Exhibit 99.1
LEXINGTON REALTY TRUST
QUARTERLY SUPPLEMENTAL INFORMATION
September 30, 2017
Table of Contents
| Section | | Page |
| | | |
| Third Quarter 2017 Earnings Press Release | | 3 |
| | | |
| Portfolio Data | | |
| Investment / Capital Recycling Summary | | 15 |
| Forward Purchase Commitments | | 16 |
| Financing Summary | | 17 |
| Leasing Summary | | 18 |
| Other Revenue Data | | 20 |
| Portfolio Detail by Asset Class | | 22 |
| Portfolio Composition | | 23 |
| Components of Net Asset Value | | 24 |
| Top Markets | | 25 |
| Single-Tenant Office Markets | | 26 |
| Tenant Industry Diversification | | 27 |
| Top 10 Tenants or Guarantors | | 28 |
| Lease Rollover Schedules – GAAP Basis | | 29 |
| Property Leases and Vacancies – Consolidated Portfolio | | 31 |
| Property Leases and Vacancies – Non-consolidated Portfolio | | 38 |
| Select Credit Metrics Summary | | 39 |
| Financial Covenants | | 40 |
| Mortgages and Notes Payable | | 41 |
| Debt Maturity Schedule | | 43 |
| Selected Balance Sheet Account Data | | 44 |
| Non-GAAP Measures – Definitions | | 45 |
| Reconciliation of Non-GAAP Measures | | 47 |
| Investor Information | | 51 |
This Quarterly Earnings Press Release and Quarterly Supplemental Information 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 and its subsidiaries 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, but not limited to, risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO available to all equityholders and unitholders – diluted for the year ending December 31, 2017, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction on the terms described herein or at all, (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. Except as required by law, Lexington undertakes no obligation to revise those forward-looking statements to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.
LEXINGTONREALTYTRUST
TRADED: NYSE: LXP
ONEPENNPLAZA, SUITE4015
NEWYORK, NY 10119-4015
FOR IMMEDIATE RELEASE
LEXINGTON REALTY TRUST REPORTS THIRD QUARTER 2017 RESULTS
AND ANNOUNCES DIVIDEND INCREASE
New York, NY - November 7, 2017 - 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, 2017.
Third Quarter 2017 Highlights
| • | Generated Net Income attributable to common shareholders of $3.9 million, or $0.02 per diluted common share. |
| • | Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $60.7 million, or $0.25 per diluted common share. |
| • | Acquired four industrial properties for an aggregated cost of $266.1 million and completed the Opelika, AL industrial build-to-suit project for $37.3 million. |
| • | Disposed of 12 properties for $42.0 million. |
| • | Amended the revolving credit facility, together with the related term loans, increasing the capacity by $200.0 million. |
| • | Retired $25.2 million of secured debt. |
| • | Completed 1.2 million square feet of new leases and lease extensions with portfolio 97.9% leased at quarter end. |
Subsequent Events
| • | Increased the quarterly common share/unit dividend/distribution to $0.1775 per common share/unit. |
| • | Acquired an industrial property in Lafayette, IN for $17.5 million. |
| • | Disposed of four properties for $28.2 million. |
| • | Completed 700,000 square feet of new and extended leases. |
Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.
T. Wilson Eglin, Chief Executive Officer and President of Lexington Realty Trust, commented, “We are very pleased with our third quarter results, the continued success of our business plan execution, and today’s announcement on the dividend increase. During the quarter and subsequently, we acquired or completed over $320 million of industrial properties, sold approximately $70 million of non-core assets, and leased over 1.9 million square feet. The quality of our portfolio has significantly improved through our sustained efforts. Our portfolio has an increasing percentage of rents from industrial properties, is younger, has a longer weighted-average lease term, and has less near-term lease rollover.”
FINANCIAL RESULTS
Revenues
For the quarter ended September 30, 2017, total gross revenues were $97.7 million, compared with total gross revenues of $106.0 million for the quarter ended September 30, 2016. The decrease was primarily attributable to 2017 and 2016 property sales, particularly the sale of the New York City land investments in 2016, and lease expirations, partially offset by revenue generated from property acquisitions and new leases.
Net Income Attributable to Common Shareholders
For the quarter ended September 30, 2017, net income attributable to common shareholders was $3.9 million, or $0.02 per diluted share, compared with net loss attributable to common shareholders for the quarter ended September 30, 2016 of $27.0 million, or $0.12 per diluted share.
Adjusted Company FFO
For the quarter ended September 30, 2017, Lexington generated Adjusted Company FFO of $60.7 million, or $0.25 per diluted share, compared to Adjusted Company FFO for the quarter ended September 30, 2016 of $67.2 million, or $0.28 per diluted share. The decrease was primarily attributable to the items discussed above under “Revenues”.
Dividends/Distributions
As previously announced, during the third quarter of 2017, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended September 30, 2017 of $ 0.175 per common share/unit, which was paid on October 16, 2017 to common shareholders/unitholders of record as of September 29, 2017. Lexington also declared a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”), which is expected to be paid on November 15, 2017 to Series C Preferred Shareholders of record as of October 31, 2017.
Subsequent to quarter end, Lexington increased its quarterly common share/unit dividend/distribution to $0.1775 per common share/unit, which equates to an annualized dividend of $0.71 per common share/unit. The declared quarterly dividend/distribution will be payable on January 16, 2018 to common shareholders/unitholders of record as of December 29, 2017. In addition, Lexington declared a dividend of $0.8125 per share on its Series C Preferred, which is expected to be paid February 15, 2018 to Series C Preferred Shareholders of record as of January 31, 2018.
TRANSACTION ACTIVITY
ACQUISITIONS AND COMPLETED BUILD-TO-SUIT TRANSACTIONS
| Tenant (Guarantor) | | Location | | Sq. Ft. | | | Property Type | | Initial Basis ($000) | | | Approximate Lease Term (Yrs) | |
| Golden State Foods Corp. (Golden State Enterprises, Inc.) | | Opelika, AL | | | 165,000 | | | Industrial | | $ | 37,269 | | | | 25 | |
| Georgia Pacific Consumer Products LP (Georgia-Pacific LLC)(1) | | McDonough, GA | | | 1,121,000 | | | Industrial | | | 66,700 | | | | 10 | |
| McCormick & Company, Inc.(2) | | Byhalia, MS | | | 616,000 | | | Industrial | | | 36,590 | | | | 10 | |
| Kellogg Sales Company (Kellogg Company) | | Jackson, TN | | | 1,062,000 | | | Industrial | | | 57,920 | | | | 10 | |
| Nissan North America, Inc. | | Smyrna, TN | | | 1,505,000 | | | Industrial | | | 104,890 | | | | 10 | |
| | | | | | 4,469,000 | | | | | $ | 303,369 | | | | | |
| (1) | Square footage includes a 220,000 square foot expansion that is expected to be completed in 2018. |
| (2) | Initial Basis excludes a $133 thousand future tenant improvement allowance and $767 thousand of rent abatements, which were credited at closing. |
The above properties were acquired/completed at aggregate weighted-average estimated GAAP and cash capitalization rates of 6.6% and 5.7%, respectively.
FORWARD PURCHASE COMMITMENTS
| Location | | Sq. Ft. | | | Property Type | | Maximum Acquisition Cost ($000) | | | Estimated Acquisition Date | | Estimated Initial GAAP Yield | | | Estimated Initial Cash Yield | | | Approximate Lease Term (Yrs) | |
| Warren, MI(1) | | | 260,000 | | | Industrial | | $ | 47,000 | | | 4Q 17 | | | 8.3 | % | | | 7.3 | % | | | 15 | |
| Romulus, MI | | | 500,000 | | | Industrial | | | 39,330 | | | 4Q 17 | | | 6.5 | % | | | 6.1 | % | | | 15 | |
| Lafayette, IN | | | 309,000 | | | Industrial | | | 17,450 | | | 4Q 17 | | | 7.0 | % | | | 6.9 | % | | | 7 | |
| | | | 1,069,000 | | | | | $ | 103,780 | | | | | | 7.4 | % | | | 6.8 | % | | | | |
| (1) | A $4.6 million letter of credit secures the obligation to purchase this property. |
PROPERTY DISPOSITIONS(1)
| Primary Tenant (Guarantor) | | Location | | Property Type | | Gross Disposition Price ($000) | | | Annualized Net Income(2) ($000) | | | Annualized NOI(2) ($000) | | | Month of Disposition | | % Leased | |
| Food Lion, LLC/Delhaize America, Inc. | | Lexington, NC | | Other | | $ | 1,412 | | | $ | 102 | | | $ | 138 | | | July | | | 100 | % |
| Vacant | | Rock Hill, SC | | Multi-Tenant - Office | | | 6,250 | | | | (407 | ) | | | (388 | ) | | July | | | 0 | % |
| Bank of America, N.A. (Bank of America Corporation)(3) | | Various, GA | | Other | | | 7,050 | | | | 593 | | | | 841 | | | August | | | 100 | % |
| Vacant(4) | | Memphis, TN | | Multi-Tenant - Office | | | 3,496 | | | | (533 | ) | | | (60 | ) | | August | | | 0 | % |
| 3D Systems Corporation | | Rock Hill, SC | | Office | | | 8,600 | | | | 286 | | | | 703 | | | September | | | 100 | % |
| Wipro Data Center and Cloud Services, Inc. (Infocrossing, Inc.) | | Tempe, AZ | | Office | | | 15,200 | | | | 553 | | | | 981 | | | September | | | 100 | % |
| | | | | | | $ | 42,008 | | | $ | 594 | | | $ | 2,215 | | | | | | | |
| (1) | In addition to the dispositions in the table, Lexington disposed of its Port Chester, NY property by its property owner subsidiary abandoning its leasehold interest in September 2017. |
| (2) | Quarterly period prior to sale, excluding impairment charges, annualized. |
| (4) | Conveyed to lender in a foreclosure sale. |
These dispositions resulted in aggregate gains on sales of $10.6 million and aggregate impairment charges of $5.2 million.
LEASING
During the third quarter of 2017, Lexington executed the following new and extended leases:
| | LEASE EXTENSIONS | | | | | |
| | | | | | | | | | | | |
| | | Location | | Primary Tenant(1) | | Prior Term | | Lease Expiration Date | | Sq. Ft. | |
| | | Office/Multi-Tenant | | | | | | | | | | | | |
| 1 | | Rockaway | | NJ | | Atlantic Health System, Inc. | | 12/2027 | | 12/2029 | | | 92,326 | |
| 2 | | Baton Rouge | | LA | | New Cingular Wireless PCS, LLC | | 10/2017 | | 10/2022 | | | 70,100 | |
| 3-7 | | Honolulu | | HI | | N/A | | 2017 | | 2018-2021 | | | 6,196 | |
| 7 | | Total office lease extensions | | | | | | | | | | | 168,622 | |
| | | | | | | | | | | | | | | |
| | | Industrial | | | | | | | | | | | | |
| 1 | | Columbus | | OH | | ODW Logistics, Inc. | | 06/2018 | | 06/2020 | | | 772,450 | |
| 2 | | Marshall | | MI | | Tenneco Automotive Operating Company, Inc. | | 09/2018 | | 09/2028 | | | 246,508 | |
| 2 | | Total industrial lease extensions | | | | | | | | | | | 1,018,958 | |
| | | | | | | | | | | | | | | |
| 9 | | Total lease extensions | | | | | | | | | | | 1,187,580 | |
| | | NEW LEASES | | | | | | | | | |
| | | | | | | | | | | | |
| | Location | | | | | | Lease Expiration Date | | Sq. Ft. | |
| | | Office/Multi-Tenant | | | | | | | | | | | | |
| 1-3 | | Honolulu | | HI | | N/A | | | | 2018-2020 | | | 952 | |
| 3 | | Total new office leases | | | | | | | | | | | 952 | |
| | | | | | | | | | | | | | | |
| 3 | | Total new leases | | | | | | | | | | | 952 | |
| | | | | | | | | | | | | | | |
| 12 | | TOTAL NEW AND EXTENDED LEASES | | | | | | | | | | | 1,188,532 | |
| (1) | Leases greater than 10,000 square feet. |
As of September 30, 2017, Lexington's portfolio was 97.9% leased, excluding any property subject to a mortgage loan in default.
BALANCE SHEET/CAPITAL MARKETS
In the third quarter of 2017, Lexington satisfied an aggregate $25.2 million of nonrecourse mortgage debt.
Additionally, in September 2017, Lexington amended its credit facility. The amendment, among other things, (a) increased the amount of the revolving credit line capacity by an aggregate of $105 million for an aggregate capacity of $505 million; (b) obligated the term loan lenders to make additional term loans in the aggregate amount of $95 million, consisting of a $50 million increase in the term loan due in 2020, for an aggregate outstanding amount of $300 million, and a $45 million increase in the term loan due in 2021, for an aggregate outstanding amount of $300 million; and (c) with lender approval, increases the maximum overall capacity of the facility to an aggregate of $2.01 billion.
2017 EARNINGS GUIDANCE
Lexington now estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2017 will be within an expected range of $0.35 to $0.37. Lexington is narrowing its Adjusted Company FFO for the year ended December 31, 2017 to be within an expected range of $0.95 to $0.97 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.
THIRD QUARTER 2017 CONFERENCE CALL
Lexington will host a conference call today, November 7, 2017, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended September 30, 2017. Interested parties may participate in this conference call by dialing 1-844-825-9783 (U.S.), 1-412-317-5163 (International) or 1-855-669-9657 (Canada). A replay of the call will be available through February 7, 2018, at 1-877-344-7529 (U.S.), 1-412-317-0088 (International) or 1-855-669-9658 (Canada), pin code for all replay numbers is 10113450. A live webcast of the conference call will be available atwww.lxp.com within the Investors section.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions. For more information, including Lexington's Quarterly Supplemental Information package, or to follow Lexington on social media, visitwww.lxp.com.
Contact:
Investor or Media Inquiries for Lexington Realty Trust:
Heather Gentry, Senior Vice President of Investor Relations
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: hgentry@lxp.com
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations, (2) Lexington's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2017, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, 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, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors.
Non-GAAP Financial Measures - Definitions
Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures.
Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable measures under generally accepted accounting principles (“GAAP”), reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington's financial performance or cash flow from operating, investing or financing activities or liquidity.
Cash Rent: Cash Rent is calculated by making adjustments to GAAP rent to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents relating to free rent periods and contractual rent increases. Cash Rent excludes lease termination income. Lexington believes Cash Rent provides a meaningful indication of an investment's ability to fund cash needs.
Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for tenant improvements, and (8) cash paid for lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“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.
Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, 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, or 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 non-consolidated 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 FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington's real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.
GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) divided by the acquisition/completion cost (or sale) price.
Net Operating Income (“NOI”): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), tenant reimbursements and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington's NOI may not be comparable to other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.
# # #
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, | |
| | | 2017 | | | 2016 | | | 2017 | | | 2016 | |
| Gross revenues: | | | | | | | | | | | | | | | | |
| Rental | | $ | 89,704 | | | $ | 98,602 | | | $ | 265,923 | | | $ | 310,804 | |
| Tenant reimbursements | | | 7,985 | | | | 7,379 | | | | 23,549 | | | | 23,366 | |
| Total gross revenues | | | 97,689 | | | | 105,981 | | | | 289,472 | | | | 334,170 | |
| Expense applicable to revenues: | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | (43,495 | ) | | | (40,288 | ) | | | (128,706 | ) | | | (124,687 | ) |
| Property operating | | | (11,694 | ) | | | (11,472 | ) | | | (36,784 | ) | | | (34,843 | ) |
| General and administrative | | | (7,963 | ) | | | (7,510 | ) | | | (25,561 | ) | | | (23,032 | ) |
| Litigation reserve | | | (2,050 | ) | | | — | | | | (2,050 | ) | | | — | |
| Non-operating income | | | 1,005 | | | | 3,080 | | | | 4,997 | | | | 9,500 | |
| Interest and amortization expense | | | (18,887 | ) | | | (23,001 | ) | | | (57,828 | ) | | | (68,573 | ) |
| Debt satisfaction gains (charges), net | | | 2,424 | | | | 2,538 | | | | 2,378 | | | | (818 | ) |
| Impairment charges and loan loss | | | (21,986 | ) | | | (72,890 | ) | | | (43,577 | ) | | | (75,904 | ) |
| Gains on sales of properties | | | 10,645 | | | | 16,072 | | | | 55,078 | | | | 58,413 | |
| Income (loss) before provision for income taxes and equity in earnings (losses) of non-consolidated entities | | | 5,688 | | | | (27,490 | ) | | | 57,419 | | | | 74,226 | |
| Provision for income taxes | | | (375 | ) | | | (462 | ) | | | (1,174 | ) | | | (1,099 | ) |
| Equity in earnings (losses) of non-consolidated entities | | | 283 | | | | 340 | | | | (1,064 | ) | | | 6,394 | |
| Net income (loss) | | | 5,596 | | | | (27,612 | ) | | | 55,181 | | | | 79,521 | |
| Less net (income) loss attributable to noncontrolling interests | | | (55 | ) | | | 2,260 | | | | (448 | ) | | | 102 | |
| Net income (loss) attributable to Lexington Realty Trust shareholders | | | 5,541 | | | | (25,352 | ) | | | 54,733 | | | | 79,623 | |
| Dividends attributable to preferred shares – Series C | | | (1,573 | ) | | | (1,573 | ) | | | (4,718 | ) | | | (4,718 | ) |
| Allocation to participating securities | | | (52 | ) | | | (50 | ) | | | (183 | ) | | | (187 | ) |
| Net income (loss) attributable to common shareholders | | $ | 3,916 | | | $ | (26,975 | ) | | $ | 49,832 | | | $ | 74,718 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders - per common share basic | | $ | 0.02 | | | $ | (0.12 | ) | | $ | 0.21 | | | $ | 0.32 | |
| Weighted-average common shares outstanding – basic | | | 237,989,098 | | | | 234,207,396 | | | | 237,632,572 | | | | 233,151,600 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders - per common share diluted | | $ | 0.02 | | | $ | (0.12 | ) | | $ | 0.21 | | | $ | 0.31 | |
| Weighted-average common shares outstanding – diluted | | | 241,702,715 | | | | 234,207,396 | | | | 241,442,227 | | | | 237,215,883 | |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except share and per share data)
| | | September 30, 2017 | | | December 31, 2016 | |
| Assets: | | | | | | | | |
| Real estate, at cost | | $ | 3,837,705 | | | $ | 3,533,172 | |
| Real estate - intangible assets | | | 595,904 | | | | 597,294 | |
| Investments in real estate under construction | | | — | | | | 106,652 | |
| | | | 4,433,609 | | | | 4,237,118 | |
| Less: accumulated depreciation and amortization | | | 1,200,814 | | | | 1,208,792 | |
| Real estate, net | | | 3,232,795 | | | | 3,028,326 | |
| Assets held for sale | | | 8,638 | | | | 23,808 | |
| Cash and cash equivalents | | | 140,545 | | | | 86,637 | |
| Restricted cash | | | 34,946 | | | | 31,142 | |
| Investment in and advances to non-consolidated entities | | | 60,683 | | | | 67,125 | |
| Deferred expenses, net | | | 32,426 | | | | 33,360 | |
| Loans receivable, net | | | — | | | | 94,210 | |
| Rent receivable – current | | | 6,388 | | | | 7,516 | |
| Rent receivable – deferred | | | 46,611 | | | | 31,455 | |
| Other assets | | | 32,124 | | | | 37,888 | |
| Total assets | | $ | 3,595,156 | | | $ | 3,441,467 | |
| | | | | | | | | |
| Liabilities and Equity: | | | | | | | | |
| Liabilities: | | | | | | | | |
| Mortgages and notes payable, net | | $ | 670,345 | | | $ | 738,047 | |
| Revolving credit facility borrowings | | | 200,000 | | | | — | |
| Term loans payable, net | | | 596,369 | | | | 501,093 | |
| Senior notes payable, net | | | 494,989 | | | | 494,362 | |
| Trust preferred securities, net | | | 127,171 | | | | 127,096 | |
| Dividends payable | | | 48,494 | | | | 47,264 | |
| Liabilities held for sale | | | 442 | | | | 191 | |
| Accounts payable and other liabilities | | | 36,728 | | | | 59,601 | |
| Accrued interest payable | | | 11,683 | | | | 6,704 | |
| Deferred revenue - including below market leases, net | | | 34,069 | | | | 39,895 | |
| Prepaid rent | | | 15,371 | | | | 14,723 | |
| Total liabilities | | | 2,235,661 | | | | 2,028,976 | |
| | | | | | | | | |
| 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 | |
| Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 240,643,775 and 238,037,177 shares issued and outstanding in 2017 and 2016, respectively | | | 24 | | | | 24 | |
| Additional paid-in-capital | | | 2,824,379 | | | | 2,800,736 | |
| Accumulated distributions in excess of net income | | | (1,576,459 | ) | | | (1,500,966 | ) |
| Accumulated other comprehensive income (loss) | | | 510 | | | | (1,033 | ) |
| Total shareholders’ equity | | | 1,342,470 | | | | 1,392,777 | |
| Noncontrolling interests | | | 17,025 | | | | 19,714 | |
| Total equity | | | 1,359,495 | | | | 1,412,491 | |
| Total liabilities and equity | | $ | 3,595,156 | | | $ | 3,441,467 | |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30, | | | September 30, | |
| | | 2017 | | | 2016 | | | 2017 | | | 2016 | |
| EARNINGS PER SHARE: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Basic: | | | | | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders | | $ | 3,916 | | | $ | (26,975 | ) | | $ | 49,832 | | | $ | 74,718 | |
| | | | | | | | | | | | | | | | | |
| Weighted-average number of common shares outstanding - basic | | | 237,989,098 | | | | 234,207,396 | | | | 237,632,572 | | | | 233,151,600 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders - per common share basic | | $ | 0.02 | | | $ | (0.12 | ) | | $ | 0.21 | | | $ | 0.32 | |
| | | | | | | | | | | | | | | | | |
| Diluted: | | | | | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders - basic | | $ | 3,916 | | | $ | (26,975 | ) | | $ | 49,832 | | | $ | 74,718 | |
| Impact of assumed conversions | | | (173 | ) | | | — | | | | (192 | ) | | | (845 | ) |
| Net income (loss) attributable to common shareholders | | $ | 3,743 | | | $ | (26,975 | ) | | $ | 49,640 | | | $ | 73,873 | |
| | | | | | | | | | | | | | | | | |
| Weighted-average common shares outstanding - basic | | | 237,989,098 | | | | 234,207,396 | | | | 237,632,572 | | | | 233,151,600 | |
| Effect of dilutive securities: | | | | | | | | | | | | | | | | |
| Share options | | | 66,748 | | | | — | | | | 95,788 | | | | 246,166 | |
| Operating Partnership Units | | | 3,646,869 | | | | — | | | | 3,713,867 | | | | 3,818,117 | |
| Weighted-average common shares outstanding - diluted | | | 241,702,715 | | | | 234,207,396 | | | | 241,442,227 | | | | 237,215,883 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders - per common share diluted | | $ | 0.02 | | | $ | (0.12 | ) | | | 0.21 | | | $ | 0.31 | |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)
| | | Three Months Ended
September 30, | | | Nine Months Ended
September 30, | |
| | | 2017 | | | 2016 | | | 2017 | | | 2016 | |
| FUNDS FROM OPERATIONS: | | | | | | | | | | | | | | | | |
| Basic and Diluted: | | | | | | | | | | | | | | | | |
| Net income (loss) attributable to common shareholders | | $ | 3,916 | | | $ | (26,975 | ) | | $ | 49,832 | | | $ | 74,718 | |
| Adjustments: | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | 42,015 | | | | 38,642 | | | | 124,633 | | | | 119,523 | |
| Impairment charges - real estate, including non-consolidated entities | | | 21,986 | | | | 72,890 | | | | 41,795 | | | | 75,904 | |
| Noncontrolling interests - OP units | | | (173 | ) | | | (2,507 | ) | | | (192 | ) | | | (845 | ) |
| Amortization of leasing commissions | | | 1,480 | | | | 1,646 | | | | 4,073 | | | | 5,164 | |
| Joint venture and noncontrolling interest adjustment | | | 259 | | | | 284 | | | | 864 | | | | 742 | |
| Gains on sales of properties, including non-consolidated entities | | | (10,645 | ) | | | (16,072 | ) | | | (56,530 | ) | | | (63,791 | ) |
| Tax on sales of properties | | | — | | | | — | | | | — | | | | 50 | |
| FFO available to common shareholders and unitholders - basic | | | 58,838 | | | | 67,908 | | | | 164,475 | | | | 211,465 | |
| Preferred dividends | | | 1,573 | | | | 1,573 | | | | 4,718 | | | | 4,718 | |
| Interest and amortization on 6.00% Convertible Guaranteed Notes | | | — | | | | 47 | | | | — | | | | 532 | |
| Amount allocated to participating securities | | | 52 | | | | 50 | | | | 183 | | | | 187 | |
| FFO available to all equityholders and unitholders - diluted | | | 60,463 | | | | 69,578 | | | | 169,376 | | | | 216,902 | |
| Litigation reserve | | | 2,050 | | | | — | | | | 2,050 | | | | — | |
| Debt satisfaction (gains) charges, net | | | (2,424 | ) | | | (2,538 | ) | | | (2,378 | ) | | | 818 | |
| Loan loss | | | — | | | | — | | | | 5,294 | | | | — | |
| Transaction costs | | | 612 | | | | 115 | | | | 1,100 | | | | 329 | |
| Adjusted Company FFO available to all equityholders and unitholders - diluted | | | 60,701 | | | | 67,155 | | | | 175,442 | | | | 218,049 | |
| | | | | | | | | | | | | | | | | |
| FUNDS AVAILABLE FOR DISTRIBUTION: | | | | | | | | | | | | | | | | |
| Adjustments: | | | | | | | | | | | | | | | | |
| Straight-line adjustments | | | (4,002 | ) | | | (11,317 | ) | | | (12,552 | ) | | | (35,697 | ) |
| Lease incentives | | | 515 | | | | 414 | | | | 1,456 | | | | 1,256 | |
| Amortization of above/below market leases | | | 320 | | | | 572 | | | | 1,180 | | | | 1,527 | |
| Lease termination payments, net | | | (142 | ) | | | (1,839 | ) | | | (437 | ) | | | (6,402 | ) |
| Non-cash interest, net | | | 795 | | | | (512 | ) | | | 1,447 | | | | (1,526 | ) |
| Non-cash charges, net | | | 2,066 | | | | 2,296 | | | | 6,199 | | | | 6,906 | |
| Tenant improvements | | | (4,072 | ) | | | (1,173 | ) | | | (10,067 | ) | | | (1,292 | ) |
| Lease costs | | | (2,228 | ) | | | (1,458 | ) | | | (5,284 | ) | | | (6,165 | ) |
| Company Funds Available for Distribution | | $ | 53,953 | | | $ | 54,138 | | | $ | 157,384 | | | $ | 176,656 | |
| | | | | | | | | | | | | | | | | |
| Per Common Share and Unit Amounts | | | | | | | | | | | | | | | | |
| Basic: | | | | | | | | | | | | | | | | |
| FFO | | $ | 0.24 | | | $ | 0.29 | | | $ | 0.68 | | | $ | 0.89 | |
| | | | | | | | | | | | | | | | | |
| Diluted: | | | | | | | | | | | | | | | | |
| FFO | | $ | 0.24 | | | $ | 0.29 | | | $ | 0.69 | | | $ | 0.89 | |
| Adjusted Company FFO | | $ | 0.25 | | | $ | 0.28 | | | $ | 0.71 | | | $ | 0.89 | |
| | | | | | | | | | | | | | | | | |
| Basic: | | | | | | | | | | | | | | | | |
| Weighted-average common shares outstanding - basic EPS | | | 237,989,098 | | | | 234,207,396 | | | | 237,632,572 | | | | 233,151,600 | |
| Operating partnership units(1) | | | 3,646,869 | | | | 3,815,386 | | | | 3,713,867 | | | | 3,818,117 | |
| Weighted-average common shares outstanding - basic FFO | | | 241,635,967 | | | | 238,022,782 | | | | 241,346,439 | | | | 236,969,717 | |
| | | | | | | | | | | | | | | | | |
| Diluted: | | | | | | | | | | | | | | | | |
| Weighted-average common shares outstanding - diluted EPS | | | 241,702,715 | | | | 234,207,396 | | | | 241,442,227 | | | | 237,215,883 | |
| Operating partnership units(1) | | | — | | | | 3,815,386 | | | | — | | | | — | |
| 6% Convertible Guaranteed Notes | | | — | | | | 508,912 | | | | — | | | | 1,439,456 | |
| Unvested share-based payment awards | | | 655,228 | | | | 570,260 | | | | 650,348 | | | | 478,329 | |
| Share Options | | | — | | | | 238,395 | | | | — | | | | — | |
| Preferred shares - Series C | | | 4,710,570 | | | | 4,710,570 | | | | 4,710,570 | | | | 4,710,570 | |
| Weighted-average common shares outstanding - diluted FFO | | | 247,068,513 | | | | 244,050,919 | | | | 246,803,145 | | | | 243,844,238 | |
| (1) | Includes OP units other than OP units held by Lexington. |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
2017 EARNINGS GUIDANCE
| | | Twelve Months Ended
December 31, 2017 | |
| | | Range | |
| Estimated: | | | | | | | | |
| Net income attributable to common shareholders per diluted common share(1) | | $ | 0.35 | | | $ | 0.37 | |
| Depreciation and amortization | | | 0.70 | | | | 0.70 | |
| Impact of capital transactions | | | (0.10 | ) | | | (0.10 | ) |
| Estimated Adjusted Company FFO per diluted common share | | $ | 0.95 | | | $ | 0.97 | |
| (1) | Assumes all convertible securities are dilutive. |
LEXINGTON REALTY TRUST
2017 Third Quarter Investment / Capital Recycling Summary
PROPERTY INVESTMENTS
| | | Primary Tenant (Guarantor) | | Location | | Square Feet | | | Property Type | | Initial Basis
($000) | | | Month Closed | | | Primary Lease
Expiration | |
| 1 | | Golden State Foods Corp. (Golden State Enterprises, Inc.) | | Opelika | | AL | | | 165,000 | | | Industrial | | $ | 37,269 | | | July | | | 05/2042 | |
| 2 | | Georgia-Pacific Consumer Products LP (Georgia-Pacific LLC)(6) | | McDonough | | GA | | | 1,121,000 | | | Industrial | | | 66,700 | | | August | | | 01/2028 | |
| 3 | | McCormick & Company, Inc.(1) | | Byhalia | | MS | | | 616,000 | | | Industrial | | | 36,590 | | | September | | | 09/2027 | |
| 4 | | Kellogg Sales Company (Kellogg Company) | | Jackson | | TN | | | 1,062,000 | | | Industrial | | | 57,920 | | | September | | | 10/2027 | |
| 5 | | Nissan North America, Inc. | | Smyrna | | TN | | | 1,505,000 | | | Industrial | | | 104,890 | | | September | | | 04/2027 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| 5 | | TOTAL PROPERTY INVESTMENTS(2) | | | | | | | 4,469,000 | | | | | $ | 303,369 | | | | | | | |
CAPITAL RECYCLING
| | | PROPERTY DISPOSITIONS(3) | | | | | | | | | | | | | | | | | | | | | | | |
| | | Primary Tenant | | Location | | Property Type | | Gross
Sale Price
($000) | | | Annualized
Net Income
($000)(5) | | | Annualized
NOI ($000)(4)(5) | | | Month of
Disposition | | % Leased | | | Gross Sale
Price PSF | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | | Food Lion, LLC / Delhaize America, Inc. | | Lexington | | NC | | Other | | $ | 1,412 | | | $ | 102 | | | $ | 138 | | | July | | | 100 | % | | $ | 61.39 | |
| 2 | | Vacant | | Rock Hill | | SC | | Multi-tenant - Office | | | 6,250 | | | | (407 | ) | | | (388 | ) | | July | | | 0 | % | | | 59.81 | |
| 3-9 | | Bank of America, N.A.(7) | | Various | | GA | | Other | | | 7,050 | | | | 593 | | | | 841 | | | August | | | 100 | % | | | 129.62 | |
| 10 | | Vacant(8) | | Memphis | | TN | | Multi-tenant - Office | | | 3,496 | | | | (533 | ) | | | (60 | ) | | August | | | 0 | % | | | 93.90 | |
| 11 | | 3D Systems Corporation | | Rock Hill | | SC | | Office | | | 8,600 | | | | 286 | | | | 703 | | | September | | | 100 | % | | | 107.46 | |
| 12 | | Wipro Data Center and Cloud Services, Inc. | | Tempe | | AZ | | Office | | | 15,200 | | | | 553 | | | | 981 | | | September | | | 100 | % | | | 253.33 | |
| 12 | | TOTAL PROPERTY DISPOSITIONS | | | | | | | | $ | 42,008 | | | $ | 594 | | | $ | 2,215 | | | | | | | | | | | |
Footnotes
| (1) | Initial Basis excludes a $133 thousand future tenant improvement allowance and $767 thousand of rent abatements, which were credited at closing. |
| (2) | The above were acquired / completed at aggregate weighted-average GAAP and cash capitalization rates of 6.6% and 5.7%, respectively. |
| (3) | Lexington's property owner subsidiary also abandoned its leasehold interest in the property in Port Chester, NY. |
| (4) | See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. |
| (5) | Quarterly period prior to sale; excluding impairment charges, annualized. |
| (6) | Square feet includes a 220,000 square foot expansion that is expected to be completed in 2018. |
| (8) | Conveyed to lender in a foreclosure sale. |
LEXINGTON REALTY TRUST
2017 Third Quarter Forward Purchase Commitments
FORWARD PURCHASE COMMITMENTS(1)
| | | Location | | Property Type | | Sq. Ft. | | | Approximate
Lease Term
(Years) | | Maximum
Acquisition
Cost ($000) | | | Estimated
Completion
Date | | Estimated
GAAP Yield(2) | | | Estimated
Initial Cash
Yield(2) | |
| 1 | | Warren, MI(3) | | Industrial | | | 260,000 | | | 15 | | $ | 47,000 | | | 4Q 17 | | | 8.3 | % | | | 7.3 | % |
| 2 | | Romulus, MI | | Industrial | | | 500,000 | | | 15 | | | 39,330 | | | 4Q 17 | | | 6.5 | % | | | 6.1 | % |
| 3 | | Lafayette, IN | | Industrial | | | 309,000 | | | 7 | | | 17,450 | | | 4Q 17 | | | 7.0 | % | | | 6.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| 3 | | TOTAL FORWARD PURCHASE COMMITMENTS | | | | | 1,069,000 | | | | | $ | 103,780 | | | | | | 7.4 | % | | | 6.8 | % |
Footnotes
| (1) | Lexington can give no assurance that any of the potential investments that are under commitment or contract will be completed or, if completed, will perform to Lexington's expectations. |
| (2) | See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. |
| (3) | A $4.6 million letter of credit secures the obligation to purchase this property. |
LEXINGTON REALTY TRUST
2017 Third Quarter Financing Summary
DEBT RETIRED
| | | Location | | Primary Tenant | | Property Type | | Face /
Satisfaction
($000) | | | Fixed Rate | | | Maturity
Date |
| | | | | | | | | | | | | | | |
| | | Consolidated Mortgage Debt: | | | | | | | | | | | | |
| 1 | | McDonough, GA | | United States Cold Storage, Inc. | | Industrial | | $ | 21,731 | | | | 6.110 | % | | 11/2017 |
| 2 | | Memphis, TN(1) | | Vacant | | Office | | | 3,496 | | | | 5.710 | % | | N/A |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | $ | 25,227 | | | | | | | |
CORPORATE LEVEL FINANCING(2)
| Type | | Amount ($000) | | | Current Interest
Rate | | Maturity
Date |
| Revolving Credit Facility | | $ | 200,000 | | | LIBOR plus 100 bps | | 08/2019 |
| Term Loan | | | 50,000 | | | LIBOR plus 110 bps | | 08/2020 |
| Term Loan | | | 45,000 | | | LIBOR plus 110 bps | | 01/2021 |
| | | $ | 295,000 | | | | | |
Footnotes:
| (1) | Property conveyed to lender in a foreclosure sale. |
| (2) | Lexington amended its unsecured credit agreement, increasing the capacity by $200.0 million, consisting of a $105.0 million increase to the revolving credit facility, a $50.0 million increase to the term loan maturing in 2020 and a $45.0 million increase to the term loan maturing in 2021. |
LEXINGTON REALTY TRUST
2017 Third Quarter Leasing Summary
LEASE EXTENSIONS
| | | Tenant (Guarantor) | | Location | | Prior
Term | | Lease
Expiration
Date | | Sq. Ft. | | | New GAAP
Rent Per
Annum
($000)(1) | | | Prior GAAP
Rent Per
Annum
($000) | | | New Cash
Rent Per
Annum
($000)(1)(3) | | | Prior Cash
Rent Per
Annum
($000)(3) | |
| | | Office / Multi-Tenant Office | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1-5 | | Various | | Honolulu | | HI | | 2017 | | 2018-2021 | | | 6,196 | | | $ | 151 | | | $ | 148 | | | $ | 151 | | | $ | 148 | |
| 6 | | Atlantic Health System, Inc. | | Rockaway | | NJ | | 12/2027 | | 12/2029 | | | 92,326 | | | | 1,235 | | | | 1,194 | | | | 1,562 | | | | 1,474 | |
| 7 | | New Cingular Wireless PCS, LLC | | Baton Rouge | | LA | | 10/2017 | | 10/2022 | | | 70,100 | | | | 1,165 | | | | 1,058 | | | | 1,122 | | | | 1,101 | |
| 7 | | Total office lease extensions | | | | | | | | | | | 168,622 | | | $ | 2,551 | | | $ | 2,400 | | | $ | 2,835 | | | $ | 2,723 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | | ODW Logistics, Inc. (Nessent Ltd. And Dist-Trans Co, LLC) | | Columbus | | OH | | 06/2018 | | 06/2020 | | | 772,450 | | | $ | 1,347 | | | $ | 1,342 | | | $ | 1,347 | | | $ | 1,347 | |
| 2 | | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | | Marshall | | MI | | 09/2018 | | 09/2028 | | | 246,508 | | | | 813 | | | | 698 | | | | 740 | | | | 841 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2 | | Total industrial lease extensions | | | | | | | | | | | 1,018,958 | | | $ | 2,160 | | | $ | 2,040 | | | $ | 2,087 | | | $ | 2,188 | |
| | | | | | | | | ` | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9 | | TOTAL EXTENDED LEASES | | | | | | | | | | | 1,187,580 | | | $ | 4,711 | | | $ | 4,440 | | | $ | 4,922 | | | $ | 4,911 | |
NEW LEASES
| | | Tenant (Guarantor) | | Location | | | Lease
Expiration
Date | | Sq. Ft. | | | New GAAP
Rent Per
Annum
($000)(1) | | | New Cash
Rent Per
Annum
($000)(1)(3) | | |
| | | Office/Multi-Tenant Office | | | | | | | | | | | | | | | | | | | | |
| 1-3 | | Various | | Honolulu | | HI | | | 2018-2020 | | | 952 | | | $ | 6 | | | $ | 6 | | |
| 3 | | Total office new leases | | | | | | | | | | 952 | | | $ | 6 | | | $ | 6 | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| 3 | | TOTAL NEW LEASES | | | | | | | | | | 952 | | | $ | 6 | | | $ | 6 | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| 12 | | TOTAL NEW AND EXTENDED LEASES | | | | | | | | | | 1,188,532 | | | $ | 4,717 | | | $ | 4,928 | | |
LEXINGTON REALTY TRUST 2017
Third Quarter Leasing Summary (Continued)
LEASE NON-RENEWALS / LEASE REJECTIONS(2)
| | | Tenant | | Location | | Lease
Expiration
Date | | Sq. Ft. | | | 2016 GAAP
Rent ($000) | | | 2016 Cash
Rent ($000)(3) | |
| | | Other | | | | | | | | | | | | | | | | | | |
| 1 | | Gander Mountain Company(4) | | Albany | | GA | | 11/2028 | | | 45,554 | | | $ | 693 | | | $ | 628 | |
| 2 | | Steelcase Inc.(5) | | High Point | | NC | | 09/2017 | | | 244,851 | | | | 1,087 | | | | 1,145 | |
| | | | | | | | | | | | | | | | | | | | | |
| 2 | | TOTAL LEASE NON-RENEWALS / LEASE REJECTIONS | | | | | | | | | 290,405 | | | $ | 1,780 | | | $ | 1,773 | |
Footnotes
| (1) | Assumes twelve months rent from the later of 10/1/17 or lease commencement/extension, excluding free rent periods as applicable. |
| (2) | Excludes multi-tenant properties and non-consolidated investments. |
| (3) | See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. |
| (4) | Tenant declared bankruptcy and rejected the lease. |
| (5) | Property sold subsequent to 9/30/2017. |
LEXINGTON REALTY TRUST
Other Revenue Data
9/30/2017
($000)
Other Revenue Data
| | | GAAP Rent | |
| Asset Class | | Nine months ended | |
| | | 9/30/17(1) | | | 9/30/17
Percentage | | | 9/30/16
Percentage | |
| Office | | $ | 136,633 | | | | 53.0 | % | | | 54.1 | % |
| Industrial | | | 107,981 | | | | 41.9 | % | | | 38.6 | % |
| Multi-tenant | | | 7,363 | | | | 2.8 | % | | | 3.7 | % |
| Other | | | 5,930 | | | | 2.3 | % | | | 3.6 | % |
| | | $ | 257,907 | | | | 100.0 | % | | | 100.0 | % |
| | | GAAP Rent | |
| Credit Ratings (2) | | Nine months ended | |
| | | 9/30/17(1) | | | 9/30/17
Percentage | | | 9/30/16
Percentage | |
| Investment Grade | | $ | 101,648 | | | | 39.4 | % | | | 37.9 | % |
| Non-Investment Grade | | | 41,029 | | | | 15.9 | % | | | 16.5 | % |
| Unrated | | | 115,230 | | | | 44.7 | % | | | 45.6 | % |
| | | $ | 257,907 | | | | 100.0 | % | | | 100.0 | % |
| Weighted-Average Lease Term - Cash Basis | As of 9/30/17 | | As of 9/30/16 | |
| | 9.1 years | | 8.6 years | |
Rent Estimates for Current Assets
| Year | | GAAP (3) | | | Cash (3) | | | Difference | |
| 2017 - remaining | | $ | 92,116 | | | $ | 85,705 | | | $ | (6,411 | ) |
| 2018 | | | 362,213 | | | | 346,217 | | | | (15,996 | ) |
Footnotes
| (1) | Nine months ended 9/30/2017 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 9/30/2017. |
| (2) | Credit ratings are based upon either tenant, guarantor or parent. Generally, multi-tenant assets are included in unrated. |
| (3) | Amounts assume (1) lease terms for non-cancellable periods only, (2) no new or renegotiated leases are entered into after 9/30/2017, and (3) no properties are sold or acquired after 9/30/2017. |
LEXINGTON REALTY TRUST
Other Revenue Data (Continued)
9/30/2017
($000)
Same-Store NOI(1)
| | | Nine months ended September 30, | |
| | | 2017 | | | 2016 | |
| Total Cash Rent | | $ | 218,871 | | | $ | 218,710 | |
| Tenant Reimbursements | | | 18,788 | | | | 19,807 | |
| Property Operating Expenses | | | (28,461 | ) | | | (28,388 | ) |
| Same-Store NOI | | $ | 209,198 | | | $ | 210,129 | |
| | | | | | | | | |
| Change in Same-Store NOI | | | (0.4 | %) | | | | |
| | | | | | | | | |
| Same-Store Percent Leased(2) | | As of 9/30/17 | | | As of 9/30/16 | |
| | | 97.2 | % | | | 98.9 | % |
Lease Escalation Data(3)
Footnotes
| (1) | NOI is on a consolidated cash basis for all consolidated properties except properties acquired and sold in 2017 and 2016 and properties subject to mortgage loans in default at September 30, 2017. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. |
| (2) | Excludes properties acquired or sold in 2017 and 2016 and properties subject to mortgage loans in maturity default as of 9/30/2017. |
| (3) | Based on nine months consolidated cash rents for single-tenant leases (properties greater than 70% leased) owned as of September 30, 2017. Excludes parking operations and rents from prior tenants. |
LEXINGTON REALTY TRUST
Portfolio Detail By Asset Class
9/30/2017
($000, except square footage)
| Asset Class | | YE 2014 | | | YE 2015 | | | YE 2016 | | | Q3 2017 | |
| | | | | | | | | | | | | |
| Office | | | | | | | | | | | | | | | | |
| % of ABR(1) | | | 51.2 | % | | | 49.6 | % | | | 52.9 | % | | | 53.0 | % |
| LTL(5) | | | 31.4 | % | | | 23.2 | % | | | 26.9 | % | | | 33.1 | % |
| STL(6) | | | 68.6 | % | | | 76.8 | % | | | 73.1 | % | | | 66.9 | % |
| Leased | | | 98.6 | % | | | 99.6 | % | | | 99.6 | % | | | 99.6 | % |
| Wtd. Avg. Lease Term(2) | | | 7.4 | | | | 7.2 | | | | 7.2 | | | | 7.7 | |
| Mortgage Debt | | $ | 426,635 | | | $ | 329,696 | | | $ | 490,948 | | | $ | 474,060 | |
| % Investment Grade(1) | | | 53.3 | % | | | 48.0 | % | | | 48.1 | % | | | 51.5 | % |
| Square Feet | | | 13,264,134 | | | | 12,847,877 | | | | 11,569,940 | | | | 11,177,159 | |
| | | | | | | | | | | | | | | | | |
| Industrial | | | | | | | | | | | | | | | | |
| % of ABR(1) | | | 25.4 | % | | | 30.5 | % | | | 39.7 | % | | | 41.9 | % |
| LTL(5) | | | 47.9 | % | | | 47.4 | % | | | 50.8 | % | | | 48.2 | % |
| STL(6) | | | 52.1 | % | | | 52.6 | % | | | 49.2 | % | | | 51.8 | % |
| Leased | | | 99.7 | % | | | 99.6 | % | | | 99.9 | % | | | 99.9 | % |
| Wtd. Avg. Lease Term(2) | | | 8.8 | | | | 10.1 | | | | 10.4 | | | | 10.5 | |
| Mortgage Debt | | $ | 177,951 | | | $ | 292,293 | | | $ | 240,790 | | | $ | 195,151 | |
| % Investment Grade(1) | | | 26.6 | % | | | 27.9 | % | | | 26.2 | % | | | 26.4 | % |
| Square Feet | | | 22,745,140 | | | | 25,693,585 | | | | 27,476,653 | | | | 33,926,828 | |
| | | | | | | | | | | | | | | | | |
| Multi-Tenant | | | | | | | | | | | | | | | | |
| % of ABR(1) | | | 8.6 | % | | | 3.0 | % | | | 3.8 | % | | | 2.8 | % |
| Leased | | | 53.9 | % | | | 44.1 | % | | | 43.2 | % | | | 52.7 | % |
| Wtd. Avg. Lease Term(2) | | | 6.9 | | | | 3.4 | | | | 3.0 | | | | 2.8 | |
| Mortgage Debt | | $ | 116,763 | | | $ | 14,118 | | | $ | 10,586 | | | $ | 7,014 | |
| % Investment Grade(1) | | | 19.3 | % | | | 36.9 | % | | | 14.2 | % | | | 25.2 | % |
| Square Feet | | | 2,414,889 | | | | 2,301,864 | | | | 2,971,126 | | | | 1,973,230 | |
| | | | | | | | | | | | | | | | | |
| Other | | | | | | | | | | | | | | | | |
| % of ABR(1) | | | 14.8 | % | | | 16.9 | % | | | 3.6 | % | | | 2.3 | % |
| LTL(5) | | | 86.8 | % | | | 88.0 | % | | | 42.7 | % | | | 48.6 | % |
| STL(6) | | | 13.2 | % | | | 12.0 | % | | | 57.3 | % | | | 51.4 | % |
| Leased | | | 94.3 | % | | | 98.0 | % | | | 100.0 | % | | | 100.0 | % |
| Wtd. Avg. Lease Term(2)(3) | | | 18.2 | | | | 18.5 | | | | 14.6 | | | | 19.0 | |
| Mortgage Debt | | $ | 226,645 | | | $ | 255,218 | | | $ | 2,849 | | | $ | 710 | |
| % Investment Grade(1) | | | 4.5 | % | | | 3.3 | % | | | 17.8 | % | | | 14.9 | % |
| Square Feet | | | 1,447,724 | | | | 1,426,697 | | | | 1,306,578 | | | | 866,648 | |
| | | | | | | | | | | | | | | | | |
| Loans Receivable | | $ | 105,635 | | | $ | 95,871 | | | $ | 94,210 | | | $ | - | |
| Construction in progress(4) | | $ | 121,184 | | | $ | 103,954 | | | $ | 111,771 | | | $ | 1,077 | |
Footnotes
(1) Percentage of GAAP rent, excluding termination income, for consolidated properties owned as of each respective period.
(2) Cash basis.
(3) Cash basis adjusted to reflect NY land leases to the first purchase option date, as applicable.
(4) Includes development classified as real estate under construction on a consolidated basis.
(5) Long-term leases ("LTL") are defined as leases having a remaining term of ten years or longer.
(6) Short-term leases ("STL") are defined as leases having a remaining term of less than ten years.
LEXINGTON REALTY TRUST
Portfolio Composition
9/30/2017
Footnotes
(1) Based on gross book value of real estate assets and real estate under construction as of 9/30/2017; excludes held for sale assets.
(2) Based on respective period GAAP rent, excluding termination income.
LEXINGTON REALTY TRUST
Components of Net Asset Value
9/30/2017
($000)
The purpose of providing the following information is to enable readers to derive their own estimates of net asset value. This information is not intended to be an asset-by-asset or enterprise valuation.
| Consolidated properties nine month net operating income (NOI)(1) | | | | |
| Office | | $ | 126,010 | |
| Industrial | | | 96,925 | |
| Multi-Tenant | | | 2,804 | |
| Other | | | 4,332 | |
| Total Net Operating Income | | $ | 230,071 | |
| | | | | |
| Lexington's share of non-consolidated nine month NOI(1) | | | | |
| Office | | $ | 314 | |
| Other | | | 623 | |
| | | $ | 937 | |
| Other income | | | | |
| Advisory fees | | $ | 776 | |
| | | | | |
| | | | | |
| In service assets not fairly valued by capitalized NOI method(1) | | | | |
| Wholly-owned assets less than 70% leased | | $ | 62,545 | |
| Wholly-owned assets acquired in 2017(2) | | $ | 512,268 | |
| Non-consolidated asset completed in 2016 | | $ | 56,823 | |
| | | | | |
| Add other assets: | | | | |
| Assets held for sale | | $ | 8,638 | |
| Development investment at cost incurred | | | 1,077 | |
| Cash and cash equivalents | | | 140,545 | |
| Restricted cash | | | 34,946 | |
| Accounts receivable, net | | | 6,388 | |
| Other assets | | | 32,124 | |
| Total other assets | | $ | 223,718 | |
| | | | | |
| Liabilities: | | | | |
| Corporate level debt (face amount) | | $ | 1,429,120 | |
| Mortgages and notes payable (face amount) | | | 676,935 | |
| Liabilities held for sale | | | 442 | |
| Dividends payable | | | 48,494 | |
| Accounts payable, accrued expenses and other liabilities | | | 63,782 | |
| Preferred stock, at liquidation value | | | 96,770 | |
| Lexington's share of non-consolidated mortgages | | | 8,395 | |
| Total deductions | | $ | 2,323,938 | |
| | | | | |
| Common shares & OP units at 9/30/2017 | | | 244,275,538 | |
Footnotes
| (1) | NOI for the existing property portfolio at September 30, 2017, excludes NOI related to assets undervalued by a capitalized NOI method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70% and assets acquired in 2017. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, Lexington's net book value has been used. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. |
| (2) | Excludes Lake Jackson, TX, which is included in NOI above. |
LEXINGTON REALTY TRUST
Top Markets
9/30/2017
| | | Core Based Statistical Area(2) | | Percent of
GAAP Rent as of
9/30/17 (1) | |
| 1 | | Houston-Sugar Land-Baytown, TX | | | 10.8 | % |
| 2 | | Dallas-Fort Worth-Arlington, TX | | | 5.1 | % |
| 3 | | Memphis, TN-MS-AR | | | 4.7 | % |
| 4 | | Kansas City, MO-KS | | | 4.3 | % |
| 5 | | Kennewick-Pasco-Richland, WA | | | 3.8 | % |
| 6 | | New York-Northern New Jersey-Long Island, NY-NJ-PA | | | 3.6 | % |
| 7 | | Richmond, VA | | | 3.4 | % |
| 8 | | Phoenix-Mesa-Scottsdale, AZ | | | 3.2 | % |
| 9 | | Chicago-Naperville-Joliet, IL-IN-WI | | | 2.9 | % |
| 10 | | Detroit-Warren-Livonia, MI | | | 2.6 | % |
| 11 | | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | | | 2.5 | % |
| 12 | | Denver-Aurora, CO | | | 2.3 | % |
| 13 | | Columbus, OH | | | 2.2 | % |
| 14 | | Charlotte-Concord-Gastonia, NC-SC | | | 2.1 | % |
| 15 | | Las Vegas-Paradise, NV | | | 2.0 | % |
| 16 | | San Jose-Sunnyvale-Santa Clara, CA | | | 1.9 | % |
| 17 | | Jackson, MS | | | 1.8 | % |
| 18 | | Atlanta-Sandy Springs-Marietta, GA | | | 1.5 | % |
| 19 | | Washington-Arlington-Alexandria, DC-VA-MD-WV | | | 1.4 | % |
| 20 | | Indianapolis-Carmel, IN | | | 1.4 | % |
| | | Total Top Markets(3) | | | 63.7 | % |
Footnotes
| (1) | Nine months ended 9/30/2017 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 9/30/2017. |
| (2) | A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990. |
| (3) | Total shown may differ from detailed amounts due to rounding. |
LEXINGTON REALTY TRUST
Single-Tenant Office Markets(1)(2)
9/30/2017
Footnotes
| (1) | Nine months ended 9/30/2017 GAAP rent, excluding termination income, recognized for consolidated single-tenant office properties owned as of 9/30/2017. |
| (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. |
LEXINGTON REALTY TRUST
Tenant Industry Diversification(1)
9/30/2017
Footnotes
(1) Nine months ended 9/30/2017 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 9/30/2017.
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
9/30/2017
Top 10 Tenants or Guarantors - GAAP Basis
| Tenants or Guarantors | | Number
of Leases | | Sq. Ft.
Leased | | | Sq. Ft. Leased
as a Percent of
Consolidated
Portfolio(2) | | | GAAP
Rent as of
9/30/2017
($000)(1) | | | Percent of
GAAP Rent
as of
9/30/2017
($000)(1) (2) | |
| The Dow Chemical Company | | 1 | | | 664,100 | | | | 1.4 | % | | $ | 10,906 | | | | 4.2 | % |
| Preferred Freezer Services of Richland, LLC / Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC | | 1 | | | 456,412 | | | | 1.0 | % | | | 9,850 | | | | 3.8 | % |
| FedEx Corporation / Federal Express Corporation | | 2 | | | 661,616 | | | | 1.4 | % | | | 9,111 | | | | 3.5 | % |
| Metalsa Structural Products, Inc. / Dana Structural Products, LLC / Dana Holding Corporation and Dana Limited | | 7 | | | 2,053,359 | | | | 4.3 | % | | | 7,456 | | | | 2.9 | % |
| Nissan North America, Inc. | | 3 | | | 3,196,049 | | | | 6.7 | % | | | 7,292 | | | | 2.8 | % |
| United States of America | | 3 | | | 398,214 | | | | 0.8 | % | | | 7,244 | | | | 2.8 | % |
| Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation | | 2 | | | 476,123 | | | | 1.0 | % | | | 5,913 | | | | 2.3 | % |
| McGuireWoods LLP | | 1 | | | 224,537 | | | | 0.5 | % | | | 5,388 | | | | 2.1 | % |
| Morgan, Lewis & Bockius LLP | | 1 | | | 289,432 | | | | 0.6 | % | | | 5,168 | | | | 2.0 | % |
| Industrial Terminals Management, L.L.C. / Maritime Holdings (Delaware) LLC | | 1 | | | 132,449 | | | | 0.3 | % | | | 5,080 | | | | 2.0 | % |
| | | 22 | | | 8,552,291 | | | | 17.8 | % | | $ | 73,408 | | | | 28.5 | % |
Footnotes
(1) Nine months ended 9/30/2017 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 9/30/2017.
(2) Total shown may differ from detailed amounts due to rounding.
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis
9/30/2017
($000)
| Year | | Number of
Leases
Expiring | | | GAAP
Rent as of
9/30/2017 | | | Percent of
GAAP Rent
as of
9/30/2017 | | | Percent of
GAAP Rent
as of
9/30/2016 | |
| 2017 - remaining | | | 3 | | | $ | 1,924 | | | | 0.8 | % | | | 1.8 | % |
| 2018 | | | 19 | | | | 11,686 | | | | 4.7 | % | | | 7.4 | % |
| 2019 | | | 18 | | | | 23,063 | | | | 9.3 | % | | | 9.7 | % |
| 2020 | | | 13 | | | | 12,802 | | | | 5.2 | % | | | 7.0 | % |
| 2021 | | | 11 | | | | 15,954 | | | | 6.4 | % | | | 6.6 | % |
| 2022 | | | 6 | | | | 9,460 | | | | 3.8 | % | | | 3.1 | % |
| 2023 | | | 10 | | | | 9,945 | | | | 4.0 | % | | | 3.6 | % |
| 2024 | | | 12 | | | | 14,192 | | | | 5.7 | % | | | 4.2 | % |
| 2025 | | | 17 | | | | 22,979 | | | | 9.2 | % | | | 10.1 | % |
| 2026 | | | 14 | | | | 13,656 | | | | 5.5 | % | | | 5.6 | % |
| Thereafter | | | 59 | | | | 112,939 | | | | 45.4 | % | | | 37.2 | % |
| | | | | | | | | | | | | | | | | |
| Total(1) | | | 182 | | | $ | 248,600 | | | | 100.0 | % | | | | |
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties, parking operations and lease termination income.
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated Properties GAAP Basis
9/30/2017
($000)
| Year | | Number of
Leases
Expiring | | | GAAP
Rent as of
9/30/2017 | | | Percent of
GAAP Rent
as of
9/30/2017 | |
| 2017 - remaining | | | 21 | | | $ | 2,022 | | | | 0.8 | % |
| 2018 | | | 37 | | | | 13,132 | | | | 5.2 | % |
| 2019 | | | 26 | | | | 24,240 | | | | 9.5 | % |
| 2020 | | | 18 | | | | 12,906 | | | | 5.1 | % |
| 2021 | | | 17 | | | | 18,248 | | | | 7.2 | % |
| 2022 | | | 6 | | | | 9,460 | | | | 3.7 | % |
| 2023 | | | 10 | | | | 9,945 | | | | 3.9 | % |
| 2024 | | | 14 | | | | 14,314 | | | | 5.6 | % |
| 2025 | | | 18 | | | | 23,287 | | | | 9.2 | % |
| 2026 | | | 14 | | | | 13,656 | | | | 5.4 | % |
| Thereafter | | | 60 | | | | 113,264 | | | | 44.5 | % |
| | | | | | | | | | | | | |
| Total(1) | | | 241 | | | $ | 254,474 | | | | 100.0 | % |
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include parking operations and lease termination income.
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2017
Year of Lease
Expiration | | Date of Lease
Expiration | | Property Location | | City | | State | | Note | | Primary Tenant (Guarantor) | | Sq.Ft.
Leased or
Available(1) | | | GAAP
Rent
as of
9/30/2017
($000)(3) | | | Cash
Rent
as of
9/30/2017
($000)(2) | | | 9/30/2017
Debt Balance
($000) | | | Debt
Maturity |
| OFFICE PROPERTIES | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017 | | 10/31/2017 | | 5201 West Barraque St. | | Pine Bluff | | AR | | 18 | | Entergy Services, Inc. | | | 27,189 | | | | 240 | | | | 290 | | | | - | | | - |
| | | 12/1/2017 | | 800 East Canal St. | | Richmond | | VA | | 5 | | CRG-Richmond Tenant, LLC | | | 42,947 | | | | 247 | | | | 247 | | | | - | | | - |
| 2018 | | 2/28/2018 | | 850-950 Warrenville Rd. | | Lisle | | IL | | 18 | | Flexible Steel Lacing Company, d/b/a Flexco, Inc. | | | 7,535 | | | | 109 | | | | 109 | | | | - | | | - |
| | | 5/31/2018 | | 8900 Freeport Pkwy. | | Irving | | TX | | — | | Pacific Union Financial, LLC. | | | 43,396 | | | | 588 | | | | 684 | | | | - | | | - |
| | | 6/30/2018 | | 100 Barnes Rd. | | Wallingford | | CT | | — | | 3M Company | | | 44,400 | | | | 381 | | | | 396 | | | | - | | | - |
| | | 8/31/2018 | | 3500 North Loop Rd. | | McDonough | | GA | | — | | Litton Loan Servicing LP | | | 62,218 | | | | 740 | | | | 1,025 | | | | - | | | - |
| | | 9/30/2018 | | 1701 Market St. | | Philadelphia | | PA | | — | | CBC Restaurant Corp. | | | 8,070 | | | | 158 | | | | 168 | | | | - | | | - |
| | | 10/31/2018 | | 3943 Denny Ave. | | Pascagoula | | MS | | — | | Huntington Ingalls Incorporated | | | 94,841 | | | | 445 | | | | 445 | | | | - | | | - |
| | | 12/22/2018 | | 5200 Metcalf Ave. | | Overland Park | | KS | | — | | Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation | | | 320,198 | | | | 4,055 | | | | 4,031 | | | | 33,002 | | | 05/2019 |
| 2019 | | 1/31/2019 | | 2999 Southwest 6th St. | | Redmond | | OR | | — | | VoiceStream PCS I, LLC / T-Mobile West Corporation (T-Mobile USA, Inc.) | | | 77,484 | | | | 1,101 | | | | 1,337 | | | | - | | | - |
| | | | | 820 Gears Rd. | | Houston | | TX | | — | | Ricoh USA, Inc. | | | 78,895 | | | | 865 | | | | 855 | | | | - | | | - |
| | | 2/28/2019 | | 10475 Crosspoint Blvd. | | Indianapolis | | IN | | — | | DMC Insurance Inc. | | | 3,764 | | | | 52 | | | | 52 | | | | - | | | - |
| | | 4/1/2019 | | 9201 Stateline Rd. | | Kansas City | | MO | | — | | Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation | | | 155,925 | | | | 1,858 | | | | 1,858 | | | | 15,728 | | | 05/2019 |
| | | 6/19/2019 | | 3965 Airways Blvd. | | Memphis | | TN | | — | | Federal Express Corporation | | | 521,286 | | | | 5,260 | | | | 5,293 | | | | - | | | - |
| | | 6/30/2019 | | 3265 East Goldstone Dr. | | Meridian | | ID | | — | | VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.) | | | 77,484 | | | | 829 | | | | 1,096 | | | | 8,544 | | | 08/2019 |
| | | 7/15/2019 | | 19019 North 59th Ave. | | Glendale | | AZ | | — | | Honeywell International Inc. | | | 252,300 | | | | 1,426 | | | | 1,460 | | | | - | | | - |
| | | 7/31/2019 | | 500 Jackson St. | | Columbus | | IN | | — | | Cummins Inc. | | | 390,100 | | | | 3,405 | | | | 3,571 | | | | 13,333 | | | 07/2019 |
| | | 10/31/2019 | | 10475 Crosspoint Blvd. | | Indianapolis | | IN | | — | | John Wiley & Sons, Inc. | | | 123,416 | | | | 1,702 | | | | 1,736 | | | | - | | | - |
| | | | | 9601 Renner Blvd. | | Lenexa | | KS | | — | | VoiceStream PCS II Corporation (T-Mobile USA, Inc.) | | | 77,484 | | | | 857 | | | | 1,115 | | | | 8,739 | | | 12/2019 |
| | | 12/31/2019 | | 850-950 Warrenville Rd. | | Lisle | | IL | | 4, 18 | | National-Louis University | | | 91,879 | | | | 1,122 | | | | 1,225 | | | | 9,120 | | | N/A |
| 2020 | | 2/14/2020 | | 5600 Broken Sound Blvd. | | Boca Raton | | FL | | — | | Canon Solutions America, Inc. (Oce - USA Holding, Inc.) | | | 143,290 | | | | 1,683 | | | | 1,875 | | | | 19,157 | | | 02/2020 |
| | | 5/31/2020 | | 2401 Cherahala Blvd. | | Knoxville | | TN | | — | | AdvancePCS, Inc. / CaremarkPCS, L.L.C. | | | 59,748 | | | | 580 | | | | 576 | | | | - | | | - |
| | | 6/30/2020 | | 3711 San Gabriel | | Mission | | TX | | — | | VoiceStream PCS II Corporation / T-Mobile West Corporation | | | 75,016 | | | | 742 | | | | 727 | | | | - | | | - |
| | | 7/31/2020 | | 13775 McLearen Rd. | | Herndon | | VA | | 12 | | Orange Business Services U.S., Inc. (Equant N.V.) | | | 132,617 | | | | 1,256 | | | | 1,362 | | | | - | | | - |
| | | 8/31/2020 | | 133 First Park Dr. | | Oakland | | ME | | — | | Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | | | 78,610 | | | | 860 | | | | 1,107 | | | | 8,450 | | | 10/2020 |
| | | 9/30/2020 | | 9200 South Park Center Loop | | Orlando | | FL | | 4 | | Zenith Education Group, Inc. (ECMC Group, Inc.) | | | 59,927 | | | | 852 | | | | 876 | | | | 9,309 | | | N/A |
| | | 10/31/2020 | | 12209 West Markham St. | | Little Rock | | AR | | — | | Entergy Arkansas, Inc. | | | 36,311 | | | | 178 | | | | 178 | | | | - | | | - |
| 2021 | | 1/31/2021 | | 1701 Market St. | | Philadelphia | | PA | | — | | Morgan, Lewis & Bockius LLP | | | 289,432 | | | | 3,224 | | | | 3,323 | | | | - | | | - |
| | | 3/31/2021 | | 1701 Market St. | | Philadelphia | | PA | | — | | Car-Tel Communications, Inc. | | | 1,220 | | | | 45 | | | | 45 | | | | - | | | - |
| | | 6/30/2021 | | 1415 Wyckoff Rd. | | Wall | | NJ | | — | | New Jersey Natural Gas Company | | | 157,511 | | | | 2,831 | | | | 2,831 | | | | 11,924 | | | 01/2021 |
| | | | | 2050 Roanoke Rd. | | Westlake | | TX | | — | | Charles Schwab & Co., Inc. | | | 130,199 | | | | 1,129 | | | | 1,152 | | | | - | | | - |
| | | 11/30/2021 | | 29 South Jefferson Rd. | | Whippany | | NJ | | — | | CAE SimuFlite, Inc. (CAE INC.) | | | 123,734 | | | | 1,745 | | | | 1,926 | | | | 12,837 | | | 11/2021 |
| | | 12/31/2021 | | 2800 Waterford Lake Dr. | | Midlothian | | VA | | — | | Alstom Power, Inc. | | | 99,057 | | | | 1,638 | | | | 1,729 | | | | - | | | - |
| 2022 | | 5/30/2022 | | 13651 McLearen Rd. | | Herndon | | VA | | — | | United States of America | | | 159,644 | | | | 2,460 | | | | 2,632 | | | | - | | | - |
| | | 6/30/2022 | | 8555 South River Pkwy. | | Tempe | | AZ | | — | | Versum Materials US, LLC | | | 95,133 | | | | 1,313 | | | | 1,251 | | | | - | | | - |
| | | 7/31/2022 | | 1440 E 15th St. | | Tucson | | AZ | | — | | CoxCom, LLC | | | 28,591 | | | | 420 | | | | 420 | | | | - | | | - |
| | | 10/31/2022 | | 4455 American Way | | Baton Rouge | | LA | | — | | New Cingular Wireless PCS, LLC | | | 70,100 | | | | 795 | | | | 825 | | | | - | | | - |
| | | 12/31/2022 | | 231 N. Martingale Rd. | | Schaumburg | | IL | | — | | CEC Educational Services, LLC (Career Education Corporation) | | | 317,198 | | | | 3,466 | | | | 3,364 | | | | - | | | - |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2017
Year of Lease
Expiration | | Date of Lease
Expiration | | Property Location | | City | | State | | Note | | Primary Tenant (Guarantor) | | Sq.Ft.
Leased or
Available(1) | | | GAAP
Rent
as of
9/30/2017
($000)(3) | | | Cash
Rent
as of
9/30/2017
($000)(2) | | | 9/30/2017
Debt Balance
($000) | | | Debt
Maturity |
| OFFICE PROPERTIES | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2023 | | 2/28/2023 | | 1315 West Century Dr. | | Louisville | | CO | | — | | Rogue Wave Software, Inc. | | | 20,000 | | | | 259 | | | | 220 | | | | - | | | - |
| | | 3/31/2023 | | 8900 Freeport Pkwy. | | Irving | | TX | | — | | Nissan Motor Acceptance Corporation (Nissan North America, Inc.) | | | 225,049 | | | | 2,569 | | | | 2,781 | | | | - | | | - |
| | | 6/30/2023 | | 420 Riverport Rd. | | Kingsport | | TN | | — | | Kingsport Power Company | | | 42,770 | | | | 96 | | | | 233 | | | | - | | | - |
| | | 8/31/2023 | | 400 Butler Farm Rd. | | Hampton | | VA | | 7 | | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) / Wisconsin Physicians Service Insurance Corp. | | | 100,632 | | | | 754 | | | | 777 | | | | - | | | - |
| | | 12/14/2023 | | 3333 Coyote Hill Rd. | | Palo Alto | | CA | | — | | Xerox Corporation | | | 202,000 | | | | 4,981 | | | | 5,303 | | | | 39,226 | | | 12/2023 |
| 2024 | | 2/14/2024 | | 1362 Celebration Blvd. | | Florence | | SC | | — | | MED3000, Inc. | | | 32,000 | | | | 430 | | | | 423 | | | | - | | | - |
| | | 5/31/2024 | | 3476 Stateview Blvd. | | Fort Mill | | SC | | — | | Wells Fargo Bank, N.A. | | | 169,083 | | | | 1,462 | | | | 1,408 | | | | - | | | - |
| | | | | 3480 Stateview Blvd. | | Fort Mill | | SC | | — | | Wells Fargo Bank, N.A. | | | 169,218 | | | | 1,519 | | | | 1,409 | | | | - | | | - |
| | | 8/31/2024 | | 10475 Crosspoint Blvd. | | Indianapolis | | IN | | — | | RGN-Indianapolis I, LLC (HQ Global Workplaces LLC) | | | 14,236 | | | | 225 | | | | 225 | | | | - | | | - |
| | | 10/31/2024 | | 1409 Centerpoint Blvd. | | Knoxville | | TN | | — | | Alstom Power, Inc. | | | 84,404 | | | | 941 | | | | 893 | | | | - | | | - |
| | | 11/30/2024 | | 6200 Northwest Pkwy. | | San Antonio | | TX | | — | | United HealthCare Services, Inc. | | | 142,500 | | | | 1,468 | | | | 1,536 | | | | - | | | - |
| | | 12/31/2024 | | 12000 & 12025 Tech Center Dr. | | Livonia | | MI | | — | | Kelsey-Hayes Company (ZF Friedrichshafen AG) | | | 180,230 | | | | 1,268 | | | | 1,228 | | | | - | | | - |
| 2025 | | 1/31/2025 | | 1401 Nolan Ryan Expy. | | Arlington | | TX | | — | | Triumph Aerostructures, LLC (Triumph Group, Inc.) | | | 111,409 | | | | 1,213 | | | | 1,291 | | | | - | | | - |
| | | 2/28/2025 | | 6555 Sierra Dr. | | Irving | | TX | | — | | TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC) | | | 247,254 | | | | 2,103 | | | | 2,304 | | | | - | | | - |
| | | | | 1401 Nolan Ryan Expy. | | Arlington | | TX | | — | | Cyient, Inc. (Infotech Enterprise Limited) | | | 13,590 | | | | 156 | | | | 160 | | | | - | | | - |
| | | 3/14/2025 | | 601 & 701 Experian Pkwy. | | Allen | | TX | | — | | Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.) | | | 292,700 | | | | 2,225 | | | | 2,305 | | | | - | | | - |
| | | 5/31/2025 | | 1701 Market St. | | Philadelphia | | PA | | — | | TruMark Financial Credit Union | | | 2,641 | | | | 185 | | | | 185 | | | | - | | | - |
| | | 6/30/2025 | | 2500 Patrick Henry Pkwy. | | McDonough | | GA | | — | | Georgia Power Company | | | 111,911 | | | | 1,066 | | | | 1,015 | | | | - | | | - |
| | | 9/30/2025 | | 10001 Richmond Ave. | | Houston | | TX | | — | | Schlumberger Holdings Corp. | | | 554,385 | | | | 4,529 | | | | 4,068 | | | | - | | | - |
| | | 11/30/2025 | | 11707 Miracle Hills Dr. | | Omaha | | NE | | — | | Wipro Data Center and Cloud Services, Inc. (Infocrossing, Inc.) | | | 85,200 | | | | 875 | | | | 875 | | | | - | | | - |
| | | 12/31/2025 | | 4001 International Pkwy. | | Carrollton | | TX | | — | | Motel 6 Operating, LP | | | 138,443 | | | | 1,669 | | | | 1,645 | | | | - | | | - |
| 2026 | | 3/31/2026 | | 500 Olde Worthington Rd. | | Westerville | | OH | | — | | InVentiv Communications, Inc. | | | 97,000 | | | | 832 | | | | 856 | | | | - | | | - |
| | | 4/30/2026 | | 800 East Canal St. | | Richmond | | VA | | — | | Richmond Belly Ventures, LLC (David Duke, Lauren Duke, Terrence Kee, Cara Kee and John Bokel) | | | 2,568 | | | | 58 | | | | 58 | | | | - | | | - |
| | | 6/30/2026 | | 10419 North 30th St. | | Tampa | | FL | | — | | Time Customer Service, Inc. (Time Inc.) | | | 132,981 | | | | 660 | | | | 837 | | | | - | | | - |
| | | 11/30/2026 | | 500 Kinetic Dr. | | Huntington | | WV | | — | | AMZN WVCS LLC (Amazon.com, Inc.) | | | 68,693 | | | | 951 | | | | 834 | | | | - | | | - |
| | | 12/29/2026 | | 5500 New Albany Rd. | | Columbus | | OH | | — | | Evans, Mechwart, Hambleton & Tilton, Inc. | | | 104,807 | | | | 1,303 | | | | 1,258 | | | | - | | | - |
| 2027 | | 1/31/2027 | | 1701 Market St. | | Philadelphia | | PA | | — | | Drybar Holdings LLC | | | 1,975 | | | | 103 | | | | 77 | | | | - | | | - |
| | | 2/28/2027 | | 800 East Canal St. | | Richmond | | VA | | — | | Pacific Summit Energy LLC (Sumitomo Corporation of Americas) | | | 8,503 | | | | 58 | | | | 58 | | | | - | | | - |
| | | 4/30/2027 | | 1315 West Century Dr. | | Louisville | | CO | | — | | Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC) | | | 86,877 | | | | 967 | | | | 915 | | | | - | | | - |
| | | 6/30/2027 | | 3902 Gene Field Rd. | | St. Joseph | | MO | | — | | Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation) | | | 98,849 | | | | 1,495 | | | | 1,405 | | | | - | | | - |
| | | 7/6/2027 | | 2221 Schrock Rd. | | Columbus | | OH | | — | | MS Consultants, Inc. | | | 42,290 | | | | 480 | | | | 457 | | | | - | | | - |
| | | 8/7/2027 | | 25 Lakeview Dr. | | Jessup | | PA | | — | | TMG Health, Inc. | | | 150,000 | | | | 1,876 | | | | 1,557 | | | | - | | | - |
| | | 10/31/2027 | | 11201 Renner Blvd. | | Lenexa | | KS | | — | | United States of America | | | 169,585 | | | | 3,660 | | | | 3,273 | | | | 33,680 | | | 11/2027 |
| | | 11/30/2027 | | 1700 Millrace Dr. | | Eugene | | OR | | 10 | | Oregon Research Institute / Educational Policy Improvement Center | | | 80,011 | | | | 1,569 | | | | 1,334 | | | | - | | | - |
| 2028 | | 4/30/2028 | | 9655 Maroon Cir. | | Englewood | | CO | | — | | TriZetto Corporation | | | 166,912 | | | | 2,883 | | | | 2,736 | | | | - | | | - |
| 2029 | | 1/31/2029 | | 6226 West Sahara Ave. | | Las Vegas | | NV | | — | | Nevada Power Company | | | 282,000 | | | | 3,190 | | | | 2,317 | | | | - | | | - |
| | | 3/31/2029 | | 2800 High Meadow Cir. | | Auburn Hills | | MI | | — | | Faurecia USA Holdings, Inc. | | | 278,000 | | | | 2,660 | | | | 2,412 | | | | - | | | - |
| | | 12/31/2029 | | 333 Mt. Hope Ave. | | Rockaway | | NJ | | — | | Atlantic Health System, Inc. | | | 92,326 | | | | 910 | | | | 987 | | | | - | | | - |
| 2030 | | 8/31/2030 | | 800 East Canal St. | | Richmond | | VA | | — | | McGuireWoods LLP | | | 224,537 | | | | 5,388 | | | | 5,000 | | | | 57,500 | | | 02/2031 |
| | | 9/30/2030 | | 800 East Canal St. | | Richmond | | VA | | — | | CCA Industries, Inc. (The Riverstone Group, LLC), | | | 25,707 | | | | 520 | | | | 493 | | | | - | | | - |
| 2031 | | 1/10/2031 | | 810 Gears Rd. | | Houston | | TX | | — | | United States of America | | | 68,985 | | | | 1,124 | | | | 1,069 | | | | - | | | - |
| | | 3/1/2031 | | 800 East Canal St. | | Richmond | | VA | | — | | Towne Bank | | | 26,047 | | | | 561 | | | | 485 | | | | - | | | - |
| 2032 | | 4/30/2032 | | 1210 AvidXchange Ln. | | Charlotte | | NC | | — | | AvidXchange, Inc. | | | 201,450 | | | | 2,529 | | | | 2,194 | | | | - | | | - |
| | | 10/31/2032 | | 143 Diamond Ave. | | Parachute | | CO | | — | | Encana Oil and Gas (USA) Inc. / Caerus Piceance LLC (Alenco Inc.) | | | 49,024 | | | | 963 | | | | 821 | | | | - | | | - |
| | | 12/31/2032 | | 3030 North 3rd St. | | Phoenix | | AZ | | — | | CopperPoint Mutual Insurance Company | | | 252,400 | | | | 3,792 | | | | 3,196 | | | | - | | | - |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2017
Year of Lease
Expiration | | Date of Lease
Expiration | | Property Location | | City | | State | | Note | | Primary Tenant (Guarantor) | | Sq.Ft.
Leased or
Available(1) | | | GAAP
Rent
as of
9/30/2017
($000)(3) | | | Cash
Rent
as of
9/30/2017
($000)(2) | | | 9/30/2017
Debt Balance
($000) | | | Debt
Maturity |
| OFFICE PROPERTIES | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2033 | | 3/31/2033 | | 9201 East Dry Creek Rd. | | Centennial | | CO | | — | | Arrow Electronics, Inc. | | | 128,500 | | | | 1,810 | | | | 2,144 | | | | - | | | - |
| | | 11/30/2033 | | 1331 Capitol Ave. | | Omaha | | NE | | — | | The Gavilon Group, LLC | | | 127,810 | | | | 2,483 | | | | 2,205 | | | | - | | | - |
| 2036 | | 10/31/2036 | | 270 Abner Jackson Pkwy. | | Lake Jackson | | TX | | — | | The Dow Chemical Company | | | 664,100 | | | | 10,906 | | | | 9,097 | | | | 193,511 | | | 10/2036 |
| 2088 | | 8/8/2088 | | 800 East Canal St. | | Richmond | | VA | | — | | The City of Richmond, Virginia | | | - | | | | 308 | | | | 308 | | | | - | | | - |
| N/A | | N/A | | 1701 Market St. | | Philadelphia | | PA | | — | | Parking Operations | | | - | | | | 1,944 | | | | 1,944 | | | | - | | | - |
| | | Vacancy | | 1701 Market St. | | Philadelphia | | PA | | — | | (Available for Lease) | | | 699 | | | | - | | | | - | | | | - | | | - |
| | | | | 810 Gears Rd. | | Houston | | TX | | — | | (Available for Lease) | | | 9,910 | | | | - | | | | - | | | | - | | | - |
| | | | | 1401 Nolan Ryan Expy. | | Arlington | | TX | | — | | (Available for Lease) | | | 36,809 | | | | - | | | | - | | | | - | | | - |
| OFFICE TOTAL/WEIGHTED AVERAGE | | | | 99.6% Leased | | | 11,177,159 | | | $ | 136,633 | | | $ | 133,803 | | | $ | 474,060 | | | |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2017
Year of Lease
Expiration | | Date of Lease
Expiration | | Property Location | | City | | State | | Note | | Primary Tenant (Guarantor) | | Sq. Ft.
Leased or
Available(1) | | | GAAP
Rent
as of
9/30/2017
($000)(3) | | | Cash
Rent
as of
9/30/2017
($000)(2) | | | 9/30/2017
Debt Balance
($000) | | | Debt
Maturity |
| INDUSTRIAL PROPERTIES | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017 | | 12/31/2017 | | 2203 Sherrill Dr. | | Statesville | | NC | | 16 | | Geodis Logistics LLC (OHH Acquisition Corporation) | | | 639,800 | | | | 1,437 | | | | 1,593 | | | | - | | | - |
| 2018 | | 9/30/2018 | | 50 Tyger River Dr. | | Duncan | | SC | | — | | Plastic Omnium Auto Exteriors, LLC | | | 221,833 | | | | 769 | | | | 769 | | | | - | | | - |
| | | 12/31/2018 | | 1133 Poplar Creek Rd. | | Henderson | | NC | | — | | Staples, Inc. | | | 196,946 | | | | 647 | | | | 665 | | | | - | | | - |
| | | | | 120 Southeast Pkwy. Dr. | | Franklin | | TN | | — | | Essex Group, Inc. (United Technologies Corporation) | | | 289,330 | | | | 552 | | | | 552 | | | | - | | | - |
| | | | | 2935 Van Vactor Dr. | | Plymouth | | IN | | — | | Bay Valley Foods, LLC | | | 300,500 | | | | 631 | | | | 631 | | | | - | | | - |
| | | | | 749 Southrock Dr. | | Rockford | | IL | | — | | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company and Jacobson Transportation Company, Inc.) | | | 150,000 | | | | 353 | | | | 399 | | | | - | | | - |
| 2019 | | 10/17/2019 | | 10345 Philipp Pkwy. | | Streetsboro | | OH | | — | | L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.) | | | 649,250 | | | | 1,958 | | | | 2,113 | | | | 17,048 | | | 09/2019 |
| | | 12/31/2019 | | 191 Arrowhead Dr. | | Hebron | | OH | | — | | Owens Corning Insulating Systems, LLC | | | 250,410 | | | | 423 | | | | 423 | | | | - | | | - |
| | | | | 200 Arrowhead Dr. | | Hebron | | OH | | — | | Owens Corning Insulating Systems, LLC | | | 400,522 | | | | 676 | | | | 676 | | | | - | | | - |
| | | | | 2415 US Hwy. 78 East | | Moody | | AL | | — | | Michelin North America, Inc. | | | 595,346 | | | | 1,056 | | | | 1,066 | | | | - | | | - |
| | | | | 3686 South Central Ave. | | Rockford | | IL | | — | | Pierce Packaging Co. | | | 93,000 | | | | 234 | | | | 234 | | | | - | | | - |
| 2020 | | 1/31/2020 | | 101 Michelin Dr. | | Laurens | | SC | | — | | Michelin North America, Inc. | | | 1,164,000 | | | | 2,576 | | | | 2,576 | | | | - | | | - |
| | | 5/31/2020 | | 359 Gateway Dr. | | Lavonia | | GA | | — | | TI Group Automotive Systems, LLC (TI Automotive Ltd.) | | | 133,221 | | | | 714 | | | | 900 | | | | 7,098 | | | 12/2020 |
| | | 6/30/2020 | | 1650-1654 Williams Rd. | | Columbus | | OH | | — | | ODW Logistics, Inc. (Nessent Ltd. And Dist-Trans Co, LLC) | | | 772,450 | | | | 1,007 | | | | 1,010 | | | | - | | | - |
| | | | | 3102 Queen Palm Dr. | | Tampa | | FL | | — | | Time Customer Service, Inc. (Time Inc.) | | | 229,605 | | | | 926 | | | | 990 | | | | - | | | - |
| | | 9/30/2020 | | 3350 Miac Cove Rd. | | Memphis | | TN | | — | | Mimeo.com, Inc. | | | 107,400 | | | | 309 | | | | 331 | | | | - | | | - |
| | | 12/19/2020 | | 1901 Ragu Dr. | | Owensboro | | KY | | 6 | | Unilever Supply Chain, Inc. (Unilever United States, Inc.) | | | 443,380 | | | | 1,119 | | | | 966 | | | | - | | | - |
| 2021 | | 3/31/2021 | | 2455 Premier Row | | Orlando | | FL | | — | | Walgreen Co. / Walgreen Eastern Co. | | | 205,016 | | | | 589 | | | | 381 | | | | - | | | - |
| | | 5/31/2021 | | 291 Park Center Dr. | | Winchester | | VA | | — | | Kraft Heinz Foods Company | | | 344,700 | | | | 1,067 | | | | 1,033 | | | | - | | | - |
| | | 9/30/2021 | | 3820 Micro Dr. | | Millington | | TN | | — | | Ingram Micro L.P. (Ingram Micro Inc.) | | | 701,819 | | | | 1,359 | | | | 1,405 | | | | - | | | - |
| | | 10/25/2021 | | 6938 Elm Valley Dr. | | Kalamazoo | | MI | | — | | Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited) | | | 150,945 | | | | 1,310 | | | | 1,520 | | | | - | | | - |
| | | 11/30/2021 | | 2880 Kenny Biggs Rd. | | Lumberton | | NC | | — | | Quickie Manufacturing Corporation | | | 423,280 | | | | 1,017 | | | | 1,061 | | | | - | | | - |
| 2022 | | 3/31/2022 | | 5417 Campus Dr. | | Shreveport | | LA | | — | | The Tire Rack, Inc. | | | 257,849 | | | | 1,006 | | | | 1,020 | | | | - | | | - |
| 2023 | | 2/28/2023 | | 7670 Hacks Cross Rd. | | Olive Branch | | MS | | — | | MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated) | | | 268,104 | | | | 679 | | | | 660 | | | | - | | | - |
| | | 12/31/2023 | | 1601 Pratt Ave. | | Marshall | | MI | | — | | Autocam Corporation | | | 58,707 | | | | 232 | | | | 232 | | | | - | | | - |
| 2024 | | 1/31/2024 | | 1285 W. State Road 32 | | Lebanon | | IN | | — | | Continental Tire the Americas, LLC | | | 741,880 | | | | 1,426 | | | | 742 | | | | - | | | - |
| | | 3/31/2024 | | 1520 Lauderdale Memorial Hwy. | | Cleveland | | TN | | — | | General Electric Company | | | 851,370 | | | | 994 | | | | 1,002 | | | | - | | | - |
| | | 4/30/2024 | | 113 Wells St. | | North Berwick | | ME | | — | | United Technologies Corporation | | | 993,685 | | | | 1,349 | | | | 1,472 | | | | 2,356 | | | 04/2019 |
| | | 5/31/2024 | | 901 East Bingen Point Way | | Bingen | | WA | | — | | The Boeing Company | | | 124,539 | | | | 1,977 | | | | 1,928 | | | | - | | | - |
| | | 10/31/2024 | | 43955 Plymouth Oaks Blvd. | | Plymouth | | MI | | — | | Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.) | | | 311,612 | | | | 1,133 | | | | 1,080 | | | | - | | | - |
| 2025 | | 6/30/2025 | | 10000 Business Blvd. | | Dry Ridge | | KY | | — | | Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited) | | | 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) | | | 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) | | | 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) | | | 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) | | | 539,592 | | | | 2,129 | | | | 2,129 | | | | - | | | - |
| | | 7/14/2025 | | 590 Ecology Ln. | | Chester | | SC | | — | | Boral Stone Products LLC (Boral Limited) | | | 420,597 | | | | 1,286 | | | | 1,731 | | | | 7,455 | | | 08/2025 |
| | | 7/31/2025 | | 7005 Cochran Rd. | | Glenwillow | | OH | | — | | Royal Appliance Mfg. Co. | | | 458,000 | | | | 1,546 | | | | 1,576 | �� | | | - | | | - |
| | | 12/31/2025 | | 1700 47th Ave North | | Minneapolis | | MN | | — | | Owens Corning Roofing and Asphalt, LLC | | | 18,620 | | | | 413 | | | | 413 | | | | - | | | - |
| 2026 | | 3/30/2026 | | 121 Technology Dr. | | Durham | | NH | | 15 | | Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc. (Goss International Corporation) | | | 500,500 | | | | 1,903 | | | | 2,479 | | | | - | | | - |
| | | 3/31/2026 | | 633 Garrett Pkwy. | | Lewisburg | | TN | | — | | Calsonic Kansei North America, Inc. | | | 310,000 | | | | 971 | | | | 902 | | | | - | | | - |
| | | 6/30/2026 | | 351 Chamber Dr. | | Chillicothe | | OH | | — | | The Kitchen Collection, LLC | | | 475,218 | | | | 869 | | | | 837 | | | | - | | | - |
| | | 9/30/2026 | | 900 Industrial Blvd. | | Crossville | | TN | | — | | Dana Commercial Vehicle Products, LLC | | | 222,200 | | | | 433 | | | | 433 | | | | - | | | - |
| | | | | 3931 Lakeview Corporate Dr. | | Edwardsville | | IL | | — | | AMAZON.COM.DEDC, LLC (Amazon.com, Inc.) | | | 769,500 | | | | 2,017 | | | | 1,877 | | | | - | | | - |
| | | 10/31/2026 | | 5001 Greenwood Rd. | | Shreveport | | LA | | — | | Libbey Glass Inc. (Libbey Inc.) | | | 646,000 | | | | 1,624 | | | | 1,623 | | | | - | | | - |
| | | 11/30/2026 | | 250 Rittenhouse Cir. | | Bristol | | PA | | — | | Northtec LLC (The Estée Lauder Companies Inc.) | | | 241,977 | | | | 860 | | | | 851 | | | | - | | | - |
| | | | | 736 Addison Rd. | | Erwin | | NY | | — | | Corning Property Management Corporation | | | 408,000 | | | | 998 | | | | 1,004 | | | | 7,107 | | | 10/2018 |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2017
Year of Lease
Expiration | | Date of Lease
Expiration | | Property Location | | City | | State | | Note | | Primary Tenant (Guarantor) | | Sq. Ft.
Leased or
Available(1) | | | GAAP
Rent
as of
9/30/2017
($000)(3) | | | Cash
Rent
as of
9/30/2017
($000)(2) | | | 9/30/2017
Debt Balance
($000) | | | Debt
Maturity |
| INDUSTRIAL PROPERTIES | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2027 | | 1/31/2027 | | 27200 West 157th St. | | New Century | | KS | | — | | Amazon.com.ksdc, LLC (Amazon.com, Inc.) | | | 446,500 | | | | 742 | | | | 631 | | | | - | | | - |
| | | 2/28/2027 | | 3456 Meyers Ave. | | Memphis | | TN | | — | | Sears, Roebuck and Co. / Sears Logistics Services | | | 780,000 | | | | 1,271 | | | | 1,194 | | | | - | | | - |
| | | | | 554 Nissan Pkwy. | | Canton | | MS | | — | | Nissan North America, Inc. | | | 1,466,000 | | | | 4,650 | | | | 4,391 | | | | - | | | - |
| | | 4/30/2027 | | 16407 Applewhite Rd. | | San Antonio | | TX | | 20 | | International Heating, Air-Conditioning and Refrigeration Solutions Company | | | 849,275 | | | | 765 | | | | 698 | | | | - | | | - |
| | | | | 200 Sam Griffin Rd. | | Smyrna | | TN | | — | | Nissan North America, Inc. | | | 1,505,000 | | | | 73 | | | | 69 | | | | - | | | - |
| | | 6/30/2027 | | 1501 Nolan Ryan Expy. | | Arlington | | TX | | — | | Arrow Electronics, Inc. | | | 74,739 | | | | 305 | | | | 117 | | | | - | | | - |
| | | 9/30/2027 | | 1550 Hwy 302 | | Byhalia | | MS | | — | | McCormick & Company, Inc. | | | 615,600 | | | | 20 | | | | 0 | | | | - | | | - |
| | | 10/31/2027 | | 201 James Lawrence Rd. | | Jackson | | TN | | — | | Kellogg Sales Company (Kellogg Company) | | | 1,062,055 | | | | 44 | | | | 40 | | | | - | | | - |
| | | 12/31/2027 | | 10590 Hamilton Ave. | | Cincinnati | | OH | | — | | The Hillman Group, Inc. | | | 264,598 | | | | 610 | | | | 586 | | | | - | | | - |
| 2028 | | 1/31/2028 | | 490 Westridge Pkwy. | | McDonough | | GA | | 17 | | Georgia-Pacific Consumer Products LP (Georgia-Pacific LLC) | | | 1,121,120 | | | | 505 | | | | 453 | | | | - | | | - |
| | | 3/31/2028 | | 29-01-Borden Ave./29-10 Hunters Point Ave. | | Long Island City | | NY | | — | | FedEx Ground Package System, Inc. (FedEx Corporation) | | | 140,330 | | | | 3,851 | | | | 3,578 | | | | 44,087 | | | 03/2028 |
| | | 8/31/2028 | | 1420 Greenwood Rd. | | McDonough | | GA | | — | | United States Cold Storage, Inc. | | | 296,972 | | | | 1,627 | | | | 1,585 | | | | - | | | - |
| | | 9/30/2028 | | 904 Industrial Rd. | | Marshall | | MI | | — | | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | | | 246,508 | | | | 505 | | | | 631 | | | | - | | | - |
| 2029 | | 11/24/2029 | | 318 Pappy Dunn Blvd. | | Anniston | | AL | | — | | International Automotive Components Group North America, Inc. | | | 276,782 | | | | 1,305 | | | | 1,214 | | | | - | | | - |
| 2030 | | 3/31/2030 | | 549 Wingo Rd. | | Byhalia | | MS | | — | | Asics America Corporation (Asics Corporation) | | | 855,878 | | | | 3,291 | | | | 3,006 | | | | - | | | - |
| | | 5/31/2030 | | 3301 Stagecoach Rd. NE | | Thomson | | GA | | — | | Hollander Sleep Products, LLC (Hollander Home Fashions Holdings) | | | 208,000 | | | | 697 | | | | 641 | | | | - | | | - |
| 2031 | | 10/31/2031 | | 1020 W. Airport Rd. | | Romeoville | | IL | | — | | ARYZTA LLC (ARYZTA AG) | | | 188,166 | | | | 2,658 | | | | 2,476 | | | | - | | | - |
| 2032 | | 4/30/2032 | | 13930 Pike Rd. | | Missouri City | | TX | | — | | Vulcan Construction Materials, LP (Vulcan Materials Company) | | | - | | | | 1,592 | | | | 1,435 | | | | - | | | - |
| | | 10/31/2032 | | 27255 SW 95th Ave. | | Wilsonville | | OR | | — | | Pacific Foods of Oregon, Inc. d/b/a Pacific Natural Foods | | | 508,277 | | | | 2,340 | | | | 1,933 | | | | - | | | - |
| 2034 | | 9/30/2034 | | 5625 North Sloan Ln. | | North Las Vegas | | NV | | — | | Nicholas and Co., Inc. | | | 180,235 | | | | 1,917 | | | | 1,670 | | | | - | | | - |
| | | 10/31/2034 | | 1001 Innovation Rd. | | Rantoul | | IL | | — | | Bell Sports, Inc. (Vista Outdoor Inc.) | | | 813,126 | | | | 3,147 | | | | 2,712 | | | | - | | | - |
| 2035 | | 3/31/2035 | | 13863 Industrial Rd. | | Houston | | TX | | — | | Curtis Kelly, Inc. (Spitzer Industries, Inc.) | | | 187,800 | | | | 1,826 | | | | 1,553 | | | | - | | | - |
| | | | | 7007 F.M. 362 Rd. | | Brookshire | | TX | | — | | Orizon Industries, Inc. (Spitzer Industries, Inc.) | | | 262,095 | | | | 1,433 | | | | 1,219 | | | | - | | | - |
| | | 6/30/2035 | | 111 West Oakview Pkwy. | | Oak Creek | | WI | | — | | Stella & Chewy's LLC | | | 164,007 | | | | 1,574 | | | | 1,399 | | | | - | | | - |
| | | 8/31/2035 | | 2800 Polar Way | | Richland | | WA | | 9 | | Preferred Freezer Services of Richland, LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC) | | | 456,412 | | | | 9,850 | | | | 8,274 | | | | 110,000 | | | 01/2026 |
| | | 10/22/2035 | | 2860 Clark St. | | Detroit | | MI | | — | | FCA US LLC (f/k/a Chrysler Group LLC) | | | 189,960 | | | | 1,653 | | | | 1,653 | | | | - | | | - |
| 2036 | | 5/31/2036 | | 671 Washburn Switch Rd. | | Shelby | | NC | | — | | Clearwater Paper Corporation | | | 673,425 | | | | 2,038 | | | | 1,788 | | | | - | | | - |
| | | 6/30/2036 | | 100 Ryobi Drive | | Anderson | | SC | | — | | One World Technologies, Inc. (Techtronic Industries Co. Ltd.) | | | 1,327,022 | | | | 3,335 | | | | 2,763 | | | | - | | | - |
| 2037 | | 3/31/2037 | | 4005 E I-30 | | Grand Prairie | | TX | | — | | O'Neal Metals (Texas), L.P. (O'Neal Industries, Inc.) | | | 215,000 | | | | 520 | | | | 427 | | | | - | | | - |
| 2038 | | 3/31/2038 | | 13901/14035 Industrial Rd. | | Houston | | TX | | — | | Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC) | | | 132,449 | | | | 5,080 | | | | 4,264 | | | | - | | | - |
| 2042 | | 5/31/2042 | | 4801 North Park Dr. | | Opelika | | AL | | — | | Golden State Foods Corp. (Golden State Enterprises, Inc.) | | | 165,493 | | | | 599 | | | | 1,087 | | | | - | | | - |
| N/A | | Vacancy | | 3350 Miac Cove Rd. | | Memphis | | TN | | — | | (Available for Lease) | | | 32,679 | | | | - | | | | - | | | | - | | | - |
| INDUSTRIAL TOTAL/WEIGHTED AVERAGE | | | | | | 99.9% Leased | | | 33,926,828 | | | $ | 107,981 | | | $ | 102,356 | | | $ | 195,151 | | | |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2017
Year of Lease
Expiration | | Date of Lease
Expiration | | Property Location | | City | | State | | Note | | Primary Tenant (Guarantor) | | Sq.Ft. | | | Percentage
Leased | | | GAAP
Rent
as of
9/30/2017
($000)(3) | | | Cash
Rent
as of
9/30/2017
($000)(2) | | | 9/30/2017
Debt
Balance
($000) | | | Debt Maturity |
| MULTI-TENANT PROPERTIES (8,14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 10300 Kincaid Dr. | | Fishers | | IN | | 11, 13 | | Available for lease | | | 193,000 | | | | 0 | % | | | 245 | | | | 302 | | | | - | | | - |
| | | | | 11511 Luna Rd. | | Farmers Branch | | TX | | 19 | | International Business Machines Corporation | | | 181,072 | | | | 43 | % | | | 792 | | | | 756 | | | | - | | | - |
| | | | | 1311 Broadfield Blvd. | | Houston | | TX | | 11 | | Saipem America, Inc. (Saipem S.p.A.) | | | 155,407 | | | | 53 | % | | | 540 | | | | 367 | | | | - | | | - |
| | | | | 13430 North Black Canyon Fwy. | | Phoenix | | AZ | | — | | Multi-Tenant | | | 138,940 | | | | 92 | % | | | 1,740 | | | | 1,859 | | | | - | | | - |
| | | | | 1460 Tobias Gadson Blvd. | | Charleston | | SC | | — | | Vallen Distribution, Inc. | | | 50,076 | | | | 41'% | | | | 286 | | | | 286 | | | | 7,014 | | | 02/2021 |
| | | | | 2210 Enterprise Dr. | | Florence | | SC | | — | | Caliber Funding, LLC | | | 176,557 | | | | 21 | % | | | 518 | | | | 569 | | | | - | | | - |
| | | | | 250 Swathmore Ave. | | High Point | | NC | | 11, 18 | | Available for lease | | | 244,851 | | | | 0 | % | | | 815 | | | | 865 | | | | - | | | - |
| | | | | 5104 North Franklin Rd. | | Lawrence | | IN | | — | | Available for lease | | | 35,786 | | | | 0 | % | | | - | | | | - | | | | - | | | - |
| | | | | 6050 Dana Way | | Antioch | | TN | | — | | Multi-Tenant | | | 674,528 | | | | 97 | % | | | 1,728 | | | | 1,693 | | | | - | | | - |
| | | | | 832 N. Westover Blvd . | | Albany | | GA | | 11 | | Available for lease | | | 45,554 | | | | 0 | % | | | 173 | | | | 376 | | | | - | | | - |
| | | | | King St./1042 Fort St. Mall | | Honolulu | | HI | | — | | Multi-Tenant | | | 77,459 | | | | 49 | % | | | 526 | | | | 526 | | | | - | | | - |
| MULTI-TENANT TOTAL/WEIGHTED AVERAGE | | | | | | 52.7% Leased | | | 1,973,230 | | | | | | | $ | 7,363 | | | $ | 7,599 | | | $ | 7,014 | | | |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2017
Year of Lease
Expiration | | Date of Lease
Expiration | | Property Location | | City | | State | | Note | | Primary Tenant (Guarantor) | | Sq.Ft.
Leased or
Available (1) | | | GAAP Rent
as of 9/30/2017
($000)(3) | | | Cash Rent
as of 9/30/2017
($000)(2) | | | 9/30/2017
Debt Balance
($000) | | | Debt Maturity |
| OTHER PROPERTIES | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2018 | | 2/26/2018 | | 4831 Whipple Ave., NW | | Canton | | OH | | — | | Best Buy Co., Inc. | | | 46,350 | | | | 349 | | | | 349 | | | | - | | | - |
| | | 9/30/2018 | | 835 Julian Ave. | | Thomasville | | NC | | — | | Mighty Dollar, LLC | | | 23,767 | | | | 62 | | | | 62 | | | | - | | | - |
| | | 12/31/2018 | | 1150 West Carl Sandburg Dr. | | Galesburg | | IL | | — | | Kmart Stores of Illinois LLC / Kmart Corporation | | | 94,970 | | | | 247 | | | | 120 | | | | 105 | | | 07/2018 |
| | | | | 12080 Carmel Mountain Rd. | | San Diego | | CA | | — | | Sears, Roebuck and Co / Kmart Corporation | | | 107,210 | | | | 563 | | | | 136 | | | | 119 | | | 07/2018 |
| | | | | 21082 Pioneer Plaza Dr. | | Watertown | | NY | | — | | Kmart Corporation | | | 120,727 | | | | 361 | | | | 201 | | | | 176 | | | 07/2018 |
| | | | | 255 Northgate Dr. | | Manteca | | CA | | — | | Kmart Corporation | | | 107,489 | | | | 416 | | | | 213 | | | | 187 | | | 07/2018 |
| | | | | 97 Seneca Trail | | Fairlea | | WV | | — | | Kmart Corporation | | | 90,933 | | | | 260 | | | | 141 | | | | 123 | | | 07/2018 |
| 2019 | | 3/31/2019 | | B.E.C. 45th St./Lee Blvd. | | Lawton | | OK | | — | | Associated Wholesale Grocers, Inc. / Safeway, Inc. | | | 30,757 | | | | 142 | | | | 139 | | | | - | | | - |
| | | 6/30/2019 | | 1600 East 23rd St. | | Chattanooga | | TN | | — | | BI-LO, LLC / K-VA-T Food Stores, Inc. | | | 42,130 | | | | 97 | | | | 97 | | | | - | | | - |
| 2023 | | 2/28/2023 | | 733 East Main St. | | Jefferson | | NC | | — | | Food Lion, LLC / Delhaize America, Inc. | | | 34,555 | | | | 117 | | | | 120 | | | | - | | | - |
| | | | | 2411 West Beverly St. | | Staunton | | VA | | — | | Food Lion, LLC / Delhaize America, Inc. | | | 23,000 | | | | 124 | | | | 124 | | | | - | | | - |
| | | 7/1/2023 | | 1053 Mineral Springs Rd. | | Paris | | TN | | — | | The Kroger Co. | | | 31,170 | | | | 134 | | | | 119 | | | | - | | | - |
| 2026 | | 5/31/2026 | | 6910 South Memorial Hwy. | | Tulsa | | OK | | — | | Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc. | | | 43,123 | | | | 177 | | | | 177 | | | | - | | | - |
| 2029 | | 1/31/2029 | | 175 Holt Garrison Pkwy. | | Danville | | VA | | — | | Home Depot USA, Inc. | | | - | | | | 162 | | | | 195 | | | | - | | | - |
| 2043 | | 2/28/2043 | | 1237 W. Sherman Ave. | | Vineland | | NJ | | — | | HealthSouth Rehabilitation Hospital of South Jersey, LLC (HealthSouth Corporation) | | | 39,287 | | | | 861 | | | | 861 | | | | - | | | - |
| 2048 | | 12/31/2048 | | 30 Light St. | | Baltimore | | MD | | — | | 30 Charm City, LLC | | | - | | | | 224 | | | | 224 | | | | - | | | - |
| 2055 | | 1/31/2055 | | 499 Derbyshire Dr. | | Venice | | FL | | — | | Littlestone Brotherhood LLC (Ralph Little) | | | 31,180 | | | | 1,431 | | | | 984 | | | | - | | | - |
| 2112 | | 8/31/2112 | | 201-215 N. Charles St. | | Baltimore | | MD | | — | | 201 NC Leasehold LLC | | | - | | | | 203 | | | | 203 | | | | - | | | - |
| OTHER TOTAL/WEIGHTED AVERAGE | | | | | | | 100.0% Leased | | | 866,648 | | | $ | 5,930 | | | $ | 4,465 | | | $ | 710 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE | | 97.9% Leased | | | 47,943,865 | | | $ | 257,907 | | | $ | 248,223 | | | $ | 676,935 | | | |
| 1 | Square footage leased or available. |
| 2 | Nine months ended 9/30/2017 cash rent. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document. |
| 3 | Nine months ended 9/30/2017 GAAP rent, excluding termination income. |
| 4 | Mortgage encumbering the property is in default as of 9/30/2017. |
| 5 | Part of Richmond, Virginia property, which is primarily leased to McGuireWoods LLP. |
| 6 | Lexington has a 71.1% interest in this property. |
| 7 | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) lease for 100,632 square feet expires 12/31/2019; however, 71,073 square feet is then leased to Wisconsin Physicians Service Insurance Corp. through 8/31/2023. |
| 8 | Multi-tenant properties are properties less than 50% leased to a single tenant; however, Houston, TX, considered multi-tenant as 27,213 square feet of Saipem America, Inc.'s lease expires 10/2017. |
| 9 | ConAgra Foods, Inc. provides credit support. |
| 10 | 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. |
| 11 | Cash and GAAP rent amounts represent/include prior tenant. |
| 12 | 21,365 square feet is leased to 7/31/2025. |
| 13 | Property classified as held for sale at 9/30/2017 and sold subsequent to 9/30/2017. |
| 14 | The multi-tenanted properties incurred approximately $3.5 million in operating expenses, net for the nine months ended 9/30/2017. |
| 15 | Heidelberg Americas, Inc. lease expires 3/30/2021; however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026. |
| 16 | Subsequent to 9/30/2017, lease extended to 12/2020. |
| 17 | Square footage includes a 220,480 square foot expansion expected to be completed in 2018. |
| 18 | Property disposed of subsequent to 9/30/2017. |
| 19 | Subsequent to 9/30/2017, an additional 64,788 square feet leased for seven years and nine months. |
| 20 | Lease restricts certain disclosures. Guarantor is investment grade. |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Non-consolidated Portfolio - 9/30/2017
Year of Lease
Expiration | | Date of Lease
Expiration | | Property Location | | City | | State | | Note | | Primary Tenant (Guarantor) | | Sq.Ft. | | | LXP %
Ownership | | | GAAP
Rent
as of
9/30/2017
($000)(3) | | | Cash
Rent
as of
9/30/2017
($000)(2) | | | 9/30/2017
Debt
Balance
($000) | | | Debt Maturity(7) |
| NON-CONSOLIDATED PROPERTIES | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2029 | | 1/31/2029 | | 18839 McKay Blvd. | | Humble | | TX | | — | | Triumph Rehabilitation Hospital of Northeast Houston, LLC (RehabCare Group, Inc.) | | | 55,646 | | | | 15 | % | | | 2,049 | | | | 1,879 | | | | 13,913 | | | 05/2019 |
| 2033 | | 10/31/2033 | | 607 & 611 Lumsden Professional Ct. | | Brandon | | FL | | 1 | | BluePearl Holdings, LLC | | | 8,500 | | | | 15 | % | | | 150 | | | | 150 | | | | - | | | - |
| | | | | 4525 Ulmerton Rd. | | Clearwater | | FL | | 1 | | BluePearl Holdings, LLC | | | 3,000 | | | | 15 | % | | | 89 | | | | 89 | | | | - | | | - |
| | | | | 455 Abernathy Rd. | | Atlanta | | GA | | 1 | | BluePearl Holdings, LLC | | | 32,000 | | | | 15 | % | | | 907 | | | | 738 | | | | - | | | - |
| | | | | 820 Frontage Rd. | | Northfield | | IL | | 1 | | BluePearl Holdings, LLC | | | 14,000 | | | | 15 | % | | | 348 | | | | 348 | | | | - | | | - |
| | | | | 4126 Packard Rd. | | Ann Arbor | | MI | | 1 | | BluePearl Holdings, LLC | | | 3,500 | | | | 15 | % | | | 41 | | | | 41 | | | | - | | | - |
| | | | | 29080 Inkster Rd. | | Southfield | | MI | | 1 | | BluePearl Holdings, LLC | | | 38,000 | | | | 15 | % | | | 955 | | | | 835 | | | | 18,791 | | | 11/2018 |
| 2036 | | 8/31/2036 | | 2203 North Westgreen Blvd. | | Katy | | TX | | 4 | | British Schools of America, LLC | | | 274,000 | | | | 25 | % | | | 4,678 | | | | 4,678 | | | | - | | | - |
| N/A | | Vacancy | | 100 Gander Way | | Palm Beach Gardens | | FL | | 5,6 | | (Available for Lease) | | | 120,000 | | | | 25 | % | | | 2,692 | | | | 1,742 | | | | 13,957 | | | 03/2018 |
| NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE | | | | | 75.3% Leased | | | 548,646 | | | | | | | $ | 11,909 | | | $ | 10,500 | | | $ | 46,661 | | | |
Footnotes
| 1 | All mortgage notes are cross-collateralized and cross-defaulted. |
| 2 | Nine months ended 9/30/2017 cash rent. |
| 3 | Nine months ended 9/30/2017 GAAP rent, excluding termination income. |
| 4 | Lexington is the lender of a $49.4 million mortgage pursuant to the joint venture agreement. |
| 5 | Cash and GAAP rent amounts represent/include prior tenant. Tenant declared bankruptcy and rejected the lease. |
| 7 | Interest rates range from 3.7% to 4.2% at 9/30/2017. |
LEXINGTON REALTY TRUST
Select Credit Metrics Summary(1)
| | | 9/30/2017 | |
| | | | |
| Adjusted Company FFO Payout Ratio | | | 73.9 | % |
| | | | | |
| Unencumbered Assets | | | $3.44 billion | |
| | | | | |
| Unencumbered NOI | | | 72.7 | % |
| | | | | |
| (Debt + Preferred) / Gross Assets | | | 45.3 | % |
| | | | | |
| Debt/Gross Assets | | | 43.3 | % |
| | | | | |
| Secured Debt / Gross Assets | | | 13.9 | % |
| | | | | |
| Net Debt / Adjusted EBITDA | | | 6.2 | x |
| | | | | |
| (Net Debt + Preferred) / Adjusted EBITDA | | | 6.5 | x |
| | | | | |
| Credit Facilities Availability(2) | | | $300.4 million | |
Footnotes
| (1) | See reconciliations of non-GAAP measures in this document. Lexington believes these credit metrics provide investors with additional information to evaluate its liquidity and performance. |
| (2) | Subject to covenant compliance. |
LEXINGTON REALTY TRUST
FINANCIAL COVENANTS(1)
Corporate Level Debt
| Bank Loans: | | Must be: | | 9/30/2017 |
| | | | | |
| Maximum Leverage | | < 60% | | 45.7% |
| Fixed Charge Coverage | | > 1.5x | | 2.7x |
| Recourse Secured Indebtedness Ratio | | < 10% cap value | | 0.0% |
| Secured Indebtedness Ratio | | < 45% | | 15.8% |
| Unsecured Debt Service Coverage | | > 2.0x | | 6.6x |
| Unencumbered Leverage | | < 60% | | 37.4% |
| | | | | |
| Bonds: | | | | |
| | | | | |
| Debt to Total Assets | | < 60% | | 44.1% |
| Secured Debt to Total Assets | | < 40% | | 14.1% |
| Debt Service Coverage | | > 1.5x | | 4.4x |
| Unencumbered Assets to Unsecured Debt | | > 150% | | 258.9% |
Footnotes
| (1) | The following is a summary of the key financial covenants for Lexington's credit facility and term loans and senior notes, as defined and calculated per the terms of the credit facility and term loans and senior notes, as applicable. These calculations are presented to show Lexington's compliance with such covenants only and are not measures of Lexington's liquidity or performance. |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2017
| Property | | Footnotes | | Debt
Balance
($000) | | | Interest
Rate
(%) | | | Maturity(a) | | Current
Estimated Annual
Debt Service
($000) (c) | | | Balloon
Payment
($000) | |
| Mortgages with Balloons | | | | | | | | | | | | | | | | | | | | |
| Lisle, IL | | (b)(j) | | $ | 9,120 | | | | 6.500 | % | | N/A | | $ | - | | | $ | 9,120 | |
| Orlando, FL | | (b) | | | 9,309 | | | | 5.722 | % | | N/A | | | - | | | | 9,309 | |
| Erwin, NY | | | | | 7,107 | | | | 5.910 | % | | 10/2018 | | | 728 | | | | 6,637 | |
| Overland Park, KS | | | | | 33,002 | | | | 5.891 | % | | 05/2019 | | | 2,657 | | | | 31,812 | |
| Kansas City, MO | | | | | 15,728 | | | | 5.883 | % | | 05/2019 | | | 1,268 | | | | 15,179 | |
| Columbus, IN | | | | | 13,333 | | | | 2.210 | % | | 07/2019 | | | 4,757 | | | | 4,993 | |
| Meridian, ID | | | | | 8,544 | | | | 6.010 | % | | 08/2019 | | | 753 | | | | 7,675 | |
| Streetsboro, OH | | | | | 17,048 | | | | 5.749 | % | | 09/2019 | | | 1,344 | | | | 16,338 | |
| Lenexa, KS | | | | | 8,739 | | | | 6.270 | % | | 12/2019 | | | 774 | | | | 7,770 | |
| Boca Raton, FL | | | | | 19,157 | | | | 6.470 | % | | 02/2020 | | | 1,542 | | | | 18,414 | |
| Oakland, ME | | | | | 8,450 | | | | 5.930 | % | | 10/2020 | | | 750 | | | | 7,660 | |
| Lavonia, GA | | | | | 7,098 | | | | 5.460 | % | | 12/2020 | | | 741 | | | | 5,895 | |
| Charleston, SC | | | | | 7,014 | | | | 5.850 | % | | 02/2021 | | | 520 | | | | 6,632 | |
| Whippany, NJ | | | | | 12,837 | | | | 6.298 | % | | 11/2021 | | | 1,344 | | | | 10,400 | |
| Chester, SC | | | | | 7,455 | | | | 5.380 | % | | 08/2025 | | | 1,144 | | | | 362 | |
| Richland, WA | | | | | 110,000 | | | | 4.000 | % | | 01/2026 | | | 4,400 | | | | 99,492 | |
| Lenexa, KS | | | | | 33,680 | | | | 3.700 | % | | 11/2027 | | | 2,808 | | | | 10,000 | |
| Richmond, VA | | | | | 57,500 | | | | 5.191 | % | | 02/2031 | | | 3,026 | | | | 53,176 | |
| Lake Jackson, TX | | | | | 193,511 | | | | 4.040 | % | | 10/2036 | | | 12,104 | | | | 11,305 | |
| Subtotal/Wtg. Avg./Years Remaining(i) | | | | $ | 578,632 | | | | 4.657 | % | | 10.5 | | $ | 40,660 | | | $ | 332,169 | |
| | | | | | | | | | | | | | | | | | | | | |
| Full Amortizing Mortgages | | | | | | | | | | | | | | | | | | | | |
| Manteca, CA | | | | $ | 187 | | | | 7.750 | % | | 07/2018 | | $ | 201 | | | $ | - | |
| Watertown, NY | | | | | 176 | | | | 7.750 | % | | 07/2018 | | | 189 | | | | - | |
| Fairlea, WV | | | | | 123 | | | | 7.750 | % | | 07/2018 | | | 133 | | | | - | |
| San Diego, CA | | | | | 119 | | | | 7.750 | % | | 07/2018 | | | 128 | | | | - | |
| Galesburg, IL | | | | | 105 | | | | 7.750 | % | | 07/2018 | | | 113 | | | | - | |
| North Berwick, ME | | | | | 2,356 | | | | 3.560 | % | | 04/2019 | | | 1,532 | | | | - | |
| Wall, NJ | | | | | 11,924 | | | | 6.250 | % | | 01/2021 | | | 3,774 | | | | - | |
| Palo Alto, CA | | | | | 39,226 | | | | 3.970 | % | | 12/2023 | | | 7,059 | | | | - | |
| Long Island City, NY | | | | | 44,087 | | | | 3.500 | % | | 03/2028 | | | 4,708 | | | | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Subtotal/Wtg. Avg./Years Remaining(i) | | | | $ | 98,303 | | | | 4.053 | % | | 7.6 | | $ | 17,837 | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Subtotal/Wtg. Avg./Years Remaining(i) | | | | $ | 676,935 | | | | 4.569 | % | | 10.1 | | $ | 58,497 | | | $ | 332,169 | |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2017
| Property | | Footnotes | | Debt
Balance
($000) | | | Interest
Rate
(%) | | | Maturity(a) | | Current
Estimated Annual
Debt Service
($000) (c) | | | Balloon
Payment
($000) | |
| Corporate(f) | | | | | | | | | | | | | | | | | | | | |
| Revolving Credit Facility | | (k) | | $ | 200,000 | | | | 2.237 | % | | 08/2019 | | $ | 4,536 | | | $ | 200,000 | |
| Term Loan | | (g) | | | 300,000 | | | | 2.216 | % | | 08/2020 | | | 6,740 | | | | 300,000 | |
| Term Loan | | (h) | | | 300,000 | | | | 2.495 | % | | 01/2021 | | | 7,589 | | | | 300,000 | |
| Senior Notes | | | | | 250,000 | | | | 4.250 | % | | 06/2023 | | | 10,625 | | | | 250,000 | |
| Senior Notes | | | | | 250,000 | | | | 4.400 | % | | 06/2024 | | | 11,000 | | | | 250,000 | |
| Trust Preferred Notes | | (d) | | | 129,120 | | | | 3.011 | % | | 04/2037 | | | 3,942 | | | | 129,120 | |
| Subtotal/Wtg. Avg./Years Remaining(i) | | | | $ | 1,429,120 | | | | 3.087 | % | | 5.5 | | $ | 44,432 | | | $ | 1,429,120 | |
| Total/Wtg. Avg./Years Remaining(i) | | (e) | | $ | 2,106,055 | | | | 3.564 | % | | 6.9 | | $ | 102,929 | | | $ | 1,761,289 | |
Footnotes
| (a) | Subtotal and total based on weighted-average term to maturity shown in years based on debt balance. |
| (b) | Loan is in maturity default as of September 30, 2017. |
| (c) | Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. |
| (d) | Rate is three month LIBOR plus 170 bps. |
| (e) | See reconciliations of non-GAAP measures in this document. |
| (g) | Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.09% through February 2018 via interest rate swap agreements on $250.0 million of borrowings. |
| (h) | Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.42% through January 2019 via interest rate swap agreements on $255.0 million of borrowings. |
| (i) | Total shown may differ from detailed amounts due to rounding. |
| (j) | Subsequent to September 30, 2017, collateral conveyed to lender in a foreclosure sale. |
| (k) | Rate ranges from LIBOR plus 0.85% to 1.55%. |
LEXINGTON REALTY TRUST
Debt Maturity Schedule
9/30/2017
($000)
| Consolidated Properties |
| Year | | Mortgage
Scheduled
Amortization | | | Mortgage
Balloon Payments | | | Corporate Debt | |
| 2017-remaining | | $ | 6,328 | | | $ | 18,429 | | | $ | - | |
| 2018 | | | 29,812 | | | | 6,637 | | | | - | |
| 2019 | | | 26,681 | | | | 83,767 | | | | 200,000 | |
| 2020 | | | 23,178 | | | | 31,969 | | | | 300,000 | |
| 2021 | | | 23,433 | | | | 17,032 | | | | 300,000 | |
| | | $ | 109,432 | | | $ | 157,834 | | | $ | 800,000 | |
Footnotes
| (1) | Percentage denotes weighted-average interest rate. |
LEXINGTON REALTY TRUST
Selected Balance Sheet Account Data
9/30/2017
($000)
| Balance Sheet | | | | |
| | | | | |
| Other assets | | $ | 32,124 | |
| | | | | |
| The components of other assets are: | | | | |
| | | | | |
| Deposits | | $ | 2,176 | |
| Equipment | | | 560 | |
| Prepaids | | | 2,326 | |
| Other receivables | | | 1,288 | |
| Deferred lease incentives | | | 17,198 | |
| Lake Jackson developer escrows | | | 7,942 | |
| Interest rate swap derivative asset | | | 510 | |
| Other | | | 124 | |
| | | | | |
| Accounts payable and other liabilities | | | | |
| | | | | |
| The components of accounts payable and other liabilities are: | | $ | 36,728 | |
| | | | | |
| Accounts payable and accrued expenses | | $ | 13,356 | |
| CIP accruals and other | | | 1,222 | |
| Taxes | | | 345 | |
| Deferred lease and loan costs | | | 10,341 | |
| Deposits | | | 1,135 | |
| Escrows | | | 410 | |
| Litigation reserve | | | 2,050 | |
| Transaction / build-to-suit costs | | | 7,869 | |
LEXINGTON REALTY TRUST
NON-GAAP MEASURES
DEFINITIONS
Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in the Quarterly Earnings Press Release, in this Quarterly Supplemental Information and in other public disclosures.
Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable Generally Accepted Accounting Principles (“GAAP”) measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington's financial performance or cash flow from operating, investing, or financing activities or liquidity.
Definitions:
Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, impairment charges, debt satisfaction gains (charges), net, non-cash charges, net, straight-line adjustments, non-recurring charges and adjustments for pro-rata share of non-wholly owned entities. Lexington’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Lexington believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA.
Cash Rent: Cash Rent is calculated by making adjustments to GAAP rent to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Rent excludes lease termination income. Lexington believes Cash Rent provides a meaningful indication of an investments ability to fund cash needs.
Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity real estate investment trust (“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, or 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 non-consolidated 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 FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington's real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.
GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) by the acquisition/completion cost (or sale) price.
LEXINGTON REALTY TRUST
NON-GAAP MEASURES
DEFINITIONS (CONTINUED)
Net Operating Income (NOI): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), tenant reimbursements and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington's NOI may not be comparable to that of other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.
Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned and included in our portfolio for two comparable reporting periods excluding properties encumbered by mortgage loans in default and the revenue associated with the expansion of properties, as applicable. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties and certain other properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, Lexington's Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of Lexington's operating performance. However, Same-Store NOI should not be viewed as an alternative measure of Lexington 's financial performance since it does not reflect the operations of Lexington's entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of Lexington's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact Lexington's results from operations. Lexington believes that net income is the most directly comparable GAAP measure to Same-Store NOI.
LEXINGTON REALTY TRUST
RECONCILIATION OF NON-GAAP MEASURES
($000)
| | | Nine months ended
September 30, 2017 | |
| | | | |
| Cash Rent Reconciliation: | | | | |
| | | | | |
| Rental revenue as reported | | $ | 265,923 | |
| | | | | |
| Rental revenue from sold properties | | | (5,082 | ) |
| Lease termination income | | | (2,934 | ) |
| | | | | |
| GAAP rent per supplement | | | 257,907 | |
| | | | | |
| GAAP rent adjustments:(1) | | | | |
| Straight-line adjustments | | | (12,287 | ) |
| Lease incentives | | | 1,427 | |
| Amortization of above/below market leases | | | 1,176 | |
| | | | | |
| Cash rent per supplement | | $ | 248,223 | |
Consolidated debt reconciliation September 30, 2017:
| | | GAAP Balance | | | Deferred Loan
Costs, net | | | Discounts | | | Gross Balance | |
| | | | | | | | | | | | | |
| Mortgages and notes payable(2) | | $ | 670,345 | | | $ | 6,590 | | | $ | - | | | $ | 676,935 | |
| Revolving credit facility borrowings(3) | | | 200,000 | | | | - | | | | - | | | | 200,000 | |
| Term loans payable(3) | | | 596,369 | | | | 3,631 | | | | - | | | | 600,000 | |
| Senior notes payable(3) | | | 494,989 | | | | 3,435 | | | | 1,576 | | | | 500,000 | |
| Trust preferred securities(3) | | | 127,171 | | | | 1,949 | | | | - | | | | 129,120 | |
| Consolidated debt | | $ | 2,088,874 | | | $ | 15,605 | | | $ | 1,576 | | | $ | 2,106,055 | |
Footnotes
| (1) | Individual items are adjusted for sold properties, which were previously reflected in the reconciliation. |
LEXINGTON REALTY TRUST
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
($000)
Same-Store NOI Reconciliation:
| | | Nine months ended September 30, | |
| | | 2017 | | | 2016 | |
| | | | | | | |
| Net Income | | $ | 55,181 | | | $ | 79,521 | |
| | | | | | | | | |
| Interest and amortization expense | | | 57,828 | | | | 68,573 | |
| Provision for income taxes | | | 1,174 | | | | 1,099 | |
| Depreciation and amortization | | | 128,706 | | | | 124,687 | |
| General and administrative | | | 25,561 | | | | 23,032 | |
| Litigation reserve | | | 2,050 | | | | - | |
| Transaction costs | | | 1,100 | | | | 329 | |
| Non-operating income | | | (4,997 | ) | | | (9,500 | ) |
| Gains on sales of properties | | | (55,078 | ) | | | (58,413 | ) |
| Impairment charges and loan loss | | | 43,577 | | | | 75,904 | |
| Debt satisfaction (gains) charges, net | | | (2,378 | ) | | | 818 | |
| Equity in (earnings) losses of non-consolidated entities | | | 1,064 | | | | (6,394 | ) |
| Lease termination income | | | (2,934 | ) | | | (15,390 | ) |
| Straight-line adjustments | | | (12,552 | ) | | | (35,697 | ) |
| Lease incentives | | | 1,456 | | | | 1,256 | |
| Amortization of above/below market leases | | | 1,180 | | | | 1,527 | |
| | | | | | | | | |
| Net Operating Income - ("NOI") | | | 240,938 | | | | 251,352 | |
| | | | | | | | | |
| Less NOI: | | | | | | | | |
| Disposed of properties | | | (2,455 | ) | | | (36,441 | ) |
| Acquired properties | | | (27,047 | ) | | | (2,556 | ) |
| Properties in default | | | (2,238 | ) | | | (2,226 | ) |
| | | | | | | | | |
| Same-Store NOI | | $ | 209,198 | | | $ | 210,129 | |
NOI for NAV:
| | | Nine months ended | |
| | | September 30, 2017 | |
| | | | |
| NOI per above | | $ | 240,938 | |
| Less NOI: | | | | |
| Disposed of properties | | | (2,455 | ) |
| Assets held for sale | | | 243 | |
| Assets acquired in 2017(1) | | | (7,267 | ) |
| Assets less than 70% leased / Other | | | (1,388 | ) |
| NOI for NAV | | $ | 230,071 | |
Footnotes
| (1) | Excludes Lake Jackson, TX. |
LEXINGTON REALTY TRUST
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
($000)
Reconciliation to Adjusted EBITDA:
| | | Three months ended | | | | |
| | | 9/30/2017 | | | 6/30/2017 | | | 3/31/2017 | | | 12/31/2016 | | | Trailing 12 Months | |
| | | | | | | | | | | | | | | | |
| Net income attributable to Lexington Realty Trust shareholders | | $ | 5,541 | | | $ | 7,152 | | | $ | 42,040 | | | $ | 16,001 | | | $ | 70,734 | |
| Interest and amortization expense | | | 18,887 | | | | 19,216 | | | | 19,725 | | | | 19,459 | | | | 77,287 | |
| Provision for income taxes | | | 375 | | | | 377 | | | | 422 | | | | 340 | | | | 1,514 | |
| Depreciation and amortization | | | 43,495 | | | | 42,320 | | | | 42,891 | | | | 41,361 | | | | 170,067 | |
| Straight-line adjustments | | | (4,002 | ) | | | (5,641 | ) | | | (2,909 | ) | | | (2,051 | ) | | | (14,603 | ) |
| Lease incentives | | | 515 | | | | 510 | | | | 431 | | | | 417 | | | | 1,873 | |
| Amortization of above/below market leases | | | 320 | | | | 346 | | | | 514 | | | | 530 | | | | 1,710 | |
| Gains on sales of properties | | | (10,645 | ) | | | (10,240 | ) | | | (34,193 | ) | | | (23,097 | ) | | | (78,175 | ) |
| Impairment charges and loan loss | | | 21,986 | | | | 13,599 | | | | 7,992 | | | | 24,332 | | | | 67,909 | |
| Debt satisfaction (gains) charges, net | | | (2,424 | ) | | | 46 | | | | - | | | | 157 | | | | (2,221 | ) |
| Litigation reserve | | | 2,050 | | | | - | | | | - | | | | - | | | | 2,050 | |
| Non-cash charges, net | | | 2,066 | | | | 1,987 | | | | 2,146 | | | | 2,092 | | | | 8,291 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Pro-rata share adjustments: | | | | | | | | | | | | | | | | | | | | |
| Non-consolidated entities adjustment | | | 329 | | | | 3,880 | | | | (1,066 | ) | | | (319 | ) | | | 2,824 | |
| Noncontrolling interests adjustment | | | (167 | ) | | | 7 | | | | (13 | ) | | | 698 | | | | 525 | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted EBITDA | | $ | 78,326 | | | $ | 73,559 | | | $ | 77,980 | | | $ | 79,920 | | | $ | 309,785 | |
LEXINGTON REALTY TRUST
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
($000)
Reconciliation of Select Credit Metrics:
| Adjusted Company FFO Payout: | | Nine months ended
September 30, 2017 | | | (Debt + Preferred) / Gross Assets: | | Nine months ended
September 30, 2017 | |
| Common share dividends per share | | $ | 0.525 | | | Consolidated debt | | $ | 2,088,874 | |
| Adjusted Company FFO per diluted share | | | 0.71 | | | Preferred shares liquidation preference | | | 96,770 | |
| Adjusted Company FFO payout ratio | | | 73.9 | % | | Debt and preferred | | $ | 2,185,644 | |
| | | | | | | | | | | |
| Unencumbered Assets: | | | | | | Total assets | | $ | 3,595,156 | |
| Real estate, at cost | | $ | 4,433,609 | | | Plus depreciation and amortization: | | | | |
| held for sale real estate, at cost | | | 8,607 | | | Real estate | | | 1,200,814 | |
| less encumbered real estate, at cost | | | (997,356 | ) | | Deferred lease costs | | | 26,462 | |
| Unencumbered assets | | $ | 3,444,860 | | | | | | | |
| | | | | | | Gross assets | | $ | 4,822,432 | |
| Unencumbered NOI: | | | | | | | | | | |
| NOI | | $ | 240,938 | | | (Debt + Preferred) / Gross Assets | | | 45.3 | % |
| Disposed of properties NOI | | | (2,455 | ) | | | | | | |
| Adjusted NOI | | | 238,483 | | | Debt / Gross Assets: | | | | |
| less encumbered adjusted NOI | | | (65,151 | ) | | Consolidated debt | | $ | 2,088,874 | |
| Unencumbered adjusted NOI | | $ | 173,332 | | | | | | | |
| Unencumbered NOI % | | | 72.7 | % | | Gross assets | | $ | 4,822,432 | |
| | | | | | | | | | | |
| Net Debt / Adjusted EBITDA: | | | | | | Debt / Gross assets | | | 43.3 | % |
| Adjusted EBITDA | | $ | 309,785 | | | | | | | |
| | | | | | | Secured Debt / Gross Assets: | | | | |
| Consolidated debt | | $ | 2,088,874 | | | Mortgages and notes payable | | $ | 670,345 | |
| less cash and cash equivalents(1) | | | (169,867 | ) | | | | | | |
| Net debt | | $ | 1,919,007 | | | Gross assets | | $ | 4,822,432 | |
| | | | | | | | | | | |
| Net debt / Adjusted EBITDA | | | 6.2 | x | | Secured Debt / Gross Assets | | | 13.9 | % |
| | | | | | | | | | | |
| (Net Debt + Preferred) / Adjusted EBITDA: | | | | | | | | | | |
| Adjusted EBITDA | | $ | 309,785 | | | | | | | |
| | | | | | | | | | | |
| Net debt | | $ | 1,919,007 | | | | | | | |
| Preferred shares liquidation preference | | | 96,770 | | | | | | | |
| Net debt + preferred | | $ | 2,015,777 | | | | | | | |
| | | | | | | | | | | |
| (Net Debt + Preferred) / Adjusted EBITDA | | | 6.5 | x | | | | | | |
Footnotes
(1) Includes funds held at 1031 exchange intermediaries.
Investor Information
| Computershare | Overnight Correspondence: |
| PO Box 505000 | 462 South 4th Street, Suite 1600 |
| Louisville, KY 40233 | Louisville, KY 40202 |
| (800) 850-3948 | |
| www-us.computershare.com/investor | |
| Heather Gentry | |
| Senior Vice President, Investor Relations |
| Telephone (direct) | (212) 692-7219 |
| Facsimile (main) | (212) 594-6600 |
| E-mail | hgentry@lxp.com |
| Bank of America/Merrill Lynch | | | Jeffries & Company, Inc. | |
| James Feldman | (646) 855-5808 | | Jon Peterson | (212) 284-1705 |
| | | | | |
| Barclays Capital | | | KeyBanc Capital Markets Inc. | |
| Ross L. Smotrich | (212) 526-2306 | | Craig Mailman | (917) 368-2316 |
| | | | | |
| D.A. Davidson | | | Ladenburg Thalmann & Co., Inc. | |
| Barry Oxford | (212) 240-9871 | | 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 | (562) 637-1371 |
