Exhibit 99.1
[FRB LOGO]
[NEWS LOGO]
RE: LEXINGTON CORPORATE PROPERTIES TRUST
355 LEXINGTON AVENUE
NEW YORK, NY 10017
FOR FURTHER INFORMATION:
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Patrick Carroll Mark Muehlfelt Claire Koeneman
Chief Financial Officer Inquiries Inquiries
(212) 692-7260 (312) 640-6767 (312) 640-6745
FOR IMMEDIATE RELEASE
WEDNESDAY, APRIL 23, 2003
LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES
FIRST QUARTER RESULTS
NEW YORK, NY - APRIL 23, 2003 - LEXINGTON CORPORATE PROPERTIES TRUST (NYSE:LXP),
a real estate investment trust, today announced results for its first quarter
ended March 31, 2003.
QUARTERLY RESULTS
Funds from operations were $17.01 million, or $0.48 per diluted share/unit, for
the first quarter of 2003, compared to $14.92 million, or $0.47 per diluted
share/unit, for the first quarter of 2002. Revenues for the quarter totaled
$29.08 million, compared with revenues of $24.81 million for the same period
last year. Net income was $8.76 million, which included $0.89 million in gains
on sale, in the first quarter of 2003, or $0.29 per diluted share, compared to
$7.96 million, which included $0.85 million in gains on sale, or $0.29 per
diluted share, for the same period last year.
QUARTERLY DIVIDEND DECLARED
The Company declared a dividend of $0.335 per share for the first quarter of
2003, payable on May 15, 2003 to shareholders of record on April 30, 2003. The
declared dividend is equal to 69.8% of funds from operations per share for the
quarter.
COMMENTS FROM MANAGEMENT
Commenting on Lexington's financial results, T. Wilson Eglin, Chief Executive
Officer, said, "We are pleased to report a 4.3% increase in funds from
operations per share compared to the quarter ended December 31, 2002. Our
operating results in the first quarter of 2003, which include for the first time
the consolidated operations of Lexington Realty Advisors, Inc. ("LRA"), were
enhanced by $54.6 million of property acquisitions closed last quarter. This
active investment pace continued during the first quarter of 2003 when Lexington
made new property investments totaling $56.2 million. Today we have $75.7
million of properties under letter of intent. As a result, we are in a very good
position to meet or exceed our objective of acquiring $150-$200 million of
property this year."
MORE
LEXINGTON CORPORATE PROPERTIES TRUST
Lexington Corporate Properties Trust is a real estate investment trust that owns
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 common
shares closed Tuesday, April 22, 2003 at $ 18.10 per share. Lexington pays an
annualized dividend of $1.34 per share. Additional information about Lexington
is available at www.lxp.com
FINANCIAL TABLES FOLLOW
This release contains certain forward-looking statements which involve known and
unknown risks, uncertainties or other factors not under the Company's control
which may cause actual results, performance or achievements of the Company to be
materially different from the results, performance, or other expectations
implied by these forward-looking statements. These factors include, but are not
limited to, those detailed in the Company's periodic filings with the Securities
and Exchange Commission.
MORE
LEXINGTON CORPORATE PROPERTIES TRUST
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
QUARTER ENDED
MARCH 31,
2003 2002
------------ ------------
Revenues:
Rental $ 27,049 $ 22,995
Equity in earnings of non-consolidated entities 1,263 1,426
Advisory fees 411 -
Interest and other 358 392
------------ ------------
29,081 24,813
------------ ------------
Expenses:
Interest expense 9,368 8,250
Depreciation 6,361 5,183
General and administrative 2,311 1,579
Property operating 916 806
Amortization 532 487
------------ ------------
19,488 16,305
------------ ------------
Income before gains on sale and minority interests 9,593 8,508
Gains on sale 885 854
Minority interests (1,715) (1,401)
------------ ------------
Net income $ 8,763 $ 7,961
Depreciation 6,361 5,183
Minority interests-OP Units 1,346 1,347
Amortization of leasing commissions 200 174
Joint venture adjustment-depreciation 908 1,112
Gains on sale (885) (854)
Minority interest share-gains on sale 319 -
------------ ------------
Funds from operations $ 17,012 $ 14,923
============ ============
Rent below GAAP revenue(1) $ 1,137 $ 645
============ ============
Per share/unit
Basic net income $ 0.29 $ 0.30
Diluted net income $ 0.29 $ 0.29
Funds from operations(3)-basic $ 0.48 $ 0.47
Funds from operations(3)-diluted $ 0.48 $ 0.47
Weighted average shares outstanding(2) 29,983,496 26,509,064
Weighted average OP units outstanding 5,249,715 5,307,021
Dilutive common share options 160,503 272,174
------------ ------------
Total weighted average shares and units 35,393,714 32,088,259
============ ============
LEXINGTON CORPORATE PROPERTIES TRUST
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
3/31/03 12/31/02
------- --------
Real estate, at cost $ 978,735 $ 913,370
Accumulated depreciation (141,900) (134,220)
Investment in non-consolidated entities 56,407 54,261
Cash and cash equivalents 13,998 12,097
Deferred assets 8,594 8,168
Rent receivable - current 4,967 3,535
Rent receivable - deferred 21,474 20,115
Other assets 17,806 25,145
------------ ------------
$ 960,081 $ 902,471
============ ============
Mortgages and notes payable $ 550,507 $ 491,517
Other liabilities 15,596 17,323
Minority interests 56,479 56,846
Shareholders' equity 337,499 336,785
------------ ------------
$ 960,081 $ 902,471
============ ============
Common shares outstanding 30,440,885 30,030,048
Operating partnership units outstanding 5,248,306 5,257,365
------------ ------------
Total outstanding shares/units 35,689,191 35,287,413
============ ============
(1) Equal to the difference between rents collected and straight-line rental
income recognized under generally accepted accounting principles.
(2) Includes preferred shares to the extent outstanding in 2002.
(3) The Company believes that Funds From Operations ("FFO") enhances an
investor's understanding of the Company's financial condition, results of
operations and cash flows. The Company believes that FFO is an appropriate,
but limited, measure of the performance of an equity REIT, and that it can
be one measure of a REIT's ability to make cash distributions. FFO is
defined in the October 1999 "White Paper" issued by the National Association
of Real Estate Investment Trusts, Inc. (NAREIT") as "net income (or loss)
computed in accordance with generally accepted accounting principles
("GAAP"), excluding gains (or losses) from sales of property, plus real
estate depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures." FFO should not be
considered an alternative to net income as an indicator of operating
performance or to cash flows from operating activities as determined in
accordance with GAAP, or as a measure of liquidity to other consolidated
income or cash flow statement data as determined in accordance with GAAP.
LEXINGTON CORPORATE PROPERTIES TRUST
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE AND
FUNDS FROM OPERATIONS PER SHARE
($000'S EXCEPT PER SHARE DATA)
QUARTER ENDED
MARCH 31,
EARNINGS PER SHARE 2003 2002
------ ------
BASIC
Net income $ 8,763 $ 7,961
Less preferred dividends -- (693)
------------ ------------
Net income attributable to common shareholders $ 8,763 $ 7,268
============ ============
Weighted average number of common shares outstanding 29,983,496 24,509,064
============ ============
Net income per common share $ 0.29 $ 0.30
============ ============
DILUTED
Income attributable to common shareholders $ 8,763 $ 7,268
Add incremental income attributed to
assumed conversion of dilutive securities 1,346 1,347
------------ ------------
Net income attributable to common shareholders $ 10,109 $ 8,615
============ ============
Weighted average number of shares used
in calculation of basic earnings per share 29,983,496 24,509,064
Add incremental shares representing:
Shares issuable upon exercises of employee share options 160,503 272,174
Shares issuable upon conversion of dilutive securities 5,249,715 5,307,021
------------ ------------
Weighted average number of shares used in calculation of
dilutive earnings per common share 35,393,714 30,088,259
============ ============
Net income per common share $ 0.29 $ 0.29
============ ============
FUNDS FROM OPERATIONS
BASIC AND DILUTED
Net income attributable to common shareholders $ 8,763 $ 7,268
Add:
Depreciation 6,361 5,183
Minority interests-OP Units 1,346 1,347
Amortization of leasing commissions 200 174
Joint venture adjustment-depreciation 908 1,112
Gains on sale (885) (854)
Minority interest share-gains on sale 319 -
Preferred dividends - 693
------------ -----------
Funds from operations $ 17,012 $ 14,923
============ ===========
BASIC
Weighted average shares outstanding-basic EPS 29,983,496 24,509,064
Operating partnership units 5,249,715 5,307,021
Preferred shares - 2,000,000
------------ -----------
Weighted average shares outstanding-basic FFO 35,233,211 31,816,085
============ ===========
FFO per share $ 0.48 $ 0.47
============ ===========
DILUTED
Weighted average shares outstanding-diluted EPS 35,393,714 30,088,259
Preferred shares - 2,000,000
------------ -----------
Weighted average shares outstanding-diluted FFO 35,393,714 32,088,259
============ ===========
FFO per share $ 0.48 $ 0.47
============ ===========
###
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the quarter ended March 31, 2003
TABLE OF CONTENTS
I. Income Statement........................................................................ 1
II. Balance Sheet........................................................................... 2
III. Property Holdings....................................................................... 3
IV. Properties by Location.................................................................. 11
V. Lease Rollover Schedules................................................................ 12
VI. Mortgages and Notes Payable............................................................. 14
VII. Revenue by Tenant Industry.............................................................. 18
VIII. Other Revenue Data...................................................................... 19
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
QUARTER ENDED
MARCH 31,
2003 2002
------------ ------------
Revenues:
Rental $ 27,049 $ 22,995
Equity in earnings of non-consolidated entities 1,263 1,426
Advisory fees 411 -
Interest and other 358 392
------------ ------------
29,081 24,813
------------ ------------
Expenses:
Interest expense 9,368 8,250
Depreciation 6,361 5,183
General and administrative 2,311 1,579
Property operating 916 806
Amortization 532 487
------------ ------------
19,488 16,305
------------ ------------
Income before gains on sale and minority interests 9,593 8,508
Gains on sale 885 854
Minority interests (1,715) (1,401)
------------ ------------
Net income $ 8,763 $ 7,961
Depreciation 6,361 5,183
Minority interests-OP Units 1,346 1,347
Amortization of leasing commissions 200 174
Joint venture adjustment-depreciation 908 1,112
Gains on sale (885) (854)
Minority interest share - gains on sale 319 -
------------ ------------
Funds from operations $ 17,012 $ 14,923
============ ============
Rent below GAAP revenue(1) $ 1,137 $ 645
============ ============
Per share/unit
Basic net income $ 0.29 $ 0.30
Diluted net income $ 0.29 $ 0.29
Funds from operations(3)-basic $ 0.48 $ 0.47
Funds from operations(3)-diluted $ 0.48 $ 0.47
Weighted average shares outstanding(2) 29,983,496 26,509,064
Weighted average OP units outstanding 5,249,715 5,307,021
Dilutive common share options 160,503 272,174
------------ ------------
Total weighted average shares and units 35,393,714 32,088,259
============ ============
1
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
3/31/03 12/31/02
------- --------
Real estate, at cost $ 978,735 $ 913,370
Accumulated depreciation (141,900) (134,220)
Investment in non-consolidated entities 56,407 54,261
Cash and cash equivalents 13,998 12,097
Deferred assets 8,594 8,168
Rent receivable - current 4,967 3,535
Rent receivable - deferred 21,474 20,115
Other assets 17,806 25,145
------------ ------------
$ 960,081 $ 902,471
============ ============
Mortgages and notes payable $ 550,507 $ 491,517
Other liabilities 15,596 17,323
Minority interests 56,479 56,846
Shareholders' equity 337,499 336,785
------------ ------------
$ 960,081 $ 902,471
============ ============
Common shares outstanding 30,440,885 30,030,048
Operating partnership units outstanding 5,248,306 5,257,365
------------ ------------
Total outstanding shares/units 35,689,191 35,287,413
============ ============
(1) Equal to the difference between rents collected and straight-line rental
income recognized under generally accepted accounting principles.
(2) Includes preferred shares in 2002.
(3) The Company believes that Funds From Operations ("FFO") enhances an
investor's understanding of the Company's financial condition, results of
operations and cash flows. The Company believes that FFO is an appropriate,
but limited, measure of the performance of an equity REIT, and that it can
be one measure of a REIT's ability to make cash distributions. FFO is
defined in the October 1999 "White Paper" issued by the National Association
of Real Estate Investment Trusts, Inc. (NAREIT") as "net income (or loss)
computed in accordance with generally accepted accounting principles
("GAAP"), excluding gains (or losses) from sales of property, plus real
estate depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures." FFO should not be
considered an alternative to net income as an indicator of operating
performance or to cash flows from operating activities as determined in
accordance with GAAP, or as a measure of liquidity to other consolidated
income or cash flow statement data as determined in accordance with GAAP.
2
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
3/31/03
- --------------------------------------------------------------------------------------------------------
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) (8000) ($ 000) FOOTAGE (MO/YR)
- --------------------------------------------------------------------------------------------------------
OFFICE
295 Chipeta Way Northwest Pipeline Corp. $ 2,193 $ 2,193 295,000 9/09
Salt Lake City, UT
1600 Viceroy Drive Var Tec Telecom, Inc. 799 871 249,452 9/15
Dallas, TX
9950 Mayland Drive Circuit City Stores, Inc. 715 698 288,562 2/10
Richmond, VA
2750 Monroe Boulevard Quest Diagnostics, Inc.(3) 556 639 109,281 4/11
Valley Forge, PA
1301 California Circle Artesyn North America, 640 637 100,026 12/05
Milpitas, CA Inc.(Balfour Beatty plc)
700 Oakmont Lane North American Van - 629 269,715 11/15
Westmont, IL Lines, Inc. (SIRVA,
Inc.)(4)(5)
13651 McLearen Road Boeing North American 634 619 159,664 5/08
Herndon, VA Services, Inc.
(The Boeing Company)
2211 South 47th Street Avnet, Inc. 584 617 176,402 11/07
Phoenix, AZ
4200 RCA Boulevard The Wackenhut Corp. 541 536 114,518 2/11
Palm Beach Gardens, FL
3476 Stateview Blvd Wells Fargo Home 503 503 169,083 1/13
Fort Mill, SC Mortgage (6)(7)
200 Executive Blvd. S Hartford Fire Insurance Co. 541 502 153,364 12/05
Southington, CT
19019 No. 59th Avenue Honeywell, Inc. 501 495 252,300 7/06
Glendale, AZ
3615 North 27th Avenue Bank One, Arizona, N.A. 475 475 179,280 11/03
Phoenix, AZ
401 Elm Street Lockheed Martin Corp. 467 467 126,000 12/06
Marlborough, MA (Honeywell, Inc.)
26210 and 26220 Apria Healthcare Group, 398 448 100,012 1/12
Enterprise Court Inc.
Lake Forest, CA
9275 S.W. Peyton Lane Hollywood Entertainment 367 383 122,853 11/08
Wilsonville, OR Corp.
160 Clairemont Avenue Allied Holdings, Inc. 387 382 112,248 12/07
Decatur, GA
10419 North 30th Street Time Customer Service, 339 352 132,981 7/10
Tampa, FL Inc. (Time, Inc.)
3
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
3/31/03
- ------------------------------------------------------------------------------------------------------
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- ------------------------------------------------------------------------------------------------------
250 Rittenhouse Circle Jones Apparel Group 289 346 255,019 3/13
Bristol, PA USA, Inc. (1)
(Jones Apparel Group,
Inc.)
400 Butler Farm Road Nextel Communications of 310 326 100,632 12/09
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
13430 N. Black Canyon Bull HN Information 268 271 137,058 10/05
Freeway Systems, Inc.
Phoenix, AZ
180 Rittenhouse Circle Jones Apparel Group 216 243 96,000 7/13
Bristol, PA USA, Inc.
(Jones Apparel Group,
Inc.)
2300 Litton Lane Fidelity Corporate 225 241 81,744 4/07
Hebron, KY Real Estate, LLC (2)
16275 Technology Drive Hewlett Packard 204 222 65,755 1/10
San Diego, CA
5600 Broken Sound Blvd OCE Printing Systems 186 207 143,290 2/20
Boca Raton, FL USA, Inc.
2401 Cherahala Boulevard Advance PCS, Inc. 98 205 59,748 5/13
Knoxville, TN
421 Butler Farm Road Nextel Communications of 173 180 56,515 1/10
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
12000 Tech Center Drive Kelsey-Hayes Company 176 170 80,230 4/07
Livonia, MI
1440 East 15th Street Cox Communications, Inc. 100 114 28,591 9/16
Tucson, AZ
250 Turnpike Road Honeywell Consumer 108 108 57,698 9/15
Southborough, MA Products
183 Plains Road IKON Office Solutions 84 84 27,360 12/04
Milford, CT
======================================
SUBTOTAL $ 13,077 $ 14,163 4,300,381
======================================
4
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
3/31/03
- -----------------------------------------------------------------------------------------------------------
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- -----------------------------------------------------------------------------------------------------------
INDUSTRIAL
541 Perkins Jones Road Kmart Corp. $ 2,340 $ 2,233 1,700,000 9/07
Warren , OH
3501 West Avenue H Michaels Stores, Inc. 801 826 762,775 9/19
Lancaster, CA
8305 SE 58th Avenue Associated Grocers of 468 560 668,034 12/18
Ocala, FL Florida, Inc.
6345 Brackbill Boulevard Exel Logistics, Inc. 509 463 507,000 3/12
Mechanicsburg, PA (NFC plc)
159 Farley Drive Harbor Freight Tools 410 453 474,473 12/16
Dillon, SC (Central Purchasing,
Inc.)
590 Ecology Lane Owens Corning 405 405 193,891 12/20
Chester, SC
4425 Purks Road Lear Technologies LLC 351 341 183,717 7/06
Auburn Hills, MI (Lear Corporation)
(General Motors Corp.)
6 Doughten Road Exel Logistics, Inc. 340 337 330,000 11/06
New Kingston, PA (NFC plc)
6500 Adelaide Court Anda Pharmaceuticals, Inc. 160 302 354,676 4/12
Groveport, OH (Andrx Corporation)
3102 Queen Palm Drive Time Customer Service, 236 254 229,605 7/10
Tampa, FL Inc.(Time, Inc.)
2280 Northeast Drive Ryder Integrated 249 251 276,480 7/12
Waterloo, IA Logistics, Inc.
(Ryder Systems, Inc.)
245 Salem Church Road Exel Logistics, Inc. 252 250 252,000 11/06
Mechanicsburg, PA (NFC plc)
200 Arrowhead Drive Owens Corning 225 246 400,522 5/09
Hebron, OH
12025 Tech Center Drive Kelsey-Hayes Company 244 240 100,000 4/07
Livonia, MI
3600 Southgate Drive Sygma Network, Inc. 233 233 149,500 10/15
Danville, IL
46600 Port Street Johnson Controls, Inc. 211 211 134,160 12/06
Plymouth, MI
1133 Poplar Creek Road Corporate Express Office 189 202 196,946 1/14
Henderson, NC Products, Inc.
(Buhrmann, N.V.)
222 Tappan Drive North The Gerstenslager Company 168 167 296,720 5/05
Mansfield, OH (Worthington Industries)
5
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
3/31/03
- ------------------------------------------------------------------------------------------------------
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- ------------------------------------------------------------------------------------------------------
34 East Main Street Exel Logistics, Inc. 165 163 179,200 11/06
New Kingston, PA (NFC plc)
450 Stern Street Johnson Controls, Inc. 160 160 111,160 12/06
Oberlin, OH
109 Stevens Street Unisource Worldwide, 135 147 168,800 9/09
Jacksonville, FL Inc.
904 Industrial Road Tenneco Automotive 147 146 195,640 8/05
Marshall, MI Operating Company, Inc.
(Tenneco Automotive,
Inc.)
128 Crews Drive Stone Container 126 143 185,961 8/12
Columbia, SC Corporation
191 Arrowhead Drive Owens Corning 144 136 250,410 2/10
Hebron, OH
7150 Exchequer Drive Corporate Express Office 87 92 65,043 10/13
Baton Rouge, LA Products, Inc.
(Buhrmann, N.V.)
324 Industrial Park Road SKF USA, Inc. 91 91 72,868 12/14
Franklin, NC
187 Spicer Drive Dana Corporation 86 85 148,000 8/07
Gordonsville, TN
1 Boudreau Road TNT Canada, Inc. 80 83 122,876 8/12
Alberta, Canada
300 McCormick Road Ameritech Services, Inc. 64 64 20,000 5/05
Columbus, OH
730 W. Fairmont The Tranzonic Companies 51 51 49,951 2/09
Tempe, AZ
1601 Pratt Avenue Tenneco Automotive 40 41 53,600 8/05
Marshall, MI Operating Company, Inc.
(Tenneco Automotive,
Inc.)
3350 Miac Cove Road Mimeo.com, Inc. 44 38 141,359 10/09
Memphis, TN
======================================
SUBTOTAL $ 9,211 $9,414 8,975,367
======================================
6
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
03/31/03
- ------------------------------------------------------------------------------------------------------
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- ------------------------------------------------------------------------------------------------------
RETAIL
150 N.E. 20th Street Fred Meyer, Inc. $ 207 $ 302 118,179 5/11
Newport, OR
2655 Shasta Way Fred Meyer, Inc. 252 252 178,204 3/08
Klamath Falls, OR
Fort Street Mall, King Liberty House, Inc. 241 243 85,610 9/09
Street Honolulu, HI
12235 N. Cave Creek Bally's Health & 189 205 36,556 6/08
Phoenix, AZ Tennis Corporation
35400 Cowan Road Sam's Real Estate 188 188 102,826 1/09
Westland, MI Business Trust
4733 Hills & Dales Road Scandinavian Health 175 171 37,214 12/08
Canton, OH Spa, (Bally Total
Fitness Corp.)
24100 Laguna Hills Mall Federated Department 169 168 160,000 1/06
Laguna Hills, CA Stores, Inc.
1160 White Horse Road Physical Fitness 205 168 31,750 7/07
Voorhees, NJ Centers of Philadelphia,
Inc. (Bally Total
Fitness Corp.)
7111 Westlake Terrace The Home Depot USA, 193 162 95,000 4/06
Bethesda, MD Inc. (8)
5917 S. La Grange Road Bally Total Fitness 165 135 25,250 7/07
Countryside, IL Corp.
4831 Whipple Avenue, Best Buy Co., Inc. 116 116 46,350 2/18
N.W. Canton, OH
3711 Gateway Drive Kohl's Dept. Stores, 109 116 76,164 1/15
Eau Claire, WI Inc.
A1 21 South Wal-Mart Real Estate 114 114 56,132 1/09
Jacksonville, AL Business Trust
12535 S.E. 82nd Avenue Toys "R" Us, Inc. 108 106 42,842 5/06
Clackamas, OR
5801 Bridge Street Champion Fitness IV, 128 105 24,990 8/07
DeWitt, NY Inc. (Bally Total
Fitness Corp.)
399 Peach Wood Centre Best Buy Co., Inc. 99 99 45,800 2/18
Drive
Spartanburg, SC
18601 Alder Wood Mall Toys "R" Us, Inc. 99 98 43,105 5/06
Boulevard
Lynwood, WA
7
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
03/31/03
- -----------------------------------------------------------------------------------------------------------
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- -----------------------------------------------------------------------------------------------------------
7272 55th Street Circuit City Stores, 97 94 45,308 10/08
Sacramento, CA Inc.
6910 S. Memorial Highway Toys "R" Us, Inc. 91 89 43,123 5/06
Tulsa, OK
2275 Browns Bridge Road Wal-Mart Stores, Inc. 82 82 89,199 1/09
Gainesville, GA
6405 South Virginia Comp USA, Inc. 84 81 31,400 12/08
Street Reno, NV
5055 West Sahara Avenue Circuit City Stores, 71 69 36,053 12/08
Las Vegas, NV Inc.
9580 Livingston Road GFS Realty, Inc. 102 69 107,337 2/14
Oxon Hill, MD (Giant Food, Inc.)
7055 Highway 85 South Wal-Mart Stores, Inc. 67 67 81,911 1/11
Riverdale, GA
121 South Center Street Greyhound Lines, Inc. 50 50 17,000 12/09
Stockton, CA
2401 Wooton Parkway GFS Realty, Inc. 56 38 51,682 4/17
Rockville, MD (Giant Food, Inc.)
2832 Chandler Mountain Circuit City Stores, 25 25 9,300 11/06
Road Inc.
Lynchburg, VA
6475 Dobbin Road Offenbacher Aquatics, -- 11 65,200 4/13
Columbia, MD Inc(9)
=========== ===========================
SUBTOTAL $ 3,482 $ 3,423 1,783,485
=========== ===========================
=========== ===========================
GRAND TOTAL $25,770 $27,000 15,059,233
=========== ===========================
(1) Tenant can cancel lease on 03/26/08 with 12 months notice and payment of
$1,392.
(2) Tenant can cancel lease on 04/30/04 with 270 days notice and a payment
of $899.
(3) Expense stop on this property is $393 per annum.
(4) The Company is responsible for real estate taxes for the first year of
the lease which are estimated to be $380.
(5) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment
of $1,300.
(6) Expense stop to be determined on first year anniversary. The Company is
responsible for actual expenses from 01/01/03 through 12/31/03 (first
year anniversary).
(7) Tenant has the right to contract leased space by 27,000 square feet on
01/31/08 with six months notice and a payment estimated to be $696. In
addition, the tenant can cancel lease on 01/31/10 with twelve months
notice and a payment estimated to be $3,968.
(8) The Company has a 33.85% economic interest in this property.
(9) 17,100 square feet subject to a lease.
8
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
JOINT VENTURE PROPERTY CHART
03/31/03
- -----------------------------------------------------------------------------------------------------------
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- -----------------------------------------------------------------------------------------------------------
OFFICE
389-399 Interpace Highway Aventis Pharmaceuticals, $ 1,961 $ 2,122 340,240 1/10
Morris Corporate Center IV Inc. (Pharma Holdings
Parsippany, NJ GmbH)(1)
17 Technology Circle Blue Cross Blue Shield 1,604 1,733 456,304 9/09
Columbia, SC of South Carolina Inc.(2)
6555 Sierra Drive True North Communications 1,002 1,062 247,254 1/10
Irving, TX Inc.(1)
15375 Memorial Drive Vastar Resources, Inc.(1) 859 859 327,325 9/09
Houston, TX
10300 Kincaid Drive Bank One Indiana, 796 822 193,000 10/09
Fishers, IN N.A.(1)(4)
600 International Parkway First USA Management 702 730 125,155 9/09
Lake Mary, FL Services, Inc.(1)(3)
550 International Parkway First USA Management 677 705 125,920 9/09
Lake Mary, FL Services, Inc.(1)(3)
2000 Eastman Drive Structural Dynamic 655 697 212,836 4/11
Milford, OH Research Corp.(1)
14040 Park Center Road NEC America, Inc.(1) 458 506 108,000 7/09
Herndon, VA
2210 Enterprise Drive Washington Mutual 380 425 177,747 6/08
Florence, SC Home Loan, Inc.(5)
3701 Corporate Drive Motorola, Inc.(1) 7 7 119,829 12/16
Farmington Hills, MI
=====================================
SUBTOTAL OFFICE $ 9,101 $ 9,668 2,433,610
=====================================
9
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
JOINT VENTURE PROPERTY CHART
03/31/03
- -----------------------------------------------------------------------------------------------------------
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- -----------------------------------------------------------------------------------------------------------
INDUSTRIAL
101 Michelin Drive TNT Logistics North(1) $ 776 $ 807 1,164,000 8/12
Laurens, SC America, Inc.
(TPG N.V.)
7111 Crabb Road TNT Logistics North(1) 519 540 752,000 8/12
Temperance, MI America, Inc.
(TPG N.V.)
291 Park Center Drive Kraft Foods North 355 379 344,700 6/11
Winchester, VA America, Inc. (1)
-------------------------------------
SUBTOTAL INDUSTRIAL $ 1,650 $ 1,726 2,260,700
-------------------------------------
$ 10,751 $11,394 4,694,310
=====================================
(1) The Company has a 33 1/3% economic interest in this property.
(2) The Company has a 40% economic interest in this property.
(3) Cumulative expense stop on these properties is $1,264 per annum.
(4) Expense stop on this property is $768 per annum.
(5) The Company has a 22.73% economic interest in this property.
10
THE LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTIES BY LOCATION
03/31/03
HISTORICAL 3-MONTHS
ENDED MARCH 31, 2003
--------------------
NO. OF NUMBER OF PERCENT SQUARE FEET RENT PERCENT OF
LOCATIONS LOCATIONS PROPERTIES(1) LEASED ($000'S)(1) TOTAL RENT
- ---------------------------------------------------------------------------------------------
1 Ohio 10 100% 3,429,888 $ 3,828 12.38%
2 South Carolina 8 100 2,867,259 2,662 8.61
3 Florida 7 100 1,708,303 2,534 8.20
4 California 8 100 1,250,876 2,490 8.05
5 Pennsylvania 7 100 1,728,500 2,441 7.90
6 Arizona 7 100 860,138 2,228 7.21
7 Utah 1 100 295,000 2,193 7.09
8 Virginia 7 100 1,067,373 2,143 6.93
9 Michigan 9 100 1,722,002 1,519 4.91
10 Texas 3 100 824,031 1,511 4.89
11 Oregon 4 100 462,078 1,043 3.37
12 Illinois 3 100 444,465 997 3.23
13 New Jersey 2 100 371,990 875 2.83
14 Connecticut 2 100 180,724 586 1.90
15 Massachusetts 2 100 183,698 575 1.86
16 Georgia 3 100 283,358 531 1.72
17 Tennessee 3 70 349,107 328 1.06
18 North Carolina 2 100 269,814 293 0.95
19 Maryland 4 85 319,219 280 0.91
20 Indiana 1 100 193,000 274 0.89
21 Iowa 1 100 276,480 251 0.81
22 Hawaii 1 100 85,610 243 0.79
23 Kentucky 1 100 81,744 241 0.78
24 Nevada 2 100 67,453 150 0.49
25 Wisconsin 1 100 76,164 116 0.38
26 Alabama 1 100 56,132 114 0.36
27 New York 1 100 24,990 105 0.34
28 Washington 1 100 43,105 98 0.32
29 Louisiana 1 100 65,043 92 0.30
30 Oklahoma 1 100 43,123 89 0.28
31 Canada 1 100 122,876 83 0.26
---------------------------------------------------------------------------------
TOTAL 105 99.2% 19,753,543 $ 30,913 100.0%
---------------------------------------------------------------------------------
(1) Includes proportionate share of joint venture investments and
rental revenue recognized from properties sold through date of sale.
11
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
LEASE ROLLOVER SCHEDULE BY PROPERTY TYPE - CASH BASIS
03/31/03
OFFICE INDUSTRIAL RETAIL
- ------------------------------------------------------------------------------------------------------------
CASH RENTAL NET RENT CASH RENTAL NET RENT CASH RENTAL NET RENT
YEAR REVENUE(1) PSF REVENUE(1) PSF REVENUE(1) PSF
- ------------------------------------------------------------------------------------------------------------
2003 $ 1,742 $ 10.60 $ -- $ -- $ -- $ --
2004 687 15.00 -- -- -- --
2005 6,225 15.94 1,701 3.01 -- --
2006 3,888 10.28 6,199 5.21 2,732 6.95
2007 6,153 13.65 10,739 5.51 1,991 24.28
2008 4,896 13.57 -- -- 3,727 10.22
2009 14,947 16.37 2,059 3.15 2,418 6.89
2010 10,722 17.42 1,801 3.75 -- --
2011 4,808 16.44 536 4.67 1,096 5.48
2012 2,036 20.35 7,619 3.40 - --
2013 5,890 10.16 412 6.34 231 13.50
2014 -- -- 1,238 4.59 205 1.91
2015 7,300 12.66 924 6.24 469 6.15
2016 1,619 26.33 1,967 4.19 -- --
2017 -- -- -- -- 115 2.23
2018 -- -- 2,519 3.77 860 9.33
2019 -- -- 3,417 4.48 -- --
2020 2,500 17.44 1,603 8.35 -- --
WTG. AVG. $ 15.10 $ 4.28 $ 7.98
======= ======= =======
(1) Includes proportionate share of joint venture investments.
12
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
LEASE ROLLOVER SCHEDULE - GAAP BASIS
03/31/03
($000's)
PERCENTAGE OF
TOTAL TOTAL
NUMBER OF ANNUALIZED ANNUALIZED
YEAR LEASES EXPIRING RENT (1) RENT
- ---------------------------------------------------------------
2003 1 $ 1,742 1.4%
2004 2 687 0.5
2005 7 8,074 6.4
2006 14 14,142 11.3
2007 10 17,511 13.9
2008 9 7,982 6.3
2009 16 19,262 15.3
2010 8 11,762 9.4
2011 6 6,886 5.5
2012 8 8,549 6.8
2013 6 6,191 4.9
2014 3 1,447 1.2
2015 5 7,822 6.2
2016 3 3,286 2.6
2017 1 152 0.1
2018 3 3,098 2.5
2019 1 3,312 2.6
2020 2 3,848 3.1
------------------------------------------------
TOTAL 105 $ 125,753 100.0%
================================================
(1) Includes proportionate share of joint venture investments.
13
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
MORTGAGES AND NOTES PAYABLE
03/31/03
($000's)
- ---------------------------------------------------------------------------------------------------------------
ESTIMATED
DEBT INTEREST ANNUAL BALLOON
PROPERTY - FIXED RATE BALANCE RATE MATURITY DEBT SERVICE PAYMENT
- ---------------------------------------------------------------------------------------------------------------
Gainesville, GA (first) $ 171 13.000% 01-01-04 $ 219 $ --
Oxon Hill, MD 368 6.250 03-01-04 381 --
REMIC Financing 62,753 8.150 05-25-05 6,353 60,001
Salt Lake City, UT 4,721 7.870 10-01-05 2,099 --
Bethesda, MD 1,832 9.250 05-01-06 669 --
Warren, OH 25,615 7.000 10-01-07 6,160 --
Bristol, PA 9,800 7.400 02-01-08 831 9,262
Boca Raton, FL(j) 15,275 5.250 03-01-08 802 15,275
Decatur, GA 6,789 6.720 06-01-08 579 6,049
Phoenix, AZ 14,457 7.890 06-05-08 1,434 12,591
Palm Beach Gardens, FL 11,468 7.010 06-15-08 970 10,418
Canton, OH 3,377 7.150 08-11-08 313 2,936
Spartanburg, SC 2,804 7.150 08-11-08 260 2,438
Hebron, KY 5,391 7.000 10-23-08 451 4,935
Gainesville, GA (second)(i) 853 7.500 01-01-09 -- --
Ocala, FL 13,309 7.250 02-01-09 1,332 10,700
Canton, OH 1,750 9.490 02-28-09 388 --
Baton Rouge, LA 1,948 7.375 03-01-09 208 1,470
Bristol, PA 6,149 7.250 04-01-09 571 5,228
Livonia, MI 11,091 7.800 04-01-09 992 10,236
Henderson, NC 4,469 7.390 05-01-09 417 3,854
Westland, MI 3,207 10.500 09-01-09 683 --
Salt Lake City, UT 14,768 7.610 10-01-09 2,901 --
Richmond, VA 16,593 8.100 02-01-10 1,511 15,257
Hampton, VA 4,501 8.260 04-01-10 415 4,144
Hampton, VA 7,339 8.270 04-01-10 677 6,758
Tampa, FL 8,404 6.930 08-01-10 674 7,603
Tampa, FL 6,080 6.880 08-01-10 485 5,495
Herndon, VA 18,922 8.180 12-05-10 1,723 17,301
San Diego, CA 4,319 7.500 01-01-11 411 3,420
Tucson, AZ 2,473 7.500 01-01-11 226 2,076
Columbia, SC 3,459 7.540 01-01-11 317 2,905
Valley Forge, PA 13,251 7.120 02-10-11 1,166 10,927
Glendale, AZ 14,882 7.400 04-01-11 1,258 13,365
Auburn Hills, MI 7,294 7.010 06-01-11 637 5,918
Plymouth, MI 4,840 7.960 07-01-11 463 3,949
14
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
MORTGAGES AND NOTES PAYABLE
03/31/03
($000's)
- -------------------------------------------------------------------------------------------------------------------
ESTIMATED
DEBT INTEREST ANNUAL BALLOON
PROPERTY BALANCE RATE MATURITY DEBT SERVICE PAYMENT
- -------------------------------------------------------------------------------------------------------------------
New Kingston, PA 7,338 7.790 01-01-12 678 6,101
Mechanicsburg, PA 5,417 7.780 01-01-12 500 4,503
New Kingston, PA 3,497 7.780 01-01-12 323 2,906
Lake Forest, CA 10,905 7.260 02-01-12 901 9,708
Groveport, OH(f) 7,800 6.030 10-01-12 477 6,860
Dallas, TX 21,655 7.490 12-31-12 2,020 16,030
Fort Mill, SC 11,631 6.000 01-01-13 839 9,904
Lancaster, CA (first) 10,714 7.020 09-01-13 900 8,637
Lancaster, CA (second) 8,980 5.920 09-01-13 642 7,518
Knoxville, TN(g) 5,330 5.950 09-01-13 356 4,488
Eau Claire, WI 2,318 8.000 07-01-14 313 --
Franklin, NC 2,031 8.500 04-01-15 263 --
Southborough, MA 2,215 7.500 09-01-15 275 --
Danville, IL 6,692 9.000 01-01-16 692 4,578
Dillon, SC 12,333 7.900 12-01-16 1,263 5,273
Westmont, IL 16,380 6.210 03-01-18 1,292 9,662
------------ ----- --------- ----------
$ 469,958 7.411% $ 50,710 $ 350,679
------------ ----- --------- ----------
PROPERTY-VARIABLE RATE
Milipitas, CA(a)(e) $ 17,100 4.308% 07-01-04 $ 2,158 $ 14,480
Chester, SC(k) 10,820 7.500 08-01-04 1,072 10,474
Marlborough, MA(b) 8,023 3.250 08-01-05 506 7,452
Hebron, OH(c) 9,606 3.625 12-05-05 542 9,067
------------ ----- --------- ----------
$ 45,549 4.736% $ 4,278 $ 41,473
------------ ------ --------- ----------
CORPORATE
Warren, OH(d) $ 12,500 5.073% 10-01-07 $ 643 $ 12,500
Credit Facility(h) 22,500 3.384 03-30-04 772 22,500
------------ ----- --------- ----------
35,000 3.987% $ 1,415 $ 35,000
------------ ------ --------- ----------
TOTAL $ 550,507 6.972% $ 56,403 $ 427,152
============ ====== ========= ==========
- ---------------------------------
(a) Floating rate debt, 30 day LIBOR plus 297 bps
(b) Floating rate debt, 90 day LIBOR plus 190 bps
(c) Floating rate debt, 30 day LIBOR plus 225 bps
(d) Floating rate debt, 90 day LIBOR plus 375 bps
(e) All property cash flows will be used for principal amortization.
(f) Interest only through April 2004, and $563 in annual debt service
thereafter.
(g) Interest only through May 2003, and $381 in annual debt service
thereafter.
(h) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps.
(i) Mortgage is accrual only through 01/31/04. Commencing 02/01/04 annual
debt service of $218 is due.
(j) Interest only through maturity
(k) Floating rate debt, 30 day LIBOR plus 225 bps, floor 7.500%
15
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
MORTGAGES PAYABLE
03/31/03
($000's)
- --------------------------------------------------------------------------------------------------------------
ESTIMATED
DEBT INTEREST ANNUAL BALLOON
JOINT VENTURE PROPERTY BALANCE RATE MATURITY DEBT SERVICE PAYMENT
- --------------------------------------------------------------------------------------------------------------
Farmington Hills, MI(2,4) $ 24,000 4.410% 08-10-03 $ 388 $ 24,000
Florence, SC(3) 9,505 7.500 02-01-09 869 8,443
Columbia, SC(1) 24,571 7.850 10-01-09 2,196 22,586
Houston, TX(2) 21,556 7.580 10-10-09 2,032 18,229
Fishers, IN(2) 15,265 8.190 04-01-10 1,499 12,960
Herndon, VA(2) 11,744 7.600 09-01-10 1,107 9,769
Lake Mary, FL(2) 13,309 7.880 10-01-10 1,181 12,118
Lake Mary, FL(2) 13,270 7.880 10-01-10 1,178 12,082
Irving, TX(2) 26,701 8.160 10-01-10 2,432 24,454
Parsippany, NJ(2) 41,265 7.350 03-01-11 3,472 37,047
Winchester, VA(2) 10,840 7.330 08-01-11 908 9,675
Milford, OH(2) 17,308 8.170 02-01-12 1,724 12,686
Temperance, MI(2) 11,996 6.000 09-01-12 935 9,400
Laurens, SC(2) 17,895 6.000 09-01-12 1,396 14,022
--------- ----- --------- --------
$ 259,225 7.247% $ 21,317 $ 227,471
========= ===== ========= ========
- ---------------------------------
1. The Company has a 40% economic interest in this property
2. The Company has a 33 1/3% economic interest in this property
3. The Company has a 22.73% economic interest in this property
4. The Company has arranged for a permanent $21,420 non-recourse, 5.42% fixed
rate mortgage, which matures August 2012. Annual debt service for this
mortgage is estimated to be $1,500 and a balloon payment of approximately
$17,500 will be due at maturity.
16
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
DEBT MATURITY SCHEDULE
03/31/03
($000's)
CONSOLIDATED PROPERTIES
Scheduled Balloon Balloon Weighted
Amortization Payments(1) Average Interest Rate
------------ ----------- ---------------------
2003-remaining $ 14,754 $ -- --
2004 18,705 24,954(2) 5.65%
2005 17,006 76,520(3) 7.14%
2006 15,418 -- --
2007 16,304 -- --
----------- --------- ----
$ 82,187 $ 101,474 6.77%
=========== ========= ====
JOINT VENTURE PROPERTIES - LXP PROPORTIONATE SHARE
Scheduled Balloon Balloon Weighted
Amortization Payments Average Interest Rate
------------ -------- ---------------------
2003-remaining $ 728 $ 8,000(4) 4.27%
2004 1,084 -- --
2005 1,190 -- --
2006 1,290 -- --
2007 1,402 -- --
-------- -------- ----
$ 5,694 $ 8,000 4.27%
======== ======== ====
- ---------------------------------
(1) Excludes corporate level debt.
(2) Milpitas, CA property ($14,480) and Chester, SC property ($10,474).
(3) Comprised of the REMIC financing ($60,001), Marlborough, MA property
($7,452), and Hebron, OH mortgages ($9,067).
(4) Farmington Hills, MI property.
17
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
REVENUE BY TENANT INDUSTRY
03/31/03
- -------------------------------------------------------------------------------
PERCENTAGE OF HISTORICAL
TENANT INDUSTRY 3 MONTHS RENT (1)
- -------------------------------------------------------------------------------
Finance/Insurance 10.6%
Retail-Department/ Discount Store 10.5
Transportation/Logistics 9.7
Energy 8.0
Healthcare 7.4
Technology 6.4
Retail-Specialty 5.6
Telecommunications 5.6
Aerospace/Defense 5.5
Automotive 4.5
Retail-Electronics 3.8
Construction Materials 3.4
Media/Advertising 3.1
Food 3.0
Consumer Products 2.9
Health/Fitness 2.5
Retail-Food 2.1
Apparel 1.9
Security 1.7
Paper/Containers/Packaging 0.9
Printing/Production 0.9
-----
100.0%
=====
(1) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through date of sale.
18
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
OTHER REVENUE DATA
03/31/03
HISTORICAL 3-MONTHS RENT
REVENUE BY PROPERTY TYPE ($000's)(1) PERCENTAGE
- -------------------------------------------------------------------------------
Office $ 17,456 56.5%
Industrial 9,989 32.3%
Retail 3,468 11.2%
---------- --------
$ 30,913 100.0%
========== ========
REVENUE BY CREDIT RATING(2)
Investment Grade $ 12,351 40.0%
Non Investment Grade 6,486 21.0%
Unrated 12,076 39.0%
---------- --------
$ 30,913 100.0%
========== ========
PERCENTAGE OF
RENT FOR 3
NUMBER OF MONTHS
TOP 15 TENANTS/GUARANTORS PROPERTIES PROPERTY TYPE ENDED 03/31/03
- ----------------------------------------------------------------------------------------------------------------
Kmart Corporation 1 Industrial 7.2%
Northwest Pipeline Corp. 1 Office 7.1
Exel Logistics, Inc.(NFC plc) 4 Industrial 3.9
Honeywell, Inc. 3 Office 3.5
Circuit City Stores, Inc. 4 Office(1)/Retail(3) 2.9
Vartec Telecom, Inc. 1 Office 2.8
Michaels Stores, Inc. 1 Industrial 2.7
Owens Corning 3 Industrial 2.5
Bally Total Fitness Corp. 5 Retail 2.5
Aventis Pharmaceuticals, Inc. 1 Office 2.3
Blue Cross Blue Shield of South Carolina Inc. 1 Office 2.2
Quest Diagnostics, Inc. 1 Office 2.1
Artesyn North America, Inc. (Balfour Beatty PLC) 1 Office 2.1
North American Van Lines (SIRVA, Inc.) 1 Office 2.0
Boeing North America Services, Inc. 1 Office 2.0
(The Boeing Company)
29 47.8%
== ====
(1) Includes proportionate share of joint venture investments and rental revenue
recognized from properties sold through the date of sale.
(2) As of April 21, 2003.
19