Attached files
| file | filename |
|---|---|
| 8-K - LEXINGTON REALTY TRUST | v165055_8k.htm |
| EX-99.2 - LEXINGTON REALTY TRUST | v165055_ex99-2.htm |
Quarterly
Earnings and
Supplemental
Operating and Financial Data
For
the Nine Months Ended September
30, 2009
LEXINGTON
REALTY TRUST
SUPPLEMENTAL
REPORTING PACKAGE
For the
Nine Months Ended September 30, 2009
Table
of Contents
|
Section
|
Page
|
|
|
Third Quarter
2009 Earnings Press Release
|
3
|
|
|
Portfolio
Data
|
||
|
3Q
’09 Leasing Summary
|
12
|
|
|
3Q
’09 Investment/Disposition
Summary
|
13
|
|
|
Property
Leases and Vacancies – Consolidated Portfolio
|
14
|
|
|
Property
Leases and Vacancies – Net Lease Strategic Assets Fund
|
22
|
|
|
Lease
Rollover Schedule – Cash Basis
|
24
|
|
|
Lease
Rollover Schedule – GAAP Basis
|
25
|
|
|
3Q
’09 Financing Summary
|
26
|
|
|
Debt
Maturity
Schedule
|
27
|
|
|
2009
Mortgage Maturities by Property Type
|
28
|
|
|
2010
Mortgage Maturities by Property Type
|
29
|
|
|
2011
Mortgage Maturities by Property Type
|
30
|
|
|
2012
Mortgage Maturities by Property Type
|
31
|
|
|
Mortgages
and Notes Payable
|
32
|
|
|
Noncontrolling
Interest Properties – Partners’ Proportionate Share
|
39
|
|
|
Non-Consolidated
Investments - Proportionate Share
|
40
|
|
|
Selected
Balance Sheet Account Detail
|
41
|
|
|
Base
Rent Estimates for Current Assets
|
42
|
|
|
Major
Markets
|
43
|
|
|
Tenant
Industry Diversification
|
44
|
|
|
Other
Revenue Data
|
45
|
|
|
Top
10 Tenants or Guarantors
|
46
|
|
|
Investor
Information
|
47
|
This
Quarterly Earnings Release and Supplemental Reporting Package 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 failure to continue to
qualify as a real estate investment trust, (2) changes in general business and
economic conditions, including the impact of the current global financial and
credit crisis, (3) competition, (4) increases in real estate construction costs,
(5) changes in interest rates, or (6) changes in accessibility of debt and
equity capital markets. Copies of the periodic reports Lexington files with the
Securities and Exchange Commission are available on Lexington’s website 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”, “is optimistic” or similar expressions.
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.
|
Lexington
Realty Trust
|
|
|
TRADED:
NYSE: LXP
|
|
|
One
Penn Plaza, Suite 4015
|
|
|
New
York NY
10119-4015
|
Contact:
Investor
or Media Inquiries, T. Wilson Eglin, CEO
Lexington
Realty Trust
Phone:
(212) 692-7200 E-mail: tweglin@lxp.com
FOR
IMMEDIATE RELEASE
Thursday,
November 5, 2009
LEXINGTON
REALTY TRUST REPORTS THIRD QUARTER 2009 RESULTS
New York, NY – November 5,
2009 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate
investment trust focused on single-tenant real estate investments, today
announced results for the third quarter ended September 30, 2009.
Third
Quarter 2009 Highlights
|
·
|
Generated
Company Funds From Operations (“Company FFO”) of $36.8 million or $0.30
per
diluted share/unit, excluding certain
items.
|
|
|
·
|
Reduced
overall debt by $68.9 million, including $29.2 million face amount of
Exchangeable Notes at a 15.0%
discount.
|
|
|
·
|
Executed 23
new and renewal leases, totaling approximately 0.4 million square
feet.
|
|
|
·
|
Raised
approximately $15.1 million through property and note
sales.
|
|
|
·
|
Secured an
$11.5 million, 6.375% non-recourse mortgage due in
2014.
|
|
|
·
|
Issued
approximately 3.4 million common shares generating proceeds of $16.0
million.
|
|
|
·
|
Recorded
non-cash income of $7.0 million related to a forward equity commitment to
repurchase 3.5 million common shares, impairment charges of $36.2 million
on real estate and investments and $1.9 million from a deferred
maintenance payment.
|
|
|
·
|
Modified 2009
guidance to reflect 7.2 million common shares issued as part of the
quarterly dividend payment and under the direct share purchase
plan.
|
T. Wilson
Eglin, President and Chief Executive Officer of Lexington stated, “Throughout
the year we have stayed committed to reducing debt and strengthening our balance
sheet. We have enhanced our capital position through accretive debt repurchases,
asset sales from our investment portfolio and by issuing 20.6 million common
shares this year. Furthermore, our diversified portfolio continues to perform
well with overall occupancy of approximately 91.3% at quarter end.”
FINANCIAL
RESULTS
Revenues
For the
quarter ended September 30, 2009, total gross revenues were $97.3 million,
compared with total gross revenues of $100.7 million for the quarter ended
September 30, 2008.
Page 3 of
47
Company
FFO Applicable to Common Shareholders/Unitholders
The
following presents in tabular form items excluded from Company FFO for the
periods presented:
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||||||||||
|
Sept 30,
2009
Millions(1)
|
Per Diluted
Share/Unit
|
Sept 30,
2008
Millions(1)
|
Per Diluted
Share/Unit
|
Sept 30,
2009
Millions(1)
|
Per Diluted
Share/Unit
|
Sept 30,
2008
Millions (1)
|
Per Diluted
Share/Unit
|
|||||||||||||||||||||||||
|
Reported Company
FFO(A)
|
$ | 18.4 | $ | 0.15 | $ | 42.7 | $ | 0.39 | $ | (39.0 | ) | $ | (0.33 | ) | $ | 158.8 | $ | 1.47 | ||||||||||||||
|
Severance charges
|
— | — | — | 2.0 | ||||||||||||||||||||||||||||
|
New
accounting pronouncements
|
0.3 | 0.8 | 1.1 | 2.8 | ||||||||||||||||||||||||||||
|
Formation costs
– joint venture
|
— | — | — | 1.1 | ||||||||||||||||||||||||||||
|
Debt
satisfaction, net
|
(9.2 | ) | (2.5 | ) | (21.5 | ) | (34.9 | ) | ||||||||||||||||||||||||
|
Debt
satisfaction, net – Concord
|
— | (2.5 | ) | — | (6.4 | ) | ||||||||||||||||||||||||||
|
Forward
equity commitment
|
(7.0 | ) | — | (2.6 | ) | — | ||||||||||||||||||||||||||
|
Impairment
losses – real estate
|
29.2 | 1.1 | 38.8 | 3.8 | ||||||||||||||||||||||||||||
|
Impairment
losses – investments
|
0.5 | — | 1.6 | — | ||||||||||||||||||||||||||||
|
Impairment
losses/ reserves – Concord
|
— | 3.6 | 71.4 | 32.6 | ||||||||||||||||||||||||||||
|
Equity
impairment - Concord
|
— | — | 68.2 | — | ||||||||||||||||||||||||||||
|
Impairment
loss – JV
|
6.5 | 0.1 | 6.5 | 1.1 | ||||||||||||||||||||||||||||
|
Lease
termination/ deferred maintenance payments
|
(1.9 | ) | — | (3.2 | ) | (34.9 | ) | |||||||||||||||||||||||||
|
Land
transaction income, net
|
— | — | (1.3 | ) | — | |||||||||||||||||||||||||||
| $ | 36.8 | $ | 0.30 | $ | 43.3 | $ | 0.39 | $ | 120.0 | $ | 1.02 | $ | 126.0 | $ | 1.17 | |||||||||||||||||
|
(A)
|
See
the last page of this press release for a reconciliation of GAAP net
income (loss) to Company FFO.
|
Net
Loss Attributable to Common Shareholders
For the
quarter ended September 30, 2009, net loss attributable to common shareholders
was ($28.3) million, or a loss of ($0.25) per diluted share, compared with net
loss attributable to common shareholders for the quarter ended September 30,
2008 of ($10.6) million, or a loss of ($0.17) per diluted share.
Financing
Activities and Balance Sheet Update
During
the third quarter, Lexington refinanced a $13.2 million, 8.19% mortgage loan due
in April 2010 with an $11.5 million, 6.375% mortgage loan due in August
2014.
Page 4 of
47
Overall
debt was reduced in the third quarter by $68.9 million, including $29.2 million
original principal amount of 5.45% Exchangeable Notes repurchased at a 15%
discount. Subsequent to September 30, 2009, Lexington repurchased an additional
$17.6 million original principal amount of these notes, leaving $87.7 million
outstanding as of the date of this release. At September 30, 2009, Lexington had
approximately $3.7 billion in total assets, including $80.1 million of cash and
restricted cash and $2.2 billion in debt outstanding. As of September 30, 2009,
the weighted average interest rate on Lexington’s debt was 5.6% with a weighted
average maturity of 5.8 years. Approximately 91% of Lexington’s debt is subject
to fixed interest rates.
Lexington
issued approximately 3.4 million common shares in the quarter and an additional
1.0 million shares subsequent to quarter end generating proceeds of
approximately $20.9 million. These proceeds were used to reduce overall
indebtedness.
Common
Share Dividend/Distribution
On
September 15, 2009, Lexington announced it declared a regular quarterly
dividend/distribution of $0.18 per share/unit, which was paid in a combination
of cash and common shares on October 16, 2009, to common
shareholders/unitholders of record as of September 25, 2009, equivalent to an annualized dividend of
$0.72 per share. Lexington issued approximately 3.9 million common shares
on October 16, 2009 and retained approximately $18.9 million of liquidity by
paying 90% of the common share dividend in common shares.
OPERATING
ACTIVITIES
Sales
During
the quarter ended September 30, 2009, Lexington sold one vacant property to a
third party for a sales price of $0.8 million. In addition, Lexington sold its
investments in two debt securities for an aggregate sales price of $9.5 million
and received $4.8 million as a result of the maturity and payoff of a third debt
security investment.
Leasing
Activity
At
September 30, 2009, Lexington’s consolidated portfolio was approximately 91.3%
leased. For the quarter ended September 30, 2009, Lexington executed
23 leases (new and renewal) for approximately 0.4 million square feet. During
the quarter, Lexington recognized $1.9 million from a deferred maintenance
payment.
2009
EARNINGS GUIDANCE
Lexington
is reducing its estimated Company FFO guidance to a range of $1.26 to $1.28 per
diluted share/unit from $1.29 to $1.34 per diluted share/unit for the year ended
December 31, 2009 to reflect the issuance of approximately 7.2 million common
shares in connection with the quarterly common share dividend, the issuance of
shares under the direct share purchase plan and no longer recognizing FFO
relating to our investment in Concord. This guidance excludes the impact of
certain items, is based on current expectations and is
forward-looking.
3RD QUARTER
2009 CONFERENCE CALL
Lexington
will host a conference call today, Thursday, November 5, 2009, at 11:00 a.m.
Eastern Time, to discuss its results for the quarter ended September 30, 2009.
Interested parties may participate in this conference call by dialing (888)
213-3752 or (913) 312-0718. A replay of the call will be available through
November 19, 2009, at (888) 203-1112 or (719) 457-0820, Replay Pin Number:
2520143.
Page 5 of
47
A live web cast of the
conference call will be available at www.lxp.com within the Investor Relations
section. An online replay will also be available through November 5,
2010.
ABOUT
LEXINGTON REALTY TRUST
Lexington
Realty Trust is a real estate investment trust that owns, invests in, and
manages office, industrial and retail properties net-leased to major
corporations throughout the United States and provides investment advisory and
asset management services to investors in the net lease
area. Lexington shares are traded on the New York Stock
Exchange under the symbol “LXP”. Additional information about
Lexington is available on-line at www.lxp.com or by contacting Lexington Realty
Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention:
Investor Relations.
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 failure to continue to qualify as a real estate investment trust, (2)
changes in general business and economic conditions, including the impact of the
current global financial and credit crisis, (3) competition, (4) increases in
real estate construction costs, (5) changes in interest rates, or (6) changes in
accessibility of debt and equity capital markets. Copies of the periodic reports
Lexington files with the Securities and Exchange Commission are
available on Lexington’s website 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”, “is optimistic” or similar expressions.
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.
Page 6 of
47
LEXINGTON
REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
Three
and Nine Months ended September 30, 2009 and 2008
(Unaudited
and in thousands, except share and per share data)
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Gross
Revenues:
|
||||||||||||||||
|
Rental
|
$ | 86,394 | $ | 90,226 | $ | 261,645 | $ | 296,971 | ||||||||
|
Advisory
and incentive fees
|
388 | 396 | 1,434 | 1,072 | ||||||||||||
|
Tenant
reimbursements
|
10,512 | 10,105 | 30,866 | 29,269 | ||||||||||||
|
Total
gross revenues
|
97,294 | 100,727 | 293,945 | 327,312 | ||||||||||||
|
Expense
applicable to revenues:
|
||||||||||||||||
|
Depreciation
and amortization
|
(45,401 | ) | (49,346 | ) | (136,985 | ) | (186,221 | ) | ||||||||
|
Property
operating
|
(22,470 | ) | (20,379 | ) | (65,132 | ) | (56,771 | ) | ||||||||
|
General
and administrative
|
(5,057 | ) | (7,105 | ) | (17,904 | ) | (25,453 | ) | ||||||||
|
Non-operating
income
|
1,339 | 1,781 | 6,955 | 22,577 | ||||||||||||
|
Interest
and amortization expense
|
(33,017 | ) | (36,326 | ) | (100,655 | ) | (118,233 | ) | ||||||||
|
Debt
satisfaction gains, net
|
3,152 | 2,590 | 16,868 | 35,364 | ||||||||||||
|
Change
in value of forward equity commitment
|
7,031 | − | 2,596 | − | ||||||||||||
|
Impairment
charges and loan losses
|
(23,668 | ) | − | (24,753 | ) | − | ||||||||||
|
Gains
on sale-affiliates
|
− | − | − | 31,806 | ||||||||||||
|
Income
(loss) before provision for income taxes, equity in losses of
non-consolidated entities and discontinued operations
|
(20,797 | ) | (8,058 | ) | (25,065 | ) | 30,381 | |||||||||
|
Provision
for income taxes
|
(663 | ) | (651 | ) | (1,665 | ) | (2,582 | ) | ||||||||
|
Equity
in losses of non-consolidated entities
|
(525 | ) | (1,525 | ) | (130,813 | ) | (23,171 | ) | ||||||||
|
Income
(loss) from continuing operations
|
(21,985 | ) | (10,234 | ) | (157,543 | ) | 4,628 | |||||||||
|
Discontinued
operations:
|
||||||||||||||||
|
Income
(loss) from discontinued operations
|
(97 | ) | (205 | ) | (24 | ) | 488 | |||||||||
|
Provision
for income taxes
|
(2 | ) | (191 | ) | (54 | ) | (384 | ) | ||||||||
|
Debt
satisfaction gains (charges), net
|
6,006 | (120 | ) | 4,607 | (433 | ) | ||||||||||
|
Gains
on sales of properties
|
− | 7,374 | 6,280 | 11,986 | ||||||||||||
|
Impairment
charges
|
(6,053 | ) | (1,063 | ) | (15,610 | ) | (3,757 | ) | ||||||||
|
Total
discontinued operations
|
(146 | ) | 5,795 | (4,801 | ) | 7,900 | ||||||||||
|
Net
income (loss)
|
(22,131 | ) | (4,439 | ) | (162,344 | ) | 12,528 | |||||||||
|
Less
net (income) loss attributable to noncontrolling interests
|
2 | 436 | (1,841 | ) | 4,016 | |||||||||||
|
Net
income (loss) attributable to Lexington Realty Trust
|
(22,129 | ) | (4,003 | ) | (164,185 | ) | 16,544 | |||||||||
|
Dividends
attributable to preferred shares- Series B
|
(1,590 | ) | (1,590 | ) | (4,770 | ) | (4,770 | ) | ||||||||
|
Dividends
attributable to preferred shares- Series C
|
(1,702 | ) | (2,110 | ) | (5,516 | ) | (6,740 | ) | ||||||||
|
Dividends
attributable to preferred shares- Series D
|
(2,926 | ) | (2,926 | ) | (8,777 | ) | (8,777 | ) | ||||||||
|
Redemption
discount – Series C
|
− | − | − | 5,678 | ||||||||||||
|
Conversion
dividend – Series C
|
− | − | (6,994 | ) | − | |||||||||||
|
Net
income (loss) attributable to common
shareholders
|
$ | (28,347 | ) | $ | (10,629 | ) | $ | (190,242 | ) | $ | 1,935 | |||||
|
Income
(loss) per common share-basic:
|
||||||||||||||||
|
Loss
from continuing operations
|
$ | (0.25 | ) | $ | (0.22 | ) | $ | (1.76 | ) | $ | (0.04 | ) | ||||
|
Income
(loss) from discontinued operations
|
− | 0.05 | (0.05 | ) | 0.07 | |||||||||||
|
Net
income (loss) attributable to common
shareholders
|
$ | (0.25 | ) | $ | (0.17 | ) | $ | (1.81 | ) | $ | 0.03 | |||||
|
Weighted
average common shares outstanding - basic
|
112,217,415 | 64,433,457 | 105,490,039 | 61,485,277 | ||||||||||||
|
Income
(loss) per common share-diluted:
|
||||||||||||||||
|
Loss
from continuing operations
|
$ | (0.25 | ) | $ | (0.22 | ) | $ | (1.76 | ) | $ | (0.04 | ) | ||||
|
Income
(loss) from discontinued operations
|
− | 0.05 | (0.05 | ) | 0.07 | |||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (0.25 | ) | $ | (0.17 | ) | $ | (1.81 | ) | $ | 0.03 | |||||
|
Weighted
average common shares outstanding-diluted
|
112,217,415 | 64,433,457 | 105,490,039 | 61,485,277 | ||||||||||||
|
Amounts
attributable to common shareholders:
|
||||||||||||||||
|
Loss
from continuing operations
|
$ | (28,201 | ) | $ | (13,969 | ) | $ | (185,083 | ) | $ | (2,111 | ) | ||||
|
Income
(loss) from discontinued operations
|
(146 | ) | 3,340 | (5,159 | ) | 4,046 | ||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (28,347 | ) | $ | (10,629 | ) | $ | (190,242 | ) | $ | 1,935 | |||||
Page 7 of
47
LEXINGTON
REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED
BALANCE SHEETS
September
30, 2009 and December 31, 2008
(Unaudited
and in thousands, except share and per share data)
|
September 30,
2009
|
December 31,
2008
|
|||||||
|
Assets:
|
||||||||
|
Real
estate, at cost
|
$ | 3,651,751 | $ | 3,756,188 | ||||
|
Less:
accumulated depreciation and amortization
|
530,522 | 461,661 | ||||||
| 3,121,229 | 3,294,527 | |||||||
|
Properties
held for sale-discontinued operations
|
697 | 8,150 | ||||||
|
Intangible
assets, net
|
282,721 | 343,192 | ||||||
|
Cash
and cash equivalents
|
56,465 | 67,798 | ||||||
|
Restricted
cash
|
23,657 | 31,369 | ||||||
|
Investment
in and advances to non-consolidated entities
|
61,772 | 179,133 | ||||||
|
Deferred
expenses, net
|
39,728 | 35,741 | ||||||
|
Notes
receivable, net
|
61,364 | 68,812 | ||||||
|
Rent
receivable-current
|
11,011 | 19,829 | ||||||
|
Rent
receivable- deferred
|
12,784 | 16,499 | ||||||
|
Other
assets
|
30,413 | 40,675 | ||||||
|
Total
assets
|
$ | 3,701,841 | $ | 4,105,725 | ||||
|
Liabilities
and Equity:
|
||||||||
|
Liabilities:
|
||||||||
|
Mortgages
and notes payable
|
$ | 1,912,743 | $ | 2,033,854 | ||||
|
Exchangeable
notes payable
|
102,590 | 204,074 | ||||||
|
Trust
preferred securities
|
129,120 | 129,120 | ||||||
|
Contract
rights payable
|
14,900 | 14,776 | ||||||
|
Dividends
payable
|
8,328 | 24,681 | ||||||
|
Liabilities-discontinued
operations
|
55 | 6,142 | ||||||
|
Accounts
payable and other liabilities
|
43,643 | 33,814 | ||||||
|
Accrued
interest payable
|
8,480 | 16,345 | ||||||
|
Deferred
revenue-below market leases, net
|
108,861 | 121,722 | ||||||
|
Prepaid
rent
|
14,784 | 20,126 | ||||||
| 2,343,504 | 2,604,654 | |||||||
|
Commitments
and contingencies
|
||||||||
|
Equity:
|
||||||||
|
Preferred
shares, par value $0.0001 per share; authorized 100,000,000
shares,
|
||||||||
|
Series
B Cumulative Redeemable Preferred, liquidation preference $79,000,
3,160,000 shares issued and outstanding
|
76,315 | 76,315 | ||||||
|
Series
C Cumulative Convertible Preferred, liquidation preference $104,760 and
$129,915 respectively, and 2,095,200 and 2,598,300 shares
issued and outstanding in 2009 and 2008, respectively
|
101,778 | 126,217 | ||||||
|
Series
D Cumulative Redeemable Preferred, liquidation preference $155,000,
6,200,000 shares issued and outstanding
|
149,774 | 149,774 | ||||||
|
Common
shares, par value $0.0001 per share; authorized 400,000,000 shares,
116,703,832 and 100,300,238 shares issued and outstanding in 2009 and
2008, respectively
|
12 | 10 | ||||||
|
Additional
paid-in-capital
|
1,723,798 | 1,638,540 | ||||||
|
Accumulated
distributions in excess of net income
|
(787,587 | ) | (569,131 | ) | ||||
|
Accumulated
other comprehensive income (loss)
|
160 | (15,650 | ) | |||||
|
Total
shareholders’ equity
|
1,264,250 | 1,406,075 | ||||||
|
Noncontrolling
interests
|
94,087 | 94,996 | ||||||
|
Total
equity
|
1,358,337 | 1,501,071 | ||||||
|
Total
liabilities and equity
|
$ | 3,701,841 | $ | 4,105,725 | ||||
Page 8 of
47
LEXINGTON
REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS
PER SHARE AND COMPANY FUNDS FROM OPERATIONS PER SHARE
(Unaudited
and in thousands, except share and per share data)
|
Three Months ended
September 30,
|
Nine Months ended
September 30,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
EARNINGS
PER SHARE: (1)
|
||||||||||||||||
|
Basic:
|
||||||||||||||||
|
Loss
from continuing operations attributable to common
shareholders
|
$ | (28,201 | ) | $ | (13,969 | ) | $ | (185,083 | ) | $ | (2,111 | ) | ||||
|
Less
: Unvested common share dividends
|
(127 | ) | (134 | ) | (385 | ) | (421 | ) | ||||||||
|
Loss
attributable to common shareholders from continuing operations for
earnings per share
|
(28,328 | ) | (14,103 | ) | (185,468 | ) | (2,532 | ) | ||||||||
|
Income
(loss) from discontinued operations attributable to
common shareholders
|
(146 | ) | 3,340 | (5,159 | ) | 4,046 | ||||||||||
|
Net
income (loss) attributable to common shareholders for
earnings
per share - basic
|
$ | (28,474 | ) | $ | (10,763 | ) | $ | (190,627 | ) | $ | 1,514 | |||||
|
Weighted
average number of common shares outstanding – basic
|
112,217,415 | 64,433,457 | 105,490,039 | 61,485,277 | ||||||||||||
|
Income
(loss) per common share-basic:
|
||||||||||||||||
|
Loss from
continuing operations
|
$ | (0.25 | ) | $ | (0.22 | ) | $ | (1.76 | ) | $ | (0.04 | ) | ||||
|
Income
(loss) from discontinued operations
|
- | 0.05 | (0.05 | ) | 0.07 | |||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (0.25 | ) | $ | (0.17 | ) | $ | (1.81 | ) | $ | 0.03 | |||||
|
Diluted:
|
||||||||||||||||
|
Loss
attributable to common shareholders from continuing operations for
earnings per share-basic
|
$ | (28,328 | ) | $ | (14,103 | ) | $ | (185,468 | ) | $ | (2,532 | ) | ||||
|
Incremental
loss attributed to assumed conversion of dilutive
securities
|
- | - | - | - | ||||||||||||
|
Loss
attributable to common shareholders from continuing operations for
earnings per share
|
(28,328 | ) | (14,103 | ) | (185,468 | ) | (2,532 | ) | ||||||||
|
Income
(loss) from discontinued operations attributable to common
shareholders
|
(146 | ) | 3,340 | (5,159 | ) | 4,046 | ||||||||||
|
Net
income (loss) attributable to common shareholders for earnings
per share - diluted
|
$ | (28,474 | ) | $ | (10,763 | ) | $ | (190,627 | ) | $ | 1,514 | |||||
|
Weighted
average number of common shares used in calculation of basic earnings per
share
|
112,217,415 | 64,433,457 | 105,490,039 | 61,485,277 | ||||||||||||
|
Add
incremental shares representing:
|
||||||||||||||||
|
Shares
issuable upon conversion of dilutive securities
|
- | - | - | - | ||||||||||||
|
Weighted
average number of shares used in calculation of diluted
earnings per share
|
112,217,415 | 64,433,457 | 105,490,039 | 61,485,277 | ||||||||||||
|
Income
(loss) per common share-diluted:
|
||||||||||||||||
|
Loss
from continuing operations
|
$ | (0.25 | ) | $ | (0.22 | ) | $ | (1.76 | ) | $ | (0.04 | ) | ||||
|
Income
(loss) from discontinued operations
|
- | 0.05 | (0.05 | ) | 0.07 | |||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (0.25 | ) | $ | (0.17 | ) | $ | (1.81 | ) | $ | 0.03 | |||||
Page 9 of
47
LEXINGTON
REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS
PER SHARE AND COMPANY FUNDS FROM OPERATIONS PER SHARE (Continued)
(Unaudited
and in thousands, except share and per share data)
|
Three Months ended
September 30,
|
Nine Months ended
September 30,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
COMPANY
FUNDS FROM OPERATIONS: (1)
(2)
|
||||||||||||||||
|
Basic
and Diluted:
|
||||||||||||||||
|
Net
income (loss) attributable to common shareholders
|
$ | (28,347 | ) | $ | (10,629 | ) | $ | (190,242 | ) | $ | 1,935 | |||||
|
Adjustments:
|
||||||||||||||||
|
Depreciation
and amortization
|
44,994 | 50,895 | 136,404 | 191,636 | ||||||||||||
|
Noncontrolling interests-
OP units
|
221 | (1,919 | ) | 933 | (10,197 | ) | ||||||||||
|
Amortization
of leasing commissions
|
787 | 481 | 2,269 | 1,493 | ||||||||||||
|
Joint
venture and noncontrolling interest adjustment
|
(910 | ) | 9,177 | 5,381 | 16,699 | |||||||||||
|
Preferred
dividends- Series C
|
1,702 | 2,110 | 12,510 | 1,062 | ||||||||||||
|
Gains
on sale of properties
|
- | (7,374 | ) | (6,280 | ) | (43,792 | ) | |||||||||
|
Gain
on sale of marketable securities
|
(19 | ) | - | (19 | ) | - | ||||||||||
|
Company
FFO
|
$ | 18,428 | $ | 42,741 | $ | (39,044 | ) | $ | 158,836 | |||||||
|
Basic:
|
||||||||||||||||
|
Weighted
average shares outstanding-basic EPS
|
112,217,415 | 64,433,457 | 105,490,039 | 61,485,277 | ||||||||||||
|
Unvested
share-based payment awards
|
703,088 | 406,174 | 706,099 | 425,642 | ||||||||||||
|
Operating
partnership units
|
5,599,397 | 39,435,581 | 5,449,726 | 39,532,762 | ||||||||||||
|
Preferred
Shares- Series C
|
4,950,907 | 5,633,894 | 5,461,335 | 6,249,276 | ||||||||||||
|
Weighted
average shares outstanding-basic Company FFO
|
123,470,807 | 109,909,106 | 117,107,199 | 107,692,957 | ||||||||||||
|
Company
FFO per share
|
$ | 0.15 | $ | 0.39 | $ | (0.33 | ) | $ | 1.47 | |||||||
|
Diluted:
|
||||||||||||||||
|
Weighted
average shares outstanding – diluted EPS
|
112,217,415 | 64,433,457 | 105,490,039 | 61,485,277 | ||||||||||||
|
Unvested
share-based payment awards
|
703,088 | 406,174 | 706,099 | 425,642 | ||||||||||||
|
Operating
partnership units
|
5,599,397 | 39,435,581 | 5,449,726 | 39,532,762 | ||||||||||||
|
Preferred
Shares- Series C
|
4,950,907 | 5,633,894 | 5,461,335 | 6,249,276 | ||||||||||||
|
Weighted
average shares outstanding – diluted Company FFO
|
123,470,807 | 109,909,106 | 117,107,199 | 107,692,957 | ||||||||||||
|
Company
FFO per share
|
$ | 0.15 | $ | 0.39 | $ | (0.33 | ) | $ | 1.47 | |||||||
1
Effective January 1, 2009 the Company adopted new guidance issued by the
FASB relating to the accounting for convertible debt instruments that may be
settled in cash upon conversion (including partial cash settlement) and new
guidance on determining whether instruments granted in share-based payment
transactions are participating securities, both of which required retrospective
application to prior periods. In accordance with the new FASB guidance, net
income attributable to common shareholders and earnings per common share and
accordingly FFO and FFO per common share are adjusted for an allocation of net
income to unvested share awards. However, net losses will not be allocated to
unvested share awards. The Company’s FFO per common share (diluted) and earnings
per common share (diluted) were reduced by the Company’s implementation of this
new guidance. FFO per common share (diluted) was reduced by $0.01 for the three
months ended September 30, 2008, and $0.07 for the nine months ended September
30, 2008 respectively. Loss per common share (diluted) was increased by $0.01
for the three months ended September 30, 2008, and loss per common share
(diluted) was decreased by $0.10 for the nine months ended September 30,
2008.
2 Lexington believes that Funds from
Operations (“FFO”) is a widely recognized and appropriate measure of the
performance of an equity REIT. Lexington presents FFO because it
considers FFO an important supplemental measure of Lexington’s operating
performance. 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 generally accepted accounting principles (“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.
Lexington
computes FFO in accordance with standards established by the National
Association of Real Estate Investment Trusts, Inc.
(“NAREIT”). FFO is defined by NAREIT as “net income (or loss)
computed in accordance with GAAP, excluding gains (or losses) from sales of
property, plus real estate depreciation and amortization and after adjustments
for unconsolidated partnerships and joint ventures.” FFO does not
represent cash generated from operating activities in accordance with GAAP and
is not indicative of cash available to fund cash needs. FFO should
not be considered as an alternative to net income as an indicator of our
operating performance or as an alternative to cash flow as a measure of
liquidity.
Page 10
of 47
Lexington
includes in its calculation of FFO, which Lexington refers to as the “Company’s
funds from operations” or “Company FFO,” Lexington’s operating partnership units
and Lexington’s Series C Cumulative Convertible Preferred Shares because these
securities are convertible, at the holder’s option, into Lexington’s common
shares. Management believes this is appropriate and relevant to
securities analysts, investors and other interested parties because Lexington
presents Company FFO on a company-wide basis as if all securities that are
convertible, at the holder’s option, into Lexington’s common shares, are
converted. Since others do not calculate FFO in a similar fashion,
Company FFO may not be comparable to similarly titled measures as reported by
others.
# #
#
Page 11
of 47
LEXINGTON
REALTY TRUST
2009
Third Quarter Leasing Summary
|
NEW LEASES
|
|||||||||||||||||||||||
|
Tenants/Guarantors
|
Location
|
Property
Type
|
Lease
Expiration
Date
|
Sq. Ft.
|
New Cash
Rent Per
Annum
($000)
|
New GAAP
Rent Per
Annum
($000)
|
|||||||||||||||||
|
Office
|
|||||||||||||||||||||||
|
1
|
|
Green
Retail Ventures, LLC
|
Dallas
|
TX
|
Office
|
07/2010
|
969 | $ | 14 | $ | 14 | ||||||||||||
|
2
|
Pattern
Energy Group, L.P.
|
Dallas
|
TX
|
Office
|
02/2012
|
408 | $ | 6 | $ | 6 | |||||||||||||
|
3
|
XO
Communications Services, Inc.
|
Westerville
|
OH
|
Office
|
07/2012
|
315 | $ | 2 | $ | 2 | |||||||||||||
|
4
|
Binder
& Binder – The National Social Security Disability Advocates (GA),
LLC
|
Decatur
|
GA
|
Office
|
11/2014
|
2,679 | $ | 57 | $ | 57 | |||||||||||||
|
5
|
Ellis
Hoyle King De Klerk, LLC
|
Decatur
|
GA
|
Office
|
11/2014
|
1,817 | $ | 37 | $ | 37 | |||||||||||||
|
6
|
Caswell
Zachry Grizzard, LLC
|
Dallas
|
TX
|
Office
|
01/2015
|
2,967 | $ | 42 | $ | 42 | |||||||||||||
|
7
|
Children’s
Beginning
|
Dallas
|
TX
|
Office
|
02/2015
|
8,377 | $ | 72 | $ | 72 | |||||||||||||
|
8
|
REL
Properties, Inc.
|
Decatur
|
GA
|
Office
|
02/2015
|
2,717 | $ | 59 | $ | 59 | |||||||||||||
|
9
|
Dorough
& Dorough, LLC
|
Decatur
|
GA
|
Office
|
04/2015
|
9,527 | $ | 207 | $ | 207 | |||||||||||||
|
10
|
Harbor
Investment Advisory, LLC
|
Baltimore
|
MD
|
Office
|
04/2015
|
4,316 | $ | 117 | $ | 117 | |||||||||||||
|
11
|
Origin Title and Escrow,
Inc.
|
Decatur
|
GA
|
Office
|
05/2020
|
1,489 | $ | 30 | $ | 30 | |||||||||||||
|
11
|
Total office new leases
|
35,581 | $ | 643 | $ | 643 | |||||||||||||||||
|
Industrial
|
|||||||||||||||||||||||
|
1
|
Evergreen
Presbyterian Ministries, Inc.
|
Antioch
|
TN
|
Industrial
|
11/2014
|
15,758 | $ | 138 | $ | 138 | |||||||||||||
|
|
|
|
|||||||||||||||||||||
|
12
|
TOTAL NEW LEASES
|
51,339 | $ | 781 | $ | 781 | |||||||||||||||||
|
LEASE EXTENSIONS
|
|||||||||||||||||||||||||||||||||
|
Tenants/Guarantors
|
Location
|
Prior
Term
|
Lease
Expiration
Date
|
Sq. Ft.
|
New Cash
Rent Per
Annum
($000)
|
Prior Cash
Rent Per
Annum
($000)
|
New
GAAP
Rent Per
Annum
($000)
|
Prior
GAAP
Rent Per
Annum
($000)
|
|||||||||||||||||||||||||
|
Office
|
|||||||||||||||||||||||||||||||||
|
1
|
|
Diabetech,
LP
|
Dallas
|
TX
|
06/2009
|
06/2010 | 424 | $ | 6 | $ | 5 | $ | 6 | $ | 5 | ||||||||||||||||||
|
2
|
Patterson
Thoma Company, Inc.
|
Dallas
|
TX
|
07/2009 | 07/2010 | 2,568 | $ | 41 | $ | 45 | $ | 41 | $ | 45 | |||||||||||||||||||
|
3
|
IRS
|
Beaumont
|
TX
|
07/2009 | 07/2011 | 10,960 | $ | 240 | $ | 240 | $ | 240 | $ | 240 | |||||||||||||||||||
|
4
|
CDI
Corporation
|
Beaumont
|
TX
|
06/2009 | 06/2013 | 8,726 | $ | 37 | $ | 144 | $ | 37 | $ | 144 | |||||||||||||||||||
|
5
|
CAC
Group, Inc. (1)
|
San Francisco
|
CA
|
10/2009 | 10/2014 | 8,692 | $ | 174 | $ | 182 | $ | 174 | $ | 218 | |||||||||||||||||||
|
6
|
Kenney
& Markowitz, LLP (1)
|
San
Francisco
|
CA
|
12/2009 | 12/2014 | 12,435 | $ | 249 | $ | 292 | $ | 249 | $ | 299 | |||||||||||||||||||
|
7
|
Employers
Compensation Insurance Company (1)(3)
|
San
Francisco
|
CA
|
06/2010 | 06/2015 | 17,670 | $ | 406 | $ | 566 | $ | 454 | $ | 596 | |||||||||||||||||||
|
8
|
Menke
& Associates (1)
|
San
Francisco
|
CA
|
10/2009 | 10/2015 | 12,435 | $ | 261 | $ | 249 | $ | 261 | $ | 309 | |||||||||||||||||||
|
9
|
Reckitt
Benckiser, Inc.
|
Parsippany
|
NJ
|
01/2016 | 01/2021 | 163,386 | $ | 5,134 | $ | 5,032 | $ | 5,060 | $ | 4,824 | |||||||||||||||||||
|
10
|
CoxCom, Inc. (2)
|
Tucson
|
AZ
|
09/2016 | 07/2022 | 28,591 | $ | 507 | $ | 465 | $ | 533 | $ | 472 | |||||||||||||||||||
|
10
|
Total office lease
extensions
|
265,887 | $ | 7,055 | $ | 7,220 | $ | 7,055 | $ | 7,152 | |||||||||||||||||||||||
|
Retail
|
|||||||||||||||||||||||||||||||||
|
1
|
Safeway
Stores, Inc.
|
Billings
|
MT
|
05/2010
|
05/2015
|
40,800 | $ | 186 | $ | 186 | $ | 333 | $ | 333 | |||||||||||||||||||
|
11
|
TOTAL LEASE EXTENSIONS
|
306,687 | $ | 7,241 | $ | 7,406 | $ | 7,388 | $ | 7,485 | |||||||||||||||||||||||
|
23
|
TOTAL NEW AND RENEWED
LEASES
|
358,026 | $ | 8,022 | $ | 7,406 | $ | 8,169 | $ | 7,485 | |||||||||||||||||||||||
Footnotes
(1)
Property is in a partnership that is a variable interest entity (VIE) that is
consolidated as we are the primary beneficiary of the VIE. Our ownership is
0.01%.
(2) Held
as an investment in Net Lease Strategic Assets Fund.
(3)
Amounts represent full occupancy starting 03/2010; Prior Cash and Prior GAAP
rents for 23,342 square feet.
Page 12
of 47
LEXINGTON
REALTY TRUST
2009
Third Quarter Investment/Disposition Summary
|
INVESTMENTS - FEE POSITIONS - LAND
|
||||||||||||
|
Tenants/Guarantors
|
Location
|
Property Type
|
Basis
($000)
|
|||||||||
|
1
|
|
Kohl's
Department Stores, Inc.
|
Eau
Claire
|
WI
|
Retail
|
$ | 135 | |||||
|
1
|
TOTAL
INVESTMENTS
|
$ | 135 | |||||||||
|
DISPOSITIONS - VACANT PROPERTIES
|
||||||||||||||||
|
Tenants/Guarantors
|
Location
|
Property Type
|
Gross
Sale Price
($000)
|
Impairment
Recognized
($000)
|
Month of
Disposition
|
|||||||||||
|
1
|
|
Vacant
|
Lubbock
|
TX
|
Retail
|
$ | 825 | $ | (1,306 | ) |
Sept
|
|||||
|
1
|
TOTAL DISPOSITIONS (1)
|
$ | 825 | $ | (1,306 | ) | ||||||||||
Footnotes
(1) In
addition, the property formerly leased to Circuit City Stores, Inc. in Richmond,
Virginia was foreclosed by the lender. We recognized a gain on debt satisfaction
of $6.0 million.
Page 13
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Consolidated Portfolio - 09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
OFFICE
PROPERTIES
|
||||||||||||
|
2009
|
11/30/2009
|
5724
West Las Positas Blvd.
|
Pleasanton
|
CA
|
(9)
|
NK
Leasehold
|
1984
|
40,914
|
620
|
510
|
0
|
|
|
12/31/2009
|
1701
Market St.
|
Philadelphia
|
PA
|
(6)(10)
|
Sun
National Bank
|
1957/1997
|
5,315
|
159
|
159
|
0
|
||
|
2010
|
1/14/2010
|
421
Butler Farm Rd.
|
Hampton
|
VA
|
—
|
Nextel
Communications of the Mid-Atlantic, Inc. (Nextel Finance
Company)
|
2000
|
56,515
|
587
|
539
|
0
|
|
|
1/31/2010
|
4848
129th East Ave.
|
Tulsa
|
OK
|
—
|
Metris
Direct, Inc. (Metris Companies, Inc.)
|
2000
|
101,100
|
980
|
980
|
0
|
||
|
2/10/2010
|
130
East Shore Dr.
|
Glen
Allen
|
VA
|
—
|
Capital
One Services, Inc.
|
2000
|
33,990
|
502
|
523
|
1,070
|
||
|
3/31/2010
|
120
East Shore Dr.
|
Glen
Allen
|
VA
|
—
|
Capital
One Services, Inc.
|
2000
|
77,045
|
758
|
757
|
1,042
|
||
|
7/31/2010
|
350
Pine St.
|
Beaumont
|
TX
|
—
|
Honeywell
International, Inc.
|
1981
|
7,045
|
83
|
83
|
0
|
||
|
10/31/2010
|
12209
West Markham St.
|
Little
Rock
|
AR
|
—
|
Entergy
Arkansas, Inc.
|
1980
|
36,311
|
178
|
178
|
237
|
||
|
11/30/2010
|
6200
Northwest Pkwy.
|
San
Antonio
|
TX
|
—
|
United
Healthcare Services, Inc.
|
2000
|
142,500
|
1,230
|
1,216
|
1,968
|
||
|
12/31/2010
|
100
Barnes Rd.
|
Wallingford
|
CT
|
—
|
3M
Company
|
1978/1985/1990/1993
|
44,400
|
491
|
454
|
475
|
||
|
2011
|
2/28/2011
|
4200
RCA Blvd.
|
Palm
Beach Gardens
|
FL
|
—
|
The
Wackenhut Corporation
|
1996
|
96,118
|
1,360
|
1,359
|
2,402
|
|
|
9/30/2011
|
200
Lucent Ln.
|
Cary
|
NC
|
—
|
Alcatel-Lucent
USA, Inc.
|
1999
|
124,944
|
1,660
|
1,544
|
0
|
||
|
11/30/2011
|
207
Mockingbird Ln.
|
Johnson
City
|
TN
|
—
|
SunTrust
Bank
|
1979
|
63,800
|
506
|
567
|
675
|
||
|
12/20/2011
|
15
Nijborg
|
3927
DA Renswoude
|
The
Netherlands
|
—
|
AS
Watson (Health and Beauty Continental Europe, BV)
|
1993/1994
|
17,610
|
257
|
257
|
0
|
||
|
12/31/2011
|
2050
Roanoke Rd.
|
Westlake
|
TX
|
—
|
Chrysler
Financial Services Americas, LLC
|
2001
|
130,290
|
2,745
|
2,591
|
0
|
||
|
2012
|
1/31/2012
|
26210
and 26220 Enterprise Court
|
Lake
Forest
|
CA
|
—
|
Apria
Healthcare, Inc. (Apria Healthcare Group, Inc.)
|
2001
|
100,012
|
1,434
|
1,343
|
0
|
|
|
4000
Johns Creek Pkwy.
|
Suwanee
|
GA
|
—
|
Kraft
Foods North America, Inc.
|
2001
|
73,264
|
1,051
|
1,039
|
0
|
|||
|
1275
Northwest 128th St.
|
Clive
|
IA
|
—
|
Principal
Life Insurance Company
|
2004
|
61,180
|
599
|
599
|
935
|
|||
|
3/31/2012
|
1701
Market St.
|
Philadelphia
|
PA
|
(6)(10)
|
Car-Tel
Communications, Inc.
|
1957/1997
|
1,220
|
37
|
36
|
0
|
||
|
3940
South Teller St.
|
Lakewood
|
CO
|
—
|
MoneyGram
Payment Systems, Inc.
|
2002
|
68,165
|
877
|
650
|
1,295
|
|||
|
4/30/2012
|
2300
Litton Ln.
|
Hebron
|
KY
|
—
|
Zwicker
& Associates, P.C.
|
1986/1996
|
14,511
|
59
|
60
|
0
|
||
|
6/30/2012
|
275
South Valencia Ave.
|
Brea
|
CA
|
—
|
Bank
of America NT & SA
|
1983
|
637,503
|
6,533
|
6,596
|
0
|
||
|
8/31/2012
|
2300
Litton Ln.
|
Hebron
|
KY
|
—
|
AGC
Automotive Americas Company (AFG Industries, Inc.)
|
1986/1996
|
25,629
|
153
|
152
|
0
|
||
|
5757
Decatur Blvd.
|
Indianapolis
|
IN
|
—
|
Allstate
Insurance Company
|
2002
|
84,200
|
1,030
|
1,161
|
0
|
|||
|
Damar
Services, Inc.
|
2002
|
5,756
|
31
|
31
|
47
|
|||||||
|
2706
Media Center Dr.
|
Los
Angeles
|
CA
|
—
|
Sony
Electronics, Inc.
|
2000
|
20,203
|
208
|
198
|
0
|
|||
|
10/31/2012
|
4455
American Way
|
Baton
Rouge
|
LA
|
—
|
Bell
South Mobility, Inc.
|
1997
|
70,100
|
829
|
835
|
1,207
|
||
|
11/7/2012
|
2706
Media Center Dr.
|
Los
Angeles
|
CA
|
—
|
Playboy
Enterprises, Inc.
|
2000
|
63,049
|
1,084
|
943
|
0
|
||
|
11/14/2012
|
2211
South 47th St.
|
Phoenix
|
AZ
|
—
|
Avnet,
Inc.
|
1997
|
176,402
|
1,806
|
1,694
|
0
|
||
|
12/31/2012
|
200
Executive Blvd. South
|
Southington
|
CT
|
—
|
Hartford
Fire Insurance Company
|
1984/2006
|
153,364
|
1,260
|
1,218
|
0
|
||
|
2013
|
1/31/2013
|
12600
Gateway Blvd.
|
Fort
Meyers
|
FL
|
—
|
Gartner,
Inc.
|
1998
|
62,400
|
824
|
819
|
0
|
|
|
2300
Litton Ln.
|
Hebron
|
KY
|
—
|
FTJ
FundChoice, LLC
|
1986/1996
|
10,752
|
40
|
36
|
0
|
|||
|
810
& 820 Gears Rd.
|
Houston
|
TX
|
—
|
IKON
Office Solutions, Inc.
|
2000
|
157,790
|
1,672
|
1,688
|
0
|
|||
|
3/31/2013
|
3165
McKelvey Rd.
|
Bridgeton
|
MO
|
—
|
BJC
Health System
|
1981
|
52,994
|
288
|
395
|
0
|
||
|
8900
Freeport Pkwy.
|
Irving
|
TX
|
—
|
Nissan
Motor Acceptance Corporation (Nissan North America, Inc.)
|
2003
|
268,445
|
3,615
|
3,667
|
0
|
|||
|
4/30/2013
|
Sandlake
Rd./Kirkman Rd.
|
Orlando
|
FL
|
—
|
Lockheed
Martin Corporation
|
1982
|
184,000
|
720
|
1,402
|
960
|
||
|
5/31/2013
|
6303
Barfield Rd.
|
Atlanta
|
GA
|
—
|
International
Business Machines Corporation (Internet Security Systems,
Inc.)
|
2000/2001
|
238,600
|
3,528
|
3,661
|
0
|
||
|
6/30/2013
|
2210
Enterprise Dr.
|
Florence
|
SC
|
(6)
|
JPMorgan
Chase Bank, NA
|
1998
|
179,300
|
941
|
941
|
0
|
||
|
7/31/2013
|
2300
Litton Ln.
|
Hebron
|
KY
|
—
|
Zwicker
& Associates, P.C.
|
1986/1996
|
25,925
|
83
|
81
|
0
|
||
|
9/30/2013
|
9200
South Park Center Loop
|
Orlando
|
FL
|
(6)
|
Corinthian
Colleges, Inc.
|
2003
|
59,927
|
933
|
869
|
0
|
||
|
11/30/2013
|
1110
Bayfield Dr.
|
Colorado
Springs
|
CO
|
—
|
Honeywell
International, Inc.
|
1980/1990/2002
|
166,575
|
1,307
|
1,200
|
1,713
|
||
|
12/13/2013
|
3333
Coyote Hill Rd.
|
Palo
Alto
|
CA
|
—
|
Xerox
Corporation
|
1973/1975/1982
|
202,000
|
2,624
|
2,543
|
0
|
||
|
12/31/2013
|
2550
Interstate Dr.
|
Harrisburg
|
PA
|
—
|
New
Cingular Wireless PCS, LLC
|
1998
|
81,859
|
1,366
|
1,403
|
0
|
||
Page 14
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Consolidated Portfolio - 09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
2014
|
1/31/2014
|
1701
Market St.
|
Philadelphia
|
PA
|
(10)
|
Morgan,
Lewis & Bockius, LLC
|
1957/1997
|
293,170
|
3,349
|
3,348
|
5,149
|
|
|
6226
West Sahara Ave.
|
Las
Vegas
|
NV
|
—
|
Nevada
Power Company
|
1982
|
282,000
|
5,802
|
3,006
|
2,754
|
|||
|
2/28/2014
|
1500
Hughes Way
|
Long
Beach
|
CA
|
—
|
Fluor
Enterprises, Inc.
|
1981
|
86,610
|
1,091
|
1,449
|
0
|
||
|
3/15/2014
|
101
East Erie St.
|
Chicago
|
IL
|
—
|
Draftfcb,
Inc. (Interpublic Group of Companies, Inc.)
|
1986
|
218,414
|
3,101
|
3,754
|
0
|
||
|
5/31/2014
|
3476
Stateview Blvd.
|
Fort
Mill
|
SC
|
—
|
Wells
Fargo Bank, NA
|
2002
|
169,218
|
2,020
|
2,023
|
0
|
||
|
3480
Stateview Blvd.
|
Fort
Mill
|
SC
|
—
|
Wells
Fargo Bank, NA
|
2004
|
169,083
|
2,574
|
2,587
|
0
|
|||
|
859
Mount Vernon Hwy.
|
Atlanta
|
GA
|
(16)
|
International
Business Machines Corporation (Internet Security Systems,
Inc.)
|
2004
|
50,400
|
903
|
772
|
0
|
|||
|
7/31/2014
|
16676
Northchase Dr.
|
Houston
|
TX
|
—
|
Anadarko
Petroleum Corporation
|
2003
|
101,111
|
1,211
|
1,220
|
0
|
||
|
350
Pine St.
|
Beaumont
|
TX
|
—
|
Entergy
Gulf States, Inc.
|
1981
|
125,406
|
800
|
947
|
0
|
|||
|
9/30/2014
|
333
Mt. Hope Ave.
|
Rockaway
|
NJ
|
—
|
BASF
Corporation
|
1981/2002/2004
|
95,500
|
1,683
|
1,592
|
0
|
||
|
10/31/2014
|
1409
Centerpoint Blvd.
|
Knoxville
|
TN
|
—
|
Alstom
Power, Inc.
|
1997
|
84,404
|
1,187
|
1,216
|
0
|
||
|
2800
Waterford Lake Dr.
|
Midlothian
|
VA
|
—
|
Alstom
Power, Inc.
|
2000
|
99,057
|
1,473
|
1,511
|
0
|
|||
|
700
US Hwy. Route 202-206
|
Bridgewater
|
NJ
|
—
|
Biovail
Pharmaceuticals, Inc. (Biovail Corporation)
|
1985/2003/2004
|
115,558
|
1,517
|
2,136
|
0
|
|||
|
12/14/2014
|
5150
220th Ave.
|
Issaquah
|
WA
|
—
|
OSI
Systems, Inc. (Instrumentarium Corporation)
|
1992
|
106,944
|
1,593
|
1,613
|
0
|
||
|
22011
Southeast 51st St.
|
Issaquah
|
WA
|
—
|
OSI
Systems, Inc. (Instrumentarium Corporation)
|
1987
|
95,600
|
1,424
|
1,424
|
0
|
|||
|
12/31/2014
|
180
South Clinton St.
|
Rochester
|
NY
|
(6)
|
Frontier
Corporation
|
1988/2000
|
226,000
|
2,229
|
2,224
|
0
|
||
|
275
Technology Dr.
|
Canonsburg
|
PA
|
—
|
ANSYS,
Inc.
|
1996
|
107,872
|
1,072
|
1,034
|
0
|
|||
|
3535
Calder Ave.
|
Beaumont
|
TX
|
—
|
Compass
Bank
|
1977
|
49,639
|
512
|
512
|
0
|
|||
|
400
Butler Farm Rd.
|
Hampton
|
VA
|
—
|
Nextel
Communications of the Mid-Atlantic, Inc. (Nextel Finance
Company)
|
1999
|
100,632
|
905
|
931
|
0
|
|||
|
2015
|
1/31/2015
|
26555
Northwestern Hwy.
|
Southfield
|
MI
|
—
|
Federal-Mogul
Corporation
|
1963/1965/1988/1989
|
187,163
|
869
|
1,064
|
0
|
|
|
130
East Shore Dr.
|
Glen
Allen
|
VA
|
—
|
Admiral
Americas, LLC
|
2000
|
26,610
|
18
|
182
|
0
|
|||
|
4/30/2015
|
13775
McLearen Rd.
|
Herndon
|
VA
|
—
|
Equant,
Inc. (Equant, NV)
|
1984/1988/1992
|
125,293
|
1,544
|
1,598
|
0
|
||
|
6/30/2015
|
389-399
Interpace Hwy.
|
Parsippany
|
NJ
|
(18)(20)
|
Sanofi-aventis
U.S., Inc. (Aventis, Inc. and Aventis Pharma Holding GmbH)
|
1999
|
133,647
|
2,814
|
2,763
|
0
|
||
|
7/1/2015
|
33
Commercial St.
|
Foxboro
|
MA
|
—
|
Invensys
Systems, Inc. (Siebe, Inc.)
|
1982/1987
|
164,689
|
2,578
|
2,578
|
3,024
|
||
|
7/31/2015
|
4001
International Pkwy.
|
Carrollton
|
TX
|
—
|
Motel
6 Operating, LP (Accor S.A.)
|
2003
|
138,443
|
2,300
|
2,405
|
3,612
|
||
|
9/27/2015
|
10001
Richmond Ave.
|
Houston
|
TX
|
—
|
Baker
Hughes, Inc.
|
1976/1984
|
554,385
|
8,163
|
5,531
|
6,596
|
||
|
12645
West Airport Rd.
|
Sugar
Land
|
TX
|
—
|
Baker
Hughes, Inc.
|
1997
|
165,836
|
2,091
|
1,457
|
1,976
|
|||
|
9/30/2015
|
500
Olde Worthington Rd.
|
Westerville
|
OH
|
(5)
|
InVentiv
Communications, Inc.
|
2000
|
97,000
|
834
|
942
|
0
|
||
|
550
Business Center Dr.
|
Lake
Mary
|
FL
|
—
|
JPMorgan
Chase Bank, NA
|
1999
|
125,920
|
2,285
|
1,308
|
0
|
|||
|
600
Business Center Dr.
|
Lake
Mary
|
FL
|
—
|
JPMorgan
Chase Bank, NA
|
1996
|
125,155
|
2,361
|
1,244
|
0
|
|||
|
10/31/2015
|
13430
North Black Canyon Fwy.
|
Phoenix
|
AZ
|
—
|
Bull
HN Information Systems, Inc.
|
1981/1982/2005/2007/2009
|
42,320
|
389
|
422
|
0
|
||
|
2016
|
3/31/2016
|
13430
North Black Canyon Fwy.
|
Phoenix
|
AZ
|
—
|
Money
Management International
|
1981/1982/2005/2007/2009
|
28,710
|
459
|
470
|
0
|
|
|
4/30/2016
|
11511
Luna Rd.
|
Farmers
Branch
|
TX
|
—
|
Haggar
Clothing Company (Texas Holding Clothing Corporation and Haggar
Corporation)
|
2000
|
180,507
|
1,638
|
2,391
|
2,531
|
||
|
2000
Eastman Dr.
|
Milford
|
OH
|
—
|
Siemens
Shared Services, LLC
|
1991
|
221,215
|
1,865
|
1,367
|
2,486
|
|||
|
7/31/2016
|
1600
Viceroy Dr.
|
Dallas
|
TX
|
—
|
Visiting
Nurse Association
|
1986
|
48,027
|
486
|
462
|
0
|
||
|
13430
North Black Canyon Fwy.
|
Phoenix
|
AZ
|
—
|
Associated
Billing Services, LLC
|
1981/1982/2005/2007/2009
|
17,767
|
226
|
231
|
0
|
|||
|
10/31/2016
|
104
& 110 South Front St.
|
Memphis
|
TN
|
—
|
Hnedak
Bobo Group, Inc.
|
1871/1988/1999
|
37,229
|
363
|
376
|
0
|
||
|
11/30/2016
|
4000
Johns Creek Pkwy.
|
Suwanee
|
GA
|
—
|
Perkin
Elmer Instruments, LLC
|
2001
|
13,955
|
168
|
174
|
0
|
||
|
12/31/2016
|
37101
Corporate Dr.
|
Farmington
Hills
|
MI
|
—
|
TEMIC
Automotive of North America, Inc.
|
2001
|
119,829
|
2,305
|
1,832
|
0
|
||
|
2017
|
1/31/2017
|
6301
Gaston Ave.
|
Dallas
|
TX
|
—
|
Wells
Fargo
|
1970/1981
|
16,431
|
111
|
111
|
0
|
|
|
4/30/2017
|
1315
West Century Dr.
|
Louisville
|
CO
|
—
|
Global
Healthcare Exchange, Inc. (Global Healthcare Exchange,
LLC)
|
1987/2006
|
106,877
|
993
|
1,200
|
0
|
||
|
9/30/2017
|
9201
East Dry Creek Rd.
|
Centennial
|
CO
|
—
|
The
Shaw Group, Inc.
|
2001/2002
|
128,500
|
1,647
|
1,779
|
0
|
||
|
2018
|
5/30/2018
|
13651
McLearen Rd.
|
Herndon
|
VA
|
—
|
US
Government
|
1987
|
159,664
|
2,245
|
2,539
|
0
|
|
|
5/31/2018
|
2300
Litton Ln.
|
Hebron
|
KY
|
—
|
Great
American Insurance Company
|
1986/1996
|
3,623
|
12
|
12
|
99
|
Page 15
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Consolidated Portfolio - 09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
6/14/2018
|
17
Nijborg
|
3927
DA Renswoude
|
The
Netherlands
|
—
|
AS
Watson (Health and Beauty Continental Europe, BV)
|
1993/1994
|
114,195
|
2,294
|
1,828
|
0
|
||
|
7/31/2018
|
4200
RCA Blvd.
|
Palm
Beach Gardens
|
FL
|
—
|
Office
Suites Plus Properties, Inc.
|
1996
|
18,400
|
320
|
337
|
0
|
||
|
9/15/2018
|
295
Chipeta Way
|
Salt
Lake City
|
UT
|
—
|
Northwest
Pipeline Corporation
|
1982
|
295,000
|
4,771
|
4,771
|
3,463
|
||
|
9/30/2018
|
1701
Market St.
|
Philadelphia
|
PA
|
(6)
|
Brinker
Corner Bakery II, LLC
|
1957/1997
|
8,070
|
144
|
158
|
0
|
||
|
11/30/2018
|
4201
Marsh Ln.
|
Carrollton
|
TX
|
—
|
Carlson
Restaurants Worldwide, Inc. (Carlson Companies, Inc.)
|
2003
|
130,000
|
1,445
|
1,482
|
0
|
||
|
12/22/2018
|
5200
Metcalf Ave.
|
Overland
Park
|
KS
|
—
|
Swiss
Re America Holding Corporation
|
1980/1990/2004/2005
|
320,198
|
3,248
|
3,272
|
0
|
||
|
12/31/2018
|
1500
Hughes Way
|
Long
Beach
|
CA
|
(11)
|
Molina
Healthcare, Inc.
|
1981
|
158,074
|
1,373
|
2,525
|
0
|
||
|
2019
|
1/31/2019
|
1600
Viceroy Dr.
|
Dallas
|
TX
|
—
|
TFC
Services, Inc. (Freeman Decorating Company)
|
1986
|
124,735
|
899
|
1,116
|
0
|
|
|
4/1/2019
|
9201
Stateline Rd.
|
Kansas
City
|
MO
|
—
|
Swiss
Re America Holding Corporation
|
1963/1973/1985/2003
|
155,925
|
1,547
|
1,547
|
0
|
||
|
6/19/2019
|
3965
Airways Blvd.
|
Memphis
|
TN
|
—
|
Federal
Express Corporation
|
1982/1983/1985
|
521,286
|
5,343
|
5,260
|
5,375
|
||
|
7/31/2019
|
500
Jackson St.
|
Columbus
|
IN
|
—
|
Cummins,
Inc.
|
1984
|
390,100
|
3,229
|
3,405
|
4,925
|
||
|
9/30/2019
|
13430
North Black Canyon Fwy.
|
Phoenix
|
AZ
|
—
|
Brown
Mackie College-Phoenix, Inc. (Education Management
Corporation)
|
1981/1982/2005/2007/2009
|
24,834
|
1
|
283
|
0
|
||
|
10/31/2019
|
10475
Crosspoint Blvd.
|
Fishers
|
IN
|
—
|
John
Wiley & Sons, Inc.
|
1999
|
141,047
|
1,797
|
1,701
|
0
|
||
|
12/31/2019
|
850-950
Warrenville Rd.
|
Lisle
|
IL
|
(5)
|
National
Louis University
|
1985
|
99,414
|
993
|
1,254
|
0
|
||
|
2020
|
1/31/2020
|
10300
Kincaid Dr.
|
Fishers
|
IN
|
(8)
|
JPMorgan
Chase Bank, NA
|
1999
|
193,000
|
2,537
|
2,081
|
0
|
|
|
130
East Shore Dr.
|
Glen
Allen
|
VA
|
—
|
Sheltering
Arms Hospital, Inc.
|
2000
|
19,075
|
0
|
0
|
0
|
|||
|
2/14/2020
|
5600
Broken Sound Blvd.
|
Boca
Raton
|
FL
|
(6)
|
Océ
Printing Systems USA, Inc. (Oce-USA Holding, Inc.)
|
1983/2002
|
136,789
|
1,616
|
1,676
|
0
|
||
|
7/8/2020
|
1460
Tobias Gadsen Blvd.
|
Charleston
|
SC
|
(6)
|
Hagemeyer
North America, Inc.
|
2005
|
50,076
|
572
|
630
|
0
|
||
|
2021
|
1/31/2021
|
389-399
Interpace Hwy.
|
Parsippany
|
NJ
|
(17)(20)
|
Sanofi-aventis
U.S., Inc. (Aventis, Inc. and Aventis Pharma Holding GmbH)
|
1999
|
206,593
|
4,105
|
4,025
|
0
|
|
|
2/28/2021
|
1500
Hughes Way
|
Long
Beach
|
CA
|
(6)(11)
|
Jacobs
Engineering Group, Inc.
|
1981
|
85,603
|
729
|
729
|
0
|
||
|
3/31/2021
|
1311
Broadfield Blvd.
|
Houston
|
TX
|
—
|
Transocean
Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex,
Inc.)
|
2000
|
155,991
|
2,252
|
2,117
|
0
|
||
|
6/30/2021
|
1415
Wyckoff Rd.
|
Wall
|
NJ
|
—
|
New
Jersey Natural Gas Company
|
1983
|
157,511
|
2,193
|
2,193
|
4,224
|
||
|
11/30/2021
|
29
South Jefferson Rd.
|
Whippany
|
NJ
|
—
|
CAE
SimuFlite, Inc.
|
2006/2008
|
123,734
|
1,720
|
1,745
|
2,069
|
||
|
2022
|
12/31/2022
|
147
Milk St.
|
Boston
|
MA
|
—
|
Harvard
Vanguard Medical Assoc.
|
1910
|
52,337
|
1,149
|
1,246
|
0
|
|
|
2023
|
3/31/2023
|
6555
Sierra Dr.
|
Irving
|
TX
|
—
|
TXU
Energy Retail Company, LLC (Texas Competitive Electric Holdings Company,
LLC)
|
1999
|
247,254
|
1,691
|
2,214
|
0
|
|
|
7/31/2023
|
11201
Renner Blvd.
|
Lenexa
|
KS
|
(6)
|
Applebee’s
Services, Inc. (DineEquity, Inc.)
|
2007
|
178,000
|
2,641
|
2,927
|
0
|
||
|
2025
|
11/30/2025
|
11707
Miracle Hills Dr.
|
Omaha
|
NE
|
—
|
Infocrossing,
LLC (Infocrossing, Inc.)
|
1988/1995
|
85,200
|
875
|
875
|
0
|
|
|
12/31/2025
|
2005
East Technology Cir.
|
Tempe
|
AZ
|
—
|
Infocrossing,
Inc.
|
1998
|
60,000
|
846
|
846
|
0
|
||
|
NA
|
NA
|
10
John St.
|
Clinton
|
CT
|
(12)
|
(Available
for Lease)
|
1972
|
41,188
|
0
|
0
|
0
|
|
|
100
Light St.
|
Baltimore
|
MD
|
(7)
|
(Available
for Lease)(Prior tenant Legg Mason Tower, Inc.)
|
1973
|
366,845
|
6,011
|
6,011
|
0
|
|||
|
1500
Hughes Way
|
Long
Beach
|
CA
|
(11)
|
(Available
for Lease)
|
1981
|
159,767
|
0
|
0
|
0
|
|||
|
160
Clairemont Ave.
|
Decatur
|
GA
|
—
|
(Available
for Lease)
|
1983
|
53,150
|
0
|
0
|
0
|
|||
|
1600
Viceroy Dr.
|
Dallas
|
TX
|
—
|
(Available
for Lease)
|
1986
|
48,359
|
0
|
0
|
0
|
|||
|
1701
Market St.
|
Philadelphia
|
PA
|
(10)
|
Parking
Operators
|
1957/1997
|
0
|
1,731
|
1,731
|
0
|
|||
|
255
California St.
|
San
Francisco
|
CA
|
(9)
|
(Available
for Lease)
|
1959
|
37,305
|
0
|
0
|
0
|
|||
|
350
Pine St.
|
Beaumont
|
TX
|
—
|
(Available
for Lease)
|
1981
|
74,974
|
0
|
0
|
0
|
|||
|
5550
Tech Center Dr.
|
Colorado
Springs
|
CO
|
(7)
|
(Available
for Lease)(Prior tenant Federal Express Corporation)
|
1982
|
61,690
|
280
|
249
|
0
|
|||
|
6277
Sea Harbor Dr.
|
Orlando
|
FL
|
(7)
|
(Available
for Lease)(Prior tenant Harcourt Brace Jovanovich, Inc.)
|
1984
|
355,840
|
3,023
|
2,796
|
0
|
|||
|
6301
Gaston Ave.
|
Dallas
|
TX
|
—
|
(Available
for Lease)
|
1970/1981
|
64,398
|
0
|
0
|
0
|
|||
|
1032
Fort St. Mall
|
Honolulu
|
HI
|
—
|
Parking
Operators
|
1979/2002
|
0
|
942
|
942
|
0
|
|||
|
13430
North Black Canyon Fwy.
|
Phoenix
|
AZ
|
—
|
(Available
for Lease)
|
1981/1982/2005/2007/2009
|
25,309
|
0
|
0
|
0
|
|||
|
100
East Shore Dr.
|
Glen
Allen
|
VA
|
—
|
(Available
for Lease)
|
1999
|
3,263
|
0
|
0
|
0
|
|||
|
101
East Erie St.
|
Chicago
|
IL
|
—
|
(Available
for Lease)
|
1986
|
12,270
|
0
|
0
|
0
|
|||
|
King
St.
|
Honolulu
|
HI
|
—
|
(Available
for Lease)
|
1979/2002
|
11,420
|
0
|
0
|
0
|
Page 16
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Consolidated Portfolio - 09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded |
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
17770
Cartwright Rd.
|
Irvine
|
CA
|
(13)
|
(Available
for Lease)
|
1982
|
27,708
|
0 | 0 | 0 | |||
|
30
Light St.
|
Baltimore
|
MD
|
—
|
Parking
Operators
|
1973
|
0
|
157
|
157
|
0
|
|||
|
Various
|
Various
|
100
Light St.
|
Baltimore
|
MD
|
—
|
Multi-Tenant
|
1973
|
156,395
|
3,455
|
3,455
|
0
|
|
|
160
Clairemont Ave.
|
Decatur
|
GA
|
—
|
Multi-Tenant
|
1983
|
68,536
|
602
|
602
|
0
|
|||
|
255
California St.
|
San
Francisco
|
CA
|
(9)
|
Multi-Tenant
|
1959
|
136,150
|
2,731
|
2,886
|
0
|
|||
|
350
Pine St.
|
Beaumont
|
TX
|
—
|
Multi-Tenant
|
1981
|
217,773
|
2,571
|
2,578
|
0
|
|||
|
6301
Gaston Ave.
|
Dallas
|
TX
|
—
|
Multi-Tenant
|
1970/1981
|
93,026
|
1,020
|
1,020
|
0
|
|||
|
100
East Shore Dr.
|
Glen
Allen
|
VA
|
—
|
Multi-Tenant
|
1999
|
64,245
|
971
|
982
|
0
|
|||
|
King
St.
|
Honolulu
|
HI
|
—
|
Multi-Tenant
|
1979/2002
|
227,924
|
1,001
|
999
|
0
|
|||
|
17770
Cartwright Rd.
|
Irvine
|
CA
|
(13)
|
Multi-Tenant
|
1982
|
115,457
|
1,775
|
1,888
|
0
|
|||
|
OFFICE
TOTAL/WEIGHTED AVERAGE
|
91.8%
Leased
|
16,443,868
|
$ 196,858
|
$ 193,253
|
||||||||
Notes
Excludes
the property in Houston, Texas which the Company expects to return to the lender
in 4Q 09.
Page 17
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Consolidated Portfolio - 09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
INDUSTRIAL
PROPERTIES
|
||||||||||||
|
2009
|
11/30/2009
|
191
Arrowhead Dr.
|
Hebron
|
OH
|
(15)
|
Owens
Corning Insulating Systems, LLC
|
1999
|
102,960
|
215
|
215
|
0
|
|
|
2010
|
4/30/2010
|
2203
Sherrill Dr.
|
Statesville
|
NC
|
—
|
LA-Z-Boy
Greensboro, Inc. (LA-Z-Boy Inc.)
|
1999/2002
|
639,600
|
1,236
|
1,427
|
0
|
|
|
5/31/2010
|
200
Arrowhead Dr.
|
Hebron
|
OH
|
—
|
Owens
Corning Insulating Systems, LLC
|
2000
|
400,522
|
695
|
677
|
881
|
||
|
2011
|
3/31/2011
|
2455
Premier Dr.
|
Orlando
|
FL
|
—
|
Walgreen
Company
|
1980
|
205,016
|
381
|
589
|
508
|
|
|
5/31/2011
|
291
Park Center Dr.
|
Winchester
|
VA
|
(5)
|
Kraft
Foods North America, Inc.
|
2001
|
344,700
|
1,206
|
1,183
|
0
|
||
|
9/25/2011
|
3820
Micro Dr.
|
Millington
|
TN
|
(6)
|
Ingram
Micro, L.P (Ingram Micro, Inc.)
|
1997
|
701,819
|
1,830
|
1,778
|
0
|
||
|
9/30/2011
|
1601
Pratt Ave.
|
Marshall
|
MI
|
—
|
Joseph
Campbell Company
|
1979
|
58,300
|
93
|
93
|
0
|
||
|
2012
|
8/4/2012
|
101
Michelin Dr.
|
Laurens
|
SC
|
—
|
CEVA
Logistics US, Inc. (TNT Holdings BV)
|
1991/1993
|
1,164,000
|
2,560
|
2,478
|
2,619
|
|
|
7111
Crabb Rd.
|
Temperance
|
MI
|
—
|
CEVA
Logistics US, Inc. (TNT Holdings BV)
|
1978/1993
|
744,570
|
1,716
|
1,660
|
1,756
|
|||
|
10/31/2012
|
43955
Plymouth Oaks Blvd.
|
Plymouth
|
MI
|
—
|
Tower
Automotive Operations USA I, LLC (Tower Automotive Holdings I,
LLC)
|
1996/1998
|
290,133
|
1,414
|
1,376
|
2,081
|
||
|
12/31/2012
|
245
Salem Church Rd.
|
Mechanicsburg
|
PA
|
—
|
Exel
Logistics, Inc. (NFC plc)
|
1985
|
252,000
|
652
|
649
|
0
|
||
|
2013
|
10/31/2013
|
7150
Exchequer Dr.
|
Baton
Rouge
|
LA
|
—
|
Staples,
Inc.
|
1998/2005
|
79,086
|
345
|
329
|
0
|
|
|
2014
|
1/2/2014
|
2415
US Hwy. 78 East
|
Moody
|
AL
|
—
|
CEVA
Logistics US, Inc. (TNT Holdings BV)
|
2004
|
595,346
|
790
|
790
|
1,054
|
|
|
1/31/2014
|
1133
Poplar Creek Rd.
|
Henderson
|
NC
|
—
|
Staples,
Inc.
|
1998/2006
|
196,946
|
619
|
607
|
0
|
||
|
11/30/2014
|
6050
Dana Way
|
Antioch
|
TN
|
—
|
Evergreen
Presbyterian Ministries, Inc.
|
1999
|
15,758
|
0
|
0
|
0
|
||
|
12/31/2014
|
3686
South Central Ave.
|
Rockford
|
IL
|
—
|
Jacobson
Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson
Transportation Company, Inc.)
|
1992
|
90,000
|
303
|
236
|
446
|
||
|
75
North St.
|
Saugerties
|
NY
|
(14)
|
Rotron,
Inc. (EG&G)
|
1979
|
52,000
|
92
|
174
|
122
|
|||
|
2015
|
12/31/2015
|
749
Southrock Dr.
|
Rockford
|
IL
|
—
|
Jacobson
Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson
Transportation Company, Inc.)
|
1992
|
150,000
|
338
|
366
|
525
|
|
|
2016
|
2/28/2016
|
7670
Hacks Cross Rd.
|
Olive
Branch
|
MS
|
—
|
MAHLE
Clevite, Inc. (MAHLE Industries, Inc.)
|
1989
|
268,104
|
716
|
687
|
0
|
|
|
3/31/2016
|
19500
Bulverde Rd.
|
San
Antonio
|
TX
|
—
|
Harcourt,
Inc. (Harcourt General, Inc.)
|
2001
|
559,258
|
2,577
|
2,652
|
0
|
||
|
8/31/2016
|
10590
Hamilton Ave.
|
Cincinnati
|
OH
|
—
|
The
Hillman Group, Inc.
|
1991/1994/1995/2005
|
239,500
|
594
|
594
|
0
|
||
|
9/30/2016
|
900
Industrial Blvd.
|
Crossville
|
TN
|
—
|
Dana
Commercial Vehicle Products, LLC
|
1989/2006
|
222,200
|
513
|
513
|
0
|
||
|
2017
|
2/28/2017
|
3456
Meyers Ave.
|
Memphis
|
TN
|
—
|
Sears,
Roebuck & Company
|
1973
|
780,000
|
1,194
|
1,271
|
1,592
|
|
|
6/30/2017
|
7500
Chavenelle Rd.
|
Dubuque
|
IA
|
—
|
The
McGraw-Hill Companies, Inc.
|
2002
|
330,988
|
864
|
873
|
0
|
||
|
9/30/2017
|
250
Swathmore Ave.
|
High
Point
|
NC
|
—
|
Steelcase,
Inc.
|
2002
|
244,851
|
799
|
815
|
1,165
|
||
|
10/31/2017
|
1420
Greenwood Rd.
|
McDonough
|
GA
|
—
|
Versacold
USA, Inc.
|
2000/2007
|
296,972
|
1,983
|
1,947
|
0
|
||
|
2018
|
6/30/2018
|
1650-1654
Williams Rd.
|
Columbus
|
OH
|
—
|
ODW
Logistics, Inc.
|
1973
|
772,450
|
1,010
|
1,007
|
0
|
|
|
9/30/2018
|
50
Tyger River Dr.
|
Duncan
|
SC
|
(6)
|
Plastic
Omnium Exteriors, LLC
|
2005/2007/2008
|
221,833
|
718
|
718
|
0
|
||
|
2019
|
4/30/2019
|
113
Wells St.
|
North
Berwick
|
ME
|
—
|
United
Technologies Corporation
|
1965/1980
|
972,625
|
1,152
|
1,152
|
1,200
|
|
|
10/17/2019
|
10345
Philipp Pkwy.
|
Streetsboro
|
OH
|
—
|
L'Oreal
USA S/D, Inc. (L’Oreal USA, Inc.)
|
2004
|
649,250
|
1,718
|
1,958
|
3,149
|
||
|
2020
|
3/31/2020
|
2425
Hwy. 77 North
|
Waxahachie
|
TX
|
—
|
James
Hardie Building Products, Inc. (James Hardie, NV)
|
1996/2001
|
335,610
|
2,550
|
2,550
|
0
|
|
|
6/30/2020
|
3102
Queen Palm Dr.
|
Tampa
|
FL
|
—
|
Time
Customer Service, Inc. (Time, Inc.)
|
1986
|
229,605
|
843
|
957
|
0
|
||
|
9/30/2020
|
3350
Miac Cove Rd.
|
Memphis
|
TN
|
—
|
Mimeo.com,
Inc.
|
1987
|
107,405
|
281
|
278
|
0
|
||
|
12/19/2020
|
1901
Ragu Dr.
|
Owensboro
|
KY
|
(12)
|
Unilever
Supply Chain, Inc. (Unilever United States, Inc.)
|
1975/1979/1995
|
443,380
|
787
|
1,120
|
1,802
|
||
|
2021
|
3/30/2021
|
121
Technology Dr.
|
Durham
|
NH
|
—
|
Heidelberg
Web Systems, Inc.
|
1986/2002/2003
|
500,500
|
1,167
|
1,499
|
0
|
|
|
3/31/2021
|
6050
Dana Way
|
Antioch
|
TN
|
—
|
W.M
Wright Company
|
1999
|
338,700
|
763
|
763
|
0
|
||
|
5/31/2021
|
477
Distribution Pkwy.
|
Collierville
|
TN
|
—
|
Federal
Express Corporation
|
1984/1987/2005
|
120,000
|
360
|
302
|
0
|
||
|
11/30/2021
|
2880
Kenny Biggs Rd.
|
Lumberton
|
NC
|
—
|
Quickie
Manufacturing Corporation
|
1998/2001/2006
|
423,280
|
942
|
1,017
|
0
|
||
|
12/31/2021
|
224
Harbor Freight Rd.
|
Dillon
|
SC
|
(6)
|
Harbor
Freight Tools USA, Inc. (Central Purchasing, Inc.)
|
2001/2005
|
1,010,859
|
2,245
|
2,330
|
0
|
||
|
2025
|
6/30/2025
|
10000
Business Blvd.
|
Dry
Ridge
|
KY
|
—
|
Dana
Light Axle Products, LLC (Dana Limited)
|
1988/1999
|
336,350
|
1,009
|
1,009
|
1,402
|
|
|
4010
Airpark Dr.
|
Owensboro
|
KY
|
—
|
Dana
Structural Products, LLC (Dana Limited)
|
1998/2006
|
211,598
|
906
|
906
|
829
|
|||
|
301
Bill Bryan Rd.
|
Hopkinsville
|
KY
|
—
|
Dana
Structural Products, LLC (Dana Limited)
|
1989/1999/2000/2005
|
424,904
|
1,266
|
1,266
|
1,512
|
|||
|
730
North Black Branch Rd.
|
Elizabethtown
|
KY
|
—
|
Dana
Structural Products, LLC (Dana Limited)
|
2001
|
167,770
|
403
|
403
|
558
|
|||
Page 18
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Consolidated Portfolio - 09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
750
North Black Branch Rd.
|
Elizabethtown
|
KY
|
—
|
Dana
Structural Products, LLC (Dana Limited)
|
1995/2000/2001
|
539,592
|
2,129
|
2,129
|
2,960
|
|||
|
7/31/2025
|
7005
Cochran Rd.
|
Glenwillow
|
OH
|
—
|
Royal
Appliance Manufacturing Company
|
1997
|
458,000
|
1,459
|
1,688
|
2,164
|
||
|
2026
|
10/31/2026
|
5001
Greenwood Rd.
|
Shreveport
|
LA
|
—
|
Libbey
Glass, Inc. (Libbey, Inc.)
|
2006
|
646,000
|
1,458
|
1,624
|
0
|
|
|
NA
|
NA
|
1109
Commerce Blvd.
|
Swedesboro
|
NJ
|
—
|
(Available
for Lease)
|
1998
|
262,644
|
0
|
0
|
0
|
|
|
1665
Hughes Way
|
Long
Beach
|
CA
|
(11)
|
(Available
for Lease)
|
1981
|
200,541
|
0
|
0
|
0
|
|||
|
191
Arrowhead Dr.
|
Hebron
|
OH
|
—
|
(Available
for Lease)
|
1999
|
147,450
|
0
|
0
|
0
|
|||
|
250
Rittenhouse Cir.
|
Bristol
|
PA
|
—
|
(Available
for Lease)
|
1983/1997
|
255,019
|
0
|
0
|
0
|
|||
|
3350
Miac Cove Rd.
|
Memphis
|
TN
|
—
|
(Available
for Lease)
|
1987
|
33,954
|
0
|
0
|
0
|
|||
|
34
East Main St.
|
New
Kingstown
|
PA
|
—
|
(Available
for Lease)
|
1981
|
179,200
|
0
|
0
|
0
|
|||
|
6
Doughten Rd.
|
New
Kingstown
|
PA
|
—
|
(Available
for Lease)
|
1989
|
330,000
|
0
|
0
|
0
|
|||
|
6050
Dana Way
|
Antioch
|
TN
|
—
|
(Available
for Lease)
|
1999
|
322,942
|
0
|
0
|
0
|
|||
|
INDUSTRIAL
TOTAL/WEIGHTED AVERAGE
|
91.2%
Leased
|
19,666,090
|
$ 46,891
|
$ 48,655
|
||||||||
Notes
Excludes
the property in Plymouth, Michigan which the Company expects to return to the
lender in 4Q 09.
Page 19
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Consolidated Portfolio - 09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
RETAIL
PROPERTIES
|
||||||||||||
|
2009
|
12/31/2009
|
3468
Georgia Hwy. 120
|
Duluth
|
GA
|
—
|
Bank
of America, NA (Bank of America Corporation)
|
1971
|
10,341
|
100
|
113
|
0
|
|
|
2010
|
7/1/2010
|
1600
East 23rd St.
|
Chattanooga
|
TN
|
—
|
BI-LO,
LLC
|
1983
|
42,130
|
97
|
97
|
134
|
|
|
2011
|
5/31/2011
|
18601
Alderwood Mall Blvd.
|
Lynnwood
|
WA
|
—
|
Toys
“R” Us, Inc.
|
1981/1993
|
43,105
|
211
|
224
|
279
|
|
|
4811
Wesley St.
|
Greenville
|
TX
|
—
|
Safeway
Stores, Inc.
|
1985
|
48,492
|
128
|
181
|
171
|
|||
|
12535
Southeast 82nd Ave.
|
Clackamas
|
OR
|
—
|
Toys
“R” Us, Inc.
|
1981
|
42,842
|
229
|
243
|
298
|
|||
|
6910
South Memorial Hwy.
|
Tulsa
|
OK
|
—
|
Toys
“R” Us, Inc.
|
1981
|
43,123
|
193
|
205
|
255
|
|||
|
6/30/2011
|
4733
Hills & Dales Rd.
|
Canton
|
OH
|
—
|
Bally's
Total Fitness of the Midwest, Inc. (Bally's Health & Tennis
Corporation)
|
1987
|
37,214
|
293
|
247
|
0
|
||
|
9/30/2011
|
928
First Ave.
|
Rock
Falls
|
IL
|
(19)
|
Rock
Falls Country Market, LLC (Rock Island Country Market,
LLC)
|
1982
|
27,650
|
68
|
72
|
140
|
||
|
12/29/2011
|
13133
Steubner Ave.
|
Houston
|
TX
|
—
|
The
Kroger Company
|
1980
|
52,200
|
211
|
303
|
281
|
||
|
2012
|
4/30/2012
|
10415
Grande Ave.
|
Sun
City
|
AZ
|
—
|
Cafeteria
Operators, LP (Furrs Restaurant Group, Inc.)
|
1982
|
10,000
|
124
|
199
|
0
|
|
|
119
North Balboa Rd.
|
El
Paso
|
TX
|
—
|
Cafeteria
Operators, LP (Furrs Restaurant Group, Inc.)
|
1982
|
10,000
|
124
|
102
|
0
|
|||
|
402
East Crestwood Dr.
|
Victoria
|
TX
|
—
|
Cafeteria
Operators, LP (Furrs Restaurant Group, Inc.)
|
1982
|
10,000
|
124
|
87
|
0
|
|||
|
4121
South Port Ave.
|
Corpus
Christi
|
TX
|
—
|
Cafeteria
Operators, LP (Furrs Restaurant Group, Inc.)
|
1980
|
10,000
|
124
|
101
|
0
|
|||
|
900
South Canal St.
|
Carlsbad
|
NM
|
—
|
Cafeteria
Operators, LP (Furrs Restaurant Group, Inc.)
|
1980
|
10,000
|
124
|
79
|
0
|
|||
|
901
West Expwy.
|
McAllen
|
TX
|
—
|
Cafeteria
Operators, LP (Furrs Restaurant Group, Inc.)
|
1980
|
10,000
|
124
|
123
|
0
|
|||
|
5/31/2012
|
3451
Alta Mesa Blvd.
|
Fort
Worth
|
TX
|
—
|
Minyard
Food Stores, Inc.
|
1985
|
44,000
|
228
|
271
|
304
|
||
|
11/30/2012
|
101
West Buckingham Rd.
|
Garland
|
TX
|
—
|
Minyard
Food Stores, Inc.
|
1982
|
40,000
|
244
|
244
|
326
|
||
|
120
South Waco St.
|
Hillsboro
|
TX
|
—
|
Brookshire
Grocery
|
1985
|
35,000
|
121
|
140
|
161
|
|||
|
205
Homer Rd.
|
Minden
|
LA
|
—
|
Brookshire
Grocery
|
1985
|
35,000
|
145
|
214
|
193
|
|||
|
2013
|
2/28/2013
|
US
221 & Hospital Rd.
|
Jefferson
|
NC
|
—
|
Food
Lion, Inc.
|
1981
|
23,000
|
55
|
55
|
73
|
|
|
104
Branchwood Shopping Center
|
Jacksonville
|
NC
|
—
|
Food
Lion, Inc.
|
1982/1995
|
23,000
|
63
|
83
|
84
|
|||
|
291
Talbert Blvd.
|
Lexington
|
NC
|
—
|
Food
Lion, Inc.
|
1981
|
23,000
|
104
|
104
|
138
|
|||
|
S.
Carolina 52/52 Bypass
|
Moncks
Corner
|
SC
|
—
|
Food
Lion, Inc.
|
1982
|
23,000
|
46
|
92
|
62
|
|||
|
3211
West Beverly St.
|
Staunton
|
VA
|
—
|
Food
Lion, Inc.
|
1971
|
23,000
|
124
|
124
|
166
|
|||
|
7/1/2013
|
1053
Mineral Springs Rd.
|
Paris
|
TN
|
—
|
The
Kroger Company
|
1982
|
31,170
|
119
|
160
|
159
|
||
|
302
Coxcreek Pkwy.
|
Florence
|
AL
|
—
|
The
Kroger Company
|
1983
|
42,130
|
168
|
234
|
223
|
|||
|
10/31/2013
|
1084
East Second St.
|
Franklin
|
OH
|
—
|
Marsh
Supermarkets, Inc.
|
1961/1978
|
29,119
|
84
|
118
|
111
|
||
|
130
Midland Ave.
|
Port
Chester
|
NY
|
—
|
Pathmark
Stores, Inc.
|
1982
|
59,000
|
344
|
898
|
458
|
|||
|
5104
North Franklin Rd.
|
Lawrence
|
IN
|
—
|
Marsh
Supermarkets, Inc.
|
1958
|
28,721
|
145
|
145
|
193
|
|||
|
2014
|
3/31/2014
|
N.E.C.
45th St./Lee Blvd.
|
Lawton
|
OK
|
—
|
Associated
Wholesale Grocers, Inc.
|
1984
|
30,757
|
175
|
122
|
185
|
|
|
12/31/2014
|
1066
Main St.
|
Forest
Park
|
GA
|
—
|
Bank
of America, NA (Bank of America Corporation)
|
1969
|
14,859
|
150
|
140
|
199
|
||
|
201
West Main St.
|
Cumming
|
GA
|
—
|
Bank
of America, NA (Bank of America Corporation)
|
1968/1982
|
14,208
|
149
|
215
|
198
|
|||
|
2223
North Druid Hills Rd.
|
Atlanta
|
GA
|
—
|
Bank
of America, NA (Bank of America Corporation)
|
1972
|
6,260
|
84
|
73
|
112
|
|||
|
4545
Chamblee – Dunwoody Rd.
|
Chamblee
|
GA
|
—
|
Bank
of America, NA (Bank of America Corporation)
|
1972
|
4,565
|
66
|
56
|
88
|
|||
|
825
Southway Dr.
|
Jonesboro
|
GA
|
—
|
Bank
of America, NA (Bank of America Corporation)
|
1971
|
4,894
|
58
|
47
|
77
|
|||
|
956
Ponce de Leon Ave.
|
Atlanta
|
GA
|
—
|
Bank
of America, NA (Bank of America Corporation)
|
1975
|
3,900
|
59
|
65
|
78
|
|||
|
1698
Mountain Industrial Blvd.
|
Stone
Mountain
|
GA
|
—
|
Bank
of America, NA (Bank of America Corporation)
|
1973
|
5,704
|
71
|
69
|
95
|
|||
|
2015
|
1/25/2015
|
3711
Gateway Dr.
|
Eau
Claire
|
WI
|
—
|
Kohl's
Department Stores, Inc.
|
1994
|
76,164
|
351
|
347
|
487
|
|
|
1/31/2015
|
1700
State Route 160
|
Port
Orchard
|
WA
|
—
|
Moran
Foods, Inc. d/b/a Save-A-Lot, Ltd.
|
1983/2007
|
16,037
|
60
|
60
|
97
|
||
|
5/31/2015
|
24th
St. West & St. John’s Ave.
|
Billings
|
MT
|
—
|
Safeway
Stores, Inc.
|
1981
|
40,800
|
140
|
250
|
186
|
||
|
2017
|
3/31/2017
|
1610
South Westmoreland Ave.
|
Dallas
|
TX
|
—
|
Malone’s
Food Stores
|
1960
|
68,024
|
269
|
359
|
376
|
|
|
2018
|
2/26/2018
|
4831
Whipple Ave., Northwest
|
Canton
|
OH
|
—
|
Best
Buy Company, Inc.
|
1995
|
46,350
|
349
|
349
|
465
|
|
|
399
Peachwood Centre Dr.
|
Spartanburg
|
SC
|
—
|
Best
Buy Company, Inc.
|
1996
|
45,800
|
296
|
296
|
395
|
|||
Page 20
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Consolidated Portfolio - 09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
9/30/2018
|
835
Julian Ave.
|
Thomasville
|
NC
|
—
|
Mighty
Dollar, LLC
|
1983
|
23,767
|
52
|
52
|
0
|
||
|
10/31/2018
|
10340
U.S. 19
|
Port
Richey
|
FL
|
—
|
Kingswere
Furniture
|
1980
|
53,280
|
337
|
337
|
400
|
||
|
12/31/2018
|
1150
West Carl Sandburg Dr.
|
Galesburg
|
IL
|
—
|
Kmart
Corporation
|
1992
|
94,970
|
222
|
247
|
0
|
||
|
12080
Carmel Mountain Rd.
|
San
Diego
|
CA
|
—
|
Sears
Holding Corporation
|
1993
|
107,210
|
253
|
563
|
0
|
|||
|
21082
Pioneer Plaza Dr.
|
Watertown
|
NY
|
—
|
Kmart
Corporation
|
1993
|
120,727
|
373
|
361
|
0
|
|||
|
255
Northgate Dr.
|
Manteca
|
CA
|
—
|
Kmart
Corporation
|
1993
|
107,489
|
396
|
416
|
0
|
|||
|
5350
Leavitt Rd.
|
Lorain
|
OH
|
—
|
Kmart
Corporation
|
1993
|
193,193
|
561
|
548
|
0
|
|||
|
97
Seneca Trail
|
Fairlea
|
WV
|
—
|
Kmart
Corporation
|
1993/1999
|
90,933
|
262
|
260
|
0
|
|||
|
2019
|
9/30/2019
|
1032
Fort St. Mall
|
Honolulu
|
HI
|
—
|
Macy's
Department Stores, Inc.
|
1979/2002
|
85,610
|
742
|
729
|
350
|
|
|
2021
|
1/31/2021
|
3040
Josey Ln.
|
Carrollton
|
TX
|
—
|
Ong’s
Family, Inc.
|
1984
|
61,000
|
201
|
303
|
0
|
|
|
2028
|
1/31/2028
|
2010
Apalachee Pkwy.
|
Tallahassee
|
FL
|
—
|
Kohl's
Department Stores, Inc.
|
2007
|
102,381
|
300
|
315
|
484
|
|
|
8/31/2028
|
9803
Edmonds Way
|
Edmonds
|
WA
|
—
|
Pudget
Consumers Co-op d/b/a PCC Natural Markets
|
1981
|
34,459
|
452
|
452
|
0
|
||
|
NA
|
NA
|
1700
State Route 160
|
Port
Orchard
|
WA
|
—
|
(Available
for Lease)
|
1983
|
11,931
|
0
|
0
|
0
|
|
|
2500
E. Carrier Pkwy.
|
Grand
Prairie
|
TX
|
(7)
|
(Available
for Lease) (Prior tenant Grocer's Supply)
|
1984
|
49,349
|
124
|
93
|
0
|
|||
|
35400
Cowan Rd.
|
Westland
|
MI
|
(7)
|
(Available
for Lease)(Prior tenant Sam’s Real Estate Business Trust)
|
1987/1997
|
101,402
|
63
|
63
|
0
|
|||
|
5544
Atlanta Hwy.
|
Montgomery
|
AL
|
—
|
(Available
for Lease)
|
1980/2007
|
60,698
|
0
|
0
|
0
|
|||
|
9400
South 755 East
|
Sandy
|
UT
|
—
|
(Available
for Lease)
|
1981
|
41,612
|
0
|
0
|
0
|
|||
|
811
US Hwy. 17
|
North
Myrtle Beach
|
SC
|
—
|
(Available
for Lease)
|
1981
|
41,021
|
0
|
0
|
0
|
|||
|
RETAIL
TOTAL/WEIGHTED AVERAGE
|
88.3%
Leased
|
2,625,591
|
10,879
|
12,445
|
||||||||
|
|
||||||||||||
|
TOTAL
CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE
|
91.3%
Leased
|
38,735,549
|
254,628
|
254,353
|
||||||||
Footnotes
(1) Square
foot leased or vacant.
(2) Nine
months ended 09/30/09 cash rent.
(3) Nine
months ended 09/30/09 GAAP base rent.
(4) Rent
at option rate listed for those lease contracts where a set rent in dollars is
specified, as it relates to Fixed Rent at Next Option.
(5) Lesser
of the noted rent or a function of fair market value such as 100%, 95%, or
90%.
(6) Greater
of the noted rent or a function of fair market value such as 100%, 95%, or
90%.
(7) Rents
from tenants prior to expiration of lease, prior tenant has
vacated.
(8) Lease
entered into with with subtenant (Roche Diagnostics Operations) effective
11/2009 which expires 01/2020.
(9) Lexington
has a 0.01% interest in this property.
(10) Lexington
has an 80.5% interest in this property.
(11) Lexington
has a 55.0% interest in this property.
(12) Lexington
has a 71.1% interest in this property.
(13) Lexington
has a 64.4% interest in this property.
(14) Lexington
has a 57.8% interest in this property.
(15) Month
to month tenant.
(16) Current
lease ends 05/2013, however, new tenant (Problem Solved, LLC) lease expires
05/2014.
(17) Lease
entered into with new tenant (Reckitt Benckiser, Inc.) effective 02/2010 for
163,386 square feet which expires 01/2021.
(18) Lease
entered into with subtenant (Cadbury Schweppes Holdings) effective 02/2010 which
expires 06/2015.
(19) Tenant
has exercised the purchase option under the lease, with a closing anticipated in
4Q 09.
(20) Cash
rent and GAAP base rent represent current tenant's allocated
rents.
Page 21
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio -
09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
NET
LEASE STRATEGIC ASSETS FUND PROPERTIES
|
||||||||||||
|
2009
|
9/30/2009
|
109
Stevens St.
|
Jacksonville
|
FL
|
(5)(7)
|
Unisource
Worldwide, Inc.
|
1959/1967
|
168,800
|
478
|
439
|
0
|
|
|
2010
|
10/31/2010
|
265
Lehigh St.
|
Allentown
|
PA
|
—
|
Wachovia
Bank, NA
|
1980
|
71,230
|
186
|
428
|
261
|
|
|
5201
West Barraque St.
|
Pine
Bluff
|
AR
|
—
|
Entergy
Services, Inc.
|
1964/1973
|
27,189
|
144
|
144
|
192
|
|||
|
2011
|
5/31/2011
|
1200
Jupiter Rd.
|
Garland
|
TX
|
—
|
Raytheon
Company
|
1980
|
278,759
|
1,130
|
1,541
|
1,588
|
|
|
7/15/2011
|
19019
North 59th Ave.
|
Glendale
|
AZ
|
—
|
Honeywell
International, Inc.
|
1986/1997/2000
|
252,300
|
1,839
|
2,332
|
0
|
||
|
2012
|
4/30/2012
|
3600
Army Post Rd.
|
Des
Moines
|
IA
|
(6)
|
Electronic
Data Systems, LLC
|
2002
|
405,000
|
2,176
|
2,228
|
0
|
|
|
5/31/2012
|
101
Creger Dr.
|
Ft.
Collins
|
CO
|
—
|
Lithia
Motors
|
1982
|
10,000
|
206
|
177
|
0
|
||
|
2013
|
5/31/2013
|
2401
Cherahala Blvd.
|
Knoxville
|
TN
|
—
|
Advance
PCS, Inc.
|
2002
|
59,748
|
675
|
675
|
0
|
|
|
6/30/2013
|
420
Riverport Rd.
|
Kingsport
|
TN
|
—
|
Kingsport
Power Company
|
1981
|
42,770
|
233
|
230
|
310
|
||
|
8555
South River Pkwy.
|
Tempe
|
AZ
|
(6)
|
ASM
Lithography, Inc. (ASM Lithography Holding, NV)
|
1998
|
95,133
|
1,766
|
1,658
|
0
|
|||
|
10/14/2013
|
3943
Denny Ave.
|
Pascagoula
|
MS
|
—
|
Northrop
Grumman Systems Corporation
|
1995
|
94,841
|
479
|
479
|
0
|
||
|
12/31/2013
|
120
Southeast Pkwy. Dr.
|
Franklin
|
TN
|
—
|
Essex
Group, Inc. (United Technologies Corporation)
|
1970/1983
|
289,330
|
551
|
490
|
735
|
||
|
2014
|
1/31/2014
|
1401
& 1501 Nolan Ryan Pkwy.
|
Arlington
|
TX
|
—
|
Siemens
Shared Services, LLC
|
2003
|
236,547
|
2,017
|
2,010
|
0
|
|
|
4/30/2014
|
12000
& 12025 Tech Center Dr.
|
Livonia
|
MI
|
(6)
|
Kelsey-Hayes
Company (TRW Automotive, Inc.)
|
1987/1988/1990
|
180,230
|
1,491
|
1,555
|
0
|
||
|
6/30/2014
|
70
Mechanic St.
|
Foxboro
|
MA
|
—
|
Invensys
Systems, Inc. (Siebe, Inc.)
|
1965/1967/1971
|
251,914
|
3,061
|
2,752
|
2,817
|
||
|
12/31/2014
|
324
Industrial Park Rd.
|
Franklin
|
NC
|
(5)
|
SKF
USA, Inc.
|
1996
|
72,868
|
317
|
317
|
0
|
||
|
2015
|
6/30/2015
|
2935
Van Vactor Dr.
|
Plymouth
|
IN
|
—
|
Bay
Valley Foods, LLC
|
2000/2003
|
300,500
|
589
|
607
|
853
|
|
|
3711
San Gabriel
|
Mission
|
TX
|
—
|
VoiceStream
PCS II Corporation (T-Mobile USA, Inc.)
|
2003
|
75,016
|
713
|
765
|
0
|
|||
|
2500
Patrick Henry Pkwy.
|
McDonough
|
GA
|
—
|
Georgia
Power Company
|
1999
|
111,911
|
1,111
|
1,152
|
0
|
|||
|
1700
47th Ave North
|
Minneapolis
|
MN
|
(5)
|
Owens
Corning Roofing and Asphalt, LLC
|
2003
|
18,620
|
444
|
444
|
0
|
|||
|
9/27/2015
|
9110
Grogans Mill Rd.
|
Houston
|
TX
|
—
|
Baker
Hughes, Inc.
|
1992
|
275,750
|
3,363
|
2,360
|
2,756
|
||
|
2529
West Thorne Dr.
|
Houston
|
TX
|
—
|
Baker
Hughes, Inc.
|
1982/1999
|
65,500
|
929
|
628
|
746
|
|||
|
2016
|
1/31/2016
|
1600
Eberhardt Rd.
|
Temple
|
TX
|
—
|
Nextel
of Texas
|
2001
|
108,800
|
1,142
|
1,213
|
0
|
|
|
7/14/2016
|
1400
Northeast McWilliams Rd.
|
Bremerton
|
WA
|
—
|
Nextel
West Corporation
|
2002
|
60,200
|
814
|
872
|
0
|
||
|
11/30/2016
|
736
Addison Rd.
|
Erwin
|
NY
|
(6)
|
Corning,
Inc.
|
2006
|
408,000
|
862
|
862
|
0
|
||
|
2017
|
12/31/2017
|
11411
North Kelly Ave.
|
Oklahoma
City
|
OK
|
—
|
American
Golf Corporation
|
1991/1996
|
13,924
|
356
|
359
|
0
|
|
|
2018
|
3/15/2018
|
601
& 701 Experian Pkwy.
|
Allen
|
TX
|
—
|
Experian
Information Solutions, Inc. (Experian Holdings, Inc.)
|
1981/1983
|
292,700
|
2,301
|
2,791
|
0
|
|
|
8/31/2018
|
3500
North Loop Rd.
|
McDonough
|
GA
|
—
|
Litton
Loan Servicing, LP
|
2007
|
62,218
|
841
|
841
|
0
|
||
|
9/30/2018
|
904
Industrial Rd.
|
Marshall
|
MI
|
—
|
Tenneco
Automotive Operating Company, Inc. (Tenneco, Inc.)
|
1968/1972/2008
|
246,508
|
574
|
602
|
925
|
||
|
2019
|
1/31/2019
|
2999
Southwest 6th St.
|
Redmond
|
OR
|
—
|
VoiceStream
PCS I, LLC (T-Mobile USA, Inc.)
|
2004
|
77,484
|
1,076
|
1,179
|
0
|
|
|
6/28/2019
|
3265
East Goldstone Dr.
|
Meridian
|
ID
|
(6)
|
VoiceStream
PCS Holding, LLC (T-Mobile USA, Inc.)
|
2004
|
77,484
|
935
|
1,023
|
0
|
||
|
10/31/2019
|
17191
St. Luke's Way
|
The
Woodlands
|
TX
|
—
|
Montgomery
County Management Company, LLC
|
2004
|
41,000
|
599
|
739
|
0
|
||
|
9601
Renner Blvd.
|
Lenexa
|
KS
|
(6)
|
VoiceStream
PCS II Corporation (T-Mobile USA, Inc.)
|
2004
|
77,484
|
952
|
1,044
|
0
|
|||
|
2020
|
5/31/2020
|
359
Gateway Dr.
|
Lavonia
|
GA
|
—
|
TI
Group Automotive Systems, LLC (TI Automotive, Ltd.)
|
2005
|
133,221
|
900
|
900
|
0
|
|
|
6/30/2020
|
10419
North 30th St.
|
Tampa
|
FL
|
—
|
Time
Customer Service, Inc.
|
1986
|
132,981
|
951
|
1,017
|
0
|
||
|
8/31/2020
|
First
Park Dr.
|
Oakland
|
ME
|
(6)
|
Omnipoint
Holdings, Inc. (T-Mobile USA, Inc.)
|
2005
|
78,610
|
945
|
862
|
0
|
||
|
11/30/2020
|
11555
University Blvd.
|
Sugar
Land
|
TX
|
—
|
KS
Management Services, LLP (St. Luke’s Episcopal Health System
Corporation)
|
2005
|
72,683
|
836
|
939
|
0
|
||
|
2021
|
10/25/2021
|
6938
Elm Valley Dr.
|
Kalamazoo
|
MI
|
—
|
Dana
Commercial Vehicle Products, LLC (Dana Limited)
|
1999/2004
|
150,945
|
1,382
|
1,449
|
0
|
|
Page 22
of 47
LEXINGTON
REALTY TRUST
Property
Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio -
09/30/09
|
Year of
Lease
Expiration
|
Date of
Lease
Expiration
|
Property Location
|
City
|
State
|
Note
|
Primary Tenant (Guarantor)
|
Year
Built/Renovated/
Expanded
|
Sq.Ft. Leased
or Available (1)
|
Cash Rent
as of
9/30/2009
($000) (2)
|
GAAP
Base Rent
as of
9/30/2009
($000) (3)
|
Fixed Rent
at
Next Option
($000) (4)
|
|
|
2022
|
7/30/2022
|
1440
East 15th St.
|
Tucson
|
AZ
|
—
|
CoxCom,
Inc.
|
1988
|
28,591
|
369
|
413
|
0
|
|
|
2025
|
7/14/2025
|
590
Ecology Ln.
|
Chester
|
SC
|
—
|
Owens
Corning, Inc.
|
2001/2005
|
420,597
|
1,639
|
1,626
|
1,678
|
|
|
2026
|
8/31/2026
|
25500
State Hwy. 249
|
Tomball
|
TX
|
—
|
Parkway
Chevrolet, Inc. (R. Durdin, J. Durdin)
|
2005
|
77,076
|
958
|
1,130
|
0
|
|
|
2027
|
4/30/2027
|
2424
Alpine Rd.
|
Eau
Claire
|
WI
|
(6)
|
Silver
Spring Gardens, Inc. (Huntsinger Farms, Inc.)
|
1993/2004
|
159,000
|
697
|
879
|
0
|
|
|
NET
LEASE STRATEGIC ASSETS FUND TOTAL/WEIGHTED AVERAGE
|
100.0%
Leased
|
6,103,462
|
$ 43,027
|
$ 44,151
|
||||||||
Footnotes
(1) Square
foot leased or vacant.
(2) Nine
months ended 09/30/09 cash rent.
(3) Nine
months ended 09/30/09 GAAP base rent.
(4) Rent
at option rate listed for those lease contracts where a set rent in dollars is
specified, as it relates to Fixed Rent at Next Option.
(5) Lesser
of the noted rent or a function of fair market value such as 100%, 95%, or
90%.
(6) Greater
of the noted rent or a function of fair market value such as 100%, 95%, or
90%.
(7) Tenant
occupied property and paid holdover rent through 10/31/2009.
Page 23
of 47
LEXINGTON
REALTY TRUST
Lease
Rollover Schedule by Property Type - Cash Basis
9/30/2009
|
Office
|
Industrial
|
Retail
|
||||||||||||||||||||||||||||||||||
|
Year
|
Net Rentable
Area
|
Cash Rent
as of
9/30/2009
($000)
|
Net Rent
PSF
|
Net Rentable
Area
|
Cash Rent
as of
9/30/2009
($000)
|
Net Rent
PSF
|
Net Rentable
Area
|
Cash Rent
as of
9/30/2009
($000)
|
Net Rent
PSF
|
|||||||||||||||||||||||||||
|
2009
|
46,229 | $ | 779 | $ | 22.47 | 102,960 | $ | 215 | $ | 2.78 | 10,341 | $ | 100 | $ | 12.89 | |||||||||||||||||||||
|
2010
|
498,906 | $ | 4,809 | $ | 12.85 | 1,040,122 | $ | 1,931 | $ | 2.48 | 42,130 | $ | 97 | $ | 3.07 | |||||||||||||||||||||
|
2011
|
432,762 | $ | 6,528 | $ | 20.11 | 1,309,835 | $ | 3,510 | $ | 3.57 | 294,626 | $ | 1,333 | $ | 6.03 | |||||||||||||||||||||
|
2012
|
1,554,558 | $ | 16,991 | $ | 14.57 | 2,450,703 | $ | 6,342 | $ | 3.45 | 214,000 | $ | 1,482 | $ | 9.23 | |||||||||||||||||||||
|
2013
|
1,690,567 | $ | 17,941 | $ | 14.15 | 79,086 | $ | 345 | $ | 5.82 | 305,140 | $ | 1,252 | $ | 5.47 | |||||||||||||||||||||
|
2014
|
2,576,618 | $ | 34,446 | $ | 17.82 | 950,050 | $ | 1,804 | $ | 2.53 | 85,147 | $ | 812 | $ | 12.72 | |||||||||||||||||||||
|
2015
|
1,886,461 | $ | 26,246 | $ | 18.55 | 150,000 | $ | 338 | $ | 3.00 | 133,001 | $ | 551 | $ | 5.52 | |||||||||||||||||||||
|
2016
|
667,239 | $ | 7,510 | $ | 15.01 | 1,289,062 | $ | 4,400 | $ | 4.55 | - | $ | - | $ | - | |||||||||||||||||||||
|
2017
|
251,808 | $ | 2,751 | $ | 14.57 | 1,652,811 | $ | 4,840 | $ | 3.90 | 68,024 | $ | 269 | $ | 5.27 | |||||||||||||||||||||
|
2018
|
1,207,224 | $ | 15,852 | $ | 17.51 | 994,283 | $ | 1,728 | $ | 2.32 | 883,719 | $ | 3,101 | $ | 4.68 | |||||||||||||||||||||
|
2019
|
1,457,341 | $ | 13,809 | $ | 12.63 | 1,621,875 | $ | 2,870 | $ | 2.36 | 85,610 | $ | 742 | $ | 11.56 | |||||||||||||||||||||
|
2020
|
398,940 | $ | 4,725 | $ | 15.79 | 1,116,000 | $ | 4,461 | $ | 5.33 | - | $ | - | $ | - | |||||||||||||||||||||
|
2021
|
729,432 | $ | 10,999 | $ | 20.11 | 2,393,339 | $ | 5,477 | $ | 3.05 | 61,000 | $ | 201 | $ | 4.39 | |||||||||||||||||||||
|
2022
|
52,337 | $ | 1,149 | $ | 29.27 | - | $ | - | $ | - | - | $ | - | $ | - | |||||||||||||||||||||
|
2023
|
425,254 | $ | 4,332 | $ | 13.58 | - | $ | - | $ | - | - | $ | - | $ | - | |||||||||||||||||||||
|
2024
|
- | $ | - | $ | - | - | $ | - | $ | - | - | $ | - | $ | - | |||||||||||||||||||||
|
2025
|
145,200 | $ | 1,721 | $ | 15.80 | 2,138,214 | $ | 7,172 | $ | 4.47 | - | $ | - | $ | - | |||||||||||||||||||||
|
2026
|
- | $ | - | $ | - | 646,000 | $ | 1,458 | $ | 3.01 | - | $ | - | $ | - | |||||||||||||||||||||
|
2027
|
- | $ | - | $ | - | - | $ | - | $ | - | - | $ | - | $ | - | |||||||||||||||||||||
|
2028
|
- | $ | - | $ | - | - | $ | - | $ | - | 136,840 | $ | 752 | $ | 7.33 | |||||||||||||||||||||
|
Total/Weighted
Average (1)
|
14,020,876 | $ | 170,588 | $ | 16.22 | 17,934,340 | $ | 46,891 | $ | 3.49 | 2,319,578 | $ | 10,692 | $ | 6.15 | |||||||||||||||||||||
Footnotes
(1) Total
shown may differ from detailed amounts due to rounding and does not include
Multi-Tenant properties.
Page 24
of 47
LEXINGTON
REALTY TRUST
Lease
Rollover Schedule - GAAP Basis
9/30/2009
|
Year
|
Number of
Leases
Expiring
|
GAAP Base
Rent as of
9/30/2009
($000)
|
Percent of
GAAP Base Rent
as of
9/30/2009
|
|||||||
|
2009
|
4
|
$ | 997 |
0.4%
|
||||||
|
2010
|
11
|
$ | 6,931 |
3.0%
|
||||||
|
2011
|
16
|
$ | 11,436 |
5.0%
|
||||||
|
2012
|
29
|
$ | 24,278 |
10.7%
|
||||||
|
2013
|
24
|
$ | 21,047 |
9.2%
|
||||||
|
2014
|
32
|
$ | 35,893 |
15.7%
|
||||||
|
2015
|
16
|
$ | 22,517 |
9.9%
|
||||||
|
2016
|
12
|
$ | 11,749 |
5.2%
|
||||||
|
2017
|
8
|
$ | 8,355 |
3.7%
|
||||||
|
2018
|
21
|
$ | 22,078 |
9.7%
|
||||||
|
2019
|
10
|
$ | 18,405 |
8.1%
|
||||||
|
2020
|
8
|
$ | 9,292 |
4.1%
|
||||||
|
2021
|
11
|
$ | 17,023 |
7.5%
|
||||||
|
2022
|
1
|
$ | 1,246 |
0.5%
|
||||||
|
2023
|
2
|
$ | 5,141 |
2.3%
|
||||||
|
2024
|
-
|
$ | - |
0.0%
|
||||||
|
2025
|
8
|
$ | 9,122 |
4.0%
|
||||||
|
2026
|
1
|
$ | 1,624 |
0.7%
|
||||||
|
2027
|
-
|
$ | - |
0.0%
|
||||||
|
2028
|
2
|
$ | 767 |
0.3%
|
||||||
|
Total
(1)
|
216
|
$ | 227,901 |
100.0%
|
||||||
Footnotes
(1) Total
shown may differ from detailed amounts due to rounding and does not include
Multi-Tenant properties.
Page 25
of 47
2009
Third Quarter Financing Summary
|
REFINANCING
|
|||||||||||||||||
|
Amount
($000)
|
Rate
|
Maturity
|
|||||||||||||||
|
1
|
Fishers,
IN
|
$ | 11,540 | 6.38 | % |
08/2014
|
|||||||||||
|
1
|
TOTAL
REFINANCING
|
$ | 11,540 | ||||||||||||||
|
DEBT
RETIRED
|
|||||||||||||||||
|
Face
($000)
|
Payoff
($000)
|
Rate
|
Due
Date
|
||||||||||||||
|
1
|
Exchangeable
Guaranteed Notes
|
$ | 29,200 | $ | 24,820 | 5.45 | % |
01/2012
|
|||||||||
|
2
|
High
Point, NC
|
$ | 7,741 | $ | 7,741 | 5.75 | % |
10/2009
|
|||||||||
|
3
|
Salt
Lake City, UT
|
$ | 712 | $ | 712 | 7.61 | % |
10/2009
|
|||||||||
|
4
|
Westland,
MI
|
$ | 112 | $ | 112 | 10.50 | % |
09/2009
|
|||||||||
|
4
|
TOTAL
RETIRED (1)
|
$ | 37,765 | $ | 33,385 | ||||||||||||
Footnotes
(1) In
addition, the property formerly leased to Circuit City Stores, Inc. in Richmond,
Virginia with $15,458 of debt
outstanding was foreclosed by the lender.
Page 26
of 47
LEXINGTON
REALTY TRUST
Debt
Maturity Schedule
9/30/2009
($000)
|
Consolidated Properties
|
||||||||||||
|
Year
|
Real Estate
Scheduled
Amortization (1)
|
Real Estate
Balloon Payments (1)
|
Corporate Debt
|
|||||||||
|
2009
|
$ | 4,820 | $ | 23,808 | $ | - | ||||||
|
2010
|
34,351 | 83,745 | - | |||||||||
|
2011
|
31,114 | 85,826 | 195,000 |
(2)
|
||||||||
|
2012
|
31,159 | 191,034 | 105,200 |
(3)
|
||||||||
|
2013
|
27,091 | 234,937 | 60,723 | |||||||||
| $ | 128,535 | $ | 619,350 | $ | 360,923 | |||||||
|
Non-Consolidated Investments - LXP Proportionate Share
|
||||||||||||
|
Year
|
Real Estate
Scheduled
Amortization
|
Real Estate
Balloon Payments
|
Concord
Payments (4)
|
|||||||||
|
2009
|
$ | 1,068 | $ | - | $ | 9,957 | ||||||
|
2010
|
4,648 | 1,140 | 66,533 | |||||||||
|
2011
|
3,236 | 6,903 | 5,008 | |||||||||
|
2012
|
3,354 | 3,323 | 29,807 | |||||||||
|
2013
|
3,551 | 2,496 | - | |||||||||
| $ | 15,857 | $ | 13,862 | $ | 111,305 | |||||||
Footnotes
(1)
Excludes Houston, Texas property balloon payment of $18,229 (2009) and Plymouth,
Michigan property balloon payment of $4,171 (2011) both of which are expected to
be returned to the lenders in 4Q 09.
(2)
Reduced to $191,000 subsequent to quarter end.
(3)
Reduced to $87,650 subsequent to quarter end.
(4) Debts
are non-recourse to the Company. The Company has no obligation and no intent to
fund these payments.
Page 27
of 47
LEXINGTON
REALTY TRUST
2009
Mortgage Maturities by Property Type
9/30/2009
|
Property Location
|
City
|
State
|
Net Rentable
Area
|
Mortgage Balance
at Maturity
($000)
|
Maturity
Date
|
Tenant
Lease
Expires
|
Gross
Book
Value
($000) (1)
|
Cash Rent
as of
9/30/2009 ($000)
|
GAAP
Base Rent
as of
9/30/2009
($000)
|
|||||||||||||||||||||||
|
Office
|
5724
West Las Positas Blvd. (3)
|
Pleasanton
|
CA
|
40,914 | $ | 3,808 |
12/2009
|
11/2009
|
$ | 6,544 | $ | 620 | $ | 510 | ||||||||||||||||||
|
255
California St.
(3)
|
San
Francisco
|
CA
|
173,455 | $ | 20,000 |
12/2009
|
Various
|
$ | 54,674 | $ | 2,731 | $ | 2,886 | |||||||||||||||||||
|
Total
2009 Mortgage Maturities
(2)
|
214,369 | $ | 23,808 | $ | 61,218 | $ | 3,351 | $ | 3,396 | |||||||||||||||||||||||
Footnotes
(1)
Represents GAAP capitalized costs.
(2)
Excludes Houston, Texas property. We did not make the 10/2009 balloon payment of
$18,229 and the property is expected to be conveyed to the lender in 4Q
09.
(3)
Properties are in a partnership that is a variable interest entity (VIE) that is
consolidated with our operations as we are the primary beneficiary of the VIE,
however, mortgage debt will be satisfied with partnership assets only. Our
ownership interest is 0.01%.
Page 28
of 47
LEXINGTON
REALTY TRUST
2010
Mortgage Maturities by Property Type
9/30/2009
|
Property Location
|
City
|
State
|
Net Rentable
Area
|
Mortgage Balance
at Maturity
($000)
|
Maturity
Date
|
Tenant
Lease
Expires
|
Gross
Book
Value
($000) (1)
|
Cash Rent
as of
9/30/2009 ($000)
|
GAAP
Base Rent
as of
9/30/2009
($000)
|
|||||||||||||||||||||||
|
Office
|
421
Butler Farm Rd.
|
Hampton
|
VA
|
56,515 | $ | 4,144 | 04/2010 | 01/2010 | $ | 6,793 | $ | 587 | $ | 539 | ||||||||||||||||||
|
400
Butler Farm Rd.
|
Hampton
|
VA
|
100,632 | $ | 6,758 | 04/2010 | 12/2014 | $ | 12,467 | $ | 905 | $ | 931 | |||||||||||||||||||
|
550
Business Center Dr.
|
Lake
Mary
|
FL
|
125,920 | $ | 12,082 | 10/2010 | 09/2015 | $ | 23,958 | $ | 2,285 | $ | 1,308 | |||||||||||||||||||
|
600
Business Center Dr.
|
Lake
Mary
|
FL
|
125,155 | $ | 12,118 | 10/2010 | 09/2015 | $ | 23,846 | $ | 2,361 | $ | 1,244 | |||||||||||||||||||
|
6555
Sierra Dr.
|
Irving
|
TX
|
247,254 | $ | 24,454 | 10/2010 | 03/2023 | $ | 46,661 | $ | 1,691 | $ | 2,214 | |||||||||||||||||||
|
13651
McLearen Rd.
|
Herndon
|
VA
|
159,664 | $ | 17,301 | 12/2010 | 05/2018 | $ | 27,789 | $ | 2,245 | $ | 2,539 | |||||||||||||||||||
|
Industrial
|
7150
Exchequer Dr. (2)
|
Baton
Rouge
|
LA
|
79,086 | $ | 1,385 | 02/2010 | 10/2013 | $ | 4,001 | $ | 345 | $ | 329 | ||||||||||||||||||
|
3102
Queen Palm Dr.
|
Tampa
|
FL
|
229,605 | $ | 5,503 | 08/2010 | 06/2020 | $ | 9,648 | $ | 843 | $ | 957 | |||||||||||||||||||
|
Retail
|
1150
West Carl Sandburg Dr.
|
Galesburg
|
IL
|
94,970 | $ | - | 07/2010 | 12/2018 | $ | 2,884 | $ | 222 | $ | 247 | ||||||||||||||||||
|
12080
Carmel Mountain Rd.
|
San
Diego
|
CA
|
107,210 | $ | - | 07/2010 | 12/2018 | $ | 5,463 | $ | 253 | $ | 563 | |||||||||||||||||||
|
21082
Pioneer Plaza Dr.
|
Watertown
|
NY
|
120,727 | $ | - | 07/2010 | 12/2018 | $ | 5,316 | $ | 373 | $ | 361 | |||||||||||||||||||
|
255
Northgate Dr.
|
Manteca
|
CA
|
107,489 | $ | - | 07/2010 | 12/2018 | $ | 6,509 | $ | 396 | $ | 416 | |||||||||||||||||||
|
5350
Leavitt Rd.
|
Lorain
|
OH
|
193,193 | $ | - | 07/2010 | 12/2018 | $ | 8,513 | $ | 561 | $ | 548 | |||||||||||||||||||
|
97
Seneca Trail
|
Fairlea
|
WV
|
90,933 | $ | - | 07/2010 | 12/2018 | $ | 3,360 | $ | 262 | $ | 260 | |||||||||||||||||||
|
Total
2010 Mortgage Maturities
|
1,838,353 | $ | 83,745 | $ | 187,208 | $ | 13,329 | $ | 12,456 | |||||||||||||||||||||||
Footnotes
(1)
Represents GAAP capitalized costs.
(2)
Neither lender nor Lexington elected to call/put debt at 11/2009. Earliest
call/put date is 02/2010.
Page 29
of 47
LEXINGTON
REALTY TRUST
2011
Mortgage Maturities by Property Type
9/30/2009
|
Property Location
|
City
|
State
|
Net Rentable
Area
|
Mortgage Balance
at Maturity
($000)
|
Maturity
Date
|
Tenant
Lease
Expires
|
Gross
Book
Value
($000) (1)
|
Cash Rent
as of
9/30/2009
($000)
|
GAAP
Base Rent
as of
9/30/2009
($000)
|
|||||||||||||||||||||||
|
Office
|
389-399
Interpace Hwy.
|
Parsippany
|
NJ
|
340,240 | $ | 37,047 | 03/2011 | 2015/2021 | $ | 107,611 | $ | 6,919 | $ | 6,788 | ||||||||||||||||||
|
15/17
Nijborg
|
Renswoude
|
The Netherlands
|
131,805 | $ | 35,917 | 04/2011 | 2011/2018 | $ | 47,305 | $ | 2,551 | $ | 2,085 | |||||||||||||||||||
|
100
Barnes Rd.
|
Wallingford
|
CT
|
44,400 | $ | 3,187 | 05/2011 | 12/2010 | $ | 5,525 | $ | 491 | $ | 454 | |||||||||||||||||||
|
Industrial
|
291
Park Center Dr.
|
Winchester
|
VA
|
344,700 | $ | 9,675 | 08/2011 | 05/2011 | $ | 18,865 | $ | 1,206 | $ | 1,183 | ||||||||||||||||||
|
Total
2011 Mortgage Maturities (2)
|
861,145 | $ | 85,826 | $ | 179,306 | $ | 11,167 | $ | 10,510 | |||||||||||||||||||||||
Footnotes
(1)
Represents GAAP capitalized costs.
(2)
Excludes Plymouth, Michigan property as we ceased making debt service payments
on this property and expect to return the property to the lender in 4Q
09.
Page 30
of 47
LEXINGTON
REALTY TRUST
2012
Mortgage Maturities by Property Type
9/30/2009
|
Property Location
|
City
|
State
|
Net Rentable
Area
|
Mortgage Balance
at Maturity
($000)
|
Maturity
Date
|
Tenant
Lease
Expires
|
Gross
Book
Value
($000) (1)
|
Cash Rent
as of
9/30/2009
($000)
|
GAAP
Base Rent
as of
9/30/2009
($000)
|
|||||||||||||||||||||||
|
Office
|
1315
West Century Dr.
|
Louisville
|
CO
|
106,877 | $ | 7,195 | 01/2012 | 04/2017 | $ | 16,933 | $ | 993 | $ | 1,200 | ||||||||||||||||||
|
2000
Eastman Dr.
|
Milford
|
OH
|
221,215 | $ | 12,686 | 02/2012 | 04/2016 | $ | 26,401 | $ | 1,865 | $ | 1,367 | |||||||||||||||||||
|
26210
and 26220 Enterprise Court
|
Lake
Forest
|
CA
|
100,012 | $ | 9,708 | 02/2012 | 01/2012 | $ | 17,211 | $ | 1,434 | $ | 1,343 | |||||||||||||||||||
|
200
Lucent Ln.
|
Cary
|
NC
|
124,944 | $ | 12,543 | 05/2012 | 09/2011 | $ | 23,881 | $ | 1,660 | $ | 1,544 | |||||||||||||||||||
|
2050
Roanoke Rd.
|
Westlake
|
TX
|
130,290 | $ | 17,829 | 05/2012 | 12/2011 | $ | 32,697 | $ | 2,745 | $ | 2,591 | |||||||||||||||||||
|
3940
South Teller St.
|
Lakewood
|
CO
|
68,165 | $ | 7,890 | 05/2012 | 03/2012 | $ | 12,155 | $ | 877 | $ | 650 | |||||||||||||||||||
|
37101
Corporate Dr.
|
Farmington
Hills
|
MI
|
119,829 | $ | 17,724 | 09/2012 | 12/2016 | $ | 32,876 | $ | 2,305 | $ | 1,832 | |||||||||||||||||||
|
4455
American Way
|
Baton
Rouge
|
LA
|
70,100 | $ | 5,948 | 10/2012 | 10/2012 | $ | 13,868 | $ | 829 | $ | 835 | |||||||||||||||||||
|
1110
Bayfield Dr.
|
Colorado
Springs
|
CO
|
166,575 | $ | 10,272 | 12/2012 | 11/2013 | $ | 19,579 | $ | 1,307 | $ | 1,200 | |||||||||||||||||||
|
Industrial
|
245
Salem Church Rd.
|
Mechanicsburg
|
PA
|
252,000 | $ | 4,514 | 01/2012 | 12/2012 | $ | 9,085 | $ | 652 | $ | 649 | ||||||||||||||||||
|
34
East Main St.
|
New
Kingstown
|
PA
|
179,200 | $ | 2,914 | 01/2012 |
NA
|
$ | 6,034 | $ | - | $ | - | |||||||||||||||||||
|
6
Doughten Rd.
|
New
Kingstown
|
PA
|
330,000 | $ | 6,116 | 01/2012 |
NA
|
$ | 12,342 | $ | - | $ | - | |||||||||||||||||||
|
3820
Micro Dr.
|
Millington
|
TN
|
701,819 | $ | 16,222 | 05/2012 | 09/2011 | $ | 24,870 | $ | 1,830 | $ | 1,778 | |||||||||||||||||||
|
101
Michelin Dr.
|
Laurens
|
SC
|
1,164,000 | $ | 14,022 | 09/2012 | 08/2012 | $ | 34,460 | $ | 2,560 | $ | 2,478 | |||||||||||||||||||
|
7111
Crabb Rd.
|
Temperance
|
MI
|
744,570 | $ | 9,400 | 09/2012 | 08/2012 | $ | 21,249 | $ | 1,716 | $ | 1,660 | |||||||||||||||||||
|
19500
Bulverde Rd.
|
San
Antonio
|
TX
|
559,258 | $ | 26,025 | 10/2012 | 03/2016 | $ | 41,882 | $ | 2,577 | $ | 2,652 | |||||||||||||||||||
|
43955
Plymouth Oaks Blvd.
|
Plymouth
|
MI
|
290,133 | $ | 10,026 | 12/2012 | 10/2012 | $ | 19,161 | $ | 1,414 | $ | 1,376 | |||||||||||||||||||
|
Total
2012 Mortgage Maturities
|
5,328,987 | $ | 191,034 | $ | 364,684 | $ | 24,764 | $ | 23,155 | |||||||||||||||||||||||
Footnotes
(1)
Represents GAAP capitalized costs.
Page 31
of 47
LEXINGTON
REALTY TRUST
Consolidated
Properties: Mortgages and Notes Payable
9/30/2009
|
Property
|
Footnotes
|
Debt Balance
($000)
|
Interest Rate
(%)
|
Maturity (a)
|
Current
Estimated
Annual Debt
Service
($000) (d)
|
Balloon
Payment
($000)
|
||||||||||||||||
|
San
Francisco, CA
|
$ | 20,221 | 3.893 | % | 12/2009 | $ | 352 | $ | 20,000 | |||||||||||||
|
Pleasanton,
CA
|
3,863 | 10.250 | % | 12/2009 | 154 | 3,808 | ||||||||||||||||
|
Baton
Rouge, LA
|
(m)
|
1,411 | 7.375 | % | 02/2010 | 61 | 1,385 | |||||||||||||||
|
Hampton,
VA
|
6,814 | 8.270 | % | 04/2010 | 387 | 6,758 | ||||||||||||||||
|
Hampton,
VA
|
4,178 | 8.260 | % | 04/2010 | 237 | 4,144 | ||||||||||||||||
|
Lorain,
OH
|
(b)
|
381 | 5.540 | % | 07/2010 | 402 | - | |||||||||||||||
|
Manteca,
CA
|
(b)
|
269 | 5.540 | % | 07/2010 | 284 | - | |||||||||||||||
|
Watertown,
NY
|
(b)
|
253 | 5.540 | % | 07/2010 | 267 | - | |||||||||||||||
|
Lewisburg,
WV
|
(b)
|
178 | 5.540 | % | 07/2010 | 188 | - | |||||||||||||||
|
San
Diego, CA
|
(b)
|
172 | 5.540 | % | 07/2010 | 181 | - | |||||||||||||||
|
Galesburg,
IL
|
(b)
|
151 | 5.540 | % | 07/2010 | 159 | - | |||||||||||||||
|
Tampa,
FL
|
5,586 | 6.880 | % | 08/2010 | 437 | 5,503 | ||||||||||||||||
|
Irving,
TX
|
(b)
|
25,162 | 6.587 | % | 10/2010 | 2,364 | 24,454 | |||||||||||||||
|
Lake
Mary, FL
|
(b)
|
12,487 | 6.502 | % | 10/2010 | 1,181 | 12,118 | |||||||||||||||
|
Lake
Mary, FL
|
(b)
|
12,451 | 6.502 | % | 10/2010 | 1,178 | 12,082 | |||||||||||||||
|
Herndon,
VA
|
17,620 | 8.180 | % | 12/2010 | 1,723 | 17,301 | ||||||||||||||||
|
Parsippany,
NJ
|
(b)
|
38,512 | 6.349 | % | 03/2011 | 3,472 | 37,047 | |||||||||||||||
|
Renswoude,
NA
|
37,251 | 5.305 | % | 04/2011 | 2,871 | 35,917 | ||||||||||||||||
|
Wallingford,
CT
|
3,275 | 4.926 | % | 05/2011 | 221 | 3,187 | ||||||||||||||||
|
Plymouth,
MI
|
(f)
|
4,335 | 7.960 | % | 07/2011 | 421 | 4,171 | |||||||||||||||
|
Winchester,
VA
|
(b)
|
10,190 | 6.346 | % | 08/2011 | 908 | 9,675 | |||||||||||||||
|
Louisville,
CO
|
7,445 | 5.830 | % | 01/2012 | 544 | 7,195 | ||||||||||||||||
|
New
Kingston, PA
|
6,517 | 7.790 | % | 01/2012 | 678 | 6,116 | ||||||||||||||||
|
Mechanicsburg,
PA
|
4,810 | 7.780 | % | 01/2012 | 500 | 4,514 | ||||||||||||||||
|
New
Kingston, PA
|
3,105 | 7.780 | % | 01/2012 | 323 | 2,914 | ||||||||||||||||
|
Milford,
OH
|
(b)
|
14,754 | 6.612 | % | 02/2012 | 1,822 | 12,686 | |||||||||||||||
|
Lake
Forest, CA
|
10,093 | 7.260 | % | 02/2012 | 901 | 9,708 | ||||||||||||||||
|
Westlake,
TX
|
(b)
|
18,562 | 5.392 | % | 05/2012 | 1,280 | 17,829 | |||||||||||||||
|
Millington,
TN
|
16,964 | 5.247 | % | 05/2012 | 1,181 | 16,222 | ||||||||||||||||
|
Cary,
NC
|
(b)
|
12,708 | 5.584 | % | 05/2012 | 720 | 12,543 | |||||||||||||||
|
Lakewood,
CO
|
8,273 | 5.097 | % | 05/2012 | 566 | 7,890 | ||||||||||||||||
|
Farmington
Hills, MI
|
(b)
|
18,952 | 5.723 | % | 09/2012 | 1,500 | 17,724 | |||||||||||||||
|
Laurens,
SC
|
(b)
|
15,503 | 5.911 | % | 09/2012 | 1,396 | 14,022 | |||||||||||||||
|
Temperance,
MI
|
(b)
|
10,393 | 5.912 | % | 09/2012 | 936 | 9,400 | |||||||||||||||
|
Baton
Rouge, LA
|
(b)
|
6,291 | 5.333 | % | 10/2012 | 443 | 5,948 | |||||||||||||||
|
San
Antonio, TX
|
27,813 | 6.080 | % | 10/2012 | 2,260 | 26,025 | ||||||||||||||||
|
Plymouth,
MI
|
(b)
|
11,259 | 5.964 | % | 12/2012 | 1,026 | 10,026 | |||||||||||||||
|
Colorado
Springs, CO
|
(b)
|
11,024 | 5.996 | % | 12/2012 | 887 | 10,272 | |||||||||||||||
|
Fort
Mill, SC
|
10,581 | 6.000 | % | 01/2013 | 839 | 9,904 | ||||||||||||||||
|
Centennial,
CO
|
(b)
|
14,770 | 5.724 | % | 02/2013 | 1,177 | 13,555 | |||||||||||||||
|
Los
Angeles, CA
|
(b)
|
76,585 | 5.734 | % | 05/2013 | 5,361 | 73,071 | |||||||||||||||
|
Atlanta,
GA
|
43,116 | 5.268 | % | 05/2013 | 3,004 | 40,356 | ||||||||||||||||
|
Dallas,
TX
|
(b)
|
38,688 | 5.452 | % | 05/2013 | 2,702 | 36,466 | |||||||||||||||
|
Houston,
TX
|
16,823 | 5.218 | % | 05/2013 | 1,166 | 15,737 | ||||||||||||||||
|
Southington,
CT
|
13,083 | 5.018 | % | 05/2013 | 890 | 12,228 | ||||||||||||||||
|
Indianapolis,
IN
|
9,164 | 5.168 | % | 05/2013 | 633 | 8,580 | ||||||||||||||||
|
Fort
Meyers, FL
|
8,912 | 5.268 | % | 05/2013 | 523 | 8,550 | ||||||||||||||||
|
Phoenix,
AZ
|
18,166 | 6.270 | % | 09/2013 | 1,527 | 16,490 | ||||||||||||||||
Page 32
of 47
LEXINGTON
REALTY TRUST
Consolidated
Properties: Mortgages and Notes Payable
9/30/2009
|
Property
|
Footnotes
|
Debt Balance
($000)
|
Interest Rate
(%)
|
Maturity (a)
|
Current
Estimated
Annual Debt
Service
($000) (d)
|
Balloon
Payment
($000)
|
||||||||||||||||
|
Foxboro,
MA
|
(b)
|
13,750 | 6.000 | % | 01/2014 | 3,270 | - | |||||||||||||||
|
Moody,
AL
|
7,009 | 4.978 | % | 01/2014 | 493 | 6,350 | ||||||||||||||||
|
Logan
Township, NJ
|
(b)
|
7,188 | 5.545 | % | 04/2014 | 482 | 6,784 | |||||||||||||||
|
Clive,
IA
|
5,627 | 5.139 | % | 05/2014 | 387 | 5,151 | ||||||||||||||||
|
Fort
Mill, SC
|
19,760 | 5.373 | % | 05/2014 | 1,364 | 18,311 | ||||||||||||||||
|
Philadelphia,
PA
|
47,497 | 5.060 | % | 07/2014 | 3,178 | 43,547 | ||||||||||||||||
|
Eau
Claire, WI
|
1,234 | 8.000 | % | 07/2014 | 313 | - | ||||||||||||||||
|
Fishers,
IN
|
11,540 | 6.375 | % | 08/2014 | 932 | 10,466 | ||||||||||||||||
|
Columbus,
IN
|
(i)
|
25,831 | 6.150 | % | 09/2014 | 1,611 | 25,831 | |||||||||||||||
|
Las
Vegas, NV
|
(i)
|
31,427 | 6.150 | % | 09/2014 | 1,960 | 31,427 | |||||||||||||||
|
Memphis,
TN
|
(i)
|
46,253 | 6.150 | % | 09/2014 | 2,884 | 46,253 | |||||||||||||||
|
Issaquah,
WA
|
(b)
|
31,849 | 5.665 | % | 12/2014 | 1,930 | 30,388 | |||||||||||||||
|
Canonsburg,
PA
|
(b)
|
9,076 | 5.426 | % | 12/2014 | 489 | 9,095 | |||||||||||||||
|
Chicago,
IL
|
(b)
|
29,171 | 5.639 | % | 01/2015 | 1,548 | 29,900 | |||||||||||||||
|
Carrollton,
TX
|
13,513 | 5.530 | % | 01/2015 | 993 | 12,022 | ||||||||||||||||
|
Herndon,
VA
|
(b)
|
11,606 | 5.885 | % | 04/2015 | 888 | 10,359 | |||||||||||||||
|
Richmond,
VA
|
(b)
|
19,551 | 5.377 | % | 05/2015 | 1,134 | 18,321 | |||||||||||||||
|
Houston,
TX
|
16,141 | 5.160 | % | 05/2015 | 1,114 | 14,408 | ||||||||||||||||
|
Rockaway,
NJ
|
14,900 | 5.292 | % | 05/2015 | 799 | 14,900 | ||||||||||||||||
|
Houston,
TX
|
12,608 | 5.210 | % | 05/2015 | 874 | 11,265 | ||||||||||||||||
|
Fishers,
IN
|
12,533 | 5.160 | % | 05/2015 | 865 | 11,188 | ||||||||||||||||
|
San
Antonio, TX
|
12,449 | 5.340 | % | 05/2015 | 875 | 11,149 | ||||||||||||||||
|
Atlanta,
GA
|
11,325 | 5.260 | % | 05/2015 | 664 | 10,502 | ||||||||||||||||
|
Los
Angeles, CA
|
10,928 | 5.110 | % | 05/2015 | 750 | 9,760 | ||||||||||||||||
|
Richmond,
VA
|
10,115 | 5.310 | % | 05/2015 | 708 | 9,055 | ||||||||||||||||
|
Harrisburg,
PA
|
8,723 | 5.110 | % | 05/2015 | 599 | 7,780 | ||||||||||||||||
|
Knoxville,
TN
|
7,437 | 5.310 | % | 05/2015 | 520 | 6,658 | ||||||||||||||||
|
Tulsa,
OK
|
7,302 | 5.060 | % | 05/2015 | 499 | 6,517 | ||||||||||||||||
|
Carrollton,
TX
|
(b)
|
20,150 | 5.725 | % | 07/2015 | 1,382 | 18,710 | |||||||||||||||
|
Elizabethtown,
KY
|
(j)
|
15,175 | 4.990 | % | 07/2015 | 1,045 | 13,393 | |||||||||||||||
|
Hopkinsville,
KY
|
8,895 | 4.990 | % | 07/2015 | 612 | 7,851 | ||||||||||||||||
|
Dry
Ridge, KY
|
(o)
|
6,524 | 4.990 | % | 07/2015 | 449 | 5,758 | |||||||||||||||
|
Owensboro,
KY
|
(o)
|
5,800 | 4.990 | % | 07/2015 | 399 | 5,119 | |||||||||||||||
|
Elizabethtown,
KY
|
(j)
|
2,863 | 4.990 | % | 07/2015 | 197 | 2,527 | |||||||||||||||
|
Houston,
TX
|
(b)
|
51,989 | 6.250 | % | 09/2015 | 8,159 | 18,161 | |||||||||||||||
|
Sugar
Land, TX
|
(b)
|
13,477 | 6.250 | % | 09/2015 | 2,083 | 6,286 | |||||||||||||||
|
Bridgewater,
NJ
|
14,805 | 5.732 | % | 03/2016 | 860 | 13,825 | ||||||||||||||||
|
Omaha,
NE
|
8,582 | 5.610 | % | 04/2016 | 621 | 7,560 | ||||||||||||||||
|
Tempe,
AZ
|
8,105 | 5.610 | % | 04/2016 | 586 | 7,140 | ||||||||||||||||
|
Lisle,
IL
|
10,306 | 6.500 | % | 06/2016 | 793 | 9,377 | ||||||||||||||||
|
Dallas,
TX
|
(b)
|
18,531 | 5.939 | % | 07/2016 | 1,136 | 18,365 | |||||||||||||||
|
Rochester,
NY
|
18,579 | 6.210 | % | 08/2016 | 1,383 | 16,765 | ||||||||||||||||
|
Statesville,
NC
|
13,934 | 6.210 | % | 08/2016 | 1,037 | 12,574 | ||||||||||||||||
|
Rockford,
IL
|
6,819 | 6.210 | % | 08/2016 | 508 | 6,153 | ||||||||||||||||
|
Glenwillow,
OH
|
16,811 | 6.130 | % | 09/2016 | 1,240 | 15,132 | ||||||||||||||||
|
Memphis,
TN
|
3,915 | 5.710 | % | 01/2017 | 275 | 3,484 | ||||||||||||||||
|
Orlando,
FL
|
9,975 | 5.722 | % | 02/2017 | 579 | 9,309 | ||||||||||||||||
|
Dubuque,
IA
|
10,320 | 5.402 | % | 06/2017 | 733 | 8,725 | ||||||||||||||||
|
Shreveport,
LA
|
19,000 | 5.690 | % | 07/2017 | 1,096 | 19,000 | ||||||||||||||||
Page 33
of 47
LEXINGTON
REALTY TRUST
Consolidated
Properties: Mortgages and Notes Payable
9/30/2009
|
Property
|
Footnotes
|
Debt Balance
($000)
|
Interest Rate
(%)
|
Maturity (a)
|
Current
Estimated
Annual Debt
Service
($000) (d)
|
Balloon
Payment
($000)
|
||||||||||||||||
|
McDonough,
GA
|
23,000 | 6.110 | % |
11/2017
|
1,425 | 21,651 | ||||||||||||||||
|
Lorain,
OH
|
(b)
|
1,261 | 7.750 | % |
07/2018
|
108 | - | |||||||||||||||
|
Manteca,
CA
|
(b)
|
891 | 7.750 | % |
07/2018
|
77 | - | |||||||||||||||
|
Watertown,
NY
|
(b)
|
837 | 7.750 | % |
07/2018
|
72 | - | |||||||||||||||
|
Lewisburg,
WV
|
(b)
|
588 | 7.750 | % |
07/2018
|
51 | - | |||||||||||||||
|
San
Diego, CA
|
(b)
|
568 | 7.750 | % |
07/2018
|
49 | - | |||||||||||||||
|
Galesburg,
IL
|
(b)
|
500 | 7.750 | % |
07/2018
|
43 | - | |||||||||||||||
|
Boston,
MA
|
13,577 | 6.100 | % |
12/2018
|
996 | 11,520 | ||||||||||||||||
|
Overland
Park, KS
|
(b)
|
37,351 | 5.891 | % |
05/2019
|
2,657 | 31,819 | |||||||||||||||
|
Kansas
City, MO
|
(b)
|
17,800 | 5.883 | % |
05/2019
|
1,268 | 15,182 | |||||||||||||||
|
Streetsboro,
OH
|
(b)
|
19,263 | 5.749 | % |
09/2019
|
1,344 | 16,338 | |||||||||||||||
|
Boca
Raton, FL
|
20,400 | 6.470 | % |
02/2020
|
1,338 | 18,383 | ||||||||||||||||
|
Wall
Township, NJ
|
(b)
|
28,098 | 6.250 | % |
01/2021
|
3,039 | - | |||||||||||||||
|
Charleston,
SC
|
7,350 | 5.850 | % |
02/2021
|
436 | 6,632 | ||||||||||||||||
|
Durham,
NH
|
(b)
|
18,866 | 6.750 | % |
03/2021
|
2,196 | - | |||||||||||||||
|
Antioch,
TN
|
(b)
|
13,599 | 6.320 | % |
10/2021
|
1,580 | 774 | |||||||||||||||
|
Whippany,
NJ
|
16,111 | 6.298 | % |
11/2021
|
1,344 | 10,400 | ||||||||||||||||
|
Dillon,
SC
|
22,138 | 5.974 | % |
02/2022
|
1,832 | 13,269 | ||||||||||||||||
|
Subtotal/Wtg.
Avg./Years Remaining (p)(l)
|
$ | 1,642,210 | 5.853 | % |
4.9
|
$ | 129,384 | $ | 1,412,090 | |||||||||||||
Page 34
of 47
LEXINGTON
REALTY TRUST
Consolidated
Properties: Mortgages and Notes Payable
9/30/2009
|
Property
|
Footnotes
|
Debt Balance
($000)
|
Interest Rate
(%)
|
Maturity (a)
|
Current
Estimated
Annual Debt
Service
($000) (d)
|
Balloon
Payment
($000)
|
||||||||||||||||
|
Corporate
|
||||||||||||||||||||||
|
Credit
Facility
|
(c)
|
$ | 30,000 | 3.094 | % |
02/2011
|
$ | 941 | $ | 30,000 | ||||||||||||
|
Term
Loan
|
(c)
|
165,000 | 3.094 | % |
02/2011
|
5,176 | 165,000 | |||||||||||||||
|
Exchangeable
Notes
|
(e)(n)
|
105,200 | 5.450 | % |
01/2012
|
5,733 | 105,200 | |||||||||||||||
|
Term
Loan
|
(h)(k)
|
35,723 | 5.520 | % |
03/2013
|
1,999 | 35,723 | |||||||||||||||
|
Term
Loan
|
(h)(k)
|
25,000 | 5.520 | % |
03/2013
|
1,399 | 25,000 | |||||||||||||||
|
Trust
Preferred Notes
|
(g)
|
129,120 | 6.804 | % |
04/2037
|
8,785 | 129,120 | |||||||||||||||
|
Subtotal/Wtg.
Avg./Years Remaining (l)
|
$ | 490,043 | 4.878 | % |
8.7
|
$ | 24,033 | $ | 490,043 | |||||||||||||
|
Total/Wtg.
Avg./Years Remaining (p)(l)
|
$ | 2,132,253 | 5.629 | % |
5.8
|
$ | 153,417 | $ | 1,902,133 | |||||||||||||
Footnotes
|
(a)
|
Subtotal
and total based on weighted average term to maturity shown in years based
on debt balance.
|
|
(b)
|
Debt
balances based upon imputed interest
rates.
|
|
(c)
|
Floating
rate debt 30/60/90/120 day LIBOR plus 285 bps, maturity can be extended to
02/2012 at the Company's option.
|
|
(d)
|
Remaining
payments for debt with less than 12 months to maturity, all others are
debt service for next 12 months.
|
|
(e)
|
Holders
have the right to put notes to the Company commencing 2012 and every five
years thereafter. Notes mature in
2027.
|
|
(f)
|
The
Company ceased making debt service payments on this
property.
|
|
(g)
|
Rate
fixed through April 2017, thereafter LIBOR plus 170
bps.
|
|
(h)
|
Rate
is swapped to fixed rate through
maturity.
|
|
(i)
|
Properties
are cross-collateralized
properties.
|
|
(j)
|
Properties
are cross-collateralized
properties.
|
|
(k)
|
Represents
full payable of loans, discount of $3,419 excluded from
balance.
|
|
(l)
|
Total
shown may differ from detailed amounts due to
rounding.
|
|
(m)
|
Mortgage
call date was 11/2009. Lender did not call and earliest call date is
currently 02/2010.
|
|
(n)
|
Represents
full payable of notes, discount of $2,610 excluded from
balance.
|
|
(o)
|
Properties
are cross-collateralized
properties.
|
|
(p)
|
Does
not include $18,229 (Houston, Texas.) The Company did not make the 10/2009
balloon payment of $18,229.
|
Page 35
of 47
LEXINGTON
REALTY TRUST
Non-
Consolidated Investments: Mortgages & Notes Payable
9/30/2009
|
Joint Venture
|
Footnotes
|
Debt
Balance
($000)
|
LXP
Proportionate
Share
($000) (8)
|
Interest
Rate (%)
|
Maturity
|
Current
Estimated
Annual Debt
Service
($000) (7)(10)
|
Balloon
Payment
($000)
|
Proportionate
Share Balloon
Payment
($000) (8)
|
||||||||||||||||||||||
|
Net
Lease Strategic
|
$ | 7,727 | $ | 1,159 | 6.930 | % | 08/2010 | $ | 618 | $ | 7,603 | $ | 1,140 | |||||||||||||||||
|
Harpard
|
660 | 180 | 9.875 | % | 01/2011 | 531 | - | - | ||||||||||||||||||||||
|
Net
Lease Strategic
|
2,152 | 323 | 7.500 | % | 01/2011 | 226 | 2,076 | 311 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
13,710 | 2,057 | 7.400 | % | 04/2011 | 1,258 | 13,365 | 2,005 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
30,582 | 4,587 | 5.126 | % | 05/2011 | 1,589 | 30,582 | 4,587 | ||||||||||||||||||||||
|
Taber
|
499 | 136 | 10.125 | % | 06/2011 | 313 | - | - | ||||||||||||||||||||||
|
Jayal
|
812 | 241 | 11.500 | % | 03/2012 | 365 | - | - | ||||||||||||||||||||||
|
Net
Lease Strategic
|
22,761 | 3,414 | 5.147 | % | 05/2012 | 1,311 | 22,153 | 3,323 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,601 | 1,440 | 7.670 | % | 01/2013 | 2,817 | - | - | ||||||||||||||||||||||
|
Net
Lease Strategic
|
12,974 | 1,946 | 5.148 | % | 05/2013 | 894 | 12,144 | 1,822 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
4,872 | 731 | 5.950 | % | 09/2013 | 381 | 4,496 | 674 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
20,324 | 3,049 | 5.810 | % | 02/2014 | 1,551 | 18,588 | 2,788 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,332 | 1,400 | 5.616 | % | 04/2014 | 697 | 8,484 | 1,273 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
1,185 | 178 | 8.500 | % | 04/2015 | 271 | - | - | ||||||||||||||||||||||
|
Net
Lease Strategic
|
16,798 | 2,520 | 5.411 | % | 05/2015 | 1,189 | 15,087 | 2,263 | ||||||||||||||||||||||
|
Net
Lease Strategic - Oklahoma TIC
|
14,749 | 885 | 5.240 | % | 05/2015 | 845 | 13,673 | 820 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
12,504 | 1,876 | 5.212 | % | 06/2015 | 836 | 11,349 | 1,702 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
6,078 | 912 | 5.783 | % | 06/2015 | 462 | 5,371 | 806 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
19,856 | 2,978 | 8.036 | % | 09/2015 | 3,352 | 6,925 | 1,039 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
5,670 | 851 | 8.036 | % | 09/2015 | 925 | 2,203 | 330 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
8,525 | 1,279 | 6.090 | % | 01/2016 | 668 | 7,446 | 1,117 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
6,301 | 945 | 6.090 | % | 04/2016 | 494 | 5,465 | 820 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
6,440 | 966 | 6.315 | % | 09/2016 | 497 | 5,723 | 858 | ||||||||||||||||||||||
|
One
Summit
|
17,214 | 5,164 | 9.375 | % | 10/2016 | 3,344 | - | - | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,097 | 1,365 | 6.063 | % | 11/2016 | 683 | 8,023 | 1,203 | ||||||||||||||||||||||
|
One
Summit
|
11,200 | 3,360 | 10.625 | % | 11/2016 | 2,239 | - | - | ||||||||||||||||||||||
|
Net
Lease Strategic
|
8,954 | 1,343 | 5.910 | % | 10/2018 | 728 | 6,624 | 994 | ||||||||||||||||||||||
|
Dallas
Commerce
|
12,224 | 3,159 | 15.000 | % | 12/2018 | 2,455 | - | - | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,760 | 1,464 | 6.010 | % | 08/2019 | 753 | 7,658 | 1,149 | ||||||||||||||||||||||
Page 36
of 47
LEXINGTON
REALTY TRUST
Non-
Consolidated Investments: Mortgages & Notes Payable
9/30/2009
|
Joint Venture
|
Footnotes
|
Debt
Balance
($000)
|
LXP
Proportionate
Share
($000) (8)
|
Interest
Rate (%)
|
Maturity
|
Current
Estimated
Annual Debt
Service
($000) (7)(10)
|
Balloon
Payment
($000)
|
Proportionate
Share Balloon
Payment
($000) (8)
|
||||||||||||||||||||||
|
Net
Lease Strategic
|
7,500 | 1,125 | 6.507 | % |
11/2019
|
495 | 6,692 | 1,004 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,891 | 1,484 | 9.800 | % |
12/2019
|
1,961 | - | - | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,857 | 1,479 | 6.270 | % |
12/2019
|
774 | 7,755 | 1,163 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,968 | 1,495 | 5.930 | % |
10/2020
|
750 | 7,660 | 1,149 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,344 | 1,402 | 5.460 | % |
12/2020
|
741 | 5,895 | 884 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
9,480 | 1,422 | 5.640 | % |
01/2021
|
692 | 7,018 | 1,053 | ||||||||||||||||||||||
|
Net
Lease Strategic
|
12,226 | 1,834 | 5.380 | % |
08/2025
|
1,144 | 362 | 54 | ||||||||||||||||||||||
|
BCBS
LLC
|
22,586 | 9,034 | 9.850 | % |
03/2026
|
7,324 | - | - | ||||||||||||||||||||||
|
Subtotal/Wtg.
Avg. (4)/Years
Remaining (5)
|
$ | 393,413 | $ | 69,183 | 7.516 | % |
7.6
|
$ | 46,173 | $ | 250,420 | $ | 36,332 | |||||||||||||||||
Page 37
of 47
LEXINGTON
REALTY TRUST
Non-
Consolidated Investments: Mortgages & Notes Payable
9/30/2009
|
Joint Venture
|
Footnotes
|
Debt
Balance
($000)
|
LXP
Proportionate
Share
($000) (8)
|
Interest
Rate (%)
|
Maturity
|
Current
Estimated
Annual Debt
Service
($000) (7)(10)
|
Balloon
Payment
($000)
|
Proportionate
Share Balloon
Payment
($000) (8)
|
||||||||||||||||||||||
|
Corporate
|
||||||||||||||||||||||||||||||
|
Concord
|
(6)(9)
|
$ | 73,666 | $ | 36,833 | 3.250 | % |
12/2010
|
$ | 5,682 | $ | 69,466 | $ | 34,733 | ||||||||||||||||
|
Concord
|
(1)(9)
|
79,313 | 39,657 | 1.298 | % |
12/2010
|
1,044 | 79,313 | 39,657 | |||||||||||||||||||||
|
Concord
|
(3)(9)
|
10,016 | 5,008 | 1.246 | % |
01/2011
|
127 | 10,016 | 5,008 | |||||||||||||||||||||
|
Concord
|
(3)(9)
|
59,613 | 29,807 | 1.241 | % |
02/2012
|
750 | 59,613 | 29,807 | |||||||||||||||||||||
|
Concord
|
(2)(9)
|
347,525 | 173,763 | 1.952 | % |
12/2016
|
6,878 | 347,525 | 173,763 | |||||||||||||||||||||
|
Subtotal/Wtg.
Avg. (4)/Years
Remaining (5)
|
$ | 570,133 | $ | 285,068 | 1.942 | % |
5.0
|
$ | 14,481 | $ | 565,933 | $ | 282,968 | |||||||||||||||||
|
Total/Wtg.
Avg. (4)/Years
Remaining (5)
|
$ | 963,546 | $ | 354,251 | 3.031 | % |
5.5
|
$ | 60,654 | $ | 816,353 | $ | 319,300 | |||||||||||||||||
Footnotes
|
(1)
|
The
balance has to be reduced to $60.0 million by
12/31/09.
|
(2) Collateralized
debt obligation of investment grade-rated debt secured directly or indirectly by
real estate assets. Portion subject to fixed rate swaps.
|
(3)
|
Represents
amount outstanding on term loans.
|
|
(4)
|
Weighted
average interest rate based on proportionate
share.
|
|
(5)
|
Weighted
average years remaining on maturities based on proportionate debt
balance.
|
|
(6)
|
Maturity
date can be extended to 12/31/13 if certain criteria are
met.
|
(7) Amounts
represent estimated 12 months debt service regardless of maturity date for
corporate level debt.
|
(8)
|
Total
balance shown may differ from detailed amounts due to
rounding.
|
|
(9)
|
Lexington
proportionate share is 50.0%.
|
(10) Remaining
payments for debt with less than 12 months to maturity, all others are debt
service for 12 months.
Page 38
of 47
LEXINGTON
REALTY TRUST
Noncontrolling
Interest Properties- Partners' Proportionate Share
Nine
Months Ended September 30, 2009
($000)
Noncontrolling
Interest Properties - Partners' Proportionate Share (1)
|
EBITDA
(2)
|
$ | 3,289 | ||
|
Interest
expense
|
$ | 866 | ||
|
Non-operating
income (2)
|
$ | 1,132 | ||
|
Depreciation
and amortization
|
$ | 1,677 |
Footnotes
(1) Does
not include OP unit noncontrolling interests.
(2)
Includes $1,125 non-cash income for the transfer of land in Long Beach,
California.
Page 39
of 47
LEXINGTON
REALTY TRUST
Non-Consolidated
Investments - Proportionate Share
Nine
Months Ended September 30, 2009
($000)
Non-Consolidated
Operations- Net Leased Real Estate
|
EBITDA
|
$ | 25,297 | ||
|
Interest
expense
|
$ | 3,475 |
Non-Consolidated
Operations- Debt Platform
|
EBITDA
|
$ | 10,997 | ||
|
Interest
expense
|
$ | 6,086 | ||
|
Impairment
charges, loan losses and reserves
|
$ | 85,721 |
Page 40
of 47
LEXINGTON
REALTY TRUST
Selected
Balance Sheet Account Detail
As of
September 30, 2009
($000)
|
Investments
in and advances to non-consolidated entities
|
$ | 61,772 | ||
|
Lexington's
"Investments in and advances to non-consolidated entities" line item
includes investments in entities which invest in net leased
properties.
|
||||
|
Other
assets
|
$ | 30,413 | ||
|
The
components of other assets are:
|
||||
|
Deposits,
including forward purchase equity commitment
|
$ | 16,232 | ||
|
Equipment
|
1,576 | |||
|
Prepaids
|
6,443 | |||
|
Other
receivables
|
1,244 | |||
|
Other
|
4,918 | |||
|
Accounts
payable and other liabilities
|
$ | 43,643 | ||
|
The
components of accounts payable and other liabilities are:
|
||||
|
Accounts
payable and accrued expenses
|
$ | 17,649 | ||
|
CIP
accruals and other
|
5,753 | |||
|
Taxes
|
850 | |||
|
Deferred
lease costs
|
2,004 | |||
|
Subordinated
notes
|
2,072 | |||
|
Deposits
|
1,622 | |||
|
Escrows
|
2,292 | |||
|
Sale/leaseback
financing obligation
|
4,750 | |||
|
Transaction
costs
|
888 | |||
|
Derivative
liability
|
5,763 |
Page 41
of 47
Base
Rent Estimates for Current Assets
9/30/2009
($000)
|
Year
|
Cash
|
GAAP
|
||||||
|
2009-remaining
|
$ | 77,248 | $ | 79,644 | ||||
|
2010
|
310,020 | 311,537 | ||||||
|
2011
|
299,666 | 300,596 | ||||||
|
2012
|
271,075 | 271,499 | ||||||
|
2013
|
231,972 | 231,533 | ||||||
Amounts
assume (1) lease terms for non-cancellable periods only, (2) that all below
market leases are renewed by the tenants at the option rate and (3) that no new
or renegotiated leases are entered into for any other property.
Page 42
of 47
Major
Markets
9/30/2009
|
Core Based Statistical Area (2)
|
Percent of
GAAP Base Rent
as of
09/30/2009 (1)
|
||
|
1
|
Dallas-Fort
Worth-Arlington, TX
|
8.0%
|
|
|
2
|
Los
Angeles-Long Beach-Santa Ana, CA
|
6.2%
|
|
|
3
|
New
York-Northern New Jersey-Long Island, NY-NJ-PA
|
6.0%
|
|
|
4
|
Houston-Sugar
Land-Baytown, TX
|
4.7%
|
|
|
5
|
Memphis,
TN-MS-AR
|
3.9%
|
|
|
6
|
Baltimore-Towson,
MD
|
3.8%
|
|
|
7
|
Atlanta-Sandy
Springs-Marietta, GA
|
3.5%
|
|
|
8
|
Orlando-Kissimmee,
FL
|
3.2%
|
|
|
9
|
Kansas
City, MO-KS
|
3.0%
|
|
|
10
|
Detroit-Warren-Livonia,
MI
|
2.4%
|
|
|
11
|
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
|
2.1%
|
|
|
12
|
Boston-Cambridge-Quincy,
MA-NH
|
2.1%
|
|
|
13
|
Indianapolis-Carmel,
IN
|
2.0%
|
|
|
14
|
Chicago-Naperville-Joliet,
IL-IN-WI
|
2.0%
|
|
|
15
|
Salt
Lake City, UT
|
1.9%
|
|
|
16
|
Charlotte-Gastonia-Concord,
NC-SC
|
1.8%
|
|
|
17
|
Phoenix-Mesa-Scottsdale,
AZ
|
1.6%
|
|
|
18
|
Washington-Arlington-Alexandria,
DC-VA-MD-WV
|
1.6%
|
|
|
19
|
Beaumont-Port
Arthur, TX
|
1.6%
|
|
|
20
|
Richmond,
VA
|
1.6%
|
|
|
21
|
San
Antonio, TX
|
1.5%
|
|
|
22
|
Seattle-Tacoma-Bellevue,
WA
|
1.5%
|
|
|
23
|
Denver-Aurora,
CO
|
1.4%
|
|
|
24
|
Cincinnati-Middletown,
OH-KY-IN
|
1.3%
|
|
|
25
|
Columbus,
IN
|
1.3%
|
|
|
26
|
San
Francisco-Oakland-Fremont, CA
|
1.3%
|
|
|
27
|
Miami-Fort
Lauderdale-Pompano Beach, FL
|
1.3%
|
|
|
28
|
Las
Vegas-Paradise, NV
|
1.2%
|
|
|
29
|
Columbus,
OH
|
1.1%
|
|
|
30
|
Honolulu,
HI
|
1.0%
|
|
|
31
|
San
Jose-Sunnyvale-Santa Clara, CA
|
1.0%
|
|
|
32
|
Elizabethtown,
KY
|
1.0%
|
|
|
33
|
Greenville-Mauldin-Easley,
SC
|
1.0%
|
|
|
|
Areas which account for 1% or
greater of total GAAP base rent (3)
|
79.2%
|
Footnotes
(1) Nine
months ended 09/30/2009 GAAP base rent recognized for consolidated properties
owned as of 09/30/2009.
(2) A
Core Based Statistical Area is the official term for a functional region based
around an urban center of at least 10,000 people, based on standards published
by the Office of Management and Budget (OMB) in 2000. These standards are used
to replace the definitions of metropolitan areas that were defined in
1990.
(3) Total
shown may differ from detailed amounts due to rounding. Excludes Houston, Texas
property expected to be conveyed to the lender in 4Q 09.
Page 43
of 47
LEXINGTON
REALTY TRUST
Tenant
Industry Diversification
9/30/2009
|
Industry Category
|
Percent of
GAAP Base Rent
as of
09/30/2009 (1)
|
|
Finance/Insurance
|
15.9%
|
|
Energy
|
10.3%
|
|
Technology
|
8.9%
|
|
Automotive
|
8.5%
|
|
Healthcare
|
6.7%
|
|
Food
|
6.5%
|
|
Consumer
Products/Other
|
6.4%
|
|
Service
|
6.3%
|
|
Media/Advertising
|
5.8%
|
|
Transportation/Logistics
|
5.1%
|
|
Aerospace/Defense
|
3.8%
|
|
Construction
Materials
|
2.7%
|
|
Retail
Department & Discount
|
2.5%
|
|
Printing/Production
|
2.4%
|
|
Telecommunications
|
2.1%
|
|
Other
|
1.5%
|
|
Real
Estate
|
1.3%
|
|
Apparel
|
1.2%
|
|
Retail
- Specialty
|
1.1%
|
|
Security
|
0.5%
|
|
Retail
- Electronics
|
0.3%
|
|
Health/Fitness
|
0.1%
|
|
Total (2)
|
100.0%
|
Footnotes
(1) Nine
months ended 09/30/2009 GAAP base rent recognized for consolidated properties
owned as of 09/30/2009.
(2) Total
shown may differ from detailed amounts due to rounding. Excludes Houston, Texas
property expected to be conveyed to the lender in 4Q 09.
Page 44
of 47
LEXINGTON
REALTY TRUST
Other
Revenue Data
9/30/2009
|
GAAP Base Rent
as of 09/30/09
($000) (1)
|
Percentage
|
|||||||
|
Asset Class
|
||||||||
|
Office
|
$ | 193,253 | 76.0 | % | ||||
|
Industrial
|
$ | 48,655 | 19.1 | % | ||||
|
Retail
|
$ | 12,445 | 4.9 | % | ||||
| $ | 254,353 | 100.0 | % | |||||
|
Credit Rating
|
||||||||
|
Investment
Grade
|
$ | 111,837 | 44.0 | % | ||||
|
Non-Investment
Grade
|
$ | 24,945 | 9.8 | % | ||||
|
Unrated
|
$ | 117,571 | 46.2 | % | ||||
| $ | 254,353 | 100.0 | % | |||||
Footnotes
(1) Nine
months ended 09/30/2009 GAAP base rent recognized for consolidated properties
owned as of 09/30/2009.
(2) Total
shown may differ from detailed amounts due to rounding. Excludes Houston, Texas
property expected to be conveyed to the lender in 4Q 09.
Page 45
of 47
LEXINGTON
REALTY TRUST
Top
10 Tenants or Guarantors
9/30/2009
|
Tenant or Guarantor (4)
|
Number of
Leases
|
Sq. Ft. Leased
|
Sq. Ft. Leased
as a Percent of
Consolidated
Portfolio (2)
|
GAAP Base
Rent as of
09/30/09
($000) (1)
|
Percent of
GAAP Base
Rent as of
09/30/09 (1) (2)
|
|||||||||||||||
|
Bank
of America
|
9
|
702,234 | 1.9 | % | $ | 7,374 | 3.0 | % | ||||||||||||
|
Baker
Hughes, Inc.
|
2
|
720,221 | 1.9 | % | 6,988 | 2.9 | % | |||||||||||||
|
Sanofi-aventis
U.S., Inc. (Aventis, Inc. and Aventis Pharma Holding GmbH)
|
1
|
340,240 | 0.9 | % | 6,788 | 2.8 | % | |||||||||||||
|
Dana
Limited
|
6
|
1,902,414 | 5.0 | % | 6,226 | 2.5 | % | |||||||||||||
|
JPMorgan
Chase Bank, NA
|
4
|
623,375 | 1.6 | % | 5,574 | 2.3 | % | |||||||||||||
|
Federal
Express Corporation
|
2
|
641,286 | 1.7 | % | 5,562 | 2.3 | % | |||||||||||||
|
Morgan,
Lewis & Bockius, LLC (3)
|
1
|
293,170 | 0.8 | % | 5,079 | 2.1 | % | |||||||||||||
|
CEVA
Logistics US, Inc. (TNT Holdings BV)
|
3
|
2,503,916 | 6.6 | % | 4,928 | 2.0 | % | |||||||||||||
|
Swiss
Re America Holding Corporation
|
2
|
476,123 | 1.3 | % | 4,819 | 2.0 | % | |||||||||||||
|
Northwest
Pipeline Corporation
|
1
|
295,000 | 0.8 | % | 4,771 | 1.9 | % | |||||||||||||
|
31
|
8,497,979 | 22.5 | % | $ | 58,109 | 23.7 | % | |||||||||||||
Footnotes
(1) Nine
months ended 09/30/2009 GAAP base rent recognized for consolidated properties
owned as of 09/30/2009.
(2) Total
shown may differ from detailed amounts due to rounding.
(3)
Includes parking garage operations, the Company has an 80.5% interest in this
property.
(4)
Amounts exclude rents from tenants that vacated as of
9/30/2009.
Page 46
of 47
|
Investor
Information
|
|||
|
|
|||
|
Transfer
Agent
|
Investor
Relations
|
||
|
BNY
Mellon Shareowner Services
|
Patrick
Carroll
|
||
|
480
Washington Blvd.
|
Executive
Vice President and Chief Financial Officer
|
||
|
Jersey
City NJ 07310-1900
|
Telephone
(direct)
|
(212)
692-7215
|
|
|
(800)
850-3948
|
Facsimile
(main)
|
(212)
594-6600
|
|
|
www.bnymellon.com/shareowner/isd
|
E-mail
|
pcarroll@lxp.com
|
|
|
Research
Coverage
|
||||
|
Friedman,
Billings, Ramsey
|
Keefe,
Bruyette & Woods
|
|||
|
Gabe
Poggi
|
(703)
469-1141
|
Sheila
K. McGrath
|
(212)
887-7793
|
|
|
J.P.
Morgan Chase
|
Barclays
Capital
|
|||
|
Anthony
Paolone, CFA
|
(212)
622-6682
|
Ross
L. Smotrich
|
(212)526-2306
|
|
|
Stifel
Nicolaus
|
|
Raymond
James & Assoc.
|
||
|
John
W. Guinee
|
(443)
224-1307
|
Paul
Puryear
|
(727)
567-2253
|
|
Page 47
of 47