EX-99.2 3 n2525-x11exh99_2.htm QUARTERLY SUPPLEMENTAL INFORMATION, THIRD QUARTER 2021

 

Exhibit 99.2

 

(GRAPHIC) 

 

 

 

 

LEXINGTON REALTY TRUST

TABLE OF CONTENTS

September 30, 2021

 

  PAGE
   
SUMMARY / HIGHLIGHTS 3
   
FINANCIAL DATA  
CONSOLIDATED BALANCE SHEETS 4
CONSOLIDATED STATEMENTS OF OPERATIONS 5
NON-GAAP FINANCIAL DATA 6
SELECT CREDIT METRICS SUMMARY 10
OTHER FINANCIAL DATA 11
   
CAPITAL DEPLOYMENT / RECYCLING  
QUARTERLY INVESTMENTS / CAPITAL RECYCLING 12
DEVELOPMENT SUMMARY 13
CAPITAL EXPENDITURES AND LEASING COSTS 14
   
PORTFOLIO DATA  
PORTFOLIO DATA 15
SAME STORE DATA 16
PORTFOLIO DETAIL BY ASSET CLASS 17
PORTFOLIO COMPOSITION 18
INDUSTRIAL MARKETS AND INDUSTRIES 19
INDUSTRIAL PORTFOLIO DETAIL 20
  PAGE
   
TENANT DATA  
TOP 15 TENANTS 21
QUARTERLY LEASING SUMMARY 22
LEASE ROLLOVER SCHEDULES 24
PROPERTY LEASES AND VACANCIES 26
   
DEBT  
MORTGAGES AND NOTES PAYABLE 37
DEBT MATURITY SCHEDULE 39
DEBT COVENANTS 40
   
COMPONENTS OF NET ASSET VALUE 41
   
NON-GAAP MEASURES DEFINITIONS 42
   
INVESTOR INFORMATION 46

 

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

September 30, 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 announced an increase in the annualized dividend to $0.48 per common share.

 

       
Quarterly Highlights   Portfolio Statistics
       
- Net Income - $0.02 per diluted common share   # of Properties: 138
       
- Adjusted Company FFO - $0.19 per diluted common share   # of States: 28
       
- Completed 2.6 million square feet of new leases and lease extensions   Square Footage: 57.7 million
       
- Acquired five warehouse/distribution properties for an aggregate cost of $134.8 million   Ongoing Development Projects: 8
       
- Commenced development of five warehouse/distribution properties comprising an aggregate of 2.8 million square feet in the Greenville-Spartanburg, South Carolina and Phoenix, Arizona markets   Stabilized Portfolio% Leased: 98.9%
       
- Invested an aggregate of $57.3 million in eight ongoing development projects   # of Leases: 164
       
- Disposed of three properties for an aggregate gross disposition price of $35.4 million   % Industrial: 94.9%
       
-Issued $400.0 million aggregate principal amount of 2.375% Senior Notes due 2031 and redeemed all$188.8 million aggregate principal amount of 4.25% Senior Notes due 2023   Weighted-Average Lease Term (Cash Basis): 6.6 years
       
- Net Debt to Adjusted EBITDA ratio was 5.4x at quarter end   Weighted-Average Age: 11.5 years
       

 

3 

 

 

LEXINGTON REALTY TRUST

CONSOLIDATED BALANCE SHEETS

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

 

   September 30, 2021   December 31, 2020 
Assets:        
Real estate, at cost  $3,721,870   $3,514,564 
Real estate - intangible assets   402,365    409,293 
Investments in real estate under construction   185,704    75,906 
Real estate, gross   4,309,939    3,999,763 
Less: accumulated depreciation and amortization   911,410    884,465 
Real estate, net   3,398,529    3,115,298 
Assets held for sale   30,145    16,530 
Right-of-use assets, net   29,067    31,423 
Cash and cash equivalents   150,077    178,795 
Restricted cash   373    626 
Investments in non-consolidated entities   51,021    56,464 
Deferred expenses, net   13,289    15,901 
Rent receivable - current   1,998    2,899 
Rent receivable - deferred   71,317    66,959 
Other assets   12,661    8,331 
Total assets  $3,758,477   $3,493,226 
           
Liabilities and Equity:          
Liabilities:          
Mortgages and notes payable, net  $115,633   $136,529 
Term loan payable, net   298,320    297,943 
Senior notes payable, net   987,590    779,275 
Trust preferred securities, net   127,570    127,495 
Dividends payable   34,283    35,401 
Liabilities held for sale   1,122    790 
Operating lease liabilities   30,109    32,515 
Accounts payable and other liabilities   59,681    55,208 
Accrued interest payable   5,638    6,334 
Deferred revenue - including below market leases, net   15,490    17,264 
Prepaid rent   14,679    13,335 
Total liabilities   1,690,115    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, 282,638,707 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively   28    28 
Additional paid-in-capital   3,239,850    3,196,315 
Accumulated distributions in excess of net income   (1,276,134)   (1,301,726)
Accumulated other comprehensive loss   (10,891)   (17,963)
Total shareholders’ equity   2,046,869    1,970,670 
Noncontrolling interests   21,493    20,467 
Total equity   2,068,362    1,991,137 
Total liabilities and equity  $3,758,477   $3,493,226 

 

4 

 

 

LEXINGTON REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

   Three months ending September 30,   Nine months ending September 30, 
   2021   2020   2021   2020 
Gross revenues:                    
Rental revenue  $82,353   $83,592   $254,570   $243,421 
Other revenue   1,064    922    2,945    3,712 
Total gross revenues   83,417    84,514    257,515    247,133 
Expenses applicable to revenues:                    
Depreciation and amortization   (45,359)   (40,555)   (130,579)   (120,869)
Property operating   (11,406)   (11,343)   (33,966)   (31,895)
General and administrative   (8,363)   (7,232)   (24,695)   (22,612)
Non-operating income   472    40    953    314 
Interest and amortization expense   (12,210)   (13,649)   (35,170)   (42,610)
Debt satisfaction gains (losses), net   (13,222)   17,557    (13,222)   18,950 
Impairment charges   (2,048)   (6,175)   (2,048)   (7,792)
Gains on sales of properties   16,122    20,878    104,767    41,876 
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities   7,403    44,035    123,555    82,495 
Provision for income taxes   (270)   (286)   (986)   (1,361)
Equity in earnings (losses) of non-consolidated entities   (75)   (131)   (249)   35 
Net income   7,058    43,618    122,320    81,169 
Less net income attributable to noncontrolling interests   (420)   (1,714)   (1,962)   (2,245)
Net income attributable to Lexington Realty Trust shareholders   6,638    41,904    120,358    78,924 
Dividends attributable to preferred shares - Series C   (1,573)   (1,573)   (4,718)   (4,718)
Allocation to participating securities   (37)   (46)   (170)   (118)
Net income attributable to common shareholders  $5,028   $40,285   $115,470   $74,088 
                     
Net income attributable to common shareholders - per common share basic  $0.02   $0.15   $0.42   $0.28 
Weighted-average common shares outstanding - basic   278,124,204    274,696,046    276,379,718    264,211,668 
                     
Net income attributable to common shareholders - per common share diluted  $0.02   $0.15   $0.41   $0.28 
Weighted-average common shares outstanding - diluted   282,048,458    276,022,762    278,581,849    265,446,221

 

 

5 

 

 

LEXINGTON REALTY TRUST

NON-GAAP FINANCIAL DATA

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

 

   Three months ending September 30,   Nine months ending September 30, 
   2021   2020   2021   2020 
FUNDS FROM OPERATIONS:                    
Basic and Diluted:                    
Net income attributable to common shareholders  $5,028   $40,285   $115,470   $74,088 
Adjustments:                    
Depreciation and amortization   44,652    39,858    128,442    118,605 
Impairment charges - real estate   2,048    6,175    2,048    7,792 
Noncontrolling interest - OP units   240    1,518    1,391    1,702 
Amortization of leasing commissions   707    697    2,137    2,264 
Joint venture and noncontrolling interest adjustment   2,115    2,094    6,344    6,463 
Gain on sales of properties, including non-consolidated entities   (16,122)   (20,886)   (104,767)   (42,433)
FFO available to common shareholders and unitholders - basic   38,668    69,741    151,065    168,481 
Preferred dividends   1,573    1,573    4,718    4,718 
Amount allocated to participating securities   37    46    170    118 
FFO available to common equityholders and unitholders - diluted   40,278    71,360    155,953    173,317 
Transaction costs   64    1    205    81 
Debt satisfaction gains (losses), net, including non-consolidated entities   13,222    (17,522)   13,222    (18,894)
Adjusted Company FFO available to all equityholders and unitholders - diluted  $53,564   $53,839   $169,380   $154,504 
                     
Per Common Share and Unit Amounts:                    
Basic:                    
FFO  $0.14   $0.25   $0.54   $0.63 
                     
Diluted:                    
FFO  $0.14   $0.25   $0.55   $0.63 
Adjusted Company FFO  $0.19   $0.19   $0.59   $0.57 
                     
Weighted-Average Common Shares:                    
Basic:                    
Weighted-average common shares outstanding - basic EPS   278,124,204    274,696,046    276,379,718    264,211,668 
Operating partnership units (1)   1,161,757    3,060,436    2,263,105    3,100,309 
Weighted-average common shares outstanding - basic FFO   279,285,961    277,756,482    278,642,823    267,311,977 
                     
Diluted:                    
Weighted-average common shares outstanding - diluted. EPS   282,048,458    276,022,762    278,581,849    265,446,221 
Unvested share-based payments awards   53,320    19,261    35,645    19,813 
Operating partnership units (1)   1,161,757    3,060,436    2,263,105    3,100,309 
Preferred shares - Series C   4,710,570    4,710,570    4,710,570    4,710,570 
Weighted-average common shares outstanding - diluted FFO   287,974,105    283,813,029    285,591,169    273,276,913 
                     
(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 ending September 30,   Nine months ending September 30, 
   2021   2020   2021   2020 
Adjusted Company FFO available to all equityholders and unitholders - diluted  $53,564   $53,839   $169,380   $154,504 
                     
FUNDS AVAILABLE FOR DISTRIBUTION                    
Adjustments:                    
Straight-line adjustments   (3,196)   (3,995)   (8,146)   (10,224)
Lease incentives   192    214    605    732 
Amortization of above/below market leases   (314)   (435)   (1,211)   (1,110)
Lease termination payments, net   (662)   (211)   881    70 
Non-cash interest, net   110    293    351    1,081 
Non-cash charges, net   1,766    1,663    5,341    4,984 
Second generation tenant improvements   (3,443)   (2,332)   (4,178)   (9,453)
Second generation lease costs   (2,287)   (550)   (5,341)   (4,969)
Joint venture and non-controlling interest adjustment   (54)   (146)   (181)   (330)
Company Funds Available for Distribution  $45,676   $48,340   $157,501   $135,285 

 

7 

 

 

LEXINGTON REALTY TRUST

NON-GAAP FINANCIAL DATA (CONTINUED)

($000)

 

Net Operating Income (“NOI”):

 

   Nine months ending September 30, 
   2021   2020 
Net income  $122,320   $81,169 
           
Interest and amortization expense   35,170    42,610 
Provision for income taxes   986    1,361 
Depreciation and amortization   130,579    120,869 
General and administrative   24,695    22,612 
Transaction costs   205    81 
Non-operating/advisory fee income   (3,239)   (3,392)
Gains on sales of properties   (104,767)   (41,876)
Impairment charges   2,048    7,792 
Debt satisfaction (gains) losses, net   13,222    (18,950)
Equity in (earnings) losses of non-consolidated entities   249    (35)
Lease termination income, net   (13,787)   (662)
Straight-line adjustments   (8,146)   (10,224)
Lease incentives   605    732 
Amortization of above/below market leases   (1,211)   (1,110)
           
NOI   198,929    200,977 
           
Less NOI:          
Acquisitions and dispositions   (32,989)   (36,180)
Same-Store NOI  $165,940   $164,797 

 

8 

 

 

LEXINGTON REALTY TRUST

NON-GAAP FINANCIAL DATA (CONTINUED)

($000)

 

Adjusted EBITDA:

 

   9/30/2021   6/30/2021   3/31/2021   12/31/2020   Trailing 12 Months 
Net income attributable to                         
Lexington Realty Trust shareholders  $6,638   $72,678   $41,042   $104,378   $224,736 
Interest and amortization expense   12,210    11,474    11,486    12,591    47,761 
Provision for income taxes   270    344    372    223    1,209 
Depreciation and amortization   45,359    43,044    42,176    40,723    171,302 
Straight-line adjustments   (3,196)   (2,930)   (2,020)   (3,430)   (11,576)
Lease incentives   192    194    219    189    794 
Amortization of above/below market leases   (314)   (437)   (460)   (470)   (1,681)
Gains on sales of properties   (16,122)   (66,726)   (21,919)   (97,163)   (201,930)
Impairment charges   2,048    -    -    6,668    8,716 
Debt satisfaction (gains) losses, net   13,222    -    -    (2,502)   10,720 
Non-cash charges, net   1,766    1,811    1,764    1,690    7,031 
                          
Pro-rata share adjustments:                         
Non-consolidated entities adjustment   2,837    2,854    2,839    2,925    11,455 
Noncontrolling interests adjustment   228    923    252    617    2,020 
                          
Adjusted EBITDA  $65,138   $63,229   $75,751   $66,439   $270,557 

 

9 

 

 

LEXINGTON REALTY TRUST

SELECT CREDIT METRICS SUMMARY (1)

 

   12/31/2018  12/31/2019  12/31/2020  9/30/2021
Adjusted Company FFO Payout Ratio  74.0%  51.6%  55.6%  54.7%
             
Unencumbered Assets  $2.8 billion  $3.3 billion  $3.8 billion  $4.1 billion
             
Unencumbered NOI  71.5%  84.1%  89.3%  91.5%
             
(Debt + Preferred) / Gross Assets  40.3%  34.5%  32.5%  34.6%
             
Debt/Gross Assets  37.8%  32.1%  30.4%  32.6%
             
Secured Debt / Gross Assets  14.5%  9.6%  3.1%  2.5%
             
Net Debt / Adjusted EBITDA  4.7x  4.9x  4.8x  5.4x
             
(Net Debt + Preferred) / Adjusted EBITDA  5.0x  5.3x  5.1x  5.7x
             
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  6.1x

 

Footnotes

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

(2)Subject to covenant compliance.

 

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LEXINGTON REALTY TRUST
OTHER FINANCIAL DATA
9/30/2021
($000)

 

Rent Estimates for Current Assets

 

Year   Base Rent (1)   Cash Base Rent (1)   Difference 
2021 - remaining   $71,964   $67,842   $(4,122)
2022    281,974    275,855    (6,119)
     
Balance Sheet    
Other assets  $12,661 
      
The components of other assets are:     
      
Deposits  $3,054 
Equipment   425 
Prepaids   2,529 
Note receivable   1,495 
Other receivables   842 
Deferred lease incentives   4,316 
      
Accounts payable and other liabilities     
      
The components of accounts payable and other liabilities are:  $59,681 
      
Accounts payable and accrued expenses  $21,226 
CIP accruals and other   20,540 
Taxes   240 
Deferred lease costs   2,181 
Deposits   4,555 
Transaction costs   48 
Derivative liability   10,891 

 

Footnote
(1) Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 9/30/2021, and (iii) no properties are sold or acquired after 9/30/2021.

 

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LEXINGTON REALTY TRUST
QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY
9/30/2021
                          
PROPERTY ACQUISITIONS                      
                          
   Property Type  Market  Square Feet  Initial Basis
($000)		  Month
Closed		  Primary Lease Expiration  Percent Leased at Acquisition 
1  Warehouse/distribution  Greenville-Spartanburg  SC   275,400  $29,421  July   04/2029  100%
2  Warehouse/distribution  Greenville-Spartanburg  SC   235,600   26,106  July   12/2029  100%
3  Warehouse/distribution (1)  Greenville-Spartanburg  SC   195,000   18,394  July   N/A   -%
4  Warehouse/distribution  Greenville-Spartanburg  SC   327,360   31,646  July   09/2026  100%
5  Warehouse/distribution  Columbus  OH   292,730   29,265  August   11/2029  100%
                              
5  TOTAL PROPERTY INVESTMENTS         1,326,090  $134,832            

 

Footnotes

(1)Subsequent to acquisition, property fully leased for 5.5 years.

                            
CAPITAL RECYCLING                    
                            
   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  Mission(2)  TX  Office  $10,426  $963  $1,033  July   100%  $138.99 
2  Venice(2)(3)  FL  Other   19,261   1,744   1,423  July   100%   617.72 
3  Baltimore(2)(3)  MD  Other   5,682   305   309  July   100%   - 
                                   
3  TOTAL PROPERTY DISPOSITIONS     $35,369  $3,012  $2,765             
                                   

Footnotes

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

(2)Sale price partially satisfied via the redemption of 1,598,906 operating partnership units.

(3)Primarily land investments.

 

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LEXINGTON REALTY TRUST
DEVELOPMENT SUMMARY
9/30/2021

 

  Project
(% owned)		   # of
Buildings		   Market   Estimated
Sq. Ft.		   Estimated
Project Cost
($000)		   GAAP
Investment Balance
as of 9/30/2021
($000) (1)		   Lexington
Amount Funded
as of 9/30/2021
($000)		   Estimated
Building
Completion
Date		   Approximate
Lease Term
(Yrs)		   % Leased
as of
9/30/2021
                                             
Consolidated                                          
                                             
1 Fairburn (87%) (2)(3)   1   Atlanta, GA    907,675   $   53,800   $   47,551   $   43,900   2Q 2021   TBD   0%
2 KeHE Distributors BTS (100%)   1   Phoenix, AZ    468,182      72,000      60,044      52,329   4Q 2021   15   100%
3 Mt. Comfort (80%)(2)   1   Indianapolis, IN    1,053,360      60,300      15,808      9,912   2Q 2022   TBD   0%
4 Smith Farms (90%)(2)   3   Greenville-Spartanburg, SC    1,939,524      132,800      17,609      13,396   2Q 2022   TBD   0%
5 Cotton 303 (93%)(2)   2   Phoenix, AZ    880,678      84,200      23,636      20,339   2Q 2022   TBD   0%
6 Ocala (80%)(2)   1   Central Florida    1,085,280      80,900      21,056      15,093   3Q 2022   TBD   0%
                                             
6 Total Consolidated Development Projects           $   484,000   $   185,704   $   154,969            
                                             
                                             
Non - Consolidated                                          
                                             
1 ETNA Park 70 (90%) (4)   TBD   Columbus, OH    TBD      TBD   $   12,857   $   13,321    TBD    TBD   0%
2 ETNA Park 70 East (90%) (4)   TBD   Columbus, OH    TBD      TBD      7,979      8,176    TBD    TBD   0%
                                             
2 Total Non-Consolidated Development Projects               $   20,836   $   21,497            
                                             
8 Total Development Projects                     $   206,540   $   176,466            

 

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 includes estimated tenant improvements and lease costs and excludes potential developer partner promote.

(3)Base building substantially completed during the second quarter of 2021. Property not in service as of 9/30/2021. Subsequent to 9/30/2021, signed a seven-year lease for all 907,675 square feet.

(4)Plans and specifications have not been completed and the square footage, project cost and completion date cannot be determined.

 

13 

 

LEXINGTON REALTY TRUST
CAPITAL EXPENDITURES AND LEASING COSTS (1)
9/30/2021
($000)
         
   Nine months ending September 30, 
   2021   2020 
First Generation Costs          
Leasing Costs  $364   $- 
Total First Generation Costs  $364   $- 
           
Second Generation Costs          
Tenant Improvements          
Industrial  $3,001   $8,652 
Office/Other   1,177    801 
Total Second Generation Tenant Improvements  $4,178   $9,453 
Leasing Costs          
Industrial  $4,711   $1,000 
Office/Other   630    3,969 
Total Second Generation Leasing Costs  $5,341   $4,969 
Total Second Generation Costs  $9,519   $14,422 
           
Building Improvements          
Industrial  $4,684   $4,330 
Office/Other   509    1,433 
Total Building Improvements  $5,193   $5,763 
           
Total Capital Expenditures and Leasing Costs  $15,076   $20,185 

 

Footnote

(1)Consolidated costs on a cash basis. Amounts exclude capitalized interest, if any. Leasing costs includes payments for lease incentives, if any.

 

14 

 

LEXINGTON REALTY TRUST
PORTFOLIO DATA
9/30/2021
($000)
   Base Rent 
Asset Class  Nine months ended 
   9/30/2021(1)  9/30/2021
Percentage		   9/30/2020
Percentage 		 
Industrial  $188,373   91.4%  80.9%
Office/Other   17,723    8.6%   19.1%
   $206,096    100.0%   100.0%
                
   Base Rent  
Credit Ratings (2)  Nine months ended 
   9/30/2021(1)  9/30/2021
Percentage		   9/30/2020
Percentage 		 
Investment Grade  $100,281   48.7%  52.2%
Non-Investment Grade   37,841    18.3%   20.7%
Unrated   67,974    33.0%   27.1%
   $206,096    100.0%   100.0%
                
Weighted-Average Lease Term - Cash Basis       As of 9/30/2021   As of 9/30/2020 
        6.6 years   7.8 years 

 

Lease Escalation Data (3)

 

 

 

Footnotes

(1)Nine months ended 9/30/2021 Base Rent recognized for consolidated properties owned as of 9/30/2021.

(2)Credit ratings are based upon either tenant, guarantor or parent/ultimate parent.

(3)Based on nine months consolidated Cash Base Rents for single-tenant leases (properties 50% leased to a single tenant) owned as of 9/30/2021. Excludes parking operations and rents from prior tenants.

 

15 

 

LEXINGTON REALTY TRUST
SAME STORE DATA
9/30/2021
($000)

 

Same-Store NOI (1)      Same-Store NOI by Components (1)     
             
   Consolidated   Industrial   Office/Other 
   Nine months ended September 30,   Nine months ended September 30,   Nine months ended September 30, 
   2021   2020   2021   2020   2021   2020 
Total Cash Base Rent  $170,269   $169,229   $151,257   $149,574   $19,012   $19,655 
Tenant Reimbursements   21,071    20,086    15,579    14,965    5,492    5,121 
Property Operating Expenses   (25,400)   (24,518)   (18,221)   (17,732)   (7,179)   (6,786)
Same-Store NOI  $165,940   $164,797   $148,615   $146,807   $17,325   $17,990 
                               
Change in Same-Store NOI(2)   0.7%        1.2%        -3.7%     

 

Same-Store Statistics (3)            Same-Store Statistics by Components (3) 
             
   Consolidated   Industrial   Office/Other 
   As of
9/30/2021		   As of
9/30/2020		   As of
9/30/2021		     As of
9/30/2020		   As of
9/30/2021		    As of
9/30/2020		 
                               
Same-Store # of Properties   106    106    94    94    12    12 
                               
Same-Store Percent Leased   98.7%   99.8%   99.0%   99.8%   88.5%   96.8%

 

Footnotes

(1)NOI is on a consolidated cash basis excluding properties acquired and sold in 2021 and 2020.

(2)Excluding single-tenant, full building vacancies same-store NOI growth was 1.9% consolidated and 2.5% industrial.

(3)At September 30, 2021, excludes properties acquired or sold in 2021 and 2020.

 

16 

 

LEXINGTON REALTY TRUST
PORTFOLIO DETAIL BY ASSET CLASS
9/30/2021
($000, except square footage)
 
Asset Class  YE 2018 (1)   YE 2019   YE 2020   9/30/2021 
Industrial                    
% of Cost (2)   71.2%   81.5%   90.8%   94.9%
% of ABR (3)   65.4%   75.5%   86.3%   91.4%
% Leased (4)   96.3%   97.9%   98.7%   99.2%
Wtd. Avg. Lease Term (5)   9.7    8.3    7.4    6.9 
Mortgage Debt  $206,006   $109,939   $105,419   $101,855 
% Investment Grade (3)   31.6%   45.9%   50.8%   50.6%
Square Feet   41,447,962    48,742,014    53,938,155    56,216,962 
                     
Office/Other                    
% of Cost (2)   28.8%   18.5%   9.2%   5.1%
% of ABR (3)(6)   34.6%   24.5%   13.7%   8.6%
% Leased   87.1%   85.8%   89.3%   88.5%
Wtd. Avg. Lease Term (5)   7.2    8.5    7.2    3.2 
Mortgage Debt  $369,508   $283,933   $32,993   $15,420 
% Investment Grade (3)   53.2%   57.3%   42.0%   27.6%
Square Feet   6,111,588    3,876,294    2,171,633    1,457,981 
                     
Construction in progress (7)  $1,840   $15,208   $79,022   $188,692 

 

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 and capital expenditure for our operating properties.

 

17 

 

LEXINGTON REALTY TRUST
PORTFOLIO COMPOSITION
9/30/2021

 

As a Percent of Gross Book Value (1)

 

 

 

 

Portfolio Composition (2)

 

 

 

Footnotes

(1) Based on gross book value of real estate assets as of 9/30/2021, excludes held for sale assets.
(2) Based on gross book value of real estate assets as of 9/30/2021, 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
9/30/2021

 

Markets (1)  Percent of Base Rent as
of 9/30/2021 (2)		 
Memphis, TN  7.7%
Houston, TX  6.9%
Greenville/Spartanburg, SC  6.1%
Dallas/Ft Worth, TX  5.7%
Atlanta, GA  5.5%
Phoenix, AZ  5.2%
Cincinnati/Dayton, OH  5.1%
Chicago, IL  5.0%
Nashville, TN  4.5%
Detroit, MI  4.1%
Savannah, GA  2.7%
Jackson, MS  2.5%
St. Louis, MO  2.5%
Indianapolis, IN  2.4%
DC/Baltimore, MD  2.3%
Central Florida  2.2%
New York/New Jersey  2.0%
Columbus, OH  2.0%
Cleveland, OH  2.0%
Charlotte, NC  1.9%
Total Industrial Portfolio Concentration (3)  78.3%

 

Industries  Percent of Base Rent as
of 9/30/2021 (2)		 
Consumer Products  23.1%
Automotive  19.2%
Food  15.7%
E-Commerce  14.5%
Transportation/Logistics  11.1%
Construction/Materials  9.0%
Apparel  2.3%
Specialty  1.6%
Technology  1.2%
Aerospace/Defense  1.1%
Retail Department  0.7%
Printing/Production  0.3%
Other  0.2%
     
Total Industrial Portfolio Concentration (3)  100.0%

Footnotes
(1) Based on CoStar.com inventory data.
(2) Nine months ended 9/30/2021 Base Rent recognized for consolidated industrial properties owned as of 9/30/2021.
(3) Total shown may differ from detailed amounts due to rounding.
   

19 

 

LEXINGTON REALTY TRUST
INDUSTRIAL PORTFOLIO DETAIL(1)
9/30/2021
             
   Warehouse/
Distribution		  Cold Storage  Heavy Manufacturing  Light Manufacturing
# of Properties  100  4  13  9
             
Square Feet  48,243,747  925,616  4,751,345  2,296,254
             
% of Industrial Base Rent(2)  81%  5%  8%  6%
             
Weighted-Average Age (Years)(3)  9.2  9.2  26.6  21.5
             
Weighted-Average Cash Base Rent per SF(4)  $3.97  $12.73  $4.40  $5.95
             
Weighted-Average Lease Term (Cash Basis - Years)  6.6  10.4  6.1  10.0
             
Average Annual Rent Escalation(5)  2.6%  1.4%  1.9%  2.6%
             
Average Building Size (SF)  482,437  231,404  365,488  255,139
             
Average Clear Height (Feet)(6)  32.5  36.9  35.4  28.1
             
% Top 25 Markets(7)  69.0%  79.2%  37.5%  37.5%
             
% Top 50 Markets(7)  88.5%  100.0%  49.1%  49.6%

 

Footnotes

(1)For industrial properties owned as of 9/30/2021.

(2)Percent of Base Rent for consolidated industrial properties owned as of 9/30/2021.

(3)Weighting based on square footage.

(4)Excludes vacant square footage.

(5)Based on Cash Base Rents for single-tenant leases (properties 50% leased to a single tenant) owned as of 9/30/2021. 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 

9/30/2021

 

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
9/30/2021
($000)		   Percent of Base Rent
as of 9/30/2021
($000) (2)(4)		 
Amazon  Industrial  2026-2033  5   3,334,331   5.9%  $12,724   6.3%
Nissan  Industrial  2027  2   2,971,000   5.3%   9,570   4.7%
Dana  Industrial  2021-2033  7   2,053,359   3.6%   7,725   3.8%
Kellogg  Industrial  2027-2029  3   2,801,916   5.0%   7,299   3.6%
Undisclosed (5)  Industrial  2031-2035  3   1,090,383   1.9%   5,355   2.7%
Watco  Industrial  2038  1   132,449   0.2%   5,080   2.5%
Xerox  Office  2023  1   202,000   0.4%   4,981   2.5%
FedEx  Industrial  2023 & 2028  2   292,021   0.5%   4,289   2.1%
Wal-Mart  Industrial  2024 & 2027  2   1,335,673   2.4%   4,213   2.1%
Undisclosed (5)  Industrial  2034  1   1,318,680   2.3%   4,158   2.1%
Morgan Lewis (6)  Office  2024  1   289,432   0.5%   3,857   1.9%
Unis  Industrial  2023-2027  3   1,005,575   1.8%   3,411   1.7%
Mars Wrigley  Industrial  2025  1   604,852   1.1%   3,404   1.7%
Asics  Industrial  2030  1   855,878   1.5%   3,291   1.6%
Spitzer  Industrial  2035  2   449,895   0.8%   3,259   1.6%
                            
         35   18,737,444   33.2%  $82,616   41.0%

 

Footnotes
(1) Tenant, guarantor or parent.
(2) Total shown may differ from detailed amounts due to rounding.
(3) Excludes vacant square feet.
(4) Nine months ended 9/30/2021 Base Rent recognized for consolidated properties owned as of 9/30/2021, excluding rent from prior tenants.
(5) Lease restricts certain disclosures.
(6) Includes parking operations.

 

21 

 

 

LEXINGTON REALTY TRUST 

QUARTERLY LEASING SUMMARY 

9/30/2021 

 

NEW LEASES - FIRST GENERATION(1)
  Location (2)     Lease Expiration
Date		  Sq. Ft.   New Base Rent
Per Annum
($000)(3)		       New Cash Base
Rent Per Annum
($000)(3)		     
  Industrial                              
1 Lakeland  FL     01/2027  68,420   $388        $ 390      
2 Duncan  SC     01/2027  195,000    1,052         1,028      
2 TOTAL NEW LEASES - FIRST GENERATION  263,420   $1,440        $1,418      
                                    
LEASE EXTENSIONS - SECOND GENERATION     
  Location (2)  Prior
Term		  Lease Expiration
Date		  Sq. Ft.    New Base Rent
Per Annum
($000)(3)		   Prior Base Rent
Per Annum
($000)		   New Cash Base
Rent Per Annum
($000)(3)		   Prior Cash Base
Rent Per Annum
($000)		 
  Industrial                                 
1 Antioch  TN  08/2021  09/2026  67,200   $394   $211   $382   $228 
2 Shreveport  LA  03/2022  08/2027  257,849    1,253    1,343    1,321    1,403 
                                    
2 TOTAL EXTENDED LEASES - SECOND GENERATION  325,049   $1,647   $1,554   $1,703   $1,631 
                                    
NEW LEASES - SECOND GENERATION     
  Location (2)     Lease Expiration
Date		  Sq. Ft.    New Base Rent
Per Annum
($000)(3)		   Prior Base Rent
Per Annum
($000)(4)		   New Cash Base
Rent Per Annum
($000)(3)		   Prior Cash Base
Rent Per Annum
($000)(4)		 
  Industrial                                
1 Monroe  OH     02/2032  143,664   $938   $711   $886   $699 
2 Statesville  NC     10/2026  639,800    2,796    2,493    2,701    2,613 
3 Olive Branch  MS     08/2024  1,170,218    3,710    3,789    3,628    3,569 
4 Kalamazoo  MI     10/2028  9,431    132    118    132    127 
5 Kalamazoo  MI     10/2023  9,981    137    125    137    134 
                                   
5 TOTAL NEW LEASES - SECOND GENERATION  1,973,094   $7,713   $7,236   $7,484   $7,142 
                                    
7 TOTAL NEW AND EXTENDED LEASES - SECOND GENERATION  2,298,143   $9,360   $8,790   $9,187   $8,773 

 

22 

 

 

LEXINGTON REALTY TRUST  

QUARTERLY LEASING SUMMARY (CONTINUED) 

9/30/2021

 

NEW VACANCY (5)
  Location (2)   Type   Prior Lease
Expiration
Date		  Sq. Ft.   2020
Base Rent
($000)		   2020
Cash Rent
($000)		         
  McDonough  GA  Office  08/2021  62,218   $874   $874           

 

Footnotes
(1) Leased first generation space that was acquired vacant.
(2) Leases greater than 10,000 square feet.
(3) Assumes twelve months rent from the later of 10/1/2021 or lease commencement/extension, excluding free rent periods as applicable.
(4) Rent from prior tenants for square feet leased.
(5) Excludes multi-tenant properties, disposed properties and non-consolidated investments.

 

23 

 

 

LEXINGTON REALTY TRUST 

LEASE ROLLOVER SCHEDULE - INDUSTRIAL 

9/30/2021 

($000)

 

Year  Number of
Leases
Expiring		   Base Rent as of
9/30/2021		   Percent of
Base Rent as of
9/30/2021		   Percent of
Base Rent as of
9/30/2020		 
2021 - remaining  4   $1,965   1.0%   1.6%
2022  4    1,959   1.0%   1.6%
2023  8    7,162   3.8%   3.9%
2024  23    25,322   13.5%   9.5%
2025  17    18,347   9.8%   10.6%
2026  23    17,347   9.2%   9.6%
2027  13    23,962   12.8%   12.8%
2028  7    9,733   5.2%   5.1%
2029  9    13,315   7.1%   6.8%
2030  9    19,976   10.6%   9.9%
Thereafter  26    48,660   25.9%   22.9%
                   
Total (1)  143   $187,748   100.0%     

 

 

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

 

24 

 

 

LEXINGTON REALTY TRUST  

LEASE ROLLOVER SCHEDULE - OFFICE/OTHER 

9/30/2021 

($000)

 

Year  Number of
Leases
Expiring		   Base Rent as of
9/30/2021		   Percent of
Base Rent as of
9/30/2021		   Percent of
Base Rent as of
9/30/2020		 
2021 - remaining  1   $123   0.7%   0.5%
2022  3    956   5.8%   6.8%
2023  4    5,356   32.5%   13.5%
2024  6    7,269   44.2%   17.0%
2025  3    774   4.7%   6.7%
2026  1    169   1.0%   0.0%
2027  1    46   0.3%   0.1%
2028  0    -   0.0%   0.0%
2029  0    -   0.0%   1.6%
2030  0    -   0.0%   0.0%
Thereafter  2    1,763   10.7%   45.3%
                   
Total (1)  21   $16,456   100.0%     

 

 

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

25 

 

 

LEXINGTON REALTY TRUST 

PROPERTY LEASES AND VACANCIES - 9/30/2021 

 

Year of Lease
Expiration		  Date of Lease
 Expiration		  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or Available
(2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
INDUSTRIAL PROPERTIES
SINGLE TENANT
   WAREHOUSE/DISTRIBUTION
2021  10/25/2021  West Michigan  6938 Elm Valley Dr.  Kalamazoo  MI  10    150,945    1,416    1,520 
   12/31/2021  Nashville, TN  6050 Dana Way  Antioch  TN  --    73,500    142    142 
      Columbus, OH  351 Chamber Drive  Chillicothe  OH  --    42,264    159    159 
      Chicago, IL  3686 South Central Ave.  Rockford  IL  --    93,000    248    248 
2022  2/28/2022  Columbus, OH  351 Chamber Drive  Chillicothe  OH  --    23,270    95    95 
   3/31/2022  Columbus, OH  191 Arrowhead Dr.  Hebron  OH  --    400,522    701    701 
      Columbus, OH  200 Arrowhead Dr.  Hebron  OH  --    250,410    438    438 
2023  2/28/2023  Central Florida  3102 Queen Palm Dr.  Tampa  FL  --    229,605    864    896 
   5/31/2023  Memphis, TN  6495 Polk Ln.  Olive Branch  MS  --    151,691    438    438 
   6/30/2023  Cincinnati/Dayton, OH  575-599 Gateway Blvd.  Monroe  OH  --    194,936    293    288 
   8/31/2023  Houston, TX  10535 Red Bluff Rd.  Pasadena  TX  --    257,835    923    905 
      Dallas/Ft Worth, TX  3737 Duncanville Rd.  Dallas  TX  --    510,400    1,285    1,280 
   10/31/2023  Atlanta, GA  493 Westridge Pkwy.  McDonough  GA  --    676,000    1,523    1,518 
   12/31/2023  Shreveport/Bossier City, LA  5001 Greenwood Rd.  Shreveport  LA  --    646,000    1,285    1,285 
2024  1/31/2024  Greenville/Spartanburg, SC  70 Tyger River Dr.  Duncan  SC  --    408,000    1,501    1,494 
      Indianapolis, IN  1285 W. State Road 32  Lebanon  IN  --    741,880    1,711    1,854 
      Memphis, TN  6495 Polk Ln.  Olive Branch  MS  --    118,211    371    368 
   3/31/2024  Cleveland, TN  1520 Lauderdale Memorial Hwy.  Cleveland  TN  --    851,370    1,993    2,035 
      Indianapolis, IN  4600 Albert S White Dr.  Whitestown  IN  --    53,240    185    202 
      Columbus, OH  2155 Rohr Rd  Lockbourne  OH  --    320,190    814    788 
   4/30/2024  Memphis, TN  11555 Silo Dr.  Olive Branch  MS  --    927,742    2,141    2,181 
      Nashville, TN  6050 Dana Way  Antioch  TN  --    11,238    105    105 
   5/31/2024  Atlanta, GA  7225 Goodson Rd.  Union City  GA  --    370,000    1,082    1,064 
   7/31/2024  Greenville/Spartanburg, SC  5795 North Blackstock Rd.  Spartanburg  SC  --    341,660    1,254    1,266 

 

26 

 

 

LEXINGTON REALTY TRUST 

PROPERTY LEASES AND VACANCIES - 9/30/2021 

 

Year of Lease
Expiration		  Date of Lease
 Expiration		  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or Available
(2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
INDUSTRIAL PROPERTIES
   WAREHOUSE/DISTRIBUTION
2024  7/31/2024  Greenville/Spartanburg, SC  231 Apple Valley Rd.  Duncan  SC  --    75,320    280    280 
   8/31/2024  Houston, TX  9701 New Decade Drive  Pasadena  TX  --    102,863    204    143 
      Memphis, TN  11624 S. Distribution Cv.  Olive Branch  MS  9    1,170,218    2,837    2,720 
   9/30/2024  Indianapolis, IN  1621 Veterans Memorial Pkwy. E  Lafayette  IN  --    309,400    911    903 
      Memphis, TN  3820 Micro Dr.  Millington  TN  --    701,819    1,449    1,405 
   10/31/2024  Dallas/Ft Worth, TX  2115 East Belt Line Rd.  Carrollton  TX  --    58,202    172    180 
      Dallas/Ft Worth, TX  17505 Interstate Hwy 35W  Northlake  TX  --    500,556    1,701    1,637 
   11/30/2024  DC/Baltimore, MD  150 Mercury Way  Winchester  VA  --    324,535    1,287    1,228 
   12/31/2024  Indianapolis, IN  4600 Albert S White Dr.  Whitestown  IN  --    95,832    327    299 
      Chicago, IL  749 Southrock Dr.  Rockford  IL  --    150,000    478    472 
2025  4/30/2025  Houston, TX  10565 Red Bluff Rd.  Pasadena  TX  --    248,240    928    897 
   5/31/2025  Atlanta, GA  7875 White Road SW  Austell  GA  --    604,852    3,404    3,201 
   6/30/2025  Savannah, GA  1319 Dean Forest Rd.  Savannah  GA  --    355,527    1,358    1,284 
   7/31/2025  Indianapolis, IN  5352 Performance Way  Whitestown  IN  --    380,000    958    951 
      Cleveland, OH  7005 Cochran Rd.  Glenwillow  OH  --    458,000    1,546    1,623 
   8/31/2025  Indianapolis, IN  4900 Albert S White Dr.  Whitestown  IN  --    85,232    300    285 
      Savannah, GA  1315 Dean Forest Rd.  Savannah  GA  --    88,503    394    383 
   9/30/2025  Greenville/Spartanburg, SC  7870 Reidville Rd  Greer  SC  --    396,073    426    337 
      Nashville, TN  6050 Dana Way  Antioch  TN  --    117,600    306    310 
   12/31/2025  Phoenix, AZ  4445 N. 169th Ave.  Goodyear  AZ  --    160,140    755    738 
      Minneapolis/St Paul, MN  1700 47th Ave North  Minneapolis  MN  --    18,620    454    454 
2026  1/31/2026  Greenville/Spartanburg, SC  231 Apple Valley Rd.  Duncan  SC  --    120,680    448    448 
   3/31/2026  Central Florida  2455 Premier Row  Orlando  FL  --    205,016    589    381 
      Lewisburg, TN  633 Garrett Pkwy.  Lewisburg  TN  --    310,000    965    986 
   4/30/2026  Phoenix, AZ  16811 W. Commerce Dr.  Goodyear  AZ  --    540,349    1,833    1,712 

 

27 

 

 

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - 9/30/2021 

 

Year of Lease
Expiration		  Date of Lease
 Expiration		  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or Available
(2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
INDUSTRIAL PROPERTIES
   WAREHOUSE/DISTRIBUTION
2026  6/30/2026  Greenville/Spartanburg, SC  425 Apple Valley Rd.  Duncan  SC  --    163,680    188    145 
      Columbus, OH  351 Chamber Drive  Chillicothe  OH  --    136,495    447    447 
      Columbus, OH  351 Chamber Drive  Chillicothe  OH  --    276,112    961    951 
   7/31/2026  Savannah, GA  1004 Trade Center Pkwy.  Savannah  GA  --    270,252    1,075    1,005 
      Columbus. OH  1860 Walcutt Rd.  Columbus  OH  --    97,934    60    56 
   8/31/2026  Savannah, GA  1004 Trade Center Pkwy.  Savannah  GA  --    149,415    616    583 
   9/30/2026  Greenville/Spartanburg, SC  425 Apple Valley Rd.  Duncan  SC  --    163,680    167    - 
      St. Louis, MO  3931 Lakeview Corporate Dr.  Edwardsville  IL  --    769,500    2,022    1,993 
      Nashville, TN  6050 Dana Way  Antioch  TN  --    67,200    199    152 
      Phoenix, AZ  9494 W. Buckeye Rd.  Tolleson  AZ  --    186,336    832    791 
   10/31/2026  Greenville/Spartanburg, SC  235 Apple Valley Rd.  Duncan  SC  --    177,320    709    683 
      Charlotte, NC  2203 Sherrill Dr.  Statesville  NC  --    639,800    124    - 
      Cleveland, OH  10345 Philipp Pkwy.  Streetsboro  OH  --    649,250    2,162    2,070 
   11/30/2026  Erwin, NY  736 Addison Rd.  Erwin  NY  --    408,000    1,110    1,116 
      Philadelphia, PA  250 Rittenhouse Cir.  Bristol  PA  --    241,977    860    921 
   12/31/2026  Houston, TX  4600 Underwood Road  Deer Park  TX  --    402,648    576    - 
2027  1/31/2027  Greenville/Spartanburg, SC  417 Apple Valley Rd.  Duncan  SC  --    195,000    -    - 
      Kansas City, MO  27200 West 157th St.  New Century  KS  --    446,500    930    850 
   2/28/2027  Jackson, MS  554 Nissan Pkwy.  Canton  MS  --    1,466,000    4,650    4,661 
   4/30/2027  Nashville, TN  200 Sam Griffin Rd.  Smyrna  TN  --    1,505,000    4,920    4,851 
      San Antonio, TX  16407 Applewhite Rd.  San Antonio  TX  --    849,275    2,245    2,197 
   6/30/2027  Dallas/Ft Worth, TX  1501 Nolan Ryan Expy.  Arlington  TX  13    74,739    305    315 
   7/31/2027  Savannah, GA  335 Morgan Lakes Industrial Blvd.  Pooler  GA  --    499,500    1,560    1,536 
   8/31/2027  Cincinnati/Dayton, OH  600 Gateway Blvd.  Monroe  OH  --    994,013    2,959    2,514 
      Shreveport/Bossier City, LA  5417 Campus Dr.  Shreveport  LA  --    257,849    996    1,052 

 

28 

 

 

LEXINGTON REALTY TRUST 

PROPERTY LEASES AND VACANCIES - 9/30/2021 

 

Year of Lease
Expiration		  Date of Lease
 Expiration		  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or Available
(2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
INDUSTRIAL PROPERTIES
   WAREHOUSE/DISTRIBUTION
2027  9/30/2027  Memphis, TN  1550 Hwy 302  Byhalia  MS  --    615,600    1,829    1,849 
   10/31/2027  Jackson, TN  201 James Lawrence Rd.  Jackson  TN  --    1,062,055    2,958    2,892 
2028  1/31/2028  Atlanta, GA  490 Westridge Pkwy.  McDonough  GA  --    1,121,120    2,803    2,723 
   3/31/2028  New York/New Jersey  29-01-Borden Ave./29-10 Hunters Point Ave.  Long Island City  NY  --    140,330    3,851    3,846 
   5/31/2028  Nashville, TN  6050 Dana Way  Antioch  TN  --    50,400    165    130 
   8/31/2028  Houston, TX  4100 Malone Drive  Pasadena  TX  --    233,190    523    477 
      Indianapolis, IN  4900 Albert S White Dr.  Whitestown  IN  --    63,840    154    25 
2029  4/30/2029  Greenville/Spartanburg, SC  230 Apple Valley Rd.  Duncan  SC  --    275,400    355    330 
   7/31/2029  Memphis, TN  8500 Nail Rd.  Olive Branch  MS  --    716,080    2,063    2,005 
   8/31/2029  Dallas/Ft Worth, TX  8601 E. Sam Lee Ln.  Northlake  TX  --    1,214,526    3,208    2,977 
   9/30/2029  Chicago, IL   6225 E. Minooka Rd.  Minooka  IL  --    1,034,200    2,198    2,045 
   11/21/2029  Columbus. OH  1860 Walcutt Rd.  Columbus  OH  --    194,796    124    115 
   11/30/2029  Chicago, IL  1460 Cargo Court  Minooka  IL  --    705,661    2,143    2,015 
   12/31/2029  Greenville/Spartanburg, SC  402 Apple Valley Rd.  Duncan  SC  --    235,600    316    282 
      Chicago, IL  200 International Pkwy S  Minooka  IL  --    473,280    1,603    1,466 
2030  1/31/2030  Dallas/Ft Worth, TX  3201 N. Houston School Rd.  Lancaster  TX  --    468,300    1,252    944 
   3/31/2030  Memphis, TN  549 Wingo Rd.  Byhalia  MS  --    855,878    3,291    3,253 
   5/31/2030  St. Louis, MO  4015 Lakeview Corporate Dr.  Edwardsville  IL  --    1,017,780    2,594    2,149 
   6/30/2030  Dallas/Ft Worth, TX  1704 S. I-45  Hutchins  TX  --    120,960    463    425 
      Richmond, VA  2601 Bermuda Hundred Rd.  Chester  VA  4    1,034,470    2,888    2,934 
      Cincinnati/Dayton, OH  700 Gateway  Blvd.  Monroe  OH  --    1,299,492    4,137    3,833 
   8/31/2030  Central Florida  3400 NW 35th St.  Ocala  FL  --    617,055    2,261    2,073 
   9/30/2030  Phoenix, AZ  255 143rd Ave.  Goodyear  AZ  --    801,424    2,999    2,763 
2031  2/28/2031  Greenville/Spartanburg, SC  1021 Tyger Lake Rd.  Spartanburg  SC  --    213,200    782    602 
   5/31/2031  DC/Baltimore, MD  291 Park Center Dr.  Winchester  VA  --    344,700    1,293    1,153 

 

29 

 

 

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - 9/30/2021 

 

Year of Lease
Expiration		  Date of Lease
 Expiration		  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or Available
(2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
INDUSTRIAL PROPERTIES
   WAREHOUSE/DISTRIBUTION
2031  6/30/2031  Nashville, TN  6050 Dana Way  Antioch  TN  9    352,275    877    624 
   12/18/2031  DC/Baltimore, MD  80 Tyson Dr.  Winchester  VA  --    400,400    1,776    1,648 
2032  2/28/2032  Cincinnati/Dayton, OH  675 Gateway Blvd.  Monroe  OH  9    143,664    436    468 
   4/30/2032  Houston, TX  13930 Pike Rd.  Missouri City  TX  --    -    1,592    1,553 
   8/24/2032  Detroit, MI  16950 Pine Dr.  Romulus  MI  --    500,023    1,926    1,851 
   10/31/2032  Portland, OR  27255 SW 95th Ave.  Wilsonville  OR  --    508,277    2,340    2,101 
2033  3/31/2033  Phoenix, AZ  3405 S. McQueen Rd.  Chandler  AZ  --    201,784    3,374    3,004 
2034  4/30/2034  Raleigh, NC  1133 Poplar Creek Rd.  Henderson  NC  --    147,448    411    203 
   10/31/2034  Champaign-Urbana, IL  1001 Innovation Rd.  Rantoul  IL  --    813,126    3,147    2,935 
   12/31/2034  Greenville/Spartanburg, SC  27 Inland Pkwy.  Greer  SC  --    1,318,680    4,158    2,374 
2035  10/22/2035  Detroit, MI  2860 Clark St.  Detroit  MI  --    189,960    1,653    1,653 
2036  5/31/2036  Charlotte, NC  671 Washburn Switch Rd.  Shelby  NC  --    673,425    2,089    1,935 
2038  3/31/2038  Houston, TX  13901/14035 Industrial Rd.  Houston  TX  --    132,449    5,080    4,615 
   WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT  46,799,809   $151,062   $141,686 
MULTI-TENANT / VACANCY (7)(8)
   WAREHOUSE/DISTRIBUTION
   Various  Boston, MA  121 Technology Dr.  Durham  NH  6,9,14
(9%)		    500,500    754    1,369 
   WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - MULTI-TENANT/VACANCY  500,500   $754   $1,369 
WAREHOUSE/DISTRIBUTION - NOT STABILIZED (5)   
2027  1/31/2027  Central Florida  5275 Drane Field Rd.  Lakeland  FL  --    68,420    -    - 
2031  5/31/2031  Central Florida  5275 Drane Field Rd.  Lakeland  FL  --    117,440    450    230 
   Various  Greenville/Spartanburg, SC  7820 Reidville Rd  Greer  SC  6
(62%)		    210,820    195    179 
   Vacancy  Central Florida  5275 Drane Field Rd.  Lakeland  FL  --    36,274    -    - 
      Central Florida  3775 Fancy Farms Rd  Plant City  FL  --    510,484    -    - 
   WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - NOT STABILIZED  943,438   $645   $409 
                                   
   WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL  48,243,747   $152,461   $143,464 

 

30 

 

 

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - 9/30/2021 

 

Year of Lease
Expiration		  Date of Lease
 Expiration		  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or Available
(2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
INDUSTRIAL PROPERTIES
SINGLE TENANT
   COLD STORAGE
2028  8/31/2028  Atlanta, GA  1420 Greenwood Rd.  McDonough  GA  --    296,972    1,627    1,649 
2031  10/31/2031  Chicago, IL  1020 W. Airport Rd.  Romeoville  IL  --    188,166    2,754    2,669 
2032  10/31/2032  Detroit, MI  26700 Bunert Rd.  Warren  MI  --    260,243    2,912    2,709 
2034  9/30/2034  Las Vegas, NV  5670 Nicco Way  North Las Vegas  NV  --    180,235    1,917    1,807 
                                   
   COLD STORAGE INDUSTRIAL SUBTOTAL  925,616   $9,210   $8,834 
SINGLE TENANT
   HEAVY MANUFACTURING              
2023  12/31/2023  Nashville, TN  120 Southeast Pkwy. Dr.  Franklin  TN  --    289,330    551    551 
2024  4/30/2024  Portland/South Portland, ME  113 Wells St.  North Berwick  ME  --    993,685    1,349    1,220 
   10/31/2024  Detroit, MI  43955 Plymouth Oaks Blvd.  Plymouth  MI  --    311,612    1,193    1,189 
2025  6/30/2025  Nashville, TN  301 Bill Bryan Blvd.  Hopkinsville  KY  --    424,904    1,266    1,266 
      Elizabethtown-Fort Knox, KY  730 North Black Branch Rd.  Elizabethtown  KY  --    167,770    403    403 
      Elizabethtown-Fort Knox, KY  750 North Black Branch Rd.  Elizabethtown  KY  --    539,592    2,129    2,129 
      Owensboro, KY  4010 Airpark Dr.  Owensboro  KY  --    211,598    906    906 
   7/14/2025  Charlotte, NC  590 Ecology Ln.  Chester  SC  --    420,597    1,403    1,848 
   12/19/2025  Owensboro, KY  1901 Ragu Dr.  Owensboro  KY  11    443,380    1,411    1,450 
2029  11/24/2029  Anniston-Oxford, AL  318 Pappy Dunn Blvd.  Anniston  AL  --    276,782    1,305    1,289 
2033  9/30/2033  Crossville, TN  900 Industrial Blvd.  Crossville  TN  --    222,200    459    433 
2035  3/31/2035  Houston, TX  13863 Industrial Rd.  Houston  TX  --    187,800    1,826    1,682 
      Houston, TX  7007 F.M. 362 Rd.  Brookshire  TX  --    262,095    1,433    1,320 
                                   
   HEAVY MANUFACTURING INDUSTRIAL SUBTOTAL  4,751,345   $15,634   $15,686 
SINGLE TENANT
   LIGHT MANUFACTURING              
2022  8/31/2022  Greenville/Spartanburg, SC  50 Tyger River Dr.  Duncan  SC  --    221,833    725    790 
2024  5/31/2024  Bingen, WA  901 East Bingen Point Way  Bingen  WA  --    124,539    1,977    2,023 

 

31 

 

 

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - 9/30/2021 

 

Year of Lease
Expiration		  Date of Lease
 Expiration		  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or Available
(2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
INDUSTRIAL PROPERTIES
   LIGHT MANUFACTURING
2026  11/30/2026  Lumberton, NC  2880 Kenny Biggs Rd.  Lumberton  NC  --    423,280    1,171    1,126 
2027  12/31/2027  Cincinnati/Dayton, OH  10590 Hamilton Ave.  Cincinnati  OH  --    264,598    610    610 
2028  9/30/2028  West Michigan  904 Industrial Rd.  Marshall  MI  --    246,508    610    577 
2031  6/30/2031  Cincinnati/Dayton, OH  10000 Business Blvd.  Dry Ridge  KY  --    336,350    1,146    1,052 
2035  6/30/2035  Dallas/Ft Worth, TX  2115 East Belt Line Rd.  Carrollton  TX  --    298,653    992    818 
2037  3/31/2037  Dallas/Ft Worth, TX  4005 E I-30  Grand Prairie  TX  --    215,000    1,404    1,240 
2042  5/31/2042  Columbus, GA  4801 North Park Dr.  Opelika  AL  --    165,493    2,433    2,016 
                                   
   LIGHT MANUFACTURING INDUSTRIAL SUBTOTAL  2,296,254   $11,068   $10,252 
                                   
INDUSTRIAL TOTAL/WEIGHTED AVERAGE     99.2% Leased (12)    56,216,962   $188,373   $178,236 

 

32 

 

 

LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - 9/30/2021

 

Year of Lease
Expiration		  Date of Lease
Expiration		  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or
Available (2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
OFFICE PROPERTIES
SINGLE TENANT
2022  1/31/2022  Dallas/Ft Worth, TX  1401 Nolan Ryan Expy.  Arlington  TX  13    111,409    513    1,410 
   3/31/2022  Philadelphia, PA  1701 Market St.  Philadelphia  PA  --    1,220    35    35 
   7/31/2022  Tucson, AZ  1440 E 15th St.  Tucson  AZ  --    28,591    408    408 
2023  9/30/2023  Philadelphia, PA  1701 Market St.  Philadelphia  PA  --    8,070    -    - 
   11/30/2023  Dallas/Ft Worth, TX  1401 Nolan Ryan Expy.  Arlington  TX  13    4,979    71    71 
   12/14/2023  South Bay/San Jose, CA  3333 Coyote Hill Rd.  Palo Alto  CA  --    202,000    4,981    5,302 
2024  1/31/2024  Philadelphia, PA  1701 Market St.  Philadelphia  PA  --    289,432    3,198    3,185 
   2/14/2024  Florence, SC  1362 Celebration Blvd.  Florence  SC  --    32,000    430    458 
   5/31/2024  Charlotte, NC  3476 Stateview Blvd.  Fort Mill  SC  --    169,083    1,511    1,524 
      Charlotte, NC  3480 Stateview Blvd.  Fort Mill  SC  --    169,218    1,566    1,525 
   9/30/2024  Dallas/Ft Worth, TX  1401 Nolan Ryan Expy.  Arlington  TX  13    23,228    268    253 
2025  2/28/2025  Dallas/Ft Worth, TX  1401 Nolan Ryan Expy.  Arlington  TX  13    13,590    166    171 
   5/31/2025  Philadelphia, PA  1701 Market St.  Philadelphia  PA  --    2,641    204    204 
2027  1/31/2027  Philadelphia, PA  1701 Market St.  Philadelphia  PA  --    1,975    46    20 
2031  11/30/2031  New York/New Jersey  4 Apollo Drive  Whippany  NJ  --    123,734    1,530    1,521 
N/A  Vacancy  Dallas/Ft Worth, TX  1401 Nolan Ryan Expy.  Arlington  TX  13    8,602    -    - 
      Philadelphia, PA  1701 Market St.  Philadelphia  PA  --    699    -    - 
   N/A  Philadelphia, PA  1701 Market St.  Philadelphia  PA  --    -    659    659 
                                   
SINGLE TENANT OFFICE TOTAL    1,190,471   $15,586   $16,746 
MULTI-TENANT / VACANCY (7)(8)
N/A  Vacancy  Atlanta, GA  3500 North Loop Rd.  McDonough  GA  9    62,218    594    594 
   Various  Baton Rouge, LA  4455 American Way  Baton Rouge  LA  6, 14 (36%)    66,352    304    309 
   Various  Phoenix, AZ  13430 North Black Canyon Fwy.  Phoenix  AZ  6 (61%)    138,940    1,006    1,129 
                                   
MULTI-TENANT/VACANCY OFFICE TOTAL    267,510   $1,904   $2,032 
OFFICE SUBTOTAL/WEIGHTED AVERAGE       88.5% Leased    1,457,981   $17,490   $18,778 

 

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PROPERTY LEASES AND VACANCIES - 9/30/2021

 

Year of Lease Expiration  Date of Lease  Expiration  CoStar Market (1)  Property Location  City  State  Note   Sq. Ft.
Leased or Available (2)		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of 9/30/2021
($000) (3)		 
OTHER PROPERTIES
SINGLE TENANT
SPECIALTY
2048  12/31/2048  DC/Baltimore, MD  30 Light St.  Baltimore  MD  --    -    233    233 
                                   
SINGLE TENANT OTHER TOTAL          -   $233   $233 
                                   
OTHER SUBTOTAL/WEIGHTED AVERAGE     100% Leased    -   $233   $233 
                                   
TOTAL OFFICE & OTHER/WEIGHTED AVERAGE     88.5% Leased    1,457,981   $17,723   $19,011 
                                   
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE     98.9% Leased (12)    57,674,943   $206,096   $197,247 

 

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LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - 9/30/2021

 

Year of Lease
Expiration		  Date of Lease
Expiration		  CoStar Market (1)  Property Location  City  State  Note  Sq. Ft.
Leased or
Available (2)		   LXP %
Ownership		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
NON-CONSOLIDATED PROPERTIES
NNN OFFICE JV PROPERTIES    
2022  12/31/2022  Chicago, IL  231 N. Martingale Rd.  Schaumburg  IL  --   317,198    20%   3,449    3,640 
2023  3/31/2023  Dallas/Ft Worth, TX  8900 Freeport Pkwy.  Irving  TX  --   268,445    20%   3,695    3,520 
2025  3/14/2025  Dallas/Ft Worth, TX  601 & 701 Experian Pkwy.  Allen  TX  --   292,700    20%   2,430    2,305 
   6/30/2025  Atlanta, GA  2500 Patrick Henry Pkwy.  McDonough  GA  --   111,911    20%   1,221    1,099 
   12/31/2025  Dallas/Ft Worth, TX  4001 International Pkwy.  Carrollton  TX  --   138,443    20%   1,901    1,852 
2026  3/31/2026  Columbus, OH  500 Olde Worthington Rd.  Westerville  OH  --   97,000    20%   1,008    927 
   4/30/2026  Richmond, VA  800 East Canal St.  Richmond  VA  --   2,568    20%   51    51 
2027  2/28/2027  Richmond, VA  800 East Canal St.  Richmond  VA  --   8,503    20%   160    117 
   6/30/2027  Kansas City, MO  3902 Gene Field Rd.  St. Joseph  MO  --   98,849    20%   1,587    1,528 
   7/6/2027  Columbus, OH  2221 Schrock Rd.  Columbus  OH  --   42,290    20%   513    495 
   8/7/2027  Philadelphia, PA  25 Lakeview Dr.  Jessup  PA  --   150,000    20%   1,748    1,684 
2030  8/31/2030  Richmond, VA  800 East Canal St.  Richmond  VA  --   224,537    20%   5,292    5,499 
   9/30/2030  Richmond, VA  800 East Canal St.  Richmond  VA  --   25,707    20%   578    501 
   10/31/2030  Richmond, VA  800 East Canal St.  Richmond  VA  --   4,235    20%   91    91 
2031  1/10/2031  Houston, TX  810 Gears Rd.  Houston  TX  --   68,985    20%   901    1,069 
   3/1/2031  Richmond, VA  800 East Canal St.  Richmond  VA  --   26,047    20%   633    559 
   9/30/2031  Richmond, VA  800 East Canal St.  Richmond  VA  --   7,105    20%   28    28 
2032  4/30/2032  Richmond, VA  800 East Canal St.  Richmond  VA  --   14,330    20%   -    - 
      Charlotte, NC  1210 AvidXchange Ln.  Charlotte  NC  --   201,450    20%   4,519    4,154 
   9/30/2032  Houston, TX  10001 Richmond Ave.  Houston  TX  --   554,385    20%   4,441    4,579 
2035  2/28/2035  Dallas/Ft Worth, TX  6555 Sierra Dr.  Irving  TX  --   247,254    20%   3,722    2,934 
   4/30/2035  Parachute, CO  143 Diamond Ave.  Parachute  CO  --   49,024    20%   867    884 
2088  8/8/2088  Richmond, VA  800 East Canal St.  Richmond  VA  --   -    20%   267    314 

 

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LEXINGTON REALTY TRUST

PROPERTY LEASES AND VACANCIES - 9/30/2021

 

Year of Lease
Expiration		   Date of Lease
Expiration		  CoStar Market (1)  Property Location  City  State   Note   Sq. Ft.
Leased or
Available (2)		   LXP %
Ownership		   Base Rent as of
9/30/2021
($000) (3)		   Cash Base Rent as of
9/30/2021
($000) (3)		 
NNN OFFICE JV PROPERTIES    
N/A   Vacancy  Houston, TX  810 Gears Rd.  Houston  TX   --    9,910    20%   -    - 
       Richmond, VA  800 East Canal St.  Richmond  VA   --    17,277    20%   -    - 
                                          
NNN OFFICE JV TOTAL/WEIGHTED AVERAGE      99.1% Leased    2,978,153        $39,102   $37,830 
                                          
OTHER NON-CONSOLIDATED PROPERTIES    
                                          
2036   8/31/2036  Houston, TX  2203 North Westgreen Blvd.  Katy  TX   --    274,000    25%   5,126    5,126 
                                          
OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE      100% Leased    274,000        $5,126   $5,126 
                                          
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE      99.2% Leased    3,252,153        $44,228   $42,956 

 

Footnotes
1 Based on CoStar.com inventory data.
2 Square footage leased or available.
3 Nine months ended 9/30/2021 Base Rent and Cash Base Rent.
4 Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet).
5 Property not in Stabilized Portfolio at 9/30/2021.
6 Represents percent leased as of 9/30/2021.
7 Multi-tenant properties are properties less than 50% leased to a single tenant.
8 The multi-tenanted / vacant properties incurred approximately $1.4 million in operating expenses, net for the nine months ended 9/30/2021.
9 Base Rent and Cash Base Rent amounts represent/include prior tenant.
10 New leases for an aggregate 52,978 square feet commence 10/26/2021.
11 Lexington has a 71.1% interest in this property.
12 Percent leased is for Stabilized Portfolio at 9/30/2021.
13 Property held for sale at 9/30/2021.
14 Property held for sale at 9/30/2021 and disposed of subsequent to 9/30/2021.

 

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LEXINGTON REALTY TRUST

MORTGAGES AND NOTES PAYABLE

9/30/2021

 

Property  Footnotes    Debt
Balance
($000)		    Interest
Rate (%)		    Maturity (a)    Current Estimated Annual Debt Service ($000)  (b)    Balloon Payment
($000)		  
INDUSTRIAL (f)                  
Chester, SC       $4,244   5.380%  08/2025   $1,144   $362 
Long Island City, NY        29,942    3.500%   03/2028    4,879    - 
Goodyear, AZ        41,819    4.290%   08/2031    2,484    33,399 
Warren, MI        25,850    5.380%   11/2032    1,391    22,037 
Industrial Subtotal/Wtg. Avg./Years Remaining (c)       $101,855    4.380%   8.9   $9,898   $55,798 
                               
OFFICE (f)                              
Palo Alto, CA       $15,420    3.970%   12/2023   $7,059   $- 
Office Subtotal/Wtg. Avg./Years Remaining (c)       $15,420    3.970%   2.2   $7,059   $- 
                               
Subtotal/Wtg. Avg./Years Remaining (c)       $117,275    4.326%   8.0   $16,957   $55,798 
                               
CORPORATE (e)                              
Revolving Credit Facility   (g)   $-    -    02/2023   $-   $- 
Senior Notes        198,932    4.400%   06/2024    8,753    198,932 
Senior Notes        400,000    2.700%   09/2030    10,800    400,000 
Senior Notes   (j)    400,000    2.375%   10/2031    9,500    400,000 
Term Loan   (h)    300,000    2.732%   01/2025    8,310    300,000 
Trust Preferred Notes   (i)    129,120    1.829%   04/2037    2,394    129,120 
Subtotal/Wtg. Avg./Years Remaining (c)       $1,428,052    2.774%   7.8   $39,757   $1,428,052 
                               
Total/Wtg. Avg./Years Remaining (c)   (d)   $1,545,327    2.892%   7.8   $56,714   $1,483,850 

  

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LEXINGTON REALTY TRUST

MORTGAGES AND NOTES PAYABLE (CONTINUED)

 9/30/2021

($000)

 

   GAAP Balance   Deferred Loan
Costs, net		   Discounts   Gross Balance 
Mortgages and notes payable (f)  $115,633   $1,642   $-   $117,275 
Term loans payable (e)   298,320    1,680    -    300,000 
Senior notes payable(e)   987,590    7,582    3,760    998,932 
Trust preferred securities (e)   127,570    1,550    -    129,120 
Consolidated debt  $1,529,113   $12,454   $3,760   $1,545,327 

 

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.
(j) On August 30, 2021,  completed an offering of $400,000 Senior Notes at a coupon of 2.375%, maturing on October 1, 2031.
  The net proceeds and cash on hand were used to redeem the $188,756 aggregate principal balance of the 2023 Senior Notes and the outstanding balance of  $215,000 on the Revolving Credit Facility.

 

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LEXINGTON REALTY TRUST

DEBT MATURITY SCHEDULE

9/30/2021

($000)

 

Consolidated Properties
Year    Mortgage
Scheduled
 Amortization		    Mortgage
Balloon Payments		    Corporate Debt 
2021 - remaining   $2,982   $-   $- 
2022    12,224    -    - 
2023    13,267    -    - 
2024    6,431    -    198,932 
2025    6,214    362    300,000 
    $41,118   $362   $498,932 

 

Debt Maturity Profile (1)

 

img 

 

 

Footnotes  

(1)Percentage denotes weighted-average interest rate.

 

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LEXINGTON REALTY TRUST

DEBT COVENANTS (1)

 

CORPORATE LEVEL DEBT

 

    MUST BE:   9/30/2021  
Bank Loans:          
               
    Maximum Leverage   < 60%   38.8 %
    Fixed Charge Coverage   > 1.5x   3.6 x
    Recourse Secured Indebtedness Ratio   < 10% cap value   0.0 %
    Secured Indebtedness Ratio   < 40%   5.1 %
    Unsecured Debt Service Coverage   > 2.0x   5.7 x
    Unencumbered Leverage   < 60%   36.8 %
               
Bonds:          
               
    Debt to Total Assets   < 60%   33.4 %
    Secured Debt to Total Assets   < 40%   2.5 %
    Debt Service Coverage   > 1.5x   5.4 x
    Unencumbered Assets to Unsecured Debt   > 150%   305.0 %

 

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 September 30, 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.

 

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LEXINGTON REALTY TRUST

COMPONENTS OF NET ASSEST VALUE

9/30/2021

($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 nine-month net operating income (NOI) (1)     
Industrial  $170,979 
Office/Other   14,123 
Total Net Operating Income  $185,102 
      
Lexington’s share of non-consolidated nine-month NOI (1)     
NNN OFFICE JV     
Office  $7,464 
OTHER JV     
Other  $1,159 
      
Other income     
Advisory fees  $2,286 
      
    Nine months ended 
NOI for NAV Reconciliation:   9/30/2021 
      
NOI as reported  $198,929 
Less NOI:     
Disposed of properties   (6,178)
Held for sale assets   (3,212)
Assets acquired in 2021   (3,807)
Assets less than 70% leased / Other   (630)
NOI for NAV  $185,102 

 

In service assets not fairly valued by capitalized NOI method (1)     
Wholly-owned assets acquired/completed in 2021  $403,997 
Wholly-owned assets less than 70% leased  $21,882 
      
Add other assets:     
Assets held for sale - consolidated  $30,145 
Construction in progress   2,988 
Developable land   21,497 
Development investment at cost incurred   154,969 
Cash and cash equivalents   150,077 
Restricted cash   373 
Accounts receivable   1,998 
Other assets   12,661 
Total other assets  $374,708 
      
Liabilities:     
Corporate level debt (face amount)  $1,428,052 
Mortgages and notes payable (face amount)   117,275 
Dividends payable   34,283 
Liabilities held for sale - consolidated   1,122 
Accounts payable, accrued expenses and other liabilities   79,998 
Preferred stock, at liquidation value   96,770 
Lexington’s share of non-consolidated mortgages (face amount)   81,560 
Total deductions  $1,839,060 
      
Common shares & OP units at 9/30/2021   283,566,962 

  

Footnotes 

(1)NOI for the existing property portfolio at September 30, 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% during the period, 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.

 

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LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS

 

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in 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 (losses), 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.

 

   Nine months ended  
   9/30/2021 ($000)
      
Rental revenue as reported  $254,570 
      
Base Rent from sold properties   (6,044)
Lease termination income   (14,105)
Ancillary revenue   659 
Reimbursements   (28,984)
      
Base Rent per supplement  $206,096 

 

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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.

 

   Nine months ended
   9/30/2021 ($000)
      
Base Rent per supplement  $206,096 
      
Straight-line adjustments   (8,172)
Lease incentive   534 
Amortization of above/below market leases   (1,211)
      
Cash Base Rent per supplement  $197,247 

 

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 second generation tenant improvements, and (8) cash paid for second generation 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.

 

First Generation Costs: Represents cash spend for tenant improvements, leasing costs and base building work for in-service development projects and expenditures contemplated at acquisition for recently acquired properties. Because all companies do not calculate First Generation Costs the same way, Lexington’s presentation may not be comparable to similarly titled measures of other companies.

 

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.

 

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LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS

 

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.

 

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, net) 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.

 

Second Generation Costs: Represents cash spend for tenant improvements and leasing costs to maintain revenues at existing properties and are a component of the FAD calculation.

 

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SELECT CREDIT METRICS DEFINITIONS

($000)

  

Adjusted Company FFO Payout:   Nine months ended
September 30, 2021		   (Debt + Preferred) / Gross Assets:   Nine months ended
September 30, 2021		 
Common share dividends per share  $0.3225   Consolidated debt  $1,529,113 
Adjusted Company FFO per diluted share   0.59   Preferred shares liquidation preference   96,770 
Adjusted Company FFO payout ratio   54.7%  Debt and preferred  $1,625,883 
              
Unencumbered Assets:       Total assets  $3,758,477 
Real estate, at cost  $4,309,939   Plus depreciation and amortization:     
Held for sale real estate, at cost   43,823   Real estate   911,410 
Other asset - note receivable   1,495   Deferred lease costs   9,815 
less encumbered real estate, at cost   (218,902)  Held for sale assets   16,212 
Unencumbered assets  $4,136,355         
        Gross assets  $4,695,914 
Unencumbered NOI:             
NOI  $198,929   (Debt + Preferred) / Gross Assets   34.6%
Disposed of properties NOI   (6,178)        
Adjusted NOI   192,751   Debt  / Gross Assets:     
less encumbered adjusted NOI   (16,455)  Consolidated debt  $1,529,113 
Unencumbered adjusted NOI  $176,296         
        Gross assets  $4,695,914 
Unencumbered NOI %   91.5%        
        Debt / Gross assets   32.6%
Net Debt  / Adjusted EBITDA:             
Adjusted EBITDA  $270,557   Secured Debt  / Gross Assets:     
        Total Secure Debt  $115,633 
Consolidated debt  $1,529,113         
less consolidated cash and cash equivalents   (150,077)  Gross assets  $4,695,914 
Non-consolidated debt, net   79,342         
Net debt  $1,458,378   Secured Debt / Gross Assets   2.5%
              
Net debt / Adjusted EBITDA   5.4x  Unsecured Debt / Unencumbered NOI:     
        Consolidated debt  $1,529,113 
(Net Debt + Preferred)  / Adjusted EBITDA:       less mortgages and notes payable   (115,633)
Adjusted EBITDA  $270,557   Unsecured Debt  $1,413,480 
              
Net debt  $1,458,378   Unencumbered adjusted NOI (Annual)  $232,227 
Preferred shares liquidation preference   96,770         
Net debt + preferred  $1,555,148   Unsecured Debt / Unencumbered NOI   6.1x
              
(Net Debt + Preferred) / Adjusted EBITDA   5.7x        

   

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

 

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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   Jeffries & Company, Inc.   
James Feldman (646) 855-5808   Jon Peterson (212) 284-1705 
         
Evercore Partners     KeyBanc Capital Markets Inc.  
Sheila K. McGrath (212) 497-0882   Craig Mailman (917) 368-2316
     
J.P. Morgan Chase     Ladenburg Thalmann & Co., Inc.
Anthony Paolone (212) 622-6682   John Massocca (212) 409-2543

 

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