8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant

to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2021

LEXINGTON REALTY TRUST

(Exact name of registrant as specified in its charter)

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

One Penn Plaza, Suite 4015, New York, New York 10119-4015

(Address of principal executive offices) (Zip Code)

(212) 692-7200

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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

Emerging growth company ☐

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock	LXP	New York Stock Exchange
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share	LXPPRC	New York Stock Exchange

Item 2.02.        Results of Operations and Financial Condition.

On May 7, 2021, we issued a press release announcing our financial results for the quarter ended March 31, 2021. A copy of the press release is furnished herewith as Exhibit 99.1.

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

Item 7.01.        Regulation FD Disclosure.

On May 7, 2021, we made available supplemental information, which we refer to as the “Quarterly Supplemental Information, First Quarter 2021,” a copy of which is furnished herewith as Exhibit 99.2.

On May 7, 2021, our management discussed our financial results and certain aspects of our business plan on a conference call with analysts and investors. A transcript of the conference call is furnished herewith as Exhibit 99.3.

The information furnished pursuant to this “Item 7.01 - Regulation FD Disclosure”, including Exhibit 99.2 and Exhibit 99.3, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing. Information contained on our web site is not incorporated by reference into this Current Report on Form 8-K.

Item 9.01.        Financial Statements and Exhibits.

(d)    Exhibits
99.1	Press Release dated May 7, 2021
99.2	Quarterly Supplemental Information, First Quarter 2021.
99.3	May 7, 2021 Conference Call Transcript.
104	Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

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

	Lexington Realty Trust
Date: May 7, 2021	By:	/s/ Beth Boulerice
		Beth Boulerice
		Chief Financial Officer

EX-99.1

Exhibit 99.1 

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 2021 RESULTS

New York, NY - May 7, 2021 - 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, 2021.

First Quarter 2021 Highlights

• Recorded Net Income attributable to common shareholders of $39.4 million, or $0.14 per diluted common share.

• Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $63.7 million, or $0.22 per diluted common share.⁽¹⁾

• Completed 1.5 million square feet of new leases and lease extensions, raising industrial renewal Cash Base Rents by 5.4%.

• Acquired three industrial properties for an aggregate cost of $50.8 million and completed construction of an industrial property in the Columbus, Ohio market.

• Commenced development of a 1.1 million square foot warehouse/distribution property in the Central Florida market.

• Invested an aggregate of $24.0 million in five on-going development projects.

• Disposed of four properties for an aggregate gross disposition price of $58.1 million.

• Increased industrial portfolio to 91.3% of gross book value of real estate assets, excluding held for sale assets.

Subsequent Events

• Entered into a joint venture to construct a 1.1 million square foot warehouse/distribution property in the Indianapolis market.

• Disposed of one industrial property in Laurens, South Carolina for a gross disposition price of $40.1 million.

• Renewed the 423,000 square foot Lumberton, North Carolina industrial lease for five years, raising Cash Base Rent by 8.6%.

1. Adjusted Company FFO includes $10.9 million of termination income. 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 and Chief Executive Officer of Lexington Realty Trust, commented, “Our industrial portfolio continued to benefit in the first quarter from strong market fundamentals with property values increasing, same store rent growth of 1.5%, and cash renewal rents increasing by 5.4%. During the quarter, we completed a development project in the Columbus market, which was fully leased prior to completion, and purchased another $51 million of income producing properties in our target markets. In addition, we made good progress in our capital recycling plan with $58 million of sales and we expect office sales to accelerate over the balance of the year as the pandemic eases.”

 1

FINANCIAL RESULTS

Revenues

For the quarter ended March 31, 2021, total gross revenues were $92.6 million, compared with total gross revenues of $80.8 million for the quarter ended March 31, 2020. The increase is primarily attributable to acquisitions and a $10.8 million increase in termination income, partially offset by property sales and a decrease in fee income.

Net Income Attributable to Common Shareholders

For the quarter ended March 31, 2021, net income attributable to common shareholders was $39.4 million, or $0.14 per diluted share, compared with net income attributable to common shareholders for the quarter ended March 31, 2020 of $16.5 million, or $0.06 per diluted share.

Adjusted Company FFO

For the quarter ended March 31, 2021, Lexington generated Adjusted Company FFO of $63.7 million, or $0.22 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2020 of $49.3 million, or $0.19 per diluted share.

Dividends/Distributions

As previously announced, during the first quarter of 2021, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended March 31, 2021 of $0.1075 per common share/unit, which was paid on April 15, 2021 to common shareholders/unitholders of record as of March 31, 2021. 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, 2021, which is expected to be paid on May 17, 2021 to Series C Preferred Shareholders of record as of April 30, 2021.

TRANSACTION ACTIVITY

ACQUISITIONS AND COMPLETED DEVELOPMENT TRANSACTIONS
Property Type	Market	Sq. Ft.	Initial Basis ($000)		Approximate Lease Term (Yrs)	% Leased
Industrial-Warehouse/distribution	Indianapolis, IN	149,072	$	14,310	4	100%
Industrial-Warehouse/distribution	Indianapolis, IN	149,072	14,120		6	100%
Industrial-Warehouse/distribution	Central Florida	222,134	22,358		10	53%
Industrial-Warehouse/distribution	Columbus, OH(1)	320,190	18,435		3	100%
		840,468	$	69,223

1. Completed development project. Initial basis excludes certain remaining costs.

The above properties were acquired/completed at aggregate weighted-average GAAP and Cash estimated stabilized capitalization rates of 6.1% and 5.9%, respectively.

 2

ON-GOING DEVELOPMENT PROJECTS
Project (% owned)	Market	Estimated Sq. Ft.	Estimated Project Cost ($000)		GAAP Investment Balance as of 3/31/2021 ($000)(1)		Lexington Amount Funded as of 3/31/2021 ($000)		Estimated Completion Date	Approximate Lease Term	% Leased
Consolidated:
Fairburn (87%)(2)	Atlanta, GA	910,000	$	53,812	$	45,322	$	40,376	2Q 2021	TBD	0	%
KeHE Distributors, BTS (100%)	Phoenix, AZ	468,182	72,000		31,165		26,301		3Q 2021	15	100	%
Ocala (80%)(2)	Central Florida	1,085,280	80,900		11,887		7,682		1Q 2022	TBD	0	%
			$	206,712	$	88,374	$	74,359
Non-consolidated:
ETNA Park 70 (90%)(3)	Columbus, OH	TBD	TBD		$	12,791	$	13,208	TBD	TBD	0	%
ETNA Park 70 East (90%)(3)	Columbus, OH	TBD	TBD		7,716		7,868		TBD	TBD	0	%
					$	20,507	$	21,076

1. GAAP investment balance is in real estate under construction for consolidated projects and investments in non-consolidated entities for non-consolidated projects.

2. Estimated project cost excludes potential developer partner promote.

3. Plans and specifications have not been completed and the estimated square footage, project cost and completion date cannot be determined.

PROPERTY DISPOSITIONS
Primary Tenant	Location	Property Type	Gross Disposition Price ($000)		Annualized Net Income(1) ($000)		Annualized NOI(1) ($000)		Month of Disposition	% Leased
Vacant	Houston, TX	Office	$	2,550	$	(427)	$	(427)	January	0	%
Charles Schwab	Westlake, TX	Office	17,693		982		2,294		January	100	%
ODW Logistics	Columbus, OH	Industrial	27,849		1,930		2,153		March	100	%
Multi-Tenant	Honolulu, HI	Other	10,000		(254)		(232)		March	29	%
			$	58,092	$	2,231	$	3,788

1. Generally, quarterly period prior to sale, annualized.

The consolidated 2021 property dispositions resulted in aggregate weighted-average GAAP and Cash capitalization rates of 6.3% and 6.5%, respectively.

LEASING
	LEASE EXTENSIONS
	Location		Primary Tenant/Guarantor	Prior Term	Lease Expiration Date	Sq. Ft.
	Industrial
1	Winchester	VA	Kraft Heinz(1)	05/2021	05/2031	344,700
2	Millington	TN	Ingram Micro	09/2021	09/2024	701,819
3	Chillicothe	OH	Adena Health	02/2021	02/2022	23,270
3	Total industrial lease extensions					1,069,789

 3

	NEW LEASES
	Location		Primary Tenant/Guarantor	Lease Expiration Date	Sq. Ft.
	Industrial/Multi-tenant
1	Antioch	TN	Southerland Inc.	06/2031	334,503
2	Antioch	TN	American Logistics Services Inc.	05/2028	50,400
3	Durham	NH	University of New Hampshire(2)	03/2026	45,168
3	Total new industrial/multi-tenant leases				430,071
6	TOTAL NEW AND EXTENDED LEASES				1,499,860

1. Five year extension option to 05/2026 exercised in second quarter 2020. While determining fair market value rent, lease amended for ten-year extension during the first quarter of 2021.

2. Prior tenant terminated its lease for 500,500 square feet prior to its lease expiration date of March 2026. Lexington entered into a direct lease with the subtenant for a portion of the vacancy.

As of March 31, 2021, Lexington's Stabilized Portfolio was 97.8% leased.

BALANCE SHEET/CAPITAL MARKETS

During the first quarter of 2021, Lexington increased its availability under its ATM program to $350.0 million and entered into forward sales contracts for an aggregate of 3.6 million common shares that have not yet been settled. As of March 31, 2021, Lexington had an aggregate of $94.5 million under unsettled forward common share sales contracts, which is subject to adjustment in accordance with the forward sales contracts.

As of March 31, 2021, Lexington had nothing outstanding under its unsecured revolving credit facility and ended the quarter with net debt to Adjusted EBITDA at 4.6x.

2021 EARNINGS GUIDANCE

Lexington now estimates that its net income attributable to common shareholders for the year ended December 31, 2021 will be within an expected range of $0.74 to $0.77 per diluted common share.

Additionally, Lexington is increasing the low end of its Adjusted Company FFO guidance range for the year ended December 31, 2021 by a penny, to a revised range of $0.73 to $0.76 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

 4

FIRST QUARTER 2021 CONFERENCE CALL

Lexington will host a conference call today, May 7, 2021, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended March 31, 2021. Interested parties may participate in this conference call by dialing1-844-825-9783 (U.S.), 1-412-317-5163 (International) or 1-855-669-9657 (Canada). A replay of the call will be available through August 7, 2021, 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 10155432. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. Lexington seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions. 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 potential adverse impact on Lexington or its tenants from the novel coronavirus (COVID-19); (2) the authorization by Lexington's Board of Trustees of future dividend declarations, (3) Lexington's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2021, (4) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (5) the failure to continue to qualify as a real estate investment trust, (6) changes in general business and economic conditions, including the impact of any legislation, (7) competition, (8) increases in real estate construction costs, (9) changes in interest rates, (10) changes in accessibility of debt and equity capital markets, and (11) 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.

 5

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

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

Cash 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.

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). Stabilized yields assume 100% occupancy and the payment of estimated costs to achieve 100% occupancy including partner promotes, if any.

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.

Stabilized Portfolio: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion.

# # #

 6

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,
	2021		2020
Gross revenues:
Rental revenue	$	91,645	$	78,735
Other revenue	912		2,092
Total gross revenues	92,557		80,827
Expense applicable to revenues:
Depreciation and amortization	(42,176)		(40,509)
Property operating	(10,934)		(10,276)
General and administrative	(8,420)		(7,825)
Non-operating income	477		190
Interest and amortization expense	(11,486)		(14,795)
Debt satisfaction gains, net	—		1,393
Gains on sales of properties	21,919		9,805
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities	41,937		18,810
Provision for income taxes	(372)		(653)
Equity in earnings (losses) of non-consolidated entities	(90)		263
Net income	41,475		18,420
Less net income attributable to noncontrolling interests	(433)		(266)
Net income attributable to Lexington Realty Trust shareholders	41,042		18,154
Dividends attributable to preferred shares – Series C	(1,572)		(1,572)
Allocation to participating securities	(69)		(46)
Net income attributable to common shareholders	$	39,401	$	16,536
Net income attributable to common shareholders - per common share basic	$	0.14	$	0.07
Weighted-average common shares outstanding – basic	275,416,327		253,038,161
Net income attributable to common shareholders - per common share diluted	$	0.14	$	0.06
Weighted-average common shares outstanding – diluted	279,053,697		257,347,277

 7

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	March 31, 2021		December 31, 2020
	(unaudited)
Assets:
Real estate, at cost	$	3,523,641	$	3,514,564
Real estate - intangible assets	399,394		409,293
Investments in real estate under construction	88,374		75,906
Real estate, gross	4,011,409		3,999,763
Less: accumulated depreciation and amortization	891,448		884,465
Real estate, net	3,119,961		3,115,298
Assets held for sale	18,383		16,530
Right-of-use assets, net	30,500		31,423
Cash and cash equivalents	142,074		178,795
Restricted cash	28,101		626
Investments in non-consolidated entities	54,185		56,464
Deferred expenses, net	16,730		15,901
Rent receivable – current	2,954		2,899
Rent receivable – deferred	66,680		66,959
Other assets	10,665		8,331
Total assets	$	3,490,233	$	3,493,226
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	131,849	$	136,529
Term loan payable, net	298,069		297,943
Senior notes payable, net	779,607		779,275
Trust preferred securities, net	127,520		127,495
Dividends payable	33,317		35,401
Liabilities held for sale	6		790
Operating lease liabilities	31,508		32,515
Accounts payable and other liabilities	45,018		55,208
Accrued interest payable	7,221		6,334
Deferred revenue - including below market leases, net	16,680		17,264
Prepaid rent	14,112		13,335
Total liabilities	1,484,907		1,502,089
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,
277,614,856 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively	28		28
Additional paid-in-capital	3,193,023		3,196,315
Accumulated distributions in excess of net income	(1,292,051)		(1,301,726)
Accumulated other comprehensive loss	(12,617)		(17,963)
Total shareholders’ equity	1,982,399		1,970,670
Noncontrolling interests	22,927		20,467
Total equity	2,005,326		1,991,137
Total liabilities and equity	$	3,490,233	$	3,493,226

 8

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE

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

	Three Months Ended March 31,
	2021		2020
EARNINGS PER SHARE:
Basic:
Net income attributable to common shareholders	$	39,401	$	16,536
Weighted-average number of common shares outstanding - basic	275,416,327		253,038,161
Net income  attributable to common shareholders - per common share basic	$	0.14	$	0.07
Diluted:
Net income attributable to common shareholders - basic	$	39,401	$	16,536
Impact of assumed conversions	240		107
Net income attributable to common shareholders	$	39,641	$	16,643
Weighted-average common shares outstanding - basic	275,416,327		253,038,161
Effect of dilutive securities:
Shares issuable under forward sales agreements	9,843		—
Unvested share-based payment awards and options	775,108		1,160,994
Operating partnership units	2,852,419		3,148,122
Weighted-average common shares outstanding - diluted	279,053,697		257,347,277
Net income attributable to common shareholders - per common share diluted	$	0.14	$	0.06

 9

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,
	2021		2020
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders	$	39,401	$	16,536
Adjustments:
Depreciation and amortization	41,478		39,717
Noncontrolling interests - OP units	239		107
Amortization of leasing commissions	698		792
Joint venture and noncontrolling interest adjustment	2,115		2,214
Gains on sales of properties, including non-consolidated entities	(21,919)		(10,354)
FFO available to common shareholders and unitholders - basic	62,012		49,012
Preferred dividends	1,572		1,572
Amount allocated to participating securities	69		46
FFO available to all equityholders and unitholders - diluted	63,653		50,630
Transaction costs	11		21
Debt satisfaction gains, net, including non-consolidated entities	—		(1,372)
Adjusted Company FFO available to all equityholders and unitholders - diluted	63,664		49,279
FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
Straight-line adjustments	(2,020)		(1,419)
Lease incentives	219		269
Amortization of above/below market leases	(460)		(295)
Lease termination payments, net	2,204		492
Non-cash interest, net	127		428
Non-cash charges, net	1,764		1,658
Tenant improvements	(19)		(1,492)
Lease costs	(2,232)		(3,951)
Joint venture and noncontrolling interest adjustment	(173)		(111)
Company Funds Available for Distribution	$	63,074	$	44,858
Per Common Share and Unit Amounts
Basic:
FFO	$	0.22	$	0.19
Diluted:
FFO	$	0.22	$	0.19
Adjusted Company FFO	$	0.22	$	0.19
Basic:
Weighted-average common shares outstanding - basic EPS	275,416,327		253,038,161
Operating partnership units(1)	2,852,419		3,148,122
Weighted-average common shares outstanding - basic FFO	278,268,746		256,186,283
Diluted:
Weighted-average common shares outstanding - diluted EPS	279,053,697		257,347,277
Unvested share-based payment awards	9,125		24,799
Preferred shares - Series C	4,710,570		4,710,570
Weighted-average common shares outstanding - diluted FFO	283,773,392		262,082,646

(1)       Includes all OP units other than OP units held by us.

 10

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
2021 EARNINGS GUIDANCE
	Twelve Months Ended December 31, 2021
	Range
Estimated:
Net income attributable to common shareholders per diluted common share(1)	$	0.74	$	0.77
Depreciation and amortization	0.62		0.62
Impact of capital transactions	(0.63)		(0.63)
Estimated Adjusted Company FFO per diluted common share	$	0.73	$	0.76

(1)       Assumes all convertible securities are dilutive.

 11

EX-99.2

Exhibit 99.2

LEXINGTON REALTY TRUST

TABLE OF CONTENTS

March 31, 2021

		PAGE			PAGE
SUMMARY / HIGHTLIGHTS		3	TENANT DATA
				TOP 15 TENANTS	21
FINANCIAL DATA				QUARTERLY LEASING SUMMARY	22
	CONSOLIDATED BALANCE SHEETS	4		LEASE ROLLOVER SCHEDULES	23
	CONSOLIDATED STATEMENTS OF OPERATIONS	5		PROPERTY LEASES AND VACANCIES	25
	NON-GAAP FINANCIAL DATA	6
	SELECT CREDIT METRICS SUMMARY	10	DEBT
	OTHER FINANCIAL DATA	11		MORTGAGES AND NOTES PAYABLE	36
				DEBT MATURITY SCHEDULE	38
CAPITAL DEPLOYMENT / RECYCLING				DEBT COVENANTS	39
	QUARTERLY INVESTMENTS / CAPITAL RECYCLING	12
	ON-GOING DEVELOPMENT SUMMARY	13	COMPONENTS OF NET ASSET VALUE		40
	CAPITAL EXPENDITURES AND LEASING COSTS	14
			NON-GAAP MEASURES DEFINITIONS		41
PORTFOLIO DATA
	PORTFOLIO DATA	15	INVESTOR INFORMATION		45
	SAME STORE DATA	16
	PORTFOLIO DETAIL BY ASSET CLASS	17
	PORTFOLIO COMPOSITION	18
	INDUSTRIAL MARKET AND INDUSTRIES	19
	INDUSTRIAL PORTFOLIO DETAIL	20

This 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 potential adverse impact on Lexington or its tenants from the novel coronavirus (COVID-19), (2) the authorization of Lexington’s Board of Trustees of future dividend declarations, (3) the successful consummation of any lease, acquisition, build-to-suit, development project, 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.

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

LEXINGTON REALTY TRUST

SUMMARY / HIGHLIGHTS

March 31, 2021

Lexington is a real estate investment trust (“REIT”) focused on single-tenant industrial real estate investments. Lexington has been a publicly traded REIT since 1993 (NYSE: LXP). Lexington’s investment strategy is focused on the acquisition and development of high quality and well-located industrial warehouse and distribution facilities. Lexington currently pays an annualized dividend of $0.43 per common share.

Quarterly Highlights	Portfolio Statistics
- Net Income - $0.14 per diluted common share	# of Properties:	132
- Adjusted Company FFO - $0.22 per diluted common share (1)	# of States:	28
- Completed 1.5 million square feet of new leases and lease extensions	Square Footage:	55.9 million
- Acquired three warehouse/distribution properties for an aggregate cost of $50.8 million	On-going Development Projects:	5
- Substantially completed and placed into service a 320,190 square foot warehouse/distribution property in the Columbus, OH market, at an initial cost of $18.4 million	Stabilized Portfolio % Leased:	97.8%
- Commenced development of a 1.1 million square foot warehouse/distribution property in the Central Florida market	# of Leases:	156
- Invested an aggregate of $24.0 million in five on-going development projects	% Industrial:	91.3%
- Disposed of four properties for an aggregate gross disposition price of $58.1 million	Weighted-Average Lease Term (Cash Basis):	7.3 years
- Net Debt to Adjusted EBITDA ratio is 4.6x	Weighted-Average Age:	12.1 years

(1) Includes $10.9 million of termination income.

3

LEXINGTON REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	March 31, 2021			December 31, 2020
	(unaudited)
Assets:
Real estate, at cost	$	3,523,641		$	3,514,564
Real estate - intangible assets		399,394			409,293
Investments in real estate under construction		88,374			75,906
Real estate, gross		4,011,409			3,999,763
Less: accumulated depreciation and amortization		891,448			884,465
Real estate, net		3,119,961			3,115,298
Assets held for sale		18,383			16,530
Right-of-use assets, net		30,500			31,423
Cash and cash equivalents		142,074			178,795
Restricted cash		28,101			626
Investments in non-consolidated entities		54,185			56,464
Deferred expenses, net		16,730			15,901
Rent receivable - current		2,954			2,899
Rent receivable - deferred		66,680			66,959
Other assets		10,665			8,331
Total assets	$	3,490,233		$	3,493,226
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	131,849		$	136,529
Term loan payable, net		298,069			297,943
Senior notes payable, net		779,607			779,275
Trust preferred securities, net		127,520			127,495
Dividends payable		33,317			35,401
Liabilities held for sale		6			790
Operating lease liabilities		31,508			32,515
Accounts payable and other liabilities		45,018			55,208
Accrued interest payable		7,221			6,334
Deferred revenue - including below market leases, net		16,680			17,264
Prepaid rent		14,112			13,335
Total liabilities		1,484,907			1,502,089
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 issues and outstanding		94,016			94,016
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 277,614,856 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively		28			28
Additional paid-in-capital		3,193,023			3,196,315
Accumulated distributions in excess of net income		(1,292,051	)		(1,301,726	)
Accumulated other comprehensive loss		(12,617	)		(17,963	)
Total shareholders’ equity		1,982,399			1,970,670
Noncontrolling interests		22,927			20,467
Total equity		2,005,326			1,991,137
Total liabilities and equity	$	3,490,233		$	3,493,226

4

LEXINGTON REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended March 31,
	2021			2020
Gross revenues:
Rental revenue	$	91,645		$	78,735
Other revenue		912			2,092
Total gross revenues		92,557			80,827
Expenses applicable to revenues:
Depreciation and amortization		(42,176	)		(40,509	)
Property operating		(10,934	)		(10,276	)
General and administrative		(8,420	)		(7,825	)
Non-operating income		477			190
Interest and amortization expense		(11,486	)		(14,795	)
Debt satisfaction gains, net		-			1,393
Gains on sales of properties		21,919			9,805
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities		41,937			18,810
Provision for income taxes		(372	)		(653	)
Equity in earnings (losses) of non-consolidated entities		(90	)		263
Net income		41,475			18,420
Less net income attributable to noncontrolling interests		(433	)		(266	)
Net income attributable to Lexington Realty Trust shareholders		41,042			18,154
Dividends attributable to preferred shares - Series C		(1,572	)		(1,572	)
Allocation to participating securities		(69	)		(46	)
Net income attributable to common shareholders	$	39,401		$	16,536
Net income attributable to common shareholders - per common share basic	$	0.14		$	0.07
Weighted-average common shares outstanding - basic		275,416,327			253,038,161
Net income attributable to common shareholders - per common share diluted	$	0.14		$	0.06
Weighted-average common shares outstanding - diluted		279,053,697			257,347,277

5

LEXINGTON REALTY TRUST

NON-GAAP FINANCIAL DATA

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

	Three months ended March 31,
	2021			2020
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders	$	39,401		$	16,536
Adjustments:
Depreciation and amortization		41,478			39,717
Noncontrolling interest - OP units		239			107
Amortization of leasing commissions		698			792
Joint venture and noncontrolling interest adjustment		2,115			2,214
Gain on sales of properties, including non-consolidated entities		(21,919	)		(10,354	)
FFO available to common shareholders and unitholders - basic		62,012			49,012
Preferred dividends		1,572			1,572
Amount allocated to participating securities		69			46
FFO available to common equityholders and unitholders - diluted		63,653			50,630
Transaction costs		11			21
Debt satisfaction gains, net, including non-consolidated entities		-			(1,372	)
Adjusted Company FFO available to all equityholders and unitholders - diluted	$	63,664		$	49,279
Per Common Share and Unit Amounts:
Basic:
FFO	$	0.22		$	0.19
Diluted:
FFO	$	0.22		$	0.19
Adjusted Company FFO	$	0.22		$	0.19
Weighted-Average Common Shares:
Basic:
Weighted-average common shares outstanding - basic EPS		275,416,327			253,038,161
Operating partnership units (1)		2,852,419			3,148,122
Weighted-average common shares outstanding - basic FFO		278,268,746			256,186,283
Diluted:
Weighted-average common shares outstanding - diluted. EPS		279,053,697			257,347,277
Unvested share-based payments awards		9,125			24,799
Preferred shares - Series C		4,710,570			4,710,570
Weighted-average common shares outstanding - diluted FFO		283,773,392			262,082,646

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

6

LEXINGTON REALTY TRUST

NON-GAAP FINANCIAL DATA (CONTINUED)

(Unaudited and in thousands)

	Three months ended March 31,
	2021			2020
Adjusted Company FFO available to all equityholders and unitholders - diluted	$	63,664		$	49,279
FUNDS AVAILABLE FOR DISTRIBUTION
Adjustments:
Straight-line adjustments		(2,020	)		(1,419	)
Lease incentives		219			269
Amortization of above/below market leases		(460	)		(295	)
Lease termination payments, net		2,204			492
Non-cash interest, net		127			428
Non-cash charges, net		1,764			1,658
Tenant improvements		(19	)		(1,492	)
Lease costs		(2,232	)		(3,951	)
Joint venture and non-controlling interest adjustment		(173	)		(111	)
Company Funds Available for Distribution	$	63,074		$	44,858

7

LEXINGTON REALTY TRUST

NON-GAAP FINANCIAL DATA (CONTINUED)

($000)

Net Operating Income (“NOI”):

	Three months ended March 31,
	2021			2020
Net income	$	41,475		$	18,420
Interest and amortization expense		11,486			14,795
Provision for income taxes		372			653
Depreciation and amortization		42,176			40,509
General and administrative		8,420			7,825
Transaction costs		11			21
Non-operating/advisory fee income		(1,230	)		(1,889	)
Gains on sales of properties		(21,919	)		(9,805	)
Debt satisfaction gains, net		-			(1,393	)
Equity in (earnings)  losses of non-consolidated entities		90			(263	)
Lease termination income		(10,941	)		(141	)
Straight-line adjustments		(2,020	)		(1,419	)
Lease incentives		219			269
Amortization of above/below market leases		(460	)		(295	)
NOI		67,679			67,287
Less NOI:
Acquisitions and dispositions		(8,160	)		(8,099	)
Same-Store NOI	$	59,519		$	59,188

8

LEXINGTON REALTY TRUST

NON-GAAP FINANCIAL DATA (CONTINUED)

($000)

Adjusted EBITDA:

	3/31/2021			12/31/2020			9/30/2020			6/30/2020			Trailing 12 Months
Net income attributable to Lexington Realty Trust shareholders	$	41,042		$	104,378		$	41,904		$	18,866		$	206,190
Interest and amortization expense		11,486			12,591			13,649			14,166			51,892
Provision for income taxes		372			223			286			422			1,303
Depreciation and amortization		42,176			40,723			40,555			39,805			163,259
Straight-line adjustments		(2,020	)		(3,430	)		(3,995	)		(4,810	)		(14,255	)
Lease incentives		219			189			214			249			871
Amortization of above/below market leases		(460	)		(470	)		(435	)		(380	)		(1,745	)
Gains on sales of properties		(21,919	)		(97,163	)		(20,878	)		(11,193	)		(151,153	)
Impairment charges		-			6,668			6,175			1,617			14,460
Debt satisfaction gains, net		-			(2,502	)		(17,557	)		-			(20,059	)
Non-cash charges, net		1,764			1,690			1,663			1,663			6,780
Pro-rata share adjustments:
Non-consolidated entities adjustment		2,839			2,925			2,825			2,928			11,517
Noncontrolling interests adjustment		252			617			1,485			52			2,406
Adjusted EBITDA	$	75,751		$	66,439		$	65,891		$	63,385		$	271,466

9

LEXINGTON REALTY TRUST

SELECT CREDIT METRICS SUMMARY ⁽¹⁾

	12/31/2018	12/31/2019	12/31/2020	3/31/2021
Adjusted Company FFO Payout Ratio	74.0%	51.6%	55.6%	48.9%
Unencumbered Assets	$2.8 billion	$3.3 billion	$3.8 billion	$3.8 billion
Unencumbered NOI	71.5%	84.1%	89.3%	91.4%
(Debt + Preferred) / Gross Assets	40.3%	34.5%	32.5%	32.5%
Debt/Gross Assets	37.8%	32.1%	30.4%	30.3%
Secured Debt / Gross Assets	14.5%	9.6%	3.1%	3.0%
Net Debt / Adjusted EBITDA	4.7x	4.9x	4.8x	4.6x
(Net Debt + Preferred) / Adjusted EBITDA	5.0x	5.3x	5.1x	5.0x
Credit Facilities Availability (2)	$505.0 million	$600.0 million	$600.0 million	$600.0 million
Unsecured Debt / Unencumbered NOI	4.9x	4.6x	5.3x	5.2x

Footnotes
(1)	Lexington believes these credit metrics provide investors with additional information to evaluate its liquidity and performance.
(2)	Subject to covenant compliance.

10

LEXINGTON REALTY TRUST

OTHER FINANCIAL DATA

3/31/2021

($000)

Rent Estimates for Current Assets

Year	Base Rent  (1)		Cash Base Rent (1)		Difference
2021 - remaining	$	209,915	$	199,040	$	(10,875	)
2022		263,363		256,208		(7,155	)

Balance Sheet
Other assets	$	10,665
The components of other assets are:
Deposits	$	703
Equipment		391
Prepaids		4,343
Other receivables		400
Deferred lease incentives		4,828
Accounts payable and other liabilities
The components of accounts payable and other liabilities are:	$	45,018
Accounts payable and accrued expenses	$	10,669
CIP accruals and other		12,632
Taxes		508
Deferred lease costs		3,861
Deposits		3,405
Escrows		1,264
Transaction costs		62
Derivative liability		12,617

Footnote
(1)	Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 3/31/2021, and (iii) no properties are sold or acquired after 3/31/2021.

11

LEXINGTON REALTY TRUST

QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY

3/31/2021

PROPERTY ACQUISITIONS AND COMPLETED DEVELOPMENTS

	Property Type	Market		Square Feet		Initial Basis ($000)		Month Closed/ Completed	Primary Lease Expiration	Percent Leased
1	Industrial - Warehouse/distribution	Indianapolis	IN		149,072	$	14,310	January	12/2024		100	%
2	Industrial - Warehouse/distribution	Indianapolis	IN		149,072		14,120	January	08/2025		100	%
3	Industrial - Warehouse/distribution	Central Florida			222,134		22,358	January	05/2031		53	%
4	Industrial - Warehouse/distribution	Columbus (1)	OH		320,190		18,435	March	03/2024		100	%
4	TOTAL PROPERTY INVESTMENTS				840,468	$	69,223

Footnotes
(1)	Completed development project. The initial basis at 3/31/2021 does not include certain remaining costs.

CAPITAL RECYCLING

	Primary Tenant	Location		Property Type	Gross Disposition Price ($000)		Annualized Net Income ($000) (1)			Annualized NOI ($000)(1)			Month of Disposition	% Leased			Gross Disposition Price PSF
1	Vacant	Houston	TX	Office	$	2,550	$	(427	)	$	(427	)	January		0	%	$	32.32
2	Charles Schwab	Westlake	TX	Office		17,693		982			2,294		January		100	%		135.89
3	ODW Logistics	Columbus	OH	Industrial		27,849		1,930			2,153		March		100	%		36.05
4	Multi-Tenant	Honolulu	HI	Other		10,000		(254	)		(232	)	March		29	%		129.10
4	TOTAL PROPERTY DISPOSITIONS				$	58,092	$	2,231		$	3,788

Footnotes
(1)	Generally, quarterly period prior to sale annualized, excluding impairment charges.

12

LEXINGTON REALTY TRUST

ON-GOING DEVELOPMENT SUMMARY

3/31/2021

								GAAP		Lexington
						Estimated		Investment Balance		Amount Funded		Estimated	Approximate	% Leased
	Project		Property	Estimated		Project Cost		as of 3/31/2021		as of 3/31/2021		Completion	Lease Term	as of
	(% owned)	Market	Type	Sq. Ft.		($000)		($000) (1)		($000)		Date	(Yrs)	3/31/2021
Consolidated
1	Fairburn (87%) (2)	Atlanta, GA	Industrial		910,000	$	53,812	$	45,322	$	40,376	2Q 2021	TBD		0	%
2	KeHE Distributors BTS (100%)	Phoenix, AZ	Industrial		468,182		72,000		31,165		26,301	3Q 2021	15		100	%
3	Ocala (80%)(2)	Central Florida	Industrial		1,085,280		80,900		11,887		7,682	1Q 2022	TBD		0	%
3	Total Consolidated Development Projects					$	206,712	$	88,374	$	74,359
Non - Consolidated
1	ETNA Park 70 (90%) (3)	Columbus, OH	Industrial		TBD		TBD	$	12,791	$	13,208	TBD	TBD		0	%
2	ETNA Park 70 East (90%) (3)	Columbus, OH	Industrial		TBD		TBD		7,716		7,868	TBD	TBD		0	%
2	Total Non-Consolidated Development Projects							$	20,507	$	21,076
5	Total Development Projects							$	108,881	$	95,435

Footnotes
(1)	GAAP  investment balance is in real estate under construction for consolidated projects and in investments in non-consolidated entities for non-consolidated projects.
(2)	Estimated project cost excludes potential developer partner promote.
(3)	Plans and specifications have not been completed and the square footage, project cost and completion date cannot be estimated.

13

LEXINGTON REALTY TRUST 

CAPITAL EXPENDITURES AND LEASING COSTS ⁽¹⁾

3/31/2021

($000)

	Three months ended March 31,
	2021		2020
Tenant Improvements
Industrial	$	—	$	1,469
Office/Other		19		36
Total Tenant Improvements	$	19	$	1,505
Leasing Costs
Industrial	$	1,893	$	516
Office/Other		339		3,435
Total Leasing Costs	$	2,232	$	3,951
Building Improvements
Industrial	$	988	$	322
Office/Other		296		556
Total Building Improvements	$	1,284	$	878
Total Capital Expenditures and Leasing Costs	$	3,535	$	6,334

Footnote
(1)	Consolidated costs on a cash basis. Leasing costs includes payments for lease incentives, if any.

14

LEXINGTON REALTY TRUST

PORTFOLIO DATA

3/31/2021

($000)

	Base Rent
Asset Class	Three months ended
	3/31/2021 (1)		3/31/2021 Percentage			3/31/2020 Percentage
Industrial	$	62,346		88.3	%		79.3	%
Office/Other		8,275		11.7	%		20.7	%
	$	70,621		100.0	%		100.0	%

	Base Rent
Credit Ratings  (2)	Three months ended
	3/31/2021 (1)		3/31/2021 Percentage			3/31/2020 Percentage
Investment Grade	$	35,438		50.2	%		51.6	%
Non-Investment Grade		13,229		18.7	%		22.1	%
Unrated		21,954		31.1	%		26.3	%
	$	70,621		100.0	%		100.0	%

Weighted-Average Lease Term - Cash Basis	As of 3/31/2021	As of 3/31/2020
	7.3 years	8.3 years

Lease Escalation Data ⁽³⁾

Footnotes
(1)	Three months ended 3/31/2021 Base Rent recognized for consolidated properties owned as of 3/31/2021.
(2)	Credit ratings are based upon either tenant, guarantor or parent/ultimate parent.
(3)	Based on three months consolidated Cash Base Rents for single-tenant leases (properties greater than 50% leased to a single tenant) owned as of 3/31/2021. Excludes parking operations and rents from prior tenants.

15

LEXINGTON REALTY TRUST 

SAME STORE DATA

3/31/2021

($000)

Same-Store NOI (1)							Same-Store NOI by Components (1)
	Consolidated						Industrial						Office/Other
	Three months ended March 31,						Three months ended March 31,						Three months ended March 31,
	2021			2020			2021			2020			2021			2020
Total Cash Base Rent	$	60,695		$	60,375		$	51,895		$	51,174		$	8,800		$	9,201
Tenant Reimbursements		7,258			6,732			5,292			4,774			1,966			1,958
Property Operating Expenses		(8,434	)		(7,919	)		(5,857	)		(5,355	)		(2,577	)		(2,564	)
Same-Store NOI	$	59,519		$	59,188		$	51,330		$	50,593		$	8,189		$	8,595
Change in Same-Store NOI(2)		0.6	%					1.5	%					-4.7	%

Same-Store Statistics (3)							Same-Store Statistics by Components (3)
	Consolidated						Industrial						Office/Other
	As of 3/31/2021			As of 3/31/2020			As of 3/31/2021			As of 3/31/2020			As of 3/31/2021			As of 3/31/2020
Same-Store # of Properties		112			112			95			95			17			17
Same-Store Percent Leased		97.5	%		99.4	%		97.6	%		99.5	%		94.2	%		96.3	%

Footnotes
(1)	NOI is on a consolidated cash basis excluding properties acquired and sold in 2021 and 2020.
(2)	Excluding single-tenant vacancies same-store NOI was 1.7% consolidated and 2.8% industrial.
(3)	At March 31, 2021, excludes properties acquired or sold in 2021 and 2020.

16

LEXINGTON REALTY TRUST

PORTFOLIO DETAIL BY ASSET CLASS

3/31/2021

($000, except square footage)

Asset Class	YE 2018 (1)			YE 2019			YE 2020			3/31/2021
Industrial
% of Cost (2)		71.2	%		81.5	%		90.8	%		91.3	%
% of ABR (3)		65.4	%		75.5	%		86.3	%		88.3	%
% Leased (4)		96.3	%		97.9	%		98.7	%		97.9	%
Wtd. Avg. Lease Term (5)		9.7			8.3			7.4			7.2
Mortgage Debt	$	206,006		$	109,939		$	105,419		$	104,261
% Investment Grade (3)		31.6	%		45.9	%		50.8	%		51.7	%
Square Feet		41,447,962			48,742,014			53,938,155			54,006,173
Office/Other
% of Cost (2)		28.8	%		18.5	%		9.2	%		8.7	%
% of ABR (3)(6)		34.6	%		24.5	%		13.7	%		11.7	%
% Leased		87.1	%		85.8	%		89.3	%		94.2	%
Wtd. Avg. Lease Term (5)		7.2			8.5			7.2			7.4
Mortgage Debt	$	369,508		$	283,933		$	32,993		$	29,392
% Investment Grade (3)		53.2	%		57.3	%		42.0	%		38.8	%
Square Feet		6,111,588			3,876,294			2,171,633			1,885,080
Construction in progress (7)	$	1,840		$	15,208		$	79,022		$	90,259

Footnotes
(1)	Certain amounts reclassified to reflect the current presentation.
(2)	Based on gross book value of real estate assets; excludes held for sale assets.
(3)	Percentage of Base Rent, for consolidated properties owned as of each respective period.
(4)	2021 is for Stabilized Portfolio.
(5)	Cash basis.
(6)	YE 2018 excludes the acceleration of below-market lease intangible accretion on one asset subsequently sold.
(7)	Includes development classified as real estate under construction on a consolidated basis.

17

LEXINGTON REALTY TRUST

PORTFOLIO COMPOSITION

3/31/2021

As a Percent of Gross Book Value ⁽¹⁾

Portfolio Composition ⁽²⁾

Footnotes
(1)	Based on gross book value of real estate assets as of 3/31/2021, excludes held for sale assets.
(2)	Based on gross book value of real estate assets as of 3/31/2021, 12/31/2020, 12/31/2019, 12/31/2018 and 12/31/2017, as applicable and excludes held for sale assets.

18

LEXINGTON REALTY TRUST

INDUSTRIAL MARKETS AND INDUSTRIES

3/31/2021

Markets (1)	Percent of Base Rent as of 3/31/2021  (2)
Memphis, TN		7.7	%
Greenville/Spartanburg, SC		6.7	%
Houston, TX		6.3	%
Dallas/Ft Worth, TX		5.8	%
Atlanta, GA		5.5	%
Phoenix, AZ		5.2	%
Chicago, IL		5.0	%
Cincinnati/Dayton, OH		5.0	%
Nashville, TN		4.5	%
Detroit, MI		4.1	%
Savannah, GA		2.7	%
Jackson, MS		2.5	%
St. Louis, MO		2.5	%
DC/Baltimore, MD		2.3	%
Central Florida		2.2	%
New York/New Jersey		2.1	%
Cleveland, OH		2.0	%
Charlotte, NC		1.9	%
Indianapolis, IN		1.8	%
Champaign-Urbana, IL		1.7	%
Total Industrial Portfolio Concentration (3)		77.4	%

Industries	Percent of Base Rent as of 3/31/2021  (2)
Consumer Products		23.4	%
Automotive		20.8	%
Food		15.3	%
E-Commerce		14.1	%
Transportation/Logistics		10.0	%
Construction/Materials		8.6	%
Apparel		2.3	%
Specialty		1.6	%
Technology		1.2	%
Aerospace/Defense		1.1	%
Printing/Production		1.0	%
Other		0.6	%
Total Industrial Portfolio Concentration (3)		100.0	%

Footnotes
(1)	Based on CoStar.com inventory data.
(2)	Three months ended 3/31/2021 Base Rent recognized for consolidated industrial properties owned as of 3/31/2021.
(3)	Total shown may differ from detailed amounts due to rounding.

19

LEXINGTON REALTY TRUST

INDUSTRIAL PORTFOLIO DETAIL⁽¹⁾

3/31/2021

	Warehouse/ Distribution	Cold Storage	Heavy Manufacturing	Light Manufacturing
# of Properties	89	4	13	9
Square Feet	46,032,958	925,616	4,751,345	2,296,254
% of Industrial Base Rent(2)	81%	5%	8%	6%
Weighted-Average Age (Years)(3)	9.8	8.7	26.1	21.0
Weighted-Average Cash Base Rent per SF(4)	$4.24	$12.72	$4.39	$5.91
Weighted-Average Lease Term (Cash Basis - Years)	6.9	10.9	6.3	9.8
Average Annual Rent Escalation(5)	2.4%	1.4%	1.7%	1.9%
Average Building Size (SF)	517,224	231,404	365,488	255,139
Average Clear Height (Feet)(6)	32.5	36.9	35.4	28.1
% Top 25 Markets(7)	67.4%	79.2%	37.5%	37.9%
% Top 50 Markets(7)	88.4%	100.0%	49.1%	50.2%

Footnotes
(1)	For industrial properties owned as of 3/31/2021.
(2)	Percent of Base Rent for consolidated industrial properties owned as of 3/31/2021.
(3)	Weighting based on square footage.
(4)	Excludes vacant square footage.
(5)	Based on Cash Base Rents for single-tenant leases (properties greater than 50% leased to a single tenant) owned as of 3/31/2021. Excludes rents from prior tenants.
(6)	Based on internal and external sources.
(7)	Percent of Base Rent based upon CoStar.com inventory data.

20

LEXINGTON REALTY TRUST

TOP 15 TENANTS

3/31/2021

Tenants (1)	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 3/31/2021 ($000)		Percent of Base Rent as of 3/31/2021 ($000) (2)(4)
Amazon	Industrial	2026-2033	5		3,334,331		6.1	%	$	4,242		6.1	%
Nissan	Industrial	2027	2		2,971,000		5.4	%		3,190		4.6	%
Dana	Industrial	2021-2031	7		2,053,359		3.8	%		2,566		3.7	%
Kellogg	Industrial	2027-2029	3		2,801,916		5.1	%		2,433		3.5	%
Undisclosed (5)	Industrial	2031-2035	3		1,090,383		2.0	%		1,785		2.6	%
Watco	Industrial	2038	1		132,449		0.2	%		1,693		2.4	%
Xerox	Office	2023	1		202,000		0.4	%		1,660		2.4	%
FedEx	Industrial	2023 & 2028	2		292,021		0.5	%		1,430		2.1	%
Wal-Mart	Industrial	2024 & 2027	2		1,335,673		2.4	%		1,404		2.0	%
Undisclosed (5)	Industrial	2034	1		1,318,680		2.4	%		1,386		2.0	%
Morgan Lewis (6)	Office	2024	1		289,432		0.5	%		1,224		1.8	%
Unis	Industrial	2023-2027	3		1,005,575		1.8	%		1,137		1.6	%
Mars Wrigley	Industrial	2025	1		604,852		1.1	%		1,101		1.6	%
Asics	Industrial	2030	1		855,878		1.6	%		1,097		1.6	%
Spitzer	Industrial	2035	2		449,895		0.8	%		1,087		1.6	%
			35		18,737,444		34.3	%	$	27,435		39.4	%

Footnotes
(1)	Tenant, guarantor or parent.
(2)	Total shown may differ from detailed amounts due to rounding.
(3)	Excludes vacant square feet.
(4)	Three months ended 3/31/2021 Base Rent recognized for consolidated properties owned as of 3/31/2021, excluding rent from prior tenants.
(5)	Lease restricts certain disclosures.
(6)	Includes parking operations.

21

LEXINGTON REALTY TRUST

QUARTERLY LEASING SUMMARY

3/31/2021

LEASE EXTENSIONS

	Tenant/Guarantor (1)	Location		Prior Term	Lease Expiration Date	Sq. Ft.		New Base Rent Per Annum ($000)(2)		Prior Base Rent Per Annum ($000)		New Cash Base Rent Per Annum ($000)(2)		Prior Cash Base Rent Per Annum ($000)
	Industrial
1	Kraft Heinz(3)	Winchester	VA	05/2021	05/2031		344,700	$	1,726	$	1,421	$	1,586	$	1,499
2	Ingram Micro	Millington	TN	09/2021	09/2024		701,819		1,985		1,812		1,965		1,874
3	Adena Health	Chillicothe	OH	02/2021	02/2022		23,270		129		117		129		117
3	TOTAL EXTENDED LEASES						1,069,789	$	3,840	$	3,350	$	3,680	$	3,490

NEW LEASES

	Tenant/Guarantor (1)	Location		Lease Expiration Date	Sq. Ft.		New Base Rent Per Annum ($000)(2)		New Cash Base Rent Per Annum ($000)(2)
	Industrial / Multi-tenant Industrial
1	Southerland	Antioch	TN	06/2031		334,503	$	1,413	$	1,290
2	American Logistics Services	Antioch	TN	05/2028		50,400		309		290
3	University of New Hampshire(4)	Durham	NH	03/2026		45,168		258		258
3	TOTAL NEW LEASES					430,071		1,980		1,838
6	TOTAL NEW AND EXTENDED LEASES					1,499,860	$	5,820	$	5,518

NEW VACANCY ⁽⁵⁾

Former Tenant	Location		Prior Lease Expiration Date		Sq. Ft.		2020 Base Rent ($000)		2020 Cash Rent ($000)
Industrial
Heidelburg	Durham	NH		03/2026		455,332	$	2,308	$	1,686

Footnotes
(1)	Leases greater than 10,000 square feet.
(2)	Assumes twelve months rent from the later of 4/1/2021 or lease commencement/extension, excluding free rent periods as applicable.
(3)	Five-year extension option to 05/2026 exercised in second quarter 2020.  While determining fair market value rent, lease amended for ten-year extension during first quarter of 2021.  Prior Base Rent and Cash Base Rent reflect rental rates prior to initial five-year extension.
(4)	Prior tenant terminated is lease for 500,500 square feet prior to its lease expiration date of March 2026.  Lexington entered into a direct lease with subtenant for a portion of the vacancy.
(5)	Excludes multi-tenant properties, disposed properties and non-consolidated investments.

22

LEXINGTON REALTY TRUST

LEASE ROLLOVER SCHEDULE - INDUSTRIAL

3/31/2021

($000)

Year	Number of Leases Expiring		Base Rent as of 3/31/2021		Percent of Base Rent as of 3/31/2021			Percent of Base Rent as of 3/31/2020
2021 - remaining		8	$	2,892		4.7	%		5.4	%
2022		5		988		1.6	%		1.0	%
2023		8		2,467		4.0	%		4.1	%
2024		21		7,107		11.6	%		9.9	%
2025		17		6,149		10.0	%		8.9	%
2026		15		4,787		7.8	%		8.0	%
2027		10		7,655		12.5	%		12.5	%
2028		6		2,973		4.8	%		5.2	%
2029		6		4,173		6.8	%		6.1	%
2030		8		6,629		10.8	%		9.6	%
Thereafter		25		15,591		25.4	%		24.3	%
Total (1)		129	$	61,411		100.0	%

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

23

LEXINGTON REALTY TRUST

LEASE ROLLOVER SCHEDULE - OFFICE/OTHER

3/31/2021

($000)

Year	Number of Leases Expiring		Base Rent as of 3/31/2021		Percent of Base Rent as of 3/31/2021			Percent of Base Rent as of 3/31/2020
2021 - remaining		4	$	304		3.8	%		5.8	%
2022		2		379		4.7	%		6.5	%
2023		3		1,759		21.7	%		12.8	%
2024		6		2,411		29.8	%		16.1	%
2025		4		511		6.3	%		6.6	%
2026		1		56		0.7	%		0.0	%
2027		2		667		8.2	%		3.3	%
2028		0		—		0.0	%		0.0	%
2029		0		—		0.0	%		1.5	%
2030		0		—		0.0	%		1.8	%
Thereafter		5		2,015		24.9	%		43.0	%
Total (1)		27	$	8,102		100.0	%

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

24

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
INDUSTRIAL PROPERTIES
SINGLE TENANT
	WAREHOUSE/DISTRIBUTION
2021	6/30/2021	Memphis, TN	11624 S. Distribution Cv.	Olive Branch	MS	--		1,170,218		947		892
	10/25/2021	West Michigan	6938 Elm Valley Dr.	Kalamazoo	MI	--		150,945		472		507
	11/30/2021	Greenville/Spartanburg, SC	101 Michelin Dr.	Laurens	SC	14		1,164,000		898		898
	12/31/2021	Chicago, IL	3686 South Central Ave.	Rockford	IL	--		93,000		83		83
		Columbus, OH	351 Chamber Drive	Chillicothe	OH	--		42,264		53		53
2022	2/28/2022	Columbus, OH	351 Chamber Drive	Chillicothe	OH	--		23,270		30		30
	3/31/2022	Columbus, OH	191 Arrowhead Dr.	Hebron	OH	--		250,410		146		146
		Columbus, OH	200 Arrowhead Dr.	Hebron	OH	--		400,522		234		234
		Shreveport/Bossier City, LA	5417 Campus Dr.	Shreveport	LA	--		257,849		336		351
2023	2/28/2023	Central Florida	3102 Queen Palm Dr.	Tampa	FL	--		229,605		288		299
	5/31/2023	Memphis, TN	6495 Polk Ln.	Olive Branch	MS	--		151,691		146		144
	8/31/2023	Houston, TX	10535 Red Bluff Rd.	Pasadena	TX	--		257,835		308		300
		Dallas/Ft Worth, TX	3737 Duncanville Rd.	Dallas	TX	--		510,400		428		425
	10/31/2023	Atlanta, GA	493 Westridge Pkwy.	McDonough	GA	--		676,000		508		506
	12/31/2023	Shreveport/Bossier City, LA	5001 Greenwood Rd.	Shreveport	LA	--		646,000		427		427
		Cincinnati/Dayton, OH	675 Gateway Blvd.	Monroe	OH	--		143,664		178		176
2024	1/31/2024	Indianapolis, IN	1285 W. State Road 32	Lebanon	IN	--		741,880		570		615
		Memphis, TN	6495 Polk Ln.	Olive Branch	MS	--		118,211		124		123
		Greenville/Spartanburg, SC	70 Tyger River Dr.	Duncan	SC	--		408,000		500		496
	3/31/2024	Cleveland, TN	1520 Lauderdale Memorial Hwy.	Cleveland	TN	--		851,370		664		673
		Indianapolis, IN	4600 Albert S. White Dr.	Whitestown	IN	--		53,240		54		56
		Columbus, OH	2155 Rohr Rd.	Lockbourne	OH	11		320,190		-		-
	4/30/2024	Memphis, TN	11555 Silo Dr.	Olive Branch	MS	--		927,742		714		719
	5/31/2024	Atlanta, GA	7225 Goodson Rd.	Union City	GA	--		370,000		361		348

25

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
INDUSTRIAL PROPERTIES
	WAREHOUSE/DISTRIBUTION
2024	7/31/2024	Greenville/Spartanburg, SC	5795 North Blackstock Rd.	Spartanburg	SC	--		341,660		418		422
		Greenville/Spartanburg, SC	231 Apple Valley Rd.	Duncan	SC	--		75,320		96		96
	9/30/2024	Lafayette, IN	1621 Veterans Memorial Pkwy. E	Lafayette	IN	--		309,400		304		301
		Memphis, TN	3820 Micro Dr.	Millington	TN	--		701,819		456		468
	10/31/2024	Dallas/Ft Worth, TX	2115 East Belt Line Rd.	Carrollton	TX	--		58,202		58		60
		Dallas/Ft Worth, TX	17505 Interstate Hwy 35W	Northlake	TX	--		500,556		567		546
	11/30/2024	DC/Baltimore, MD	150 Mercury Way	Winchester	VA	--		324,535		429		409
	12/31/2024	Chicago, IL	749 Southrock Dr.	Rockford	IL	--		150,000		159		158
		Indianapolis, IN	4600 Albert S. White Dr.	Whitestown	IN	--		95,832		92		85
2025	4/30/2025	Greenville/Spartanburg, SC	235 Apple Valley Rd.	Duncan	SC	--		177,320		234		224
		Houston, TX	10565 Red Bluff Rd.	Pasadena	TX	--		248,240		309		295
	5/31/2025	Atlanta, GA	7875 White Road SW	Austell	GA	--		604,852		1,101		1,059
	6/30/2025	Savannah, GA	1319 Dean Forest Rd.	Savannah	GA	--		355,527		450		422
	7/31/2025	Cleveland, OH	7005 Cochran Rd.	Glenwillow	OH	--		458,000		515		541
		Indianapolis, IN	5352 Performance Way	Whitestown	IN	--		380,000		319		315
	8/31/2025	Savannah, GA	1315 Dean Forest Rd.	Savannah	GA	--		88,503		131		127
		Indianapolis, IN	4900 Albert S. White Dr.	Whitestown	IN	--		85,232		82		77
	12/31/2025	Minneapolis/St Paul, MN	1700 47th Ave North	Minneapolis	MN	--		18,620		151		151
		Phoenix, AZ	4455 N. Cotton Ln.	Goodyear	AZ	--		160,140		252		246
2026	1/31/2026	Greenville/Spartanburg, SC	231 Apple Valley Rd.	Duncan	SC	--		120,680		150		148
	3/31/2026	Lewisburg, TN	633 Garrett Pkwy.	Lewisburg	TN	--		310,000		322		329
		Central Florida	2455 Premier Row	Orlando	FL	--		205,016		196		127
	4/30/2026	Phoenix, AZ	16811 W. Commerce Dr.	Goodyear	AZ	--		540,349		611		571
	6/30/2026	Columbus, OH	351 Chamber Drive	Chillicothe	OH	--		136,495		149		149
		Columbus, OH	351 Chamber Drive	Chillicothe	OH	--		276,112		321		317

26

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
INDUSTRIAL PROPERTIES
	WAREHOUSE/DISTRIBUTION
2026	7/31/2026	Savannah, GA	1004 Trade Center Pkwy.	Savannah	GA	--		270,252		359		330
	8/31/2026	Savannah, GA	1004 Trade Center Pkwy.	Savannah	GA	--		149,415		205		193
	9/30/2026	St. Louis, MO	3931 Lakeview Corporate Dr.	Edwardsville	IL	--		769,500		674		664
		Phoenix, AZ	9494 W. Buckeye Rd.	Tolleson	AZ	--		186,336		277		264
	10/31/2026	Cleveland, OH	10345 Philipp Pkwy.	Streetsboro	OH	--		649,250		721		690
	11/30/2026	Philadelphia, PA	250 Rittenhouse Cir.	Bristol	PA	--		241,977		287		307
		Erwin, NY	736 Addison Rd.	Erwin	NY	--		408,000		370		372
2027	1/31/2027	Kansas City, MO	27200 West 157th St.	New Century	KS	--		446,500		310		282
	2/28/2027	Jackson, MS	554 Nissan Pkwy.	Canton	MS	--		1,466,000		1,550		1,543
	4/30/2027	San Antonio, TX	16407 Applewhite Rd.	San Antonio	TX	--		849,275		748		724
		Nashville, TN	200 Sam Griffin Rd.	Smyrna	TN	--		1,505,000		1,640		1,606
	6/30/2027	Dallas/Ft Worth, TX	1501 Nolan Ryan Expy.	Arlington	TX	--		74,739		102		104
	7/31/2027	Savannah, GA	335 Morgan Lakes Industrial Blvd.	Pooler	GA	--		499,500		520		512
	8/31/2027	Cincinnati/Dayton, OH	600 Gateway Blvd.	Monroe	OH	--		994,013		986		831
	9/30/2027	Memphis, TN	1550 Hwy 302	Byhalia	MS	--		615,600		610		613
	10/31/2027	Jackson, TN	201 James Lawrence Rd.	Jackson	TN	--		1,062,055		986		964
2028	1/31/2028	Atlanta, GA	490 Westridge Pkwy.	McDonough	GA	--		1,121,120		934		903
	3/31/2028	New York/New Jersey	29-01-Borden Ave./29-10 Hunters Point Ave.	Long Island City	NY	--		140,330		1,284		1,282
	8/31/2028	Indianapolis, IN	4900 Albert S. White Dr.	Whitestown	IN	--		63,840		-		-
2029	7/31/2029	Memphis, TN	8500 Nail Rd.	Olive Branch	MS	--		716,080		688		666
	8/31/2029	Dallas/Ft Worth, TX	8601 E. Sam Lee Ln.	Northlake	TX	--		1,214,526		1,069		990
	9/30/2029	Chicago, IL	6225 E. Minooka Rd.	Minooka	IL	--		1,034,200		733		682
	11/30/2029	Chicago, IL	1460 Cargo Court	Minooka	IL	--		705,661		714		669
	12/31/2029	Chicago, IL	200 International Pkwy S	Minooka	IL	--		473,280		534		489
2030	1/31/2030	Dallas/Ft Worth, TX	3201 N. Houston School Rd.	Lancaster	TX	--		468,300		417		294

27

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
INDUSTRIAL PROPERTIES
	WAREHOUSE/DISTRIBUTION
2030	3/31/2030	Memphis, TN	549 Wingo Rd.	Byhalia	MS	--		855,878		1,097		1,070
	5/31/2030	St. Louis, MO	4015 Lakeview Corporate Dr.	Edwardsville	IL	--		1,017,780		865		709
	6/30/2030	Richmond, VA	2601 Bermuda Hundred Rd.	Chester	VA	12		1,034,470		963		973
		Cincinnati/Dayton, OH	700 Gateway  Blvd.	Monroe	OH	--		1,299,492		1,379		1,269
		Dallas/Ft Worth, TX	1704 S. I-45	Hutchins	TX	--		120,960		154		141
	8/31/2030	Central Florida	3400 NW 35th St.	Ocala	FL	--		617,055		754		686
	9/30/2030	Phoenix, AZ	255 143rd Ave.	Goodyear	AZ	--		801,424		1,000		920
2031	2/28/2031	Greenville/Spartanburg, SC	1021 Tyger Lake Rd.	Spartanburg	SC	--		213,200		261		118
	5/31/2031	DC/Baltimore, MD	291 Park Center Dr.	Winchester	VA	--		344,700		430		375
	12/18/2031	DC/Baltimore, MD	80 Tyson Dr.	Winchester	VA	--		400,400		592		549
2032	4/30/2032	Houston, TX	13930 Pike Rd.	Missouri City	TX	--		-		531		512
	8/24/2032	Detroit, MI	16950 Pine Dr.	Romulus	MI	--		500,023		642		616
	10/31/2032	Portland, OR	27255 SW 95th Ave.	Wilsonville	OR	--		508,277		780		700
2033	3/31/2033	Phoenix, AZ	3405 S. McQueen Rd.	Chandler	AZ	--		201,784		1,125		1,001
2034	4/30/2034	Raleigh, NC	1133 Poplar Creek Rd.	Henderson	NC	--		147,448		137		-
	10/31/2034	Champaign-Urbana, IL	1001 Innovation Rd.	Rantoul	IL	--		813,126		1,049		978
	12/31/2034	Greenville/Spartanburg, SC	27 Inland Pkwy.	Greer	SC	--		1,318,680		1,386		791
2035	10/22/2035	Detroit, MI	2860 Clark St.	Detroit	MI	--		189,960		551		551
2036	5/31/2036	Charlotte, NC	671 Washburn Switch Rd.	Shelby	NC	--		673,425		696		639
2038	3/31/2038	Houston, TX	13901/14035 Industrial Rd.	Houston	TX	--		132,449		1,693		1,518
	WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT							43,995,996	$	49,144	$	46,234
	WAREHOUSE/DISTRIBUTION - NOT STABILIZED (13)
2031	5/31/2031	Central Florida	5275 Dranefield Rd.	Lakeland	FL	--		117,440		118		-
	Vacancy	Central Florida	5275 Dranefield Rd.	Lakeland	FL	--		104,694		-		-
	WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - NOT STABILIZED							222,134	$	118	$	-

28

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
INDUSTRIAL PROPERTIES
MULTI-TENANT / VACANCY (7)(10)
	WAREHOUSE/DISTRIBUTION
	Various	Nashville, TN	6050 Dana Way	Antioch	TN	3, 8 (97%)		674,528		557		562
	Vacancy	Charlotte, NC	2203 Sherrill Dr.	Statesville	NC	--		639,800		-		-
	Various	Boston, MA	121 Technology Dr.	Durham	NH	3, 8, 15 (9%)		500,500		626		1,240
	WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - MULT-TENANT/VACANCY							1,814,828	$	1,183	$	1,802
	WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL							46,032,958	$	50,445	$	48,036
SINGLE TENANT
	COLD STORAGE
2028	8/31/2028	Atlanta, GA	1420 Greenwood Rd.	McDonough	GA	--		296,972		542		549
2031	10/31/2031	Chicago, IL	1020 W. Airport Rd.	Romeoville	IL	--		188,166		918		890
2032	10/31/2032	Detroit, MI	26700 Bunert Rd.	Warren	MI	--		260,243		971		903
2034	9/30/2034	Las Vegas, NV	5625 North Sloan Ln.	North Las Vegas	NV	--		180,235		639		602
	COLD STORAGE INDUSTRIAL SUBTOTAL							925,616	$	3,070	$	2,944
SINGLE TENANT
	HEAVY MANUFACTURING
2023	12/31/2023	Nashville, TN	120 Southeast Pkwy. Dr.	Franklin	TN	--		289,330		184		184
2024	4/30/2024	Portland/South Portland, ME	113 Wells St.	North Berwick	ME	--		993,685		450		407
	10/31/2024	Detroit, MI	43955 Plymouth Oaks Blvd.	Plymouth	MI	--		311,612		398		396
2025	6/30/2025	Owensboro, KY	4010 Airpark Dr.	Owensboro	KY	--		211,598		302		302
		Elizabethtown-Fort Knox, KY	730 North Black Branch Rd.	Elizabethtown	KY	--		167,770		134		134
		Elizabethtown-Fort Knox, KY	750 North Black Branch Rd.	Elizabethtown	KY	--		539,592		710		710
		Nashville, TN	301 Bill Bryan Blvd.	Hopkinsville	KY	--		424,904		422		422
	7/14/2025	Charlotte, NC	590 Ecology Ln.	Chester	SC	--		420,597		464		613
	12/19/2025	Owensboro, KY	1901 Ragu Dr.	Owensboro	KY	5		443,380		470		483
2026	9/30/2026	Crossville, TN	900 Industrial Blvd.	Crossville	TN	--		222,200		144		144
2029	11/24/2029	Anniston-Oxford, AL	318 Pappy Dunn Blvd.	Anniston	AL	--		276,782		435		430

29

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
INDUSTRIAL PROPERTIES
	HEAVY MANUFACTURING
2035	3/31/2035	Houston, TX	13863 Industrial Rd.	Houston	TX	--		187,800		609		553
		Houston, TX	7007 F.M. 362 Rd.	Brookshire	TX	--		262,095		478		434
	HEAVY MANUFACTURING INDUSTRIAL SUBTOTAL							4,751,345	$	5,200	$	5,212
SINGLE TENANT
	LIGHT MANUFACTURING
2021	11/30/2021	Lumberton, NC	2880 Kenny Biggs Rd.	Lumberton	NC	16		423,280		339		375
2022	8/31/2022	Greenville/Spartanburg, SC	50 Tyger River Dr.	Duncan	SC	--		221,833		242		260
2024	5/31/2024	Bingen, WA	901 East Bingen Point Way	Bingen	WA	--		124,539		659		671
2027	12/31/2027	Cincinnati/Dayton, OH	10590 Hamilton Ave.	Cincinnati	OH	--		264,598		203		203
2028	9/30/2028	West Michigan	904 Industrial Rd.	Marshall	MI	--		246,508		203		192
2031	6/30/2031	Cincinnati/Dayton, OH	10000 Business Blvd.	Dry Ridge	KY	--		336,350		382		351
2033	12/31/2033	Dallas/Ft Worth, TX	2115 East Belt Line Rd.	Carrollton	TX	--		298,653		324		265
2037	3/31/2037	Dallas/Ft Worth, TX	4005 E I-30	Grand Prairie	TX	--		215,000		468		408
2042	5/31/2042	Columbus, GA	4801 North Park Dr.	Opelika	AL	--		165,493		811		665
	LIGHT MANUFACTURING INDUSTRIAL SUBTOTAL							2,296,254	$	3,631	$	3,390
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						97.9% Leased (6)		54,006,173	$	62,346	$	59,582

30

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
OFFICE PROPERTIES
SINGLE TENANT
2021	4/30/2021	Philadelphia, PA	1701 Market St.	Philadelphia	PA	18		1,220		16		16
	8/31/2021	Atlanta, GA	3500 North Loop Rd.	McDonough	GA	--		62,218		223		223
	11/30/2021	Dallas/Ft Worth, TX	1401 Nolan Ryan Expy.	Arlington	TX	17		4,979		24		24
2022	1/31/2022	Dallas/Ft Worth, TX	1401 Nolan Ryan Expy.	Arlington	TX	4		111,409		235		464
	7/31/2022	Tucson, AZ	1440 E 15th St.	Tucson	AZ	--		28,591		144		144
2023	9/30/2023	Philadelphia, PA	1701 Market St.	Philadelphia	PA	--		8,070		-		-
	12/14/2023	South Bay/San Jose, CA	3333 Coyote Hill Rd.	Palo Alto	CA	--		202,000		1,660		1,768
2024	1/31/2024	Philadelphia, PA	1701 Market St.	Philadelphia	PA	--		289,432		1,065		1,087
	2/14/2024	Florence, SC	1362 Celebration Blvd.	Florence	SC	--		32,000		143		151
	5/31/2024	Charlotte, NC	3476 Stateview Blvd.	Fort Mill	SC	--		169,083		503		508
		Charlotte, NC	3480 Stateview Blvd.	Fort Mill	SC	--		169,218		522		508
	9/30/2024	Dallas/Ft Worth, TX	1401 Nolan Ryan Expy.	Arlington	TX	--		23,228		88		83
2025	2/28/2025	Dallas/Ft Worth, TX	1401 Nolan Ryan Expy.	Arlington	TX	--		13,590		54		55
	5/31/2025	Philadelphia, PA	1701 Market St.	Philadelphia	PA	--		2,641		67		67
	6/30/2025	McAllen/Edinburg/Pharr, TX	3711 San Gabriel	Mission	TX	--		75,016		257		259
2027	1/31/2027	Philadelphia, PA	1701 Market St.	Philadelphia	PA	--		1,975		-		-
	5/31/2027	DC/Baltimore, MD	13651 McLearen Rd.	Herndon	VA	--		159,644		667		718
2031	11/30/2031	New York/New Jersey	4 Apollo Drive	Whippany	NJ	--		123,734		510		507
2037	6/30/2037	New York/New Jersey	1415 Wyckoff Rd.	Wall	NJ	--		157,511		873		1,058
N/A	Vacancy	Philadelphia, PA	1701 Market St.	Philadelphia	PA	--		699		-		-
		Dallas/Ft Worth, TX	1401 Nolan Ryan Expy.	Arlington	TX	--		8,602		-		-
	N/A	Philadelphia, PA	1701 Market St.	Philadelphia	PA	--		-		159		159
SINGLE TENANT OFFICE TOTAL								1,644,860	$	7,210	$	7,799

31

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
OFFICE PROPERTIES
MULTI-TENANT / VACANCY (7)(10)
	Various	Baton Rouge, LA	4455 American Way	Baton Rouge	LA	3, 8 (34%)		70,100		99		101
	Various	Phoenix, AZ	13430 North Black Canyon Fwy.	Phoenix	AZ	3 (61%)		138,940		334		392
MULTI-TENANT/VACANCY OFFICE TOTAL								209,040	$	433	$	493
OFFICE SUBTOTAL/WEIGHTED AVERAGE						94.1% Leased		1,853,900	$	7,643	$	8,292

32

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
OTHER PROPERTIES
SINGLE TENANT
SPECIALTY
2048	12/31/2048	DC/Baltimore, MD	30 Light St.	Baltimore	MD	--		-		78		78
2055	1/31/2055	Central Florida	499 Derbyshire Dr.	Venice	FL	--		31,180		477		353
2112	8/31/2112	DC/Baltimore, MD	201-215 N. Charles St.	Baltimore	MD	--		-		77		77
SINGLE TENANT OTHER TOTAL								31,180	$	632	$	508
OTHER SUBTOTAL/WEIGHTED AVERAGE						100% Leased		31,180	$	632	$	508
TOTAL OFFICE & OTHER/WEIGHTED AVERAGE						94.2% Leased		1,885,080	$	8,275	$	8,800
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE						97.8% Leased (6)		55,891,253	$	70,621	$	68,382

33

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		LXP % Ownership			Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
NON-CONSOLIDATED PROPERTIES
NNN OFFICE JV PROPERTIES
2022	12/31/2022	Chicago, IL	231 N. Martingale Rd.	Schaumburg	IL	--		317,198		20	%		1,150		1,213
2023	3/31/2023	Dallas/Ft Worth, TX	8900 Freeport Pkwy.	Irving	TX	--		268,445		20	%		1,232		1,162
2025	3/14/2025	Dallas/Ft Worth, TX	601 & 701 Experian Pkwy.	Allen	TX	--		292,700		20	%		810		768
	6/30/2025	Atlanta, GA	2500 Patrick Henry Pkwy.	McDonough	GA	--		111,911		20	%		407		366
	12/31/2025	Dallas/Ft Worth, TX	4001 International Pkwy.	Carrollton	TX	--		138,443		20	%		634		617
2026	3/31/2026	Columbus, OH	500 Olde Worthington Rd.	Westerville	OH	--		97,000		20	%		336		309
	4/30/2026	Richmond, VA	800 East Canal St.	Richmond	VA	--		2,568		20	%		14		14
2027	2/28/2027	Richmond, VA	800 East Canal St.	Richmond	VA	--		8,503		20	%		52		38
	6/30/2027	Kansas City, MO	3902 Gene Field Rd.	St. Joseph	MO	--		98,849		20	%		529		506
	7/6/2027	Columbus, OH	2221 Schrock Rd.	Columbus	OH	--		42,290		20	%		171		164
	8/7/2027	Philadelphia, PA	25 Lakeview Dr.	Jessup	PA	--		150,000		20	%		583		559
2030	8/31/2030	Richmond, VA	800 East Canal St.	Richmond	VA	--		224,537		20	%		1,748		1,829
	9/30/2030	Richmond, VA	800 East Canal St.	Richmond	VA	--		25,707		20	%		193		167
	10/31/2030	Richmond, VA	800 East Canal St.	Richmond	VA	--		4,235		20	%		23		23
2031	1/10/2031	Houston, TX	810 Gears Rd.	Houston	TX	--		68,985		20	%		300		356
	3/1/2031	Richmond, VA	800 East Canal St.	Richmond	VA	--		26,047		20	%		211		183
	9/30/2031	Richmond, VA	800 East Canal St.	Richmond	VA	--		7,105		20	%		1		1
2032	4/30/2032	Charlotte, NC	1210 AvidXchange Ln.	Charlotte	NC	--		201,450		20	%		1,506		1,370
	9/30/2032	Houston, TX	10001 Richmond Ave.	Houston	TX	--		554,385		20	%		1,480		1,526
2035	2/28/2035	Dallas/Ft Worth, TX	6555 Sierra Dr.	Irving	TX	--		247,254		20	%		1,241		974
	4/30/2035	Parachute, CO	143 Diamond Ave.	Parachute	CO	--		49,024		20	%		289		295
2088	8/8/2088	Richmond, VA	800 East Canal St.	Richmond	VA	--		-		20	%		89		105
N/A	Vacancy	Houston, TX	810 Gears Rd.	Houston	TX	--		9,910		20	%		-		-
		Richmond, VA	800 East Canal St.	Richmond	VA	--		31,607		20	%		-		-
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE						98.6% Leased		2,978,153				$	12,999	$	12,545

34

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021

Year of Lease Expiration	Date of Lease  Expiration	CoStar Market(9)	Property Location	City	State	Note	Sq. Ft. Leased or Available (1)		LXP % Ownership			Base Rent as of 3/31/2021 ($000) (2)		Cash Base Rent as of 3/31/2021 ($000) (2)
OTHER NON-CONSOLIDATED PROPERTIES
2036	8/31/2036	Houston, TX	2203 North Westgreen Blvd.	Katy	TX	--		274,000		25	%		1,709		1,709
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						100% Leased		274,000				$	1,709	$	1,709
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						98.7% Leased		3,252,153				$	14,708	$	14,254

Footnotes
1	Square footage leased or available.
2	Three months ended 3/31/2021 Base Rent and Cash Base Rent.
3	Represents percent leased as of 3/31/2021.
4	Tenant exercised termination option effective January 2022 with a $2.6 million termination payment.
5	Lexington has a 71.1% interest in this property.
6	Percent leased is for Stabilized Portfolio at 3/31/2021.
7	Multi-tenant properties are properties less than 50% leased to a single tenant.
8	Base Rent and Cash Base Rent amounts represent/include prior tenant.
9	Based on CoStar.com inventory data.
10	The multi-tenanted / vacant properties incurred approximately $372 thousand in operating expenses, net for the three months ended 3/31/2021.
11	Development project placed into service at 3/31/2021.  Rent commences 4/1/2021.
12	Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet).
13	Property not in Stabilized Portfolio at 3/31/2021.
14	Property held for sale at 3/31/2021 and property was sold subsequent to 3/31/2021.
15	Primary tenant terminated its lease effective 3/30/2021 for a $10.5 million payment.
16	Subsequent to 3/31/2021, lease extended to 11/30/2026.
17	Subsequent to 3/31/2021, lease extended to 11/30/2023.
18	Subsequent to 3/31/2021, lease extended to 3/31/2022.
19	Subsequent to 3/31/2021, property disposed.

35

LEXINGTON REALTY TRUST

MORTGAGES AND NOTES PAYABLE

3/31/2021

Property	Footnotes		Debt Balance ($000)		Interest Rate (%)			Maturity (a)		Current Estimated Annual Debt Service ($000)  (b)		Balloon Payment ($000)
INDUSTRIAL
Chester, SC			$	4,692		5.380	%		08/2025	$	1,144	$	362
Long Island City, NY				31,842		3.500	%		03/2028		4,879		-
Goodyear, AZ				41,877		4.290	%		08/2031		2,197		33,399
Warren, MI				25,850		5.380	%		11/2032		1,391		22,037
Industrial Subtotal/Wtg. Avg./Years Remaining (c)			$	104,261		4.368	%		9.3	$	9,611	$	55,798
OFFICE
Whippany, NJ			$	10,786		6.298	%		11/2021	$	840	$	10,400
Palo Alto, CA				18,606		3.970	%		12/2023		7,059		-
Office Subtotal/Wtg. Avg./Years Remaining (c)			$	29,392		4.824	%		1.9	$	7,899	$	10,400
Subtotal/Wtg. Avg./Years Remaining (c)			$	133,653		4.468	%		7.7	$	17,510	$	66,198
CORPORATE (e)
Revolving Credit Facility		(g)	$	-		-			02/2023	$	-	$	-
Senior Notes				188,756		4.250	%		06/2023		8,022		188,756
Senior Notes				198,932		4.400	%		06/2024		8,753		198,932
Senior Notes				400,000		2.700	%		09/2030		10,800		400,000
Term Loan		(h)		300,000		2.732	%		01/2025		8,310		300,000
Trust Preferred Notes		(i)		129,120		1.905	%		04/2037		2,494		129,120
Subtotal/Wtg. Avg./Years Remaining (c)			$	1,216,808		3.142	%		6.6	$	38,379	$	1,216,808
Total/Wtg. Avg./Years Remaining (c)		(d)	$	1,350,461		3.273	%		6.7	$	55,889	$	1,283,006

36

LEXINGTON REALTY TRUST

MORTGAGES AND NOTES PAYABLE (CONTINUED)

3/31/2021 

($000)

	GAAP Balance		Deferred Loan Costs, net		Discounts		Gross Balance
Mortgages and notes payable (f)	$	131,849	$	1,804	$	-	$	133,653
Revolving credit facility borrowings (e)		-		-		-		-
Term loans payable (e)		298,069		1,931		-		300,000
Senior notes payable(e)		779,607		4,718		3,363		787,688
Trust preferred securities (e)		127,520		1,600		-		129,120
Consolidated debt	$	1,337,045	$	10,053	$	3,363	$	1,350,461

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)	See reconciliations of non-GAAP measures in this document.
(e)	Unsecured.
(f)	Secured.
(g)	Rate ranges from LIBOR plus 0.775% to 1.45%.
(h)	Rate ranges from LIBOR plus 0.85% to 1.65%. LIBOR rate was fixed at 1.732% through January 2025 via interest rate swap agreements.
(i)	Rate is three month LIBOR plus 170 bps.

37

LEXINGTON REALTY TRUST

DEBT MATURITY SCHEDULE 3/31/2021

($000)

Consolidated Properties
Year	Mortgage Scheduled  Amortization		Mortgage Balloon Payments		Corporate Debt
2021 - remaining	$	8,960	$	10,400	$	-
2022		12,224		-		-
2023		13,267		-		188,756
2024		6,431		-		198,932
2025		6,214		362		300,000
	$	47,096	$	10,762	$	687,688

Debt Maturity Profile ⁽¹⁾

Footnotes
(1)	Percentage denotes weighted-average interest rate.

38

LEXINGTON REALTY TRUST

DEBT COVENANTS (1)

CORPORATE LEVEL DEBT
	MUST BE:	3/31/2021
Bank Loans:
Maximum Leverage	< 60%	34.2	%
Fixed Charge Coverage	> 1.5x	3.5
Recourse Secured Indebtedness Ratio	< 10% cap value	0.0	%
Secured Indebtedness Ratio	< 40%	5.7	%
Unsecured Debt Service Coverage	> 2.0x	6.1	x
Unencumbered Leverage	< 60%	30.7	%
Bonds:
Debt to Total Assets	< 60%	31.1	%
Secured Debt to Total Assets	< 40%	3.1	%
Debt Service Coverage	> 1.5x	5.5	x
Unencumbered Assets to Unsecured Debt	> 150%	331.8	%

Footnotes

(1)

The above is a summary of the key financial covenants for Lexington’s credit facility and term loan and senior notes, as of March 31, 2021 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.

39

LEXINGTON REALTY TRUST

COMPONENTS OF NET ASSEST VALUE 3/31/2021

($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	$	56,895
Office/Other		7,913
Total Net Operating Income	$	64,808
Lexington’s share of non-consolidated three-month NOI (1)
NNN OFFICE JV
Office	$	2,477
OTHER JV
Other	$	387
Other income
Advisory fees	$	754

	Three months ended
NOI for NAV Reconciliation:	3/31/2021
NOI as reported	$	67,679
Less NOI:
Disposed of properties		(463	)
Held for sale assets		(897	)
Assets acquired in 2021		(158	)
Assets less than 70% leased / Other		(1,353	)
NOI for NAV	$	64,808

In service assets not fairly valued by capitalized NOI method (1)
Wholly-owned assets acquired/completed in 2021	$	68,816
Wholly-owned assets less than 70% leased	$	29,345
Add other assets:
Assets held for sale - consolidated	$	18,383
Construction in progress		1,885
Developable land		21,076
Development investment at cost incurred		74,359
Cash and cash equivalents		142,074
Restricted cash		28,101
Accounts receivable		2,954
Other assets		10,665
Total other assets	$	299,497
Liabilities:
Corporate level debt (face amount)	$	1,216,808
Mortgages and notes payable (face amount)		133,653
Dividends payable		33,317
Liabilities held for sale - consolidated		6
Accounts payable, accrued expenses and other liabilities		66,351
Preferred stock, at liquidation value		96,770
Lexington’s share of non-consolidated mortgages (face amount)		81,688
Total deductions	$	1,628,593
Common shares & OP units at 3/31/2021		280,412,763

Footnotes

(1)

NOI for the existing property portfolio at March 31, 2021, 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%, assets placed into service and assets acquired in 2021. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, Lexington’s net book value has been used.

40

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 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 operations. 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. Base Rent excludes reserves/write-offs of deferred rent receivable, as applicable. Lexington believes Base Rent provides a meaningful measure due to the net lease structure of leases in the portfolio. The following is a reconciliation of rental revenue to Base Rent.

	Three months ended
	3/31/2021 ($000)
Rental revenue as reported	$	91,645
Base Rent from sold properties		(658	)
Lease termination income		(10,941	)
Ancillary revenue		159
Reimbursements		(9,584	)
Base Rent per supplement	$	70,621

41

LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS

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. The following is a reconciliation of Base Rent to Cash Base Rent.

	Three months ended
	3/31/2021($000)
Base Rent per supplement	$	70,621
Straight-line adjustments		(1,997	)
Lease incentive		218
Amortization of above/below market leases		(460	)
Cash Base Rent per supplement	$	68,382

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.

42

LEXINGTON REALTY TRUST 

NON-GAAP MEASURES

DEFINITIONS

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. 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.

Stabilized Portfolio: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion.

43

LEXINGTON REALTY TRUST

SELECT CREDIT METRICS DEFINITIONS

($000)

Adjusted Company FFO Payout:	Three months ended March 31, 2021			(Debt + Preferred) / Gross Assets:	Three months ended March 31, 2021
Common share dividends per share	$	0.1075		Consolidated debt	$	1,337,045
Adjusted Company FFO per diluted share		0.22		Preferred shares liquidation preference		96,770
Adjusted Company FFO payout ratio		48.9	%	Debt and preferred	$	1,433,815
Unencumbered Assets:				Total assets	$	3,490,233
Real estate, at cost	$	4,011,409		Plus depreciation and amortization:
held for sale real estate, at cost		35,392		Real estate		891,448
less encumbered real estate, at cost		(245,493	)	Deferred lease costs		11,191
Unencumbered assets	$	3,801,308		Held for sale assets		17,419
Unencumbered NOI:				Gross assets	$	4,410,291
NOI	$	67,679
Disposed of properties NOI		(463	)	(Debt + Preferred) / Gross Assets		32.5	%
Adjusted NOI		67,216
less encumbered adjusted NOI		(5,789	)	Debt  / Gross Assets:
Unencumbered adjusted NOI	$	61,427		Consolidated debt	$	1,337,045
Unencumbered NOI %		91.4	%	Gross assets	$	4,410,291
Net Debt  / Adjusted EBITDA:				Debt / Gross assets		30.3	%
Adjusted EBITDA	$	271,466
				Secured Debt  / Gross Assets:
Consolidated debt	$	1,337,045		Total Secure Debt	$	131,849
less consolidated cash and cash equivalents (1)		(169,059	)
Non-consolidated debt, net		80,398		Gross assets	$	4,410,291
Net debt	$	1,248,384
				Secured Debt / Gross Assets		3.0	%
Net debt / Adjusted EBITDA		4.6	x
				Unsecured Debt / Unencumbered NOI:
(Net Debt + Preferred)  / Adjusted EBITDA:				Consolidated debt	$	1,337,045
Adjusted EBITDA	$	271,466		less mortgages and notes payable		(131,849	)
				Unsecured Debt	$	1,205,196
Net debt	$	1,248,384
Preferred shares liquidation preference		96,770		Unencumbered adjusted NOI (Annual)	$	232,455
Net debt + preferred	$	1,345,154
				Unsecured Debt / Unencumbered NOI		5.2	x
(Net Debt + Preferred) / Adjusted EBITDA		5.0	x

For the 12/31/2020, 12/31/2019 and 12/31/2018 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information.

(1) Includes funds held at 1031 exchange intermediaries.

44

Investor Information

Transfer Agent

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

Investor Relations

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

Research Coverage

Bank of America/Merrill Lynch
James Feldman	(646) 855-5808
		KeyBanc Capital Markets Inc.
Evercore Partners		Craig Mailman	(917) 368-2316
Sheila K. McGrath	(212) 497-0882
		Ladenburg Thalmann & Co., Inc.
J.P. Morgan Chase		John Massocca	(212) 409-2543
Anthony Paolone	(212) 622-6682
		Wells Fargo Securities, LLC
Jeffries & Company, Inc.		Todd J. Stender	(562) 637-1371
Jon Peterson	(212) 284-1705

45

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

EX-99.3

Exhibit 99.3

Lexington Realty Trust –TRANSCRIPT

Q1 2021 Earnings Call

Company Participants:

T. Wilson Eglin, Chairman and Chief Executive Officer 


Beth Boulerice, Executive Vice President, Chief Financial Officer and Treasurer


Brendan Mullinix, Executive Vice President and Chief Investment Officer

Lara Johnson, Executive Vice President

James Dudley, Executive Vice President and Director of Asset Management

Heather Gentry, Senior Vice President of Investor Relations

Operator:

Good day, and welcome to the Lexington Realty Trust First Quarter 2021 Conference Call and Webcast. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Heather Gentry of Investor Relations. Please go ahead.

Heather Gentry:

Thank you, operator. Welcome to Lexington Realty Trust’s First Quarter 2021 conference call and webcast. The earnings release was distributed this morning, and both the release and quarterly supplemental are available on our website at www.lxp.com in the Investors section and will be furnished to the SEC on a Form 8-K.

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

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

 1

On today’s call, Will Eglin, Chairman and CEO, Beth Boulerice, CFO, and Brendan Mullinix, CIO will provide a recent business update and commentary on first quarter results. Executive Vice Presidents Lara Johnson, and James Dudley will be available during the question and answer portion of our call. I will now turn the call over to Will.

T. Wilson Eglin:

Thanks, Heather. Good morning everyone. We had a great first quarter overall and continue to make substantial progress on executing our business plan. Adjusted Company FFO was $0.22 per diluted common share in the quarter, which included $10.9 million dollars of lease termination income primarily associated with a legacy industrial asset in Durham, New Hampshire. During the quarter, we purchased three industrial assets for approximately $51 million dollars and completed the fully leased development project in the Columbus market. Overall, these investments produced average estimated stabilized GAAP and cash cap rates of 6.1% and 5.9%, respectively.

Market rents across our portfolio continue to grow, occupancy is healthy, and our industrial exposure represented over 91% of gross real estate assets at quarter end, excluding held for sale assets. We continued to see the value of our industrial properties steadily increase during the quarter and we believe the value of our office portfolio has also improved amidst signs of the pandemic easing.

There are several factors continuing to drive up the overall value of our holdings. Capitalization rates continue to be under pressure, replacement cost is increasing rapidly, and tenant demand is driving rents higher. Our industrial portfolio is benefitting from all these trends, with first quarter industrial Base and Cash Base rent renewal increases of 14.6% and 5.4%, respectively, representing the most visible sign.

The factors driving valuations higher are also supporting a highly competitive investment landscape and we continue to focus our time on finding the best risk-adjusted opportunities in our target markets in the Sunbelt and lower Midwest. Industrial purchases in the quarter included two facilities in Indianapolis and one in central Florida. Additionally, we have approximately $206 million dollars of assets either under contract or with an accepted offer, which we expect to close later this quarter. After a slow start that is typical of the first quarter, current deal flow is robust with more than $1 billion dollars of investments under review. We are mindful of pricing as there continues to be a lot of capital chasing opportunities in a competitive market.

On the development front, we are finishing the construction of our Atlanta project in Fairburn and we are committed to two other projects in our target markets of Indianapolis and central Florida. Development and the purchase of vacancy continue to be attractive ways for us to produce stabilized yields in excess of what is available in the purchase market for fully-leased buildings.

Turning to leasing, we leased 1.5 million square feet during the quarter, and at quarter-end, our stabilized portfolio was 97.8% leased. Our asset management team has done a terrific job in securing both lease extensions and new leases with increasing rents. In addition to the three lease renewals in our single-tenant industrial portfolio, we raised occupancy at our multi-tenant industrial facility in Antioch, Tennessee to nearly 100% and simultaneously increased Base rental

 2

rates by approximately 16% for the two new tenants within the facility. Subsequent to quarter end, we executed a five-year extension at our 423,000 square foot industrial facility in Lumberton, North Carolina, and increased Base and Cash Base rent by 23% and 8.6%, respectively.

Our balance sheet continues to be in great shape with net debt to Adjusted EBITDA of 4.6 times at quarter end. Our cash balance at quarter end was $170 million dollars, including restricted cash and we had $94.5 million sold forward in our ATM. Liquidity was enhanced during the quarter by $58 million of sales at GAAP and cash cap rates of 6.3% and 6.5%, respectively, and will be augmented by retained cash flow throughout the balance of the year. Subsequent to the quarter, we sold our industrial facility in Laurens, South Carolina for $40 million dollars. Currently, we have assets under contract or with an accepted offer for an aggregate gross price of approximately $135 million dollars. Our remaining non-core sale portfolio consists of 17 properties, which generated first quarter NOI of $8.2 million dollars. We believe the current value of this portfolio is approximately $290 million dollars.

Finally, we continue to make progress with our ESG efforts and have disclosed long-term environmental targets.  In addition, we distributed a tenant survey to collect data, gain feedback and identify opportunities to partner with our tenants.  We became a supporter of the Task Force on Climate-Related Financial Disclosures and a participant member of GRESB, and we are working on reporting to the GRESB real estate assessment for the first time this year. 

With that, I’ll turn the call over to Brendan to discuss recent investments and our development pipeline.

Brendan Mullinix:

Thanks, Will. The two Indianapolis assets we acquired during the quarter are virtually identical buildings, each approximately 150,000 square foot Class A facilities built in 2019. Well-located in Northwest Indianapolis, within one mile of I-65, the properties are 100% leased, each with two tenants, and have a weighted average-lease term of just under five years with rental escalations of 2.5%.

Indianapolis’ central location, excellent infrastructure, and its large high-quality labor pool make it very attractive to bulk users, particularly e-commerce distributers. Indianapolis is one of the top five cargo airports in the country with the second largest FedEx hub in the world, and it ranks as one of the top 10 U.S. bulk distribution markets.

Our central Florida acquisition in Lakeland is an example of where we can add value through leasing up some vacancy in the facility. The property is a brand new, 222,000 square foot, Class A warehouse/distribution center, and is primarily leased on a long-term basis with 2.5% annual escalations to credit tenant Motion Industries, a subsidiary of Genuine Parts Company. We are currently in negotiations with a potential tenant for a portion of the remaining square footage and have multiple prospects viewing the additional space as we work towards a stabilized cash yield forecasted to be approximately 5.3%. Lakeland is a core submarket along the I-4 corridor between Tampa and Orlando, two of Florida’s largest and fastest growing MSA’s, and the property is just a short distance away from the new Amazon Air Hub facility in Lakeland.

 3

Our approximately 320,000 square foot Rickenbacker project in Columbus leased to a subsidiary of PepsiCo was completed in the first quarter. The estimated GAAP and cash stabilized yields are 7.9% and 7.7%, respectively.

As Will mentioned, we continue to have an attractive pipeline of development projects underway. In Atlanta, our Class A, 910,000 square foot development project is expected to be substantially completed this quarter. Atlanta posted record positive absorption in the first quarter of over eight million square feet and the Airport / South Atlanta submarket where the property is located, led the metro with over 5 million square feet of positive absorption. We currently estimate our development costs to be approximately $54 million dollars, and our stabilized cash yield is estimated to be around 5.25%, which assumes 100% occupancy and payment of our partner promote. The property is in a prime location along the I-85 South submarket of Atlanta and we have been seeing shells trade at substantial premiums to building costs.

Today, I’ll touch on the two development projects that we have begun funding in Central Florida and Indianapolis. The Central Florida project is a Class A, 1.1 million square foot warehouse/distribution center located on a 90 acre site with frontage along I-75 and near our recently purchased Amazon facility. The estimated development cost is approximately $81 million dollars. Ocala is very well situated for state-wide Florida distribution requirements, located just north of the I-75/Florida Turnpike split, offering access to Tampa, Orlando and the east and west coasts of Florida, as well as North towards Jacksonville and Georgia.

Our Indianapolis project in Mt. Comfort, which we began funding subsequent to the quarter, is just 14 miles east of downtown Indianapolis with easy access to I-70. Mt. Comfort is one of Indianapolis’s fastest growing modern logistics submarkets and offers a very favorable labor profile relative to other competing submarkets. The 1.1 million square foot facility has an estimated cost of roughly $60 million dollars.

Like our Atlanta development project, both projects feature market leading specs including 40’ clear heights, efficient site plans, truck court depths, building depths and column spacing, and ample trailer and car parking to meet the demands of e-commerce and other bulk distribution users. The shell completions are anticipated late in the first and second quarters of 2022 for the Ocala and Mount Comfort projects respectively; both with estimated stabilized cash yields in the mid 5 percent range. We’ll continue to provide regular updates on the progress of these projects. With that, I’ll turn the call over to Beth to discuss financial results.

Beth Boulerice:

Thanks, Brendan. We generated Adjusted Company FFO of approximately $64 million dollars, or $0.22 cents per diluted common share in the first quarter, and Adjusted Company FFO would have been approximately $0.19 cents per diluted common share, excluding lease termination income of $10.9 million dollars. As announced this morning, we increased the low-end of our 2021 Adjusted Company FFO guidance range by a penny, to a revised range of $0.73 to $0.76 cents per diluted common share.

 4

Revenues during the quarter were $93 million dollars, representing an increase compared to the same time period in 2020 mostly due to new acquisitions and the termination income I just mentioned.

Property operating expenses were roughly $11 million dollars, with approximately 88% attributable to tenant reimbursements. First quarter G&A was $8.4 million dollars, and we expect our 2021 G&A range to be $31 to 33 million dollars.

Overall same-store NOI increased 0.6% and would have been approximately 1.7%, excluding single-tenant vacancy, with our same-store leased portfolio at 97.5%. More specifically, industrial same-store NOI increased 1.5% and would have been 2.8%, excluding single-tenant vacancy. At quarter-end, approximately 88% of our industrial portfolio leases had escalations with an average rate of 2.3%.

On the capital markets front, we took the opportunity in the first quarter to increase our availability under our ATM program to $350 million dollars. Additionally, we entered into forward sales contracts for an aggregate of 3.6 million common shares, which have not yet settled. As of March 31^st, we had 8.6 million common shares unsettled under forward sales contracts, which had an aggregate settlement price of $94.5 million dollars.

As Will mentioned, our balance sheet is in terrific shape with low leverage and ample cash available. At quarter-end, we had nothing outstanding on our unsecured revolving credit facility and unencumbered NOI remains high at 91%.

In addition, our consolidated debt outstanding was approximately $1.4 billion dollars with a weighted-average interest rate of approximately 3.3% and a weighted-average term of 6.7 years. With that, I’ll turn the call back over to Will.

T. Wilson Eglin:

Thanks Beth. I will now turn the call over to the operator who will conduct the question and answer portion of this call.

Operator:

Thank you. We will now begin the question and answer session. (Operator Instructions)

Our first question comes from Anthony Paolone with JP Morgan.

Anthony Paolone:

My first question, just a clarifying one. The $10.9 million of term income in the first quarter, is that included in your $0.73 to $0.76 guidance for the year?

T. Wilson Eglin:

Yes. It is, Tony.

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Anthony Paolone:

And then, just the Florida asset, Brendan talked about where you're taking on some lease-up there. Just what's your appetite for those types of transactions? And should we see you doing more of those?

T. Wilson Eglin:

Yes. I mean I think our expectation is that we will do a little bit more of that, going forward, and that's a function of a few things. We're getting more concentrated positions in our markets. That's creating the market knowledge and data to allow us to underwrite Class A warehouse investments, where we can lease them to a stabilized yield that's sort of well in advance of where we can purchase fully-leased buildings. So I think we'll do a little bit more than that, but it's not going to become a dominant focus.

Anthony Paolone:

And if you think about Lexington's weighted average lease length, it's about seven years, seems to be somewhere in the middle of some of the net lease companies closer to 10 and the pure industrial operating REITS, maybe a little closer to five. Is that where you think the sweet spot should be? Or do you think, over time, that gravitates in a different direction, up or down?

T. Wilson Eglin:

We like it where it is. In the warehouse distribution market, there's been a shortage of longer lease opportunities recently. You tend to see it in sale-leasebacks and sometimes in build-to-suit where the facilities are more specialized. So we like 7 years, but it could get shorter just based on what we're seeing in the market.

Anthony Paolone:

And then just last one from me, just to tie up the disposition side. You mentioned $135 million to be sold, but then you mentioned the $8.2 million of noncore NOI worth about $290 million. Is the $135 million in that, or are those separate? I just wanted to tie that together.

T. Wilson Eglin:

The $135 million is in the $290 million.

Anthony Paolone:

And you think that $290 million could be done this year? Or that's just what's left?

T. Wilson Eglin:

That's what's left. I think one of the reasons why we did not increase the higher end of our guidance is recognizing that we're hopeful that, with the pandemic easing, we may have opportunities to

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move more quickly on the sale front, but time will tell. We'd like to move out of that portfolio as soon as we can, but it would be hard to move it all before year-end.

Operator:

Next question comes from Sheila McGrath of Evercore ISI.

Sheila Kathleen McGrath:

Will, I was wondering if you could give us your big-picture thoughts on M&A in the sector and the valuation on Monmouth, just your thoughts on that.

T. Wilson Eglin:

There's been 2 substantial M&A announcements in the last couple of weeks, as you know. The first one, Realty Income and VEREIT, was interesting to me because, in Realty Income, you have a very large, well-capitalized company with a good cost of capital maybe beginning to act like a consolidator on a path to being a much larger entity. So I thought that was interesting and had, I thought, very positive implications for the net lease sector.

Overall, I thought the transaction was very well thought-out and structured. I was very, very impressed with the management presentation. And you've got to tip your hat to Glenn Rufrano and Paul McDowell for doing such a great job with VEREIT. So I thought that was a win-win for both shareholders in each company. And when you see that in an M&A transaction, it's good for the whole REIT sector, too. So that I thought was really positive.

Equity Commonwealth and Monmouth, I think, has very positive implications for us too, but different ones. In the case of Equity Commonwealth, you've got a very well-respected management team essentially reaching the conclusion that the industrial is likely to be a really good asset class for a long time, and we share that view. So I think that's sort of an endorsement of our strategy.

And I don't know. From what I can tell, some people have questioned the high price, maybe, but to access the industrial market with any kind of scale, the sort of entry price is what it is. I would be more focused on how Equity Commonwealth is going to deploy its cash to scale up the platform. So you have 2 very different transactions, but I think very, very good for us at the same time.

Sheila Kathleen McGrath:

And then, if you could give us a little more detail on that lease termination fee, what kind of asset was that? And what are your prospects to backfill that?

T. Wilson Eglin:

James, do you want to jump in on that one?

James Dudley:

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So we had one tenant that had a lease expiration at the end of March, and then we had a sub-tenant that was stepping into a direct lease that wasn't committed to the property. So we thought, just kind of given the situation, talking with the two tenants, that while we had the sub-tenant in place, it was the best time to maximize value through negotiating a surrender and also getting some lease income from the second piece of the transaction.

It's a mixed-use property. It's got office and industrial. And from a leasing perspective, there's been some preliminary interest, but there's been quite a bit of interest from a sale perspective. So I think that, that will probably ultimately be the outcome, would be a sale to someone who would redevelop the property. But again, the way we felt about it, it was our opportunity to maximize the value of the property through the transaction that we executed and then potentially exiting the property.

Sheila Kathleen McGrath:

And one last quick modeling question. The development that came online this quarter, what was the timing intra-quarter to help us model, going forward?

T. Wilson Eglin:

Beth, do you want to jump in on that one?

Beth Boulerice:

It came on in March of this year.

Operator:

The next question comes from Craig Mailman of KeyBanc Capital Markets.

Craig Mailman:

Will, I appreciate your thoughts on the M&A and the commentary about asset values rising here. Just curious, your cost of capital has also improved pretty significantly here over the last year or so. Just how are you guys viewing what you're willing to pay, given your blended cost of capital and the growth prospects for industrial here?

T. Wilson Eglin:

Well, what we've been doing, Craig, for the most part, is trying to closely match, not exactly dollar for dollar, but if you look at disposition activity for first quarter and our commentary about second quarter, acquisitions may be $260 odd-million and dispositions may be $230 odd-million. But we've sort of been using the purchase market and just taking the sale proceeds from liquidating the office portfolio and a handful of other things and redeploying them in the purchase market.

And then, we've been selling some stock forward in the ATM, which we would sort of plan on drawing down to invest in our development opportunities where the accretion math works best. So

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that's sort of philosophically how we're approaching the business from a capital standpoint. And as I said, we've really just been using disposition proceeds to make purchases so far.

Craig Mailman:

I get the mechanics of how you guys are doing. I guess, on just higher level, you guys have $290 million left to go, sounds like $135 million is teed up. But once you get through that, right, your cost of capital will significantly improve because you'll be using equity and debt to fund future acquisitions.

And so I'm just trying to think, longer term, you guys have done a nice job of sourcing some higher-yielding developments, but clearly, as you want to build out the industrial portfolio, maybe you want to mix in some higher-growth markets, which may have a lower going-in yield. Just how you guys are thinking about your competitiveness at maybe less term, more near-term rollover to get some growth in the portfolio versus continue to buy out maybe some higher-yielding developments, which may not hit right away in terms of more closely match funding the dilution from the capital raises versus getting the NOI online and building out the portfolio, longer term?

T. Wilson Eglin:

Well, I think we're sort of uniquely positioned, right, because we're very active in the single-tenant net lease marketplace, right, which has fully-leased buildings with stable cash flows and growth. And yet we also have the skill set to produce more return than that via buying some vacancy and partnering with developers.

So I agree with you that there's the potential for our cost of capital to get much better. That may allow us to be a little bit more active in the purchase market. But I think it's a tiny bit premature to speculate on what the ideal mix is of how active we would be in purchases versus development.

Craig Mailman:

Then maybe one just quick one for Beth. What do you think the timing is of pulling down the $94.5 million of forward equity, just for modeling purposes?

Beth Boulerice:

So we have to pull it down between August and February. So it will also be dependent on the development budget and as we need to fund the development projects. We'll be drawing down during that time. Great. Thank you

Operator:

Next question comes from Elvis Rodriguez of Bank of America.

Elvis Rodriguez:

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Beth, maybe just a quick question on the termination income. How much was included in guidance coming into the year? And how much is included for the remainder of the year?

Beth Boulerice:

we had known about it, and it was in guidance when we gave guidance last time. It wasn't a solid thing, but we thought that it may happen, so it was in there.

But going forward, there's a little bit of termination income that's going to be spread out over the year for another tenant, but it's not that much compared to the other one. It's about $600,000 a quarter.

Elvis Rodriguez:

And Beth, the loss revenue from Durham over the balance of the year, is it about $1.8 million?

Beth Boulerice:

Exactly. Exactly.

Elvis Rodriguez:

And then, Will, perhaps you can help us here. So you had mentioned potential dispositions of about $200 million to $300 million and investments of about $500 million to $600 million. I'm assuming the investments also includes developments. So you're currently just at net of, call it, $10 million on your acquisitions and dispositions, excluding development. Should we see more of that occur towards the end of the year? Or how should we see the deployment of this capital?

T. Wilson Eglin:

In terms of development spending or on the acquisition side?

Elvis Rodriguez:

On the acquisition front. Should we see it come a little bit more

T. Wilson Eglin:

On the acquisition side. Yes. I mean, I think we have a visible pipeline through June 30, and that gives us a chance to be methodical and disciplined with respect to working up to wherever we get at year-end. I'm hesitant to sort of predict a bigger year than what we've talked about before, just because I think that that sort of creates an internal dynamic where it encourages us to be a little bit more aggressive than maybe we should be. So I think we'll take the market as it comes, but we're clearly positioned to deploy a lot of capital this year.

And I'm heartened to see the amount of transaction activity on the deal sheet compared to first quarter when, typically, it's very slow, but it's a very, very large and very robust market at the moment.

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Elvis Rodriguez:

And just one more for me. You had a new tenant, Unis, added to your top 15 tenants this quarter. How comfortable do you feel with tenant concentration? I mean, Amazon is now a little over 6%. So anything you could share how you think about your portfolio and tenant concentration as you build out your industrial platform?

T. Wilson Eglin:

We've been trying to avoid sort of concentration sort of above 5% in any one place. Amazon would be the exception at the moment, but we like having very balanced credit exposure.

Operator:

The next question comes from Jon Peterson of Jefferies.

Jon Petersen:

Will, I wonder if you can give your thoughts on the idea of eliminating 1031 exchange; specifically for the LXP portfolio, what that might mean for the office properties that you're still trying to dispose of, and then how you anticipate that might impact the transaction markets and your growth plans, going forward?

T. Wilson Eglin:

Well, that would really be an earthquake for the real estate industry. So I personally have not reached a conclusion that, that's likely, but it's safe to say that we're racing to finish the job as fast as we can.

And what we've been doing with our sale proceeds, where we have low tax basis office buildings, is we've been redeploying the capital into Class A modern warehouse and distribution facilities that ideally we hope to never sell, and we just enjoy rent growth forever and ever and never have to worry about redeploying disposition proceeds and having to manage a tax position.

So that's where we're trying to get the portfolio to, and who knows how the tax legislation will work out. But for years and years and years, selling long-term net lease investments to passive investors in the 1031 exchange market has been a great sort of source of liquidity for sellers and often at prices that reflect the fact that you have a motivated buyer trying to further tax gains. So that would be, as I said, an earthquake for the industry. Hard to see how that moves forward, but you never know in this world.

Jon Petersen:

And then, I apologize if I missed this, but the joint venture that you guys have in your press release, the 1.1 million square feet in Indianapolis, could you give us some details on the economics of that joint venture?

 11

T. Wilson Eglin:

Sure. Brendan, do you want to jump in there?

Brendan P. Mullinix:

Yes, that transaction in Indianapolis is structured similar to our merchant builder, effective [on the] joint ventures. For competitive reasons, I don't like to get deep into the details about how those are structured, but at a high level, it's a 80/20 joint venture, and then there are promote structures to our merchant builder partner based on success.

Operator:

Our next question comes from Todd Stender of Wells Fargo.

Todd Stender:

Just looking at your quarterly leasing summary, the Kraft Heinz lease kind of stuck out at me. I know it was renewed last year, but then it got extended again here in Q1. Just wanted to hear any details you have.

T. Wilson Eglin:

James, do you want to answer that one?

James Dudley:

Yes. So Kraft had a 5-year fair market option, and they exercised it in anticipation that there would be a discussion on a longer-term lease. So they exercised it, and then we continued to negotiate with them. They wanted a small amount of TI, and we're willing to go 10 years. So, really, it was an exercise last year to protect themselves so that they could get the five-year extension, knew they would have the space without competition while we negotiated the longer term.

Todd Stender:

And then, for Will, just with construction costs continuing to rise, driven mostly by the housing market, how have material costs impacted your return expectations as you guys think about breaking ground on new development?

T. Wilson Eglin:

I think maybe I'll ask Brendan to just offer his perspective on the 2 new projects because, so far, it hasn't impacted us very much.

Brendan P. Mullinix:

I can touch on that. So first of all, rising construction costs is something we're very mindful of. In particular, the steel pricing is one factor that's had a big impact on our sector. So, so far as the

 12

development projects that were discussed in my prepared remarks, we have secured steel pricing and delivery, which is important.

As many may be aware, there are really 2 issues today surrounding steel. One is escalating pricing, and the other is protracted delivery schedule. I think that the one thing about escalating construction costs, including steel pricing, while it's not a positive, I think that it will potentially contribute to a greater rental growth. And I think in terms of the projects that were discussed, having secured our steel, that will allow us to deliver ahead of other competing supply and at a better basis than other new starts. So I think those factors will actually help us from a competitive standpoint.

Operator:

The next question comes from John Massocca of Ladenburg Thalmann.

John Massocca:

So one of the other aspects of the Realty Income/VEREIT merger was the potential spinout of their office properties into a separate company that may also be looking to kind of scale up as it rolls out. Does that potential transaction change how you look at monetizing the JV office portfolio, or even some of your on-balance sheet office assets?

T. Wilson Eglin:

Not necessarily. I think you sort of have to wait and see how that trades and whether it has access to capital to put to work. In terms of our office joint venture, I think we're very pleased with its performance so far, and we're not looking at any sort of large-scale exit strategy at the moment. It would be, I think, great for the sector if there ended up being a net lease office REIT that trades well. I think there's a big opportunity, big risk, obviously, too, but big opportunity if they can turn that into sort of a market-leading platform.

John Massocca:

And so I guess with the JV assets, in particular, is the plan still kind of, if possible, granular dispositions on your end?

T. Wilson Eglin:

Yes. And we've made a handful of good sales so far, and we've shrunk our equity. We're producing a high return on equity for ourselves and our partner, and that partnership is doing very well.

John Massocca:

And then in terms of the development side of the investments, have you seen any kind of [market] change in competition, particularly maybe some of the secondary non- kind of "gateway markets"? Has there been any kind of shift of competition into those markets maybe from gateway markets, if you will?

 13

T. Wilson Eglin:

Brendan, do you have an opinion on that? I think, from my perspective, we've been working with partners that we've done a lot of build-to-suit work with in the past, and we haven't felt any real competitive pressure from others trying to sort of horn in on those relationships.

Brendan P. Mullinix:

Yes, I would agree with that. Our market's been competitive for some time. So sure, there's new entrants, but I would agree with those comments there.

John Massocca:

And then one last detail one, and apologies if I missed this in the prepared remarks, but was there any update on the leasing prospects at the Olive Branch property, Olive Branch, Mississippi?

T. Wilson Eglin:

We didn't touch on it in our comments, but I'll ask James to jump in and offer his perspective.

James Dudley:

Yes. So we have several prospects. They're mostly preliminary, but there's about 20 million square feet of potential prospects in the market right now. We're also working through our tenant exiting, so there may be some holdover that's going to take place as well from a clarity of a vacancy perspective. But nothing imminent, but quite a bit of activity, and we continue to feel that we're going to have a successful outcome.

John Massocca:

And is a successful outcome, I mean, are rents probably below market, given the demand?

James Dudley:

That's right. We would expect to better the rents that were in place with the incumbent tenant.

Operator:

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

T. Wilson Eglin:

Thanks again to everybody for joining us on the call this morning. Please visit our website, or contact Heather Gentry if you would like to receive our quarterly materials. And in addition, as always, you may contact me or any other member of our senior management team with any questions. Thanks again, and have a great day.

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Operator:

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

 15

XML

Cover	May 07, 2021
Schedule of Capitalization, Equity [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 07, 2021
Entity File Number	1-12386
Entity Registrant Name	LEXINGTON REALTY TRUST
Entity Central Index Key	0000910108
Entity Tax Identification Number	13-3717318
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	One Penn Plaza, Suite 4015
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119-4015
City Area Code	(212)
Local Phone Number	692-7200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock
Schedule of Capitalization, Equity [Line Items]
Title of 12(b) Security	Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock
Trading Symbol	LXP
Security Exchange Name	NYSE
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share
Schedule of Capitalization, Equity [Line Items]
Title of 12(b) Security	6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share
Trading Symbol	LXPPRC
Security Exchange Name	NYSE