| | Lexington Realty Trust TRADED: NYSE: LXP |
| | One Penn Plaza, Suite 4015 |
| | New York NY 10119-4015 |
Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com
FOR IMMEDIATE RELEASE
Thursday, February 24, 2011
LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2010 RESULTS
New York, NY – February 24, 2011 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter ended December 31, 2010.
Fourth Quarter 2010 Highlights
| | · | Generated Company Funds From Operations (“Company FFO”) of $37.5 million or $0.24 per diluted common share/unit, adjusted for certain items. |
| | · | Executed 17 new and renewal leases, totaling approximately 1.9 million square feet. |
| | · | Reduced overall consolidated debt by $149.4 million, bringing debt reduction for the year to $300.3 million. |
| | · | Sold three properties for an aggregate gross sales price of $9.1 million. |
| | · | Issued 11.5 million common shares, raising net proceeds of $87.1 million. |
| | · | Acquired a 105,000 square foot office property in Columbus, Ohio for $16.7 million. |
Subsequent to Quarter End Highlights
| | · | Disposed of five properties for $78.4 million. |
| | · | Refinanced existing secured revolving credit facility with a $300.0 million secured revolving credit facility increasing the availability by $80.0 million and extending the maturity for three years. |
| | · | Executed eight new and renewal leases, totaling approximately 1.1 million square feet. |
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, “We are pleased with our fourth quarter results and our many achievements in 2010. We reduced debt by $300.3 million, signed 4.1 million square feet of leases, and raised overall portfolio occupancy from 92.0% to 93.4%. We had great success with our disposition program, monetizing 13 non-core properties for $158.1 million at a weighted-average cap rate of 4.2%. So far in 2011, we continued our capital recycling strategy by disposing of five properties for $78.4 million at a weighted-average cap rate of 5.9%, further evidencing our commitment to non-core asset sales as a primary source of capital to retire maturing debt and fund new core investments that we believe will grow our cash flow and enhance our portfolio.”
FINANCIAL RESULTS
Revenues
For the quarter ended December 31, 2010, total gross revenues were $85.7 million, compared with total gross revenues of $85.8 million for the quarter ended December 31, 2009.
Company FFO Attributable to Common Shareholders/Unitholders
The following presents in tabular form the items excluded from Company FFO for the periods presented (in millions, except for per diluted share/unit data):
| | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | |
| | | 2010 | | | Per Diluted Share/Unit | | | 2009 | | | Per Diluted Share/Unit | | | 2010 | | | Per Diluted Share/Unit | | | 2009 | | | Per Diluted Share/Unit | |
Reported Company FFO(A) | | $ | 39.2 | | | $ | 0.24 | | | $ | (17.0 | ) | | $ | (0.13 | ) | | $ | 110.6 | | | $ | 0.71 | | | $ | (56.4 | ) | | $ | (0.47 | ) |
| Debt satisfaction, net | | | (0.5 | ) | | | | | | | (7.0 | ) | | | | | | | (3.1 | ) | | | | | | | (28.5 | ) | | | | |
| Forward equity commitment | | | (3.5 | ) | | | | | | | (4.6 | ) | | | | | | | (8.9 | ) | | | | | | | (7.2 | ) | | | | |
| Impairment losses – real estate | | | 1.9 | | | | | | | | 60.8 | | | | | | | | 56.9 | | | | | | | | 99.6 | | | | | |
| Impairment losses – real estate noncontrolling interests | | | (0.1 | ) | | | | | | | -- | | | | | | | | (9.7 | ) | | | | | | | -- | | | | | |
| Impairment losses – consolidated debt investments | | | -- | | | | | | | | -- | | | | | | | | -- | | | | | | | | 1.6 | | | | | |
| Impairment losses/reserves – Concord debt investments | | | -- | | | | | | | | -- | | | | | | | | -- | | | | | | | | 71.4 | | | | | |
| Impairment loss – Concord equity investment | | | -- | | | | | | | | -- | | | | | | | | -- | | | | | | | | 68.2 | | | | | |
| Impairment loss – JV | | | -- | | | | | | | | -- | | | | | | | | -- | | | | | | | | 6.5 | | | | | |
| Lease termination/ deferred maintenance payments | | | -- | | | | | | | | -- | | | | | | | | -- | | | | | | | | (3.2 | ) | | | | |
| Land transaction income, net | | | -- | | | | | | | | -- | | | | | | | | -- | | | | | | | | (1.3 | ) | | | | |
| Other | | | 0.5 | | | | -- | | | | 0.2 | | | | | | | | 1.1 | | | | -- | | | | 1.3 | | | | | |
| Company FFO, as adjusted | | $ | 37.5 | | | $ | 0.24 | (B) | | $ | 32.4 | | | $ | 0.25 | (B) | | $ | 146.9 | | | $ | 0.96 | (B) | | $ | 152.0 | | | $ | 1.29 | (B) |
(A) | A reconciliation of GAAP net income (loss) to Company FFO is provided later in this press release. |
(B) | Per diluted share/unit reflects the impact of estimated net common shares retired upon the assumed settlement of the forward equity commitment of (3,412,567), (3,162,470), (3,312,724) and (2,356,328) for the three months ended December 31, 2010 and 2009 and the twelve months ended December 31, 2010 and 2009, respectively. |
Net Income (Loss) Attributable to Common Shareholders
For the quarter ended December 31, 2010, net income attributable to common shareholders was $5.3 million, or income of $0.04 per diluted share, compared with net loss attributable to common shareholders for the quarter ended December 31, 2009 of ($52.3) million, or a loss of ($0.43) per diluted share.
Capital Activities and Balance Sheet Update
During the fourth quarter, Lexington issued 11.5 million common shares, raising net proceeds of $87.1 million. The proceeds are expected to be used for general corporate purposes, including debt repayment and acquisitions.
Overall consolidated debt was reduced in the fourth quarter by $149.4 million and by $300.3 million for the year. During the fourth quarter, Lexington fully satisfied the $18.8 million balance on the secured revolving credit facility outstanding at September 30, 2010, retired $111.0 million in non-recourse mortgage debt on four properties and paid off a $14.5 million contract right payable.
Subsequent to quarter end, Lexington refinanced its existing $220.0 million secured revolving credit facility which was scheduled to mature in February 2011, with a $300.0 million secured revolving credit facility, which matures in January 2014 but can be extended to January 2015 at Lexington’s option. The new credit facility is secured by ownership interest pledges and guarantees by certain of Lexington’s subsidiaries that in the aggregate own, as of today, interests in a borrowing base consisting of 79 properties. With the consent of the lenders, Lexington can increase the size of the secured revolving credit facility by $225.0 million, for a total facility size of $525.0 million.
As a result of these fourth quarter activities, Lexington’s 2011 scheduled debt maturities were reduced from $68.7 million to $12.9 million.
Common Share Dividend/Distribution
On November 3, 2010, Lexington declared a regular quarterly dividend/distribution for the quarter ended December 31, 2010 of $0.115 per common share/unit, which was paid on January 14, 2011 to common shareholders/unitholders of record as of December 31, 2010. This quarterly dividend of $0.115 per common share/unit represents a 15% increase and, subject to quarterly authorization by Lexington’s Board of Trustees, an expected annualized dividend of $0.46 per common share/unit.
OPERATING ACTIVITIES
Capital Recycling
During the fourth quarter of 2010, Lexington sold three properties to unrelated parties for an aggregate gross sales price of $9.1 million, representing a cap rate of -4.3%. During 2010, Lexington monetized 13 properties for an aggregate price of $158.1 million at a weighted-average cap rate of 4.2%. Subsequent to quarter end, Lexington disposed of five properties for $78.4 million at a weighted-average cap rate of 5.9%.
Investments
During the fourth quarter of 2010, Lexington acquired an interest in a 105,000 square foot Class A office property for $16.7 million (9.1% cap rate, 10.4% on a GAAP basis). The property is located in Columbus, Ohio and is net-leased for a 16-year term.
Leasing Activity
For the quarter ended December 31, 2010, 17 new and renewal leases for 1.9 million square feet were executed in Lexington’s portfolio. At December 31, 2010, Lexington’s overall portfolio was 93.4% leased.
2011 EARNINGS GUIDANCE
Lexington estimates that Company FFO guidance will be $0.90 to $0.93 per diluted share for the year ended December 31, 2011. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.
FOURTH QUARTER 2010 CONFERENCE CALL
Lexington will host a conference call today, Thursday, February 24, 2011, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2010. Interested parties may participate in this conference call by dialing (877) 397-0272 or (719) 325-4781. A replay of the call will be available through March 10, 2011, at (877) 870-5176 or (858) 384-5517, pin: 8079941. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in, and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington’s Board of Trustees of future dividend decla rations to achieve an annualized dividend paid in 2011 of $0.46 per common share, (2) Lexington’s ability to achieve its estimate of Company FFO for the year ended December 31, 2011, (3) the failure to continue to qualify as a real estate investment trust, (4) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (5) competition, (6) increases in real estate construction costs, (7) changes in interest rates, or (8) changes in accessibility of debt and equity capital markets. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the wor ds “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.
References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties are held through special purpose entities, which are separate and distinct legal entities, but consolidated for financial statement purposes and/or disregarded for income tax purposes.
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and twelve months ended December 31, 2010 and 2009
(Unaudited and in thousands, except share and per share data)
| | | Three months ended December 31, | | | Twelve months ended December 31, | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
| Gross revenues: | | | | | | | | | | | | |
| Rental | | $ | 77,058 | | | $ | 75,715 | | | $ | 307,713 | | | $ | 315,493 | |
| Advisory and incentive fees | | | 239 | | | | 388 | | | | 1,108 | | | | 1,822 | |
| Tenant reimbursements | | | 8,385 | | | | 9,707 | | | | 34,034 | | | | 39,001 | |
| Total gross revenues | | | 85,682 | | | | 85,810 | | | | 342,855 | | | | 356,316 | |
| | | | | | | | | | | | | | | | | |
| Expense applicable to revenues: | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | (40,823 | ) | | | (40,083 | ) | | | (163,355 | ) | | | (164,968 | ) |
| Property operating | | | (18,627 | ) | | | (18,597 | ) | | | (71,907 | ) | | | (75,026 | ) |
| General and administrative | | | (6,682 | ) | | | (5,613 | ) | | | (22,487 | ) | | | (23,425 | ) |
| Non-operating income | | | 3,873 | | | | 1,145 | | | | 11,855 | | | | 8,021 | |
| Interest and amortization expense | | | (29,523 | ) | | | (31,188 | ) | | | (123,115 | ) | | | (127,793 | ) |
| Debt satisfaction gains, net | | | 982 | | | | 155 | | | | 208 | | | | 17,023 | |
| Change in value of forward equity commitment | | | 3,506 | | | | 4,586 | | | | 8,906 | | | | 7,182 | |
| Impairment charges and loan losses | | | -- | | | | (3,598 | ) | | | (6,879 | ) | | | (5,174 | ) |
| | | | | | | | | | | | | | | | | |
| Loss before benefit (provision) for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations | | | (1,612 | ) | | | (7,383 | ) | | | (23,919 | ) | | | (7,844 | ) |
| Benefit (provision) for income taxes | | | 140 | | | | (727 | ) | | | (1,556 | ) | | | (2,374 | ) |
| Equity in earnings (losses) of non-consolidated entities | | | 5,675 | | | | 7,637 | | | | 21,741 | | | | (123,176 | ) |
| Income (loss) from continuing operations | | | 4,203 | | | | (473 | ) | | | (3,734 | ) | | | (133,394 | ) |
| | | | | | | | | | | | | | | | | |
| Discontinued operations: | | | | | | | | | | | | | | | | |
| Income (loss) from discontinued operations | | | 316 | | | | (958 | ) | | | (1,139 | ) | | | (2,410 | ) |
| Provision for income taxes | | | (1 | ) | | | (9 | ) | | | (16 | ) | | | (81 | ) |
| Debt satisfaction gains (charges), net | | | (458 | ) | | | 6,864 | | | | 2,927 | | | | 11,471 | |
| Gains on sales of properties | | | 12,091 | | | | 2,854 | | | | 14,613 | | | | 9,134 | |
| Impairment charges | | | (1,874 | ) | | | (57,205 | ) | | | (50,061 | ) | | | (95,992 | ) |
| Total discontinued operations | | | 10,074 | | | | (48,454 | ) | | | (33,676 | ) | | | (77,878 | ) |
| Net income (loss) | | | 14,277 | | | | (48,927 | ) | | | (37,410 | ) | | | (211,272 | ) |
| Less net loss (income) attributable to noncontrolling interests | | | (2,703 | ) | | | 2,960 | | | | 4,450 | | | | 1,120 | |
| Net income (loss) attributable to Lexington Realty Trust shareholders | | | 11,574 | | | | (45,967 | ) | | | (32,960 | ) | | | (210,152 | ) |
| Dividends attributable to preferred shares – Series B | | | (1,590 | ) | | | (1,590 | ) | | | (6,360 | ) | | | (6,360 | ) |
| Dividends attributable to preferred shares – Series C | | | (1,702 | ) | | | (1,702 | ) | | | (6,809 | ) | | | (7,218 | ) |
| Dividends attributable to preferred shares – Series D | | | (2,926 | ) | | | (2,926 | ) | | | (11,703 | ) | | | (11,703 | ) |
| Dividends attributable to non-vested common shares | | | (83 | ) | | | (65 | ) | | | (264 | ) | | | (449 | ) |
| Conversion dividend – Series C | | | -- | | | | -- | | | | -- | | | | (6,994 | ) |
| Net income (loss) attributable to common shareholders | | $ | 5,273 | | | $ | (52,250 | ) | | $ | (58,096 | ) | | $ | (242,876 | ) |
| | | | | | | | | | | | | | | | | |
| Income (loss) per common share – basic and diluted: | | | | | | | | | | | | | | | | |
| Loss from continuing operations | | $ | (0.03 | ) | | $ | (0.06 | ) | | $ | (0.25 | ) | | $ | (1.53 | ) |
| Income (loss) from discontinued operations | | | 0.07 | | | | (0.37 | ) | | | (0.19 | ) | | | (0.69 | ) |
| Net income (loss) attributable to common shareholders | | $ | 0.04 | | | $ | (0.43 | ) | | $ | (0.44 | ) | | $ | (2.22 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average common shares outstanding – basic and diluted | | | 135,432,527 | | | | 120,530,087 | | | | 130,985,809 | | | | 109,280,955 | |
| | | | | | | | | | | | | | | | | |
| Amounts attributable to common shareholders: | | | | | | | | | | | | | | | | |
| Loss from continuing operations | | $ | (3,726 | ) | | $ | (6,986 | ) | | $ | (33,357 | ) | | $ | (167,880 | ) |
| Income (loss) from discontinued operations | | | 8,999 | | | | (45,264 | ) | | | (24,739 | ) | | | (74,996 | ) |
| Net income (loss) attributable to common shareholders | | $ | 5,273 | | | $ | (52,250 | ) | | $ | (58,096 | ) | | $ | (242,876 | ) |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2010 and December 31, 2009
(Unaudited and in thousands, except share and per share data)
| | | 2010 | | | 2009 | |
| Assets: | | | | | | |
| Real estate, at cost | | $ | 3,363,586 | | | $ | 3,552,806 | |
| Less: accumulated depreciation and amortization | | | 601,239 | | | | 537,406 | |
| | | | 2,762,347 | | | | 3,015,400 | |
| Property held for sale – discontinued operations | | | 7,316 | | | | -- | |
| Intangible assets, net | | | 203,495 | | | | 267,161 | |
| Cash and cash equivalents | | | 52,644 | | | | 53,865 | |
| Restricted cash | | | 26,644 | | | | 21,519 | |
| Investment in and advances to non-consolidated entities | | | 83,738 | | | | 55,985 | |
| Deferred expenses, net | | | 39,912 | | | | 38,245 | |
| Loans receivable, net | | | 88,937 | | | | 60,567 | |
| Rent receivable – current | | | 7,498 | | | | 11,463 | |
| Rent receivable – deferred | | | 6,293 | | | | 12,529 | |
| Other assets | | | 56,172 | | | | 43,111 | |
| Total assets | | $ | 3,334,996 | | | $ | 3,579,845 | |
| | | | | | | | | |
| Liabilities and Equity: | | | | | | | | |
| Liabilities: | | | | | | | | |
| Mortgages and notes payable | | $ | 1,481,216 | | | $ | 1,857,909 | |
| Exchangeable notes payable | | | 61,438 | | | | 85,709 | |
| Convertible notes payable | | | 103,211 | | | | - | |
| Trust preferred securities | | | 129,120 | | | | 129,120 | |
| Contract right payable | | | -- | | | | 15,252 | |
| Dividends payable | | | 23,071 | | | | 18,412 | |
| Liabilities – discontinued operations | | | 3,876 | | | | -- | |
| Accounts payable and other liabilities | | | 51,292 | | | | 43,629 | |
| Accrued interest payable | | | 13,989 | | | | 11,068 | |
| Deferred revenue - below market leases, net | | | 96,490 | | | | 107,535 | |
| Prepaid rent | | | 15,164 | | | | 13,975 | |
| | | | 1,978,867 | | | | 2,282,609 | |
| Commitments and contingencies | | | | | | | | |
| | | | | | | | | |
| Equity: | | | | | | | | |
| Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, | | | | | | | | |
| Series B Cumulative Redeemable Preferred, liquidation preference $79,000, 3,160,000 shares issued and outstanding | | | 76,315 | | | | 76,315 | |
| Series C Cumulative Convertible Preferred, liquidation preference $104,760, 2,095,200 shares issued and outstanding | | | 101,778 | | | | 101,778 | |
| Series D Cumulative Redeemable Preferred, liquidation preference $155,000, 6,200,000 shares issued and outstanding | | | 149,774 | | | | 149,774 | |
| Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 146,552,589 and 121,943,258 shares issued and outstanding in 2010 and 2009, respectively | | | 15 | | | | 12 | |
| Additional paid-in-capital | | | 1,937,942 | | | | 1,750,979 | |
| Accumulated distributions in excess of net income | | | (985,562 | ) | | | (870,862 | ) |
| Accumulated other comprehensive income (loss) | | | (106 | ) | | | 673 | |
| Total shareholders’ equity | | | 1,280,156 | | | | 1,208,669 | |
| Noncontrolling interests | | | 75,973 | | | | 88,567 | |
| Total equity | | | 1,356,129 | | | | 1,297,236 | |
| Total liabilities and equity | | $ | 3,334,996 | | | $ | 3,579,845 | |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
COMPANY FUNDS FROM OPERATIONS PER SHARE
(Unaudited and in thousands, except share and per share data)
| | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
COMPANY FUNDS FROM OPERATIONS: (1) | | | | | | | | | | | | |
| Basic and Diluted: | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders | | $ | 5,273 | | | $ | (52,250 | ) | | $ | (58,096 | ) | | $ | (242,876 | ) |
| Adjustments: | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | 39,953 | | | | 41,597 | | | | 163,759 | | | | 178,000 | |
| Noncontrolling interests - OP units | | | 2,040 | | | | (2,903 | ) | | | 3,482 | | | | (1,970 | ) |
| Amortization of leasing commissions | | | 870 | | | | 794 | | | | 3,491 | | | | 3,063 | |
| Joint venture and noncontrolling interest adjustment | | | (894 | ) | | | (1,106 | ) | | | (2,872 | ) | | | 4,279 | |
| Gain on sale of joint venture investment | | | -- | | | | (2,000 | ) | | | -- | | | | (2,003 | ) |
| Preferred dividends - Series C | | | 1,702 | | | | 1,702 | | | | 6,809 | | | | 14,212 | |
| Gains on sales of properties | | | (12,091 | ) | | | (2,854 | ) | | | (14,613 | ) | | | (9,134 | ) |
| Gain on sale of marketable securities | | | -- | | | | -- | | | | -- | | | | (19 | ) |
| Interest and amortization on 6.00% Convertible Notes | | | 2,327 | | | | -- | | | | 8,610 | | | | -- | |
| Company FFO | | $ | 39,180 | | | $ | (17,020 | ) | | $ | 110,570 | | | $ | (56,448 | ) |
| | | | | | | | | | | | | | | | | |
| Basic: | | | | | | | | | | | | | | | | |
| Weighted average common shares outstanding - EPS | | | 135,432,527 | | | | 120,530,087 | | | | 130,985,809 | | | | 109,280,955 | |
| 6.00% Convertible Notes | | | 16,230,905 | | | | -- | | | | 15,084,397 | | | | -- | |
| Non-vested share-based payment awards | | | 92,207 | | | | 9,757 | | | | 75,675 | | | | 540 | |
| Operating Partnership Units | | | 5,001,173 | | | | 5,442,773 | | | | 5,200,191 | | | | 5,447,974 | |
| Preferred Shares – Series C | | | 5,099,507 | | | | 5,099,507 | | | | 5,099,507 | | | | 5,370,135 | |
| Weighted average common shares outstanding | | | 161,856,319 | | | | 131,082,124 | | | | 156,445,579 | | | | 120,099,604 | |
| Company FFO per common share - Basic | | $ | 0.24 | | | $ | (0.13 | ) | | $ | 0.71 | | | $ | (0.47 | ) |
| | | | | | | | | | | | | |
| Diluted: | | | | | | | | | | | | |
| Weighted average common shares outstanding - EPS | | | 135,432,527 | | | | 120,530,087 | | | | 130,985,809 | | | | 109,280,955 | |
| 6.00% Convertible Notes | | | 16,230,905 | | | | -- | | | | 15,084,397 | | | | -- | |
| Non-vested share-based payment awards | | | 92,207 | | | | 9,757 | | | | 75,675 | | | | 540 | |
| Operating Partnership Units | | | 5,001,173 | | | | 5,442,773 | | | | 5,200,191 | | | | 5,447,974 | |
| Preferred Shares – Series C | | | 5,099,507 | | | | 5,099,507 | | | | 5,099,507 | | | | 5,370,135 | |
| Options – Incremental shares | | | 272,140 | | | | -- | | | | -- | | | | -- | |
| Weighted average common shares outstanding | | | 162,128,459 | | | | 131,082,124 | | | | 156,445,579 | | | | 120,099,604 | |
| Company FFO per common share - Diluted | | $ | 0.24 | | | $ | (0.13 | ) | | $ | 0.71 | | | $ | (0.47 | ) |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)
| | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
| EARNINGS PER SHARE: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Basic and Diluted: | | | | | | | | | | | | |
| Loss from continuing operations attributable to common shareholders | | $ | (3,726 | ) | | $ | (6,986 | ) | | $ | (33,357 | ) | | $ | (167,880 | ) |
| Income (loss) from discontinued operations attributable to common shareholders | | | 8,999 | | | | (45,264 | ) | | | (24,739 | ) | | | (74,996 | ) |
| Net income (loss) attributable to common shareholders | | $ | 5,273 | | | $ | (52,250 | ) | | $ | (58,096 | ) | | $ | (242,876 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average number of common shares outstanding | | | 135,432,527 | | | | 120,530,087 | | | | 130,985,809 | | | | 109,280,955 | |
| Income (loss) per common share: | | | | | | | | | | | | | | | | |
| Loss from continuing operations | | $ | (0.03 | ) | | $ | (0.06 | ) | | $ | (0.25 | ) | | $ | (1.53 | ) |
| Income (loss) from discontinued operations | | | 0.07 | | | | (0.37 | ) | | | (0.19 | ) | | | (0.69 | ) |
| Net income (loss) attributable to common shareholders | | $ | 0.04 | | | $ | (0.43 | ) | | $ | (0.44 | ) | | $ | (2.22 | ) |
1 Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington presents FFO because it considers FFO an important supplemental measure of Lexington’s operating performance. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude generally accepted accounting principles (“GAAP”) historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.
FFO is determined 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, Lexington’s Series C Cumulative Convertible Preferred Shares, and Lexington’s 6.00% Convertible Notes because these securities are convertible, at the holder’s option, into Lexington’s common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents 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.
# # #
2010 Fourth Quarter Leasing Summary
| | | NEW LEASES | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tenants/Guarantors | | Location | | Lease Expiration Date | | | Sq. Ft. | | | New Cash Rent Per Annum ($000)(1) | | | New GAAP Rent Per Annum ($000)(1) | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Office/Multi-Tenant | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1 | | Anwar Influence LLC | | Honolulu | HI | | | 11/2012 | | | | 326 | | | $ | 1 | | | $ | 1 | | | | | | | | | | |
| | 2 | | Brown Mackie College-Phoenix, Inc. | | Phoenix | AZ | | | 09/2019 | | | | 8,104 | | | $ | 44 | | | $ | 44 | | | | | | | | | | |
| | 3 | | Business Pro LLC | | Decatur | GA | | | 06/2016 | | | | 2,258 | | | $ | 23 | | | $ | 23 | | | | | | | | | | |
| | 4 | | DuPont Airproducts Nanomaterials LLC (2)(3) | | Tempe | AZ | | | 06/2022 | | | | 95,133 | | | $ | 613 | | | $ | 678 | | | | | | | | | | |
| | 5 | | Pacific Rim Play Therapy LLC | | Honolulu | HI | | | 11/2011 | | | | 391 | | | $ | 1 | | | $ | 1 | | | | | | | | | | |
| | 6 | | TRC Staffing Services, Inc. | | Decatur | GA | | | 12/2014 | | | | 1,137 | | | $ | 18 | | | $ | 18 | | | | | | | | | | |
| | 6 | | Total new office/multi-tenant leases | | | | | | | | | | 107,349 | | | $ | 700 | | | $ | 765 | | | | | | | | | | |
| | | | Industrial/Multi-Tenant | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1 | | Cimetra LLC | | Antioch | TN | | | 07/2016 | | | | 67,200 | | | $ | 66 | | | $ | 141 | | | | | | | | | | |
| | 1 | | Total new industrial/multi-tenant leases | | | | | | | | | | 67,200 | | | $ | 66 | | | $ | 141 | | | | | | | | | | |
| | 7 | | TOTAL NEW LEASES | | | | | | | | | | 174,549 | | | $ | 766 | | | $ | 906 | | | | | | | | | | |
| | | | LEASE EXTENSIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Tenants/Guarantors | | Location | | Prior Term | | | Lease Expiration Date | | | Sq. Ft. | | | New Cash Rent Per Annum ($000)(1) | | | Prior Cash Rent Per Annum ($000) | | | New GAAP Rent Per Annum ($000)(1) | | | Prior GAAP Rent Per Annum ($000) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Office/Multi-Tenant | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1 | | Associated Billing Services, Inc. | | Phoenix | AZ | | | 07/2016 | | | | 11/2016 | | | | 17,767 | | | $ | 178 | | | $ | 325 | | | $ | 245 | | | $ | 308 | |
| | 2 | | Nissan Motor Acceptance Corporation (4) | | Irving | TX | | | 03/2013 | | | | 03/2023 | | | | 225,049 | | | $ | 3,038 | | | $ | 4,168 | | | $ | 3,272 | | | $ | 4,098 | |
| | 3 | | Office Suites Plus Properties | | Decatur | GA | | | 09/2019 | | | | 01/2020 | | | | 18,838 | | | $ | 425 | | | $ | 425 | | | $ | 425 | | | $ | 425 | |
| | 4 | | Raytheon Company (2) | | Garland | TX | | | 05/2011 | | | | 05/2016 | | | | 278,759 | | | $ | 719 | | | $ | 719 | | | $ | 719 | | | $ | 980 | |
| | 5 | | SunTrust Bank (5) | | Johnson City | TN | | | 11/2011 | | | | 11/2021 | | | | 20,507 | | | $ | 458 | | | $ | 228 | | | $ | 458 | | | $ | 255 | |
| | 6 | | Yogikrupa, Inc. | | Chicago | IL | | | 08/2010 | | | | 06/2011 | | | | 134 | | | $ | 9 | | | $ | 9 | | | $ | 9 | | | $ | 9 | |
| | 6 | | Total office/multi-tenant lease extensions | | | | | | | | | | | | | | 561,054 | | | $ | 4,827 | | | $ | 5,874 | | | $ | 5,128 | | | $ | 6,075 | |
| | | | Industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1 | | Enbridge Energy L.P. | | Marshall | MI | | | 02/2011 | | | | 02/2012 | | | | 58,300 | | | $ | 190 | | | $ | 198 | | | $ | 190 | | | $ | 198 | |
| | 2 | | Ingram Micro L.P. | | Millington | TN | | | 09/2011 | | | | 09/2021 | | | | 701,819 | | | $ | 1,790 | | | $ | 2,440 | | | $ | 1,887 | | | $ | 2,370 | |
| | 3 | | Kraft Foods Global, Inc. | | Winchester | VA | | | 05/2011 | | | | 05/2016 | | | | 344,700 | | | $ | 1,206 | | | $ | 1,608 | | | $ | 1,289 | | | $ | 1,577 | |
| | 3 | | Total industrial lease extensions | | | | | | | | | | | | | | 1,104,819 | | | $ | 3,186 | | | $ | 4,246 | | | $ | 3,366 | | | $ | 4,145 | |
| | | | Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1 | | The Kroger Company | | Houston | TX | | | 12/2011 | | | | 12/2016 | | | | 52,200 | | | $ | 281 | | | $ | 281 | | | $ | 404 | | | $ | 404 | |
| | 1 | | Total retail lease extensions | | | | | | | | | | | | | | 52,200 | | | $ | 281 | | | $ | 281 | | | $ | 404 | | | $ | 404 | |
| | 10 | | TOTAL LEASE EXTENSIONS | | | | | | | | | | | | | | 1,718,073 | | | $ | 8,294 | | | $ | 10,401 | | | $ | 8,898 | | | $ | 10,624 | |
| | 17 | | TOTAL NEW AND EXTENDED LEASES | | | | | | | | | | | | | | 1,892,622 | | | $ | 9,060 | | | $ | 10,401 | | | $ | 9,804 | | | $ | 10,624 | |
Footnotes
| (1) | Assumes twelve months rent from the later of 1/1/2011 or lease commencement/extension. |
| (2) | Investment held in Net Lease Strategic Assets Fund L.P., rent amounts reflect Lexington's 47.73% ownership percentage. |
| (3) | New subtenant direct lease commences July 2013. |
| (4) | Prior Cash and GAAP rent reflects only the 225,049 leased sq. ft. Remaining sq. ft. will be vacant. |
| (5) | Prior Cash and GAAP rent reflects only the 20,507 leased sq. ft. Remaining sq. ft. will not be leased by tenant in 11/11. |
LEXINGTON REALTY TRUST
2010 Fourth Quarter Investment/Disposition Summary
| | | INVESTMENTS (1) | | | | | | | | | | | | | | | | |
| | | Tenants/Guarantors | | Location | Property Type | | Basis ($000) | | | Estimated Current Annual Cash Rent Net ($000) | | | Current Cash Yield | | | Lease Expiration | |
| | 1 | | Evans, Mechwart, Hambleton & Tilton, Inc. | | Columbus | OH | Office | | $ | 16,650 | | | $ | 1,520 | | | | 9.1 | % | | | 12/2026 | |
| | 1 | | TOTAL INVESTMENTS | | | | | | $ | 16,650 | | | $ | 1,520 | | | | 9.1 | % | | | | |
| | | | DISPOSITIONS (2) | | | | | | | | | | | | | | | | | | | | |
| | | | Tenants/Guarantors | | Location | Property Type | | Gross Sale Price ($000) | | | Annualized NOI ($000) | | | Month of Disposition | | | | | |
| | 1 | | Kohl's Department Stores, Inc. | | Tallahassee | FL | Retail | | $ | 2,200 | | | $ | 200 | | | December | | | | | |
| | 2 | | Vacant | | Long Beach | CA | Industrial | | $ | 6,100 | | | $ | (577 | ) | | October | | | | | |
| | 3 | | Vacant | | Duluth | GA | Multi-Tenant/Office | | $ | 775 | | | $ | (14 | ) | | November | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 3 | | TOTAL DISPOSITIONS | | | | | | $ | 9,075 | | | $ | (391 | ) | | | | | | | | |
Footnotes
| (1) | In addition, purchased 3.4 acres of land underlying the Beaumont, Texas property for $500 thousand. |
| (2) | Excludes Salt Lake City, Utah property sold 12/2010 for $36.6 million including mortgage assumption of $36.4 million. This asset was monetized in 2Q 2010 supplemental after the financing closed. |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| OFFICE PROPERTIES | | | | | | | | | | | | | | | | | | | | | | |
| 2011 | 1/31/2011 | 4848 129th East Ave. | Tulsa | OK | | | -- | | HSBC Card Services, Inc. (HSBC Finance Corporation) | | | 2000 | | | | 101,100 | | | | 1,434 | | | | 1,434 | | | | 0 | |
| | 2/28/2011 | 4200 RCA Blvd. | Palm Beach Gardens | FL | | | -- | | The Wackenhut Corporation | | | 1996 | | | | 96,118 | | | | 1,813 | | | | 1,811 | | | | 2,402 | |
| | 9/30/2011 | 200 Lucent Ln. | Cary | NC | | | -- | | Alcatel-Lucent USA, Inc. | | | 1999 | | | | 124,944 | | | | 2,297 | | | | 2,059 | | | | 0 | |
| | 11/30/2011 | 4000 Johns Creek Pkwy. | Suwanee | GA | | | -- | | PerkinElmer Instruments, LLC | | | 2001 | | | | 13,955 | | | | 255 | | | | 253 | | | | 0 | |
| | 12/31/2011 | 2050 Roanoke Rd. | Westlake | TX | | | -- | | Chrysler Financial Services Americas, LLC | | | 2001 | | | | 130,290 | | | | 3,660 | | | | 3,455 | | | | 0 | |
| | | 37101 Corporate Dr. | Farmington Hills | MI | | | (10 | ) | Continental Automotive Systems, Inc. | | | 2001 | | | | 119,829 | | | | 5,111 | | | | 3,537 | | | | 0 | |
| 2012 | 1/31/2012 | 26210 and 26220 Enterprise Court | Lake Forest | CA | | | -- | | Apria Healthcare, Inc. (Apria Healthcare Group, Inc.) | | | 2001 | | | | 100,012 | | | | 1,972 | | | | 1,792 | | | | 0 | |
| | | 4000 Johns Creek Pkwy. | Suwanee | GA | | | -- | | Kraft Foods Global, Inc. | | | 2001 | | | | 73,264 | | | | 1,424 | | | | 1,385 | | | | 0 | |
| | | 1275 Northwest 128th St. | Clive | IA | | | -- | | Principal Life Insurance Company | | | 2004 | | | | 61,180 | | | | 799 | | | | 799 | | | | 935 | |
| | 3/31/2012 | 1701 Market St. | Philadelphia | PA | | | (6 | )(7) | Car-Tel Communications, Inc. | | | 1957/1997 | | | | 1,220 | | | | 49 | | | | 48 | | | | 0 | |
| | | 3940 South Teller St. | Lakewood | CO | | | -- | | MoneyGram Payment Systems, Inc. | | | 2002 | | | | 68,165 | | | | 1,222 | | | | 867 | | | | 1,295 | |
| | | 120 East Shore Dr. | Glen Allen | VA | | | -- | | Capital One Services, LLC | | | 2000 | | | | 77,045 | | | | 804 | | | | 784 | | | | 847 | |
| | 6/30/2012 | 275 South Valencia Ave. | Brea | CA | | | (21 | ) | Bank of America, NA | | | 1983 | | | | 637,503 | | | | 8,710 | | | | 8,794 | | | | 0 | |
| | 8/31/2012 | 5757 Decatur Blvd. | Indianapolis | IN | | | -- | | Allstate Insurance Company | | | 2002 | | | | 84,200 | | | | 1,374 | | | | 1,548 | | | | 0 | |
| | | | | | | | | | Damar Services, Inc. | | | 2002 | | | | 5,756 | | | | 43 | | | | 43 | | | | 47 | |
| | | 2706 Media Center Dr. | Los Angeles | CA | | | -- | | Sony Electronics, Inc. | | | 2000 | | | | 20,203 | | | | 211 | | | | 211 | | | | 0 | |
| | 10/31/2012 | 4455 American Way | Baton Rouge | LA | | | -- | | Bell South Mobility, Inc. | | | 1997 | | | | 70,100 | | | | 1,134 | | | | 1,114 | | | | 0 | |
| | 11/7/2012 | 2706 Media Center Dr. | Los Angeles | CA | | | -- | | Playboy Enterprises, Inc. | | | 2000 | | | | 63,049 | | | | 1,514 | | | | 1,257 | | | | 0 | |
| | 11/14/2012 | 2211 South 47th St. | Phoenix | AZ | | | -- | | Avnet, Inc. | | | 1997 | | | | 176,402 | | | | 2,408 | | | | 2,259 | | | | 0 | |
| | 12/31/2012 | 200 Executive Blvd. South | Southington | CT | | | -- | | Hartford Fire Insurance Company | | | 1984/2006 | | | | 153,364 | | | | 1,679 | | | | 1,624 | | | | 0 | |
| 2013 | 1/31/2013 | 12600 Gateway Blvd. | Fort Meyers | FL | | | -- | | Gartner, Inc. | | | 1998 | | | | 62,400 | | | | 1,119 | | | | 1,093 | | | | 0 | |
| | | 810 & 820 Gears Rd. | Houston | TX | | | -- | | IKON Office Solutions, Inc. | | | 2000 | | | | 157,790 | | | | 2,273 | | | | 2,251 | | | | 0 | |
| | 3/31/2013 | 3165 McKelvey Rd. | Bridgeton | MO | | | -- | | BJC Health System | | | 1981 | | | | 52,994 | | | | 384 | | | | 527 | | | | 0 | |
| | 4/30/2013 | Sandlake Rd./Kirkman Rd. | Orlando | FL | | | -- | | Lockheed Martin Corporation | | | 1982 | | | | 184,000 | | | | 960 | | | | 1,870 | | | | 960 | |
| | 5/31/2013 | 6303 Barfield Rd. | Atlanta | GA | | | -- | | International Business Machines Corporation (Internet Security Systems, Inc.) | | | 2000/2001 | | | | 238,600 | | | | 4,831 | | | | 4,882 | | | | 0 | |
| | 6/30/2013 | 2210 Enterprise Dr. | Florence | SC | | | (6 | ) | JPMorgan Chase Bank, National Association | | | 1998 | | | | 179,300 | | | | 1,255 | | | | 1,255 | | | | 0 | |
| | 9/30/2013 | 9200 South Park Center Loop | Orlando | FL | | | (6 | ) | Corinthian Colleges, Inc. | | | 2003 | | | | 59,927 | | | | 1,290 | | | | 1,159 | | | | 0 | |
| | 11/30/2013 | 10475 Crosspoint Blvd. | Indianapolis | IN | | | -- | | Yellow Book Sales and Distribution Company, Inc. | | | 1999 | | | | 3,764 | | | | 5 | | | | 5 | | | | 0 | |
| | | 1110 Bayfield Dr. | Colorado Springs | CO | | | -- | | Honeywell International, Inc. | | 1980/1990/ 2002 | | | | 166,575 | | | | 1,598 | | | | 1,599 | | | | 1,713 | |
| | 12/13/2013 | 3333 Coyote Hill Rd. | Palo Alto | CA | | | -- | | Xerox Corporation | | 1973/1975/ 1982 | | | | 202,000 | | | | 3,499 | | | | 3,390 | | | | 0 | |
| | 12/31/2013 | 2550 Interstate Dr. | Harrisburg | PA | | | -- | | New Cingular Wireless PCS, LLC | | | 1998 | | | | 81,859 | | | | 1,862 | | | | 1,870 | | | | 0 | |
| 2014 | 1/31/2014 | 1701 Market St. | Philadelphia | PA | | | (7 | ) | Morgan, Lewis & Bockius, LLC | | | 1957/1997 | | | | 290,565 | | | | 4,465 | | | | 4,464 | | | | 4,631 | |
| | 3/15/2014 | 101 East Erie St. | Chicago | IL | | | -- | | Draftfcb, Inc. (Interpublic Group of Companies, Inc.) | | | 1986 | | | | 216,011 | | | | 4,148 | | | | 5,018 | | | | 0 | |
| | 5/31/2014 | 3476 Stateview Blvd. | Fort Mill | SC | | | -- | | Wells Fargo Bank, N.A. | | | 2002 | | | | 169,083 | | | | 2,562 | | | | 2,535 | | | | 0 | |
| | | 3480 Stateview Blvd. | Fort Mill | SC | | | -- | | Wells Fargo Bank, N.A. | | | 2004 | | | | 169,218 | | | | 3,516 | | | | 3,458 | | | | 0 | |
| | | 859 Mount Vernon Hwy. | Atlanta | GA | | | (12 | ) | International Business Machines Corporation (Internet Security Systems, Inc.) | | | 2004 | | | | 50,400 | | | | 1,239 | | | | 1,030 | | | | 0 | |
| | 7/31/2014 | 16676 Northchase Dr. | Houston | TX | | | -- | | Anadarko Petroleum Corporation | | | 2003 | | | | 101,111 | | | | 1,638 | | | | 1,629 | | | | 0 | |
| | 9/30/2014 | 333 Mt. Hope Ave. | Rockaway | NJ | | | -- | | BASF Corporation | | 1981/2002/ 2004 | | | | 95,500 | | | | 2,244 | | | | 2,123 | | | | 0 | |
| | 10/31/2014 | 1409 Centerpoint Blvd. | Knoxville | TN | | | -- | | Alstom Power, Inc. | | | 1997 | | | | 84,404 | | | | 1,639 | | | | 1,621 | | | | 0 | |
| | | 2800 Waterford Lake Dr. | Midlothian | VA | | | -- | | Alstom Power, Inc. | | | 2000 | | | | 99,057 | | | | 2,035 | | | | 2,015 | | | | 0 | |
| | | 700 US Hwy. Route 202-206 | Bridgewater | NJ | | | -- | | Biovail Pharmaceuticals, Inc. (Biovail Corporation) | | 1985/2003/ 2004 | | | | 115,558 | | | | 2,311 | | | | 2,848 | | | | 0 | |
| | 12/14/2014 | 5150 220th Ave. | Issaquah | WA | | | -- | | OSI Systems, Inc. (Instrumentarium Corporation) | | | 1992 | | | | 106,944 | | | | 2,194 | | | | 2,151 | | | | 0 | |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| | | 22011 Southeast 51st St. | Issaquah | WA | | | -- | | OSI Systems, Inc. (Instrumentarium Corporation) | | | 1987 | | | | 95,600 | | | | 1,954 | | | | 1,888 | | | | 0 | |
| | 12/31/2014 | 1066 Main St. | Forest Park | GA | | | -- | | Bank of America, NA (Bank of America Corporation) | | | 1969 | | | | 14,859 | | | | 199 | | | | 199 | | | | 199 | |
| | | 180 South Clinton St. | Rochester | NY | | | (6 | ) | Frontier Corporation | | | 1988/2000 | | | | 226,000 | | | | 2,977 | | | | 2,970 | | | | 0 | |
| | | 201 West Main St. | Cumming | GA | | | -- | | Bank of America, NA (Bank of America Corporation) | | | 1968/1982 | | | | 14,208 | | | | 198 | | | | 198 | | | | 198 | |
| | | 2223 North Druid Hills Rd. | Atlanta | GA | | | -- | | Bank of America, NA (Bank of America Corporation) | | | 1972 | | | | 6,260 | | | | 112 | | | | 112 | | | | 112 | |
| | | 275 Technology Dr. | Canonsburg | PA | | | -- | | ANSYS, Inc. | | | 1996 | | | | 107,872 | | | | 1,429 | | | | 1,378 | | | | 0 | |
| | | 400 Butler Farm Rd. | Hampton | VA | | | -- | | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) | | | 1999 | | | | 100,632 | | | | 1,230 | | | | 1,241 | | | | 0 | |
| | | 4545 Chamblee – Dunwoody Rd. | Chamblee | GA | | | -- | | Bank of America, NA (Bank of America Corporation) | | | 1972 | | | | 4,565 | | | | 88 | | | | 88 | | | | 88 | |
| | | 825 Southway Dr. | Jonesboro | GA | | | -- | | Bank of America, NA (Bank of America Corporation) | | | 1971 | | | | 4,894 | | | | 77 | | | | 77 | | | | 77 | |
| | | 956 Ponce de Leon Ave. | Atlanta | GA | | | -- | | Bank of America, NA (Bank of America Corporation) | | | 1975 | | | | 3,900 | | | | 79 | | | | 79 | | | | 78 | |
| | | 1698 Mountain Industrial Blvd. | Stone Mountain | GA | | | -- | | Bank of America, NA (Bank of America Corporation) | | | 1973 | | | | 5,704 | | | | 95 | | | | 95 | | | | 95 | |
| 2015 | 1/31/2015 | 26555 Northwestern Hwy. | Southfield | MI | | | -- | | Federal-Mogul Corporation | | 1963/1965/ 1988/1989 | | | | 187,163 | | | | 1,158 | | | | 1,418 | | | | 0 | |
| | 4/30/2015 | 13775 McLearen Rd. | Herndon | VA | | | -- | | Equant, Inc. (Equant, NV) | | 1984/1988/ 1992 | | | | 125,293 | | | | 2,111 | | | | 2,134 | | | | 0 | |
| | 7/1/2015 | 33 Commercial St. | Foxboro | MA | | | -- | | Invensys Systems, Inc. (Siebe, Inc.) | | | 1982/1987 | | | | 164,689 | | | | 3,505 | | | | 3,505 | | | | 3,024 | |
| | 7/31/2015 | 4001 International Pkwy. | Carrollton | TX | | | -- | | Motel 6 Operating, LP (Accor S.A.) | | | 2003 | | | | 138,443 | | | | 3,195 | | | | 3,195 | | | | 3,580 | |
| | 9/27/2015 | 10001 Richmond Ave. | Houston | TX | | | -- | | Baker Hughes, Inc. | | | 1976/1984 | | | | 554,385 | | | | 8,163 | | | | 7,375 | | | | 6,596 | |
| | | 12645 West Airport Rd. | Sugar Land | TX | | | -- | | Baker Hughes, Inc. | | | 1997 | | | | 165,836 | | | | 2,094 | | | | 1,946 | | | | 1,976 | |
| | 9/30/2015 | 500 Olde Worthington Rd. | Westerville | OH | | | (5 | ) | InVentiv Communications, Inc. | | | 2000 | | | | 97,000 | | | | 1,112 | | | | 1,256 | | | | 0 | |
| | | 550 Business Center Dr. | Lake Mary | FL | | | -- | | JPMorgan Chase Bank, National Association | | | 1999 | | | | 125,920 | | | | 1,799 | | | | 2,096 | | | | 0 | |
| | | 600 Business Center Dr. | Lake Mary | FL | | | -- | | JPMorgan Chase Bank, National Association | | | 1996 | | | | 125,155 | | | | 1,725 | | | | 2,050 | | | | 0 | |
| | 10/31/2015 | 12209 West Markham St. | Little Rock | AR | | | -- | | Entergy Arkansas, Inc. | | | 1981 | | | | 36,311 | | | | 237 | | | | 237 | | | | 237 | |
| 2016 | 4/30/2016 | 11511 Luna Rd. | Farmers Branch | TX | | | -- | | Haggar Clothing Company (Texas Holding Clothing Corporation and Haggar Corporation) | | | 2000 | | | | 180,507 | | | | 2,232 | | | | 3,189 | | | | 2,531 | |
| | | 2000 Eastman Dr. | Milford | OH | | | -- | | Siemens Shared Services, LLC | | | 1991 | | | | 221,215 | | | | 2,486 | | | | 1,823 | | | | 2,486 | |
| | 10/31/2016 | 104 & 110 South Front St. | Memphis | TN | | | -- | | Hnedak Bobo Group, Inc. | | 1871/1988/ 1999 | | | | 37,229 | | | | 484 | | | | 501 | | | | 0 | |
| 2017 | 4/30/2017 | 1315 West Century Dr. | Louisville | CO | | | -- | | Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC) | | | 1987/2006 | | | | 106,877 | | | | 1,473 | | | | 1,600 | | | | 0 | |
| | 9/30/2017 | 9201 East Dry Creek Rd. | Centennial | CO | | | -- | | The Shaw Group, Inc. | | | 2001/2002 | | | | 128,500 | | | | 2,260 | | | | 2,383 | | | | 0 | |
| | 11/30/2017 | 6200 Northwest Pkwy. | San Antonio | TX | | | -- | | United HealthCare Services, Inc. | | | 2000 | | | | 142,500 | | | | 1,652 | | | | 1,866 | | | | 0 | |
| 2018 | 5/30/2018 | 13651 McLearen Rd. | Herndon | VA | | | -- | | US Government | | | 1987 | | | | 159,664 | | | | 3,095 | | | | 3,386 | | | | 0 | |
| | 6/30/2018 | 100 Barnes Rd. | Wallingford | CT | | | -- | | 3M Company | | 1978/1985/ 1990/1993 | | | | 44,400 | | | | 680 | | | | 507 | | | | 0 | |
| | 7/31/2018 | 4200 RCA Blvd. | Palm Beach Gardens | FL | | | -- | | Office Suites Plus Properties, Inc. | | | 1996 | | | | 18,400 | | | | 440 | | | | 449 | | | | 0 | |
| | 9/30/2018 | 1701 Market St. | Philadelphia | PA | | | (6 | )(7) | Brinker Corner Bakery II, LLC | | | 1957/1997 | | | | 8,070 | | | | 206 | | | | 211 | | | | 0 | |
| | 11/30/2018 | 4201 Marsh Ln. | Carrollton | TX | | | -- | | Carlson Restaurants Worldwide, Inc. (Carlson Companies, Inc.) | | | 2003 | | | | 130,000 | | | | 1,927 | | | | 1,975 | | | | 0 | |
| | 12/22/2018 | 5200 Metcalf Ave. | Overland Park | KS | | | (6 | ) | Swiss Re America Holding Corporation | | 1980/1990/ 2004/2005 | | | | 320,198 | | | | 4,468 | | | | 4,500 | | | | 0 | |
| 2019 | 4/1/2019 | 9201 Stateline Rd. | Kansas City | MO | | | (6 | ) | Swiss Re America Holding Corporation | | 1963/1973/ 1985/2003 | | | | 155,925 | | | | 2,109 | | | | 2,109 | | | | 0 | |
| | 6/19/2019 | 3965 Airways Blvd. | Memphis | TN | | | -- | | Federal Express Corporation | | 1982/1983/ 1985 | | | | 521,286 | | | | 6,776 | | | | 7,013 | | | | 5,375 | |
| | 7/31/2019 | 500 Jackson St. | Columbus | IN | | | -- | | Cummins, Inc. | | | 1984 | | | | 390,100 | | | | 4,426 | | | | 4,540 | | | | 4,925 | |
| | 10/31/2019 | 10475 Crosspoint Blvd. | Fishers | IN | | | (6 | ) | John Wiley & Sons, Inc. | | | 1999 | | | | 123,416 | | | | 2,104 | | | | 2,269 | | | | 0 | |
| | | 850-950 Warrenville Rd. | Lisle | IL | | | (5 | ) | National-Louis University | | | 1984 | | | | 91,879 | | | | 1,375 | | | | 1,627 | | | | 0 | |
| 2020 | 1/31/2020 | 10300 Kincaid Dr. | Fishers | IN | | | -- | | Roche Diagnostics Operations, Inc. | | | 1999 | | | | 193,000 | | | | 3,016 | | | | 3,425 | | | | 3,812 | |
| | 2/14/2020 | 5600 Broken Sound Blvd. | Boca Raton | FL | | | (6 | ) | Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.) | | | 1983/2002 | | | | 143,290 | | | | 2,163 | | | | 2,244 | | | | 0 | |
| | 7/8/2020 | 1460 Tobias Gadsen Blvd. | Charleston | SC | | | (6 | ) | Hagemeyer North America, Inc. | | | 2005 | | | | 50,076 | | | | 771 | | | | 840 | | | | 0 | |
| 2021 | 3/31/2021 | 1311 Broadfield Blvd. | Houston | TX | | | -- | | Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.) | | | 2000 | | | | 155,040 | | | | 3,061 | | | | 2,623 | | | | 0 | |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| | 6/30/2021 | 1415 Wyckoff Rd. | Wall | NJ | | | -- | | New Jersey Natural Gas Company | | | 1983 | | | | 157,511 | | | | 3,118 | | | | 3,118 | | | | 4,224 | |
| | 11/30/2021 | 29 South Jefferson Rd. | Whippany | NJ | | | -- | | CAE SimuFlite, Inc. (HP Whippany, LLC) | | | 2006/2008 | | | | 123,734 | | | | 2,328 | | | | 2,327 | | | | 2,069 | |
| 2022 | 12/31/2022 | 147 Milk St. | Boston | MA | | | -- | | Harvard Vanguard Medical Associates, Inc. | | | 1910 | | | | 52,337 | | | | 1,532 | | | | 1,661 | | | | 0 | |
| 2023 | 3/31/2023 | 6555 Sierra Dr. | Irving | TX | | | -- | | TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC) | | | 1999 | | | | 247,254 | | | | 2,803 | | | | 2,952 | | | | 0 | |
| | | 8900 Freeport Pkwy. | Irving | TX | | | -- | | Nissan Motor Acceptance Corporation (Nissan North America, Inc.) | | | 2003 | | | | 268,445 | | | | 4,460 | | | | 4,484 | | | | 0 | |
| | 7/31/2023 | 11201 Renner Blvd. | Lenexa | KS | | | (6 | ) | Applebee’s Services, Inc. (DineEquity, Inc.) | | | 2007 | | | | 178,000 | | | | 3,585 | | | | 3,902 | | | | 0 | |
| 2025 | 11/30/2025 | 11707 Miracle Hills Dr. | Omaha | NE | | | -- | | Infocrossing, Inc. | | | 1988/1995 | | | | 85,200 | | | | 1,167 | | | | 1,167 | | | | 0 | |
| | 12/31/2025 | 2005 East Technology Cir. | Tempe | AZ | | | -- | | Infocrossing, Inc. | | | 1998 | | | | 60,000 | | | | 1,128 | | | | 1,128 | | | | 0 | |
| 2026 | 12/29/2026 | 5500 New Albany Road | Columbus | OH | | | (18 | ) | Evans, Mechwart, Hambleton & Tilton, Inc. | | | 2005 | | | | 104,807 | | | | 8 | | | | 9 | | | | 0 | |
| 2029 | 1/31/2029 | 6226 West Sahara Ave. | Las Vegas | NV | | | -- | | Nevada Power Company | | | 1982 | | | | 282,000 | | | | 8,043 | | | | 4,232 | | | | 2,914 | |
| | 12/31/2029 | 400 East Stone Ave. | Greenville | SC | | | (13 | ) | Canal Insurance Company | | 1948/1981/ 1982/1986/ 1991/2006/ 2008 | | | | 128,041 | | | | 903 | | | | - | | | | 0 | |
| N/A | N/A | 10475 Crosspoint Blvd. | Fishers | IN | | | -- | | (Available for Lease) | | | 1999 | | | | 13,867 | | | | - | | | | - | | | | 0 | |
| | | 1701 Market St. | Philadelphia | PA | | | (7 | ) | Parking Operators | | | 1957/1997 | | | | - | | | | 2,175 | | | | 2,175 | | | | 0 | |
| | | 1701 Market St. | Philadelphia | PA | | | (7 | ) | (Available for Lease)(Amounts represent prior tenant) | | | 1957/1997 | | | | 5,315 | | | | 239 | | | | 239 | | | | 0 | |
| | | 850-950 Warrenville Rd. | Lisle | IL | | | -- | | (Available for Lease) | | | 1984 | | | | 7,535 | | | | - | | | | - | | | | 0 | |
| | | 101 East Erie St. | Chicago | IL | | | -- | | (Available for Lease) | | | 1986 | | | | 14,693 | | | | - | | | | - | | | | 0 | |
| OFFICE TOTAL/WEIGHTED AVERAGE | | | 99.7% Leased | | | | | | | 12,419,759 | | | $ | 197,210 | | | $ | 193,878 | | | | | |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| INDUSTRIAL PROPERTIES |
| 2011 | 5/31/2011 | 200 Arrowhead Dr. | Hebron | OH | | | -- | | Owens Corning Insulating Systems, LLC | | | 2000 | | | | 400,522 | | | | 801 | | | | 801 | | | | 0 | |
| 2012 | 2/15/2012 | 1601 Pratt Ave. | Marshall | MI | | | -- | | Enbridge Energy L.P. | | | 1979 | | | | 58,300 | | | | 108 | | | | 108 | | | | 0 | |
| | 8/4/2012 | 101 Michelin Dr. | Laurens | SC | | | -- | | CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) | | | 1991/1993 | | | | 1,164,000 | | | | 3,413 | | | | 3,304 | | | | 2,619 | |
| | | 7111 Crabb Rd. | Temperance | MI | | | -- | | CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) | | | 1978/1993 | | | | 744,570 | | | | 2,287 | | | | 2,214 | | | | 1,756 | |
| | 10/31/2012 | 43955 Plymouth Oaks Blvd. | Plymouth | MI | | | -- | | Tower Automotive Operations USA I, LLC (Tower Automotive Inc.) | | | 1996/1998 | | | | 290,133 | | | | 1,886 | | | | 1,834 | | | | 2,081 | |
| | 12/31/2012 | 245 Salem Church Rd. | Mechanicsburg | PA | | | -- | | Exel, Inc. (NFC plc) | | | 1985 | | | | 252,000 | | | | 869 | | | | 866 | | | | 0 | |
| 2013 | 5/31/2013 | 2203 Sherrill Dr. | Statesville | NC | | | -- | | Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation) | | | 1999/2002 | | | | 639,800 | | | | 1,480 | | | | 1,565 | | | | 0 | |
| 2014 | 1/2/2014 | 2415 US Hwy. 78 East | Moody | AL | | | -- | | CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) | | | 2004 | | | | 595,346 | | | | 1,054 | | | | 1,054 | | | | 1,054 | |
| | 1/31/2014 | 1133 Poplar Creek Rd. | Henderson | NC | | | -- | | Staples, Inc. | | | 1998/2006 | | | | 196,946 | | | | 825 | | | | 806 | | | | 0 | |
| | 12/31/2014 | 3686 South Central Ave. | Rockford | IL | | | -- | | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | | | 1998 | | | | 90,000 | | | | 404 | | | | 314 | | | | 446 | |
| | | 75 North St. | Saugerties | NY | | | (11 | ) | Rotron, Inc. (EG&G) | | | 1979 | | | | 52,000 | | | | 122 | | | | 232 | | | | 122 | |
| 2015 | 12/31/2015 | 749 Southrock Dr. | Rockford | IL | | | -- | | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | | | 1992 | | | | 150,000 | | | | 476 | | | | 488 | | | | 525 | |
| 2016 | 2/28/2016 | 7670 Hacks Cross Rd. | Olive Branch | MS | | | -- | | MAHLE Clevite, Inc. (MAHLE Industries, Inc.) | | | 1989 | | | | 268,104 | | | | 954 | | | | 915 | | | | 0 | |
| | 3/31/2016 | 19500 Bulverde Rd. | San Antonio | TX | | | -- | | Harcourt, Inc. (Harcourt General, Inc.) | | | 2001 | | | | 559,258 | | | | 3,330 | | | | 3,429 | | | | 0 | |
| | | 2455 Premier Dr. | Orlando | FL | | | -- | | Walgreen Co. | | | 1980 | | | | 205,016 | | | | 508 | | | | 786 | | | | 508 | |
| | 5/31/2016 | 291 Park Center Dr. | Winchester | VA | | | (5 | ) | Kraft Foods Global, Inc. | | | 2001 | | | | 344,700 | | | | 1,608 | | | | 1,529 | | | | 0 | |
| | 8/31/2016 | 10590 Hamilton Ave. | Cincinnati | OH | | | -- | | The Hillman Group, Inc. | | 1991/1994/ 1995/2005 | | | | 248,200 | | | | 793 | | | | 793 | | | | 0 | |
| | 9/30/2016 | 900 Industrial Blvd. | Crossville | TN | | | -- | | Dana Commercial Vehicle Products, LLC | | | 1989/2006 | | | | 222,200 | | | | 684 | | | | 684 | | | | 0 | |
| 2017 | 2/28/2017 | 3456 Meyers Ave. | Memphis | TN | | | -- | | Sears Logistics Services | | | 1973 | | | | 780,000 | | | | 1,592 | | | | 1,694 | | | | 1,592 | |
| | 6/30/2017 | 7500 Chavenelle Rd. | Dubuque | IA | | | (6 | ) | The McGraw-Hill Companies, Inc. | | | 2001 | | | | 330,988 | | | | 1,151 | | | | 1,164 | | | | 0 | |
| | 9/30/2017 | 250 Swathmore Ave. | High Point | NC | | | -- | | Steelcase, Inc. | | | 2002 | | | | 244,851 | | | | 1,079 | | | | 1,087 | | | | 1,165 | |
| | 10/31/2017 | 1420 Greenwood Rd. | McDonough | GA | | | -- | | Versacold USA, Inc. | | | 2000/2007 | | | | 296,972 | | | | 2,645 | | | | 2,595 | | | | 0 | |
| 2018 | 6/30/2018 | 1650-1654 Williams Rd. | Columbus | OH | | | -- | | ODW Logistics, Inc. | | | 1973 | | | | 772,450 | | | | 1,347 | | | | 1,342 | | | | 0 | |
| | 9/30/2018 | 50 Tyger River Dr. | Duncan | SC | | | (6 | ) | Plastic Omnium Exteriors, LLC | | 2005/2007/ 2008 | | | | 221,833 | | | | 958 | | | | 958 | | | | 0 | |
| 2019 | 4/30/2019 | 113 Wells St. | North Berwick | ME | | | -- | | United Technologies Corporation | | | 1965/1980 | | | | 972,625 | | | | 1,535 | | | | 1,535 | | | | 1,200 | |
| | 10/17/2019 | 10345 Philipp Pkwy. | Streetsboro | OH | | | -- | | L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.) | | | 2004 | | | | 649,250 | | | | 2,529 | | | | 2,621 | | | | 3,149 | |
| 2020 | 3/31/2020 | 2425 Hwy. 77 North | Waxahachie | TX | | | -- | | James Hardie Building Products, Inc. (James Hardie, NV) | | | 1996/2001 | | | | 335,610 | | | | 3,400 | | | | 3,400 | | | | 0 | |
| | 6/30/2020 | 3102 Queen Palm Dr. | Tampa | FL | | | -- | | Time Customer Service, Inc. (Time, Inc.) | | | 1986 | | | | 229,605 | | | | 1,197 | | | | 1,276 | | | | 0 | |
| | 9/30/2020 | 3350 Miac Cove Rd. | Memphis | TN | | | -- | | Mimeo.com, Inc. | | | 1987 | | | | 107,399 | | | | 401 | | | | 371 | | | | 0 | |
| | 12/19/2020 | 1901 Ragu Dr. | Owensboro | KY | | | (9 | ) | Unilever Supply Chain, Inc. (Unilever United States, Inc.) | | 1975/1979/ 1995 | | | | 443,380 | | | | 1,046 | | | | 1,490 | | | | 1,932 | |
| 2021 | 3/30/2021 | 121 Technology Dr. | Durham | NH | | | -- | | Heidelberg Americas, Inc. (Heidelberg Drackmaschinen AG) | | 1986/2002/ 2003 | | | | 500,500 | | | | 2,199 | | | | 1,999 | | | | 0 | |
| | 5/31/2021 | 477 Distribution Pkwy. | Collierville | TN | | | -- | | Federal Express Corporation | | 1984/1987/ 2005 | | | | 120,000 | | | | 480 | | | | 403 | | | | 0 | |
| | 9/30/2021 | 3820 Micro Dr. | Millington | TN | | | (6 | ) | Ingram Micro, L.P (Ingram Micro, Inc.) | | | 1997 | | | | 701,819 | | | | 2,440 | | | | 2,330 | | | | 0 | |
| | 11/30/2021 | 2880 Kenny Biggs Rd. | Lumberton | NC | | | -- | | Quickie Manufacturing Corporation | | 1998/2001/ 2006 | | | | 423,280 | | | | 1,276 | | | | 1,356 | | | | 0 | |
| | 12/31/2021 | 224 Harbor Freight Rd. | Dillon | SC | | | (6 | ) | Harbor Freight Tools USA, Inc. (Central Purchasing, Inc.) | | | 2001/2005 | | | | 1,010,859 | | | | 3,019 | | | | 3,131 | | | | 0 | |
| 2025 | 6/30/2025 | 10000 Business Blvd. | Dry Ridge | KY | | | -- | | Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited) | | | 1988/1999 | | | | 336,350 | | | | 1,346 | | | | 1,346 | | | | 1,402 | |
| | | 4010 Airpark Dr. | Owensboro | KY | | | -- | | Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited) | | | 1998/2006 | | | | 211,598 | | | | 1,208 | | | | 1,208 | | | | 829 | |
| | | 301 Bill Bryan Rd. | Hopkinsville | KY | | | -- | | Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited) | | 1989/1999/ 2000/2005 | | | | 424,904 | | | | 1,687 | | | | 1,687 | | | | 1,512 | |
| | | 730 North Black Branch Rd. | Elizabethtown | KY | | | -- | �� | Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited) | | | 2001 | | | | 167,770 | | | | 537 | | | | 537 | | | | 558 | |
| | | 750 North Black Branch Rd. | Elizabethtown | KY | | | -- | | Metalsa Structural Products, Inc. (Dana Holding Corporation and Dana Limited) | | 1995/2000/ 2001 | | | | 539,592 | | | | 2,838 | | | | 2,838 | | | | 2,960 | |
| | 7/31/2025 | 7005 Cochran Rd. | Glenwillow | OH | | | -- | | Royal Appliance Manufacturing Company | | | 1997 | | | | 458,000 | | | | 1,944 | | | | 2,251 | | | | 0 | |
| 2026 | 10/31/2026 | 5001 Greenwood Rd. | Shreveport | LA | | | -- | | Libbey Glass, Inc. (Libbey, Inc.) | | | 2006 | | | | 646,000 | | | | 1,976 | | | | 2,165 | | | | 0 | |
| N/A | N/A | 1109 Commerce Blvd. | Swedesboro | NJ | | | (16 | ) | (Available for Lease) | | | 1998 | | | | 262,644 | | | | - | | | | - | | | | 0 | |
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| | | 191 Arrowhead Dr. | Hebron | OH | | | -- | | (Available for Lease)(Amounts represent prior tenant) | | | 1999 | | | | 250,410 | | | | 95 | | | | 95 | | | | 0 | |
| | | 250 Rittenhouse Cir. | Bristol | PA | | | (22 | ) | (Available for Lease) | | | 1983/1997 | | | | 255,019 | | | | - | | | | - | | | | 0 | |
| | | 3350 Miac Cove Rd. | Memphis | TN | | | -- | | (Available for Lease) | | | 1987 | | | | 32,679 | | | | - | | | | - | | | | 0 | |
| | | 34 East Main St. | New Kingstown | PA | | | (16 | ) | (Available for Lease) | | | 1981 | | | | 179,200 | | | | - | | | | - | | | | 0 | |
| | | 6 Doughten Rd. | New Kingstown | PA | | | -- | | (Available for Lease) | | | 1989 | | | | 330,000 | | | | - | | | | - | | | | 0 | |
| INDUSTRIAL TOTAL/WEIGHTED AVERAGE | | | | 93.0% Leased | | | | | | | 18,716,682 | | | $ | 61,527 | | | $ | 62,601 | | | | | |
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| RETAIL PROPERTIES | | |
| 2011 | 6/30/2011 | 4733 Hills & Dales Rd. | Canton | OH | | | -- | | Bally's Total Fitness of the Midwest, Inc. (Bally's Health & Tennis Corporation) | | | 1987 | | | | 37,214 | | | | 279 | | | | 234 | | | | 0 | |
| 2012 | 4/30/2012 | 10415 Grande Ave. | Sun City | AZ | | | -- | | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | | | 1982 | | | | 10,000 | | | | 165 | | | | 265 | | | | 0 | |
| | | 119 North Balboa Rd. | El Paso | TX | | | -- | | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | | | 1982 | | | | 10,000 | | | | 165 | | | | 136 | | | | 0 | |
| | | 402 East Crestwood Dr. | Victoria | TX | | | -- | | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | | | 1982 | | | | 10,000 | | | | 165 | | | | 116 | | | | 0 | |
| | | 4121 South Port Ave. | Corpus Christi | TX | | | -- | | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | | | 1980 | | | | 10,000 | | | | 165 | | | | 135 | | | | 0 | |
| | | 900 South Canal St. | Carlsbad | NM | | | -- | | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | | | 1980 | | | | 10,000 | | | | 165 | | | | 105 | | | | 0 | |
| | | 901 West Expwy. | McAllen | TX | | | -- | | Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | | | 1980 | | | | 10,000 | | | | 165 | | | | 164 | | | | 0 | |
| | 5/31/2012 | 3451 Alta Mesa Blvd. | Fort Worth | TX | | | -- | | Minyard Food Stores, Inc. | | | 1985 | | | | 44,000 | | | | 304 | | | | 361 | | | | 304 | |
| | 6/30/2012 | 1600 East 23rd St. | Chattanooga | TN | | | -- | | BI-LO, LLC | | | 1983 | | | | 42,130 | | | | 131 | | | | 131 | | | | 138 | |
| | 11/30/2012 | 101 West Buckingham Rd. | Garland | TX | | | -- | | Minyard Food Stores, Inc. | | | 1982 | | | | 40,000 | | | | 326 | | | | 326 | | | | 326 | |
| | | 120 South Waco St. | Hillsboro | TX | | | -- | | Brookshire Grocery Company | | | 1985 | | | | 35,000 | | | | 161 | | | | 186 | | | | 161 | |
| | | 205 Homer Rd. | Minden | LA | | | -- | | Brookshire Grocery Company | | | 1985 | | | | 35,000 | | | | 193 | | | | 285 | | | | 193 | |
| 2013 | 2/28/2013 | US 221 & Hospital Rd. | Jefferson | NC | | | -- | | Food Lion, Inc. (Delhaize America, Inc.) | | | 1981 | | | | 23,000 | | | | 73 | | | | 73 | | | | 73 | |
| | | 291 Talbert Blvd. | Lexington | NC | | | -- | | Food Lion, Inc. (Delhaize America, Inc.) | | | 1981 | | | | 23,000 | | | | 138 | | | | 138 | | | | 138 | |
| | | S. Carolina 52/52 Bypass | Moncks Corner | SC | | | -- | | Food Lion, Inc. (Delhaize America, Inc.) | | | 1982 | | | | 23,000 | | | | 62 | | | | 123 | | | | 62 | |
| | | 3211 West Beverly St. | Staunton | VA | | | -- | | Food Lion, Inc. (Delhaize America, Inc.) | | | 1971 | | | | 23,000 | | | | 166 | | | | 166 | | | | 166 | |
| | | 1146 Gum Branch Rd. | Jacksonville | NC | | | -- | | Food Lion, Inc. (Delhaize America, Inc.) | | | 1982/1995 | | | | 23,000 | | | | 84 | | | | 110 | | | | 84 | |
| | 7/1/2013 | 1053 Mineral Springs Rd. | Paris | TN | | | -- | | The Kroger Co. | | | 1982 | | | | 31,170 | | | | 159 | | | | 213 | | | | 159 | |
| | 10/31/2013 | 1084 East Second St. | Franklin | OH | | | -- | | Marsh Supermarkets, Inc. | | | 1961/1978 | | | | 29,119 | | | | 111 | | | | 158 | | | | 111 | |
| | | 130 Midland Ave. | Port Chester | NY | | | -- | | Pathmark Stores, Inc. | | | 1982 | | | | 59,000 | | | | 458 | | | | 1,197 | | | | 458 | |
| | | 5104 North Franklin Rd. | Lawrence | IN | | | -- | | Marsh Supermarkets, Inc. | | | 1958 | | | | 28,721 | | | | 193 | | | | 193 | | | | 193 | |
| 2014 | 3/31/2014 | N.E.C. 45th St./Lee Blvd. | Lawton | OK | | | -- | | Associated Wholesale Grocers, Inc. | | | 1984 | | | | 30,757 | | | | 185 | | | | 207 | | | | 185 | |
| 2015 | 1/31/2015 | 1700 State Route 160 | Port Orchard | WA | | | -- | | Moran Foods, Inc. d/b/a Save-A-Lot, Ltd. | | | 1983 | | | | 16,037 | | | | 82 | | | | 82 | | | | 97 | |
| | 5/31/2015 | 24th St. West & St. John’s Ave. | Billings | MT | | | -- | | Safeway Stores, Inc. | | | 1981 | | | | 40,800 | | | | 186 | | | | 333 | | | | 186 | |
| 2016 | 5/31/2016 | 18601 Alderwood Mall Blvd. | Lynnwood | WA | | | -- | | TRU 2005 RE I, LLC | | | 1981/1993 | | | | 43,105 | | | | 281 | | | | 298 | | | | 279 | |
| | | 4811 Wesley St. | Greenville | TX | | | -- | | Safeway Stores, Inc. | | | 1985 | | | | 48,492 | | | | 171 | | | | 242 | | | | 171 | |
| | | 12535 Southeast 82nd Ave. | Clackamas | OR | | | -- | | TRU 2005 RE I, LLC | | | 1981 | | | | 42,842 | | | | 305 | | | | 324 | | | | 298 | |
| | | 6910 South Memorial Hwy. | Tulsa | OK | | | -- | | Toys "R" Us-Delaware, Inc. | | | 1981 | | | | 43,123 | | | | 257 | | | | 273 | | | | 255 | |
| | 12/29/2016 | 13133 Steubner Ave. | Houston | TX | | | -- | | The Kroger Co. | | | 1980 | | | | 52,200 | | | | 281 | | | | 404 | | | | 281 | |
| 2017 | 3/31/2017 | 1610 South Westmoreland Ave. | Dallas | TX | | | -- | | Malone’s Food Stores, Ltd. | | | 1960 | | | | 70,910 | | | | 358 | | | | 479 | | | | 376 | |
| 2018 | 2/26/2018 | 4831 Whipple Ave., Northwest | Canton | OH | | | -- | | Best Buy Company, Inc. | | | 1995 | | | | 46,350 | | | | 465 | | | | 465 | | | | 465 | |
| | | 399 Peachwood Centre Dr. | Spartanburg | SC | | | -- | | Best Buy Company, Inc. | | | 1996 | | | | 45,800 | | | | 395 | | | | 395 | | | | 395 | |
| | 9/30/2018 | 835 Julian Ave. | Thomasville | NC | | | -- | | Mighty Dollar, LLC | | | 1983 | | | | 23,767 | | | | 70 | | | | 70 | | | | 0 | |
| | 10/31/2018 | 10340 U.S. 19 | Port Richey | FL | | | -- | | Kingswere Furniture, LLC | | | 1980 | | | | 53,280 | | | | 346 | | | | 346 | | | | 400 | |
| | 12/31/2018 | 1150 West Carl Sandburg Dr. | Galesburg | IL | | | -- | | Kmart Corporation | | | 1992 | | | | 94,970 | | | | 395 | | | | 329 | | | | 0 | |
| | | 12080 Carmel Mountain Rd. | San Diego | CA | | | -- | | Sears Holdings Corporation | | | 1993 | | | | 107,210 | | | | 449 | | | | 751 | | | | 0 | |
| | | 21082 Pioneer Plaza Dr. | Watertown | NY | | | -- | | Kmart Corporation | | | 1993 | | | | 120,727 | | | | 663 | | | | 482 | | | | 0 | |
| | | 255 Northgate Dr. | Manteca | CA | | | -- | | Kmart Corporation | | | 1993 | | | | 107,489 | | | | 705 | | | | 555 | | | | 0 | |
| | | 5350 Leavitt Rd. | Lorain | OH | | | -- | | Kmart Corporation | | | 1993 | | | | 193,193 | | | | 997 | | | | 731 | | | | 0 | |
| | | 97 Seneca Trail | Fairlea | WV | | | -- | | Kmart Corporation | | | 1993/1999 | | | | 90,933 | | | | 465 | | | | 347 | | | | 0 | |
| 2021 | 1/31/2021 | 3040 Josey Ln. | Carrollton | TX | | | (16 | ) | Ong’s Family, Inc. | | | 1984 | | | | 61,000 | | | | 273 | | | | 406 | | | | 0 | |
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| 2028 | 8/31/2028 | 9803 Edmonds Way | Edmonds | WA | | | -- | | Pudget Consumers Co-op d/b/a PCC Natural Markets | | | 1981 | | | | 35,459 | | | | 603 | | | | 603 | | | | 0 | |
| N/A | N/A | 1700 State Route 160 | Port Orchard | WA | | | -- | | (Available for Lease) | | | 1983 | | | | 11,931 | | | | - | | | | - | | | | 0 | |
| | | 5544 Atlanta Hwy. | Montgomery | AL | | | (16 | ) | (Available for Lease) | | | 1980/2007 | | | | 60,698 | | | | - | | | | - | | | | 0 | |
| | RETAIL TOTAL/WEIGHTED AVERAGE | | | | | | | 96.4% Leased | | | | | | | 1,997,427 | | | $ | 11,760 | | | $ | 12,937 | | | | | |
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2010
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Gross Book Value ($000) (14) | | | Sq.Ft. | | | Percentage Leased | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Debt Balance ($000) | |
| MULTI-TENANT PROPERTIES (20) | |
| Various | Various | 10 John St. | Clinton | CT | | | (9 | ) | Multi-Tenant | | | 1972 | | | | 3,195 | | | | 41,188 | | | | 0 | % | | | 0 | | | | 0 | | | | 0 | |
| | | 100 East Shore Dr. | Glen Allen | VA | | | -- | | Multi-Tenant | | | 1999 | | | | 11,549 | | | | 68,003 | | | | 100 | % | | | 1,372 | | | | 1,352 | | | | 19,427 | |
| | | 100 Light St. | Baltimore | MD | | | (19 | ) | Multi-Tenant | | | 1973/2009 | | | | 222,761 | | | | 474,498 | | | | 75 | % | | | 4,395 | | | | 5,571 | | | | 0 | |
| | | 130 East Shore Dr. | Glen Allen | VA | | | (17 | ) | Multi-Tenant | | | 2000 | | | | 13,532 | | | | 79,675 | | | | 65 | % | | | 593 | | | | 739 | | | | 0 | |
| | | 13430 North Black Canyon Fwy. | Phoenix | AZ | | | (15 | ) | Multi-Tenant | | 1981/1982/ 2005/2007/ 2009 | | | | 25,643 | | | | 138,940 | | | | 100 | % | | | 2,073 | | | | 2,065 | | | | 0 | |
| | | 1500 Hughes Way | Long Beach | CA | | | (8 | ) | Multi-Tenant | | | 1981 | | | | 118,381 | | | | 490,555 | | | | 67 | % | | | 7,045 | | | | 7,343 | | | | 0 | |
| | | 160 Clairemont Ave. | Decatur | GA | | | -- | | Multi-Tenant | | | 1983 | | | | 19,894 | | | | 121,686 | | | | 79 | % | | | 1,630 | | | | 1,630 | | | | 0 | |
| | | 207 Mockingbird Ln. | Johnson City | TN | | | (15 | ) | Multi-Tenant | | | 1979 | | | | 10,120 | | | | 60,684 | | | | 100 | % | | | 675 | | | | 756 | | | | 0 | |
| | | 2300 Litton Ln. | Hebron | KY | | | (15 | ) | Multi-Tenant | | | 1986/1996 | | | | 9,740 | | | | 80,441 | | | | 100 | % | | | 477 | | | | 455 | | | | 0 | |
| | | 350 Pine St. | Beaumont | TX | | | (15 | ) | Multi-Tenant | | | 1981 | | | | 29,479 | | | | 425,198 | | | | 82 | % | | | 4,075 | | | | 4,255 | | | | 0 | |
| | | 389-399 Interpace Hwy. | Parsipanny | NJ | | | (16 | ) | Multi-Tenant | | | 1999 | | | | 108,185 | | | | 340,240 | | | | 87 | % | | | 9,067 | | | | 9,460 | | | | 0 | |
| | | 421 Butler Farm Rd. | Hampton | VA | | | -- | | Multi-Tenant | | | 2000 | | | | 7,363 | | | | 56,564 | | | | 65 | % | | | 446 | | | | 443 | | | | 0 | |
| | | 6050 Dana Way | Antioch | TN | | | -- | | Multi-Tenant | | | 1999 | | | | 26,203 | | | | 674,528 | | | | 62 | % | | | 1,133 | | | | 1,133 | | | | 0 | |
| | | 6277 Sea Harbor Dr. | Orlando | FL | | | -- | | Multi-Tenant | | | 1984 | | | | 51,779 | | | | 360,307 | | | | 0 | % | | | 83 | | | | 83 | | | | 0 | |
| | | King St./1032 Fort St. Mall | Honolulu | HI | | | (15 | ) | Multi-Tenant | | | 1979/2002 | | | | 47,079 | | | | 318,451 | | | | 95 | % | | | 2,636 | | | | 2,456 | | | | 0 | |
| MULTI-TENANT TOTAL/WEIGHTED AVERAGE | 69.2% Leased | | | | | | | | | | | 3,730,958 | | | | | | | $ | 35,700 | | | $ | 37,741 | | | $ | 19,427 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE | 93.0% Leased | | | | | | | | | | | 36,864,826 | | | | | | | $ | 306,197 | | | $ | 307,157 | | | | | |
Footnotes
| (1) | Square foot leased or vacant. |
| (2) | Twelve months ended 12/31/10 cash rent. |
| (3) | Twelve months ended 12/31/10 GAAP base rent. |
| (4) | Rent at option rate listed for those lease contracts where a set rent in dollars is specified, as it relates to Fixed Rent at Next Option. |
| (5) | Option rent lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%. |
| (6) | Option rent greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%. |
| (7) | Lexington has an 80.5% interest in this property. |
| (8) | Lexington has a 55.0% interest in this property. |
| (9) | Lexington has a 71.1% interest in this property. |
| (10) | Tenant exercised lease termination option effective 12/31/2011 and paid $6.8 million. |
| (11) | Lexington has a 57.8% interest in this property. |
| (12) | IBM lease expires 05/2013, however, new tenant (Problem Solved, LLC) lease expires 05/2014. |
| (13) | Property is classified as a capital lease for GAAP, accordingly $980 income is included in non-operating income. |
| (14) | Represents GAAP capitalized costs. |
| (15) | Property is collateral for secured credit facility. |
| (16) | Property disposed of subsequent to December 31, 2010. |
| (17) | Mortgage shown under 100 East Shore Dr., Glen Allen VA. |
| (18) | Property acquired 12/30/2010. |
| (19) | Includes parking operations. |
| (20) | The multi-tenanted properties incurred approximately $20.8 million in operating expenses, net for the twelve months ended December 31, 2010. |
| (21) | Subsequent to 12/31/10, lease extended to 6/30/19. |
| (22) | Subsequent to 12/31/10, new 15 year lease executed. |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio - 12/31/2010
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| NET LEASE STRATEGIC ASSETS FUND PROPERTIES |
| 2011 | 6/30/2011 | 265 Lehigh St. | Allentown | PA | | | -- | | Wells Fargo Bank, N.A. | | | 1980 | | | | 71,230 | | | | 349 | | | | 2,936 | | | | 0 | |
| | 7/15/2011 | 19019 North 59th Ave. | Glendale | AZ | | | -- | | Honeywell International, Inc. | | 1986/1997/ 2000 | | | | 252,300 | | | | 2,452 | | | | 3,109 | | | | 0 | |
| 2012 | 4/30/2012 | 3600 Army Post Rd. | Des Moines | IA | | | (6 | ) | HP Enterprises, LLC | | | 2000 | | | | 405,000 | | | | 2,998 | | | | 2,968 | | | | 0 | |
| | 5/31/2012 | 101 Creger Dr. | Ft. Collins | CO | | | -- | | Lithia Real Estate, Inc. (Lithia Motors, Inc.) | | | 1982 | | | | 10,000 | | | | 275 | | | | 236 | | | | 0 | |
| 2013 | 5/31/2013 | 2401 Cherahala Blvd. | Knoxville | TN | | | -- | | AdvancePCS, Inc. | | | 2002 | | | | 59,748 | | | | 900 | | | | 900 | | | | 0 | |
| | 6/30/2013 | 420 Riverport Rd. | Kingsport | TN | | | -- | | Kingsport Power Company | | | 1981 | | | | 42,770 | | | | 310 | | | | 307 | | | | 310 | |
| | 10/14/2013 | 3943 Denny Ave. | Pascagoula | MS | | | -- | | Northrop Grumman Systems Corporation | | | 1995 | | | | 94,841 | | | | 638 | | | | 638 | | | | 0 | |
| | 12/31/2013 | 120 Southeast Pkwy. Dr. | Franklin | TN | | | -- | | Essex Group, Inc. (United Technologies Corporation) | | | 1970/1983 | | | | 289,330 | | | | 735 | | | | 654 | | | | 735 | |
| 2014 | 1/31/2014 | 1401 & 1501 Nolan Ryan Pkwy. | Arlington | TX | | | -- | | Siemens Shared Services, LLC | | | 2003 | | | | 236,547 | | | | 2,723 | | | | 2,680 | | | | 0 | |
| | 4/30/2014 | 12000 & 12025 Tech Center Dr. | Livonia | MI | | | (6 | ) | Kelsey-Hayes Company (TRW Automotive, Inc.) | | 1987/1988/ 1990 | | | | 180,230 | | | | 2,050 | | | | 2,074 | | | | 0 | |
| | 7/1/2014 | 70 Mechanic St. | Foxboro | MA | | | -- | | Invensys Systems, Inc. (Siebe, Inc.) | | 1965/1967/ 1971 | | | | 251,914 | | | | 3,131 | | | | 2,719 | | | | 2,562 | |
| | 12/31/2014 | 324 Industrial Park Rd. | Franklin | NC | | | (5 | ) | SKF USA, Inc. | | | 1996 | | | | 72,868 | | | | 423 | | | | 423 | | | | 0 | |
| 2015 | 6/30/2015 | 2935 Van Vactor Dr. | Plymouth | IN | | | -- | | Bay Valley Foods, LLC | | | 2000/2003 | | | | 300,500 | | | | 797 | | | | 809 | | | | 853 | |
| | | 3711 San Gabriel | Mission | TX | | | -- | | VoiceStream PCS II Corporation (T-Mobile USA, Inc.) | | | 2003 | | | | 75,016 | | | | 1,050 | | | | 1,020 | | | | 0 | |
| | | 2500 Patrick Henry Pkwy. | McDonough | GA | | | -- | | Georgia Power Company | | | 1999 | | | | 111,911 | | | | 1,508 | | | | 1,537 | | | | 0 | |
| | | 1700 47th Ave North | Minneapolis | MN | | | (5 | ) | Owens Corning Roofing and Asphalt, LLC | | | 2003 | | | | 18,620 | | | | 606 | | | | 606 | | | | 0 | |
| | 9/27/2015 | 9110 Grogans Mill Rd. | The Woodlands | TX | | | -- | | Baker Hughes, Inc. | | | 1992 | | | | 275,750 | | | | 3,363 | | | | 3,147 | | | | 2,756 | |
| | | 2529 West Thorne Dr. | Houston | TX | | | -- | | Baker Hughes, Inc. | | | 1982/1999 | | | | 65,500 | | | | 929 | | | | 838 | | | | 746 | |
| | 10/31/2015 | 5201 West Barraque St. | Pine Bluff | AR | | | -- | | Entergy Services, Inc. | | | 1964/1973 | | | | 27,189 | | | | 192 | | | | 192 | | | | 192 | |
| 2016 | 1/31/2016 | 1600 Eberhardt Rd. | Temple | TX | | | -- | | Nextel of Texas (Nextel Finance Company) | | | 2001 | | | | 108,800 | | | | 1,523 | | | | 1,617 | | | | 0 | |
| | 5/31/2016 | 1200 Jupiter Rd. | Garland | TX | | | -- | | Raytheon Company | | | 1980 | | | | 278,759 | | | | 1,506 | | | | 2,053 | | | | 1,506 | |
| | 7/14/2016 | 1400 Northeast McWilliams Rd. | Bremerton | WA | | | -- | | Nextel West Corporation | | | 2002 | | | | 60,200 | | | | 1,085 | | | | 1,166 | | | | 0 | |
| | 11/30/2016 | 736 Addison Rd. | Erwin | NY | | | (6 | ) | Corning, Inc. | | | 2006 | | | | 408,000 | | | | 1,180 | | | | 1,180 | | | | 0 | |
| 2017 | 12/31/2017 | 11411 North Kelly Ave. | Oklahoma City | OK | | | -- | | American Golf Corporation | | | 1991/1996 | | | | 13,924 | | | | 475 | | | | 479 | | | | 0 | |
| 2018 | 3/15/2018 | 601 & 701 Experian Pkwy. | Allen | TX | | | -- | | Experian Information Solutions, Inc. (Experian Holdings, Inc.) | | | 1981/1983 | | | | 292,700 | | | | 3,073 | | | | 3,539 | | | | 0 | |
| | 8/31/2018 | 3500 North Loop Rd. | McDonough | GA | | | -- | | Litton Loan Servicing, LP | | | 2007 | | | | 62,218 | | | | 1,156 | | | | 1,156 | | | | 0 | |
| | 9/30/2018 | 904 Industrial Rd. | Marshall | MI | | | -- | | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | | 1968/1972/ 2008 | | | | 246,508 | | | | 765 | | | | 803 | | | | 925 | |
| 2019 | 1/31/2019 | 2999 Southwest 6th St. | Redmond | OR | | | -- | | VoiceStream PCS I, LLC (T-Mobile USA, Inc.) | | | 2004 | | | | 77,484 | | | | 1,534 | | | | 1,572 | | | | 0 | |
| | 6/28/2019 | 3265 East Goldstone Dr. | Meridian | ID | | | (6 | ) | VoiceStream PCS Holding, LLC (T-Mobile USA, Inc.) | | | 2004 | | | | 77,484 | | | | 1,276 | | | | 1,364 | | | | 0 | |
| | 10/31/2019 | 17191 St. Luke's Way | The Woodlands | TX | | | -- | | Montgomery County Management Company, LLC | | | 2004 | | | | 41,000 | | | | 798 | | | | 986 | | | | 0 | |
| | | 9601 Renner Blvd. | Lenexa | KS | | | (6 | ) | VoiceStream PCS II Corporation (T-Mobile USA, Inc.) | | | 2004 | | | | 77,484 | | | | 1,299 | | | | 1,393 | | | | 0 | |
| 2020 | 5/31/2020 | 359 Gateway Dr. | Lavonia | GA | | | -- | | TI Group Automotive Systems, LLC (TI Automotive, Ltd.) | | | 2005 | | | | 133,221 | | | | 1,200 | | | | 1,200 | | | | 0 | |
| | 6/30/2020 | 10419 North 30th St. | Tampa | FL | | | -- | | Time Customer Service, Inc. (Time, Inc.) | | | 1986 | | | | 132,981 | | | | 1,309 | | | | 1,355 | | | | 0 | |
| | 8/31/2020 | First Park Dr. | Oakland | ME | | | (6 | ) | Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | | | 2005 | | | | 78,610 | | | | 1,290 | | | | 1,150 | | | | 0 | |
| | 11/30/2020 | 11555 University Blvd. | Sugar Land | TX | | | -- | | KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation) | | | 2005 | | | | 72,683 | | | | 1,129 | | | | 1,251 | | | | 0 | |
| 2021 | 10/25/2021 | 6938 Elm Valley Dr. | Kalamazoo | MI | | | -- | | Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited) | | | 1999/2004 | | | | 150,945 | | | | 1,843 | | | | 1,933 | | | | 0 | |
| 2022 | 6/30/2022 | 8555 South River Pkwy. | Tempe | AZ | | | (6 | )(7) | ASM Lithography, Inc. (ASM Lithography Holding, NV)/DuPont Airproducts Nanomaterials LLC | | | 1998 | | | | 95,133 | | | | 2,354 | | | | 2,210 | | | | 0 | |
| | 7/31/2022 | 1440 East 15th St. | Tucson | AZ | | | -- | | CoxCom, Inc. | | | 1988 | | | | 28,591 | | | | 530 | | | | 550 | | | | 0 | |
| 2025 | 7/14/2025 | 590 Ecology Ln. | Chester | SC | | | -- | | Owens Corning, Inc. | | | 2001/2005 | | | | 420,597 | | | | 2,185 | | | | 2,169 | | | | 1,678 | |
| 2026 | 8/31/2026 | 25500 State Hwy. 249 | Tomball | TX | | | -- | | Parkway Chevrolet, Inc. (Raymond Durdin and Jean W. Durdin) | | | 2005 | | | | 77,076 | | | | 1,322 | | | | 1,520 | | | | 0 | |
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | | Note | | Primary Tenant (Guarantor) | | Year Built/ Renovated/ Expanded | | | Sq.Ft. Leased or Available (1) | | | Cash Rent as of 12/31/2010 ($000) (2) | | | GAAP Base Rent as of 12/31/2010 ($000) (3) | | | Fixed Rent at Next Option ($000) (4) | |
| 2027 | 4/30/2027 | 2424 Alpine Rd. | Eau Claire | WI | | | (6 | ) | Silver Spring Gardens, Inc. (Huntsinger Farms, Inc.) | | | 1993/2004 | | | | 159,000 | | | | 931 | | | | 1,169 | | | | 0 | |
| N/A | N/A | 109 Stevens St. | Jacksonville | FL | | | (8 | ) | (Available for Lease)(Amounts represent prior tenant) | | | 1959/1967 | | | | 168,800 | | | | 74 | | | | 74 | | | | 0 | |
| | NET LEASE STRATEGIC ASSETS FUND TOTAL/WEIGHTED AVERAGE | 97.2% Leased | | | | | | | 6,103,462 | | | $ | 55,266 | | | $ | 59,682 | | | | | |
Footnotes
| (1) | Square foot leased or vacant. |
| (2) | Twelve months ended 12/31/10 cash rent. |
| (3) | Twelve months ended 12/31/10 GAAP base rent. |
| (4) | Rent at option rate listed for those lease contracts where a set rent in dollars is specified, as it relates to Fixed Rent at Next Option. |
| (5) | Option rent lesser of the noted rent or a function of fair market value such as 100%, 95%, or 90%. |
| (6) | Option rent greater of the noted rent or a function of fair market value such as 100%, 95%, or 90%. |
| (7) | Current lease ends 06/2013, however, new tenant (DuPont Airproducts Nanomaterials LLC) lease expires 06/2022. |
| (8) | Subsequent to 12/31/10, new three year lease executed. |
LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type - Cash Basis
12/31/2010
| | | Office | | | Industrial | | | Retail | |
| Year | | Net Rentable Area | | | Cash Rent as of 12/31/2010 ($000) | | | Annual Rent PSF | | | Net Rentable Area | | | Cash Rent as of 12/31/2010 ($000) | | | Annual Rent PSF | | | Net Rentable Area | | | Cash Rent as of 12/31/2010 ($000) | | | Annual Rent PSF | |
| 2011 | | | 586,236 | | | $ | 14,570 | | | $ | 24.85 | | | | 400,522 | | | $ | 801 | | | $ | 2.00 | | | | 37,214 | | | $ | 279 | | | $ | 7.50 | |
| 2012 | | | 1,591,463 | | | $ | 23,343 | | | $ | 14.67 | | | | 2,509,003 | | | $ | 8,563 | | | $ | 3.41 | | | | 256,130 | | | $ | 2,105 | | | $ | 8.22 | |
| 2013 | | | 1,389,209 | | | $ | 19,076 | | | $ | 13.73 | | | | 639,800 | | | $ | 1,480 | | | $ | 2.31 | | | | 263,010 | | | $ | 1,444 | | | $ | 5.49 | |
| 2014 | | | 2,082,345 | | | $ | 36,429 | | | $ | 17.49 | | | | 934,292 | | | $ | 2,405 | | | $ | 2.57 | | | | 30,757 | | | $ | 185 | | | $ | 6.01 | |
| 2015 | | | 1,720,195 | | | $ | 25,099 | | | $ | 14.59 | | | | 150,000 | | | $ | 476 | | | $ | 3.17 | | | | 56,837 | | | $ | 268 | | | $ | 4.72 | |
| 2016 | | | 438,951 | | | $ | 5,202 | | | $ | 11.85 | | | | 1,847,478 | | | $ | 7,877 | | | $ | 4.26 | | | | 229,762 | | | $ | 1,295 | | | $ | 5.64 | |
| 2017 | | | 377,877 | | | $ | 5,385 | | | $ | 14.25 | | | | 1,652,811 | | | $ | 6,467 | | | $ | 3.91 | | | | 70,910 | | | $ | 358 | | | $ | 5.05 | |
| 2018 | | | 680,732 | | | $ | 10,816 | | | $ | 15.89 | | | | 994,283 | | | $ | 2,305 | | | $ | 2.32 | | | | 883,719 | | | $ | 4,950 | | | $ | 5.60 | |
| 2019 | | | 1,282,606 | | | $ | 16,790 | | | $ | 13.09 | | | | 1,621,875 | | | $ | 4,064 | | | $ | 2.51 | | | | - | | | $ | - | | | $ | - | |
| 2020 | | | 386,366 | | | $ | 5,950 | | | $ | 15.40 | | | | 1,115,994 | | | $ | 6,044 | | | $ | 5.42 | | | | - | | | $ | - | | | $ | - | |
| 2021 | | | 436,285 | | | $ | 8,507 | | | $ | 19.50 | | | | 2,756,458 | | | $ | 9,414 | | | $ | 3.42 | | | | 61,000 | | | $ | 273 | | | $ | 4.48 | |
| 2022 | | | 52,337 | | | $ | 1,532 | | | $ | 29.27 | | | | - | | | $ | - | | | $ | - | | | | - | | | $ | - | | | $ | - | |
| 2023 | | | 693,699 | | | $ | 10,848 | | | $ | 15.64 | | | | - | | | $ | - | | | $ | - | | | | - | | | $ | - | | | $ | - | |
| 2024 | | | - | | | $ | - | | | $ | - | | | | - | | | $ | - | | | $ | - | | | | - | | | $ | - | | | $ | - | |
| 2025 | | | 145,200 | | | $ | 2,295 | | | $ | 15.81 | | | | 2,138,214 | | | $ | 9,560 | | | $ | 4.47 | | | | - | | | $ | - | | | $ | - | |
2026 (2) | | | 104,807 | | | $ | 8 | | | $ | - | | | | 646,000 | | | $ | 1,976 | | | $ | 3.06 | | | | - | | | $ | - | | | $ | - | |
| 2027 | | | - | | | $ | - | | | $ | - | | | | - | | | $ | - | | | $ | - | | | | - | | | $ | - | | | $ | - | |
| 2028 | | | - | | | $ | - | | | $ | - | | | | - | | | $ | - | | | $ | - | | | | 35,459 | | | $ | 603 | | | $ | 17.01 | |
| 2029 | | | 410,041 | | | $ | 8,946 | | | $ | 21.82 | | | | - | | | $ | - | | | $ | - | | | | - | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total/Weighted Average (1) | | | 12,378,349 | | | $ | 194,796 | | | $ | 15.74 | | | | 17,406,730 | | | $ | 61,432 | | | $ | 3.53 | | | | 1,924,798 | | | $ | 11,760 | | | $ | 6.11 | |
Footnotes
| (1) | Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations. |
| (2) | Office property acquired 12/30/2010. |
LEXINGTON REALTY TRUST
Lease Rollover Schedule - GAAP Basis
12/31/2010
| Year | | Number of Leases Expiring | | | GAAP Base Rent as of 12/31/2010 ($000) | | | Percent of GAAP Base Rent as of 12/31/2010 | |
| 2011 | | | 8 | | | $ | 13,584 | | | | 5.1 | % |
| 2012 | | | 30 | | | $ | 33,061 | | | | 12.4 | % |
| 2013 | | | 21 | | | $ | 23,837 | | | | 8.9 | % |
| 2014 | | | 27 | | | $ | 39,830 | | | | 14.9 | % |
| 2015 | | | 13 | | | $ | 26,115 | | | | 9.8 | % |
| 2016 | | | 14 | | | $ | 15,190 | | | | 5.7 | % |
| 2017 | | | 8 | | | $ | 12,868 | | | | 4.8 | % |
| 2018 | | | 18 | | | $ | 17,799 | | | | 6.7 | % |
| 2019 | | | 7 | | | $ | 21,714 | | | | 8.1 | % |
| 2020 | | | 7 | | | $ | 13,046 | | | | 4.9 | % |
| 2021 | | | 9 | | | $ | 17,693 | | | | 6.6 | % |
| 2022 | | | 1 | | | $ | 1,661 | | | | 0.6 | % |
| 2023 | | | 3 | | | $ | 11,338 | | | | 4.2 | % |
| 2024 | | | - | | | $ | - | | | | - | |
| 2025 | | | 8 | | | $ | 12,162 | | | | 4.6 | % |
| 2026 | | | 2 | | | $ | 2,174 | | | | 0.8 | % |
| 2027 | | | - | | | $ | - | | | | - | |
| 2028 | | | 1 | | | $ | 603 | | | | 0.2 | % |
| 2029 | | | 2 | | | $ | 4,232 | | | | 1.6 | % |
Total (1) | | | 179 | | | $ | 266,907 | | | | 100.0 | % |
Footnotes
| (1) | Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations. |
LEXINGTON REALTY TRUST
Mortgage Loans Receivable
12/31/2010
| Collateral | | | | | | | | | | | | | | | | | | |
| | City | State | | Loan Balance ($000)(1) | | | Interest Rate | | | Maturity Date | | | Current Estimated Annual Debt Service ($000)(2) | | | Balloon Payment ($000) | | | Escrow Balance ($000) | |
| Medical Facilities | Various (3) | TX | | $ | 10,707 | | | | 15.00 | % | | | 12/2011 | | | $ | 1,713 | | | $ | 10,637 | | | $ | - | |
| Office | Tampa (4) | FL | | $ | 7,610 | | | | 6.93 | % | | | 04/2011 | | | $ | 213 | | | $ | 7,527 | | | $ | - | |
| | Schaumburg (5) | IL | | $ | 18,700 | | | | 15.00 | % | | | 01/2012 | | | $ | - | | | $ | 18,700 | | | $ | - | |
| | Wilsonville | OR | | $ | 6,908 | | | | 5.46 | % | | | 12/2012 | | | $ | 580 | | | $ | 10,451 | | | $ | 1,623 | |
| | Westmont (6) | IL | | $ | 27,538 | | | | 6.45 | % | | | 10/2015 | | | $ | 2,090 | | | $ | 25,731 | | | $ | 4,431 | |
| | Southfield | MI | | $ | 8,715 | | | | 4.55 | % | | | 02/2015 | | | $ | 1,282 | | | $ | 5,810 | | | $ | - | |
| Retail | Various (7) | Various | | $ | 4,241 | | | | 8.00 | % | | | 07/2012 | | | $ | 2,268 | | | $ | - | | | $ | - | |
| | Austin | TX | | $ | 1,483 | | | | 16.00 | % | | | 10/2018 | | | $ | - | | | $ | 5,104 | | | $ | - | |
| | Tampa | FL | | $ | 192 | | | | 8.00 | % | | | 12/2020 | | | $ | 29 | | | $ | - | | | $ | - | |
| | Various | Various | | $ | 1,483 | | | | 8.00 | % | | | 02/2021 | | | $ | 194 | | | $ | - | | | $ | - | |
| | Various | Various | | $ | 811 | | | | 8.00 | % | | | 12/2021 | | | $ | 114 | | | $ | - | | | $ | - | |
| | Various | Various | | $ | 875 | | | | 8.00 | % | | | 03/2022 | | | $ | 74 | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Mortgage Loans Receivable | | $ | 89,263 | | | | | | | | | | | $ | 8,557 | | | $ | 83,960 | | | $ | 6,054 | |
Footnotes
| (1) | Excludes net origination fees of $274. |
| (2) | Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months. |
| (3) | Loan is interest only at a rate of 14.0% through February 2011, and 16.0% thereafter. Prepayment of $6.4 million plus defeasance of $1.0 million received 4Q 2010. |
| (4) | Borrower is Net Lease Strategic Assets Fund L.P. |
| (5) | Interest only payments to the extent of operating cash flow of underlying assets. |
| (6) | Escrow balance includes $4,249 in a collateral escrow account maintained by the borrower. |
| (7) | Prepayment of $2.7 million received 4Q 2010. |
LEXINGTON REALTY TRUST
2010 Fourth Quarter Financing Summary
| | | DEBT RETIRED (1) | | | | | | | | | | | | |
| | | | | Face ($000) | | | Satisfaction ($000) | | | Rate | | | Due Date | |
| | 1 | | Irving, TX (2) | | $ | 24,453 | | | $ | 24,453 | | | | 6.59 | % | | | 10/2010 | |
| | 2 | | Parsippany, NJ (2) | | $ | 37,311 | | | $ | 37,311 | | | | 6.35 | % | | | 03/2011 | |
| | 3 | | Antioch, TN (2) | | $ | 12,796 | | | $ | 12,796 | | | | 6.32 | % | | | 10/2021 | |
| | 4 | | Salt Lake City, UT (3) | | $ | 36,402 | | | $ | 36,402 | | | | 5.53 | % | | | 10/2028 | |
| | 5 | | Contract Right - Long Beach, CA (4) | | $ | 14,452 | | | $ | 14,452 | | | | 9.68 | % | | | 01/2024 | |
| | | | TOTAL | | $ | 125,414 | | | $ | 125,414 | | | | | | | | | |
Footnotes
| (1) | Excludes $18,772 in revolving credit facility repayments. |
| (2) | Imputed interest rate. |
| (3) | Property sold 12/2010; loan assumed by buyer. |
| (4) | Lexington's ownership is 55%. |
LEXINGTON REALTY TRUST
Debt Maturity Schedule
12/31/2010
($000)
| Year | | Real Estate Scheduled Amortization | | | Real Estate Balloon Payments | | | Corporate Debt | |
| 2011 | | $ | 30,657 | | | $ | 12,877 | | | $ | - | |
| 2012 | | | 31,139 | | | | 191,034 | | | | 62,150 | (1) |
| 2013 | | | 27,271 | | | | 234,937 | | | | 60,551 | |
| 2014 | | | 26,960 | | | | 235,852 | | | | - | |
| 2015 | | | 17,375 | | | | 269,941 | | | | - | |
| | | $ | 133,402 | | | $ | 944,641 | | | $ | 122,701 | |
Non-Consolidated Investments - LXP Proportionate Share
| Year | | Real Estate Scheduled Amortization | | | Real Estate Balloon Payments | |
| 2011 | | $ | 2,705 | | | $ | 7,721 | (2) |
| 2012 | | | 2,808 | | | | 3,323 | |
| 2013 | | | 2,953 | | | | 2,496 | |
| 2014 | | | 2,578 | | | | 4,061 | |
| 2015 | | | 2,519 | | | | 6,960 | |
| | | $ | 13,563 | | | $ | 24,561 | |
Footnotes
| (1) | Assumes debt is put to Lexington in 2012, stated maturity date is January, 2027. |
| (2) | $1,129 is due to Lexington. |
LEXINGTON REALTY TRUST
2011 Mortgage Maturities by Property Type
12/31/2010
| | | Property Location | | City | | State | | Net Rentable Area | | | Mortgage Balance at Maturity ($000) | | | Maturity Date | | | Tenant Lease Expires | | | Gross Book Value ($000) (1) | | | Cash Rent as of 12/31/2010 ($000) | | | GAAP Base Rent as of 12/31/2010 ($000) | |
| Office | | 100 Barnes Rd. | | Wallingford | | CT | | | 44,400 | | | $ | 3,187 | | | | 05/2011 | | | | 06/2018 | | | $ | 6,100 | | | $ | 680 | | | $ | 507 | |
| Industrial | | 291 Park Center Dr. | | Winchester | | VA | | | 344,700 | | | $ | 9,690 | | | | 08/2011 | | | | 05/2016 | | | $ | 18,865 | | | $ | 1,608 | | | $ | 1,529 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total 2011 Mortgage Maturities | | | 389,100 | | | $ | 12,877 | | | | | | | | | | | $ | 24,965 | | | $ | 2,288 | | | $ | 2,036 | |
Footnotes
| (1) | Represents GAAP capitalized costs. |
LEXINGTON REALTY TRUST
2012 Mortgage Maturities by Property Type
12/31/2010
| | | Property Location | | City | | State | | Net Rentable Area | | | Mortgage Balance at Maturity ($000) | | | Maturity Date | | | Tenant Lease Expires | | | Gross Book Value ($000) (1) | | | Cash Rent as of 12/31/2010 ($000) | | | GAAP Base Rent as of 12/31/2010 ($000) | |
| Office | | 1315 West Century Dr. | | Louisville | | CO | | | 106,877 | | | $ | 7,195 | | | | 01/2012 | | | | 04/2017 | | | $ | 16,933 | | | $ | 1,473 | | | $ | 1,600 | |
| | | 2000 Eastman Dr. | | Milford | | OH | | | 221,215 | | | $ | 12,686 | | | | 02/2012 | | | | 04/2016 | | | $ | 26,627 | | | $ | 2,486 | | | $ | 1,823 | |
| | | 26210 and 26220 Enterprise Court | | Lake Forest | | CA | | | 100,012 | | | $ | 9,708 | | | | 02/2012 | | | | 01/2012 | | | $ | 17,211 | | | $ | 1,972 | | | $ | 1,792 | |
| | | 200 Lucent Ln. | | Cary | | NC | | | 124,944 | | | $ | 12,543 | | | | 05/2012 | | | | 09/2011 | | | $ | 23,881 | | | $ | 2,297 | | | $ | 2,059 | |
| | | 2050 Roanoke Rd. | | Westlake | | TX | | | 130,290 | | | $ | 17,829 | | | | 05/2012 | | | | 12/2011 | | | $ | 32,697 | | | $ | 3,660 | | | $ | 3,455 | |
| | | 3940 South Teller St. | | Lakewood | | CO | | | 68,165 | | | $ | 7,890 | | | | 05/2012 | | | | 03/2012 | | | $ | 12,155 | | | $ | 1,222 | | | $ | 867 | |
| | | 37101 Corporate Dr. | | Farmington Hills | | MI | | | 119,829 | | | $ | 17,724 | | | | 09/2012 | | | | 12/2011 | | | $ | 32,876 | | | $ | 5,111 | | | $ | 3,537 | |
| | | 4455 American Way | | Baton Rouge | | LA | | | 70,100 | | | $ | 5,948 | | | | 10/2012 | | | | 10/2012 | | | $ | 13,868 | | | $ | 1,134 | | | $ | 1,114 | |
| | | 1110 Bayfield Dr. | | Colorado Springs | | CO | | | 166,575 | | | $ | 10,272 | | | | 12/2012 | | | | 11/2013 | | | $ | 19,579 | | | $ | 1,598 | | | $ | 1,599 | |
| Industrial | | 245 Salem Church Rd. | | Mechanicsburg | | PA | | | 252,000 | | | $ | 4,514 | | | | 01/2012 | | | | 12/2012 | | | $ | 9,051 | | | $ | 869 | | | $ | 866 | |
| | | 34 East Main St. (2) | | New Kingstown | | PA | | | 179,200 | | | $ | 2,914 | | | | 01/2012 | | | NA | | | $ | 5,281 | | | $ | - | | | $ | - | |
| | | 6 Doughten Rd. (3) | | New Kingstown | | PA | | | 330,000 | | | $ | 6,116 | | | | 01/2012 | | | NA | | | $ | 12,342 | | | $ | - | | | $ | - | |
| | | 3820 Micro Dr. | | Millington | | TN | | | 701,819 | | | $ | 16,222 | | | | 05/2012 | | | | 09/2021 | | | $ | 24,870 | | | $ | 2,440 | | | $ | 2,330 | |
| | | 101 Michelin Dr. | | Laurens | | SC | | | 1,164,000 | | | $ | 14,022 | | | | 09/2012 | | | | 08/2012 | | | $ | 34,370 | | | $ | 3,413 | | | $ | 3,304 | |
| | | 7111 Crabb Rd. | | Temperance | | MI | | | 744,570 | | | $ | 9,400 | | | | 09/2012 | | | | 08/2012 | | | $ | 21,188 | | | $ | 2,287 | | | $ | 2,214 | |
| | | 19500 Bulverde Rd. | | San Antonio | | TX | | | 559,258 | | | $ | 26,025 | | | | 10/2012 | | | | 03/2016 | | | $ | 41,882 | | | $ | 3,330 | | | $ | 3,429 | |
| | | 43955 Plymouth Oaks Blvd. | | Plymouth | | MI | | | 290,133 | | | $ | 10,026 | | | | 12/2012 | | | | 10/2012 | | | $ | 19,161 | | | $ | 1,886 | | | $ | 1,834 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total 2012 Mortgage Maturities | | | 5,328,987 | | | $ | 191,034 | | | | | | | | | | | $ | 363,972 | | | $ | 35,178 | | | $ | 31,823 | |
Footnotes
| (1) | Represents GAAP capitalized costs. |
| (2) | Loan satisfied subsequent to quarter end. |
| (3) | Lexington has suspended debt service payments. |
LEXINGTON REALTY TRUST
2013 Mortgage Maturities by Property Type
12/31/2010
| | | Property Location | | City | | State | | Net Rentable Area | | | Mortgage Balance at Maturity ($000) | | | Maturity Date | | | Tenant Lease Expires | | | Gross Book Value ($000) (1) | | | Cash Rent as of 12/31/2010 ($000) | | | GAAP Base Rent as of 12/31/2010 ($000) | |
| Office | | 3476 Stateview Blvd. | | Fort Mill | | SC | | | 169,083 | | | $ | 9,904 | | | | 01/2013 | | | | 05/2014 | | | $ | 18,079 | | | $ | 2,562 | | | $ | 2,535 | |
| | | 9201 East Dry Creek Rd. | | Centennial | | CO | | | 128,500 | | | $ | 13,555 | | | | 02/2013 | | | | 09/2017 | | | $ | 26,922 | | | $ | 2,260 | | | $ | 2,383 | |
| | | 12600 Gateway Blvd. | | Fort Meyers | | FL | | | 62,400 | | | $ | 8,550 | | | | 05/2013 | | | | 01/2013 | | | $ | 13,561 | | | $ | 1,119 | | | $ | 1,093 | |
| | | 200 Executive Blvd. South | | Southington | | CT | | | 153,364 | | | $ | 12,228 | | | | 05/2013 | | | | 12/2012 | | | $ | 26,737 | | | $ | 1,679 | | | $ | 1,624 | |
| | | 275 South Valencia Ave. (2) | | Brea | | CA | | | 637,503 | | | $ | 73,071 | | | | 05/2013 | | | | 06/2012 | | | $ | 118,929 | | | $ | 8,710 | | | $ | 8,794 | |
| | | 5757 Decatur Blvd. | | Indianapolis | | IN | | | 89,956 | | | $ | 8,580 | | | | 05/2013 | | | | 08/2012 | | | $ | 15,220 | | | $ | 1,417 | | | $ | 1,591 | |
| | | 810 & 820 Gears Rd. | | Houston | | TX | | | 157,790 | | | $ | 15,737 | | | | 05/2013 | | | | 01/2013 | | | $ | 26,819 | | | $ | 2,273 | | | $ | 2,251 | |
| | | 8900 Freeport Pkwy. | | Irving | | TX | | | 268,445 | | | $ | 36,466 | | | | 05/2013 | | | | 03/2023 | | | $ | 59,730 | | | $ | 4,460 | | | $ | 4,484 | |
| | | 6303 Barfield Rd. | | Atlanta | | GA | | | 238,600 | | | $ | 40,356 | | | | 05/2013 | | | | 05/2013 | | | $ | 62,264 | | | $ | 4,831 | | | $ | 4,882 | |
| | | 2211 South 47th St. | | Phoenix | | AZ | | | 176,402 | | | $ | 16,490 | | | | 09/2013 | | | | 11/2012 | | | $ | 24,631 | | | $ | 2,408 | | | $ | 2,259 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total 2013 Mortgage Maturities | | | 2,082,043 | | | $ | 234,937 | | | | | | | | | | | $ | 392,892 | | | $ | 31,719 | | | $ | 31,896 | |
Footnotes
| (1) | Represents GAAP capitalized costs. |
| (2) | Subsequent to 12/31/10, lease extended to 6/30/19. |
LEXINGTON REALTY TRUST
2014 Mortgage Maturities by Property Type
12/31/2010
| | | Property Location | | City | | State | | Net Rentable Area | | | Mortgage Balance at Maturity ($000) | | | Maturity Date | | | Tenant Lease Expires | | | Gross Book Value ($000) (1) | | | Cash Rent as of 12/31/2010 ($000) | | | GAAP Base Rent as of 12/31/2010 ($000) | |
| Office | | 33 Commercial St. | | Foxboro | | MA | | | 164,689 | | | $ | - | | | | 01/2014 | | | | 07/2015 | | | $ | 29,238 | | | $ | 3,505 | | | $ | 3,505 | |
| | | 1275 Northwest 128th St. | | Clive | | IA | | | 61,180 | | | $ | 5,151 | | | | 05/2014 | | | | 01/2012 | | | $ | 10,599 | | | $ | 799 | | | $ | 799 | |
| | | 3480 Stateview Blvd. | | Fort Mill | | SC | | | 169,218 | | | $ | 18,311 | | | | 05/2014 | | | | 05/2014 | | | $ | 29,174 | | | $ | 3,516 | | | $ | 3,458 | |
| | | 1701 Market St. (2) | | Philadelphia | | PA | | | 305,170 | | | $ | 43,520 | | | | 07/2014 | | | Various | | | $ | 69,886 | | | $ | 7,134 | | | $ | 7,137 | |
| | | 10300 Kincaid Dr. | | Fishers | | IN | | | 193,000 | | | $ | 10,466 | | | | 08/2014 | | | | 01/2020 | | | $ | 28,233 | | | $ | 3,016 | | | $ | 3,425 | |
| | | 3965 Airways Blvd. | | Memphis | | TN | | | 521,286 | | | $ | 47,270 | | | | 09/2014 | | | | 06/2019 | | | $ | 116,410 | | | $ | 6,776 | | | $ | 7,013 | |
| | | 500 Jackson St. | | Columbus | | IN | | | 390,100 | | | $ | 26,399 | | | | 09/2014 | | | | 07/2019 | | | $ | 53,821 | | | $ | 4,426 | | | $ | 4,540 | |
| | | 6226 West Sahara Ave. | | Las Vegas | | NV | | | 282,000 | | | $ | 32,118 | | | | 09/2014 | | | | 01/2029 | | | $ | 64,735 | | | $ | 8,043 | | | $ | 4,232 | |
| | | 22011 Southeast 51st St./5150 220th Ave. | | Issaquah | | WA | | | 202,544 | | | $ | 30,388 | | | | 12/2014 | | | | 12/2014 | | | $ | 51,195 | | | $ | 4,148 | | | $ | 4,039 | |
| | | 275 Technology Dr. | | Canonsburg | | PA | | | 107,872 | | | $ | 9,095 | | | | 12/2014 | | | | 12/2014 | | | $ | 15,739 | | | $ | 1,429 | | | $ | 1,378 | |
| Industrial | | 2415 US Hwy. 78 East | | Moody | | AL | | | 595,346 | | | $ | 6,350 | | | | 01/2014 | | | | 01/2014 | | | $ | 11,575 | | | $ | 1,054 | | | $ | 1,054 | |
| | | 1109 Commerce Blvd. (3) | | Swedesboro | | NJ | | | 262,644 | | | $ | 6,784 | | | | 04/2014 | | | NA | | | $ | 14,695 | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total 2014 Mortgage Maturities | | | 3,255,049 | | | $ | 235,852 | | | | | | | | | | | $ | 495,300 | | | $ | 43,846 | | | $ | 40,580 | |
Footnotes
| (1) | Represents GAAP capitalized costs. |
| (2) | Lexington has an 80.5% interest in the property. |
| (3) | Property sold 01/2011, mortgage assumed by buyer. |
LEXINGTON REALTY TRUST
2015 Mortgage Maturities by Property Type
12/31/2010
| | | Property Location | | City | | State | | Net Rentable Area | | | Mortgage Balance at Maturity ($000) | | | Maturity Date | | | Tenant Lease Expires | | | Gross Book Value ($000) (1) | | | Cash Rent as of 12/31/2010 ($000) | | | GAAP Base Rent as of 12/31/2010 ($000) | |
| Office | | 101 East Erie St. | | Chicago | | IL | | | 230,704 | | | $ | 29,900 | | | | 01/2015 | | | | 03/2014 | | | $ | 56,548 | | | $ | 4,148 | | | $ | 5,018 | |
| | | 400 East Stone Ave. (2) | | Greenville | | SC | | | 128,041 | | | $ | 9,000 | | | | 01/2015 | | | | 12/2029 | | | $ | 10,577 | | | $ | 903 | | | $ | - | |
| | | 4201 Marsh Ln. | | Carrollton | | TX | | | 130,000 | | | $ | 12,022 | | | | 01/2015 | | | | 11/2018 | | | $ | 22,146 | | | $ | 1,927 | | | $ | 1,975 | |
| | | 13775 McLearen Rd. | | Herndon | | VA | | | 125,293 | | | $ | 10,359 | | | | 04/2015 | | | | 04/2015 | | | $ | 25,443 | | | $ | 2,111 | | | $ | 2,134 | |
| | | 10475 Crosspoint Blvd. | | Indianapolis | | IN | | | 141,047 | | | $ | 11,205 | | | | 05/2015 | | | | 10/2019 | | | $ | 22,463 | | | $ | 2,109 | | | $ | 2,274 | |
| | | 100, 120, 130 East Shore Dr. | | Glen Allen | | VA | | | 224,723 | | | $ | 18,321 | | | | 05/2015 | | | Various | | | $ | 38,166 | | | $ | 2,769 | | | $ | 2,875 | |
| | | 1311 Broadfield Blvd. | | Houston | | TX | | | 155,040 | | | $ | 14,431 | | | | 05/2015 | | | | 03/2021 | | | $ | 29,917 | | | $ | 3,061 | | | $ | 2,623 | |
| | | 1409 Centerpoint Blvd. | | Knoxville | | TN | | | 84,404 | | | $ | 6,658 | | | | 05/2015 | | | | 10/2014 | | | $ | 12,604 | | | $ | 1,639 | | | $ | 1,621 | |
| | | 2550 Interstate Dr. | | Harrisburg | | PA | | | 81,859 | | | $ | 7,792 | | | | 05/2015 | | | | 12/2013 | | | $ | 15,135 | | | $ | 1,862 | | | $ | 1,870 | |
| | | 2706 Media Center Dr. | | Los Angeles | | CA | | | 83,252 | | | $ | 9,760 | | | | 05/2015 | | | Various | | | $ | 18,070 | | | $ | 1,725 | | | $ | 1,468 | |
| | | 2800 Waterford Lake Dr. | | Midlothian | | VA | | | 99,057 | | | $ | 9,055 | | | | 05/2015 | | | | 10/2014 | | | $ | 15,844 | | | $ | 2,035 | | | $ | 2,015 | |
| | | 333 Mt. Hope Ave. | | Rockaway | | NJ | | | 95,500 | | | $ | 14,900 | | | | 05/2015 | | | | 09/2014 | | | $ | 29,295 | | | $ | 2,244 | | | $ | 2,123 | |
| | | 4000 Johns Creek Pkwy. | | Suwanee | | GA | | | 87,219 | | | $ | 10,502 | | | | 05/2015 | | | Various | | | $ | 16,612 | | | $ | 1,679 | | | $ | 1,638 | |
| | | 4848 129th East Ave. | | Tulsa | | OK | | | 101,100 | | | $ | 6,517 | | | | 05/2015 | | | | 01/2011 | | | $ | 13,018 | | | $ | 1,434 | | | $ | 1,434 | |
| | | 6200 Northwest Pkwy. | | San Antonio | | TX | | | 142,500 | | | $ | 11,167 | | | | 05/2015 | | | | 11/2017 | | | $ | 19,815 | | | $ | 1,652 | | | $ | 1,866 | |
| | | 16676 Northchase Dr. | | Houston | | TX | | | 101,111 | | | $ | 11,282 | | | | 05/2015 | | | | 07/2014 | | | $ | 19,267 | | | $ | 1,638 | | | $ | 1,629 | |
| | | 4001 International Pkwy. | | Carrollton | | TX | | | 138,443 | | | $ | 18,710 | | | | 07/2015 | | | | 07/2015 | | | $ | 30,859 | | | $ | 3,195 | | | $ | 3,195 | |
| | | 12645 West Airport Rd. | | Sugar Land | | TX | | | 165,836 | | | $ | 6,286 | | | | 09/2015 | | | | 09/2015 | | | $ | 19,436 | | | $ | 2,094 | | | $ | 1,946 | |
| | | 10001 Richmond Ave. | | Houston | | TX | | | 554,385 | | | $ | 18,161 | | | | 09/2015 | | | | 09/2015 | | | $ | 73,343 | | | $ | 8,163 | | | $ | 7,375 | |
| Industrial | | 10000 Business Blvd. | | Dry Ridge | | KY | | | 336,350 | | | $ | 5,442 | | | | 07/2015 | | | | 06/2025 | | | $ | 15,227 | | | $ | 1,346 | | | $ | 1,346 | |
| | | 301 Bill Bryan Rd. | | Hopkinsville | | KY | | | 424,904 | | | $ | 7,811 | | | | 07/2015 | | | | 06/2025 | | | $ | 19,066 | | | $ | 1,687 | | | $ | 1,687 | |
| | | 4010 Airpark Dr. | | Owensboro | | KY | | | 211,598 | | | $ | 4,821 | | | | 07/2015 | | | | 06/2025 | | | $ | 13,598 | | | $ | 1,208 | | | $ | 1,208 | |
| | | 730 North Black Branch Rd. | | Elizabethtown | | KY | | | 167,770 | | | $ | 2,515 | | | | 07/2015 | | | | 06/2025 | | | $ | 6,055 | | | $ | 537 | | | $ | 537 | |
| | | 750 North Black Branch Rd. | | Elizabethtown | | KY | | | 539,592 | | | $ | 13,324 | | | | 07/2015 | | | | 06/2025 | | | $ | 32,222 | | | $ | 2,838 | | | $ | 2,838 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total 2015 Mortgage Maturities | | | 4,549,728 | | | $ | 269,941 | | | | | | | | | | | $ | 574,726 | | | $ | 54,004 | | | $ | 52,695 | |
Footnotes
| (1) | Represents GAAP capitalized costs. |
| (2) | Property is classified as a capital lease for GAAP, accordingly $980 income is included in non-operating income. |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
12/31/2010
| Property | Footnotes | | Debt Balance ($000) | | | Interest Rate (%) | | | Maturity (a) | | | Current Estimated Annual Debt Service ($000) (d) | | | Balloon Payment ($000) | |
| Wallingford, CT | | | $ | 3,202 | | | | 4.926 | % | | | 05/2011 | | | $ | 68 | | | $ | 3,187 | |
| Winchester, VA | (b) | | | 9,861 | | | | 6.346 | % | | | 08/2011 | | | | 591 | | | | 9,690 | |
| Louisville, CO | | | | 7,310 | | | | 5.830 | % | | | 01/2012 | | | | 544 | | | | 7,195 | |
| New Kingston, PA | (s) | | | 6,490 | | | | 7.790 | % | | | 01/2012 | | | | - | | | | 6,116 | |
| Mechanicsburg, PA | | | | 4,652 | | | | 7.780 | % | | | 01/2012 | | | | 500 | | | | 4,514 | |
| New Kingston, PA | (c) | | | 3,092 | | | | 7.780 | % | | | 01/2012 | | | | - | | | | 2,914 | |
| Milford, OH | (b) | | | 13,727 | | | | 6.612 | % | | | 02/2012 | | | | 1,822 | | | | 12,686 | |
| Lake Forest, CA | | | | 9,888 | | | | 7.260 | % | | | 02/2012 | | | | 901 | | | | 9,708 | |
| Westlake, TX | (b) | | | 18,219 | | | | 5.392 | % | | | 05/2012 | | | | 1,280 | | | | 17,829 | |
| Millington, TN | | | | 16,630 | | | | 5.247 | % | | | 05/2012 | | | | 1,181 | | | | 16,222 | |
| Cary, NC | (b) | | | 12,684 | | | | 5.584 | % | | | 05/2012 | | | | 826 | | | | 12,543 | |
| Lakewood, CO | | | | 8,094 | | | | 5.097 | % | | | 05/2012 | | | | 566 | | | | 7,890 | |
| Farmington Hills, MI | (b) | | | 18,436 | | | | 5.723 | % | | | 09/2012 | | | | 1,500 | | | | 17,724 | |
| Laurens, SC | (b) | | | 14,899 | | | | 5.911 | % | | | 09/2012 | | | | 1,396 | | | | 14,022 | |
| Temperance, MI | (b) | | | 9,988 | | | | 5.912 | % | | | 09/2012 | | | | 936 | | | | 9,400 | |
| Baton Rouge, LA | (b) | | | 6,158 | | | | 5.333 | % | | | 10/2012 | | | | 443 | | | | 5,948 | |
| San Antonio, TX | | | | 27,058 | | | | 6.080 | % | | | 10/2012 | | | | 2,260 | | | | 26,025 | |
| Plymouth, MI | (b) | | | 10,800 | | | | 5.964 | % | | | 12/2012 | | | | 1,026 | | | | 10,026 | |
| Colorado Springs, CO | (b) | | | 10,744 | | | | 5.996 | % | | | 12/2012 | | | | 887 | | | | 10,272 | |
| Fort Mill, SC | | | | 10,330 | | | | 6.000 | % | | | 01/2013 | | | | 839 | | | | 9,904 | |
| Centennial, CO | (b)(r) | | | 14,341 | | | | 5.724 | % | | | 02/2013 | | | | 1,177 | | | | 13,555 | |
| Brea, CA | (b) | | | 75,492 | | | | 5.734 | % | | | 05/2013 | | | | 5,361 | | | | 73,071 | |
| Atlanta, GA | | | | 42,211 | | | | 5.268 | % | | | 05/2013 | | | | 3,004 | | | | 40,356 | |
| Irving, TX | (b) | | | 37,959 | | | | 5.452 | % | | | 05/2013 | | | | 2,702 | | | | 36,466 | |
| Houston, TX | | | | 16,467 | | | | 5.218 | % | | | 05/2013 | | | | 1,166 | | | | 15,737 | |
| Southington, CT | | | | 12,796 | | | | 5.018 | % | | | 05/2013 | | | | 890 | | | | 12,228 | |
| Indianapolis, IN | | | | 8,981 | | | | 5.168 | % | | | 05/2013 | | | | 633 | | | | 8,580 | |
| Fort Meyers, FL | | | | 8,836 | | | | 5.268 | % | | | 05/2013 | | | | 592 | | | | 8,550 | |
| Phoenix, AZ | | | | 17,663 | | | | 6.270 | % | | | 09/2013 | | | | 1,527 | | | | 16,490 | |
| Foxboro, MA | (b) | | | 11,233 | | | | 6.000 | % | | | 01/2014 | | | | 3,270 | | | | - | |
| Moody, AL | | | | 6,829 | | | | 4.978 | % | | | 01/2014 | | | | 493 | | | | 6,350 | |
| Swedesboro, NJ | (b)(c) | | | 7,087 | | | | 5.545 | % | | | 04/2014 | | | | 482 | | | | 6,784 | |
| Clive, IA | | | | 5,514 | | | | 5.139 | % | | | 05/2014 | | | | 387 | | | | 5,151 | |
| Fort Mill, SC | | | | 19,391 | | | | 5.373 | % | | | 05/2014 | | | | 1,364 | | | | 18,311 | |
| Philadelphia, PA | (p) | | | 46,540 | | | | 5.060 | % | | | 07/2014 | | | | 3,178 | | | | 43,520 | |
| Fishers, IN | | | | 11,298 | | | | 6.375 | % | | | 08/2014 | | | | 932 | | | | 10,466 | |
| Columbus, IN | (i) | | | 25,831 | | | | 6.150 | % | | | 09/2014 | | | | 1,611 | | | | 25,831 | |
| Las Vegas, NV | (i) | | | 31,427 | | | | 6.150 | % | | | 09/2014 | | | | 1,960 | | | | 31,427 | |
| Memphis, TN | (i) | | | 46,253 | | | | 6.150 | % | | | 09/2014 | | | | 2,884 | | | | 46,253 | |
| Columbus, IN | (i) | | | 604 | | | | 7.500 | % | | | 09/2014 | | | | 54 | | | | 568 | |
| Las Vegas, NV | (i) | | | 736 | | | | 7.500 | % | | | 09/2014 | | | | 66 | | | | 691 | |
| Memphis, TN | (i) | | | 1,082 | | | | 7.500 | % | | | 09/2014 | | | | 97 | | | | 1,017 | |
| Issaquah, WA | (b) | | | 31,672 | | | | 5.665 | % | | | 12/2014 | | | | 2,113 | | | | 30,388 | |
| Canonsburg, PA | (b) | | | 9,080 | | | | 5.426 | % | | | 12/2014 | | | | 489 | | | | 9,095 | |
| Chicago, IL | (b) | | | 29,314 | | | | 5.639 | % | | | 01/2015 | | | | 1,548 | | | | 29,900 | |
| Greenville, SC | | | | 9,000 | | | | 5.500 | % | | | 01/2015 | | | | 495 | | | | 9,000 | |
| Carrollton, TX | | | | 13,196 | | | | 5.530 | % | | | 01/2015 | | | | 993 | | | | 12,022 | |
| Herndon, VA | (b) | | | 11,371 | | | | 5.885 | % | | | 04/2015 | | | | 888 | | | | 10,359 | |
| Property | Footnotes | | Debt Balance ($000) | | | Interest Rate (%) | | | Maturity (a) | | | Current Estimated Annual Debt Service ($000) (d) | | | Balloon Payment ($000) | |
| Glen Allen, VA | (b) | | | 19,427 | | | | 5.377 | % | | | 05/2015 | | | | 1,292 | | | | 18,321 | |
| Houston, TX | | | | 15,818 | | | | 5.160 | % | | | 05/2015 | | | | 1,114 | | | | 14,431 | |
| Rockaway, NJ | | | | 14,900 | | | | 5.292 | % | | | 05/2015 | | | | 799 | | | | 14,900 | |
| Houston, TX | | | | 12,358 | | | | 5.210 | % | | | 05/2015 | | | | 874 | | | | 11,282 | |
| Indianapolis, IN | | | | 12,282 | | | | 5.160 | % | | | 05/2015 | | | | 865 | | | | 11,205 | |
| San Antonio, TX | | | | 12,208 | | | | 5.340 | % | | | 05/2015 | | | | 875 | | | | 11,167 | |
| Atlanta, GA | | | | 11,240 | | | | 5.260 | % | | | 05/2015 | | | | 751 | | | | 10,502 | |
| Los Angeles, CA | | | | 10,692 | | | | 5.110 | % | | | 05/2015 | | | | 750 | | | | 9,760 | |
| Richmond, VA | | | | 9,904 | | | | 5.310 | % | | | 05/2015 | | | | 708 | | | | 9,055 | |
| Harrisburg, PA | | | | 8,547 | | | | 5.110 | % | | | 05/2015 | | | | 599 | | | | 7,792 | |
| Knoxville, TN | | | | 7,282 | | | | 5.310 | % | | | 05/2015 | | | | 520 | | | | 6,658 | |
| Tulsa, OK | | | | 7,153 | | | | 5.060 | % | | | 05/2015 | | | | 499 | | | | 6,517 | |
| Carrollton, TX | (b) | | | 19,874 | | | | 5.725 | % | | | 07/2015 | | | | 1,382 | | | | 18,710 | |
| Elizabethtown, KY | (j) | | | 14,749 | | | | 4.990 | % | | | 07/2015 | | | | 1,041 | | | | 13,324 | |
| Hopkinsville, KY | | | | 8,647 | | | | 4.990 | % | | | 07/2015 | | | | 610 | | | | 7,811 | |
| Dry Ridge, KY | (n) | | | 6,024 | | | | 4.990 | % | | | 07/2015 | | | | 425 | | | | 5,442 | |
| Owensboro, KY | (n) | | | 5,337 | | | | 4.990 | % | | | 07/2015 | | | | 377 | | | | 4,821 | |
| Elizabethtown, KY | (j) | | | 2,784 | | | | 4.990 | % | | | 07/2015 | | | | 196 | | | | 2,515 | |
| Houston, TX | (b) | | | 46,930 | | | | 6.250 | % | | | 09/2015 | | | | 8,159 | | | | 18,161 | |
| Sugar Land, TX | (b) | | | 12,199 | | | | 6.250 | % | | | 09/2015 | | | | 2,083 | | | | 6,286 | |
| Bridgewater, NJ | | | | 14,805 | | | | 5.732 | % | | | 03/2016 | | | | 988 | | | | 13,825 | |
| Omaha, NE | | | | 8,412 | | | | 5.610 | % | | | 04/2016 | | | | 621 | | | | 7,560 | |
| Tempe, AZ | | | | 7,945 | | | | 5.610 | % | | | 04/2016 | | | | 586 | | | | 7,140 | |
| Lisle, IL | | | | 10,169 | | | | 6.500 | % | | | 06/2016 | | | | 793 | | | | 9,377 | |
| Dallas, TX | (b) | | | 18,505 | | | | 5.939 | % | | | 07/2016 | | | | 1,136 | | | | 18,365 | |
| Rochester, NY | (f) | | | 18,301 | | | | 6.210 | % | | | 08/2016 | | | | 1,383 | | | | 16,765 | |
| Statesville, NC | (f) | | | 13,726 | | | | 6.210 | % | | | 08/2016 | | | | 1,037 | | | | 12,574 | |
| Rockford, IL | (f) | | | 6,710 | | | | 6.210 | % | | | 08/2016 | | | | 508 | | | | 6,153 | |
| Glenwillow, OH | | | | 16,557 | | | | 6.130 | % | | | 09/2016 | | | | 1,240 | | | | 15,132 | |
| Memphis, TN | | | | 3,852 | | | | 5.710 | % | | | 01/2017 | | | | 275 | | | | 3,484 | |
| Orlando, FL | | | | 9,975 | | | | 5.722 | % | | | 02/2017 | | | | 579 | | | | 9,309 | |
| Dubuque, IA | | | | 10,103 | | | | 5.402 | % | | | 06/2017 | | | | 733 | | | | 8,725 | |
| Shreveport, LA | | | | 19,000 | | | | 5.690 | % | | | 07/2017 | | | | 1,096 | | | | 19,000 | |
| McDonough, GA | | | | 23,000 | | | | 6.110 | % | | | 11/2017 | | | | 1,425 | | | | 21,651 | |
| Lorain, OH | (b) | | | 1,250 | | | | 7.750 | % | | | 07/2018 | | | | 108 | | | | - | |
| Manteca, CA | (b) | | | 883 | | | | 7.750 | % | | | 07/2018 | | | | 77 | | | | - | |
| Watertown, NY | (b) | | | 830 | | | | 7.750 | % | | | 07/2018 | | | | 72 | | | | - | |
| Lewisburg, WV | (b) | | | 583 | | | | 7.750 | % | | | 07/2018 | | | | 51 | | | | - | |
| San Diego, CA | (b) | | | 563 | | | | 7.750 | % | | | 07/2018 | | | | 49 | | | | - | |
| Galesburg, IL | (b) | | | 495 | | | | 7.750 | % | | | 07/2018 | | | | 43 | | | | - | |
| Boston, MA | | | | 13,359 | | | | 6.100 | % | | | 12/2018 | | | | 996 | | | | 11,520 | |
| North Berwick, ME | | | | 11,036 | | | | 3.560 | % | | | 04/2019 | | | | 1,532 | | | | - | |
| Overland Park, KS | (b) | | | 36,797 | | | | 5.891 | % | | | 05/2019 | | | | 2,657 | | | | 31,867 | |
| Kansas City, MO | (b) | | | 17,552 | | | | 5.883 | % | | | 05/2019 | | | | 1,268 | | | | 15,182 | |
| Streetsboro, OH | (b) | | | 18,996 | | | | 5.749 | % | | | 09/2019 | | | | 1,344 | | | | 16,338 | |
| Boca Raton, FL | | | | 20,400 | | | | 6.470 | % | | | 02/2020 | | | | 1,338 | | | | 18,383 | |
| Wall, NJ | (b) | | | 26,797 | | | | 6.250 | % | | | 01/2021 | | | | 3,106 | | | | - | |
| Charleston, SC | | | | 7,350 | | | | 5.850 | % | | | 02/2021 | | | | 436 | | | | 6,632 | |
| Durham, NH | (b) | | | 17,921 | | | | 6.750 | % | | | 03/2021 | | | | 1,219 | | | | - | |
| Property | Footnotes | | Debt Balance ($000) | | | Interest Rate (%) | | | Maturity (a) | | | Current Estimated Annual Debt Service ($000) (d) | | | Balloon Payment ($000) | |
| Whippany, NJ | | | | 15,701 | | | | 6.298 | % | | | 11/2021 | | | | 1,344 | | | | 10,400 | |
| Dillon, SC | | | | 21,546 | | | | 5.974 | % | | | 02/2022 | | | | 1,832 | | | | 13,269 | |
Subtotal/Wtg. Avg./Years Remaining (l) | | | $ | 1,425,940 | | | | 5.762 | % | | | 4.4 | | | $ | 111,713 | | | $ | 1,237,292 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Corporate | | | | | | | | | | | | | | | | | | | | | |
| Term Loan | (h)(k) | | $ | 35,551 | | | | 5.520 | % | | | 03/2013 | | | $ | 1,990 | | | $ | 35,551 | |
| Term Loan | (h)(k) | | | 25,000 | | | | 5.520 | % | | | 03/2013 | | | | 1,399 | | | | 25,000 | |
| Exchangeable Notes | (e)(m) | | | 62,150 | | | | 5.450 | % | | | 01/2027 | | | | 3,387 | | | | 62,150 | |
| Convertible Notes | (o)(q) | | | 115,000 | | | | 6.000 | % | | | 01/2030 | | | | 6,900 | | | | 115,000 | |
| Trust Preferred Notes | (g) | | | 129,120 | | | | 6.804 | % | | | 04/2037 | | | | 8,785 | | | | 129,120 | |
Subtotal/Wtg. Avg./Years Remaining (l) | | | $ | 366,821 | | | | 6.111 | % | | | 11.7 | | | $ | 22,461 | | | $ | 366,821 | |
Total/Wtg. Avg./Years Remaining (l) | | | $ | 1,792,761 | | | | 5.834 | % | | | 5.9 | | | $ | 134,174 | | | $ | 1,604,113 | |
Footnotes
| (a) | Subtotal and total based on weighted average term to maturity (or put dates) shown in years based on debt balance. |
| (b) | Debt balances based upon imputed interest rates. |
| (c) | Loan satisfied subsequent to quarter end. |
| (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) | Properties are cross-collateralized properties. |
| (g) | Rate fixed through 04/2017, thereafter LIBOR plus 170 bps. |
| (h) | Rate is swapped to fixed rate through maturity. |
| (i) | Properties are cross-collateralized properties. |
| (j) | Properties are cross-collateralized properties. |
| (k) | Represents full payable of loans, discount of $2,183 excluded from balance. |
| (l) | Total shown may differ from detailed amounts due to rounding. |
| (m) | Represents full payable of notes, discount of $712 excluded from balance. |
| (n) | Properties are cross-collateralized properties. |
| (o) | Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25. |
| (p) | Lexington has an 80.5% interest in this property. |
| (q) | Represents full payable of notes, discount of $11,789 excluded from balance. |
| (r) | Maturity date represents lender call date. |
| (s) | Debt service payments have been suspended by Lexington. |
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
12/31/2010
| Joint Venture | | Debt Balance ($000) | | | LXP Proportionate Share ($000) (3) | | | Interest Rate (%) | | | Maturity | | | Current Estimated Annual Debt Service ($000) (4) | | | Balloon Payment ($000) | | | Proportionate Share Balloon Payment ($000) (3) | |
| Harpard | | $ | 44 | | | | 12 | | | | 9.875 | % | | | 01/2011 | | | $ | 44 | | | $ | - | | | $ | - | |
| Net Lease Strategic (5) | | | 7,565 | | | | 1,135 | | | | 6.930 | % | | | 04/2011 | | | | 213 | | | | 7,527 | | | | 1,129 | |
| Net Lease Strategic | | | 13,412 | | | | 2,012 | | | | 7.400 | % | | | 04/2011 | | | | 295 | | | | 13,365 | | | | 2,005 | |
| Net Lease Strategic | | | 30,582 | | | | 4,587 | | | | 5.126 | % | | | 05/2011 | | | | 523 | | | | 30,582 | | | | 4,587 | |
| Taber | | | 152 | | | | 41 | | | | 10.125 | % | | | 06/2011 | | | | 156 | | | | - | | | | - | |
| Jayal | | | 449 | | | | 133 | | | | 11.500 | % | | | 03/2012 | | | | 365 | | | | - | | | | - | |
| Net Lease Strategic | | | 22,562 | | | | 3,384 | | | | 5.147 | % | | | 05/2012 | | | | 1,491 | | | | 22,153 | | | | 3,323 | |
| Net Lease Strategic | | | 7,437 | | | | 1,116 | | | | 7.670 | % | | | 01/2013 | | | | 2,817 | | | | - | | | | - | |
| Net Lease Strategic | | | 12,696 | | | | 1,904 | | | | 5.148 | % | | | 05/2013 | | | | 894 | | | | 12,144 | | | | 1,822 | |
| Net Lease Strategic | | | 4,759 | | | | 714 | | | | 5.950 | % | | | 09/2013 | | | | 381 | | | | 4,496 | | | | 674 | |
| Net Lease Strategic | | | 19,866 | | | | 2,980 | | | | 5.810 | % | | | 02/2014 | | | | 1,551 | | | | 18,588 | | | | 2,788 | |
| Net Lease Strategic | | | 9,117 | | | | 1,368 | | | | 5.616 | % | | | 04/2014 | | | | 697 | | | | 8,484 | | | | 1,273 | |
| Net Lease Strategic | | | 962 | | | | 144 | | | | 8.500 | % | | | 04/2015 | | | | 271 | | | | - | | | | - | |
| Net Lease Strategic | | | 16,455 | | | | 2,468 | | | | 5.411 | % | | | 05/2015 | | | | 1,189 | | | | 15,087 | | | | 2,263 | |
| Net Lease Strategic - Oklahoma TIC | | | 14,637 | | | | 878 | | | | 5.240 | % | | | 05/2015 | | | | 976 | | | | 13,673 | | | | 820 | |
| Net Lease Strategic | | | 12,279 | | | | 1,842 | | | | 5.212 | % | | | 06/2015 | | | | 836 | | | | 11,349 | | | | 1,702 | |
| Net Lease Strategic | | | 5,941 | | | | 891 | | | | 5.783 | % | | | 06/2015 | | | | 462 | | | | 5,371 | | | | 806 | |
| Net Lease Strategic | | | 18,027 | | | | 2,704 | | | | 8.036 | % | | | 09/2015 | | | | 3,352 | | | | 6,925 | | | | 1,039 | |
| Net Lease Strategic | | | 5,181 | | | | 777 | | | | 8.036 | % | | | 09/2015 | | | | 925 | | | | 2,203 | | | | 330 | |
| Net Lease Strategic | | | 8,340 | | | | 1,251 | | | | 6.090 | % | | | 01/2016 | | | | 668 | | | | 7,446 | | | | 1,117 | |
| Net Lease Strategic | | | 2,070 | | | | 311 | | | | 9.500 | % | | | 03/2016 | | | | 506 | | | | - | | | | - | |
| Net Lease Strategic | | | 6,165 | | | | 925 | | | | 6.090 | % | | | 04/2016 | | | | 494 | | | | 5,465 | | | | 820 | |
| Net Lease Strategic | | | 6,332 | | | | 950 | | | | 6.315 | % | | | 09/2016 | | | | 497 | | | | 5,723 | | | | 858 | |
| One Summit | | | 14,928 | | | | 4,478 | | | | 9.375 | % | | | 10/2016 | | | | 3,344 | | | | - | | | | - | |
| Net Lease Strategic | | | 8,938 | | | | 1,341 | | | | 6.063 | % | | | 11/2016 | | | | 683 | | | | 8,023 | | | | 1,203 | |
| One Summit | | | 9,804 | | | | 2,941 | | | | 10.625 | % | | | 11/2016 | | | | 2,239 | | | | - | | | | - | |
| Net Lease Strategic | | | 8,696 | | | | 1,304 | | | | 5.910 | % | | | 10/2018 | | | | 728 | | | | 6,624 | | | | 994 | |
| Net Lease Strategic | | | 9,569 | | | | 1,435 | | | | 6.010 | % | | | 08/2019 | | | | 753 | | | | 7,658 | | | | 1,149 | |
| Net Lease Strategic | | | 7,500 | | | | 1,125 | | | | 6.507 | % | | | 11/2019 | | | | 525 | | | | 6,692 | | | | 1,004 | |
| Joint Venture | | Debt Balance ($000) | | | LXP Proportionate Share ($000) (3) | | | Interest Rate (%) | | | Maturity | | | Current Estimated Annual Debt Service ($000) (4) | | | Balloon Payment ($000) | | | Proportionate Share Balloon Payment ($000) (3) | |
| Net Lease Strategic | | | 9,664 | | | | 1,450 | | | | 6.270 | % | | | 12/2019 | | | | 774 | | | | 7,755 | | | | 1,163 | |
| Net Lease Strategic | | | 8,704 | | | | 1,306 | | | | 9.800 | % | | | 02/2020 | | | | 1,917 | | | | - | | | | - | |
| Net Lease Strategic | | | 9,774 | | | | 1,466 | | | | 5.930 | % | | | 10/2020 | | | | 750 | | | | 7,660 | | | | 1,149 | |
| Net Lease Strategic | | | 9,035 | | | | 1,355 | | | | 5.460 | % | | | 12/2020 | | | | 741 | | | | 5,895 | | | | 884 | |
| Net Lease Strategic | | | 9,277 | | | | 1,392 | | | | 5.640 | % | | | 01/2021 | | | | 692 | | | | 7,018 | | | | 1,053 | |
| Net Lease Strategic | | | 11,612 | | | | 1,742 | | | | 5.380 | % | | | 08/2025 | | | | 1,144 | | | | 362 | | | | 54 | |
Total/Wtg. Avg. (1)/Years Remaining (2) | | $ | 342,531 | | | $ | 53,862 | | | | 6.641 | % | | | 4.9 | | | $ | 33,893 | | | $ | 248,268 | | | $ | 36,009 | |
Footnotes
| (1) | Weighted average interest rate based on proportionate share. |
| (2) | Weighted average years remaining on maturities based on proportionate debt balance. |
| (3) | Total balance shown may differ from detailed amounts due to rounding. |
| (4) | Remaining payments for debt with less than 12 months to maturity, all others are debt service for 12 months. |
LEXINGTON REALTY TRUST
Partnership Interests
Twelve Months Ended December 31, 2010
($000)
| Noncontrolling Interest Properties - Partners' Proportionate Share (1) | | | |
| | | | |
| | | | |
| EBITDA | | $ | 2,802 | |
| Interest expense | | $ | 948 | |
| Depreciation and amortization | | $ | 1,936 | |
| | | | | |
| | | | | |
| Non-Consolidated Net Leased Real Estate - Lexington's Share | | | | |
| | | | | |
| | | | | |
| EBITDA | | $ | 30,992 | |
| Interest expense | | $ | 3,693 | |
Footnotes
| (1) | Excludes discontinued operations and OP unit noncontrolling interests. |
LEXINGTON REALTY TRUST
Selected Balance Sheet Account Detail
12/31/2010
($000)
| Other assets | | $ | 56,172 | |
| | | | | |
| The components of other assets are: | | | | |
| | | | | |
| Deposits, including forward purchase equity commitment | | $ | 29,445 | |
| Investments, primarily capital lease | | | 10,590 | |
| Equipment | | | 1,024 | |
| Prepaids | | | 3,248 | |
| Other receivables | | | 1,040 | |
| Deferred lease incentives | | | 8,568 | |
| Other | | | 2,257 | |
| | | | | |
| Accounts payable and other liabilities | | $ | 51,292 | |
| | | | | |
| The components of accounts payable and other liabilities are: | | | | |
| | | | | |
| Accounts payable and accrued expenses | | $ | 16,007 | |
| CIP accruals and other | | | 11,721 | |
| Taxes | | | 1,276 | |
| Deferred lease costs | | | 5,984 | |
| Subordinated notes | | | 2,076 | |
| Deposits | | | 1,397 | |
| Escrows | | | 2,226 | |
| Sale/leaseback financing obligation | | | 4,750 | |
| Transaction costs | | | 575 | |
| Derivative liability | | | 5,280 | |
LEXINGTON REALTY TRUST
Revenue Data
12/31/2010
($000)
Base Rent Estimates for Current Assets
| Year | | Cash (1) | | | GAAP (1) | |
| 2011 | | $ | 292,963 | | | $ | 293,605 | |
| 2012 | | $ | 266,049 | | | $ | 267,324 | |
| 2013 | | $ | 231,355 | | | $ | 231,244 | |
| 2014 | | $ | 194,474 | | | $ | 197,477 | |
| 2015 | | $ | 162,646 | | | $ | 164,429 | |
Other Revenue Data
| Asset Class | | GAAP Base Rent as of 12/31/10 (2) | | | Percentage | |
| Office | | $ | 193,878 | | | | 63.1 | % |
| Industrial | | $ | 62,601 | | | | 20.4 | % |
| Retail | | $ | 12,937 | | | | 4.2 | % |
| Multi-tenant | | $ | 37,741 | | | | 12.3 | % |
| | | $ | 307,157 | | | | 100.0 | % |
| | | | | | | | | |
Credit Ratings (3) | | | | | | | | |
| Investment Grade | | $ | 145,375 | | | | 47.3 | % |
| Non-Investment Grade | | $ | 49,445 | | | | 16.1 | % |
| Unrated | | $ | 112,337 | | | | 36.6 | % |
| | | $ | 307,157 | | | | 100.0 | % |
Footnotes
| (1) | Amounts assume (1) lease terms for non-cancellable periods only, (2) that all below market leases are renewed by the tenants at the option rate and (3) that no new or renegotiated leases are entered into for any other property. Excludes properties sold through February 22, 2011. |
| (2) | Twelve months ended 12/31/2010 GAAP base rent recognized for consolidated properties owned as of 12/31/2010. |
| (3) | Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated. |
Top 20 Markets
12/31/2010
| | | Core Based Statistical Area (2) | | Percent of GAAP Base Rent as of 12/31/10 (1) | |
| | 1 | | Dallas-Fort Worth-Arlington, TX | | | 8.0 | % |
| | 2 | | New York-Northern New Jersey-Long Island, NY-NJ-PA | | | 6.9 | % |
| | 3 | | Los Angeles-Long Beach-Santa Ana, CA | | | 6.3 | % |
| | 4 | | Houston-Sugar Land-Baytown, TX | | | 5.2 | % |
| | 5 | | Memphis, TN-MS-AR | | | 4.3 | % |
| | 6 | | Atlanta-Sandy Springs-Marietta, GA | | | 4.1 | % |
| | 7 | | Kansas City, MO-KS | | | 3.4 | % |
| | 8 | | Detroit-Warren-Livonia, MI | | | 2.9 | % |
| | 9 | | Orlando-Kissimmee, FL | | | 2.6 | % |
| | 10 | | Indianapolis-Carmel, IN | | | 2.4 | % |
| | 11 | | Boston-Cambridge-Quincy, MA-NH | | | 2.3 | % |
| | 12 | | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | | | 2.3 | % |
| | 13 | | Chicago-Naperville-Joliet, IL-IN-WI | | | 2.2 | % |
| | 14 | | Charlotte-Gastonia-Concord, NC-SC | | | 2.0 | % |
| | 15 | | Phoenix-Mesa-Scottsdale, AZ | | | 1.9 | % |
| | 16 | | Baltimore-Towson, MD | | | 1.8 | % |
| | 17 | | Washington-Arlington-Alexandria, DC-VA-MD-WV | | | 1.8 | % |
| | 18 | | San Antonio, TX | | | 1.7 | % |
| | 19 | | Seattle-Tacoma-Bellevue, WA | | | 1.6 | % |
| | 20 | | Richmond, VA | | | 1.6 | % |
| | | | Total Top 20 Markets (3) | | | 65.3 | % |
Footnotes
| (1) | Twelve months ended 12/31/2010 GAAP base rent recognized for consolidated properties owned as of 12/31/2010. |
| (2) | A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990. |
| (3) | Total shown may differ from detailed amounts due to rounding. |
LEXINGTON REALTY TRUST
Tenant Industry Diversification
12/31/2010
| Industry Category | | Percent of GAAP Base Rent as of 12/31/10 (1) | |
| Finance/Insurance | | | 12.8 | % |
| Automotive | | | 9.6 | % |
| Energy | | | 9.5 | % |
| Consumer Products | | | 9.5 | % |
| Technology | | | 8.8 | % |
| Food | | | 7.4 | % |
| Service | | | 6.6 | % |
| Healthcare | | | 6.3 | % |
| Transportation/Logistics | | | 6.2 | % |
| Construction/Materials | | | 3.8 | % |
| Telecommunications | | | 3.7 | % |
| Media/Advertising | | | 3.6 | % |
| Aerospace/Defense | | | 3.0 | % |
| Printing/Production | | | 2.6 | % |
| Retail Department & Discount | | | 1.8 | % |
| Real Estate | | | 1.2 | % |
| Education | | | 1.1 | % |
| Apparel | | | 1.0 | % |
| Retail - Specialty | | | 0.8 | % |
| Security | | | 0.6 | % |
| Retail - Electronics | | | 0.3 | % |
Total (2) | | | 100.0 | % |
Footnotes
| (1) | Twelve months ended 12/31/2010 GAAP base rent recognized for consolidated properties owned as of 12/31/2010. |
| (2) | Total shown may differ from detailed amounts due to rounding. |
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
12/31/2010
| Tenants or Guarantors | | Number of Leases | | | Sq. Ft. Leased | | | Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | | | GAAP Base Rent as of 12/31/10 ($000) (1) | | | Percent of GAAP Base Rent as of 12/31/10 ($000) (1) | |
| Bank of America, NA | | | 8 | | | | 691,893 | | | | 1.9 | % | | $ | 9,642 | | | | 3.1 | % |
| Baker Hughes, Inc. | | | 2 | | | | 720,221 | | | | 2.0 | % | | $ | 9,321 | | | | 3.0 | % |
| Dana Holding Corporation and Dana Limited | | | 6 | | | | 1,902,414 | | | | 5.2 | % | | $ | 8,300 | | | | 2.7 | % |
| Federal Express Corporation | | | 2 | | | | 641,286 | | | | 1.7 | % | | $ | 7,416 | | | | 2.4 | % |
| Morgan, Lewis & Bockius, LLC (3) | | | 1 | | | | 290,565 | | | | 0.8 | % | | $ | 6,639 | | | | 2.2 | % |
| Swiss Re America Holding Corporation | | | 2 | | | | 476,123 | | | | 1.3 | % | | $ | 6,609 | | | | 2.2 | % |
| CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) | | | 3 | | | | 2,503,916 | | | | 6.8 | % | | $ | 6,572 | | | | 2.1 | % |
| Wells Fargo Bank, N.A. | | | 2 | | | | 338,301 | | | | 0.9 | % | | $ | 5,993 | | | | 2.0 | % |
| International Business Machines Corporation (Internet Security Systems, Inc.) | | | 2 | | | | 289,000 | | | | 0.8 | % | | $ | 5,912 | | | | 1.9 | % |
| JPMorgan Chase Bank, National Association | | | 3 | | | | 430,375 | | | | 1.2 | % | | $ | 5,401 | | | | 1.8 | % |
| | | | 31 | | | | 8,284,094 | | | | 22.6 | % | | $ | 71,805 | | | | 23.4 | % |
Footnotes
| (1) | Twelve months ended 12/31/2010 GAAP base rent recognized for consolidated properties owned as of 12/31/2010. |
| (2) | Total shown may differ from detailed amounts due to rounding. |
| (3) | Includes parking garage operations, Lexington has an 80.5% interest in this property. |
