Quarterly Earnings and
Supplemental Operating and Financial Data
For the Six Months Ended June 30, 2007
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the six months ended June 30, 2007
Table of Contents
Section | Page |
Second Quarter 2007 Earnings Press Release | 3 |
Portfolio Data | |
Geographic Diversification | 11 |
Tenant Diversification | 12 |
Other Revenue Data | 13 |
Lease Expiration Schedule – Cash Basis | 14 |
Property Holdings | 15 |
2Q ’07 Acquisition Summary | 25 |
2Q ’07 Disposition Summary | 28 |
2Q ’07 Financing & Leasing Summary | 29 |
Financial Data | |
Selected Balance Sheet Account Detail | 31 |
Selected Income Statement Account Detail | 32 |
Mortgages and Notes Payable | 33 |
Base rent estimates from current assets | 38 |
Investor Information | 39 |
This Quarterly Earnings and Supplemental Operating and Financial Data contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust (“Lexington”) which may cause actual results, performance or achievements of Lexington 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 most recent annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2007 (the "Form 10-K") and other periodic reports filed with the SEC, including risks related to, (i) the failure to integrate our operations and properties with those of Newkirk Realty Trust, (ii) the failure to continue to qualify as a real estate investment trust, (iii) changes in general business and economic conditions, (iv) competition, (v) increases in real estate construction costs, (vi) changes in interest rates, or (vii) changes in accessibility of debt and equity capital market. Copies of the Form 10-K and the other periodic reports Lexington files with the SEC are available on Lexington’s website at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe the Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" 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, Carol Merriman, VP Investor Relations & Corporate Development
Lexington Realty Trust
Phone: (212) 692-7264 E-mail: cmerriman@lxp.com
FOR IMMEDIATE RELEASE
Wednesday August 8, 2007
LEXINGTON REALTY TRUST REPORTS SECOND QUARTER 2007 RESULTS
New York, NY – August 8, 2007– Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced results for the second quarter ended June 30, 2007. All per share amounts are on a diluted basis.
Second Quarter 2007 Highlights
· | Total rental revenues of $102.5 million |
· | Company Funds From Operations of $59.9 million or $0.54 per share(1) |
· | 28 new and renewal leases executed, totaling 1.9 million square feet |
· | Invested $366.6 million in cash to acquire four co-investment programs |
· | $67.8 million in real estate dispositions |
· | 2.5 million shares/units repurchased at an average price of $21.00 per share/unit |
· | $0.375 common share/unit dividend/distribution declared |
· | Completion of the acquisition of Lexington Strategic Asset Corp. |
· | Corporate restructure initiated: focus on core office, warehouse and distribution facility assets |
(1) | See the last page of this press release for a reconciliation of GAAP net income to Company FFO. |
COMMENTS FROM MANAGEMENT
T. Wilson Eglin, President and Chief Executive Officer of Lexington Realty Trust stated, “We are pleased to report that our second quarter operating results improved considerably compared to the first quarter. Furthermore, our strong leasing and investment activity during the second quarter is expected to add to Company funds from operations per share going forward. During the second quarter, Lexington invested $367 million in cash to acquire 100% of our four co-investment programs on terms that are accretive to funds from operations and repurchased $52.3 million of its common shares. In addition, we executed 28 leases – a record number – for 1.9 million square feet and ended the quarter with 98% of our square footage subject to lease.” Mr. Eglin continued, “We realized incentive fees of $10.6 million in connection with the dissolutions of our co-investment programs and recorded lease termination payment revenue of $3.0 million for a property that was sold and one that is fully leased which, together, more than offset a $4.5 million severance charge and an expense of $800,000 relating to the repurchase of all the outstanding stock in Lexington Strategic Asset Corp. Overall, these items added about $8.3 million to our Company funds from operations, or about $0.07 per share.”
Michael L. Ashner, Executive Chairman of Lexington Realty Trust added, “We are pleased to see our efforts with regards to our strategic restructuring plan beginning to bear fruit.”
Page 3 of 39
Lexington Realty Trust
FINANCIAL RESULTS
Revenue
For the quarter ended June 30, 2007, rental revenues increased 134.0% to $102.5 million, compared with rental revenues of $43.8 million for the quarter ended June 30, 2006. The increase was primarily a result of the December 31, 2006 merger with Newkirk Realty Trust, Inc.
Net Income Allocable to Common Shareholders
For the quarter ended June 30, 2007, net income allocable to common shareholders was $21.9 million, compared to the quarter ended June 30, 2006, which had net income allocable to common shareholders of $21.4 million. On a per share basis, net income allocable to common shareholders for the quarter ended June 30, 2007, was $0.34 compared with net income allocable to common shareholders of $0.41 for the comparable period last year. For the six months ended June 30, 2007, net income allocable to common shareholders was $18.5 million, or $0.28 per share, as compared to $23.4 million, or $0.45 per share, for the same period in 2006.
Company Funds from Operations Applicable to Common Shareholders
For the quarter ended June 30, 2007, Company Funds from Operations (“Company FFO”) was $59.9 million, compared with Company FFO for the quarter ended June 30, 2006 of $38.2 million. On a per share basis, Company FFO was $0.54 for the quarter ended June 30, 2007, compared with $0.60 for the quarter ended June 30, 2006. For the six months ended June 30, 2007, Company FFO per share was $0.96, as compared to $1.05 for the same period in 2006.
Market Capitalization
At June 30, 2007, Lexington’s total market capitalization was approximately $5.8 billion, based on the New York Stock Exchange closing price of Lexington’s common shares on June 30, 2007, and assuming the conversion of all operating partnership units to common shares, the liquidation preference of preferred shares, and the principal balance of total debt outstanding.
Dividend
On June 15, 2007, Lexington declared a regular quarterly cash dividend/distribution of $0.375 per share/unit (or $1.50 on an annualized basis), which was paid on July 16, 2007, to common shareholders/unit holders of record as of June 29, 2007.
Share Repurchase Authorization
During the quarter ended June 30, 2007, Lexington repurchased approximately 2.5 million common shares/units at an average price of $21.00 per share/unit. Year-to-date, Lexington has repurchased approximately 6.6 million common shares/units at an average price of $20.66 per share/unit. Lexington is currently authorized by its Board of Trustees to repurchase approximately 3.9 million additional common shares/units.
2007 EARNINGS GUIDANCE
Lexington reaffirmed its previously disclosed 2007, full-year per diluted share Company FFO guidance range of $1.75 to $1.85. This guidance is based on current expectations and is forward-looking.
Page 4 of 39
Lexington Realty Trust
CAPITAL MARKETS ACTIVITY
During the quarter ended June 30, 2007, Lexington obtained a $225.0 million secured term loan due in 2009 at an interest rate of LIBOR plus 60 basis points.
STRATEGIC RESTRUCTURING PLAN
In June 2007, Lexington announced a strategic restructuring plan. The plan, when and if completed, will restructure Lexington into a company consisting primarily of:
· | A wholly owned portfolio of core office assets; |
· | A wholly owned portfolio of core warehouse/distribution assets; |
· | A continuing 50% interest in a joint venture that invests in senior and subordinated debt interests secured by both net-leased and multi-tenanted real estate collateral; |
· | A minority interest in a to-be-formed joint venture that invests in specialty single-tenant real estate assets; and |
· | Equity securities in other net lease companies owned either individually or through an interest in one or more joint ventures. |
Lexington can provide no assurances that it will successfully complete the strategic restructuring. See Lexington’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 7, 2007, for more information regarding the strategic restructuring plan.
INVESTMENT ACTIVITY
Acquisitions
During the quarter ended June 30, 2007, Lexington invested $366.6 million in cash to acquire the remaining interest in 48 properties it did not already own from the four co-investment programs it terminated during the quarter. Additionally, in separate transactions, Lexington acquired two industrial facilities and one office building, for an aggregate purchase price of $38.6 million.
Purchase of shares of Lexington Strategic Asset Corp.
On May 10, 2007, Lexington Strategic Asset Corp. (“LSAC”) completed a self-tender offer for an offer price of $10.00 per share by acquiring 741,836 shares. On June 30, 2007, Lexington acquired the remaining shares of LSAC it did not already own through a merger of LSAC with and into Lexington and the payment of $10.00 per share.
Other real estate investments
During the quarter ended June 30, 2007, Lexington announced its participation in a newly-formed joint venture, Lex-Win Acquisition LLC ("Lex-Win"), established to acquire shares of common stock in Wells Real Estate Investment Trust, Inc. As of July 2007, the joint venture acquired 4.8 million shares of Wells Real Estate Investment Trust, Inc. at a price per share of $9.30 through a tender offer.
Dispositions
During the quarter ended June 30, 2007, Lexington sold six non-core properties (retail, office and industrial) for an aggregate price of $67.8 million.
Page 5 of 39
Lexington Realty Trust
LEASING ACTIVITY
At June 30, 2007, Lexington’s portfolio was approximately 98.0% leased. For the quarter ended June 30, 2007, Lexington executed 28 leases (new and renewal) for approximately 1.9 million square feet. Fourteen new leases were executed, (12 office properties and two retail properties) encompassing 371,500 square feet. Fourteen lease renewals were executed (11 office properties, one industrial property and two retail properties) encompassing 1.6 million square feet.
2nd QUARTER 2007 CONFERENCE CALL
On Wednesday, August 8, 2007, at 2:00 p.m. Eastern Time, Lexington will host a conference call to discuss its results for the quarter ended June 30, 2007. Lexington’s remarks will be followed by a question and answer period. Interested parties may participate in this conference call by dialing (877) 407-0782 or (201) 689-8567. A taped replay of the call will be available through September 8, 2007 at (877) 660-6853, Account #: 286, Conference ID #: 244153
A live web cast (listen-only mode) of the conference call will be available at www.lxp.com within the Investor Relations section. An online replay will also be available through September 8, 2007.
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, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.
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 most recent annual report on Form 10-K filed with the SEC on March 1, 2007 (the "Form 10-K") and other periodic reports filed with the SEC, including risks related to, (i) the failure to successfully complete the strategic restructuring plan, (ii) the failure to integrate our operations and properties with those of Newkirk Realty Trust, (iii) the failure to continue to qualify as a real estate investment trust, (iv) changes in general business and economic conditions, (v) competition, (vi) increases in real estate construction costs, (vii) changes in interest rates, or (viii) changes in accessibility of debt and equity capital market. Copies of the Form 10-K and the other periodic reports Lexington files with the SEC are available on Lexington’s website at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.
Page 6 of 39
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
Three and Six months ended June 30, 2007 and 2006 |
(Unaudited and in thousands, except share and per share data) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Gross revenues: | ||||||||||||||||
Rental | $ | 102,460 | $ | 43,781 | $ | 189,187 | $ | 89,654 | ||||||||
Advisory and incentive fees | 11,224 | 1,338 | 11,943 | 2,401 | ||||||||||||
Tenant reimbursements | 6,769 | 3,887 | 12,420 | 8,320 | ||||||||||||
Total gross revenues | 120,453 | 49,006 | 213,550 | 100,375 | ||||||||||||
Expense applicable to revenues: | ||||||||||||||||
Depreciation and amortization | (57,620 | ) | (19,594 | ) | (110,186 | ) | (39,078 | ) | ||||||||
Property operating | (13,869 | ) | (7,308 | ) | (25,417 | ) | (15,004 | ) | ||||||||
General and administrative | (12,355 | ) | (4,858 | ) | (21,142 | ) | (10,475 | ) | ||||||||
Non-operating income | 2,577 | 5,911 | 5,219 | 6,706 | ||||||||||||
Interest and amortization expense | (39,441 | ) | (17,571 | ) | (72,319 | ) | (34,940 | ) | ||||||||
Debt satisfaction gains | — | 1,241 | — | 294 | ||||||||||||
Impairment loss | — | (1,121 | ) | — | (1,121 | ) | ||||||||||
Income (loss) before benefit (provision) for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations | (255 | ) | 5,706 | (10,295 | ) | 6,757 | ||||||||||
Benefit (provision) for income taxes | (1,804 | ) | 82 | (2,242 | ) | 155 | ||||||||||
Minority interests share of income | (19,270 | ) | (798 | ) | (12,064 | ) | (970 | ) | ||||||||
Equity in earnings of non-consolidated entities | 38,388 | 848 | 41,897 | 2,116 | ||||||||||||
Income from continuing operations | 17,059 | 5,838 | 17,296 | 8,058 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations | 4,905 | 1,302 | 7,508 | 3,281 | ||||||||||||
Provision for income taxes | (2,510 | ) | (25 | ) | (2,614 | ) | (74 | ) | ||||||||
Debt satisfaction (charges) gains | (89 | ) | 5,843 | (89 | ) | 5,765 | ||||||||||
Gains on sales of properties | 12,828 | 14,263 | 12,828 | 16,916 | ||||||||||||
Minority interests share of income | (3,254 | ) | (1,701 | ) | (3,775 | ) | (2,348 | ) | ||||||||
Total discontinued operations | 11,880 | 19,682 | 13,858 | 23,540 | ||||||||||||
Net income | 28,939 | 25,520 | 31,154 | 31,598 | ||||||||||||
Dividends attributable to preferred shares – Series B | (1,590 | ) | (1,590 | ) | (3,180 | ) | (3,180 | ) | ||||||||
Dividends attributable to preferred shares – Series C | (2,519 | ) | (2,519 | ) | (5,038 | ) | (5,038 | ) | ||||||||
Dividends attributable to preferred shares – Series D | (2,925 | ) | — | (4,447 | ) | — | ||||||||||
Net income allocable to common shareholders | $ | 21,905 | $ | 21,411 | $ | 18,489 | $ | 23,380 | ||||||||
Income per common share – basic: | ||||||||||||||||
Income from continuing operations, after preferred | ||||||||||||||||
dividends | $ | 0.16 | $ | 0.03 | $ | 0.07 | $ | — | ||||||||
Income from discontinued operations | 0.18 | 0.38 | 0.21 | 0.45 | ||||||||||||
Net income allocable to common shareholders | $ | 0.34 | $ | 0.41 | $ | 0.28 | $ | 0.45 | ||||||||
Weighted average common shares outstanding – basic | 65,265,217 | 52,116,003 | 66,892,769 | 51,980,753 | ||||||||||||
Income per common share – diluted: | ||||||||||||||||
Income from continuing operations, after preferred | ||||||||||||||||
dividends | $ | 0.16 | $ | 0.03 | $ | 0.07 | $ | — | ||||||||
Income from discontinued operations | 0.18 | 0.38 | 0.21 | 0.45 | ||||||||||||
Net income allocable to common shareholders | $ | 0.34 | $ | 0.41 | $ | 0.28 | $ | 0.45 | ||||||||
Weighted average common shares outstanding – diluted | 65,265,828 | 52,136,573 | 66,893,390 | 52,006,725 |
Page 7 of 39
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
June 30, 2007 (Unaudited) and December 31, 2006 |
(In thousands, except share and per share data) |
June 30, | December 31, | |||||||
2007 | 2006 | |||||||
Assets: | ||||||||
Real estate, at cost | $ | 4,870,601 | $ | 3,747,156 | ||||
Less: accumulated depreciation and amortization | 372,062 | 276,129 | ||||||
4,498,539 | 3,471,027 | |||||||
Properties held for sale – discontinued operations | 28,078 | 69,612 | ||||||
Intangible assets, net | 660,504 | 468,244 | ||||||
Cash and cash equivalents | 75,419 | 97,547 | ||||||
Investment in and advances to non-consolidated entities | 150,747 | 247,045 | ||||||
Deferred expenses, net | 35,185 | 16,084 | ||||||
Notes receivable | 49,526 | 50,534 | ||||||
Rent receivable – current | 53,213 | 53,744 | ||||||
Rent receivable – deferred | 24,717 | 29,410 | ||||||
Investment in marketable equity securities | 18,052 | 32,036 | ||||||
Other assets | 81,194 | 89,574 | ||||||
$ | 5,675,174 | $ | 4,624,857 | |||||
Liabilities and Shareholders’ Equity: | ||||||||
Liabilities: | ||||||||
Mortgages and notes payable | $ | 2,598,230 | $ | 2,126,810 | ||||
Exchangeable notes payable | 450,000 | — | ||||||
Trust notes payable | 200,000 | — | ||||||
Contract rights payable | 12,823 | 12,231 | ||||||
Dividends payable | 31,021 | 44,948 | ||||||
Liabilities – discontinued operations | 3,169 | 6,064 | ||||||
Accounts payable and other liabilities | 34,744 | 25,877 | ||||||
Accrued interest payable | 24,804 | 10,818 | ||||||
Deferred revenue – below market leases | 348,967 | 362,815 | ||||||
Prepaid rent | 16,026 | 10,109 | ||||||
3,719,784 | 2,599,672 | |||||||
Minority interests | 818,069 | 902,741 | ||||||
4,537,853 | 3,502,413 | |||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, | ||||||||
Series B Cumulative Redeemable Preferred, liquidation preference $79,000, 3,160,000 shares issued and outstanding | 76,315 | 76,315 | ||||||
Series C Cumulative Convertible Preferred, liquidation preference $155,000, 3,100,000 shares issued and outstanding | 150,589 | 150,589 | ||||||
Series D Cumulative Redeemable Preferred, liquidation preference $155,000, 6,200,000 shares issued and outstanding in 2007 | 149,774 | — | ||||||
Special Voting Preferred Share, par value $0.0001 per share; authorized, issued and outstanding 1 share | — | — | ||||||
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 63,964,637 and 69,051,781 shares issued and outstanding in 2007 and 2006, respectively | 6 | 7 | ||||||
Additional paid-in-capital | 1,084,665 | 1,188,900 | ||||||
Accumulated distributions in excess of net income | (324,822 | ) | (294,640 | ) | ||||
Accumulated other comprehensive income | 794 | 1,273 | ||||||
1,137,321 | 1,122,444 | |||||||
$ | 5,675,174 | $ | 4,624,857 |
Page 8 of 39
Lexington Realty Trust and Consolidated Subsidiaries |
Earnings Per Share and Funds from Operations Per Share |
(In thousands, except share data) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Basic: | ||||||||||||||||
Income from continuing operations | $ | 17,059 | $ | 5,838 | $ | 17,296 | $ | 8,058 | ||||||||
Less preferred dividends | (7,034 | ) | (4,109 | ) | (12,665 | ) | (8,218 | ) | ||||||||
Income (loss) allocable to common shareholders from continuing operations | 10,025 | 1,729 | 4,631 | (160 | ) | |||||||||||
Total income from discontinued operations | 11,880 | 19,682 | 13,858 | 23,540 | ||||||||||||
Net income allocable to common shareholders | $ | 21,905 | $ | 21,411 | $ | 18,489 | $ | 23,380 | ||||||||
Weighted average number of common shares outstanding | 65,265,217 | 52,116,003 | 66,892,769 | 51,980,753 | ||||||||||||
Income per common share - basic: | ||||||||||||||||
Income from continuing operations | $ | 0.16 | $ | 0.03 | $ | 0.07 | $ | — | ||||||||
Income from discontinued operations | 0.18 | 0.38 | 0.21 | 0.45 | ||||||||||||
Net income | $ | 0.34 | $ | 0.41 | $ | 0.28 | $ | 0.45 | ||||||||
Diluted: | ||||||||||||||||
Income (loss) allocable to common shareholders from continuing operations | $ | 10,025 | $ | 1,729 | $ | 4,631 | $ | (160 | ) | |||||||
Incremental income attributed to assumed conversion of dilutive securities | — | — | — | — | ||||||||||||
Income (loss) allocable to common shareholders from continuing operations | 10,025 | 1,729 | 4,631 | (160 | ) | |||||||||||
Total income from discontinued operations | 11,880 | 19,682 | 13,858 | 23,540 | ||||||||||||
Net income allocable to common shareholders | $ | 21,905 | $ | 21,411 | $ | 18,489 | $ | 23,380 | ||||||||
Weighted average number of common shares used in calculation of basic earnings per share | 65,265,217 | 52,116,003 | 66,892,769 | 51,980,753 | ||||||||||||
Add incremental shares representing: | ||||||||||||||||
Shares issuable upon exercise of employee share options | 611 | 20,570 | 621 | 25,972 | ||||||||||||
Shares issuable upon conversion of dilutive securities | — | — | — | — | ||||||||||||
Weighted average number of shares used in calculation of diluted earnings per common share | 65,265,828 | 52,136,573 | 66,893,390 | 52,006,725 | ||||||||||||
Income per common share - diluted: | ||||||||||||||||
Income from continuing operations | $ | 0.16 | $ | 0.03 | $ | 0.07 | $ | — | ||||||||
Income from discontinued operations | 0.18 | 0.38 | 0.21 | 0.45 | ||||||||||||
Net income | $ | 0.34 | $ | 0.41 | $ | 0.28 | $ | 0.45 | ||||||||
Page 9 of 39
Lexington Realty Trust and Consolidated Subsidiaries |
Earnings Per Share and Funds from Operations Per Share (Continued) |
(In thousands, except share data) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
The Company's Funds from Operations: (1) | ||||||||||||||||
Basic and Diluted: | ||||||||||||||||
Net income allocable to common shareholders - basic | $ | 21,905 | $ | 21,411 | $ | 18,489 | $ | 23,380 | ||||||||
Adjustments: | ||||||||||||||||
Depreciation and amortization | 58,153 | 20,180 | 112,785 | 40,307 | ||||||||||||
Minority interests - OP units | 21,334 | 2,533 | 13,915 | 3,554 | ||||||||||||
Amortization of leasing commissions | 283 | 171 | 536 | 310 | ||||||||||||
Joint venture adjustment - depreciation | 932 | 5,581 | 3,046 | 11,063 | ||||||||||||
Preferred dividends - Series C | 2,519 | 2,519 | 5,038 | 5,038 | ||||||||||||
Gains on sale of property | (12,828 | ) | (14,263 | ) | (12,828 | ) | (16,916 | ) | ||||||||
Taxes incurred on sale of property | 1,749 | 25 | 1,749 | 74 | ||||||||||||
Gains on sale of joint venture properties | (34,164 | ) | — | (34,164 | ) | — | ||||||||||
Company's funds from operations | $ | 59,883 | $ | 38,157 | $ | 108,566 | $ | 66,810 | ||||||||
Basic: | ||||||||||||||||
Weighted average shares outstanding - basic EPS | 65,265,217 | 52,116,003 | 66,892,769 | 51,980,753 | ||||||||||||
Operating partnership units | 40,133,160 | 5,623,223 | 40,339,893 | 5,638,075 | ||||||||||||
Preferred shares - Series C | 5,779,330 | 5,779,330 | 5,779,330 | 5,779,330 | ||||||||||||
Weighted average shares outstanding - basic | 111,177,707 | 63,518,556 | 113,011,992 | 63,398,158 | ||||||||||||
Company's funds from operations per share | $ | 0.54 | $ | 0.60 | $ | 0.96 | $ | 1.05 | ||||||||
Diluted: | ||||||||||||||||
Weighted average shares outstanding - diluted EPS | 65,265,828 | 52,136,573 | 66,893,390 | 52,006,725 | ||||||||||||
Operating partnership units | 40,133,160 | 5,623,223 | 40,339,893 | 5,638,075 | ||||||||||||
Preferred shares - Series C | 5,779,330 | 5,779,330 | 5,779,330 | 5,779,330 | ||||||||||||
Adjusted weighted average shares outstanding - diluted | 111,178,318 | 63,539,126 | 113,012,613 | 63,424,130 | ||||||||||||
Company's funds from operations per share | $ | 0.54 | $ | 0.60 | $ | 0.96 | $ | 1.05 |
1Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington presents FFO because it considers FFO an important supplemental measure of Lexington’s operating performance. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.
Lexington computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). FFO is defined by NAREIT as “net income (or loss) computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.” FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.
Lexington includes in its calculation of FFO, which Lexington refers to as the “Company’s funds from operations” or “Company FFO,” Lexington’s operating partnership units and Lexington’s Series C Cumulative Convertible Preferred Shares because these securities are convertible, at the holder’s option, into Lexington’s common shares and incentive fees earned from joint ventures. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Company FFO on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted. Since others do not calculate FFO in a similar fashion, Company FFO may not be comparable to similarly titled measures as reported by others.
# # #
Page 10 of 39
Lexington Realty Trust
Geographic Diversification
6/30/07
Metropolitan Statistical Area | % of Base Rent for the 6 Months Ended 6/30/2007 (1) | |||
1 | Los Angeles-Riverside-Orange County-CA | 10.2% | ||
2 | Houston-Galveston-Brazoria-TX | 6.2% | ||
3 | Dallas-Fort Worth-TX | 6.0% | ||
4 | New York-Northern New Jersey-Long Island-NY-NJ-CT-PA | 4.4% | ||
5 | Washington-Baltimore-DC-MD-VA-WV | 4.0% | ||
6 | Philadelphia-Wilmington-Atlantic City-PA-NJ-DE-MD | 3.6% | ||
7 | Memphis-TN-AR-MS | 3.2% | ||
8 | San Francisco-Oakland-San Jose-CA | 3.1% | ||
9 | Atlanta-GA | 2.8% | ||
10 | Orlando-FL | 2.3% | ||
11 | Boston-Worcester-Lawrence-MA-NH-ME-CT | 2.1% | ||
12 | Phoenix-Mesa-AZ | 2.1% | ||
13 | Youngstown-Warren-OH | 2.1% | ||
14 | Detroit-Ann Arbor-Flint-MI | 1.9% | ||
15 | Beaumont-Port Arthur-TX | 1.7% | ||
16 | Columbus-OH | 1.7% | ||
17 | Charlotte-Gastonia-Rock Hill-NC-SC | 1.6% | ||
18 | Chicago-Gary-Kenosha-IL-IN-WI | 1.5% | ||
19 | Jacksonville-FL | 1.5% | ||
20 | Salt Lake City-Ogden-UT | 1.5% | ||
21 | Richmond-Petersburg-VA | 1.4% | ||
22 | Harrisburg-Lebanon-Carlisle-PA | 1.4% | ||
23 | Indianapolis-IN | 1.3% | ||
24 | San Antonio-TX | 1.2% | ||
25 | Columbus, IN | 1.1% | ||
26 | Cleveland-Akron-OH | 1.0% | ||
27 | Seattle-Tacoma-Bremerton-WA | 1.0% | ||
Areas which account for 1% or greater of total revenue | 71.9% | |||
(1) Includes only consolidated properties from date of acquisition, rental revenue recognized from all properties sold through date of sale and proportionate share of rental revenue from joint ventures, which is a non-GAAP measure. |
Page 11 of 39
Lexington Realty Trust | |||
Tenant Industry Diversification | |||
6/30/2007 | |||
Tenant Industry | % Base Rent for the 6 months ended 6/30/07 (1) | ||
Finance/Insurance | 15.0% | ||
Energy | 10.5% | ||
Aerospace/Defense | 8.9% | ||
Technology | 8.0% | ||
Automotive | 7.9% | ||
Food | 7.8% | ||
Transportation/Logistics | 5.5% | ||
Consumer Products | 4.9% | ||
Retail-Department/ Discount Store | 4.7% | ||
Healthcare | 4.4% | ||
Media/Advertising | 3.9% | ||
Service | 3.8% | ||
Telecommunications | 3.3% | ||
Retail-Specialty | 2.9% | ||
Construction Materials | 2.4% | ||
Printing/Production | 2.0% | ||
Security | 1.1% | ||
Apparel | 1.0% | ||
Retail-Electronics | 0.9% | ||
Real Estate/Other | 0.8% | ||
Health/Fitness | 0.2% | ||
Paper/Containers & Packaging | 0.1% | ||
100.0% | |||
(1) Includes only consolidated properties from date of acquisition, rental revenue recognized from all properties sold through date of sale and proportionate share of rental revenue from joint ventures, which is a non-GAAP measure. |
Page 12 of 39
LEXINGTON REALTY TRUST
Supplemental Reporting Package
Other Revenue Data
06/3-/2007
Revenue by Property Type | Historical Year to Date Base Rent ($000s) (1) | Percentage | ||||||
Office | $ | 144,798 | 66.6 | % | ||||
Industrial | $ | 52,190 | 24.0 | % | ||||
Retail/Other | $ | 20,316 | 9.4 | % | ||||
$ | 217,304 | 100.0 | % |
Revenue by Credit Rating (2) | ||||||||
Investment Grade | $ | 117,306 | 54.0 | % | ||||
Non-Investment Grade | $ | 40,648 | 18.7 | % | ||||
Unrated | $ | 59,350 | 27.3 | % | ||||
$ | 217,304 | 100.0 | % |
Major Tenants/Guarantors | Number of Leases(2) | Aggregate Rentable Sq. Ft. (2) | % of Total Aggregate Rentable Sq. Ft. (2) | Base Rent YTD | Property Type | % of Base Rent (1) | |||||||
Raytheon Corporation | 6 | 2,286,009 | 4.2% | $ 13,886 | Office/Industrial/Other | 6.4% | |||||||
St. Paul Fire and Marine Insurance | 1 | 530,000 | 1.0% | $ 6,619 | Office | 3.0% | |||||||
Baker Hughes, Inc. | 4 | 1,061,471 | 2.0% | $ 6,616 | Office/Industrial | 3.0% | |||||||
Kmart Corp/Sears Holdings | 8 | 2,957,164 | 5.4% | $ 6,177 | Industrial/Retail | 2.8% | |||||||
Dana Corporation | 8 | 2,240,802 | 4.1% | $ 5,248 | Office/Industrial | 2.4% | |||||||
Harcourt Brace/Reed Elsevier | 4 | 1,063,640 | 2.0% | $ 4,098 | Office/Industrial | 1.9% | |||||||
Entergy Services, Inc. | 3 | 490,604 | 0.9% | $ 3,645 | Office | 1.7% | |||||||
Federal Express, Inc. | 3 | 712,286 | 1.3% | $ 4,194 | Office/Industrial | 1.9% | |||||||
Morgan, Lewis & Bockius LLP | 1 | 309,049 | 0.6% | $ 3,367 | Office | 1.5% | |||||||
Northwest Pipeline Corp. | 1 | 295,000 | 0.5% | $ 3,161 | Office | 1.5% | |||||||
Total | 39 | 11,946,025 | 22.0% | $ 57,011 | 26.1% | ||||||||
(1) Includes only consolidated properties from date of acquisition, rental revenue recognized from all properties sold through the date of sale and proportionate share of rental revenue from joint ventures, which is a non-GAAP measure. | |||||||||||
(2) As of June 30, 2007. |
Page 13 of 39
Lexington Realty Trust | |||||||||||
Lease Rollover Schedule by Property Type - Cash Basis | |||||||||||
6/30/2007 | |||||||||||
Office | Industrial | Retail | |||||||||
Square | Cash Rental | Rent | Square | Cash Rental | Rent | Square | Cash Rental | Rent | |||
Year | Footage | Revenue (1) | PSF | Footage | Revenue (1) | PSF | Footage | Revenue (1) | PSF | ||
2007 | 680,488 | 17,315 | $25.44 | 2,745,072 | 14,494 | $ 5.28 | - | - | $ - | ||
2008 | 1,268,321 | 21,396 | $24.48 | 1,207,579 | 146 | $ 7.97 | 583,259 | 6,496 | $11.42 | ||
2009 | 2,791,344 | 56,459 | $21.81 | 883,966 | 2,903 | $ 3.34 | 1,213,603 | 9,493 | $15.36 | ||
2010 | 2,185,211 | 24,886 | $13.30 | 1,885,413 | 5,773 | $ 3.06 | 144,620 | 963 | $ 6.66 | ||
2011 | 1,489,164 | 20,264 | $13.63 | 1,251,535 | 1,608 | $ 4.67 | 511,164 | 4,081 | $ 7.98 | ||
2012 | 1,860,310 | 26,901 | $11.14 | 4,149,289 | 16,682 | $ 4.02 | 516,425 | 4,326 | $ 8.38 | ||
2013 | 2,155,425 | 28,648 | $13.94 | 458,086 | 5,247 | $11.45 | 227,900 | 1,802 | $ 7.90 | ||
2014 | 2,717,224 | 43,981 | $16.51 | 1,055,160 | 3,927 | $ 3.72 | 267,337 | 496 | $ 1.85 | ||
2015 | 2,152,653 | 26,785 | $12.44 | 1,372,370 | 7,590 | $ 5.53 | 76,164 | 469 | $ 6.15 | ||
2016 | 1,369,381 | 18,395 | $16.78 | 1,655,158 | 6,957 | $ 4.20 | 225,919 | 1,600 | $ 7.08 | ||
2017 | 232,534 | 3,145 | $13.52 | 1,775,544 | 7,174 | $ 4.04 | 119,706 | 473 | $ 3.95 | ||
2018 | 845,094 | 10,778 | $14.71 | 744,800 | 1,347 | $ 1.81 | 1,765,672 | 4,250 | $ 3.58 | ||
2019 | 1,756,747 | 25,664 | $14.61 | 1,412,025 | 6,234 | $ 4.41 | - | - | $ - | ||
2020 | 491,761 | 7,614 | $15.48 | 666,037 | 5,000 | $ 7.51 | - | - | $ - | ||
2021 | 420,926 | 8,507 | $20.21 | 1,928,504 | 8,318 | $ 4.31 | 61,000 | 361 | $ 5.92 | ||
2022 | - | - | $ - | - | - | $ - | - | - | $ - | ||
2023 | - | - | $ - | - | - | $ - | - | - | $ - | ||
2024 | - | - | $ - | - | - | $ - | - | - | $ - | ||
2025 | 146,800 | 2,294 | $15.63 | 2,140,254 | 9,802 | $ 3.20 | - | - | $ - | ||
2026 | - | - | $ - | 1,146,500 | 3,749 | $ 3.27 | 77,076 | 1,785 | $23.16 | ||
2027 | - | - | $ - | 159,000 | 1,414 | $ 1.23 | - | - | $ - | ||
2028 | - | - | $ - | - | - | $ - | 90,000 | 440 | $ 4.89 | ||
WTG. AVG. | $16.37 | $ 4.53 | $ 8.24 | ||||||||
Revenue in 000s | |||||||||||
(1) Includes proportionate share of joint venture investments, which is a non-GAAP measure. |
Page 14 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) | |||||
CONSOLIDATED OFFICE PROPERTIES |
1 | 12209 W. Markham St. | Little Rock | AR | 36,311 | 100.0 | Entergy Arkansas, Inc. | |||
2 | 5201 West Barraque St. | Pine Bluff | AR | 27,189 | 100.0 | Entergy Services, Inc. | |||
3 | 19019 No. 59th Ave. | Glendale | AZ | 252,300 | 100.0 | Honeywell, Inc. | |||
4 | 13430 N. Black Canyon Fwy. | Phoenix | AZ | 138,940 | 80.0 | Bull HN Information Systems, Inc. | |||
5 | 2211 South 47th St. | Phoenix | AZ | 176,402 | 100.0 | Avnet, Inc. | |||
6 | 2005 East Technology Cir. | Tempe | AZ | 60,000 | 100.0 | (i) Structure, LLC (Infocrossing, Inc.) | |||
7 | 8555 South River Pkwy. | Tempe | AZ | 95,133 | 100.0 | ASM Lithography Holding NV | |||
8 | 1440 East 15th St. | Tucson | AZ | 28,591 | 100.0 | Cox Communications, Inc. | |||
9 | 2200 & 2222 East Imperial Hwy. 3 | El Segundo | CA | 184,636 | 100.0 | Raytheon Company | |||
10 | 2230 East Imperial Hwy. 1 | El Segundo | CA | 184,636 | 100.0 | Raytheon Company/Direct TV | |||
11 | 17770 Cartwright Rd. | Irvine | CA | 200,000 | 100.0 | Associates First Capital Corporation | |||
12 | 26210 and 26220 Enterprise Court | Lake Forest | CA | 100,012 | 100.0 | Apria Healthcare Group, Inc. | |||
13 | 1500 Hughes Way | Long Beach | CA | 478,437 | 100.0 | Raytheon Company | |||
14 | 27016 Media Center Dr. | Los Angeles | CA | 83,252 | 100.0 | Playboy Enterprises, Inc. | |||
15 | 275 South Valencia Ave. | Los Angeles | CA | 637,503 | 100.0 | Bank of America NT & SA | |||
16 | 5724 W. Las Positas Blvd. | Pleasanton | CA | 41,760 | 100.0 | NK Leasehold | |||
17 | 255 California St. | San Francisco | CA | 169,846 | 70.7 | Multi-Tenant | |||
18 | 599 Ygnacio Valley Rd. | Walnut Creek | CA | 54,528 | 100.0 | Hercules Credit, Inc. | |||
19 | 9201 East Dry Creek Rd. | Centennial | CO | 128,500 | 100.0 | The Shaw Group, Inc. | |||
20 | 5550 Tech Center Dr. | Colorado Spring | CO | 71,000 | 100.0 | Federal Express Corporation | |||
21 | 1110 Bayfield Dr. | Colorado Springs | CO | 166,575 | 100.0 | Honeywell International, Inc. | |||
22 | 3940 South Teller St. | Lakewood | CO | 68,165 | 100.0 | Travelers Express, Inc. | |||
23 | 10 John St. | Clinton | CT | 41,188 | 100.0 | Chesebrough Ponds (Unilever United States, Inc.) | |||
24 | 200 Executive Blvd. S | Southington | CT | 153,364 | 100.0 | Hartford Fire Insurance Co. | |||
25 | 100 Barnes Rd. | Wallingford | CT | 44,400 | 100.0 | Minnesota Mining and Manufacturing Company | |||
26 | 5600 Broken Sound Blvd. | Boca Raton | FL | 143,290 | 100.0 | Océ Printing Systems USA, Inc. | |||
27 | 12600 Gateway Blvd. | Fort Meyers | FL | 62,400 | 100.0 | Gartner, Inc. | |||
28 | 600 Business Center Dr. | Lake Mary | FL | 125,155 | 100.0 | First USA Management Services, Inc. | |||
29 | 550 Business Center Dr. | Lake Mary | FL | 125,920 | 100.0 | First USA Management Services, Inc. | |||
30 | 9200 South Park Center Loop | Orlando | FL | 59,927 | 100.0 | Corinthian Colleges, Inc. | |||
31 | Sandlake Rd./Kirkman Rd. | Orlando | FL | 184,000 | 100.0 | Lockheed Martin Corporation | |||
32 | 6277 Sea Harbor Dr. | Orlando | FL | 357,280 | 100.0 | Harcourt Brace & Company | |||
33 | 4200 RCA Blvd. | Palm Beach Gardens | FL | 114,518 | 100.0 | The Wackenhut Corp. | |||
34 | 10419 North 30th St. | Tampa | FL | 132,981 | 100.0 | Time Customer Service, Inc. (Time, Inc.) | |||
35 | 4000 Johns Creek Pkwy. | Atlanta | GA | 87,219 | 100.0 | Kraft Foods N.A., Inc. | |||
36 | 6303 Barfield Rd. & 859 Mount Vernon Hwy. | Atlanta | GA | 289,000 | 100.0 | Internet Security Systems, Inc. | |||
37 | 160 Clairemont Ave. | Decatur | GA | 112,248 | 100.0 | Allied Holdings, Inc. |
Page 15 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
38 | 2500 Patrick Henry Pkwy. | McDonough | GA | 111,911 | 100.0 | Georgia Power Company | |||
39 | King St. | Honolulu | HI | 211,831 | 100.0 | Multi-Tenant | |||
40 | 1275 NW 128th St. | Clive | IA | 61,180 | 100.0 | Principal Life Insurance Company | |||
41 | 3265 East Goldstone Dr. | Meridian | ID | 77,484 | 100.0 | Voicestream PCS II Corporation (T-Mobile USA, Inc.) | |||
42 | 101 East Erie Building | Chicago | IL | 227,569 | 100.0 | DraftFCB (Interpublic Group of Companies, Inc.) | |||
43 | 850-950 Warrenville Rd. | Lisle | IL | 99,414 | 100.0 | National Louis University | |||
44 | 700 Oakmont Ln. | Westmont | IL | 269,715 | 100.0 | North American Van Lines, Inc. (SIRVA, Inc.) | |||
45 | 500 Jackson St. | Columbus | IN | 390,100 | 100.0 | Cummins Engine Company Inc. | |||
46 | 10300 Kincaid Dr. | Fishers | IN | 193,000 | 100.0 | Bank One Indiana, N.A. | |||
47 | 5757 Decatur Blvd. | Indianapolis | IN | 89,956 | 100.0 | Allstate Insurance Co. | |||
48 | 10475 Crosspoint Blvd. | Indianapolis | IN | 141,047 | 87.5 | John Wiley & Sons, Inc. | |||
49 | 9601 Renner Blvd. | Lenexa | KS | 77,484 | 100.0 | Voicestream PCS II Corporation (T-Mobile USA, Inc.) | |||
50 | 5200 Metcalf Ave. | Overland Park | KS | 320,198 | 100.0 | Employers Reinsurance Corporation | |||
51 | 2300 Litton Ln. | Hebron | KY | 80,441 | 50.9 | AGC Automotive Americas Co. | |||
52 | 4455 American Way | Baton Rouge | LA | 70,100 | 100.0 | Bell South Mobility, Inc. | |||
53 | 147 Milk St. | Boston | MA | 52,337 | 100.0 | Harvard Vanguard Medical Assoc. | |||
54 | 270 Billerica Rd. | Chelmsford | MA | 100,000 | 100.0 | Cadence Design Systems | |||
55 | 33 Commercial St. | Foxboro | MA | 164,689 | 100.0 | Invensys Systems, Inc. (Siebe, Inc.) | |||
56 | 70 Mechanic St. | Foxboro | MA | 251,914 | 100.0 | Invensys Systems, Inc. (Siebe, Inc.) | |||
57 | 250 Turnpike Rd. | Southborough | MA | 57,698 | 100.0 | Honeywell Consumer Products | |||
58 | 100 Light St. | Baltimore | MD | 530,000 | 100.0 | St. Paul Fire and Marine Insurance Co. | |||
59 | First Park Dr. | Oakland | ME | 78,610 | 100.0 | Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | |||
60 | 27404 Drake Rd. | Farmington Hills | MI | 110,329 | 0.0 | (Available for Lease) | |||
61 | 3701 Corporate Dr. | Farmington Hills | MI | 119,829 | 100.0 | Motorola, Inc. | |||
62 | 12000 Tech Center Dr. | Livonia | MI | 80,230 | 100.0 | Kelsey-Hayes Company | |||
63 | 26555 Northwestern Hwy. | Southfield | MI | 187,163 | 100.0 | Federal-Mogul Corporation | |||
64 | 3165 McKelvey Rd. | Bridgeton | MO | 52,994 | 100.0 | BJC Health System | |||
65 | 9201 Stateline Rd. | Kansas City | MO | 166,641 | 100.0 | Employers Reinsurance Corporation | |||
66 | 3943 Denny Ave. | Pascagoula | MS | 94,841 | 100.0 | Northrop Grumman Systems Corporation | |||
67 | 200 Lucent Ln. | Cary | NC | 124,944 | 100.0 | Lucent Technologies, Inc. | |||
68 | 3601 Converse Dr. | Wilmington | NC | 160,500 | 100.0 | Verizon Wireless | |||
69 | 11707 Miracle Hills Dr. | Omaha | NE | 86,800 | 100.0 | (i) Structure, LLC (Infocrossing, Inc.) | |||
70 | 700 US Hwy Route 202-206 | Bridgewater | NJ | 115,558 | 100.0 | Biovail Pharmaceuticals, Inc. | |||
71 | 200 Milik St. | Carteret | NJ | 149,100 | 100.0 | Pathmark Stores, Inc. | |||
72 | 288 North Broad St. | Elizabeth | NJ | 30,000 | 100.0 | Bank of America | |||
73 | 389-399 Interpace Hwy. Morris Corp Ctr IV | Parsippany | NJ | 340,240 | 100.0 | Aventis Pharmaceuticals, Inc (Pharma Holdings GmbH) | |||
74 | 656 Plainsboro Rd. | Plainsboro | NJ | 4,060 | 100.0 | Bank of America | |||
75 | 333 Mt. Hope Ave. | Rockway | NJ | 95,500 | 100.0 | BASF Corporation |
Page 16 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
76 | 1415 Wyckoff Rd. | Wall Township | NJ | 157,511 | 100.0 | New Jersey Natural Gas Co. | |||
77 | 29 South Jefferson Rd. | Whippany | NJ | 76,383 | 100.0 | CAE SimuFlite, Inc. | |||
78 | 6226 West Sahara Ave. | Las Vegas | NV | 282,000 | 100.0 | Nevada Power Company | |||
79 | 180 South Clinton St. | Rochester | NY | 226,000 | 100.0 | Frontier Corporation | |||
80 | 5550 Britton Pkwy. | Hilliard | OH | 220,966 | 100.0 | BMW Financial Services NA, LLC | |||
81 | 9333 Springsboro Pike | Miamisburg | OH | 61,229 | 100.0 | Reed Elsevier, Inc. | |||
82 | 9393 Springsboro Pike | Miamisburg | OH | 85,873 | 100.0 | Reed Elsevier, Inc. | |||
83 | 2000 Eastman Dr. | Milford | OH | 221,215 | 100.0 | Structural Dynamic Research Corp. | |||
84 | 500 Olde Worthington Rd. | Westerville | OH | 97,000 | 100.0 | InVentiv Communications, Inc. | |||
85 | 4848 129th East Ave. | Tulsa | OK | 101,100 | 100.0 | Metris Companies, Inc. | |||
86 | 2999 SW 6th St. | Redmond | OR | 77,484 | 100.0 | Voice Stream PCS I LLC (T-Mobile USA, Inc.) | |||
87 | 265 Lehigh St. | Allentown | PA | 71,230 | 100.0 | Wachovia Bank N.A. | |||
88 | 180 Rittenhouse Cir. | Bristol | PA | 96,000 | 100.0 | Jones Apparel Group USA, Inc. (Jones Apparel Group, Inc.) | |||
89 | 250 Rittenhouse Cir. | Bristol | PA | 255,019 | 100.0 | Jones Apparel Group USA, Inc. (Jones Apparel Group, Inc.) | |||
90 | 275 Technology Dr. | Canonsburg | PA | 107,872 | 100.0 | ANSYS, Inc. | |||
91 | 2550 Interstate Dr. | Harrisburg | PA | 81,859 | 100.0 | AT&T Wireless Services, Inc. | |||
92 | 1701 Market St. | Philadelphia | PA | 321,815 | 100.0 | Morgan Lewis & Bockius LLC | |||
93 | 2750 Monroe Blvd. | Valley Forge | PA | 109,281 | 100.0 | Quest Diagnostics, Inc. | |||
94 | 1460 Tobias Gadsen Blvd. | Charleston | SC | 50,076 | 100.0 | Hagemeyer North American, Inc. | |||
95 | 2210 Enterprise Dr. | Florence | SC | 177,747 | 100.0 | Washington Mutual Home Loans, Inc. | |||
96 | 3476 Stateview Blvd. | Fort Mill | SC | 169,083 | 100.0 | Wells Fargo Home Mortgage, Inc. | |||
97 | 3480 Stateview Blvd. | Fort Mill | SC | 169,218 | 100.0 | Wells Fargo Bank N.A. | |||
98 | 701 Brookfield Pkwy. | Greenville | SC | 192,884 | 100.0 | Verizon Wireless | |||
99 | 207 Mockingbird Ln. | Johnson City | TN | 63,800 | 100.0 | Sun Trust Bank | |||
100 | 420 Riverport Rd. | Kingport | TN | 42,770 | 100.0 | American Electric Power | |||
101 | 2401 Cherahala Blvd. | Knoxville | TN | 59,748 | 100.0 | Advance PCS, Inc. | |||
102 | 1409 Centerpoint Blvd. | Knoxville | TN | 84,404 | 100.0 | Alstom Power, Inc. | |||
103 | 104 & 110 South Front St. | Memphis | TN | 37,229 | 100.0 | Hnedak Bobo Group, Inc. | |||
104 | 800 Ridgelake Blvd. | Memphis | TN | 75,000 | 100.0 | The Kroger Co. | |||
105 | 3965 Airways Blvd. | Memphis | TN | 521,286 | 100.0 | Federal Express Corporation | |||
106 | 1401 & 1501 Nolan Ryan Parkway | Arlington | TX | 236,547 | 100.0 | Siemens Dematic Postal Automation, L.P. | |||
107 | 3535 Calder Ave. | Beaumont | TX | 49,689 | 100.0 | Wells Fargo & Co. | |||
108 | 350 Pine St. | Beaumont | TX | 427,104 | 100.0 | Entergy Gulf States | |||
109 | 1900 L. Don Dodson Dr. | Bedford | TX | 202,493 | 27.8 | (Available for Lease) | |||
110 | 4201 Marsh Ln. | Carrollton | TX | 130,000 | 100.0 | Carlson Restaurants Worldwide, Inc. | |||
111 | 4001 International Pkwy. | Carrollton | TX | 138,443 | 100.0 | Motel 6 Operating L.P. (Accor S.A.) | |||
112 | 555 Dividend Dr. | Coppell | TX | 101,844 | 100.0 | Brinks, Inc. | |||
113 | 2010 Alderson Dr. | Dallas | TX | 173,855 | 60.0 | Multi-Tenant | |||
114 | 1600 Viceroy Dr. | Dallas | TX | 249,452 | 62.8 | TFC Services (Freeman Decorating Co.) | |||
115 | 601 & 701 Experian Pkwy. | Dallas | TX | 292,700 | 100.0 | Experian Information Solutions, Inc. (TRW Inc.) |
Page 17 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
116 | 11511 Luna Rd. | Farmers Branch | TX | 180,507 | 100.0 | Haggar Clothing Company | |||
117 | �� | 1200 Jupiter Rd. | Garland | TX | 278,759 | 100.0 | Raytheon Company | ||
118 | 26410 McDonald Rd. | Houston | TX | 41,000 | 100.0 | Montgomery County Management Company LLC | |||
119 | 2529 West Thorns Dr. | Houston | TX | 65,500 | 100.0 | Baker Hughes, Inc. | |||
120 | 16676 Northchase Dr. | Houston | TX | 101,111 | 100.0 | Anadorko Petroleum Corporation | |||
121 | 1311 Broadfield Blvd. | Houston | TX | 155,991 | 100.0 | Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.) | |||
122 | 810 & 820 Gears Rd. | Houston | TX | 157,790 | 100.0 | IKON Office Solutions, Inc. | |||
123 | 15375 Memorial Dr. | Houston | TX | 327,325 | 100.0 | Vastar Resources, Inc | |||
124 | 10001 Richmond Ave. | Houston | TX | 554,385 | 100.0 | Baker Hughes, Inc. | |||
125 | 6555 Sierra Dr. | Irving | TX | 247,254 | 100.0 | True North Communications Inc. | |||
126 | 8900 Freeport Pkwy. | Irving | TX | 268,445 | 100.0 | Nissan Motor Acceptance Corporation/ (Nissan North America, Inc.) | |||
127 | 3711 San Gabriel | Mission | TX | 75,016 | 100.0 | Voice Stream PCS II Corporation (T-Mobile USA, Inc.) | |||
128 | 6200 Northwest Pkwy. | San Antonio | TX | 142,500 | 100.0 | PacifiCare Health Systems, Inc. | |||
129 | 12645 W. Airport Rd. | Sugar Land | TX | 165,836 | 100.0 | Baker Hughes, Inc. | |||
130 | 11555 University Blvd. | Sugarland | TX | 72,683 | 100.0 | KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation) | |||
131 | 1600 Eberhardt Rd. | Temple | TX | 108,800 | 100.0 | Nextel of Texas | |||
132 | 2050 Roanoke Rd. | Westlake | TX | 130,290 | 100.0 | Chrysler Financial Company LLC | |||
133 | 295 Chipeta Way | Salt Lake City | UT | 295,000 | 100.0 | Northwest Pipeline Corp. | |||
134 | 110, 120 & 130 E. Shore Dr. | Glen Allen | VA | 225,220 | 100.0 | Capital One Services, Inc. | |||
135 | 421 Butler Farm Rd. | Hampton | VA | 56,515 | 100.0 | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) | |||
136 | 400 Butler Farm Rd. | Hampton | VA | 100,632 | 100.0 | Nextel Communications of the Mid-Atlantic, Inc. | |||
137 | 13775 McLearen Rd. | Herndon | VA | 125,293 | 100.0 | Equant N.V. | |||
138 | 13651 McLearen Rd. | Herndon | VA | 159,664 | 100.0 | Boeing North American Services, Inc. (The Boeing Company) | |||
139 | 2800 Waterford Lake Dr. | Richmond | VA | 99,057 | 100.0 | Alstom Power, Inc | |||
140 | 9950 Mayland Dr. | Richmond | VA | 288,562 | 100.0 | Circuit City Stores, Inc. | |||
141 | 6455 State Hwy 303 NE | Bremerton | WA | 60,200 | 100.0 | Nextel West Corporation | |||
142 | 22011 SE 51st St. | Issaquah | WA | 95,600 | 100.0 | Spacelabs Medical, Inc (OSI Systems, Inc.) | |||
143 | 5150 220th Ave. | Issaquah | WA | 106,944 | 100.0 | Spacelabs Medical, Inc (OSI Systems, Inc.) | |||
144 | 849 Front St. | Evanston | WY | 22,294 | 62.1 | Multi-Tenant | |||
145 | Nijborg 15 & 17, 3927 DA | Renswoude | Netherlands | 122,450 | 100.0 | AS Watson (Health & Beauty Continental Europe) | |||
145 | Consolidated Office Properties Total/Weighted Average | 22,117,845 | 97.5 | ||||||
Page 18 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
CONSOLIDATED INDUSTRIAL PROPERTIES |
1 | Moody Commuter & Tech Park | Moody | AL | 595,346 | 100.0 | TNT Logistics North America, Inc. (TPG N.V.) | |||
2 | 3501 West Ave. H | Lancaster | CA | 762,775 | 100.0 | Michaels Stores, Inc. | |||
3 | 1665 Hughes Way | Long Beach | CA | 200,541 | 100.0 | Raytheon Company | |||
4 | 3333 Coyote Hill Rd. | Palo Alto | CA | 123,000 | 100.0 | Xerox Corporation | |||
5 | 109 Stevens St. | Jacksonville | FL | 168,800 | 100.0 | Unisource Worldwide, Inc. | |||
6 | 2455 Premier Dr. | Orlando | FL | 205,016 | 100.0 | Walgreen Co. | |||
7 | 3102 Queen Palm Dr. | Tampa | FL | 229,605 | 100.0 | Time Customer Service, Inc. (Time, Inc.) | |||
8 | 359 Gateway Dr. | Livonia | GA | 133,221 | 100.0 | TI Group Automotive Systems, LLC | |||
9 | 1420 Greenwood Rd. | McDonough | GA | 201,583 | 100.0 | Atlas Cold Storage America LLC | |||
10 | 3600 Army Post Rd. | Des Moines | IA | 405,000 | 100.0 | EDS Information Services LLC (Electronic Data Systems Corporation) | |||
11 | 7500 Chavenelle Rd. | Dubuque | IA | 330,988 | 100.0 | The McGraw-Hill Companies, Inc. | |||
12 | 2280 Northeast Dr. | Waterloo | IA | 276,480 | 100.0 | Ryder Integrated Logistics, Inc. (Ryder Systems, Inc.) | |||
13 | 3600 Southgate Dr. | Danville | IL | 149,500 | 100.0 | Sygma Network, Inc. (Sysco Corporation) | |||
14 | 3686 South Central Ave. | Rockford | IL | 90,000 | 100.0 | Jacobson Warehouse Company, Inc. (Jacobson Transportation Company, Inc.) | |||
15 | 749 Southrock Dr. | Rockford | IL | 150,000 | 100.0 | Jacobson Warehouse Company, Inc. (Jacobson Transportation Company, Inc.) | |||
16 | 2935 Van Vactor Way | Plymouth | IN | 300,500 | 100.0 | Bay Valley Foods, LLC | |||
17 | 10000 Business Blvd. | Dry Ridge | KY | 336,350 | 100.0 | Dana Corporation | |||
18 | 730 N. Black Branch Rd. | Elizabethtown | KY | 167,770 | 100.0 | Dana Corporation | |||
19 | 750 N. Black Branch Rd. | Elizabethtown | KY | 539,592 | 100.0 | Dana Corporation | |||
20 | 301 Bill Bryan Blvd. | Hopkinsville | KY | 424,904 | 100.0 | Dana Corporation | |||
21 | 4010 Airpark Dr. | Owensboro | KY | 251,041 | 100.0 | Dana Corporation | |||
22 | 1901 Ragu Dr. | Owensboro | KY | 443,380 | 100.0 | Ragu Foods, Inc. (Unilever United States, Inc.) | |||
23 | 7150 Exchequer Dr. | Baton Rouge | LA | 79,086 | 100.0 | Corporate Express Office Products, Inc. (Buhrmann, N.V.) | |||
24 | 5001 Greenwood Rd. | Shreveport | LA | 646,000 | 100.0 | Libbey Glass, Inc. | |||
25 | North Wells Rd. | North Berwick | ME | 820,868 | 100.0 | United Technologies Corp. | |||
26 | 4425 Purks Rd. | Auburn Hills | MI | 183,717 | 0.0 | (Available for Lease) | |||
27 | 6938 Elm Valley Dr. | Kalamazoo | MI | 150,945 | 100.0 | Dana Corporation | |||
28 | 12025 Tech Center Dr. | Livonia | MI | 100,000 | 100.0 | Kelsey-Hayes Company | |||
29 | 1601 Pratt Ave. | Marshall | MI | 58,300 | 100.0 | Joseph Campbell Company | |||
30 | 904 Industrial Rd. | Marshall | MI | 195,640 | 100.0 | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | |||
31 | 46600 Port St. | Plymouth | MI | 134,160 | 100.0 | Johnson Controls, Inc. | |||
32 | 43955 Plymouth Oaks Blvd. | Plymouth | MI | 290,133 | 100.0 | Tower Automotive Products Company (Tower Automotive, Inc.) | |||
33 | 7111 Crabb Rd. | Temperance | MI | 744,570 | 100.0 | CEVA Logistics US, Inc. | |||
34 | 1901 49th Ave. | Minneapolis | MN | 18,620 | 100.0 | Owens Corning Roofing and Asphalt, LLC | |||
35 | 7670 Hacks Cross Rd. | Olive Branch | MS | 268,100 | 100.0 | Mahle Clevite, Inc. (Mahle Industries, Incorporated) | |||
36 | 324 Industrial Park Rd. | Franklin | NC | 72,868 | 100.0 | SKF USA, Inc. | |||
37 | 1133 Poplar Creek Rd. | Henderson | NC | 196,946 | 100.0 | Corporate Express Office Products, Inc. (Buhrmann, N.V.) |
Page 19 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
38 | 250 Swathmore Ave. | High Point | NC | 244,851 | 100.0 | Steelcase, Inc. | |||
39 | 2880 Kenny Biggs Rd. | Lumberton | NC | 308,000 | 100.0 | Quickie Manufacturing Corp. | |||
40 | 2203 Sherrill Dr. | Statesville | NC | 639,600 | 100.0 | LA-Z-Boy Greensboro, Inc. (LA-Z-Boy Incorporated) | |||
41 | 121 Technology Dr. | Durham | NH | 500,500 | 100.0 | Heidelberg Web Systems, Inc. | |||
42 | 1109 Commerce Blvd. | Logan Township | NJ | 262,644 | 100.0 | Linens-n-Things, Inc. | |||
43 | 736 Addison Rd. | Erwin | NY | 408,000 | 100.0 | Corning, Inc. | |||
44 | 75 North St. | Saugerties | NY | 52,000 | 100.0 | Rotron Inc. (EG&G) | |||
45 | 10590 Hamilton Ave. | Cincinnati | OH | 247,000 | 100.0 | The Hillman Group, Inc. | |||
46 | 300 McCormick Rd. | Columbus | OH | 20,000 | 100.0 | SBC Services, Inc. | |||
47 | 1650-1654 Williams Rd. | Columbus | OH | 744,800 | 100.0 | ODW Logistics, Inc. | |||
48 | 7005 Cochran Rd. | Glenwillow | OH | 458,000 | 100.0 | Royal Appliance Mfg. Co. | |||
49 | 6500 Adelaide Court | Groveport | OH | 354,676 | 100.0 | Anda Pharmaceuticals, Inc. (Andrx Corporation) | |||
50 | 191 Arrowhead Dr. | Hebron | OH | 250,410 | 100.0 | Owens Corning Sales, Inc. | |||
51 | 200 Arrowhead Dr. | Hebron | OH | 400,522 | 100.0 | Owens Corning Sales, Inc. | |||
52 | 450 Stern St. | Oberlin | OH | 111,160 | 100.0 | Johnson Controls, Inc. | |||
53 | 10345 Philipp Parkway | Streetsboro | OH | 649,250 | 100.0 | L’Oreal USA, Inc. | |||
54 | 541 Perkins Jones Rd. | Warren | OH | 1,462,642 | 100.0 | Kmart Corp. | |||
55 | 245 Salem Church Rd. | Mechanicsburg | PA | 252,000 | 100.0 | Exel Logistics, Inc. (NFC plc) | |||
56 | 6345 Brackbill Blvd. | Mechanicsburg | PA | 507,000 | 100.0 | Exel Logistics, Inc. (NFC plc) | |||
57 | 34 East Main St. | New Kingston | PA | 179,200 | 100.0 | Quaker Sales & Distribution, Inc. | |||
58 | 6 Doughten Rd. | New Kingston | PA | 330,000 | 100.0 | Exel Logistics, Inc. (NFC plc) | |||
59 | 590 Ecology Ln. | Chester | SC | 420,597 | 100.0 | Owens Corning | |||
60 | 159 Farley Dr. | Dillon | SC | 1,010,859 | 100.0 | Harbor Freight Tools USA, Inc. (Central Purchasing, Inc.) | |||
61 | 50 Tyger River Dr. | Duncan | SC | 218,122 | 100.0 | Plastic Omnium Exterior LLC | |||
62 | 101 Michelin Dr. | Laurens | SC | 1,164,000 | 100.0 | TNT Logistics North America, Inc. (TPG N.V.) | |||
63 | US Hwy. 17 | North Myrtle Beach | SC | 36,828 | 100.0 | Food Lion, Inc. | |||
64 | 6050 Dana Way | Antioch | TN | 677,400 | 95.6 | W.M Wright Company | |||
65 | 477 Distribution Pkwy. | Collierville | TN | 120,000 | 100.0 | Federal Express Corporation | |||
66 | 900 Industrial Blvd. | Crossville | TN | 222,200 | 100.0 | Dana Corporation | |||
67 | 120 South East Pkwy. Dr. | Franklin | TN | 289,330 | 100.0 | United Technologies Corp. | |||
68 | 187 Spicer Dr. | Gordonsville | TN | 148,000 | 100.0 | Dana Corporation | |||
69 | 3350 Miac Cove Rd. | Memphis | TN | 141,359 | 76.0 | Mimeo.com, Inc. | |||
70 | 3456 Meyers Ave. | Memphis | TN | 780,000 | 100.0 | Sears, Roebuck & Company | |||
71 | 3820 Micro Dr. | Millington | TN | 701,819 | 100.0 | Ingram Micro, L.P (Ingram Micro, Inc) | |||
72 | 9110 Grogans Mill Rd. | Houston | TX | 275,750 | 100.0 | Baker Hughes, Inc. | |||
73 | 300 Bennett Ln. | Lewisville | TX | 256,000 | 100.0 | Xerox Corporation | |||
74 | 19500 Bulverde Rd. | San Antonio | TX | 559,258 | 100.0 | Harcourt Brace & Company (Reed Elsevier, Inc.) |
Page 20 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
75 | 2425 Hwy. 77 North | Waxahachie | TX | 425,816 | 100.0 | James Hardie Building Products, Inc. (James Hardie NV) | |||
76 | 291 Park Center Dr. | Winchester | VA | 344,700 | 100.0 | Kraft Foods North America, Inc. | |||
77 | 2424 Alpine Rd. | Eau Claire | WI | 159,000 | 100.0 | Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.) | |||
77 | Consolidated Industrial Properties Total/Weighted Average | 26,778,638 | 99.1 |
CONSOLIDATED RETAIL/OTHER PROPERTIES | |||||||||
1 | 302 Croxcreek Pkwy. | Florence | AL | 42,130 | 100.0 | The Kroger Co. | |||
2 | 5544 Atlanta Hwy. | Montgomery | AL | 60,698 | 100.0 | Beasley Development LLC | |||
3 | Bisbee Naco Hwy. & Hwy. 92 | Bisbee | AZ | 30,181 | 100.0 | Safeway Stores, Inc. | |||
4 | 25 E. McKellips Rd. | Mesa | AZ | 2,660 | 100.0 | CSK Auto (Albertsons Inc.) | |||
5 | 10415 Grande Ave. | Sun City | AZ | 10,000 | 100.0 | Furrs Cafeterias Operators LP | |||
6 | Grant Rd. & Craycroft | Tucson | AZ | 37,268 | 100.0 | Safeway Stores, Inc. | |||
7 | 12080 Carmel Mountain Rd. | San Diego | CA | 107,210 | 100.0 | Kmart Corporation | |||
8 | 255 Northgate Dr. | Manteca | CA | 107,489 | 100.0 | Kmart Corporation | |||
9 | 7470 El Camino Real | Atascadero | CA | 4,000 | 100.0 | CSK Auto (Albertsons Inc.) | |||
10 | 635 Highland Spring Rd. | Beaumont | CA | 4,000 | 100.0 | CSK Auto (Albertsons Inc.) | |||
11 | 185 Washburn Cir. | Corona | CA | 9,400 | 100.0 | Mark C. Bloome (Goodyear) | |||
12 | 2200/2230 & 2222 E. Imperial Hwy. 2 | El Segundo | CA | 959,000 | 100.0 | Raytheon Company | |||
13 | 810124 Hwy. 111 | Indio | CA | 9,600 | 100.0 | Mark C. Bloome (Goodyear) | |||
14 | 24100 Laguna Hills Mall | Laguna Hills | CA | 160,000 | 100.0 | Federated Department Stores, Inc. (Macy's) | |||
15 | 22765 Aspan St. | Lake Forest | CA | 10,250 | 100.0 | Mark C. Bloome (Goodyear) | |||
16 | Old Mammoth Rd./Meridian Blvd. | Mammoth Lakes | CA | 44,425 | 100.0 | Safeway Stores, Inc. | |||
17 | 15745 Monterey Rd. | Morgan Hill | CA | 10,250 | 100.0 | Gerard Tire Services (Goodyear) | |||
18 | 2044 West Main St. | Paso Robles | CA | 7,000 | 100.0 | CSK Auto (Albertsons Inc.) | |||
19 | 1400 Stoneridge Mall | Pleasanton | CA | 175,000 | 100.0 | Federated Department Stores, Inc. (Macy's) | |||
20 | 1631 West Redlands Blvd. | Redlands | CA | 11,200 | 100.0 | Mark C. Bloome (Goodyear) | |||
21 | 270 Fashion Valley Rd. | San Diego | CA | 225,919 | 100.0 | Nordstrom, Inc. | |||
22 | 121 South Center St. | Stockton | CA | 17,000 | 100.0 | Greyhound Lines, Inc. | |||
23 | 34734 Alvarado Niles Rd. | Union City | CA | 10,800 | 100.0 | Gerard Tire Services (Goodyear) | |||
24 | 500 East Harbor Blvd. | Ventura | CA | 39,600 | 100.0 | City of San Buenaventura | |||
25 | 17005 Imperial Hwy. | Yorba Linda | CA | 10,800 | 100.0 | Mark C. Bloome (Goodyear) | |||
26 | 12000 East Mississippi Ave. | Aurora | CO | 24,000 | 100.0 | Safeway Stores, Inc. | |||
27 | 15220 East 6th Ave. | Aurora | CO | 41,384 | 0.0 | (Available for Lease) | |||
28 | 101 Creger | Ft. Collins | CO | 10,000 | 100.0 | Lithia Motors | |||
29 | Kipling St. & Bowles Ave. | Littleton | CO | 29,360 | 0.0 | (Available for Lease) | |||
30 | 10340 U.S. 19 | Port Richey | FL | 53,820 | 100.0 | Kingswere Furniture (Ashley Furniture Industries, Inc.) | |||
31 | 2010 Apalachee Pkwy. | Tallahassee | FL | 53,820 | 100.0 | Kohl's Department Stores, Inc. |
Page 21 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
32 | 2223 North Druid Hills Rd. | Atlanta | GA | 6,260 | 100.0 | Aventis Pharmaceuticals, Inc. (Pharma Holdings GmbH) | |||
33 | 956 Ponce de Leon Ave. | Atlanta | GA | 3,900 | 100.0 | Bank of America | |||
34 | 4545 Chamblee – Dunwoody Rd. | Chamblee | GA | 4,565 | 100.0 | Bank of America | |||
35 | 201 West Main St. | Cumming | GA | 14,208 | 100.0 | Bank of America | |||
36 | 3468 Georgia Hwy. 120 | Duluth | GA | 9,300 | 100.0 | Bank of America | |||
37 | 1066 Main St. | Forest Park | GA | 14,859 | 100.0 | Bank of America | |||
38 | 825 Southway Dr. | Jonesboro | GA | 4,894 | 100.0 | Bank of America | |||
39 | 1698 Mountain Indus. Blvd. | Stone Mountain | GA | 5,704 | 100.0 | Bank of America | |||
40 | Fort St. Mall, King St. | Honolulu | HI | 85,610 | 100.0 | Liberty House, Inc. | |||
41 | 1150 West Carl Sandburg Dr. | Galesburg | IL | 94,970 | 100.0 | Kmart Corporation | |||
42 | 928 First Ave. | Rock Falls | IL | 27,650 | 100.0 | Rock Falls Country Market (Rock Island Country Market, LLC) | |||
43 | 502 East Carmel Dr. | Carmel | IN | 38,567 | 100.0 | Marsh Supermarkets, Inc. | |||
44 | 5104 North Franklin Rd. | Lawrence | IN | 28,721 | 100.0 | Marsh Supermarkets, Inc. | |||
45 | 2440 Bardstown Rd. | Louisville | KY | 40,019 | 100.0 | The Kroger Co. | |||
46 | 2440 Bardstown Rd. | Louisville | KY | 9,600 | 100.0 | The Kroger Co. | |||
47 | 205 Homer Rd. | Minden | LA | 35,000 | 100.0 | Safeway Stores, Inc. | |||
48 | 7200 Cradle Rock Way | Columbia | MD | 57,209 | 100.0 | GFS Realty, Inc. | |||
49 | 9580 Livingston Rd. | Oxon Hill | MD | 107,337 | 100.0 | GFS Realty, Inc. (Giant Food, Inc.) | |||
50 | 2401 Wooton Pkwy. | Rockville | MD | 51,682 | 100.0 | GFS Realty, Inc. (Giant Food, Inc.) | |||
51 | 35400 Cowan Rd. | Westland | MI | 102,826 | 100.0 | Sam’s Real Estate Business Trust | |||
52 | 24th St. West & St. John’s Ave. | Billings | MT | 40,800 | 100.0 | Safeway Stores, Inc. | |||
53 | Little Rock Rd./Tuckaseegee Rd. | Charlotte | NC | 33,640 | 100.0 | Food Lion, Inc. | |||
54 | Brown Mill Rd./US 601 | Concord | NC | 32,259 | 100.0 | Food Lion, Inc. | |||
55 | Gum Branch Rd. | Jacksonville | NC | 23,000 | 100.0 | Food Lion, Inc. | |||
56 | US 221 & Hospital Rd. | Jefferson | NC | 23,000 | 100.0 | Food Lion, Inc. | |||
57 | 291 Talbet Blvd. | Lexington | NC | 23,000 | 100.0 | Food Lion, Inc. | |||
58 | Julian Ave./Clominger St. | Thomasville | NC | 21,000 | 100.0 | Food Lion, Inc. | |||
59 | 10 South Ave. | Garwood | NJ | 52,000 | 100.0 | Pathmark Stores, Inc. | |||
60 | 2910 Juan Tabo Blvd. | Albuquerque | NM | 35,000 | 100.0 | Safeway Stores, Inc. | |||
61 | 900 South Canal St. | Carlsbad | NM | 10,000 | 100.0 | Furrs Cafeterias Operators LP | |||
62 | 2404 West Main St. | Farmington | NM | 3,030 | 100.0 | CSK Auto (Albertsons Inc.) | |||
63 | 2520 E. Bonanza Rd. | Las Vegas | NV | 2,800 | 100.0 | CSK Auto (Albertsons Inc.) | |||
64 | 21082 Pioneer Plaza Dr. | Watertown | NY | 120,727 | 100.0 | Kmart Corporation | |||
65 | 130 Midland Ave. | Portchester | NY | 59,000 | 100.0 | Pathmark Stores, Inc. | |||
66 | 5350 Leavitt Rd. | Lorain | OH | 193,193 | 100.0 | Kmart Corporation | |||
67 | 4831 Whipple Ave., N.W. | Canton | OH | 46,350 | 100.0 | Best Buy Co., Inc. | |||
68 | 4733 Hills & Dales Rd. | Canton | OH | 37,214 | 100.0 | Scandinavian Health Spa, Inc. (Bally Total Fitness Corp.) | |||
69 | 1606 North Bend Rd. | Cincinnati | OH | 25,628 | 0.0 | (Available for Lease) | |||
70 | 2000 East Main St. | Columbus | OH | 34,019 | 100.0 | The Kroger Co. | |||
71 | 1084 East Second St. | Franklin | OH | 29,119 | 100.0 | Marsh Supermarkets, Inc. |
Page 22 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
72 | N.E.C. 45th St./Lee Blvd. | Lawton | OK | 30,757 | 100.0 | Safeway Stores, Inc. | |||
73 | 11411 N. Kelly Ave. | Oklahoma City | OK | 13,924 | 100.0 | American Golf Corporation | |||
74 | 6910 S. Memorial Hwy. | Tulsa | OK | 43,123 | 100.0 | Toys “R” Us, Inc. | |||
75 | 12535 S.E. 82nd Ave. | Clackamas | OR | 42,842 | 100.0 | Toys “R” Us, Inc. | |||
76 | 1642 Williams Ave. | Grants Pass | OR | 33,770 | 100.0 | Safeway Stores, Inc. | |||
77 | 150 N.E. 20th St. | Newport | OR | 118,179 | 100.0 | Fred Meyer, Inc. | |||
78 | 559 North Main St. | Doylestown | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
79 | 25 East Main St. | Lansdale | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
80 | 1055 West Baltimore Pike | Lima | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
81 | 4947 North Broad St. | Philadelphia | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
82 | 2001-03 Broad St. | Philadelphia | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
83 | 6201 North 5th St. | Philadelphia | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
84 | 7323-29 Frankford Ave. | Philadelphia | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
85 | 15 South 52nd St. | Philadelphia | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
86 | 10650 Bustleton Ave. | Philadelphia | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
87 | 1025 West Lehigh Ave. | Philadelphia | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
88 | 2014 Cottman Ave. | Philadelphia | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
89 | 4160 Monument Rd. | Philadelphia | PA | 50,000 | 100.0 | Pathmark Stores, Inc. | |||
90 | 15 Newton – Richboro Rd. | Richboro | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
91 | 363 West Lancaster Ave. | Wayne, PA | PA | 3,800 | 100.0 | Citizens Bank of Pennsylvania | |||
92 | 399 Peach Wood Centre Dr. | Spartanburg | SC | 45,800 | 100.0 | Best Buy Co., Inc. | |||
93 | S. Carlina 52/52 Bypass | Moncks Corner | SC | 23,000 | 100.0 | Food Lion, Inc. | |||
94 | 1600 East 23rd St. | Chattanooga | TN | 42,130 | 100.0 | The Kroger Co. | |||
95 | 1053 Mineral Springs Road | Paris | TN | 31,170 | 100.0 | The Kroger Co. | |||
96 | 3040 Josey Ln. | Carrollton | TX | 61,000 | 100.0 | Ong’s Family Inc. | |||
97 | 4121 South Port Ave. | Corpus Christi | TX | 10,000 | 100.0 | Furrs Cafeterias Operators LP | |||
98 | 1610 South Westmoreland Ave. | Dallas | TX | 68,024 | 100.0 | Malone’s Food Stores | |||
99 | 8960 Dyer St. | El Paso | TX | 2,625 | 100.0 | CSK Auto (Albertsons Inc.) | |||
100 | 6100 Alameda Ave. | El Paso | TX | 2,800 | 100.0 | CSK Auto (Albertsons Inc.) | |||
101 | 119 North Balboa Rd. | El Paso | TX | 10,000 | 100.0 | Furrs Cafeterias Operators LP | |||
102 | 3451 Alta Mesa Blvd. | Fort Worth | TX | 44,000 | 100.0 | Safeway Stores, Inc. | |||
103 | 101 West Buckingham Rd. | Garland | TX | 40,000 | 100.0 | Safeway Stores, Inc. | |||
104 | 1415 Hwy. 377 East | Granbury | TX | 35,000 | 100.0 | Safeway Stores, Inc. | |||
105 | 2500 E. Carrier Pkwy. | Grand Prairie | TX | 49,349 | 100.0 | Safeway Stores, Inc. | |||
106 | 4811 Wesley St. | Greenville | TX | 48,427 | 100.0 | Safeway Stores, Inc. | |||
107 | 120 South Waco St. | Hillsboro | TX | 35,000 | 100.0 | Safeway Stores, Inc. | |||
108 | 13133 Steubner Ave. | Houston | TX | 52,200 | 100.0 | The Kroger Co. | |||
109 | 3322 82nd St. | Lubbock | TX | 2,550 | 100.0 | CSK Auto (Albertsons Inc.) | |||
110 | 5402 4th St. | Lubbock | TX | 53,820 | 0.0 | (Available for Lease) |
Page 23 of 39
LEXINGTON REALTY TRUST | ||||||||||
Property Holdings | ||||||||||
6/30/2007 | ||||||||||
Property Location | City | State | Total Rentable Sq.Ft. | % Leased (1) | Primary Tenant (Guarantor) |
111 | 901 West Expressway | McAllen | TX | 10,000 | 100.0 | Furrs Cafeterias Operators LP | |||
112 | 25500 State Hwy 249 | Tomball | TX | 77,076 | 100.0 | Parkway Chevrolet, Inc. | |||
113 | 402 East Crestwood Dr. | Victoria | TX | 10,000 | 100.0 | Furrs Cafeterias Operators LP | |||
114 | 9400 South 755 East | Sandy | UT | 41,612 | 0.0 | (Available for Lease) | |||
115 | 3211 W. Beverly St. | Staunton | VA | 23,000 | 100.0 | Food Lion, Inc. | |||
116 | 9803 Edmonds Way | Edmonds | WA | 35,459 | 0.0 | (Available for Lease) | |||
117 | 224th St. & Meridan | Graham | WA | 44,718 | 100.0 | Safeway Stores, Inc. | |||
118 | 18601 Alderwood Mall Blvd. | Lynwood | WA | 43,105 | 100.0 | Toys “R” Us, Inc. | |||
119 | Meridan & 65th | Milton | WA | 44,718 | 100.0 | Safeway Stores, Inc. | |||
120 | 1700 State Route 160 | Port Orchard | WA | 27,968 | 100.0 | Jubilee Fun | |||
121 | 228th Ave., N.E. | Redmond | WA | 44,718 | 100.0 | Safeway Stores, Inc. | |||
122 | 4512 N Market | Spokane | WA | 38,905 | 100.0 | Safeway Stores, Inc | |||
123 | 3711 Gateway Dr. | Eau Claire | WI | 76,164 | 100.0 | Kohl’s Dept. Stores, Inc. | |||
124 | 97 Seneca Trail | Fairlea | WV | 90,933 | 100.0 | Kmart Corporation | |||
125 | 3621 E Lincoln Way | Cheyenne | WY | 31,420 | 0.0 | (Available for Lease) | |||
126 | 849 Front St. | Evanston | WY | 7,206 | 100.0 | Bank of the West | |||
126 | Consolidated Retail & Other Properties Total/Weighted Average | 5,591,816 | 95.4 | ||||||
348 | Consolidated Portfolio Total/Weighted Average | 54,488,299 | 98.0 | ||||||
Page 24 of 39
2007 Second Quarter Acquisition Summary | |||||||||||||||||||
($000) | |||||||||||||||||||
INDIVIDUAL ACQUISITIONS | |||||||||||||||||||
Tenants/Guarantors | Location | Property Type | Basis | Estimated Average Annual GAAP Rent, net | Average GAAP Yield | Estimated Current Annual Cash Rent, net | Current Cash Yield | Lease Due | |||||||||||
Plastic Omnium Exterior LLC | Duncan | SC | Industrial | $ 12,341 | $ 901 | 7.3% | $ 901 | 7.3% | 03/2017 | ||||||||||
Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.) | Eau Claire | WI | Industrial | $ 12,445 | $ 1,162 | 9.3% | $ 930 | 7.5% | 02/2027 | ||||||||||
inVentiv Communications, Inc. | Westerville | OH | Office | $ 13,824 | $ 1,254 | 9.1% | $ 1,014 | 7.3% | 09/2015 | ||||||||||
$ 38,610 | $ 3,317 | 8.6% | $ 2,845 | 7.4% | |||||||||||||||
JOINT VENTURE REMAINING INTEREST ACQUISITIONS | |||||||||||||||||||
Additional Cash Investment | Estimated Average Annual GAAP Rent, net | Average GAAP Yield | Estimated Current Annual Cash Rent, net | Current Cash Yield | Date Acquired | ||||||||||||||
Lexington/Lion Venture L.P. Joint Venture | $ 6,623 | $ 18,211 | 8.7% | $ 16,294 | 7.8% | 06/2007 | |||||||||||||
Acquired remaining interest of 7 properties from portfolio, as listed: | |||||||||||||||||||
Tenants/Guarantors | Location | Property Type | |||||||||||||||||
DraftFCB (Interpublic Group of Companies, Inc.) | Chicago | IL | Office | ||||||||||||||||
Lucent Technologies, Inc. | Cary | NC | Office | ||||||||||||||||
Haggar Clothing Company | Farmers Branch | TX | Office | ||||||||||||||||
Capital One Services, Inc. | Glenn Allen | VA | Office | ||||||||||||||||
Equant N.V. | Herndon | VA | Office | ||||||||||||||||
Tower Automotive Products Company (Tower Automotive, Inc.) | Plymouth | MI | Industrial | ||||||||||||||||
Linens-n-Things, Inc. | Logan Township | NJ | Industrial |
Page 25 of 39
2007 Second Quarter Acquisition Summary | |||||||||||||||||||
($000) |
Additional Cash Investment | Estimated Average Annual GAAP Rent, net | Average GAAP Yield | Estimated Current Annual Cash Rent, net | Current Cash Yield | Date Acquired | ||||||||||||||
Lexington Acquiport Co., LLC and Lexington Acquiport Co. II, LLC | $ 277,359 | $ 75,415 | 8.8% | $ 73,143 | 8.5% | 06/2007 | |||||||||||||
Acquired remaining interests of 26 properties as listed: | |||||||||||||||||||
Tenants/Guarantors | Location | Property Type | |||||||||||||||||
Bank of America NT & SA | Los Angeles | CA | Office | ||||||||||||||||
Honeywell International, Inc. | Cororado Springs | CO | Office | ||||||||||||||||
First USA Management Services, Inc. | Lake Mary | FL | Office | ||||||||||||||||
First USA Management Services, Inc. | Lake Mary | FL | Office | ||||||||||||||||
Georgia Power Company | McDonough | GA | Office | ||||||||||||||||
Voicestream PCS II Corporation | Meridian | ID | Office | ||||||||||||||||
Bank One Indiana, N.A. | Fishers | IN | Office | ||||||||||||||||
Voicestream PCS II Corporation | Lenexa | KS | Office | ||||||||||||||||
Employers Reinsurance Corporation | Overland Park | KS | Office | ||||||||||||||||
Omnipoint Holdings, Inc. | Oakland | ME | Office | ||||||||||||||||
Temic Automotive of North America, Inc. | Farmington Hills | MI | Office | ||||||||||||||||
Employers Reinsurance Corporation | Kansas City | MO | Office | ||||||||||||||||
Verizon Wireless | Wilmington | NC | Office | ||||||||||||||||
Aventis Pharmaceuticals, Inc (Pharma Holdings GmbH) | Parsippany | NJ | Office | ||||||||||||||||
Structural Dynamic Research Corp. | Milford | OH | Office | ||||||||||||||||
Siemens Dematic Postal Automation, L.P. | Arlington | TX | Office | ||||||||||||||||
Accor S.A. | Carrollton | TX | Office | ||||||||||||||||
Vastar Resources, Inc. | Houston | TX | Office | ||||||||||||||||
True North Communications Inc. | Irving | TX | Office | ||||||||||||||||
Spacelabs Medical, Inc. (OSI Systems, Inc.) | Issaquah | WA | Office | ||||||||||||||||
Spacelabs Medical, Inc. (OSI Systems, Inc.) | Issaquah | WA | Office | ||||||||||||||||
CEVA Logistics, Inc. | Temperance | MI | Industrial | ||||||||||||||||
Heidelberg Web Systems, Inc. | Durham | NH | Industrial | ||||||||||||||||
L'Oreal USA, Inc. | Streetsboro | OH | Industrial | ||||||||||||||||
CEVA Logistics, Inc. | Laurens | SC | Industrial | ||||||||||||||||
Kraft Foods North America, Inc. | Winchester | VA | Industrial |
Page 26 of 39
2007 Second Quarter Acquisition Summary | |||||||||||||||||||
($000) |
Additional Cash Investment | Estimated Average Annual GAAP Rent, net | Average GAAP Yield | Estimated Current Annual Cash Rent, net | Current Cash Yield | Date Acquired | ||||||||||||||
Triple Net Investment Company, LLC. | $ 82,632 | $ 21,315 | 8.1% | $ 21,280 | 8.1% | 05/2007 | |||||||||||||
Acquired remaining interest of 15 properties from portfolio, as listed: | |||||||||||||||||||
Tenants/Guarantors | Location | Property Type | |||||||||||||||||
The Shaw Group | Centennial | CO | Office | ||||||||||||||||
Bell South Mobility, Inc. | Baton Rouge | LA | Office | ||||||||||||||||
ANSYS, Inc. | Canonsburg | PA | Office | ||||||||||||||||
Nissan Motor Acceptance Corporation/(Nissan North America, Inc.) | Irving | TX | Office | ||||||||||||||||
Voice Stream PCS II Corporation (T-Mobile USA, Inc.) | Mission | TX | Office | ||||||||||||||||
Chrysler Financial Company LLC | Westlake | TX | Office | ||||||||||||||||
EDS Information Services LLC (Electronic Data Systems Corporation) | Des Moines | IA | Industrial | ||||||||||||||||
Corning, Inc. | Erwin | NY | Industrial | ||||||||||||||||
W.M. Wright Company | Antioch | TN | Industrial | ||||||||||||||||
Kmart Corporation | Manteca | CA | Retail | ||||||||||||||||
Kmart Corporation | San Diego | CA | Retail | ||||||||||||||||
Kmart Corporation | Galesburg | IL | Retail | ||||||||||||||||
Kmart Corporation | Watertown | NY | Retail | ||||||||||||||||
Kmart Corporation | Lorain | OH | Retail | ||||||||||||||||
Kmart Corporation | Fairlea | WV | Retail |
TOTAL ACQUISITIONS | |||||||||||||||||||
Estimated Average Annual GAAP Rent, net | Average GAAP Yield | Estimated Current Annual Cash Rent, net | Current Cash Yield | ||||||||||||||||
TOTAL/WEIGHTED AVERAGE ACQUISITIONS | $ 118,258 | 8.6% | $ 113,562 | 8.3% | |||||||||||||||
Page 27 of 39
2007 Second Quarter Disposition Summary | |||||||||||||||||||
($000) | |||||||||||||||||||
INDIVIDUAL DISPOSITIONS | |||||||||||||||||||
Tenants/Guarantors | Location | Property Type | Gross Sale Price | Gain on Sale | Month of Disposition | ||||||||||||||
AmeriCredit Corporation | Jacksonville | FL | Office | $ 15,900 | $ 4,602 | June | |||||||||||||
Hibernia Corporation | New Orleans | LA | Office | $ 4,620 | — | May | |||||||||||||
Walgreen Co. | Windsor | WI | Industrial | $ 14,500 | — | June | |||||||||||||
Federated Department Stores Inc. (Macy's) | Santa Monica | CA | Retail | $ 14,000 | — | May | |||||||||||||
Mervyn's | Tustin | CA | Retail | $ 5,000 | — | June | |||||||||||||
Fred Meyer | Klamath Falls | OR | Retail | $ 13,800 | $ 8,226 | June | |||||||||||||
TOTAL INDIVIDUAL DISPOSITIONS | $ 67,820 | $ 12,828 |
JOINT VENTURE DISPOSITIONS | |||||||||||||||||||
Gain Recognized | Month of Disposition | ||||||||||||||||||
Disposition of remaining interests in JV Partnerships | $ 34,164 | June | |||||||||||||||||
Sold to JV partner remaining interest of 10 properties, as listed: | |||||||||||||||||||
Tenants/Guarantors | Location | Property Type | |||||||||||||||||
Greenpoint Mortgage Funding, Inc. | Novato | CA | Office | ||||||||||||||||
Progressive Casualty Insurance Co. | Rancho Cordova | CA | Office | ||||||||||||||||
California Culinary Academy, LLC | San Francisco | CA | Office | ||||||||||||||||
Specialty Laboratories, Inc. | Santa Clarita | CA | Office | ||||||||||||||||
IKON Office Solutions, Inc. | Malvern | PA | Office | ||||||||||||||||
ING USA Annuity & Life Insurance | West Chester | PA | Office | ||||||||||||||||
Veritas DGC, Inc. | Houston | TX | Office | ||||||||||||||||
Circuit City Stores, Inc. | Weston | FL | Industrial | ||||||||||||||||
Hagemeyer Foods, Inc. | Weston | FL | Industrial | ||||||||||||||||
Michaels Stores, Inc. | New Lenox | IL | Industrial | ||||||||||||||||
Page 28 of 39
2007 Second Quarter Financings and Leasing Activity | ||||||||||||||||||||
($000) | ||||||||||||||||||||
Property Financings | ||||||||||||||||||||
Tenants/Guarantors | Location | Property Type | Amount | Interest Rate | Maturity Date | New or Refinance | ||||||||||||||
Brinks, Inc. | Coppell | TX | Office | $ | 14,400 | 5.71% | May-2017 | New | ||||||||||||
Libbey Glass, Inc. | Shreveport | LA | Industrial | $ | 19,000 | 5.69% | Apr-2017 | New | ||||||||||||
TOTAL/WEIGHTED AVERAGE PROPERTY FINANCINGS | $ | 33,400 | 5.70% |
New Leases | |||||||||||||||||||
Tenants/Guarantors | Location | Property Type | Lease Due/Term | Sq. Ft. | Cash Rent Per Annum | ||||||||||||||
Molina Healthcare | Long Beach | CA | Office | 12/2018 | 85,770 | $ 1,698 | |||||||||||||
Office Suites Plus Properties, Inc. | Palm Beach Gdn | FL | Office | 09/2017 | 18,400 | $ 420 | |||||||||||||
VC3, Inc. | Decatur | GA | Office | 04/2010 | 2,811 | $ 59 | |||||||||||||
Honeywell International, Inc. | Beaumont | TX | Office | 07/2010 | 7,045 | $ 107 | |||||||||||||
Texas State Bank | Beaumont | TX | Office | 12/2012 | 49,689 | $ 683 | |||||||||||||
Transamerica Life Insurance Company | Bedford | TX | Office | 05/2019 | 56,449 | $ 959 | |||||||||||||
Brinks, Inc. | Coppell | TX | Office | 04/2017 | 25,461 | $ 465 | |||||||||||||
Diabetech | Dallas | TX | Office | 06/2008 | 424 | $ 5 | |||||||||||||
Texas Neurology, P.A. | Dallas | TX | Office | 09/2008 | 27,664 | $ 533 | |||||||||||||
State Rep. of Texas | Dallas | TX | Office | 02/2009 | 579 | $ 8 | |||||||||||||
Patterson Thomas Company, Inc. | Dallas | TX | Office | 06/2009 | 2,568 | $ 45 | |||||||||||||
J.R. Allen Architect | Dallas | TX | Office | 05/2012 | 813 | $ 29 | |||||||||||||
Kingswere Furniture (Ashley Furniture Industries, Inc.) | Port Richey | FL | Retail/Other | 07/2010 | 53,820 | $ 346 | |||||||||||||
Minyard Food Stores | Garland | TX | Retail/Other | 11/2008 | 40,000 | $ 326 | |||||||||||||
TOTAL NEW LEASES | 371,493 | $ 5,683 | |||||||||||||||||
Page 29 of 39
2007 Second Quarter Financings and Leasing Activity | |||||||||||||||||||
($000) |
Lease Extensions | |||||||||||||||||||
Tenants/Guarantors | Location | Property Type | Lease Due/Term | Sq. Ft. | Cash Rent Per Annum | ||||||||||||||
Entergy Gulf States | Russellville | AR | Office | 05/2016 | 171,245 | $ 2,873 | |||||||||||||
Federal Express Corporation | Colorado Springs | CO | Office | 04/2009 | 71,000 | $ 840 | |||||||||||||
Lockheed Martin | Orlando | FL | Office | 04/2013 | 184,000 | $ 960 | |||||||||||||
John Wiley & Sons, Inc. | Indianapolis | IN | Office | 10/2019 | 123,416 | $ 2,098 | |||||||||||||
Reed Elsevier Inc. | Miamisburg | OH | Office | 01/2020 | 85,873 | $ 631 | |||||||||||||
Reed Elsevier Inc. | Miamisburg | OH | Office | 01/2020 | 61,229 | $ 450 | |||||||||||||
Kingsport Power Company | Kingsport | TN | Office | 06/2013 | 42,770 | $ 310 | |||||||||||||
The Kroger Co. | Memphis | TN | Office | 07/2013 | 75,000 | $ 422 | |||||||||||||
Brinks, Inc. | Coppell | TX | Office | 04/2017 | 76,383 | $ 1,394 | |||||||||||||
Xerox Corporation | Lewisville | TX | Office | 06/2013 | 256,000 | $ 1,071 | |||||||||||||
Forsgren Associates | Evanston | WY | Office | 03/2009 | 3,308 | $ 25 | |||||||||||||
Exel Logistics, Inc. | New Kinsgton | PA | Industrial | 07/2007 | 330,000 | $ 1,270 | |||||||||||||
The Kroger Co. | Florence | AL | Retail/Other | 07/2013 | 42,130 | $ 224 | |||||||||||||
The Kroger Co. | Paris | TN | Retail/Other | 07/2013 | 31,170 | $ 159 | |||||||||||||
TOTAL LEASE EXTENSIONS | 1,553,524 | $ 12,727 | |||||||||||||||||
Page 30 of 39
Selected Balance Sheet Account Detail | |||||
June 30, 2007 | |||||
Investments in and advances to non-consolidated entities | $ | 150,747 | |||
Lexington's "Investments in and advances to non-consolidated entities" line item includes investments in entities which invest in real estate debt securities and net leased properties. A summary is as follows: | |||||
Investment in debt platform | $ | 131,291 | |||
Investment in net lease partnerships | 19,456 | ||||
Investments in marketable equity securities | $ | 18,052 | |||
Lexington invests in marketable equity securities where it recognizes an opportunity to generate current income in the form of dividends, the realization of value from long term appreciation, or where there is a strategic opportunity. | |||||
Other assets | $ | 81,194 | |||
The primary components of other assets are: | |||||
Restricted cash | $ | 12,027 | |||
Deferred tax assets | 2,237 | ||||
Due from lender | 18,366 | ||||
CIP/Deposits | 15,316 | ||||
Debt investments | 16,151 | ||||
Equipment | 2,698 | ||||
Prepaids | 5,909 | ||||
Other receivables | 5,770 | ||||
Accounts payable and other liabilities | $ | 34,744 | |||
The primary components of accounts payable and other liabilities are: | |||||
Accounts payable and accrued expenses | $ | 10,054 | |||
CIP accruals | 14,336 | ||||
Taxes | 2,191 | ||||
Deferred lease costs | 1,975 | ||||
Subordinated notes | 2,943 | ||||
Deposits | 1,161 | ||||
Escrows | 1,126 |
Page 31 of 39
Select Income Statement Account Detail | |||
Six Months Ended June 30, 2007 | |||
$000 | |||
Equity in earnings of non-consolidated entities | $ | 41,897 | |
The components of equity in earnings of non-consolidated entities are as follows: | |||
Gains on sale of joint venture properties | $ | 34,164 | |
Equity in earnings | 7,733 | ||
Advisory and incentive fees | $ | 11,943 | |
The components of advisory fees are as follows: | |||
Asset management fees | $ | 1,349 | |
Incentive fees earned | 10,594 | ||
Page 32 of 39
Consolidated Properties: Mortgages and Notes Payable | ||||||
6/30/2007 | ||||||
($000s) | ||||||
Property | Footnotes | Debt Balance | Interest Rate | Maturity | Current Est. Annual Debt Service (d) | Balloon Payment |
Warren, OH | (a) (b) | $ 2,976 | 7.000% | 10/2007 | $ 3,080 | $ - |
Bristol, PA | 9,326 | 7.400% | 02/2008 | 485 | 9,262 | |
Garwood, NJ | 95 | 5.000% | 05/2008 | 100 | - | |
Decatur, GA | 6,188 | 6.720% | 06/2008 | 531 | 6,049 | |
Palm Beach Gardens, FL | 10,649 | 7.010% | 06/2008 | 970 | 10,418 | |
Canton, OH | 3,040 | 7.150% | 08/2008 | 313 | 2,936 | |
Spartanburg, SC | 2,524 | 7.150% | 08/2008 | 260 | 2,438 | |
Irvine, CA | 6,645 | 9.339% | 09/2008 | 5,653 | - | |
Owensboro, KY | 6,104 | 7.940% | 12/2008 | 3,361 | - | |
Clinton, CT | 943 | 7.940% | 12/2008 | 519 | - | |
Columbia, MD | 1,046 | 8.625% | 12/2008 | 297 | 719 | |
Long Beach, CA | 7,753 | 6.160% | 01/2009 | 4,180 | - | |
Long Beach, CA | 20,913 | 6.250% | 01/2009 | 11,286 | - | |
Canton, OH | 596 | 9.490% | 02/2009 | 388 | - | |
Florence, SC | 8,779 | 7.500% | 02/2009 | 869 | 8,443 | |
Baton Rouge, LA | 1,626 | 7.375% | 03/2009 | 208 | 1,478 | |
Bristol, PA | 5,528 | 7.250% | 04/2009 | 571 | 5,228 | |
Livonia, MI | 10,532 | 7.800% | 04/2009 | 992 | 10,236 | |
Henderson, NC | 4,062 | 7.390% | 05/2009 | 417 | 3,854 | |
Westland, MI | 1,363 | 10.500% | 09/2009 | 683 | - | |
Houston, TX | (b) | 20,040 | 5.870% | 10/2009 | 2,032 | 18,229 |
Salt Lake City, UT | 5,948 | 7.610% | 10/2009 | 2,901 | - | |
High Point, NC | 8,261 | 5.750% | 10/2009 | 695 | 7,741 | |
Pleasanton, CA | 4,547 | 10.250% | 12/2009 | 727 | 3,808 | |
San Francisco, CA | 22,888 | 3.893% | 12/2009 | 1,930 | 20,000 | |
Richmond, VA | 15,849 | 8.100% | 02/2010 | 1,511 | 15,257 | |
Fishers, IN | (b) | 14,564 | 5.880% | 04/2010 | 1,499 | 13,013 |
Hampton, VA | 4,310 | 8.260% | 04/2010 | 415 | 4,144 | |
Hampton, VA | 7,028 | 8.270% | 04/2010 | 677 | 6,758 | |
Lorain, OH | (b) | 2,655 | 5.540% | 07/2010 | 905 | - |
Manteca, CA | (b) | 1,895 | 5.540% | 07/2010 | 639 | - |
Watertown, NY | (b) | 1,801 | 5.540% | 07/2010 | 601 | - |
Lewisburg, WV | (b) | 1,252 | 5.540% | 07/2010 | 422 | - |
San Diego, CA | (b) | 1,208 | 5.540% | 07/2010 | 408 | - |
Galesburg, IL | (b) | 1,052 | 5.540% | 07/2010 | 346 | - |
Tampa, FL | 5,782 | 6.880% | 08/2010 | 485 | 5,495 | |
Tampa, FL | 7,997 | 6.930% | 08/2010 | 674 | 7,603 | |
Irving, TX | (b) | 26,733 | 5.880% | 10/2010 | 2,432 | 24,502 |
Lake Mary, FL | (b) | 13,236 | 5.880% | 10/2010 | 1,181 | 12,138 |
Lake Mary, FL | (b) | 13,196 | 5.880% | 10/2010 | 1,178 | 12,102 |
Herndon, VA | 18,149 | 8.180% | 12/2010 | 1,723 | 17,301 | |
Tucson, AZ | 2,280 | 7.500% | 01/2011 | 226 | 2,076 | |
Valley Forge, PA | 12,151 | 7.120% | 02/2011 | 1,166 | 10,927 | |
Parsippany, NJ | (b) | 40,586 | 5.860% | 03/2011 | 3,472 | 37,060 |
NK Marc CAA | 3,420 | 6.500% | 03/2011 | 286 | 3,178 | |
Glendale, AZ | 14,179 | 7.400% | 04/2011 | 1,258 | 13,365 | |
Renswoude, NA | 36,250 | 5.305% | 04/2011 | 2,650 | 33,387 | |
Dallas, TX | 30,582 | 5.126% | 05/2011 | 1,594 | 30,582 | |
Wallingford, CT | 3,396 | 4.926% | 05/2011 | 221 | 3,187 | |
Auburn Hills, MI | 6,676 | 7.010% | 06/2011 | 637 | 5,918 | |
Plymouth, MI | 4,470 | 7.960% | 07/2011 | 421 | 4,171 | |
Winchester, VA | (b) | 10,716 | 5.860% | 08/2011 | 908 | 9,670 |
Page 33 of 39
Consolidated Properties: Mortgages and Notes Payable | ||||||
6/30/2007 | ||||||
($000s) | ||||||
Property | Footnotes | Debt Balance | Interest Rate | Maturity | Current Est. Annual Debt Service (d) | Balloon Payment |
Newport, OR | 6,577 | 5.030% | 08/2011 | 470 | 5,980 | |
New Kingston, PA | 6,849 | 7.790% | 01/2012 | 678 | 6,101 | |
Mechanicsburg, PA | 5,056 | 7.780% | 01/2012 | 500 | 4,503 | |
New Kingston, PA | 3,263 | 7.780% | 01/2012 | 323 | 2,906 | |
Greenville, SC | 13,055 | 4.415% | 01/2012 | 841 | 11,806 | |
Milford, OH | (b) | 16,530 | 5.860% | 02/2012 | 1,822 | 12,686 |
Lake Forest, CA | 10,417 | 7.260% | 02/2012 | 901 | 9,708 | |
Des Moines, IA | (b) | 22,510 | 5.510% | 05/2012 | 1,188 | 22,153 |
Fort Worth, TX | (b) | 19,096 | 5.510% | 05/2012 | 1,280 | 17,823 |
Raleigh, NC | (b) | 12,557 | 5.860% | 05/2012 | 649 | 12,543 |
Memphis, TN | 17,548 | 5.247% | 05/2012 | 1,083 | 16,222 | |
Lakewood, CO | 8,554 | 5.097% | 05/2012 | 566 | 7,890 | |
Farmington Hills, MI | (b) | 19,790 | 5.860% | 09/2012 | 1,500 | 17,724 |
Laurens, SC | (b) | 16,478 | 5.870% | 09/2012 | 1,396 | 14,022 |
Temperance, MI | (b) | 11,046 | 5.870% | 09/2012 | 936 | 9,400 |
Baton Rouge, LA | (b) | 6,507 | 5.520% | 10/2012 | 443 | 5,943 |
Groveport, OH | 7,500 | 6.030% | 10/2012 | 563 | 6,860 | |
San Antonio, TX | 28,906 | 6.080% | 10/2012 | 2,260 | 26,025 | |
Plymouth, MI | (b) | 12,004 | 5.860% | 12/2012 | 1,026 | 10,026 |
Colorado Springs, CO | (b) | 11,475 | 5.870% | 12/2012 | 887 | 10,272 |
Foxboro, MA | (b) | 14,182 | 6.000% | 01/2013 | 2,817 | - |
Fort Mill, SC | 11,001 | 6.000% | 01/2013 | 839 | 9,904 | |
Centennial, CO | (b) | 15,470 | 5.550% | 02/2013 | 1,177 | 13,555 |
Waterloo,IA | 5,757 | 5.610% | 02/2013 | 672 | 3,505 | |
Los Angeles, CA | (b) | 78,552 | 5.860% | 05/2013 | 5,361 | 73,071 |
Dallas, TX | (b) | 39,825 | 5.550% | 05/2013 | 2,702 | 36,453 |
Indianapolis, IN | 9,485 | 5.168% | 05/2013 | 633 | 8,580 | |
Fort Meyers, FL | 8,912 | 5.268% | 05/2013 | 477 | 8,550 | |
Houston, TX | 17,382 | 5.218% | 05/2013 | 1,166 | 15,737 | |
Atlanta, GA | 44,534 | 5.268% | 05/2013 | 3,004 | 40,356 | |
Chelmsford, MA | 6,896 | 5.118% | 05/2013 | 458 | 6,231 | |
Southington, CT | 13,554 | 5.018% | 05/2013 | 890 | 12,228 | |
Tempe, AZ | 13,430 | 5.148% | 05/2013 | 894 | 12,144 | |
Knoxville, TN | 5,054 | 5.950% | 09/2013 | 381 | 4,496 | |
Lancaster, CA | 10,037 | 7.020% | 09/2013 | �� 900 | 8,637 | |
Lancaster, CA | 8,485 | 5.920% | 09/2013 | 642 | 7,518 | |
Phoenix, AZ | 18,977 | 6.270% | 09/2013 | 1,527 | 16,490 | |
Foxboro, MA | (b) | 18,536 | 6.000% | 01/2014 | 3,270 | - |
Moody, AL | 7,303 | 4.978% | 01/2014 | 493 | 6,350 | |
Arlington, TX | (b) | 21,012 | 5.870% | 02/2014 | 1,551 | 18,588 |
Mechanicsburg, PA | 12,978 | 5.730% | 03/2014 | 1,045 | 10,538 | |
Logan Township, NJ | (b) | 7,353 | 5.870% | 04/2014 | 482 | 6,784 |
Redmond, OR | 9,678 | 5.616% | 04/2014 | 697 | 8,484 | |
Clive, IA | 5,825 | 5.139% | 05/2014 | 387 | 5,181 | |
Fort Mill, SC | 20,300 | 5.373% | 05/2014 | 1,302 | 18,311 | |
Eau Claire, WI | 1,674 | 8.000% | 07/2014 | 313 | - | |
Philadelphia, PA | 49,000 | 5.060% | 07/2014 | 3,178 | 43,547 | |
Issaquah, WA | (b) | 31,515 | 5.890% | 12/2014 | 1,668 | 30,388 |
Canonsburg, PA | (b) | 9,069 | 5.550% | 12/2014 | 489 | 9,095 |
Chicago, IL | (b) | 28,922 | 5.870% | 01/2015 | 1,552 | 29,900 |
Carrollton, TX | 14,031 | 5.530% | 01/2015 | 993 | 12,022 | |
Franklin, NC | 1,532 | 8.500% | 03/2015 | 271 | - |
Page 34 of 39
Consolidated Properties: Mortgages and Notes Payable | ||||||
6/30/2007 | ||||||
($000s) | ||||||
Property | Footnotes | Debt Balance | Interest Rate | Maturity | Current Est. Annual Debt Service (d) | Balloon Payment |
Herndon, VA | (b) | 12,014 | 5.870% | 04/2015 | 888 | 10,359 |
Richmond, VA | (b) | 19,467 | 5.510% | 05/2015 | 1,029 | 18,321 |
Richmond, VA | 10,444 | 5.310% | 05/2015 | 708 | 9,055 | |
Harrisburg, PA | 9,032 | 5.110% | 05/2015 | 599 | 7,780 | |
Fishers, IN | 12,972 | 5.160% | 05/2015 | 865 | 11,188 | |
Houston, TX | 13,046 | 5.210% | 05/2015 | 874 | 11,265 | |
Atlanta, GA | 11,325 | 5.260% | 05/2015 | 606 | 10,502 | |
San Antonio, TX | 12,871 | 5.340% | 05/2015 | 875 | 11,149 | |
Houston, TX | 16,707 | 5.160% | 05/2015 | 1,114 | 14,408 | |
Los Angeles, CA | 11,315 | 5.110% | 05/2015 | 750 | 9,760 | |
Kalamazoo, MI | 17,359 | 5.411% | 05/2015 | 1,189 | 15,087 | |
Knoxville, TN | 7,680 | 5.310% | 05/2015 | 520 | 6,658 | |
Tulsa, OK | 7,563 | 5.060% | 05/2015 | 499 | 6,517 | |
Rockaway, NJ | 14,900 | 5.292% | 05/2015 | 799 | 14,900 | |
McDonough, GA | (b) | 12,288 | 5.870% | 06/2015 | 672 | 11,349 |
Mission, TX | (b) | 6,359 | 5.500% | 06/2015 | 462 | 5,371 |
Carrollton, TX | (b) | 20,216 | 5.870% | 07/2015 | 1,115 | 18,677 |
Elizabethtown, KY | 16,090 | 4.990% | 07/2015 | 1,068 | 13,691 | |
Elizabethtown, KY | 3,033 | 4.990% | 07/2015 | 201 | 2,581 | |
Hopkinsville, KY | 9,431 | 4.990% | 07/2015 | 626 | 8,024 | |
Owensboro, KY | 6,693 | 4.990% | 07/2015 | 452 | 5,695 | |
Dry Ridge, KY | 7,493 | 4.990% | 07/2015 | 506 | 6,376 | |
Southborough, MA | �� 1,686 | 7.500% | 09/2015 | 275 | - | |
Houston, TX | (b) | 25,608 | 6.250% | 09/2015 | 3,967 | 6,985 |
Sugarland, TX | (b) | 16,372 | 6.250% | 09/2015 | 2,608 | 6,286 |
Houston, TX | (b) | 7,218 | 6.250% | 09/2015 | 1,057 | 2,222 |
Houston, TX | (b) | 62,342 | 6.250% | 09/2015 | 9,087 | 18,318 |
Temple, TX | 8,820 | 6.090% | 01/2016 | 668 | 7,446 | |
Danville, IL | 6,228 | 9.000% | 01/2016 | 692 | 4,578 | |
Bridgewater, NJ | 14,805 | 5.732% | 03/2016 | 860 | 13,824 | |
Bremerton, WA | 6,519 | 6.090% | 04/2016 | 494 | 5,465 | |
Omaha, NE | 8,859 | 5.610% | 04/2016 | 621 | 7,560 | |
Tempe, AZ | 8,367 | 5.610% | 04/2016 | 586 | 7,140 | |
Lisle, IL | 10,450 | 6.500% | 06/2016 | 688 | 9,325 | |
Dallas, TX | (b) | 18,572 | 5.870% | 07/2016 | 1,136 | 18,363 |
Rockford, IL | 6,900 | 6.210% | 08/2016 | 434 | 6,153 | |
Statesville, NC | 14,100 | 6.210% | 08/2016 | 888 | 12,574 | |
Rochester, NY | 18,800 | 6.210% | 08/2016 | 1,184 | 16,765 | |
Glenwillow, OH | 17,000 | 6.130% | 09/2016 | 1,057 | 15,132 | |
Plymouth, IN | 6,615 | 6.315% | 09/2016 | 497 | 5,723 | |
Tomball, TX | 9,354 | 6.063% | 11/2016 | 683 | 8,023 | |
El Segundo, CA | 54,646 | 5.675% | 12/2016 | 3,820 | 45,723 | |
Memphis, TN | 3,951 | 5.710% | 01/2017 | 229 | 3,484 | |
Orlando, FL | 9,975 | 5.722% | 02/2017 | 580 | 9,309 | |
Wilmington, NC | (b) | 12,501 | 5.850% | 03/2017 | 686 | 11,580 |
Shreveport, LA | 19,000 | 5.690% | 04/2017 | 1,096 | 19,000 | |
Coppell, TX | 14,400 | 5.710% | 06/2017 | 834 | 14,400 | |
Dubuque, IA | 10,671 | 5.402% | 06/2017 | 733 | 8,725 | |
McDonough, GA | 23,000 | 6.110% | 11/2017 | 1,425 | 21,651 | |
Westmont, IL | 15,048 | 6.210% | 03/2018 | 1,292 | 9,662 | |
Lorain, OH | (b) | 1,252 | 7.750% | 07/2018 | 108 | - |
Manteca, CA | (b) | 893 | 7.750% | 07/2018 | 77 | - |
Page 35 of 39
Consolidated Properties: Mortgages and Notes Payable | ||||||
6/30/2007 | ||||||
($000s) | ||||||
Property | Footnotes | Debt Balance | Interest Rate | Maturity | Current Est. Annual Debt Service (d) | Balloon Payment |
Watertown, NY | (b) | 823 | 7.750% | 07/2018 | 72 | - |
Lewisburg, WV | (b) | 590 | 7.750% | 07/2018 | 51 | - |
San Diego, CA | (b) | 570 | 7.750% | 07/2018 | 49 | - |
Galesburg, IL | (b) | 496 | 7.750% | 07/2018 | 43 | - |
Erwin, NY | (b) | 9,548 | 5.550% | 10/2018 | 728 | 6,624 |
Overland Park, KS | (b) | 37,458 | 5.900% | 05/2019 | 2,230 | 31,819 |
Kansas City, MO | (b) | 17,872 | 5.900% | 05/2019 | 1,064 | 15,182 |
Meridian, ID | (b) | 10,156 | 5.900% | 08/2019 | 753 | 7,658 |
Streetsboro, OH | (b) | 19,437 | 5.900% | 09/2019 | 1,085 | 16,338 |
Houston, TX | 7,500 | 6.507% | 11/2019 | 496 | 6,692 | |
Lenexa, KS | (b) | 10,391 | 5.900% | 12/2019 | 774 | 7,755 |
Boca Raton, FL | 20,400 | 6.470% | 02/2020 | 1,342 | 18,383 | |
Oakland, ME | (b) | 10,300 | 5.900% | 10/2020 | 750 | 7,660 |
Houston, TX | 9,812 | 5.640% | 12/2020 | 692 | 7,018 | |
Livonia, GA | 9,798 | 5.460% | 12/2020 | 741 | 5,895 | |
Wall Township, NJ | (b) | 29,515 | 6.250% | 01/2021 | 2,372 | - |
Hilliard,OH | 28,960 | 5.907% | 02/2021 | 1,739 | 27,483 | |
Charleston, SC | 7,350 | 5.850% | 02/2021 | 437 | 6,632 | |
Durham, NH | (b) | 19,293 | 6.750% | 03/2021 | 1,312 | - |
Antioch, TN | (b) | 15,095 | 5.630% | 10/2021 | 1,580 | 774 |
Whippany, NJ | 16,764 | 6.298% | 11/2021 | 1,344 | 10,400 | |
Dillon, SC | 23,161 | 5.974% | 02/2022 | 1,832 | 13,269 | |
El Segundo, CA | 13,577 | 4.860% | 01/2024 | 54 | 11,417 | |
El Segundo, CA | 16,594 | 4.860% | 01/2024 | 66 | 13,955 | |
Chester, SC | 13,232 | 5.380% | 08/2025 | 1,144 | 362 | |
Subtotal/Wtg. Avg. Proportionate Share | 2,330,706 | 5.903% | 210,455 | 1,849,354 | ||
Corporate | ||||||
Credit Facility | (c) | 45,500 | 6.820% | 06/2008 | 3,103 | 45,500 |
Term Loan | (f) | 225,000 | 5.920% | 06/2009 | 13,505 | 225,000 |
Exchangeable Notes | (e) | 450,000 | 5.450% | 01/2027 | 24,525 | 450,000 |
Trust Preferred Notes | 200,000 | 6.804% | 04/2037 | 13,608 | 200,000 | |
Subtotal/Wtg. Avg. | 920,500 | 5.927% | 54,741 | 920,500 | ||
Total/Wtg. Avg. | $ 3,251,206 | 5.910% | $ 265,196 | $ 2,769,854 | ||
(a) Included in discontinued operations. | ||||||
(b) Debt balances based upon imputed interest rates. | ||||||
(c) Floating rate debt 30/60/90 day LIBOR plus 120 to 170 bps. | ||||||
(d) Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. | ||||||
(e) Holders have the right to put notes to the Company commencing 2012 and every five years thereafter. | ||||||
(f) Floating rate debt 30 day LIBOR plus 60 bps. |
Page 36 of 39
LEXINGTON REALTY TRUST | |||||||||
Unconsolidated Properties: Mortgages & Notes Payable | |||||||||
6/30/2007 | |||||||||
($000s) | |||||||||
Current | |||||||||
LXP | Estimated | ||||||||
Proportionate | Interest | Annual Debt | Balloon | ||||||
Joint Venture | Footnotes | Debt Balance | Share | Rate | Maturity | Service | Payment | ||
One Arkansas | $ 868 | $ 301 | 6.850% | 05/2008 | $ 913 | $ - | |||
Dallas Commerce | 17,722 | 4,249 | 6.680% | 06/2009 | 9,614 | - | |||
BCBS LLC | �� 23,366 | 9,380 | 7.850% | 10/2009 | 2,196 | 22,586 | |||
Oklahoma TIC | 14,749 | 5,900 | 5.240% | 05/2015 | 786 | 13,673 | |||
One Summit | 20,711 | 6,216 | 9.375% | 10/2016 | 3,344 | - | |||
One Summit | 13,292 | 3,989 | 10.625% | 11/2016 | 2,239 | - | |||
Dallas Commerce | 12,512 | 3,000 | 15.000% | 12/2018 | 1,877 | - | |||
Harpard | 1,710 | 465 | 9.875% | 01/2011 | 569 | - | |||
Taber | 1,025 | 279 | 10.125% | 06/2011 | 313 | - | |||
Jayal | 1,507 | 448 | 11.500% | 03/2012 | 409 | - | |||
Subtotal/Wtg. Avg. Proportionate Share | 107,462 | 34,227 | 8.567% | 22,260 | 36,259 | ||||
Corporate | |||||||||
Warehouse facility | (4) | 50,143 | 25,072 | 6.320% | 11/2007 | 3,169 | 50,143 | ||
Warehouse facility | (2) | 297,149 | 148,575 | 6.480% | 03/2008 | 19,255 | 297,149 | ||
Warehouse facility | (1) | 67,839 | 33,920 | 5.670% | 06/2008 | 3,846 | 67,839 | ||
CDO | (3) | 376,650 | 188,325 | 5.825% | 12/2046 | 21,940 | 376,650 | ||
Subtotal/Wtg. Avg. Proportionate Share | 791,781 | 395,892 | 6.089% | 48,210 | 791,781 | ||||
Total/Wtg. Avg. Proportionate Share | $ 899,243 | $ 430,119 | 6.286% | $ 70,470 | $ 828,040 | ||||
(1) Represents amount outstanding on $200.0 million repurchase agreement, variable rate. | |||||||||
(2) Represents amount outstanding on $350.0 million repurchase agreement, variable rate. | |||||||||
(3) Collatarized debt obligation of investment grade-rated debt secured directly or indirectly by real estate assets, variable rate. | |||||||||
(4) Represents amount outstanding on term loans. |
Page 37 of 39
Base Rent Estimates for Current Assets | ||||||||
6/30/07 | ||||||||
In millions | ||||||||
Year | Cash | GAAP | ||||||
Remaining 2007 | $ | 248.0 | $ | 237.1 | ||||
2008 | 487.3 | 463.8 | ||||||
2009 | 413.2 | 418.9 | ||||||
2010 | 363.1 | 370.9 | ||||||
2011 | 341.2 | 347.8 | ||||||
Amounts assume all below market leases are renewed by the tenants at the option rate and no new or renegotiated leases are entered into for any other property. |
Page 38 of 39
Investor Information |
Transfer Agent | Investor Relations |
Mellon Investor Services LLC | Carol M. Merriman | |||||
480 Washington Blvd. | VP of Investor Relations and Corporate Development | |||||
Jersey City NJ 07310-1900 | Telephone (direct) | (212) 692-7264 | ||||
(800) 850-3948 | Facsimile (main) | (212) 594-6600 | ||||
www.melloninvestor.com | E-mail | cmerriman@lxp.com | ||||
Research Coverage |
Bear, Stearns & Co., Inc. | Keefe, Bruyette & Woods | |||||
Ross Smotrich | (212) 272-8046 | Sheila K. McGrath | (212) 887-7793 | |||
Jeffrey Langbaum | (212) 272-4201 | |||||
George Hoglund, CFA | (212) 272-6272 | Raymond James & Assoc. | ||||
Paul Puryear | (727) 567-2253 | |||||
Cantor Fitzgerald | Ken Avalos | (727) 567-2660 | ||||
Philip Martin | (312) 469-7485 | |||||
Matthew Thorp | (312) 469-7484 | Stifel Nicolaus | ||||
John W. Guinee | (410) 454-5520 | |||||
Friedman, Billings, Ramsey | Michael C. Hudgins | (410) 454-4830 | ||||
Merrill Ross | (703) 312-9769 | |||||
Gabe Poggi | (703) 469-1141 | Wachovia Capital Markets LLC | ||||
Christopher P. Haley | (443) 263-6773 | |||||
J.P. Morgan | ||||||
Anthony Paolone, CFA | (212) 622-6682 | |||||
Michael W. Mueller, CFA | (212) 622-6689 | |||||
Joseph Dazio, CFA | (212) 622-6416 | |||||
Gregory P. Stuart | (212) 622-5390 | |||||
Page 39 of 39