EXHIBIT 99.2
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the twelve months ended December 31, 2003
Table of Contents
I. Income Statements................................................... 1
II. Balance Sheets...................................................... 2
III. Property Holdings................................................... 3
IV. Properties by Location.............................................. 12
V. Lease Rollover Schedules............................................ 13
VI. Mortgages and Notes Payable......................................... 15
VII. Revenue by Tenant Industry.......................................... 19
VIII. Other Revenue Data.................................................. 20
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Rental $ 29,679 $ 24,135 $ 111,658 $ 91,606
Equity in earnings of non-consolidated entities 1,564 1,248 5,734 5,079
Advisory fees 718 - 1,401 -
Interest and other 215 353 1,727 1,647
----------- ----------- ----------- ----------
32,176 25,736 120,520 98,332
----------- ----------- ----------- ----------
Expenses:
Interest 8,182 8,693 34,881 33,161
Debt satisfaction charges (119) 345 7,566 345
Depreciation 7,149 5,758 27,110 21,049
General and administrative 2,661 1,610 10,043 5,728
Property operating 1,066 603 3,882 2,347
Amortization 632 447 2,226 1,812
----------- ----------- ----------- ----------
19,571 17,456 85,708 64,442
----------- ----------- ----------- ----------
Income from continuing operations before minority interests 12,605 8,280 34,812 33,890
Minority interests 1,299 1,373 3,965 5,386
----------- ----------- ----------- ----------
Income from continuing operations 11,306 6,907 30,847 28,504
----------- ----------- ----------- ----------
Discontinued operations:
Income from discontinued operations 108 202 611 1,036
Gains on sales of properties 1,027 - 2,191 1,055
----------- ----------- ----------- ----------
Total discontinued operations 1,135 202 2,802 2,091
----------- ----------- ----------- ----------
Net income 12,441 7,109 33,649 30,595
Dividends attributable to preferred shares - Series A - - - (693)
Dividends attributable to preferred shares - Series B (1,590) - (3,392) -
------------ ----------- ----------- ----------
Net income allocable to common shareholders $ 10,851 $ 7,109 $ 30,257 $ 29,902
Depreciation and amortization 7,304 5,844 27,634 21,480
Minority interests-OP Units 1,314 1,402 4,039 5,510
Amortization of leasing commissions 206 155 812 677
Joint venture adjustment-depreciation 1,084 1,212 3,951 4,611
Gains on sales of properties (1,027) - (2,191) (1,055)
Series A preferred dividends - - - 693
----------- ----------- ----------- ----------
Funds from operations $ 19,732 $ 15,722 $ 64,502 $ 61,818
=========== =========== =========== ==========
Rent below GAAP revenue(1) $ 772 $ 674 $ 3,790 $ 2,426
=========== =========== =========== ==========
Per share/unit
Basic net income $ 0.28 $ 0.24 $ 0.89 $ 1.11
Diluted net income $ 0.28 $ 0.24 $ 0.88 $ 1.09
Funds from operations(2)-basic $ 0.45 $ 0.45 $ 1.64 $ 1.88
Funds from operations(2)-diluted $ 0.45 $ 0.45 $ 1.63 $ 1.86
1
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
12/31/03 12/31/02
-------- --------
Real estate, at cost $1,162,395 $ 913,370
Accumulated depreciation (160,623) (134,220)
Investment in non-consolidated entities 69,225 54,261
Properties held for sale - discontinued operations 36,478 --
Cash and cash equivalents 15,923 12,097
Deferred assets, net 10,013 8,168
Rent receivable - current -- 3,535
Rent receivable - deferred 24,069 20,115
Other assets 49,931 25,145
--------- ---------
$1,207,411 $ 902,471
========= =========
Mortgages and notes payable $ 551,385 $ 491,517
Other liabilities 10,667 17,323
Prepaid rent 2,482 --
Minority interests 59,220 56,846
Shareholders' equity 583,657 336,785
--------- ---------
$1,207,411 $ 902,471
========= =========
Common shares 40,682,001 30,030,048
Preferred shares-Series B 3,160,000 --
Operating partnership units 5,430,454 5,257,365
---------- ----------
49,272,455 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
12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------
2003 Cash 2003 Rental Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
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Office
------
295 Chipeta Way Northwest Pipeline Corp. $ 8,773 $ 8,773 295,000 1982
Salt Lake City, UT
1600 Viceroy Drive VarTec Telecom, Inc. 3,279 3,486 249,452 1986
Dallas, TX
9950 Mayland Drive Circuit City Stores, Inc. 2,859 2,791 288,562 1990
Richmond, VA
2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 2,279 2,554 109,281 1985/2001
Valley Forge, PA
1301 California Circle Artesyn North America, Inc. 2,756 2,548 100,026 1985
Milpitas, CA (Balfour Beatty plc)
3476 Stateview Boulevard Wells Fargo Home 2,539 2,539 169,083 2002
Fort Mill, SC Mortgage (5) (6)
700 Oakmont Lane North American Van Lines, 191 2,516 269,715 1989
Westmont, IL Inc. (SIRVA, Inc.)(3) (4)
13651 McLearen Road Boeing North American 2,574 2,477 159,664 1987
Herndon, VA Services, Inc.
(The Boeing Company)
2211 South 47th Street Avnet, Inc. 2,363 2,468 176,402 1997
Phoenix, AZ
4200 RCA Boulevard The Wackenhut Corp.(8) 2,161 2,149 114,518 1996
Palm Beach Gardens, FL
200 Executive Blvd. S Hartford Fire Insurance Co. 2,166 2,009 153,364 1983
Southington, CT
19019 No. 59th Avenue Honeywell, Inc. 2,002 1,980 252,300 1985
Glendale, AZ
5600 Broken Sound Blvd Oce Printing Systems USA, 1,695 1,891 143,290 1983/2002
Boca Raton, FL Inc.
401 Elm Street Lockheed Martin Corp. 1,870 1,870 126,000 1960/1988
Marlborough, MA (Honeywell, Inc.)
26210 and 26220 Apria Healthcare Group, Inc. 1,603 1,792 100,012 2001
Enterprise Court
Lake Forest, CA
9275 S.W. Peyton Lane Hollywood Entertainment 1,468 1,531 122,853 1980/1998
Wilsonville, OR Corp.
160 Clairemont Avenue Allied Holdings, Inc. 1,546 1,530 112,248 1983
Decatur, GA
10419 North 30th Street Time Customer Service, Inc. 1,373 1,410 132,981 1986
Tampa, FL (Time, Inc.)
3
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------
2003 Cash 2003 Rental Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
250 Rittenhouse Circle Jones Apparel Group 1,238 1,385 255,019 1982
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.) (1)
400 Butler Farm Road Nextel Communications of 1,239 1,302 100,632 1999
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
13430 N. Black Canyon Bull HN Information 1,077 1,086 137,058 1985/1994
Freeway Systems, Inc.
Phoenix, AZ
180 Rittenhouse Circle Jones Apparel Group 875 970 96,000 1998
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.)
2300 Litton Lane Fidelity Corporate 899 965 81,744 1987
Hebron, KY Real Estate, LLC
16275 Technology Drive Cymer, Inc. 840 888 65,755 1989
San Diego, CA (Hewlett-Packard)
701 Brookfield Parkway Verizon Wireless (9) 796 867 192,884 2000/2001
Greenville, SC
2401 Cherahala Boulevard Advance PCS, Inc. 622 822 59,748 2002
Knoxville, TN
421 Butler Farm Road Nextel Communications of 695 719 56,515 2000
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
12000 Tech Center Drive Kelsey-Hayes Company 702 679 80,230 1988
Livonia, MI
1440 East 15th Street Cox Communications, Inc. 408 457 28,591 1988
Tucson, AZ
250 Turnpike Road Honeywell Consumer 433 433 57,698 1984
Southborough, MA Products
183 Plains Road IKON Office Solutions, Inc. 337 337 27,360 1994
Milford, CT
1600 Eberhardt Road Nextel Communications of 272 306 108,800 2001
Temple, TX Texas, Inc
6455 State Hwy 303 NE Nextel West Corporation 190 218 60,200 2001
Bremerton, WA
5200 Metcalf Avenue Employers Reinsurance 93 93 320,198 1980/1990/
Overland Park, KS Corporation 2003
9201 Stateline Employers Reinsurance 44 44 166,641 1963/1985/
Kansas City, MO Corporation 2003
4
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------
2003 Cash 2003 Rental Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
4455 American Way Bell South Mobility, Inc. 27 29 70,100 1997
Baton Rouge, LA
100 Barnes Road Minnesota Mining and -- 5 44,400 1978/1985
Wallingford, CT Manufacturing Company
1401 & 1501 Nolan Ryan Siemens Dematic Postal -- -- 233,783 2003
Parkway Automation, L.P.
Arlington, TX
3615 North 27th Avenue VACANT 1,742 1,742 179,280 1960/1979
Phoenix, AZ
----------------------------------------------------------------------------------
Subtotal $ 56,026 $ 59,661 5,497,387
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Industrial
- ----------
541 Perkins Jones Road Kmart Corp. $ 9,359 $ 8,932 1,700,000 1982
Warren, OH
3501 West Avenue H Michaels Stores, Inc. 3,223 3,304 762,775 1998/2002
Lancaster, CA
8305 SE 58th Avenue Associated Grocers of 1,872 2,238 668,034 1976
Ocala, FL Florida, Inc.
6345 Brackbill Boulevard Exel Logistics, Inc. 2,037 1,852 507,000 1985/1991
Mechanicsburg, PA (NFC plc)
159 Farley Drive Harbor Freight Tools 1,642 1,812 474,473 2001
Dillon, SC (Central Purchasing, Inc.)
590 Ecology Lane Owens Corning 1,619 1,619 193,891 2001
Chester, SC
4425 Purks Road Lear Technologies LLC 1,405 1,365 183,717 1989/1998
Auburn Hills, MI (Lear Corporation)
(General Motors Corp.)
6 Doughten Road Exel Logistics, Inc. 1,371 1,349 330,000 1989
New Kingston, PA (NFC plc)
6500 Adelaide Court Anda Pharmaceuticals, Inc. 859 1,206 354,676 2002
Groveport, OH (Andrx Corporation)
3102 Queen Palm Drive Time Customer Service, Inc. 956 1,010 229,605 1986
Tampa, FL (Time, Inc.)
2280 Northeast Drive Ryder Integrated 998 1,004 276,480 1996/1997
Waterloo, IA Logistics, Inc.
(Ryder Systems, Inc.)
245 Salem Church Road Exel Logistics, Inc. 1,017 1,000 252,000 1985
Mechanicsburg, PA (NFC plc)
5
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------
2003 Cash 2003 Rental Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
200 Arrowhead Drive Owens Corning 900 985 400,522 1999
Hebron, OH
12025 Tech Center Drive Kelsey-Hayes Company 975 958 100,000 1987/1988
Livonia, MI
3600 Southgate Drive Sygma Network, Inc. 933 933 149,500 2000
Danville, IL
46600 Port Street Johnson Controls, Inc. 847 847 134,160 1996
Plymouth, MI
1133 Poplar Creek Road Corporate Express Office 754 810 196,946 1998
Henderson, NC Products, Inc.
(Buhrmann, N.V.)
222 Tappan Drive North The Gerstenslager Company 674 667 296,720 1970
Mansfield, OH (Worthington Industries)
34 East Main Street Exel Logistics, Inc. 664 654 179,200 1981
New Kingston, PA (NFC plc)
450 Stern Street Johnson Controls, Inc. 641 641 111,160 1996
Oberlin, OH
43955 Plymouth Oaks Tower Automotive Products 618 618 290,133 1996/1998
Boulevard Company
Plymouth, MI (Tower Automotive, Inc.)
191 Arrowhead Drive Owens Corning 578 605 250,410 2000
Hebron, OH
109 Stevens Street Unisource Worldwide, Inc. 545 588 168,800 1958/1969
Jacksonville, FL
904 Industrial Road Tenneco Automotive 594 583 195,640 1968/1972
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
128 Crews Drive Stone Container Corporation 516 571 185,961 1968/1998
Columbia, SC
7500 Chavenelle Road The McGraw-Hill 476 538 330,988 2002
Dubuque, IA Companies, Inc.
1700 47th Avenue North Owens Corning 378 378 18,620 2003
Minneapolis, MN
7150 Exchequer Drive Corporate Express Office 346 368 65,043 1998
Baton Rouge, LA Products, Inc.
(Buhrmann, N.V.)
324 Industrial Park Road SKF USA, Inc. 363 363 72,868 1996
Franklin, NC
187 Spicer Drive Dana Corporation 346 341 148,000 1983/1985
Gordonsville, TN
6
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------
2003 Cash 2003 Rental Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
300 McCormick Road Ameritech Services, Inc. 255 255 20,000 1990
Columbus, OH
1601 Pratt Avenue Tenneco Automotive 163 163 53,600 1979
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
3350 Miac Cove Road Mimeo.com, Inc. (10) 175 154 141,359 1987
Memphis, TN
2425 Highway 77 North James Hardie Building 9 9 425,816 1996/1997
Waxahachie, TX Products, Inc.
(James Hardie Industries NV)
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Subtotal $ 38,108 $ 38,720 9,868,097
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Retail
------
2655 Shasta Way Fred Meyer, Inc. $ 1,009 $ 1,009 178,204 1986
Klamath Falls, OR
Fort Street Mall, King Street Liberty House, Inc. 963 971 85,610 1980
Honolulu, HI
150 N.E. 20th Street Fred Meyer, Inc. 921 921 118,179 1986
Newport, OR
35400 Cowan Road Sam's Real Estate 918 918 102,826 1987/1997
Westland, MI Business Trust
12235 N. Cave Creek Bally's Health & Tennis 798 821 36,556 1988
Phoenix, AZ Corporation
4733 Hills & Dales Road Scandinavian Health Spa, 698 685 37,214 1987
Canton, OH (Bally Total Fitness Corp.)
7111 Westlake Terrace The Home Depot USA, 772 679 95,000 1980/2001
Bethesda, MD Inc. (7)
24100 Laguna Hills Mall Federated Department 677 673 160,000 1974
Laguna Hills, CA Stores, Inc.
1160 White Horse Road Physical Fitness Centers of 820 673 31,750 1987
Voorhees, NJ Philadelphia, Inc.
(Bally Total Fitness Corp.)
5917 S. La Grange Road Bally Total Fitness Corp. 660 542 25,250 1987
Countryside, IL
4831 Whipple Avenue, N.W. Best Buy Co., Inc. 465 465 46,350 1995
Canton, OH
7
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/03
- ------------------------------------------------------------------------------------------------------------------------------------
2003 Cash 2003 Rental Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
3711 Gateway Drive Kohl's Dept. Stores, Inc. 435 463 76,164 1994
Eau Claire, WI
12535 S.E. 82nd Avenue Toys "R" Us, Inc. 431 424 42,842 1981
Clackamas, OR
5801 Bridge Street Champion Fitness IV, Inc. 511 419 24,990 1977/1987
DeWitt, NY (Bally Total Fitness Corp.)
399 Peach Wood Centre Drive Best Buy Co., Inc. 395 395 45,800 1996
Spartanburg, SC
18601 Alder Wood Mall Toys "R" Us, Inc. 398 391 43,105 1981
Boulevard
Lynwood, WA
7272 55th Street Circuit City Stores, Inc. 393 376 45,308 1988
Sacramento, CA
6910 S. Memorial Highway Toys "R" Us, Inc. 364 358 43,123 1981
Tulsa, OK
2275 Browns Bridge Road Wal-Mart Stores, Inc. 328 328 89,199 1984
Gainesville, GA
6405 South Virginia Street Comp USA, Inc. 336 325 31,400 1988
Reno, NV
6475 Dobbin Road Offenbacher Aquatics, Inc 103 150 17,100 1983
Columbia, MD Haverty Furniture - 158 46,724
Companies, Inc.
7055 Highway 85 South Wal-Mart Stores, Inc. 291 291 81,911 1985
Riverdale, GA
9580 Livingston Road GFS Realty, Inc. 408 274 107,337 1976
Oxon Hill, MD (Giant Food, Inc.)
A1 21 South Wal-Mart Real Estate 223 223 56,132 1983
Jacksonville, AL Business Trust
121 South Center Street Greyhound Lines, Inc. 201 201 17,000 1968
Stockton, CA
2401 Wooton Parkway GFS Realty, Inc. 224 152 51,682 1977
Rockville, MD (Giant Food, Inc.)
2832 Chandler Mountain Road Circuit City Stores,Inc. 101 101 9,300 1986
Lynchburg, VA
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Subtotal $ 13,843 $ 13,386 1,746,056
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Grand Total $ 107,977 $ 111,767 17,111,540
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8
(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 was $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 $489.
(9) Expense stop on this property is $112 per annum.
(10) Tenant occupies 35,000 square feet and is responsible for all operating
expenses.
9
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
12/31/03
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2003 Cash 2003 Rental Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
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Office
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389-399 Interpace Highway Aventis Pharmaceuticals, Inc $ 7,844 $ 8,487 340,240 2000
Morris Corporate Center IV (Pharma Holdings GmbH)(1)
Parsippany, NJ
17 Technology Circle Blue Cross Blue Shield 6,415 6,930 456,304 1999/2001
Columbia, SC of South Carolina Inc.(2)
6555 Sierra Drive True North Communications 4,009 4,250 247,254 1999
Irving, TX Inc.(1)
15375 Memorial Drive Vastar Resources, Inc.(1) 3,437 3,437 327,325 1985
Houston, TX
10300 Kincaid Drive Bank One Indiana, N.A.(1)(4) 3,185 3,287 193,000 1999
Fishers, IN
600 International Parkway First USA Management 2,824 2,921 125,155 1997
Lake Mary, FL Services, Inc.(1)(3)
550 International Parkway First USA Management 2,721 2,820 125,920 1999
Lake Mary, FL Services, Inc.(1)(3)
2000 Eastman Drive Structural Dynamic 2,657 2,790 212,836 1991
Milford, OH Research Corp.(1)
3701 Corporate Drive Motorola, Inc.(1) 2,043 2,043 119,829 2001
Farmington Hills, MI
14040 Park Center Road NEC America, Inc.(1) 1,848 2,025 108,000 1987
Herndon, VA
2210 Enterprise Drive Washington Mutual 1,635 1,699 177,747 1998
Florence, SC Home Loan, Inc.(5)
100 Wood Hollow Drive Greenpoint Mortgage 1,235 1,357 124,600 2001
Novato, CA Funding, Inc. (6)(7)
70 Valley Stream Parkway IKON Office Solutions, Inc(6) 529 534 106,855 1987
Malvern, PA
1110 Bayfield Drive Honeywell International, 119 127 166,575 1980/2002
Colorado Springs, CO Inc.(1)
121 Technology Drive Heidelberg Web Systems, -- --- 500,500 1986/2003
Durham, NH Inc. (1) (8)
================================================
Subtotal Office $ 40,501 $ 42,707 3,332,140
================================================
10
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
12/31/03
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2003 Cash 2003 Rental Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
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Industrial
----------
101 Michelin Drive TNT Logistics North $ 3,103 $ 3,228 1,164,000 1991/1993
Laurens, SC America, Inc.
(TPG N.V.) (1)
7111 Crabb Road TNT Logistics North 2,078 2,162 752,000 1978/1993
Temperance, MI America, Inc.
(TPG N.V.) (1)
291 Park Center Drive Kraft Foods North 1,420 1,515 344,700 2001
Winchester, VA America, Inc. (1)
1109 Commerce Boulevard Linens N Things, Inc. (6) 208 242 262,644 1998
Logan Township, NJ
================================================
Subtotal Industrial $ 6,809 $ 7,147 2,523,344
================================================
$47,310 $ 49,854 5,855,484
================================================
(1) The Company has a 33?% 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.
(6) The Company has a 30% economic interest in this property.
(7) Expense stop on this property is $917 per annum.
(8) Tenant can cancel lease anytime after 9/30/11 with 365 days notice and
payment currently of $23,433.
11
The Lexington Corporate Properties Trust
Supplemental Reporting Package
Properties by Location
12/31/03
Historical 12-Months
Ended December 31, 2003
-----------------------
No. of Number of Percent Square Rent Percent of
Locations Location Properties(1) Leased Feet(2) ($000's)(1) Total Rent
- -------------------------------------------------------------------------------------------------------------------
1 Ohio 10 100% 3,429,888 15,371 11.86%
2 South Carolina 9 100 3,060,143 12,037 9.28
3 Florida 7 100 1,708,303 11,200 8.64
4 California 9 100 1,375,476 10,524 8.12
5 Pennsylvania 8 100 1,835,355 10,193 7.86
6 Utah 1 100 295,000 8,773 6.77
7 Arizona 7 78 810,187 8,634 6.66
8 Virginia 7 100 1,067,373 8,570 6.61
9 Michigan 10 100 2,012,135 7,532 5.81
10 Texas 6 100 1,592,430 6,363 4.91
11 Illinois 3 100 444,465 3,991 3.08
12 Oregon 4 100 462,078 3,885 3.00
13 New Jersey 3 100 634,634 3,575 2.76
14 Connecticut 3 100 225,124 2,351 1.81
15 Massachusetts 2 100 183,698 2,303 1.78
16 Georgia 3 100 283,358 2,149 1.66
17 Iowa 2 100 607,468 1,542 1.19
18 Maryland 4 100 317,843 1,413 1.09
19 Tennessee 3 70 349,107 1,317 1.01
20 North Carolina 2 100 269,814 1,173 0.90
21 Indiana 1 100 193,000 1,096 0.84
22 Hawaii 1 100 85,610 971 0.75
23 Kentucky 1 100 81,744 965 0.74
24 Washington 2 100 103,305 609 0.47
25 Nevada 2 100 31,400 566 0.44
26 Wisconsin 1 100 76,164 463 0.36
27 New York 1 100 24,990 419 0.32
28 Louisiana 2 100 135,143 397 0.31
29 Minnesota 1 100 18,620 378 0.29
30 Oklahoma 1 100 43,123 358 0.28
31 Alabama 1 100 56,132 223 0.17
32 Canada 1 100 - 136 0.10
33 Kansas 1 100 320,198 93 0.07
34 Missouri 1 100 166,641 44 0.03
35 Colorado 1 100 166,575 42 0.03
36 New Hampshire 1 100 500,500 -- --
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Total 122 98.8% 22,967,024 $ 129,656 100.00%
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(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 December 31, 2003.
12
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule by Property Type - Cash Basis
12/31/03
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
- ----------------------------------------------------------------------------------------------------------------------------
2004 $ 1,236 $ 11.33 $ - $ - $ - $ -
2005 6,225 15.94 1,701 3.01 - -
2006 4,256 10.73 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 - - 3,415 10.39
2009 14,947 16.37 2,207 3.49 2,418 6.89
2010 11,402 17.34 1,801 3.75 - -
2011 6,129 20.78 536 4.67 1,096 5.48
2012 5,441 14.99 9,158 3.67 - -
2013 7,064 11.28 412 6.34 226 13.50
2014 663 11.34 1,238 4.59 205 1.91
2015 7,300 12.66 1,587 9.49 469 6.15
2016 4,509 21.42 1,967 4.19 - -
2017 - - 1,286 3.89 115 2.23
2018 3,842 12.00 2,519 3.77 860 9.33
2019 1,833 11.00 3,417 4.48 - -
2020 2,500 17.44 3,303 8.10 - -
2021 427 2.56 - - - -
2022 - - - - - -
2023 - - - - - -
2024 - - - - 821 17.57
WTG. AVG. $ 14.39 $ 4.52 $ 8.22
============== ============= ===========
(1) Includes proportionate share of joint venture investments.
13
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule - GAAP Basis
12/31/03
($000's)
Percentage of
Total Total
Number of Annualized Annualized
Year Leases Expiring Rent (1) Rent
- --------------------------------------------------------------------------------------------------------
2004 2 $ 1,302 0.9%
2005 7 8,074 5.5
2006 15 14,510 10.0
2007 9 16,546 11.4
2008 8 7,704 5.3
2009 16 19,435 13.3
2010 9 12,369 8.5
2011 7 8,343 5.7
2012 10 13,258 9.1
2013 8 7,389 5.1
2014 4 2,073 1.4
2015 6 8,427 5.8
2016 5 5,976 4.1
2017 2 1,316 0.9
2018 4 6,940 4.8
2019 2 5,140 3.5
2020 3 5,564 3.8
2021 1 596 0.4
2022 - - -
2023 - - -
2024 1 632 0.5
---------------------------------------------------------------------------------------
Total 119 $ 145,594 100.0%
=======================================================================================
(1) Includes proportionate share of joint venture investments.
14
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
12/31/03
($000's)
- ------------------------------------------------------------------------------------------------------------------------------------
Current
Debt Interest Estimated Annual Balloon
Property - Fixed Rate Balance Rate Maturity Debt Service(h) Payment
- ------------------------------------------------------------------------------------------------------------------------------------
Gainesville, GA (first) $ 18 13.000% 01-01-04 $ 18 $ --
Oxon Hill, MD 94 6.250 03-01-04 95 --
Bethesda, MD 1,445 9.250 05-01-06 669 --
Warren, OH 21,172 7.000 10-01-07 6,160 --
Bristol, PA 9,729 7.400 02-01-08 831 9,262
Boca Raton, FL(g) 15,275 5.250 03-01-08 802 15,275
Decatur, GA 6,695 6.720 06-01-08 579 6,049
Phoenix, AZ 14,231 7.890 06-05-08 1,434 12,591
Palm Beach Gardens, FL 11,341 7.010 06-15-08 970 10,418
Dubuque, IA 7,351 4.890 08-01-08 513 6,588
Canton, OH 3,325 7.150 08-11-08 313 2,936
Spartanburg, SC 2,762 7.150 08-11-08 260 2,438
Hebron, KY 5,340 7.000 10-23-08 451 4,935
Gainesville, GA (second)(f) 902 7.500 01-01-09 200 --
Ocala, FL 13,059 7.250 02-01-09 1,332 10,700
Canton, OH 1,578 9.490 02-28-09 388 --
Baton Rouge, LA 1,898 7.375 03-01-09 208 1,478
Bristol, PA 6,053 7.250 04-01-09 571 5,228
Livonia, MI 11,026 7.800 04-01-09 992 10,236
Henderson, NC 4,414 7.390 05-01-09 417 3,854
Westland, MI 2,938 10.500 09-01-09 683 --
Salt Lake City, UT 13,409 7.610 10-01-09 2,901 --
Richmond, VA 16,472 8.100 02-01-10 1,511 15,257
Hampton, VA 4,473 8.260 04-01-10 415 4,144
Hampton, VA 7,294 8.270 04-01-10 677 6,758
Tampa, FL 8,342 6.930 08-01-10 674 7,603
Tampa, FL 6,034 6.880 08-01-10 485 5,495
Herndon, VA 18,807 8.180 12-05-10 1,723 17,301
San Diego, CA 4,252 7.500 01-01-11 411 3,420
Tucson, AZ 2,444 7.500 01-01-11 226 2,076
Columbia, SC 3,419 7.540 01-01-11 317 2,905
Valley Forge, PA 13,080 7.120 02-10-11 1,166 10,927
Glendale, AZ 14,777 7.400 04-01-11 1,258 13,365
Auburn Hills, MI 7,198 7.010 06-01-11 637 5,918
Plymouth, MI 4,787 7.960 07-01-11 463 3,949
Greenville, SC 13,886 4.415 01-01-12 841 11,806
15
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
12/31/03
($000's)
- ------------------------------------------------------------------------------------------------------------------------------------
Current
Debt Interest Estimated Annual Balloon
Property - Fixed Rate Balance Rate Maturity Debt Service(h) Payment
- ------------------------------------------------------------------------------------------------------------------------------------
New Kingston, PA 7,265 7.790 01-01-12 678 6,101
Mechanicsburg, PA 5,363 7.780 01-01-12 500 4,503
New Kingston, PA 3,462 7.780 01-01-12 323 2,906
Lake Forest, CA 10,832 7.260 02-01-12 901 9,708
Groveport, OH (c) 7,800 6.030 10-01-12 535 6,860
Plymouth, MI 12,776 6.220 12-10-12 1,026 10,026
Dallas, TX 21,348 7.490 12-31-12 2,020 16,030
Fort Mill, SC 11,523 6.000 01-01-13 839 9,904
Lancaster, CA (first) 10,611 7.020 09-01-13 900 8,637
Lancaster, CA (second) 8,903 5.920 09-01-13 642 7,518
Knoxville, TN (d) 5,295 5.950 09-01-13 381 4,496
Eau Claire, WI 2,220 8.000 07-01-14 313 --
Franklin, NC 1,965 8.500 04-01-15 263 --
Southborough, MA 2,132 7.500 09-01-15 275 --
Danville, IL 6,623 9.000 01-01-16 692 4,578
Temple, TX 9,200 6.090 01-01-16 668 7,446
Bremerton, WA 6,800 6.090 04-01-16 494 5,465
Dillon, SC 12,111 7.900 12-01-16 1,263 5,273
Westmont, IL 16,170 6.210 03-01-18 1,292 9,662
----------------- ----- ------------- -------------
$ 441,719 7.081% $ 45,596 $ 332,025
----------------- ------- ------------- -------------
Property-Variable Rate
- ----------------------
Milpitas, CA (a) (b) $ 15,666 4.140% 07-01-04 $ 2,253 $ 14,456
----------------- ------ --------- ------------
Corporate
- ---------
Credit Facility (e) $ 94,000 2.640% 08-01-06 $ 2,516 $ 94,000
------------------ ------ ------------- ---------------
Total $ 551,385 6.241% $50,365 $ 440,481
================= ====== =========== ===============
_____________
(a) Floating rate debt, 30 day LIBOR plus 297 bps, option to extend maturity
until 7/1/05 with spread of 350 bps and until 7/1/06 with spread of 400 bps.
(b) All property cash flows net of interest expense are used for principal
amortization.
(c) Interest only through April 2004, and $563 in annual debt service
thereafter.
(d) Interest only through May 2003, and $381 in annual debt service thereafter.
(e) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps.
(f) Mortgage is accrual only through 01/31/04. Commencing 02/01/04 annual debt
service of $218 is due.
(g) Interest only through maturity.
(h) For mortgages with less than twelve months to maturity, amounts represent
remaining payments.
16
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages Payable
12/31/03
($000's)
- ------------------------------------------------------------------------------------------------------------------------------------
Current
Estimated
Debt Interest Annual Balloon
Joint Venture Property Balance Rate Maturity Debt Service Payment
- ------------------------------------------------------------------------------------------------------------------------------------
Florence, SC(3) $ 9,395 7.500% 02-01-09 $ 869 $ 8,443
Columbia, SC(1) 24,410 7.850 10-01-09 2,196 22,586
Houston, TX(2) 21,250 7.580 10-10-09 2,032 18,229
Fishers, IN(2) 15,073 8.190 04-01-10 1,499 12,960
Herndon, VA(2) 11,608 7.600 09-01-10 1,107 9,769
Lake Mary, FL(2) 13,213 7.880 10-01-10 1,181 12,118
Lake Mary, FL(2) 13,174 7.880 10-01-10 1,178 12,082
Irving, TX(2) 26,553 8.160 10-01-10 2,432 24,454
Parsippany, NJ(2) 40,971 7.350 03-01-11 3,472 37,047
Novato, CA(4) 22,806 5.750 07-01-11 1,600 20,307
Winchester, VA(2) 10,764 7.330 08-01-11 908 9,675
Milford, OH(2) 17,069 8.170 02-01-12 1,724 12,686
Temperance, MI(2) 11,824 6.000 09-01-12 936 9,400
Laurens, SC(2) 17,639 6.000 09-01-12 1,396 14,022
Farmington Hills, MI(2) 21,313 5.420 09-01-12 1,500 17,724
Colorado Springs, CO(2) 11,870 6.250 12-01-12 887 10,272
Malvern, PA(4) 13,400 5.530 01-01-14 916 11,236
Durham, NH(2) 19,182 6.730 03-31-21 1,312 --
-------------- ----- ------------
$ 321,514 7.091% $ 27,145 $ 263,010
============== ===== =========== ===========
__________________________
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
4 The Company has a 30% economic interest in this property
17
Lexington Corporate Properties Trust
Supplemental Reporting Package
Debt Maturity Schedule
12/31/03
($000's)
Consolidated properties
- ------------------------------------------------------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments(1) Average Interest Rate
------------ -------- ---------------------
2004 $ 15,429 $ 14,456(2) 4.140%
2005 15,521 -- --
2006 16,303 -- --
2007 17,238 -- --
2008 11,469 70,492(3) 6.624
----------- ----------- --------
$ 75,960 $ 84,948 6.201%
=========== =========== ========
Joint venture properties - LXP proportionate share
- ------------------------------------------------------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments Average Interest Rate
------------ -------- ---------------------
2004 $ 1,377 - -
2005 1,505 - -
2006 1,621 - -
2007 1,755 - -
2008 1,836 - -
------------- ---------- --------
$ 8,094 - -
============= ========== ========
__________________________
(1) Excludes line of credit borrowings.
(2) Milpitas, CA property.
(3) Comprised of the following properties: Bristol, PA ($9,262), Boca Raton, FL
($15,275), Decatur, GA ($6,049), Phoenix, AZ ($12,591), Palm Beach Gardens,
FL ($10,418), Dubuque, IA ($6,588), Canton, OH ($2,936), Spartanburg, SC
($2,438) and Hebron, KY ($4,935).
18
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue By Tenant Industry
12/31/03
-----------------------------------------------------------------
Percentage of Historical
Tenant Industry 12 Months Rent (1)
-----------------------------------------------------------------
Finance/Insurance 11.0%
Retail-Department/ Discount Store 9.9
Transportation/Logistics 9.1
Energy 7.6
Healthcare 7.1
Technology 6.6
Telecommunications 6.4
Retail-Specialty 5.6
Aerospace/Defense 5.2
Automotive 4.8
Food 4.7
Retail-Electronics 3.6
Construction Materials 3.6
Media/Advertising 3.0
Consumer Products 3.0
Health/Fitness 2.4
Printing/Production 2.0
Apparel 1.8
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.
19
Lexington Corporate Properties Trust
Supplemental Reporting Package
Other Revenue Data
12/31/03
Historical 12-Months Rent
Revenue by Property Type ($000's)(1) Percentage
- ------------------------------------------------------------------------------------------------------------------------
Office $ 74,674 57.6%
Industrial 41,310 31.9
Retail 13,672 10.5
-------------- --------
$ 129,656 100.0%
============== ========
Revenue by Credit Rating(2)
- ---------------------------
Investment Grade $ 52,008 40.1%
Non Investment Grade 29,084 22.4
Unrated 48,564 37.5
-------------- --------
$ 129,656 100.0%
============== ========
Percentage of
Rent for 12
Number of Months
Top 15 Tenants/Guarantors Properties Property Type Ended 12/31/03(1)
- ------------------------------------------------------------------------------------------------------------------------
Kmart Corporation 1 Industrial 6.9%
Northwest Pipeline Corp. 1 Office 6.8
Exel Logistics, Inc.(NFC plc) 4 Industrial 3.7
Honeywell, Inc. 4 Office 3.3
Owens Corning 4 Industrial 2.8
Circuit City Stores, Inc. 4 Office(1)/Retail(3) 2.7
VarTec Telecom, Inc. 1 Office 2.7
Michaels Stores, Inc. 1 Industrial 2.5
Bally Total Fitness Corp. 5 Retail 2.4
Aventis Pharmaceuticals, Inc. 1 Office 2.2
Blue Cross Blue Shield of South Carolina Inc. 1 Office 2.1
Quest Diagnostics, Inc. 1 Office 2.0
Artesyn North America, Inc. (Balfour Beatty PLC) 1 Office 2.0
Nextel Finance Company 4 Office 2.0
Wells Fargo Home Mortgage, Inc. 1 Office 2.0
- ----
34 46.1%
== =====
(1) Includes proportionate share of joint venture investments and rental revenue
recognized from properties sold through the date of sale.
(2) As of January 27, 2004.
20