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8-K - LEXINGTON REALTY TRUSTlxpform8-k8812.htm
EX-99.2 - 2Q2012 EARNINGS CALL TRANSCRIPT - LEXINGTON REALTY TRUSTexhibit992-transcript2q2012.htm


Exhibit 99.1










Quarterly Earnings and
Supplemental Operating and Financial Data

June 30, 2012
















LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
June 30, 2012

Table of Contents

Section
Page

 
 
Second Quarter 2012 Earnings Press Release
3

 
 
Portfolio Data
 
2012 Second Quarter Leasing Summary
12

2012 Second Quarter Investment/Capital Recycling Summary
14

Build-To-Suit Projects
15

Property Leases and Vacancies – Consolidated Portfolio
16

Property Leases and Vacancies – Net Lease Strategic Assets Fund
22

Lease Rollover Schedule – Cash Basis
24

Lease Rollover Schedule – GAAP Basis
25

Mortgage Loans Receivable
26

2012 Second Quarter Financing Summary
27

Debt Maturity Schedule
28

2012 Mortgage Maturities by Property Type
29

2013 Mortgage Maturities by Property Type
30

2014 Mortgage Maturities by Property Type
31

2015 Mortgage Maturities by Property Type
32

2016 Mortgage Maturities by Property Type
33

Mortgages and Notes Payable
34

Partnership Interests
38

Selected Balance Sheet and Income Statement Account Data
39

Select Credit Metrics
40

Revenue and Same-Store NOI Data
41

Net Lease Strategic Assets Fund Supplemental Financial Disclosure
42

Top 20 Markets
43

Tenant Industry Diversification
44

Top 10 Tenants or Guarantors
45

 
 
Investor Information
46


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 authorization of Lexington’s Board of Trustees of future dividend declarations to achieve an expected annualized dividend paid in 2012 of $0.50 per common share, (2) Lexington’s ability to achieve its estimate of Reported Company FFO or Company FFO, as adjusted, for the year ended December 31, 2012, (3) the consummation of the build-to-suit transactions, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “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
Tuesday, August 7, 2012

LEXINGTON REALTY TRUST REPORTS SECOND QUARTER 2012 RESULTS

New York, NY - August 7, 2012 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the second quarter ended June 30, 2012.

Second Quarter 2012 Highlights
Generated Company Funds From Operations, as adjusted, (“Company FFO, as adjusted”) of $44.1 million or $0.24 per diluted common share.
Executed 14 new and extended leases, totaling 0.7 million square feet and ended the quarter with overall portfolio occupancy of 97.6%.
Closed property acquisitions of $63.7 million and invested $19.1 million in on-going build-to-suit projects.
Raised $82.0 million of gross proceeds from dispositions.
Borrowed $100.0 million at a weighted-average fixed interest rate of 3.95% and an average maturity of nine years.
Redeemed, at par, all outstanding shares of 8.05% Series B Cumulative Redeemable Preferred Stock for $68.5 million and repaid $23.6 million of non-recourse mortgage debt which was scheduled to mature in 2012 and had a weighted-average fixed rate of 5.9%.
Entered an agreement regarding the disposition of all assets in Net Lease Strategic Assets Fund by December 2012.

Subsequent to Quarter End Highlights
Executed 0.4 million square feet of extended leases, raising annual cash rents from $6.2 million to $9.6 million.
Retired $26.1 million of non-recourse mortgage debt which was scheduled to mature in 2012 and had a fixed rate of 6.1%.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "Our operating results continue to be strong. We have successfully raised occupancy, refinanced our debts at substantially lower rates and capitalized on favorable disposition and acquisitions opportunities. Accordingly, we are pleased to raise the range of our Company funds from operations guidance for 2012 to an expected range of $0.93-$0.96 per share."

3



FINANCIAL RESULTS
Revenues
For the quarter ended June 30, 2012, total gross revenues were $83.9 million, compared with total gross revenues of $78.5 million for the quarter ended June 30, 2011. The increase is primarily due to property acquisitions and an increase in occupancy.

Company FFO, As Adjusted
For the quarter ended June 30, 2012, the Company generated Company FFO, as adjusted, of $44.1 million, or $0.24 per diluted share, compared to Company FFO, as adjusted, for the quarter ended June 30, 2011 of $41.1 million, or $0.24 per diluted share. The calculation of Company FFO, as adjusted, is included later in this press release.

Net Loss Attributable to Common Shareholders
For the quarter ended June 30, 2012, net loss attributable to common shareholders was $(3.4) million, or a loss of $(0.02) per diluted share, compared with net loss attributable to common shareholders for the quarter ended June 30, 2011 of $(50.5) million, or a loss of $(0.33) per diluted share.

Capital Activities and Balance Sheet Update
During the second quarter of 2012, Lexington financed the Transamerica Tower in Baltimore, Maryland with a $55.0 million non-recourse mortgage loan which has an 11-year term and bears interest at a fixed rate of 4.32%.
During the second quarter of 2012, Lexington (1) borrowed an additional $45.0 million on its 7-year term loan and swapped the LIBOR rate on such borrowings for a current fixed rate of 3.5% and (2) repaid $23.6 million in non-recourse mortgage debt which was scheduled to mature in 2012 and had a weighted-average interest rate of 5.9%. As of June 30, 2012, $206.0 million was outstanding on the term loan and $9.0 million was available to be borrowed prior to January 13, 2013. In July 2012, Lexington repaid a $26.1 million non-recourse mortgage debt, which was scheduled to mature in 2012 and had an interest rate of 6.1%.
During the second quarter of 2012, Lexington redeemed, at par, all outstanding shares of 8.05% Series B Cumulative Redeemable Preferred Stock for $68.5 million.

Concord Debt Holdings
In May 2012, Lexington sold all of its interest in Concord Debt Holdings and related entities for $7.0 million in cash, resulting in a $7.0 million gain on sale, which is included in equity in earnings of non-consolidated entities, however it is excluded from the calculation of Company FFO, as adjusted.

Net Lease Strategic Assets Fund (NLS)
During the second quarter of 2012, Lexington entered into an agreement with its joint venture partner, a subsidiary of Inland American Real Estate Trust, Inc. ("Inland"), to, on October 1, 2012, either (1) sell its interest in NLS to Inland for a $219.8 million non-recourse promissory note which will bear interest at 7.07% and mature on December 21, 2012, or (2) purchase Inland's interest in NLS for $14.4 million in cash. The amount of the sale and/or purchase consideration will be reduced by distributions received by each respective partner from April 27, 2012 through October 1, 2012. Inland must deliver a written response by September 17, 2012 of its intention to either buy Lexington's interest in NLS or sell its interest in NLS to Lexington. If no notice is delivered by September 17, 2012, Inland will be deemed to have irrevocably agreed to sell its interest in NLS to Lexington. As a result, Lexington expects to either receive the cash amount or all of the NLS properties by December 21, 2012.

4




As of June 30, 2012, NLS owned 26 office, 13 industrial and 2 specialty assets located in 23 states, which encompass 5.8 million square feet and were 98.7% leased. Lexington's Quarterly Supplemental Operating and Financial Data Report for the quarter ended June 30, 2012 contains detailed property and debt information, historical operating results and certain credit metrics relating to the NLS properties.

Common Share Dividend/Unit Distribution
Lexington declared a regular quarterly dividend/distribution for the quarter ended June 30, 2012 of $0.125 per common share/unit, which was paid on July 16, 2012 to common shareholders/unitholders of record as of June 29, 2012.
OPERATING ACTIVITIES
Leasing
During the second quarter of 2012, Lexington executed 14 new and extended leases for 0.7 million square feet and ended the quarter with overall portfolio occupancy of 97.6%.
Subsequent to quarter end, Lexington executed 0.4 million square feet of extended leases, raising annual cash rents from $6.2 million to $9.6 million.

Capital Recycling
Dispositions
During the second quarter of 2012, Lexington disposed of its interest in four properties and a 6.9-acre parcel to unrelated parties for an aggregate gross sales price of $72.3 million, including $69.0 million for the multi-tenant office property in Long Beach, California. Lexington had a 55% interest in the Long Beach property.
In addition, Net Lease Strategic Assets Fund sold its interest in one property for a gross sale price of $2.7 million.

Investment Activity
Build-to-Suit Projects
Lexington closed on the acquisition of the build-to-suit industrial property in Shreveport, Louisiana for a capitalized cost of $12.9 million (9.6% initial cap rate). The property is net-leased for a 10-year term.
Lexington continues to fund the construction of, or is under contract to acquire, the previously announced build-to-suit projects in (1) Saint Joseph, Missouri (9.5% initial cap rate), (2) Jessup, Pennsylvania (9.2% initial cap rate), (3) Denver, Colorado (8.6% initial cap rate), (4) Long Island City, New York (8.5% initial cap rate), (5) Valdosta, Georgia (9.25% initial cap rate) and (6) Eugene, Oregon (9.0% initial cap rate). The aggregate estimated cost of these six on-going projects is approximately $149.5 million of which $60.8 million was invested as of June 30, 2012.

Loan Investments
During the second quarter of 2012, Lexington contracted to lend up to $8.0 million to fund the construction of a 52,000 square foot net-leased charter school in Homestead, Florida. Lexington funded $5.8 million as of June 30, 2012. The interest-only loan accrues interest at a rate of 7.5% per annum and is scheduled to mature in August 2014.


5



Property Acquisitions
During the second quarter of 2012, Lexington acquired an industrial property for $23.0 million (7.6% initial cap rate). The property encompasses 152 acres abutting a Union Pacific Railroad Line in Missouri City, Texas and is net-leased for a 20-year term.
In addition, during the second quarter of 2012, Lexington formed a joint venture with an 85% equity partner that acquired a 55,650 square foot inpatient rehabilitation hospital in Humble, Texas for $27.8 million. The hospital is net-leased for a remaining term of approximately 17 years. The acquisition was partially funded by a non-recourse mortgage in the original principal amount of $15.3 million, which bears interest at 4.7% and matures in May 2017.
2012 EARNINGS GUIDANCE
Lexington is increasing its estimate of Company FFO, as adjusted, by $0.01 per diluted share to a range of $0.93 to $0.96 per diluted share for the year ended December 31, 2012. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

SECOND QUARTER 2012 CONFERENCE CALL
Lexington will host a conference call today, Tuesday, August 7, 2012, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2012. Interested parties may participate in this conference call by dialing 888-437-9364 or 719-457-2715. A replay of the call will be available through August 21, 2012, at 877-870-5176 or 858-384-5517, pin: 4936726. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section.

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 authorization by Lexington's Board of Trustees of future dividend declarations to achieve an expected annualized dividend paid in 2012 of $0.50 per common share, (2) Lexington's ability to achieve its estimate of Reported Company FFO or Company FFO, as adjusted, for the year ended December 31, 2012, (3) the consummation of the built-to-suit transactions, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “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.
References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held through special purpose entities, which are separate and distinct legal entities, but consolidated for financial statement purposes and/or disregarded for income tax purposes.

6



LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
 
2012
 
2011
 
2012
 
2011
Gross revenues:
 
 
 
 
 
 
 
 
 
Rental
$
75,793

$
69,983

$
148,500

$
139,868

 
Advisory and incentive fees
 
765

 
1,151

 
1,088

 
1,447

 
Tenant reimbursements
 
7,372

 
7,334

 
14,936

 
15,456

 
 
Total gross revenues
 
83,930

 
78,468

 
164,524

 
156,771

 
 
 
 
 
 
 
 
 
 
 
Expense applicable to revenues:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
(41,950
)
 
(40,364
)
 
(80,258
)
 
(78,096
)
 
Property operating
 
(14,718
)
 
(14,313
)
 
(28,958
)
 
(29,371
)
General and administrative
 
(6,201
)
 
(5,535
)
 
(11,588
)
 
(10,979
)
Non-operating income
 
1,693

 
2,832

 
4,314

 
5,739

Interest and amortization expense
 
(24,316
)
 
(26,883
)
 
(49,043
)
 
(53,805
)
Debt satisfaction gains (charges), net
 
(2
)
 
(10
)
 
(1,651
)
 
9

Change in value of forward equity commitment
 

 
(445
)
 

 
5,548

Litigation reserve
 
(2,800
)
 

 
(2,800
)
 

Impairment charges
 
(1,348
)
 
(30,451
)
 
(1,348
)
 
(30,451
)
 
 
 
 
 
 
 
 
 
 
 
Loss before benefit (provision) for income taxes, equity in earnings of non-consolidated entities and discontinued operations
 
(5,712
)
 
(36,701
)
 
(6,808
)
 
(34,635
)
Benefit (provision) for income taxes
 
(329
)
 
(220
)
 
(515
)
 
1,313

Equity in earnings of non-consolidated entities
 
10,277

 
7,600

 
17,670

 
11,599

Income (loss) from continuing operations
 
4,236

 
(29,321
)
 
10,347

 
(21,723
)
 
 
 
 
 
 
 
 
 
 
 
Discontinued operations:
 
 
 
 
 
 
 
 
 
Income from discontinued operations
 
502

 
962

 
702

 
2,654

 
Provision for income taxes
 
(2
)
 
(17
)
 
(2
)
 
(29
)
 
Debt satisfaction gains (charges), net
 

 

 
1,728

 
(603
)
 
Gains on sales of properties
 
2,671

 
170

 
2,671

 
5,069

 
Impairment charges
 
(1,781
)
 
(28,751
)
 
(4,342
)
 
(58,318
)
 
Total discontinued operations
 
1,390

 
(27,636
)
 
757

 
(51,227
)
Net income (loss)
 
5,626

 
(56,957
)
 
11,104

 
(72,950
)
 
Less net (income) loss attributable to noncontrolling interests
 
(1,116
)
 
12,699

 
(2,983
)
 
11,253

Net income (loss) attributable to Lexington Realty Trust shareholders
 
4,510

 
(44,258
)
 
8,121

 
(61,697
)
Dividends attributable to preferred shares - Series B
 
(919
)
 
(1,590
)
 
(2,298
)
 
(3,180
)
Dividends attributable to preferred shares - Series C
 
(1,573
)
 
(1,690
)
 
(3,145
)
 
(3,380
)
Dividends attributable to preferred shares - Series D
 
(2,925
)
 
(2,925
)
 
(5,851
)
 
(5,851
)
Dividends attributable to non-vested common shares
 
(139
)
 
(76
)
 
(289
)
 
(155
)
Deemed dividend - Series B
 
(2,346
)
 

 
(2,346
)
 

Redemption discount - Series C
 

 

 
229

 
86

Net loss attributable to common shareholders
$
(3,392
)
$
(50,539
)
$
(5,579
)
$
(74,177
)
 
 
 
 
 
 
 
 
 
 
 
Income (loss) per common share - basic and diluted:
 
 
 
 
 
 
 
 
 
Loss from continuing operations
$
(0.02
)
$
(0.23
)
$
(0.04
)
$
(0.23
)
 
Income (loss) from discontinued operations
 

 
(0.10
)
 

 
(0.27
)
 
Net loss attributable to common shareholders
$
(0.02
)
$
(0.33
)
$
(0.04
)
$
(0.50
)
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted:
 
154,558,380

 
151,526,956

 
154,353,707

 
148,866,015

 
 
 
 
 
 
 
 
 
 
 
Amounts attributable to common shareholders:
 
 
 
 
 
 
 
 
 
Loss from continuing operations
$
(3,925
)
$
(34,490
)
$
(5,207
)
$
(34,592
)
 
Income (loss) from discontinued operations
 
533

 
(16,049
)
 
(372
)
 
(39,585
)
 
Net loss attributable to common shareholders
$
(3,392
)
$
(50,539
)
$
(5,579
)
$
(74,177
)

7




LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2012 (unaudited) and December 31, 2011
(In thousands, except share and per share data)
 
 
 
 
 
 
 
2012
 
2011
Assets:
 
 
 
 
Real estate, at cost
$
3,160,236

$
3,172,246

Investments in real estate under construction
 
57,250

 
34,529

Less: accumulated depreciation and amortization
 
693,627

 
638,368

 
 
2,523,859

 
2,568,407

Intangible assets, net
 
163,718

 
178,569

Cash and cash equivalents
 
50,189

 
63,711

Restricted cash
 
30,497

 
30,657

Investment in and advances to non-consolidated entities
 
96,826

 
90,558

Deferred expenses, net
 
47,454

 
43,966

Loans receivable, net
 
71,439

 
66,619

Rent receivable
 
6,972

 
7,271

Other assets
 
26,992

 
28,290

Total assets
$
3,017,946

$
3,078,048

 
 
 
 
 
Liabilities and Equity:
 
 
 
 
Liabilities:
 
 
 
 
Mortgages and notes payable
$
1,263,228

$
1,366,004

Credit facility borrowings
 
35,000

 

Term loan payable
 
206,000

 

Exchangeable notes payable
 

 
62,102

Convertible notes payable
 
106,118

 
105,149

Trust preferred securities
 
129,120

 
129,120

Dividends payable
 
23,987

 
25,273

Accounts payable and other liabilities
 
59,592

 
53,058

Accrued interest payable
 
11,941

 
13,019

Deferred revenue - including below market leases, net
 
85,645

 
90,349

Prepaid rent
 
16,787

 
12,543

Total liabilities
 
1,937,418

 
1,856,617

Commitments and contingencies
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares,
 
 
 
 
Series B Cumulative Redeemable Preferred, liquidation preference $68,522; 2,740,874 shares issued and outstanding in 2011
 

 
66,193

Series C Cumulative Convertible Preferred, liquidation preference $96,770 and $98,510; 1,935,400 and 1,970,200 shares issued and outstanding in 2012 and 2011, respectively
 
94,016

 
95,706

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, 155,760,185 and 154,938,351 shares issued and outstanding in 2012 and 2011, respectively
 
16

 
15

Additional paid-in-capital
 
2,017,563

 
2,010,850

Accumulated distributions in excess of net income
 
(1,205,562
)
 
(1,161,402
)
Accumulated other comprehensive income (loss)
 
(3,621
)
 
1,938

Total shareholders' equity
 
1,052,186

 
1,163,074

Noncontrolling interests
 
28,342

 
58,357

Total equity
 
1,080,528

 
1,221,431

Total liabilities and equity
$
3,017,946

$
3,078,048

 
 
 
 
 


8



LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)


 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2012
 
2011
 
2012
 
2011
EARNINGS PER SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic and Diluted:
 
 
 
 
 
 
 
 
Loss from continuing operations attributable to common shareholders
$
(3,925
)
$
(34,490
)
$
(5,207
)
$
(34,592
)
Income (loss) from discontinued operations attributable to common shareholders
 
533

 
(16,049
)
 
(372
)
 
(39,585
)
Net loss attributable to common shareholders
$
(3,392
)
$
(50,539
)
$
(5,579
)
$
(74,177
)
 
 
 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding
 
154,558,380

 
151,526,956

 
154,353,707

 
148,866,015

 
 
 
 
 
 
 
 
 
Income (loss) per common share:
 
 
 
 
 
 
 
 
Loss from continuing operations
$
(0.02
)
$
(0.23
)
$
(0.04
)
$
(0.23
)
Income (loss) from discontinued operations
 

 
(0.10
)
 

 
(0.27
)
Net loss attributable to common shareholders
$
(0.02
)
$
(0.33
)
$
(0.04
)
$
(0.50
)
 
 
 
 
 
 
 
 
 
 

9



LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2012
 
2011
 
2012
 
2011
FUNDS FROM OPERATIONS: (1)
 
 
 
 
 
 
Basic and Diluted:
 
 
 
 
 
 
 
 
Net loss attributable to common shareholders
$
(3,392
)
$
(50,539
)
$
(5,579
)
$
(74,177
)
Adjustments:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
41,318

 
40,922

 
79,619

 
79,518

 
Impairment losses - real estate
 
3,129

 
59,202

 
5,690

 
88,769

 
Impairment loss - joint venture
 

 

 

 
1,559

 
Noncontrolling interests - OP units
 
78

 
(1,398
)
 
438

 
(958
)
 
Amortization of leasing commissions
 
1,211

 
966

 
2,298

 
1,873

 
Joint venture and noncontrolling interest adjustment
 
2,047

 
(13,686
)
 
926

 
(13,981
)
 
Preferred dividends
 
3,919

 
1,690

 
5,262

 
3,294

 
Gains on sales of properties
 
(2,671
)
 
(170
)
 
(2,671
)
 
(5,069
)
 
Gain on sale - joint venture investment
 
(7,000
)
 

 
(7,000
)
 

 
Interest and amortization on 6.00% Convertible Notes
 
2,326

 
2,326

 
4,653

 
4,653

Reported Company FFO
 
40,965

 
39,313

 
83,636

 
85,481

 
Debt satisfaction charges (gains), net
 
2

 
10

 
(77
)
 
594

 
Forward equity commitment
 

 
445

 

 
(5,548
)
 
Litigation reserve
 
2,800

 

 
2,800

 

 
Other
 
332

 
1,305

 
322

 
2,250

Company FFO, as adjusted
 
44,099

 
41,073

 
86,681

 
82,777

 
 
 
 
 
 
 
 
 
FUNDS AVAILABLE FOR DISTRIBUTION: (2)
 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
 
 
Straight-line rents
 
(5,408
)
 
(3,927
)
 
4,069

 
2,993

 
Lease incentives
 
293

 
525

 
830

 
1,047

 
Amortization of below/above market leases
 
(1,394
)
 
(667
)
 
(2,695
)
 
(1,278
)
 
Non-cash interest, net
 
(182
)
 
127

 
(856
)
 
351

 
Non-cash general and administrative expenses
 
1,177

 
1,014

 
2,358

 
1,951

 
Tenant improvements
 
(3,690
)
 
(2,031
)
 
(5,800
)
 
(4,755
)
 
Lease costs
 
(987
)
 
(5,419
)
 
(3,631
)
 
(9,246
)
Reported Company Funds Available for Distribution
$
33,908

$
30,695

$
80,956

$
73,840

 
 
 
 
 
 
 
 
 
 
Per Share Amounts
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
 
Reported Company FFO
$
0.23

$
0.22

$
0.46

$
0.49

 
Company FFO, as adjusted
$
0.24

$
0.24

$
0.48

$
0.48

 
Company FAD
$
0.19

$
0.18

$
0.45

$
0.43

 
 
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
 
Reported Company FFO
$
0.23

$
0.22

$
0.46

$
0.49

 
Company FFO, as adjusted
$
0.24

$
0.24

$
0.48

$
0.48

 
Company FAD
$
0.19

$
0.18

$
0.45

$
0.43

 
 
 
 
 
 
 
 
 
 
 



10



LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
 REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)
(Unaudited and in thousands, except share and per share data)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Basic:
2012
 
2011
 
2012
 
2011
Weighted-average common shares outstanding - EPS basic
154,558,380

 
151,526,956

 
154,353,707

 
148,866,015

6.00% Convertible Notes
16,409,546

 
16,230,905

 
16,409,546

 
16,230,905

Non-vested share-based payment awards
199,202

 
138,457

 
201,099

 
130,662

Operating Partnership Units
4,505,457

 
4,824,501

 
4,519,416

 
4,861,704

Preferred Shares - Series C
4,710,570

 
5,062,278

 
4,714,293

 
5,077,293

Weighted-average common shares outstanding - Reported Company FFO basic
180,383,155

 
177,783,097

 
180,198,061

 
175,166,579

Adjustments:
 
 
 
 
 
 
 
 
Forward equity commitment settlement

 
(3,544,219
)
 

 
(3,468,421
)
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD
180,383,155

 
174,238,878

 
180,198,061

 
171,698,158

 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Weighted-average common shares outstanding - Reported Company FFO basic
180,383,155

 
177,783,097

 
180,198,061

 
175,166,579

Options - Incremental shares
239,105

 
328,985

 
243,659

 
361,866

Weighted-average common shares outstanding - Reported Company FFO diluted
180,622,260

 
178,112,082

 
180,441,720

 
175,528,445

Adjustments:
 
 
 
 
 
 
 
 
Forward equity commitment settlement

 
(3,544,219
)
 

 
(3,468,421
)
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD
180,622,260

 
174,567,863

 
180,441,720

 
172,060,024

1 Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude 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.
The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO 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.” NAREIT recently clarified its computation of FFO to exclude impairment charges on depreciable real estate owned directly or indirectly. FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.
Lexington presents “Reported Company funds from operations” or “Reported Company FFO,” which differs from FFO because it includes Lexington's operating partnership units, Lexington's 6.50% Series C Cumulative Convertible Preferred Shares, and Lexington's 6.00% Convertible Notes 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 Reported 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. Lexington also presents “Company funds from operations, as adjusted” or “Company FFO, as adjusted,” which adjusts Reported Company FFO for certain items which Management believes are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds from operations in a similar fashion, Reported Company FFO and Company FFO, as adjusted, may not be comparable to similarly titled measures as reported by others. Reported Company FFO and Company FFO, as adjusted, 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.
2 Reported Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO, as adjusted, for (1) straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements, (5) cash paid for lease costs, (6) non-cash general and administrative expenses, and (7) non-cash interest, net. Although FAD may not be comparable to that of other REITs, Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.
# # #

11



LEXINGTON REALTY TRUST
2012 Second Quarter Leasing Summary
 
NEW LEASES
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenants (Guarantors)
 
Location
 
 
Lease
Expiration
 Date
 
Sq. Ft.
 
New Cash Rent Per Annum ($000)(1)
 
New GAAP Rent Per Annum ($000)(1)
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
1

Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation)
 
Orlando
FL
 
10/2024
 
25,154

 
$
60

 
$
402

 
2

Capital One, National Association
 
Glen Allen
VA
 
12/2017
 
59,113

 
$
610

 
$
952

 
2

Total office new leases
 
 
 
 
 
 
84,267

 
$
670

 
$
1,354

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2

TOTAL NEW LEASES
 
 
 
 
 
 
84,267

 
$
670

 
$
1,354

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEASE EXTENSIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenants (Guarantors)
 
Location
 
 
Prior Term
 
Lease Expiration Date
 
Sq. Ft.
 
New Cash Rent Per Annum ($000)(1)
 
Prior
Cash Rent Per Annum ($000)
 
New GAAP Rent Per Annum ($000)(1)
 
Prior GAAP Rent Per Annum ($000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office/Multi-Tenant
 
 
 
2012 Extensions
 
 
 
 
 
 
 
 
 
 
 
6

Various
 
Honolulu
HI
 
2,012
 
2013-2015
 
2,313

 
$
45

 
$
43

 
$
45

 
$
43

7

Sony Electronics, Inc.
 
Los Angeles
CA
 
08/2012
 
08/2015
 
20,203

 
$
230

 
$
211

 
$
230

 
$
211

8

Allstate Insurance Company (2)
 
Indianapolis
IN
 
08/2012
 
01/2018
 
57,769

 
$
556

 
$
1,373

 
$
945

 
$
1,547

 
 
 
 
 
2013 Extensions
 
 
 
 
 
 
 
 
 
 
 
9

Lockheed Martin Corporation
 
Orlando
FL
 
04/2013
 
04/2018
 
184,000

 
$
960

 
$
960

 
$
1,870

 
$
1,870

10

International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) (3)
 
Atlanta
GA
 
05/2013
 
05/2018
 
238,600

 
$
1,193

 
$
5,065

 
$
1,848

 
$
4,882

11

FTJ FundChoice, LLC
 
Hebron
KY
 
01/2013
 
08/2020
 
9,164

 
$
21

 
$
57

 
$
21

 
$
48

 
 
 
 
 
2017 Extension
 
 
 
 
 
 
 
 
 
 
 
12

Capital One Services, LLC
 
Glen Allen
VA
 
05/2017
 
12/2018
 
77,045

 
$
826

 
$
806

 
$
759

 
$
734

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12

Total office/multi-tenant lease extensions
 
 
 
 
 
 
 
 
589,094

 
$
3,831

 
$
8,515

 
$
5,718

 
$
9,335

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12

TOTAL EXTENDED LEASES
 
 
 
 
 
 
 
 
589,094

 
$
3,831

 
$
8,515

 
$
5,718

 
$
9,335

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14

TOTAL NEW AND EXTENDED LEASES
 
 
 
 
 
 
 
 
673,361

 
$
4,501

 
$
8,515

 
$
7,072

 
$
9,335


12



LEXINGTON REALTY TRUST
2012 Second Quarter Leasing Summary

 
LEASE NON-RENEWAL
 
 
 
 
 
 
 
 
 
 
 
 
Tenants (Guarantors)
 
Location
 
Lease
Expiration
 Date
 
Sq. Ft.
 
Prior Annual Cash Rent ($000)
 
Prior Annual GAAP Rent ($000)
 
Office
 
 
 
 
 
 
 
 
 
 
 
1

Cafeteria Operators, LP (Furrs Restaurant Group, Inc.)
 
Sun City
AZ
 
05/2012
 
10,000

 
$
165

 
$
243

2

AVT Grocery, Inc. / Safeway, Inc.
 
Fort Worth
TX
 
05/2012
 
44,000

 
$
304

 
$
358

1

TOTAL LEASE NON-RENEWALS
 
 
 
 
 
 
54,000

 
$
469

 
$
601

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
 
 
(1) Assumes twelve months rent from the later of 7/1/12 or lease commencement/extension.
 
(2) Prior cash rent and Prior GAAP rent amounts for 84,200 square feet.
 
(3) Current cash rents are $422 per month through May 2013 when the $40.4 million non-recourse mortgage is due.

13



LEXINGTON REALTY TRUST
2012 Second Quarter Investment/Capital Recycling Summary
 
PROPERTY INVESTMENTS (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenants (Guarantors)
 
Location
 
Property Type
 
Initial Basis ($000)
 
Initial Annualized Cash Rent ($000)
 
Initial Cash Yield
 
 GAAP Yield
 
Lease Expiration
1

Vulcan Construction Materials, LP (Vulcan Materials Company)
 
Missouri City
TX
 
Industrial
 
$
23,000

 
$
1,748

 
7.6
%
 
9.2
%
 
04/2032
2

The Tire Rack, Inc. (1)
 
Shreveport
LA
 
Industrial
 
$
12,941

 
$
1,245

 
9.6
%
 
10.1
%
 
03/2022
2

TOTAL PROPERTY INVESTMENTS
 
 
 
 
 
 
$
35,941

 
$
2,993

 
8.3
%
 
9.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JOINT VENTURE INVESTMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenant (Guarantor)
 
 Location
 
Property Type
 
 Ownership %

 
 Initial Investment ($000)
 
 
 
 
 
 
1

Triumph Rehabilitation Hospital of Northeast Houston, LLC (RehabCare Group, Inc.)
 
Humble
TX
 
Inpatient Rehab Hospital
 
15%
 
$
1,958

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CAPITAL RECYCLING
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PROPERTY DISPOSITIONS (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenants
 
Location
 
Property
Type
 
Gross
Sale Price
($000)
 
Annualized NOI ($000)
 
Month of Disposition
 
 
 
 
1

Vacant
 
Carlsbad
NM
 
Retail
 
$
320

 
$

 
May
 
 
 
 
2

Multi-tenanted (3)
 
Long Beach
CA
 
Multi-tenant/Office
 
$
69,000

 
$
4,680

 
June
 
 
 
 
3

Vacant
 
Corpus Christi
TX
 
Retail
 
$
1,000

 
$

 
June
 
 
 
 
4

Vacant
 
Victoria
TX
 
Retail
 
$
650

 
$

 
June
 
 
 
 
5

Vacant (5)
 
Fort Collins
CO
 
Other
 
$
2,700

 
$

 
June
 
 
 
 
4

TOTAL PROPERTY DISPOSITIONS
 
 
 
 
 
 
$
73,670

 
$
4,680

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JOINT VENTURE DISPOSITIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment
 
Gross
Sale Price
($000)
 
 
 
 
 
 
 
 
 
 
 
 
 
1

Concord Debt Holdings LLC (4)
 
$
4,500

 
 
 
 
 
 
 
 
 
 
 
 
 
2

CDH CDO LLC (4)
 
$
2,500

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
7,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Completed build-to-suit project
 
 
 
 
 
(2) Excludes sale of excess land in Glendale, AZ for a gross sale price of $1,345.
 
 
 
 
 
(3) Lexington had a 55% ownership interest in the property.
 
 
 
 
 
(4) Lexington had a zero GAAP basis in these investments.
 
 
 
 
 
(5) Property was owned by NLS.
 
 
 
 

14



LEXINGTON REALTY TRUST
BUILD-TO-SUIT PROJECTS

BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE
 
Location
Sq. Ft
 
Lease
Term (Years)
Maximum Commitment/Estimated Completion Cost ($000)
Investment balance as of 6/30/12 ($000)(1)
 
Estimated Cash Investment Next 12 Months ($000)
 
Estimated Completion Date
 
 
 
 
 
 
 
 
 
Q3 2012
Q4 2012
Q1 2013
Q2 2013
 
 
1

Saint Joseph
MO
99,000

 
15
$
17,991

$
15,313

 
$
2,639

$

$

$

 
3Q 12
2

Long Island City (2)
NY
143,000

 
15
46,728

13,780

 
11,452

11,452

7,635


 
1Q 13
3

Jessup
PA
150,000

 
15
20,780

15,714

 
4,200




 
3Q 12
4

Eugene
OR
80,000

 
15
17,558

1,700

 


15,858


 
1Q 13
5

Denver
CO
163,000

 
15
37,592

5,612

 
8,725

8,725

8,725

2,908

 
2Q 13
6

Valdosta
GA
52,000

 
15
8,794

5,131

 
2,704

901



 
4Q 12
6

TOTAL BUILD-TO-SUIT PROJECTS
 
 
$
149,443

$
57,250

 
$
29,720

$
21,078

$
32,218

$
2,908

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Investment balance in accordance with GAAP.
 
 
 
 
 
 
(2) Joint venture investment.
 
 
 
 
 


15

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012


Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Year Acquired/ Built/
Renovated/
Expanded
Sq.Ft.
Leased or Available (1)
Cash
Rent
as of
6/30/2012 ($000) (2)
GAAP
Base Rent
as of 6/30/2012
($000) (3)
OFFICE PROPERTIES
 
 
 
 
 
 
 
 
 
2012
8/31/2012
5757 Decatur Blvd.
Indianapolis
IN
--
Damar Services, Inc.
2002
5,756

23

23

 
9/30/2012
4000 Johns Creek Pkwy.
Suwanee
GA
--
Kraft Foods Global, Inc.
2001
73,264

724

719

 
10/31/2012
4455 American Way
Baton Rouge
LA
--
BellSouth Mobility Inc
1997
70,100

591

557

 
11/7/2012
2706 Media Center Dr.
Los Angeles
CA
--
Playboy Enterprises, Inc.
2000
63,049

776

629

 
12/31/2012
200 Executive Blvd. South
Southington
CT
--
Hartford Fire Insurance Company
1984/2006
153,364

840

812

2013
1/31/2013
12600 Gateway Blvd.
Fort Meyers
FL
--
Gartner, Inc.
1998
62,400

579

546

 
 
810 & 820 Gears Rd.
Houston
TX
--
IKON Office Solutions, Inc.
2000
157,790

1,148

1,126

 
3/31/2013
3165 McKelvey Rd.
Bridgeton
MO
--
BJC Health System
1981
52,994

199

263

 
6/30/2013
2210 Enterprise Dr.
Florence
SC
--
JPMorgan Chase Bank, National Association
1998
179,300

628

628

 
9/30/2013
9200 South Park Center Loop
Orlando
FL
--
Corinthian Colleges, Inc.
2003
59,927

679

579

 
11/30/2013
10475 Crosspoint Blvd.
Indianapolis
IN
--
Yellow Book Sales and Distribution Company, Inc.
1999
3,764

33

33

 
 
1110 Bayfield Dr.
Colorado Springs
CO
--
Honeywell International Inc.
1980/1990/2002
166,575

815

800

 
12/13/2013
3333 Coyote Hill Rd.
Palo Alto
CA
16
Xerox Corporation
1973/1975/1982
202,000

1,749

1,695

 
12/31/2013
2550 Interstate Dr.
Harrisburg
PA
--
New Cingular Wireless PCS, LLC
1998
81,859

972

935

2014
1/31/2014
850-950 Warrenville Rd.
Lisle
IL
--
James J. Benes & Associates, Inc.
1984
6,347

69

53

 
3/15/2014
101 East Erie St.
Chicago
IL
--
Draftfcb, Inc. (Interpublic Group of Companies, Inc.)
1986
212,988

2,066

2,501

 
5/31/2014
3476 Stateview Blvd.
Fort Mill
SC
--
Wells Fargo Bank, N.A.
2002
169,083

1,343

1,267

 
 
3480 Stateview Blvd.
Fort Mill
SC
--
Wells Fargo Bank, N.A.
2004
169,218

1,821

1,725

 
 
859 Mount Vernon Hwy.
Atlanta
GA
8
International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)
2004
50,400

644

515

 
7/31/2014
16676 Northchase Dr.
Houston
TX
--
Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation)
2003
101,111

835

814

 
9/30/2014
333 Mt. Hope Ave.
Rockaway
NJ
--
BASF Corporation
1981/2002/2004
95,500

1,122

1,061

 
10/31/2014
1409 Centerpoint Blvd.
Knoxville
TN
--
Alstom Power, Inc.
1997
84,404

856

810

 
 
2800 Waterford Lake Dr.
Midlothian
VA
12
Alstom Power, Inc.
2000
99,057

1,066

1,007

 
 
700 US Hwy. Route 202-206
Bridgewater
NJ
--
Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.)
1985/2003/2004
115,558

1,017

1,286

 
11/30/2014
200 Lucent Ln.
Cary
NC
--
Progress Energy Service Company, LLC
1999
124,944

1,062

1,033

 
 
850-950 Warrenville Rd.
Lisle
IL
--
Flexco, Inc.
1984
7,535

68

68

 
12/14/2014
22011 Southeast 51st St.
Issaquah
WA
--
Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)
1987
95,600

1,064

970

 
 
5150 220th Ave.
Issaquah
WA
--
Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)
1992
106,944

1,197

1,102

 
12/31/2014
1066 Main St.
Forest Park
GA
--
Bank of America, NA (Bank of America Corporation)
1969
14,859

100

100

 
 
1698 Mountain Industrial Blvd.
Stone Mountain
GA
--
Bank of America, NA (Bank of America Corporation)
1973
5,704

48

48

 
 
180 South Clinton St.
Rochester
NY
--
Frontier Corporation
1988/2000
226,000

1,478

1,474

 
 
201 West Main St.
Cumming
GA
--
Bank of America, NA (Bank of America Corporation)
1968/1982
14,208

99

99

 
 
2223 North Druid Hills Rd.
Atlanta
GA
--
Bank of America, NA (Bank of America Corporation)
1972
6,260

56

56

 
 
275 Technology Dr.
Canonsburg
PA
--
ANSYS, Inc.
1996
107,872

715

689

 
 
400 Butler Farm Rd.
Hampton
VA
--
Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)
1999
100,632

631

612

 
 
4545 Chamblee – Dunwoody Rd.
Chamblee
GA
--
Bank of America, NA (Bank of America Corporation)
1972
4,565

44

44

 
 
825 Southway Dr.
Jonesboro
GA
--
Bank of America, NA (Bank of America Corporation)
1971
4,894

38

38

 
 
956 Ponce de Leon Ave.
Atlanta
GA
--
Bank of America, NA (Bank of America Corporation)
1975
3,900

39

39

2015
1/31/2015
26555 Northwestern Hwy.
Southfield
MI
--
Federal-Mogul Corporation
1963/1965/1988/1989
187,163

579

709

 
3/31/2015
3940 South Teller St.
Lakewood
CO
--
MoneyGram Payment Systems, Inc.
2002
68,165

577

464

 
4/30/2015
13775 McLearen Rd.
Herndon
VA
--
Equant, Inc. (Equant, NV)
1985/1986/1992/1999
125,293

1,109

1,069

 
7/1/2015
33 Commercial St.
Foxboro
MA
--
Invensys Systems, Inc. (Siebe, Inc.)
1982/1987
164,689

3,025

1,816

 
7/31/2015
4001 International Pkwy.
Carrollton
TX
--
Motel 6 Operating, LP (Accor S.A.)
2003
138,443

1,603

1,597

 
 
 
 
 
--
 
 
 
 
 
 
8/31/2015
2706 Media Center Dr.
Los Angeles
CA
--
Sony Electronics Inc.
2000
20,203

105

105

 
9/27/2015
10001 Richmond Ave.
Houston
TX
--
Baker Hughes Incorporated
1976
554,385

6,775

3,688

 
 
12645 West Airport Rd.
Sugar Land
TX
--
Baker Hughes Incorporated
1997
165,836

1,719

971


16

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Year Acquired/ Built/
Renovated/
Expanded
Sq.Ft.
Leased or Available (1)
Cash
Rent
as of
6/30/2012 ($000) (2)
GAAP
Base Rent
as of 6/30/2012
($000) (3)
OFFICE PROPERTIES
 
 
 
 
 
 
 
 
 
 
9/30/2015
500 Olde Worthington Rd.
Westerville
OH
--
InVentiv Communications, Inc.
2000
97,000

556

628

 
 
550 Business Center Dr.
Lake Mary
FL
--
JPMorgan Chase Bank, National Association
1999
125,920

943

1,052

 
 
600 Business Center Dr.
Lake Mary
FL
--
JPMorgan Chase Bank, National Association
1996
125,155

902

1,027

 
10/31/2015
12209 West Markham St.
Little Rock
AR
--
Entergy Arkansas, Inc.
1980
36,311

119

119

2016
4/30/2016
11511 Luna Rd.
Farmers Branch
TX
--
Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)
2000
180,507

1,154

1,594

 
 
2000 Eastman Dr.
Milford
OH
--
Siemens Corporation
1991
221,215

1,243

1,159

 
10/31/2016
104 & 110 South Front St.
Memphis
TN
--
Hnedak Bobo Group, Inc.
1871/1980/1988/1999
37,229

259

251

 
12/31/2016
2050 Roanoke Rd.
Westlake
TX
--
TD Auto Finance LLC
2001
130,290

1,287

1,332

2017
3/31/2017
1701 Market St.
Philadelphia
PA
4
Car-Tel Communications, Inc.
1957/1997
1,220

26

25

 
4/30/2017
1315 West Century Dr.
Louisville
CO
--
Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)
1987/2006
106,877

811

821

 
9/30/2017
9201 East Dry Creek Rd.
Centennial
CO
--
The Shaw Group, Inc.
2001/2002
128,500

1,163

1,186

 
 
750 N. Commons Dr.
Aurora
IL
17
Westell, Inc. (Westell Technologies, Inc.)
1996
210,230

1,004

915

 
11/30/2017
6200 Northwest Pkwy.
San Antonio
TX
--
United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC
2000
142,500

891

933

 
12/31/2017
100 East Shore Dr.
Glen Allen
VA
--
Capital One, National Association
1999
68,118

609

571

2018
1/31/2018
5757 Decatur Blvd.
Indianapolis
IN
5
Allstate Insurance Company
2002
84,200

687

696

 
3/14/2018
601 & 701 Experian Pkwy.
Allen
TX
--
Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)
1981/1983
292,700

1,537

1,537

 
4/30/2018
Sandlake Rd./Kirkman Rd.
Orlando
FL
--
Lockheed Martin Corporation
1982
184,000

480

935

 
5/30/2018
13651 McLearen Rd.
Herndon
VA
--
United States of America
1987
159,644

1,622

1,789

 
5/31/2018
6303 Barfield Rd.
Atlanta
GA
--
International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.)
2000/2001
238,600

2,533

2,188

 
6/30/2018
100 Barnes Rd.
Wallingford
CT
--
3M Company
1978/1985/1990/1993
44,400

233

253

 
9/30/2018
1701 Market St.
Philadelphia
PA
4
CBC Restaurant Corp.
1957/1997
8,070

103

106

 
12/22/2018
5200 Metcalf Ave.
Overland Park
KS
--
Swiss Re America Holding Corporation / Westport Insurance Corporation
1980/1990/2004/2005
320,198

2,372

2,388

 
12/31/2018
120 East Shore Dr.
Glen Allen
VA
--
Capital One Services, LLC
2000
77,045

252

369

2019
4/1/2019
9201 Stateline Rd.
Kansas City
MO
--
Swiss Re America Holding Corporation / Westport Insurance Corporation
1963/1973/1985/2003
155,925

1,111

1,111

 
5/31/2019
4400 Northcorp Pkway
Palm Beach Gardens
FL
--
Office Suites Plus Properties, Inc.
1996
18,400

138

116

 
6/19/2019
3965 Airways Blvd.
Memphis
TN
--
Federal Express Corporation
1982/1983/1985
521,286

3,426

3,507

 
6/30/2019
275 South Valencia Ave.
Brea
CA
--
Bank of America, National Association
1983
637,503

4,355

4,300

 
7/31/2019
500 Jackson St.
Columbus
IN
--
Cummins, Inc.
1984
390,100

2,213

2,270

 
10/31/2019
10475 Crosspoint Blvd.
Indianapolis
IN
--
John Wiley & Sons, Inc.
1999
123,416

1,080

1,134

 
12/31/2019
421 Butler Farm Rd.
Hampton
VA
--
Patient Advocate Foundation
2000
36,484

301

301

 
 
850-950 Warrenville Rd.
Lisle
IL
--
National-Louis University
1984
85,532

633

729

2020
1/31/2020
10300 Kincaid Dr.
Fishers
IN
--
Roche Diagnostics Operations, Inc.
1999
193,000

1,689

1,712

 
2/14/2020
5600 Broken Sound Blvd.
Boca Raton
FL
--
Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.)
1983/2002
143,290

1,136

1,122

 
7/8/2020
1460 Tobias Gadsen Blvd.
Charleston
SC
--
Hagemeyer North America, Inc.
2005
50,076

398

420

2021
1/31/2021
1701 Market St.
Philadelphia
PA
4
Morgan, Lewis & Bockius LLP
1957/1997
289,432

2,236

2,157

 
3/31/2021
1311 Broadfield Blvd.
Houston
TX
--
Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)
2000
155,040

1,163

1,312

 
6/30/2021
1415 Wyckoff Rd.
Wall
NJ
--
New Jersey Natural Gas Company
1983
157,511

1,656

1,656

 
8/31/2021
333 Three D Systems Circle
Rock Hill
SC
--
3D Systems Corporation
2006
80,028

335

344

 
11/30/2021
29 South Jefferson Rd.
Whippany
NJ
--
CAE SimuFlite, Inc. (CAE INC.)
2006/2008
123,734

1,196

1,164

2022
1/31/2022
26210 and 26220 Enterprise Court
Lake Forest
CA
--
Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)
2001
100,012

568

600

N/A
N/A
1701 Market St.
Philadelphia
PA
4
Parking Operators
1957/1997
0

1,249

1,249

 
Vacant
101 East Erie St.
Chicago
IL
--
(Available for Lease)
1986
17,716

0

0

 
 
10475 Crosspoint Blvd.
Indianapolis
IN
--
(Available for Lease)
1999
13,867

0

0

 
 
1701 Market St.
Philadelphia
PA
4
(Available for Lease)
1957/1997
5,315

0

0

 
 
4000 Johns Creek Pkwy.
Suwanee
GA
--
(Available for Lease)
2001
13,955

0

0

 
 
421 Butler Farm Rd.
Hampton
VA
--
(Available for Lease)
2000
20,080

0

0

OFFICE TOTAL/WEIGHTED AVERAGE
 
 
 
99.4% Leased
 
11,035,533

$
88,395

$
84,253


17

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Year Acquired/ Built/
Renovated/
Expanded
Sq.Ft.
Leased or Available (1)
Cash
Rent
as of
6/30/2012 ($000) (2)
GAAP
Base Rent
as of 6/30/2012
($000) (3)
INDUSTRIAL PROPERTIES
 
 
 
 
 
 
 
 
 
2012
MTM
191 Arrowhead Dr.
Hebron
OH
--
Owens Corning Insulating Systems, LLC
1999
250,410

260

260

 
10/31/2012
1601 Pratt Ave.
Marshall
MI
--
Enbridge Energy, Limited Partnership
1979
58,300

86

86

2013
5/31/2013
200 Arrowhead Dr.
Hebron
OH
--
Owens Corning Sales, LLC / Owens Corning Insulating Systems, LLC
2000
400,522

451

451

 
 
2203 Sherrill Dr.
Statesville
NC
--
Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)
1999/2002
639,800

894

865

 
12/31/2013
1133 Poplar Creek Rd.
Henderson
NC
--
Staples, Inc. / Corporate Express, Inc.
1998/2006
196,946

438

405

2014
1/1/2014
2415 US Hwy. 78 East
Moody
AL
--
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
2004
595,346

527

527

 
12/31/2014
3686 South Central Ave.
Rockford
IL
--
Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)
1998
90,000

202

157

2015
1/31/2015
101 Michelin Dr.
Laurens
SC
7
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) / Michelin North America, Inc.
1991/1993
1,164,000

1,707

1,652

 
 
7111 Crabb Rd.
Temperance
MI
7
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) / Michelin North America, Inc.
1978/1993
744,570

1,143

1,107

 
12/31/2015
749 Southrock Dr.
Rockford
IL
--
Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)
1992
150,000

238

244

2016
2/28/2016
7670 Hacks Cross Rd.
Olive Branch
MS
--
MAHLE Clevite, Inc. (MAHLE Industries, Incorporated)
1989
268,104

477

458

 
3/31/2016
19500 Bulverde Rd.
San Antonio
TX
--
Elsevier STM Inc. (Reed Elsevier Inc.)
2001
559,258

1,832

1,714

 
 
2455 Premier Dr.
Orlando
FL
--
Walgreen Co. / Walgreen Eastern Co.
1980
205,016

254

393

 
5/31/2016
291 Park Center Dr.
Winchester
VA
--
Kraft Foods Global, Inc.
2001
344,700

605

645

 
8/31/2016
10590 Hamilton Ave.
Cincinnati
OH
--
The Hillman Group, Inc.
1991/1994/1995/2005
248,200

396

396

 
9/30/2016
900 Industrial Blvd.
Crossville
TN
--
Dana Commercial Vehicle Products, LLC
1989/2006
222,200

342

342

2017
2/28/2017
3456 Meyers Ave.
Memphis
TN
--
Sears, Roebuck and Co. / Sears Logistics Services
1973
780,000

796

847

 
6/30/2017
7500 Chavenelle Rd.
Dubuque
IA
--
The McGraw-Hill Companies, Inc.
2001
330,988

608

582

 
9/30/2017
250 Swathmore Ave.
High Point
NC
--
Steelcase Inc.
2002
244,851

549

543

 
10/31/2017
1420 Greenwood Rd.
McDonough
GA
--
Versacold USA, Inc.
2000/2007
296,972

1,322

1,298

 
 
43955 Plymouth Oaks Blvd.
Plymouth
MI
--
Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.)
1996/1998
290,133

943

711

2018
6/30/2018
1650-1654 Williams Rd.
Columbus
OH
--
ODW Logistics, Inc.
1973
772,450

674

671

 
9/30/2018
50 Tyger River Dr.
Duncan
SC
--
Plastic Omnium Auto Exteriors, LLC
2005/2007/2008
221,833

479

479

2019
4/30/2019
113 Wells St.
North Berwick
ME
--
United Technologies Corporation
1965/1980
972,625

768

768

 
10/17/2019
10345 Philipp Pkwy.
Streetsboro
OH
--
L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)
2004
649,250

1,259

1,305

2020
3/31/2020
2425 Hwy. 77 North
Waxahachie
TX
--
James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV)
1996/2001
335,610

1,700

1,700

 
6/30/2020
3102 Queen Palm Dr.
Tampa
FL
--
Time Customer Service, Inc. (Time Incorporated)
1986
229,605

643

638

 
9/30/2020
3350 Miac Cove Rd.
Memphis
TN
--
Mimeo.com, Inc.
1987
107,400

207

192

 
12/19/2020
1901 Ragu Dr.
Owensboro
KY
6
Unilever Supply Chain, Inc. (Unilever United States, Inc.)
1975/1979/1995
443,380

524

746

2021
5/31/2021
477 Distribution Pkwy.
Collierville
TN
--
Federal Express Corporation / FedEx Techconnect, Inc.
1984/1987/2005/2012
126,213

217

179

 
9/30/2021
3820 Micro Dr.
Millington
TN
--
Ingram Micro L.P. (Ingram Micro Inc.)
1997
701,819

821

876

 
11/30/2021
2880 Kenny Biggs Rd.
Lumberton
NC
--
Quickie Manufacturing Corporation
1998/2001/2006
423,280

656

678

2022
3/31/2022
5417 Campus Drive
Shreveport
LA
--
The Tire Rack, Inc.
2012
257,849

11

11

N/A
Vacant
3350 Miac Cove Rd.
Memphis
TN
--
(Available for Lease)
1987
32,679

0

0

INDUSTRIAL TOTAL/WEIGHTED AVERAGE
 
 
 
99.8% Leased
 
13,354,309

$
22,029

$
21,926



18

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Year Acquired/ Built/
Renovated/
Expanded
Sq.Ft.
Leased or Available (1)
Cash
Rent
as of
6/30/2012 ($000) (2)
GAAP
Base Rent
as of 6/302012
($000) (3)
RETAIL PROPERTIES
 
 
 
 
 
 
 
 
 
2012
11/30/2012
101 West Buckingham Rd.
Garland
TX
19
AVT Grocery, Inc.
1982
59,300

163

163

2013
2/28/2013
S. Carolina 52/52 Bypass
Moncks Corner
SC
--
Food Lion, LLC / Delhaize America, Inc.
1982
23,000

31

62

 
 
US 221 & Hospital Rd.
Jefferson
NC
--
Food Lion, LLC / Delhaize America, Inc.
1981
23,000

36

36

 
7/1/2013
1053 Mineral Springs Rd.
Paris
TN
--
The Kroger Co.
1982
31,170

79

107

 
10/31/2013
1084 East Second St.
Franklin
OH
--
Marsh Supermarkets, Inc. / Crystal Food Services, LLC
1961/1978
29,119

56

71

 
 
130 Midland Ave.
Port Chester
NY
--
Pathmark Stores, Inc.
1982
59,000

206

594

 
 
5104 North Franklin Rd.
Lawrence
IN
--
Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC
1958
28,721

97

97

2014
3/31/2014
N.E.C. 45th St./Lee Blvd.
Lawton
OK
--
Associated Wholesale Grocers, Inc. / Safeway, Inc.
1984
30,757

93

103

2015
1/31/2015
1700 State Route 160
Port Orchard
WA
--
Moran Foods, Inc. d/b/a Save-A-Lot, Ltd.
1983
16,037

41

41

 
5/31/2015
24th St. West & St. John’s Ave.
Billings
MT
--
Safeway, Inc.
1981
40,800

93

143

2016
5/31/2016
12535 Southeast 82nd Ave.
Clackamas
OR
--
Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC
1981
42,842

153

153

 
 
18601 Alderwood Mall Blvd.
Lynnwood
WA
--
Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC
1981/1993
43,105

141

141

 
 
4811 Wesley St.
Greenville
TX
--
Brookshire Grocery Company / Safeway, Inc.
1985
48,492

85

121

 
 
6910 South Memorial Hwy.
Tulsa
OK
--
Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.
1981
43,123

128

128

2017
3/31/2017
1610 South Westmoreland Ave.
Dallas
TX
--
Malone’s Food Stores, Ltd.
1960
70,910

180

210

 
6/30/2017
1600 East 23rd St.
Chattanooga
TN
--
BI-LO, LLC
1983
42,130

67

67

 
11/30/2017
205 Homer Rd.
Minden
LA
--
Brookshire Grocery Company (Safeway Stores, Inc.)
1981
35,000

96

129

2018
2/26/2018
399 Peachwood Centre Dr.
Spartanburg
SC
--
Best Buy Co., Inc.
1996
45,800

197

197

 
 
4831 Whipple Ave., Northwest
Canton
OH
--
Best Buy Co., Inc.
1995
46,350

232

232

 
2/28/2018
291 Talbert Blvd.
Lexington
NC
--
Food Lion, LLC / Delhaize America, Inc.
1981
23,000

69

69

 
 
3211 West Beverly St.
Staunton
VA
--
Food Lion, LLC / Delhaize America, Inc.
1971
23,000

83

83

 
9/30/2018
835 Julian Ave.
Thomasville
NC
--
Mighty Dollar, LLC
1983
23,767

36

36

 
10/31/2018
10340 U.S. 19
Port Richey
FL
--
Kingswere Furniture, LLC
1980
53,820

173

173

 
12/31/2018
1150 West Carl Sandburg Dr.
Galesburg
IL
--
Kmart Corporation
1992
94,970

21

164

 
 
12080 Carmel Mountain Rd.
San Diego
CA
--
Kmart Corporation
1993
107,210

24

375

 
 
21082 Pioneer Plaza Dr.
Watertown
NY
--
Kmart Corporation
1993
120,727

36

241

 
 
255 Northgate Dr.
Manteca
CA
--
Kmart Corporation
1993
107,489

38

278

 
 
5350 Leavitt Rd.
Lorain
OH
--
Kmart Corporation
1993
193,193

55

366

 
 
97 Seneca Trail
Fairlea
WV
--
Kmart Corporation
1993/1999
90,933

25

173

N/A
Vacant
10415 Grande Ave.
Sun City
AZ
18
(Available for Lease)
1982
10,000

69

87

 
 
1700 State Route 160
Port Orchard
WA
--
(Available for Lease)
1983
11,931

0

0

 
 
3451 Alta Mesa Blvd.
Fort Worth
TX
18
(Available for Lease)
1985
44,000

127

148

RETAIL TOTAL/WEIGHTED AVERAGE
 
 
 
96.0% Leased
 
1,662,696

$
2,930

$
4,988




19

LEXINGTON REALTY TRUST
Long-Term Leases - Consolidated Portfolio - 6/30/2012

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Property Type
Year Acquired/ Built/ Renovated/ Expanded
Sq. Ft. Leased or Available (1)
Cash
Rent
as of
6/30/2012 ($000) (2)
GAAP
Base Rent
as of 6/30/2012
($000) (3)
LONG-TERM LEASE PROPERTIES
 
 
 
 
 
 
 
 
 
2022
11/30/2022
4201 Marsh Ln.
Carrollton
TX
--
Carlson Restaurants Inc. (Carlson, Inc.)
Office
2003
130,000

963

933

 
12/31/2022
147 Milk St.
Boston
MA
--
Harvard Vanguard Medical Associates, Inc.
Office
1910
52,337

766

831

2023
2/28/2023
2211 South 47th St.
Phoenix
AZ
--
Avnet, Inc.
Office
1997
176,402

1,204

1,080

 
3/31/2023
6555 Sierra Dr.
Irving
TX
--
TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)
Office
1999
247,254

1,524

1,476

 
 
8900 Freeport Pkwy.
Irving
TX
--
Nissan Motor Acceptance Corporation (Nissan North America, Inc.)
Office
2003
225,049

1,519

1,674

2024
2/14/2024
1362 Celebration Blvd.
Florence
SC
--
MED3000, Inc.
Office
2012
32,000

193

216

 
10/31/2024
6277 Sea Harbor Dr.
Orlando
FL
--
Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation)
Office
1984
259,401

0

848

2025
6/30/2025
10000 Business Blvd.
Dry Ridge
KY
--
Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
1988/1999
336,350

673

673

 
 
301 Bill Bryan Rd.
Hopkinsville
KY
--
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
1987/1999/2000/2006
424,904

844

844

 
 
37101 Corporate Dr.
Farmington Hills
MI
--
Panasonic Automotive Systems Company of America, a Division of Panasonic Corporation of North America
Office
2001
90,460

0

107

 
 
4010 Airpark Dr.
Owensboro
KY
--
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
1998/2001
211,598

604

604

 
 
730 North Black Branch Rd.
Elizabethtown
KY
--
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
2001
167,770

268

268

 
 
750 North Black Branch Rd.
Elizabethtown
KY
--
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
1995/2000/2001
539,592

1,419

1,419

 
7/31/2025
7005 Cochran Rd.
Glenwillow
OH
--
Royal Appliance Mfg. Co.
Industrial
1997
458,000

972

1,126

 
11/30/2025
11707 Miracle Hills Dr.
Omaha
NE
--
Infocrossing, Inc.
Office
1989/1995
85,200

583

583

 
12/31/2025
2005 East Technology Cir.
Tempe
AZ
--
Infocrossing, Inc.
Office
1998
60,000

564

564

2026
3/30/2026
121 Technology Dr.
Durham
NH
15
Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc. (Goss International Corporation)
Industrial
1986/2002/2003
500,500

2,140

1,269

 
3/31/2026
459 Wingo Road
Byhalia
MS
--
Asics America Corporation (Asics Corporation)
Industrial
2011
513,734

1,284

1,468

 
6/30/2026
351 Chamber Drive
Chillicothe
OH
--
The Kitchen Collection, Inc.
Industrial
1995/1998
475,218

504

580

 
10/31/2026
5001 Greenwood Rd.
Shreveport
LA
--
Libbey Glass Inc. (Libbey Inc.)
Industrial
2006
646,000

1,009

1,083

 
11/30/2026
250 Rittenhouse Cir.
Bristol
PA
--
Northtec LLC (The Estée Lauder Companies Inc.)
Industrial
1983/1997
241,977

514

566

 
 
500 Kinetic Drive
Huntington
WV
--
AMZN WVCS LLC (Amazon.com, Inc.)
Office
2011
68,693

572

642

 
12/29/2026
5500 New Albany Road
Columbus
OH
--
Evans, Mechwart, Hambleton & Tilton, Inc.
Office
2005
104,807

760

869

2027
7/6/2027
2221 Schrock Road
Columbus
OH
--
MS Consultants, Inc.
Office
1999/2006
42,290

280

320

 
10/31/2027
11201 Renner Blvd.
Lenexa
KS
18
United States of America
Office
2007
169,585

1,531

1,531

2028
8/31/2028
9803 Edmonds Way
Edmonds
WA
--
Pudget Consumers Co-op d/b/a PCC Natural Markets
Retail
1981
35,459

301

301

2029
1/31/2029
6226 West Sahara Ave.
Las Vegas
NV
--
Nevada Power Company
Office
1983/1994
282,000

4,035

2,126

 
12/31/2029
400 East Stone Ave.
Greenville
SC
9
Canal Insurance Company
Office
1948/1981/1982/1986/1991/2006/2008
128,041

472

0

2031
5/31/2031
671 Washburn Switch Rd.
Shelby
NC
--
Clearwater Paper Corporation
Industrial
2011
673,518

1,073

1,300

2032
4/30/2032
13930 Pike Road     
Missouri City
TX
--
Vulcan Construction Materials, LP (Vulcan Materials Company)
Industrial
N/A
0

345

419

N/A
Vacant
37101 Corporate Dr.
Farmington Hills
MI
--
(Available for Lease)
Office
2001
38,369

0

0

 
 
6277 Sea Harbor Dr.
Orlando
FL
--
(Available for Lease)
Office
1984
100,113

0

0

 
 
8900 Freeport Pkwy.
Irving
TX
--
(Available for Lease)
Office
2003
43,396

0

0

LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE
 
 
97.6% Leased
 
 
7,560,017

$
26,916

$
25,720



20

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Year Acquired/ Built/
Renovated/
Expanded
Gross
Book
Value
($000) (10)
Sq.Ft.
Percentage Leased
Cash
Rent
as of
6/30/2012
($000) (2)
GAAP
Base Rent
as of
6/30/2012
($000) (3)
Debt
 Balance
 ($000)
MULTI-TENANT PROPERTIES (14)
 
 
 
 
 
 
 
 
 
 
Various
Various
10 John St.
Clinton
CT
6
Multi-Tenant
1972
0
41,188

0%
0

0

0

 
 
100 Light St.
Baltimore
MD
13
Multi-Tenant
1973/2009
244,692
476,459

95%
6,077

7,525

55,000

 
 
140 East Shore Dr.
Glen Allen
VA
--
Multi-Tenant
2000
13,481
79,675

72%
511

457

19,085

 
 
13430 North Black Canyon Fwy.
Phoenix
AZ
11
Multi-Tenant
1981/1982/2005/2007/2009
16,723
138,940

100%
1,322

1,339

0

 
 
207 Mockingbird Ln.
Johnson City
TN
--
Multi-Tenant
1979
11,745
60,684

50%
306

306

0

 
 
2300 Litton Ln.
Hebron
KY
11
Multi-Tenant
1986/1996
9,789
80,441

100%
250

229

0

 
 
4200 Northcorp Pkway
Palm Beach Gardens
FL
11
Multi-Tenant
1996
15,204
95,065

20%
25

25

0

 
 
6050 Dana Way
Antioch
TN
--
Multi-Tenant
1999
14,953
672,629

62%
694

708

0

 
 
King St./1032 Fort St. Mall
Honolulu
HI
11 / 13
Multi-Tenant
1979/2002
47,192
318,451

93%
1,188

936

0

 
 
1275 Northwest 128th St.
Clive
IA
18
Multi-Tenant
2004
10,599
61,180

0%
67

67

5,385

MULTI-TENANT TOTAL/WEIGHTED AVERAGE
 
 
 
73.7% Leased
 
 
2,024,712

 
$
10,440

$
11,592

$
79,470

 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE
 
 
97.5% Leased
 
 
35,637,267

 
$
150,710

$
148,479

 

Footnotes
 
1
Square foot leased or vacant.
2
Six months ended 6/30/2012 cash rent.
3
Six months ended 6/30/2012 GAAP base rent.
4
Lexington has an 80.5% interest in this property.
5
Current lease for 84,200 square feet expires 08/2012, however, lease extended to 01/2018 for 57,769 square feet.
6
Lexington has a 71.1% interest in this property.
7
CEVA Logistics U.S., Inc. lease expires 08/2012; however, new tenant (Michelin North America, Inc.) lease expires 01/31/2015.
8
IBM lease expires 05/2013, however, new tenant (Problem Solved, LLC) leases 16,000 sf through 05/2014.
9
Property is classified as a capital lease for GAAP, accordingly $495 income is included in non-operating income.
10
Represents GAAP capitalized costs.
11
Property is collateral for secured credit facility and term loan.
12
Subsequent to 6/30/2012, lease extended to 12/31/2021.
13
Includes parking operations.
14
The multi-tenanted properties incurred approximately $4.8 million in operating expenses, net for the six months ended 6/30/2012.
15
Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.
16
Subsequent to 6/30/2012, lease extended to 12/14/2023.
17
Lexington has an 87.1% interest in this property and sold its interest for $13.2 million subsequent to 6/30/2012.
18
Cash and GAAP rent amounts represent/include prior tenant.
19
Subsequent to 6/30/2012, lease terminated effective 7/6/2012.


21

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio - 6/30/2012

Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Year Acquired/ Built/
Renovated/
Expanded
Sq.Ft.
Leased or Available (1)
Cash
Rent
as of
6/30/2012 ($000) (2)
GAAP
Base Rent
as of 6/30/2012
($000) (3)
NET LEASE STRATEGIC ASSETS FUND PROPERTIES
 
 
 
 
 
 
 
2013
5/31/2013
2401 Cherahala Blvd.
Knoxville
TN
--
AdvancePCS, Inc. / CaremarkPCS, L.L.C.
2002
59,748

450

450

 
6/30/2013
420 Riverport Rd.
Kingsport
TN
5
Kingsport Power Company
1981
42,770

155

153

 
10/31/2013
3943 Denny Ave.
Pascagoula
MS
--
Northrop Grumman Systems Corporation
1995
94,841

319

319

 
12/31/2013
120 Southeast Pkwy. Dr.
Franklin
TN
--
Essex Group, Inc. (United Technologies Corporation)
1970/1983
289,330

367

327

2014
1/31/2014
109 Stevens St.
Jacksonville
FL
--
Wagner Industries, Inc.
1959/1967
168,800

150

142

 
 
1401 & 1501 Nolan Ryan Pkwy.
Arlington
TX
--
Siemens Dematic Postal Automation L.P. / Siemens Energy & Automation, Inc. / Siemens Shared Services, LLC
2003
236,547

1,362

1,340

 
4/30/2014
12000 & 12025 Tech Center Dr.
Livonia
MI
--
Kelsey-Hayes Company (TRW Automotive, Inc.)
1987/1988/1990
180,230

1,058

1,037

 
6/30/2014
70 Mechanic St.
Foxboro
MA
--
Invensys Systems, Inc. (Siebe, Inc.)
1965/1967/1971
251,914

3,256

3,050

 
12/31/2014
324 Industrial Park Rd.
Franklin
NC
--
SKF USA Inc.
1996
72,868

228

228

2015
6/30/2015
1700 47th Ave North
Minneapolis
MN
--
Owens Corning / Owens Corning Roofing and Asphalt, LLC
2003
18,620

312

312

 
 
2500 Patrick Henry Pkwy.
McDonough
GA
--
Georgia Power Company
1999
111,911

771

768

 
 
2935 Van Vactor Dr.
Plymouth
IN
--
Bay Valley Foods, LLC
2000/2003
300,500

406

405

 
 
3711 San Gabriel
Mission
TX
--
VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation
2003
75,016

525

510

 
9/27/2015
2529 West Thorne Dr.
Houston
TX
--
Baker Hughes, Incorporated
1982/1999
65,500

479

419

 
 
9110 Grogans Mill Rd.
The Woodlands
TX
--
Baker Hughes, Incorporated
1992
275,750

1,738

1,566

 
10/31/2015
5201 West Barraque St.
Pine Bluff
AR
--
Entergy Arkansas Inc.
1964/1972/1988
27,189

96

96

2016
1/31/2016
1600 Eberhardt Rd.
Temple
TX
--
Nextel of Texas, Inc. (Nextel Finance Company)
2001
108,800

837

808

 
5/31/2016
1200 Jupiter Rd.
Garland
TX
--
Raytheon Company
1980
278,759

753

753

 
7/14/2016
1400 Northeast McWilliams Rd.
Bremerton
WA
--
Nextel West Corp. (Nextel Finance Company)
2002
60,200

608

582

 
11/30/2016
736 Addison Rd.
Erwin
NY
--
Corning, Incorporated
2006
408,000

619

619

2017
4/30/2017
3600 Army Post Rd.
Des Moines
IA
--
HP Enterprise Services, LLC
2000
405,000

1,453

1,325

 
12/31/2017
11411 North Kelly Ave.
Oklahoma City
OK
--
American Golf Corporation
1991/1996
13,924

237

239

2018
8/31/2018
3500 North Loop Rd.
McDonough
GA
--
Litton Loan Servicing LP
2007
62,218

602

602

 
9/30/2018
904 Industrial Rd.
Marshall
MI
--
Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)
1968/1972/2008
246,508

382

401

2019
1/31/2019
2999 Southwest 6th St.
Redmond
OR
--
VoiceStream PCS I LLC (T-Mobile USA, Inc.)
2004
77,484

771

786

 
 
9601 Renner Blvd.
Lenexa
KS
--
VoiceStream PCS II Corporation (T-Mobile USA, Inc.)
2004
77,484

673

696

 
7/15/2019
19019 North 59th Ave.
Glendale
AZ
--
Honeywell International Inc.
1986/1997/2000
252,300

877

950

 
6/29/2019
3265 East Goldstone Dr.
Meridian
ID
--
T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)
2004
77,484

657

682

2020
5/31/2020
359 Gateway Dr.
Lavonia
GA
--
TI Group Automotive Systems, LLC (TI Automotive Ltd.)
2005
133,221

600

600

 
6/30/2020
10419 North 30th St.
Tampa
FL
--
Time Customer Service, Inc. (Time Incorporated)
1986
132,981

682

678

 
8/31/2020
First Park Dr.
Oakland
ME
--
Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)
2005
78,610

667

575

 
11/30/2020
11555 University Blvd.
Sugar Land
TX
--
KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation)
2005
72,683

613

626

2021
9/30/2021
265 Lehigh St.
Allentown
PA
--
Pennsylvania School of Business, Inc.
1980
22,392

62

62

 
10/25/2021
6938 Elm Valley Dr.
Kalamazoo
MI
--
Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)
1999/2004
150,945

1,014

1,058

2022
6/30/2022
8555 South River Pkwy.
Tempe
AZ
4
ASM Lithography, Inc. (ASM Lithography Holding N.V.) (2013) / DuPont Airproducts Nanomaterials L.L.C. (2022)
1998
95,133

1,177

1,105

 
7/31/2022
109 Stevens St.
Tucson
AZ
--
CoxCom, LLC
1988
28,591

273

276

2025
7/14/2025
590 Ecology Ln.
Chester
SC
--
Owens Corning Sales, LLC
2001/2005
420,597

1,093

1,084

2026
8/31/2026
25500 State Hwy. 249
Tomball
TX
--
Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin)
2005
77,076

676

753

2027
4/30/2027
2424 Alpine Rd.
Eau Claire
WI
--
Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)
1993/2004
159,000

500

586

Various
Various
17191 St. Luke's Way
The Woodlands
TX
--
Multi-Tenant
2004
13,368

0

0


22

LEXINGTON REALTY TRUST
Property Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio - 6/30/2012


Year of Lease Expiration
Date of Lease Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Year Acquired/ Built/
Renovated/
Expanded
Sq.Ft.
Leased or Available (1)
Cash
Rent
as of
6/30/2012 ($000) (2)
GAAP
Base Rent
as of 6/30/2012
($000) (3)
N/A
Vacant
17191 St. Luke's Way
The Woodlands
TX
6
(Available for Lease)
2004
27,632

399

249

 
 
265 Lehigh St.
Allentown
PA
--
(Available for Lease)
1980
48,838

0

0

NET LEASE STRATEGIC ASSETS FUND TOTAL/WEIGHTED AVERAGE
 
 
98.7% Leased
 
5,800,762

27,897

27,217


Footnotes
 
1
Square foot leased or vacant.
2
Six months ended 6/30/2012 cash rent.
3
Six months ended 6/30/2012 GAAP base rent.
4
ASM Lithography, Inc. lease expires 6/30/2013; however, new tenant (DuPont Airproducts Nanomaterials LLC) lease expires 6/30/2022.
5
Subsequent to 6/30/2012, lease extended to 06/2018.
6
Cash and GAAP rent amounts represent prior tenant.


23



LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type - Cash Basis
6/30/2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
Industrial
 
Retail
Year
Net
Rentable
Area
Cash Rent
as of
6/30/2012
($000)
Annual
Rent
PSF
 
Net
Rentable
Area
Cash Rent
as of
6/30/2012
($000)
Annual
Rent
PSF
 
Net
Rentable
Area
Cash Rent
as of
6/30/2012
($000)
Annual
Rent
PSF
2012
365,533

$
2,954

$
16.16

 
308,710

$
346

$
2.24

 
59,300

$
163

$
5.5

2013
966,609

$
6,802

$
14.07

 
1,237,268

$
1,783

$
2.88

 
194,010

$
505

$
5.21

2014
1,927,583

$
17,478

$
18.13

 
685,346

$
729

$
2.13

 
30,757

$
93

$
6.05

2015
1,808,563

$
18,012

$
14.86

 
2,058,570

$
3,088

$
3.00

 
56,837

$
134

$
4.72

2016
569,241

$
3,943

$
13.85

 
1,847,478

$
3,906

$
4.23

 
177,562

$
507

$
5.71

2017
657,445

$
4,504

$
13.7

 
1,942,944

$
4,218

$
4.34

 
148,040

$
343

$
4.63

2018
1,408,857

$
9,819

$
13.94

 
994,283

$
1,153

$
2.32

 
930,259

$
989

$
3.86

2019
1,968,646

$
13,257

$
13.47

 
1,621,875

$
2,027

$
2.50

 

$

$

2020
386,366

$
3,223

$
16.68

 
1,115,995

$
3,074

$
5.51

 

$

$

2021
805,745

$
6,586

$
16.35

 
1,251,312

$
1,694

$
2.71

 

$

$

2022 - Q1
100,012

$
568

$
11.36

 
257,849

$
11

$
4.83

 

$

$

Thereafter
2,153,519

$
14,966

$
13.98

 
5,189,161

$
11,649

$
4.39

 
35,459

$
301

$
16.98

Total/Weighted Average (1)
13,118,119

$
102,112

$
14.88

 
18,510,791

$
33,678

$
3.68

 
1,632,224

$
3,035

$
4.71

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


24








LEXINGTON REALTY TRUST
 Lease Rollover Schedule - GAAP Basis
6/30/2012
 
 
 
 
 
 
 
 
 
 
Year
Number of
Leases
Expiring
 
GAAP Base
Rent as of 6/30/2012
 ($000)
Percent of
GAAP Base Rent
as of
6/30/2012
2,012
8

 
$
3,249

2.4
%
2,013
18

 
$
9,293

6.9
%
2,014
27

 
$
18,198

13.4
%
2,015
17

 
$
16,432

12.1
%
2,016
14

 
$
8,827

6.5
%
2,017
14

 
$
8,838

6.5
%
2,018
23

 
$
13,798

10.2
%
2,019
10

 
$
15,541

11.5
%
2,020
7

 
$
6,530

4.8
%
2,021
8

 
$
8,366

6.2
%
2022 - Q1 & Q2
2

 
$
611

0.5
%
Thereafter
30

 
$
25,720

19
%
 
 
 
 
 
Total (1) 
178

 
$
135,403

100
%
 
 
 
 
 
Footnotes
 
 
 
 
(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.


25



LEXINGTON REALTY TRUST
Mortgage Loans Receivable
6/30/2012
 
 
 
 
Current
Estimated Annual
Debt Service
($000)(2)
 
 
Collateral
Loan Balance ($000)(1)
Interest Rate
Maturity Date
Balloon Payment ($000)
Escrow Balance ($000)
 
City
State
Office
Schaumburg (3)
IL
$
21,942

20.00
%
01/2012
$

$
21,942

$
308

 
Southfield
MI
$
7,721

4.55
%
02/2015
$
1,282

$
5,810

$

 
Westmont (4)
IL
$
27,063

6.45
%
10/2015
$
2,090

$
25,731

$
5,804

Industrial
New Kingstown (5)
PA
$
3,028

7.78
%
01/2013
$

$
3,028

$
664

Retail
Various
Various
$
1,066

8.00
%
07/2012
$
1,066

$

$

 
Austin
TX
$
1,882

16.00
%
10/2018
$

$
5,104

$

 
Various
Various
$
1,349

8.00
%
02/2021
$
219

$

$

 
Various
Various
$
714

8.00
%
12/2021
$
111

$

$

 
Various
Various
$
859

8.00
%
03/2022
$
127

$

$

Charter School
Homestead (6)
FL
$
5,872

7.50
%
08/2014
$

$
5,872

$

 
Total Mortgage Loans Receivable
$
71,496

 
 
$
4,895

$
67,487

$
6,776

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
(1) Includes accrued interest receivable and net origination fees.
(2) Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months.
(3) Interest only payments to the extent of operating cash flow of underlying asset. Borrower currently in default and Lexington has commenced foreclosure.
(4) Escrow balance includes $3,045 in a collateral escrow account maintained by the borrower and $2,500 letter of credit held by Lexington.
(5) Borrower currently in default, so no current debt service being made.
(6) Lexington is committed to lend up to $8,000.

26


LEXINGTON REALTY TRUST
2012 Second Quarter Financing Summary

 
DEBT RETIRED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Face
($000)
 
Satisfaction
($000)
 
Rate
 
Due Date
 
1

Laurens, SC (1)
 
$
14,111

 
$
14,111

 
5.911
%
 
09/2012
 
2

Temperance, MI (1)
 
$
9,460

 
$
9,460

 
5.912
%
 
09/2012
 
 
TOTAL
 
$
23,571

 
$
23,571

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CORPORATE LEVEL FINANCING
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Face ($000)
 
 Rate
 
Maturity
 
 
 
1

Term Loan Draw
 
$
45,000

 
3.500
%
 
01/2019
 
 
 
 
TOTAL
 
$
45,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW PROPERTY LEVEL FINANCING
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Face ($000)
 
Rate
 
Maturity
 
 
 
1

Baltimore, MD
 
$
55,000

 
4.320
%
 
06/2023
 
 
 
 
TOTAL
 
$
55,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
(1)
Imputed interest rate.
 
 
 
 
 


27


LEXINGTON REALTY TRUST
Debt Maturity Schedule
6/30/2012
($000)
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Properties
 
 
Year
 
Real Estate
Scheduled
 Amortization
 
 
Real Estate
Balloon Payments
 
 
Corporate Debt
 
 
2,012
 
$
8,964

 
 
$
69,990

 
 
$

 
 
2,013
 
$
25,217

 
 
$
234,937

 
 
$

 
 
2,014
 
$
23,454

 
 
$
229,068

 
 
$

 
 
2,015
 
$
14,916

 
 
$
261,640

 
 
$
35,000

(1)
 
2,016
 
$
10,132

 
 
$
121,889

 
 
$

 
 
 
 
$
82,683

 
 
$
917,524

 
 
$
35,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Consolidated Investments - LXP Proportionate Share
 
 
Year
 
Real Estate
Scheduled
 Amortization
 
 
Real Estate
Balloon Payments
 
 
 
 
 
2,012
 
$
871

 
 

 
 
 
 
 
2,013
 
$
2,714

 
 
$
2,496

 
 
 
 
 
2,014
 
$
2,416

 
 
$
12,679

 
 
 
 
 
2,015
 
$
2,394

 
 
$
6,960

 
 
 
 
 
2,016
 
$
1,790

 
 
$
3,998

 
 
 
 
 
 
 
$
10,185

 
 
$
26,133

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
 (1) Maturity date can be extended to 01/2016 at Lexington's option.
 



28






LEXINGTON REALTY TRUST
2012 Mortgage Maturities by Property Type
6/30/2012
 
 
 
 
 
 
 
 
 
 
 
 
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
6/30/2012
($000)
GAAP
Base Rent
as of
6/30/2012
($000)
Office
37101 Corporate Dr.
Farmington Hills
MI
128,829

$
17,724

09/2012
06/2025
$
12,968


$
107

 
4455 American Way
Baton Rouge
LA
70,100

$
5,943

10/2012
10/2012
$
13,868

$
591

$
557

 
1110 Bayfield Dr.
Colorado Springs
CO
166,575

$
10,272

12/2012
11/2013
$
19,579

$
815

$
800

Industrial
19500 Bulverde Rd. (2)
San Antonio
TX
559,258

$
26,025

10/2012
03/2016
$
41,882

$
1,832

$
1,714

 
43955 Plymouth Oaks Blvd.
Plymouth
MI
290,133

$
10,026

12/2012
10/2017
$
19,161

$
943

$
711

 
 
 
 
 
 
 
 
 
 
 
 
Total 2012 Mortgage Maturities
 
 
1,214,895

$
69,990

 
 
$
107,458

$
4,181

$
3,889

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
(1) Represents GAAP capitalized costs as of June 30, 2012.
(2) Mortgage satisfied subsequent to June 30, 2012.


29




LEXINGTON REALTY TRUST
2013 Mortgage Maturities by Property Type
6/30/2012
 
 
 
 
 
 
 
 
 
 
 
 
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
6/30/2012
($000)
GAAP
Base Rent
as of
6/30/2012
($000)
Office
3476 Stateview Blvd.
Fort Mill
SC
169,083

$
9,904

01/2013
05/2014
$
18,095

$
1,343

$
1,267

 
9201 East Dry Creek Rd.
Centennial
CO
128,500

$
13,555

02/2013
09/2017
$
26,922

$
1,163

$
1,186

 
12600 Gateway Blvd.
Fort Meyers
FL
62,400

$
8,550

05/2013
01/2013
$
13,561

$
579

$
546

 
200 Executive Blvd. South
Southington
CT
153,364

$
12,228

05/2013
12/2012
$
26,737

$
840

$
812

 
275 South Valencia Ave.
Brea
CA
637,503

$
73,071

05/2013
06/2019
$
118,929

$
4,355

$
4,300

 
5757 Decatur Blvd.
Indianapolis
IN
89,956

$
8,580

05/2013
2012/2018
$
15,299

$
710

$
719

 
810 & 820 Gears Rd.
Houston
TX
157,790

$
15,737

05/2013
01/2013
$
26,829

$
1,148

$
1,126

 
8900 Freeport Pkwy.
Irving
TX
268,445

$
36,466

05/2013
03/2023
$
60,297

$
1,519

$
1,674

 
6303 Barfield Rd./859 Mount Vernon Hwy.
Atlanta
GA
289,000

$
40,356

05/2013
Various
$
76,766

$
3,177

$
2,703

 
2211 South 47th St.
Phoenix
AZ
176,402

$
16,490

09/2013
02/2023
$
24,631

$
1,204

$
1,080

 
 
 
 
 
 
 
 
 
 
 
 
Total 2013 Mortgage Maturities
 
 
2,132,443

$
234,937

 
 
$
408,066

$
16,038

$
15,413

 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
(1) Represents GAAP capitalized costs as of June 30, 2012.

30





LEXINGTON REALTY TRUST
2014 Mortgage Maturities by Property Type
6/30/2012
 
 
 
 
 
 
 
 
 
 
 
 
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
6/30/2012
($000)
GAAP
Base Rent
as of
6/30/2012
($000)
Office &
33 Commercial St.
Foxboro
MA
164,689

$

01/2014
07/2015
$
29,238

$
3,025

$
1,816

Multi-Tenant
1275 Northwest 128th St.
Clive
IA
61,180

$
5,151

05/2014
Vacant
$
10,599

$
67

$
67

 
3480 Stateview Blvd.
Fort Mill
SC
169,218

$
18,311

05/2014
05/2014
$
29,174

$
1,821

$
1,725

 
1701 Market St. (2)
Philadelphia
PA
304,037

$
43,520

07/2014
Various
$
72,728

$
3,614

$
3,537

 
10300 Kincaid Dr.
Fishers
IN
193,000

$
10,466

08/2014
01/2020
$
28,323

$
1,689

$
1,712

 
3965 Airways Blvd.
Memphis
TN
521,286

$
47,270

09/2014
06/2019
$
116,410

$
3,426

$
3,507

 
500 Jackson St.
Columbus
IN
390,100

$
26,399

09/2014
07/2019
$
53,821

$
2,213

$
2,270

 
6226 West Sahara Ave.
Las Vegas
NV
282,000

$
32,118

09/2014
01/2029
$
64,735

$
4,035

$
2,126

 
22011 Southeast 51st St./5150 220th Ave.
Issaquah
WA
202,544

$
30,388

12/2014
12/2014
$
51,306

$
2,261

$
2,072

 
275 Technology Dr.
Canonsburg
PA
107,872

$
9,095

12/2014
12/2014
$
15,739

$
715

$
689

Industrial
2415 US Hwy. 78 East
Moody
AL
595,346

$
6,350

01/2014
01/2014
$
11,575

$
527

$
527

 
 
 
 
 
 
 
 
 
 
 
 
Total 2014 Mortgage Maturities
 
 
2,991,272

$
229,068

 
 
$
483,648

$
23,393

$
20,048

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
(1) Represents GAAP capitalized costs as of June 30, 2012.
(2) Lexington has an 80.5% interest in the property and amounts include parking operations.


31


LEXINGTON REALTY TRUST
2015 Mortgage Maturities by Property Type
6/30/2012
 
 
 
 
 
 
 
 
 
 
 
 
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
6/30/2012
($000)
GAAP
Base Rent
as of
6/30/2012
($000)
Office &
101 East Erie St.
Chicago
IL
230,704

$
29,900

01/2015
03/2014
$
56,548

$
2,066

$
2,501

Multi-Tenant
400 East Stone Ave. (2)
Greenville
SC
128,041

$
9,000

01/2015
12/2029
$
10,662

$
472

$

 
4201 Marsh Ln.
Carrollton
TX
130,000

$
12,022

01/2015
11/2022
$
22,146

$
963

$
933

 
13775 McLearen Rd.
Herndon
VA
125,293

$
10,359

04/2015
04/2015
$
25,443

$
1,109

$
1,069

 
10475 Crosspoint Blvd.
Indianapolis
IN
141,047

$
11,205

05/2015
10/2019
$
22,506

$
1,113

$
1,167

 
100, 120, 140 East Shore Dr.
Glen Allen
VA
224,838

$
18,321

05/2015
Various
$
38,044

$
1,372

$
1,397

 
1311 Broadfield Blvd.
Houston
TX
155,040

$
14,431

05/2015
03/2021
$
29,999

$
1,163

$
1,312

 
1409 Centerpoint Blvd.
Knoxville
TN
84,404

$
6,658

05/2015
10/2014
$
12,604

$
856

$
810

 
2550 Interstate Dr.
Harrisburg
PA
81,859

$
7,792

05/2015
12/2013
$
15,255

$
972

$
935

 
2706 Media Center Dr.
Los Angeles
CA
83,252

$
9,760

05/2015
Various
$
18,070

$
881

$
734

 
2800 Waterford Lake Dr.
Midlothian
VA
99,057

$
9,055

05/2015
10/2014
$
15,844

$
1,066

$
1,007

 
333 Mt. Hope Ave.
Rockaway
NJ
95,500

$
14,900

05/2015
09/2014
$
29,295

$
1,122

$
1,061

 
4000 Johns Creek Pkwy.
Suwanee
GA
87,219

$
10,502

05/2015
09/2012
$
4,203

$
724

$
719

 
6200 Northwest Pkwy.
San Antonio
TX
142,500

$
11,167

05/2015
11/2017
$
20,813

$
891

$
933

 
16676 Northchase Dr.
Houston
TX
101,111

$
11,282

05/2015
07/2014
$
19,369

$
835

$
814

 
4001 International Pkwy.
Carrollton
TX
138,443

$
18,710

07/2015
07/2015
$
30,859

$
1,603

$
1,597

 
12645 West Airport Rd.
Sugar Land
TX
165,836

$
6,286

09/2015
09/2015
$
19,436

$
1,719

$
971

 
10001 Richmond Ave.
Houston
TX
554,385

$
18,161

09/2015
09/2015
$
73,343

$
6,775

$
3,688

Industrial
10000 Business Blvd.
Dry Ridge
KY
336,350

$
4,463

07/2015
06/2025
$
15,227

$
673

$
673

 
301 Bill Bryan Rd.
Hopkinsville
KY
424,904

$
7,846

07/2015
06/2025
$
19,066

$
844

$
844

 
4010 Airpark Dr.
Owensboro
KY
211,598

$
3,917

07/2015
06/2025
$
13,598

$
604

$
604

 
730 North Black Branch Rd.
Elizabethtown
KY
167,770

$
2,527

07/2015
06/2025
$
6,055

$
268

$
268

 
750 North Black Branch Rd.
Elizabethtown
KY
539,592

$
13,376

07/2015
06/2025
$
32,222

$
1,419

$
1,419

 
 
 
 
 
 
 
 
 
 
 
 
Total 2015 Mortgage Maturities
 
 
4,448,743

$
261,640

 
 
$
550,607

$
29,510

$
25,456

 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
(1) Represents GAAP capitalized costs as of June 30, 2012.
(2) Property is classified as a capital lease for GAAP, accordingly $495 of GAAP income is included in non-operating income.

32


LEXINGTON REALTY TRUST
2016 Mortgage Maturities by Property Type
6/30/2012
 
 
 
 
 
 
 
 
 
 
 
 
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
6/30/2012
($000)
GAAP
Base Rent
as of
6/30/2012
($000)
Office
700 US Hwy. Route 202-206
Bridgewater
NJ
115,558

$
13,825

03/2016
10/2014
$
31,657

$
1,017

$
1,286

 
11707 Miracle Hills Dr
Omaha
NE
85,200

$
7,560

04/2016
11/2025
$
13,853

$
583

$
583

 
2005 East Technology Circle
Tempe
AZ
60,000

$
7,140

04/2016
12/2025
$
12,199

$
564

$
564

 
850-950 Warrenville Rd
Lisle
IL
99,414

$
9,377

06/2016
2014/2019
$
17,388

$
770

$
850

 
11511 Luna Rd
Farmers Branch
TX
180,507

$
18,363

07/2016
04/2016
$
29,984

$
1,154

$
1,594

 
180 South Clinton St
Rochester
NY
226,000

$
16,765

08/2016
12/2014
$
30,830

$
1,478

$
1,474

Industrial
459 Wingo Road
Byhalia
MS
513,734

$
15,000

06/2016
03/2026
$
27,492

$
1,284

$
1,468

 
2203 Sherrill Dr
Statesville
NC
639,800

$
12,574

08/2016
05/2013
$
21,266

$
894

$
865

 
3686 S. Central Ave. / 749 Southrock Dr
Rockford
IL
240,000

$
6,153

08/2016
2014/2015
$
10,919

$
440

$
401

 
7005 Cochran Road
Glenwillow
OH
458,000

$
15,132

09/2016
07/2025
$
28,665

$
972

$
1,126

 
 
 
 
 
 
 
 
 
 
 
 
Total 2016 Mortgage Maturities
 
 
2,618,213

$121,889
 
 
$224,253
$9,156
$10,211
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
 
 
(1) Represents GAAP capitalized cost at June 30, 2012.


33


LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
6/30/2012
Property
Footnotes
Debt
Balance
($000)
Interest
Rate
(%)
Maturity (a)
Current Estimated Annual Debt Service ($000) (d)
Balloon Payment ($000)
Farmington Hills, MI
(b)(q)
$
17,802

5.723%
09/2012
$
333

$
17,724

Baton Rouge, LA
(b)
5,987

5.333%
10/2012
135

5,943

San Antonio, TX
(p)
26,128

6.080%
10/2012
508

26,025

Plymouth, MI
(b)
10,202

5.964%
12/2012
480

10,026

Colorado Springs, CO
(b)
10,378

5.996%
12/2012
423

10,272

Fort Mill, SC
 
9,999

6.000%
01/2013
401

9,904

Centennial, CO
(b)(h)
13,785

5.724%
02/2013
756

13,555

Brea, CA
(b)
73,976

5.734%
05/2013
4,792

73,071

Atlanta, GA
 
41,047

5.268%
05/2013
2,680

40,356

Irving, TX
(b)
37,020

5.452%
05/2013
2,416

36,466

Houston, TX
 
16,009

5.218%
05/2013
1,040

15,737

Southington, CT
 
12,446

5.018%
05/2013
792

12,228

Indianapolis, IN
 
8,729

5.168%
05/2013
564

8,580

Fort Meyers, FL
 
8,660

5.268%
05/2013
531

8,550

Phoenix, AZ
 
17,005

6.270%
09/2013
1,527

16,490

Foxboro, MA
(b)
5,791

6.000%
01/2014
3,399


Moody, AL
 
6,599

4.978%
01/2014
493

6,350

Clive, IA
(r)
5,385

5.139%
05/2014
387

5,151

Fort Mill, SC
 
18,939

5.373%
05/2014
1,364

18,311

Philadelphia, PA
(e)
45,314

5.060%
07/2014
3,178

43,520

Fishers, IN
 
10,981

6.375%
08/2014
932

10,466

Columbus, IN
(i)
25,831

6.150%
09/2014
1,611

25,831

Las Vegas, NV
(i)
31,428

6.150%
09/2014
1,960

31,427

Memphis, TN
(i)
46,253

6.150%
09/2014
2,884

46,253

Columbus, IN
(i)
591

7.500%
09/2014
54

568

Las Vegas, NV
(i)
719

7.500%
09/2014
66

691

Memphis, TN
(i)
1,058

7.500%
09/2014
97

1,017

Issaquah, WA
(b)
31,213

5.665%
12/2014
2,113

30,388

Canonsburg, PA
(b)
9,085

5.426%
12/2014
489

9,095

Chicago, IL
(b)
29,513

5.639%
01/2015
1,548

29,900

Greenville, SC
 
9,000

5.500%
01/2015
495

9,000

Carrollton, TX
 
12,786

5.530%
01/2015
993

12,022

Herndon, VA
(b)
11,024

5.885%
04/2015
888

10,359

Glen Allen, VA
(b)
19,085

5.377%
05/2015
1,292

18,321

Houston, TX
 
15,374

5.160%
05/2015
1,114

14,431

Rockaway, NJ
 
14,900

5.292%
05/2015
799

14,900

Houston, TX
 
12,014

5.210%
05/2015
874

11,282

Indianapolis, IN
 
11,937

5.160%
05/2015
865

11,205

San Antonio, TX
 
11,875

5.340%
05/2015
875

11,167

Suwanee, GA
 
11,004

5.260%
05/2015
751

10,502

Los Angeles, CA
 
10,386

5.110%
05/2015
750

9,760

Richmond, VA
 
9,632

5.310%
05/2015
708

9,055

Harrisburg, PA
 
8,305

5.110%
05/2015
599

7,792

Knoxville, TN
 
7,083

5.310%
05/2015
520

6,658

Carrollton, TX
(b)
19,518

5.725%
07/2015
1,382

18,710

Elizabethtown, KY
(j)
14,349

4.990%
07/2015
1,046

13,376


34


LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
6/30/2012
Property
Footnotes
Debt
Balance
($000)
Interest
Rate
(%)
Maturity (a)
Current Estimated Annual Debt Service ($000) (d)
Balloon Payment ($000)
Hopkinsville, KY
 
8,417

4.990%
07/2015
614

7,846

Dry Ridge, KY
(n)
4,787

4.990%
07/2015
349

4,463

Owensboro, KY
(n)
4,202

4.990%
07/2015
306

3,917

Elizabethtown, KY
(j)
2,711

4.990%
07/2015
198

2,527

Houston, TX
(b)
36,072

6.250%
09/2015
8,385

18,161

Sugar Land, TX
(b)
9,459

6.250%
09/2015
2,139

6,286

Bridgewater, NJ
 
14,584

5.732%
03/2016
1,035

13,825

Omaha, NE
 
8,189

5.610%
04/2016
621

7,560

Tempe, AZ
 
7,734

5.610%
04/2016
586

7,140

Byhalia, MS
 
15,000

4.710%
06/2016
707

15,000

Lisle, IL
 
9,978

6.500%
06/2016
793

9,377

Farmers Branch, TX
(b)
18,471

5.939%
07/2016
1,136

18,363

Rochester, NY
(f)
17,940

6.210%
08/2016
1,383

16,765

Statesville, NC
(f)
13,455

6.210%
08/2016
1,037

12,574

Rockford, IL
(f)
6,585

6.210%
08/2016
508

6,153

Glenwillow, OH
 
16,207

6.130%
09/2016
1,240

15,132

Memphis, TN
 
3,770

5.710%
01/2017
275

3,484

Huntington, WV
 
6,500

4.150%
02/2017
270

6,500

Orlando, FL
 
9,924

5.722%
02/2017
696

9,309

Dubuque, IA
 
9,823

5.402%
06/2017
733

8,725

Shreveport, LA
 
19,000

5.690%
07/2017
1,096

19,000

McDonough, GA
 
23,000

6.110%
11/2017
1,514

21,651

Lorain, OH
(b)
1,232

7.750%
07/2018
108


Manteca, CA
(b)
870

7.750%
07/2018
77


Watertown, NY
(b)
818

7.750%
07/2018
72


Lewisburg, WV
(b)
575

7.750%
07/2018
51


San Diego, CA
(b)
555

7.750%
07/2018
49


Galesburg, IL
(b)
488

7.750%
07/2018
43


Boston, MA
 
13,075

6.100%
12/2018
996

11,520

North Berwick, ME
 
9,282

3.560%
04/2019
1,532


Overland Park, KS
(b)
36,036

5.891%
05/2019
2,657

31,867

Kansas City, MO
(b)
17,208

5.883%
05/2019
1,268

15,182

Streetsboro, OH
(b)
18,626

5.749%
09/2019
1,344

16,338

Boca Raton, FL
 
20,400

6.470%
02/2020
1,542

18,383

Wall, NJ
(b)
24,594

6.250%
01/2021
3,312


Charleston, SC
 
7,350

5.850%
02/2021
436

6,632

Whippany, NJ
 
15,166

6.298%
11/2021
1,344

10,400

Baltimore, MD
 
55,000

4.320%
06/2023
2,376

47,676

Subtotal/Wtg. Avg./Years Remaining (l)
$
1,263,228

5.635%
3.4
$
94,732

$
1,144,191


35



LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
6/30/2012
Property
Footnotes
Debt
Balance
($000)
Interest
Rate
(%)
Maturity (a)
Current Estimated Annual Debt Service ($000) (d)
Balloon Payment ($000)
Corporate
 
 
 
 
 
 
Revolving Credit Facility
(k) (m)
$
35,000

2.114%
01/2015
$
750

35,000

Term Loan
(k)
206,000

3.758%
01/2019
7,849

206,000

Convertible Notes
(o)(c)
115,000

6.000%
01/2030
6,900

115,000

Trust Preferred Notes
(g)
129,120

6.804%
04/2037
8,785

129,120

Subtotal/Wtg. Avg./Years Remaining (l)
$
485,120

4.982%
10.6
$
24,284

$
485,120

Total/Wtg. Avg./Years Remaining (l)
$
1,748,348

5.454%
5.4
$
119,016

$
1,629,311

 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
(a) Subtotal and total based on weighted average term to maturity (or put dates) shown in years based on debt balance.
(b)    Debt balances based upon imputed interest rates.
(c) Represents full payable of notes, discount of $8,882 excluded from balance.
(d)    Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.
(e) Lexington has an 80.5% interest in this property.
(f)    Properties are cross-collateralized.
(g) Rate fixed through 04/2017, thereafter LIBOR plus 170 bps.
(h) Maturity date represents lender call date.
(i) Properties are cross-collateralized.
(j) Properties are cross-collateralized.
(k) Secured by a borrowing base of properties.
(l) Total shown may differ from detailed amounts due to rounding.
(m) Maturity can be extended to 01/2016 at Lexington's option.
(n) Properties are cross-collateralized.
(o) Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25.
(p) Mortgage satisfied subsequent to 6/30/2012.
(q) Loan has hyper-amortization option.
(r) Lexington has suspended debt service payments.


36


LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
6/30/2012
Joint Venture
 Debt Balance ($000)
LXP
Proportionate
Share
($000) (3)  
Interest
Rate
(%)
Maturity
Current Estimated Annual Debt Service ($000) (4)
 Balloon Payment ($000)
Proportionate
Share Balloon
Payment
($000) (3)
 
Net Lease Strategic
$
2,578

$
387

7.670
%
01/2013
$
2,776



 
Net Lease Strategic
12,335

1,850

5.148
%
05/2013
723

12,144

1,822

 
Net Lease Strategic
4,611

692

5.950
%
09/2013
381

4,496

674

 
Net Lease Strategic
19,272

2,891

5.810
%
02/2014
1,551

18,588

2,788

 
Net Lease Strategic
8,840

1,326

5.616
%
04/2014
697

8,484

1,273

 
Net Lease Strategic (5)
57,450

8,618

2.489
%
07/2014
1,450

57,450

8,618

 
Net Lease Strategic
661

99

8.500
%
04/2015
271



 
Net Lease Strategic
16,033

2,405

5.411
%
05/2015
1,189

15,087

2,263

 
Net Lease Strategic - Oklahoma TIC
14,329

860

5.240
%
05/2015
976

13,673

820

 
Net Lease Strategic
11,986

1,798

5.212
%
06/2015
836

11,349

1,702

 
Net Lease Strategic
5,764

865

5.783
%
06/2015
462

5,371

806

 
Net Lease Strategic
13,895

2,084

8.036
%
09/2015
3,445

6,925

1,039

 
Net Lease Strategic
4,076

611

8.036
%
09/2015
950

2,203

330

 
Net Lease Strategic
8,101

1,215

6.090
%
01/2016
668

7,446

1,117

 
Net Lease Strategic
5,987

898

6.090
%
04/2016
494

5,465

820

 
Net Lease Strategic
6,188

928

6.315
%
09/2016
497

5,723

858

 
One Summit
11,809

3,543

9.375
%
10/2016
3,344



 
Net Lease Strategic
8,728

1,309

6.063
%
11/2016
683

8,023

1,203

 
One Summit
7,866

2,360

10.625
%
11/2016
2,239



 
Rehab Humble Lessee
15,245

2,287

4.700
%
05/2017
950

13,982

2,097

 
Net Lease Strategic
8,361

1,254

5.910
%
10/2018
728

6,624

994

 
Net Lease Strategic
9,303

1,395

6.010
%
08/2019
753

7,658

1,149

 
Net Lease Strategic
7,445

1,117

6.507
%
11/2019
563

6,692

1,004

 
Net Lease Strategic
9,414

1,412

6.270
%
12/2019
774

7,755

1,163

 
Net Lease Strategic
9,519

1,428

5.930
%
10/2020
750

7,660

1,149

 
Net Lease Strategic
8,658

1,299

5.460
%
12/2020
741

5,895

884

 
Net Lease Strategic
9,014

1,352

5.640
%
01/2021
692

7,018

1,053

 
Net Lease Strategic
10,814

1,622

5.380
%
08/2025
1,144

362

54

 
Total/Wtg. Avg. (1)/Years Remaining (2)
$
308,282

$
47,905

5.770
%
4.1
$
30,727

$
246,073

$
35,680

 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
(1) Weighted average interest rate based on proportionate share.
(2) Weighted average years remaining on maturities based on proportionate debt balance.
(3) Total balance shown may differ from detailed amounts due to rounding.
(4) Remaining payments for debt with less than 12 months to maturity, all others are debt service for 12 months.
(5) Term loan collateralized by 17 properties. Interest only at LIBOR plus 225 bps, subject to adjustment.

37



LEXINGTON REALTY TRUST
Partnership Interests
Six Months Ended June 30, 2012
($000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest Properties - Partners' Proportionate Share (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA
 $
397

 
 
Interest expense
 $
272

 
 
Depreciation and amortization
 $
478

 
 
 
 
 
 
 
 
Non-Consolidated Net Leased Real Estate - Lexington's Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA
 $
14,255

 
 
Interest expense
 $
1,407

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
(1) Excludes discontinued operations and OP unit noncontrolling interests.
 

38


LEXINGTON REALTY TRUST
Selected Balance Sheet and Income Statement Account Data
6/30/2012
($000)
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
Other assets
 $
26,992

 
 
 
 
 
 
 
 
 
 
The components of other assets are:
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 $
155

 
 
 
 
Investments- capital lease
 
10,662

 
 
 
 
Equipment
 
618

 
 
 
 
Prepaids
 
3,603

 
 
 
 
Other receivables
 
1,146

 
 
 
 
Deferred tax asset
 
699

 
 
 
 
Deferred lease incentives
 
9,972

 
 
 
 
Other
 
137

 
 
 
 
 
 
 
 
Accounts payable and other liabilities
 $
59,592

 
 
 
 
 
 
 
 
 
 
The components of accounts payable and other liabilities are:
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 $
15,590

 
 
 
 
CIP accruals and other
 
22,611

 
 
 
 
Taxes
 
232

 
 
 
 
Deferred lease and loan costs
 
4,815

 
 
 
 
Subordinated notes
 
2,352

 
 
 
 
Deposits
 
1,162

 
 
 
 
Escrows
 
1,343

 
 
 
 
Sale/leaseback financing obligation
 
4,750

 
 
 
 
Transaction costs
 
505

 
 
 
 
Guarantee obligation
 
1,500

 
 
 
 
Interest rate swap derivative liability
 
4,732

 
 
 
 
 
 
 
Income Statement - six months ended June 30, 2012
 
 
 
 
 
 
 
 
Non-cash interest expense, net
 $
816


39


LEXINGTON REALTY TRUST
Select Credit Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2011
 
6/30/2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company FFO Payout Ratio
47.9%
 
52.1%
 
 
 
 
 
 
 
 
 
 
 
Non-mortgaged Assets
$1.33 billion
 
$1.31 billion
 
 
 
 
 
 
 
 
 
 
 
Debt + Preferred / Gross Assets
50.2%
 
49.7%
 
 
 
 
 
 
 
 
 
 
 
Debt/Gross Assets
42.2%
 
43.6%
 
 
 
 
 
 
 
 
 
 
 
Secured Debt / Gross Assets
34.9%
 
37.6%
 
 
 
 
 
 
 
 
 
 
 
Net Debt / EBITDA
5.7 times
 
5.9 times
 
 
 
 
 
 
 
 
 
 
 
Net Debt + Preferred / EBITDA
6.8 times
 
6.7 times
 
 
 
 
 
 
 
 
 
 
 
Credit Line Availability
$295.9 million
 
$261.3 million
 
 
 
 
 
 
 
 
 
 
 
Development / Gross Assets
0.3%
 
1.8%
 
 
 
 
 
 
 
 
 
 
 
EBITDA / Revenue
79%
 
80.8%
 
 
 
 
 
 
 
 
 
 
 
EBITDA / PrefDiv + Interest Expense
2.3 times
 
2.5 times
 
 
 
 
 
 
 
 
 
 
 
JV + Advisory Income / Revenues
7%
 
6.4%
 

40


LEXINGTON REALTY TRUST
Revenue and Same-Store NOI Data
6/30/2012
($000)
 
 
 
 
 
 
 
 
 
 
 
 
Base Rent Estimates for Current Assets
 
Year
 
Cash  (1)
 
GAAP (1)
 
 
 
 
 
2012 - remaining
 
$
137,408
 
$
147,611
 
 
 
 
 
2,013
 
$
275,476
 
$
283,598
 
 
 
 
 
2,014
 
$
253,835
 
$
256,989
 
 
 
 
 
2,015
 
$
214,685
 
$
217,306
 
 
 
 
 
2,016
 
$
186,025
 
$
186,755
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenue Data
 
Asset Class
 
GAAP
Base Rent
as of
6/30/12 (2)
 
Percentage
 
 
 
 
 
Office
 
$
84,253

 
 
56.7
%
 
 
 
 
 
Long-term leases
 
$
25,720

 
 
17.3
%
 
 
 
 
 
Industrial
 
$
21,926

 
 
14.8
%
 
 
 
 
 
Multi-tenant
 
$
11,592

 
 
7.8
%
 
 
 
 
 
Retail
 
$
4,988

 
 
3.4
%
 
 
 
 
 
 
 
$
148,479

 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Ratings (3)
 
 
 
 
 
 
 
 
 
 
 
Investment Grade
 
$
73,122

 
 
49.3
%
 
 
 
 
 
Non-Investment Grade
 
$
22,637

 
 
15.2
%
 
 
 
 
 
Unrated
 
$
52,720

 
 
35.5
%
 
 
 
 
 
 
 
$
148,479

 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same-Store NOI(4)(5)
 
 
Six Months Ended June 30
 
 
 
 
 
 
 
 
2,012
 
 
2,011
 
 
 
 
 
Total Base Rent
 
 
$
143,119

 
 
$
142,010

 
 
 
 
 
Tenant Reimbursements and Other
 
 
14,765

 
 
15,464

 
 
 
 
 
Property Operating Expenses
 
 
(28,780
)
 
 
(29,372
)
 
 
 
 
 
Same-Store NOI
 
 
$
129,104

 
 
$
128,102

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in Same-Store NOI
 
 
0.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
(1)
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 after 6/30/2012.
(2)
Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012.
(3)
Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated.
(4)
NOI is on cash basis.
(5)
Excludes properties acquired and sold in 2011 and the six months ended 6/30/2012.

41


Net Lease Strategic Assets Fund
Supplemental Financial Disclosure
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2012
 
December 31, 2011
 
 
 
 
Real estate, including intangibles, net
 
$
559,245

 
$
577,280

 
 
 
 
Cash, including restricted cash
 
$
11,478

 
$
12,319

 
 
 
 
Mortgages and notes payable
 
$
259,033

 
$
266,136

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Six months ended June 30,
 
 
 
 
 
 
2,012
 
2,011
 
 
 
 
Total gross revenues
 
$
27,742

 
$
30,954

 
 
 
 
Depreciation and amortization
 
(14,653
)
 
(16,299
)
 
 
 
 
Interest expense
 
(7,185
)
 
(8,323
)
 
 
 
 
Other expense, net
 
(2,569
)
 
(1,824
)
 
 
 
 
Net income from continuing operations
 
3,335

 
4,508

 
 
 
 
Total discontinued operations
 
(517
)
 
241

 
 
 
 
Net income
 
$
2,818

 
$
4,749

 
 
 
 
 
 
 
 
 
 
 
 
 
Funds from operations, as adjusted
 
$
18,360

 
$
20,312

 
 
 
 
 
 
 
 
 
 
 
 
 
Debt/Gross Assets
 
37.5
%
 
37.2
%
 
 
 
 
Net Debt/EBITDA
 
 5.1 times

 
 5.1 times

 
 
 
 
Interest Coverage
 
 3.6 times

 
 2.8 times

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Revenue Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Class
 
GAAP
Base Rent
as of
6/30/12 (1)
 
Percentage
 
 
 
 
Office
 
$
17,572

 
64.6
%
 
 
 
 
Industrial
 
$
8,653

 
31.8
%
 
 
 
 
Other
 
$
992

 
3.6
%
 
 
 
 
 
 
$
27,217

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Ratings (2)
 
GAAP
Base Rent
as of
6/30/12 (1)
 
Percentage
 
 
 
 
Investment Grade
 
$
14,325

 
52.6
%
 
 
 
 
Non-Investment Grade
 
$
3,886

 
14.3
%
 
 
 
 
Unrated
 
$
9,006

 
33.1
%
 
 
 
 
 
 
$
27,217

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
 
(1) Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012.
 
 
(2) Credit ratings are based upon either tenant, guarantor or parent.

42



LEXINGTON REALTY TRUST
Top 20 Markets
6/30/2012
 
Core Based Statistical Area (2)
Percent of
GAAP Base
Rent as of
6/30/12 (1)
1
Dallas-Fort Worth-Arlington, TX
8.4%
2
Houston-Sugar Land-Baytown, TX
5.6%
3
Memphis, TN-MS-AR
5.2%
4
Baltimore-Towson, MD
5.1%
5
New York-Northern New Jersey-Long Island, NY-NJ-PA
3.9%
6
Los Angeles-Long Beach-Santa Ana, CA
3.8%
7
Atlanta-Sandy Springs-Marietta, GA
3.5%
8
Kansas City, MO-KS
3.4%
9
Orlando-Kissimmee, FL
3.3%
10
Chicago-Naperville-Joliet, IL-IN-WI
2.9%
11
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2.8%
12
Boston-Cambridge-Quincy, MA-NH
2.6%
13
Columbus, OH
2.6%
14
Indianapolis-Carmel, IN
2.5%
15
Phoenix-Mesa-Scottsdale, AZ
2.1%
16
Charlotte-Gastonia-Concord, NC-SC
2%
17
Washington-Arlington-Alexandria, DC-VA-MD-WV
1.9%
18
San Antonio, TX
1.8%
19
Detroit-Warren-Livonia, MI
1.8%
20
Cincinnati-Middletown, OH-KY-IN
1.7%
 
Total Top 20 Markets (3)
66.7%
 
 
 
 
 
 
Footnotes
(1)
Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012.
(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.

43


LEXINGTON REALTY TRUST
Tenant Industry Diversification
6/30/2012
 
 
Industry Category
Percent of
GAAP Base
Rent as of
6/30/2012 (1) (2)
Finance/Insurance
15.7%
Energy
10.2%
Technology
9.6%
Consumer Products
8.3%
Automotive
8.1%
Service
7.7%
Transportation/Logistics
6.3%
Food
5.3%
Healthcare
4.9%
Telecommunications
3.9%
Media/Advertising
3.7%
Construction/Materials
3%
Printing/Production
2.9%
Aerospace/Defense
2.6%
Apparel
2.1%
Retail Department
1.7%
Retail Specialty
1.4%
Education
1.2%
Real Estate
1.2%
Retail Electronics
0.3%
 
100%
 
 
Footnotes
 
(1) Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012.
(2) Total shown may differ from detailed amounts due to rounding.


44



LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
6/30/2012
 
 
 
 Sq. Ft. Leased
Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)
GAAP Base Rent as of 6/30/2012 ($000) (1)
Percent of GAAP Base Rent as of 6/30/2012
($000) (1) (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenants or Guarantors
Number of Leases
 
 
 
 
 
 
Bank of America, National Association
8
691,893

1.9
%
$
4,724

3.2
%
 
 
Baker Hughes, Inc.
2
720,221

2
%
$
4,659

3.1
%
 
 
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
6
1,902,414

5.3
%
$
4,150

2.8
%
 
 
Federal Express Corporation
2
647,499

1.8
%
$
3,686

2.5
%
 
 
Swiss Re America Holding Corporation / Westport Insurance Corporation
2
476,123

1.3
%
$
3,499

2.4
%
 
 
Morgan, Lewis and Bockius, LLP (3)
1
289,432

0.8
%
$
3,406

2.3
%
 
 
CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.)
3
2,503,916

7
%
$
3,286

2.2
%
 
 
Transamerica Life Insurance Company
1
156,140

0.4
%
$
3,000

2
%
 
 
Wells Fargo Bank, N.A.
2
338,301

0.9
%
$
2,992

2
%
 
 
JPMorgan Chase Bank, National Association
3
430,375

1.2
%
$
2,707

1.8
%
 
 
 
30
8,156,314

22.9
%
$
36,109

24.3
%
 
 
 
 
 
 
 
 
 
 
Footnotes
 
 
 
 
 
 
 
(1) Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012.
 
 
 
 
 
 
 
(2) Total shown may differ from detailed amounts due to rounding.
 
 
 
 
 
 
 
(3) Includes parking garage operations. Lexington has an 80.5% interest in this property.
 
 
 
 
 
 


45



Investor Information

Transfer Agent

Computershare Shareowner Services LLC
480 Washington Blvd.
Jersey City NJ 07310-1900
(800) 850-3948
www.bnymellon.com/shareowner/equityaccess

Investor Relations

Patrick Carroll
Executive Vice President and Chief Financial Officer
Telephone (direct)     (212) 692-7215
Facsimile (main)    (212) 594-6600
E-mail    pcarroll@lxp.com

Research Coverage

Bank of America/Merrill Lynch
James Feldman            (646) 855-5808

Barclays Capital
Ross L. Smotrich        (212) 526-2306    

Friedman, Billings, Ramsey
Gabe Poggi            (703) 469-1141    

J.P. Morgan Chase
Anthony Paolone        (212) 622-6682

Stifel Nicolaus
John W. Guinee            (443) 224-1307

Wells Fargo Securities, LLC
Todd J. Stender            (212) 214-8067    


46