Exhibit 99.1
Quarterly Earnings and
Supplemental Operating and Financial Data
September 30, 2012
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
September 30, 2012
Table of Contents
Section | Page | |
Third Quarter 2012 Earnings Press Release | 3 | |
Portfolio Data | ||
2012 Third Quarter Leasing Summary | 13 | |
2012 Third Quarter Investment/Capital Recycling Summary | 15 | |
Build-To-Suit Projects | 16 | |
Property Leases and Vacancies – Consolidated Portfolio | 17 | |
Lease Rollover Schedule – Cash Basis | 24 | |
Lease Rollover Schedule – GAAP Basis | 25 | |
Mortgage Loans Receivable | 26 | |
2012 Third Quarter Financing Summary | 27 | |
Debt Maturity Schedule | 28 | |
2012 Mortgage Maturities by Property Type | 29 | |
2013 Mortgage Maturities by Property Type | 30 | |
2014 Mortgage Maturities by Property Type | 31 | |
2015 Mortgage Maturities by Property Type | 32 | |
2016 Mortgage Maturities by Property Type | 33 | |
Mortgages and Notes Payable | 34 | |
Partnership Interests | 38 | |
Selected Balance Sheet and Income Statement Account Data | 39 | |
Select Credit Metrics | 40 | |
Revenue and Same-Store NOI Data | 41 | |
Top 20 Markets | 42 | |
Tenant Industry Diversification | 43 | |
Top 10 Tenants or Guarantors | 44 | |
Investor Information | 45 |
This Quarterly Earnings Release and Supplemental Reporting Package contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimate of Company FFO, as adjusted, for the year ended December 31, 2012, (3) the consummation of the build-to-suit transactions, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site atwww.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.
LEXINGTONREALTY TRUST | |
TRADED: NYSE: LXP | |
ONE PENN PLAZA, SUITE 4015 | |
NEW YORK NY 10119-4015 |
Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com
FOR IMMEDIATE RELEASE
Tuesday, November 6, 2012
LEXINGTON REALTY TRUST REPORTS THIRD QUARTER 2012 RESULTS
New York, NY - November 6, 2012 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the third quarter ended September 30, 2012.
Third Quarter 2012 Highlights
• | Generated Company Funds From Operations, as adjusted (“Company FFO, as adjusted”), of $45.5 million or $0.25 per diluted common share. |
• | Increased quarterly common share dividend by 20%. |
• | Executed 17 new and extended leases, totaling 1.4 million square feet and ended the quarter with overall portfolio occupancy of 97.6%. |
• | Raised $68.1 million of gross proceeds from dispositions. |
• | Closed property acquisitions of $51.2 million and invested $20.2 million in on-going build-to-suit projects. |
• | Acquired remaining interest in Net Lease Strategic Assets Fund (“NLS”). |
• | Entered into agreements to fund the construction of two build-to-suit projects for approximately $51.0 million. |
• | Retired $75.1 million of secured debt which had a weighted-average fixed rate of 6.4%. |
Subsequent to Quarter End Highlights
• | Issued 17.25 million common shares in a public offering, raising net proceeds of approximately $156.3 million. |
• | Satisfied $93.0 million of credit facility borrowings and repaid $57.5 million of indebtedness assumed in the acquisition of NLS. |
• | Retired $15.9 million of secured debt, which had a weighted-average fixed rate of 5.8%. |
• | Converted approximately $20.4 million original principal amount of 6.00% Convertible Guaranteed Notes to approximately 2.9 million common shares. |
• | Expanded seven-year term loan facility by $40.0 million. |
• | Executed 0.4 million square feet of new and extended leases. |
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "We reported another quarter of strong operating results supported by successful leasing activity, favorable asset recycling, attractive external growth opportunities and refinancing maturing debts on advantageous terms. The execution of our business plan in each of these areas allowed us to increase our quarterly common share dividend by 20% ahead of schedule and tighten our guidance for Company FFO, as adjusted, for 2012 to an expected range of $0.96 - $0.98 per share. Subsequent to quarter end, we reduced our leverage by approximately $147.0 million, further strengthening our balance sheet and positioning the Company to continue to grow into next year."
3 |
FINANCIAL RESULTS
Revenues
For the quarter ended September 30, 2012, total gross revenues were $87.7 million, compared with total gross revenues of $79.8 million for the quarter ended September 30, 2011. The increase is primarily due to property acquisitions and an increase in occupancy.
Company FFO, As Adjusted
For the quarter ended September 30, 2012, the Company generated Company FFO, as adjusted, of $45.5 million, or $0.25 per diluted share, compared to Company FFO, as adjusted, for the quarter ended September 30, 2011 of $41.4 million, or $0.23 per diluted share. The calculation of Company FFO, as adjusted, and a reconciliation to net income (loss) is included later in this press release.
Net Income (Loss) Attributable to Common Shareholders
For the quarter ended September 30, 2012, net income attributable to common shareholders was $169.0 million, or income of $0.96 per diluted share, compared with net loss attributable to common shareholders for the quarter ended September 30, 2011 of $(37.0) million, or a loss of $(0.24) per diluted share. The increase in net income is primarily due to a $167.9 million gain recognized in the acquisition of the remaining interest in NLS.
Net Lease Strategic Assets Fund
During the third quarter of 2012, Lexington acquired Inland American (Net Lease) Sub, LLC's interest in NLS. As a result, Lexington now controls 100% of NLS. At September 30, 2012, NLS had 40 properties totaling 5.5 million square feet in 23 states, plus a 40% tenant-in-common interest in an office property.
Capital Activities and Balance Sheet Update
During the third quarter of 2012, Lexington (1) borrowed an additional $9.0 million on its seven-year term loan and swapped the LIBOR rate on such borrowings for a current fixed rate of 3.4% and (2) repaid $75.1 million in secured debt, with a weighted-average interest rate of 6.4%, scheduled to mature through 2015.
Subsequent to September 30, 2012, Lexington issued 17.25 million common shares in a public offering, raising net proceeds of approximately $156.3 million. The net proceeds were primarily used to satisfy $93.0 million of outstanding debt on Lexington's secured credit facility and $57.5 million to satisfy a portion of the debt assumed in the NLS acquisition. In addition, Lexington exercised an accordion feature within its seven-year term loan facility increasing the total facility under the term loan to $255.0 million, all of which is currently outstanding.
Also, subsequent to September 30, 2012, Lexington issued 2.9 million common shares upon conversion of $20.4 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030. In connection with the conversion, Lexington made a cash payment of approximately $1.7 million plus accrued and unpaid interest on the notes.
4 |
Common Share/Unit Dividend/Distribution
Lexington declared a regular quarterly dividend/distribution for the quarter ended September 30, 2012 of $0.15 per common share/unit, which was paid on October 15, 2012 to common shareholders/unitholders of record as of September 28, 2012. This represents a 20% increase over the previous dividend/distribution.
OPERATING ACTIVITIES
Leasing
During the third quarter of 2012, Lexington executed 17 new and extended leases for 1.4 million square feet and ended the quarter with overall portfolio occupancy of 97.6%. The extended leases increased annual cash rents from $11.0 million to $14.4 million.
Subsequent to quarter end, Lexington executed 0.4 million square feet of new and extended leases.
Capital Recycling
Dispositions
During the third quarter of 2012, Lexington disposed of its interests in four properties to unrelated parties for an aggregate gross sales price of $68.1 million.
Investment Activity
Build-to-Suit Projects
Lexington closed on the acquisition of the 99,000 square foot build-to-suit office property in Saint Joseph, Missouri for a capitalized cost of $17.6 million (9.8% initial cap rate). The property is net-leased for a 15-year term.
Lexington completed the 150,000 square foot build-to-suit office property in Jessup, Pennsylvania for a capitalized cost of $24.9 million (9.4% initial cap rate). The property is net-leased for a 15-year term.
Lexington completed the 52,000 square foot build-to-suit retail property in Valdosta, Georgia for a project cost of approximately $8.7 million (9.3% initial cap rate). The property is net-leased for a 15-year term.
Lexington entered into an $8.4 million build-to-suit commitment to construct a 52,000 square foot retail property in Opelika, Alabama, which will be net-leased upon completion for a 15-year term (9.3% initial cap rate).
Lexington entered into a $42.6 million build-to-suit commitment to construct a 813,000 square foot industrial property in Rantoul, Illinois, which will be net-leased upon completion for a 20-year term (8.0% initial cap rate).
In addition, Lexington continues to fund the construction of, or is under contract to acquire, the previously announced build-to-suit projects in (1) Denver, Colorado (8.6% initial cap rate), (2) Long Island City, New York (8.5% initial cap rate) and (3) Eugene, Oregon (9.0% initial cap rate).
The aggregate estimated cost of these five on-going build-to-suit projects is approximately $152.9 million of which $45.0 million was invested as of September 30, 2012. Lexington can give no assurance that any of the build-to-suit projects that are under contract or in process will be completed.
5 |
Joint Venture Investments
During the quarter ended September 30, 2012, Lexington formed a joint venture in which it has a minority ownership interest. The joint venture entered into a contract to acquire a 120,000 square foot retail property in Palm Beach Gardens, Florida for $29.8 million, which will be net-leased at closing for an approximately 15-year term (9.6% cap rate). Lexington can give no assurances that this acquisition will be consummated.
2012 EARNINGS GUIDANCE
Lexington tightened its estimate of Company FFO, as adjusted, to an expected range of $0.96 to $0.98 per diluted share for the year ended December 31, 2012 from a range of $0.95 to $0.98 per diluted share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.
THIRD QUARTER 2012 CONFERENCE CALL
Lexington will host a conference call today, Tuesday, November 6, 2012, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended September 30, 2012. Interested parties may participate in this conference call by dialing 888-296-4174 or 719-325-2302. A replay of the call will be available through November 20, 2012, at 877-870-5176 or 858-384-5517, pin: 6614681. A live webcast of the conference call will be available atwww.lxp.comwithin the Investor Relations section.
6 |
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 atwww.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations, (2) Lexington's ability to achieve its estimate of Company FFO, as adjusted, for the year ended December 31, 2012, (3) the consummation of the built-to-suit transactions, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site atwww.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.
References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held through special purpose entities, which are separate and distinct legal entities, but consolidated for financial statement purposes and/or disregarded for income tax purposes.
7 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except share and per share data) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Gross revenues: | ||||||||||||||||
Rental | $ | 79,915 | $ | 71,314 | $ | 226,293 | $ | 209,898 | ||||||||
Advisory and incentive fees | 297 | 303 | 1,385 | 1,750 | ||||||||||||
Tenant reimbursements | 7,443 | 8,219 | 22,379 | 23,660 | ||||||||||||
Total gross revenues | 87,655 | 79,836 | 250,057 | 235,308 | ||||||||||||
Expense applicable to revenues: | ||||||||||||||||
Depreciation and amortization | (40,220 | ) | (40,380 | ) | (116,333 | ) | (118,035 | ) | ||||||||
Property operating | (15,446 | ) | (15,215 | ) | (44,415 | ) | (44,554 | ) | ||||||||
General and administrative | (5,810 | ) | (5,080 | ) | (17,381 | ) | (16,055 | ) | ||||||||
Non-operating income | 1,383 | 3,369 | 5,688 | 9,108 | ||||||||||||
Interest and amortization expense | (24,932 | ) | (26,966 | ) | (73,658 | ) | (80,411 | ) | ||||||||
Debt satisfaction gains (charges), net | 12 | (6 | ) | (1,639 | ) | 3 | ||||||||||
Change in value of forward equity commitment | — | (9,866 | ) | — | (4,318 | ) | ||||||||||
Gain on acquisition | 167,864 | — | 167,864 | — | ||||||||||||
Litigation reserve | 25 | — | (2,775 | ) | — | |||||||||||
Impairment charges | (4,262 | ) | (10,849 | ) | (4,262 | ) | (38,719 | ) | ||||||||
Income (loss) before benefit (provision) for income taxes, equity in earnings of non-consolidated entities and discontinued operations | 166,269 | (25,157 | ) | 163,146 | (57,673 | ) | ||||||||||
Benefit (provision) for income taxes | (296 | ) | (263 | ) | (803 | ) | 1,059 | |||||||||
Equity in earnings of non-consolidated entities | 3,799 | 9,047 | 21,469 | 20,646 | ||||||||||||
Income (loss) from continuing operations | 169,772 | (16,373 | ) | 183,812 | (35,968 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Income (loss) from discontinued operations | 483 | 573 | (1,152 | ) | 3,689 | |||||||||||
Provision for income taxes | (53 | ) | (15 | ) | (62 | ) | (53 | ) | ||||||||
Debt satisfaction gains (charges), net | (1,189 | ) | — | 539 | (603 | ) | ||||||||||
Gains on sales of properties | 6,276 | 182 | 8,946 | 5,251 | ||||||||||||
Impairment charges | — | (15,211 | ) | (5,690 | ) | (76,110 | ) | |||||||||
Total discontinued operations | 5,517 | (14,471 | ) | 2,581 | (67,826 | ) | ||||||||||
Net income (loss) | 175,289 | (30,844 | ) | 186,393 | (103,794 | ) | ||||||||||
Less net (income) loss attributable to noncontrolling interests | (748 | ) | (70 | ) | (3,730 | ) | 11,183 | |||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | 174,541 | (30,914 | ) | 182,663 | (92,611 | ) | ||||||||||
Dividends attributable to preferred shares - Series B | — | (1,590 | ) | (2,298 | ) | (4,770 | ) | |||||||||
Dividends attributable to preferred shares - Series C | (1,573 | ) | (1,675 | ) | (4,718 | ) | (5,055 | ) | ||||||||
Dividends attributable to preferred shares - Series D | (2,926 | ) | (2,926 | ) | (8,777 | ) | (8,777 | ) | ||||||||
Allocation to participating securities | (1,092 | ) | (72 | ) | (1,174 | ) | (227 | ) | ||||||||
Deemed dividend - Series B | — | — | (2,346 | ) | — | |||||||||||
Redemption discount - Series C | — | 129 | 229 | 215 | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 168,950 | $ | (37,048 | ) | $ | 163,579 | $ | (111,225 | ) | ||||||
Income (loss) per common share - basic: | ||||||||||||||||
Income (loss) from continuing operations | $ | 1.05 | $ | (0.14 | ) | $ | 1.05 | $ | (0.36 | ) | ||||||
Income (loss) from discontinued operations | 0.04 | (0.10 | ) | 0.01 | (0.37 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 1.09 | $ | (0.24 | ) | $ | 1.06 | $ | (0.73 | ) | ||||||
Weighted-average common shares outstanding - basic: | 154,980,137 | 157,205,530 | 154,564,041 | 151,676,401 | ||||||||||||
Income (loss) per common share - diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.93 | $ | (0.14 | ) | $ | 0.97 | $ | (0.36 | ) | ||||||
Income (loss) from discontinued operations | 0.03 | (0.10 | ) | 0.01 | (0.37 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 0.96 | $ | (0.24 | ) | $ | 0.98 | $ | (0.73 | ) | ||||||
Weighted-average common shares outstanding - diluted | 180,855,164 | 157,205,530 | 180,449,070 | 151,676,401 | ||||||||||||
Amounts attributable to common shareholders: | ||||||||||||||||
Income (loss) from continuing operations | $ | 163,417 | $ | (22,448 | ) | $ | 162,893 | $ | (54,911 | ) | ||||||
Income (loss) from discontinued operations | 5,533 | (14,600 | ) | 686 | (56,314 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 168,950 | $ | (37,048 | ) | $ | 163,579 | $ | (111,225 | ) |
8 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2012 (unaudited) and December 31, 2011
(In thousands, except share and per share data)
2012 | 2011 | |||||||
Assets: | ||||||||
Real estate, at cost | $ | 3,511,146 | $ | 3,172,246 | ||||
Investments in real estate under construction | 41,676 | 34,529 | ||||||
Less: accumulated depreciation and amortization | 711,132 | 638,368 | ||||||
2,841,690 | 2,568,407 | |||||||
Property held for sale - discontinued operations | 8 | — | ||||||
Intangible assets, net | 278,710 | 178,569 | ||||||
Cash and cash equivalents | 72,424 | 63,711 | ||||||
Restricted cash | 25,133 | 30,657 | ||||||
Investment in and advances to non-consolidated entities | 8,698 | 39,330 | ||||||
Deferred expenses, net | 51,587 | 43,966 | ||||||
Loans receivable, net | 72,786 | 66,619 | ||||||
Rent receivable | 7,661 | 7,271 | ||||||
Other assets | 27,835 | 28,290 | ||||||
Total assets | $ | 3,386,532 | $ | 3,026,820 | ||||
Liabilities and Equity: | ||||||||
Liabilities: | ||||||||
Mortgages and notes payable | $ | 1,450,457 | $ | 1,366,004 | ||||
Credit facility borrowings | 93,000 | — | ||||||
Term loan payable | 215,000 | — | ||||||
Exchangeable notes payable | — | 62,102 | ||||||
Convertible notes payable | 106,602 | 105,149 | ||||||
Trust preferred securities | 129,120 | 129,120 | ||||||
Dividends payable | 27,956 | 25,273 | ||||||
Liabilities - discontinued operations | 397 | — | ||||||
Accounts payable and other liabilities | 74,003 | 53,058 | ||||||
Accrued interest payable | 9,728 | 13,019 | ||||||
Deferred revenue - including below market leases, net | 89,805 | 90,349 | ||||||
Prepaid rent | 15,309 | 12,543 | ||||||
Total liabilities | 2,211,377 | 1,856,617 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, | ||||||||
Series B Cumulative Redeemable Preferred, liquidation preference $68,522; 2,740,874 shares issued and outstanding in 2011 | — | 66,193 | ||||||
Series C Cumulative Convertible Preferred, liquidation preference $96,770 and $98,510; 1,935,400 and 1,970,200 shares issued and outstanding in 2012 and 2011, respectively | 94,016 | 95,706 | ||||||
Series D Cumulative Redeemable Preferred, liquidation preference $155,000; 6,200,000 shares issued and outstanding | 149,774 | 149,774 | ||||||
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 156,136,051 and 154,938,351 shares issued and outstanding in 2012 and 2011, respectively | 16 | 15 | ||||||
Additional paid-in-capital | 2,020,858 | 2,010,850 | ||||||
Accumulated distributions in excess of net income | (1,110,166 | ) | (1,212,630 | ) | ||||
Accumulated other comprehensive income (loss) | (6,393 | ) | 1,938 | |||||
Total shareholders' equity | 1,148,105 | 1,111,846 | ||||||
Noncontrolling interests | 27,050 | 58,357 | ||||||
Total equity | 1,175,155 | 1,170,203 | ||||||
Total liabilities and equity | $ | 3,386,532 | $ | 3,026,820 |
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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Basic: | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | 163,417 | $ | (22,448 | ) | $ | 162,893 | $ | (54,911 | ) | ||||||
Income (loss) from discontinued operations attributable to common shareholders | 5,533 | (14,600 | ) | 686 | (56,314 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 168,950 | $ | (37,048 | ) | $ | 163,579 | $ | (111,225 | ) | ||||||
Weighted-average number of common shares outstanding | 154,980,137 | 157,205,530 | 154,564,041 | 151,676,401 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | 1.05 | $ | (0.14 | ) | $ | 1.05 | $ | (0.36 | ) | ||||||
Income (loss) from discontinued operations | 0.04 | (0.10 | ) | 0.01 | (0.37 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 1.09 | $ | (0.24 | ) | $ | 1.06 | $ | (0.73 | ) | ||||||
Diluted: | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | 163,417 | $ | (22,448 | ) | $ | 162,893 | $ | (54,911 | ) | ||||||
Impact of assumed conversions: | ||||||||||||||||
Share options | — | — | — | — | ||||||||||||
Operating Partnership Units | 475 | — | 913 | — | ||||||||||||
6.00% Convertible Guaranteed Notes | 2,327 | — | 6,980 | — | ||||||||||||
Series C Preferred shares | 1,573 | — | 4,489 | — | ||||||||||||
Income (loss) from continuing operations attributable to common shareholders | 167,792 | (22,448 | ) | 175,275 | (54,911 | ) | ||||||||||
Income (loss) from discontinued operations attributable to common shareholders | 5,533 | (14,600 | ) | 686 | (56,314 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 173,325 | $ | (37,048 | ) | $ | 175,961 | $ | (111,225 | ) | ||||||
Weighted-average common shares outstanding - basic | 154,980,137 | 157,205,530 | 154,564,041 | 151,676,401 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options | 344,721 | — | 279,699 | — | ||||||||||||
Operating Partnership Units | 4,400,389 | — | 4,479,451 | — | ||||||||||||
6.00% Convertible Guaranteed Notes | 16,419,347 | — | 16,412,836 | — | ||||||||||||
Series C Preferred shares | 4,710,570 | — | 4,713,043 | — | ||||||||||||
Weighted-average common shares outstanding | 180,855,164 | 157,205,530 | 180,449,070 | 151,676,401 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.93 | $ | (0.14 | ) | $ | 0.97 | $ | (0.36 | ) | ||||||
Income (loss) from discontinued operations | 0.03 | (0.10 | ) | 0.01 | (0.37 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 0.96 | $ | (0.24 | ) | $ | 0.98 | $ | (0.73 | ) |
10 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
FUNDS FROM OPERATIONS:(1) | ||||||||||||||||
Basic and Diluted: | ||||||||||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders Adjustments: | $ | 174,541 | $ | (30,914 | ) | $ | 182,663 | $ | (92,611 | ) | ||||||
Adjustments: | ||||||||||||||||
Depreciation and amortization | 39,190 | 41,279 | 118,809 | 120,797 | ||||||||||||
Impairment charges - real estate | 4,262 | 26,060 | 9,952 | 114,829 | ||||||||||||
Impairment charges - joint venture | — | 3,252 | — | 4,811 | ||||||||||||
Noncontrolling interests - OP units | 475 | 643 | 913 | (315 | ) | |||||||||||
Amortization of leasing commissions | 1,212 | 975 | 3,509 | 2,848 | ||||||||||||
Joint venture and noncontrolling interest adjustment | (911 | ) | (6,289 | ) | 15 | (20,270 | ) | |||||||||
Preferred dividends - Series B & D | (2,926 | ) | (4,516 | ) | (11,075 | ) | (13,547 | ) | ||||||||
Gains on sales of properties | (6,276 | ) | (182 | ) | (8,946 | ) | (5,251 | ) | ||||||||
Gain on sale - joint venture investment | — | — | (7,000 | ) | — | |||||||||||
Gain on acquisition | (167,864 | ) | — | (167,864 | ) | — | ||||||||||
Interest and amortization on 6.00% Convertible Guaranteed Notes | 2,327 | 2,327 | 6,980 | 6,980 | ||||||||||||
Reported Company FFO | 44,030 | 32,635 | 127,956 | 118,271 | ||||||||||||
Debt satisfaction charges, net | 1,177 | 6 | 1,100 | 600 | ||||||||||||
Forward equity commitment | — | 9,866 | — | 4,318 | ||||||||||||
Litigation reserve | (25 | ) | — | 2,775 | — | |||||||||||
Gains on loan sales - joint venture | — | (1,927 | ) | — | (1,927 | ) | ||||||||||
Other | 276 | 860 | 598 | 3,110 | ||||||||||||
Company FFO, as adjusted | 45,458 | 41,440 | 132,429 | 124,372 | ||||||||||||
FUNDS AVAILABLE FOR DISTRIBUTION:(2) | ||||||||||||||||
Adjustments: | ||||||||||||||||
Straight-line rents | (3,565 | ) | (320 | ) | 408 | 2,673 | ||||||||||
Lease incentives | 313 | 521 | 1,143 | 1,568 | ||||||||||||
Amortization of below/above market leases | (913 | ) | (937 | ) | (3,608 | ) | (2,215 | ) | ||||||||
Non-cash interest, net | (312 | ) | 239 | (1,168 | ) | 590 | ||||||||||
Non-cash general and administrative expenses | 1,104 | 1,012 | 3,462 | 2,963 | ||||||||||||
Tenant improvements | (11,120 | ) | (4,778 | ) | (16,920 | ) | (9,533 | ) | ||||||||
Lease costs | (4,222 | ) | (1,753 | ) | (7,853 | ) | (10,999 | ) | ||||||||
Reported Company Funds Available for Distribution | $ | 26,743 | $ | 35,424 | $ | 107,893 | $ | 109,419 | ||||||||
Per Share Amounts | ||||||||||||||||
Basic: | ||||||||||||||||
Reported Company FFO | $ | 0.24 | $ | 0.18 | $ | 0.71 | $ | 0.66 | ||||||||
Company FFO, as adjusted | $ | 0.25 | $ | 0.23 | $ | 0.73 | $ | 0.71 | ||||||||
Company FAD | $ | 0.15 | $ | 0.20 | $ | 0.60 | $ | 0.63 | ||||||||
Diluted: | ||||||||||||||||
Reported Company FFO | $ | 0.24 | $ | 0.18 | $ | 0.71 | $ | 0.66 | ||||||||
Company FFO, as adjusted | $ | 0.25 | $ | 0.23 | $ | 0.73 | $ | 0.71 | ||||||||
Company FAD | $ | 0.15 | $ | 0.20 | $ | 0.60 | $ | 0.63 |
11 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)
(Unaudited and in thousands, except share and per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Basic: | ||||||||||||||||
Weighted-average common shares outstanding - EPS basic | 154,980,137 | 157,205,530 | 154,564,041 | 151,676,401 | ||||||||||||
6.00% Convertible Guaranteed Notes | 16,419,347 | 16,230,905 | 16,412,836 | 16,230,905 | ||||||||||||
Non-vested share-based payment awards | 245,166 | 112,473 | 200,741 | 118,572 | ||||||||||||
Operating Partnership Units | 4,400,389 | 4,618,948 | 4,479,451 | 4,779,896 | ||||||||||||
Preferred Shares - Series C | 4,710,570 | 5,044,564 | 4,713,043 | 5,066,264 | ||||||||||||
Weighted-average common shares outstanding - Reported Company FFO basic | 180,755,609 | 183,212,420 | 180,370,112 | 177,872,038 | ||||||||||||
Adjustments: | ||||||||||||||||
Forward equity commitment settlement | — | (3,533,848 | ) | — | (3,468,421 | ) | ||||||||||
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD | 180,755,609 | 179,678,572 | 180,370,112 | 174,403,617 | ||||||||||||
Diluted: | ||||||||||||||||
Weighted-average common shares outstanding - Reported Company FFO basic | 180,755,609 | 183,212,420 | 180,370,112 | 177,872,038 | ||||||||||||
Options - Incremental shares | 344,721 | 116,970 | 279,699 | 269,396 | ||||||||||||
Weighted-average common shares outstanding - Reported Company FFO diluted | 181,100,330 | 183,329,390 | 180,649,811 | 178,141,434 | ||||||||||||
Adjustments: | ||||||||||||||||
Forward equity commitment settlement | — | (3,533,848 | ) | — | (3,468,421 | ) | ||||||||||
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD | 181,100,330 | 179,795,542 | 180,649,811 | 174,673,013 |
1Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude generally accepted accounting principles (“GAAP”) historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.
The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO as “net income (or loss) computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.” NAREIT recently clarified its computation of FFO to exclude impairment charges on depreciable real estate owned directly or indirectly. FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.
Lexington presents “Reported Company funds from operations” or “Reported Company FFO,” which differs from FFO because it includes Lexington's operating partnership units, Lexington's 6.50% Series C Cumulative Convertible Preferred Shares, and Lexington's 6.00% Convertible Guaranteed Notes because these securities are convertible, at the holder's option, into Lexington's common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Reported Company FFO on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington's common shares, are converted. Lexington also presents “Company funds from operations, as adjusted” or “Company FFO, as adjusted,” which adjusts Reported Company FFO for certain items which Management believes are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds from operations in a similar fashion, Reported Company FFO and Company FFO, as adjusted, may not be comparable to similarly titled measures as reported by others. Reported Company FFO and Company FFO, as adjusted, should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.
2Reported Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO, as adjusted, for (1) straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements, (5) cash paid for lease costs, (6) non-cash general and administrative expenses, and (7) non-cash interest, net. Although FAD may not be comparable to that of other REITs, Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.
# # #
12 |
LEXINGTON REALTY TRUST
2012 Third Quarter Leasing Summary
NEW LEASES
Tenants | Location | Lease Expiration Date | Sq. Ft. | New Cash Rent Per Annum ($000)(1) | New GAAP Rent Per Annum ($000)(1) | |||||||||||||||||||||
Office/Multi-Tenant | ||||||||||||||||||||||||||
4 | Various | Various | Various | 15,400 | $ | 144 | $ | 131 | ||||||||||||||||||
5 | Pacific Union Financial, LLC | Irving | TX | 05/2018 | 43,396 | $ | 342 | $ | 751 | |||||||||||||||||
5 | Total office/multi-tenant new leases | 58,796 | $ | 486 | $ | 882 | ||||||||||||||||||||
Industrial/Multi-Tenant | ||||||||||||||||||||||||||
1 | Christie Lites Nashville LLC | Antioch | VA | 06/2020 | 50,400 | $ | 83 | $ | 83 | |||||||||||||||||
1 | Total industrial/multi-tenant new leases | 50,400 | $ | 83 | $ | 83 | ||||||||||||||||||||
6 | TOTAL NEW LEASES | 109,196 | $ | 569 | $ | 965 |
LEASE EXTENSIONS
Tenants (Guarantors) | Location | Prior Term | Lease Expiration Date | Sq. Ft. | New Cash Rent Per Annum ($000)(1) | Prior Cash Rent Per Annum ($000) | New GAAP Rent Per Annum ($000)(1) | Prior GAAP Rent Per Annum ($000) | ||||||||||||||||||||||||||
Office/Multi-Tenant | 2012 Extensions | |||||||||||||||||||||||||||||||||
1 | AGC Flat Glass North America, Inc. | Hebron | KY | 08/2012 | 09/2017 | 18,890 | $ | 171 | $ | 187 | $ | 168 | $ | 169 | ||||||||||||||||||||
3 | Various | Various | Various | Various | 6,962 | $ | 90 | $ | 79 | $ | 90 | $ | 79 | |||||||||||||||||||||
4 | New Cingular Wireless PCS, LLC | Baton Rouge | LA | 10/2012 | 10/2017 | 70,100 | $ | 1,016 | $ | 1,181 | $ | 1,016 | $ | 1,114 | ||||||||||||||||||||
2013 Extensions | ||||||||||||||||||||||||||||||||||
5 | Kingsport Power Company (2) | Kingsport | TN | 06/2013 | 06/2018 | 42,770 | $ | 310 | $ | 310 | $ | 128 | $ | 307 | ||||||||||||||||||||
6 | Ricoh Americas Corporation | Houston | TX | 01/2013 | 01/2018 | 78,895 | $ | 986 | $ | 1,148 | $ | 1,142 | $ | 1,126 | ||||||||||||||||||||
7 | Xerox Corporation | Palo Alto | CA | 12/2013 | 12/2023 | 202,000 | $ | 7,070 | $ | 3,499 | $ | 6,642 | $ | 3,390 | ||||||||||||||||||||
2014 Extension | ||||||||||||||||||||||||||||||||||
8 | Alstom Power Inc. | Midlothian | VA | 10/2014 | 12/2021 | 99,057 | $ | 2,198 | $ | 2,279 | $ | 2,140 | $ | 2,015 | ||||||||||||||||||||
8 | Total office/multi-tenant lease extensions | 518,674 | $ | 11,841 | $ | 8,683 | $ | 11,326 | $ | 8,200 | ||||||||||||||||||||||||
Industrial | 2013 Extensions | |||||||||||||||||||||||||||||||||
1 | Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation) | Statesville | NC | 05/2013 | 12/2017 | 639,800 | $ | 1,951 | $ | 1,789 | $ | 1,916 | $ | 1,789 | ||||||||||||||||||||
1 | Total industrial lease extensions | 639,800 | $ | 1,951 | $ | 1,789 | $ | 1,916 | $ | 1,789 | ||||||||||||||||||||||||
` | ||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||
1 | Food Lion, LLC (Delhaize America, Inc.) | Jefferson | NC | 02/2013 | 02/2023 | 34,555 | $ | 160 | $ | 73 | $ | 156 | $ | 73 | ||||||||||||||||||||
2 | Pathmark Stores Inc. | Port Chester | NY | 10/2013 | 10/2018 | 59,000 | $ | 458 | $ | 433 | $ | 1,192 | $ | 1,192 | ||||||||||||||||||||
2 | Total retail lease extensions | 93,555 | $ | 618 | $ | 506 | $ | 1,348 | $ | 1,265 | ||||||||||||||||||||||||
11 | TOTAL EXTENDED LEASES | 1,252,029 | $ | 14,410 | $ | 10,978 | $ | 14,590 | $ | 11,254 | ||||||||||||||||||||||||
17 | TOTAL NEW AND EXTENDED LEASES | 1,361,225 | $ | 14,979 | $ | 10,978 | $ | 15,555 | $ | 11,254 |
13 |
LEXINGTON REALTY TRUST
2012 Third Quarter Leasing Summary
LEASE NON-RENEWAL
Tenants (Guarantors) | Location | Lease Expiration Date | Sq. Ft. | Prior Annual Cash Rent ($000) | Prior Annual GAAP Rent ($000) | |||||||||||||||||||||
Office | ||||||||||||||||||||||||||
1 | Kraft Foods Global, Inc. | Suwanee | GA | 09/2012 | 73,264 | $ | 1,448 | $ | 1,437 | |||||||||||||||||
Retail | ||||||||||||||||||||||||||
1 | AVT Grocery, Inc. (3) | Garland | TX | 07/2012 | 59,300 | $ | 326 | $ | 326 | |||||||||||||||||
2 | TOTAL LEASE NON-RENEWALS | 132,564 | $ | 1,774 | $ | 1,763 |
Footnotes
(1) Assumes twelve months rent from the later of 10/1/12 or lease commencement/extension.
(2) Net Lease Strategic Assets Fund property.
(3) Property sold for $2,500 subsequent to 9/30/12.
14 |
LEXINGTON REALTY TRUST
2012 Third Quarter Investment/Capital Recycling Summary
PROPERTY INVESTMENTS (1)
Tenants (Guarantors) | Location | Property Type | Initial Basis ($000) | Initial Annualized Cash Rent ($000) | Initial Cash Yield | GAAP Yield | Lease Expiration | |||||||||||||||||||||||
1 | TMG Health, Inc. (2) | Jessup | PA | Office | $ | 24,917 | $ | 1,912 | 9.4 | % | 10.0 | % | 08/2027 | |||||||||||||||||
2 | Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation) | St. Joseph | MO | Office | $ | 17,571 | $ | 1,718 | 9.8 | % | 11.3 | % | 06/2027 | |||||||||||||||||
3 | Gander Mountain Company | Valdosta | GA | Retail | $ | 8,735 | $ | 813 | 9.3 | % | 10.3 | % | 08/2027 | |||||||||||||||||
3 | TOTAL PROPERTY INVESTMENTS | $ | 51,223 | $ | 4,443 | 9.5 | % | 10.5 | % |
PORTFOLIO INVESTMENT
PORTFOLIO | Portfolio Value ($000) | # of Properties | # of States | Initial Cash Yield | GAAP Yield | |||||||||||||||||||
Net Lease Strategic Assets Fund | $ | 481,317 | 41 | 23 | 10.6 | % | 9.7 | % |
CAPITAL RECYCLING
PROPERTY DISPOSITIONS
Tenants (Guarantors) | Location | Property Type | Gross Sale Price ($000) | Annualized NOI ($000) | Annual Debt Service ($000) | Sale Price Per Square Foot | Month of Disposition | |||||||||||||||||||||||||
1 | Westell, Inc. (Westell Technologies, Inc.) (3) | Aurora | IL | Office | $ | 13,218 | $ | 1,743 | $ | - | $ | 72.19 | July | |||||||||||||||||||
2 | Vacant | Sun City | AZ | Retail | $ | 800 | $ | - | $ | - | $ | 80.00 | September | |||||||||||||||||||
3 | Baker Hughes, Incorporated | The Woodlands | TX | Industrial | $ | 32,500 | $ | 3,352 | $ | 3,352 | $ | 117.86 | September | |||||||||||||||||||
4 | Baker Hughes, Incorporated | Sugar Land | TX | Office | $ | 21,600 | $ | 2,083 | $ | 2,083 | $ | 130.25 | September | |||||||||||||||||||
4 | TOTAL PROPERTY DISPOSITIONS | $ | 68,118 | $ | 7,178 | $ | 5,435 |
Footnotes
(1) Completed build-to-suit projects.
(2) Initial basis includes $4.5 million received from tenant.
(3) Lexington had an 87.1% ownership interest.
15 |
LEXINGTON REALTY TRUST
BUILD-TO-SUIT PROJECTS
BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE
Location | Sq. Ft | Lease Term (Years) | Maximum Commitment/Estimated Completion Cost ($000) | Investment balance as of 9/30/12 ($000)(1) | Estimated Cash Investment Next 12 Months ($000) | Estimated Completion Date | ||||||||||||||||||||||||||||||||||||||
Q4 2012 | Q1 2013 | Q2 2013 | Q3 2013 | |||||||||||||||||||||||||||||||||||||||||
1 | Long Island City (2) | NY | 143,000 | 15 | $ | 46,728 | $ | 19,912 | $ | 14,510 | $ | 9,674 | $ | - | $ | - | 1Q 13 | |||||||||||||||||||||||||||
2 | Eugene | OR | 80,000 | 15 | $ | 17,558 | $ | 1,700 | $ | - | $ | 15,858 | $ | - | $ | - | 1Q 13 | |||||||||||||||||||||||||||
3 | Denver | CO | 163,000 | 15 | $ | 37,592 | $ | 11,463 | $ | 11,085 | $ | 11,085 | $ | 3,695 | $ | - | 2Q 13 | |||||||||||||||||||||||||||
4 | Rantoul | IL | 813,000 | 20 | $ | 42,587 | $ | 6,076 | $ | 8,374 | $ | 8,374 | $ | 8,374 | $ | 8,374 | 4Q 13 | |||||||||||||||||||||||||||
5 | Opelika | AL | 52,000 | 15 | $ | 8,424 | $ | 2,525 | $ | 5,783 | $ | - | $ | - | $ | - | 4Q 12 | |||||||||||||||||||||||||||
5 | TOTAL BUILD-TO-SUIT PROJECTS | $ | 152,889 | $ | 41,676 | $ | 39,752 | $ | 44,991 | $ | 12,069 | $ | 8,374 |
Footnotes
(1) Investment balance in accordance with GAAP.
(2) Joint venture investment.
16 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2012
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2012 ($000) (2) | GAAP Base Rent as of 9/30/2012 ($000) (3) | |||||||||||||||||||||
OFFICE PROPERTIES | |||||||||||||||||||||||||||||||
2012 | 11/7/2012 | 2706 Media Center Dr. | Los Angeles | CA | — | Playboy Enterprises, Inc. | 2000 | 63,049 | 1,163 | 943 | |||||||||||||||||||||
11/30/2012 | 5757 Decatur Blvd. | Indianapolis | IN | — | Damar Services, Inc. | 2002 | 5,756 | 35 | 35 | ||||||||||||||||||||||
12/31/2012 | 200 Executive Blvd. South | Southington | CT | — | Hartford Fire Insurance Company | 1984/2006 | 153,364 | 1,259 | 1,218 | ||||||||||||||||||||||
2013 | 1/31/2013 | 12600 Gateway Blvd. | Fort Meyers | FL | — | Gartner, Inc. | 1998 | 62,400 | 869 | 819 | |||||||||||||||||||||
810 Gears Rd. | Houston | TX | 16 | Ricoh Americas Corporation | 2000 | 78,895 | 861 | 838 | |||||||||||||||||||||||
3/31/2013 | 3165 McKelvey Rd. | Bridgeton | MO | — | BJC Health System | 1981 | 52,994 | 298 | 395 | ||||||||||||||||||||||
5/31/2013 | 2401 Cherahala Blvd. | Knoxville | TN | 17 | AdvancePCS, Inc. / CaremarkPCS, L.L.C. | 2002 | 59,748 | 75 | 75 | ||||||||||||||||||||||
6/30/2013 | 2210 Enterprise Dr. | Florence | SC | — | JPMorgan Chase Bank, National Association | 1998 | 179,300 | 941 | 941 | ||||||||||||||||||||||
9/30/2013 | 9200 South Park Center Loop | Orlando | FL | — | Corinthian Colleges, Inc. | 2003 | 59,927 | 1,019 | 869 | ||||||||||||||||||||||
10/31/2013 | 3943 Denny Ave. | Pascagoula | MS | — | Northrop Grumman Systems Corporation | 1995 | 94,841 | 53 | 53 | ||||||||||||||||||||||
11/30/2013 | 10475 Crosspoint Blvd. | Indianapolis | IN | — | Yellow Book Sales and Distribution Company, Inc. | 1999 | 3,764 | 50 | 50 | ||||||||||||||||||||||
1110 Bayfield Dr. | Colorado Springs | CO | — | Honeywell International Inc. | 1980/1990/2002 | 166,575 | 1,223 | 1,200 | |||||||||||||||||||||||
12/31/2013 | 2550 Interstate Dr. | Harrisburg | PA | — | New Cingular Wireless PCS, LLC | 1998 | 81,859 | 1,458 | 1,403 | ||||||||||||||||||||||
2014 | 1/31/2014 | 1401 & 1501 Nolan Ryan Pkwy. | Arlington | TX | — | Siemens Dematic Postal Automation L.P. / Siemens Energy & Automation, Inc. / Siemens Shared Services, LLC | 2003 | 236,547 | 227 | 227 | |||||||||||||||||||||
850-950 Warrenville Rd. | Lisle | IL | — | James J. Benes & Associates, Inc. | 1984 | 6,347 | 104 | 80 | |||||||||||||||||||||||
3/15/2014 | 101 East Erie St. | Chicago | IL | — | Draftfcb, Inc. (Interpublic Group of Companies, Inc.) | 1986 | 212,988 | 3,102 | 3,755 | ||||||||||||||||||||||
4/30/2014 | 12000 & 12025 Tech Center Dr. | Livonia | MI | — | Kelsey-Hayes Company (TRW Automotive, Inc.) | 1987/1988/1990 | 180,230 | 181 | 155 | ||||||||||||||||||||||
5/31/2014 | 3476 Stateview Blvd. | Fort Mill | SC | — | Wells Fargo Bank, N.A. | 2002 | 169,083 | 2,023 | 1,901 | ||||||||||||||||||||||
3480 Stateview Blvd. | Fort Mill | SC | — | Wells Fargo Bank, N.A. | 2004 | 169,218 | 2,746 | 2,588 | |||||||||||||||||||||||
859 Mount Vernon Hwy. | Atlanta | GA | 8 | International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) | 2004 | 50,400 | 973 | 772 | |||||||||||||||||||||||
6/30/2014 | 70 Mechanic St. | Foxboro | MA | — | Invensys Systems, Inc. (Siebe, Inc.) | 1965/1967/1971 | 251,914 | 0 | 204 | ||||||||||||||||||||||
7/31/2014 | 16676 Northchase Dr. | Houston | TX | — | Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation) | 2003 | 101,111 | 1,257 | 1,220 | ||||||||||||||||||||||
9/30/2014 | 333 Mt. Hope Ave. | Rockaway | NJ | — | BASF Corporation | 1981/2002/2004 | 95,500 | 1,683 | 1,592 | ||||||||||||||||||||||
10/31/2014 | 1409 Centerpoint Blvd. | Knoxville | TN | — | Alstom Power, Inc. | 1997 | 84,404 | 1,297 | 1,216 | ||||||||||||||||||||||
700 US Hwy. Route 202-206 | Bridgewater | NJ | — | Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.) | 1985/2003/2004 | 115,558 | 1,526 | 1,928 | |||||||||||||||||||||||
11/30/2014 | 200 Lucent Ln. | Cary | NC | — | Progress Energy Service Company, LLC | 1999 | 124,944 | 1,593 | 1,549 | ||||||||||||||||||||||
850-950 Warrenville Rd. | Lisle | IL | — | Flexco, Inc. | 1984 | 7,535 | 102 | 102 | |||||||||||||||||||||||
12/14/2014 | 22011 Southeast 51st St. | Issaquah | WA | — | Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation) | 1987 | 95,600 | 1,604 | 1,458 | ||||||||||||||||||||||
5150 220th Ave. | Issaquah | WA | — | Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation) | 1992 | 106,944 | 1,798 | 1,655 | |||||||||||||||||||||||
12/31/2014 | 1066 Main St. | Forest Park | GA | — | Bank of America, NA (Bank of America Corporation) | 1969 | 14,859 | 150 | 150 | ||||||||||||||||||||||
1698 Mountain Industrial Blvd. | Stone Mountain | GA | — | Bank of America, NA (Bank of America Corporation) | 1973 | 5,704 | 71 | 71 | |||||||||||||||||||||||
180 South Clinton St. | Rochester | NY | — | Frontier Corporation | 1988/2000 | 226,000 | 2,226 | 2,220 | |||||||||||||||||||||||
201 West Main St. | Cumming | GA | — | Bank of America, NA (Bank of America Corporation) | 1968/1982 | 14,208 | 149 | 149 | |||||||||||||||||||||||
2223 North Druid Hills Rd. | Atlanta | GA | — | Bank of America, NA (Bank of America Corporation) | 1972 | 6,260 | 84 | 84 | |||||||||||||||||||||||
275 Technology Dr. | Canonsburg | PA | — | ANSYS, Inc. | 1996 | 107,872 | 1,072 | 1,033 | |||||||||||||||||||||||
400 Butler Farm Rd. | Hampton | VA | — | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) | 1999 | 100,632 | 951 | 923 | |||||||||||||||||||||||
4545 Chamblee – Dunwoody Rd. | Chamblee | GA | — | Bank of America, NA (Bank of America Corporation) | 1972 | 4,565 | 66 | 66 | |||||||||||||||||||||||
825 Southway Dr. | Jonesboro | GA | — | Bank of America, NA (Bank of America Corporation) | 1971 | 4,894 | 58 | 58 | |||||||||||||||||||||||
956 Ponce de Leon Ave. | Atlanta | GA | — | Bank of America, NA (Bank of America Corporation) | 1975 | 3,900 | 59 | 59 | |||||||||||||||||||||||
2015 | 1/31/2015 | 26555 Northwestern Hwy. | Southfield | MI | — | Federal-Mogul Corporation | 1963/1965/1988/1989 | 187,163 | 869 | 1,064 | |||||||||||||||||||||
3/31/2015 | 3940 South Teller St. | Lakewood | CO | — | MoneyGram Payment Systems, Inc. | 2002 | 68,165 | 838 | 736 | ||||||||||||||||||||||
4/30/2015 | 13775 McLearen Rd. | Herndon | VA | — | Equant, Inc. (Equant, NV) | 1985/1986/1992/1999 | 125,293 | 1,663 | 1,603 | ||||||||||||||||||||||
6/30/2015 | 2500 Patrick Henry Pkwy. | McDonough | GA | — | Georgia Power Company | 1999 | 111,911 | 130 | 115 | ||||||||||||||||||||||
3711 San Gabriel | Mission | TX | — | VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation | 2003 | 75,016 | 88 | 70 | |||||||||||||||||||||||
33 Commercial St. | Foxboro | MA | — | Invensys Systems, Inc. (Siebe, Inc.) | 1982/1987 | 164,689 | 3,631 | 2,723 | |||||||||||||||||||||||
7/31/2015 | 4001 International Pkwy. | Carrollton | TX | — | Motel 6 Operating, LP (Accor S.A.) | 2003 | 138,443 | 2,405 | 2,396 | ||||||||||||||||||||||
8/31/2015 | 2706 Media Center Dr. | Los Angeles | CA | — | Sony Electronics Inc. | 2000 | 20,203 | 160 | 160 |
17 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2012
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2012 ($000) (2) | GAAP Base Rent as of 9/30/2012 ($000) (3) | |||||||||||||||||||||
OFFICE PROPERTIES | |||||||||||||||||||||||||||||||
9/27/2015 | 10001 Richmond Ave. | Houston | TX | — | Baker Hughes Incorporated | 1976 | 554,385 | 8,163 | 5,531 | ||||||||||||||||||||||
2529 West Thorne Dr. | Houston | TX | — | Baker Hughes, Incorporated | 1982/1999 | 65,500 | 164 | 54 | |||||||||||||||||||||||
9/30/2015 | 500 Olde Worthington Rd. | Westerville | OH | — | InVentiv Communications, Inc. | 2000 | 97,000 | 834 | 942 | ||||||||||||||||||||||
550 Business Center Dr. | Lake Mary | FL | — | JPMorgan Chase Bank, National Association | 1999 | 125,920 | 1,421 | 1,583 | |||||||||||||||||||||||
600 Business Center Dr. | Lake Mary | FL | — | JPMorgan Chase Bank, National Association | 1996 | 125,155 | 1,355 | 1,542 | |||||||||||||||||||||||
10/31/2015 | 12209 West Markham St. | Little Rock | AR | — | Entergy Arkansas, Inc. | 1980 | 36,311 | 178 | 178 | ||||||||||||||||||||||
5201 West Barraque St. | Pine Bluff | AR | — | Entergy Arkansas Inc. | 1964/1972/1988 | 27,189 | 16 | 12 | |||||||||||||||||||||||
2016 | 1/31/2016 | 1600 Eberhardt Rd. | Temple | TX | — | Nextel of Texas, Inc. (Nextel Finance Company) | 2001 | 108,800 | 140 | 112 | |||||||||||||||||||||
4/30/2016 | 11511 Luna Rd. | Farmers Branch | TX | — | Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.) | 2000 | 180,507 | 1,738 | 2,391 | ||||||||||||||||||||||
2000 Eastman Dr. | Milford | OH | — | Siemens Corporation | 1991 | 221,215 | 1,865 | 1,739 | |||||||||||||||||||||||
5/31/2016 | 1200 Jupiter Rd. | Garland | TX | — | Raytheon Company | 1980 | 278,759 | 126 | 144 | ||||||||||||||||||||||
7/14/2016 | 1400 Northeast McWilliams Rd. | Bremerton | WA | — | Nextel West Corp. (Nextel Finance Company) | 2002 | 60,200 | 101 | 101 | ||||||||||||||||||||||
10/31/2016 | 104 & 110 South Front St. | Memphis | TN | — | Hnedak Bobo Group, Inc. | 1871/1980/1988/1999 | 37,229 | 389 | 376 | ||||||||||||||||||||||
12/31/2016 | 2050 Roanoke Rd. | Westlake | TX | — | TD Auto Finance LLC | 2001 | 130,290 | 1,930 | 1,998 | ||||||||||||||||||||||
2017 | 3/31/2017 | 1701 Market St. | Philadelphia | PA | 4 | Car-Tel Communications, Inc. | 1957/1997 | 1,220 | 40 | 40 | |||||||||||||||||||||
4/30/2017 | 1315 West Century Dr. | Louisville | CO | — | Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC) | 1987/2006 | 106,877 | 1,224 | 1,231 | ||||||||||||||||||||||
9/30/2017 | 9201 East Dry Creek Rd. | Centennial | CO | — | The Shaw Group, Inc. | 2001/2002 | 128,500 | 1,745 | 1,779 | ||||||||||||||||||||||
10/31/2017 | 4455 American Way | Baton Rouge | LA | — | New Cingular Wireless PCS, LLC | 1997 | 70,100 | 886 | 835 | ||||||||||||||||||||||
11/30/2017 | 6200 Northwest Pkwy. | San Antonio | TX | — | United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC | 2000 | 142,500 | 1,336 | 1,400 | ||||||||||||||||||||||
12/31/2017 | 100 East Shore Dr. | Glen Allen | VA | — | Capital One, National Association | 1999 | 63,442 | 816 | 862 | ||||||||||||||||||||||
2018 | 1/31/2018 | 5757 Decatur Blvd. | Indianapolis | IN | — | Allstate Insurance Company | 2002 | 57,769 | 939 | 997 | |||||||||||||||||||||
820 Gears Rd. | Houston | TX | 16 | Ricoh Americas Corporation | 2000 | 78,895 | 861 | 838 | |||||||||||||||||||||||
3/14/2018 | 601 & 701 Experian Pkwy. | Allen | TX | 20 | Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.) | 1981/1983 | 292,700 | 2,305 | 2,305 | ||||||||||||||||||||||
4/30/2018 | Sandlake Rd./Kirkman Rd. | Orlando | FL | — | Lockheed Martin Corporation | 1982 | 184,000 | 720 | 1,402 | ||||||||||||||||||||||
5/30/2018 | 13651 McLearen Rd. | Herndon | VA | — | United States of America | 1987 | 159,644 | 2,453 | 2,543 | ||||||||||||||||||||||
5/31/2018 | 6303 Barfield Rd. | Atlanta | GA | — | International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) | 2000/2001 | 238,600 | 3,799 | 2,650 | ||||||||||||||||||||||
6/30/2018 | 100 Barnes Rd. | Wallingford | CT | — | 3M Company | 1978/1985/1990/1993 | 44,400 | 350 | 380 | ||||||||||||||||||||||
420 Riverport Rd. | Kingsport | TN | — | Kingsport Power Company | 1981 | 42,770 | 26 | 11 | |||||||||||||||||||||||
8/31/2018 | 3500 North Loop Rd. | McDonough | GA | — | Litton Loan Servicing LP | 2007 | 62,218 | 103 | 71 | ||||||||||||||||||||||
9/30/2018 | 1701 Market St. | Philadelphia | PA | 4 | CBC Restaurant Corp. | 1957/1997 | 8,070 | 155 | 158 | ||||||||||||||||||||||
12/22/2018 | 5200 Metcalf Ave. | Overland Park | KS | — | Swiss Re America Holding Corporation / Westport Insurance Corporation | 1980/1990/2004/2005 | 320,198 | 3,556 | 3,580 | ||||||||||||||||||||||
12/31/2018 | 120 East Shore Dr. | Glen Allen | VA | — | Capital One Services, LLC | 2000 | 77,045 | 430 | 558 | ||||||||||||||||||||||
2019 | 1/31/2019 | 2999 Southwest 6th St. | Redmond | OR | — | VoiceStream PCS I LLC (T-Mobile USA, Inc.) | 2004 | 77,484 | 129 | 122 | |||||||||||||||||||||
4/1/2019 | 9201 Stateline Rd. | Kansas City | MO | — | Swiss Re America Holding Corporation / Westport Insurance Corporation | 1963/1973/1985/2003 | 155,925 | 1,674 | 1,674 | ||||||||||||||||||||||
5/31/2019 | 4400 Northcorp Pkway | Palm Beach Gardens | FL | — | Office Suites Plus Properties, Inc. | 1996 | 18,400 | 222 | 189 | ||||||||||||||||||||||
6/19/2019 | 3965 Airways Blvd. | Memphis | TN | — | Federal Express Corporation | 1982/1983/1985/2006/2007 | 521,286 | 5,139 | 5,260 | ||||||||||||||||||||||
6/29/2019 | 3265 East Goldstone Dr. | Meridian | ID | — | T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.) | 2004 | 77,484 | 112 | 92 | ||||||||||||||||||||||
6/30/2019 | 275 South Valencia Ave. | Brea | CA | — | Bank of America, National Association | 1983 | 637,503 | 6,268 | 6,408 | ||||||||||||||||||||||
7/15/2019 | 19019 North 59th Ave. | Glendale | AZ | — | Honeywell International Inc. | 1986/1997/2000 | 252,300 | 149 | 158 | ||||||||||||||||||||||
7/31/2019 | 500 Jackson St. | Columbus | IN | — | Cummins, Inc. | 1984 | 390,100 | 3,347 | 3,405 | ||||||||||||||||||||||
10/31/2019 | 10475 Crosspoint Blvd. | Indianapolis | IN | — | John Wiley & Sons, Inc. | 1999 | 123,416 | 1,620 | 1,701 | ||||||||||||||||||||||
9601 Renner Blvd. | Lenexa | KS | — | VoiceStream PCS II Corporation (T-Mobile USA, Inc.) | 2004 | 77,484 | 112 | 95 | |||||||||||||||||||||||
12/31/2019 | 421 Butler Farm Rd. | Hampton | VA | — | Patient Advocate Foundation | 2000 | 36,484 | 451 | 451 | ||||||||||||||||||||||
850-950 Warrenville Rd. | Lisle | IL | — | National-Louis University | 1984 | 85,532 | 951 | 1,095 | |||||||||||||||||||||||
2020 | 1/31/2020 | 10300 Kincaid Dr. | Fishers | IN | — | Roche Diagnostics Operations, Inc. | 1999 | 193,000 | 2,533 | 2,568 | |||||||||||||||||||||
2/14/2020 | 5600 Broken Sound Blvd. | Boca Raton | FL | — | Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.) | 1983/2002 | 143,290 | 1,717 | 1,683 |
18 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2012
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2012 ($000) (2) | GAAP Base Rent as of 9/30/2012 ($000) (3) | |||||||||||||||||||||
OFFICE PROPERTIES | |||||||||||||||||||||||||||||||
6/30/2020 | 10419 North 30th St. | Tampa | FL | — | Time Customer Service, Inc. (Time Incorporated) | 1986 | 132,981 | 117 | 121 | ||||||||||||||||||||||
7/8/2020 | 1460 Tobias Gadsen Blvd. | Charleston | SC | — | Hagemeyer North America, Inc. | 2005 | 50,076 | 602 | 630 | ||||||||||||||||||||||
8/31/2020 | First Park Dr. | Oakland | ME | — | Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | 2005 | 78,610 | 113 | 96 | ||||||||||||||||||||||
11/30/2020 | 11555 University Blvd. | Sugar Land | TX | — | KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation) | 2005 | 72,683 | 102 | 108 | ||||||||||||||||||||||
2021 | 1/31/2021 | 1701 Market St. | Philadelphia | PA | 4 | Morgan, Lewis & Bockius LLP | 1957/1997 | 289,432 | 3,354 | 3,233 | |||||||||||||||||||||
3/31/2021 | 1311 Broadfield Blvd. | Houston | TX | — | Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.) | 2000 | 155,040 | 1,744 | 1,967 | ||||||||||||||||||||||
6/30/2021 | 1415 Wyckoff Rd. | Wall | NJ | — | New Jersey Natural Gas Company | 1983 | 157,511 | 2,484 | 2,484 | ||||||||||||||||||||||
8/31/2021 | 333 Three D Systems Circle | Rock Hill | SC | — | 3D Systems Corporation | 2006 | 80,028 | 502 | 516 | ||||||||||||||||||||||
11/30/2021 | 29 South Jefferson Rd. | Whippany | NJ | — | CAE SimuFlite, Inc. (CAE INC.) | 2006/2008 | 123,734 | 1,793 | 1,745 | ||||||||||||||||||||||
12/31/2021 | 2800 Waterford Lake Dr. | Midlothian | VA | — | Alstom Power, Inc. | 2000 | 99,057 | 1,548 | 1,605 | ||||||||||||||||||||||
2022 | 1/31/2022 | 26210 and 26220 Enterprise Court | Lake Forest | CA | — | Apria Healthcare, Inc. (Apria Healthcare Group, Inc.) | 2001 | 100,012 | 857 | 899 | |||||||||||||||||||||
6/30/2022 | 8555 South River Pkwy. | Tempe | AZ | — | ASM Lithography, Inc. (ASM Lithography Holding N.V.) (2013) / DuPont Airproducts Nanomaterials L.L.C. (2022) | 1998 | 95,133 | 196 | 196 | ||||||||||||||||||||||
7/31/2022 | 1440 E 15th Street | Tucson | AZ | — | CoxCom, LLC | 1988 | 28,591 | 46 | 46 | ||||||||||||||||||||||
N/A | N/A | 1701 Market St. | Philadelphia | PA | 4 | Parking Operators | 1957/1997 | 0 | 1,806 | 1,806 | |||||||||||||||||||||
Vacant | 100 East Shore Dr. | Glen Allen | VA | — | (Available for Lease) | 1999 | 4,676 | 0 | 0 | ||||||||||||||||||||||
101 East Erie St. | Chicago | IL | — | (Available for Lease) | 1986 | 17,716 | 0 | 0 | |||||||||||||||||||||||
10475 Crosspoint Blvd. | Indianapolis | IN | — | (Available for Lease) | 1999 | 13,867 | 0 | 0 | |||||||||||||||||||||||
1701 Market St. | Philadelphia | PA | 4 | (Available for Lease) | 1957/1997 | 5,315 | 0 | 0 | |||||||||||||||||||||||
421 Butler Farm Rd. | Hampton | VA | — | (Available for Lease) | 2000 | 20,080 | 0 | 0 | |||||||||||||||||||||||
5757 Decatur Blvd. | Indianapolis | IN | — | (Available for Lease) | 2002 | 25,041 | 0 | 0 | |||||||||||||||||||||||
OFFICE TOTAL/WEIGHTED AVERAGE | 99.3% Leased | 12,917,251 | $ | 124,042 | $ | 121,617 |
19 |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq. Ft. Leased or Available (1) | Cash Rent as of 9/30/2012 ($000) (2) | GAAP Base Rent as of 9/30/2012 ($000) (3) | |||||||||||||||||||||
INDUSTRIAL PROPERTIES | |||||||||||||||||||||||||||||||
2012 | MTM | 191 Arrowhead Dr. | Hebron | OH | — | Owens Corning Insulating Systems, LLC | 1999 | 250,410 | 394 | 394 | |||||||||||||||||||||
10/31/2012 | 1601 Pratt Ave. | Marshall | MI | — | Enbridge Energy, Limited Partnership | 1979 | 58,300 | 129 | 129 | ||||||||||||||||||||||
2013 | 5/31/2013 | 200 Arrowhead Dr. | Hebron | OH | — | Owens Corning Sales, LLC / Owens Corning Insulating Systems, LLC | 2000 | 400,522 | 676 | 676 | |||||||||||||||||||||
12/31/2013 | 1133 Poplar Creek Rd. | Henderson | NC | — | Staples, Inc. / Corporate Express, Inc. | 1998/2006 | 196,946 | 657 | 608 | ||||||||||||||||||||||
120 Southeast Pkwy. Dr. | Franklin | TN | — | Essex Group, Inc. (United Technologies Corporation) | 1970/1983 | 289,330 | 61 | 104 | |||||||||||||||||||||||
2014 | 1/1/2014 | 2415 US Hwy. 78 East | Moody | AL | — | CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) | 2004 | 595,346 | 790 | 790 | |||||||||||||||||||||
1/31/2014 | 109 Stevens St. | Jacksonville | FL | — | Wagner Industries, Inc. | 1959/1967 | 168,800 | 25 | 25 | ||||||||||||||||||||||
12/31/2014 | 324 Industrial Park Rd. | Franklin | NC | — | SKF USA Inc. | 1996 | 72,868 | 38 | 23 | ||||||||||||||||||||||
3686 South Central Ave. | Rockford | IL | — | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | 1998 | 90,000 | 303 | 236 | |||||||||||||||||||||||
2015 | 1/31/2015 | 101 Michelin Dr. | Laurens | SC | — | Michelin North America, Inc. | 1991/1993 | 1,164,000 | 2,556 | 2,491 | |||||||||||||||||||||
7111 Crabb Rd. | Temperance | MI | — | Michelin North America, Inc. | 1978/1993 | 744,570 | 1,715 | 1,672 | |||||||||||||||||||||||
6/30/2015 | 1700 47th Ave North | Minneapolis | MN | — | Owens Corning / Owens Corning Roofing and Asphalt, LLC | 2003 | 18,620 | 53 | 53 | ||||||||||||||||||||||
2935 Van Vactor Dr. | Plymouth | IN | — | Bay Valley Foods, LLC | 2000/2003 | 300,500 | 68 | 68 | |||||||||||||||||||||||
12/31/2015 | 749 Southrock Dr. | Rockford | IL | — | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | 1992 | 150,000 | 357 | 366 | ||||||||||||||||||||||
2016 | 2/28/2016 | 7670 Hacks Cross Rd. | Olive Branch | MS | — | MAHLE Clevite, Inc. (MAHLE Industries, Incorporated) | 1989 | 268,104 | 716 | 687 | |||||||||||||||||||||
3/31/2016 | 19500 Bulverde Rd. | San Antonio | TX | — | Elsevier STM Inc. (Reed Elsevier Inc.) | 2001 | 559,258 | 2,748 | 2,572 | ||||||||||||||||||||||
2455 Premier Dr. | Orlando | FL | — | Walgreen Co. / Walgreen Eastern Co. | 1980 | 205,016 | 381 | 589 | |||||||||||||||||||||||
5/31/2016 | 291 Park Center Dr. | Winchester | VA | — | Kraft Foods Global, Inc. | 2001 | 344,700 | 913 | 967 | ||||||||||||||||||||||
8/31/2016 | 10590 Hamilton Ave. | Cincinnati | OH | — | The Hillman Group, Inc. | 1991/1994/1995/2005 | 248,200 | 594 | 594 | ||||||||||||||||||||||
9/30/2016 | 900 Industrial Blvd. | Crossville | TN | — | Dana Commercial Vehicle Products, LLC | 1989/2006 | 222,200 | 513 | 513 | ||||||||||||||||||||||
11/30/2016 | 736 Addison Rd. | Erwin | NY | — | Corning, Incorporated | 2006 | 408,000 | 103 | 103 | ||||||||||||||||||||||
2017 | 2/28/2017 | 3456 Meyers Ave. | Memphis | TN | — | Sears, Roebuck and Co. / Sears Logistics Services | 1973 | 780,000 | 1,194 | 1,271 | |||||||||||||||||||||
4/30/2017 | 3600 Army Post Rd. | Des Moines | IA | — | HP Enterprise Services, LLC | 2000 | 405,000 | 207 | 171 | ||||||||||||||||||||||
6/30/2017 | 7500 Chavenelle Rd. | Dubuque | IA | — | The McGraw-Hill Companies, Inc. | 2001 | 330,988 | 913 | 873 | ||||||||||||||||||||||
9/30/2017 | 250 Swathmore Ave. | High Point | NC | — | Steelcase Inc. | 2002 | 244,851 | 823 | 815 | ||||||||||||||||||||||
10/31/2017 | 1420 Greenwood Rd. | McDonough | GA | — | Versacold USA, Inc. | 2000/2007 | 296,972 | 1,983 | 1,947 | ||||||||||||||||||||||
43955 Plymouth Oaks Blvd. | Plymouth | MI | — | Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.) | 1996/1998 | 290,133 | 1,414 | 1,067 | |||||||||||||||||||||||
12/31/2017 | 2203 Sherrill Dr. | Statesville | NC | — | Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation) | 1999/2002 | 639,800 | 1,341 | 1,386 | ||||||||||||||||||||||
2018 | 6/30/2018 | 1650-1654 Williams Rd. | Columbus | OH | — | ODW Logistics, Inc. | 1973 | 772,450 | 1,010 | 1,007 | |||||||||||||||||||||
9/30/2018 | 50 Tyger River Dr. | Duncan | SC | — | Plastic Omnium Auto Exteriors, LLC | 2005/2007/2008 | 221,833 | 718 | 718 | ||||||||||||||||||||||
904 Industrial Rd. | Marshall | MI | — | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | 1968/1972/2008 | 246,508 | 64 | 58 | |||||||||||||||||||||||
2019 | 4/30/2019 | 113 Wells St. | North Berwick | ME | — | United Technologies Corporation | 1965/1980 | 972,625 | 1,152 | 1,152 | |||||||||||||||||||||
10/17/2019 | 10345 Philipp Pkwy. | Streetsboro | OH | — | L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.) | 2004 | 649,250 | 1,889 | 1,958 | ||||||||||||||||||||||
2020 | 3/31/2020 | 2425 Hwy. 77 North | Waxahachie | TX | — | James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV) | 1996/2001 | 335,610 | 2,550 | 2,550 | |||||||||||||||||||||
5/31/2020 | 359 Gateway Dr. | Lavonia | GA | — | TI Group Automotive Systems, LLC (TI Automotive Ltd.) | 2005 | 133,221 | 100 | 79 | ||||||||||||||||||||||
6/30/2020 | 3102 Queen Palm Dr. | Tampa | FL | — | Time Customer Service, Inc. (Time Incorporated) | 1986 | 229,605 | 973 | 957 | ||||||||||||||||||||||
9/30/2020 | 3350 Miac Cove Rd. | Memphis | TN | — | Mimeo.com, Inc. | 1987 | 107,400 | 310 | 288 | ||||||||||||||||||||||
12/19/2020 | 1901 Ragu Dr. | Owensboro | KY | 6 | Unilever Supply Chain, Inc. (Unilever United States, Inc.) | 1975/1979/1995 | 443,380 | 787 | 1,119 | ||||||||||||||||||||||
2021 | 5/31/2021 | 477 Distribution Pkwy. | Collierville | TN | — | Federal Express Corporation / FedEx Techconnect, Inc. | 1984/1987/2005/2012 | 126,213 | 424 | 366 | |||||||||||||||||||||
9/30/2021 | 3820 Micro Dr. | Millington | TN | — | Ingram Micro L.P. (Ingram Micro Inc.) | 1997 | 701,819 | 1,244 | 1,327 | ||||||||||||||||||||||
10/25/2021 | 6938 Elm Valley Dr. | Kalamazoo | MI | — | Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited) | 1999/2004 | 150,945 | 169 | 146 | ||||||||||||||||||||||
11/30/2021 | 2880 Kenny Biggs Rd. | Lumberton | NC | — | Quickie Manufacturing Corporation | 1998/2001/2006 | 423,280 | 985 | 1,017 | ||||||||||||||||||||||
2022 | 3/31/2022 | 5417 Campus Drive | Shreveport | LA | — | The Tire Rack, Inc. | 2012 | 257,849 | 330 | 346 | |||||||||||||||||||||
N/A | Vacant | 3350 Miac Cove Rd. | Memphis | TN | — | (Available for Lease) | 1987 | 32,679 | 0 | 0 | |||||||||||||||||||||
INDUSTRIAL TOTAL/WEIGHTED AVERAGE | 99.8% Leased | 15,548,101 | $ | 34,370 | $ | 34,278 |
20 |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2012 ($000) (2) | GAAP Base Rent as of 9/30/2012 ($000) (3) | |||||||||||||||||||||
RETAIL/SPECIALTY PROPERTIES | |||||||||||||||||||||||||||||||
2013 | 2/28/2013 | S. Carolina 52/52 Bypass | Moncks Corner | SC | — | Food Lion, LLC / Delhaize America, Inc. | 1982 | 23,000 | 46 | 92 | |||||||||||||||||||||
7/1/2013 | 1053 Mineral Springs Rd. | Paris | TN | 5 | The Kroger Co. | 1982 | 31,170 | 119 | 160 | ||||||||||||||||||||||
10/31/2013 | 1084 East Second St. | Franklin | OH | — | Marsh Supermarkets, Inc. / Crystal Food Services, LLC | 1961/1978 | 29,119 | 84 | 107 | ||||||||||||||||||||||
5104 North Franklin Rd. | Lawrence | IN | 19 | Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC | 1958 | 28,721 | 145 | 145 | |||||||||||||||||||||||
2014 | 3/31/2014 | N.E.C. 45th St./Lee Blvd. | Lawton | OK | — | Associated Wholesale Grocers, Inc. / Safeway, Inc. | 1984 | 30,757 | 139 | 155 | |||||||||||||||||||||
2015 | 1/31/2015 | 1700 State Route 160 | Port Orchard | WA | — | Moran Foods, Inc. d/b/a Save-A-Lot, Ltd. | 1983 | 16,037 | 61 | 61 | |||||||||||||||||||||
5/31/2015 | 24th St. West & St. John’s Ave. | Billings | MT | — | Safeway, Inc. | 1981 | 40,800 | 140 | 215 | ||||||||||||||||||||||
2016 | 5/31/2016 | 12535 Southeast 82nd Ave. | Clackamas | OR | — | Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC | 1981 | 42,842 | 229 | 229 | |||||||||||||||||||||
18601 Alderwood Mall Blvd. | Lynnwood | WA | — | Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC | 1981/1993 | 43,105 | 211 | 211 | |||||||||||||||||||||||
4811 Wesley St. | Greenville | TX | — | Brookshire Grocery Company / Safeway, Inc. | 1985 | 48,492 | 128 | 181 | |||||||||||||||||||||||
6910 South Memorial Hwy. | Tulsa | OK | — | Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc. | 1981 | 43,123 | 192 | 192 | |||||||||||||||||||||||
2017 | 3/31/2017 | 1610 South Westmoreland Ave. | Dallas | TX | — | Malone’s Food Stores, Ltd. | 1960 | 70,910 | 270 | 315 | |||||||||||||||||||||
6/30/2017 | 1600 East 23rd St. | Chattanooga | TN | — | BI-LO, LLC | 1983/1995 | 42,130 | 98 | 98 | ||||||||||||||||||||||
11/30/2017 | 205 Homer Rd. | Minden | LA | — | Brookshire Grocery Company (Safeway Stores, Inc.) | 1981 | 35,000 | 145 | 193 | ||||||||||||||||||||||
12/31/2017 | 11411 North Kelly Ave. | Oklahoma City | OK | — | American Golf Corporation | 1991/1996 | 13,924 | 40 | 27 | ||||||||||||||||||||||
2018 | 2/26/2018 | 399 Peachwood Centre Dr. | Spartanburg | SC | — | Best Buy Co., Inc. | 1996 | 45,800 | 296 | 296 | |||||||||||||||||||||
4831 Whipple Ave., Northwest | Canton | OH | — | Best Buy Co., Inc. | 1995 | 46,350 | 349 | 349 | |||||||||||||||||||||||
2/28/2018 | 291 Talbert Blvd. | Lexington | NC | — | Food Lion, LLC / Delhaize America, Inc. | 1981 | 23,000 | 104 | 104 | ||||||||||||||||||||||
3211 West Beverly St. | Staunton | VA | — | Food Lion, LLC / Delhaize America, Inc. | 1971 | 23,000 | 124 | 124 | |||||||||||||||||||||||
9/30/2018 | 835 Julian Ave. | Thomasville | NC | — | Mighty Dollar, LLC | 1983 | 23,767 | 55 | 55 | ||||||||||||||||||||||
10/31/2018 | 10340 U.S. 19 | Port Richey | FL | — | Kingswere Furniture, LLC | 1980 | 53,820 | 260 | 260 | ||||||||||||||||||||||
130 Midland Ave. | Port Chester | NY | — | Pathmark Stores, Inc. | 1982 | 59,000 | 314 | 892 | |||||||||||||||||||||||
12/31/2018 | 1150 West Carl Sandburg Dr. | Galesburg | IL | — | Kmart Corporation | 1992 | 94,970 | 119 | 247 | ||||||||||||||||||||||
12080 Carmel Mountain Rd. | San Diego | CA | — | Kmart Corporation | 1993 | 107,210 | 135 | 563 | |||||||||||||||||||||||
21082 Pioneer Plaza Dr. | Watertown | NY | — | Kmart Corporation | 1993 | 120,727 | 199 | 362 | |||||||||||||||||||||||
255 Northgate Dr. | Manteca | CA | — | Kmart Corporation | 1993 | 107,489 | 212 | 416 | |||||||||||||||||||||||
5350 Leavitt Rd. | Lorain | OH | — | Kmart Corporation | 1993 | 193,193 | 300 | 548 | |||||||||||||||||||||||
97 Seneca Trail | Fairlea | WV | — | Kmart Corporation | 1993/1999 | 90,933 | 140 | 260 | |||||||||||||||||||||||
N/A | Vacant | 101 West Buckingham Rd. | Garland | TX | 18 | (Available for Lease) | 1982 | 59,300 | 190 | 190 | |||||||||||||||||||||
1700 State Route 160 | Port Orchard | WA | — | (Available for Lease) | 1983 | 11,931 | 0 | 0 | |||||||||||||||||||||||
3451 Alta Mesa Blvd. | Fort Worth | TX | 12/18 | (Available for Lease) | 1985 | 44,000 | 127 | 148 | |||||||||||||||||||||||
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE | 93.0% Leased | 1,643,620 | $ | 4,971 | $ | 7,195 |
21 |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Property Type | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2012 ($000) (2) | GAAP Base Rent as of 9/30/2012 ($000) (3) | |||||||||||||||||||
LONG-TERM LEASE PROPERTIES | ||||||||||||||||||||||||||||||
2022 | 11/30/2022 | 4201 Marsh Ln. | Carrollton | TX | — | Carlson Restaurants Inc. (Carlson, Inc.) | Office | 2003 | 130,000 | 1,445 | 1,399 | |||||||||||||||||||
12/31/2022 | 147 Milk St. | Boston | MA | — | Harvard Vanguard Medical Associates, Inc. | Office | 1910 | 52,337 | 1,149 | 1,246 | ||||||||||||||||||||
2023 | 2/28/2023 | 2211 South 47th St. | Phoenix | AZ | — | Avnet, Inc. | Office | 1997 | 176,402 | 1,806 | 1,620 | |||||||||||||||||||
US 221 & Hospital Rd. | Jefferson | NC | — | Food Lion, LLC / Delhaize America, Inc. | Retail | 1981 | 34,555 | 55 | 70 | |||||||||||||||||||||
3/31/2023 | 6555 Sierra Dr. | Irving | TX | — | TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC) | Office | 1999 | 247,254 | 2,293 | 2,214 | ||||||||||||||||||||
8900 Freeport Pkwy. | Irving | TX | 7 | Nissan Motor Acceptance Corporation (Nissan North America, Inc.) / Pacific Union Financial, LLC. | Office | 2003 | 268,445 | 2,278 | 2,548 | |||||||||||||||||||||
12/14/2023 | 3333 Coyote Hill Rd. | Palo Alto | CA | — | Xerox Corporation | Office | 1973/1975/1982 | 202,000 | 2,624 | 3,161 | ||||||||||||||||||||
2024 | 2/14/2024 | 1362 Celebration Blvd. | Florence | SC | — | MED3000, Inc. | Office | 2012 | 32,000 | 322 | 359 | |||||||||||||||||||
10/26/2024 | 6277 Sea Harbor Dr. | Orlando | FL | — | Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation) | Office | 1984 | 259,401 | 0 | 2,099 | ||||||||||||||||||||
2025 | 6/30/2025 | 10000 Business Blvd. | Dry Ridge | KY | — | Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1988/1999 | 336,350 | 1,009 | 1,009 | |||||||||||||||||||
301 Bill Bryan Rd. | Hopkinsville | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1987/1999/2000/2006 | 424,904 | 1,266 | 1,266 | |||||||||||||||||||||
37101 Corporate Dr. | Farmington Hills | MI | — | Panasonic Automotive Systems Company of America, a Division of Panasonic Corporation of North America | Office | 2001 | 90,460 | 0 | 508 | |||||||||||||||||||||
4010 Airpark Dr. | Owensboro | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1998/2001 | 211,598 | 906 | 906 | |||||||||||||||||||||
730 North Black Branch Rd. | Elizabethtown | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 2001 | 167,770 | 403 | 403 | |||||||||||||||||||||
750 North Black Branch Rd. | Elizabethtown | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1995/2000/2001 | 539,592 | 2,129 | 2,129 | |||||||||||||||||||||
7/14/2025 | 590 Ecology Ln. | Chester | SC | — | Owens Corning Sales, LLC | Industrial | 2001/2005 | 420,597 | 182 | 138 | ||||||||||||||||||||
7/31/2025 | 7005 Cochran Rd. | Glenwillow | OH | — | Royal Appliance Mfg. Co. | Industrial | 1997 | 458,000 | 1,474 | 1,688 | ||||||||||||||||||||
11/30/2025 | 11707 Miracle Hills Dr. | Omaha | NE | — | Infocrossing, Inc. | Office | 1989/1995 | 85,200 | 875 | 875 | ||||||||||||||||||||
12/31/2025 | 2005 East Technology Cir. | Tempe | AZ | — | Infocrossing, Inc. | Office | 1998 | 60,000 | 846 | 846 | ||||||||||||||||||||
2026 | 3/30/2026 | 121 Technology Dr. | Durham | NH | 15 | Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc. (Goss International Corporation) | Industrial | 1986/2002/2003 | 500,500 | 2,702 | 1,903 | |||||||||||||||||||
3/31/2026 | 459 Wingo Road | Byhalia | MS | — | Asics America Corporation (Asics Corporation) | Industrial | 2011 | 513,734 | 1,932 | 2,203 | ||||||||||||||||||||
6/30/2026 | 351 Chamber Drive | Chillicothe | OH | — | The Kitchen Collection, Inc. | Industrial | 1995/1998 | 475,218 | 758 | 869 | ||||||||||||||||||||
8/31/2026 | 25500 State Hwy. 249 | Tomball | TX | — | Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin) | Specialty | 2005 | 77,076 | 115 | 117 | ||||||||||||||||||||
10/31/2026 | 5001 Greenwood Rd. | Shreveport | LA | — | Libbey Glass Inc. (Libbey Inc.) | Industrial | 2006 | 646,000 | 1,518 | 1,624 | ||||||||||||||||||||
11/30/2026 | 250 Rittenhouse Cir. | Bristol | PA | — | Northtec LLC (The Estée Lauder Companies Inc.) | Industrial | 1983/1997 | 241,977 | 770 | 853 | ||||||||||||||||||||
500 Kinetic Drive | Huntington | WV | — | AMZN WVCS LLC (Amazon.com, Inc.) | Office | 2011 | 68,693 | 870 | 979 | |||||||||||||||||||||
12/29/2026 | 5500 New Albany Road | Columbus | OH | — | Evans, Mechwart, Hambleton & Tilton, Inc. | Office | 2005 | 104,807 | 1,140 | 1,303 | ||||||||||||||||||||
2027 | 4/30/2027 | 2424 Alpine Rd. | Eau Claire | WI | — | Silver Spring Foods, Inc. (Huntsinger Farms, Inc.) | Industrial | 1993/2004 | 159,000 | 89 | 84 | |||||||||||||||||||
6/30/2027 | 3902 Gene Field Rd | St. Joseph | MO | — | Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation) | Office | 2012 | 98,849 | 114 | 133 | ||||||||||||||||||||
7/6/2027 | 2221 Schrock Road | Columbus | OH | — | MS Consultants, Inc. | Office | 1999/2006 | 42,290 | 420 | 481 | ||||||||||||||||||||
8/7/2027 | 25 Lakeview Drive | Jessup | PA | — | TMG Health, Inc. | Office | 2012 | 150,000 | 283 | 370 | ||||||||||||||||||||
8/31/2027 | 278 Norman Drive | Valdosta | GA | — | Gander Mountain Company | Retail | 2012 | 52,000 | 83 | 92 | ||||||||||||||||||||
10/31/2027 | 11201 Renner Blvd. | Lenexa | KS | 18 | United States of America | Office | 2007 | 169,585 | 2,414 | 2,414 | ||||||||||||||||||||
2028 | 8/31/2028 | 9803 Edmonds Way | Edmonds | WA | — | Pudget Consumers Co-op d/b/a PCC Natural Markets | Retail | 1981 | 35,459 | 452 | 452 | |||||||||||||||||||
2029 | 1/31/2029 | 6226 West Sahara Ave. | Las Vegas | NV | — | Nevada Power Company | Office | 1983/1994 | 282,000 | 6,053 | 3,190 | |||||||||||||||||||
12/31/2029 | 400 East Stone Ave. | Greenville | SC | 9 | Canal Insurance Company | Office | 1948/1981/1982/1986/1991/2006/2008 | 128,041 | 709 | 0 | ||||||||||||||||||||
2031 | 5/31/2031 | 671 Washburn Switch Rd. | Shelby | NC | — | Clearwater Paper Corporation | Industrial | 2011 | 673,518 | 1,619 | 1,950 | |||||||||||||||||||
2032 | 4/30/2032 | 13930 Pike Road | Missouri City | TX | — | Vulcan Construction Materials, LP (Vulcan Materials Company) | Industrial | N/A | 0 | 782 | 949 | |||||||||||||||||||
N/A | Vacant | 37101 Corporate Dr. | Farmington Hills | MI | — | (Available for Lease) | Office | 2001 | 38,369 | 0 | 0 | |||||||||||||||||||
6277 Sea Harbor Dr. | Orlando | FL | — | (Available for Lease) | Office | 1984 | 100,113 | 0 | 0 | |||||||||||||||||||||
LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE | 98.4% Leased | 8,754,094 | $ | 43,885 | $ | 44,450 |
22 |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Gross Book Value ($000) (10) | Sq.Ft. | Percentage Leased | Cash Rent as of 9/30/2012 ($000) (2) | GAAP Base Rent as of 9/30/2012 ($000) (3) | Debt Balance ($000) | |||||||||||||||||||||||||||||||
MULTI-TENANT PROPERTIES (14) | ||||||||||||||||||||||||||||||||||||||||||||
Various | Various | 10 John St. | Clinton | CT | 6 | Multi-Tenant | 1972 | 0 | 41,188 | 0 | % | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
100 Light St. | Baltimore | MD | 13 | Multi-Tenant | 1973/2009 | 245,066 | 476,459 | 95 | % | 8,951 | 11,490 | 55,000 | ||||||||||||||||||||||||||||||||
140 East Shore Dr. | Glen Allen | VA | — | Multi-Tenant | 2000 | 13,485 | 79,675 | 81 | % | 772 | 689 | 19,002 | ||||||||||||||||||||||||||||||||
13430 North Black Canyon Fwy. | Phoenix | AZ | 11 | Multi-Tenant | 1981/1982/2005/2007/2009 | 16,723 | 138,940 | 100 | % | 1,995 | 2,014 | 0 | ||||||||||||||||||||||||||||||||
207 Mockingbird Ln. | Johnson City | TN | — | Multi-Tenant | 1979 | 11,894 | 60,684 | 50 | % | 482 | 482 | 0 | ||||||||||||||||||||||||||||||||
2300 Litton Ln. | Hebron | KY | 11 | Multi-Tenant | 1986/1996 | 9,789 | 80,441 | 95 | % | 358 | 327 | 0 | ||||||||||||||||||||||||||||||||
4200 Northcorp Pkway | Palm Beach Gardens | FL | 11 | Multi-Tenant | 1996 | 15,676 | 95,065 | 20 | % | 100 | 100 | 0 | ||||||||||||||||||||||||||||||||
6050 Dana Way | Antioch | TN | — | Multi-Tenant | 1999 | 14,953 | 672,629 | 70 | % | 1,047 | 1,065 | 0 | ||||||||||||||||||||||||||||||||
King St./1032 Fort St. Mall | Honolulu | HI | 11 / 13 | Multi-Tenant | 1979/2002 | 47,192 | 318,451 | 95 | % | 1,771 | 1,518 | 0 | ||||||||||||||||||||||||||||||||
4000 Johns Creek Pkwy. | Suwanee | GA | 18 | Multi-Tenant | 2001 | 4,203 | 87,219 | 0 | % | 1,086 | 1,078 | 10,964 | ||||||||||||||||||||||||||||||||
265 Lehigh Street | Allentown | PA | — | Multi-Tenant | 1980 | 2,900 | 71,230 | 31 | % | 10 | 10 | 0 | ||||||||||||||||||||||||||||||||
17191 St. Luke's Way | The Woodlands | TX | — | Multi-Tenant | 2004 | 7,900 | 41,000 | 33 | % | 25 | 25 | 7,445 | ||||||||||||||||||||||||||||||||
1275 Northwest 128th St. | Clive | IA | 18 | Multi-Tenant | 2004 | 10,599 | 61,180 | 0 | % | 66 | 66 | 5,290 | ||||||||||||||||||||||||||||||||
MULTI-TENANT TOTAL/WEIGHTED AVERAGE | 71.5% Leased | 2,224,161 | $ | 16,663 | $ | 18,864 | $ | 97,701 | ||||||||||||||||||||||||||||||||||||
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE | 97.5% Leased | 41,087,227 | $ | 223,931 | $ | 226,404 |
Footnotes
1 | Square foot leased or vacant. |
2 | Nine months ended 9/30/2012 cash rent. |
3 | Nine months ended 9/30/2012 GAAP base rent. |
4 | Lexington has an 80.5% interest in this property. |
5 | Lease extended to 7/1/2018 subsequent to 9/30/2012. |
6 | Lexington has a 71.1% interest in this property. |
7 | Pacific Union Financial, LLC lease for 43,396 square feet expires 03/2018. |
8 | IBM lease expires 05/2013, however, new tenant (Problem Solved, LLC) leases 16,000 sf through 05/2014. |
9 | Property is classified as a capital lease for GAAP, accordingly $743 income is included in non-operating income. |
10 | Represents GAAP capitalized costs. |
11 | Property is collateral for secured credit facility and term loan. |
12 | Subsequent to 9/30/2012, property sold. |
13 | Includes parking operations. |
14 | The multi-tenanted properties incurred approximately $7.8 million in operating expenses, net for the nine months ended 9/30/2012. |
15 | Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026. |
16 | Tenant to vacate 78,895 square feet in 01/2013 and occupy 78,895 square feet through 01/2018. |
17 | Lease extended to 5/31/2020 subsequent to 9/30/2012. |
18 | Cash and GAAP rent amounts represent/include prior tenant. |
19 | Lease extended to 10/31/2018 subsequent to 9/30/2012. |
20 | Lease extended to 3/14/2025 subsequent to 9/30/2012. |
23 |
LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type - Cash Basis
9/30/2012
Office | Industrial | Retail/Specialty | ||||||||||||||||||||||||||||||||||
Year | Net Rentable Area | Cash Rent as of 9/30/2012 ($000) | Annual Rent PSF (2) | Net Rentable Area | Cash Rent as of 9/30/2012 ($000) | Annual Rent PSF (2) | Net Rentable Area | Cash Rent as of 9/30/2012 ($000) | Annual Rent PSF (2) | |||||||||||||||||||||||||||
2012 | 222,169 | $ | 2,457 | $ | 14.75 | 308,710 | $ | 523 | $ | 2.26 | - | $ | - | $ | - | |||||||||||||||||||||
2013 | 840,303 | $ | 6,847 | $ | 12.49 | 886,798 | $ | 1,394 | $ | 2.83 | 112,010 | $ | 394 | $ | 4.69 | |||||||||||||||||||||
2014 | 2,497,217 | $ | 25,102 | $ | 16.45 | 927,014 | $ | 1,156 | $ | 2.39 | 30,757 | $ | 139 | $ | 6.03 | |||||||||||||||||||||
2015 | 1,922,343 | $ | 21,915 | $ | 14.82 | 2,377,690 | $ | 4,749 | $ | 3.21 | 56,837 | $ | 201 | $ | 4.72 | |||||||||||||||||||||
2016 | 1,017,000 | $ | 6,289 | $ | 12.09 | 2,255,478 | $ | 5,968 | $ | 4.02 | 177,562 | $ | 760 | $ | 5.71 | |||||||||||||||||||||
2017 | 512,639 | $ | 6,047 | $ | 15.73 | 2,987,744 | $ | 7,875 | $ | 4.26 | 161,964 | $ | 553 | $ | 7.16 | |||||||||||||||||||||
2018 | 1,609,705 | $ | 15,697 | $ | 13.85 | 1,240,791 | $ | 1,792 | $ | 2.47 | 989,259 | $ | 2,607 | $ | 4.05 | |||||||||||||||||||||
2019 | 2,453,398 | $ | 20,174 | $ | 13.18 | 1,621,875 | $ | 3,041 | $ | 2.50 | - | $ | - | $ | - | |||||||||||||||||||||
2020 | 670,640 | $ | 5,184 | $ | 15.59 | 1,249,216 | $ | 4,720 | $ | 5.89 | - | $ | - | $ | - | |||||||||||||||||||||
2021 | 904,802 | $ | 11,425 | $ | 16.84 | 1,402,257 | $ | 2,822 | $ | 3.97 | - | $ | - | $ | - | |||||||||||||||||||||
2022 - Q1 - Q3 | 223,736 | $ | 1,099 | $ | 18.07 | 257,849 | $ | 330 | $ | 4.83 | - | $ | - | $ | - | |||||||||||||||||||||
Thereafter | 2,604,368 | $ | 25,641 | $ | 14.36 | 5,768,758 | $ | 17,539 | $ | 4.52 | 199,090 | $ | 705 | $ | 14.41 | |||||||||||||||||||||
Total/Weighted Average(1) | 15,478,320 | $ | 147,877 | $ | 14.57 | 21,284,180 | $ | 51,909 | $ | 3.86 | 1,727,479 | $ | 5,359 | $ | 5.81 |
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.
(2) For properties acquired 9/1/2012, cash rents annualized.
24 |
LEXINGTON REALTY TRUST
Lease Rollover Schedule - GAAP Basis
9/30/2012
Year | Number of Leases Expiring | GAAP Base Rent as of 9/30/2012 ($000) | Percent of GAAP Base Rent as of 9/30/2012 | |||||||||
2012 | 5 | $ | 2,719 | 1.3 | % | |||||||
2013 | 17 | $ | 8,535 | 4.2 | % | |||||||
2014 | 31 | $ | 26,444 | 12.9 | % | |||||||
2015 | 22 | $ | 23,635 | 11.5 | % | |||||||
2016 | 18 | $ | 13,699 | 6.7 | % | |||||||
2017 | 17 | $ | 14,310 | 7.0 | % | |||||||
2018 | 29 | $ | 21,752 | 10.6 | % | |||||||
2019 | 14 | $ | 23,760 | 11.6 | % | |||||||
2020 | 11 | $ | 10,199 | 5.0 | % | |||||||
2021 | 10 | $ | 14,406 | 7.0 | % | |||||||
2022 - Q1 - Q3 | 4 | $ | 1,487 | 0.7 | % | |||||||
Thereafter | 38 | $ | 44,450 | 21.6 | % | |||||||
Total(1) | 216 | $ | 205,396 | 100.0 | % |
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.
25 |
LEXINGTON REALTY TRUST
Mortgage Loans Receivable
9/30/2012
Current | ||||||||||||||||||||||||||||||
Estimated | ||||||||||||||||||||||||||||||
Annual | ||||||||||||||||||||||||||||||
Collateral | Loan Balance | Interest | Maturity | Debt Service | Balloon Payment | Escrow Balance | ||||||||||||||||||||||||
City | State | ($000)(1)(7) | Rate | Date | ($000)(2) | ($000) | ($000) | |||||||||||||||||||||||
Office | Schaumburg (3) | IL | $ | 21,942 | 20.00 | % | 01/2012 | $ | - | $ | 21,942 | $ | 307 | |||||||||||||||||
Southfield | MI | $ | 7,544 | 4.55 | % | 02/2015 | $ | 1,282 | $ | 5,810 | $ | - | ||||||||||||||||||
Westmont (4) | IL | $ | 26,983 | 6.45 | % | 10/2015 | $ | 2,090 | $ | 25,731 | $ | 5,501 | ||||||||||||||||||
Industrial | New Kingstown (5) | PA | $ | 3,086 | 7.78 | % | 01/2013 | $ | - | $ | 3,086 | $ | 668 | |||||||||||||||||
Retail | Austin | TX | $ | 1,958 | 16.00 | % | 10/2018 | $ | - | $ | 5,104 | $ | - | |||||||||||||||||
Various | Various | $ | 1,320 | 8.00 | % | 02/2021 | $ | 219 | $ | - | $ | - | ||||||||||||||||||
Various | Various | $ | 700 | 8.00 | % | 12/2021 | $ | 111 | $ | - | $ | - | ||||||||||||||||||
Various | Various | $ | 844 | 8.00 | % | 03/2022 | $ | 127 | $ | - | $ | - | ||||||||||||||||||
Charter School | Homestead (6) | FL | $ | 8,094 | 7.50 | % | 08/2014 | $ | 606 | $ | 8,000 | $ | - | |||||||||||||||||
Total Mortgage Loans Receivable | $ | 72,471 | $ | 4,435 | $ | 69,673 | $ | 6,476 |
Footnotes
(1) Includes accrued interest receivable and net origination fees.
(2) Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months.
(3) Interest only payments to the extent of operating cash flow of underlying asset. Borrower currently in default and Lexington has commenced foreclosure.
(4) Escrow balance includes $2,721 in a collateral escrow account maintained by the borrower and $2,500 letter of credit held by Lexington.
(5) Borrower currently in default and Lexington has commenced foreclosure.
(6) Lexington is committed to lend an additional $30 thousand.
(7) Excludes a $371 joint venture partner loan receivable acquired in the NLS transaction. Amount satisfied in full subsequent to 9/30/2012.
26 |
LEXINGTON REALTY TRUST
2012 Third Quarter Financing Summary
DEBT RETIRED
Face ($000) | Satisfaction ($000) | Rate | Due Date | ||||||||||||||
1 | San Antonio, TX | $ | 26,128 | $ | 26,128 | 6.080 | % | 10/2012 | |||||||||
2 | Plymouth, MI (1) | $ | 10,093 | $ | 10,093 | 5.964 | % | 12/2012 | |||||||||
3 | Centennial, CO (1) | $ | 13,696 | $ | 13,696 | 5.724 | % | 02/2013 | |||||||||
4 | The Woodlands, TX | $ | 16,115 | $ | 16,115 | 8.036 | % | 09/2015 | |||||||||
5 | Sugar Land, TX | $ | 9,043 | $ | 9,043 | 6.250 | % | 09/2015 | |||||||||
TOTAL | $ | 75,075 | $ | 75,075 |
CORPORATE LEVEL FINANCING
Face ($000) | Rate | Maturity | |||||||||||||||
1 | Term Loan Draw | $ | 9,000 | 3.360 | % | 01/2019 | |||||||||||
TOTAL | $ | 9,000 |
Footnotes
(1) Imputed interest rate.
27 |
LEXINGTON REALTY TRUST
Debt Maturity Schedule
9/30/2012
($000)
Consolidated Properties | ||||||||||||
Year | Real Estate Scheduled Amortization | Real Estate Balloon Payments | Corporate Debt | |||||||||
2012 | $ | 4,870 | $ | 33,870 | $ | - | ||||||
2013 | $ | 33,119 | $ | 238,022 | $ | 22,450 | (1) | |||||
2014 | $ | 27,840 | $ | 256,194 | $ | 35,000 | (1) | |||||
2015 | $ | 19,944 | $ | 289,055 | $ | 93,000 | (2) | |||||
2016 | $ | 13,561 | $ | 148,595 | $ | - | ||||||
$ | 99,334 | $ | 965,736 | $ | 150,450 |
Non-Consolidated Investments - LXP Proportionate Share | ||||||||
Year | Real Estate Scheduled Amortization | Real Estate Balloon Payments | ||||||
2012 | $ | 313 | $ | - | ||||
2013 | $ | 1,327 | $ | - | ||||
2014 | $ | 1,458 | $ | - | ||||
2015 | $ | 1,535 | $ | 5,469 | ||||
2016 | $ | 1,402 | $ | - | ||||
$ | 6,035 | $ | 5,469 |
Footnotes
(1) Net Lease Strategic Assets Fund credit facility - amounts fully satisfied subsequent to 9/30/2012.
(2) Maturity date can be extended to 01/2016 at Lexington's option. Amount fully satisfied subsequent to 9/30/2012.
28 |
LEXINGTON REALTY TRUST
2012 Mortgage Maturities by Property Type
9/30/2012
Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2012 ($000) | GAAP Base Rent as of 9/30/2012 ($000) | |||||||||||||||||||||
Office | 4455 American Way (2) | Baton Rouge | LA | 70,100 | $ | 5,943 | 10/2012 | 10/2017 | $ | 13,868 | $ | 886 | $ | 835 | ||||||||||||||||
1110 Bayfield Dr. | Colorado Springs | CO | 166,575 | $ | 10,272 | 12/2012 | 11/2013 | $ | 19,579 | $ | 1,223 | $ | 1,200 | |||||||||||||||||
37101 Corporate Dr. | Farmington Hills | MI | 128,829 | $ | 17,655 | 12/2012 | 06/2025 | $ | 12,968 | $ | - | $ | 508 | |||||||||||||||||
Total 2012 Mortgage Maturities | 365,504 | $ | 33,870 | $ | 46,415 | $ | 2,109 | $ | 2,543 |
Footnotes
(1) Represents GAAP capitalized costs as of September 30, 2012.
(2) Amount satisfied subsequent to September 30, 2012.
29 |
LEXINGTON REALTY TRUST
2013 Mortgage Maturities by Property Type
9/30/2012
Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2012 ($000) | GAAP Base Rent as of 9/30/2012 ($000) | |||||||||||||||||||||
Office | 3476 Stateview Blvd. (2) | Fort Mill | SC | 169,083 | $ | 9,904 | 01/2013 | 05/2014 | $ | 18,095 | $ | 2,023 | $ | 1,901 | ||||||||||||||||
70 Mechanic St. (3) | Foxboro | MA | 251,914 | $ | - | 01/2013 | 06/2014 | $ | 13,200 | $ | 3,256 | $ | 1,840 | |||||||||||||||||
12600 Gateway Blvd. | Fort Meyers | FL | 62,400 | $ | 8,550 | 05/2013 | 01/2013 | $ | 3,304 | $ | 869 | $ | 819 | |||||||||||||||||
8555 South River Pkwy. (3) | Tempe | AZ | 95,133 | $ | 12,144 | 05/2013 | 06/2022 | $ | 15,100 | $ | 1,766 | $ | 1,766 | |||||||||||||||||
200 Executive Blvd. South | Southington | CT | 153,364 | $ | 12,228 | 05/2013 | 12/2012 | $ | 26,737 | $ | 1,259 | $ | 1,218 | |||||||||||||||||
275 South Valencia Ave. | Brea | CA | 637,503 | $ | 73,071 | 05/2013 | 06/2019 | $ | 118,929 | $ | 6,268 | $ | 6,408 | |||||||||||||||||
5757 Decatur Blvd. | Indianapolis | IN | 89,956 | $ | 8,580 | 05/2013 | 2012/2018 | $ | 15,299 | $ | 974 | $ | 1,032 | |||||||||||||||||
810 & 820 Gears Rd. | Houston | TX | 157,790 | $ | 15,737 | 05/2013 | 2013/2018 | $ | 26,829 | $ | 1,722 | $ | 1,676 | |||||||||||||||||
8900 Freeport Pkwy. | Irving | TX | 268,445 | $ | 36,466 | 05/2013 | 03/2023 | $ | 60,587 | $ | 2,278 | $ | 2,548 | |||||||||||||||||
6303 Barfield Rd./859 Mount Vernon Hwy. | Atlanta | GA | 289,000 | $ | 40,356 | 05/2013 | Various | $ | 76,766 | $ | 4,772 | $ | 3,422 | |||||||||||||||||
2401 Cherahala Blvd. (3) | Knoxville | TN | 59,748 | $ | 4,496 | 09/2013 | 05/2013 | $ | 8,400 | $ | 675 | $ | 675 | |||||||||||||||||
2211 South 47th St. | Phoenix | AZ | 176,402 | $ | 16,490 | 09/2013 | 02/2023 | $ | 24,631 | $ | 1,806 | $ | 1,620 | |||||||||||||||||
Total 2013 Mortgage Maturities | 2,410,738 | $ | 238,022 | $ | 407,877 | $ | 27,668 | $ | 24,925 |
Footnotes
(1) Represents GAAP capitalized costs as of September 30, 2012.
(2) Amount satisfied subsequent to September 30, 2012.
(3) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.
30 |
LEXINGTON REALTY TRUST
2014 Mortgage Maturities by Property Type
9/30/2012
Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2012 ($000) | GAAP Base Rent as of 9/30/2012 ($000) | |||||||||||||||||||||
Office & | 33 Commercial St. | Foxboro | MA | 164,689 | $ | - | 01/2014 | 06/2015 | $ | 29,238 | $ | 3,631 | $ | 2,723 | ||||||||||||||||
Multi-Tenant | 1401 & 1501 Nolan Ryan Pkwy. (3) | Arlington | TX | 236,547 | $ | 18,642 | 02/2014 | 01/2014 | $ | 28,303 | $ | 2,042 | $ | 2,042 | ||||||||||||||||
2999 Southwest 6th St. (3) | Redmond | OR | 77,484 | $ | 8,484 | 04/2014 | 01/2019 | $ | 14,100 | $ | 1,157 | $ | 1,101 | |||||||||||||||||
1275 Northwest 128th St. | Clive | IA | 61,180 | $ | 5,151 | 05/2014 | Vacant | $ | 10,599 | $ | 66 | $ | 66 | |||||||||||||||||
3480 Stateview Blvd. | Fort Mill | SC | 169,218 | $ | 18,311 | 05/2014 | 05/2014 | $ | 29,174 | $ | 2,746 | $ | 2,588 | |||||||||||||||||
1701 Market St. (2) | Philadelphia | PA | 304,037 | $ | 43,520 | 07/2014 | Various | $ | 72,728 | $ | 5,355 | $ | 5,237 | |||||||||||||||||
10300 Kincaid Dr. | Fishers | IN | 193,000 | $ | 10,466 | 08/2014 | 01/2020 | $ | 28,361 | $ | 2,533 | $ | 2,568 | |||||||||||||||||
3965 Airways Blvd. | Memphis | TN | 521,286 | $ | 47,270 | 09/2014 | 06/2019 | $ | 116,410 | $ | 5,139 | $ | 5,260 | |||||||||||||||||
500 Jackson St. | Columbus | IN | 390,100 | $ | 26,399 | 09/2014 | 07/2019 | $ | 53,821 | $ | 3,347 | $ | 3,405 | |||||||||||||||||
6226 West Sahara Ave. | Las Vegas | NV | 282,000 | $ | 32,118 | 09/2014 | 01/2029 | $ | 64,735 | $ | 6,053 | $ | 3,190 | |||||||||||||||||
22011 Southeast 51st St./5150 220th Ave. | Issaquah | WA | 202,544 | $ | 30,388 | 12/2014 | 12/2014 | $ | 51,306 | $ | 3,402 | $ | 3,113 | |||||||||||||||||
275 Technology Dr. | Canonsburg | PA | 107,872 | $ | 9,095 | 12/2014 | 12/2014 | $ | 15,739 | $ | 1,072 | $ | 1,033 | |||||||||||||||||
Industrial | 2415 US Hwy. 78 East | Moody | AL | 595,346 | $ | 6,350 | 01/2014 | 01/2014 | $ | 11,575 | $ | 790 | $ | 790 | ||||||||||||||||
Total 2014 Mortgage Maturities | 3,305,303 | $ | 256,194 | $ | 526,089 | $ | 37,333 | $ | 33,116 |
Footnotes
(1) Represents GAAP capitalized costs as of September 30, 2012.
(2) Lexington has an 80.5% interest in the property and amounts include parking operations.
(3) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.
31 |
LEXINGTON REALTY TRUST
2015 Mortgage Maturities by Property Type
9/30/2012
Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2012 ($000) | GAAP Base Rent as of 9/30/2012 ($000) | |||||||||||||||||||||
Office & | 101 East Erie St. | Chicago | IL | 230,704 | $ | 29,900 | 01/2015 | 03/2014 | $ | 56,548 | $ | 3,102 | $ | 3,755 | ||||||||||||||||
Multi-Tenant | 400 East Stone Ave. (2) | Greenville | SC | 128,041 | $ | 9,000 | 01/2015 | 12/2029 | $ | 10,674 | $ | 709 | $ | - | ||||||||||||||||
4201 Marsh Ln. | Carrollton | TX | 130,000 | $ | 12,022 | 01/2015 | 11/2022 | $ | 22,146 | $ | 1,445 | $ | 1,399 | |||||||||||||||||
13775 McLearen Rd. | Herndon | VA | 125,293 | $ | 10,359 | 04/2015 | 04/2015 | $ | 25,443 | $ | 1,663 | $ | 1,603 | |||||||||||||||||
10475 Crosspoint Blvd. | Indianapolis | IN | 141,047 | $ | 11,205 | 05/2015 | 10/2019 | $ | 22,570 | $ | 1,670 | $ | 1,751 | |||||||||||||||||
100, 120, 140 East Shore Dr. | Glen Allen | VA | 224,838 | $ | 18,321 | 05/2015 | Various | $ | 38,053 | $ | 2,018 | $ | 2,109 | |||||||||||||||||
1311 Broadfield Blvd. | Houston | TX | 155,040 | $ | 14,431 | 05/2015 | 03/2021 | $ | 29,999 | $ | 1,744 | $ | 1,967 | |||||||||||||||||
1409 Centerpoint Blvd. | Knoxville | TN | 84,404 | $ | 6,658 | 05/2015 | 10/2014 | $ | 12,604 | $ | 1,297 | $ | 1,216 | |||||||||||||||||
2550 Interstate Dr. | Harrisburg | PA | 81,859 | $ | 7,792 | 05/2015 | 12/2013 | $ | 15,255 | $ | 1,458 | $ | 1,403 | |||||||||||||||||
2706 Media Center Dr. | Los Angeles | CA | 83,252 | $ | 9,760 | 05/2015 | Various | $ | 18,070 | $ | 1,323 | $ | 1,103 | |||||||||||||||||
2800 Waterford Lake Dr. | Midlothian | VA | 99,057 | $ | 9,055 | 05/2015 | 12/2021 | $ | 15,845 | $ | 1,548 | $ | 1,605 | |||||||||||||||||
333 Mt. Hope Ave. | Rockaway | NJ | 95,500 | $ | 14,900 | 05/2015 | 09/2014 | $ | 29,295 | $ | 1,683 | $ | 1,592 | |||||||||||||||||
4000 Johns Creek Pkwy. | Suwanee | GA | 87,219 | $ | 10,502 | 05/2015 | Vacant | $ | 4,203 | $ | 1,086 | $ | 1,078 | |||||||||||||||||
6200 Northwest Pkwy. | San Antonio | TX | 142,500 | $ | 11,167 | 05/2015 | 11/2017 | $ | 20,813 | $ | 1,336 | $ | 1,400 | |||||||||||||||||
16676 Northchase Dr. | Houston | TX | 101,111 | $ | 11,282 | 05/2015 | 07/2014 | $ | 19,369 | �� | $ | 1,257 | $ | 1,220 | ||||||||||||||||
2500 Patrick Henry Pkwy. (3) | McDonough | GA | 111,911 | $ | 11,349 | 06/2015 | 06/2015 | $ | 16,000 | $ | 1,162 | $ | 1,033 | |||||||||||||||||
3711 San Gabriel (3) | Mission | TX | 75,016 | $ | 5,371 | 06/2015 | 06/2015 | $ | 7,600 | $ | 788 | $ | 632 | |||||||||||||||||
4001 International Pkwy. | Carrollton | TX | 138,443 | $ | 18,710 | 07/2015 | 07/2015 | $ | 30,859 | $ | 2,405 | $ | 2,396 | |||||||||||||||||
2529 West Thorne Dr. (3) | Houston | TX | 65,500 | $ | 2,203 | 09/2015 | 09/2015 | $ | 5,400 | $ | 929 | $ | 489 | |||||||||||||||||
10001 Richmond Ave. | Houston | TX | 554,385 | $ | 18,161 | 09/2015 | 09/2015 | $ | 73,343 | $ | 8,163 | $ | 5,531 | |||||||||||||||||
Industrial | 324 Industrial Park Rd. (3) | Franklin | NC | 72,868 | $ | - | 04/2015 | 12/2014 | $ | 2,300 | $ | 342 | $ | 203 | ||||||||||||||||
6938 Elm Valley Dr. (3) | Kalamazoo | MI | 150,945 | $ | 15,087 | 05/2015 | 10/2021 | $ | 21,970 | $ | 1,520 | $ | 1,310 | |||||||||||||||||
10000 Business Blvd. | Dry Ridge | KY | 336,350 | $ | 4,277 | 07/2015 | 06/2025 | $ | 15,227 | $ | 1,009 | $ | 1,009 | |||||||||||||||||
301 Bill Bryan Rd. | Hopkinsville | KY | 424,904 | $ | 7,862 | 07/2015 | 06/2025 | $ | 19,066 | $ | 1,266 | $ | 1,266 | |||||||||||||||||
4010 Airpark Dr. | Owensboro | KY | 211,598 | $ | 3,746 | 07/2015 | 06/2025 | $ | 13,598 | $ | 906 | $ | 906 | |||||||||||||||||
730 North Black Branch Rd. | Elizabethtown | KY | 167,770 | $ | 2,533 | 07/2015 | 06/2025 | $ | 6,055 | $ | 403 | $ | 403 | |||||||||||||||||
750 North Black Branch Rd. | Elizabethtown | KY | 539,592 | $ | 13,402 | 07/2015 | 06/2025 | $ | 32,222 | $ | 2,129 | $ | 2,129 | |||||||||||||||||
Total 2015 Mortgage Maturities | 4,759,147 | $ | 289,055 | $ | 584,527 | $ | 44,361 | $ | 40,508 |
Footnotes
(1) Represents GAAP capitalized costs as of September 30, 2012.
(2) Property is classified as a capital lease for GAAP, accordingly $743 of GAAP income is included in non-operating income.
(3) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.
32 |
LEXINGTON REALTY TRUST
2016 Mortgage Maturities by Property Type
9/30/2012
Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2012 ($000) | GAAP Base Rent as of 9/30/2012 ($000) | |||||||||||||||||||||
Office | 1600 Eberhardt Rd. (2) | Temple | TX | 108,800 | $ | 7,463 | 01/2016 | 01/2016 | $ | 12,161 | $ | 1,256 | $ | 1,010 | ||||||||||||||||
700 US Hwy. Route 202-206 | Bridgewater | NJ | 115,558 | $ | 13,825 | 03/2016 | 10/2014 | $ | 31,662 | $ | 1,526 | $ | 1,928 | |||||||||||||||||
11707 Miracle Hills Dr | Omaha | NE | 85,200 | $ | 7,560 | 04/2016 | 11/2025 | $ | 13,853 | $ | 875 | $ | 875 | |||||||||||||||||
1400 Northeast McWilliams Rd. (2) | Bremerton | WA | 60,200 | $ | 5,479 | 04/2016 | 07/2016 | $ | 9,906 | $ | 911 | $ | 911 | |||||||||||||||||
2005 East Technology Circle | Tempe | AZ | 60,000 | $ | 7,140 | 04/2016 | 12/2025 | $ | 12,199 | $ | 846 | $ | 846 | |||||||||||||||||
850-950 Warrenville Rd | Lisle | IL | 99,414 | $ | 9,377 | 06/2016 | 2014/2019 | $ | 17,388 | $ | 1,157 | $ | 1,277 | |||||||||||||||||
11511 Luna Rd | Farmers Branch | TX | 180,507 | $ | 18,363 | 07/2016 | 04/2016 | $ | 29,984 | $ | 1,738 | �� | $ | 2,391 | ||||||||||||||||
180 South Clinton St | Rochester | NY | 226,000 | $ | 16,765 | 08/2016 | 12/2014 | $ | 30,880 | $ | 2,226 | $ | 2,220 | |||||||||||||||||
Industrial | 459 Wingo Road | Byhalia | MS | 513,734 | $ | 15,000 | 06/2016 | 03/2026 | $ | 27,492 | $ | 1,932 | $ | 2,203 | ||||||||||||||||
2203 Sherrill Dr | Statesville | NC | 639,800 | $ | 12,574 | 08/2016 | 12/2017 | $ | 21,266 | $ | 1,341 | $ | 1,386 | |||||||||||||||||
3686 S. Central Ave. / 749 Southrock Dr | Rockford | IL | 240,000 | $ | 6,153 | 08/2016 | 2014/2015 | $ | 10,919 | $ | 660 | $ | 602 | |||||||||||||||||
2935 Van Vactor Dr. (2) | Plymouth | IN | 300,500 | $ | 5,723 | 09/2016 | 06/2015 | $ | 9,200 | $ | 611 | $ | 611 | |||||||||||||||||
7005 Cochran Road | Glenwillow | OH | 458,000 | $ | 15,132 | 09/2016 | 07/2025 | $ | 28,665 | $ | 1,474 | $ | 1,688 | |||||||||||||||||
Specialty | 25500 State Hwy. 249 (2) | Tomball | TX | 77,076 | $ | 8,041 | 11/2016 | 08/2026 | $ | 15,776 | $ | 1,017 | $ | 1,053 | ||||||||||||||||
Total 2016 Mortgage Maturities | 3,164,789 | $ | 148,595 | $ | 271,351 | $ | 17,570 | $ | 19,001 |
Footnotes
(1) Represents GAAP capitalized cost at September 30, 2012.
(2) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.
33 |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2012
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) | ||||||||||||||
Baton Rouge, LA | (b)(p) | $ | 5,958 | 5.333 | % | 10/2012 | $ | 24 | $ | 5,943 | ||||||||||
Farmington Hills, MI | (b)(q) | 17,687 | 7.420 | % | 12/2012 | 359 | 17,655 | |||||||||||||
Colorado Springs, CO | (b) | 10,316 | 5.996 | % | 12/2012 | 201 | 10,272 | |||||||||||||
Fort Mill, SC | (p) | 9,943 | 6.000 | % | 01/2013 | 191 | 9,904 | |||||||||||||
Foxboro, MA | 2,578 | 7.670 | % | 01/2013 | 2,677 | - | ||||||||||||||
Tempe, AZ | 12,273 | 5.148 | % | 05/2013 | 499 | 12,144 | ||||||||||||||
Brea, CA | (b) | 73,718 | 5.734 | % | 05/2013 | 3,452 | 73,071 | |||||||||||||
Atlanta, GA | 40,847 | 5.268 | % | 05/2013 | 1,929 | 40,356 | ||||||||||||||
Irving, TX | (b) | 36,859 | 5.452 | % | 05/2013 | 1,735 | 36,466 | |||||||||||||
Houston, TX | 15,930 | 5.218 | % | 05/2013 | 749 | 15,737 | ||||||||||||||
Southington, CT | 12,383 | 5.018 | % | 05/2013 | 570 | 12,228 | ||||||||||||||
Indianapolis, IN | 8,686 | 5.168 | % | 05/2013 | 406 | 8,580 | ||||||||||||||
Fort Meyers, FL | 8,629 | 5.268 | % | 05/2013 | 383 | 8,550 | ||||||||||||||
Phoenix, AZ | 16,890 | 6.270 | % | 09/2013 | 1,358 | 16,490 | ||||||||||||||
Knoxville, TN | 4,586 | 5.950 | % | 09/2013 | 341 | 4,496 | ||||||||||||||
Foxboro, MA | (b) | 5,719 | 6.000 | % | 01/2014 | 3,270 | - | |||||||||||||
Moody, AL | 6,559 | 4.978 | % | 01/2014 | 493 | 6,350 | ||||||||||||||
Arlington, TX | 20,073 | 5.810 | % | 02/2014 | 1,551 | 18,642 | ||||||||||||||
Redmond, OR | 8,793 | 5.616 | % | 04/2014 | 697 | 8,484 | ||||||||||||||
Clive, IA | (r) | 5,290 | 5.139 | % | 05/2014 | 387 | 5,151 | |||||||||||||
Fort Mill, SC | 18,857 | 5.373 | % | 05/2014 | 1,364 | 18,311 | ||||||||||||||
Philadelphia, PA | (e) | 45,104 | 5.060 | % | 07/2014 | 3,178 | 43,520 | |||||||||||||
Fishers, IN | 10,927 | 6.375 | % | 08/2014 | 932 | 10,466 | ||||||||||||||
Columbus, IN | (i) | 25,831 | 6.150 | % | 09/2014 | 1,611 | 25,831 | |||||||||||||
Las Vegas, NV | (i) | 31,428 | 6.150 | % | 09/2014 | 1,960 | 31,428 | |||||||||||||
Memphis, TN | (i) | 46,253 | 6.150 | % | 09/2014 | 2,884 | 46,253 | |||||||||||||
Columbus, IN | (i) | 588 | 7.500 | % | 09/2014 | 54 | 568 | |||||||||||||
Las Vegas, NV | (i) | 716 | 7.500 | % | 09/2014 | 66 | 690 | |||||||||||||
Memphis, TN | (i) | 1,054 | 7.500 | % | 09/2014 | 97 | 1,017 | |||||||||||||
Issaquah, WA | (b) | 31,136 | 5.665 | % | 12/2014 | 2,113 | 30,388 | |||||||||||||
Canonsburg, PA | (b) | 9,086 | 5.426 | % | 12/2014 | 489 | 9,095 | |||||||||||||
Chicago, IL | (b) | 29,548 | 5.639 | % | 01/2015 | 1,548 | 29,900 | |||||||||||||
Greenville, SC | 9,000 | 5.500 | % | 01/2015 | 495 | 9,000 | ||||||||||||||
Carrollton, TX | 12,714 | 5.530 | % | 01/2015 | 993 | 12,022 | ||||||||||||||
Herndon, VA | (b) | 10,967 | 5.885 | % | 04/2015 | 888 | 10,359 | |||||||||||||
Franklin, NC | 607 | 8.500 | % | 04/2015 | 271 | - | ||||||||||||||
Kalamazoo, MI | 16,628 | 5.411 | % | 05/2015 | 1,189 | 15,087 | ||||||||||||||
Glen Allen, VA | (b) | 19,002 | 5.377 | % | 05/2015 | 1,292 | 18,321 | |||||||||||||
Houston, TX | 15,298 | 5.160 | % | 05/2015 | 1,114 | 14,431 | ||||||||||||||
Rockaway, NJ | 14,900 | 5.292 | % | 05/2015 | 799 | 14,900 | ||||||||||||||
Houston, TX | 11,955 | 5.210 | % | 05/2015 | 874 | 11,282 | ||||||||||||||
Indianapolis, IN | 11,878 | 5.160 | % | 05/2015 | 865 | 11,205 | ||||||||||||||
San Antonio, TX | 11,798 | 5.340 | % | 05/2015 | 875 | 11,167 | ||||||||||||||
Suwanee, GA | (r) | 10,964 | 5.260 | % | 05/2015 | 751 | 10,502 | |||||||||||||
Los Angeles, CA | 10,334 | 5.110 | % | 05/2015 | 750 | 9,760 | ||||||||||||||
Richmond, VA | 9,586 | 5.310 | % | 05/2015 | 708 | 9,055 |
34 |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2012
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) | ||||||||||||||
Harrisburg, PA | 8,264 | 5.110 | % | 05/2015 | 599 | 7,792 | ||||||||||||||
Knoxville, TN | 7,049 | 5.310 | % | 05/2015 | 520 | 6,658 | ||||||||||||||
McDonough, GA | 11,937 | 5.212 | % | 06/2015 | 836 | 11,349 | ||||||||||||||
Mission, TX | 5,734 | 5.783 | % | 06/2015 | 462 | 5,371 | ||||||||||||||
Carrollton, TX | (b) | 19,457 | 5.725 | % | 07/2015 | 1,382 | 18,710 | |||||||||||||
Elizabethtown, KY | (j) | 14,299 | 4.990 | % | 07/2015 | 1,048 | 13,402 | |||||||||||||
Hopkinsville, KY | 8,388 | 4.990 | % | 07/2015 | 615 | 7,862 | ||||||||||||||
Dry Ridge, KY | (n) | 4,563 | 4.990 | % | 07/2015 | 335 | 4,277 | |||||||||||||
Owensboro, KY | (n) | 3,996 | 4.990 | % | 07/2015 | 293 | 3,746 | |||||||||||||
Elizabethtown, KY | (j) | 2,702 | 4.990 | % | 07/2015 | 198 | 2,533 | |||||||||||||
Houston, TX | (b) | 35,811 | 6.250 | % | 09/2015 | 8,159 | 18,161 | |||||||||||||
Houston, TX | 4,076 | 8.036 | % | 09/2015 | 950 | 2,203 | ||||||||||||||
Temple, TX | 8,720 | 6.090 | % | 01/2016 | 668 | 7,463 | ||||||||||||||
Bridgewater, NJ | 14,539 | 5.732 | % | 03/2016 | 1,035 | 13,825 | ||||||||||||||
Omaha, NE | 8,151 | 5.610 | % | 04/2016 | 621 | 7,560 | ||||||||||||||
Bremerton, WA | 6,562 | 6.090 | % | 04/2016 | 494 | 5,479 | ||||||||||||||
Tempe, AZ | 7,698 | 5.610 | % | 04/2016 | 586 | 7,140 | ||||||||||||||
Byhalia, MS | 15,000 | 4.710 | % | 06/2016 | 707 | 15,000 | ||||||||||||||
Lisle, IL | 9,945 | 6.500 | % | 06/2016 | 793 | 9,377 | ||||||||||||||
Farmers Branch, TX | (b) | 18,463 | 5.939 | % | 07/2016 | 1,136 | 18,363 | |||||||||||||
Rochester, NY | (f) | 17,879 | 6.210 | % | 08/2016 | 1,383 | 16,765 | |||||||||||||
Statesville, NC | (f) | 13,409 | 6.210 | % | 08/2016 | 1,037 | 12,574 | |||||||||||||
Rockford, IL | (f) | 6,562 | 6.210 | % | 08/2016 | 508 | 6,153 | |||||||||||||
Glenwillow, OH | 16,171 | 6.130 | % | 09/2016 | 1,240 | 15,132 | ||||||||||||||
Plymouth, IN | 6,164 | 6.315 | % | 09/2016 | 497 | 5,723 | ||||||||||||||
Tomball, TX | 9,552 | 6.063 | % | 11/2016 | 683 | 8,041 | ||||||||||||||
Memphis, TN | 3,756 | 5.710 | % | 01/2017 | 275 | 3,484 | ||||||||||||||
Huntington, WV | 6,500 | 4.150 | % | 02/2017 | 270 | 6,500 | ||||||||||||||
Orlando, FL | 9,905 | 5.722 | % | 02/2017 | 696 | 9,309 | ||||||||||||||
Dubuque, IA | 9,775 | 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 | 1,574 | 21,651 | ||||||||||||||
Lorain, OH | (b) | 1,225 | 7.750 | % | 07/2018 | 108 | - | |||||||||||||
Manteca, CA | (b) | 866 | 7.750 | % | 07/2018 | 77 | - | |||||||||||||
Watertown, NY | (b) | 814 | 7.750 | % | 07/2018 | 72 | - | |||||||||||||
Lewisburg, WV | (b) | 572 | 7.750 | % | 07/2018 | 51 | - | |||||||||||||
San Diego, CA | (b) | 552 | 7.750 | % | 07/2018 | 49 | - | |||||||||||||
Galesburg, IL | (b) | 486 | 7.750 | % | 07/2018 | 43 | - | |||||||||||||
Erwin, NY | 9,177 | 5.910 | % | 10/2018 | 728 | 6,637 | ||||||||||||||
Boston, MA | 13,025 | 6.100 | % | 12/2018 | 996 | 11,520 | ||||||||||||||
North Berwick, ME | 8,981 | 3.560 | % | 04/2019 | 1,532 | - | ||||||||||||||
Overland Park, KS | (b) | 35,959 | 5.891 | % | 05/2019 | 2,657 | 31,867 | |||||||||||||
Kansas City, MO | (b) | 17,149 | 5.883 | % | 05/2019 | 1,268 | 15,182 | |||||||||||||
Meridian, ID | 10,650 | 6.010 | % | 08/2019 | 753 | 7,675 | ||||||||||||||
Streetsboro, OH | (b) | 18,564 | 5.749 | % | 09/2019 | 1,344 | 16,338 | |||||||||||||
The Woodlands, TX | (r) | 7,445 | 6.507 | % | 11/2019 | 563 | 6,692 | |||||||||||||
Lenexa, KS | 10,683 | 6.270 | % | 12/2019 | 774 | 7,770 | ||||||||||||||
Boca Raton, FL | 20,370 | 6.470 | % | 02/2020 | 1,542 | 18,414 |
35 |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2012
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) | ||||||||||||||||
Oakland, ME | 9,476 | 5.930 | % | 10/2020 | 750 | 7,660 | ||||||||||||||||
Lavonia, GA | 8,593 | 5.460 | % | 12/2020 | 741 | 5,895 | ||||||||||||||||
Wall, NJ | (b) | 23,706 | 6.250 | % | 01/2021 | 3,312 | - | |||||||||||||||
Sugar Land, TX | 9,712 | 5.640 | % | 01/2021 | 692 | 7,025 | ||||||||||||||||
Charleston, SC | 7,350 | 5.850 | % | 02/2021 | 436 | 6,632 | ||||||||||||||||
Whippany, NJ | 15,074 | 6.298 | % | 11/2021 | 1,344 | 10,400 | ||||||||||||||||
Baltimore, MD | 55,000 | 4.320 | % | 06/2023 | 2,376 | 47,676 | ||||||||||||||||
Chester, SC | 10,675 | 5.380 | % | 08/2025 | 1,144 | 362 | ||||||||||||||||
Subtotal/Wtg. Avg./Years Remaining(l) | $ | 1,393,007 | 5.670 | % | 3.4 | $ | 104,213 | $ | 1,242,150 | |||||||||||||
Corporate | ||||||||||||||||||||||
Revolving Credit Facility | (h)(p) | $ | 57,450 | 2.483 | % | 2013/2014 | $ | 1,446 | $ | 57,450 | ||||||||||||
Revolving Credit Facility | (k) (m)(p) | 93,000 | 2.102 | % | 01/2015 | 1,982 | 93,000 | |||||||||||||||
Term Loan | (k) | 215,000 | 3.741 | % | 01/2019 | 8,155 | 215,000 | |||||||||||||||
Convertible Notes | (o)(c) | 115,000 | 6.000 | % | 01/2030 | 6,900 | 115,000 | |||||||||||||||
Trust Preferred Notes | (g) | 129,120 | 6.804 | % | 04/2037 | 8,785 | 129,120 | |||||||||||||||
Subtotal/Wtg. Avg./Years Remaining(l) | $ | 609,570 | 4.447 | % | 8.7 | $ | 27,268 | $ | 609,570 | |||||||||||||
Total/Wtg. Avg./Years Remaining(l) | $ | 2,002,577 | 5.298 | % | 5.0 | $ | 131,481 | $ | 1,851,720 |
Footnotes
(a) | Subtotal and total based on weighted average term to maturity (or put dates) shown in years based on debt balance. |
(b) | Debt balances based upon imputed interest rates. |
(c) | Represents full payable of notes, discount of $8,398 excluded from balance. |
(d) | Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. |
(e) | Lexington has an 80.5% interest in this property. |
(f) | Properties are cross-collateralized. |
(g) | Rate fixed through 04/2017, thereafter LIBOR plus 170 bps. |
(h) | Collateralized by 17 properties and interest of LIBOR plus 225 bps, subject to adjustment. |
(i) | Properties are cross-collateralized. |
(j) | Properties are cross-collateralized. |
(k) | Secured by a borrowing base of properties. |
(l) | Total shown may differ from detailed amounts due to rounding. |
(m) | Maturity can be extended to 01/2016 at Lexington's option. |
(n) | Properties are cross-collateralized. |
(o) | Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25. |
(p) | Debt satisfied subsequent to 9/30/2012. |
(q) | Loan is in hyper-amortization. |
(r) | Debt service payments have been suspended. |
36 |
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
9/30/2012
Joint Venture | Debt Balance ($000) | LXP Proportionate Share ($000) (3) | Interest Rate (%) | Maturity | Current Estimated Annual Debt Service ($000) | Balloon Payment ($000) | Proportionate Share Balloon Payment ($000) (3) | |||||||||||||||||||||
Oklahoma TIC | $ | 14,277 | $ | 5,710 | 5.240 | % | 05/2015 | $ | 976 | $ | 13,673 | $ | 5,469 | |||||||||||||||
One Summit | 11,246 | 3,375 | 9.375 | % | 10/2016 | 3,344 | - | - | ||||||||||||||||||||
One Summit | 7,512 | 2,254 | 10.625 | % | 11/2016 | 2,239 | - | - | ||||||||||||||||||||
Rehab Humble Lessee | 15,186 | 2,278 | 4.700 | % | 05/2017 | 950 | 13,982 | 2,097 | ||||||||||||||||||||
Total/Wtg. Avg.(1)/Years Remaining(2) | $ | 48,221 | $ | 13,617 | 7.07 | % | 3.5 | $ | 7,509 | $ | 27,655 | $ | 7,566 |
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. |
37 |
LEXINGTON REALTY TRUST
Partnership Interests
Nine months ended September 30, 2012
($000)
Noncontrolling Interest Properties - Partners' Proportionate Share (1) | ||||
EBITDA | $ | 426 | ||
Interest expense | $ | 402 | ||
Depreciation and amortization | $ | 621 | ||
Non-Consolidated Net Leased Real Estate - Lexington's Share (2) | ||||
EBITDA | $ | 19,008 | ||
Interest expense | $ | 1,954 |
Footnotes
(1) | Excludes discontinued operations and OP unit noncontrolling interests. |
(2) | Includes NLS through 8/31/2012. |
38 |
LEXINGTON REALTY TRUST
Selected Balance Sheet and Income Statement Account Data
9/30/2012
($000)
Balance Sheet | ||||
Other assets | $ | 27,835 | ||
The components of other assets are: | ||||
Deposits | $ | 185 | ||
Investments- capital lease | 10,674 | |||
Equipment | 572 | |||
Prepaids | 4,546 | |||
Other receivables | 657 | |||
Deferred tax asset | 727 | |||
Deferred lease incentives | 10,335 | |||
Other | 139 | |||
Accounts payable and other liabilities | $ | 74,003 | ||
The components of accounts payable and other liabilities are: | ||||
Accounts payable and accrued expenses | $ | 16,408 | ||
CIP accruals and other | 26,128 | |||
Taxes | 480 | |||
Deferred lease and loan costs | 7,007 | |||
Subordinated notes | 2,395 | |||
Deposits | 1,691 | |||
Escrows | 1,415 | |||
Sale/leaseback financing obligation | 4,750 | |||
Transaction / build-to-suit costs | 5,115 | |||
Guarantee obligation | 1,500 | |||
Interest rate swap derivative liability | 7,114 | |||
Income Statement - Nine months ended September 30, 2012 | ||||
Non-cash interest expense, net | $ | 885 |
39 |
LEXINGTON REALTY TRUST
Select Credit Metrics
9/30/2011 | 9/30/2012 | Adjusted 9/30/2012 (1) | ||||||||||
Company FFO Payout Ratio | 48.6 | % | 54.8 | % | 55.6 | % | ||||||
Non-mortgaged Assets | $ | 1.14 billion | $ | 1.57 billion | $ | 1.57 billion | ||||||
Debt + Preferred / Gross Assets | 50.4 | % | 50.2 | % | 46.4 | % | ||||||
Debt/Gross Assets | 42.3 | % | 44.6 | % | 40.8 | % | ||||||
Secured Debt / Gross Assets | 35.0 | % | 39.2 | % | 35.9 | % | ||||||
Net Debt / EBITDA | 5.7 times | 6.7 times | 5.6 times | |||||||||
Net Debt + Preferred / EBITDA | 6.8 times | 7.5 times | 6.4 times | |||||||||
Credit Line Availability | $ | 295.9 million | $ | 203.3 million | $ | 296.3 million | ||||||
Development / Gross Assets | 0.8 | % | 1.8 | % | 1.8 | % | ||||||
EBITDA / Revenue | 77.7 | % | 78.6 | % | 79.7 | % | ||||||
EBITDA / PrefDiv + Interest Expense | 2.3 times | 2.4 times | 2.5 times | |||||||||
JV + Advisory Income / Revenues | 7.9 | % | 5.7 | % | 0.6 | % |
Footnotes
(1) September 30, 2012 credit metrics adjusted to reflect impact of (i) 17.25 million common share issuance in 4Q 12, (ii) repayment of debt with offering proceeds, (iii) conversion of $20.4 million of 6.00% Convertible Guaranteed Notes due 2030, which occurred in 4Q 12 and (iv) the NLS acquisition as if it occurred at the beginning of the period presented.
40 |
LEXINGTON REALTY TRUST
Revenue and Same-Store NOI Data
9/30/2012
($000)
Base Rent Estimates for Current Assets
Year | Cash (1) | GAAP (1) | ||||||
2012 - remaining | $ | 78,323 | $ | 85,732 | ||||
2013 | $ | 327,843 | $ | 336,631 | ||||
2014 | $ | 310,861 | $ | 309,527 | ||||
2015 | $ | 266,976 | $ | 264,396 | ||||
2016 | $ | 232,751 | $ | 229,534 |
Other Revenue Data
Asset Class | GAAP Base Rent as of 9/30/12 (2) | Percentage | ||||||
Office | $ | 121,617 | 53.7 | % | ||||
Long-term leases | $ | 44,450 | 19.6 | % | ||||
Industrial | $ | 34,278 | 15.2 | % | ||||
Multi-tenant | $ | 18,864 | 8.3 | % | ||||
Retail/Specialty | $ | 7,195 | 3.2 | % | ||||
$ | 226,404 | 100.0 | % | |||||
Credit Ratings(3) | ||||||||
Investment Grade | $ | 111,009 | 49.0 | % | ||||
Non-Investment Grade | $ | 35,120 | 15.5 | % | ||||
Unrated | $ | 80,275 | 35.5 | % | ||||
$ | 226,404 | 100.0 | % |
Same-Store NOI (4)(5) | Nine months ended September 30 | |||||||
2012 | 2011 | |||||||
Total Base Rent | $ | 209,080 | $ | 208,805 | ||||
Tenant Reimbursements and Other | 22,066 | 23,673 | ||||||
Property Operating Expenses | (45,020 | ) | (44,299 | ) | ||||
Same-Store NOI | $ | 186,126 | $ | 188,179 | ||||
Change in Same-Store NOI | (1.1 | )% |
Footnotes
(1) | Amounts assume (1) lease terms for non-cancellable periods only, (2) that all below market leases are renewed by the tenants at the option rate and (3) that no new or renegotiated leases are entered into after 9/30/2012. |
(2) | Nine months ended 9/30/2012 GAAP base rent recognized for consolidated properties owned as of 9/30/2012. |
(3) | Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated. |
(4) | NOI is on cash basis. |
(5) | Excludes properties acquired and sold in 2011 and the nine months ended 9/30/2012. |
41 |
LEXINGTON REALTY TRUST
Top 20 Markets
9/30/2012
Core Based Statistical Area(2) | Percent of GAAP Base Rent as of 9/30/12 (1) | |||||
1 | Dallas-Fort Worth-Arlington, TX | 8.4 | % | |||
2 | Memphis, TN-MS-AR | 5.2 | % | |||
3 | Houston-Sugar Land-Baytown, TX | 5.1 | % | |||
4 | Baltimore-Towson, MD | 5.1 | % | |||
5 | New York-Northern New Jersey-Long Island, NY-NJ-PA | 3.8 | % | |||
6 | Los Angeles-Long Beach-Santa Ana, CA | 3.7 | % | |||
7 | Orlando-Kissimmee, FL | 3.6 | % | |||
8 | Kansas City, MO-KS | 3.4 | % | |||
9 | Atlanta-Sandy Springs-Marietta, GA | 3.2 | % | |||
10 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2.7 | % | |||
11 | Boston-Cambridge-Quincy, MA-NH | 2.7 | % | |||
12 | Columbus, OH | 2.5 | % | |||
13 | Indianapolis-Carmel, IN | 2.4 | % | |||
14 | Chicago-Naperville-Joliet, IL-IN-WI | 2.2 | % | |||
15 | Phoenix-Mesa-Scottsdale, AZ | 2.1 | % | |||
16 | Charlotte-Gastonia-Concord, NC-SC | 2.0 | % | |||
17 | Detroit-Warren-Livonia, MI | 2.0 | % | |||
18 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1.8 | % | |||
19 | San Antonio, TX | 1.8 | % | |||
20 | Seattle-Tacoma-Bellevue, WA | 1.7 | % | |||
Total Top 20 Markets(3) | 65.4 | % |
Footnotes
(1) | Nine months ended 9/30/2012 GAAP base rent recognized for consolidated properties owned as of 9/30/2012. |
(2) | A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990. |
(3) | Total shown may differ from detailed amounts due to rounding. |
42 |
LEXINGTON REALTY TRUST
Tenant Industry Diversification
9/30/2012
Industry Category | Percent of GAAP Base Rent as of 9/30/2012 (1) (2) | |||
Finance/Insurance | 15.3 | % | ||
Technology | 9.7 | % | ||
Energy | 9.5 | % | ||
Automotive | 8.6 | % | ||
Consumer Products | 8.4 | % | ||
Service | 8.1 | % | ||
Transportation/Logistics | 6.3 | % | ||
Food | 5.3 | % | ||
Healthcare | 5.2 | % | ||
Media/Advertising | 3.7 | % | ||
Telecommunications | 3.5 | % | ||
Construction/Materials | 3.2 | % | ||
Printing/Production | 2.9 | % | ||
Aerospace/Defense | 2.6 | % | ||
Apparel | 2.0 | % | ||
Retail Department | 1.7 | % | ||
Retail Specialty | 1.4 | % | ||
Education | 1.2 | % | ||
Real Estate | 1.2 | % | ||
Retail Electronics | 0.3 | % | ||
100.0 | % |
Footnotes
(1) | Nine months ended 9/30/2012 GAAP base rent recognized for consolidated properties owned as of 9/30/2012. |
(2) | Total shown may differ from detailed amounts due to rounding. |
43 |
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
9/30/2012
Tenants or Guarantors | Number of Leases | Sq. Ft. Leased | Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | GAAP Base Rent as of 9/30/2012 ($000) (1) | Percent of GAAP Base Rent as of 9/30/2012 ($000) (1) (2) | |||||||||||||||
Bank of America, National Association | 8 | 691,893 | 1.7 | % | $ | 7,045 | 3.1 | % | ||||||||||||
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | 7 | 2,053,359 | 5.0 | % | $ | 6,372 | 2.8 | % | ||||||||||||
Federal Express Corporation | 2 | 647,499 | 1.6 | % | $ | 5,626 | 2.5 | % | ||||||||||||
Baker Hughes, Inc. | 2 | 619,885 | 1.5 | % | $ | 5,585 | 2.5 | % | ||||||||||||
Swiss Re America Holding Corporation / Westport Insurance Corporation | 2 | 476,123 | 1.2 | % | $ | 5,254 | 2.3 | % | ||||||||||||
Morgan, Lewis and Bockius, LLP (3) | 1 | 289,432 | 0.7 | % | $ | 5,039 | 2.2 | % | ||||||||||||
Wells Fargo Bank, N.A. | 2 | 338,301 | 0.8 | % | $ | 4,489 | 2.0 | % | ||||||||||||
Transamerica Life Insurance Company | 1 | 156,140 | 0.4 | % | $ | 4,261 | 1.9 | % | ||||||||||||
Michelin North America, Inc. | 2 | 1,908,570 | 4.6 | % | $ | 4,163 | 1.8 | % | ||||||||||||
JPMorgan Chase Bank, National Association | 3 | 430,375 | 1.0 | % | $ | 4,066 | 1.8 | % | ||||||||||||
30 | 7,611,577 | 18.5 | % | $ | 51,900 | 22.9 | % |
Footnotes
(1) | Nine months ended 9/30/2012 GAAP base rent recognized for consolidated properties owned as of 9/30/2012. |
(2) | Total shown may differ from detailed amounts due to rounding. |
(3) | Includes parking garage operations. Lexington has an 80.5% interest in this property. |
44 |
Investor Information
Transfer Agent |
Computershare Shareowner Services LLC
480 Washington Blvd.
Jersey City NJ 07310-1900
(800) 850-3948
www.bnymellon.com/shareowner/equityaccess
Investor Relations |
Patrick Carroll
Executive Vice President and Chief Financial Officer
Telephone (direct) | (212) 692-7215 |
Facsimile (main) | (212) 594-6600 |
pcarroll@lxp.com |
Research Coverage |
Bank of America/Merrill Lynch | J.P. Morgan Chase | |||
James Feldman | (646) 855-5808 | Anthony Paolone | (212) 622-6682 | |
Barclays Capital | Stifel Nicolaus | |||
Ross L. Smotrich | (212) 526-2306 | John W. Guinee | (443) 224-1307 | |
Evercore Partners | Wells Fargo Securities, LLC | |||
Sheila K. McGrath | (212) 497-0882 | Todd J. Stender | (212) 214-8067 | |
Friedman, Billings, Ramsey | ||||
Gabe Poggi | (703) 469-1141 |
45 |