (Bally Total Fitness Corp.) 24100 Laguna Hills Mall Federated Department 338 337 160,000 1/06 Laguna Hills, CA Stores, Inc. 1160 White Horse Road Physical Fitness 410 336 31,750 7/07 Voorhees, NJ Centers of Philadelphia, Inc. (Bally Total Fitness Corp.) 7111 Westlake Terrace The Home Depot USA, 386 324 95,000 4/06 Bethesda, MD Inc. (8) 5917 S. La Grange Road Bally Total Fitness 330 271 25,250 7/07 Countryside, IL Corp. 4831 Whipple Avenue, N.W. Best Buy Co., Inc. 233 233 46,350 2/18 Canton, OH 3711 Gateway Drive Kohl's Dept. Stores, 217 231 76,164 1/15 Eau Claire, WI Inc. 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 216 212 42,842 5/06 Clackamas, OR 5801 Bridge Street Champion Fitness IV, 256 210 24,990 8/07 DeWitt, NY Inc. (Bally Total Fitness Corp.) 399 Peach Wood Centre Drive Best Buy Co., Inc. 198 198 45,800 2/18 Spartanburg, SC 18601 Alder Wood Mall Toys "R" Us, Inc. 199 196 43,105 5/06 Boulevard Lynwood, WA
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Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 06/30/03 ----------------------------- ----------------------- ------------- ------------ -------------- ------------ YTD YTD Lease 2003 Cash 2003 Rental Maturity Revenue Revenue Square Date Property Location Tenant (Guarantor) ($000) ($000) Footage (Mo/Yr) ----------------------------- ----------------------- ------------- ------------ -------------- ------------ 7272 55th Street Circuit City Stores, 193 188 45,308 10/08 Sacramento, CA Inc. 6910 S. Memorial Highway Toys "R" Us, Inc. 181 179 43,123 5/06 Tulsa, OK 2275 Browns Bridge Road Wal-Mart Stores, Inc. 164 164 89,199 1/09 Gainesville, GA 6405 South Virginia Street Comp USA, Inc. 167 162 31,400 12/08 Reno, NV 7055 Highway 85 South Wal-Mart Stores, Inc. 156 156 81,911 1/11 Riverdale, GA A1 21 South Wal-Mart Real Estate 150 150 56,132 1/09 Jacksonville, AL Business Trust 5055 West Sahara Avenue Circuit City Stores, 143 139 36,053 12/08 Las Vegas, NV Inc. 9580 Livingston Road GFS Realty, Inc. 204 137 107,337 2/14 Oxon Hill, MD (Giant Food, Inc.) 121 South Center Street Greyhound Lines, Inc. 101 101 17,000 12/09 Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 112 76 51,682 4/17 Rockville, MD (Giant Food, Inc.) 6475 Dobbin Road Offenbacher Aquatics, 24 57 65,200 4/13 Columbia, MD Inc(9) 2832 Chandler Mountain Road Circuit City 50 50 9,300 11/06 Lynchburg, VA Stores,Inc. ------------- ------------ -------------- Subtotal $ 7,025 $ 6,735 1,783,485 ------------- ------------ -------------- ------------- ------------ -------------- Grand Total $ 52,029 $ 54,170 14,886,406 ------------- ------------ --------------
(1) Tenant can cancel lease on 03/26/08 with 12 months notice and payment of $1,392. (2) Tenant can cancel lease on 04/30/04 with 270 days notice and a payment of $899. (3) Expense stop on this property is $393 per annum. (4) The Company is responsible for real estate taxes for the first year of the lease which are estimated to be $350. (5) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment of $1,300. (6) Expense stop to be determined on first year anniversary. The Company is responsible for actual expenses from 01/01/03 through 12/31/03 (first year anniversary). (7) Tenant has the right to contract leased space by 27,000 square feet on 01/31/08 with six months notice and a payment estimated to be $696. In addition, the tenant can cancel lease on 01/31/10 with twelve months notice and a payment estimated to be $3,968. (8) The Company has a 33.85% economic interest in this property. (9) 17,100 square feet subject to a lease. (10) This is a modified gross lease. Annual net operating expenses for which the company is responsible approximates $485. 8
Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 06/30/03 ----------------------------- -------------------------- ------------ ------------ -------------- ---------- YTD YTD Lease 2003 Cash 2003 Rental Square Maturity Revenue Revenue Date Property Location Tenant (Guarantor) ($000) ($000) Footage (Mo/Yr) ----------------------------- -------------------------- ------------ ------------ -------------- ---------- Office 389-399 Interpace Highway Aventis Pharmaceuticals, $ 3,922 $ 4,244 340,240 1/10 Morris Corporate Center IV Inc Parsippany, NJ (Pharma Holdings GmbH)(1) 17 Technology Circle Blue Cross Blue Shield 3,207 3,465 456,304 9/09 Columbia, SC of South Carolina Inc.(2) 6555 Sierra Drive True North Communications 2,005 2,125 247,254 1/10 Irving, TX Inc.(1) 15375 Memorial Drive Vastar Resources, Inc.(1) 1,718 1,718 327,325 9/09 Houston, TX 10300 Kincaid Drive Bank One Indiana, 1,592 1,644 193,000 10/09 Fishers, IN N.A.(1)(4) 600 International Parkway First USA Management 1,405 1,460 125,155 9/09 Lake Mary, FL Services, Inc.(1)(3) 550 International Parkway First USA Management 1,354 1,410 125,920 9/09 Lake Mary, FL Services, Inc.(1)(3) 2000 Eastman Drive Structural Dynamic 1,319 1,395 212,836 4/11 Milford, OH Research Corp.(1) 14040 Park Center Road NEC America, Inc.(1) 917 1,012 108,000 7/09 Herndon, VA 2210 Enterprise Drive Washington Mutual 760 849 177,747 6/08 Florence, SC Home Loan, Inc.(5) 3701 Corporate Drive Motorola, Inc.(1) 686 686 119,829 12/16 Farmington Hills, MI ------------ ------------ -------------- Subtotal Office $ 18,885 $ 20,008 2,433,610 ------------ ------------ --------------
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Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Chart 06/30/03 ----------------------------- -------------------------- ------------ ------------ -------------- ---------- YTD YTD Lease 2003 Cash 2003 Rental Maturity Revenue Revenue Square Date Property Location Tenant (Guarantor) ($000) ($000) Footage (Mo/Yr) ----------------------------- -------------------------- ------------ ------------ -------------- ---------- Industrial 101 Michelin Drive TNT Logistics North $ 1,551 $1,614 1,164,000 8/12 Laurens, SC America, Inc. (TPG N.V.)(1) 7111 Crabb Road TNT Logistics North 1,039 1,081 752,000 8/12 Temperance, MI America, Inc. (TPG N.V.)(1) 291 Park Center Drive Kraft Foods North 710 758 344,700 6/11 Winchester, VA America, Inc. (1) ------------ ------------ -------------- Subtotal Industrial $ 3,300 $ 3,453 2,260,700 ------------ ------------ -------------- $ 22,185 $ 23,461 4,694,310 ============ ============ ==============
(1) The Company has a 33% economic interest in this property. (2) The Company has a 40% economic interest in this property. (3) Cumulative expense stop on these properties is $1,264 per annum. (4) Expense stop on this property is $768 per annum. (5) The Company has a 22.73% economic interest in this property. 10
The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 06/30/03 Historical 6-Months Ended June 30, 2003 No. of Number of Percent Square Rent Percent of Locations Locations Properties Leased Feet(2) ($000's)(1) Total Rent - -------------- --------------- -------------- ------------ ------------ ------------------------------ 1 Ohio 10 100% 3,429,888 $ 7,676 12.30% 2 South Carolina 8 100 2,867,259 5,496 8.81 3 Florida 7 100 1,708,303 5,422 8.69 4 California 8 100 1,250,876 4,937 7.91 5 Pennsylvania 7 100 1,728,500 4,882 7.82 6 Arizona 7 100 810,187 4,435 7.11 7 Utah 1 100 295,000 4,387 7.03 8 Virginia 7 100 1,067,373 4,284 6.87 9 Michigan 9 100 1,722,002 3,261 5.23 10 Texas 3 100 824,031 3,024 4.85 11 Illinois 3 100 444,465 1,995 3.20 12 Oregon 4 100 462,078 1,991 3.19 13 New Jersey 2 100 371,990 1,750 2.81 14 Connecticut 2 100 180,724 1,172 1.88 15 Massachusetts 2 100 183,698 1,151 1.84 16 Georgia 3 100 283,358 1,085 1.74 17 Tennessee 3 70 349,107 657 1.05 18 Maryland 4 85 319,219 594 0.95 19 North Carolina 2 100 269,814 586 0.94 20 Indiana 1 100 193,000 548 0.88 21 Iowa 1 100 276,480 502 0.80 22 Hawaii 1 100 85,610 486 0.78 23 Kentucky 1 100 81,744 482 0.78 24 Nevada 2 100 67,453 301 0.48 25 Wisconsin 1 100 76,164 231 0.37 26 New York 1 100 24,990 210 0.34 27 Washington 1 100 43,105 196 0.31 28 Louisiana 1 100 65,043 184 0.29 29 Oklahoma 1 100 43,123 179 0.29 30 Alabama 1 100 56,132 150 0.24 31 Canada 1 100 - 136 0.22 --------------- -------------- ------------ ------------ -------------- --------------- Total 105 99.2% 19,580,716 $ 62,390 100.0% --------------- -------------- ------------ ------------ -------------- ---------------
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. (2) Includes properties owned as of June 30, 2003. 11
Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 06/30/03 Office Industrial Retail - ----------------- --------------------------- -- --------------------------- -- --------------------------- - Cash Rental Net Rent Cash Rental Net Rent Cash Rental Net Rent Year Revenue(1) PSF Revenue(1) PSF Revenue(1) PSF - ----------------- -------------- --------------- -------------- --------------- -------------- -------------- 2003 $ 1,742 $ 10.60 $ - $ - $ - $ - 2004 687 15.00 - - - - 2005 6,225 15.94 1,701 3.01 - - 2006 3,888 10.28 6,199 5.21 2,732 6.95 2007 6,153 13.65 10,739 5.51 1,991 24.28 2008 4,896 13.57 - - 3,727 10.22 2009 14,947 16.37 1,857 3.07 2,418 6.89 2010 10,722 17.42 1,801 3.75 - - 2011 4,808 16.44 536 4.67 1,096 5.48 2012 2,036 20.35 7,273 3.42 - - 2013 5,890 10.16 412 6.34 231 13.50 2014 - - 1,238 4.59 205 1.91 2015 7,300 12.66 924 6.24 469 6.15 2016 1,619 26.33 1,967 4.19 - - 2017 - - - - 115 2.23 2018 - - 2,519 3.77 860 9.33 2019 - - 3,417 4.48 - - 2020 2,500 17.44 1,603 8.35 - - WTG. AVG. $ 15.10 $ 4.30 $ 7.98 ============ ============ ==========
(1) Includes proportionate share of joint venture investments. 12
Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis 06/30/03 ($000's) Percentage of Total Total Number of Annualized Annualized Year Leases Expiring Rent (1) Rent - ---------------- -------------------------------- ---------------------- ---------------------------------- - ---------------- -------------------------------- ---------------------- ---------------------------------- 2003 1 $ 1,742 1.4% 2004 2 687 0.5 2005 7 8,074 6.4 2006 14 14,142 11.3 2007 10 17,511 14.0 2008 9 7,982 6.4 2009 15 19,060 15.3 2010 8 11,762 9.4 2011 6 6,886 5.5 2012 7 8,221 6.6 2013 6 6,191 4.9 2014 3 1,447 1.2 2015 5 7,822 6.2 2016 3 3,286 2.6 2017 1 152 0.1 2018 3 3,098 2.5 2019 1 3,312 2.6 2020 2 3,848 3.1 -------------------------------- ---------------------- ---------------------------------- Total 103 $ 125,223 100.0% ================================ ====================== ==================================
(1) Includes proportionate share of joint venture investments. 13
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 06/30/03 ($000's) - --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Estimated Debt Interest Rate Annual Balloon Property - Fixed Rate Balance Maturity Debt Service(k) Payment - --------------------------------- ------------------ -------------- ------------- ---------------- -------------------- Gainesville, GA (first) $ 122 13.000% 01-01-04 $ 127 $ -- Oxon Hill, MD 278 6.250 03-01-04 286 -- Bethesda, MD 1,706 9.250 05-01-06 669 -- Warren, OH 23,432 7.000 10-01-07 6,160 -- Bristol, PA 9,776 7.400 02-01-08 831 9,262 Boca Raton, FL(j) 15,275 5.250 03-01-08 802 15,275 Decatur, GA 6,758 6.720 06-01-08 579 6,049 Phoenix, AZ 14,383 7.890 06-05-08 1,434 12,591 Palm Beach Gardens, FL 11,427 7.010 06-15-08 970 10,418 Canton, OH 3,360 7.150 08-11-08 313 2,936 Spartanburg, SC 2,791 7.150 08-11-08 260 2,438 Hebron, KY 5,374 7.000 10-23-08 451 4,935 Gainesville, GA (second)(i) 869 7.500 01-01-09 91 -- Ocala, FL 13,216 7.250 02-01-09 1,332 10,700 Canton, OH 1,694 9.490 02-28-09 388 -- Baton Rouge, LA 1,931 7.375 03-01-09 208 1,478 Bristol, PA 6,117 7.250 04-01-09 571 5,228 Livonia, MI 11,072 7.800 04-01-09 992 10,236 Henderson, NC 4,449 7.390 05-01-09 417 3,854 Westland, MI 3,120 10.500 09-01-09 683 -- Salt Lake City, UT 14,323 7.610 10-01-09 2,901 -- Richmond, VA 16,544 8.100 02-01-10 1,511 15,257 Hampton, VA 4,492 8.260 04-01-10 415 4,144 Hampton, VA 7,325 8.270 04-01-10 677 6,758 Tampa, FL 8,384 6.930 08-01-10 674 7,603 Tampa, FL 6,065 6.880 08-01-10 485 5,495 Herndon, VA 18,885 8.180 12-05-10 1,723 17,301 San Diego, CA 4,297 7.500 01-01-11 411 3,420 Tucson, AZ 2,464 7.500 01-01-11 226 2,076 Columbia, SC 3,446 7.540 01-01-11 317 2,905 Valley Forge, PA 13,195 7.120 02-10-11 1,166 10,927 Glendale, AZ 14,845 7.400 04-01-11 1,258 13,365 Auburn Hills, MI 7,263 7.010 06-01-11 637 5,918 Plymouth, MI 4,821 7.960 07-01-11 463 3,949
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Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 06/30/03 ($000's) - -------------------------------- -------------------- ------------- --------------- ---------------- -------------------- Estimated Debt Interest Annual Balloon Property Balance Rate Maturity Debt Service(k) Payment - -------------------------------- -------------------- ------------- --------------- ---------------- -------------------- New Kingston, PA 7,315 7.790 01-01-12 678 6,101 Mechanicsburg, PA 5,400 7.780 01-01-12 500 4,503 New Kingston, PA 3,485 7.780 01-01-12 323 2,906 Lake Forest, CA 10,880 7.260 02-01-12 901 9,708 Groveport, OH (f) 7,800 6.030 10-01-12 492 6,860 Dallas, TX 21,554 7.490 12-31-12 2,020 16,030 Fort Mill, SC 11,588 6.000 01-01-13 839 9,904 Lancaster, CA (first) 10,679 7.020 09-01-13 900 8,637 Lancaster, CA (second) 8,954 5.920 09-01-13 642 7,518 Knoxville, TN (g) 5,325 5.950 09-01-13 381 4,496 Eau Claire, WI 2,286 8.000 07-01-14 313 -- Franklin, NC 2,006 8.500 04-01-15 263 -- Southborough, MA 2,188 7.500 09-01-15 275 -- Danville, IL 6,670 9.000 01-01-16 692 4,578 Dillon, SC 12,260 7.900 12-01-16 1,263 5,273 Westmont, IL 16,311 6.210 03-01-18 1,292 9,662 ------------ ----- ----------- ---------- $ 398,200 7.290% $ 42,202 $ 290,694 ------------ ------ ------------- ---------- Property-Variable Rate Milpitas, CA (a) (e) $ 16,676 4.290% 07-01-04 $ 2,703 $ 14,487 Marlborough, MA (b) 7,962 3.210% 08-01-05 504 7,450 Hebron, OH (c) 9,559 3.625% 12-05-05 538 9,072 -------- -------- ------- --------- $ 34,197 3.853% $ 3,745 $ 31,009 -------- -------- ------- --------- Corporate Warren, OH (d) $ 12,500 4.990% 10-01-07 $ 632 $ 12,500 Credit Facility (h) - - - - -------- ----- 03-30-04 ------- ------- 12,500 4.990% $ 632 $ 12,500 -------- ------ ------- ------- Total $ 444,897 6.961% $ 46,579 $ 334,203 ========= ====== ======= =======
(a) Floating rate debt, 30 day LIBOR plus 297 bps. (b) Floating rate debt, 90 day LIBOR plus 190 bps. (c) Floating rate debt, 30 day LIBOR plus 225 bps. (d) Floating rate debt, 90 day LIBOR plus 375 bps. (e) All property cash flows are used for principal amortization. (f) Interest only through April 2004, and $563 in annual debt service thereafter. (g) Interest only through May 2003, and $381 in annual debt service thereafter. (h) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps. (i) Mortgage is accrual only through 01/31/04. Commencing 02/01/04 annual debt service of $218 is due. (j) Interest only through maturity. (k) For mortgages with less than twelve months to maturity amounts represent remaining payments. 15
Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 06/30/03 ($000's) - -------------------------------- ---------------- -------------- -------------- -------------- ---------------------- Estimated Debt Interest Annual Balloon Joint Venture Property Balance Rate Maturity Debt Service Payment - -------------------------------- ---------------- -------------- -------------- -------------- ---------------------- Farmington Hills, MI(2)(4) $ 24,000 4.180% 08-10-03 $ 1,430 $ 24,000 Florence, SC(3) 9,470 7.500 02-01-09 869 8,443 Columbia, SC(1) 24,509 7.850 10-01-09 2,196 22,586 Houston, TX(2) 21,456 7.580 10-10-09 2,032 18,229 Fishers, IN(2) 15,202 8.190 04-01-10 1,499 12,960 Herndon, VA(2) 11,693 7.600 09-01-10 1,107 9,769 Lake Mary, FL(2) 13,281 7.880 10-01-10 1,181 12,118 Lake Mary, FL(2) 13,242 7.880 10-01-10 1,178 12,082 Irving, TX(2) 26,643 8.160 10-01-10 2,432 24,454 Parsippany, NJ(2) 41,172 7.350 03-01-11 3,472 37,047 Winchester, VA(2) 10,814 7.330 08-01-11 908 9,675 Milford, OH(2) 17,230 8.170 02-01-12 1,724 12,686 Temperance, MI(2) 11,946 6.000 09-01-12 935 9,400 Laurens, SC(2) 17,820 6.000 09-01-12 1,396 14,022 --------- ----- --------- -------- $ 258,478 7.225% $ 22,359 $ 227,471 ========= ===== ========= ========
1 The Company has a 40% economic interest in this property 2 The Company a 33 1/3% economic interest in this property 3 The Company has a 22.73% economic interest in this property 4 The Company has arranged for an August 2003 funding of a permanent $21,420 non-recourse, 5.42% fixed rate mortgage, which matures August 2012. Annual debt service for this mortgage is estimated to be $1,500 and a balloon payment of approximately $17,500 will be due at maturity. Estimated annual debt service amount in the table above includes debt service for the new mortgage. 16
Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 06/30/03 ($000's) Consolidated properties - ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments(1) Average Interest Rate ------------ -------- --------------------- 2003-remaining $ 7,494 $ -- -- 2004 15,300 14,487(2) 4.290% 2005 15,021 16,522(3) 3.438% 2006 15,418 -- -- 2007 16,304 -- -- --------- --------- ------ $ 69,537 $ 31,009 3.836% ========= ========== ===== Joint venture properties - LXP proportionate share - ------------------------------------------------------------------------------------------------------------ Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate 2003-remaining $ 471 $ 8,000(4) 4.180% 2004 1,084 -- -- 2005 1,190 -- -- 2006 1,290 -- -- 2007 1,402 -- -- --------- --------- ------- $ 5,437 $ 8,000 4.180% ========= ========= =====
(1) Excludes corporate level debt. (2) Milpitas, CA property. (3) Comprised of the Marlborough, MA property ($7,450) and Hebron, OH mortgages ($9,072). (4) Farmington Hills, MI property. 17
Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 06/30/03 - ----------------------------------------------- -------------------------------- Percentage of Historical Tenant Industry 6 Months Rent (1) - ----------------------------------------------- -------------------------------- Finance/Insurance 10.7% Retail-Department/ Discount Store 10.3 Transportation/Logistics 9.6 Energy 7.9 Healthcare 7.4 Technology 6.7 Retail-Specialty 5.6 Telecommunications 5.5 Aerospace/Defense 5.4 Automotive 4.5 Retail-Electronics 3.8 Construction Materials 3.4 Media/Advertising 3.1 Food 2.9 Consumer Products 2.8 Health/Fitness 2.5 Apparel 2.0 Retail-Food 1.9 Security 1.7 Printing/Production 1.4 Paper/Containers/Packaging 0.9 --- 100.0%
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 18
Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 06/30/03 Historical 6-Months Rent Revenue by Property Type ($000's)(1) Percentage - ---------------------------------------------------- -------------------------------- -------------------------------- Office $ 35,670 57.2% Industrial 19,940 32.0% Retail 6,780 10.8% ---------- -------- $ 62,390 100.0% ========== ======== Revenue by Credit Rating(2) Investment Grade $ 24,702 39.6% Non Investment Grade 12,975 20.8% Unrated 24,713 39.6% ---------- -------- $ 62,390 100.0% ========== ========
Percentage of Rent for 6 Number of Months Top 15 Tenants/Guarantors Properties Property Type Ended 06/30/03 - ---------------------------------------------------- ------------- ---------------------------- ---------------------- Kmart Corporation 1 Industrial 7.2% Northwest Pipeline Corp. 1 Office 7.0 Exel Logistics, Inc.(NFC plc) 4 Industrial 3.9 Honeywell, Inc. 3 Office 3.4 Circuit City Stores, Inc. 4 Office(1)/Retail(3) 2.8 Vartec Telecom, Inc. 1 Office 2.8 Michaels Stores, Inc. 1 Industrial 2.6 Owens Corning 3 Industrial 2.6 Bally Total Fitness Corp. 5 Retail 2.5 Aventis Pharmaceuticals, Inc. 1 Office 2.3 Blue Cross Blue Shield of South Carolina Inc. 1 Office 2.2 Quest Diagnostics, Inc. 1 Office 2.0 Artesyn North America, Inc. (Balfour Beatty PLC) 1 Office 2.0 North American Van Lines (SIRVA, Inc.) 1 Office 2.0 Boeing North America Services, Inc. 1 Office 2.0 (The Boeing Company) 29 47.3% == ====
(1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (2) As of July 22, 2003. 19 -----END PRIVACY-ENHANCED MESSAGE-----