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8-K Filing
LXP Industrial Trust (LXP) 8-KResults of Operations and Financial Condition
Filed: 22 Feb 13, 12:00am
Quarterly Earnings and
Supplemental Operating and Financial Data
December 31, 2012
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
December 31, 2012
Table of Contents
Section | Page | |
Fourth Quarter 2012 Earnings Press Release | 3 | |
Portfolio Data | ||
2012 Fourth Quarter Leasing Summary | 13 | |
2012 Fourth 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 Fourth Quarter Financing Summary | 27 | |
Debt Maturity Schedule | 28 | |
2013 Mortgage Maturities by Property Type | 29 | |
2014 Mortgage Maturities by Property Type | 30 | |
2015 Mortgage Maturities by Property Type | 31 | |
2016 Mortgage Maturities by Property Type | 32 | |
2017 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 | |
Other 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, 2013, (3) the consummation of 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 any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (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,” may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.
LEXINGTON REALTY TRUST | |
TRADED: NYSE: LXP | |
ONE PENN PLAZA, SUITE 4015 | |
NEW YORK NY 10119-4015 |
Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com
FOR IMMEDIATE RELEASE
Thursday, February 21, 2013
LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2012 RESULTS
New York, NY - February 21, 2013 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter ended December 31, 2012.
Fourth Quarter 2012 Highlights
• | Generated Company Funds From Operations, as adjusted (“Company FFO, as adjusted”), of $48.2 million, or $0.25 per diluted common share. |
• | Executed 17 new and extended leases, totaling 2.4 million square feet. Overall portfolio occupancy of 97.3% at quarter end. |
• | Closed property acquisitions of $114.9 million, invested $27.1 million in on-going build-to-suit projects and agreed to fund up to $41.4 million for the construction of new build-to-suit projects. |
• | Raised $24.7 million of gross proceeds from dispositions. |
• | Raised net proceeds of approximately $156.3 million through a public offering of common shares. |
• | Satisfied $211.7 million of borrowings, including through the conversion of $31.1 million original principal amount of 6.00% Convertible Guaranteed Notes into common equity. |
• | Expanded seven-year term loan facility by $40.0 million and obtained a $59.5 million secured non-recourse mortgage. |
Subsequent to Quarter End Transaction Activity
• | Refinanced its secured credit facility with a new credit facility consisting of a four-year $300.0 million unsecured revolving loan and a five-year $250.0 million unsecured term loan. |
• | Obtained a $40.0 million 15-year secured non-recourse mortgage and a joint venture investment obtained a $15.3 million five-year secured non-recourse mortgage. |
• | Retired $21.0 million of secured debt and gave notice to prepay $137.9 million of secured debt at par in first quarter. |
• | Issued 3.4 million common shares and raised gross proceeds of $36.9 million through an At-The-Market offering program. |
• | Converted $35.0 million of original principal amount of 6.00% Convertible Guaranteed Notes into common equity. |
3 |
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, “We are very excited about our growth prospects for 2013. We have positioned Lexington to pursue growth opportunities in the coming year, having significantly reduced our debt levels both by accessing the capital markets and the timely and accretive disposition of non-core assets. After completing $247.0 million in new investments in 2012, we believe that investment volume this year will substantially increase. With just 3.0% of single-tenant revenue currently expiring this year and a strong pipeline of accretive investment opportunities, we expect to generate strong growth in our cash flow and funds from operations per share”.
FINANCIAL RESULTS
Revenues
For the quarter ended December 31, 2012, total gross revenues were $95.5 million, compared with total gross revenues of $79.6 million for the quarter ended December 31, 2011. The increase is primarily due to property acquisitions and an increase in occupancy.
Company FFO, As Adjusted
For the quarter ended December 31, 2012, the Company generated Company FFO, as adjusted, of $48.2 million, or $0.25 per diluted share, compared to Company FFO, as adjusted, for the quarter ended December 31, 2011 of $45.6 million, or $0.25 per diluted share. For the year ended December 31, 2012, the Company generated Company FFO, as adjusted, of $180.6 million, or $0.98 per diluted share, compared to Company FFO, as adjusted, for the year ended December 31, 2011 of $170.0 million, or $0.97 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 December 31, 2012, net loss attributable to common shareholders was $(7.0) million, or a loss of $(0.04) per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2011 of $7.5 million, or income of $0.05 per diluted share.
Capital Activities and Balance Sheet Update
Lexington financed its office property in Palo Alto, California with a $59.5 million non-recourse mortgage loan which bears interest at a fixed rate of 3.97%. The fully-amortizing loan matures at the end of the tenant lease in December 2023.
In addition, Lexington exercised an accordion feature within its seven-year term loan agreement increasing the term loan to $255.0 million, all of which is currently outstanding. Lexington swapped the LIBOR rate on such borrowings for a weighted-average fixed rate of 3.67% as of the date of this press release.
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 $150.5 million of outstanding debt on Lexington's credit facilities. In addition, Lexington satisfied $30.1 million in non-recourse mortgage debt which had a weighted-average interest rate of 5.6%.
Lexington issued 4.5 million common shares upon conversion of an aggregate of $31.1 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030 and made an aggregate cash payment of $2.4 million plus accrued and unpaid interest on the notes. In January 2013, Lexington converted an additional $35.0 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030 for 5.0 million common shares and a cash payment of approximately $2.3 million plus accrued and unpaid interest.
4 |
In total, Lexington's consolidated debt declined by $118.6 million in the fourth quarter of 2012.
In February 2013, Lexington refinanced its secured credit facility with an unsecured credit facility consisting of a four-year $300.0 million unsecured revolving loan and a five-year $250.0 million unsecured term loan. Lexington expects to use a portion of the credit facility to retire $137.9 million of mortgage debt in March 2013. Lexington also amended its term loan due in 2019 to release the collateral as security for such loan. As a result, all of Lexington's corporate borrowings are now unsecured.
Subsequent to December 31, 2012, Lexington obtained a $40.0 million non-recourse mortgage secured by its property in Lenexa, Kansas. The loan bears interest at a blended fixed rate of 3.70% and matures in November 2027.
At-The-Market Offering Program
Subsequent to December 31, 2012, Lexington implemented an At-The-Market offering program under which Lexington may issue up to $100.0 million in common shares over the term of the program. Lexington issued 3.4 million common shares under the program as of the date of this press release, raising gross proceeds of $36.9 million.
Common Share/Unit Dividend/Distribution
Lexington declared a regular quarterly dividend/distribution for the quarter ended December 31, 2012 of $0.15 per common share/unit, which was paid on January 15, 2013 to common shareholders/unitholders of record as of December 31, 2012.
OPERATING ACTIVITIES
Leasing
During the fourth quarter of 2012, Lexington executed 17 new and extended leases for 2.4 million square feet. Overall in 2012, Lexington executed new and extended leases totaling approximately 7.4 million square feet and increased overall portfolio occupancy by 140 basis points to 97.3%.
Subsequent to quarter end, Lexington executed 325,000 square feet of new and extended leases.
Capital Recycling
Dispositions
During the fourth quarter of 2012, Lexington disposed of its interests in four properties to unrelated parties for an aggregate gross sales price of $24.7 million and conveyed one vacant property in foreclosure in satisfaction of the $5.3 million outstanding non-recourse mortgage.
Investment Activity
Property Acquisitions and Completed Build-to-Suit Transactions
A joint venture, in which Lexington has a minority position, acquired a120,000 square foot retail property in Palm Beach Gardens, Florida for $29.8 million (9.8% initial cap rate), which is net-leased for a 15-year term. Lexington provided a $12.0 million non-recourse mortgage loan at closing. In February 2013, this property was refinanced with a $15.3 million first mortgage and Lexington's loan was repaid.
Lexington acquired a 252,400 square foot office property in Phoenix, Arizona for $53.2 million (7.1% initial cap rate). The property is net-leased for a 17-year term.
5 |
Lexington acquired 6.2 acres of land in Palm Beach Gardens, Florida for approximately $6.0 million. Lexington previously had been leasing the land and owns the multi-tenant improvements on the property.
In the build-to-suit area, Lexington completed the 52,000 square foot build-to-suit retail property in Opelika, Alabama for approximately $8.3 million (9.4% initial cap rate). The property is net-leased for a 15-year term.
Lexington closed on its forward commitment to acquire the 80,000 square foot build-to-suit office property in Eugene, Oregon for approximately $17.6 million (9.0% initial cap rate). The property is net-leased for a 15-year term.
Overall in 2012, Lexington completed acquisitions/build-to-suit transactions for an aggregate capitalized cost of approximately $247.0 million. The properties have a weighted-average lease term of approximately 16 years and are expected to generate approximately $24.3 million of annual GAAP rent.
New and On-going Build-to-Suit Projects
Lexington entered into a new build-to-suit, an $8.8 million commitment (of which $3.2 million was funded as of December 31, 2012) to construct a 42,000 square foot retail property in Tuscaloosa, Alabama, which is net-leased for a 15-year term commencing upon completion (9.3% initial cap rate).
Lexington continues to fund the construction of the previously announced build-to-suit projects in (1) Denver, Colorado (8.6% initial rap rate), (2) Rantoul, Illinois (8.0% initial cap rate) and (3) Long Island City, New York (8.5% initial cap rate). The aggregate estimated cost of these four on-going build-to-suit projects is approximately $136.5 million, of which approximately $68.9 million was invested as of December 31, 2012. Lexington can give no assurance that any of the build-to-suit projects that are under contract or in process will be completed.
Loan Investments
Lexington closed on a $32.6 million construction loan (of which $3.5 million was funded as of December 31, 2012) for a 168,000 square foot build-to-suit data center in Norwalk, Connecticut. The interest-only construction loan bears interest at 7.5% and matures in November 2014. The property is subject to a 21-year net-lease.
Lexington received approximately $2.5 million in full satisfaction of its loan investment in New Kingstown, Pennsylvania.
2013 EARNINGS GUIDANCE
Lexington estimates that its Company FFO, as adjusted, guidance will be an expected range of $1.01 to $1.04 per diluted share for the year ended December 31, 2013. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.
FOURTH QUARTER 2012 CONFERENCE CALL
Lexington will host a conference call today, Thursday, February 21, 2013, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2012. Interested parties may participate in this conference call by dialing (888) 215-6917 or (913) 312-1383. A replay of the call will be available through March 7, 2013, at (877) 870-5176 or (858) 384-5517, pin: 5345505. 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 self-managed and self-administered real estate investment trust that invests in, owns, finances and manages predominantly single-tenant office, industrial and retail properties leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the single-tenant area. Lexington common 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, 2013, (3) the consummation of 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 any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (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,” “may,” “plans,” “predicts,” “will,” “will likely result,” “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 December 31, | Twelve Months Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Gross revenues: | ||||||||||||||||
Rental | $ | 87,345 | $ | 71,563 | $ | 313,081 | $ | 280,410 | ||||||||
Advisory and incentive fees | 421 | 262 | 1,806 | 2,012 | ||||||||||||
Tenant reimbursements | 7,767 | 7,745 | 29,992 | 31,404 | ||||||||||||
Total gross revenues | 95,533 | 79,570 | 344,879 | 313,826 | ||||||||||||
Expense applicable to revenues: | ||||||||||||||||
Depreciation and amortization | (46,069 | ) | (38,855 | ) | (161,876 | ) | (156,358 | ) | ||||||||
Property operating | (16,277 | ) | (13,720 | ) | (60,213 | ) | (58,229 | ) | ||||||||
General and administrative | (6,576 | ) | (6,146 | ) | (23,956 | ) | (22,200 | ) | ||||||||
Non-operating income | 1,225 | 3,912 | 6,888 | 13,020 | ||||||||||||
Interest and amortization expense | (25,397 | ) | (26,286 | ) | (98,803 | ) | (106,478 | ) | ||||||||
Debt satisfaction gains (charges), net | (7,841 | ) | 42 | (9,480 | ) | 45 | ||||||||||
Change in value of forward equity commitment | — | 6,348 | — | 2,030 | ||||||||||||
Gain on acquisition | — | — | 167,864 | — | ||||||||||||
Litigation reserve | — | — | (2,775 | ) | — | |||||||||||
Impairment charges | — | — | (4,262 | ) | (35,946 | ) | ||||||||||
Income (loss) before benefit (provision) for income taxes, equity in earnings of non-consolidated entities and discontinued operations | (5,402 | ) | 4,865 | 158,266 | (50,290 | ) | ||||||||||
Benefit (provision) for income taxes | (141 | ) | (215 | ) | (941 | ) | 845 | |||||||||
Equity in earnings of non-consolidated entities | 62 | 9,688 | 21,531 | 30,334 | ||||||||||||
Income (loss) from continuing operations | (5,481 | ) | 14,338 | 178,856 | (19,111 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Income (loss) from discontinued operations | 212 | 1,011 | (1,463 | ) | 4,955 | |||||||||||
Provision for income taxes | (97 | ) | (22 | ) | (161 | ) | (76 | ) | ||||||||
Debt satisfaction charges, net | (717 | ) | (3 | ) | (178 | ) | (606 | ) | ||||||||
Gains on sales of properties | 4,345 | 1,306 | 13,291 | 6,557 | ||||||||||||
Impairment charges | (17 | ) | (2,614 | ) | (5,707 | ) | (81,497 | ) | ||||||||
Total discontinued operations | 3,726 | (322 | ) | 5,782 | (70,667 | ) | ||||||||||
Net income (loss) | (1,755 | ) | 14,016 | 184,638 | (89,778 | ) | ||||||||||
Less net (income) loss attributable to noncontrolling interests | (592 | ) | (989 | ) | (4,322 | ) | 10,194 | |||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | (2,347 | ) | 13,027 | 180,316 | (79,584 | ) | ||||||||||
Dividends attributable to preferred shares - Series B | — | (1,379 | ) | (2,298 | ) | (6,149 | ) | |||||||||
Dividends attributable to preferred shares - Series C | (1,572 | ) | (1,600 | ) | (6,290 | ) | (6,655 | ) | ||||||||
Dividends attributable to preferred shares - Series D | (2,926 | ) | (2,926 | ) | (11,703 | ) | (11,703 | ) | ||||||||
Allocation to participating securities | (194 | ) | (141 | ) | (1,059 | ) | (368 | ) | ||||||||
Deemed dividend - Series B | — | (95 | ) | (2,346 | ) | (95 | ) | |||||||||
Redemption discount - Series C | — | 618 | 229 | 833 | ||||||||||||
Net income (loss) attributable to common shareholders | $ | (7,039 | ) | $ | 7,504 | $ | 156,849 | $ | (103,721 | ) | ||||||
Income (loss) per common share - basic: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.06 | ) | $ | 0.05 | $ | 0.96 | $ | (0.29 | ) | ||||||
Income (loss) from discontinued operations | 0.02 | — | 0.03 | (0.39 | ) | |||||||||||
Net income (loss) attributable to common shareholders | $ | (0.04 | ) | $ | 0.05 | $ | 0.99 | $ | (0.68 | ) | ||||||
Weighted-average common shares outstanding - basic: | 172,646,759 | 154,838,153 | 159,109,424 | 152,473,336 | ||||||||||||
Income (loss) per common share - diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.06 | ) | $ | 0.05 | $ | 0.91 | $ | (0.29 | ) | ||||||
Income (loss) from discontinued operations | 0.02 | — | 0.02 | (0.39 | ) | |||||||||||
Net income (loss) attributable to common shareholders | $ | (0.04 | ) | $ | 0.05 | $ | 0.93 | $ | (0.68 | ) | ||||||
Weighted-average common shares outstanding - diluted | 172,646,759 | 154,942,637 | 179,659,826 | 152,473,336 | ||||||||||||
Amounts attributable to common shareholders: | ||||||||||||||||
Income (loss) from continuing operations | $ | (10,750 | ) | $ | 7,697 | $ | 152,808 | $ | (44,703 | ) | ||||||
Income (loss) from discontinued operations | 3,711 | (193 | ) | 4,041 | (59,018 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | (7,039 | ) | $ | 7,504 | $ | 156,849 | $ | (103,721 | ) |
8 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except share and per share data)
As of December 31,
2012 | 2011 | |||||||
Assets: | ||||||||
Real estate, at cost | $ | 3,564,466 | $ | 3,172,246 | ||||
Real estate - intangible assets | 685,914 | 546,918 | ||||||
Investments in real estate under construction | 65,122 | 34,529 | ||||||
Less: accumulated depreciation and amortization | 1,150,417 | 1,006,717 | ||||||
Real estate, net | 3,165,085 | 2,746,976 | ||||||
Cash and cash equivalents | 34,024 | 63,711 | ||||||
Restricted cash | 26,741 | 30,657 | ||||||
Investment in and advances to non-consolidated entities | 27,129 | 39,330 | ||||||
Deferred expenses, net | 57,549 | 43,966 | ||||||
Loans receivable, net | 72,540 | 66,619 | ||||||
Rent receivable | 7,355 | 7,271 | ||||||
Other assets | 27,780 | 28,290 | ||||||
Total assets | $ | 3,418,203 | $ | 3,026,820 | ||||
Liabilities and Equity: | ||||||||
Liabilities: | ||||||||
Mortgages and notes payable | $ | 1,415,961 | $ | 1,366,004 | ||||
Term loan payable | 255,000 | — | ||||||
Exchangeable notes payable | — | 62,102 | ||||||
Convertible notes payable | 78,127 | 105,149 | ||||||
Trust preferred securities | 129,120 | 129,120 | ||||||
Dividends payable | 31,351 | 25,273 | ||||||
Accounts payable and other liabilities | 70,367 | 53,058 | ||||||
Accrued interest payable | 11,980 | 13,019 | ||||||
Deferred revenue - including below market leases, net | 79,908 | 90,349 | ||||||
Prepaid rent | 13,224 | 12,543 | ||||||
Total liabilities | 2,085,038 | 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, 178,616,664 and 154,938,351 shares issued and outstanding in 2012 and 2011, respectively | 18 | 15 | ||||||
Additional paid-in-capital | 2,212,949 | 2,010,850 | ||||||
Accumulated distributions in excess of net income | (1,143,803 | ) | (1,212,630 | ) | ||||
Accumulated other comprehensive income (loss) | (6,224 | ) | 1,938 | |||||
Total shareholders' equity | 1,306,730 | 1,111,846 | ||||||
Noncontrolling interests | 26,435 | 58,357 | ||||||
Total equity | 1,333,165 | 1,170,203 | ||||||
Total liabilities and equity | $ | 3,418,203 | $ | 3,026,820 |
9 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES |
EARNINGS PER SHARE |
(Unaudited and in thousands, except share and per share data) |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Basic: | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (10,750 | ) | $ | 7,697 | $ | 152,808 | $ | (44,703 | ) | ||||||
Income (loss) from discontinued operations attributable to common shareholders | 3,711 | (193 | ) | 4,041 | (59,018 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | (7,039 | ) | $ | 7,504 | $ | 156,849 | $ | (103,721 | ) | ||||||
Weighted-average number of common shares outstanding | 172,646,759 | 154,838,153 | 159,109,424 | 152,473,336 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.06 | ) | $ | 0.05 | $ | 0.96 | $ | (0.29 | ) | ||||||
Income (loss) from discontinued operations | 0.02 | — | 0.03 | (0.39 | ) | |||||||||||
Net income (loss) attributable to common shareholders | $ | (0.04 | ) | $ | 0.05 | $ | 0.99 | $ | (0.68 | ) | ||||||
Diluted: | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | (10,750 | ) | $ | 7,697 | $ | 152,808 | $ | (44,703 | ) | ||||||
Impact of assumed conversions: | ||||||||||||||||
Share options | — | — | — | — | ||||||||||||
Operating Partnership Units | — | — | 1,371 | — | ||||||||||||
6.00% Convertible Guaranteed Notes | — | — | 8,953 | — | ||||||||||||
Income (loss) from continuing operations attributable to common shareholders | (10,750 | ) | 7,697 | 163,132 | (44,703 | ) | ||||||||||
Income (loss) from discontinued operations attributable to common shareholders | 3,711 | (193 | ) | 4,041 | (59,018 | ) | ||||||||||
Impact of assumed conversions: | ||||||||||||||||
Operating Partnership Units | — | — | (179 | ) | — | |||||||||||
Income (loss) from discontinued operations attributable to common shareholders | 3,711 | (193 | ) | 3,862 | (59,018 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | (7,039 | ) | $ | 7,504 | $ | 166,994 | $ | (103,721 | ) | ||||||
Weighted-average common shares outstanding - basic | 172,646,759 | 154,838,153 | 159,109,424 | 152,473,336 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Share options | — | 104,484 | 306,449 | — | ||||||||||||
Operating Partnership Units | — | — | 4,438,708 | — | ||||||||||||
6.00% Convertible Guaranteed Notes | — | — | 15,805,245 | — | ||||||||||||
Weighted-average common shares outstanding | 172,646,759 | 154,942,637 | 179,659,826 | 152,473,336 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.06 | ) | $ | 0.05 | $ | 0.91 | $ | (0.29 | ) | ||||||
Income (loss) from discontinued operations | 0.02 | — | 0.02 | (0.39 | ) | |||||||||||
Net income (loss) attributable to common shareholders | $ | (0.04 | ) | $ | 0.05 | $ | 0.93 | $ | (0.68 | ) |
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 December 31, | Twelve Months Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
FUNDS FROM OPERATIONS:(1) | ||||||||||||||||
Basic and Diluted: | ||||||||||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | $ | (2,347 | ) | $ | 13,027 | $ | 180,316 | $ | (79,584 | ) | ||||||
Adjustments: | ||||||||||||||||
Depreciation and amortization | 45,081 | 39,892 | 163,890 | 160,689 | ||||||||||||
Impairment charges - real estate | 17 | 2,614 | 9,969 | 117,443 | ||||||||||||
Impairment charges - joint venture | — | — | — | 4,811 | ||||||||||||
Noncontrolling interests - OP units | 279 | 893 | 1,192 | 578 | ||||||||||||
Amortization of leasing commissions | 1,329 | 1,070 | 4,838 | 3,918 | ||||||||||||
Joint venture and noncontrolling interest adjustment | 545 | (3,039 | ) | 560 | (23,309 | ) | ||||||||||
Preferred dividends – Series B & D | (2,926 | ) | (4,305 | ) | (14,001 | ) | (17,852 | ) | ||||||||
Gains on sales of properties | (4,345 | ) | (1,306 | ) | (13,291 | ) | (6,557 | ) | ||||||||
Gain on sale - joint venture investment | — | — | (7,000 | ) | — | |||||||||||
Gain on acquisition of real estate | — | — | (167,864 | ) | — | |||||||||||
Interest and amortization on 6.00% Convertible Guaranteed Notes | 1,973 | 2,327 | 8,953 | 9,307 | ||||||||||||
Reported Company FFO | 39,606 | 51,173 | 167,562 | 169,444 | ||||||||||||
Debt satisfaction charges (gains), net | 8,558 | (39 | ) | 9,658 | 561 | |||||||||||
Forward equity commitment | — | (6,348 | ) | — | (2,030 | ) | ||||||||||
Litigation reserve | — | — | 2,775 | — | ||||||||||||
Gains on loan sales - joint venture | — | — | — | (1,927 | ) | |||||||||||
Other | 5 | 857 | 603 | 3,966 | ||||||||||||
Company FFO, as adjusted | 48,169 | 45,643 | 180,598 | 170,014 | ||||||||||||
FUNDS AVAILABLE FOR DISTRIBUTION:(2) | ||||||||||||||||
Adjustments: | ||||||||||||||||
Straight-line rents | (7,900 | ) | (4,437 | ) | (7,491 | ) | (1,763 | ) | ||||||||
Lease incentives | 323 | 570 | 1,466 | 2,138 | ||||||||||||
Amortization of below/above market leases | 57 | (886 | ) | (3,551 | ) | (3,101 | ) | |||||||||
Non-cash interest, net | (132 | ) | 121 | (1,300 | ) | 711 | ||||||||||
Non-cash general and administrative expenses | 1,103 | 1,077 | 4,565 | 4,040 | ||||||||||||
Tenant improvements | (8,856 | ) | (2,732 | ) | (25,776 | ) | (12,266 | ) | ||||||||
Lease costs | (5,185 | ) | (4,871 | ) | (13,038 | ) | (15,870 | ) | ||||||||
Reported Company Funds Available for Distribution | $ | 27,579 | $ | 34,485 | $ | 135,473 | $ | 143,903 | ||||||||
Per Share Amounts | ||||||||||||||||
Basic: | ||||||||||||||||
Reported Company FFO | $ | 0.20 | $ | 0.28 | $ | 0.91 | $ | 0.95 | ||||||||
Company FFO, as adjusted | $ | 0.25 | $ | 0.25 | $ | 0.98 | $ | 0.97 | ||||||||
Company FAD | $ | 0.14 | $ | 0.19 | $ | 0.74 | $ | 0.82 | ||||||||
Diluted: | ||||||||||||||||
Reported Company FFO | $ | 0.20 | $ | 0.28 | $ | 0.91 | $ | 0.95 | ||||||||
Company FFO, as adjusted | $ | 0.25 | $ | 0.25 | $ | 0.98 | $ | 0.97 | ||||||||
Company FAD | $ | 0.14 | $ | 0.19 | $ | 0.73 | $ | 0.82 |
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 December 31, | Twelve Months Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Basic: | ||||||||||||||||
Weighted-average common shares outstanding - EPS basic | 172,646,759 | 154,838,153 | 159,109,424 | 152,473,336 | ||||||||||||
6.00% Convertible Guaranteed Notes | 13,995,678 | 16,238,672 | 15,805,245 | 16,232,862 | ||||||||||||
Non-vested share-based payment awards | 308,854 | 131,234 | 244,366 | 130,684 | ||||||||||||
Operating Partnership Units | 4,317,367 | 4,565,269 | 4,438,708 | 4,725,798 | ||||||||||||
Preferred Shares - Series C | 4,710,570 | 4,976,034 | 4,712,421 | 5,043,521 | ||||||||||||
Weighted-average common shares outstanding - Reported Company FFO basic | 195,979,228 | 180,749,362 | 184,310,164 | 178,606,201 | ||||||||||||
Adjustments: | ||||||||||||||||
Forward equity commitment settlement | — | (551,108 | ) | — | (2,760,608 | ) | ||||||||||
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD | 195,979,228 | 180,198,254 | 184,310,164 | 175,845,593 | ||||||||||||
Diluted: | ||||||||||||||||
Weighted-average common shares outstanding - Reported Company FFO basic | 195,979,228 | 180,749,362 | 184,310,164 | 178,606,201 | ||||||||||||
Options - Incremental shares | 432,356 | 104,484 | 306,449 | 208,463 | ||||||||||||
Weighted-average common shares outstanding - Reported Company FFO diluted | 196,411,584 | 180,853,846 | 184,616,613 | 178,814,664 | ||||||||||||
Adjustments: | ||||||||||||||||
Forward equity commitment settlement | — | (551,108 | ) | — | (2,760,608 | ) | ||||||||||
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD | 196,411,584 | 180,302,738 | 184,616,613 | 176,054,056 |
1Lexington believes that Funds from Operations (“FFO”), which is not a measure under generally accepted accounting principles (“GAAP”), 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 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 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 non-recurring and 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 Fourth Quarter Leasing Summary
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 | 2012/2013 Extensions | |||||||||||||||||||||||||||||
1 | Edward Jiang & Ming You | Honolulu | HI | 09/2012 | 09/2015 | 565 | $ | 12 | $ | 11 | $ | 12 | $ | 11 | ||||||||||||||||
2 | AdvancePCS, Inc. / CaremarkPCS, L.L.C. | Knoxville | TN | 05/2013 | 05/2020 | 59,748 | $ | 717 | $ | 900 | $ | 773 | $ | 900 | ||||||||||||||||
3 | JPMorgan Chase Bank, National Association | Florence | SC | 06/2013 | 10/2013 | 179,300 | $ | 1,255 | $ | 1,255 | $ | 1,255 | $ | 1,255 | ||||||||||||||||
4 | Zwicker & Associates, P.C. | Hebron | KY | 07/2013 | 07/2018 | 34,402 | $ | 203 | $ | 187 | $ | 203 | $ | 181 | ||||||||||||||||
2014 Extension | ||||||||||||||||||||||||||||||
5 | Kelsey-Hayes Company (TRW Automotive Inc.) | Livonia | MI | 04/2014 | 12/2024 | 180,230 | $ | 1,513 | $ | 2,181 | $ | 1,364 | $ | 1,854 | ||||||||||||||||
2015 Extension | ||||||||||||||||||||||||||||||
6 | Schlumberger Holdings Corp. | Houston | TX | 09/2015 | 09/2025 | 554,385 | $ | 5,267 | $ | 8,163 | $ | 6,038 | $ | 7,375 | ||||||||||||||||
2018 Extension | ||||||||||||||||||||||||||||||
7 | Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.) | Allen | TX | 03/2018 | 03/2025 | 292,700 | $ | 3,073 | $ | 3,073 | $ | 2,908 | $ | 3,073 | ||||||||||||||||
7 | Total office/multi-tenant lease extensions | 1,301,330 | $ | 12,040 | $ | 15,770 | $ | 12,553 | $ | 14,649 | ||||||||||||||||||||
Industrial | 2013 Extensions | |||||||||||||||||||||||||||||
1 | Owens Corning Sales, LLC / Owens Corning Insulating Systems, LLC | Hebron | OH | 05/2013 | 05/2014 | 400,522 | $ | 941 | $ | 901 | $ | 941 | $ | 901 | ||||||||||||||||
2 | Essex Group, Inc. (United Technologies Corporation) | Franklin | TN | 12/2013 | 12/2018 | 289,330 | $ | 735 | $ | 735 | $ | 1,250 | $ | 1,250 | ||||||||||||||||
2016 Extension | ||||||||||||||||||||||||||||||
3 | The Hillman Group, Inc. | Cincinnati | OH | 08/2016 | 12/2027 | 248,700 | $ | 759 | $ | 793 | $ | 790 | $ | 793 | ||||||||||||||||
3 | Total industrial lease extensions | 938,552 | $ | 2,435 | $ | 2,429 | $ | 2,981 | $ | 2,944 | ||||||||||||||||||||
` | ||||||||||||||||||||||||||||||
Retail | 2013 Extensions | |||||||||||||||||||||||||||||
1 | The Kroger Co. | Paris | TN | 07/2013 | 07/2018 | 31,170 | $ | 159 | $ | 159 | $ | 169 | $ | 213 | ||||||||||||||||
2 | Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC | Lawrence | IN | 10/2013 | 10/2018 | 28,721 | $ | 193 | $ | 193 | $ | 193 | $ | 193 | ||||||||||||||||
3 | Marsh Supermarkets, LLC / Crystal Food Services, LLC | Franklin | OH | 10/2013 | 10/2014 | 29,119 | $ | 111 | $ | 111 | $ | 142 | $ | 142 | ||||||||||||||||
3 | Total retail lease extensions | 89,010 | $ | 463 | $ | 463 | $ | 504 | $ | 548 | ||||||||||||||||||||
13 | TOTAL EXTENDED LEASES | 2,328,892 | $ | 14,938 | $ | 18,662 | $ | 16,038 | $ | 18,141 |
NEW LEASES
Tenants (Guarantors) | Location | Lease Expiration Date | Sq. Ft. | New Cash Rent Per Annum ($000)(1) | New GAAP Rent Per Annum ($000)(1) | |||||||||||||||
Office/Multi-Tenant | ||||||||||||||||||||
1 | Elephant Insurance Services, LLC (Admiral Group plc) | Glen Allen | VA | 01/2015 | 5,980 | $ | 106 | $ | 107 | |||||||||||
2 | Aramark Corporation | Orlando | FL | 11/2017 | 8,261 | $ | 83 | $ | 83 | |||||||||||
3 | Capital One, National Association | Glen Allen | VA | 12/2017 | 4,676 | $ | 81 | $ | 80 | |||||||||||
4 | eXfuze, LLC | Palm Beach Gardens | FL | 06/2018 | 6,410 | $ | 124 | $ | 124 | |||||||||||
4 | Total office/multi-tenant new leases | 25,327 | $ | 394 | $ | 394 | ||||||||||||||
4 | TOTAL NEW LEASES | 25,327 | $ | 394 | $ | 394 | ||||||||||||||
17 | TOTAL NEW AND EXTENDED LEASES | 2,354,219 | $ | 15,332 | $ | 16,432 |
13 |
LEXINGTON REALTY TRUST
2012 Fourth Quarter Leasing Summary
LEASE NON-RENEWAL
Tenants | Location | Lease Expiration Date | Sq. Ft. | 2012 Cash Rent ($000) | 2012 GAAP Rent ($000) | |||||||||||||||
Office | ||||||||||||||||||||
1 | Playboy Enterprises, Inc. | Los Angeles | CA | 11/2012 | 63,049 | $ | 1,323 | $ | 1,069 | |||||||||||
2 | Damar Services, Inc. | Indianapolis | IN | 11/2012 | 5,756 | $ | 45 | $ | 45 | |||||||||||
3 | Hartford Fire Insurance Company | Southington | CT | 12/2012 | 153,364 | $ | 1,679 | $ | 1,625 | |||||||||||
Industrial | ||||||||||||||||||||
1 | Enbridge Energy Limited Partnership | Marshall | MI | 10/2012 | 58,300 | $ | 143 | $ | 143 | |||||||||||
4 | TOTAL LEASE NON-RENEWALS | 280,469 | $ | 3,190 | $ | 2,882 |
Footnotes
(1) Assumes twelve months rent from the later of 1/1/13 or lease commencement/extension.
14 |
LEXINGTON REALTY TRUST
2012 Fourth Quarter Investment/Capital Recycling Summary
PROPERTY INVESTMENTS
Tenants | Location | Property Type | Initial Basis ($000) | Initial Annualized Cash Rent ($000) | Initial Cash Yield |
GAAP Yield | Lease Expiration | |||||||||||||||||||
1 | CopperPoint Mutual Insurance Company | Phoenix | AZ | Office | $ | 53,200 | $ | 3,786 | 7.1 | % | 9.1 | % | 12/2029 | |||||||||||||
2 | Oregon Research Institute/Education Policy Improvement Center (1) | Eugene | OR | Office | $ | 17,558 | $ | 1,580 | 9.0 | % | 11.8 | % | 11/2027 | |||||||||||||
3 | Gander Mountain Company (1) | Opelika | AL | Retail | $ | 8,333 | $ | 779 | 9.4 | % | 10.3 | % | 11/2027 | |||||||||||||
3 | TOTAL PROPERTY INVESTMENTS (4) | $ | 79,091 | $ | 6,145 | 7.8 | % | 9.8 | % |
JOINT VENTURE INVESTMENTS
Tenant | Location | Property Type |
Ownership % | Initial Equity Investment ($000) | Initial Cash Yield | GAAP Yield | Lease Expiration | |||||||||||||||||||
1 | Gander Mountain Company (2) | Palm Beach Gardens | FL | Retail | 36 | % | $ | 6,432 | 9.8 | % | 10.5 | % | 03/2028 |
CAPITAL RECYCLING
PROPERTY DISPOSITIONS
Tenants (Guarantors) | Location | Property Type | Gross Sale Price ($000) | Annualized NOI ($000) | Month of Disposition | |||||||||||||
1 | Vacant | Fort Worth | TX | Retail | $ | 2,500 | $ | - | October | |||||||||
2 | Vacant | Garland | TX | Retail | $ | 2,750 | $ | - | December | |||||||||
3 | KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation) | Sugar Land | TX | Office | $ | 17,500 | $ | 1,235 | December | |||||||||
4 | Brookshire Grocery Company (Safeway Stores, Inc.) | Minden | LA | Retail | $ | 1,925 | $ | 193 | December | |||||||||
5 | Vacant (3) | Clive | IA | Multi-tenant | $ | 5,290 | $ | - | December | |||||||||
5 | TOTAL PROPERTY DISPOSITIONS | $ | 29,965 | $ | 1,428 |
Footnotes
(1) Completed build-to-suit project.
(2) In addition, Lexington provided a $12.0 million, 4% interest-only mortgage loan, which was repaid in February 2013.
(3) Property sold in foreclosure to satisfy $5.3 million non-recourse mortgage.
(4) Lexington also acquired 6.2 acres of land previously leased in Palm Beach Gardens, FL, for approximately $6.0 million.
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 12/31/12 ($000)(1) | Estimated Cash Investment Next 12 Months ($000) | Estimated Completion Date | ||||||||||||||||||||||||||||
Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | |||||||||||||||||||||||||||||||
1 | Long Island City (2) | NY | 143,000 | 15 | $ | 46,728 | $ | 29,870 | $ | 14,217 | $ | - | $ | - | $ | - | 1Q 13 | |||||||||||||||||
2 | Tuscaloosa | AL | 42,000 | 15 | $ | 8,843 | $ | 3,251 | $ | 3,355 | $ | 2,237 | $ | - | $ | - | 2Q 13 | |||||||||||||||||
3 | Denver | CO | 163,000 | 15 | $ | 38,390 | $ | 22,447 | $ | 11,802 | $ | 3,934 | $ | - | $ | - | 2Q 13 | |||||||||||||||||
4 | Rantoul | IL | 813,000 | 20 | $ | 42,587 | $ | 9,554 | $ | 9,824 | $ | 9,824 | $ | 9,824 | $ | 3,275 | 4Q 13 | |||||||||||||||||
4 | TOTAL BUILD-TO-SUIT PROJECTS | $ | 136,548 | $ | 65,122 | $ | 39,198 | $ | 15,995 | $ | 9,824 | $ | 3,275 |
Footnotes
(1) Investment balance in accordance with GAAP. Aggregate equity invested is $68,884.
(2) Joint venture investment.
16 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2012
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 12/31/2012 ($000) (2) | GAAP Base Rent as of 12/31/2012 ($000) (3) | ||||||||||||||||
OFFICE PROPERTIES | ||||||||||||||||||||||||||
2013 | 1/31/2013 | 12600 Gateway Blvd. | Fort Myers | FL | — | Gartner, Inc. | 1998 | 62,400 | 1,159 | 1,093 | ||||||||||||||||
820 Gears Rd. | Houston | TX | 16 | Ricoh Americas Corporation | 2000 | 78,895 | 1,148 | 981 | ||||||||||||||||||
3/31/2013 | 3165 McKelvey Rd. | Bridgeton | MO | — | BJC Health System | 1981 | 52,994 | 397 | 527 | |||||||||||||||||
9/30/2013 | 9200 South Park Center Loop | Orlando | FL | 5 | Corinthian Colleges, Inc. | 2003 | 59,927 | 1,369 | 1,159 | |||||||||||||||||
10/31/2013 | 2210 Enterprise Dr. | Florence | SC | — | JPMorgan Chase Bank, National Association | 1998 | 179,300 | 1,255 | 1,255 | |||||||||||||||||
3943 Denny Ave. | Pascagoula | MS | — | Northrop Grumman Systems Corporation | 1995 | 94,841 | 213 | 213 | ||||||||||||||||||
11/30/2013 | 10475 Crosspoint Blvd. | Indianapolis | IN | — | Yellow Book Sales and Distribution Company, Inc. | 1999 | 3,764 | 66 | 66 | |||||||||||||||||
1110 Bayfield Dr. | Colorado Springs | CO | — | Honeywell International Inc. | 1980/1990/2002 | 166,575 | 1,630 | 1,599 | ||||||||||||||||||
12/31/2013 | 2550 Interstate Dr. | Harrisburg | PA | — | New Cingular Wireless PCS, LLC | 1998 | 81,859 | 1,944 | 1,870 | |||||||||||||||||
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 | 908 | 908 | ||||||||||||||||
850-950 Warrenville Rd. | Lisle | IL | — | James J. Benes & Associates, Inc. | 1984 | 6,347 | 138 | 107 | ||||||||||||||||||
3/15/2014 | 101 East Erie St. | Chicago | IL | — | Draftfcb, Inc. (Interpublic Group of Companies, Inc.) | 1986 | 212,988 | 4,136 | 5,007 | |||||||||||||||||
5/31/2014 | 3476 Stateview Blvd. | Fort Mill | SC | — | Wells Fargo Bank, N.A. | 2002 | 169,083 | 2,704 | 2,535 | |||||||||||||||||
3480 Stateview Blvd. | Fort Mill | SC | — | Wells Fargo Bank, N.A. | 2004 | 169,218 | 3,672 | 3,451 | ||||||||||||||||||
859 Mount Vernon Hwy. | Atlanta | GA | 8 | International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) | 2004 | 50,400 | 1,301 | 1,030 | ||||||||||||||||||
6/30/2014 | 70 Mechanic St. | Foxboro | MA | — | Invensys Systems, Inc. (Siebe, Inc.) | 1965/1967/1971 | 251,914 | 0 | 818 | |||||||||||||||||
7/31/2014 | 16676 Northchase Dr. | Houston | TX | — | Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation) | 2003 | 101,111 | 1,679 | 1,627 | |||||||||||||||||
9/30/2014 | 333 Mt. Hope Ave. | Rockaway | NJ | — | BASF Corporation | 1981/2002/2004 | 95,500 | 2,244 | 2,123 | |||||||||||||||||
10/31/2014 | 1409 Centerpoint Blvd. | Knoxville | TN | — | Alstom Power, Inc. | 1997 | 84,404 | 1,738 | 1,621 | |||||||||||||||||
700 US Hwy. Route 202-206 | Bridgewater | NJ | — | Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.) | 1985/2003/2004 | 115,558 | 2,035 | 2,571 | ||||||||||||||||||
11/30/2014 | 200 Lucent Ln. | Cary | NC | — | Progress Energy Service Company, LLC | 1999 | 124,944 | 2,129 | 2,066 | |||||||||||||||||
850-950 Warrenville Rd. | Lisle | IL | — | Flexco, Inc. | 1984 | 7,535 | 136 | 136 | ||||||||||||||||||
12/14/2014 | 22011 Southeast 51st St. | Issaquah | WA | — | Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation) | 1987 | 95,600 | 2,143 | 1,945 | |||||||||||||||||
5150 220th Ave. | Issaquah | WA | — | Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation) | 1992 | 106,944 | 2,399 | 2,208 | ||||||||||||||||||
12/31/2014 | 1066 Main St. | Forest Park | GA | — | Bank of America, NA (Bank of America Corporation) | 1969 | 14,859 | 200 | 200 | |||||||||||||||||
1698 Mountain Industrial Blvd. | Stone Mountain | GA | — | Bank of America, NA (Bank of America Corporation) | 1973 | 5,704 | 95 | 95 | ||||||||||||||||||
180 South Clinton St. | Rochester | NY | — | Frontier Corporation | 1988/2000 | 226,000 | 2,974 | 2,966 | ||||||||||||||||||
201 West Main St. | Cumming | GA | — | Bank of America, NA (Bank of America Corporation) | 1968/1982 | 14,208 | 198 | 198 | ||||||||||||||||||
2223 North Druid Hills Rd. | Atlanta | GA | — | Bank of America, NA (Bank of America Corporation) | 1972 | 6,260 | 112 | 112 | ||||||||||||||||||
275 Technology Dr. | Canonsburg | PA | — | ANSYS, Inc. | 1996 | 107,872 | 1,429 | 1,378 | ||||||||||||||||||
400 Butler Farm Rd. | Hampton | VA | — | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) | 1999 | 100,632 | 1,271 | 1,233 | ||||||||||||||||||
4545 Chamblee – Dunwoody Rd. | Chamblee | GA | — | Bank of America, NA (Bank of America Corporation) | 1972 | 4,565 | 89 | 89 | ||||||||||||||||||
825 Southway Dr. | Jonesboro | GA | — | Bank of America, NA (Bank of America Corporation) | 1971 | 4,894 | 77 | 77 | ||||||||||||||||||
956 Ponce de Leon Ave. | Atlanta | GA | — | Bank of America, NA (Bank of America Corporation) | 1975 | 3,900 | 79 | 79 | ||||||||||||||||||
2015 | 1/31/2015 | 26555 Northwestern Hwy. | Southfield | MI | — | Federal-Mogul Corporation | 1963/1965/1988/1989 | 187,163 | 1,158 | 1,418 | ||||||||||||||||
3/31/2015 | 3940 South Teller St. | Lakewood | CO | — | MoneyGram Payment Systems, Inc. | 2002 | 68,165 | 1,098 | 1,008 | |||||||||||||||||
4/30/2015 | 13775 McLearen Rd. | Herndon | VA | — | Orange Business Services U.S., Inc. (Equant N.V.) | 1985/1986/1992/1999 | 125,293 | 2,218 | 2,138 | |||||||||||||||||
6/30/2015 | 2500 Patrick Henry Pkwy. | McDonough | GA | — | Georgia Power Company | 1999 | 111,911 | 522 | 459 | |||||||||||||||||
33 Commercial St. | Foxboro | MA | — | Invensys Systems, Inc. (Siebe, Inc.) | 1982/1987 | 164,689 | 3,631 | 3,631 | ||||||||||||||||||
3711 San Gabriel | Mission | TX | — | VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation | 2003 | 75,016 | 350 | 281 | ||||||||||||||||||
7/31/2015 | 4001 International Pkwy. | Carrollton | TX | — | Motel 6 Operating, LP (Accor S.A.) | 2003 | 138,443 | 3,208 | 3,194 | |||||||||||||||||
9/27/2015 | 2529 West Thorne Dr. | Houston | TX | — | Baker Hughes, Incorporated | 1982/1999 | 65,500 | 164 | 217 | |||||||||||||||||
9/30/2015 | 500 Olde Worthington Rd. | Westerville | OH | — | InVentiv Communications, Inc. | 2000 | 97,000 | 1,113 | 1,256 | |||||||||||||||||
550 Business Center Dr. | Lake Mary | FL | — | JPMorgan Chase Bank, National Association | 1999 | 125,920 | 1,902 | 2,107 | ||||||||||||||||||
600 Business Center Dr. | Lake Mary | FL | — | JPMorgan Chase Bank, National Association | 1996 | 125,155 | 1,817 | 2,055 | ||||||||||||||||||
10/31/2015 | 12209 West Markham St. | Little Rock | AR | — | Entergy Arkansas, Inc. | 1980 | 36,311 | 237 | 237 | |||||||||||||||||
5201 West Barraque St. | Pine Bluff | AR | — | Entergy Arkansas Inc. | 1964/1972/1988 | 27,189 | 64 | 47 |
17 |
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 12/31/2012 ($000) (2) | GAAP Base Rent as of 12/31/2012 ($000) (3) | ||||||||||||||||||
2016 | 1/31/2016 | 1600 Eberhardt Rd. | Temple | TX | — | Nextel of Texas, Inc. (Nextel Finance Company) | 2001 | 108,800 | 558 | 449 | ||||||||||||||||||
4/30/2016 | 11511 Luna Rd. | Farmers Branch | TX | — | Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.) | 2000 | 180,507 | 2,322 | 3,189 | |||||||||||||||||||
2000 Eastman Dr. | Milford | OH | — | Siemens Corporation | 1991 | 221,215 | 2,486 | 2,318 | ||||||||||||||||||||
5/31/2016 | 1200 Jupiter Rd. | Garland | TX | — | Raytheon Company | 1980 | 278,759 | 502 | 577 | |||||||||||||||||||
7/14/2016 | 1400 Northeast McWilliams Rd. | Bremerton | WA | — | Nextel West Corp. (Nextel Finance Company) | 2002 | 60,200 | 405 | 405 | |||||||||||||||||||
10/31/2016 | 104 & 110 South Front St. | Memphis | TN | — | Hnedak Bobo Group, Inc. | 1871/1980/1988/1999 | 37,229 | 519 | 501 | |||||||||||||||||||
12/31/2016 | 2050 Roanoke Rd. | Westlake | TX | — | TD Auto Finance LLC | 2001 | 130,290 | 2,573 | 2,664 | |||||||||||||||||||
2017 | 3/31/2017 | 1701 Market St. | Philadelphia | PA | 4 | Car-Tel Communications, Inc. | 1957/1997 | 1,220 | 54 | 54 | ||||||||||||||||||
4/30/2017 | 1315 West Century Dr. | Louisville | CO | — | Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC) | 1987/2006 | 106,877 | 1,637 | 1,642 | |||||||||||||||||||
9/30/2017 | 9201 East Dry Creek Rd. | Centennial | CO | — | The Shaw Group, Inc. | 2001/2002 | 128,500 | 2,338 | 1,925 | |||||||||||||||||||
10/31/2017 | 4455 American Way | Baton Rouge | LA | — | New Cingular Wireless PCS, LLC | 1997 | 70,100 | 1,154 | 1,097 | |||||||||||||||||||
11/30/2017 | 6200 Northwest Pkwy. | San Antonio | TX | — | United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC | 2000 | 142,500 | 1,781 | 1,866 | |||||||||||||||||||
12/31/2017 | 100 East Shore Dr. | Glen Allen | VA | — | Capital One, National Association | 1999 | 68,118 | 839 | 1,158 | |||||||||||||||||||
2018 | 1/31/2018 | 5757 Decatur Blvd. | Indianapolis | IN | — | Allstate Insurance Company | 2002 | 57,769 | 976 | 1,270 | ||||||||||||||||||
810 Gears Rd. | Houston | TX | 16 | Ricoh Americas Corporation | 2000 | 78,895 | 1,148 | 981 | ||||||||||||||||||||
4/30/2018 | Sandlake Rd./Kirkman Rd. | Orlando | FL | — | Lockheed Martin Corporation | 1982 | 184,000 | 960 | 1,870 | |||||||||||||||||||
5/30/2018 | 13651 McLearen Rd. | Herndon | VA | — | United States of America | 1987 | 159,644 | 3,284 | 3,394 | |||||||||||||||||||
5/31/2018 | 6303 Barfield Rd. | Atlanta | GA | — | International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) | 2000/2001 | 238,600 | 5,065 | 3,112 | |||||||||||||||||||
6/30/2018 | 100 Barnes Rd. | Wallingford | CT | — | 3M Company | 1978/1985/1990/1993 | 44,400 | 467 | 507 | |||||||||||||||||||
420 Riverport Rd. | Kingsport | TN | — | Kingsport Power Company | 1981 | 42,770 | 103 | 43 | ||||||||||||||||||||
8/31/2018 | 3500 North Loop Rd. | McDonough | GA | — | Litton Loan Servicing LP | 2007 | 62,218 | 412 | 285 | |||||||||||||||||||
9/30/2018 | 1701 Market St. | Philadelphia | PA | 4 | CBC Restaurant Corp. | 1957/1997 | 8,070 | 207 | 211 | |||||||||||||||||||
12/22/2018 | 5200 Metcalf Ave. | Overland Park | KS | — | Swiss Re America Holding Corporation / Westport Insurance Corporation | 1980/1990/2004/2005 | 320,198 | 4,740 | 4,772 | |||||||||||||||||||
12/31/2018 | 120 East Shore Dr. | Glen Allen | VA | — | Capital One Services, LLC | 2000 | 77,045 | 608 | 748 | |||||||||||||||||||
2019 | 1/31/2019 | 2999 Southwest 6th St. | Redmond | OR | — | VoiceStream PCS I LLC (T-Mobile USA, Inc.) | 2004 | 77,484 | 514 | 490 | ||||||||||||||||||
4/1/2019 | 9201 Stateline Rd. | Kansas City | MO | — | Swiss Re America Holding Corporation / Westport Insurance Corporation | 1963/1973/1985/2003 | 155,925 | 2,238 | 2,238 | |||||||||||||||||||
5/31/2019 | 4400 Northcorp Pkwy. | Palm Beach Gardens | FL | — | Office Suites Plus Properties, Inc. | 1996 | 18,400 | 314 | 270 | |||||||||||||||||||
6/19/2019 | 3965 Airways Blvd. | Memphis | TN | — | Federal Express Corporation | 1982/1983/1985/2006/2007 | 521,286 | 6,853 | 7,013 | |||||||||||||||||||
6/28/2019 | 3265 East Goldstone Dr. | Meridian | ID | — | T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.) | 2004 | 77,484 | 447 | 368 | |||||||||||||||||||
6/30/2019 | 275 South Valencia Ave. | Brea | CA | — | Bank of America, National Association | 1983 | 637,503 | 8,180 | 8,511 | |||||||||||||||||||
7/15/2019 | 19019 North 59th Ave. | Glendale | AZ | — | Honeywell International Inc. | 1986/1997/2000 | 252,300 | 596 | 634 | |||||||||||||||||||
7/31/2019 | 500 Jackson St. | Columbus | IN | — | Cummins, Inc. | 1984 | 390,100 | 4,494 | 4,540 | |||||||||||||||||||
10/31/2019 | 10475 Crosspoint Blvd. | Indianapolis | IN | — | John Wiley & Sons, Inc. | 1999 | 123,416 | 2,165 | 2,269 | |||||||||||||||||||
9601 Renner Blvd. | Lenexa | KS | — | VoiceStream PCS II Corporation (T-Mobile USA, Inc.) | 2004 | 77,484 | 453 | 381 | ||||||||||||||||||||
12/31/2019 | 421 Butler Farm Rd. | Hampton | VA | — | Patient Advocate Foundation | 2000 | 36,484 | 602 | 602 | |||||||||||||||||||
850-950 Warrenville Rd. | Lisle | IL | — | National-Louis University | 1984 | 85,532 | 1,269 | 1,461 | ||||||||||||||||||||
2020 | 1/31/2020 | 10300 Kincaid Dr. | Fishers | IN | — | Roche Diagnostics Operations, Inc. | 1999 | 193,000 | 3,386 | 3,425 | ||||||||||||||||||
2/14/2020 | 5600 Broken Sound Blvd. | Boca Raton | FL | — | Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.) | 1983/2002 | 143,290 | 2,298 | 2,244 | |||||||||||||||||||
5/31/2020 | 2401 Cherahala Blvd. | Knoxville | TN | — | AdvancePCS, Inc. / CaremarkPCS, L.L.C. | 2002 | 59,748 | 300 | 274 | |||||||||||||||||||
6/30/2020 | 10419 North 30th St. | Tampa | FL | — | Time Customer Service, Inc. (Time Incorporated) | 1986 | 132,981 | 467 | 482 | |||||||||||||||||||
7/8/2020 | 1460 Tobias Gadson Blvd. | Charleston | SC | — | Hagemeyer North America, Inc. | 2005 | 50,076 | 805 | 840 | |||||||||||||||||||
8/31/2020 | First Park Dr. | Oakland | ME | — | Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | 2005 | 78,610 | 453 | 382 | |||||||||||||||||||
2021 | 1/31/2021 | 1701 Market St. | Philadelphia | PA | 4 | Morgan, Lewis & Bockius LLP | 1957/1997 | 289,432 | 4,472 | 4,306 | ||||||||||||||||||
3/31/2021 | 1311 Broadfield Blvd. | Houston | TX | — | Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.) | 2000 | 155,040 | 2,326 | 2,623 | |||||||||||||||||||
6/30/2021 | 1415 Wyckoff Rd. | Wall | NJ | — | New Jersey Natural Gas Company | 1983 | 157,511 | 3,312 | 3,312 |
18 |
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 12/31/2012 ($000) (2) | GAAP Base Rent as of 12/31/2012 ($000) (3) | ||||||||||||||||||
8/31/2021 | 333 Three D Systems Circle | Rock Hill | SC | — | 3D Systems Corporation | 2006 | 80,028 | 669 | 687 | |||||||||||||||||||
11/30/2021 | 29 South Jefferson Rd. | Whippany | NJ | — | CAE SimuFlite, Inc. (CAE INC.) | 2006/2008 | 123,734 | 2,394 | 2,327 | |||||||||||||||||||
12/31/2021 | 2800 Waterford Lake Dr. | Midlothian | VA | — | Alstom Power, Inc. | 2000 | 99,057 | 2,063 | 2,140 | |||||||||||||||||||
2022 | 1/31/2022 | 26210 and 26220 Enterprise Court | Lake Forest | CA | — | Apria Healthcare, Inc. (Apria Healthcare Group, Inc.) | 2001 | 100,012 | 1,147 | 1,199 | ||||||||||||||||||
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 | 785 | 785 | |||||||||||||||||||
7/31/2022 | 1440 E 15th Street | Tucson | AZ | — | CoxCom, LLC | 1988 | 28,591 | 182 | 182 | |||||||||||||||||||
11/30/2022 | 4201 Marsh Ln. | Carrollton | TX | — | Carlson Restaurants Inc. (Carlson, Inc.) | 2003 | 130,000 | 1,934 | 1,866 | |||||||||||||||||||
12/31/2022 | 147 Milk St. | Boston | MA | — | Harvard Vanguard Medical Associates, Inc. | 1910 | 52,337 | 1,532 | 1,661 | |||||||||||||||||||
N/A | N/A | 1701 Market St. | Philadelphia | PA | 4 | Parking Operators | 1957/1997 | 0 | 2,380 | 2,380 | ||||||||||||||||||
Vacant | 101 East Erie St. | Chicago | IL | — | (Available for Lease) | 1986 | 17,716 | 0 | 0 | |||||||||||||||||||
10475 Crosspoint Blvd. | Indianapolis | IN | — | (Available for Lease) | 1999 | 13,867 | 0 | 0 | ||||||||||||||||||||
1701 Market St. | Philadelphia | PA | 4 | (Available for Lease) | 1957/1997 | 5,315 | 0 | 0 | ||||||||||||||||||||
421 Butler Farm Rd. | Hampton | VA | — | (Available for Lease) | 2000 | 20,080 | 0 | 0 | ||||||||||||||||||||
5757 Decatur Blvd. | Indianapolis | IN | 18 | (Available for Lease) | 2002 | 30,797 | 45 | 45 | ||||||||||||||||||||
OFFICE TOTAL/WEIGHTED AVERAGE | 99.3% Leased | 11,762,974 | $ | 154,762 | $ | 156,366 |
19 |
LEXINGTON REALTY TRUST
Long-Term Leases- Consolidated Portfolio - 12/31/2012
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Property Type | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 12/31/2012 ($000) (2) | GAAP Base Rent as of 12/31/2012 ($000) (3) | |||||||||||||||||||
LONG-TERM LEASE PROPERTIES | ||||||||||||||||||||||||||||||
2023 | 2/28/2023 | 2211 South 47th St. | Phoenix | AZ | — | Avnet, Inc. | Office | 1997 | 176,402 | 2,100 | 2,160 | |||||||||||||||||||
US 221 & Hospital Rd. | Jefferson | NC | — | Food Lion, LLC / Delhaize America, Inc. | Retail | 1981 | 34,555 | 73 | 108 | |||||||||||||||||||||
3/31/2023 | 6555 Sierra Dr. | Irving | TX | — | TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC) | Office | 1999 | 247,254 | 3,063 | 2,952 | ||||||||||||||||||||
8900 Freeport Pkwy. | Irving | TX | 7 | Nissan Motor Acceptance Corporation (Nissan North America, Inc.) / Pacific Union Financial, LLC. | Office | 2003 | 268,445 | 3,038 | 3,501 | |||||||||||||||||||||
12/14/2023 | 3333 Coyote Hill Rd. | Palo Alto | CA | — | Xerox Corporation | Office | 1973/1975/1982 | 202,000 | 3,499 | 4,775 | ||||||||||||||||||||
2024 | 2/14/2024 | 1362 Celebration Blvd. | Florence | SC | — | MED3000, Inc. | Office | 2012 | 32,000 | 450 | 502 | |||||||||||||||||||
12/31/2024 | 12000 & 12025 Tech Center Dr. | Livonia | MI | — | Kelsey-Hayes Company (TRW Automotive Inc.) | Office | 1987/1988/1990 | 180,230 | 727 | 618 | ||||||||||||||||||||
2025 | 3/14/2025 | 601 & 701 Experian Pkwy. | Allen | TX | — | Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.) | Office | 1981/1983 | 292,700 | 3,073 | 3,046 | |||||||||||||||||||
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 | 1,346 | 1,346 | ||||||||||||||||||||
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 | 1,687 | 1,687 | |||||||||||||||||||||
37101 Corporate Dr. | Farmington Hills | MI | — | Panasonic Automotive Systems Company of America, a Division of Panasonic Corporation of North America | Office | 2001 | 90,460 | 82 | 909 | |||||||||||||||||||||
4010 Airpark Dr. | Owensboro | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1998/2001 | 211,598 | 1,208 | 1,208 | |||||||||||||||||||||
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 | 537 | 537 | |||||||||||||||||||||
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 | 2,838 | 2,838 | |||||||||||||||||||||
7/14/2025 | 590 Ecology Ln. | Chester | SC | — | Owens Corning Sales, LLC | Industrial | 2001/2005 | 420,597 | 728 | 552 | ||||||||||||||||||||
7/31/2025 | 7005 Cochran Rd. | Glenwillow | OH | — | Royal Appliance Mfg. Co. | Industrial | 1997 | 458,000 | 1,984 | 2,251 | ||||||||||||||||||||
9/30/2025 | 10001 Richmond Ave. | Houston | TX | 20 | Baker Hughes Incorporated / Schlumberger Holdings Corp. | Office | 1976 | 554,385 | 8,163 | 7,375 | ||||||||||||||||||||
10/31/2025 | 6277 Sea Harbor Dr. | Orlando | FL | 19 | Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation) / Aramark Corporation | Office | 1984/2012 | 267,662 | 11 | 3,352 | ||||||||||||||||||||
11/30/2025 | 11707 Miracle Hills Dr. | Omaha | NE | — | Infocrossing, Inc. | Office | 1989/1995 | 85,200 | 1,167 | 1,167 | ||||||||||||||||||||
12/31/2025 | 2005 East Technology Cir. | Tempe | AZ | — | Infocrossing, Inc. | Office | 1998 | 60,000 | 1,128 | 1,128 | ||||||||||||||||||||
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 | 2,537 | |||||||||||||||||||
3/31/2026 | 459 Wingo Road | Byhalia | MS | — | Asics America Corporation (Asics Corporation) | Industrial | 2011 | 513,734 | 2,582 | 2,937 | ||||||||||||||||||||
6/30/2026 | 351 Chamber Drive | Chillicothe | OH | — | The Kitchen Collection, Inc. | Industrial | 1995/1998 | 475,218 | 1,013 | 1,159 | ||||||||||||||||||||
8/31/2026 | 25500 State Hwy. 249 | Tomball | TX | — | Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin) | Specialty | 2005 | 77,076 | 460 | 468 | ||||||||||||||||||||
10/31/2026 | 5001 Greenwood Rd. | Shreveport | LA | — | Libbey Glass Inc. (Libbey Inc.) | Industrial | 2006 | 646,000 | 2,030 | 2,165 | ||||||||||||||||||||
11/30/2026 | 250 Rittenhouse Cir. | Bristol | PA | — | Northtec LLC (The Estée Lauder Companies Inc.) | Industrial | 1983/1997 | 241,977 | 1,029 | 1,139 | ||||||||||||||||||||
500 Kinetic Drive | Huntington | WV | — | AMZN WVCS LLC (Amazon.com, Inc.) | Office | 2011 | 68,693 | 1,169 | 1,315 | |||||||||||||||||||||
12/29/2026 | 5500 New Albany Road | Columbus | OH | — | Evans, Mechwart, Hambleton & Tilton, Inc. | Office | 2005 | 104,807 | 1,520 | 1,737 | ||||||||||||||||||||
2027 | 4/30/2027 | 2424 Alpine Rd. | Eau Claire | WI | — | Silver Spring Foods, Inc. (Huntsinger Farms, Inc.) | Industrial | 1993/2004 | 159,000 | 357 | 334 | |||||||||||||||||||
6/30/2027 | 3902 Gene Field Rd | St. Joseph | MO | — | Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation) | Office | 2012 | 98,849 | 542 | 631 | ||||||||||||||||||||
7/6/2027 | 2221 Schrock Road | Columbus | OH | — | MS Consultants, Inc. | Office | 1999/2006 | 42,290 | 560 | 641 | ||||||||||||||||||||
8/7/2027 | 25 Lakeview Drive | Jessup | PA | — | TMG Health, Inc. | Office | 2012 | 150,000 | 761 | 995 | ||||||||||||||||||||
8/31/2027 | 278 Norman Drive | Valdosta | GA | — | Gander Mountain Company | Retail | 2012 | 51,198 | 271 | 299 | ||||||||||||||||||||
10/31/2027 | 11201 Renner Blvd. | Lenexa | KS | 18 | United States of America | Office | 2007 | 169,585 | 3,194 | 3,795 | ||||||||||||||||||||
11/30/2027 | 1700 Millrace Drive | Eugene | OR | 17 | Oregon Research Institute / Educational Policy Improvement Center | Office | 2012 | 80,011 | 46 | 61 | ||||||||||||||||||||
11/30/2027 | 1640 Parker Way | Opelika | AL | — | Gander Mountain Company | Retail | 2012 | 52,000 | 128 | 141 | ||||||||||||||||||||
12/31/2027 | 10590 Hamilton Ave. | Cincinnati | OH | — | The Hillman Group, Inc. | Industrial | 1991/1994/1995/2005 | 248,700 | 793 | 792 | ||||||||||||||||||||
2028 | 8/31/2028 | 9803 Edmonds Way | Edmonds | WA | — | Pudget Consumers Co-op d/b/a PCC Natural Markets | Retail | 1981 | 35,459 | 603 | 603 | |||||||||||||||||||
2029 | 1/31/2029 | 6226 West Sahara Ave. | Las Vegas | NV | — | Nevada Power Company | Office | 1983/1994 | 282,000 | 8,070 | 4,253 | |||||||||||||||||||
12/31/2029 | 400 East Stone Ave. | Greenville | SC | 9 | Canal Insurance Company | Office | 1948/1981/1982/1986/1991/2006/2008 | 128,041 | 946 | 0 | ||||||||||||||||||||
3030 North 3rd Street | Phoenix | AZ | — | CopperPoint Mutual Insurance Company | Office | 1986/2011 | 252,400 | 112 | 143 | |||||||||||||||||||||
2031 | 5/31/2031 | 671 Washburn Switch Rd. | Shelby | NC | — | Clearwater Paper Corporation | Industrial | 2011 | 673,518 | 2,165 | 2,601 | |||||||||||||||||||
2032 | 4/30/2032 | 13930 Pike Road | Missouri City | TX | — | Vulcan Construction Materials, LP (Vulcan Materials Company) | Industrial | N/A | 0 | 1,219 | 1,480 | |||||||||||||||||||
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 | 91,852 | 0 | 0 | |||||||||||||||||||||
LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE | 98.7% Leased | 10,231,381 | $ | 69,174 | $ | 72,238 |
20 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2012
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 12/31/2012 ($000) (2) | GAAP Base Rent as of 12/31/2012 ($000) (3) | ||||||||||||||||
INDUSTRIAL PROPERTIES | ||||||||||||||||||||||||||
2013 | MTM | 191 Arrowhead Dr. | Hebron | OH | 21 | Owens Corning Insulating Systems, LLC | 1999 | 250,410 | 529 | 529 | ||||||||||||||||
12/31/2013 | 1133 Poplar Creek Rd. | Henderson | NC | — | Staples, Inc. / Corporate Express, Inc. | 1998/2006 | 196,946 | 876 | 811 | |||||||||||||||||
2014 | 1/1/2014 | 2415 US Hwy. 78 East | Moody | AL | — | CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) | 2004 | 595,346 | 1,054 | 1,054 | ||||||||||||||||
1/31/2014 | 109 Stevens St. | Jacksonville | FL | — | Wagner Industries, Inc. | 1959/1967 | 168,800 | 100 | 100 | |||||||||||||||||
5/31/2014 | 200 Arrowhead Dr. | Hebron | OH | — | Owens Corning Insulating Systems, LLC | 2000 | 400,522 | 901 | 901 | |||||||||||||||||
12/31/2014 | 324 Industrial Park Rd. | Franklin | NC | — | SKF USA Inc. | 1996 | 72,868 | 152 | 90 | |||||||||||||||||
3686 South Central Ave. | Rockford | IL | — | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | 1998 | 90,000 | 404 | 314 | ||||||||||||||||||
2015 | 1/31/2015 | 101 Michelin Dr. | Laurens | SC | — | Michelin North America, Inc. | 1991/1993 | 1,164,000 | 3,403 | 3,338 | ||||||||||||||||
7111 Crabb Rd. | Temperance | MI | — | Michelin North America, Inc. | 1978/1993 | 744,570 | 2,287 | 2,243 | ||||||||||||||||||
6/30/2015 | 1700 47th Ave North | Minneapolis | MN | — | Owens Corning / Owens Corning Roofing and Asphalt, LLC | 2003 | 18,620 | 212 | 212 | |||||||||||||||||
2935 Van Vactor Dr. | Plymouth | IN | — | Bay Valley Foods, LLC | 2000/2003 | 300,500 | 274 | 274 | ||||||||||||||||||
12/31/2015 | 749 Southrock Dr. | Rockford | IL | — | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | 1992 | 150,000 | 475 | 488 | |||||||||||||||||
2016 | 2/28/2016 | 7670 Hacks Cross Rd. | Olive Branch | MS | — | MAHLE Clevite, Inc. (MAHLE Industries, Incorporated) | 1989 | 268,104 | 954 | 915 | ||||||||||||||||
3/31/2016 | 19500 Bulverde Rd. | San Antonio | TX | — | Elsevier STM Inc. (Reed Elsevier Inc.) | 2001 | 559,258 | 3,663 | 3,429 | |||||||||||||||||
2455 Premier Dr. | Orlando | FL | — | Walgreen Co. / Walgreen Eastern Co. | 1980 | 205,016 | 508 | 786 | ||||||||||||||||||
5/31/2016 | 291 Park Center Dr. | Winchester | VA | — | Kraft Foods Global, Inc. | 2001 | 344,700 | 1,221 | 1,289 | |||||||||||||||||
9/30/2016 | 900 Industrial Blvd. | Crossville | TN | — | Dana Commercial Vehicle Products, LLC | 1989/2006 | 222,200 | 684 | 684 | |||||||||||||||||
11/30/2016 | 736 Addison Rd. | Erwin | NY | — | Corning, Incorporated | 2006 | 408,000 | 415 | 415 | |||||||||||||||||
2017 | 2/28/2017 | 3456 Meyers Ave. | Memphis | TN | — | Sears, Roebuck and Co. / Sears Logistics Services | 1973 | 780,000 | 1,592 | 1,694 | ||||||||||||||||
4/30/2017 | 3600 Army Post Rd. | Des Moines | IA | — | HP Enterprise Services, LLC | 2000 | 405,000 | 827 | 684 | |||||||||||||||||
6/30/2017 | 7500 Chavenelle Rd. | Dubuque | IA | — | The McGraw-Hill Companies, Inc. | 2001 | 330,988 | 1,217 | 1,164 | |||||||||||||||||
9/30/2017 | 250 Swathmore Ave. | High Point | NC | — | Steelcase Inc. | 2002 | 244,851 | 1,101 | 1,087 | |||||||||||||||||
10/31/2017 | 1420 Greenwood Rd. | McDonough | GA | — | Versacold USA, Inc. | 2000/2007 | 296,972 | 2,657 | 2,595 | |||||||||||||||||
43955 Plymouth Oaks Blvd. | Plymouth | MI | — | Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.) | 1996/1998 | 290,133 | 1,801 | 1,431 | ||||||||||||||||||
12/31/2017 | 2203 Sherrill Dr. | Statesville | NC | — | Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation) | 1999/2002 | 639,800 | 1,789 | 1,865 | |||||||||||||||||
2018 | 6/30/2018 | 1650-1654 Williams Rd. | Columbus | OH | — | ODW Logistics, Inc. | 1973 | 772,450 | 1,347 | 1,342 | ||||||||||||||||
9/30/2018 | 50 Tyger River Dr. | Duncan | SC | — | Plastic Omnium Auto Exteriors, LLC | 2005/2007/2008 | 221,833 | 958 | 958 | |||||||||||||||||
904 Industrial Rd. | Marshall | MI | — | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | 1968/1972/2008 | 246,508 | 255 | 233 | ||||||||||||||||||
12/31/2018 | 120 Southeast Pkwy. Dr. | Franklin | TN | — | Essex Group, Inc. (United Technologies Corporation) | 1970/1983 | 289,330 | 245 | 417 | |||||||||||||||||
2019 | 4/30/2019 | 113 Wells St. | North Berwick | ME | — | United Technologies Corporation | 1965/1980 | 972,625 | 1,535 | 1,535 | ||||||||||||||||
10/17/2019 | 10345 Philipp Pkwy. | Streetsboro | OH | — | L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.) | 2004 | 649,250 | 2,518 | 2,611 | |||||||||||||||||
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 | 3,400 | 3,400 | ||||||||||||||||
5/31/2020 | 359 Gateway Dr. | Lavonia | GA | — | TI Group Automotive Systems, LLC (TI Automotive Ltd.) | 2005 | 133,221 | 400 | 317 | |||||||||||||||||
6/30/2020 | 3102 Queen Palm Dr. | Tampa | FL | — | Time Customer Service, Inc. (Time Incorporated) | 1986 | 229,605 | 1,303 | 1,276 | |||||||||||||||||
9/30/2020 | 3350 Miac Cove Rd. | Memphis | TN | — | Mimeo.com, Inc. | 1987 | 107,400 | 415 | 386 | |||||||||||||||||
12/19/2020 | 1901 Ragu Dr. | Owensboro | KY | 6 | Unilever Supply Chain, Inc. (Unilever United States, Inc.) | 1975/1979/1995 | 443,380 | 1,049 | 1,488 | |||||||||||||||||
2021 | 5/31/2021 | 477 Distribution Pkwy. | Collierville | TN | — | Federal Express Corporation / FedEx Techconnect, Inc. | 1984/1987/2005/2012 | 126,213 | 631 | 554 | ||||||||||||||||
9/30/2021 | 3820 Micro Dr. | Millington | TN | — | Ingram Micro L.P. (Ingram Micro Inc.) | 1997 | 701,819 | 1,667 | 1,777 | |||||||||||||||||
10/25/2021 | 6938 Elm Valley Dr. | Kalamazoo | MI | — | Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited) | 1999/2004 | 150,945 | 676 | 582 | |||||||||||||||||
11/30/2021 | 2880 Kenny Biggs Rd. | Lumberton | NC | — | Quickie Manufacturing Corporation | 1998/2001/2006 | 423,280 | 1,314 | 1,356 | |||||||||||||||||
2022 | 3/31/2022 | 5417 Campus Drive | Shreveport | LA | — | The Tire Rack, Inc. | 2012 | 257,849 | 649 | 681 | ||||||||||||||||
N/A | Vacant | 1601 Pratt Ave. | Marshall | MI | 18 | (Available for Lease) | 1979 | 58,300 | 143 | 143 | ||||||||||||||||
3350 Miac Cove Rd. | Memphis | TN | — | (Available for Lease) | 1987 | 32,679 | 0 | 0 | ||||||||||||||||||
INDUSTRIAL TOTAL/WEIGHTED AVERAGE | 99.4% Leased | 15,299,901 | $ | 47,601 | $ | 47,448 |
21 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2012
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Gross Book Value ($000) (10) | Sq.Ft. | Percentage Leased | Cash Rent as of 12/31/2012 ($000) (2) | GAAP Base Rent as of 12/31/2012 ($000) (3) | Debt Balance ($000) | |||||||||||||||||||||||||||||||
MULTI-TENANT PROPERTIES (14) | ||||||||||||||||||||||||||||||||||||||||||||
Various | Various | 10 John St. | Clinton | CT | 6 | Multi-Tenant | 1972 | 0 | 41,188 | 0 | % | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
100 Light St. | Baltimore | MD | 13 | Multi-Tenant | 1973/2009 | 244,676 | 476,459 | 95 | % | 11,972 | 15,534 | 55,000 | ||||||||||||||||||||||||||||||||
140 East Shore Dr. | Glen Allen | VA | — | Multi-Tenant | 2000 | 13,177 | 76,885 | 91 | % | 1,033 | 918 | 18,940 | ||||||||||||||||||||||||||||||||
13430 North Black Canyon Fwy. | Phoenix | AZ | 11 | Multi-Tenant | 1981/1982/2005/2007/2009 | 16,723 | 138,940 | 100 | % | 2,674 | 2,690 | 0 | ||||||||||||||||||||||||||||||||
207 Mockingbird Ln. | Johnson City | TN | — | Multi-Tenant | 1979 | 12,138 | 60,684 | 50 | % | 643 | 643 | 0 | ||||||||||||||||||||||||||||||||
2300 Litton Ln. | Hebron | KY | 11 | Multi-Tenant | 1986/1996 | 9,796 | 80,440 | 95 | % | 468 | 424 | 0 | ||||||||||||||||||||||||||||||||
4200 Northcorp Pkway | Palm Beach Gardens | FL | 11 | Multi-Tenant | 1996 | 20,880 | 95,065 | 26 | % | 176 | 176 | 0 | ||||||||||||||||||||||||||||||||
6050 Dana Way | Antioch | TN | — | Multi-Tenant | 1999 | 15,137 | 672,629 | 70 | % | 1,406 | 1,424 | 0 | ||||||||||||||||||||||||||||||||
King St./1032 Fort St. Mall | Honolulu | HI | 11 / 13 | Multi-Tenant | 1979/2002 | 47,209 | 318,451 | 92 | % | 2,354 | 2,101 | 0 | ||||||||||||||||||||||||||||||||
4000 Johns Creek Pkwy. | Suwanee | GA | 12 / 18 | Multi-Tenant | 2001 | 4,203 | 87,219 | 0 | % | 1,086 | 1,078 | 10,964 | ||||||||||||||||||||||||||||||||
265 Lehigh Street | Allentown | PA | — | Multi-Tenant | 1980 | 2,920 | 71,055 | 32 | % | 43 | 43 | 0 | ||||||||||||||||||||||||||||||||
17191 St. Luke's Way | The Woodlands | TX | — | Multi-Tenant | 2004 | 7,900 | 41,000 | 33 | % | 95 | 95 | 7,445 | ||||||||||||||||||||||||||||||||
200 Executive Blvd. South | Southington | CT | 18 | Multi-Tenant | 1984/2006 | 28,580 | 153,364 | 0 | % | 1,679 | 1,625 | 12,317 | ||||||||||||||||||||||||||||||||
2706 Media Center Dr. | Los Angeles | CA | 18 | Multi-Tenant | 2000 | 18,070 | 83,252 | 24 | % | 1,540 | 1,286 | 10,298 | ||||||||||||||||||||||||||||||||
MULTI-TENANT TOTAL/WEIGHTED AVERAGE | 67.4% Leased | 2,396,631 | $ | 25,169 | $ | 28,037 | $ | 114,964 |
22 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 12/31/2012
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 12/31/2012 ($000) (2) | GAAP Base Rent as of 12/31/2012 ($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 | 62 | 123 | ||||||||||||||||||||||||
2014 | 3/31/2014 | N.E.C. 45th St./Lee Blvd. | Lawton | OK | — | Associated Wholesale Grocers, Inc. / Safeway, Inc. | 1984 | 30,757 | 185 | 207 | ||||||||||||||||||||||||
10/31/2014 | 1084 East Second St. | Franklin | OH | — | Marsh Supermarkets, LLC / Crystal Food Services, LLC | 1961/1978 | 29,119 | 111 | 142 | |||||||||||||||||||||||||
2015 | 1/31/2015 | 1700 State Route 160 | Port Orchard | WA | — | Moran Foods, Inc. d/b/a Save-A-Lot, Ltd. | 1983 | 16,037 | 82 | 82 | ||||||||||||||||||||||||
5/31/2015 | 24th St. West & St. John’s Ave. | Billings | MT | — | Safeway, Inc. | 1981 | 40,800 | 186 | 287 | |||||||||||||||||||||||||
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 | 305 | 305 | ||||||||||||||||||||||||
18601 Alderwood Mall Blvd. | Lynnwood | WA | — | Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC | 1981/1993 | 43,105 | 281 | 281 | ||||||||||||||||||||||||||
4811 Wesley St. | Greenville | TX | — | Brookshire Grocery Company / Safeway, Inc. | 1985 | 48,492 | 171 | 242 | ||||||||||||||||||||||||||
6910 South Memorial Hwy. | Tulsa | OK | — | Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc. | 1981 | 43,123 | 255 | 255 | ||||||||||||||||||||||||||
2017 | 3/31/2017 | 1610 South Westmoreland Ave. | Dallas | TX | — | Malone’s Food Stores, Ltd. | 1960 | 70,910 | 361 | 420 | ||||||||||||||||||||||||
6/30/2017 | 1600 East 23rd St. | Chattanooga | TN | — | BI-LO, LLC | 1983/1995 | 42,130 | 129 | 129 | |||||||||||||||||||||||||
12/31/2017 | 11411 North Kelly Ave. | Oklahoma City | OK | — | American Golf Corporation | 1991/1996 | 13,924 | 158 | 108 | |||||||||||||||||||||||||
2018 | 2/26/2018 | 399 Peachwood Centre Dr. | Spartanburg | SC | — | Best Buy Co., Inc. | 1996 | 45,800 | 395 | 395 | ||||||||||||||||||||||||
4831 Whipple Ave., Northwest | Canton | OH | — | Best Buy Co., Inc. | 1995 | 46,350 | 465 | 465 | ||||||||||||||||||||||||||
2/28/2018 | 291 Talbert Blvd. | Lexington | NC | — | Food Lion, LLC / Delhaize America, Inc. | 1981 | 23,000 | 138 | 138 | |||||||||||||||||||||||||
3211 West Beverly St. | Staunton | VA | — | Food Lion, LLC / Delhaize America, Inc. | 1971 | 23,000 | 166 | 166 | ||||||||||||||||||||||||||
7/1/2018 | 1053 Mineral Springs Rd. | Paris | TN | — | The Kroger Co. | 1982 | 31,170 | 159 | 188 | |||||||||||||||||||||||||
9/30/2018 | 835 Julian Ave. | Thomasville | NC | — | Mighty Dollar, LLC | 1983 | 23,767 | 73 | 73 | |||||||||||||||||||||||||
10/31/2018 | 10340 U.S. 19 | Port Richey | FL | — | Kingswere Furniture, LLC | 1980 | 53,820 | 346 | 346 | |||||||||||||||||||||||||
130 Midland Ave. | Port Chester | NY | — | Pathmark Stores, Inc. | 1982 | 59,000 | 423 | 1,190 | ||||||||||||||||||||||||||
5104 North Franklin Rd. | Lawrence | IN | — | Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC | 1958 | 28,721 | 193 | 193 | ||||||||||||||||||||||||||
12/31/2018 | 1150 West Carl Sandburg Dr. | Galesburg | IL | — | Kmart Corporation | 1992 | 94,970 | 216 | 329 | |||||||||||||||||||||||||
12080 Carmel Mountain Rd. | San Diego | CA | — | Kmart Corporation | 1993 | 107,210 | 245 | 751 | ||||||||||||||||||||||||||
21082 Pioneer Plaza Dr. | Watertown | NY | — | Kmart Corporation | 1993 | 120,727 | 362 | 482 | ||||||||||||||||||||||||||
255 Northgate Dr. | Manteca | CA | — | Kmart Corporation | 1993 | 107,489 | 385 | 555 | ||||||||||||||||||||||||||
5350 Leavitt Rd. | Lorain | OH | — | Kmart Corporation | 1993 | 193,193 | 545 | 731 | ||||||||||||||||||||||||||
97 Seneca Trail | Fairlea | WV | — | Kmart Corporation | 1993/1999 | 90,933 | 254 | 347 | ||||||||||||||||||||||||||
N/A | Vacant | 1700 State Route 160 | Port Orchard | WA | — | (Available for Lease) | 1983 | 11,931 | 0 | 0 | ||||||||||||||||||||||||
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE | 99.2% Leased | 1,505,320 | $ | 6,651 | $ | 8,930 | ||||||||||||||||||||||||||||
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE | 97.3% Leased | 41,196,207 | $ | 303,357 | $ | 313,019 |
Footnotes
1 | Square foot leased or vacant. |
2 | Twelve months ended 12/31/2012 cash rent. |
3 | Twelve months ended 12/31/2012 GAAP base rent. |
4 | Lexington has an 80.5% interest in this property. |
5 | Lease extended to 09/2020 subsequent to 12/31/2012. |
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 $992 of income is included in non-operating income. |
10 | Represents GAAP capitalized costs. |
11 | Property is collateral for secured credit facility and term loan as of 12/31/2012. Collateral released after 12/31/2012. |
12 | Subsequent to 12/31/2012, property was sold in foreclosure to satisfy mortgage. |
13 | Includes parking operations. |
14 | The multi-tenanted properties incurred approximately $10.1 million in operating expenses, net for the twelve months ended 12/31/2012. |
15 | Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026. |
16 | Tenant vacated 78,895 square feet in 01/2013 and continues to lease 78,895 square feet through 01/2018. |
17 | Educational Policy Improvement Center lease for 10,791 square feet expires 11/2019; however, space is then leased to Oregon Research Institute through 11/2027. |
18 | Cash and GAAP rent amounts represent/include prior tenant. |
19 | Aramark Corporation lease for 8,261 square feet expires 11/2017. |
20 | Baker Hughes Incorporated lease expires 09/2015; however, new tenant (Schlumberger Holdings Corp.) lease expires 09/2025. |
21 | Lease extended to 05/2014 subsequent to 12/31/2012. |
23 |
LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type - Cash Basis
12/31/2012
Office | Industrial | Retail/Specialty | ||||||||||||||||||||||||||||||||||
Year | Net Rentable Area | Cash Rent as of 12/31/2012 ($000) | Annual Rent PSF (2) | Net Rentable Area | Cash Rent as of 12/31/2012 ($000) | Annual Rent PSF (2) | Net Rentable Area | Cash Rent as of 12/31/2012 ($000) | Annual Rent PSF (2) | |||||||||||||||||||||||||||
2013 | 780,555 | $ | 9,181 | $ | 12.31 | 447,356 | $ | 1,405 | $ | 3.14 | 23,000 | $ | 62 | $ | 2.70 | |||||||||||||||||||||
2014 | 2,316,987 | $ | 33,886 | $ | 16.81 | 1,327,536 | $ | 2,611 | $ | 2.35 | 59,876 | $ | 296 | $ | 4.94 | |||||||||||||||||||||
2015 | 1,347,755 | $ | 17,482 | $ | 14.93 | 2,377,690 | $ | 6,651 | $ | 3.21 | 56,837 | $ | 268 | $ | 4.72 | |||||||||||||||||||||
2016 | 1,017,000 | $ | 9,365 | $ | 12.09 | 2,007,278 | $ | 7,445 | $ | 4.12 | 177,562 | $ | 1,012 | $ | 5.70 | |||||||||||||||||||||
2017 | 525,576 | $ | 7,814 | $ | 14.87 | 2,987,744 | $ | 10,984 | $ | 4.23 | 126,964 | $ | 648 | $ | 7.60 | |||||||||||||||||||||
2018 | 1,317,005 | $ | 17,970 | $ | 14.43 | 1,530,121 | $ | 2,805 | $ | 2.49 | 1,049,150 | $ | 4,365 | $ | 4.16 | |||||||||||||||||||||
2019 | 2,464,189 | $ | 28,131 | $ | 13.13 | 1,621,875 | $ | 4,053 | $ | 2.50 | - | $ | - | $ | - | |||||||||||||||||||||
2020 | 657,705 | $ | 7,709 | $ | 15.43 | 1,249,216 | $ | 6,567 | $ | 5.90 | - | $ | - | $ | - | |||||||||||||||||||||
2021 | 904,802 | $ | 15,236 | $ | 16.84 | 1,402,257 | $ | 4,288 | $ | 4.02 | - | $ | - | $ | - | |||||||||||||||||||||
2022 | 406,073 | $ | 5,580 | $ | 18.50 | 257,849 | $ | 649 | $ | 4.83 | - | $ | - | $ | - | |||||||||||||||||||||
Thereafter | 3,770,966 | $ | 43,404 | $ | 13.86 | 6,017,458 | $ | 24,218 | $ | 4.47 | 250,288 | $ | 1,535 | $ | 14.41 | |||||||||||||||||||||
Total/Weighted Average(1) | 15,508,613 | $ | 195,758 | $ | 14.53 | 21,226,380 | $ | 71,676 | $ | 3.87 | 1,743,677 | $ | 8,186 | $ | 6.06 |
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 cash rents are annualized.
24 |
LEXINGTON REALTY TRUST
Lease Rollover Schedule - GAAP Basis
12/31/2012
Year | Number of Leases Expiring | GAAP Base Rent as of 12/31/2012 ($000) | Percent of GAAP Base Rent as of 12/31/2012 | Percent of GAAP Base Rent as of 12/31/2011 | ||||||||||||
2013 | 12 | $ | 10,226 | 3.6 | % | 9.7 | % | |||||||||
2014 | 32 | $ | 37,388 | 13.2 | % | 15.8 | % | |||||||||
2015 | 20 | $ | 24,972 | 8.8 | % | 10.4 | % | |||||||||
2016 | 17 | $ | 18,704 | 6.6 | % | 6.8 | % | |||||||||
2017 | 17 | $ | 18,930 | 6.7 | % | 6.1 | % | |||||||||
2018 | 31 | $ | 26,580 | 9.4 | % | 6.8 | % | |||||||||
2019 | 15 | $ | 32,929 | 11.7 | % | 11.9 | % | |||||||||
2020 | 11 | $ | 14,514 | 5.1 | % | 5.0 | % | |||||||||
2021 | 10 | $ | 19,664 | 7.0 | % | 4.8 | % | |||||||||
2022 | 6 | $ | 6,374 | 2.3 | % | 2.8 | % | |||||||||
Thereafter | 43 | $ | 72,133 | 25.6 | % | 14.1 | % | |||||||||
Total(1) | 214 | $ | 282,414 | 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
12/31/2012
Current | ||||||||||||||||||||||||||||||
Estimated | ||||||||||||||||||||||||||||||
Annual | ||||||||||||||||||||||||||||||
Collateral | Loan Balance | Interest | Maturity | Debt Service | Balloon Payment | Escrow Balance | ||||||||||||||||||||||||
City | State | ($000)(1) | Rate | Date | ($000)(2) | ($000) | ($000) | |||||||||||||||||||||||
Office | Schaumburg (3) | IL | $ | 21,942 | 20.00 | % | 01/2012 | $ | - | $ | 21,942 | $ | 306 | |||||||||||||||||
Norwalk (4) | CT | $ | 3,479 | 7.50 | % | 11/2014 | $ | - | $ | 3,469 | $ | 4,369 | ||||||||||||||||||
Southfield | MI | $ | 7,364 | 4.55 | % | 02/2015 | $ | 1,282 | $ | 5,810 | $ | - | ||||||||||||||||||
Westmont (5) | IL | $ | 26,902 | 6.45 | % | 10/2015 | $ | 2,090 | $ | 25,731 | $ | 5,997 | ||||||||||||||||||
Retail | Austin | TX | $ | 2,038 | 16.00 | % | 10/2018 | $ | - | $ | 5,104 | $ | - | |||||||||||||||||
Various | Various | $ | 1,291 | 8.00 | % | 02/2021 | $ | 219 | $ | - | $ | - | ||||||||||||||||||
Various | Various | $ | 686 | 8.00 | % | 12/2021 | $ | 111 | $ | - | $ | - | ||||||||||||||||||
Various | Various | $ | 829 | 8.00 | % | 03/2022 | $ | 127 | $ | - | $ | - | ||||||||||||||||||
Charter School | Homestead (6) | FL | $ | 8,036 | 7.50 | % | 08/2014 | $ | 606 | $ | 8,000 | $ | - | |||||||||||||||||
Total Mortgage Loans Receivable | $ | 72,567 | $ | 4,435 | $ | 70,056 | $ | 10,672 |
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) Lexington is committed to lend up to a maximum of $32.6 million. Escrow balance represents a security interest of $4.4 million in an account maintained by the borrower.
(5) | Escrow balance includes $2.5 million in a collateral escrow account maintained by the borrower and $2.5 million tenant letter of credit held by Lexington. Tenant in property exercised its option to terminate the lease effective 11/30/2013 for a termination payment of $1.3 million. |
(6) Lexington is committed to lend an additional $30 thousand.
26 |
LEXINGTON REALTY TRUST
2012 Fourth Quarter Financing Summary
DEBT RETIRED
Face / Satisfaction ($000) | Rate | Due Date | ||||||||
1 | Convertible Guaranteed Notes (1) | $ | 31,104 | 6.000% | 01/2030 | |||||
2 | Revolving Credit Facility | $ | 93,000 | LIBOR + 187.5 bps | 01/2015 | |||||
3 | Revolving Credit Facility - NLS | $ | 57,450 | LIBOR + 225 bps | 2013-2014 | |||||
4 | Baton Rouge, LA (2) | $ | 5,955 | 5.333% | 10/2012 | |||||
5 | Fort Mill, SC | $ | 9,963 | 6.000% | 01/2013 | |||||
6 | Sugar Land, TX | $ | 8,921 | 5.640% | 01/2021 | |||||
7 | Clive, IA (3) | $ | 5,290 | 5.139% | 05/2014 | |||||
TOTAL | $ | 211,683 |
CORPORATE LEVEL FINANCING
Face ($000) | Rate | Maturity | ||||||||||||
1 | Term Loan Draw | $ | 40,000 | 3.308 | % | 01/2019 | ||||||||
NEW PROPERTY LEVEL FINANCING
Face ($000) | Rate | Maturity | ||||||||||||
1 | Palo Alto, CA | $ | 59,500 | 3.970 | % | 12/2023 |
Footnotes
(1) | Notes converted to 4.5 million common shares for an aggregate cash payment of $2.4 million plus accrued and unpaid interest. Put date is 01/2017. |
(2) | Imputed interest rate. |
(3) | Property was sold in foreclosure to satisfy mortgage. |
27 |
LEXINGTON REALTY TRUST
Debt Maturity Schedule
12/31/2012
($000)
Consolidated Properties | ||||||||||||||
Year | Real Estate Scheduled Amortization | Real Estate Balloon Payments | Corporate Debt | |||||||||||
2013 | $ | 33,841 | $ | 238,351 | $ | - | ||||||||
2014 | $ | 32,428 | $ | 251,032 | $ | - | ||||||||
2015 | $ | 24,885 | $ | 288,589 | $ | - | ||||||||
2016 | $ | 18,717 | $ | 148,595 | $ | - | ||||||||
2017 | $ | 18,493 | $ | 68,669 | $ | 83,896 | (1) | |||||||
$ | 128,364 | $ | 995,236 | $ | 83,896 |
Non-Consolidated Investments - LXP Proportionate Share | ||||||||||||||
Year | Real Estate Scheduled Amortization | Real Estate Balloon Payments | ||||||||||||
2013 | $ | 1,327 | $ | - | ||||||||||
2014 | $ | 1,458 | $ | - | ||||||||||
2015 | $ | 1,535 | $ | 5,469 | ||||||||||
2016 | $ | 1,402 | $ | - | ||||||||||
2017 | $ | 14 | $ | 2,097 | ||||||||||
$ | 5,736 | $ | 7,566 |
Footnotes
(1) | Assumes debt is put to Lexington in 2017; stated maturity date is January 2030. |
Subsequent to 12/31/2012, $35.0 million of debt was satisfied through the issuance of 5.0 million common shares and a cash payment of $2.3 million.
28 |
LEXINGTON REALTY TRUST
2013 Mortgage Maturities by Property Type
12/31/2012
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 12/31/2012 ($000) | GAAP Base Rent as of 12/31/2012 ($000) | ||||||||||||||||||||||
Office & | 70 Mechanic St. (2) | Foxboro | MA | 251,914 | $ | - | 01/2013 | 06/2014 | $ | 13,200 | $ | 3,256 | $ | 2,454 | |||||||||||||||||
Multi-Tenant | 1110 Bayfield Dr. | Colorado Springs | CO | 166,575 | $ | 10,233 | 02/2013 | 11/2013 | $ | 19,579 | $ | 1,630 | $ | 1,599 | |||||||||||||||||
12600 Gateway Blvd. | Fort Myers | FL | 62,400 | $ | 8,550 | 05/2013 | 01/2013 | $ | 3,304 | $ | 1,159 | $ | 1,093 | ||||||||||||||||||
8555 South River Pkwy. (2) | Tempe | AZ | 95,133 | $ | 12,144 | 05/2013 | 06/2022 | $ | 15,100 | $ | 2,354 | $ | 2,354 | ||||||||||||||||||
200 Executive Blvd. South | Southington | CT | 153,364 | $ | 12,228 | 05/2013 | Vacant | $ | 28,580 | $ | 1,679 | $ | 1,625 | ||||||||||||||||||
275 South Valencia Ave. | Brea | CA | 637,503 | $ | 73,071 | 05/2013 | 06/2019 | $ | 118,929 | $ | 8,180 | $ | 8,511 | ||||||||||||||||||
5757 Decatur Blvd. | Indianapolis | IN | 89,956 | $ | 8,580 | 05/2013 | Vacant/2018 | $ | 15,297 | $ | 1,021 | $ | 1,315 | ||||||||||||||||||
810 & 820 Gears Rd. | Houston | TX | 157,790 | $ | 15,737 | 05/2013 | 2013/2018 | $ | 26,834 | $ | 2,296 | $ | 1,962 | ||||||||||||||||||
8900 Freeport Pkwy. | Irving | TX | 268,445 | $ | 36,466 | 05/2013 | 03/2023 | $ | 61,754 | $ | 3,038 | $ | 3,501 | ||||||||||||||||||
6303 Barfield Rd./859 Mount Vernon Hwy. | Atlanta | GA | 289,000 | $ | 40,356 | 05/2013 | Various | $ | 76,766 | $ | 6,366 | $ | 4,142 | ||||||||||||||||||
2401 Cherahala Blvd. (2) | Knoxville | TN | 59,748 | $ | 4,496 | 09/2013 | 05/2020 | $ | 8,400 | $ | 900 | $ | 822 | ||||||||||||||||||
2211 South 47th St. | Phoenix | AZ | 176,402 | $ | 16,490 | 09/2013 | 02/2023 | $ | 24,631 | $ | 2,100 | $ | 2,160 | ||||||||||||||||||
Total 2013 Mortgage Maturities | 2,408,230 | $ | 238,351 | $ | 412,374 | $ | 33,979 | $ | 31,538 |
Footnotes
(1) Represents GAAP capitalized costs as of December 31, 2012.
(2) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.
29 |
LEXINGTON REALTY TRUST
2014 Mortgage Maturities by Property Type
12/31/2012
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 12/31/2012 ($000) | GAAP Base Rent as of 12/31/2012 ($000) | ||||||||||||||||||||||
Office | 33 Commercial St. | Foxboro | MA | 164,689 | $ | - | 01/2014 | 06/2015 | $ | 29,238 | $ | 3,631 | $ | 3,631 | |||||||||||||||||
1401 & 1501 Nolan Ryan Pkwy. (3) | Arlington | TX | 236,547 | $ | 18,642 | 02/2014 | 01/2014 | $ | 28,303 | $ | 2,723 | $ | 2,723 | ||||||||||||||||||
2999 Southwest 6th St. (3) | Redmond | OR | 77,484 | $ | 8,484 | 04/2014 | 01/2019 | $ | 14,100 | $ | 1,543 | $ | 1,469 | ||||||||||||||||||
3480 Stateview Blvd. | Fort Mill | SC | 169,218 | $ | 18,300 | 05/2014 | 05/2014 | $ | 29,174 | $ | 3,672 | $ | 3,451 | ||||||||||||||||||
1701 Market St. (2) | Philadelphia | PA | 304,037 | $ | 43,520 | 07/2014 | Various | $ | 72,728 | $ | 7,113 | $ | 6,951 | ||||||||||||||||||
10300 Kincaid Dr. | Fishers | IN | 193,000 | $ | 10,466 | 08/2014 | 01/2020 | $ | 28,391 | $ | 3,386 | $ | 3,425 | ||||||||||||||||||
3965 Airways Blvd. | Memphis | TN | 521,286 | $ | 47,270 | 09/2014 | 06/2019 | $ | 116,410 | $ | 6,853 | $ | 7,013 | ||||||||||||||||||
500 Jackson St. | Columbus | IN | 390,100 | $ | 26,399 | 09/2014 | 07/2019 | $ | 53,821 | $ | 4,494 | $ | 4,540 | ||||||||||||||||||
6226 West Sahara Ave. | Las Vegas | NV | 282,000 | $ | 32,118 | 09/2014 | 01/2029 | $ | 64,735 | $ | 8,070 | $ | 4,253 | ||||||||||||||||||
22011 Southeast 51st St./5150 220th Ave. | Issaquah | WA | 202,544 | $ | 30,388 | 12/2014 | 12/2014 | $ | 51,419 | $ | 4,542 | $ | 4,153 | ||||||||||||||||||
275 Technology Dr. | Canonsburg | PA | 107,872 | $ | 9,095 | 12/2014 | 12/2014 | $ | 15,739 | $ | 1,429 | $ | 1,378 | ||||||||||||||||||
Industrial | 2415 US Hwy. 78 East | Moody | AL | 595,346 | $ | 6,350 | 01/2014 | 01/2014 | $ | 11,575 | $ | 1,054 | $ | 1,054 | |||||||||||||||||
Total 2014 Mortgage Maturities | 3,244,123 | $ | 251,032 | $ | 515,633 | $ | 48,510 | $ | 44,041 |
Footnotes
(1) Represents GAAP capitalized costs as of December 31, 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.
30 |
LEXINGTON REALTY TRUST
2015 Mortgage Maturities by Property Type
12/31/2012
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 12/31/2012 ($000) | GAAP Base Rent as of 12/31/2012 ($000) | ||||||||||||||||||||||
Office & | 101 East Erie St. | Chicago | IL | 230,704 | $ | 29,900 | 01/2015 | 03/2014 | $ | 56,548 | $ | 4,136 | $ | 5,007 | |||||||||||||||||
Multi-Tenant | 400 East Stone Ave. (2) | Greenville | SC | 128,041 | $ | 9,000 | 01/2015 | 12/2029 | $ | 10,685 | $ | 946 | $ | - | |||||||||||||||||
4201 Marsh Ln. | Carrollton | TX | 130,000 | $ | 12,022 | 01/2015 | 11/2022 | $ | 22,146 | $ | 1,934 | $ | 1,866 | ||||||||||||||||||
13775 McLearen Rd. | Herndon | VA | 125,293 | $ | 10,359 | 04/2015 | 04/2015 | $ | 25,443 | $ | 2,218 | $ | 2,138 | ||||||||||||||||||
10475 Crosspoint Blvd. | Indianapolis | IN | 141,047 | $ | 11,205 | 05/2015 | 10/2019 | $ | 22,586 | $ | 2,231 | $ | 2,335 | ||||||||||||||||||
100, 120, 140 East Shore Dr. | Glen Allen | VA | 222,048 | $ | 18,321 | 05/2015 | Various | $ | 38,057 | $ | 2,480 | $ | 2,824 | ||||||||||||||||||
1311 Broadfield Blvd. | Houston | TX | 155,040 | $ | 14,431 | 05/2015 | 03/2021 | $ | 29,962 | $ | 2,326 | $ | 2,623 | ||||||||||||||||||
1409 Centerpoint Blvd. | Knoxville | TN | 84,404 | $ | 6,658 | 05/2015 | 10/2014 | $ | 12,604 | $ | 1,738 | $ | 1,621 | ||||||||||||||||||
2550 Interstate Dr. | Harrisburg | PA | 81,859 | $ | 7,792 | 05/2015 | 12/2013 | $ | 15,255 | $ | 1,944 | $ | 1,870 | ||||||||||||||||||
2706 Media Center Dr. | Los Angeles | CA | 83,252 | $ | 9,760 | 05/2015 | Vacant / 2015 | $ | 18,070 | $ | 1,540 | $ | 1,286 | ||||||||||||||||||
2800 Waterford Lake Dr. | Midlothian | VA | 99,057 | $ | 9,055 | 05/2015 | 12/2021 | $ | 15,850 | $ | 2,063 | $ | 2,140 | ||||||||||||||||||
333 Mt. Hope Ave. | Rockaway | NJ | 95,500 | $ | 14,900 | 05/2015 | 09/2014 | $ | 29,295 | $ | 2,244 | $ | 2,123 | ||||||||||||||||||
4000 Johns Creek Pkwy. | Suwanee | GA | 87,219 | $ | 10,502 | 05/2015 | Vacant | $ | 4,203 | $ | 1,086 | $ | 1,078 | ||||||||||||||||||
6200 Northwest Pkwy. | San Antonio | TX | 142,500 | $ | 11,167 | 05/2015 | 11/2017 | $ | 20,813 | $ | 1,781 | $ | 1,866 | ||||||||||||||||||
16676 Northchase Dr. | Houston | TX | 101,111 | $ | 11,282 | 05/2015 | 07/2014 | $ | 19,369 | $ | 1,679 | $ | 1,627 | ||||||||||||||||||
2500 Patrick Henry Pkwy. (3) | McDonough | GA | 111,911 | $ | 11,349 | 06/2015 | 06/2015 | $ | 16,000 | $ | 1,565 | $ | 1,378 | ||||||||||||||||||
3711 San Gabriel (3) | Mission | TX | 75,016 | $ | 5,371 | 06/2015 | 06/2015 | $ | 7,600 | $ | 1,050 | $ | 843 | ||||||||||||||||||
4001 International Pkwy. | Carrollton | TX | 138,443 | $ | 18,710 | 07/2015 | 07/2015 | $ | 30,859 | $ | 3,208 | $ | 3,194 | ||||||||||||||||||
2529 West Thorne Dr. (3) | Houston | TX | 65,500 | $ | 2,203 | 09/2015 | 09/2015 | $ | 5,400 | $ | 929 | $ | 652 | ||||||||||||||||||
10001 Richmond Ave. | Houston | TX | 554,385 | $ | 18,161 | 09/2015 | 09/2025 | $ | 78,887 | $ | 8,163 | $ | 7,375 | ||||||||||||||||||
Industrial | 324 Industrial Park Rd. (3) | Franklin | NC | 72,868 | $ | - | 04/2015 | 12/2014 | $ | 2,300 | $ | 456 | $ | 271 | |||||||||||||||||
6938 Elm Valley Dr. (3) | Kalamazoo | MI | 150,945 | $ | 15,087 | 05/2015 | 10/2021 | $ | 21,970 | $ | 2,027 | $ | 1,747 | ||||||||||||||||||
10000 Business Blvd. | Dry Ridge | KY | 336,350 | $ | 4,088 | 07/2015 | 06/2025 | $ | 15,227 | $ | 1,346 | $ | 1,346 | ||||||||||||||||||
301 Bill Bryan Rd. | Hopkinsville | KY | 424,904 | $ | 7,828 | 07/2015 | 06/2025 | $ | 19,066 | $ | 1,687 | $ | 1,687 | ||||||||||||||||||
4010 Airpark Dr. | Owensboro | KY | 211,598 | $ | 3,571 | 07/2015 | 06/2025 | $ | 13,598 | $ | 1,208 | $ | 1,208 | ||||||||||||||||||
730 North Black Branch Rd. | Elizabethtown | KY | 167,770 | $ | 2,522 | 07/2015 | 06/2025 | $ | 6,055 | $ | 537 | $ | 537 | ||||||||||||||||||
750 North Black Branch Rd. | Elizabethtown | KY | 539,592 | $ | 13,345 | 07/2015 | 06/2025 | $ | 32,222 | $ | 2,838 | $ | 2,838 | ||||||||||||||||||
Total 2015 Mortgage Maturities | 4,756,357 | $ | 288,589 | $ | 590,070 | $ | 55,360 | $ | 53,480 |
Footnotes
(1) Represents GAAP capitalized costs as of December 31, 2012.
(2) Property is classified as a capital lease for GAAP, accordingly $992 of GAAP income is included in non-operating income.
(3) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.
31 |
LEXINGTON REALTY TRUST
2016 Mortgage Maturities by Property Type
12/31/2012
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 12/31/2012 ($000) | GAAP Base Rent as of 12/31/2012 ($000) | |||||||||||||||||||||||
Office | 1600 Eberhardt Rd. (2) | Temple | TX | 108,800 | $ | 7,463 | 01/2016 | 01/2016 | $ | 12,161 | $ | 1,675 | $ | 1,346 | ||||||||||||||||||
700 US Hwy. Route 202-206 | Bridgewater | NJ | 115,558 | $ | 13,825 | 03/2016 | 10/2014 | $ | 31,662 | $ | 2,035 | $ | 2,571 | |||||||||||||||||||
11707 Miracle Hills Dr | Omaha | NE | 85,200 | $ | 7,560 | 04/2016 | 11/2025 | $ | 13,853 | $ | 1,167 | $ | 1,167 | |||||||||||||||||||
1400 Northeast McWilliams Rd. (2) | Bremerton | WA | 60,200 | $ | 5,479 | 04/2016 | 07/2016 | $ | 9,906 | $ | 1,215 | $ | 1,215 | |||||||||||||||||||
2005 East Technology Circle | Tempe | AZ | 60,000 | $ | 7,140 | 04/2016 | 12/2025 | $ | 12,199 | $ | 1,128 | $ | 1,128 | |||||||||||||||||||
850-950 Warrenville Rd | Lisle | IL | 99,414 | $ | 9,377 | 06/2016 | 2014/2019 | $ | 17,388 | $ | 1,543 | $ | 1,704 | |||||||||||||||||||
11511 Luna Rd | Farmers Branch | TX | 180,507 | $ | 18,363 | 07/2016 | 04/2016 | $ | 29,984 | $ | 2,322 | $ | 3,189 | |||||||||||||||||||
180 South Clinton St | Rochester | NY | 226,000 | $ | 16,765 | 08/2016 | 12/2014 | $ | 30,880 | $ | 2,974 | $ | 2,966 | |||||||||||||||||||
Industrial | 459 Wingo Road | Byhalia | MS | 513,734 | $ | 15,000 | 06/2016 | 03/2026 | $ | 27,492 | $ | 2,582 | $ | 2,937 | ||||||||||||||||||
2203 Sherrill Dr | Statesville | NC | 639,800 | $ | 12,574 | 08/2016 | 12/2017 | $ | 21,266 | $ | 1,789 | $ | 1,865 | |||||||||||||||||||
3686 S. Central Ave. / 749 Southrock Dr | Rockford | IL | 240,000 | $ | 6,153 | 08/2016 | 2014/2015 | $ | 10,919 | $ | 879 | $ | 802 | |||||||||||||||||||
2935 Van Vactor Dr. (2) | Plymouth | IN | 300,500 | $ | 5,723 | 09/2016 | 06/2015 | $ | 9,200 | $ | 822 | $ | 822 | |||||||||||||||||||
7005 Cochran Road | Glenwillow | OH | 458,000 | $ | 15,132 | 09/2016 | 07/2025 | $ | 28,665 | $ | 1,984 | $ | 2,251 | |||||||||||||||||||
Specialty | 25500 State Hwy. 249 (2) | Tomball | TX | 77,076 | $ | 8,041 | 11/2016 | 08/2026 | $ | 15,776 | $ | 1,380 | $ | 1,404 | ||||||||||||||||||
Total 2016 Mortgage Maturities | 3,164,789 | $ | 148,595 | $ | 271,351 | $ | 23,495 | $ | 25,367 |
Footnotes
(1) Represents GAAP capitalized cost at December 31, 2012.
(2) Cash and GAAP rent reflect proforma amounts for assets acquired September 1, 2012.
32 |
LEXINGTON REALTY TRUST
2017 Mortgage Maturities by Property Type
12/31/2012
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 12/31/2012 ($000) | GAAP Base Rent as of 12/31/2012 ($000) | ||||||||||||||||||||||||
Office | 104 & 110 South Front St. | Memphis | TN | 37,229 | $ | 3,484 | 01/2017 | 10/2016 | $ | 5,586 | $ | 519 | $ | 501 | |||||||||||||||||||
9200 South Park Center Loop (2) | Orlando | FL | 59,927 | $ | 9,309 | 02/2017 | 09/2013 | $ | 14,898 | $ | 1,369 | $ | 1,159 | ||||||||||||||||||||
500 Kinetic Drive | Huntington | WV | 68,693 | $ | 6,500 | 02/2017 | 11/2026 | $ | 12,558 | $ | 1,169 | $ | 1,315 | ||||||||||||||||||||
Industrial | 7500 Chavenelle Rd. | Dubuque | IA | 330,988 | $ | 8,725 | 06/2017 | 06/2017 | $ | 11,660 | $ | 1,217 | $ | 1,164 | |||||||||||||||||||
5001 Greenwood Rd. | Shreveport | LA | 646,000 | $ | 19,000 | 07/2017 | 10/2026 | $ | 26,678 | $ | 2,030 | $ | 2,165 | ||||||||||||||||||||
1420 Greenwood Rd. | McDonough | GA | 296,972 | $ | 21,651 | 11/2017 | 10/2017 | $ | 30,897 | $ | 2,657 | $ | 2,595 | ||||||||||||||||||||
Total 2017 Mortgage Maturities | 1,439,809 | $ | 68,669 | $ | 102,277 | $ | 8,961 | $ | 8,899 |
Footnotes
(1) Represents GAAP capitalized cost at December 31, 2012.
(2) Lease extended to 09/2020 subsequent to 12/31/2012.
33 |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
12/31/2012
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) | |||||||||||||||
Foxboro, MA | (p) | $ | 2,578 | 7.670 | % | 01/2013 | $ | 2,677 | $ | - | |||||||||||
Colorado Springs, CO | 10,252 | 6.250 | % | 02/2013 | 165 | 10,233 | |||||||||||||||
Tempe, AZ | 12,211 | 5.148 | % | 05/2013 | 276 | 12,144 | |||||||||||||||
Brea, CA | (b) | 73,445 | 5.734 | % | 05/2013 | 2,112 | 73,071 | ||||||||||||||
Atlanta, GA | 40,639 | 5.268 | % | 05/2013 | 1,178 | 40,356 | |||||||||||||||
Irving, TX | (b) | 36,691 | 5.452 | % | 05/2013 | 1,059 | 36,466 | ||||||||||||||
Houston, TX | 15,849 | 5.218 | % | 05/2013 | 457 | 15,737 | |||||||||||||||
Southington, CT | (m) | 12,317 | 5.018 | % | 05/2013 | 348 | 12,228 | ||||||||||||||
Indianapolis, IN | (m) | 8,686 | 5.168 | % | 05/2013 | 406 | 8,580 | ||||||||||||||
Fort Myers, FL | (m) | 8,595 | 5.268 | % | 05/2013 | 235 | 8,550 | ||||||||||||||
Phoenix, AZ | 16,811 | 6.270 | % | 09/2013 | 1,104 | 16,490 | |||||||||||||||
Knoxville, TN | 4,560 | 5.950 | % | 09/2013 | 246 | 4,496 | |||||||||||||||
Foxboro, MA | (b) | 5,719 | 6.000 | % | 01/2014 | 3,270 | - | ||||||||||||||
Moody, AL | 6,518 | 4.978 | % | 01/2014 | 493 | 6,350 | |||||||||||||||
Arlington, TX | 19,808 | 5.810 | % | 02/2014 | 1,551 | 18,642 | |||||||||||||||
Redmond, OR | 8,743 | 5.616 | % | 04/2014 | 697 | 8,484 | |||||||||||||||
Fort Mill, SC | 18,745 | 5.373 | % | 05/2014 | 1,364 | 18,300 | |||||||||||||||
Philadelphia, PA | (e) | 44,885 | 5.060 | % | 07/2014 | 3,178 | 43,520 | ||||||||||||||
Fishers, IN | 10,870 | 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) | 586 | 7.500 | % | 09/2014 | 54 | 568 | ||||||||||||||
Las Vegas, NV | (i) | 713 | 7.500 | % | 09/2014 | 66 | 690 | ||||||||||||||
Memphis, TN | (i) | 1,049 | 7.500 | % | 09/2014 | 97 | 1,017 | ||||||||||||||
Issaquah, WA | (b) | 31,028 | 5.665 | % | 12/2014 | 2,113 | 30,388 | ||||||||||||||
Canonsburg, PA | (b) | 9,087 | 5.426 | % | 12/2014 | 489 | 9,095 | ||||||||||||||
Chicago, IL | (b) | 29,583 | 5.639 | % | 01/2015 | 1,548 | 29,900 | ||||||||||||||
Greenville, SC | 9,000 | 5.500 | % | 01/2015 | 495 | 9,000 | |||||||||||||||
Carrollton, TX | 12,642 | 5.530 | % | 01/2015 | 993 | 12,022 | |||||||||||||||
Herndon, VA | (b) | 10,928 | 5.885 | % | 04/2015 | 888 | 10,359 | ||||||||||||||
Franklin, NC | 552 | 8.500 | % | 04/2015 | 271 | - | |||||||||||||||
Kalamazoo, MI | 16,485 | 5.411 | % | 05/2015 | 1,189 | 15,087 | |||||||||||||||
Glen Allen, VA | (b) | 18,940 | 5.377 | % | 05/2015 | 1,292 | 18,321 | ||||||||||||||
Houston, TX | 15,218 | 5.160 | % | 05/2015 | 1,114 | 14,431 | |||||||||||||||
Rockaway, NJ | 14,900 | 5.292 | % | 05/2015 | 799 | 14,900 | |||||||||||||||
Houston, TX | 11,893 | 5.210 | % | 05/2015 | 874 | 11,282 | |||||||||||||||
Indianapolis, IN | 11,817 | 5.160 | % | 05/2015 | 865 | 11,205 | |||||||||||||||
San Antonio, TX | 11,740 | 5.340 | % | 05/2015 | 875 | 11,167 | |||||||||||||||
Suwanee, GA | (p) | 10,964 | 5.260 | % | 05/2015 | 751 | 10,502 | ||||||||||||||
Los Angeles, CA | 10,298 | 5.110 | % | 05/2015 | 750 | 9,760 | |||||||||||||||
Richmond, VA | 9,538 | 5.310 | % | 05/2015 | 708 | 9,055 | |||||||||||||||
Harrisburg, PA | 8,221 | 5.110 | % | 05/2015 | 599 | 7,792 | |||||||||||||||
Knoxville, TN | 7,013 | 5.310 | % | 05/2015 | 520 | 6,658 | |||||||||||||||
McDonough, GA | 11,887 | 5.212 | % | 06/2015 | 836 | 11,349 | |||||||||||||||
Mission, TX | 5,702 | 5.783 | % | 06/2015 | 462 | 5,371 |
34 |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
12/31/2012
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) | |||||||||||||||
Carrollton, TX | (b) | 19,393 | 5.725 | % | 07/2015 | 1,382 | 18,710 | ||||||||||||||
Elizabethtown, KY | (j) | 14,152 | 4.990 | % | 07/2015 | 1,044 | 13,345 | ||||||||||||||
Hopkinsville, KY | 8,301 | 4.990 | % | 07/2015 | 612 | 7,828 | |||||||||||||||
Dry Ridge, KY | (n) | 4,335 | 4.990 | % | 07/2015 | 320 | 4,088 | ||||||||||||||
Owensboro, KY | (n) | 3,787 | 4.990 | % | 07/2015 | 279 | 3,571 | ||||||||||||||
Elizabethtown, KY | (j) | 2,675 | 4.990 | % | 07/2015 | 197 | 2,522 | ||||||||||||||
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 | 8,628 | 6.090 | % | 01/2016 | 668 | 7,463 | |||||||||||||||
Bridgewater, NJ | 14,476 | 5.732 | % | 03/2016 | 1,035 | 13,825 | |||||||||||||||
Omaha, NE | 8,113 | 5.610 | % | 04/2016 | 621 | 7,560 | |||||||||||||||
Bremerton, WA | 6,489 | 6.090 | % | 04/2016 | 494 | 5,479 | |||||||||||||||
Tempe, AZ | 7,662 | 5.610 | % | 04/2016 | 586 | 7,140 | |||||||||||||||
Byhalia, MS | 15,000 | 4.710 | % | 06/2016 | 707 | 15,000 | |||||||||||||||
Lisle, IL | 9,910 | 6.500 | % | 06/2016 | 793 | 9,377 | |||||||||||||||
Farmers Branch, TX | (b) | 18,459 | 5.939 | % | 07/2016 | 1,136 | 18,363 | ||||||||||||||
Rochester, NY | (f) | 17,813 | 6.210 | % | 08/2016 | 1,383 | 16,765 | ||||||||||||||
Statesville, NC | (f) | 13,360 | 6.210 | % | 08/2016 | 1,037 | 12,574 | ||||||||||||||
Rockford, IL | (f) | 6,538 | 6.210 | % | 08/2016 | 508 | 6,153 | ||||||||||||||
Glenwillow, OH | 16,093 | 6.130 | % | 09/2016 | 1,240 | 15,132 | |||||||||||||||
Plymouth, IN | 6,147 | 6.315 | % | 09/2016 | 497 | 5,723 | |||||||||||||||
Tomball, TX | 9,464 | 6.063 | % | 11/2016 | 683 | 8,041 | |||||||||||||||
Memphis, TN | 3,742 | 5.710 | % | 01/2017 | 275 | 3,484 | |||||||||||||||
Huntington, WV | 6,500 | 4.150 | % | 02/2017 | 270 | 6,500 | |||||||||||||||
Orlando, FL | 9,865 | 5.722 | % | 02/2017 | 696 | 9,309 | |||||||||||||||
Dubuque, IA | 9,725 | 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 | 1,637 | 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 | 9,082 | 5.910 | % | 10/2018 | 728 | 6,637 | |||||||||||||||
Boston, MA | 12,975 | 6.100 | % | 12/2018 | 996 | 11,520 | |||||||||||||||
North Berwick, ME | 8,677 | 3.560 | % | 04/2019 | 1,532 | - | |||||||||||||||
Overland Park, KS | (b) | 35,829 | 5.891 | % | 05/2019 | 2,657 | 31,867 | ||||||||||||||
Kansas City, MO | (b) | 17,087 | 5.883 | % | 05/2019 | 1,268 | 15,182 | ||||||||||||||
Meridian, ID | 10,553 | 6.010 | % | 08/2019 | 753 | 7,675 | |||||||||||||||
Streetsboro, OH | (b) | 18,497 | 5.749 | % | 09/2019 | 1,344 | 16,338 | ||||||||||||||
The Woodlands, TX | (p) | 7,445 | 6.507 | % | 11/2019 | 563 | 6,692 | ||||||||||||||
Lenexa, KS | 10,594 | 6.270 | % | 12/2019 | 774 | 7,770 | |||||||||||||||
Boca Raton, FL | 20,317 | 6.470 | % | 02/2020 | 1,542 | 18,414 | |||||||||||||||
Oakland, ME | 9,446 | 5.930 | % | 10/2020 | 750 | 7,660 | |||||||||||||||
Lavonia, GA | 8,549 | 5.460 | % | 12/2020 | 741 | 5,895 | |||||||||||||||
Wall, NJ | (b) | 23,706 | 6.250 | % | 01/2021 | 3,312 | - | ||||||||||||||
Charleston, SC | 7,350 | 5.850 | % | 02/2021 | 436 | 6,632 |
35 |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
12/31/2012
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) | |||||||||||||||||
Whippany, NJ | 14,977 | 6.298 | % | 11/2021 | 1,344 | 10,400 | |||||||||||||||||
Baltimore, MD | 55,000 | 4.320 | % | 06/2023 | 2,376 | 47,676 | |||||||||||||||||
Palo Alto, CA | 59,409 | 3.970 | % | 12/2023 | 3,491 | - | |||||||||||||||||
Chester, SC | 10,582 | 5.380 | % | 08/2025 | 1,144 | 362 | |||||||||||||||||
Farmington Hills, MI | (b)(h) | 17,639 | 7.420 | % | 03/2031 | 1,500 | 10,279 | ||||||||||||||||
Subtotal/Wtg. Avg./Years Remaining(l) | $ | 1,415,961 | 5.603 | % | 3.8 | $ | 103,540 | $ | 1,206,235 | ||||||||||||||
Corporate | |||||||||||||||||||||||
Term Loan | (k) | $ | 255,000 | 3.673 | % | 01/2019 | $ | 9,496 | $ | 255,000 | |||||||||||||
Convertible Notes | (o)(c) | 83,896 | 6.000 | % | 01/2030 | 5,034 | 83,896 | ||||||||||||||||
Trust Preferred Notes | (g) | 129,120 | 6.804 | % | 04/2037 | 8,785 | 129,120 | ||||||||||||||||
Subtotal/Wtg. Avg./Years Remaining(l) | $ | 468,016 | 4.954 | % | 10.7 | $ | 23,315 | $ | 468,016 | ||||||||||||||
Total/Wtg. Avg./Years Remaining(l) | $ | 1,883,977 | 5.442 | % | 5.5 | $ | 126,855 | $ | 1,674,251 |
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 $5,769 excluded from balance. Subsequent to 12/31/2012, $35.0 million of notes converted for 5.0 million common shares. |
(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) | Loan is in hyper-amortization. |
(i) | Properties are cross-collateralized. |
(j) | Properties are cross-collateralized. |
(k) | As of 12/31/2012, secured by a borrowing base of properties, which collateral has been released subsequent to 12/31/2012. |
(l) | Total shown may differ from detailed amounts due to rounding. |
(m) | Debt service payments have been suspended. |
(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 12/31/2012. |
36 |
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
12/31/2012
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 | $ | 14,221 | $ | 5,688 | 5.240 | % | 05/2015 | $ | 976 | $ | 13,673 | $ | 5,469 | |||||||||||||||
One Summit | 10,669 | 3,201 | 9.375 | % | 10/2016 | 3,344 | - | - | ||||||||||||||||||||
One Summit | 7,149 | 2,145 | 10.625 | % | 11/2016 | 2,239 | - | - | ||||||||||||||||||||
Rehab Humble Lessee | 15,127 | 2,269 | 4.700 | % | 05/2017 | 950 | 13,982 | 2,097 | ||||||||||||||||||||
Total/Wtg. Avg.(1)/Years Remaining(2) | $ | 47,166 | $ | 13,303 | 7.01 | % | 3.3 | $ | 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
Twelve months ended December 31, 2012
($000)
Noncontrolling Interest Properties - Partners' Proportionate Share (1) | ||||
EBITDA | $ | 595 | ||
Interest expense | $ | 533 | ||
Depreciation and amortization | $ | 830 | ||
Non-Consolidated Net Leased Real Estate - Lexington's Share (2) | ||||
EBITDA | $ | 19,892 | ||
Interest expense | $ | 2,098 |
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
12/31/2012
($000)
Balance Sheet | ||||
Other assets | $ | 27,780 | ||
The components of other assets are: | ||||
Deposits | $ | 265 | ||
Investments- capital lease | 10,685 | |||
Equipment | 527 | |||
Prepaids | 2,546 | |||
Other receivables | 768 | |||
Deferred tax asset | 858 | |||
Deferred lease incentives | 11,992 | |||
Other | 139 | |||
Accounts payable and other liabilities | $ | 70,367 | ||
The components of accounts payable and other liabilities are: | ||||
Accounts payable and accrued expenses | $ | 14,033 | ||
CIP accruals and other | 26,987 | |||
Taxes | 813 | |||
Deferred lease and loan costs | 10,630 | |||
Subordinated notes | 2,447 | |||
Deposits | 1,798 | |||
Escrows | 1,448 | |||
Transaction / build-to-suit costs | 4,155 | |||
Guarantee obligation | 1,500 | |||
Interest rate swap derivative liability | 6,556 | |||
Income Statement - Twelve months ended December 31, 2012 | ||||
Non-cash interest expense, net | $ | 736 |
39 |
LEXINGTON REALTY TRUST
Select Credit Metrics
12/31/2011 | 12/31/2012 | Adjusted 12/31/2012 (1) | ||||||||||
Company FFO Payout Ratio | 49.0 | % | 56.1 | % | 57.3 | % | ||||||
Non-mortgaged Assets | $ | 1.39 billion | $ | 1.69 billion | $ | 1.69 billion | ||||||
Debt + Preferred / Gross Assets | 49.7 | % | 46.8 | % | 46.0 | % | ||||||
Debt/Gross Assets | 41.9 | % | 41.3 | % | 40.5 | % | ||||||
Secured Debt / Gross Assets | 34.4 | % | 36.7 | % | 31.1 | % | ||||||
Net Debt / EBITDA | 5.6 times | 6.4 times | 6.0 times | |||||||||
Net Debt + Preferred / EBITDA | 6.7 times | 7.3 times | 6.8 times | |||||||||
Credit Line Availability | $ | 294.3 million | $ | 296.3 million | $ | 296.3 million | ||||||
Development / Gross Assets | 0.9 | % | 1.6 | % | 1.6 | % | ||||||
EBITDA / Revenue | 77.0 | % | 76.5 | % | 77.6 | % | ||||||
EBITDA / PrefDiv + Interest Expense | 2.3 times | 2.4 times | 2.5 times | |||||||||
JV + Advisory Income / Revenues | 8.5 | % | 4.4 | % | 0.6 | % |
Footnotes
(1) December 31, 2012 credit metrics adjusted to reflect impact of (i) 17.25 million common share issuance in 4Q12, (ii) repayment of debt with offering proceeds, (iii) conversion of $66.1 million of 6.00% Convertible Guaranteed Notes due 2030, which occurred in 4Q12 & 1Q13, (iv) $255.0 million term loan unsecured in 1Q13, and (v) the NLS acquisition as if they occurred at the beginning of the period presented.
40 |
LEXINGTON REALTY TRUST
Other Data
12/31/2012
($000)
Base Rent Estimates for Current Assets
Year | Cash(1) | GAAP(1) | ||||||||||
2013 | $ | 335,434 | $ | 345,880 | ||||||||
2014 | $ | 319,130 | $ | 319,413 | ||||||||
2015 | $ | 276,267 | $ | 275,184 | ||||||||
2016 | $ | 245,691 | $ | 244,531 | ||||||||
2017 | $ | 223,331 | $ | 222,025 |
Other Revenue Data
Asset Class | GAAP Base Rent as of 12/31/12 (2) | 2012 Percentage | 2011 Percentage | |||||||||
Office | $ | 156,366 | 50.0 | % | 56.2 | % | ||||||
Long-term leases (3) | $ | 72,238 | 23.1 | % | 15.0 | % | ||||||
Industrial | $ | 47,448 | 15.1 | % | 15.0 | % | ||||||
Multi-tenant | $ | 28,037 | 9.0 | % | 10.2 | % | ||||||
Retail/Specialty | $ | 8,930 | 2.8 | % | 3.6 | % | ||||||
$ | 313,019 | 100.0 | % | 100.0 | % | |||||||
Credit Ratings(4) | ||||||||||||
Investment Grade | $ | 153,656 | 49.1 | % | 47.8 | % | ||||||
Non-Investment Grade | $ | 49,025 | 15.7 | % | 16.6 | % | ||||||
Unrated | $ | 110,338 | 35.2 | % | 35.6 | % | ||||||
$ | 313,019 | 100.0 | % | 100.0 | % |
Same-Store NOI(5)(6) | Twelve months ended December 31 | |||||||||||
2012 | 2011 | |||||||||||
Total Base Rent | $ | 272,542 | $ | 272,208 | ||||||||
Tenant Reimbursements and Other | 29,257 | 31,396 | ||||||||||
Property Operating Expenses | (58,169 | ) | (57,788 | ) | ||||||||
Same-Store NOI | $ | 243,630 | $ | 245,816 | ||||||||
Change in Same-Store NOI | (0.9 | )% | ||||||||||
Weighted-Average Lease Term | As of 12/31/12 | As of 12/31/11 | ||||||||||
7.1 years | 6.2 years |
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 12/31/2012. |
(2) | Twelve months ended 12/31/2012 GAAP base rent recognized for consolidated properties owned as of 12/31/2012. |
(3) | Long-term leases are defined as leases having a term of ten years or longer. |
(4) | Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated. |
(5) | NOI is on a consolidated cash basis. |
(6) | Excludes properties acquired and sold in 2012 and 2011. |
41 |
LEXINGTON REALTY TRUST
Top 20 Markets
12/31/2012
Core Based Statistical Area(2) | Percent of GAAP Base Rent as of 12/31/12 (1) | |||||
1 | Dallas-Fort Worth-Arlington, TX | 8.3 | % | |||
2 | Houston-Sugar Land-Baytown, TX | 5.1 | % | |||
3 | Memphis, TN-MS-AR | 5.0 | % | |||
4 | Baltimore-Towson, MD | 5.0 | % | |||
5 | New York-Northern New Jersey-Long Island, NY-NJ-PA | 3.7 | % | |||
6 | Orlando-Kissimmee, FL | 3.6 | % | |||
7 | Kansas City, MO-KS | 3.6 | % | |||
8 | Los Angeles-Long Beach-Santa Ana, CA | 3.5 | % | |||
9 | Atlanta-Sandy Springs-Marietta, GA | 3.0 | % | |||
10 | Boston-Cambridge-Quincy, MA-NH | 2.8 | % | |||
11 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2.6 | % | |||
12 | Columbus, OH | 2.4 | % | |||
13 | Phoenix-Mesa-Scottsdale, AZ | 2.4 | % | |||
14 | Indianapolis-Carmel, IN | 2.3 | % | |||
15 | Chicago-Naperville-Joliet, IL-IN-WI | 2.1 | % | |||
16 | Detroit-Warren-Livonia, MI | 2.1 | % | |||
17 | Charlotte-Gastonia-Concord, NC-SC | 1.9 | % | |||
18 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1.8 | % | |||
19 | San Antonio, TX | 1.7 | % | |||
20 | Seattle-Tacoma-Bellevue, WA | 1.6 | % | |||
Total Top 20 Markets(3) | 64.5 | % |
Footnotes
(1) | Twelve months ended 12/31/2012 GAAP base rent recognized for consolidated properties owned as of 12/31/2012. |
(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
12/31/2012
Industry Category | Percent of GAAP Base Rent as of 12/31/2012 (1) (2) | |||
Finance/Insurance | 14.8 | % | ||
Technology | 10.1 | % | ||
Energy | 9.3 | % | ||
Automotive | 9.0 | % | ||
Consumer Products | 8.2 | % | ||
Service | 8.1 | % | ||
Transportation/Logistics | 6.2 | % | ||
Healthcare | 5.3 | % | ||
Food | 5.0 | % | ||
Telecommunications | 4.0 | % | ||
Media/Advertising | 3.6 | % | ||
Construction/Materials | 3.2 | % | ||
Printing/Production | 2.8 | % | ||
Aerospace/Defense | 2.7 | % | ||
Apparel | 2.0 | % | ||
Retail Department | 1.6 | % | ||
Retail Specialty | 1.5 | % | ||
Education | 1.2 | % | ||
Real Estate | 1.1 | % | ||
Retail Electronics | 0.3 | % | ||
100.0 | % |
Footnotes
(1) | Twelve months ended 12/31/2012 GAAP base rent recognized for consolidated properties owned as of 12/31/2012. |
(2) | Total shown may differ from detailed amounts due to rounding. |
43 |
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
12/31/2012
Tenants or Guarantors | Number of Leases | Sq. Ft. Leased | Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | GAAP Base Rent as of 12/31/2012 ($000) (1) | Percent of GAAP Base Rent as of 12/31/2012 ($000) (1) (2) | |||||||||||||
Bank of America, National Association | 8 | 691,893 | 1.7 | % | $ | 9,361 | 3.0 | % | ||||||||||
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | 7 | 2,053,359 | 5.0 | % | $ | 8,882 | 2.8 | % | ||||||||||
Baker Hughes, Inc. | 2 | 619,885 | 1.5 | % | $ | 7,592 | 2.4 | % | ||||||||||
Federal Express Corporation | 2 | 647,499 | 1.6 | % | $ | 7,567 | 2.4 | % | ||||||||||
Swiss Re America Holding Corporation / Westport Insurance Corporation | 2 | 476,123 | 1.2 | % | $ | 7,010 | 2.2 | % | ||||||||||
Morgan, Lewis & Bockius LLP (3) | 1 | 289,432 | 0.7 | % | $ | 6,686 | 2.1 | % | ||||||||||
Wells Fargo Bank, N.A. | 2 | 338,301 | 0.8 | % | $ | 5,986 | 1.9 | % | ||||||||||
Michelin North America, Inc. | 2 | 1,908,570 | 4.6 | % | $ | 5,581 | 1.8 | % | ||||||||||
Transamerica Life Insurance Company | 1 | 156,140 | 0.4 | % | $ | 5,524 | 1.8 | % | ||||||||||
JPMorgan Chase Bank, National Association | 3 | 430,375 | 1.0 | % | $ | 5,417 | 1.7 | % | ||||||||||
30 | 7,611,577 | 18.5 | % | $ | 69,606 | 22.2 | % |
Footnotes
(1) | Twelve months ended 12/31/2012 GAAP base rent recognized for consolidated properties owned as of 12/31/2012. |
(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
PO Box 43078
Providence, RI 02940-3078
(800) 850-3948
www-us.computershare.com/investor/
Investor Relations |
Patrick Carroll
Executive Vice President and Chief Financial Officer
Telephone (direct) (212) 692-7215
Facsimile (main) (212) 594-6600
E-mail pcarroll@lxp.com
Research Coverage |
Bank of America/Merrill Lynch | J.P. Morgan Chase | |||
James Feldman | (646) 855-5808 | Anthony Paolone | (212) 622-6682 | |
Barclays Capital | Jefferies | |||
Ross L. Smotrich | (212) 526-2306 | Omotayo Okusanya | (212) 336-7076 | |
Evercore Partners | Stifel Nicolaus | |||
Sheila K. McGrath | (212) 497-0882 | John W. Guinee | (443) 224-1307 | |
Friedman, Billings, Ramsey | Wells Fargo Securities, LLC | |||
Gabe Poggi | (703) 469-1141 | Todd J. Stender | (212) 214-8067 |
45 |