Exhibit 99.2
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the nine months ended September 30, 2003
TABLE OF CONTENTS
I. Income Statements............................................. 1
II. Balance Sheets................................................ 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)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2003 2002 2003 2002
-------- -------- -------- --------
Revenues:
Rental $ 28,651 $ 23,130 $ 82,673 $ 68,217
Equity in earnings of non-consolidated entities 1,325 1,468 3,900 3,831
Advisory fees 273 -- 953 --
Interest and other 862 294 1,512 1,294
-------- -------- -------- --------
31,111 24,892 89,038 73,342
-------- -------- -------- --------
Expenses:
Interest 8,205 8,392 26,857 24,662
Debt satisfaction charges -- -- 7,685 --
Depreciation 6,960 5,218 20,113 15,403
General and administrative 2,648 1,359 7,399 4,122
Property operating 1,163 496 2,818 1,744
Amortization 557 481 1,601 1,425
-------- -------- -------- --------
19,533 15,946 66,473 47,356
-------- -------- -------- --------
Income from continuing operations before minority interests 11,578 8,946 22,565 25,986
Minority interests 1,654 1,452 2,840 4,200
-------- -------- -------- --------
Income from continuing operations 9,924 7,494 19,725 21,786
-------- -------- -------- --------
Discontinued operations:
Income from discontinued operations 38 113 340 645
Gains on sales of properties -- 39 1,143 1,055
-------- -------- -------- --------
Total discontinued operations 38 152 1,483 1,700
-------- -------- -------- --------
Net income 9,962 7,646 21,208 23,486
Dividends attributable to preferred shares - Series A -- -- -- (693)
Dividends attributable to preferred shares - Series B (1,590) -- (1,802) --
-------- -------- -------- --------
Net income allocable to common shareholders $ 8,372 $ 7,646 $ 19,406 $ 22,793
Depreciation and amortization 7,109 5,261 20,330 15,636
Minority interests-OP Units 1,603 1,422 2,704 4,108
Amortization of leasing commissions 206 174 606 522
Joint venture adjustment-depreciation 978 1,173 2,867 3,399
Gains on sales of properties -- (39) (1,143) (1,055)
Series A preferred dividends -- -- -- 693
-------- -------- -------- --------
Funds from operations $ 18,268 $ 15,637 $ 44,770 $ 46,096
======== ======== ======== ========
Rent below GAAP revenue(1) $ 868 $ 526 $ 3,018 $ 1,752
======== ======== ======== ========
Per share/unit
Basic net income $ 0.24 $ 0.28 $ 0.60 $ 0.87
Diluted net income $ 0.24 $ 0.28 $ 0.58 $ 0.85
Funds from operations(2)-basic $ 0.46 $ 0.48 $ 1.18 $ 1.44
Funds from operations(2)-diluted $ 0.45 $ 0.48 $ 1.18 $ 1.43
1
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
09/30/03 12/31/02
-------- --------
Real estate, at cost $ 1,083,759 $ 913,370
Accumulated depreciation (155,619) (134,220)
Investment in non-consolidated entities 55,930 54,261
Cash and cash equivalents 12,505 12,097
Deferred assets 8,830 8,168
Rent receivable - current -- 3,535
Rent receivable - deferred 23,426 20,115
Other assets 26,437 25,145
------------ ------------
$ 1,055,268 $ 902,471
============ ============
Mortgages and notes payable $ 497,816 $ 491,517
Other liabilities 16,230 17,323
Prepaid rent 3,646 --
Minority interests 54,345 56,846
Shareholders' equity 483,231 336,785
------------ ------------
$ 1,055,268 $ 902,471
============ ============
Common shares 35,246,803 30,030,048
Preferred shares-Series B 3,160,000 --
Operating partnership units 5,198,691 5,257,365
------------ ------------
43,605,494 35,287,413
============ ============
(1) Equal to the difference between rents collected and straight-line
rental income recognized under generally accepted accounting
principles.
(2) 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.
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
09/30/03
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- ----------------- ------------------ ------ ------ ------- -------
OFFICE
295 Chipeta Way Northwest Pipeline Corp. $ 6,580 $ 6,580 295,000 9/09
Salt Lake City, UT
1600 Viceroy Drive VarTec Telecom, Inc. 2,417 2,614 249,452 9/15
Dallas, TX
9950 Mayland Drive Circuit City Stores, Inc. 2,145 2,094 288,562 2/10
Richmond, VA
2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 1,702 1,916 109,281 4/11
Valley Forge, PA
1301 California Circle Artesyn North America, Inc. 2,032 1,911 100,026 12/05
Milpitas, CA (Balfour Beatty plc)
700 Oakmont Lane North American Van -- 1,887 269,715 11/15
Westmont, IL Lines, Inc. (SIRVA,
Inc.)(3) (4)
3476 Stateview Boulevard Wells Fargo Home 1,860 1,860 169,083 1/13
Fort Mill, SC Mortgage (5) (6)
13651 McLearen Road Boeing North American 1,924 1,857 159,664 5/08
Herndon, VA Services, Inc.
(The Boeing Company)
2211 South 47th Street Avnet, Inc. 1,751 1,851 176,402 11/07
Phoenix, AZ
4200 RCA Boulevard The Wackenhut Corp.(8) 1,622 1,609 114,518 2/11
Palm Beach Gardens, FL
200 Executive Blvd. S Hartford Fire Insurance Co. 1,624 1,506 153,364 12/05
Southington, CT
19019 No. 59th Avenue Honeywell, Inc. 1,501 1,485 252,300 7/06
Glendale, AZ
3615 North 27th Avenue Bank One, Arizona, N.A. 1,425 1,425 179,280 11/03
Phoenix, AZ
401 Elm Street Lockheed Martin Corp. 1,402 1,402 126,000 12/06
Marlborough, MA (Honeywell, Inc.)
26210 and 26220 Apria Healthcare Group, 1,201 1,344 100,012 1/12
Enterprise Court Inc.
Lake Forest, CA
5600 Broken Sound Blvd Oce Printing Systems 1,192 1,330 143,290 2/20
Boca Raton, FL USA, Inc.
9275 S.W. Peyton Lane Hollywood Entertainment 1,101 1,149 122,853 11/08
Wilsonville, OR Corp.
160 Clairemont Avenue Allied Holdings, Inc. 1,160 1,147 112,248 12/07
Decatur, GA
10419 North 30th Street Time Customer Service, Inc. 1,024 1,057 132,981 7/10
Tampa, FL (Time, Inc.)
3
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
09/30/03
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 922 1,039 255,019 3/13
Bristol, PA USA, Inc.
(Jones Apparel Group,
Inc.) (1)
400 Butler Farm Road Nextel Communications of 929 977 100,632 12/09
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
13430 N. Black Canyon Bull HN Information 803 814 137,058 10/05
Freeway Systems, Inc.
Phoenix, AZ
180 Rittenhouse Circle Jones Apparel Group 652 728 96,000 7/13
Bristol, PA USA, Inc.
(Jones Apparel Group,
Inc.)
2300 Litton Lane Fidelity Corporate 674 724 81,744 4/04
Hebron, KY Real Estate, LLC
16275 Technology Drive Cymer, Inc. 626 666 65,755 1/10
San Diego, CA (Hewlett-Packard)
2401 Cherahala Boulevard Advance PCS, Inc. 426 616 59,748 5/13
Knoxville, TN
421 Butler Farm Road Nextel Communications of 521 539 56,515 1/10
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
12000 Tech Center Drive Kelsey-Hayes Company 527 509 80,230 4/07
Livonia, MI
701 Brookfield Parkway Verizon Wireless (10) 322 350 192,884 1/12
Greenville, SC
1440 East 15th Street Cox Communications, Inc. 301 342 28,591 9/16
Tucson, AZ
250 Turnpike Road Honeywell Consumer 324 324 57,698 9/15
Southborough, MA Products
183 Plains Road IKON Office Solutions, Inc. 253 253 27,360 12/04
Milford, CT
100 Wood Hollow Drive Greenpoint Mortgage 176 202 124,600 7/11
Novato, CA Funding, Inc. (9)
70 Valley Stream Parkway IKON Office Solutions, Inc. 48 50 106,855 9/13
Malvern, PA
--------- -------- ---------
SUBTOTAL $ 41,167 $ 44,157 4,724,720
--------- -------- ---------
4
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
09/30/03
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. $ 7,020 $ 6,699 1,700,000 9/07
Warren, OH
3501 West Avenue H Michaels Stores, Inc. 2,413 2,478 762,775 9/19
Lancaster, CA
8305 SE 58th Avenue Associated Grocers of 1,404 1,679 668,034 12/18
Ocala, FL Florida, Inc.
6345 Brackbill Boulevard Exel Logistics, Inc. 1,528 1,389 507,000 3/12
Mechanicsburg, PA (NFC plc)
159 Farley Drive Harbor Freight Tools 1,231 1,359 474,473 12/16
Dillon, SC (Central Purchasing,
Inc.)
590 Ecology Lane Owens Corning 1,214 1,214 193,891 12/20
Chester, SC
4425 Purks Road Lear Technologies LLC 1,054 1,024 183,717 7/06
Auburn Hills, MI (Lear Corporation)
(General Motors Corp.)
6 Doughten Road Exel Logistics, Inc. 1,020 1,012 330,000 11/06
New Kingston, PA (NFC plc)
6500 Adelaide Court Anda Pharmaceuticals, Inc. 626 905 354,676 4/12
Groveport, OH (Andrx Corporation)
3102 Queen Palm Drive Time Customer Service, Inc. 713 757 229,605 7/10
Tampa, FL (Time, Inc.)
2280 Northeast Drive Ryder Integrated 748 753 276,480 7/12
Waterloo, IA Logistics, Inc.
(Ryder Systems, Inc.)
245 Salem Church Road Exel Logistics, Inc. 757 750 252,000 11/06
Mechanicsburg, PA (NFC plc)
200 Arrowhead Drive Owens Corning 674 739 400,522 5/09
Hebron, OH
12025 Tech Center Drive Kelsey-Hayes Company 731 719 100,000 4/07
Livonia, MI
3600 Southgate Drive Sygma Network, Inc. 700 700 149,500 10/15
Danville, IL
46600 Port Street Johnson Controls, Inc. 634 634 134,160 12/06
Plymouth, MI
1133 Poplar Creek Road Corporate Express Office 566 607 196,946 1/14
Henderson, NC Products, Inc.
(Buhrmann, N.V.)
222 Tappan Drive North The Gerstenslager Company 505 500 296,720 5/05
Mansfield, OH (Worthington Industries)
5
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
09/30/03
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. 495 490 179,200 11/06
New Kingston, PA (NFC plc)
450 Stern Street Johnson Controls, Inc. 480 480 111,160 12/06
Oberlin, OH
191 Arrowhead Drive Owens Corning 433 449 250,410 2/10
Hebron, OH
109 Stevens Street Unisource Worldwide, Inc. 406 441 168,800 9/09
Jacksonville, FL
904 Industrial Road Tenneco Automotive 443 437 195,640 8/05
Marshall, MI Operating Company, Inc.
(Tenneco Automotive,
Inc.)
128 Crews Drive Stone Container Corporation 380 428 185,961 8/12
Columbia, SC
7150 Exchequer Drive Corporate Express Office 260 276 65,043 10/13
Baton Rouge, LA Products, Inc.
(Buhrmann, N.V.)
324 Industrial Park Road SKF USA, Inc. 272 272 72,868 12/14
Franklin, NC
187 Spicer Drive Dana Corporation 259 256 148,000 8/07
Gordonsville, TN
7500 Chavenelle Road The McGraw-Hill 219 247 330,988 6/17
Dubuque, IA Companies, Inc.
1700 47th Avenue North Owens Corning 245 245 18,620 6/15
Minneapolis, MN
300 McCormick Road Ameritech Services, Inc. 191 191 20,000 5/05
Columbus, OH
43955 Plymouth Oaks Tower Automotive 147 147 290,133 10/12
Boulevard Products Company
Plymouth, MI (Tower Automotive, Inc.)
1601 Pratt Avenue Tenneco Automotive 121 123 53,600 8/05
Marshall, MI Operating Company, Inc.
(Tenneco Automotive,
Inc.)
3350 Miac Cove Road Mimeo.com, Inc. 131 114 141,359 10/09
Memphis, TN
--------- -------- ---------
SUBTOTAL $ 28,020 $ 28,514 9,442,281
--------- -------- ---------
6
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
09/30/03
YTD YTD LEASE
2003 CASH 2003 RENTAL MATURITY
REVENUE REVENUE SQUARE DATE
PROPERTY LOCATION TENANT (GUARANTOR) ($000) ($000) FOOTAGE (MO/YR)
- ----------------- ------------------ ------ ------ ------- -------
RETAIL
2655 Shasta Way Fred Meyer, Inc. $ 757 $ 757 178,204 3/08
Klamath Falls, OR
35400 Cowan Road Sam's Real Estate 729 729 102,826 1/09
Westland, MI Business Trust
Fort Street Mall, King Liberty House, Inc. 722 729 85,610 9/09
Street
Honolulu, HI
150 N.E. 20th Street Fred Meyer, Inc. 715 715 118,179 5/11
Newport, OR
12235 N. Cave Creek Bally's Health & Tennis 588 616 36,556 6/08
Phoenix, AZ Corporation
4733 Hills & Dales Road Scandinavian Health Spa, 524 514 37,214 12/08
Canton, OH (Bally Total Fitness
Corp.)
24100 Laguna Hills Mall Federated Department 507 505 160,000 1/06
Laguna Hills, CA Stores, Inc.
1160 White Horse Road Physical Fitness Centers 615 505 31,750 7/07
Voorhees, NJ of Philadelphia, Inc.
(Bally Total Fitness
Corp.)
7111 Westlake Terrace The Home Depot USA, 579 486 95,000 4/06
Bethesda, MD Inc. (7)
5917 S. La Grange Road Bally Total Fitness Corp. 495 406 25,250 7/07
Countryside, IL
4831 Whipple Avenue, Best Buy Co., Inc. 349 349 46,350 2/18
N.W.
Canton, OH
3711 Gateway Drive Kohl's Dept. Stores, Inc. 326 347 76,164 1/15
Eau Claire, WI
12535 S.E. 82nd Avenue Toys "R" Us, Inc. 323 318 42,842 5/06
Clackamas, OR
5801 Bridge Street Champion Fitness IV, Inc. 383 315 24,990 8/07
DeWitt, NY (Bally Total Fitness
Corp.)
399 Peach Wood Centre Best Buy Co., Inc. 296 296 45,800 2/18
Drive
Spartanburg, SC
18601 Alder Wood Mall Toys "R" Us, Inc. 298 293 43,105 5/06
Boulevard
Lynwood, WA
7
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
PROPERTY HOLDINGS
09/30/03
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, Inc. 290 282 45,308 10/08
Sacramento, CA
6910 S. Memorial Highway Toys "R" Us, Inc. 273 268 43,123 5/06
Tulsa, OK
2275 Browns Bridge Road Wal-Mart Stores, Inc. 246 246 89,199 1/09
Gainesville, GA
6405 South Virginia Comp USA, Inc. 251 244 31,400 12/08
Street
Reno, NV
7055 Highway 85 South Wal-Mart Stores, Inc. 224 224 81,911 1/11
Riverdale, GA
5055 West Sahara Avenue Circuit City Stores, Inc. 214 208 36,053 12/08
Las Vegas, NV
9580 Livingston Road GFS Realty, Inc. 306 205 107,337 2/14
Oxon Hill, MD (Giant Food, Inc.)
A1 21 South Wal-Mart Real Estate 187 187 56,132 1/09
Jacksonville, AL Business Trust
121 South Center Street Greyhound Lines, Inc. 151 151 17,000 12/09
Stockton, CA
2401 Wooton Parkway GFS Realty, Inc. 168 114 51,682 4/17
Rockville, MD (Giant Food, Inc.)
6475 Dobbin Road Offenbacher Aquatics, 64 104 17,100 4/13
Columbia, MD Inc
Haverty Furniture -- -- 46,724 9/24
Companies, Inc.
2832 Chandler Mountain Circuit City 76 76 9,300 11/06
Road Stores, Inc.
Lynchburg, VA
-------- -------- ----------
SUBTOTAL $ 10,656 $ 10,189 1,782,109
-------- -------- ----------
-------- -------- ----------
GRAND TOTAL $ 79,843 $ 82,860 15,949,110
-------- -------- ----------
(1) Tenant can cancel lease on 03/26/08 with 12 months notice and payment
of $1,392.
(2) Expense stop on this property is $393 per annum.
(3) The Company is responsible for real estate taxes for the first year of
the lease which are estimated to be $348.
(4) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment
of $1,300.
(5) 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).
(6) 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.
(7) The Company has a 33.85% economic interest in this property.
(8) This is a modified gross lease. Annual net operating expenses for which
the company is responsible approximates $485.
(9) Expense stop on this property is $917 per annum.
(10) Expense stop on this property is $112 per annum.
8
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
JOINT VENTURE PROPERTY CHART
09/30/03
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, Inc $ 5,883 $ 6,365 340,240 1/10
Morris Corporate Center IV (Pharma Holdings GmbH)(1)
Parsippany, NJ
17 Technology Circle Blue Cross Blue Shield 4,811 5,198 456,304 9/09
Columbia, SC of South Carolina Inc.(2)
6555 Sierra Drive True North Communications 3,007 3,187 247,254 1/10
Irving, TX Inc.(1)
15375 Memorial Drive Vastar Resources, Inc.(1) 2,578 2,578 327,325 9/09
Houston, TX
10300 Kincaid Drive Bank One Indiana, N.A.(1)(4) 2,388 2,465 193,000 10/09
Fishers, IN
600 International Parkway First USA Management 2,107 2,191 125,155 9/09
Lake Mary, FL Services, Inc.(1)(3)
550 International Parkway First USA Management 2,030 2,115 125,920 9/09
Lake Mary, FL Services, Inc.(1)(3)
2000 Eastman Drive Structural Dynamic 1,988 2,092 212,836 4/11
Milford, OH Research Corp.(1)
14040 Park Center Road NEC America, Inc.(1) 1,380 1,519 108,000 7/09
Herndon, VA
3701 Corporate Drive Motorola, Inc.(1) 1,364 1,364 119,829 12/16
Farmington Hills, MI
2210 Enterprise Drive Washington Mutual 1,198 1,274 177,747 6/08
Florence, SC Home Loan, Inc.(5)
-----------------------------------------
SUBTOTAL OFFICE $ 28,734 $ 30,348 2,433,610
-----------------------------------------
9
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
JOINT VENTURE PROPERTY CHART
09/30/03
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 $ 2,327 $ 2,420 1,164,000 8/12
Laurens, SC America, Inc.
(TPG N.V.) (1)
7111 Crabb Road TNT Logistics North 1,558 1,621 752,000 8/12
Temperance, MI America, Inc.
(TPG N.V.) (1)
291 Park Center Drive Kraft Foods North 1,065 1,136 344,700 6/11
Winchester, VA America, Inc. (1)
-----------------------------------------
SUBTOTAL INDUSTRIAL $ 4,950 $ 5,177 2,260,700
-----------------------------------------
$ 33,684 $ 35,525 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
09/30/03
HISTORICAL 9-MONTHS
ENDED SEPTEMBER 30, 2003
------------------------
NO. OF NUMBER OF PERCENT SQUARE RENT PERCENT OF
LOCATIONS LOCATIONS PROPERTIES(1) LEASED FEET(2) ($000'S)(1) TOTAL RENT
- --------- --------- ------------- ------ ------- ----------- ----------
1 Ohio 10 100% 3,429,888 11,522 12.11%
2 South Carolina 9 100 3,060,143 8,682 9.12
3 Florida 7 100 1,708,303 8,308 8.73
4 California 9 100 1,375,476 7,584 7.97
5 Pennsylvania 8 100 1,835,355 7,374 7.75
6 Arizona 7 100 810,187 6,613 6.95
7 Utah 1 100 295,000 6,580 6.91
8 Virginia 7 100 1,067,373 6,428 6.75
9 Michigan 10 100 2,012,135 5,317 5.59
10 Texas 3 100 824,031 4,536 4.77
11 Illinois 3 100 444,465 2,993 3.14
12 Oregon 4 100 462,078 2,939 3.09
13 New Jersey 2 100 371,990 2,627 2.76
14 Connecticut 2 100 180,724 1,759 1.85
15 Massachusetts 2 100 183,698 1,726 1.81
16 Georgia 3 100 283,358 1,617 1.70
17 Iowa 2 100 607,468 1,000 1.05
18 Tennessee 3 70 349,107 986 1.04
19 Maryland 4 100 317,843 909 0.96
20 North Carolina 2 100 269,814 879 0.92
21 Indiana 1 100 193,000 822 0.86
22 Hawaii 1 100 85,610 729 0.77
23 Kentucky 1 100 81,744 724 0.76
24 Nevada 2 100 67,453 452 0.47
25 Wisconsin 1 100 76,164 347 0.36
26 New York 1 100 24,990 315 0.33
27 Washington 1 100 43,105 293 0.31
28 Louisiana 1 100 65,043 276 0.29
29 Oklahoma 1 100 43,123 268 0.28
30 Minnesota 1 100 18,620 245 0.26
31 Alabama 1 100 56,132 187 0.20
32 Canada 1 100 - 136 0.14
------------------------------------------------------------------------------------
TOTAL 111 99.5% 20,643,420 $ 95,173 100.0%
------------------------------------------------------------------------------------
(1) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through date of sale.
(2) Includes properties owned as of September 30, 2003.
11
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
LEASE ROLLOVER SCHEDULE BY PROPERTY TYPE - CASH BASIS
09/30/03
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 1,586 12.44 -- -- -- --
2005 6,225 15.94 1,701 3.01 -- --
2006 3,888 10.28 6,199 5.21 2,732 6.95
2007 5,254 14.24 10,739 5.51 1,991 24.28
2008 4,896 13.57 -- -- 3,727 10.22
2009 14,947 16.37 1,857 3.07 2,418 6.89
2010 10,722 17.42 1,801 3.75 -- --
2011 9,211 20.78 536 4.67 1,096 5.48
2012 4,260 14.54 9,158 3.67 -- --
2013 7,991 11.64 412 6.34 226 13.50
2014 -- -- 1,238 4.59 205 1.91
2015 7,300 12.66 1,587 9.49 469 6.15
2016 1,619 26.33 1,967 4.19 -- --
2017 -- -- 1,286 3.89 115 2.23
2018 -- -- 2,519 3.77 860 9.33
2019 -- -- 3,417 4.48 -- --
2020 2,500 17.44 1,603 8.35 -- --
2021 -- -- -- -- -- --
2022 -- -- -- -- -- --
2023 -- -- -- -- -- --
2024 -- -- -- -- 821 17.57
WTG. AVG. $ 15.42 $ 4.39 $ 8.23
======== ======== ========
(1) Includes proportionate share of joint venture investments.
12
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
LEASE ROLLOVER SCHEDULE - GAAP BASIS
09/30/03
($000'S)
PERCENTAGE OF
TOTAL TOTAL
NUMBER OF ANNUALIZED ANNUALIZED
YEAR LEASES EXPIRING RENT (1) RENT
- ----------------------------------------------------------------------------------
2003 1 $ 1,742 1.3%
2004 3 1,652 1.2
2005 7 8,074 5.8
2006 14 14,142 10.2
2007 9 16,546 12.0
2008 9 7,982 5.8
2009 15 19,060 13.8
2010 8 11,762 8.5
2011 7 11,650 8.4
2012 9 12,174 8.8
2013 7 8,185 5.9
2014 3 1,447 1.0
2015 6 8,427 6.1
2016 3 3,304 2.4
2017 2 1,316 1.0
2018 3 3,098 2.2
2019 1 3,312 2.4
2020 2 3,864 2.8
2021 -- -- --
2022 -- -- --
2023 -- -- --
2024 1 632 0.4
-----------------------------------------------
TOTAL 110 $138,369 100.0%
-----------------------------------------------
(1) Includes proportionate share of joint venture investments.
13
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
MORTGAGES AND NOTES PAYABLE
09/30/03
($000'S)
ESTIMATED
ANNUAL
DEBT INTEREST DEBT BALLOON
PROPERTY - FIXED RATE BALANCE RATE MATURITY SERVICE(k) PAYMENT
- --------------------------------------------------------------------------------------------------
Gainesville, GA (first) $ 71 13.000% 01-01-04 $ 73 $ --
Oxon Hill, MD 187 6.250 03-01-04 191 --
Bethesda, MD 1,577 9.250 05-01-06 669 --
Warren, OH 23,432 7.000 10-01-07 6,160 --
Bristol, PA 9,753 7.400 02-01-08 831 9,262
Boca Raton, FL(j) 15,275 5.250 03-01-08 802 15,275
Decatur, GA 6,727 6.720 06-01-08 579 6,049
Phoenix, AZ 14,307 7.890 06-05-08 1,434 12,591
Palm Beach Gardens, FL 11,384 7.010 06-15-08 970 10,418
Dubuque, IA 7,376 4.890 08-01-08 513 6,588
Canton, OH 3,343 7.150 08-11-08 313 2,936
Spartanburg, SC 2,777 7.150 08-11-08 260 2,438
Hebron, KY 5,357 7.000 10-23-08 451 4,935
Gainesville, GA (second)(i) 885 7.500 01-01-09 145 --
Ocala, FL 13,122 7.250 02-01-09 1,332 10,700
Canton, OH 1,637 9.490 02-28-09 388 --
Baton Rouge, LA 1,915 7.375 03-01-09 208 1,478
Bristol, PA 6,085 7.250 04-01-09 571 5,228
Livonia, MI 11,045 7.800 04-01-09 992 10,236
Henderson, NC 4,428 7.390 05-01-09 417 3,854
Westland, MI 3,030 10.500 09-01-09 683 --
Salt Lake City, UT 13,871 7.610 10-01-09 2,901 --
Richmond, VA 16,508 8.100 02-01-10 1,511 15,257
Hampton, VA 4,484 8.260 04-01-10 415 4,144
Hampton, VA 7,311 8.270 04-01-10 677 6,758
Tampa, FL 8,364 6.930 08-01-10 674 7,603
Tampa, FL 6,051 6.880 08-01-10 485 5,495
Herndon, VA 18,849 8.180 12-05-10 1,723 17,301
San Diego, CA 4,275 7.500 01-01-11 411 3,420
Tucson, AZ 2,455 7.500 01-01-11 226 2,076
Columbia, SC 3,433 7.540 01-01-11 317 2,905
Valley Forge, PA 13,138 7.120 02-10-11 1,166 10,927
Glendale, AZ 14,812 7.400 04-01-11 1,258 13,365
Auburn Hills, MI 7,231 7.010 06-01-11 637 5,918
Plymouth, MI 4,801 7.960 07-01-11 463 3,949
Greenville, SC 13,939 4.415 01-01-12 841 11,806
14
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
MORTGAGES AND NOTES PAYABLE
09/30/03
($000'S)
ESTIMATED
ANNUAL
DEBT INTEREST DEBT BALLOON
PROPERTY BALANCE RATE MATURITY SERVICE(k) PAYMENT
- --------------------------------------------------------------------------------------------------
New Kingston, PA 7,290 7.790 01-01-12 678 6,101
Mechanicsburg, PA 5,382 7.780 01-01-12 500 4,503
New Kingston, PA 3,474 7.780 01-01-12 323 2,906
Lake Forest, CA 10,856 7.260 02-01-12 901 9,708
Groveport, OH (f) 7,800 6.030 10-01-12 512 6,860
Plymouth, MI 12,833 6.220 12-10-12 1,026 10,026
Dallas, TX 21,452 7.490 12-31-12 2,020 16,030
Fort Mill, SC 11,556 6.000 01-01-13 839 9,904
Lancaster, CA (first) 10,646 7.020 09-01-13 900 8,637
Lancaster, CA (second) 8,929 5.920 09-01-13 642 7,518
Knoxville, TN (g) 5,310 5.950 09-01-13 381 4,496
Eau Claire, WI 2,253 8.000 07-01-14 313 --
Franklin, NC 1,981 8.500 04-01-15 263 --
Southborough, MA 2,160 7.500 09-01-15 275 --
Danville, IL 6,646 9.000 01-01-16 692 4,578
Dillon, SC 12,186 7.900 12-01-16 1,263 5,273
Westmont, IL 16,241 6.210 03-01-18 1,292 9,662
-------- -------- -------- --------
$430,230 7.255% $ 44,507 $319,114
-------- -------- -------- --------
PROPERTY-VARIABLE RATE
Milpitas, CA (a) (e) $ 16,176 4.089% 07-01-04 $ 2,253 $ 14,456
Marlborough, MA (b) 7,898 3.020% 08-01-05 494 7,439
Hebron, OH (c) 9,512 3.375% 12-05-05 521 9,054
-------- -------- -------- --------
$ 33,586 3.635% $ 3,268 $ 30,949
-------- -------- -------- --------
CORPORATE
Warren, OH (d) $ 12,500 4.896% 10-01-07 $ 621 $ 12,500
Credit Facility (h) 21,500 2.620% 08-01-06 571 21,500
-------- -------- -------- --------
$ 34,000 3.457% $ 1,192 $ 34,000
-------- -------- -------- --------
TOTAL $497,816 6.752% $ 48,967 $384,063
======== ======== ======== ========
- ----------
(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 are 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) For mortgages with less than twelve months to maturity, amounts represent
remaining payments.
15
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
MORTGAGES PAYABLE
09/30/03
($000'S)
ESTIMATED
DEBT INTEREST ANNUAL BALLOON
JOINT VENTURE PROPERTY BALANCE RATE MATURITY DEBT SERVICE PAYMENT
- --------------------------------------------------------------------------------------------------
Florence, SC(3) $ 9,434 7.500% 02-01-09 $ 869 $ 8,443
Columbia, SC(1) 24,451 7.850 10-01-09 2,196 22,586
Houston, TX(2) 21,354 7.580 10-10-09 2,032 18,229
Fishers, IN(2) 15,138 8.190 04-01-10 1,499 12,960
Herndon, VA(2) 11,643 7.600 09-01-10 1,107 9,769
Lake Mary, FL(2) 13,253 7.880 10-01-10 1,181 12,118
Lake Mary, FL(2) 13,214 7.880 10-01-10 1,178 12,082
Irving, TX(2) 26,590 8.160 10-01-10 2,432 24,454
Parsippany, NJ(2) 41,076 7.350 03-01-11 3,472 37,047
Winchester, VA(2) 10,789 7.330 08-01-11 908 9,675
Milford, OH(2) 17,150 8.170 02-01-12 1,724 12,686
Temperance, MI(2) 11,895 6.000 09-01-12 935 9,400
Laurens, SC(2) 17,744 6.000 09-01-12 1,396 14,022
Farmington Hills, MI(2) 21,420 5.420 09-01-12 1,500 17,735
-------- ----- -------- --------
$255,151 7.359% $ 22,429 $221,206
======== ===== ======== ========
- ----------
1 The Company has a 40% economic interest in this property
2 The Company a 33 1/3% economic interest in this property
3 The Company has a 22.73% economic interest in this property
16
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
DEBT MATURITY SCHEDULE
09/30/03
($000'S)
CONSOLIDATED PROPERTIES
Scheduled Balloon Balloon Weighted
Amortization Payments(1) Average Interest Rate
------------ ----------- ---------------------
2003-remaining $ 4,911 $ -- --
2004 15,944 14,456(2) 4.09%
2005 15,679 16,493(3) 3.21
2006 16,101 -- --
2007 17,024 12,500(4) 4.90
---------- ---------- ----------
$ 69,659 $ 43,449 3.99%
========== ========== ==========
JOINT VENTURE PROPERTIES - LXP PROPORTIONATE SHARE
Scheduled Balloon Balloon Weighted
Amortization Payments Average Interest Rate
------------ -------- ---------------------
2003-remaining $ 250 - -
2004 1,195 - -
2005 1,309 - -
2006 1,414 - -
2007 1,534 - -
---------- ---------- ----------
$ 5,702 - -
========== ========== ==========
- ----------
(1) Excludes line of credit borrowings.
(2) Milpitas, CA property.
(3) Comprised of the Marlborough, MA property ($7,439) and Hebron, OH
mortgages ($9,054).
(4) Second mortgage on Warren, OH property.
17
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
REVENUE BY TENANT INDUSTRY
09/30/03
PERCENTAGE OF HISTORICAL
TENANT INDUSTRY 9 MONTHS RENT (1)
- ---------------------------------------------------------------------------------------
Finance/Insurance 10.9%
Retail-Department/ Discount Store 10.2
Transportation/Logistics 9.4
Energy 7.8
Healthcare 7.3
Technology 6.7
Telecommunications 5.8
Retail-Specialty 5.5
Aerospace/Defense 5.3
Food 4.8
Automotive 4.5
Retail-Electronics 3.7
Construction Materials 3.6
Media/Advertising 3.0
Consumer Products 2.8
Health/Fitness 2.5
Apparel 1.9
Printing/Production 1.7
Security 1.7
Paper/Containers/Packaging 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
09/30/03
HISTORICAL
9-MONTHS RENT
REVENUE BY PROPERTY TYPE ($000'S)(1) PERCENTAGE
- --------------------------------------------------------------------------------
Office $ 54,484 57.2%
Industrial 30,455 32.0
Retail 10,234 10.8
-------- --------
$ 95,173 100.0%
======== ========
REVENUE BY CREDIT RATING(2)
Investment Grade $ 37,987 39.9%
Non Investment Grade 19,611 20.6
Unrated 37,575 39.5
-------- --------
$ 95,173 100.0%
======== ========
PERCENTAGE OF
RENT FOR 9
NUMBER OF MONTHS
TOP 15 TENANTS/GUARANTORS PROPERTIES PROPERTY TYPE ENDED 09/30/03
- -----------------------------------------------------------------------------------------------------------
Kmart Corporation 1 Industrial 7.0%
Northwest Pipeline Corp. 1 Office 6.9
Exel Logistics, Inc.(NFC plc) 4 Industrial 3.8
Honeywell, Inc. 3 Office 3.4
Circuit City Stores, Inc. 4 Office(1)/Retail(3) 2.8
Owens Corning 4 Industrial 2.8
VarTec Telecom, Inc. 1 Office 2.7
Michaels Stores, Inc. 1 Industrial 2.6
Bally Total Fitness Corp. 5 Retail 2.5
Aventis Pharmaceuticals, Inc. 1 Office 2.2
Blue Cross Blue Shield of South Carolina Inc. 1 Office 2.2
Quest Diagnostics, Inc. 1 Office 2.0
Artesyn North America, Inc. (Balfour Beatty PLC) 1 Office 2.0
North American Van Lines (SIRVA, Inc.) 1 Office 2.0
Wells Fargo Home Mortgage, Inc. 1 Office 2.0
- ----
30 46.9%
== ====
(1) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through the date of sale.
(2) As of October 22, 2003.
19