Quarterly Earnings and
Supplemental Operating and Financial Data
September 30, 2013
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
September 30, 2013
Table of Contents
| Section | Page | |
| Third Quarter 2013 Earnings Press Release | 3 | |
| Portfolio Data | ||
| 2013 Third Quarter Leasing Summary | 13 | |
| 2013 Third Quarter Investment/Capital Recycling Summary | 14 | |
| Build-To-Suit Projects/Forward Commitment | 15 | |
| Property Leases and Vacancies – Consolidated Portfolio | 16 | |
| Lease Rollover Schedule – Cash Basis | 22 | |
| Lease Rollover Schedule – GAAP Basis | 23 | |
| Mortgage Loans Receivable | 25 | |
| 2013 Third Quarter Financing Summary | 26 | |
| Debt Maturity Schedule | 27 | |
| 2013 Mortgage Maturities by Property Type | 28 | |
| 2014 Mortgage Maturities by Property Type | 29 | |
| 2015 Mortgage Maturities by Property Type | 30 | |
| 2016 Mortgage Maturities by Property Type | 31 | |
| 2017 Mortgage Maturities by Property Type | 32 | |
| Mortgages and Notes Payable | 33 | |
| Partnership Interests | 36 | |
| Selected Balance Sheet and Income Statement Account Data | 37 | |
| Select Credit Metrics | 38 | |
| Historical Credit Metrics Summary | 39 | |
| Other Data | 40 | |
| Top 20 Markets | 41 | |
| Tenant Industry Diversification | 42 | |
| Top 10 Tenants or Guarantors | 43 | |
| Investor Information | 44 |
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 the control of Lexington Realty Trust “Lexington”, which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s 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, including those necessary to achieve an annualized dividend level of $0.66 per common share/unit (2) Lexington’s ability to achieve its estimate of Company FFO, as adjusted, for the year ending December 31, 2013, (3) the successful consummation of any lease, acquisition, build-to-suit, financing or other transaction, (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,” “goal,” “objective” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.
| LEXINGTON REALTY TRUST | |
| TRADED: NYSE: LXP | |
| ONE PENN PLAZA, SUITE 4015 | |
| NEW YORK NY 10119-4015 |
Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com
FOR IMMEDIATE RELEASE
Tuesday, November 5, 2013
LEXINGTON REALTY TRUST REPORTS THIRD QUARTER 2013 RESULTS
New York, NY - November 5, 2013 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the third quarter ended September 30, 2013.
Third Quarter 2013 Highlights
| • | Generated Company Funds From Operations, as adjusted (“Company FFO, as adjusted”), of $56.1 million, or $0.25 per diluted common share. |
| • | Executed 2.7 million square feet of new and extended leases, raising renewal rents by 4.3% and overall portfolio occupancy to 98.1%. |
| • | Invested $46.5 million in current build-to-suit projects and other investments and entered into an agreement to fund a new build-to-suit project of $98.6 million. |
| • | Produced $22.4 million of gross proceeds from dispositions. |
Subsequent to Quarter End Highlights
| • | Increased our quarterly common share dividend by 10% to $0.165 per share for the quarter ended December 31, 2013. |
| • | Acquired three land parcels in New York, New York which are net leased for a 99-year term for an aggregate $302.0 million and arranged, on a non-binding basis, to obtain a 13-year, $213.5 million non-recourse secured financing at a fixed interest rate of 4.66%. |
| • | Agreed to lend $85.0 million for a build-to-suit construction project at a fixed interest rate of 9.0%. |
| • | Issued 11.5 million common shares in a public offering raising gross proceeds of $126.3 million. |
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, “Our portfolio continues to perform well as evidenced by our robust leasing volume and high occupancy. We believe recent investment activity, together with year-to-date leasing progress and refinancing activity have created good visibility with respect to projected growth in funds from operations per share for the year ahead. These were important considerations in the Board's recent decision to increase our quarterly common share dividend by 10%.”
| 3 |
FINANCIAL RESULTS
Revenues
For the quarter ended September 30, 2013, total gross revenues were $97.9 million, compared with total gross revenues of $85.0 million for the quarter ended September 30, 2012. The increase is primarily due to property acquisitions.
Company FFO, As Adjusted
For the quarter ended September 30, 2013, Lexington generated Company FFO, as adjusted, of $56.1 million, or $0.25 per diluted share, compared to Company FFO, as adjusted, for the quarter ended September 30, 2012 of $45.5 million, or $0.25 per diluted share. The calculation of Company FFO, as adjusted, and a reconciliation to net income attributable to Lexington Realty Trust shareholders is included later in this press release.
Net Income Attributable to Common Shareholders
For the quarter ended September 30, 2013, net income attributable to common shareholders was $3.0 million, or $0.01 per diluted share, compared with net income attributable to common shareholders for the quarter ended September 30, 2012 of $169.0 million, or $0.96 per diluted share. The decrease in net income is primarily related to a $167.9 million gain on the acquisition of the remaining interest in Net Lease Strategic Assets Fund L.P. recognized in the quarter ended September 30, 2012.
Common Share/Unit Dividend/Distribution
Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended September 30, 2013 of $0.15 per common share/unit, which was paid on October 15, 2013 to common shareholders/unitholders of record as of September 30, 2013, and a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”), which will be paid on November 15, 2013 to Series C Preferred Shareholders of record as of October 31, 2013.
Subsequent to quarter end, Lexington declared a regular quarterly dividend/distribution for the quarter ended December 31, 2013, of $0.165 per common share/unit, a 10% increase from the prior quarterly dividend of $0.15 per common share/unit. This dividend/distribution is payable on January 15, 2014, to common shareholders/unitholders of record as of December 31, 2013. This dividend/distribution equates to an annualized dividend level of $0.66 per common share/unit. In addition, Lexington declared a dividend of $0.8125 per share on its Series C Preferred Shares. The Series C Preferred Share dividend is payable on or about February 18, 2014 to Series C Preferred Shareholders of record as of January 31, 2014.
OPERATING ACTIVITIES
Leasing
During the third quarter of 2013, Lexington executed 11 new and extended leases for 2.7 million square feet and ended the quarter with overall portfolio occupancy of 98.1%.
Capital Recycling
Dispositions
During the third quarter of 2013, Lexington disposed of its interests in four properties to unrelated third parties for a gross sales price of $22.4 million.
| 4 |
Investment Activity
Build-to-Suit Projects – Third Quarter Updates
Lexington entered into a build-to-suit arrangement to acquire and construct a 279,000 square foot, 16-floor office building and a parking garage in Richmond, Virginia. The maximum construction loan amount is $98.6 million and the purchase price is currently $94.4 million (8.0% initial cap rate). Upon completion of construction, a 15-year net lease with a single tenant for approximately 78% of the office building will commence. The balance of the office building is subject to a master lease with the developer, which has a term of two years from the completion of construction and provides the developer with the opportunity to re-lease such space in exchange for an increase in the purchase price equal to the initial annual rent divided by 14.72%.
In addition, Lexington continues to fund the construction of, and/or is under contract to acquire, the previously announced build-to-suit projects in (1) Rantoul, Illinois (8.0% initial cap rate), (2) Bingen, Washington (10.7% initial cap rate), (3) Las Vegas, Nevada (7.3% initial cap rate) and (4) Albany, Georgia (9.0% initial cap rate). The aggregate estimated cost of these five build-to-suit projects is approximately $197.2 million of which approximately $60.0 million was invested as of September 30, 2013. In addition, Lexington is committed to acquire upon its completion a property in Omaha, Nebraska for $39.1 million (7.1% initial cap rate). Lexington can give no assurance that any of the build-to-suit projects or other potential investments that are under commitment or contract or in process will be completed.
Joint Venture Investments – Third Quarter Updates
Lexington acquired the remaining interest in its Long Island City, New York industrial property that it did not already own for $8.9 million.
Lexington invested $5.0 million in a joint venture, which acquired the fee interest and the related office building improvements of a property in Baltimore, Maryland. Beginning in October 2015, Lexington has the right to require the redemption of its interest in the joint venture in exchange for a distribution of the fee interest, which is currently leased for a 99-year term to the joint venture.
Subsequent to Quarter End Investments
Lexington acquired a portfolio of three parcels of land in New York, New York consisting of an aggregate of 0.6 acres, which are net leased to tenants under non-cancellable 99-year leases. The aggregate purchase price was $302.0 million. The improvements on these parcels are owned by the tenants under Lexington leases and currently consist of three high-rise hotels built in 2010, which contain an aggregate of approximately 480,000 square feet, 103 floors and 1,179 guest rooms. The hotels are known as the DoubleTree by Hilton Hotel New York City - Financial District, the Sheraton Tribeca New York Hotel and the Element New York Times Square West. The aggregate initial annual rent under the leases is approximately $14.9 million, which represents approximately 4.93% of the aggregate purchase price. The rent under each lease increases by a minimum of 2.0% each year with further annual increases, not to exceed 3.0% per annum in the aggregate, at specified intervals based on the increase in the Consumer Price Index, or CPI. The total aggregate minimum rent (excluding any additional CPI increases) under the leases over the 99-year lease terms is approximately $4.5 billion. Each tenant has a purchase option that can be exercised at the end of the 25th, 50th and 75th lease year at a price that is equal to the greater of (1) the original purchase price plus a 7.5% return (inclusive of rent payments) for the holding period (compounded monthly) and (2) a specified floor price, which in each case is in excess of the allocated purchase price, and is $305.0 million in the aggregate.
| 5 |
Lexington agreed to lend up to $85.0 million for the construction of an approximately 168,000 square foot hospital in Kennewick, Washington. Upon completion of construction, a 30-year lease between the borrower/landowner and the public hospital district will commence, which lease requires the public hospital district to purchase the hospital from the borrower/landowner on May 1, 2022 for $110.0 million. The financing (1) provides for accrued interest on the outstanding balance at a rate of 6.5% (compounded monthly) until substantial completion, (2) requires regular payments of interest only at an annual rate of 8.75% after substantial completion, (3) accrues interest at 9.0% after substantial completion and (4) matures on May 1, 2022 when an estimated balloon payment of approximately $87.5 million is due.
Lexington acquired a property in Danville, Virginia for approximately $4.7 million (5.5% initial cap rate). The property is net leased for a current term expiring January 2029, with 11 five-year tenant renewal options.
Lexington formed a joint venture, in which it has a 15% interest, to acquire a portfolio of veterinary hospitals for $39.5 million (6.9% initial cap rate), which are net leased for a 20-year term. The acquisition was partially funded by a $18.8 million, non-recourse mortgage loan with a fixed interest rate of 4.01% and maturity of November 2018.
CAPITAL MARKETS
Capital Activities and Balance Sheet Update
During the third quarter of 2013, Lexington repaid $8.6 million of secured debt which had an interest rate of 5.3%.
Lexington converted approximately $12.2 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030 for 1.8 million common shares and a cash payment of $0.6 million, reducing the outstanding balance of this issuance to $29.0 million.
During the third quarter of 2013, Lexington borrowed $67.0 million on its unsecured revolving credit facility.
Subsequent to quarter end, Lexington:
| • | borrowed $216.0 million, net, under its unsecured revolving credit facility; |
| • | issued 11.5 million common shares raising gross proceeds of $126.3 million, after underwriting discounts and commissions; and |
| • | entered into a nonbinding term sheet with a life insurance company and locked rate for a $213.5 million non-recourse secured financing, which is expected to bear interest at a fixed-rate of 4.66% and mature in 13 years. This financing is subject to documentation and certain conditions, including lender due diligence and approval and Lexington gives no assurance that it will be consummated or expectations of the final terms. |
2013 EARNINGS GUIDANCE
Lexington affirms its estimate of Company FFO, as adjusted, within 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.
| 6 |
THIRD QUARTER 2013 CONFERENCE CALL
Lexington will host a conference call today, Tuesday, November 5, 2013, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended September 30, 2013. Interested parties may participate in this conference call by dialing (888) 280-4443 or (719) 457-2657. A replay of the call will be available through November 19, 2013, at (877) 870-5176 or (858) 384-5517, pin: 9218025. A live webcast of the conference call will be available atwww.lxp.comwithin the Investor Relations section.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land. Lexington seeks to expand its portfolio through acquisitions, sale-leaseback transactions, build-to-suit arrangements and other transactions. A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears all or substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. Lexington also 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, including those necessary to achieve an annualized dividend level of $0.66 per common share/unit, (2) Lexington's ability to achieve its estimate of Company FFO, as adjusted, for the year ending December 31, 2013, (3) the successful consummation of any lease, acquisition, build-to-suit, financing or other transaction, (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 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,” “goal,” “objective” 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, some of which are consolidated for financial statement purposes and/or disregarded for income tax purposes.
| 7 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Gross revenues: | ||||||||||||||||
| Rental | $ | 90,173 | $ | 77,455 | $ | 268,215 | $ | 220,011 | ||||||||
| Advisory and incentive fees | 98 | 297 | 426 | 1,385 | ||||||||||||
| Tenant reimbursements | 7,675 | 7,206 | 23,425 | 21,486 | ||||||||||||
| Total gross revenues | 97,946 | 84,958 | 292,066 | 242,882 | ||||||||||||
| Expense applicable to revenues: | ||||||||||||||||
| Depreciation and amortization | (44,523 | ) | (39,012 | ) | (133,747 | ) | (112,980 | ) | ||||||||
| Property operating | (15,888 | ) | (14,595 | ) | (47,082 | ) | (41,769 | ) | ||||||||
| General and administrative | (6,358 | ) | (5,810 | ) | (20,116 | ) | (17,368 | ) | ||||||||
| Non-operating income | 2,152 | 1,356 | 5,487 | 5,601 | ||||||||||||
| Interest and amortization expense | (22,879 | ) | (24,140 | ) | (69,585 | ) | (71,401 | ) | ||||||||
| Debt satisfaction gains (charges), net | (2,968 | ) | 12 | (25,397 | ) | (1,639 | ) | |||||||||
| Gain on acquisition | — | 167,864 | — | 167,864 | ||||||||||||
| Litigation reserve | — | 25 | — | (2,775 | ) | |||||||||||
| Impairment charges | — | (4,262 | ) | (2,413 | ) | (4,262 | ) | |||||||||
| Income (loss) before provision for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations | 7,482 | 166,396 | (787 | ) | 164,153 | |||||||||||
| Provision for income taxes | (2,447 | ) | (294 | ) | (3,005 | ) | (799 | ) | ||||||||
| Equity in earnings (losses) of non-consolidated entities | (737 | ) | 3,799 | (397 | ) | 21,469 | ||||||||||
| Income (loss) from continuing operations | 4,298 | 169,901 | (4,189 | ) | 184,823 | |||||||||||
| Discontinued operations: | ||||||||||||||||
| Income (loss) from discontinued operations | 311 | 355 | 2,646 | (2,159 | ) | |||||||||||
| Provision for income taxes | (779 | ) | (54 | ) | (1,946 | ) | (66 | ) | ||||||||
| Debt satisfaction gains (charges), net | (2 | ) | (1,189 | ) | 8,955 | 539 | ||||||||||
| Gains on sales of properties | 2,129 | 6,276 | 14,935 | 8,946 | ||||||||||||
| Impairment charges | (802 | ) | — | (9,537 | ) | (5,690 | ) | |||||||||
| Total discontinued operations | 857 | 5,388 | 15,053 | 1,570 | ||||||||||||
| Net income | 5,155 | 175,289 | 10,864 | 186,393 | ||||||||||||
| Less net income attributable to noncontrolling interests | (460 | ) | (748 | ) | (2,057 | ) | (3,730 | ) | ||||||||
| Net income attributable to Lexington Realty Trust shareholders | 4,695 | 174,541 | 8,807 | 182,663 | ||||||||||||
| Dividends attributable to preferred shares - Series B | — | — | — | (2,298 | ) | |||||||||||
| Dividends attributable to preferred shares - Series C | (1,573 | ) | (1,573 | ) | (4,718 | ) | (4,718 | ) | ||||||||
| Dividends attributable to preferred shares - Series D | — | (2,926 | ) | (3,543 | ) | (8,777 | ) | |||||||||
| Allocation to participating securities | (144 | ) | (1,092 | ) | (482 | ) | (1,179 | ) | ||||||||
| Deemed dividend - Series B | — | — | — | (2,346 | ) | |||||||||||
| Redemption discount - Series C | — | — | — | 229 | ||||||||||||
| Deemed dividend - Series D | — | — | (5,230 | ) | — | |||||||||||
| Net income (loss) attributable to common shareholders | $ | 2,978 | $ | 168,950 | $ | (5,166 | ) | $ | 163,574 | |||||||
| Income (loss) per common share - basic: | ||||||||||||||||
| Income (loss) from continuing operations | $ | 0.01 | $ | 1.05 | $ | (0.10 | ) | $ | 1.06 | |||||||
| Income from discontinued operations | — | 0.04 | 0.07 | — | ||||||||||||
| Net income (loss) attributable to common shareholders | $ | 0.01 | $ | 1.09 | $ | (0.03 | ) | $ | 1.06 | |||||||
| Weighted-average common shares outstanding - basic: | 213,649,374 | 154,980,137 | 204,923,085 | 154,564,041 | ||||||||||||
| Income (loss) per common share - diluted: | ||||||||||||||||
| Income (loss) from continuing operations | $ | 0.01 | $ | 0.93 | $ | (0.10 | ) | $ | 0.98 | |||||||
| Income (loss) from discontinued operations | — | 0.03 | 0.07 | — | ||||||||||||
| Net income (loss) attributable to common shareholders | $ | 0.01 | $ | 0.96 | $ | (0.03 | ) | $ | 0.98 | |||||||
| Weighted-average common shares outstanding - diluted | 214,406,065 | 180,855,164 | 204,923,085 | 180,449,070 | ||||||||||||
| Amounts attributable to common shareholders: | ||||||||||||||||
| Income (loss) from continuing operations | $ | 2,069 | $ | 163,481 | $ | (19,769 | ) | $ | 163,552 | |||||||
| Income from discontinued operations | 909 | 5,469 | 14,603 | 22 | ||||||||||||
| Net income (loss) attributable to common shareholders | $ | 2,978 | $ | 168,950 | $ | (5,166 | ) | $ | 163,574 | |||||||
| 8 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2013 (unaudited) and December 31, 2012
(In thousands, except share and per share data)
| 2013 | 2012 | |||||||
| Assets: | ||||||||
| Real estate, at cost | $ | 3,597,145 | $ | 3,564,466 | ||||
| Real estate - intangible assets | 693,890 | 685,914 | ||||||
| Investments in real estate under construction | 57,561 | 65,122 | ||||||
| 4,348,596 | 4,315,502 | |||||||
| Less: accumulated depreciation and amortization | 1,240,298 | 1,150,417 | ||||||
| 3,108,298 | 3,165,085 | |||||||
| Cash and cash equivalents | 86,182 | 34,024 | ||||||
| Restricted cash | 25,182 | 26,741 | ||||||
| Investment in and advances to non-consolidated entities | 15,232 | 27,129 | ||||||
| Deferred expenses, net | 61,652 | 57,549 | ||||||
| Loans receivable, net | 93,228 | 72,540 | ||||||
| Rent receivable - current | 7,778 | 7,355 | ||||||
| Rent receivable - deferred | 4,388 | — | ||||||
| Other assets | 50,923 | 27,780 | ||||||
| Total assets | $ | 3,452,863 | $ | 3,418,203 | ||||
| Liabilities and Equity: | ||||||||
| Liabilities: | ||||||||
| Mortgages and notes payable | $ | 1,029,838 | $ | 1,415,961 | ||||
| Credit facility borrowings | 67,000 | — | ||||||
| Term loans payable | 319,000 | 255,000 | ||||||
| Senior notes payable | 247,646 | — | ||||||
| Convertible notes payable | 27,367 | 78,127 | ||||||
| Trust preferred securities | 129,120 | 129,120 | ||||||
| Dividends payable | 34,531 | 31,351 | ||||||
| Accounts payable and other liabilities | 42,102 | 70,367 | ||||||
| Accrued interest payable | 11,642 | 11,980 | ||||||
| Deferred revenue - including below market leases, net | 70,767 | 79,908 | ||||||
| Prepaid rent | 19,111 | 13,224 | ||||||
| Total liabilities | 1,998,124 | 2,085,038 | ||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, | ||||||||
| Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding | 94,016 | 94,016 | ||||||
| Series D Cumulative Redeemable Preferred, liquidation preference $155,000; 6,200,000 shares issued and outstanding in 2012 | — | 149,774 | ||||||
| Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 216,391,768 and 178,616,664 shares issued and outstanding in 2013 and 2012, respectively | 22 | 18 | ||||||
| Additional paid-in-capital | 2,587,748 | 2,212,949 | ||||||
| Accumulated distributions in excess of net income | (1,254,048 | ) | (1,143,803 | ) | ||||
| Accumulated other comprehensive income (loss) | 2,299 | (6,224 | ) | |||||
| Total shareholders' equity | 1,430,037 | 1,306,730 | ||||||
| Noncontrolling interests | 24,702 | 26,435 | ||||||
| Total equity | 1,454,739 | 1,333,165 | ||||||
| Total liabilities and equity | $ | 3,452,863 | $ | 3,418,203 | ||||
| 9 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| EARNINGS PER SHARE: | ||||||||||||||||
| Basic: | ||||||||||||||||
| Income (loss) from continuing operations attributable to common shareholders | $ | 2,069 | $ | 163,481 | $ | (19,769 | ) | $ | 163,552 | |||||||
| Income from discontinued operations attributable to common shareholders | 909 | 5,469 | 14,603 | 22 | ||||||||||||
| Net income (loss) attributable to common shareholders | $ | 2,978 | $ | 168,950 | $ | (5,166 | ) | $ | 163,574 | |||||||
| Weighted-average number of common shares outstanding | 213,649,374 | 154,980,137 | 204,923,085 | 154,564,041 | ||||||||||||
| Income (loss) per common share: | ||||||||||||||||
| Income (loss) from continuing operations | $ | 0.01 | $ | 1.05 | $ | (0.10 | ) | $ | 1.06 | |||||||
| Income from discontinued operations | — | 0.04 | 0.07 | — | ||||||||||||
| Net income (loss) attributable to common shareholders | $ | 0.01 | $ | 1.09 | $ | (0.03 | ) | $ | 1.06 | |||||||
| Diluted: | ||||||||||||||||
| Income (loss) from continuing operations attributable to common shareholders - basic | $ | 2,069 | $ | 163,481 | $ | (19,769 | ) | $ | 163,552 | |||||||
| Impact of assumed conversions: | ||||||||||||||||
| Share options | — | — | — | — | ||||||||||||
| Operating Partnership Units | — | 538 | — | 1,266 | ||||||||||||
| 6.00% Convertible Guaranteed Notes | — | 2,327 | — | 6,980 | ||||||||||||
| Series C Preferred Shares | — | 1,573 | — | 4,489 | ||||||||||||
| Income (loss) from continuing operations attributable to common shareholders | 2,069 | 167,919 | (19,769 | ) | 176,287 | |||||||||||
| Income from discontinued operations attributable to common shareholders - basic | 909 | 5,469 | 14,603 | 22 | ||||||||||||
| Impact of assumed conversions: | ||||||||||||||||
| Operating Partnership Units | — | (63 | ) | — | (353 | ) | ||||||||||
| Income (loss) from discontinued operations attributable to common shareholders | 909 | 5,406 | 14,603 | (331 | ) | |||||||||||
| Net income (loss) attributable to common shareholders | $ | 2,978 | $ | 173,325 | $ | (5,166 | ) | $ | 175,956 | |||||||
| Weighted-average common shares outstanding - basic | 213,649,374 | 154,980,137 | 204,923,085 | 154,564,041 | ||||||||||||
| Effect of dilutive securities: | ||||||||||||||||
| Share options | 756,691 | 344,721 | — | 279,699 | ||||||||||||
| Operating Partnership Units | — | 4,400,389 | — | 4,479,451 | ||||||||||||
| 6.00% Convertible Guaranteed Notes | — | 16,419,347 | — | 16,412,836 | ||||||||||||
| Series C Preferred Shares | — | 4,710,570 | — | 4,713,043 | ||||||||||||
| Weighted-average common shares outstanding | 214,406,065 | 180,855,164 | 204,923,085 | 180,449,070 | ||||||||||||
| Income (loss) per common share: | ||||||||||||||||
| Income (loss) from continuing operations | $ | 0.01 | $ | 0.93 | $ | (0.10 | ) | $ | 0.98 | |||||||
| Income (loss) from discontinued operations | — | 0.03 | 0.07 | — | ||||||||||||
| Net income (loss) attributable to common shareholders | $ | 0.01 | $ | 0.96 | $ | (0.03 | ) | $ | 0.98 | |||||||
| 10 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| FUNDS FROM OPERATIONS:(1) | ||||||||||||||||
| Basic and Diluted: | ||||||||||||||||
| Net income attributable to Lexington Realty Trust shareholders | $ | 4,695 | $ | 174,541 | $ | 8,807 | $ | 182,663 | ||||||||
| Adjustments: | ||||||||||||||||
| Depreciation and amortization | 43,227 | 39,190 | 131,343 | 118,809 | ||||||||||||
| Impairment charges - real estate, including nonconsolidated joint venture real estate | 1,727 | 4,262 | 12,875 | 9,952 | ||||||||||||
| Noncontrolling interests - OP units | 202 | 475 | 1,286 | 913 | ||||||||||||
| Amortization of leasing commissions | 1,445 | 1,212 | 4,124 | 3,509 | ||||||||||||
| Joint venture and noncontrolling interest adjustment | 554 | (911 | ) | 1,675 | 15 | |||||||||||
| Preferred dividends - Series B & D | — | (2,926 | ) | (3,543 | ) | (11,075 | ) | |||||||||
| Gains on sales of properties, net of tax | 556 | (6,276 | ) | (11,325 | ) | (8,946 | ) | |||||||||
| Gain on sale - joint venture investment | — | — | — | (7,000 | ) | |||||||||||
| Gain on acquisition | — | (167,864 | ) | — | (167,864 | ) | ||||||||||
| Interest and amortization on 6.00% Convertible Guaranteed Notes | 642 | 2,327 | 2,534 | 6,980 | ||||||||||||
| Reported Company FFO | 53,048 | 44,030 | 147,776 | 127,956 | ||||||||||||
| Debt satisfaction charges, net | 2,970 | 1,177 | 16,442 | 1,100 | ||||||||||||
| Litigation reserve | — | (25 | ) | — | 2,775 | |||||||||||
| Other | 35 | 276 | 230 | 598 | ||||||||||||
| Company FFO, as adjusted | 56,053 | 45,458 | 164,448 | 132,429 | ||||||||||||
| FUNDS AVAILABLE FOR DISTRIBUTION:(2) | ||||||||||||||||
| Adjustments: | ||||||||||||||||
| Straight-line rents | (6,361 | ) | (3,565 | ) | (9,281 | ) | 408 | |||||||||
| Lease incentives | 402 | 313 | 1,032 | 1,143 | ||||||||||||
| Amortization of below/above market leases | 34 | (913 | ) | (136 | ) | (3,608 | ) | |||||||||
| Non-cash interest, net | (185 | ) | (312 | ) | (532 | ) | (1,168 | ) | ||||||||
| Non-cash charges, net | 2,009 | 1,104 | 5,601 | 3,462 | ||||||||||||
| Tenant improvements | (2,441 | ) | (11,120 | ) | (30,590 | ) | (16,920 | ) | ||||||||
| Lease costs | (5,038 | ) | (4,222 | ) | (9,957 | ) | (7,853 | ) | ||||||||
| Reported Company Funds Available for Distribution | $ | 44,473 | $ | 26,743 | $ | 120,585 | $ | 107,893 | ||||||||
| Per Share Amounts | ||||||||||||||||
| Basic: | ||||||||||||||||
| Reported Company FFO | $ | 0.23 | $ | 0.24 | $ | 0.67 | $ | 0.71 | ||||||||
| Company FFO, as adjusted | $ | 0.25 | $ | 0.25 | $ | 0.75 | $ | 0.73 | ||||||||
| Company FAD | $ | 0.20 | $ | 0.15 | $ | 0.55 | $ | 0.60 | ||||||||
| Diluted: | ||||||||||||||||
| Reported Company FFO | $ | 0.23 | $ | 0.24 | $ | 0.67 | $ | 0.71 | ||||||||
| Company FFO, as adjusted | $ | 0.25 | $ | 0.25 | $ | 0.74 | $ | 0.73 | ||||||||
| Company FAD | $ | 0.19 | $ | 0.15 | $ | 0.55 | $ | 0.60 | ||||||||
| 11 |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)
(Unaudited and in thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| Basic: | 2013 | 2012 | 2013 | 2012 | ||||||||||||
| Weighted-average common shares outstanding - EPS basic | 213,649,374 | 154,980,137 | 204,923,085 | 154,564,041 | ||||||||||||
| 6.00% Convertible Guaranteed Notes | 4,684,069 | 16,419,347 | 6,029,067 | 16,412,836 | ||||||||||||
| Non-vested share-based payment awards | 487,237 | 245,166 | 494,937 | 200,741 | ||||||||||||
| Operating Partnership Units | 4,110,748 | 4,400,389 | 4,165,362 | 4,479,451 | ||||||||||||
| Preferred Shares - Series C | 4,710,570 | 4,710,570 | 4,710,570 | 4,713,043 | ||||||||||||
| Weighted-average common shares outstanding - basic | 227,641,998 | 180,755,609 | 220,323,021 | 180,370,112 | ||||||||||||
| Diluted: | ||||||||||||||||
| Weighted-average common shares outstanding - basic | 227,641,998 | 180,755,609 | 220,323,021 | 180,370,112 | ||||||||||||
| Options - Incremental shares | 756,691 | 344,721 | 876,738 | 279,699 | ||||||||||||
| Weighted-average common shares outstanding - diluted | 228,398,689 | 181,100,330 | 221,199,759 | 180,649,811 | ||||||||||||
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 due 2030 because these securities are convertible, at the holder's option, into Lexington's common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Reported Company FFO on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington's common shares, are converted. Lexington also presents “Company funds from operations, as adjusted” or “Company FFO, as adjusted,” which adjusts Reported Company FFO for certain items which Management believes are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds from operations in a similar fashion, Reported Company FFO and Company FFO, as adjusted, may not be comparable to similarly titled measures as reported by others. Reported Company FFO and Company FFO, as adjusted, should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.
2Reported Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO, as adjusted, for (1) straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements, (5) cash paid for lease costs, (6) non-cash interest, net and (7) non-cash charges, 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
2013 Third Quarter Leasing Summary
LEASE EXTENSIONS
| Tenants | 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 | 2013 Extensions | |||||||||||||||||||||||||||||||
| 1 | Management & Training Corporation | Honolulu | HI | 06/2013 | MTM | 888 | $ | 24 | $ | 32 | $ | 24 | $ | 32 | ||||||||||||||||||
| 2 | Tour Master Hawaii LLC | Honolulu | HI | 07/2013 | 07/2014 | 266 | $ | 5 | $ | 3 | $ | 5 | $ | 3 | ||||||||||||||||||
| 3 | Victor Fujita | Honolulu | HI | 08/2013 | 08/2015 | 297 | $ | 8 | $ | 6 | $ | 8 | $ | 6 | ||||||||||||||||||
| 4 | Honeywell International Inc. | Colorado Springs | CO | 11/2013 | 11/2016 | 166,575 | $ | 1,712 | $ | 1,630 | $ | 1,690 | $ | 1,599 | ||||||||||||||||||
| . | ||||||||||||||||||||||||||||||||
| 4 | Total office/multi-tenant lease extensions | 168,026 | $ | 1,749 | $ | 1,671 | $ | 1,727 | $ | 1,640 | ||||||||||||||||||||||
| Industrial | 2014 Extension | |||||||||||||||||||||||||||||||
| 1 | Michelin North America, Inc. | Moody | AL | 01/2014 | 12/2017 | �� | 595,346 | $ | 1,340 | $ | 1,054 | $ | 1,380 | $ | 1,054 | |||||||||||||||||
| 2015 Extension | ||||||||||||||||||||||||||||||||
| 2 | Michelin North America, Inc. | Temperance | MI | 01/2015 | 07/2016 | 744,570 | $ | 2,286 | $ | 2,286 | $ | 2,286 | $ | 2,286 | ||||||||||||||||||
| 3 | Michelin North America, Inc. | Laurens | SC | 01/2015 | 01/2017 | 1,164,000 | $ | 3,387 | $ | 3,387 | $ | 3,387 | $ | 3,387 | ||||||||||||||||||
| 3 | Total industrial lease extension | 2,503,916 | $ | 7,013 | $ | 6,727 | $ | 7,053 | $ | 6,727 | ||||||||||||||||||||||
| ` | ||||||||||||||||||||||||||||||||
| 7 | TOTAL EXTENDED LEASES | 2,671,942 | $ | 8,762 | $ | 8,398 | $ | 8,780 | $ | 8,367 | ||||||||||||||||||||||
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 | Clayden Jim & Associates | Honolulu | HI | 08/2015 | 444 | $ | 3 | $ | 3 | |||||||||||||
| 2 | Woodbridge Capital Investments LLC | Johnson City | TN | 07/2016 | 1,659 | $ | 28 | $ | 28 | |||||||||||||
| 3 | Groundhog Enterprises, Inc. | Palm Beach Gardens | FL | 05/2019 | 3,000 | $ | 35 | $ | 35 | |||||||||||||
| 4 | Vitas Healthcare Corporation of Florida (Vitas Healthcare Corporation) | Palm Beach Gardens | FL | 08/2019 | 6,441 | $ | 64 | $ | 64 | |||||||||||||
| 4 | Total office/multi-tenant new lease | 11,544 | $ | 130 | $ | 130 | ||||||||||||||||
| 4 | TOTAL NEW LEASES | 11,544 | $ | 130 | $ | 130 | ||||||||||||||||
| 11 | TOTAL NEW AND EXTENDED LEASES | 2,683,486 | $ | 8,892 | $ | 8,910 | ||||||||||||||||
Footnotes
| (1) | Assumes twelve months rent from the later of 10/1/13 or lease commencement/extension. |
| 13 |
LEXINGTON REALTY TRUST
2013 Third Quarter Investment/Capital Recycling Summary
JOINT VENTURE INVESTMENTS
| Tenants | Location | Property Type | Initial Equity Investment ($000) | Initial Cash and GAAP Yield | ||||||||||||||
| 1 | Multi-Tenant(1) | Baltimore | MD | Office | $ | 5,000 | 5.4 | % | ||||||||||
| 1 | TOTAL JOINT VENTURE INVESTMENTS | $ | 5,000 | 5.4 | % | |||||||||||||
CAPITAL RECYCLING
PROPERTY DISPOSITIONS (2)
| Tenants | Location | Property Type | Gross Sale Price ($000) | Annualized NOI ($000) | Month of Disposition | |||||||||||||||
| 1 | Patient Advocate Foundation / Vacant | Hampton | VA | Office | $ | 5,045 | $ | 715 | August | |||||||||||
| 2 | Multi-Tenant | The Woodlands | TX | Office | $ | 8,700 | $ | (83 | ) | August | ||||||||||
| 3 | Gander Mountain Company | Tuscaloosa | AL | Retail | $ | 8,640 | $ | 691 | September | |||||||||||
| 4 | Vacant | Clinton | CT | Office | $ | - | $ | - | September | |||||||||||
| 4 | TOTAL PROPERTY DISPOSITIONS | $ | 22,385 | $ | 1,323 | |||||||||||||||
Footnotes
| (1) | Beginning in October 2015, Lexington has the right to require the redemption of its interest in the joint venture in exchange for a distribution of the fee interest, which is currently leased for a 99-year term to the joint venture. |
| (2) | Lexington also sold a land parcel for $138 thousand. |
| 14 |
LEXINGTON REALTY TRUST
BUILD-TO-SUIT PROJECTS / FORWARD COMMITMENTS
9/30/2013
BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE (2)
| Location | Sq. Ft | Lease Term (Years) | Maximum Commitment/Estimated Completion Cost ($000) | Investment balance as of 9/30/13 ($000)(1) | Estimated Cash Investment Next 12 Months ($000) | Estimated Completion Date | ||||||||||||||||||||||||||||||
| Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | |||||||||||||||||||||||||||||||||
| 1 | Rantoul | IL | 813,000 | 20 | $ | 42,587 | $ | 27,804 | $ | 13,922 | $ | - | $ | - | $ | - | 4Q 13 | |||||||||||||||||||
| 2 | Bingen | WA | 124,000 | 12 | $ | 18,898 | $ | 2,624 | $ | 6,084 | $ | 6,084 | $ | 4,056 | $ | - | 2Q 14 | |||||||||||||||||||
| 3 | Albany | GA | 46,000 | 15 | $ | 7,460 | $ | 3,971 | $ | 3,454 | $ | - | $ | - | $ | - | 4Q 13 | |||||||||||||||||||
| 4 | Las Vegas | NV | 180,000 | 20 | $ | 29,585 | $ | 7,730 | $ | 7,115 | $ | 7,115 | $ | 7,115 | $ | - | 3Q 14 | |||||||||||||||||||
| 5 | Richmond | VA | 279,000 | 15 | $ | 98,644 | $ | 15,432 | $ | - | $ | 5,951 | $ | 12,063 | $ | 13,307 | 3Q 15 | |||||||||||||||||||
| 5 | TOTAL BUILD-TO-SUIT PROJECTS | $ | 197,174 | $ | 57,561 | $ | 30,575 | $ | 19,150 | $ | 23,234 | $ | 13,307 | |||||||||||||||||||||||
FORWARD COMMITMENT (2)
| Tenants | Location | Property Type | Estimated Acquisition Cost ($000) | Estimated Completion Date | Estimated Initial Cash Yield | Estimated GAAP Yield | Lease Term | |||||||||||||||||
| 1 | The Gavilion Group LLC | Omaha | NE | Office | $ | 39,125 | 4Q 13 | 7.1 | % | 8.5 | % | 20 yrs | ||||||||||||
| 1 | TOTAL FORWARD COMMITMENT | $ | 39,125 | 7.1 | % | 8.5 | % | |||||||||||||||||
Footnotes
| (1) | Investment balance in accordance with GAAP included in investment in real estate under construction. Aggregate equity invested is $60,015. |
| (2) | Lexington can give no assurance that any of the build-to-suit projects or other potential investments that are under commitment or contract or in process will be completed. |
| 15 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2013
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2013 ($000) (2) | GAAP Base Rent as of 9/30/2013 ($000) (3) | ||||||||||||||||||||
| OFFICE PROPERTIES | ||||||||||||||||||||||||||||||
| 2013 | 10/5/2013 | 810 Gears Rd. | Houston | TX | — | Ricoh Americas Corporation | 2000 | 2,460 | 24 | 24 | ||||||||||||||||||||
| 10/31/2013 | 3943 Denny Ave. | Pascagoula | MS | 22 | Northrop Grumman Systems Corporation | 1995 | 94,841 | 479 | 479 | |||||||||||||||||||||
| 11/30/2013 | 200 Lucent Ln. | Cary | NC | — | Progress Energy Service Company, LLC | 1999 | 124,944 | 2,022 | 1,800 | |||||||||||||||||||||
| 12/31/2013 | 2550 Interstate Dr. | Harrisburg | PA | — | AT&T Services, Inc. | 1998 | 27,584 | 450 | 283 | |||||||||||||||||||||
| 3165 McKelvey Rd. | Bridgeton | MO | — | BJC Health System | 1981 | 52,994 | 298 | 330 | ||||||||||||||||||||||
| 2014 | 1/31/2014 | 1401 & 1501 Nolan Ryan Pkwy. | Arlington | TX | 21 | Siemens Dematic Postal Automation L.P. / Siemens Energy & Automation, Inc. / Siemens Shared Services, LLC | 2003 | 236,547 | 2,042 | 2,042 | ||||||||||||||||||||
| 3/15/2014 | 101 East Erie St. | Chicago | IL | — | Draftfcb, Inc. (Interpublic Group of Companies, Inc.) | 1986 | 212,988 | 3,115 | 3,768 | |||||||||||||||||||||
| 4/30/2014 | 4400 Northcorp Pkwy. | Palm Beach Gardens | FL | — | Office Suites Plus Properties, Inc. | 1996 | 18,400 | 207 | 52 | |||||||||||||||||||||
| 7/31/2014 | 16676 Northchase Dr. | Houston | TX | — | Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation) | 2003 | 101,111 | 1,272 | 1,220 | |||||||||||||||||||||
| 9/30/2014 | 333 Mt. Hope Ave. | Rockaway | NJ | — | BASF Corporation | 1981/2002/2004 | 95,500 | 1,683 | 1,592 | |||||||||||||||||||||
| 10/31/2014 | 700 US Hwy. Route 202-206 | Bridgewater | NJ | — | Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.) | 1985/2003/2004 | 115,558 | 1,525 | 1,928 | |||||||||||||||||||||
| 11/30/2014 | 850-950 Warrenville Rd. | Lisle | IL | — | Flexco, Inc. | 1984 | 7,535 | 104 | 104 | |||||||||||||||||||||
| 12/14/2014 | 22011 Southeast 51st St. | Issaquah | WA | — | Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation) | 1987 | 95,600 | 1,630 | 1,476 | |||||||||||||||||||||
| 5150 220th Ave. | Issaquah | WA | — | Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation) | 1992 | 106,944 | 1,813 | 1,670 | ||||||||||||||||||||||
| 12/31/2014 | 1066 Main St. | Forest Park | GA | — | Bank of America, NA (Bank of America Corporation) | 1969 | 14,859 | 150 | 150 | |||||||||||||||||||||
| 1698 Mountain Industrial Blvd. | Stone Mountain | GA | — | Bank of America, NA (Bank of America Corporation) | 1973 | 5,704 | 71 | 71 | ||||||||||||||||||||||
| 180 South Clinton St. | Rochester | NY | — | Frontier Corporation | 1988/2000 | 226,000 | 2,263 | 2,258 | ||||||||||||||||||||||
| 201 West Main St. | Cumming | GA | — | Bank of America, NA (Bank of America Corporation) | 1968/1982 | 14,208 | 149 | 149 | ||||||||||||||||||||||
| 2223 North Druid Hills Rd. | Atlanta | GA | — | Bank of America, NA (Bank of America Corporation) | 1972 | 6,260 | 84 | 84 | ||||||||||||||||||||||
| 275 Technology Dr. | Canonsburg | PA | — | ANSYS, Inc. | 1996 | 107,872 | 1,072 | 1,034 | ||||||||||||||||||||||
| 400 Butler Farm Rd. | Hampton | VA | — | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) | 1999 | 100,632 | 979 | 931 | ||||||||||||||||||||||
| 4545 Chamblee – Dunwoody Rd. | Chamblee | GA | — | Bank of America, NA (Bank of America Corporation) | 1972 | 4,565 | 66 | 66 | ||||||||||||||||||||||
| 825 Southway Dr. | Jonesboro | GA | — | Bank of America, NA (Bank of America Corporation) | 1971 | 4,894 | 58 | 58 | ||||||||||||||||||||||
| 956 Ponce de Leon Ave. | Atlanta | GA | — | Bank of America, NA (Bank of America Corporation) | 1975 | 3,900 | 59 | 59 | ||||||||||||||||||||||
| 2015 | 1/31/2015 | 26555 Northwestern Hwy. | Southfield | MI | — | Federal-Mogul Corporation | 1966/1973/1988/1989 | 187,163 | 869 | 1,064 | ||||||||||||||||||||
| 3/31/2015 | 3940 South Teller St. | Lakewood | CO | — | MoneyGram Payment Systems, Inc. | 2002 | 68,165 | 800 | 817 | |||||||||||||||||||||
| 6/30/2015 | 2500 Patrick Henry Pkwy. | McDonough | GA | 20 | Georgia Power Company | 1999 | 111,911 | 1,180 | 1,039 | |||||||||||||||||||||
| 33 Commercial St. | Foxboro | MA | — | Invensys Systems, Inc. (Siebe, Inc.) | 1982/1987 | 164,689 | 3,689 | 2,767 | ||||||||||||||||||||||
| 3711 San Gabriel | Mission | TX | — | VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation | 2003 | 75,016 | 793 | 637 | ||||||||||||||||||||||
| 7/31/2015 | 4001 International Pkwy. | Carrollton | TX | — | Motel 6 Operating, LP (Accor S.A.) | 2003 | 138,443 | 2,447 | 2,396 | |||||||||||||||||||||
| 9/27/2015 | 2529 West Thorne Dr. | Houston | TX | — | Baker Hughes, Incorporated | 1982/1999 | 65,500 | 929 | 489 | |||||||||||||||||||||
| 9/30/2015 | 500 Olde Worthington Rd. | Westerville | OH | — | InVentiv Communications, Inc. | 2000 | 97,000 | 835 | 942 | |||||||||||||||||||||
| 550 Business Center Dr. | Lake Mary | FL | — | JPMorgan Chase Bank, National Association | 1999 | 125,920 | 1,444 | 1,572 | ||||||||||||||||||||||
| 600 Business Center Dr. | Lake Mary | FL | — | JPMorgan Chase Bank, National Association | 1996 | 125,155 | 1,385 | 1,538 | ||||||||||||||||||||||
| 10/31/2015 | 12209 West Markham St. | Little Rock | AR | — | Entergy Arkansas, Inc. | 1980 | 36,311 | 178 | 178 | |||||||||||||||||||||
| 5201 West Barraque St. | Pine Bluff | AR | — | Entergy Arkansas Inc. | 1964/1972/1988 | 27,189 | 144 | 106 | ||||||||||||||||||||||
| 2016 | 1/31/2016 | 1600 Eberhardt Rd. | Temple | TX | — | Nextel of Texas, Inc. (Nextel Finance Company) | 2001 | 108,800 | 1,256 | 1,010 | ||||||||||||||||||||
| 4/30/2016 | 11511 Luna Rd. | Farmers Branch | TX | — | Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.) | 2000 | 180,507 | 1,773 | 2,391 | |||||||||||||||||||||
| 2000 Eastman Dr. | Milford | OH | — | Siemens Corporation | 1991/1998 | 221,215 | 1,865 | 1,739 | ||||||||||||||||||||||
| 5/31/2016 | 1200 Jupiter Rd. | Garland | TX | — | Raytheon Company | 1980 | 278,759 | 1,130 | 1,298 | |||||||||||||||||||||
| 7/14/2016 | 1400 Northeast McWilliams Rd. | Bremerton | WA | — | Nextel West Corporation (Nextel Finance Company) | 2002 | 60,200 | 911 | 911 | |||||||||||||||||||||
| 10/31/2016 | 104 & 110 South Front St. | Memphis | TN | — | Hnedak Bobo Group, Inc. | 1871/1980/1988/1999 | 37,229 | 389 | 376 | |||||||||||||||||||||
| 11/30/2016 | 1110 Bayfield Dr. | Colorado Springs | CO | — | Honeywell International Inc. | 1980/1990/2002 | 166,575 | 1,223 | 1,213 | |||||||||||||||||||||
| 12/31/2016 | 2050 Roanoke Rd. | Westlake | TX | — | TD Auto Finance LLC | 2001 | 130,290 | 1,930 | 1,998 | |||||||||||||||||||||
| 2017 | 3/31/2017 | 1701 Market St. | Philadelphia | PA | 4 | Car-Tel Communications, Inc. | 1957/1997 | 1,220 | 42 | 42 | ||||||||||||||||||||
| 4/30/2017 | 1315 West Century Dr. | Louisville | CO | — | Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC) | 1987/2006 | 106,877 | 1,260 | 1,231 | |||||||||||||||||||||
| 9/30/2017 | 9201 East Dry Creek Rd. | Centennial | CO | — | The Shaw Group, Inc. | 2001/2002 | 128,500 | 1,779 | 1,394 | |||||||||||||||||||||
| 10/31/2017 | 4455 American Way | Baton Rouge | LA | — | New Cingular Wireless PCS, LLC | 1997 | 70,100 | 762 | 762 | |||||||||||||||||||||
| 11/30/2017 | 6200 Northwest Pkwy. | San Antonio | TX | — | United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC | 2000 | 142,500 | 1,336 | 1,400 | |||||||||||||||||||||
| 12/31/2017 | 100 East Shore Dr. | Glen Allen | VA | — | Capital One, National Association | 1999 | 68,118 | 900 | 886 | |||||||||||||||||||||
| 16 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2013
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2013 ($000) (2) | GAAP Base Rent as of 9/30/2013 ($000) (3) | ||||||||||||||||||||
| OFFICE PROPERTIES | ||||||||||||||||||||||||||||||
| 2018 | 1/31/2018 | 820 Gears Rd. | Houston | TX | — | Ricoh Americas Corporation | 2000 | 78,895 | 753 | 762 | ||||||||||||||||||||
| 4/30/2018 | Sandlake Rd./Kirkman Rd. | Orlando | FL | — | Lockheed Martin Corporation | 1982 | 184,000 | 720 | 1,402 | |||||||||||||||||||||
| 5/30/2018 | 13651 McLearen Rd. | Herndon | VA | — | United States of America | 1987 | 159,644 | 2,526 | 2,552 | |||||||||||||||||||||
| 5/31/2018 | 6303 Barfield Rd. | Atlanta | GA | — | International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) | 2000/2001 | 238,600 | 2,508 | 1,386 | |||||||||||||||||||||
| 8900 Freeport Pkwy. | Irving | TX | — | Pacific Union Financial, LLC. | 2003 | 43,396 | 285 | 591 | ||||||||||||||||||||||
| 6/30/2018 | 100 Barnes Rd. | Wallingford | CT | — | 3M Company | 1977/1978/1985/1990/1993 | 44,400 | 359 | 380 | |||||||||||||||||||||
| 420 Riverport Rd. | Kingsport | TN | — | Kingsport Power Company | 1981 | 42,770 | 233 | 96 | ||||||||||||||||||||||
| 8/31/2018 | 3500 North Loop Rd. | McDonough | GA | — | Litton Loan Servicing LP | 2007 | 62,218 | 929 | 644 | |||||||||||||||||||||
| 9/30/2018 | 1701 Market St. | Philadelphia | PA | 4 | CBC Restaurant Corp. | 1957/1997 | 8,070 | 158 | 158 | |||||||||||||||||||||
| 12/22/2018 | 5200 Metcalf Ave. | Overland Park | KS | — | Swiss Re America Holding Corporation / Westport Insurance Corporation | 1980/1990/2004/2005 | 320,198 | 3,662 | 3,686 | |||||||||||||||||||||
| 12/31/2018 | 120 East Shore Dr. | Glen Allen | VA | — | Capital One Services, LLC | 2000 | 77,045 | 543 | 569 | |||||||||||||||||||||
| 2550 Interstate Dr. | Harrisburg | PA | — | AT&T Services, Inc. | 1998 | 61,766 | 1,008 | 950 | ||||||||||||||||||||||
| 2019 | 1/31/2019 | 2999 Southwest 6th St. | Redmond | OR | — | VoiceStream PCS I, LLC / T-Mobile West Corporation (T-Mobile USA, Inc.) | 2004 | 77,484 | 1,234 | 1,101 | ||||||||||||||||||||
| 4/1/2019 | 9201 Stateline Rd. | Kansas City | MO | — | Swiss Re America Holding Corporation / Westport Insurance Corporation | 1963/1973/1985/2003 | 155,925 | 1,724 | 1,724 | |||||||||||||||||||||
| 6/19/2019 | 3965 Airways Blvd. | Memphis | TN | — | Federal Express Corporation | 1982/1983/1985/2006/2007 | 521,286 | 5,168 | 5,260 | |||||||||||||||||||||
| 6/28/2019 | 3265 East Goldstone Dr. | Meridian | ID | — | VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.) | 2004 | 77,484 | 1,012 | 829 | |||||||||||||||||||||
| 7/15/2019 | 19019 North 59th Ave. | Glendale | AZ | — | Honeywell International Inc. | 1986/1997/2000 | 252,300 | 1,349 | 1,426 | |||||||||||||||||||||
| 7/31/2019 | 500 Jackson St. | Columbus | IN | — | Cummins, Inc. | 1885/1980/1984/2006 | 390,100 | 3,442 | 3,405 | |||||||||||||||||||||
| 10/31/2019 | 10475 Crosspoint Blvd. | Indianapolis | IN | 16 | John Wiley & Sons, Inc. | 1999 | 141,416 | 1,694 | 1,752 | |||||||||||||||||||||
| 9601 Renner Blvd. | Lenexa | KS | — | VoiceStream PCS II Corporation (T-Mobile USA, Inc.) | 2004 | 77,484 | 1,030 | 857 | ||||||||||||||||||||||
| 12/31/2019 | 850-950 Warrenville Rd. | Lisle | IL | — | National-Louis University / James J. Benes & Associates, Inc. | 1984 | 91,879 | 1,056 | 1,167 | |||||||||||||||||||||
| 2020 | 1/31/2020 | 10300 Kincaid Dr. | Fishers | IN | — | Roche Diagnostics Operations, Inc. | 1999 | 193,000 | 2,569 | 2,568 | ||||||||||||||||||||
| 2/14/2020 | 5600 Broken Sound Blvd. | Boca Raton | FL | — | Canon Solutions America, Inc. (Oce - USA Holding, Inc.) | 1983/2002 | 143,290 | 1,744 | 1,683 | |||||||||||||||||||||
| 5/31/2020 | 2401 Cherahala Blvd. | Knoxville | TN | — | AdvancePCS, Inc. / CaremarkPCS, L.L.C. | 2002 | 59,748 | 614 | 580 | |||||||||||||||||||||
| 6/30/2020 | 10419 North 30th St. | Tampa | FL | — | Time Customer Service, Inc. (Time Incorporated) | 1986 | 132,981 | 1,060 | 1,085 | |||||||||||||||||||||
| 7/8/2020 | 1460 Tobias Gadsen Blvd. | Charleston | SC | — | Hagemeyer North America, Inc. | 2005 | 50,076 | 615 | 630 | |||||||||||||||||||||
| 7/31/2020 | 13775 McLearen Rd. | Herndon | VA | 12 | Orange Business Services U.S., Inc. (Equant N.V.) | 1985/1986/1992/1999 | 136,617 | 1,182 | 1,304 | |||||||||||||||||||||
| 8/31/2020 | First Park Dr. | Oakland | ME | — | Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | 2005 | 78,610 | 1,022 | 860 | |||||||||||||||||||||
| 9/30/2020 | 9200 South Park Center Loop | Orlando | FL | — | Corinthian Colleges, Inc. | 2003 | 59,927 | 729 | 722 | |||||||||||||||||||||
| 2021 | 1/31/2021 | 1701 Market St. | Philadelphia | PA | 4 | Morgan, Lewis & Bockius LLP | 1957/1997 | 289,432 | 3,353 | 3,223 | ||||||||||||||||||||
| 3/31/2021 | 1311 Broadfield Blvd. | Houston | TX | — | Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.) | 2000 | 155,040 | 1,744 | 1,967 | |||||||||||||||||||||
| 6/30/2021 | 1415 Wyckoff Rd. | Wall | NJ | — | New Jersey Natural Gas Company | 1983 | 157,511 | 2,484 | 2,484 | |||||||||||||||||||||
| 8/31/2021 | 333 Three D Systems Circle | Rock Hill | SC | — | 3D Systems Corporation | 2006 | 80,028 | 502 | 516 | |||||||||||||||||||||
| 11/30/2021 | 29 South Jefferson Rd. | Whippany | NJ | — | CAE SimuFlite, Inc. (CAE INC.) | 2006/2008 | 123,734 | 1,819 | 1,745 | |||||||||||||||||||||
| 12/31/2021 | 2800 Waterford Lake Dr. | Midlothian | VA | — | Alstom Power, Inc. | 2000 | 99,057 | 1,582 | 1,605 | |||||||||||||||||||||
| 2022 | 1/31/2022 | 26210 and 26220 Enterprise Court | Lake Forest | CA | — | Apria Healthcare, Inc. (Apria Healthcare Group, Inc.) | 2001 | 100,012 | 909 | 900 | ||||||||||||||||||||
| 6/30/2022 | 8555 South River Pkwy. | Tempe | AZ | — | DA Nanomaterials L.L.C./ Air Products and Chemicals, Inc. (2022) | 1998 | 95,133 | 1,498 | 1,532 | |||||||||||||||||||||
| 7/31/2022 | 1440 E 15th Street | Tucson | AZ | — | CoxCom, LLC | 1988 | 28,591 | 410 | 410 | |||||||||||||||||||||
| 11/30/2022 | 4201 Marsh Ln. | Carrollton | TX | — | Carlson Restaurants Inc. (Carlson, Inc.) | 2003 | 130,000 | 1,513 | 1,399 | |||||||||||||||||||||
| 12/31/2022 | 147 Milk St. | Boston | MA | — | Harvard Vanguard Medical Associates, Inc. | 1910 | 52,337 | 1,233 | 1,246 | |||||||||||||||||||||
| 2023 | 2/28/2023 | 2211 South 47th St. | Phoenix | AZ | — | Avnet, Inc. | 1997 | 176,402 | 1,377 | 1,620 | ||||||||||||||||||||
| 3/31/2023 | 6555 Sierra Dr. | Irving | TX | — | TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC) | 1999 | 247,254 | 2,339 | 2,213 | |||||||||||||||||||||
| 8900 Freeport Pkwy. | Irving | TX | — | Nissan Motor Acceptance Corporation (Nissan North America, Inc.) / Pacific Union Financial, LLC. | 2003 | 225,049 | 2,514 | 2,563 | ||||||||||||||||||||||
| 6/30/2023 | 12600 Gateway Blvd. | Fort Myers | FL | — | Alta Resources Corp. | 1998 | 63,261 | 360 | 379 | |||||||||||||||||||||
| 7/1/2023 | 275 South Valencia Ave. | Brea | CA | — | Bank of America, National Association | 1983 | 637,503 | 5,795 | 6,521 | |||||||||||||||||||||
| N/A | N/A | 1701 Market St. | Philadelphia | PA | 4 | Parking Oper. | 1957/1997 | [ | 1,817 | 1,817 | ||||||||||||||||||||
| Vacant | 101 East Erie St. | Chicago | IL | — | (Available for Lease) | 1986 | 17,716 | 0 | 0 | |||||||||||||||||||||
| 1701 Market St. | Philadelphia | PA | 4 | (Available for Lease) | 1957/1997 | 5,315 | 0 | 0 | ||||||||||||||||||||||
| 810 Gears Rd. | Houston | TX | 11 | (Available for Lease) | 2000 | 76,435 | 134 | 132 | ||||||||||||||||||||||
| OFFICE TOTAL/WEIGHTED AVERAGE | 99.1% Leased | 11,425,671 | $ | 125,175 | $ | 124,225 | ||||||||||||||||||||||||
| 17 |
LEXINGTON REALTY TRUST
Long-Term Leases- Consolidated Portfolio - 9/30/2013
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Property Type | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2013 ($000) (2) | GAAP Base Rent as of 9/30/2013 ($000) (3) | |||||||||||||||||
| LONG-TERM LEASE PROPERTIES | ||||||||||||||||||||||||||||
| 2023 | 12/14/2023 | 3333 Coyote Hill Rd. | Palo Alto | CA | — | Xerox Corporation | Office | 1973/1975/1982 | 202,000 | 2,624 | 4,843 | |||||||||||||||||
| 12/31/2023 | 1601 Pratt Ave. | Marshall | MI | — | Autocam Corporation | Industrial | 1979 | 58,707 | 0 | 0 | ||||||||||||||||||
| 2024 | 2/14/2024 | 1362 Celebration Blvd. | Florence | SC | — | MED3000, Inc. | Office | 2012 | 32,000 | 391 | 430 | |||||||||||||||||
| 5/31/2024 | 3476 Stateview Blvd. | Fort Mill | SC | — | Wells Fargo Bank, N.A. | Office | 2002 | 169,083 | 2,011 | 1,706 | ||||||||||||||||||
| 3480 Stateview Blvd. | Fort Mill | SC | — | Wells Fargo Bank, N.A. | Office | 2004 | 169,218 | 2,729 | 2,113 | |||||||||||||||||||
| 6/30/2024 | 70 Mechanic St. | Foxboro | MA | — | Invensys Systems, Inc. (Siebe, Inc.) | Office | 1965/1967/1971 | 251,924 | 3,308 | 1,851 | ||||||||||||||||||
| 9/30/2024 | 6277 Sea Harbor Dr. | Orlando | FL | — | Orlando/Orange County Convention & Visitor Bureau, Inc. | Office | 1984/2012 | 44,752 | 0 | 0 | ||||||||||||||||||
| 10/31/2024 | 1409 Centerpoint Blvd. | Knoxville | TN | — | Alstom Power, Inc. | Office | 1997 | 84,404 | 914 | 1,274 | ||||||||||||||||||
| 12/31/2024 | 12000 & 12025 Tech Center Dr. | Livonia | MI | — | Kelsey-Hayes Company (TRW Automotive Inc.) | Office | 1987/1988/1990 | 180,230 | 1,134 | 1,023 | ||||||||||||||||||
| 2025 | 3/14/2025 | 601 & 701 Experian Pkwy. | Allen | TX | — | Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.) | Office | 1981/1983 | 292,700 | 2,305 | 2,235 | |||||||||||||||||
| 6/30/2025 | 10000 Business Blvd. | Dry Ridge | KY | — | Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1988/1999 | 336,350 | 1,009 | 1,009 | ||||||||||||||||||
| 301 Bill Bryan Rd. | Hopkinsville | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1987/1999/2000/2006 | 424,904 | 1,266 | 1,266 | |||||||||||||||||||
| 4010 Airpark Dr. | Owensboro | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1998/2001 | 211,598 | 906 | 906 | |||||||||||||||||||
| 730 North Black Branch Rd. | Elizabethtown | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 2001 | 167,770 | 403 | 403 | |||||||||||||||||||
| 750 North Black Branch Rd. | Elizabethtown | KY | — | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1995/2000/2001 | 539,592 | 2,129 | 2,129 | |||||||||||||||||||
| 7/14/2025 | 590 Ecology Ln. | Chester | SC | — | Boral Stone Products LLC (Boral Limited) | Industrial | 2001/2005 | 420,597 | 1,552 | 1,129 | ||||||||||||||||||
| 7/31/2025 | 7005 Cochran Rd. | Glenwillow | OH | — | Royal Appliance Mfg. Co. | Industrial | 1997 | 458,000 | 1,530 | 1,688 | ||||||||||||||||||
| 9/30/2025 | 10001 Richmond Ave. | Houston | TX | 18 | Baker Hughes Incorporated / Schlumberger Holdings Corp. | Office | 1976/1984 | 554,385 | 8,163 | 5,531 | ||||||||||||||||||
| 10/31/2025 | 6277 Sea Harbor Dr. | Orlando | FL | 19 | Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation) / Aramark Corporation | Office | 1984/2012 | 267,662 | 480 | 3,880 | ||||||||||||||||||
| 11/30/2025 | 11707 Miracle Hills Dr. | Omaha | NE | — | Infocrossing, Inc. | Office | 1989/1995 | 85,200 | 875 | 875 | ||||||||||||||||||
| 12/31/2025 | 2005 East Technology Cir. | Tempe | AZ | — | Infocrossing, Inc. | Office | 1998 | 60,000 | 846 | 846 | ||||||||||||||||||
| 2026 | 3/30/2026 | 121 Technology Dr. | Durham | NH | 15 | Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc. (Goss International Corporation) | Industrial | 1986/2002/2003 | 500,500 | 2,223 | 1,903 | |||||||||||||||||
| 3/31/2026 | 459 Wingo Rd. | Byhalia | MS | — | Asics America Corporation (Asics Corporation) | Industrial | 2011 | 513,734 | 1,971 | 2,202 | ||||||||||||||||||
| 6/30/2026 | 351 Chamber Drive | Chillicothe | OH | — | The Kitchen Collection, Inc. | Industrial | 1995/1998 | 475,218 | 774 | 869 | ||||||||||||||||||
| 8/31/2026 | 25500 State Hwy. 249 | Tomball | TX | — | Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin) | Specialty | 2005 | 77,076 | 1,042 | 1,058 | ||||||||||||||||||
| 10/31/2026 | 5001 Greenwood Rd. | Shreveport | LA | — | Libbey Glass Inc. (Libbey Inc.) | Industrial | 2006 | 646,000 | 1,539 | 1,624 | ||||||||||||||||||
| 11/30/2026 | 250 Rittenhouse Cir. | Bristol | PA | — | Northtec LLC (The Estée Lauder Companies Inc.) | Industrial | 1983/1997 | 241,977 | 786 | 860 | ||||||||||||||||||
| 500 Kinetic Drive | Huntington | WV | — | AMZN WVCS LLC (Amazon.com, Inc.) | Office | 2011 | 68,693 | 892 | 1,002 | |||||||||||||||||||
| 12/29/2026 | 5500 New Albany Road | Columbus | OH | — | Evans, Mechwart, Hambleton & Tilton, Inc. | Office | 2005 | 104,807 | 1,163 | 1,303 | ||||||||||||||||||
| 2027 | 4/30/2027 | 2424 Alpine Rd. | Eau Claire | WI | — | Silver Spring Foods, Inc. (Huntsinger Farms, Inc.) | Industrial | 1993/2004 | 159,000 | 802 | 751 | |||||||||||||||||
| 6/30/2027 | 3902 Gene Field Rd | St. Joseph | MO | — | Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation) | Office | 2012 | 98,849 | 1,293 | 1,495 | ||||||||||||||||||
| 7/6/2027 | 2221 Schrock Road | Columbus | OH | — | MS Consultants, Inc. | Office | 1999/2006 | 42,290 | 423 | 481 | ||||||||||||||||||
| 8/7/2027 | 25 Lakeview Drive | Jessup | PA | — | TMG Health, Inc. | Office | 2012 | 150,000 | 1,439 | 1,876 | ||||||||||||||||||
| 10/31/2027 | 11201 Renner Blvd. | Lenexa | KS | — | United States of America | Office | 2007 | 169,585 | 1,763 | 4,581 | ||||||||||||||||||
| 11/30/2027 | 1700 Millrace Drive | Eugene | OR | 17 | Oregon Research Institute / Educational Policy Improvement Center | Office | 2012 | 80,011 | 1,185 | 1,550 | ||||||||||||||||||
| 12/31/2027 | 10590 Hamilton Ave. | Cincinnati | OH | — | The Hillman Group, Inc. | Industrial | 1991/1994/1997/2005 | 264,598 | 571 | 594 | ||||||||||||||||||
| 2028 | 3/31/2028 | 29-01-Borden Ave./29-10 Hunters Point Ave. | Long Island City | NY | — | FedEx Ground Package System, Inc. (Federal Express Corporation) | Industrial | 2013 | 140,330 | 2,680 | 2,885 | |||||||||||||||||
| 4/30/2028 | 9655 Maroon Circle | Englewood | CO | — | Trizetto Corporation | Office | 2013 | 166,912 | 280 | 1,915 | ||||||||||||||||||
| 8/31/2028 | 9803 Edmonds Way | Edmonds | WA | — | Pudget Consumers Co-op d/b/a PCC Natural Markets | Retail | 1981 | 35,459 | 456 | 456 | ||||||||||||||||||
| 2029 | 1/31/2029 | 6226 West Sahara Ave. | Las Vegas | NV | — | Nevada Power Company | Office | 1983/1994 | 282,000 | 6,053 | 3,190 | |||||||||||||||||
| 12/31/2029 | 400 East Stone Ave. | Greenville | SC | 9 | Canal Insurance Company | Office | 1948/1981/1982/1986/1991/2006/2008 | 128,041 | 726 | 0 | ||||||||||||||||||
| 3030 North 3rd Street | Phoenix | AZ | — | CopperPoint Mutual Insurance Company | Office | 1986/2011 | 252,400 | 2,840 | 3,633 | |||||||||||||||||||
| 2031 | 5/31/2031 | 671 Washburn Switch Rd. | Shelby | NC | — | Clearwater Paper Corporation | Industrial | 2011 | 673,518 | 1,652 | 1,950 | |||||||||||||||||
| 2032 | 4/30/2032 | 13930 Pike Road | Missouri City | TX | — | Vulcan Construction Materials, LP (Vulcan Materials Company) | Industrial | N/A | 0 | 1,326 | 1,592 | |||||||||||||||||
| 2038 | 3/31/2038 | 13901/14035 Industrial Road | Houston | TX | — | Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC) | Industrial | Various | 132,449 | 2,700 | 3,459 | |||||||||||||||||
| N/A | Vacant | 6277 Sea Harbor Dr. | Orlando | FL | — | (Available for Lease) | Office | 1984/2012 | 47,100 | 0 | 0 | |||||||||||||||||
| LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE | 99.5% Leased | 10,461,623 | $ | 71,154 | $ | 76,366 | ||||||||||||||||||||||
| 18 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2013
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq. Ft. Leased or Available (1) | Cash Rent as of 9/30/2013 ($000) (2) | GAAP Base Rent as of 9/30/2013 ($000) (3) | ||||||||||||||||
| INDUSTRIAL PROPERTIES | ||||||||||||||||||||||||||
| 2014 | 1/31/2014 | 109 Stevens St. | Jacksonville | FL | — | Wagner Industries, Inc. | 1959/1967 | 168,800 | 231 | 231 | ||||||||||||||||
| 5/31/2014 | 191 Arrowhead Dr. | Hebron | OH | — | Owens Corning Insulating Systems, LLC | 1999 | 250,410 | 282 | 282 | |||||||||||||||||
| 200 Arrowhead Dr. | Hebron | OH | — | Owens Corning Insulating Systems, LLC | 2000 | 400,522 | 689 | 689 | ||||||||||||||||||
| 12/31/2014 | 324 Industrial Park Rd. | Franklin | NC | — | SKF USA Inc. | 1996 | 72,868 | 342 | 203 | |||||||||||||||||
| 2015 | 6/30/2015 | 1700 47th Ave North | Minneapolis | MN | — | Owens Corning / Owens Corning Roofing and Asphalt, LLC | 2003 | 18,620 | 481 | 481 | ||||||||||||||||
| 2935 Van Vactor Dr. | Plymouth | IN | — | Bay Valley Foods, LLC | 2000/2003 | 300,500 | 619 | 619 | ||||||||||||||||||
| 12/31/2015 | 749 Southrock Dr. | Rockford | IL | — | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | 1992 | 150,000 | 357 | 366 | |||||||||||||||||
| 2016 | 2/28/2016 | 7670 Hacks Cross Rd. | Olive Branch | MS | — | MAHLE Clevite, Inc. (MAHLE Industries, Incorporated) | 1989 | 268,104 | 716 | 687 | ||||||||||||||||
| 3/31/2016 | 19500 Bulverde Rd. | San Antonio | TX | — | Elsevier STM Inc. (Reed Elsevier Inc.) | 2001 | 559,258 | 2,749 | 2,572 | |||||||||||||||||
| 2455 Premier Dr. | Orlando | FL | — | Walgreen Co. / Walgreen Eastern Co. | 1980 | 205,016 | 381 | 589 | ||||||||||||||||||
| 5/31/2016 | 291 Park Center Dr. | Winchester | VA | — | Kraft Foods Global, Inc. | 2001 | 344,700 | 931 | 967 | |||||||||||||||||
| 6/30/2016 | 1133 Poplar Creek Rd. | Henderson | NC | — | Staples, Inc. / Corporate Express, Inc. | 1998/2006 | 196,946 | 656 | 608 | |||||||||||||||||
| 7/31/2016 | 7111 Crabb Rd. | Temperance | MI | — | Michelin North America, Inc. | 1978/1993 | 744,570 | 1,714 | 1,714 | |||||||||||||||||
| 9/30/2016 | 900 Industrial Blvd. | Crossville | TN | — | Dana Commercial Vehicle Products, LLC | 1989/2006 | 222,200 | 513 | 513 | |||||||||||||||||
| 11/30/2016 | 736 Addison Rd. | Erwin | NY | — | Corning, Incorporated | 2006 | 408,000 | 951 | 951 | |||||||||||||||||
| 12/31/2016 | 3686 South Central Ave. | Rockford | IL | 7 | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) / Pierce Packaging Co. | 1998 | 90,000 | 303 | 236 | |||||||||||||||||
| 2017 | 1/31/2017 | 101 Michelin Dr. | Laurens | SC | — | Michelin North America, Inc. | 1991/1993 | 1,164,000 | 2,540 | 2,540 | ||||||||||||||||
| 2/28/2017 | 3456 Meyers Ave. | Memphis | TN | — | Sears, Roebuck and Co. / Sears Logistics Services | 1973 | 780,000 | 1,194 | 1,271 | |||||||||||||||||
| 4/30/2017 | 3600 Army Post Rd. | Des Moines | IA | — | HP Enterprise Services, LLC | 2000 | 405,000 | 1,882 | 1,539 | |||||||||||||||||
| 6/30/2017 | 7500 Chavenelle Rd. | Dubuque | IA | — | The McGraw-Hill Companies, Inc. | 2001 | 330,988 | 913 | 873 | |||||||||||||||||
| 9/30/2017 | 250 Swathmore Ave. | High Point | NC | — | Steelcase Inc. | 2002 | 244,851 | 832 | 815 | |||||||||||||||||
| 10/31/2017 | 1420 Greenwood Rd. | McDonough | GA | — | Versacold USA, Inc. | 2000/2007 | 296,972 | 2,041 | 1,947 | |||||||||||||||||
| 43955 Plymouth Oaks Blvd. | Plymouth | MI | — | Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.) | 1996/1998 | 290,133 | 1,034 | 1,106 | ||||||||||||||||||
| 12/31/2017 | 2203 Sherrill Dr. | Statesville | NC | — | Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation) | 1999/2002 | 639,800 | 1,396 | 1,437 | |||||||||||||||||
| 2415 US Hwy. 78 East | Moody | AL | — | CEVA Logistics U.S., Inc. (CEVA Logistics Holdings, B.V. / PostNL N.V.) | 2004 | 595,346 | 795 | 795 | ||||||||||||||||||
| 2018 | 6/30/2018 | 1650-1654 Williams Rd. | Columbus | OH | — | ODW Logistics, Inc. | 1973 | 772,450 | 1,010 | 1,007 | ||||||||||||||||
| 9/30/2018 | 50 Tyger River Dr. | Duncan | SC | — | Plastic Omnium Auto Exteriors, LLC | 2005/2007/2008 | 221,833 | 718 | 718 | |||||||||||||||||
| 904 Industrial Rd. | Marshall | MI | — | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | 1968/1972/2008 | 246,508 | 574 | 523 | ||||||||||||||||||
| 12/31/2018 | 120 Southeast Pkwy. Dr. | Franklin | TN | — | Essex Group, Inc. (United Technologies Corporation) | 1970/1983 | 289,330 | 551 | 937 | |||||||||||||||||
| 2019 | 4/30/2019 | 113 Wells St. | North Berwick | ME | — | United Technologies Corporation | 1965/1980 | 972,625 | 1,151 | 1,151 | ||||||||||||||||
| 10/17/2019 | 10345 Philipp Pkwy. | Streetsboro | OH | — | L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.) | 2004 | 649,250 | 1,889 | 1,958 | |||||||||||||||||
| 2020 | 3/31/2020 | 2425 Hwy. 77 North | Waxahachie | TX | — | James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV) | 1996/2001 | 335,610 | 2,550 | 2,550 | ||||||||||||||||
| 5/31/2020 | 359 Gateway Dr. | Lavonia | GA | — | TI Group Automotive Systems, LLC (TI Automotive Ltd.) | 2005 | 133,221 | 900 | 714 | |||||||||||||||||
| 6/30/2020 | 3102 Queen Palm Dr. | Tampa | FL | — | Time Customer Service, Inc. (Time Incorporated) | 1986 | 229,605 | 999 | 957 | |||||||||||||||||
| 9/30/2020 | 3350 Miac Cove Rd. | Memphis | TN | — | Mimeo.com, Inc. | 1987 | 107,400 | 315 | 293 | |||||||||||||||||
| 12/19/2020 | 1901 Ragu Dr. | Owensboro | KY | 6 | Unilever Supply Chain, Inc. (Unilever United States, Inc.) | 1975/1979/1995 | 443,380 | 897 | 1,119 | |||||||||||||||||
| 2021 | 5/31/2021 | 477 Distribution Pkwy. | Collierville | TN | — | Federal Express Corporation / FedEx Techconnect, Inc. | 1984/1987/2005/2012 | 126,213 | 621 | 563 | ||||||||||||||||
| 9/30/2021 | 3820 Micro Dr. | Millington | TN | — | Ingram Micro L.P. (Ingram Micro Inc.) | 1997 | 701,819 | 1,269 | 1,381 | |||||||||||||||||
| 10/25/2021 | 6938 Elm Valley Dr. | Kalamazoo | MI | — | Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited) | 1999/2004 | 150,945 | 1,520 | 1,310 | |||||||||||||||||
| 11/30/2021 | 2880 Kenny Biggs Rd. | Lumberton | NC | — | Quickie Manufacturing Corporation | 1998/2001/2006 | 423,280 | 999 | 1,017 | |||||||||||||||||
| 2022 | 3/31/2022 | 5417 Campus Drive | Shreveport | LA | — | The Tire Rack, Inc. | 2012 | 257,849 | 957 | 1,005 | ||||||||||||||||
| N/A | Vacant | 3350 Miac Cove Rd. | Memphis | TN | — | (Available for Lease) | 1987 | 32,679 | 0 | 0 | ||||||||||||||||
| INDUSTRIAL TOTAL/WEIGHTED AVERAGE | 99.8% Leased | 15,241,601 | $ | 41,462 | $ | 41,234 | ||||||||||||||||||||
| 19 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2013
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant | Year Acquired/ Built/ Renovated/ Expanded | Gross Book Value ($000) (10) | Sq.Ft. | Percentage Leased | Cash Rent as of 9/30/2013 ($000) (2) | GAAP Base Rent as of 9/30/2013 ($000) (3) | Debt Balance ($000) | |||||||||||||||||||||||||
| MULTI-TENANT PROPERTIES (8,14) | ||||||||||||||||||||||||||||||||||||||
| Various | 100 Light St. | Baltimore | MD | 13 | Multi-Tenant | 1973/2009 | 248,932 | 476,459 | 95 | % | 10,958 | 12,199 | 55,000 | |||||||||||||||||||||||||
| 140 East Shore Dr. | Glen Allen | VA | — | Multi-Tenant | 2000 | 13,248 | 76,885 | 92 | % | 935 | 848 | 18,763 | ||||||||||||||||||||||||||
| 13430 North Black Canyon Fwy. | Phoenix | AZ | — | Multi-Tenant | 1981/1982/2005/2007/2009 | 16,723 | 138,940 | 100 | % | 2,054 | 2,034 | 0 | ||||||||||||||||||||||||||
| 207 Mockingbird Ln. | Johnson City | TN | — | Multi-Tenant | 1979 | 12,273 | 60,684 | 46 | % | 480 | 480 | 0 | ||||||||||||||||||||||||||
| 2210 Enterprise Dr. | Florence | SC | 11 | Multi-Tenant | 1998 | 16,316 | 176,557 | 70 | % | 836 | 952 | 0 | ||||||||||||||||||||||||||
| 2300 Litton Ln. | Hebron | KY | — | Multi-Tenant | 1986/1996 | 10,128 | 80,440 | 100 | % | 304 | 301 | 0 | ||||||||||||||||||||||||||
| 265 Lehigh St. | Allentown | PA | — | Multi-Tenant | 1980 | 2,920 | 71,055 | 32 | % | 97 | 97 | 0 | ||||||||||||||||||||||||||
| 2706 Media Center Dr. | Los Angeles | CA | — | Multi-Tenant | 2000 | 18,070 | 83,252 | 24 | % | 173 | 173 | 10,281 | ||||||||||||||||||||||||||
| 4200 Northcorp Pkwy. | Palm Beach Gardens | FL | — | Multi-Tenant | 1996 | 21,271 | 95,065 | 36 | % | 282 | 282 | 0 | ||||||||||||||||||||||||||
| 6050 Dana Way | Antioch | TN | — | Multi-Tenant | 1999 | 15,157 | 672,629 | 70 | % | 1,152 | 1,155 | 0 | ||||||||||||||||||||||||||
| 859 Mount Vernon Hwy. | Atlanta | GA | 11 | Multi-Tenant | 2004 | 14,522 | 50,400 | 32 | % | 655 | 530 | 40,356 | ||||||||||||||||||||||||||
| King St./1042 Fort St. Mall | Honolulu | HI | — | Multi-Tenant | 1979/2002 | 16,967 | 77,459 | 77 | % | 682 | 682 | 0 | ||||||||||||||||||||||||||
| MULTI-TENANT TOTAL/WEIGHTED AVERAGE | 73.7% Leased | 2,059,825 | $ | 18,608 | $ | 19,733 | $ | 124,400 | ||||||||||||||||||||||||||||||
| 20 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2013
| Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 9/30/2013 ($000) (2) | GAAP Base Rent as of 9/30/2013 ($000) (3) | ||||||||||||||||
| RETAIL/SPECIALTY PROPERTIES | ||||||||||||||||||||||||||
| 2014 | 10/31/2014 | 1084 East Second St. | Franklin | OH | — | Marsh Supermarkets, LLC / Crystal Food Services, LLC | 1961/1978 | 29,119 | 84 | 107 | ||||||||||||||||
| 2015 | 1/31/2015 | 1700 State Route 160 | Port Orchard | WA | 5 | Moran Foods, Inc. d/b/a Save-A-Lot, Ltd. | 1983 | 16,037 | 67 | 67 | ||||||||||||||||
| 5/31/2015 | 24th St. West & St. John’s Ave. | Billings | MT | — | Safeway, Inc. | 1981 | 40,800 | 140 | 215 | |||||||||||||||||
| 2016 | 5/31/2016 | 12535 Southeast 82nd Ave. | Clackamas | OR | 5 | Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC | 1981 | 42,842 | 229 | 229 | ||||||||||||||||
| 18601 Alderwood Mall Blvd. | Lynnwood | WA | 5 | Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC | 1981/1993 | 43,105 | 211 | 211 | ||||||||||||||||||
| 6910 South Memorial Hwy. | Tulsa | OK | — | Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc. | 1981 | 43,123 | 192 | 192 | ||||||||||||||||||
| 2017 | 3/31/2017 | 1610 South Westmoreland Ave. | Dallas | TX | — | Malone’s Food Stores, Ltd. | 1960 | 70,910 | 272 | 316 | ||||||||||||||||
| 6/30/2017 | 1600 East 23rd St. | Chattanooga | TN | — | BI-LO, LLC | 1983/1995 | 42,130 | 93 | 93 | |||||||||||||||||
| 12/31/2017 | 11411 North Kelly Ave. | Oklahoma City | OK | — | American Golf Corporation | 1991/1996 | 13,924 | 356 | 243 | |||||||||||||||||
| 2018 | 2/26/2018 | 4831 Whipple Ave., Northwest | Canton | OH | — | Best Buy Co., Inc. | 1995 | 46,350 | 349 | 349 | ||||||||||||||||
| 2/28/2018 | 291 Talbert Blvd. | Lexington | NC | — | Food Lion, LLC / Delhaize America, Inc. | 1981 | 23,000 | 104 | 104 | |||||||||||||||||
| 3211 West Beverly St. | Staunton | VA | — | Food Lion, LLC / Delhaize America, Inc. | 1971 | 23,000 | 124 | 124 | ||||||||||||||||||
| 7/1/2018 | 1053 Mineral Springs Rd. | Paris | TN | — | The Kroger Co. | 1982 | 31,170 | 119 | 126 | |||||||||||||||||
| 9/30/2018 | 835 Julian Ave. | Thomasville | NC | — | Mighty Dollar, LLC | 1983 | 23,767 | 57 | 57 | |||||||||||||||||
| 10/31/2018 | 10340 U.S. 19 | Port Richey | FL | — | Kingswere Furniture, LLC | 1980 | 53,820 | 260 | 260 | |||||||||||||||||
| 130 Midland Ave. | Port Chester | NY | — | A&P Real Property, LLC (Pathmark Stores, Inc.) | 1982 | 59,000 | 325 | 786 | ||||||||||||||||||
| 5104 North Franklin Rd. | Lawrence | IN | — | Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC | 1959/1983 | 28,721 | 145 | 145 | ||||||||||||||||||
| 12/31/2018 | 1150 West Carl Sandburg Dr. | Galesburg | IL | — | Kmart Corporation | 1992 | 94,970 | 119 | 247 | |||||||||||||||||
| 12080 Carmel Mountain Rd. | San Diego | CA | — | Kmart Corporation | 1993 | 107,210 | 135 | 563 | ||||||||||||||||||
| 21082 Pioneer Plaza Dr. | Watertown | NY | — | Kmart Corporation | 1993 | 120,727 | 199 | 361 | ||||||||||||||||||
| 255 Northgate Dr. | Manteca | CA | — | Kmart Corporation | 1993 | 107,489 | 212 | 416 | ||||||||||||||||||
| 5350 Leavitt Rd. | Lorain | OH | — | Kmart Corporation | 1993 | 193,193 | 300 | 548 | ||||||||||||||||||
| 97 Seneca Trail | Fairlea | WV | — | Kmart Corporation | 1993/1999 | 90,933 | 140 | 260 | ||||||||||||||||||
| 2019 | 3/31/2019 | N.E.C. 45th St./Lee Blvd. | Lawton | OK | — | Associated Wholesale Grocers, Inc. / Safeway, Inc. | 1984 | 30,757 | 136 | 145 | ||||||||||||||||
| 2023 | 2/28/2023 | US 221 & Hospital Rd. | Jefferson | NC | — | Food Lion, LLC / Delhaize America, Inc. | 1981 | 34,555 | 106 | 117 | ||||||||||||||||
| N/A | Vacant | 1700 State Route 160 | Port Orchard | WA | 5 | (Available for Lease) | 1983 | 11,931 | 0 | 0 | ||||||||||||||||
| S. Carolina 52/52 Bypass | Moncks Corner | SC | 11 | (Available for Lease) | 1982 | 23,000 | 10 | 327 | ||||||||||||||||||
| RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE | 97.6% Leased | 1,445,583 | $ | 4,484 | $ | 6,608 | ||||||||||||||||||||
| TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE | 98.1% Leased | 40,634,303 | $ | 260,883 | $ | 268,166 | ||||||||||||||||||||
| Footnotes | |
| 1 | Square foot leased or available. |
| 2 | Nine months ended 9/30/2013 cash rent. |
| 3 | Nine months ended 9/30/2013 GAAP base rent. |
| 4 | Lexington has an 80.5% interest in this property. |
| 5 | Property sold subsequent to 9/30/2013. |
| 6 | Lexington has a 71.1% interest in this property. |
| 7 | Jacobson Warehouse Company, Inc. lease expires 12/31/2014; however, new tenant (Pierce Packaging Co.) lease expires 12/31/2016. |
| 8 | Multi-tenant properties are properties less than 50% leased to a single tenant. |
| 9 | Property is classified as a capital lease for GAAP, accordingly $746 of income is included in non-operating income. |
| 10 | Represents GAAP capitalized costs. |
| 11 | Cash and GAAP rent amounts represent/include prior tenant. |
| 12 | 24,824 square feet is leased to 7/31/2025. |
| 13 | Includes parking operations. |
| 14 | The multi-tenanted properties incurred approximately $7.9 million in operating expenses, net for the nine months ended 9/30/2013. |
| 15 | Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026. |
| 16 | RGN-Indianapolis I, LLC lease for 14,236 square feet expires 07/2024. Yellow Book Sales and Distribution Company, Inc. lease for 3,764 square feet expires 11/2013. |
| 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 | Baker Hughes Incorporated lease expires 09/2015; however, new tenant (Schlumberger Holdings Corp.) lease expires 09/2025. |
| 19 | Aramark Corporation lease for 8,261 square feet expires 11/2017. |
| 20 | Subsequent to 9/30/2013, lease extended to 6/30/2025. |
| 21 | Subsequent to 9/30/2013, Siemens Dematic Postal Automation L.P. lease terminated and Lexington entered into an 11-year lease for 111,409 square feet with a new tenant. |
| 22 | Subsequent to 9/30/2013, lease extended to 10/31/2018. |
| 21 |
LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type - Cash Basis
9/30/2013
| Office | Industrial | Retail/Specialty | Multi-Tenant | |||||||||||||||||||||||||||||||||||||||||||||
| Year | Net Rentable Area | Cash Rent as of 9/30/2013 ($000) | Annual Rent PSF (2) | Net Rentable Area | Cash Rent as of 9/30/2013 ($000) | Annual Rent PSF (2) | Net Rentable Area | Cash Rent as of 9/30/2013 ($000) | Annual Rent PSF (2) | Net Rentable Area | Cash Rent as of 9/30/2013 ($000) | Annual Rent PSF (2) | ||||||||||||||||||||||||||||||||||||
| 2013 - remaining | 306,587 | $ | 3,324 | $ | 14.46 | - | $ | - | $ | - | - | $ | - | $ | - | 32,724 | $ | 282 | $ | 11.49 | ||||||||||||||||||||||||||||
| 2014 | 1,479,077 | $ | 18,342 | $ | 16.53 | 892,600 | $ | 1,544 | $ | 2.31 | 29,119 | $ | 84 | $ | 3.85 | 116,153 | $ | 941 | $ | 10.80 | ||||||||||||||||||||||||||||
| 2015 | 1,222,462 | $ | 14,693 | $ | 14.77 | 469,120 | $ | 1,457 | $ | 4.14 | 56,837 | $ | 207 | $ | 4.86 | 123,098 | $ | 1,350 | $ | 14.62 | ||||||||||||||||||||||||||||
| 2016 | 1,183,575 | $ | 10,477 | $ | 11.80 | 3,038,794 | $ | 8,914 | $ | 3.91 | 129,070 | $ | 632 | $ | 6.53 | 132,742 | $ | 1,438 | $ | 14.44 | ||||||||||||||||||||||||||||
| 2017 | 525,576 | $ | 6,141 | $ | 15.58 | 4,747,090 | $ | 12,627 | $ | 3.55 | 126,964 | $ | 721 | $ | 7.57 | 22,381 | $ | 175 | $ | 10.43 | ||||||||||||||||||||||||||||
| 2018 | 1,321,002 | $ | 13,684 | $ | 13.81 | 1,530,121 | $ | 2,853 | $ | 2.49 | 1,003,350 | $ | 2,588 | $ | 3.97 | 131,107 | $ | 1,260 | $ | 12.81 | ||||||||||||||||||||||||||||
| 2019 | 1,778,149 | $ | 17,818 | $ | 13.36 | 1,621,875 | $ | 3,040 | $ | 2.50 | 30,757 | $ | 136 | $ | 5.90 | 138,921 | $ | 2,445 | $ | 23.47 | ||||||||||||||||||||||||||||
| 2020 | 854,249 | $ | 9,535 | $ | 14.88 | 1,249,216 | $ | 5,661 | $ | 6.04 | - | $ | - | $ | - | 89,992 | $ | 415 | $ | 6.15 | ||||||||||||||||||||||||||||
| 2021 | 904,802 | $ | 11,484 | $ | 16.92 | 1,402,257 | $ | 4,409 | $ | 4.19 | - | $ | - | $ | - | 534,538 | $ | 4,935 | $ | 12.31 | ||||||||||||||||||||||||||||
| 2022 | 406,073 | $ | 5,563 | $ | 18.27 | 257,849 | $ | 957 | $ | 4.95 | - | $ | - | $ | - | - | $ | - | $ | - | ||||||||||||||||||||||||||||
| 2023 - Q1 - Q3 | 1,349,469 | $ | 12,385 | $ | 12.24 | - | $ | - | $ | - | 34,555 | $ | 106 | $ | 4.09 | - | $ | - | $ | - | ||||||||||||||||||||||||||||
| Thereafter | 3,932,330 | $ | 43,615 | $ | 14.58 | 6,364,842 | $ | 25,819 | $ | 5.75 | 112,535 | $ | 1,498 | $ | 17.75 | 185,436 | $ | 3,789 | $ | 27.24 | ||||||||||||||||||||||||||||
| Total/Weighted Average(1) | 15,263,351 | $ | 167,061 | $ | 14.44 | 21,573,764 | $ | 67,281 | $ | 4.26 | 1,523,187 | $ | 5,972 | $ | 5.58 | 1,507,092 | $ | 17,030 | $ | 15.07 | ||||||||||||||||||||||||||||
Footnotes
| (1) | Total shown may differ from detailed amounts due to rounding and does not include parking operations. |
| (2) | For properties acquired cash rents are annualized. |
| 22 |
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis
9/30/2013
| Year | Number of Leases Expiring | GAAP Base Rent as of 9/30/2013 ($000) | Percent of GAAP Base Rent as of 9/30/2013 | Percent of GAAP Base Rent as of 9/30/2012 | ||||||||||||
| 2013 - remaining | 6 | $ | 2,967 | 1.2 | % | 1.8 | % | |||||||||
| 2014 | 24 | $ | 20,224 | 8.2 | % | 12.9 | % | |||||||||
| 2015 | 17 | $ | 15,293 | 6.2 | % | 11.5 | % | |||||||||
| 2016 | 20 | $ | 20,405 | 8.3 | % | 6.7 | % | |||||||||
| 2017 | 19 | $ | 18,752 | 7.6 | % | 7.0 | % | |||||||||
| 2018 | 30 | $ | 20,707 | 8.4 | % | 10.6 | % | |||||||||
| 2019 | 14 | $ | 20,884 | 8.5 | % | 11.6 | % | |||||||||
| 2020 | 13 | $ | 15,065 | 6.1 | % | 5.0 | % | |||||||||
| 2021 | 10 | $ | 15,811 | 6.4 | % | 7.0 | % | |||||||||
| 2022 | 6 | $ | 6,492 | 2.6 | % | 2.0 | % | |||||||||
| 2023 - Q1 - Q3 | 6 | $ | 13,413 | 5.4 | % | 3.1 | % | |||||||||
| Thereafter | 46 | $ | 76,144 | 30.9 | % | 17.2 | % | |||||||||
| Total(1) | 211 | $ | 246,157 | 100.0 | % | |||||||||||
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.
| 23 |
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated Properties GAAP Basis
9/30/2013
| Year | Number of Leases Expiring | GAAP Base Rent as of 9/30/2013 ($000) | Percent of GAAP Base Rent as of 9/30/2013 | |||||||||
| 2013 - remaining | 21 | $ | 3,249 | 1.2 | % | |||||||
| 2014 | 40 | $ | 21,165 | 8.0 | % | |||||||
| 2015 | 37 | $ | 16,578 | 6.3 | % | |||||||
| 2016 | 33 | $ | 21,820 | 8.3 | % | |||||||
| 2017 | 21 | $ | 18,924 | 7.2 | % | |||||||
| 2018 | 35 | $ | 22,072 | 8.3 | % | |||||||
| 2019 | 23 | $ | 23,316 | 8.8 | % | |||||||
| 2020 | 16 | $ | 15,488 | 5.9 | % | |||||||
| 2021 | 14 | $ | 20,914 | 7.9 | % | |||||||
| 2022 | 6 | $ | 6,492 | 2.5 | % | |||||||
| 2023 - Q1 - Q3 | 6 | $ | 13,413 | 5.1 | % | |||||||
| Thereafter | 48 | $ | 81,006 | 30.6 | % | |||||||
| Total(1) | 300 | $ | 264,437 | 100.0 | % | |||||||
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include parking operations.
| 24 |
LEXINGTON REALTY TRUST
Mortgage Loans Receivable
9/30/2013
| Collateral | Loan Balance | Interest | Maturity | Current Estimated Annual Debt Service | Balloon Payment | Escrow Balance | ||||||||||||||||||||
| City | State | ($000)(1) | Rate | Date | ($000)(2) | ($000) | ($000) | |||||||||||||||||||
| Office | Schaumburg (3) | IL | $ | 21,636 | 20.00 | % | 01/2012 | $ | - | $ | 21,636 | $ | - | |||||||||||||
| Norwalk (4) | CT | $ | 23,625 | 7.50 | % | 11/2014 | $ | - | $ | 23,625 | $ | 4,300 | ||||||||||||||
| Southfield | MI | $ | 6,804 | 4.55 | % | 02/2015 | $ | 1,282 | $ | 5,810 | $ | - | ||||||||||||||
| Westmont (5) | IL | $ | 26,636 | 6.45 | % | 10/2015 | $ | 2,090 | $ | 25,731 | $ | 6,704 | ||||||||||||||
| Retail | Austin | TX | $ | 2,296 | 16.00 | % | 10/2018 | $ | - | $ | 5,104 | $ | - | |||||||||||||
| Various | Various | $ | 1,201 | 8.00 | % | 02/2021 | $ | 219 | $ | - | $ | - | ||||||||||||||
| Various | Various | $ | 545 | 8.00 | % | 12/2021 | $ | 94 | $ | - | $ | - | ||||||||||||||
| Various | Various | $ | 692 | 8.00 | % | 03/2022 | $ | 112 | $ | - | $ | - | ||||||||||||||
| Charter School | Homestead (6) | FL | $ | 9,851 | 7.50 | % | 08/2014 | $ | 800 | $ | 9,851 | $ | - | |||||||||||||
| Total Mortgage Loans Receivable | $ | 93,286 | $ | 4,597 | $ | 91,757 | $ | 11,004 | ||||||||||||||||||
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) | Subsequent to 9/30/2013, Lexington foreclosed on the borrower and obtained title to the office building collateral. |
| (4) | Lexington is committed to lend up to a maximum of $32.6 million. Escrow balance represents a security interest of $4.3 million in an account maintained by the borrower. |
| (5) | Escrow balance includes $2.5 million in a collateral securities 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 up to approximately $10.7 million. |
| 25 |
LEXINGTON REALTY TRUST
2013 Third Quarter Financing Summary
DEBT RETIRED
| Face / Satisfaction ($000) | Rate | Maturity Date | ||||||||||
| 1 | Fort Myers, FL | $ | 8,585 | 5.268 | % | 07/2013 | ||||||
| 2 | 6% Convertible Notes | $ | 12,155 | 6.000 | % | 01/2017 | ||||||
| TOTAL | $ | 20,740 | ||||||||||
CORPORATE LEVEL FINANCING
| Face ($000) | Rate | Maturity | ||||||||||
| 1 | Revolving Loan Draw | $ | 67,000 | 1.33 | % | 02/2017 | ||||||
| 26 |
LEXINGTON REALTY TRUST
Debt Maturity Schedule
9/30/2013
($000)
| Consolidated Properties | ||||||||||||
| Year | Real Estate Scheduled Amortization | Real Estate Balloon Payments | Corporate Debt | |||||||||
| 2013 | $ | 4,004 | $ | 50,427 | $ | - | ||||||
| 2014 | $ | 30,334 | $ | 83,003 | $ | - | ||||||
| 2015 | $ | 26,137 | $ | 276,547 | $ | - | ||||||
| 2016 | $ | 19,977 | $ | 148,595 | $ | - | ||||||
| 2017 | $ | 19,884 | $ | 68,669 | $ | 95,991 | ||||||
| $ | 100,336 | $ | 627,241 | $ | 95,991 | |||||||
| Non-Consolidated Investments - LXP Proportionate Share | ||||||||
| Year | Real Estate Scheduled Amortization | Real Estate Balloon Payments | ||||||
| 2013 | $ | 361 | $ | - | ||||
| 2014 | $ | 1,529 | $ | - | ||||
| 2015 | $ | 1,608 | $ | 5,469 | ||||
| 2016 | $ | 1,477 | $ | - | ||||
| 2017 | $ | 94 | $ | 2,097 | ||||
| $ | 5,069 | $ | 7,566 | |||||
| 27 |
LEXINGTON REALTY TRUST
2013 Mortgage Maturities by Property Type
9/30/2013
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2013 ($000) | GAAP Base Rent as of 9/30/2013 ($000) | |||||||||||||||||||||
| Office & | 1110 Bayfield Dr. (2) | Colorado Springs | CO | 166,575 | $ | 10,071 | 11/2013 | 11/2016 | $ | 19,579 | $ | 1,223 | $ | 1,213 | ||||||||||||||||
| Multi-Tenant | 6303 Barfield Rd./859 Mount Vernon Hwy. (2) | Atlanta | GA | 289,000 | $ | 40,356 | 11/2013 | Various | $ | 76,787 | $ | 3,163 | $ | 1,916 | ||||||||||||||||
| Total 2013 Mortgage Maturities | 455,575 | $ | 50,427 | $ | 96,366 | $ | 4,386 | $ | 3,129 | |||||||||||||||||||||
Footnotes
(1) Represents GAAP capitalized costs as of September 30, 2013.
(2) Loan in default as of September 30, 2013.
| 28 |
LEXINGTON REALTY TRUST
2014 Mortgage Maturities by Property Type
9/30/2013
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2013 ($000) | GAAP Base Rent as of 9/30/2013 ($000) | |||||||||||||||||||||
| Office | 1701 Market St. (2) | Philadelphia | PA | 304,037 | $ | 43,520 | 07/2014 | Various | $ | 73,183 | $ | 5,370 | $ | 5,240 | ||||||||||||||||
| 22011 Southeast 51st St./5150 220th Ave. | Issaquah | WA | 202,544 | $ | 30,388 | 12/2014 | 12/2014 | $ | 51,419 | $ | 3,443 | $ | 3,146 | |||||||||||||||||
| 275 Technology Dr. | Canonsburg | PA | 107,872 | $ | 9,095 | 12/2014 | 12/2014 | $ | 15,739 | $ | 1,072 | $ | 1,034 | |||||||||||||||||
| Total 2014 Mortgage Maturities | 614,453 | $ | 83,003 | $ | 140,341 | $ | 9,885 | $ | 9,420 | |||||||||||||||||||||
Footnotes
(1) Represents GAAP capitalized costs as of September 30, 2013.
(2) Lexington has an 80.5% interest in the property and amounts include parking operations.
| 29 |
LEXINGTON REALTY TRUST
2015 Mortgage Maturities by Property Type
9/30/2013
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2013 ($000) | GAAP Base Rent as of 9/30/2013 ($000) | |||||||||||||||||||||
| Office & | 101 East Erie St. | Chicago | IL | 230,704 | $ | 29,900 | 01/2015 | 03/2014 | $ | 56,548 | $ | 3,115 | $ | 3,768 | ||||||||||||||||
| Multi-Tenant | 400 East Stone Ave. (2) | Greenville | SC | 128,041 | $ | 9,000 | 01/2015 | 12/2029 | $ | 10,706 | $ | 726 | $ | - | ||||||||||||||||
| 4201 Marsh Ln. | Carrollton | TX | 130,000 | $ | 12,022 | 01/2015 | 11/2022 | $ | 22,146 | $ | 1,513 | $ | 1,399 | |||||||||||||||||
| 13775 McLearen Rd. | Herndon | VA | 136,617 | $ | 10,359 | 04/2015 | 07/2020 | $ | 25,529 | $ | 1,182 | $ | 1,304 | |||||||||||||||||
| 10475 Crosspoint Blvd. | Indianapolis | IN | 141,416 | $ | 11,205 | 05/2015 | Various | $ | 23,198 | $ | 1,694 | $ | 1,752 | |||||||||||||||||
| 100, 120, 140 East Shore Dr. | Glen Allen | VA | 222,048 | $ | 18,321 | 05/2015 | Various | $ | 38,262 | $ | 2,378 | $ | 2,303 | |||||||||||||||||
| 1311 Broadfield Blvd. | Houston | TX | 155,040 | $ | 14,431 | 05/2015 | 03/2021 | $ | 29,999 | $ | 1,744 | $ | 1,967 | |||||||||||||||||
| 1409 Centerpoint Blvd. | Knoxville | TN | 84,404 | $ | 6,658 | 05/2015 | 10/2024 | $ | 12,604 | $ | 914 | $ | 1,274 | |||||||||||||||||
| 2550 Interstate Dr. | Harrisburg | PA | 89,350 | $ | 7,792 | 05/2015 | Various | $ | 15,255 | $ | 1,458 | $ | 1,233 | |||||||||||||||||
| 2706 Media Center Dr. (3) | Los Angeles | CA | 83,252 | $ | 9,760 | 05/2015 | Vacant / 2015 | $ | 18,070 | $ | 173 | $ | 173 | |||||||||||||||||
| 2800 Waterford Lake Dr. | Midlothian | VA | 99,057 | $ | 9,055 | 05/2015 | 12/2021 | $ | 15,850 | $ | 1,582 | $ | 1,605 | |||||||||||||||||
| 333 Mt. Hope Ave. | Rockaway | NJ | 95,500 | $ | 14,900 | 05/2015 | 09/2014 | $ | 29,295 | $ | 1,683 | $ | 1,592 | |||||||||||||||||
| 6200 Northwest Pkwy. | San Antonio | TX | 142,500 | $ | 11,167 | 05/2015 | 11/2017 | $ | 20,813 | $ | 1,336 | $ | 1,400 | |||||||||||||||||
| 16676 Northchase Dr. | Houston | TX | 101,111 | $ | 11,282 | 05/2015 | 07/2014 | $ | 19,369 | $ | 1,272 | $ | 1,220 | |||||||||||||||||
| 2500 Patrick Henry Pkwy. | McDonough | GA | 111,911 | $ | 11,349 | 06/2015 | 06/2015 | $ | 16,000 | $ | 1,180 | $ | 1,039 | |||||||||||||||||
| 3711 San Gabriel | Mission | TX | 75,016 | $ | 5,371 | 06/2015 | 06/2015 | $ | 7,600 | $ | 793 | $ | 637 | |||||||||||||||||
| 4001 International Pkwy. | Carrollton | TX | 138,443 | $ | 18,710 | 07/2015 | 07/2015 | $ | 30,859 | $ | 2,447 | $ | 2,396 | |||||||||||||||||
| 2529 West Thorne Dr. | Houston | TX | 65,500 | $ | 2,203 | 09/2015 | 09/2015 | $ | 5,400 | $ | 929 | $ | 489 | |||||||||||||||||
| 10001 Richmond Ave. | Houston | TX | 554,385 | $ | 18,161 | 09/2015 | 09/2025 | $ | 78,887 | $ | 8,163 | $ | 5,531 | |||||||||||||||||
| Industrial | 324 Industrial Park Rd. | Franklin | NC | 72,868 | $ | - | 04/2015 | 12/2014 | $ | 2,300 | $ | 342 | $ | 203 | ||||||||||||||||
| 6938 Elm Valley Dr. | Kalamazoo | MI | 150,945 | $ | 15,087 | 05/2015 | 10/2021 | $ | 21,970 | $ | 1,520 | $ | 1,310 | |||||||||||||||||
| 10000 Business Blvd. | Dry Ridge | KY | 336,350 | $ | 3,482 | 07/2015 | 06/2025 | $ | 15,227 | $ | 1,009 | $ | 1,009 | |||||||||||||||||
| 301 Bill Bryan Rd. | Hopkinsville | KY | 424,904 | $ | 7,696 | 07/2015 | 06/2025 | $ | 19,066 | $ | 1,266 | $ | 1,266 | |||||||||||||||||
| 4010 Airpark Dr. | Owensboro | KY | 211,598 | $ | 3,010 | 07/2015 | 06/2025 | $ | 13,598 | $ | 906 | $ | 906 | |||||||||||||||||
| 730 North Black Branch Rd. | Elizabethtown | KY | 167,770 | $ | 2,475 | 07/2015 | 06/2025 | $ | 6,055 | $ | 403 | $ | 403 | |||||||||||||||||
| 750 North Black Branch Rd. | Elizabethtown | KY | 539,592 | $ | 13,151 | 07/2015 | 06/2025 | $ | 32,222 | $ | 2,129 | $ | 2,129 | |||||||||||||||||
| Total 2015 Mortgage Maturities | 4,688,322 | $ | 276,547 | $ | 586,828 | $ | 41,857 | $ | 38,308 | |||||||||||||||||||||
Footnotes
| (1) | Represents GAAP capitalized costs as of September 30, 2013. |
| (2) | Property is classified as a capital lease for GAAP, accordingly $746 of GAAP income is included in non-operating income. |
| (3) | Loan in default as of September 30, 2013. |
| 30 |
LEXINGTON REALTY TRUST
2016 Mortgage Maturities by Property Type
9/30/2013
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2013 ($000) | GAAP Base Rent as of 9/30/2013 ($000) | |||||||||||||||||||||
| Office | 1600 Eberhardt Rd. | Temple | TX | 108,800 | $ | 7,463 | 01/2016 | 01/2016 | $ | 12,209 | $ | 1,256 | $ | 1,010 | ||||||||||||||||
| 700 US Hwy. Route 202-206 | Bridgewater | NJ | 115,558 | $ | 13,825 | 03/2016 | 10/2014 | $ | 31,662 | $ | 1,525 | $ | 1,928 | |||||||||||||||||
| 11707 Miracle Hills Dr | Omaha | NE | 85,200 | $ | 7,560 | 04/2016 | 11/2025 | $ | 13,853 | $ | 875 | $ | 875 | |||||||||||||||||
| 1400 Northeast McWilliams Rd. | Bremerton | WA | 60,200 | $ | 5,479 | 04/2016 | 07/2016 | $ | 9,906 | $ | 911 | $ | 911 | |||||||||||||||||
| 2005 East Technology Circle | Tempe | AZ | 60,000 | $ | 7,140 | 04/2016 | 12/2025 | $ | 12,199 | $ | 846 | $ | 846 | |||||||||||||||||
| 850-950 Warrenville Rd | Lisle | IL | 99,414 | $ | 9,377 | 06/2016 | 2014/2019 | $ | 17,388 | $ | 1,160 | $ | 1,271 | |||||||||||||||||
| 11511 Luna Rd | Farmers Branch | TX | 180,507 | $ | 18,363 | 07/2016 | 04/2016 | $ | 29,984 | $ | 1,773 | $ | 2,391 | |||||||||||||||||
| 180 South Clinton St | Rochester | NY | 226,000 | $ | 16,765 | 08/2016 | 12/2014 | $ | 30,880 | $ | 2,263 | $ | 2,258 | |||||||||||||||||
| Industrial | 459 Wingo Road | Byhalia | MS | 513,734 | $ | 15,000 | 06/2016 | 03/2026 | $ | 27,492 | $ | 1,971 | $ | 2,202 | ||||||||||||||||
| 2203 Sherrill Dr | Statesville | NC | 639,800 | $ | 12,574 | 08/2016 | 12/2017 | $ | 21,341 | $ | 1,396 | $ | 1,437 | |||||||||||||||||
| 3686 S. Central Ave. / 749 Southrock Dr | Rockford | IL | 240,000 | $ | 6,153 | 08/2016 | 2016/2015 | $ | 10,919 | $ | 660 | $ | 602 | |||||||||||||||||
| 2935 Van Vactor Dr. | Plymouth | IN | 300,500 | $ | 5,723 | 09/2016 | 06/2015 | $ | 9,200 | $ | 619 | $ | 619 | |||||||||||||||||
| 7005 Cochran Road | Glenwillow | OH | 458,000 | $ | 15,132 | 09/2016 | 07/2025 | $ | 28,665 | $ | 1,530 | $ | 1,688 | |||||||||||||||||
| Specialty | 25500 State Hwy. 249 | Tomball | TX | 77,076 | $ | 8,041 | 11/2016 | 08/2026 | $ | 15,776 | $ | 1,042 | $ | 1,058 | ||||||||||||||||
| Total 2016 Mortgage Maturities | 3,164,789 | $ | 148,595 | $ | 271,474 | $ | 17,827 | $ | 19,096 | |||||||||||||||||||||
Footnotes
(1) Represents GAAP capitalized cost at September 30, 2013.
| 31 |
LEXINGTON REALTY TRUST
2017 Mortgage Maturities by Property Type
9/30/2013
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 9/30/2013 ($000) | GAAP Base Rent as of 9/30/2013 ($000) | |||||||||||||||||||||
| Office | 104 & 110 South Front St. | Memphis | TN | 37,229 | $ | 3,484 | 01/2017 | 10/2016 | $ | 5,586 | $ | 389 | $ | 376 | ||||||||||||||||
| 9200 South Park Center Loop | Orlando | FL | 59,927 | $ | 9,309 | 02/2017 | 09/2020 | $ | 14,925 | $ | 729 | $ | 722 | |||||||||||||||||
| 500 Kinetic Drive | Huntington | WV | 68,693 | $ | 6,500 | 02/2017 | 11/2026 | $ | 11,160 | $ | 892 | $ | 1,002 | |||||||||||||||||
| Industrial | 7500 Chavenelle Rd. | Dubuque | IA | 330,988 | $ | 8,725 | 06/2017 | 06/2017 | $ | 11,660 | $ | 913 | $ | 873 | ||||||||||||||||
| 5001 Greenwood Rd. | Shreveport | LA | 646,000 | $ | 19,000 | 07/2017 | 10/2026 | $ | 26,678 | $ | 1,539 | $ | 1,624 | |||||||||||||||||
| 1420 Greenwood Rd. | McDonough | GA | 296,972 | $ | 21,651 | 11/2017 | 10/2017 | $ | 30,897 | $ | 2,041 | $ | 1,947 | |||||||||||||||||
| Total 2017 Mortgage Maturities | 1,439,809 | $ | 68,669 | $ | 100,906 | $ | 6,503 | $ | 6,544 | |||||||||||||||||||||
Footnotes
(1) Represents GAAP capitalized cost at September 30, 2013.
| 32 |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2013
| Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity(a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) | ||||||||||||||
| Colorado Springs, CO | (i) | $ | 10,071 | 6.250 | % | 11/2013 | $ | - | $ | 10,071 | ||||||||||
| Atlanta, GA | (i) | 40,356 | 5.268 | % | 11/2013 | - | 40,356 | |||||||||||||
| Philadelphia, PA | (e) | 44,219 | 5.060 | % | 07/2014 | 2,567 | 43,520 | |||||||||||||
| Issaquah, WA | (b) | 30,802 | 5.665 | % | 12/2014 | 2,113 | 30,388 | |||||||||||||
| Canonsburg, PA | (b) | 9,090 | 5.426 | % | 12/2014 | 489 | 9,095 | |||||||||||||
| Chicago, IL | (b) | 29,693 | 5.639 | % | 01/2015 | 1,548 | 29,900 | |||||||||||||
| Greenville, SC | 9,000 | 5.500 | % | 01/2015 | 495 | 9,000 | ||||||||||||||
| Carrollton, TX | 12,417 | 5.530 | % | 01/2015 | 993 | 12,022 | ||||||||||||||
| Herndon, VA | (b) | 10,748 | 5.885 | % | 04/2015 | 888 | 10,359 | |||||||||||||
| Franklin, NC | 380 | 8.500 | % | 04/2015 | 271 | - | ||||||||||||||
| Kalamazoo, MI | 16,049 | 5.411 | % | 05/2015 | 1,189 | 15,087 | ||||||||||||||
| Glen Allen, VA | (b) | 18,763 | 5.377 | % | 05/2015 | 1,292 | 18,321 | |||||||||||||
| Houston, TX | 14,976 | 5.160 | % | 05/2015 | 1,114 | 14,431 | ||||||||||||||
| Rockaway, NJ | 14,900 | 5.292 | % | 05/2015 | 799 | 14,900 | ||||||||||||||
| Houston, TX | 11,706 | 5.210 | % | 05/2015 | 874 | 11,282 | ||||||||||||||
| Indianapolis, IN | 11,629 | 5.160 | % | 05/2015 | 865 | 11,205 | ||||||||||||||
| San Antonio, TX | 11,577 | 5.340 | % | 05/2015 | 875 | 11,167 | ||||||||||||||
| Los Angeles, CA | (i) | 10,281 | 5.110 | % | 05/2015 | 750 | 9,760 | |||||||||||||
| Midlothian, VA | 9,390 | 5.310 | % | 05/2015 | 708 | 9,055 | ||||||||||||||
| Harrisburg, PA | 8,089 | 5.110 | % | 05/2015 | 599 | 7,792 | ||||||||||||||
| Knoxville, TN | 6,904 | 5.310 | % | 05/2015 | 520 | 6,658 | ||||||||||||||
| McDonough, GA | 11,745 | 5.212 | % | 06/2015 | 836 | 11,349 | ||||||||||||||
| Mission, TX | 5,605 | 5.783 | % | 06/2015 | 462 | 5,371 | ||||||||||||||
| Carrollton, TX | (b) | 19,198 | 5.725 | % | 07/2015 | 1,382 | 18,710 | |||||||||||||
| Elizabethtown, KY | (j) | 13,720 | 4.990 | % | 07/2015 | 1,031 | 13,151 | |||||||||||||
| Hopkinsville, KY | 8,029 | 4.990 | % | 07/2015 | 603 | 7,696 | ||||||||||||||
| Dry Ridge, KY | (n) | 3,633 | 4.990 | % | 07/2015 | 273 | 3,482 | |||||||||||||
| Owensboro, KY | (n) | 3,140 | 4.990 | % | 07/2015 | 236 | 3,010 | |||||||||||||
| Elizabethtown, KY | (j) | 2,582 | 4.990 | % | 07/2015 | 194 | 2,475 | |||||||||||||
| Houston, TX | (b) | 29,706 | 6.250 | % | 09/2015 | 8,404 | 18,161 | |||||||||||||
| Houston, TX | 3,453 | 8.036 | % | 09/2015 | 952 | 2,203 | ||||||||||||||
| Temple, TX | 8,349 | 6.090 | % | �� | 01/2016 | 668 | 7,463 | |||||||||||||
| Bridgewater, NJ | 14,326 | 5.732 | % | 03/2016 | 1,035 | 13,825 | ||||||||||||||
| Omaha, NE | 8,004 | 5.610 | % | 04/2016 | 621 | 7,560 | ||||||||||||||
| Bremerton, WA | 6,265 | 6.090 | % | 04/2016 | 494 | 5,479 | ||||||||||||||
| Tempe, AZ | 7,559 | 5.610 | % | 04/2016 | 586 | 7,140 | ||||||||||||||
| Byhalia, MS | 15,000 | 4.710 | % | 06/2016 | 707 | 15,000 | ||||||||||||||
| Lisle, IL | 9,804 | 6.500 | % | 06/2016 | 793 | 9,377 | ||||||||||||||
| Farmers Branch, TX | (b) | 18,441 | 5.939 | % | 07/2016 | 1,136 | 18,363 | |||||||||||||
| Rochester, NY | (f) | 17,614 | 6.210 | % | 08/2016 | 1,383 | 16,765 | |||||||||||||
| Statesville, NC | (f) | 13,210 | 6.210 | % | 08/2016 | 1,037 | 12,574 | |||||||||||||
| Rockford, IL | (f) | 6,465 | 6.210 | % | 08/2016 | 508 | 6,153 | |||||||||||||
| Glenwillow, OH | 15,907 | 6.130 | % | 09/2016 | 1,240 | 15,132 | ||||||||||||||
| Plymouth, IN | 6,059 | 6.315 | % | 09/2016 | 497 | 5,723 | ||||||||||||||
| Tomball, TX | 9,193 | 6.063 | % | 11/2016 | 683 | 8,041 | ||||||||||||||
| Memphis, TN | 3,696 | 5.710 | % | 01/2017 | 275 | 3,484 | ||||||||||||||
| Huntington, WV | 6,500 | 4.150 | % | 02/2017 | 270 | 6,500 | ||||||||||||||
| Orlando, FL | 9,780 | 5.722 | % | 02/2017 | 696 | 9,309 | ||||||||||||||
| Dubuque, IA | 9,573 | 5.402 | % | 06/2017 | 733 | 8,725 | ||||||||||||||
| Shreveport, LA | 19,000 | 5.690 | % | 07/2017 | 1,096 | 19,000 | ||||||||||||||
| McDonough, GA | 22,848 | 6.110 | % | 11/2017 | 1,674 | 21,651 | ||||||||||||||
| Lorain, OH | (b) | 1,212 | 7.750 | % | 07/2018 | 108 | - | |||||||||||||
| Manteca, CA | (b) | 856 | 7.750 | % | 07/2018 | 77 | - | |||||||||||||
| Watertown, NY | (b) | 805 | 7.750 | % | 07/2018 | 72 | - | |||||||||||||
| 33 |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2013
| Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity(a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) | ||||||||||||||
| Lewisburg, WV | (b) | 565 | 7.750 | % | 07/2018 | 51 | - | |||||||||||||
| San Diego, CA | (b) | 546 | 7.750 | % | 07/2018 | 49 | - | |||||||||||||
| Galesburg, IL | (b) | 480 | 7.750 | % | 07/2018 | 43 | - | |||||||||||||
| Erwin, NY | 8,786 | 5.910 | % | 10/2018 | 728 | 6,637 | ||||||||||||||
| Boston, MA | 12,818 | 6.100 | % | 12/2018 | 996 | 11,520 | ||||||||||||||
| North Berwick, ME | 7,749 | 3.560 | % | 04/2019 | 1,532 | - | ||||||||||||||
| Overland Park, KS | (b) | 35,435 | 5.891 | % | 05/2019 | 2,657 | 31,867 | |||||||||||||
| Kansas City, MO | (b) | 16,897 | 5.883 | % | 05/2019 | 1,268 | 15,182 | |||||||||||||
| Meridian, ID | 10,257 | 6.010 | % | 08/2019 | 753 | 7,675 | ||||||||||||||
| Streetsboro, OH | (b) | 18,294 | 5.749 | % | 09/2019 | 1,344 | 16,338 | |||||||||||||
| Lenexa, KS | 10,324 | 6.270 | % | 12/2019 | 774 | 7,770 | ||||||||||||||
| Boca Raton, FL | 20,157 | 6.470 | % | 02/2020 | 1,542 | 18,414 | ||||||||||||||
| Oakland, ME | 9,291 | 5.930 | % | 10/2020 | 750 | 7,660 | ||||||||||||||
| Lavonia, GA | 8,345 | 5.460 | % | 12/2020 | 741 | 5,895 | ||||||||||||||
| Wall, NJ | (b) | 21,847 | 6.250 | % | 01/2021 | 3,312 | - | |||||||||||||
| Charleston, SC | 7,350 | 5.850 | % | 02/2021 | 486 | 6,632 | ||||||||||||||
| Whippany, NJ | 14,681 | 6.298 | % | 11/2021 | 1,344 | 10,400 | ||||||||||||||
| Baltimore, MD | 55,000 | 4.320 | % | 06/2023 | 2,376 | 47,676 | ||||||||||||||
| Palo Alto, CA | 58,549 | 3.970 | % | 12/2023 | 6,057 | - | ||||||||||||||
| Chester, SC | 10,150 | 5.380 | % | 08/2025 | 1,144 | 362 | ||||||||||||||
| Lenexa, KS | 40,000 | 3.700 | % | 11/2027 | 2,769 | 10,000 | ||||||||||||||
| Subtotal/Wtg. Avg./Years Remaining(l) | $ | 1,029,838 | 5.429 | % | 4.2 | $ | 80,427 | $ | 831,269 | |||||||||||
| Corporate (k) | ||||||||||||||||||||
| Revolving Loan | (o) | $ | 67,000 | 1.329 | % | 02/2017 | $ | 903 | $ | 67,000 | ||||||||||
| Term Loan | 64,000 | 2.079 | % | 02/2018 | 1,349 | 64,000 | ||||||||||||||
| Term Loan | 255,000 | 3.173 | % | 01/2019 | 8,204 | 255,000 | ||||||||||||||
| Senior Notes | (h) | 250,000 | 4.250 | % | 06/2023 | 10,625 | 250,000 | |||||||||||||
| Convertible Notes | (m)(c) | 28,991 | 6.000 | % | 01/2030 | 1,739 | 28,991 | |||||||||||||
| Trust Preferred Notes | (g) | 129,120 | 6.804 | % | 04/2037 | 8,785 | 129,120 | |||||||||||||
| Subtotal/Wtg. Avg./Years Remaining(l) | $ | 794,111 | 3.962 | % | 9.3 | $ | 31,605 | $ | 794,111 | |||||||||||
| Total/Wtg. Avg./Years Remaining(l) | $ | 1,823,949 | 4.790 | % | 6.4 | $ | 112,032 | $ | 1,625,380 | |||||||||||
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 $1,624 excluded from balance. |
| (d) | Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. |
| (e) | Lexington has an 80.5% interest in this property. |
| (f) | Properties are cross-collateralized. |
| (g) | Rate fixed through 04/2017; thereafter, LIBOR plus 170 bps. |
| (h) | Represents full payable of notes; discount of $2,354 excluded from balance. |
| (i) | Loan is in default as of 9/30/2013. |
| (j) | Properties are cross-collateralized. |
| (k) | Unsecured. |
| (l) | Total shown may differ from detailed amounts due to rounding. |
| (m) | Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25. |
| (n) | Properties are cross-collateralized. |
| (o) | Subsequent to 9/30/2013, borrowed an additional $216,000, net. |
| 34 |
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
9/30/2013
| 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 | $ | 14,053 | $ | 5,621 | 5.240 | % | 05/2015 | $ | 976 | $ | 13,673 | $ | 5,469 | |||||||||||||||
| One Summit | 8,855 | $ | 2,657 | 9.375 | % | 10/2016 | 3,344 | - | - | |||||||||||||||||||
| One Summit | 5,999 | $ | 1,800 | 10.625 | % | 11/2016 | 2,239 | - | - | |||||||||||||||||||
| Rehab Humble Lessee | 14,945 | $ | 2,242 | 4.700 | % | 05/2017 | 950 | 13,982 | 2,097 | |||||||||||||||||||
| Gan Palm Beach Lessee | 15,116 | $ | 3,779 | 3.700 | % | 03/2018 | 842 | 13,768 | 3,442 | |||||||||||||||||||
| Total/Wtg. Avg.(1)/Years Remaining(2) | $ | 58,968 | $ | 16,099 | 6.09 | % | 2.9 | $ | 8,351 | $ | 41,423 | $ | 11,008 | |||||||||||||||
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. |
| 35 |
LEXINGTON REALTY TRUST
Partnership Interests
Nine months ended September 30, 2013
($000)
Noncontrolling Interest Properties - Partners' Proportionate Share (1)
| EBITDA | $ | 545 | ||
| Interest expense | $ | 385 | ||
| Depreciation and amortization | $ | 623 |
Non-Consolidated Net Leased Real Estate - Lexington's Share
| EBITDA | $ | 3,488 | ||
| Interest expense | $ | 754 |
Footnotes
| (1) | Excludes discontinued operations and OP unit noncontrolling interests. |
| 36 |
LEXINGTON REALTY TRUST
Selected Balance Sheet and Income Statement Account Data
9/30/2013
($000)
| Balance Sheet | ||||
| Other assets | $ | 50,923 | ||
| The components of other assets are: | ||||
| Deposits | $ | 16,363 | ||
| Investments- capital lease | 10,706 | |||
| Equipment | 392 | |||
| Prepaids | 4,670 | |||
| Other receivables | 824 | |||
| Deferred tax asset | 100 | |||
| Deferred lease incentives | 15,432 | |||
| Interest rate swap derivative asset | 2,299 | |||
| Other | 137 | |||
| Accounts payable and other liabilities | $ | 42,102 | ||
| The components of accounts payable and other liabilities are: | ||||
| Accounts payable and accrued expenses | $ | 13,885 | ||
| CIP accruals and other | 5,402 | |||
| Taxes | 2,285 | |||
| Deferred lease and loan costs | 9,044 | |||
| Subordinated notes | 2,482 | |||
| Deposits | 1,797 | |||
| Escrows | 2,109 | |||
| Transaction / build-to-suit costs | 5,098 | |||
| Income Statement - Nine months ended September 30, 2013 | ||||
| Non-cash interest expense, net | $ | 962 | ||
| 37 |
LEXINGTON REALTY TRUST
Select Credit Metrics
| 9/30/2012 | 9/30/2013 | |||||||
| Company FFO Payout Ratio | 54.8 | % | 60.8 | % | ||||
| Unencumbered Assets (1)(2) | $1.66 billion | $2.48 billion | ||||||
| Unencumbered NOI (1) | 35.9 | % | 55.9 | % | ||||
| Debt + Preferred / Gross Assets | 50.0 | % | 40.8 | % | ||||
| Debt/Gross Assets | 44.4 | % | 38.7 | % | ||||
| Market Cap Leverage | 52.6 | % | 41.5 | % | ||||
| Secured Debt / Gross Assets (1) | 32.2 | % | 21.9 | % | ||||
| Net Debt / EBITDA | 6.7 | x | 5.7 | x | ||||
| Net Debt + Preferred / EBITDA | 7.6 | x | 6.1 | x | ||||
| Credit Facilities Availability | $203.3 million | $511.4 million | ||||||
| Development / Gross Assets | 1.8 | % | 1.4 | % | ||||
| EBITDA / Revenue | 78.6 | % | 77.0 | % | ||||
| EBITDA / PrefDiv + Interest Expense | 2.4 | x | 3.0 | x | ||||
| JV + Advisory Income / Revenues | 5.7 | % | 0.3 | % | ||||
Footnotes
| (1) | Revolving credit facility and term loans are currently unsecured; accordingly, 9/30/2012 amounts reflect such borrowings as unsecured. |
| (2) | Includes loans receivable. |
| 38 |
LEXINGTON REALTY TRUST
Historical Credit Metrics Summary
| 2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||
| Company FFO Payout Ratio | 74.5 | % | 49.6 | % | 43.2 | % | 48.5 | % | 56.1 | % | ||||||||||
| Unencumbered Assets (1)(2) | $1.18 billion | $1.36 billion | $1.49 billion | $1.15 billion | $1.76 billion | |||||||||||||||
| Unencumbered NOI (1) | 27.3 | % | 21.0 | % | 22.9 | % | 25.9 | % | 34.8 | % | ||||||||||
| Debt + Preferred / Gross Assets | 56.9 | % | 54.5 | % | 49.4 | % | 48.7 | % | 46.6 | % | ||||||||||
| Debt/Gross Assets | 49.4 | % | 46.9 | % | 41.5 | % | 40.9 | % | 41.1 | % | ||||||||||
| Market Cap Leverage | 72.9 | % | 65.3 | % | 53.7 | % | 52.5 | % | 46.6 | % | ||||||||||
| Secured Debt / Gross Assets (1) | 37.0 | % | 36.8 | % | 33.0 | % | 31.9 | % | 30.9 | % | ||||||||||
| Net Debt / EBITDA | 5.4 | x | 6.1 | x | 5.6 | x | 5.5 | x | 6.5 | x | ||||||||||
| Net Debt + Preferred / EBITDA | 6.3 | x | 7.1 | x | 6.7 | x | 6.6 | x | 7.3 | x | ||||||||||
| Credit Facilities Availability | $173.3 million | $96.6 million | $215.9 million | $294.3 million | $296.3 million | |||||||||||||||
| Development / Gross Assets | 0.5 | % | 0.3 | % | 0.7 | % | 0.9 | % | 1.6 | % | ||||||||||
| EBITDA / Revenue | 92.6 | % | 81.4 | % | 80.1 | % | 77.0 | % | 76.5 | % | ||||||||||
| EBITDA / PrefDiv + Interest Expense | 2.4 | x | 2.2 | x | 2.2 | x | 2.3 | x | 2.4 | x | ||||||||||
| JV + Advisory Income or (loss) / Revenues | N/A | N/A | 5.9 | % | 8.5 | % | 4.4 | % | ||||||||||||
| Capital Raised (Retired), net (millions): | ||||||||||||||||||||
| Common equity, net | $ | 30.2 | $ | 20.0 | $ | 166.7 | $ | 99.7 | $ | 162.7 | ||||||||||
| Preferred equity, net | $ | (7.5 | ) | $ | 0.0 | $ | 0.0 | $ | (15.5 | ) | $ | (70.0 | ) | |||||||
| Unsecured debt, gross (1) | $ | (119.0 | ) | $ | 46.0 | $ | 82.5 | $ | 0.0 | $ | 190.4 | |||||||||
| Secured debt, gross | $ | (293.5 | ) | $ | (291.9 | ) | $ | (305.3 | ) | $ | (121.3 | ) | $ | (198.3 | ) | |||||
| Property dispositions net proceeds | $ | 334.2 | $ | 113.1 | $ | 80.2 | $ | 124.0 | $ | 155.2 | ||||||||||
Footnotes:
| (1) | Revolving credit facility and term loans are currently unsecured thus all periods reflect such borrowings as unsecured. |
| (2) | Includes loans receivable. |
| 39 |
LEXINGTON REALTY TRUST
Other Data
9/30/2013
($000)
Base Rent Estimates for Current Assets
| Year | Cash (1) | GAAP (1) | ||||||
| 2013 – remaining | $ | 82,263 | $ | 88,855 | ||||
| 2014 | $ | 340,446 | $ | 345,447 | ||||
| 2015 | $ | 308,423 | $ | 310,411 | ||||
| 2016 | $ | 275,756 | $ | 276,908 | ||||
| 2017 | $ | 244,027 | $ | 243,084 | ||||
Other Revenue Data
| GAAP Base Rent as of 9/30/13 (2) | 9/30/13 Percentage | 9/30/12 Percentage | ||||||||||
| Asset Class | ||||||||||||
| Office | $ | 124,225 | 46.3 | % | 53.7 | % | ||||||
| Long-term leases (3) | $ | 76,366 | 28.5 | % | 19.6 | % | ||||||
| Industrial | $ | 41,234 | 15.4 | % | 15.2 | % | ||||||
| Multi-tenant | $ | 19,733 | 7.4 | % | 8.3 | % | ||||||
| Retail/Specialty | $ | 6,608 | 2.4 | % | 3.2 | % | ||||||
| $ | 268,166 | 100.0 | % | 100.0 | % | |||||||
| Credit Ratings (4) | ||||||||||||
| Investment Grade | $ | 129,368 | 48.2 | % | 49.0 | % | ||||||
| Non-Investment Grade | $ | 37,217 | 13.9 | % | 15.5 | % | ||||||
| Unrated | $ | 101,581 | 37.9 | % | 35.5 | % | ||||||
| $ | 268,166 | 100.0 | % | 100.0 | % | |||||||
| Same-Store NOI (5)(6) | Nine months ended September 30 | |||||||
| 2013 | 2012 | |||||||
| Total Base Rent | $ | 208,621 | $ | 210,800 | ||||
| Tenant Reimbursements | 21,993 | 21,298 | ||||||
| Property Operating Expenses | (44,504 | ) | (40,741 | ) | ||||
| Same-Store NOI | $ | 186,110 | $ | 191,357 | ||||
| Change in Same-Store NOI | (2.7 | )% | ||||||
| Weighted-Average Lease Term | As of 9/30/13 | As of 9/30/12 | ||||||
| 7.5 years | 6.6 years | |||||||
Footnotes
| (1) | Amounts assume (1) lease terms for non-cancellable periods only and (2) no new or renegotiated leases are entered into after 9/30/2013. |
| (2) | Nine months ended 9/30/2013 GAAP base rent recognized for consolidated properties owned as of 9/30/2013. |
| (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, multi-tenant assets are included in unrated. |
| (5) | NOI is on a consolidated cash basis. |
| (6) | Excludes properties acquired and sold in 2013 and 2012. |
| 40 |
LEXINGTON REALTY TRUST
Top 20 Markets
9/30/2013
| Core Based Statistical Area(2) | Percent of GAAP Base Rent as of 9/30/13 (1) | |||||
| 1 | Dallas-Fort Worth-Arlington, TX | 8.2 | % | |||
| 2 | Houston-Sugar Land-Baytown, TX | 6.1 | % | |||
| 3 | Baltimore-Towson, MD | 4.5 | % | |||
| 4 | Memphis, TN-MS-AR | 4.5 | % | |||
| 5 | New York-Northern New Jersey-Long Island, NY-NJ-PA | 4.3 | % | |||
| 6 | Phoenix-Mesa-Scottsdale, AZ | 4.1 | % | |||
| 7 | Kansas City, MO-KS | 4.0 | % | |||
| 8 | Orlando-Kissimmee, FL | 3.6 | % | |||
| 9 | Boston-Cambridge-Quincy, MA-NH | 2.9 | % | |||
| 10 | Los Angeles-Long Beach-Santa Ana, CA | 2.8 | % | |||
| 11 | Atlanta-Sandy Springs-Marietta, GA | 2.3 | % | |||
| 12 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2.3 | % | |||
| 13 | Columbus, OH | 2.1 | % | |||
| 14 | Denver-Aurora, CO | 2.0 | % | |||
| 15 | Chicago-Naperville-Joliet, IL-IN-WI | 1.9 | % | |||
| 16 | Detroit-Warren-Livonia, MI | 1.8 | % | |||
| 17 | San Jose-Sunnyvale-Santa Clara, CA | 1.8 | % | |||
| 18 | Indianapolis-Carmel, IN | 1.7 | % | |||
| 19 | San Antonio, TX | 1.5 | % | |||
| 20 | Richmond, VA | 1.5 | % | |||
| Total Top 20 Markets(3) | 63.9 | % | ||||
Footnotes
| (1) | Nine months ended 9/30/2013 GAAP base rent recognized for consolidated properties owned as of 9/30/2013. |
| (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. |
| 41 |
LEXINGTON REALTY TRUST
Tenant Industry Diversification
9/30/2013
| Industry Category | Percent of GAAP Base Rent as of 9/30/2013 (1) (2) | |||
| Finance/Insurance | 13.4 | % | ||
| Technology | 13.2 | % | ||
| Service | 9.4 | % | ||
| Automotive | 8.8 | % | ||
| Energy | 8.6 | % | ||
| Transportation/Logistics | 7.9 | % | ||
| Healthcare | 6.2 | % | ||
| Consumer Products | 5.7 | % | ||
| Telecommunications | 5.0 | % | ||
| Construction/Materials | 3.7 | % | ||
| Food | 3.4 | % | ||
| Media/Advertising | 3.1 | % | ||
| Aerospace/Defense | 2.8 | % | ||
| Printing/Production | 2.4 | % | ||
| Apparel | 1.7 | % | ||
| Retail Department | 1.5 | % | ||
| Retail Specialty | 1.2 | % | ||
| Education | 1.0 | % | ||
| Real Estate | 0.9 | % | ||
| Retail Electronics | 0.1 | % | ||
| 100.0 | % | |||
Footnotes
| (1) | Nine months ended 9/30/2013 GAAP base rent recognized for consolidated properties owned as of 9/30/2013. |
| (2) | Total shown may differ from detailed amounts due to rounding. |
| 42 |
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
9/30/2013
| Tenants or Guarantors | Number of Leases | Sq. Ft. Leased | Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | GAAP Base Rent as of 9/30/2013 ($000) (1) | Percent of GAAP Base Rent as of 9/30/2013 ($000) (1) (2) | |||||||||||||
| Federal Express Corporation | 3 | |||||||||||||||||
| Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | 7 | |||||||||||||||||
| Bank of America, National Association | 8 | |||||||||||||||||
| US Government | 2 | 329,229 | 0.8 | % | $ | 7,133 | 2.7 | % | ||||||||||
| Baker Hughes, Inc. | 2 | 619,885 | 1.5 | % | $ | 6,020 | 2.2 | % | ||||||||||
| Swiss Re America Holding Corporation / Westport Insurance Corporation | 2 | 476,123 | 1.2 | % | $ | 5,410 | 2.0 | % | ||||||||||
| Morgan, Lewis & Bockius LLP (3) | 1 | 289,432 | 0.7 | % | $ | 5,040 | 1.9 | % | ||||||||||
| Xerox Corporation | 1 | 202,000 | 0.5 | % | $ | 4,843 | 1.8 | % | ||||||||||
| Invensys Systems, Inc. (Siebe, Inc.) | 2 | 416,613 | 1.0 | % | $ | 4,618 | 1.7 | % | ||||||||||
| T-Mobile USA, Inc. | 5 | 386,078 | 1.0 | % | $ | 4,284 | 1.6 | % | ||||||||||
| 33 | 6,252,441 | 15.4 | % | $ | 60,750 | 22.7 | % | |||||||||||
Footnotes
| (1) | Nine months ended 9/30/2013 GAAP base rent recognized for consolidated properties owned as of 9/30/2013. |
| (2) | Total shown may differ from detailed amounts due to rounding. |
| (3) | Includes parking operations. Lexington has an 80.5% interest in this property. |
| 43 |
Investor Information
| Transfer Agent |
| Computershare | Overnight Correspondence: |
| PO Box 43006 | 250 Royall Street |
| Providence, RI 02940-3006 | Canton, MA 02021 |
| (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 |
| pcarroll@lxp.com |
| Research Coverage |
| Bank of America/Merrill Lynch | KeyBanc Capital Markets Inc. | ||
| James Feldman | (646) 855-5808 | Craig Mailman | (917) 368-2316 |
| Barclays Capital | Ladenburg Thalmann & Co., Inc. | ||
| Ross L. Smotrich | (212) 526-2306 | Daniel P. Donlan | (212) 409-2056 |
| Evercore Partners | Stifel Nicolaus | ||
| Sheila K. McGrath | (212) 497-0882 | John W. Guinee | (443) 224-1307 |
| J.P. Morgan Chase | Wells Fargo Securities, LLC | ||
| Anthony Paolone | (212) 622-6682 | Todd J. Stender | (212) 214-8067 |
| Jeffries & Company, Inc. | |||
| Omotayo Okusanya | (212) 336-7076 |
| 44 |