Exhibit 99.1
Quarterly Earnings and
Supplemental Operating and Financial Data
June 30, 2012
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
June 30, 2012
Table of Contents
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Section | Page |
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Second Quarter 2012 Earnings Press Release | 3 |
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Portfolio Data | |
2012 Second Quarter Leasing Summary | 12 |
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2012 Second Quarter Investment/Capital Recycling Summary | 14 |
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Build-To-Suit Projects | 15 |
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Property Leases and Vacancies – Consolidated Portfolio | 16 |
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Property Leases and Vacancies – Net Lease Strategic Assets Fund | 22 |
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Lease Rollover Schedule – Cash Basis | 24 |
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Lease Rollover Schedule – GAAP Basis | 25 |
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Mortgage Loans Receivable | 26 |
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2012 Second Quarter Financing Summary | 27 |
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Debt Maturity Schedule | 28 |
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2012 Mortgage Maturities by Property Type | 29 |
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2013 Mortgage Maturities by Property Type | 30 |
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2014 Mortgage Maturities by Property Type | 31 |
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2015 Mortgage Maturities by Property Type | 32 |
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2016 Mortgage Maturities by Property Type | 33 |
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Mortgages and Notes Payable | 34 |
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Partnership Interests | 38 |
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Selected Balance Sheet and Income Statement Account Data | 39 |
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Select Credit Metrics | 40 |
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Revenue and Same-Store NOI Data | 41 |
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Net Lease Strategic Assets Fund Supplemental Financial Disclosure | 42 |
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Top 20 Markets | 43 |
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Tenant Industry Diversification | 44 |
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Top 10 Tenants or Guarantors | 45 |
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Investor Information | 46 |
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This Quarterly Earnings Release and Supplemental Reporting Package contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations to achieve an expected annualized dividend paid in 2012 of $0.50 per common share, (2) Lexington’s ability to achieve its estimate of Reported Company FFO or Company FFO, as adjusted, for the year ended December 31, 2012, (3) the consummation of the build-to-suit transactions, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.
LEXINGTON REALTY TRUST
TRADED: NYSE: LXP
ONE PENN PLAZA, SUITE 4015
NEW YORK NY 10119-4015
Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com
FOR IMMEDIATE RELEASE
Tuesday, August 7, 2012
LEXINGTON REALTY TRUST REPORTS SECOND QUARTER 2012 RESULTS
New York, NY - August 7, 2012 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the second quarter ended June 30, 2012.
Second Quarter 2012 Highlights
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• | Generated Company Funds From Operations, as adjusted, (“Company FFO, as adjusted”) of $44.1 million or $0.24 per diluted common share. |
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• | Executed 14 new and extended leases, totaling 0.7 million square feet and ended the quarter with overall portfolio occupancy of 97.6%. |
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• | Closed property acquisitions of $63.7 million and invested $19.1 million in on-going build-to-suit projects. |
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• | Raised $82.0 million of gross proceeds from dispositions. |
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• | Borrowed $100.0 million at a weighted-average fixed interest rate of 3.95% and an average maturity of nine years. |
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• | Redeemed, at par, all outstanding shares of 8.05% Series B Cumulative Redeemable Preferred Stock for $68.5 million and repaid $23.6 million of non-recourse mortgage debt which was scheduled to mature in 2012 and had a weighted-average fixed rate of 5.9%. |
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• | Entered an agreement regarding the disposition of all assets in Net Lease Strategic Assets Fund by December 2012. |
Subsequent to Quarter End Highlights
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• | Executed 0.4 million square feet of extended leases, raising annual cash rents from $6.2 million to $9.6 million. |
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• | Retired $26.1 million of non-recourse mortgage debt which was scheduled to mature in 2012 and had a fixed rate of 6.1%. |
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "Our operating results continue to be strong. We have successfully raised occupancy, refinanced our debts at substantially lower rates and capitalized on favorable disposition and acquisitions opportunities. Accordingly, we are pleased to raise the range of our Company funds from operations guidance for 2012 to an expected range of $0.93-$0.96 per share."
FINANCIAL RESULTS
Revenues
For the quarter ended June 30, 2012, total gross revenues were $83.9 million, compared with total gross revenues of $78.5 million for the quarter ended June 30, 2011. The increase is primarily due to property acquisitions and an increase in occupancy.
Company FFO, As Adjusted
For the quarter ended June 30, 2012, the Company generated Company FFO, as adjusted, of $44.1 million, or $0.24 per diluted share, compared to Company FFO, as adjusted, for the quarter ended June 30, 2011 of $41.1 million, or $0.24 per diluted share. The calculation of Company FFO, as adjusted, is included later in this press release.
Net Loss Attributable to Common Shareholders
For the quarter ended June 30, 2012, net loss attributable to common shareholders was $(3.4) million, or a loss of $(0.02) per diluted share, compared with net loss attributable to common shareholders for the quarter ended June 30, 2011 of $(50.5) million, or a loss of $(0.33) per diluted share.
Capital Activities and Balance Sheet Update
During the second quarter of 2012, Lexington financed the Transamerica Tower in Baltimore, Maryland with a $55.0 million non-recourse mortgage loan which has an 11-year term and bears interest at a fixed rate of 4.32%.
During the second quarter of 2012, Lexington (1) borrowed an additional $45.0 million on its 7-year term loan and swapped the LIBOR rate on such borrowings for a current fixed rate of 3.5% and (2) repaid $23.6 million in non-recourse mortgage debt which was scheduled to mature in 2012 and had a weighted-average interest rate of 5.9%. As of June 30, 2012, $206.0 million was outstanding on the term loan and $9.0 million was available to be borrowed prior to January 13, 2013. In July 2012, Lexington repaid a $26.1 million non-recourse mortgage debt, which was scheduled to mature in 2012 and had an interest rate of 6.1%.
During the second quarter of 2012, Lexington redeemed, at par, all outstanding shares of 8.05% Series B Cumulative Redeemable Preferred Stock for $68.5 million.
Concord Debt Holdings
In May 2012, Lexington sold all of its interest in Concord Debt Holdings and related entities for $7.0 million in cash, resulting in a $7.0 million gain on sale, which is included in equity in earnings of non-consolidated entities, however it is excluded from the calculation of Company FFO, as adjusted.
Net Lease Strategic Assets Fund (NLS)
During the second quarter of 2012, Lexington entered into an agreement with its joint venture partner, a subsidiary of Inland American Real Estate Trust, Inc. ("Inland"), to, on October 1, 2012, either (1) sell its interest in NLS to Inland for a $219.8 million non-recourse promissory note which will bear interest at 7.07% and mature on December 21, 2012, or (2) purchase Inland's interest in NLS for $14.4 million in cash. The amount of the sale and/or purchase consideration will be reduced by distributions received by each respective partner from April 27, 2012 through October 1, 2012. Inland must deliver a written response by September 17, 2012 of its intention to either buy Lexington's interest in NLS or sell its interest in NLS to Lexington. If no notice is delivered by September 17, 2012, Inland will be deemed to have irrevocably agreed to sell its interest in NLS to Lexington. As a result, Lexington expects to either receive the cash amount or all of the NLS properties by December 21, 2012.
As of June 30, 2012, NLS owned 26 office, 13 industrial and 2 specialty assets located in 23 states, which encompass 5.8 million square feet and were 98.7% leased. Lexington's Quarterly Supplemental Operating and Financial Data Report for the quarter ended June 30, 2012 contains detailed property and debt information, historical operating results and certain credit metrics relating to the NLS properties.
Common Share Dividend/Unit Distribution
Lexington declared a regular quarterly dividend/distribution for the quarter ended June 30, 2012 of $0.125 per common share/unit, which was paid on July 16, 2012 to common shareholders/unitholders of record as of June 29, 2012.
OPERATING ACTIVITIES
Leasing
During the second quarter of 2012, Lexington executed 14 new and extended leases for 0.7 million square feet and ended the quarter with overall portfolio occupancy of 97.6%.
Subsequent to quarter end, Lexington executed 0.4 million square feet of extended leases, raising annual cash rents from $6.2 million to $9.6 million.
Capital Recycling
Dispositions
During the second quarter of 2012, Lexington disposed of its interest in four properties and a 6.9-acre parcel to unrelated parties for an aggregate gross sales price of $72.3 million, including $69.0 million for the multi-tenant office property in Long Beach, California. Lexington had a 55% interest in the Long Beach property.
In addition, Net Lease Strategic Assets Fund sold its interest in one property for a gross sale price of $2.7 million.
Investment Activity
Build-to-Suit Projects
Lexington closed on the acquisition of the build-to-suit industrial property in Shreveport, Louisiana for a capitalized cost of $12.9 million (9.6% initial cap rate). The property is net-leased for a 10-year term.
Lexington continues to fund the construction of, or is under contract to acquire, the previously announced build-to-suit projects in (1) Saint Joseph, Missouri (9.5% initial cap rate), (2) Jessup, Pennsylvania (9.2% initial cap rate), (3) Denver, Colorado (8.6% initial cap rate), (4) Long Island City, New York (8.5% initial cap rate), (5) Valdosta, Georgia (9.25% initial cap rate) and (6) Eugene, Oregon (9.0% initial cap rate). The aggregate estimated cost of these six on-going projects is approximately $149.5 million of which $60.8 million was invested as of June 30, 2012.
Loan Investments
During the second quarter of 2012, Lexington contracted to lend up to $8.0 million to fund the construction of a 52,000 square foot net-leased charter school in Homestead, Florida. Lexington funded $5.8 million as of June 30, 2012. The interest-only loan accrues interest at a rate of 7.5% per annum and is scheduled to mature in August 2014.
Property Acquisitions
During the second quarter of 2012, Lexington acquired an industrial property for $23.0 million (7.6% initial cap rate). The property encompasses 152 acres abutting a Union Pacific Railroad Line in Missouri City, Texas and is net-leased for a 20-year term.
In addition, during the second quarter of 2012, Lexington formed a joint venture with an 85% equity partner that acquired a 55,650 square foot inpatient rehabilitation hospital in Humble, Texas for $27.8 million. The hospital is net-leased for a remaining term of approximately 17 years. The acquisition was partially funded by a non-recourse mortgage in the original principal amount of $15.3 million, which bears interest at 4.7% and matures in May 2017.
2012 EARNINGS GUIDANCE
Lexington is increasing its estimate of Company FFO, as adjusted, by $0.01 per diluted share to a range of $0.93 to $0.96 per diluted share for the year ended December 31, 2012. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.
SECOND QUARTER 2012 CONFERENCE CALL
Lexington will host a conference call today, Tuesday, August 7, 2012, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2012. Interested parties may participate in this conference call by dialing 888-437-9364 or 719-457-2715. A replay of the call will be available through August 21, 2012, at 877-870-5176 or 858-384-5517, pin: 4936726. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in, and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations to achieve an expected annualized dividend paid in 2012 of $0.50 per common share, (2) Lexington's ability to achieve its estimate of Reported Company FFO or Company FFO, as adjusted, for the year ended December 31, 2012, (3) the consummation of the built-to-suit transactions, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, including with respect to financings that Lexington is working on, or (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.
References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held through special purpose entities, which are separate and distinct legal entities, but consolidated for financial statement purposes and/or disregarded for income tax purposes.
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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(Unaudited and in thousands, except share and per share data) |
| | | | | | | | | |
| | | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | | 2012 | | 2011 | | 2012 | | 2011 |
Gross revenues: | | | | | | | | |
| Rental | $ | 75,793 |
| $ | 69,983 |
| $ | 148,500 |
| $ | 139,868 |
|
| Advisory and incentive fees | | 765 |
| | 1,151 |
| | 1,088 |
| | 1,447 |
|
| Tenant reimbursements | | 7,372 |
| | 7,334 |
| | 14,936 |
| | 15,456 |
|
| | Total gross revenues | | 83,930 |
| | 78,468 |
| | 164,524 |
| | 156,771 |
|
| | | | | | | | | | |
Expense applicable to revenues: | | | | | | | | |
| Depreciation and amortization | | (41,950 | ) | | (40,364 | ) | | (80,258 | ) | | (78,096 | ) |
| Property operating | | (14,718 | ) | | (14,313 | ) | | (28,958 | ) | | (29,371 | ) |
General and administrative | | (6,201 | ) | | (5,535 | ) | | (11,588 | ) | | (10,979 | ) |
Non-operating income | | 1,693 |
| | 2,832 |
| | 4,314 |
| | 5,739 |
|
Interest and amortization expense | | (24,316 | ) | | (26,883 | ) | | (49,043 | ) | | (53,805 | ) |
Debt satisfaction gains (charges), net | | (2 | ) | | (10 | ) | | (1,651 | ) | | 9 |
|
Change in value of forward equity commitment | | — |
| | (445 | ) | | — |
| | 5,548 |
|
Litigation reserve | | (2,800 | ) | | — |
| | (2,800 | ) | | — |
|
Impairment charges | | (1,348 | ) | | (30,451 | ) | | (1,348 | ) | | (30,451 | ) |
| | | | | | | | | | |
Loss before benefit (provision) for income taxes, equity in earnings of non-consolidated entities and discontinued operations | | (5,712 | ) | | (36,701 | ) | | (6,808 | ) | | (34,635 | ) |
Benefit (provision) for income taxes | | (329 | ) | | (220 | ) | | (515 | ) | | 1,313 |
|
Equity in earnings of non-consolidated entities | | 10,277 |
| | 7,600 |
| | 17,670 |
| | 11,599 |
|
Income (loss) from continuing operations | | 4,236 |
| | (29,321 | ) | | 10,347 |
| | (21,723 | ) |
| | | | | | | | | | |
Discontinued operations: | | | | | | | | |
| Income from discontinued operations | | 502 |
| | 962 |
| | 702 |
| | 2,654 |
|
| Provision for income taxes | | (2 | ) | | (17 | ) | | (2 | ) | | (29 | ) |
| Debt satisfaction gains (charges), net | | — |
| | — |
| | 1,728 |
| | (603 | ) |
| Gains on sales of properties | | 2,671 |
| | 170 |
| | 2,671 |
| | 5,069 |
|
| Impairment charges | | (1,781 | ) | | (28,751 | ) | | (4,342 | ) | | (58,318 | ) |
| Total discontinued operations | | 1,390 |
| | (27,636 | ) | | 757 |
| | (51,227 | ) |
Net income (loss) | | 5,626 |
| | (56,957 | ) | | 11,104 |
| | (72,950 | ) |
| Less net (income) loss attributable to noncontrolling interests | | (1,116 | ) | | 12,699 |
| | (2,983 | ) | | 11,253 |
|
Net income (loss) attributable to Lexington Realty Trust shareholders | | 4,510 |
| | (44,258 | ) | | 8,121 |
| | (61,697 | ) |
Dividends attributable to preferred shares - Series B | | (919 | ) | | (1,590 | ) | | (2,298 | ) | | (3,180 | ) |
Dividends attributable to preferred shares - Series C | | (1,573 | ) | | (1,690 | ) | | (3,145 | ) | | (3,380 | ) |
Dividends attributable to preferred shares - Series D | | (2,925 | ) | | (2,925 | ) | | (5,851 | ) | | (5,851 | ) |
Dividends attributable to non-vested common shares | | (139 | ) | | (76 | ) | | (289 | ) | | (155 | ) |
Deemed dividend - Series B | | (2,346 | ) | | — |
| | (2,346 | ) | | — |
|
Redemption discount - Series C | | — |
| | — |
| | 229 |
| | 86 |
|
Net loss attributable to common shareholders | $ | (3,392 | ) | $ | (50,539 | ) | $ | (5,579 | ) | $ | (74,177 | ) |
| | | | | | | | | | |
Income (loss) per common share - basic and diluted: | | | | | | | | |
| Loss from continuing operations | $ | (0.02 | ) | $ | (0.23 | ) | $ | (0.04 | ) | $ | (0.23 | ) |
| Income (loss) from discontinued operations | | — |
| | (0.10 | ) | | — |
| | (0.27 | ) |
| Net loss attributable to common shareholders | $ | (0.02 | ) | $ | (0.33 | ) | $ | (0.04 | ) | $ | (0.50 | ) |
| | | | | | | | | | |
Weighted-average common shares outstanding - basic and diluted: | | 154,558,380 |
| | 151,526,956 |
| | 154,353,707 |
| | 148,866,015 |
|
| | | | | | | | | | |
Amounts attributable to common shareholders: | | | | | | | | |
| Loss from continuing operations | $ | (3,925 | ) | $ | (34,490 | ) | $ | (5,207 | ) | $ | (34,592 | ) |
| Income (loss) from discontinued operations | | 533 |
| | (16,049 | ) | | (372 | ) | | (39,585 | ) |
| Net loss attributable to common shareholders | $ | (3,392 | ) | $ | (50,539 | ) | $ | (5,579 | ) | $ | (74,177 | ) |
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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
June 30, 2012 (unaudited) and December 31, 2011 |
(In thousands, except share and per share data) |
| | | | |
| | 2012 | | 2011 |
Assets: | | | | |
Real estate, at cost | $ | 3,160,236 |
| $ | 3,172,246 |
|
Investments in real estate under construction | | 57,250 |
| | 34,529 |
|
Less: accumulated depreciation and amortization | | 693,627 |
| | 638,368 |
|
| | 2,523,859 |
| | 2,568,407 |
|
Intangible assets, net | | 163,718 |
| | 178,569 |
|
Cash and cash equivalents | | 50,189 |
| | 63,711 |
|
Restricted cash | | 30,497 |
| | 30,657 |
|
Investment in and advances to non-consolidated entities | | 96,826 |
| | 90,558 |
|
Deferred expenses, net | | 47,454 |
| | 43,966 |
|
Loans receivable, net | | 71,439 |
| | 66,619 |
|
Rent receivable | | 6,972 |
| | 7,271 |
|
Other assets | | 26,992 |
| | 28,290 |
|
Total assets | $ | 3,017,946 |
| $ | 3,078,048 |
|
| | | | |
Liabilities and Equity: | | | | |
Liabilities: | | | | |
Mortgages and notes payable | $ | 1,263,228 |
| $ | 1,366,004 |
|
Credit facility borrowings | | 35,000 |
| | — |
|
Term loan payable | | 206,000 |
| | — |
|
Exchangeable notes payable | | — |
| | 62,102 |
|
Convertible notes payable | | 106,118 |
| | 105,149 |
|
Trust preferred securities | | 129,120 |
| | 129,120 |
|
Dividends payable | | 23,987 |
| | 25,273 |
|
Accounts payable and other liabilities | | 59,592 |
| | 53,058 |
|
Accrued interest payable | | 11,941 |
| | 13,019 |
|
Deferred revenue - including below market leases, net | | 85,645 |
| | 90,349 |
|
Prepaid rent | | 16,787 |
| | 12,543 |
|
Total liabilities | | 1,937,418 |
| | 1,856,617 |
|
Commitments and contingencies | | | | |
| | | | |
Equity: | | | | |
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, | | | | |
Series B Cumulative Redeemable Preferred, liquidation preference $68,522; 2,740,874 shares issued and outstanding in 2011 | | — |
| | 66,193 |
|
Series C Cumulative Convertible Preferred, liquidation preference $96,770 and $98,510; 1,935,400 and 1,970,200 shares issued and outstanding in 2012 and 2011, respectively | | 94,016 |
| | 95,706 |
|
Series D Cumulative Redeemable Preferred, liquidation preference $155,000; 6,200,000 shares issued and outstanding | | 149,774 |
| | 149,774 |
|
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 155,760,185 and 154,938,351 shares issued and outstanding in 2012 and 2011, respectively | | 16 |
| | 15 |
|
Additional paid-in-capital | | 2,017,563 |
| | 2,010,850 |
|
Accumulated distributions in excess of net income | | (1,205,562 | ) | | (1,161,402 | ) |
Accumulated other comprehensive income (loss) | | (3,621 | ) | | 1,938 |
|
Total shareholders' equity | | 1,052,186 |
| | 1,163,074 |
|
Noncontrolling interests | | 28,342 |
| | 58,357 |
|
Total equity | | 1,080,528 |
| | 1,221,431 |
|
Total liabilities and equity | $ | 3,017,946 |
| $ | 3,078,048 |
|
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|
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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES |
EARNINGS PER SHARE |
(Unaudited and in thousands, except share and per share data) |
|
| | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2012 | | 2011 | | 2012 | | 2011 |
EARNINGS PER SHARE: | | | | | | | | |
| | | | | | | | |
Basic and Diluted: | | | | | | | | |
Loss from continuing operations attributable to common shareholders | $ | (3,925 | ) | $ | (34,490 | ) | $ | (5,207 | ) | $ | (34,592 | ) |
Income (loss) from discontinued operations attributable to common shareholders | | 533 |
| | (16,049 | ) | | (372 | ) | | (39,585 | ) |
Net loss attributable to common shareholders | $ | (3,392 | ) | $ | (50,539 | ) | $ | (5,579 | ) | $ | (74,177 | ) |
| | | | | | | | | |
Weighted-average number of common shares outstanding | | 154,558,380 |
| | 151,526,956 |
| | 154,353,707 |
| | 148,866,015 |
|
| | | | | | | | |
Income (loss) per common share: | | | | | | | | |
Loss from continuing operations | $ | (0.02 | ) | $ | (0.23 | ) | $ | (0.04 | ) | $ | (0.23 | ) |
Income (loss) from discontinued operations | | — |
| | (0.10 | ) | | — |
| | (0.27 | ) |
Net loss attributable to common shareholders | $ | (0.02 | ) | $ | (0.33 | ) | $ | (0.04 | ) | $ | (0.50 | ) |
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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES |
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION |
(Unaudited and in thousands, except share and per share data) |
| | | | | | | |
| | | | | | | |
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2012 | | 2011 | | 2012 | | 2011 |
FUNDS FROM OPERATIONS: (1) | | | | | | |
Basic and Diluted: | | | | | | | | |
Net loss attributable to common shareholders | $ | (3,392 | ) | $ | (50,539 | ) | $ | (5,579 | ) | $ | (74,177 | ) |
Adjustments: | | | | | | | | |
| Depreciation and amortization | | 41,318 |
| | 40,922 |
| | 79,619 |
| | 79,518 |
|
| Impairment losses - real estate | | 3,129 |
| | 59,202 |
| | 5,690 |
| | 88,769 |
|
| Impairment loss - joint venture | | — |
| | — |
| | — |
| | 1,559 |
|
| Noncontrolling interests - OP units | | 78 |
| | (1,398 | ) | | 438 |
| | (958 | ) |
| Amortization of leasing commissions | | 1,211 |
| | 966 |
| | 2,298 |
| | 1,873 |
|
| Joint venture and noncontrolling interest adjustment | | 2,047 |
| | (13,686 | ) | | 926 |
| | (13,981 | ) |
| Preferred dividends | | 3,919 |
| | 1,690 |
| | 5,262 |
| | 3,294 |
|
| Gains on sales of properties | | (2,671 | ) | | (170 | ) | | (2,671 | ) | | (5,069 | ) |
| Gain on sale - joint venture investment | | (7,000 | ) | | — |
| | (7,000 | ) | | — |
|
| Interest and amortization on 6.00% Convertible Notes | | 2,326 |
| | 2,326 |
| | 4,653 |
| | 4,653 |
|
Reported Company FFO | | 40,965 |
| | 39,313 |
| | 83,636 |
| | 85,481 |
|
| Debt satisfaction charges (gains), net | | 2 |
| | 10 |
| | (77 | ) | | 594 |
|
| Forward equity commitment | | — |
| | 445 |
| | — |
| | (5,548 | ) |
| Litigation reserve | | 2,800 |
| | — |
| | 2,800 |
| | — |
|
| Other | | 332 |
| | 1,305 |
| | 322 |
| | 2,250 |
|
Company FFO, as adjusted | | 44,099 |
| | 41,073 |
| | 86,681 |
| | 82,777 |
|
| | | | | | | | |
FUNDS AVAILABLE FOR DISTRIBUTION: (2) | | | | | | | | |
Adjustments: | | | | | | | | |
| Straight-line rents | | (5,408 | ) | | (3,927 | ) | | 4,069 |
| | 2,993 |
|
| Lease incentives | | 293 |
| | 525 |
| | 830 |
| | 1,047 |
|
| Amortization of below/above market leases | | (1,394 | ) | | (667 | ) | | (2,695 | ) | | (1,278 | ) |
| Non-cash interest, net | | (182 | ) | | 127 |
| | (856 | ) | | 351 |
|
| Non-cash general and administrative expenses | | 1,177 |
| | 1,014 |
| | 2,358 |
| | 1,951 |
|
| Tenant improvements | | (3,690 | ) | | (2,031 | ) | | (5,800 | ) | | (4,755 | ) |
| Lease costs | | (987 | ) | | (5,419 | ) | | (3,631 | ) | | (9,246 | ) |
Reported Company Funds Available for Distribution | $ | 33,908 |
| $ | 30,695 |
| $ | 80,956 |
| $ | 73,840 |
|
| | | | | | | | | |
Per Share Amounts | | | | | | | | |
Basic: | | | | | | | | |
| Reported Company FFO | $ | 0.23 |
| $ | 0.22 |
| $ | 0.46 |
| $ | 0.49 |
|
| Company FFO, as adjusted | $ | 0.24 |
| $ | 0.24 |
| $ | 0.48 |
| $ | 0.48 |
|
| Company FAD | $ | 0.19 |
| $ | 0.18 |
| $ | 0.45 |
| $ | 0.43 |
|
| | | | | | | | | | |
Diluted: | | | | | | | | |
| Reported Company FFO | $ | 0.23 |
| $ | 0.22 |
| $ | 0.46 |
| $ | 0.49 |
|
| Company FFO, as adjusted | $ | 0.24 |
| $ | 0.24 |
| $ | 0.48 |
| $ | 0.48 |
|
| Company FAD | $ | 0.19 |
| $ | 0.18 |
| $ | 0.45 |
| $ | 0.43 |
|
| | | | | | | | | | |
|
| | | | | | | | | | | | | |
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES |
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED) |
(Unaudited and in thousands, except share and per share data) |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
Basic: | 2012 | | 2011 | | 2012 | | 2011 |
Weighted-average common shares outstanding - EPS basic | 154,558,380 |
| | 151,526,956 |
| | 154,353,707 |
| | 148,866,015 |
|
6.00% Convertible Notes | 16,409,546 |
| | 16,230,905 |
| | 16,409,546 |
| | 16,230,905 |
|
Non-vested share-based payment awards | 199,202 |
| | 138,457 |
| | 201,099 |
| | 130,662 |
|
Operating Partnership Units | 4,505,457 |
| | 4,824,501 |
| | 4,519,416 |
| | 4,861,704 |
|
Preferred Shares - Series C | 4,710,570 |
| | 5,062,278 |
| | 4,714,293 |
| | 5,077,293 |
|
Weighted-average common shares outstanding - Reported Company FFO basic | 180,383,155 |
| | 177,783,097 |
| | 180,198,061 |
| | 175,166,579 |
|
Adjustments: | | | | | | | |
| Forward equity commitment settlement | — |
| | (3,544,219 | ) | | — |
| | (3,468,421 | ) |
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD | 180,383,155 |
| | 174,238,878 |
| | 180,198,061 |
| | 171,698,158 |
|
| | | | | | | | |
Diluted: | | | | | | | |
Weighted-average common shares outstanding - Reported Company FFO basic | 180,383,155 |
| | 177,783,097 |
| | 180,198,061 |
| | 175,166,579 |
|
Options - Incremental shares | 239,105 |
| | 328,985 |
| | 243,659 |
| | 361,866 |
|
Weighted-average common shares outstanding - Reported Company FFO diluted | 180,622,260 |
| | 178,112,082 |
| | 180,441,720 |
| | 175,528,445 |
|
Adjustments: | | | | | | | |
| Forward equity commitment settlement | — |
| | (3,544,219 | ) | | — |
| | (3,468,421 | ) |
Weighted-average common shares outstanding - Company FFO, as adjusted & FAD | 180,622,260 |
| | 174,567,863 |
| | 180,441,720 |
| | 172,060,024 |
|
1 Lexington believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude generally accepted accounting principles (“GAAP”) historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.
The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO as “net income (or loss) computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.” NAREIT recently clarified its computation of FFO to exclude impairment charges on depreciable real estate owned directly or indirectly. FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.
Lexington presents “Reported Company funds from operations” or “Reported Company FFO,” which differs from FFO because it includes Lexington's operating partnership units, Lexington's 6.50% Series C Cumulative Convertible Preferred Shares, and Lexington's 6.00% Convertible Notes because these securities are convertible, at the holder's option, into Lexington's common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Reported Company FFO on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington's common shares, are converted. Lexington also presents “Company funds from operations, as adjusted” or “Company FFO, as adjusted,” which adjusts Reported Company FFO for certain items which Management believes are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds from operations in a similar fashion, Reported Company FFO and Company FFO, as adjusted, may not be comparable to similarly titled measures as reported by others. Reported Company FFO and Company FFO, as adjusted, should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.
2 Reported Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO, as adjusted, for (1) straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements, (5) cash paid for lease costs, (6) non-cash general and administrative expenses, and (7) non-cash interest, net. Although FAD may not be comparable to that of other REITs, Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.
# # #
LEXINGTON REALTY TRUST
2012 Second Quarter Leasing Summary
|
| | | | | | | | | | | | | | | | | | | |
| NEW LEASES | | | | | | | | | | | | |
| Tenants (Guarantors) | | Location | | | Lease Expiration Date | | Sq. Ft. | | New Cash Rent Per Annum ($000)(1) | | New GAAP Rent Per Annum ($000)(1) | |
| Office | | | | | | | | | | | | |
1 |
| Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation) | | Orlando | FL | | 10/2024 | | 25,154 |
| | $ | 60 |
| | $ | 402 |
| |
2 |
| Capital One, National Association | | Glen Allen | VA | | 12/2017 | | 59,113 |
| | $ | 610 |
| | $ | 952 |
| |
2 |
| Total office new leases | | | | | | | 84,267 |
| | $ | 670 |
| | $ | 1,354 |
| |
| | | | | | | | | | | | | |
2 |
| TOTAL NEW LEASES | | | | | | | 84,267 |
| | $ | 670 |
| | $ | 1,354 |
| |
| | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LEASE EXTENSIONS | | | | | | | | | | | | | | | | | |
| Tenants (Guarantors) | | Location | | | Prior Term | | Lease Expiration Date | | Sq. Ft. | | New Cash Rent Per Annum ($000)(1) | | Prior Cash Rent Per Annum ($000) | | New GAAP Rent Per Annum ($000)(1) | | Prior GAAP Rent Per Annum ($000) |
| | | | | | | | | | | | | | | | | | |
| Office/Multi-Tenant | | | | 2012 Extensions | | | | | | | | | | | |
6 |
| Various | | Honolulu | HI | | 2,012 | | 2013-2015 | | 2,313 |
| | $ | 45 |
| | $ | 43 |
| | $ | 45 |
| | $ | 43 |
|
7 |
| Sony Electronics, Inc. | | Los Angeles | CA | | 08/2012 | | 08/2015 | | 20,203 |
| | $ | 230 |
| | $ | 211 |
| | $ | 230 |
| | $ | 211 |
|
8 |
| Allstate Insurance Company (2) | | Indianapolis | IN | | 08/2012 | | 01/2018 | | 57,769 |
| | $ | 556 |
| | $ | 1,373 |
| | $ | 945 |
| | $ | 1,547 |
|
| | | | | 2013 Extensions | | | | | | | | | | | |
9 |
| Lockheed Martin Corporation | | Orlando | FL | | 04/2013 | | 04/2018 | | 184,000 |
| | $ | 960 |
| | $ | 960 |
| | $ | 1,870 |
| | $ | 1,870 |
|
10 |
| International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) (3) | | Atlanta | GA | | 05/2013 | | 05/2018 | | 238,600 |
| | $ | 1,193 |
| | $ | 5,065 |
| | $ | 1,848 |
| | $ | 4,882 |
|
11 |
| FTJ FundChoice, LLC | | Hebron | KY | | 01/2013 | | 08/2020 | | 9,164 |
| | $ | 21 |
| | $ | 57 |
| | $ | 21 |
| | $ | 48 |
|
| | | | | 2017 Extension | | | | | | | | | | | |
12 |
| Capital One Services, LLC | | Glen Allen | VA | | 05/2017 | | 12/2018 | | 77,045 |
| | $ | 826 |
| | $ | 806 |
| | $ | 759 |
| | $ | 734 |
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
12 |
| Total office/multi-tenant lease extensions | | | | | | | | | 589,094 |
| | $ | 3,831 |
| | $ | 8,515 |
| | $ | 5,718 |
| | $ | 9,335 |
|
| | | | | | | | | | | | | | | | | | |
12 |
| TOTAL EXTENDED LEASES | | | | | | | | | 589,094 |
| | $ | 3,831 |
| | $ | 8,515 |
| | $ | 5,718 |
| | $ | 9,335 |
|
| | | | | | | | | | | | | | | | | | |
14 |
| TOTAL NEW AND EXTENDED LEASES | | | | | | | | | 673,361 |
| | $ | 4,501 |
| | $ | 8,515 |
| | $ | 7,072 |
| | $ | 9,335 |
|
LEXINGTON REALTY TRUST
2012 Second Quarter Leasing Summary
|
| | | | | | | | | | | | | | | | | | |
| LEASE NON-RENEWAL | | | | | | | | | | | |
| Tenants (Guarantors) | | Location | | Lease Expiration Date | | Sq. Ft. | | Prior Annual Cash Rent ($000) | | Prior Annual GAAP Rent ($000) |
| Office | | | | | | | | | | | |
1 |
| Cafeteria Operators, LP (Furrs Restaurant Group, Inc.) | | Sun City | AZ | | 05/2012 | | 10,000 |
| | $ | 165 |
| | $ | 243 |
|
2 |
| AVT Grocery, Inc. / Safeway, Inc. | | Fort Worth | TX | | 05/2012 | | 44,000 |
| | $ | 304 |
| | $ | 358 |
|
1 |
| TOTAL LEASE NON-RENEWALS | | | | | | | 54,000 |
| | $ | 469 |
| | $ | 601 |
|
| | | | | | | | | | | | |
| Footnotes | | | | | | | | | | | |
| (1) Assumes twelve months rent from the later of 7/1/12 or lease commencement/extension. |
| (2) Prior cash rent and Prior GAAP rent amounts for 84,200 square feet. |
| (3) Current cash rents are $422 per month through May 2013 when the $40.4 million non-recourse mortgage is due. |
LEXINGTON REALTY TRUST
2012 Second Quarter Investment/Capital Recycling Summary
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| PROPERTY INVESTMENTS (1) | | | | | | | | | | | | | | | |
| Tenants (Guarantors) | | Location | | Property Type | | Initial Basis ($000) | | Initial Annualized Cash Rent ($000) | | Initial Cash Yield | | GAAP Yield | | Lease Expiration |
1 |
| Vulcan Construction Materials, LP (Vulcan Materials Company) | | Missouri City | TX | | Industrial | | $ | 23,000 |
| | $ | 1,748 |
| | 7.6 | % | | 9.2 | % | | 04/2032 |
2 |
| The Tire Rack, Inc. (1) | | Shreveport | LA | | Industrial | | $ | 12,941 |
| | $ | 1,245 |
| | 9.6 | % | | 10.1 | % | | 03/2022 |
2 |
| TOTAL PROPERTY INVESTMENTS | | | | | | | $ | 35,941 |
| | $ | 2,993 |
| | 8.3 | % | | 9.5 | % | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| JOINT VENTURE INVESTMENTS | | | | | | | | | | | | | | | |
| Tenant (Guarantor) | | Location | | Property Type | | Ownership % |
| | Initial Investment ($000) | | | | | | |
1 |
| Triumph Rehabilitation Hospital of Northeast Houston, LLC (RehabCare Group, Inc.) | | Humble | TX | | Inpatient Rehab Hospital | | 15% | | $ | 1,958 |
| | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| CAPITAL RECYCLING | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| PROPERTY DISPOSITIONS (2) | | | | | | | | | | | | | | | |
| Tenants | | Location | | Property Type | | Gross Sale Price ($000) | | Annualized NOI ($000) | | Month of Disposition | | | | |
1 |
| Vacant | | Carlsbad | NM | | Retail | | $ | 320 |
| | $ | — |
| | May | | | | |
2 |
| Multi-tenanted (3) | | Long Beach | CA | | Multi-tenant/Office | | $ | 69,000 |
| | $ | 4,680 |
| | June | | | | |
3 |
| Vacant | | Corpus Christi | TX | | Retail | | $ | 1,000 |
| | $ | — |
| | June | | | | |
4 |
| Vacant | | Victoria | TX | | Retail | | $ | 650 |
| | $ | — |
| | June | | | | |
5 |
| Vacant (5) | | Fort Collins | CO | | Other | | $ | 2,700 |
| | $ | — |
| | June | | | | |
4 |
| TOTAL PROPERTY DISPOSITIONS | | | | | | | $ | 73,670 |
| | $ | 4,680 |
| | | | | | |
| | | | | | | | | | | | | | | | |
| JOINT VENTURE DISPOSITIONS | | | | | | | | | | | | | | | |
| Investment | | Gross Sale Price ($000) | | | | | | | | | | | | | |
1 |
| Concord Debt Holdings LLC (4) | | $ | 4,500 |
| | | | | | | | | | | | | |
2 |
| CDH CDO LLC (4) | | $ | 2,500 |
| | | | | | | | | | | | | |
| | | $ | 7,000 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Footnotes | | | | | | | | | | | | | | | |
| (1) Completed build-to-suit project | | | | |
| (2) Excludes sale of excess land in Glendale, AZ for a gross sale price of $1,345. | | | | |
| (3) Lexington had a 55% ownership interest in the property. | | | | |
| (4) Lexington had a zero GAAP basis in these investments. | | | | |
| (5) Property was owned by NLS. | | | | |
LEXINGTON REALTY TRUST
BUILD-TO-SUIT PROJECTS
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE |
| Location | Sq. Ft | | Lease Term (Years) | Maximum Commitment/Estimated Completion Cost ($000) | Investment balance as of 6/30/12 ($000)(1) | | Estimated Cash Investment Next 12 Months ($000) | | Estimated Completion Date |
| | | | | | | | | Q3 2012 | Q4 2012 | Q1 2013 | Q2 2013 | | |
1 |
| Saint Joseph | MO | 99,000 |
| | 15 | $ | 17,991 |
| $ | 15,313 |
| | $ | 2,639 |
| $ | — |
| $ | — |
| $ | — |
| | 3Q 12 |
2 |
| Long Island City (2) | NY | 143,000 |
| | 15 | 46,728 |
| 13,780 |
| | 11,452 |
| 11,452 |
| 7,635 |
| — |
| | 1Q 13 |
3 |
| Jessup | PA | 150,000 |
| | 15 | 20,780 |
| 15,714 |
| | 4,200 |
| — |
| — |
| — |
| | 3Q 12 |
4 |
| Eugene | OR | 80,000 |
| | 15 | 17,558 |
| 1,700 |
| | — |
| — |
| 15,858 |
| — |
| | 1Q 13 |
5 |
| Denver | CO | 163,000 |
| | 15 | 37,592 |
| 5,612 |
| | 8,725 |
| 8,725 |
| 8,725 |
| 2,908 |
| | 2Q 13 |
6 |
| Valdosta | GA | 52,000 |
| | 15 | 8,794 |
| 5,131 |
| | 2,704 |
| 901 |
| — |
| — |
| | 4Q 12 |
6 |
| TOTAL BUILD-TO-SUIT PROJECTS | | | $ | 149,443 |
| $ | 57,250 |
| | $ | 29,720 |
| $ | 21,078 |
| $ | 32,218 |
| $ | 2,908 |
| | |
| | | | | | | | | | | | | | |
| Footnotes | | | | | | | | | | | | | |
| (1) Investment balance in accordance with GAAP. | | | | | |
| (2) Joint venture investment. | | | | | |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012
|
| | | | | | | | | | | | | |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 6/30/2012 ($000) (2) | GAAP Base Rent as of 6/30/2012 ($000) (3) |
OFFICE PROPERTIES | | | | | | | | | |
2012 | 8/31/2012 | 5757 Decatur Blvd. | Indianapolis | IN | -- | Damar Services, Inc. | 2002 | 5,756 |
| 23 |
| 23 |
|
| 9/30/2012 | 4000 Johns Creek Pkwy. | Suwanee | GA | -- | Kraft Foods Global, Inc. | 2001 | 73,264 |
| 724 |
| 719 |
|
| 10/31/2012 | 4455 American Way | Baton Rouge | LA | -- | BellSouth Mobility Inc | 1997 | 70,100 |
| 591 |
| 557 |
|
| 11/7/2012 | 2706 Media Center Dr. | Los Angeles | CA | -- | Playboy Enterprises, Inc. | 2000 | 63,049 |
| 776 |
| 629 |
|
| 12/31/2012 | 200 Executive Blvd. South | Southington | CT | -- | Hartford Fire Insurance Company | 1984/2006 | 153,364 |
| 840 |
| 812 |
|
2013 | 1/31/2013 | 12600 Gateway Blvd. | Fort Meyers | FL | -- | Gartner, Inc. | 1998 | 62,400 |
| 579 |
| 546 |
|
| | 810 & 820 Gears Rd. | Houston | TX | -- | IKON Office Solutions, Inc. | 2000 | 157,790 |
| 1,148 |
| 1,126 |
|
| 3/31/2013 | 3165 McKelvey Rd. | Bridgeton | MO | -- | BJC Health System | 1981 | 52,994 |
| 199 |
| 263 |
|
| 6/30/2013 | 2210 Enterprise Dr. | Florence | SC | -- | JPMorgan Chase Bank, National Association | 1998 | 179,300 |
| 628 |
| 628 |
|
| 9/30/2013 | 9200 South Park Center Loop | Orlando | FL | -- | Corinthian Colleges, Inc. | 2003 | 59,927 |
| 679 |
| 579 |
|
| 11/30/2013 | 10475 Crosspoint Blvd. | Indianapolis | IN | -- | Yellow Book Sales and Distribution Company, Inc. | 1999 | 3,764 |
| 33 |
| 33 |
|
| | 1110 Bayfield Dr. | Colorado Springs | CO | -- | Honeywell International Inc. | 1980/1990/2002 | 166,575 |
| 815 |
| 800 |
|
| 12/13/2013 | 3333 Coyote Hill Rd. | Palo Alto | CA | 16 | Xerox Corporation | 1973/1975/1982 | 202,000 |
| 1,749 |
| 1,695 |
|
| 12/31/2013 | 2550 Interstate Dr. | Harrisburg | PA | -- | New Cingular Wireless PCS, LLC | 1998 | 81,859 |
| 972 |
| 935 |
|
2014 | 1/31/2014 | 850-950 Warrenville Rd. | Lisle | IL | -- | James J. Benes & Associates, Inc. | 1984 | 6,347 |
| 69 |
| 53 |
|
| 3/15/2014 | 101 East Erie St. | Chicago | IL | -- | Draftfcb, Inc. (Interpublic Group of Companies, Inc.) | 1986 | 212,988 |
| 2,066 |
| 2,501 |
|
| 5/31/2014 | 3476 Stateview Blvd. | Fort Mill | SC | -- | Wells Fargo Bank, N.A. | 2002 | 169,083 |
| 1,343 |
| 1,267 |
|
| | 3480 Stateview Blvd. | Fort Mill | SC | -- | Wells Fargo Bank, N.A. | 2004 | 169,218 |
| 1,821 |
| 1,725 |
|
| | 859 Mount Vernon Hwy. | Atlanta | GA | 8 | International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) | 2004 | 50,400 |
| 644 |
| 515 |
|
| 7/31/2014 | 16676 Northchase Dr. | Houston | TX | -- | Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation) | 2003 | 101,111 |
| 835 |
| 814 |
|
| 9/30/2014 | 333 Mt. Hope Ave. | Rockaway | NJ | -- | BASF Corporation | 1981/2002/2004 | 95,500 |
| 1,122 |
| 1,061 |
|
| 10/31/2014 | 1409 Centerpoint Blvd. | Knoxville | TN | -- | Alstom Power, Inc. | 1997 | 84,404 |
| 856 |
| 810 |
|
| | 2800 Waterford Lake Dr. | Midlothian | VA | 12 | Alstom Power, Inc. | 2000 | 99,057 |
| 1,066 |
| 1,007 |
|
| | 700 US Hwy. Route 202-206 | Bridgewater | NJ | -- | Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.) | 1985/2003/2004 | 115,558 |
| 1,017 |
| 1,286 |
|
| 11/30/2014 | 200 Lucent Ln. | Cary | NC | -- | Progress Energy Service Company, LLC | 1999 | 124,944 |
| 1,062 |
| 1,033 |
|
| | 850-950 Warrenville Rd. | Lisle | IL | -- | Flexco, Inc. | 1984 | 7,535 |
| 68 |
| 68 |
|
| 12/14/2014 | 22011 Southeast 51st St. | Issaquah | WA | -- | Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation) | 1987 | 95,600 |
| 1,064 |
| 970 |
|
| | 5150 220th Ave. | Issaquah | WA | -- | Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation) | 1992 | 106,944 |
| 1,197 |
| 1,102 |
|
| 12/31/2014 | 1066 Main St. | Forest Park | GA | -- | Bank of America, NA (Bank of America Corporation) | 1969 | 14,859 |
| 100 |
| 100 |
|
| | 1698 Mountain Industrial Blvd. | Stone Mountain | GA | -- | Bank of America, NA (Bank of America Corporation) | 1973 | 5,704 |
| 48 |
| 48 |
|
| | 180 South Clinton St. | Rochester | NY | -- | Frontier Corporation | 1988/2000 | 226,000 |
| 1,478 |
| 1,474 |
|
| | 201 West Main St. | Cumming | GA | -- | Bank of America, NA (Bank of America Corporation) | 1968/1982 | 14,208 |
| 99 |
| 99 |
|
| | 2223 North Druid Hills Rd. | Atlanta | GA | -- | Bank of America, NA (Bank of America Corporation) | 1972 | 6,260 |
| 56 |
| 56 |
|
| | 275 Technology Dr. | Canonsburg | PA | -- | ANSYS, Inc. | 1996 | 107,872 |
| 715 |
| 689 |
|
| | 400 Butler Farm Rd. | Hampton | VA | -- | Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) | 1999 | 100,632 |
| 631 |
| 612 |
|
| | 4545 Chamblee – Dunwoody Rd. | Chamblee | GA | -- | Bank of America, NA (Bank of America Corporation) | 1972 | 4,565 |
| 44 |
| 44 |
|
| | 825 Southway Dr. | Jonesboro | GA | -- | Bank of America, NA (Bank of America Corporation) | 1971 | 4,894 |
| 38 |
| 38 |
|
| | 956 Ponce de Leon Ave. | Atlanta | GA | -- | Bank of America, NA (Bank of America Corporation) | 1975 | 3,900 |
| 39 |
| 39 |
|
2015 | 1/31/2015 | 26555 Northwestern Hwy. | Southfield | MI | -- | Federal-Mogul Corporation | 1963/1965/1988/1989 | 187,163 |
| 579 |
| 709 |
|
| 3/31/2015 | 3940 South Teller St. | Lakewood | CO | -- | MoneyGram Payment Systems, Inc. | 2002 | 68,165 |
| 577 |
| 464 |
|
| 4/30/2015 | 13775 McLearen Rd. | Herndon | VA | -- | Equant, Inc. (Equant, NV) | 1985/1986/1992/1999 | 125,293 |
| 1,109 |
| 1,069 |
|
| 7/1/2015 | 33 Commercial St. | Foxboro | MA | -- | Invensys Systems, Inc. (Siebe, Inc.) | 1982/1987 | 164,689 |
| 3,025 |
| 1,816 |
|
| 7/31/2015 | 4001 International Pkwy. | Carrollton | TX | -- | Motel 6 Operating, LP (Accor S.A.) | 2003 | 138,443 |
| 1,603 |
| 1,597 |
|
| | | | | -- | | | | | |
| 8/31/2015 | 2706 Media Center Dr. | Los Angeles | CA | -- | Sony Electronics Inc. | 2000 | 20,203 |
| 105 |
| 105 |
|
| 9/27/2015 | 10001 Richmond Ave. | Houston | TX | -- | Baker Hughes Incorporated | 1976 | 554,385 |
| 6,775 |
| 3,688 |
|
| | 12645 West Airport Rd. | Sugar Land | TX | -- | Baker Hughes Incorporated | 1997 | 165,836 |
| 1,719 |
| 971 |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012
|
| | | | | | | | | | | | | | | |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 6/30/2012 ($000) (2) | GAAP Base Rent as of 6/30/2012 ($000) (3) |
OFFICE PROPERTIES | | | | | | | | | |
| 9/30/2015 | 500 Olde Worthington Rd. | Westerville | OH | -- | InVentiv Communications, Inc. | 2000 | 97,000 |
| 556 |
| 628 |
|
| | 550 Business Center Dr. | Lake Mary | FL | -- | JPMorgan Chase Bank, National Association | 1999 | 125,920 |
| 943 |
| 1,052 |
|
| | 600 Business Center Dr. | Lake Mary | FL | -- | JPMorgan Chase Bank, National Association | 1996 | 125,155 |
| 902 |
| 1,027 |
|
| 10/31/2015 | 12209 West Markham St. | Little Rock | AR | -- | Entergy Arkansas, Inc. | 1980 | 36,311 |
| 119 |
| 119 |
|
2016 | 4/30/2016 | 11511 Luna Rd. | Farmers Branch | TX | -- | Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.) | 2000 | 180,507 |
| 1,154 |
| 1,594 |
|
| | 2000 Eastman Dr. | Milford | OH | -- | Siemens Corporation | 1991 | 221,215 |
| 1,243 |
| 1,159 |
|
| 10/31/2016 | 104 & 110 South Front St. | Memphis | TN | -- | Hnedak Bobo Group, Inc. | 1871/1980/1988/1999 | 37,229 |
| 259 |
| 251 |
|
| 12/31/2016 | 2050 Roanoke Rd. | Westlake | TX | -- | TD Auto Finance LLC | 2001 | 130,290 |
| 1,287 |
| 1,332 |
|
2017 | 3/31/2017 | 1701 Market St. | Philadelphia | PA | 4 | Car-Tel Communications, Inc. | 1957/1997 | 1,220 |
| 26 |
| 25 |
|
| 4/30/2017 | 1315 West Century Dr. | Louisville | CO | -- | Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC) | 1987/2006 | 106,877 |
| 811 |
| 821 |
|
| 9/30/2017 | 9201 East Dry Creek Rd. | Centennial | CO | -- | The Shaw Group, Inc. | 2001/2002 | 128,500 |
| 1,163 |
| 1,186 |
|
| | 750 N. Commons Dr. | Aurora | IL | 17 | Westell, Inc. (Westell Technologies, Inc.) | 1996 | 210,230 |
| 1,004 |
| 915 |
|
| 11/30/2017 | 6200 Northwest Pkwy. | San Antonio | TX | -- | United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC | 2000 | 142,500 |
| 891 |
| 933 |
|
| 12/31/2017 | 100 East Shore Dr. | Glen Allen | VA | -- | Capital One, National Association | 1999 | 68,118 |
| 609 |
| 571 |
|
2018 | 1/31/2018 | 5757 Decatur Blvd. | Indianapolis | IN | 5 | Allstate Insurance Company | 2002 | 84,200 |
| 687 |
| 696 |
|
| 3/14/2018 | 601 & 701 Experian Pkwy. | Allen | TX | -- | Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.) | 1981/1983 | 292,700 |
| 1,537 |
| 1,537 |
|
| 4/30/2018 | Sandlake Rd./Kirkman Rd. | Orlando | FL | -- | Lockheed Martin Corporation | 1982 | 184,000 |
| 480 |
| 935 |
|
| 5/30/2018 | 13651 McLearen Rd. | Herndon | VA | -- | United States of America | 1987 | 159,644 |
| 1,622 |
| 1,789 |
|
| 5/31/2018 | 6303 Barfield Rd. | Atlanta | GA | -- | International Business Machines Corporation /Internet Security Systems, Inc. (ISS Group, Inc.) | 2000/2001 | 238,600 |
| 2,533 |
| 2,188 |
|
| 6/30/2018 | 100 Barnes Rd. | Wallingford | CT | -- | 3M Company | 1978/1985/1990/1993 | 44,400 |
| 233 |
| 253 |
|
| 9/30/2018 | 1701 Market St. | Philadelphia | PA | 4 | CBC Restaurant Corp. | 1957/1997 | 8,070 |
| 103 |
| 106 |
|
| 12/22/2018 | 5200 Metcalf Ave. | Overland Park | KS | -- | Swiss Re America Holding Corporation / Westport Insurance Corporation | 1980/1990/2004/2005 | 320,198 |
| 2,372 |
| 2,388 |
|
| 12/31/2018 | 120 East Shore Dr. | Glen Allen | VA | -- | Capital One Services, LLC | 2000 | 77,045 |
| 252 |
| 369 |
|
2019 | 4/1/2019 | 9201 Stateline Rd. | Kansas City | MO | -- | Swiss Re America Holding Corporation / Westport Insurance Corporation | 1963/1973/1985/2003 | 155,925 |
| 1,111 |
| 1,111 |
|
| 5/31/2019 | 4400 Northcorp Pkway | Palm Beach Gardens | FL | -- | Office Suites Plus Properties, Inc. | 1996 | 18,400 |
| 138 |
| 116 |
|
| 6/19/2019 | 3965 Airways Blvd. | Memphis | TN | -- | Federal Express Corporation | 1982/1983/1985 | 521,286 |
| 3,426 |
| 3,507 |
|
| 6/30/2019 | 275 South Valencia Ave. | Brea | CA | -- | Bank of America, National Association | 1983 | 637,503 |
| 4,355 |
| 4,300 |
|
| 7/31/2019 | 500 Jackson St. | Columbus | IN | -- | Cummins, Inc. | 1984 | 390,100 |
| 2,213 |
| 2,270 |
|
| 10/31/2019 | 10475 Crosspoint Blvd. | Indianapolis | IN | -- | John Wiley & Sons, Inc. | 1999 | 123,416 |
| 1,080 |
| 1,134 |
|
| 12/31/2019 | 421 Butler Farm Rd. | Hampton | VA | -- | Patient Advocate Foundation | 2000 | 36,484 |
| 301 |
| 301 |
|
| | 850-950 Warrenville Rd. | Lisle | IL | -- | National-Louis University | 1984 | 85,532 |
| 633 |
| 729 |
|
2020 | 1/31/2020 | 10300 Kincaid Dr. | Fishers | IN | -- | Roche Diagnostics Operations, Inc. | 1999 | 193,000 |
| 1,689 |
| 1,712 |
|
| 2/14/2020 | 5600 Broken Sound Blvd. | Boca Raton | FL | -- | Océ Printing Systems USA, Inc. (Oce-USA Holding, Inc.) | 1983/2002 | 143,290 |
| 1,136 |
| 1,122 |
|
| 7/8/2020 | 1460 Tobias Gadsen Blvd. | Charleston | SC | -- | Hagemeyer North America, Inc. | 2005 | 50,076 |
| 398 |
| 420 |
|
2021 | 1/31/2021 | 1701 Market St. | Philadelphia | PA | 4 | Morgan, Lewis & Bockius LLP | 1957/1997 | 289,432 |
| 2,236 |
| 2,157 |
|
| 3/31/2021 | 1311 Broadfield Blvd. | Houston | TX | -- | Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.) | 2000 | 155,040 |
| 1,163 |
| 1,312 |
|
| 6/30/2021 | 1415 Wyckoff Rd. | Wall | NJ | -- | New Jersey Natural Gas Company | 1983 | 157,511 |
| 1,656 |
| 1,656 |
|
| 8/31/2021 | 333 Three D Systems Circle | Rock Hill | SC | -- | 3D Systems Corporation | 2006 | 80,028 |
| 335 |
| 344 |
|
| 11/30/2021 | 29 South Jefferson Rd. | Whippany | NJ | -- | CAE SimuFlite, Inc. (CAE INC.) | 2006/2008 | 123,734 |
| 1,196 |
| 1,164 |
|
2022 | 1/31/2022 | 26210 and 26220 Enterprise Court | Lake Forest | CA | -- | Apria Healthcare, Inc. (Apria Healthcare Group, Inc.) | 2001 | 100,012 |
| 568 |
| 600 |
|
N/A | N/A | 1701 Market St. | Philadelphia | PA | 4 | Parking Operators | 1957/1997 | 0 |
| 1,249 |
| 1,249 |
|
| Vacant | 101 East Erie St. | Chicago | IL | -- | (Available for Lease) | 1986 | 17,716 |
| 0 |
| 0 |
|
| | 10475 Crosspoint Blvd. | Indianapolis | IN | -- | (Available for Lease) | 1999 | 13,867 |
| 0 |
| 0 |
|
| | 1701 Market St. | Philadelphia | PA | 4 | (Available for Lease) | 1957/1997 | 5,315 |
| 0 |
| 0 |
|
| | 4000 Johns Creek Pkwy. | Suwanee | GA | -- | (Available for Lease) | 2001 | 13,955 |
| 0 |
| 0 |
|
| | 421 Butler Farm Rd. | Hampton | VA | -- | (Available for Lease) | 2000 | 20,080 |
| 0 |
| 0 |
|
OFFICE TOTAL/WEIGHTED AVERAGE | | | | 99.4% Leased | | 11,035,533 |
| $ | 88,395 |
| $ | 84,253 |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012
|
| | | | | | | | | | | | | | | |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 6/30/2012 ($000) (2) | GAAP Base Rent as of 6/30/2012 ($000) (3) |
INDUSTRIAL PROPERTIES | | | | | | | | | |
2012 | MTM | 191 Arrowhead Dr. | Hebron | OH | -- | Owens Corning Insulating Systems, LLC | 1999 | 250,410 |
| 260 |
| 260 |
|
| 10/31/2012 | 1601 Pratt Ave. | Marshall | MI | -- | Enbridge Energy, Limited Partnership | 1979 | 58,300 |
| 86 |
| 86 |
|
2013 | 5/31/2013 | 200 Arrowhead Dr. | Hebron | OH | -- | Owens Corning Sales, LLC / Owens Corning Insulating Systems, LLC | 2000 | 400,522 |
| 451 |
| 451 |
|
| | 2203 Sherrill Dr. | Statesville | NC | -- | Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation) | 1999/2002 | 639,800 |
| 894 |
| 865 |
|
| 12/31/2013 | 1133 Poplar Creek Rd. | Henderson | NC | -- | Staples, Inc. / Corporate Express, Inc. | 1998/2006 | 196,946 |
| 438 |
| 405 |
|
2014 | 1/1/2014 | 2415 US Hwy. 78 East | Moody | AL | -- | CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) | 2004 | 595,346 |
| 527 |
| 527 |
|
| 12/31/2014 | 3686 South Central Ave. | Rockford | IL | -- | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | 1998 | 90,000 |
| 202 |
| 157 |
|
2015 | 1/31/2015 | 101 Michelin Dr. | Laurens | SC | 7 | CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) / Michelin North America, Inc. | 1991/1993 | 1,164,000 |
| 1,707 |
| 1,652 |
|
| | 7111 Crabb Rd. | Temperance | MI | 7 | CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) / Michelin North America, Inc. | 1978/1993 | 744,570 |
| 1,143 |
| 1,107 |
|
| 12/31/2015 | 749 Southrock Dr. | Rockford | IL | -- | Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | 1992 | 150,000 |
| 238 |
| 244 |
|
2016 | 2/28/2016 | 7670 Hacks Cross Rd. | Olive Branch | MS | -- | MAHLE Clevite, Inc. (MAHLE Industries, Incorporated) | 1989 | 268,104 |
| 477 |
| 458 |
|
| 3/31/2016 | 19500 Bulverde Rd. | San Antonio | TX | -- | Elsevier STM Inc. (Reed Elsevier Inc.) | 2001 | 559,258 |
| 1,832 |
| 1,714 |
|
| | 2455 Premier Dr. | Orlando | FL | -- | Walgreen Co. / Walgreen Eastern Co. | 1980 | 205,016 |
| 254 |
| 393 |
|
| 5/31/2016 | 291 Park Center Dr. | Winchester | VA | -- | Kraft Foods Global, Inc. | 2001 | 344,700 |
| 605 |
| 645 |
|
| 8/31/2016 | 10590 Hamilton Ave. | Cincinnati | OH | -- | The Hillman Group, Inc. | 1991/1994/1995/2005 | 248,200 |
| 396 |
| 396 |
|
| 9/30/2016 | 900 Industrial Blvd. | Crossville | TN | -- | Dana Commercial Vehicle Products, LLC | 1989/2006 | 222,200 |
| 342 |
| 342 |
|
2017 | 2/28/2017 | 3456 Meyers Ave. | Memphis | TN | -- | Sears, Roebuck and Co. / Sears Logistics Services | 1973 | 780,000 |
| 796 |
| 847 |
|
| 6/30/2017 | 7500 Chavenelle Rd. | Dubuque | IA | -- | The McGraw-Hill Companies, Inc. | 2001 | 330,988 |
| 608 |
| 582 |
|
| 9/30/2017 | 250 Swathmore Ave. | High Point | NC | -- | Steelcase Inc. | 2002 | 244,851 |
| 549 |
| 543 |
|
| 10/31/2017 | 1420 Greenwood Rd. | McDonough | GA | -- | Versacold USA, Inc. | 2000/2007 | 296,972 |
| 1,322 |
| 1,298 |
|
| | 43955 Plymouth Oaks Blvd. | Plymouth | MI | -- | Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.) | 1996/1998 | 290,133 |
| 943 |
| 711 |
|
2018 | 6/30/2018 | 1650-1654 Williams Rd. | Columbus | OH | -- | ODW Logistics, Inc. | 1973 | 772,450 |
| 674 |
| 671 |
|
| 9/30/2018 | 50 Tyger River Dr. | Duncan | SC | -- | Plastic Omnium Auto Exteriors, LLC | 2005/2007/2008 | 221,833 |
| 479 |
| 479 |
|
2019 | 4/30/2019 | 113 Wells St. | North Berwick | ME | -- | United Technologies Corporation | 1965/1980 | 972,625 |
| 768 |
| 768 |
|
| 10/17/2019 | 10345 Philipp Pkwy. | Streetsboro | OH | -- | L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.) | 2004 | 649,250 |
| 1,259 |
| 1,305 |
|
2020 | 3/31/2020 | 2425 Hwy. 77 North | Waxahachie | TX | -- | James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV) | 1996/2001 | 335,610 |
| 1,700 |
| 1,700 |
|
| 6/30/2020 | 3102 Queen Palm Dr. | Tampa | FL | -- | Time Customer Service, Inc. (Time Incorporated) | 1986 | 229,605 |
| 643 |
| 638 |
|
| 9/30/2020 | 3350 Miac Cove Rd. | Memphis | TN | -- | Mimeo.com, Inc. | 1987 | 107,400 |
| 207 |
| 192 |
|
| 12/19/2020 | 1901 Ragu Dr. | Owensboro | KY | 6 | Unilever Supply Chain, Inc. (Unilever United States, Inc.) | 1975/1979/1995 | 443,380 |
| 524 |
| 746 |
|
2021 | 5/31/2021 | 477 Distribution Pkwy. | Collierville | TN | -- | Federal Express Corporation / FedEx Techconnect, Inc. | 1984/1987/2005/2012 | 126,213 |
| 217 |
| 179 |
|
| 9/30/2021 | 3820 Micro Dr. | Millington | TN | -- | Ingram Micro L.P. (Ingram Micro Inc.) | 1997 | 701,819 |
| 821 |
| 876 |
|
| 11/30/2021 | 2880 Kenny Biggs Rd. | Lumberton | NC | -- | Quickie Manufacturing Corporation | 1998/2001/2006 | 423,280 |
| 656 |
| 678 |
|
2022 | 3/31/2022 | 5417 Campus Drive | Shreveport | LA | -- | The Tire Rack, Inc. | 2012 | 257,849 |
| 11 |
| 11 |
|
N/A | Vacant | 3350 Miac Cove Rd. | Memphis | TN | -- | (Available for Lease) | 1987 | 32,679 |
| 0 |
| 0 |
|
INDUSTRIAL TOTAL/WEIGHTED AVERAGE | | | | 99.8% Leased | | 13,354,309 |
| $ | 22,029 |
| $ | 21,926 |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012
|
| | | | | | | | | | | | | | | |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 6/30/2012 ($000) (2) | GAAP Base Rent as of 6/302012 ($000) (3) |
RETAIL PROPERTIES | | | | | | | | | |
2012 | 11/30/2012 | 101 West Buckingham Rd. | Garland | TX | 19 | AVT Grocery, Inc. | 1982 | 59,300 |
| 163 |
| 163 |
|
2013 | 2/28/2013 | S. Carolina 52/52 Bypass | Moncks Corner | SC | -- | Food Lion, LLC / Delhaize America, Inc. | 1982 | 23,000 |
| 31 |
| 62 |
|
| | US 221 & Hospital Rd. | Jefferson | NC | -- | Food Lion, LLC / Delhaize America, Inc. | 1981 | 23,000 |
| 36 |
| 36 |
|
| 7/1/2013 | 1053 Mineral Springs Rd. | Paris | TN | -- | The Kroger Co. | 1982 | 31,170 |
| 79 |
| 107 |
|
| 10/31/2013 | 1084 East Second St. | Franklin | OH | -- | Marsh Supermarkets, Inc. / Crystal Food Services, LLC | 1961/1978 | 29,119 |
| 56 |
| 71 |
|
| | 130 Midland Ave. | Port Chester | NY | -- | Pathmark Stores, Inc. | 1982 | 59,000 |
| 206 |
| 594 |
|
| | 5104 North Franklin Rd. | Lawrence | IN | -- | Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC | 1958 | 28,721 |
| 97 |
| 97 |
|
2014 | 3/31/2014 | N.E.C. 45th St./Lee Blvd. | Lawton | OK | -- | Associated Wholesale Grocers, Inc. / Safeway, Inc. | 1984 | 30,757 |
| 93 |
| 103 |
|
2015 | 1/31/2015 | 1700 State Route 160 | Port Orchard | WA | -- | Moran Foods, Inc. d/b/a Save-A-Lot, Ltd. | 1983 | 16,037 |
| 41 |
| 41 |
|
| 5/31/2015 | 24th St. West & St. John’s Ave. | Billings | MT | -- | Safeway, Inc. | 1981 | 40,800 |
| 93 |
| 143 |
|
2016 | 5/31/2016 | 12535 Southeast 82nd Ave. | Clackamas | OR | -- | Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC | 1981 | 42,842 |
| 153 |
| 153 |
|
| | 18601 Alderwood Mall Blvd. | Lynnwood | WA | -- | Toys "R" Us-Delaware, Inc. / Toys "R" Us, Inc. / TRU 2005 RE I, LLC | 1981/1993 | 43,105 |
| 141 |
| 141 |
|
| | 4811 Wesley St. | Greenville | TX | -- | Brookshire Grocery Company / Safeway, Inc. | 1985 | 48,492 |
| 85 |
| 121 |
|
| | 6910 South Memorial Hwy. | Tulsa | OK | -- | Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc. | 1981 | 43,123 |
| 128 |
| 128 |
|
2017 | 3/31/2017 | 1610 South Westmoreland Ave. | Dallas | TX | -- | Malone’s Food Stores, Ltd. | 1960 | 70,910 |
| 180 |
| 210 |
|
| 6/30/2017 | 1600 East 23rd St. | Chattanooga | TN | -- | BI-LO, LLC | 1983 | 42,130 |
| 67 |
| 67 |
|
| 11/30/2017 | 205 Homer Rd. | Minden | LA | -- | Brookshire Grocery Company (Safeway Stores, Inc.) | 1981 | 35,000 |
| 96 |
| 129 |
|
2018 | 2/26/2018 | 399 Peachwood Centre Dr. | Spartanburg | SC | -- | Best Buy Co., Inc. | 1996 | 45,800 |
| 197 |
| 197 |
|
| | 4831 Whipple Ave., Northwest | Canton | OH | -- | Best Buy Co., Inc. | 1995 | 46,350 |
| 232 |
| 232 |
|
| 2/28/2018 | 291 Talbert Blvd. | Lexington | NC | -- | Food Lion, LLC / Delhaize America, Inc. | 1981 | 23,000 |
| 69 |
| 69 |
|
| | 3211 West Beverly St. | Staunton | VA | -- | Food Lion, LLC / Delhaize America, Inc. | 1971 | 23,000 |
| 83 |
| 83 |
|
| 9/30/2018 | 835 Julian Ave. | Thomasville | NC | -- | Mighty Dollar, LLC | 1983 | 23,767 |
| 36 |
| 36 |
|
| 10/31/2018 | 10340 U.S. 19 | Port Richey | FL | -- | Kingswere Furniture, LLC | 1980 | 53,820 |
| 173 |
| 173 |
|
| 12/31/2018 | 1150 West Carl Sandburg Dr. | Galesburg | IL | -- | Kmart Corporation | 1992 | 94,970 |
| 21 |
| 164 |
|
| | 12080 Carmel Mountain Rd. | San Diego | CA | -- | Kmart Corporation | 1993 | 107,210 |
| 24 |
| 375 |
|
| | 21082 Pioneer Plaza Dr. | Watertown | NY | -- | Kmart Corporation | 1993 | 120,727 |
| 36 |
| 241 |
|
| | 255 Northgate Dr. | Manteca | CA | -- | Kmart Corporation | 1993 | 107,489 |
| 38 |
| 278 |
|
| | 5350 Leavitt Rd. | Lorain | OH | -- | Kmart Corporation | 1993 | 193,193 |
| 55 |
| 366 |
|
| | 97 Seneca Trail | Fairlea | WV | -- | Kmart Corporation | 1993/1999 | 90,933 |
| 25 |
| 173 |
|
N/A | Vacant | 10415 Grande Ave. | Sun City | AZ | 18 | (Available for Lease) | 1982 | 10,000 |
| 69 |
| 87 |
|
| | 1700 State Route 160 | Port Orchard | WA | -- | (Available for Lease) | 1983 | 11,931 |
| 0 |
| 0 |
|
| | 3451 Alta Mesa Blvd. | Fort Worth | TX | 18 | (Available for Lease) | 1985 | 44,000 |
| 127 |
| 148 |
|
RETAIL TOTAL/WEIGHTED AVERAGE | | | | 96.0% Leased | | 1,662,696 |
| $ | 2,930 |
| $ | 4,988 |
|
LEXINGTON REALTY TRUST
Long-Term Leases - Consolidated Portfolio - 6/30/2012
|
| | | | | | | | | | | | | | | | |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Property Type | Year Acquired/ Built/ Renovated/ Expanded | Sq. Ft. Leased or Available (1) | Cash Rent as of 6/30/2012 ($000) (2) | GAAP Base Rent as of 6/30/2012 ($000) (3) |
LONG-TERM LEASE PROPERTIES | | | | | | | | | |
2022 | 11/30/2022 | 4201 Marsh Ln. | Carrollton | TX | -- | Carlson Restaurants Inc. (Carlson, Inc.) | Office | 2003 | 130,000 |
| 963 |
| 933 |
|
| 12/31/2022 | 147 Milk St. | Boston | MA | -- | Harvard Vanguard Medical Associates, Inc. | Office | 1910 | 52,337 |
| 766 |
| 831 |
|
2023 | 2/28/2023 | 2211 South 47th St. | Phoenix | AZ | -- | Avnet, Inc. | Office | 1997 | 176,402 |
| 1,204 |
| 1,080 |
|
| 3/31/2023 | 6555 Sierra Dr. | Irving | TX | -- | TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC) | Office | 1999 | 247,254 |
| 1,524 |
| 1,476 |
|
| | 8900 Freeport Pkwy. | Irving | TX | -- | Nissan Motor Acceptance Corporation (Nissan North America, Inc.) | Office | 2003 | 225,049 |
| 1,519 |
| 1,674 |
|
2024 | 2/14/2024 | 1362 Celebration Blvd. | Florence | SC | -- | MED3000, Inc. | Office | 2012 | 32,000 |
| 193 |
| 216 |
|
| 10/31/2024 | 6277 Sea Harbor Dr. | Orlando | FL | -- | Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation) | Office | 1984 | 259,401 |
| 0 |
| 848 |
|
2025 | 6/30/2025 | 10000 Business Blvd. | Dry Ridge | KY | -- | Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1988/1999 | 336,350 |
| 673 |
| 673 |
|
| | 301 Bill Bryan Rd. | Hopkinsville | KY | -- | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1987/1999/2000/2006 | 424,904 |
| 844 |
| 844 |
|
| | 37101 Corporate Dr. | Farmington Hills | MI | -- | Panasonic Automotive Systems Company of America, a Division of Panasonic Corporation of North America | Office | 2001 | 90,460 |
| 0 |
| 107 |
|
| | 4010 Airpark Dr. | Owensboro | KY | -- | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1998/2001 | 211,598 |
| 604 |
| 604 |
|
| | 730 North Black Branch Rd. | Elizabethtown | KY | -- | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 2001 | 167,770 |
| 268 |
| 268 |
|
| | 750 North Black Branch Rd. | Elizabethtown | KY | -- | Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | Industrial | 1995/2000/2001 | 539,592 |
| 1,419 |
| 1,419 |
|
| 7/31/2025 | 7005 Cochran Rd. | Glenwillow | OH | -- | Royal Appliance Mfg. Co. | Industrial | 1997 | 458,000 |
| 972 |
| 1,126 |
|
| 11/30/2025 | 11707 Miracle Hills Dr. | Omaha | NE | -- | Infocrossing, Inc. | Office | 1989/1995 | 85,200 |
| 583 |
| 583 |
|
| 12/31/2025 | 2005 East Technology Cir. | Tempe | AZ | -- | Infocrossing, Inc. | Office | 1998 | 60,000 |
| 564 |
| 564 |
|
2026 | 3/30/2026 | 121 Technology Dr. | Durham | NH | 15 | Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc. (Goss International Corporation) | Industrial | 1986/2002/2003 | 500,500 |
| 2,140 |
| 1,269 |
|
| 3/31/2026 | 459 Wingo Road | Byhalia | MS | -- | Asics America Corporation (Asics Corporation) | Industrial | 2011 | 513,734 |
| 1,284 |
| 1,468 |
|
| 6/30/2026 | 351 Chamber Drive | Chillicothe | OH | -- | The Kitchen Collection, Inc. | Industrial | 1995/1998 | 475,218 |
| 504 |
| 580 |
|
| 10/31/2026 | 5001 Greenwood Rd. | Shreveport | LA | -- | Libbey Glass Inc. (Libbey Inc.) | Industrial | 2006 | 646,000 |
| 1,009 |
| 1,083 |
|
| 11/30/2026 | 250 Rittenhouse Cir. | Bristol | PA | -- | Northtec LLC (The Estée Lauder Companies Inc.) | Industrial | 1983/1997 | 241,977 |
| 514 |
| 566 |
|
| | 500 Kinetic Drive | Huntington | WV | -- | AMZN WVCS LLC (Amazon.com, Inc.) | Office | 2011 | 68,693 |
| 572 |
| 642 |
|
| 12/29/2026 | 5500 New Albany Road | Columbus | OH | -- | Evans, Mechwart, Hambleton & Tilton, Inc. | Office | 2005 | 104,807 |
| 760 |
| 869 |
|
2027 | 7/6/2027 | 2221 Schrock Road | Columbus | OH | -- | MS Consultants, Inc. | Office | 1999/2006 | 42,290 |
| 280 |
| 320 |
|
| 10/31/2027 | 11201 Renner Blvd. | Lenexa | KS | 18 | United States of America | Office | 2007 | 169,585 |
| 1,531 |
| 1,531 |
|
2028 | 8/31/2028 | 9803 Edmonds Way | Edmonds | WA | -- | Pudget Consumers Co-op d/b/a PCC Natural Markets | Retail | 1981 | 35,459 |
| 301 |
| 301 |
|
2029 | 1/31/2029 | 6226 West Sahara Ave. | Las Vegas | NV | -- | Nevada Power Company | Office | 1983/1994 | 282,000 |
| 4,035 |
| 2,126 |
|
| 12/31/2029 | 400 East Stone Ave. | Greenville | SC | 9 | Canal Insurance Company | Office | 1948/1981/1982/1986/1991/2006/2008 | 128,041 |
| 472 |
| 0 |
|
2031 | 5/31/2031 | 671 Washburn Switch Rd. | Shelby | NC | -- | Clearwater Paper Corporation | Industrial | 2011 | 673,518 |
| 1,073 |
| 1,300 |
|
2032 | 4/30/2032 | 13930 Pike Road | Missouri City | TX | -- | Vulcan Construction Materials, LP (Vulcan Materials Company) | Industrial | N/A | 0 |
| 345 |
| 419 |
|
N/A | Vacant | 37101 Corporate Dr. | Farmington Hills | MI | -- | (Available for Lease) | Office | 2001 | 38,369 |
| 0 |
| 0 |
|
| | 6277 Sea Harbor Dr. | Orlando | FL | -- | (Available for Lease) | Office | 1984 | 100,113 |
| 0 |
| 0 |
|
| | 8900 Freeport Pkwy. | Irving | TX | -- | (Available for Lease) | Office | 2003 | 43,396 |
| 0 |
| 0 |
|
LONG-TERM LEASES TOTAL/WEIGHTED AVERAGE | | | 97.6% Leased | | | 7,560,017 |
| $ | 26,916 |
| $ | 25,720 |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 6/30/2012
|
| | | | | | | | | | | | | | | | | | | | |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Gross Book Value ($000) (10) | Sq.Ft. | Percentage Leased | Cash Rent as of 6/30/2012 ($000) (2) | GAAP Base Rent as of 6/30/2012 ($000) (3) | Debt Balance ($000) |
MULTI-TENANT PROPERTIES (14) | | | | | | | | | | |
Various | Various | 10 John St. | Clinton | CT | 6 | Multi-Tenant | 1972 | 0 | 41,188 |
| 0% | 0 |
| 0 |
| 0 |
|
| | 100 Light St. | Baltimore | MD | 13 | Multi-Tenant | 1973/2009 | 244,692 | 476,459 |
| 95% | 6,077 |
| 7,525 |
| 55,000 |
|
| | 140 East Shore Dr. | Glen Allen | VA | -- | Multi-Tenant | 2000 | 13,481 | 79,675 |
| 72% | 511 |
| 457 |
| 19,085 |
|
| | 13430 North Black Canyon Fwy. | Phoenix | AZ | 11 | Multi-Tenant | 1981/1982/2005/2007/2009 | 16,723 | 138,940 |
| 100% | 1,322 |
| 1,339 |
| 0 |
|
| | 207 Mockingbird Ln. | Johnson City | TN | -- | Multi-Tenant | 1979 | 11,745 | 60,684 |
| 50% | 306 |
| 306 |
| 0 |
|
| | 2300 Litton Ln. | Hebron | KY | 11 | Multi-Tenant | 1986/1996 | 9,789 | 80,441 |
| 100% | 250 |
| 229 |
| 0 |
|
| | 4200 Northcorp Pkway | Palm Beach Gardens | FL | 11 | Multi-Tenant | 1996 | 15,204 | 95,065 |
| 20% | 25 |
| 25 |
| 0 |
|
| | 6050 Dana Way | Antioch | TN | -- | Multi-Tenant | 1999 | 14,953 | 672,629 |
| 62% | 694 |
| 708 |
| 0 |
|
| | King St./1032 Fort St. Mall | Honolulu | HI | 11 / 13 | Multi-Tenant | 1979/2002 | 47,192 | 318,451 |
| 93% | 1,188 |
| 936 |
| 0 |
|
| | 1275 Northwest 128th St. | Clive | IA | 18 | Multi-Tenant | 2004 | 10,599 | 61,180 |
| 0% | 67 |
| 67 |
| 5,385 |
|
MULTI-TENANT TOTAL/WEIGHTED AVERAGE | | | | 73.7% Leased | | | 2,024,712 |
| | $ | 10,440 |
| $ | 11,592 |
| $ | 79,470 |
|
| | | | | | | | | | | | | |
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE | | | 97.5% Leased | | | 35,637,267 |
| | $ | 150,710 |
| $ | 148,479 |
| |
|
| |
Footnotes | |
1 | Square foot leased or vacant. |
2 | Six months ended 6/30/2012 cash rent. |
3 | Six months ended 6/30/2012 GAAP base rent. |
4 | Lexington has an 80.5% interest in this property. |
5 | Current lease for 84,200 square feet expires 08/2012, however, lease extended to 01/2018 for 57,769 square feet. |
6 | Lexington has a 71.1% interest in this property. |
7 | CEVA Logistics U.S., Inc. lease expires 08/2012; however, new tenant (Michelin North America, Inc.) lease expires 01/31/2015. |
8 | IBM lease expires 05/2013, however, new tenant (Problem Solved, LLC) leases 16,000 sf through 05/2014. |
9 | Property is classified as a capital lease for GAAP, accordingly $495 income is included in non-operating income. |
10 | Represents GAAP capitalized costs. |
11 | Property is collateral for secured credit facility and term loan. |
12 | Subsequent to 6/30/2012, lease extended to 12/31/2021. |
13 | Includes parking operations. |
14 | The multi-tenanted properties incurred approximately $4.8 million in operating expenses, net for the six months ended 6/30/2012. |
15 | Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026. |
16 | Subsequent to 6/30/2012, lease extended to 12/14/2023. |
17 | Lexington has an 87.1% interest in this property and sold its interest for $13.2 million subsequent to 6/30/2012. |
18 | Cash and GAAP rent amounts represent/include prior tenant. |
19 | Subsequent to 6/30/2012, lease terminated effective 7/6/2012. |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio - 6/30/2012
|
| | | | | | | | | | | | | |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 6/30/2012 ($000) (2) | GAAP Base Rent as of 6/30/2012 ($000) (3) |
NET LEASE STRATEGIC ASSETS FUND PROPERTIES | | | | | | | |
2013 | 5/31/2013 | 2401 Cherahala Blvd. | Knoxville | TN | -- | AdvancePCS, Inc. / CaremarkPCS, L.L.C. | 2002 | 59,748 |
| 450 |
| 450 |
|
| 6/30/2013 | 420 Riverport Rd. | Kingsport | TN | 5 | Kingsport Power Company | 1981 | 42,770 |
| 155 |
| 153 |
|
| 10/31/2013 | 3943 Denny Ave. | Pascagoula | MS | -- | Northrop Grumman Systems Corporation | 1995 | 94,841 |
| 319 |
| 319 |
|
| 12/31/2013 | 120 Southeast Pkwy. Dr. | Franklin | TN | -- | Essex Group, Inc. (United Technologies Corporation) | 1970/1983 | 289,330 |
| 367 |
| 327 |
|
2014 | 1/31/2014 | 109 Stevens St. | Jacksonville | FL | -- | Wagner Industries, Inc. | 1959/1967 | 168,800 |
| 150 |
| 142 |
|
| | 1401 & 1501 Nolan Ryan Pkwy. | Arlington | TX | -- | Siemens Dematic Postal Automation L.P. / Siemens Energy & Automation, Inc. / Siemens Shared Services, LLC | 2003 | 236,547 |
| 1,362 |
| 1,340 |
|
| 4/30/2014 | 12000 & 12025 Tech Center Dr. | Livonia | MI | -- | Kelsey-Hayes Company (TRW Automotive, Inc.) | 1987/1988/1990 | 180,230 |
| 1,058 |
| 1,037 |
|
| 6/30/2014 | 70 Mechanic St. | Foxboro | MA | -- | Invensys Systems, Inc. (Siebe, Inc.) | 1965/1967/1971 | 251,914 |
| 3,256 |
| 3,050 |
|
| 12/31/2014 | 324 Industrial Park Rd. | Franklin | NC | -- | SKF USA Inc. | 1996 | 72,868 |
| 228 |
| 228 |
|
2015 | 6/30/2015 | 1700 47th Ave North | Minneapolis | MN | -- | Owens Corning / Owens Corning Roofing and Asphalt, LLC | 2003 | 18,620 |
| 312 |
| 312 |
|
| | 2500 Patrick Henry Pkwy. | McDonough | GA | -- | Georgia Power Company | 1999 | 111,911 |
| 771 |
| 768 |
|
| | 2935 Van Vactor Dr. | Plymouth | IN | -- | Bay Valley Foods, LLC | 2000/2003 | 300,500 |
| 406 |
| 405 |
|
| | 3711 San Gabriel | Mission | TX | -- | VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation | 2003 | 75,016 |
| 525 |
| 510 |
|
| 9/27/2015 | 2529 West Thorne Dr. | Houston | TX | -- | Baker Hughes, Incorporated | 1982/1999 | 65,500 |
| 479 |
| 419 |
|
| | 9110 Grogans Mill Rd. | The Woodlands | TX | -- | Baker Hughes, Incorporated | 1992 | 275,750 |
| 1,738 |
| 1,566 |
|
| 10/31/2015 | 5201 West Barraque St. | Pine Bluff | AR | -- | Entergy Arkansas Inc. | 1964/1972/1988 | 27,189 |
| 96 |
| 96 |
|
2016 | 1/31/2016 | 1600 Eberhardt Rd. | Temple | TX | -- | Nextel of Texas, Inc. (Nextel Finance Company) | 2001 | 108,800 |
| 837 |
| 808 |
|
| 5/31/2016 | 1200 Jupiter Rd. | Garland | TX | -- | Raytheon Company | 1980 | 278,759 |
| 753 |
| 753 |
|
| 7/14/2016 | 1400 Northeast McWilliams Rd. | Bremerton | WA | -- | Nextel West Corp. (Nextel Finance Company) | 2002 | 60,200 |
| 608 |
| 582 |
|
| 11/30/2016 | 736 Addison Rd. | Erwin | NY | -- | Corning, Incorporated | 2006 | 408,000 |
| 619 |
| 619 |
|
2017 | 4/30/2017 | 3600 Army Post Rd. | Des Moines | IA | -- | HP Enterprise Services, LLC | 2000 | 405,000 |
| 1,453 |
| 1,325 |
|
| 12/31/2017 | 11411 North Kelly Ave. | Oklahoma City | OK | -- | American Golf Corporation | 1991/1996 | 13,924 |
| 237 |
| 239 |
|
2018 | 8/31/2018 | 3500 North Loop Rd. | McDonough | GA | -- | Litton Loan Servicing LP | 2007 | 62,218 |
| 602 |
| 602 |
|
| 9/30/2018 | 904 Industrial Rd. | Marshall | MI | -- | Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | 1968/1972/2008 | 246,508 |
| 382 |
| 401 |
|
2019 | 1/31/2019 | 2999 Southwest 6th St. | Redmond | OR | -- | VoiceStream PCS I LLC (T-Mobile USA, Inc.) | 2004 | 77,484 |
| 771 |
| 786 |
|
| | 9601 Renner Blvd. | Lenexa | KS | -- | VoiceStream PCS II Corporation (T-Mobile USA, Inc.) | 2004 | 77,484 |
| 673 |
| 696 |
|
| 7/15/2019 | 19019 North 59th Ave. | Glendale | AZ | -- | Honeywell International Inc. | 1986/1997/2000 | 252,300 |
| 877 |
| 950 |
|
| 6/29/2019 | 3265 East Goldstone Dr. | Meridian | ID | -- | T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.) | 2004 | 77,484 |
| 657 |
| 682 |
|
2020 | 5/31/2020 | 359 Gateway Dr. | Lavonia | GA | -- | TI Group Automotive Systems, LLC (TI Automotive Ltd.) | 2005 | 133,221 |
| 600 |
| 600 |
|
| 6/30/2020 | 10419 North 30th St. | Tampa | FL | -- | Time Customer Service, Inc. (Time Incorporated) | 1986 | 132,981 |
| 682 |
| 678 |
|
| 8/31/2020 | First Park Dr. | Oakland | ME | -- | Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | 2005 | 78,610 |
| 667 |
| 575 |
|
| 11/30/2020 | 11555 University Blvd. | Sugar Land | TX | -- | KS Management Services, LLP (St. Luke’s Episcopal Health System Corporation) | 2005 | 72,683 |
| 613 |
| 626 |
|
2021 | 9/30/2021 | 265 Lehigh St. | Allentown | PA | -- | Pennsylvania School of Business, Inc. | 1980 | 22,392 |
| 62 |
| 62 |
|
| 10/25/2021 | 6938 Elm Valley Dr. | Kalamazoo | MI | -- | Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited) | 1999/2004 | 150,945 |
| 1,014 |
| 1,058 |
|
2022 | 6/30/2022 | 8555 South River Pkwy. | Tempe | AZ | 4 | ASM Lithography, Inc. (ASM Lithography Holding N.V.) (2013) / DuPont Airproducts Nanomaterials L.L.C. (2022) | 1998 | 95,133 |
| 1,177 |
| 1,105 |
|
| 7/31/2022 | 109 Stevens St. | Tucson | AZ | -- | CoxCom, LLC | 1988 | 28,591 |
| 273 |
| 276 |
|
2025 | 7/14/2025 | 590 Ecology Ln. | Chester | SC | -- | Owens Corning Sales, LLC | 2001/2005 | 420,597 |
| 1,093 |
| 1,084 |
|
2026 | 8/31/2026 | 25500 State Hwy. 249 | Tomball | TX | -- | Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin) | 2005 | 77,076 |
| 676 |
| 753 |
|
2027 | 4/30/2027 | 2424 Alpine Rd. | Eau Claire | WI | -- | Silver Spring Foods, Inc. (Huntsinger Farms, Inc.) | 1993/2004 | 159,000 |
| 500 |
| 586 |
|
Various | Various | 17191 St. Luke's Way | The Woodlands | TX | -- | Multi-Tenant | 2004 | 13,368 |
| 0 |
| 0 |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Net Lease Strategic Assets Fund Portfolio - 6/30/2012
|
| | | | | | | | | | | | | |
Year of Lease Expiration | Date of Lease Expiration | Property Location | City | State | Note | Primary Tenant (Guarantor) | Year Acquired/ Built/ Renovated/ Expanded | Sq.Ft. Leased or Available (1) | Cash Rent as of 6/30/2012 ($000) (2) | GAAP Base Rent as of 6/30/2012 ($000) (3) |
N/A | Vacant | 17191 St. Luke's Way | The Woodlands | TX | 6 | (Available for Lease) | 2004 | 27,632 |
| 399 |
| 249 |
|
| | 265 Lehigh St. | Allentown | PA | -- | (Available for Lease) | 1980 | 48,838 |
| 0 |
| 0 |
|
NET LEASE STRATEGIC ASSETS FUND TOTAL/WEIGHTED AVERAGE | | | 98.7% Leased | | 5,800,762 |
| 27,897 |
| 27,217 |
|
|
| |
Footnotes | |
1 | Square foot leased or vacant. |
2 | Six months ended 6/30/2012 cash rent. |
3 | Six months ended 6/30/2012 GAAP base rent. |
4 | ASM Lithography, Inc. lease expires 6/30/2013; however, new tenant (DuPont Airproducts Nanomaterials LLC) lease expires 6/30/2022. |
5 | Subsequent to 6/30/2012, lease extended to 06/2018. |
6 | Cash and GAAP rent amounts represent prior tenant. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Lease Rollover Schedule by Property Type - Cash Basis |
6/30/2012 |
| | | | | | | | | | | |
| Office | | Industrial | | Retail |
Year | Net Rentable Area | Cash Rent as of 6/30/2012 ($000) | Annual Rent PSF | | Net Rentable Area | Cash Rent as of 6/30/2012 ($000) | Annual Rent PSF | | Net Rentable Area | Cash Rent as of 6/30/2012 ($000) | Annual Rent PSF |
2012 | 365,533 |
| $ | 2,954 |
| $ | 16.16 |
| | 308,710 |
| $ | 346 |
| $ | 2.24 |
| | 59,300 |
| $ | 163 |
| $ | 5.5 |
|
2013 | 966,609 |
| $ | 6,802 |
| $ | 14.07 |
| | 1,237,268 |
| $ | 1,783 |
| $ | 2.88 |
| | 194,010 |
| $ | 505 |
| $ | 5.21 |
|
2014 | 1,927,583 |
| $ | 17,478 |
| $ | 18.13 |
| | 685,346 |
| $ | 729 |
| $ | 2.13 |
| | 30,757 |
| $ | 93 |
| $ | 6.05 |
|
2015 | 1,808,563 |
| $ | 18,012 |
| $ | 14.86 |
| | 2,058,570 |
| $ | 3,088 |
| $ | 3.00 |
| | 56,837 |
| $ | 134 |
| $ | 4.72 |
|
2016 | 569,241 |
| $ | 3,943 |
| $ | 13.85 |
| | 1,847,478 |
| $ | 3,906 |
| $ | 4.23 |
| | 177,562 |
| $ | 507 |
| $ | 5.71 |
|
2017 | 657,445 |
| $ | 4,504 |
| $ | 13.7 |
| | 1,942,944 |
| $ | 4,218 |
| $ | 4.34 |
| | 148,040 |
| $ | 343 |
| $ | 4.63 |
|
2018 | 1,408,857 |
| $ | 9,819 |
| $ | 13.94 |
| | 994,283 |
| $ | 1,153 |
| $ | 2.32 |
| | 930,259 |
| $ | 989 |
| $ | 3.86 |
|
2019 | 1,968,646 |
| $ | 13,257 |
| $ | 13.47 |
| | 1,621,875 |
| $ | 2,027 |
| $ | 2.50 |
| | — |
| $ | — |
| $ | — |
|
2020 | 386,366 |
| $ | 3,223 |
| $ | 16.68 |
| | 1,115,995 |
| $ | 3,074 |
| $ | 5.51 |
| | — |
| $ | — |
| $ | — |
|
2021 | 805,745 |
| $ | 6,586 |
| $ | 16.35 |
| | 1,251,312 |
| $ | 1,694 |
| $ | 2.71 |
| | — |
| $ | — |
| $ | — |
|
2022 - Q1 | 100,012 |
| $ | 568 |
| $ | 11.36 |
| | 257,849 |
| $ | 11 |
| $ | 4.83 |
| | — |
| $ | — |
| $ | — |
|
Thereafter | 2,153,519 |
| $ | 14,966 |
| $ | 13.98 |
| | 5,189,161 |
| $ | 11,649 |
| $ | 4.39 |
| | 35,459 |
| $ | 301 |
| $ | 16.98 |
|
Total/Weighted Average (1) | 13,118,119 |
| $ | 102,112 |
| $ | 14.88 |
| | 18,510,791 |
| $ | 33,678 |
| $ | 3.68 |
| | 1,632,224 |
| $ | 3,035 |
| $ | 4.71 |
|
| | | | | | | | | | | |
Footnotes | | | | | | | | | | | |
(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations. |
|
| | | | | | | | |
LEXINGTON REALTY TRUST |
Lease Rollover Schedule - GAAP Basis |
6/30/2012 |
| | | | |
| | | | |
Year | Number of Leases Expiring | | GAAP Base Rent as of 6/30/2012 ($000) | Percent of GAAP Base Rent as of 6/30/2012 |
2,012 | 8 |
| | $ | 3,249 |
| 2.4 | % |
2,013 | 18 |
| | $ | 9,293 |
| 6.9 | % |
2,014 | 27 |
| | $ | 18,198 |
| 13.4 | % |
2,015 | 17 |
| | $ | 16,432 |
| 12.1 | % |
2,016 | 14 |
| | $ | 8,827 |
| 6.5 | % |
2,017 | 14 |
| | $ | 8,838 |
| 6.5 | % |
2,018 | 23 |
| | $ | 13,798 |
| 10.2 | % |
2,019 | 10 |
| | $ | 15,541 |
| 11.5 | % |
2,020 | 7 |
| | $ | 6,530 |
| 4.8 | % |
2,021 | 8 |
| | $ | 8,366 |
| 6.2 | % |
2022 - Q1 & Q2 | 2 |
| | $ | 611 |
| 0.5 | % |
Thereafter | 30 |
| | $ | 25,720 |
| 19 | % |
| | | | |
Total (1) | 178 |
| | $ | 135,403 |
| 100 | % |
| | | | |
Footnotes | | | | |
(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations. |
|
| | | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Mortgage Loans Receivable |
6/30/2012 |
| | | | Current Estimated Annual Debt Service ($000)(2) | | |
Collateral | Loan Balance ($000)(1) | Interest Rate | Maturity Date | Balloon Payment ($000) | Escrow Balance ($000) |
| City | State |
Office | Schaumburg (3) | IL | $ | 21,942 |
| 20.00 | % | 01/2012 | $ | — |
| $ | 21,942 |
| $ | 308 |
|
| Southfield | MI | $ | 7,721 |
| 4.55 | % | 02/2015 | $ | 1,282 |
| $ | 5,810 |
| $ | — |
|
| Westmont (4) | IL | $ | 27,063 |
| 6.45 | % | 10/2015 | $ | 2,090 |
| $ | 25,731 |
| $ | 5,804 |
|
Industrial | New Kingstown (5) | PA | $ | 3,028 |
| 7.78 | % | 01/2013 | $ | — |
| $ | 3,028 |
| $ | 664 |
|
Retail | Various | Various | $ | 1,066 |
| 8.00 | % | 07/2012 | $ | 1,066 |
| $ | — |
| $ | — |
|
| Austin | TX | $ | 1,882 |
| 16.00 | % | 10/2018 | $ | — |
| $ | 5,104 |
| $ | — |
|
| Various | Various | $ | 1,349 |
| 8.00 | % | 02/2021 | $ | 219 |
| $ | — |
| $ | — |
|
| Various | Various | $ | 714 |
| 8.00 | % | 12/2021 | $ | 111 |
| $ | — |
| $ | — |
|
| Various | Various | $ | 859 |
| 8.00 | % | 03/2022 | $ | 127 |
| $ | — |
| $ | — |
|
Charter School | Homestead (6) | FL | $ | 5,872 |
| 7.50 | % | 08/2014 | $ | — |
| $ | 5,872 |
| $ | — |
|
| Total Mortgage Loans Receivable | $ | 71,496 |
| | | $ | 4,895 |
| $ | 67,487 |
| $ | 6,776 |
|
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Footnotes |
(1) Includes accrued interest receivable and net origination fees. |
(2) Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months. |
(3) Interest only payments to the extent of operating cash flow of underlying asset. Borrower currently in default and Lexington has commenced foreclosure. |
(4) Escrow balance includes $3,045 in a collateral escrow account maintained by the borrower and $2,500 letter of credit held by Lexington. |
(5) Borrower currently in default, so no current debt service being made. |
(6) Lexington is committed to lend up to $8,000. |
LEXINGTON REALTY TRUST
2012 Second Quarter Financing Summary
|
| | | | | | | | | | | | | | | | |
| DEBT RETIRED | | | | | | | | | |
| | | | | | | | | | |
| | | Face ($000) | | Satisfaction ($000) | | Rate | | Due Date | |
1 |
| Laurens, SC (1) | | $ | 14,111 |
| | $ | 14,111 |
| | 5.911 | % | | 09/2012 | |
2 |
| Temperance, MI (1) | | $ | 9,460 |
| | $ | 9,460 |
| | 5.912 | % | | 09/2012 | |
| TOTAL | | $ | 23,571 |
| | $ | 23,571 |
| | | | | |
| | | | | | | | | | |
| CORPORATE LEVEL FINANCING | | | | | | | | | |
| | | | | | | | | | |
| | | Face ($000) | | Rate | | Maturity | | | |
1 |
| Term Loan Draw | | $ | 45,000 |
| | 3.500 | % | | 01/2019 | | | |
| TOTAL | | $ | 45,000 |
| | | | | | | |
| | | | | | | | | | |
| NEW PROPERTY LEVEL FINANCING | | | | | | | | | |
| | | | | | | | | | |
| | | Face ($000) | | Rate | | Maturity | | | |
1 |
| Baltimore, MD | | $ | 55,000 |
| | 4.320 | % | | 06/2023 | | | |
| TOTAL | | $ | 55,000 |
| | | | | | | |
| | | | | | | | | | |
Footnotes |
(1) | Imputed interest rate. | | | | | |
|
| | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Debt Maturity Schedule |
6/30/2012 |
($000) |
| | | | | | | | | | |
| Consolidated Properties | |
| Year | | Real Estate Scheduled Amortization | | | Real Estate Balloon Payments | | | Corporate Debt | |
| 2,012 | | $ | 8,964 |
| | | $ | 69,990 |
| | | $ | — |
| |
| 2,013 | | $ | 25,217 |
| | | $ | 234,937 |
| | | $ | — |
| |
| 2,014 | | $ | 23,454 |
| | | $ | 229,068 |
| | | $ | — |
| |
| 2,015 | | $ | 14,916 |
| | | $ | 261,640 |
| | | $ | 35,000 |
| (1) |
| 2,016 | | $ | 10,132 |
| | | $ | 121,889 |
| | | $ | — |
| |
| | | $ | 82,683 |
| | | $ | 917,524 |
| | | $ | 35,000 |
| |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Non-Consolidated Investments - LXP Proportionate Share | |
| Year | | Real Estate Scheduled Amortization | | | Real Estate Balloon Payments | | | | |
| 2,012 | | $ | 871 |
| | | — |
| | | | |
| 2,013 | | $ | 2,714 |
| | | $ | 2,496 |
| | | | |
| 2,014 | | $ | 2,416 |
| | | $ | 12,679 |
| | | | |
| 2,015 | | $ | 2,394 |
| | | $ | 6,960 |
| | | | |
| 2,016 | | $ | 1,790 |
| | | $ | 3,998 |
| | | | |
| | | $ | 10,185 |
| | | $ | 26,133 |
| | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Footnotes | | | | | | | | | |
| (1) Maturity date can be extended to 01/2016 at Lexington's option. | |
|
| | | | | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
2012 Mortgage Maturities by Property Type |
6/30/2012 |
| | | | | | | | | | |
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 6/30/2012 ($000) | GAAP Base Rent as of 6/30/2012 ($000) |
Office | 37101 Corporate Dr. | Farmington Hills | MI | 128,829 |
| $ | 17,724 |
| 09/2012 | 06/2025 | $ | 12,968 |
| — |
| $ | 107 |
|
| 4455 American Way | Baton Rouge | LA | 70,100 |
| $ | 5,943 |
| 10/2012 | 10/2012 | $ | 13,868 |
| $ | 591 |
| $ | 557 |
|
| 1110 Bayfield Dr. | Colorado Springs | CO | 166,575 |
| $ | 10,272 |
| 12/2012 | 11/2013 | $ | 19,579 |
| $ | 815 |
| $ | 800 |
|
Industrial | 19500 Bulverde Rd. (2) | San Antonio | TX | 559,258 |
| $ | 26,025 |
| 10/2012 | 03/2016 | $ | 41,882 |
| $ | 1,832 |
| $ | 1,714 |
|
| 43955 Plymouth Oaks Blvd. | Plymouth | MI | 290,133 |
| $ | 10,026 |
| 12/2012 | 10/2017 | $ | 19,161 |
| $ | 943 |
| $ | 711 |
|
| | | | | | | | | | |
| Total 2012 Mortgage Maturities | | | 1,214,895 |
| $ | 69,990 |
| | | $ | 107,458 |
| $ | 4,181 |
| $ | 3,889 |
|
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Footnotes | | | | | | | | | | |
(1) Represents GAAP capitalized costs as of June 30, 2012. |
(2) Mortgage satisfied subsequent to June 30, 2012. |
|
| | | | | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
2013 Mortgage Maturities by Property Type |
6/30/2012 |
| | | | | | | | | | |
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 6/30/2012 ($000) | GAAP Base Rent as of 6/30/2012 ($000) |
Office | 3476 Stateview Blvd. | Fort Mill | SC | 169,083 |
| $ | 9,904 |
| 01/2013 | 05/2014 | $ | 18,095 |
| $ | 1,343 |
| $ | 1,267 |
|
| 9201 East Dry Creek Rd. | Centennial | CO | 128,500 |
| $ | 13,555 |
| 02/2013 | 09/2017 | $ | 26,922 |
| $ | 1,163 |
| $ | 1,186 |
|
| 12600 Gateway Blvd. | Fort Meyers | FL | 62,400 |
| $ | 8,550 |
| 05/2013 | 01/2013 | $ | 13,561 |
| $ | 579 |
| $ | 546 |
|
| 200 Executive Blvd. South | Southington | CT | 153,364 |
| $ | 12,228 |
| 05/2013 | 12/2012 | $ | 26,737 |
| $ | 840 |
| $ | 812 |
|
| 275 South Valencia Ave. | Brea | CA | 637,503 |
| $ | 73,071 |
| 05/2013 | 06/2019 | $ | 118,929 |
| $ | 4,355 |
| $ | 4,300 |
|
| 5757 Decatur Blvd. | Indianapolis | IN | 89,956 |
| $ | 8,580 |
| 05/2013 | 2012/2018 | $ | 15,299 |
| $ | 710 |
| $ | 719 |
|
| 810 & 820 Gears Rd. | Houston | TX | 157,790 |
| $ | 15,737 |
| 05/2013 | 01/2013 | $ | 26,829 |
| $ | 1,148 |
| $ | 1,126 |
|
| 8900 Freeport Pkwy. | Irving | TX | 268,445 |
| $ | 36,466 |
| 05/2013 | 03/2023 | $ | 60,297 |
| $ | 1,519 |
| $ | 1,674 |
|
| 6303 Barfield Rd./859 Mount Vernon Hwy. | Atlanta | GA | 289,000 |
| $ | 40,356 |
| 05/2013 | Various | $ | 76,766 |
| $ | 3,177 |
| $ | 2,703 |
|
| 2211 South 47th St. | Phoenix | AZ | 176,402 |
| $ | 16,490 |
| 09/2013 | 02/2023 | $ | 24,631 |
| $ | 1,204 |
| $ | 1,080 |
|
| | | | | | | | | | |
| Total 2013 Mortgage Maturities | | | 2,132,443 |
| $ | 234,937 |
| | | $ | 408,066 |
| $ | 16,038 |
| $ | 15,413 |
|
| | | | | | | | | | |
Footnotes | | | | | | | | | | |
(1) Represents GAAP capitalized costs as of June 30, 2012. |
|
| | | | | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
2014 Mortgage Maturities by Property Type |
6/30/2012 |
| | | | | | | | | | |
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 6/30/2012 ($000) | GAAP Base Rent as of 6/30/2012 ($000) |
Office & | 33 Commercial St. | Foxboro | MA | 164,689 |
| $ | — |
| 01/2014 | 07/2015 | $ | 29,238 |
| $ | 3,025 |
| $ | 1,816 |
|
Multi-Tenant | 1275 Northwest 128th St. | Clive | IA | 61,180 |
| $ | 5,151 |
| 05/2014 | Vacant | $ | 10,599 |
| $ | 67 |
| $ | 67 |
|
| 3480 Stateview Blvd. | Fort Mill | SC | 169,218 |
| $ | 18,311 |
| 05/2014 | 05/2014 | $ | 29,174 |
| $ | 1,821 |
| $ | 1,725 |
|
| 1701 Market St. (2) | Philadelphia | PA | 304,037 |
| $ | 43,520 |
| 07/2014 | Various | $ | 72,728 |
| $ | 3,614 |
| $ | 3,537 |
|
| 10300 Kincaid Dr. | Fishers | IN | 193,000 |
| $ | 10,466 |
| 08/2014 | 01/2020 | $ | 28,323 |
| $ | 1,689 |
| $ | 1,712 |
|
| 3965 Airways Blvd. | Memphis | TN | 521,286 |
| $ | 47,270 |
| 09/2014 | 06/2019 | $ | 116,410 |
| $ | 3,426 |
| $ | 3,507 |
|
| 500 Jackson St. | Columbus | IN | 390,100 |
| $ | 26,399 |
| 09/2014 | 07/2019 | $ | 53,821 |
| $ | 2,213 |
| $ | 2,270 |
|
| 6226 West Sahara Ave. | Las Vegas | NV | 282,000 |
| $ | 32,118 |
| 09/2014 | 01/2029 | $ | 64,735 |
| $ | 4,035 |
| $ | 2,126 |
|
| 22011 Southeast 51st St./5150 220th Ave. | Issaquah | WA | 202,544 |
| $ | 30,388 |
| 12/2014 | 12/2014 | $ | 51,306 |
| $ | 2,261 |
| $ | 2,072 |
|
| 275 Technology Dr. | Canonsburg | PA | 107,872 |
| $ | 9,095 |
| 12/2014 | 12/2014 | $ | 15,739 |
| $ | 715 |
| $ | 689 |
|
Industrial | 2415 US Hwy. 78 East | Moody | AL | 595,346 |
| $ | 6,350 |
| 01/2014 | 01/2014 | $ | 11,575 |
| $ | 527 |
| $ | 527 |
|
| | | | | | | | | | |
| Total 2014 Mortgage Maturities | | | 2,991,272 |
| $ | 229,068 |
| | | $ | 483,648 |
| $ | 23,393 |
| $ | 20,048 |
|
| | | | | | | | | | |
| | | | | | | | | | |
Footnotes | | | | | | | | | | |
(1) Represents GAAP capitalized costs as of June 30, 2012. |
(2) Lexington has an 80.5% interest in the property and amounts include parking operations. |
|
| | | | | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
2015 Mortgage Maturities by Property Type |
6/30/2012 |
| | | | | | | | | | |
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 6/30/2012 ($000) | GAAP Base Rent as of 6/30/2012 ($000) |
Office & | 101 East Erie St. | Chicago | IL | 230,704 |
| $ | 29,900 |
| 01/2015 | 03/2014 | $ | 56,548 |
| $ | 2,066 |
| $ | 2,501 |
|
Multi-Tenant | 400 East Stone Ave. (2) | Greenville | SC | 128,041 |
| $ | 9,000 |
| 01/2015 | 12/2029 | $ | 10,662 |
| $ | 472 |
| $ | — |
|
| 4201 Marsh Ln. | Carrollton | TX | 130,000 |
| $ | 12,022 |
| 01/2015 | 11/2022 | $ | 22,146 |
| $ | 963 |
| $ | 933 |
|
| 13775 McLearen Rd. | Herndon | VA | 125,293 |
| $ | 10,359 |
| 04/2015 | 04/2015 | $ | 25,443 |
| $ | 1,109 |
| $ | 1,069 |
|
| 10475 Crosspoint Blvd. | Indianapolis | IN | 141,047 |
| $ | 11,205 |
| 05/2015 | 10/2019 | $ | 22,506 |
| $ | 1,113 |
| $ | 1,167 |
|
| 100, 120, 140 East Shore Dr. | Glen Allen | VA | 224,838 |
| $ | 18,321 |
| 05/2015 | Various | $ | 38,044 |
| $ | 1,372 |
| $ | 1,397 |
|
| 1311 Broadfield Blvd. | Houston | TX | 155,040 |
| $ | 14,431 |
| 05/2015 | 03/2021 | $ | 29,999 |
| $ | 1,163 |
| $ | 1,312 |
|
| 1409 Centerpoint Blvd. | Knoxville | TN | 84,404 |
| $ | 6,658 |
| 05/2015 | 10/2014 | $ | 12,604 |
| $ | 856 |
| $ | 810 |
|
| 2550 Interstate Dr. | Harrisburg | PA | 81,859 |
| $ | 7,792 |
| 05/2015 | 12/2013 | $ | 15,255 |
| $ | 972 |
| $ | 935 |
|
| 2706 Media Center Dr. | Los Angeles | CA | 83,252 |
| $ | 9,760 |
| 05/2015 | Various | $ | 18,070 |
| $ | 881 |
| $ | 734 |
|
| 2800 Waterford Lake Dr. | Midlothian | VA | 99,057 |
| $ | 9,055 |
| 05/2015 | 10/2014 | $ | 15,844 |
| $ | 1,066 |
| $ | 1,007 |
|
| 333 Mt. Hope Ave. | Rockaway | NJ | 95,500 |
| $ | 14,900 |
| 05/2015 | 09/2014 | $ | 29,295 |
| $ | 1,122 |
| $ | 1,061 |
|
| 4000 Johns Creek Pkwy. | Suwanee | GA | 87,219 |
| $ | 10,502 |
| 05/2015 | 09/2012 | $ | 4,203 |
| $ | 724 |
| $ | 719 |
|
| 6200 Northwest Pkwy. | San Antonio | TX | 142,500 |
| $ | 11,167 |
| 05/2015 | 11/2017 | $ | 20,813 |
| $ | 891 |
| $ | 933 |
|
| 16676 Northchase Dr. | Houston | TX | 101,111 |
| $ | 11,282 |
| 05/2015 | 07/2014 | $ | 19,369 |
| $ | 835 |
| $ | 814 |
|
| 4001 International Pkwy. | Carrollton | TX | 138,443 |
| $ | 18,710 |
| 07/2015 | 07/2015 | $ | 30,859 |
| $ | 1,603 |
| $ | 1,597 |
|
| 12645 West Airport Rd. | Sugar Land | TX | 165,836 |
| $ | 6,286 |
| 09/2015 | 09/2015 | $ | 19,436 |
| $ | 1,719 |
| $ | 971 |
|
| 10001 Richmond Ave. | Houston | TX | 554,385 |
| $ | 18,161 |
| 09/2015 | 09/2015 | $ | 73,343 |
| $ | 6,775 |
| $ | 3,688 |
|
Industrial | 10000 Business Blvd. | Dry Ridge | KY | 336,350 |
| $ | 4,463 |
| 07/2015 | 06/2025 | $ | 15,227 |
| $ | 673 |
| $ | 673 |
|
| 301 Bill Bryan Rd. | Hopkinsville | KY | 424,904 |
| $ | 7,846 |
| 07/2015 | 06/2025 | $ | 19,066 |
| $ | 844 |
| $ | 844 |
|
| 4010 Airpark Dr. | Owensboro | KY | 211,598 |
| $ | 3,917 |
| 07/2015 | 06/2025 | $ | 13,598 |
| $ | 604 |
| $ | 604 |
|
| 730 North Black Branch Rd. | Elizabethtown | KY | 167,770 |
| $ | 2,527 |
| 07/2015 | 06/2025 | $ | 6,055 |
| $ | 268 |
| $ | 268 |
|
| 750 North Black Branch Rd. | Elizabethtown | KY | 539,592 |
| $ | 13,376 |
| 07/2015 | 06/2025 | $ | 32,222 |
| $ | 1,419 |
| $ | 1,419 |
|
| | | | | | | | | | |
| Total 2015 Mortgage Maturities | | | 4,448,743 |
| $ | 261,640 |
| | | $ | 550,607 |
| $ | 29,510 |
| $ | 25,456 |
|
| | | | | | | | | | |
Footnotes | | | | | | | | | | |
(1) Represents GAAP capitalized costs as of June 30, 2012. |
(2) Property is classified as a capital lease for GAAP, accordingly $495 of GAAP income is included in non-operating income. |
|
| | | | | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
2016 Mortgage Maturities by Property Type |
6/30/2012 |
| | | | | | | | | | |
| Property Location | City | State | Net Rentable Area | Mortgage Balance at Maturity ($000) | Maturity Date | Tenant Lease Expires | Gross Book Value ($000) (1) | Cash Rent as of 6/30/2012 ($000) | GAAP Base Rent as of 6/30/2012 ($000) |
Office | 700 US Hwy. Route 202-206 | Bridgewater | NJ | 115,558 |
| $ | 13,825 |
| 03/2016 | 10/2014 | $ | 31,657 |
| $ | 1,017 |
| $ | 1,286 |
|
| 11707 Miracle Hills Dr | Omaha | NE | 85,200 |
| $ | 7,560 |
| 04/2016 | 11/2025 | $ | 13,853 |
| $ | 583 |
| $ | 583 |
|
| 2005 East Technology Circle | Tempe | AZ | 60,000 |
| $ | 7,140 |
| 04/2016 | 12/2025 | $ | 12,199 |
| $ | 564 |
| $ | 564 |
|
| 850-950 Warrenville Rd | Lisle | IL | 99,414 |
| $ | 9,377 |
| 06/2016 | 2014/2019 | $ | 17,388 |
| $ | 770 |
| $ | 850 |
|
| 11511 Luna Rd | Farmers Branch | TX | 180,507 |
| $ | 18,363 |
| 07/2016 | 04/2016 | $ | 29,984 |
| $ | 1,154 |
| $ | 1,594 |
|
| 180 South Clinton St | Rochester | NY | 226,000 |
| $ | 16,765 |
| 08/2016 | 12/2014 | $ | 30,830 |
| $ | 1,478 |
| $ | 1,474 |
|
Industrial | 459 Wingo Road | Byhalia | MS | 513,734 |
| $ | 15,000 |
| 06/2016 | 03/2026 | $ | 27,492 |
| $ | 1,284 |
| $ | 1,468 |
|
| 2203 Sherrill Dr | Statesville | NC | 639,800 |
| $ | 12,574 |
| 08/2016 | 05/2013 | $ | 21,266 |
| $ | 894 |
| $ | 865 |
|
| 3686 S. Central Ave. / 749 Southrock Dr | Rockford | IL | 240,000 |
| $ | 6,153 |
| 08/2016 | 2014/2015 | $ | 10,919 |
| $ | 440 |
| $ | 401 |
|
| 7005 Cochran Road | Glenwillow | OH | 458,000 |
| $ | 15,132 |
| 09/2016 | 07/2025 | $ | 28,665 |
| $ | 972 |
| $ | 1,126 |
|
| | | | | | | | | | |
| Total 2016 Mortgage Maturities | | | 2,618,213 |
| $121,889 | | | $224,253 | $9,156 | $10,211 |
| | | | | | | | | | |
Footnotes | | | | | | | | | | |
(1) Represents GAAP capitalized cost at June 30, 2012. |
|
| | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Consolidated Properties: Mortgages and Notes Payable |
6/30/2012 |
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) |
Farmington Hills, MI | (b)(q) | $ | 17,802 |
| 5.723% | 09/2012 | $ | 333 |
| $ | 17,724 |
|
Baton Rouge, LA | (b) | 5,987 |
| 5.333% | 10/2012 | 135 |
| 5,943 |
|
San Antonio, TX | (p) | 26,128 |
| 6.080% | 10/2012 | 508 |
| 26,025 |
|
Plymouth, MI | (b) | 10,202 |
| 5.964% | 12/2012 | 480 |
| 10,026 |
|
Colorado Springs, CO | (b) | 10,378 |
| 5.996% | 12/2012 | 423 |
| 10,272 |
|
Fort Mill, SC | | 9,999 |
| 6.000% | 01/2013 | 401 |
| 9,904 |
|
Centennial, CO | (b)(h) | 13,785 |
| 5.724% | 02/2013 | 756 |
| 13,555 |
|
Brea, CA | (b) | 73,976 |
| 5.734% | 05/2013 | 4,792 |
| 73,071 |
|
Atlanta, GA | | 41,047 |
| 5.268% | 05/2013 | 2,680 |
| 40,356 |
|
Irving, TX | (b) | 37,020 |
| 5.452% | 05/2013 | 2,416 |
| 36,466 |
|
Houston, TX | | 16,009 |
| 5.218% | 05/2013 | 1,040 |
| 15,737 |
|
Southington, CT | | 12,446 |
| 5.018% | 05/2013 | 792 |
| 12,228 |
|
Indianapolis, IN | | 8,729 |
| 5.168% | 05/2013 | 564 |
| 8,580 |
|
Fort Meyers, FL | | 8,660 |
| 5.268% | 05/2013 | 531 |
| 8,550 |
|
Phoenix, AZ | | 17,005 |
| 6.270% | 09/2013 | 1,527 |
| 16,490 |
|
Foxboro, MA | (b) | 5,791 |
| 6.000% | 01/2014 | 3,399 |
| — |
|
Moody, AL | | 6,599 |
| 4.978% | 01/2014 | 493 |
| 6,350 |
|
Clive, IA | (r) | 5,385 |
| 5.139% | 05/2014 | 387 |
| 5,151 |
|
Fort Mill, SC | | 18,939 |
| 5.373% | 05/2014 | 1,364 |
| 18,311 |
|
Philadelphia, PA | (e) | 45,314 |
| 5.060% | 07/2014 | 3,178 |
| 43,520 |
|
Fishers, IN | | 10,981 |
| 6.375% | 08/2014 | 932 |
| 10,466 |
|
Columbus, IN | (i) | 25,831 |
| 6.150% | 09/2014 | 1,611 |
| 25,831 |
|
Las Vegas, NV | (i) | 31,428 |
| 6.150% | 09/2014 | 1,960 |
| 31,427 |
|
Memphis, TN | (i) | 46,253 |
| 6.150% | 09/2014 | 2,884 |
| 46,253 |
|
Columbus, IN | (i) | 591 |
| 7.500% | 09/2014 | 54 |
| 568 |
|
Las Vegas, NV | (i) | 719 |
| 7.500% | 09/2014 | 66 |
| 691 |
|
Memphis, TN | (i) | 1,058 |
| 7.500% | 09/2014 | 97 |
| 1,017 |
|
Issaquah, WA | (b) | 31,213 |
| 5.665% | 12/2014 | 2,113 |
| 30,388 |
|
Canonsburg, PA | (b) | 9,085 |
| 5.426% | 12/2014 | 489 |
| 9,095 |
|
Chicago, IL | (b) | 29,513 |
| 5.639% | 01/2015 | 1,548 |
| 29,900 |
|
Greenville, SC | | 9,000 |
| 5.500% | 01/2015 | 495 |
| 9,000 |
|
Carrollton, TX | | 12,786 |
| 5.530% | 01/2015 | 993 |
| 12,022 |
|
Herndon, VA | (b) | 11,024 |
| 5.885% | 04/2015 | 888 |
| 10,359 |
|
Glen Allen, VA | (b) | 19,085 |
| 5.377% | 05/2015 | 1,292 |
| 18,321 |
|
Houston, TX | | 15,374 |
| 5.160% | 05/2015 | 1,114 |
| 14,431 |
|
Rockaway, NJ | | 14,900 |
| 5.292% | 05/2015 | 799 |
| 14,900 |
|
Houston, TX | | 12,014 |
| 5.210% | 05/2015 | 874 |
| 11,282 |
|
Indianapolis, IN | | 11,937 |
| 5.160% | 05/2015 | 865 |
| 11,205 |
|
San Antonio, TX | | 11,875 |
| 5.340% | 05/2015 | 875 |
| 11,167 |
|
Suwanee, GA | | 11,004 |
| 5.260% | 05/2015 | 751 |
| 10,502 |
|
Los Angeles, CA | | 10,386 |
| 5.110% | 05/2015 | 750 |
| 9,760 |
|
Richmond, VA | | 9,632 |
| 5.310% | 05/2015 | 708 |
| 9,055 |
|
Harrisburg, PA | | 8,305 |
| 5.110% | 05/2015 | 599 |
| 7,792 |
|
Knoxville, TN | | 7,083 |
| 5.310% | 05/2015 | 520 |
| 6,658 |
|
Carrollton, TX | (b) | 19,518 |
| 5.725% | 07/2015 | 1,382 |
| 18,710 |
|
Elizabethtown, KY | (j) | 14,349 |
| 4.990% | 07/2015 | 1,046 |
| 13,376 |
|
|
| | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Consolidated Properties: Mortgages and Notes Payable |
6/30/2012 |
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) |
Hopkinsville, KY | | 8,417 |
| 4.990% | 07/2015 | 614 |
| 7,846 |
|
Dry Ridge, KY | (n) | 4,787 |
| 4.990% | 07/2015 | 349 |
| 4,463 |
|
Owensboro, KY | (n) | 4,202 |
| 4.990% | 07/2015 | 306 |
| 3,917 |
|
Elizabethtown, KY | (j) | 2,711 |
| 4.990% | 07/2015 | 198 |
| 2,527 |
|
Houston, TX | (b) | 36,072 |
| 6.250% | 09/2015 | 8,385 |
| 18,161 |
|
Sugar Land, TX | (b) | 9,459 |
| 6.250% | 09/2015 | 2,139 |
| 6,286 |
|
Bridgewater, NJ | | 14,584 |
| 5.732% | 03/2016 | 1,035 |
| 13,825 |
|
Omaha, NE | | 8,189 |
| 5.610% | 04/2016 | 621 |
| 7,560 |
|
Tempe, AZ | | 7,734 |
| 5.610% | 04/2016 | 586 |
| 7,140 |
|
Byhalia, MS | | 15,000 |
| 4.710% | 06/2016 | 707 |
| 15,000 |
|
Lisle, IL | | 9,978 |
| 6.500% | 06/2016 | 793 |
| 9,377 |
|
Farmers Branch, TX | (b) | 18,471 |
| 5.939% | 07/2016 | 1,136 |
| 18,363 |
|
Rochester, NY | (f) | 17,940 |
| 6.210% | 08/2016 | 1,383 |
| 16,765 |
|
Statesville, NC | (f) | 13,455 |
| 6.210% | 08/2016 | 1,037 |
| 12,574 |
|
Rockford, IL | (f) | 6,585 |
| 6.210% | 08/2016 | 508 |
| 6,153 |
|
Glenwillow, OH | | 16,207 |
| 6.130% | 09/2016 | 1,240 |
| 15,132 |
|
Memphis, TN | | 3,770 |
| 5.710% | 01/2017 | 275 |
| 3,484 |
|
Huntington, WV | | 6,500 |
| 4.150% | 02/2017 | 270 |
| 6,500 |
|
Orlando, FL | | 9,924 |
| 5.722% | 02/2017 | 696 |
| 9,309 |
|
Dubuque, IA | | 9,823 |
| 5.402% | 06/2017 | 733 |
| 8,725 |
|
Shreveport, LA | | 19,000 |
| 5.690% | 07/2017 | 1,096 |
| 19,000 |
|
McDonough, GA | | 23,000 |
| 6.110% | 11/2017 | 1,514 |
| 21,651 |
|
Lorain, OH | (b) | 1,232 |
| 7.750% | 07/2018 | 108 |
| — |
|
Manteca, CA | (b) | 870 |
| 7.750% | 07/2018 | 77 |
| — |
|
Watertown, NY | (b) | 818 |
| 7.750% | 07/2018 | 72 |
| — |
|
Lewisburg, WV | (b) | 575 |
| 7.750% | 07/2018 | 51 |
| — |
|
San Diego, CA | (b) | 555 |
| 7.750% | 07/2018 | 49 |
| — |
|
Galesburg, IL | (b) | 488 |
| 7.750% | 07/2018 | 43 |
| — |
|
Boston, MA | | 13,075 |
| 6.100% | 12/2018 | 996 |
| 11,520 |
|
North Berwick, ME | | 9,282 |
| 3.560% | 04/2019 | 1,532 |
| — |
|
Overland Park, KS | (b) | 36,036 |
| 5.891% | 05/2019 | 2,657 |
| 31,867 |
|
Kansas City, MO | (b) | 17,208 |
| 5.883% | 05/2019 | 1,268 |
| 15,182 |
|
Streetsboro, OH | (b) | 18,626 |
| 5.749% | 09/2019 | 1,344 |
| 16,338 |
|
Boca Raton, FL | | 20,400 |
| 6.470% | 02/2020 | 1,542 |
| 18,383 |
|
Wall, NJ | (b) | 24,594 |
| 6.250% | 01/2021 | 3,312 |
| — |
|
Charleston, SC | | 7,350 |
| 5.850% | 02/2021 | 436 |
| 6,632 |
|
Whippany, NJ | | 15,166 |
| 6.298% | 11/2021 | 1,344 |
| 10,400 |
|
Baltimore, MD | | 55,000 |
| 4.320% | 06/2023 | 2,376 |
| 47,676 |
|
Subtotal/Wtg. Avg./Years Remaining (l) | $ | 1,263,228 |
| 5.635% | 3.4 | $ | 94,732 |
| $ | 1,144,191 |
|
|
| | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Consolidated Properties: Mortgages and Notes Payable |
6/30/2012 |
Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (d) | Balloon Payment ($000) |
Corporate | | | | | | |
Revolving Credit Facility | (k) (m) | $ | 35,000 |
| 2.114% | 01/2015 | $ | 750 |
| 35,000 |
|
Term Loan | (k) | 206,000 |
| 3.758% | 01/2019 | 7,849 |
| 206,000 |
|
Convertible Notes | (o)(c) | 115,000 |
| 6.000% | 01/2030 | 6,900 |
| 115,000 |
|
Trust Preferred Notes | (g) | 129,120 |
| 6.804% | 04/2037 | 8,785 |
| 129,120 |
|
Subtotal/Wtg. Avg./Years Remaining (l) | $ | 485,120 |
| 4.982% | 10.6 | $ | 24,284 |
| $ | 485,120 |
|
Total/Wtg. Avg./Years Remaining (l) | $ | 1,748,348 |
| 5.454% | 5.4 | $ | 119,016 |
| $ | 1,629,311 |
|
| | | | | | |
Footnotes | | | | | | |
(a) Subtotal and total based on weighted average term to maturity (or put dates) shown in years based on debt balance. |
(b) Debt balances based upon imputed interest rates. |
(c) Represents full payable of notes, discount of $8,882 excluded from balance. |
(d) Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. |
(e) Lexington has an 80.5% interest in this property. |
(f) Properties are cross-collateralized. |
(g) Rate fixed through 04/2017, thereafter LIBOR plus 170 bps. |
(h) Maturity date represents lender call date. |
(i) Properties are cross-collateralized. |
(j) Properties are cross-collateralized. |
(k) Secured by a borrowing base of properties. |
(l) Total shown may differ from detailed amounts due to rounding. |
(m) Maturity can be extended to 01/2016 at Lexington's option. |
(n) Properties are cross-collateralized. |
(o) Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25. |
(p) Mortgage satisfied subsequent to 6/30/2012. |
(q) Loan has hyper-amortization option. |
(r) Lexington has suspended debt service payments. |
|
| | | | | | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Non- Consolidated Investments: Mortgages & Notes Payable |
6/30/2012 |
Joint Venture | Debt Balance ($000) | LXP Proportionate Share ($000) (3) | Interest Rate (%) | Maturity | Current Estimated Annual Debt Service ($000) (4) | Balloon Payment ($000) | Proportionate Share Balloon Payment ($000) (3) | |
Net Lease Strategic | $ | 2,578 |
| $ | 387 |
| 7.670 | % | 01/2013 | $ | 2,776 |
| — |
| — |
| |
Net Lease Strategic | 12,335 |
| 1,850 |
| 5.148 | % | 05/2013 | 723 |
| 12,144 |
| 1,822 |
| |
Net Lease Strategic | 4,611 |
| 692 |
| 5.950 | % | 09/2013 | 381 |
| 4,496 |
| 674 |
| |
Net Lease Strategic | 19,272 |
| 2,891 |
| 5.810 | % | 02/2014 | 1,551 |
| 18,588 |
| 2,788 |
| |
Net Lease Strategic | 8,840 |
| 1,326 |
| 5.616 | % | 04/2014 | 697 |
| 8,484 |
| 1,273 |
| |
Net Lease Strategic (5) | 57,450 |
| 8,618 |
| 2.489 | % | 07/2014 | 1,450 |
| 57,450 |
| 8,618 |
| |
Net Lease Strategic | 661 |
| 99 |
| 8.500 | % | 04/2015 | 271 |
| — |
| — |
| |
Net Lease Strategic | 16,033 |
| 2,405 |
| 5.411 | % | 05/2015 | 1,189 |
| 15,087 |
| 2,263 |
| |
Net Lease Strategic - Oklahoma TIC | 14,329 |
| 860 |
| 5.240 | % | 05/2015 | 976 |
| 13,673 |
| 820 |
| |
Net Lease Strategic | 11,986 |
| 1,798 |
| 5.212 | % | 06/2015 | 836 |
| 11,349 |
| 1,702 |
| |
Net Lease Strategic | 5,764 |
| 865 |
| 5.783 | % | 06/2015 | 462 |
| 5,371 |
| 806 |
| |
Net Lease Strategic | 13,895 |
| 2,084 |
| 8.036 | % | 09/2015 | 3,445 |
| 6,925 |
| 1,039 |
| |
Net Lease Strategic | 4,076 |
| 611 |
| 8.036 | % | 09/2015 | 950 |
| 2,203 |
| 330 |
| |
Net Lease Strategic | 8,101 |
| 1,215 |
| 6.090 | % | 01/2016 | 668 |
| 7,446 |
| 1,117 |
| |
Net Lease Strategic | 5,987 |
| 898 |
| 6.090 | % | 04/2016 | 494 |
| 5,465 |
| 820 |
| |
Net Lease Strategic | 6,188 |
| 928 |
| 6.315 | % | 09/2016 | 497 |
| 5,723 |
| 858 |
| |
One Summit | 11,809 |
| 3,543 |
| 9.375 | % | 10/2016 | 3,344 |
| — |
| — |
| |
Net Lease Strategic | 8,728 |
| 1,309 |
| 6.063 | % | 11/2016 | 683 |
| 8,023 |
| 1,203 |
| |
One Summit | 7,866 |
| 2,360 |
| 10.625 | % | 11/2016 | 2,239 |
| — |
| — |
| |
Rehab Humble Lessee | 15,245 |
| 2,287 |
| 4.700 | % | 05/2017 | 950 |
| 13,982 |
| 2,097 |
| |
Net Lease Strategic | 8,361 |
| 1,254 |
| 5.910 | % | 10/2018 | 728 |
| 6,624 |
| 994 |
| |
Net Lease Strategic | 9,303 |
| 1,395 |
| 6.010 | % | 08/2019 | 753 |
| 7,658 |
| 1,149 |
| |
Net Lease Strategic | 7,445 |
| 1,117 |
| 6.507 | % | 11/2019 | 563 |
| 6,692 |
| 1,004 |
| |
Net Lease Strategic | 9,414 |
| 1,412 |
| 6.270 | % | 12/2019 | 774 |
| 7,755 |
| 1,163 |
| |
Net Lease Strategic | 9,519 |
| 1,428 |
| 5.930 | % | 10/2020 | 750 |
| 7,660 |
| 1,149 |
| |
Net Lease Strategic | 8,658 |
| 1,299 |
| 5.460 | % | 12/2020 | 741 |
| 5,895 |
| 884 |
| |
Net Lease Strategic | 9,014 |
| 1,352 |
| 5.640 | % | 01/2021 | 692 |
| 7,018 |
| 1,053 |
| |
Net Lease Strategic | 10,814 |
| 1,622 |
| 5.380 | % | 08/2025 | 1,144 |
| 362 |
| 54 |
| |
Total/Wtg. Avg. (1)/Years Remaining (2) | $ | 308,282 |
| $ | 47,905 |
| 5.770 | % | 4.1 | $ | 30,727 |
| $ | 246,073 |
| $ | 35,680 |
| |
| | | | | | | | |
Footnotes | | | | | | | | |
(1) Weighted average interest rate based on proportionate share. |
(2) Weighted average years remaining on maturities based on proportionate debt balance. |
(3) Total balance shown may differ from detailed amounts due to rounding. |
(4) Remaining payments for debt with less than 12 months to maturity, all others are debt service for 12 months. |
(5) Term loan collateralized by 17 properties. Interest only at LIBOR plus 225 bps, subject to adjustment. |
|
| | | | | | | |
LEXINGTON REALTY TRUST |
Partnership Interests |
Six Months Ended June 30, 2012 |
($000) |
| | | | | | |
| | | | | | |
Noncontrolling Interest Properties - Partners' Proportionate Share (1) |
| | | | | | |
| | | | | | |
| EBITDA | $ | 397 |
| |
| Interest expense | $ | 272 |
| |
| Depreciation and amortization | $ | 478 |
| |
| | | | | | |
Non-Consolidated Net Leased Real Estate - Lexington's Share |
| | | | | | |
| | | | | | |
| EBITDA | $ | 14,255 |
| |
| Interest expense | $ | 1,407 |
| |
| | | | | | |
| | | | | | |
| Footnotes | | | |
| (1) Excludes discontinued operations and OP unit noncontrolling interests. | |
|
| | | | | | | |
LEXINGTON REALTY TRUST |
Selected Balance Sheet and Income Statement Account Data |
6/30/2012 |
($000) |
| | | | | | |
Balance Sheet |
| | | | | | |
| Other assets | $ | 26,992 |
|
| | | | | | |
| | | The components of other assets are: | | |
| | | | | | |
| | | | Deposits | $ | 155 |
|
| | | | Investments- capital lease | | 10,662 |
|
| | | | Equipment | | 618 |
|
| | | | Prepaids | | 3,603 |
|
| | | | Other receivables | | 1,146 |
|
| | | | Deferred tax asset | | 699 |
|
| | | | Deferred lease incentives | | 9,972 |
|
| | | | Other | | 137 |
|
| | | | | | |
| Accounts payable and other liabilities | $ | 59,592 |
|
| | | | | | |
| | | The components of accounts payable and other liabilities are: | | |
| | | | | | |
| | | | Accounts payable and accrued expenses | $ | 15,590 |
|
| | | | CIP accruals and other | | 22,611 |
|
| | | | Taxes | | 232 |
|
| | | | Deferred lease and loan costs | | 4,815 |
|
| | | | Subordinated notes | | 2,352 |
|
| | | | Deposits | | 1,162 |
|
| | | | Escrows | | 1,343 |
|
| | | | Sale/leaseback financing obligation | | 4,750 |
|
| | | | Transaction costs | | 505 |
|
| | | | Guarantee obligation | | 1,500 |
|
| | | | Interest rate swap derivative liability | | 4,732 |
|
| | | | | | |
Income Statement - six months ended June 30, 2012 |
| | | | | | |
| Non-cash interest expense, net | $ | 816 |
|
|
| | | | | | | | |
LEXINGTON REALTY TRUST |
Select Credit Metrics |
| | | | | | | | |
| | | | | 6/30/2011 | | 6/30/2012 | |
| | | | | | | | |
| | | | | | | | |
| Company FFO Payout Ratio | 47.9% | | 52.1% | |
| | | | | | | | |
| Non-mortgaged Assets | $1.33 billion | | $1.31 billion | |
| | | | | | | | |
| Debt + Preferred / Gross Assets | 50.2% | | 49.7% | |
| | | | | | | | |
| Debt/Gross Assets | 42.2% | | 43.6% | |
| | | | | | | | |
| Secured Debt / Gross Assets | 34.9% | | 37.6% | |
| | | | | | | | |
| Net Debt / EBITDA | 5.7 times | | 5.9 times | |
| | | | | | | | |
| Net Debt + Preferred / EBITDA | 6.8 times | | 6.7 times | |
| | | | | | | | |
| Credit Line Availability | $295.9 million | | $261.3 million | |
| | | | | | | | |
| Development / Gross Assets | 0.3% | | 1.8% | |
| | | | | | | | |
| EBITDA / Revenue | 79% | | 80.8% | |
| | | | | | | | |
| EBITDA / PrefDiv + Interest Expense | 2.3 times | | 2.5 times | |
| | | | | | | | |
| JV + Advisory Income / Revenues | 7% | | 6.4% | |
|
| | | | | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Revenue and Same-Store NOI Data |
6/30/2012 |
($000) |
| | | | | | | | | | | |
Base Rent Estimates for Current Assets |
| Year | | Cash (1) | | GAAP (1) | | | | |
| 2012 - remaining | | $ | 137,408 | | $ | 147,611 | | | | |
| 2,013 | | $ | 275,476 | | $ | 283,598 | | | | |
| 2,014 | | $ | 253,835 | | $ | 256,989 | | | | |
| 2,015 | | $ | 214,685 | | $ | 217,306 | | | | |
| 2,016 | | $ | 186,025 | | $ | 186,755 | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other Revenue Data |
| Asset Class | | GAAP Base Rent as of 6/30/12 (2) | | Percentage | | | | |
| Office | | $ | 84,253 |
| | | 56.7 | % | | | | |
| Long-term leases | | $ | 25,720 |
| | | 17.3 | % | | | | |
| Industrial | | $ | 21,926 |
| | | 14.8 | % | | | | |
| Multi-tenant | | $ | 11,592 |
| | | 7.8 | % | | | | |
| Retail | | $ | 4,988 |
| | | 3.4 | % | | | | |
| | | $ | 148,479 |
| | | 100 | % | | | | |
| | | | | | | | | | | |
| Credit Ratings (3) | | | | | | | | | | |
| Investment Grade | | $ | 73,122 |
| | | 49.3 | % | | | | |
| Non-Investment Grade | | $ | 22,637 |
| | | 15.2 | % | | | | |
| Unrated | | $ | 52,720 |
| | | 35.5 | % | | | | |
| | | $ | 148,479 |
| | | 100 | % | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Same-Store NOI(4)(5) | | | Six Months Ended June 30 | | | | |
| | | | 2,012 | | | 2,011 | | | | |
| Total Base Rent | | | $ | 143,119 |
| | | $ | 142,010 |
| | | | |
| Tenant Reimbursements and Other | | | 14,765 |
| | | 15,464 |
| | | | |
| Property Operating Expenses | | | (28,780 | ) | | | (29,372 | ) | | | | |
| Same-Store NOI | | | $ | 129,104 |
| | | $ | 128,102 |
| | | | |
| | | | | | | | | | | |
| Change in Same-Store NOI | | | 0.8 | % | | | | | | | |
| | | | | | | | | | | |
Footnotes |
(1) | Amounts assume (1) lease terms for non-cancellable periods only, (2) that all below market leases are renewed by the tenants at the option rate and (3) that no new or renegotiated leases are entered into after 6/30/2012. |
(2) | Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012. |
(3) | Credit ratings are based upon either tenant, guarantor or parent. Generally, all multi-tenant assets are included in unrated. |
(4) | NOI is on cash basis. |
(5) | Excludes properties acquired and sold in 2011 and the six months ended 6/30/2012. |
|
| | | | | | | | | | | | |
Net Lease Strategic Assets Fund |
Supplemental Financial Disclosure |
$— |
| | | | | | | | |
| | | | | | | | |
| | | | June 30, 2012 | | December 31, 2011 | | |
| | Real estate, including intangibles, net | | $ | 559,245 |
| | $ | 577,280 |
| | |
| | Cash, including restricted cash | | $ | 11,478 |
| | $ | 12,319 |
| | |
| | Mortgages and notes payable | | $ | 259,033 |
| | $ | 266,136 |
| | |
| | | | | | | | |
| | | | | | | | |
| | | | Six months ended June 30, | | |
| | | | 2,012 | | 2,011 | | |
| | Total gross revenues | | $ | 27,742 |
| | $ | 30,954 |
| | |
| | Depreciation and amortization | | (14,653 | ) | | (16,299 | ) | | |
| | Interest expense | | (7,185 | ) | | (8,323 | ) | | |
| | Other expense, net | | (2,569 | ) | | (1,824 | ) | | |
| | Net income from continuing operations | | 3,335 |
| | 4,508 |
| | |
| | Total discontinued operations | | (517 | ) | | 241 |
| | |
| | Net income | | $ | 2,818 |
| | $ | 4,749 |
| | |
| | | | | | | | |
| | Funds from operations, as adjusted | | $ | 18,360 |
| | $ | 20,312 |
| | |
| | | | | | | | |
| | Debt/Gross Assets | | 37.5 | % | | 37.2 | % | | |
| | Net Debt/EBITDA | | 5.1 times |
| | 5.1 times |
| | |
| | Interest Coverage | | 3.6 times |
| | 2.8 times |
| | |
| | | | | | | | |
| | | | | | | | |
| | Supplemental Revenue Data | | | | | | |
| | | | | | | | |
| | Asset Class | | GAAP Base Rent as of 6/30/12 (1) | | Percentage | | |
| | Office | | $ | 17,572 |
| | 64.6 | % | | |
| | Industrial | | $ | 8,653 |
| | 31.8 | % | | |
| | Other | | $ | 992 |
| | 3.6 | % | | |
| | | | $ | 27,217 |
| | 100 | % | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | Credit Ratings (2) | | GAAP Base Rent as of 6/30/12 (1) | | Percentage | | |
| | Investment Grade | | $ | 14,325 |
| | 52.6 | % | | |
| | Non-Investment Grade | | $ | 3,886 |
| | 14.3 | % | | |
| | Unrated | | $ | 9,006 |
| | 33.1 | % | | |
| | | | $ | 27,217 |
| | 100 | % | | |
| | | | | | | | |
| | Footnotes | | | | | | |
| | (1) Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012. |
| | (2) Credit ratings are based upon either tenant, guarantor or parent. |
|
| | |
LEXINGTON REALTY TRUST |
Top 20 Markets |
6/30/2012 |
| Core Based Statistical Area (2) | Percent of GAAP Base Rent as of 6/30/12 (1) |
1 | Dallas-Fort Worth-Arlington, TX | 8.4% |
2 | Houston-Sugar Land-Baytown, TX | 5.6% |
3 | Memphis, TN-MS-AR | 5.2% |
4 | Baltimore-Towson, MD | 5.1% |
5 | New York-Northern New Jersey-Long Island, NY-NJ-PA | 3.9% |
6 | Los Angeles-Long Beach-Santa Ana, CA | 3.8% |
7 | Atlanta-Sandy Springs-Marietta, GA | 3.5% |
8 | Kansas City, MO-KS | 3.4% |
9 | Orlando-Kissimmee, FL | 3.3% |
10 | Chicago-Naperville-Joliet, IL-IN-WI | 2.9% |
11 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2.8% |
12 | Boston-Cambridge-Quincy, MA-NH | 2.6% |
13 | Columbus, OH | 2.6% |
14 | Indianapolis-Carmel, IN | 2.5% |
15 | Phoenix-Mesa-Scottsdale, AZ | 2.1% |
16 | Charlotte-Gastonia-Concord, NC-SC | 2% |
17 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1.9% |
18 | San Antonio, TX | 1.8% |
19 | Detroit-Warren-Livonia, MI | 1.8% |
20 | Cincinnati-Middletown, OH-KY-IN | 1.7% |
| Total Top 20 Markets (3) | 66.7% |
| | |
| | |
Footnotes |
(1) | Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012. |
(2) | A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990. |
(3) | Total shown may differ from detailed amounts due to rounding. |
|
| |
LEXINGTON REALTY TRUST |
Tenant Industry Diversification |
6/30/2012 |
| |
Industry Category | Percent of GAAP Base Rent as of 6/30/2012 (1) (2) |
Finance/Insurance | 15.7% |
Energy | 10.2% |
Technology | 9.6% |
Consumer Products | 8.3% |
Automotive | 8.1% |
Service | 7.7% |
Transportation/Logistics | 6.3% |
Food | 5.3% |
Healthcare | 4.9% |
Telecommunications | 3.9% |
Media/Advertising | 3.7% |
Construction/Materials | 3% |
Printing/Production | 2.9% |
Aerospace/Defense | 2.6% |
Apparel | 2.1% |
Retail Department | 1.7% |
Retail Specialty | 1.4% |
Education | 1.2% |
Real Estate | 1.2% |
Retail Electronics | 0.3% |
| 100% |
| |
Footnotes | |
(1) Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012. |
(2) Total shown may differ from detailed amounts due to rounding. |
|
| | | | | | | | | | | | |
LEXINGTON REALTY TRUST |
Top 10 Tenants or Guarantors |
6/30/2012 |
| | | Sq. Ft. Leased | Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | GAAP Base Rent as of 6/30/2012 ($000) (1) | Percent of GAAP Base Rent as of 6/30/2012 ($000) (1) (2) | |
| | | | | | | |
| | | | | | | |
| Tenants or Guarantors | Number of Leases | | | | | |
| Bank of America, National Association | 8 | 691,893 |
| 1.9 | % | $ | 4,724 |
| 3.2 | % | |
| Baker Hughes, Inc. | 2 | 720,221 |
| 2 | % | $ | 4,659 |
| 3.1 | % | |
| Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | 6 | 1,902,414 |
| 5.3 | % | $ | 4,150 |
| 2.8 | % | |
| Federal Express Corporation | 2 | 647,499 |
| 1.8 | % | $ | 3,686 |
| 2.5 | % | |
| Swiss Re America Holding Corporation / Westport Insurance Corporation | 2 | 476,123 |
| 1.3 | % | $ | 3,499 |
| 2.4 | % | |
| Morgan, Lewis and Bockius, LLP (3) | 1 | 289,432 |
| 0.8 | % | $ | 3,406 |
| 2.3 | % | |
| CEVA Logistics U.S., Inc. (TNT Logistics Holdings, B.V.) | 3 | 2,503,916 |
| 7 | % | $ | 3,286 |
| 2.2 | % | |
| Transamerica Life Insurance Company | 1 | 156,140 |
| 0.4 | % | $ | 3,000 |
| 2 | % | |
| Wells Fargo Bank, N.A. | 2 | 338,301 |
| 0.9 | % | $ | 2,992 |
| 2 | % | |
| JPMorgan Chase Bank, National Association | 3 | 430,375 |
| 1.2 | % | $ | 2,707 |
| 1.8 | % | |
| | 30 | 8,156,314 |
| 22.9 | % | $ | 36,109 |
| 24.3 | % | |
| | | | | | | |
| Footnotes | | | | | | |
| (1) Six months ended 6/30/2012 GAAP base rent recognized for consolidated properties owned as of 6/30/2012. | | | | | | |
| (2) Total shown may differ from detailed amounts due to rounding. | | | | | | |
| (3) Includes parking garage operations. Lexington has an 80.5% interest in this property. | | | | | | |
Investor Information
Computershare Shareowner Services LLC
480 Washington Blvd.
Jersey City NJ 07310-1900
(800) 850-3948
www.bnymellon.com/shareowner/equityaccess
Patrick Carroll
Executive Vice President and Chief Financial Officer
Telephone (direct) (212) 692-7215
Facsimile (main) (212) 594-6600
E-mail pcarroll@lxp.com
Bank of America/Merrill Lynch
James Feldman (646) 855-5808
Barclays Capital
Ross L. Smotrich (212) 526-2306
Friedman, Billings, Ramsey
Gabe Poggi (703) 469-1141
J.P. Morgan Chase
Anthony Paolone (212) 622-6682
Stifel Nicolaus
John W. Guinee (443) 224-1307
Wells Fargo Securities, LLC
Todd J. Stender (212) 214-8067