Exhibit 99.2
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the three months ended March 31, 2004
Table of Contents
Income Statements............................................... 1
Balance Sheets.................................................. 2
First Quarter Transaction Summary............................... 3
Property Holdings............................................... 4
Properties by Location.......................................... 13
Lease Rollover Schedules........................................ 14
Mortgages and Notes Payable..................................... 16
Revenue by Tenant Industry...................................... 20
Other Revenue Data.............................................. 21
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
March 31,
2004 2003
---- ----
Revenues:
Rental $ 30,276 $ 24,933
Advisory fees 950 325
Reimbursements 892 479
Interest and other 68 226
------- -------
32,186 25,963
------- -------
Expenses:
Interest 8,653 8,838
Depreciation and amortization 7,535 5,957
General and administrative 3,503 2,299
Property operating 1,875 1,310
Amortization of deferred costs 354 412
------- -------
21,920 18,816
------- -------
10,266 7,147
Provision for income taxes (766) --
Equity in earnings of joint ventures 1,804 1,349
Minority interest (1,080) (1,073)
----------- -----------
Income from continuing operations 10,224 7,423
----------- -----------
Discontinued operations, net of minority interest:
Income from discontinued operations 1,749 881
Impairment charge (1,732) --
Gains on sales of properties 1,737 459
------- -------
Total discontinued operations 1,754 1,340
------- -------
Net income 11,978 8,763
Dividends attributable to preferred shares - Series B (1,590) --
------- -------
Net income allocable to common shareholders $ 10,388 $ 8,763
Depreciation and amortization 7,752 6,361
Minority interests-OP Units 928 1,239
Amortization of leasing commissions 181 200
Joint venture adjustment-depreciation 1,314 908
Gains on sales of properties (1,737) (459)
------- --------
Funds from operations $ 18,826 $ 17,012
======= =======
Rent below GAAP revenue1 $ 531 $ 1,137
======= =======
Per share/unit
Basic net income $ 0.24 $ 0.29
Diluted net income $ 0.24 $ 0.29
Funds from operations2-basic $ 0.39 $ 0.48
Funds from operations2-diluted $ 0.39 $ 0.48
1
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
3/31/04 12/31/03
------- --------
Real estate, at cost $1,274,907 $1,162,395
Accumulated depreciation (157,996) (160,623)
Investment in non-consolidated entities 86,800 69,225
Properties held for sale - discontinued operations 79,662 36,478
Cash and cash equivalents 87,694 15,923
Deferred assets, net 10,637 10,013
Rent receivable - deferred 24,324 24,069
Other assets 57,407 49,931
---------- ----------
$1,463,435 $1,207,411
========== ==========
Mortgages and notes payable $661,677 $551,385
Other liabilities 11,341 10,667
Prepaid rent 3,696 2,482
Minority interests 58,124 59,220
Shareholders' equity 728,597 583,657
---------- ----------
$1,463,435 $1,207,411
========== ==========
Common shares 48,102,891 40,682,001
Preferred shares-Series B 3,160,000 3,160,000
Operating partnership units 5,385,747 5,430,454
---------- ----------
56,648,638 49,272,455
========== ==========
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 April 2002 "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
First Quarter Transaction Summary
Acquisitions ($000's) Average
Property Capitalized Annual Average Lease
Tenant/Guarantor Location Type Costs Rent Yield Term
- ---------------- -------- ---- ----- ---- ----- ----
New Jersey Natural Gas Co. Wall, NJ Office $ 37,563 $ 3,323 8.8% 6/21
TNT Logistics North America, Moody, AL Industrial 11,559 1,054 9.1% 1/14
Inc. (TPG N.V.)
T-Mobile USA, Inc. Redmond, OR Office 16,485 1,552 9.4% 1/19
T-Mobile USA, Inc. Mission, TX Office 10,168 979 9.6% 6/15
The Shaw Group, Inc. Centennial, CO Office 24,977 2,418 9.7% 5/13
Baker Hughes, Inc. (4 Houston, TX Office(3) 131,231 13,230 10.1% 9/15
properties) Industrial(1)
Michaels Stores, Inc.(1) New Lenox, IL Industrial 28,651 1,892 6.6% 1/24
------- -------- ------
$260,634 $ 24,448 9.4%
======= ======== ======
Dispositions ($000's)
Tenant/Guarantor Location Property Net Sale Net
- ---------------- -------- Type Price Book Value
---- ----- ----------
Bally Total Fitness Corp. DeWitt, NY Retail $ 3,030 $ 2,312
Wal-Mart Stores East, Inc. Riverdale, GA Retail 3,230 2,109
------------ ---------
$ 6,260 $ 4,421
============ =========
Lease Extensions ($000's)
Tenant/Guarantor Location Property Previous Extended Extension Rent
- ---------------- -------- Type Term Term Per Annum
---- ---- ---- ---------
Bally Total Fitness Corp. Phoenix, AZ Retail 6/08 12/14 $ 642
New Financings ($000's)
Tenant/Guarantor Location Amount Rate Term
- ---------------- -------- ------ ---- ----
Ryder Systems, Inc. Waterloo, IA $ 6,800 5.61% 2/13
Exel Logistics, Inc. Mechanicsburg, PA 13,870 5.73% 3/14
Fred Meyer, Inc. Newport, OR 7,000 5.03% 8/11
IKON Office Solutions, Inc.(1) Malvern, PA 13,400 5.53% 1/14
Siemens Dematic Postal Automation, Arlington, TX 22,000 5.81% 2/14
LP.(2)
TNT Logistics North America, Inc. Moody, AL 7,675 4.98% 1/14
(TPG N.V.)
Michaels Stores, Inc. (1) New Lenox, IL 17,400 5.51% 2/14
T-Mobile USA, Inc. Mission, TX 6,570 5.78% 6/15
T-Mobile USA, Inc. Redmond, OR 10,100 5.62% 4/14
------ -----
$104,815 5.57%
======== =====
Assumed Financings ($000's)
Tenant/Guarantor Location Amount Rate Term
- ---------------- -------- ------ ---- ----
Baker Hughes, Inc. Houston, TX $123,642(3) 6.25%(3) 9/15
New Jersey Natural Gas Co. Wall, NJ 30,036(4) 6.25%(4) 1/21
The Shaw Group, Inc. Centennial, CO 15,891 6.15% 2/13
------- -----
$169,569 6.24%
======== =====
1. Lexington has a 30% interest in this property.
2. Lexington has a 25% interest in this property.
3. Face amount of debt is $110,696 with a stated rate of 8.04%.
4. Face amount of debt is $27,500 with a stated rate of 7.32%.
3
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/04
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
Office
- ------
295 Chipeta Way Northwest Pipeline Corp. $ 2,193 $ 2,193 295,000 1982
Salt Lake City, UT
5200 Metcalf Avenue Employers Reinsurance 961 961 320,198 1980/1990/
Overland Park, KS Corporation 2003
1600 Viceroy Drive VarTec Telecom, Inc. 861 871 249,452 1986
Dallas, TX
3476 Stateview Boulevard Wells Fargo Home 688 730 169,083 2002
Fort Mill, SC Mortgage (4) (5)
9950 Mayland Drive Circuit City Stores, Inc. 715 698 288,562 1990
Richmond, VA
1415 Wyckoff Road New Jersey Natural Gas Co. 646 646 157,511 1983
Wall Township, NJ
2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 576 639 109,281 1985/2001
Valley Forge, PA
1301 California Circle Artesyn North America, Inc. 724 637 100,026 1985
Milpitas, CA (Balfour Beatty plc)
700 Oakmont Lane North American Van Lines, 573 629 269,715 1989
Westmont, IL Inc. (SIRVA, Inc.)(3)
13651 McLearen Road Boeing North American 650 619 159,664 1987
Herndon, VA Services, Inc.
(The Boeing Company)
2211 South 47th Street Avnet, Inc. 638 617 176,402 1997
Phoenix, AZ
5600 Broken Sound Blvd Oce Printing Systems USA, 503 561 143,290 1983/2002
Boca Raton, FL Inc.
4200 RCA Boulevard The Wackenhut Corp.(7) 540 542 114,518 1996
Palm Beach Gardens, FL
701 Brookfield Parkway Verizon Wireless (8) 481 517 192,884 2000/2001
Greenville, SC
200 Executive Blvd. S Hartford Fire Insurance Co. 541 502 153,364 1983
Southington, CT
19019 No. 59th Avenue Honeywell, Inc. 501 495 252,300 1985
Glendale, AZ
401 Elm Street Lockheed Martin Corp. 467 467 126,000 1960/1988
Marlborough, MA (Honeywell, Inc.)
9201 Stateline Employers Reinsurance 458 458 166,641 1963/1985/
Kansas City, MO Corporation 2003
26210 and 26220 Enterprise Apria Healthcare Group, Inc. 410 448 100,012 2001
Court
Lake Forest, CA
4
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/04
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
1600 Eberhardt Road Nextel of Texas 346 390 108,800 2001
Temple, TX
9275 S.W. Peyton Lane Hollywood Entertainment 367 383 122,853 1980/1998
Wilsonville, OR Corp.
160 Clairemont Avenue Allied Holdings, Inc. 397 382 112,248 1983
Decatur, GA
10419 North 30th Street Time Customer Service, Inc. 349 352 132,981 1986
Tampa, FL (Time, Inc.)
250 Rittenhouse Circle Jones Apparel Group 316 346 255,019 1982
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.) (1)
400 Butler Farm Road Nextel Communications of 316 326 100,632 1999
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
6455 State Hwy 303 NE Nextel West Corporation 242 278 60,200 2001
Bremerton, WA
4455 American Way Bell South Mobility, Inc. 247 271 70,100 1997
Baton Rouge, LA
13430 N. Black Canyon Freeway Bull HN Information 274 271 137,058 1985/1994
Phoenix, AZ Systems, Inc.
180 Rittenhouse Circle Jones Apparel Group 222 243 96,000 1998
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.)
2300 Litton Lane Fidelity Corporate 225 241 81,744 1987
Hebron, KY Real Estate, LLC(10)
16275 Technology Drive Cymer, Inc. 214 222 65,755 1989
San Diego, CA (Hewlett-Packard)
2999 SW 6th St. Voice Stream PCS I LLC 180 210 77,484 2004
Redmond, OR (T-Mobile USA, Inc.)
3711 San Gabriel Voice Stream PCS II LLC 191 208 75,016 2004
Mission, TX (T-Mobile USA, Inc.)
2401 Cherahala Boulevard Advance PCS, Inc. 196 205 59,748 2002
Knoxville, TN
421 Butler Farm Road Nextel Communications of 177 180 56,515 2000
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
12000 Tech Center Drive Kelsey-Hayes Company 176 170 80,230 1988
Livonia, MI
100 Barnes Road Minnesota Mining and 134 151 44,400 1978/1985
Wallingford, CT Manufacturing Company
5
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/04
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
10001 Richmond Avenue Baker Hughes, Inc. 99 139 554,385 1976/1984
Houston, TX
9201 East Dry Creek Road The Shaw Group, Inc. - 136 128,500 2001/2002
Centennial, CO
1440 East 15th Street Cox Communications, Inc. 107 114 28,591 1988
Tucson, AZ
250 Turnpike Road Honeywell Consumer 108 108 57,698 1984
Southborough, MA Products
183 Plains Road IKON Office Solutions, Inc. 84 84 27,360 1994
Milford, CT
12645 W. Airport Road Baker Hughes, Inc. 30 37 165,836 1997
Sugar Land, TX
2529 West Thorns Drive Baker Hughes, Inc. 13 16 65,500 1981/1999
Houston, TX
3615 North 27th Avenue VACANT - - 179,280 1960/1979
Phoenix, AZ
------------------------------ --------------- ----------------- -----------------
Subtotal $ 18,136 $ 18,693 6,487,836
------------------------------ --------------- ----------------- -----------------
Industrial
541 Perkins Jones Road Kmart Corp. $ 2,340 $ 2,233 1,700,000 1982
Warren, OH
2425 Highway 77 North James Hardie Building 850 850 425,816 1996/1997
Waxahachie, TX Products, Inc.
(James Hardie Industries NV)
3501 West Avenue H Michaels Stores, Inc. 809 826 762,775 1998/2002
Lancaster, CA
8305 SE 58th Avenue Associated Grocers of 517 560 668,034 1976
Ocala, FL Florida, Inc.
6345 Brackbill Boulevard Exel Logistics, Inc. 509 463 507,000 1985/1991
Mechanicsburg, PA (NFC plc)
159 Farley Drive Harbor Freight Tools 410 453 474,473 2001
Dillon, SC (Central Purchasing, Inc.)
590 Ecology Lane Owens Corning 405 405 193,891 2001
Chester, SC
4425 Purks Road Lear Technologies LLC 351 341 183,717 1989/1998
Auburn Hills, MI (Lear Corporation)
(General Motors Corp.)
6 Doughten Road Exel Logistics, Inc. 372 337 330,000 1989
New Kingston, PA (NFC plc)
6500 Adelaide Court Anda Pharmaceuticals, Inc. 233 302 354,676 2002
Groveport, OH (Andrx Corporation)
6
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/04
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
7500 Chavenelle Road The McGraw-Hill Companies, 258 291 330,988 2002
Dubuque, IA Inc.
3102 Queen Palm Drive Time Customer Service, Inc. 243 252 229,605 1986
Tampa, FL (Time, Inc.)
2280 Northeast Drive Ryder Integrated 249 251 276,480 1996/1997
Waterloo, IA Logistics, Inc.
(Ryder Systems, Inc.)
245 Salem Church Road Exel Logistics, Inc. 276 250 252,000 1985
Mechanicsburg, PA (NFC plc)
200 Arrowhead Drive Owens Corning 225 246 400,522 1999
Hebron, OH
12025 Tech Center Drive Kelsey-Hayes Company 244 240 100,000 1987/1988
Livonia, MI
3600 Southgate Drive Sygma Network, Inc. 233 233 149,500 2000
Danville, IL
46600 Port Street Johnson Controls, Inc. 221 221 134,160 1996
Plymouth, MI
1133 Poplar Creek Road Corporate Express Office 189 202 196,946 1998
Henderson, NC Products, Inc.
(Buhrmann, N.V.)
222 Tappan Drive North The Gerstenslager Company 168 167 296,720 1970
Mansfield, OH (Worthington Industries)
450 Stern Street Johnson Controls, Inc. 167 167 111,160 1996
Oberlin, OH
34 East Main Street Exel Logistics, Inc. 180 163 179,200 1981
New Kingston, PA (NFC plc)
191 Arrowhead Drive Owens Corning 144 157 250,410 2000
Hebron, OH
109 Stevens Street Unisource Worldwide, Inc. 139 147 168,800 1958/1969
Jacksonville, FL
904 Industrial Road Tenneco Automotive 152 146 195,640 1968/1972
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
128 Crews Drive Stone Container Corporation 136 143 185,961 1968/1998
Columbia, SC
1700 47th Avenue North Owens Corning 133 133 18,620 2003
Minneapolis, MN
7
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/04
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
Moody Commuter & Tech Park TNT Logistics North 97 97 595,346 2004
Moody, AL America, Inc. (TPG N.V.)
7150 Exchequer Drive Corporate Express Office 87 92 65,043 1998
Baton Rouge, LA Products, Inc.
(Buhrmann, N.V.)
324 Industrial Park Road SKF USA, Inc. 91 91 72,868 1996
Franklin, NC
187 Spicer Drive Dana Corporation 86 85 148,000 1983/1985
Gordonsville, TN
300 McCormick Road Ameritech Services, Inc. 64 64 20,000 1990
Columbus, OH
9110 Grogans Mill Road Baker Hughes, Inc. 51 58 275,750 1992
Houston, TX
1601 Pratt Avenue Tenneco Automotive 42 41 53,600 1979
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
3350 Miac Cove Road Mimeo.com, Inc. (9) 44 36 141,359 1987
Memphis, TN
------------------------------ ----------------- --------------- -----------------
Subtotal $ 10,715 $ 10,743 10,449,060
------------------------------ ----------------- --------------- -----------------
Retail
2655 Shasta Way Fred Meyer, Inc. $ 252 $ 252 178,204 1986
Klamath Falls, OR
Fort Street Mall, King Street Liberty House, Inc. 241 243 85,610 1980
Honolulu, HI
150 N.E. 20th Street Fred Meyer, Inc. 207 207 118,179 1986
Newport, OR
6475 Dobbin Road Offenbacher Aquatics, Inc 39 47 17,100 1983
Columbia, MD Haverty Furniture Companies, - 158 46,724
Inc.
12235 N. Cave Creek Bally's Health & Tennis 210 196 36,556 1988
Phoenix, AZ Corporation
35400 Cowan Road Sam's Real Estate 188 188 102,826 1987/1997
Westland, MI Business Trust
4733 Hills & Dales Road Scandinavian Health Spa, 178 171 37,214 1987
Canton, OH (Bally Total Fitness Corp.)
24100 Laguna Hills Mall Federated Department 169 168 160,000 1974
Laguna Hills, CA Stores, Inc.
8
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/04
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
1160 White Horse Road Physical Fitness Centers of 205 168 31,750 1987
Voorhees, NJ Philadelphia, Inc.
(Bally Total Fitness Corp.)
5917 S. La Grange Road Bally Total Fitness Corp. 165 135 25,250 1987
Countryside, IL
7111 Westlake Terrace The Home Depot USA, 193 131 95,000 1980/2001
Bethesda, MD Inc. (6)
4831 Whipple Avenue, N.W. Best Buy Co., Inc. 116 116 46,350 1995
Canton, OH
3711 Gateway Drive Kohl's Dept. Stores, Inc. 109 116 76,164 1994
Eau Claire, WI
12535 S.E. 82nd Avenue Toys "R" Us, Inc. 108 106 42,842 1981
Clackamas, OR
399 Peach Wood Centre Drive Best Buy Co., Inc. 99 99 45,800 1996
Spartanburg, SC
18601 Alder Wood Mall Toys "R" Us, Inc. 99 98 43,105 1981
Boulevard
Lynwood, WA
7272 55th Street Circuit City Stores, Inc. 105 94 45,308 1988
Sacramento, CA
6910 S. Memorial Highway Toys "R" Us, Inc. 91 89 43,123 1981
Tulsa, OK
6405 South Virginia Street Comp USA, Inc. 91 81 31,400 1988
Reno, NV
9580 Livingston Road GFS Realty, Inc. 85 69 107,337 1976
Oxon Hill, MD (Giant Food, Inc.)
2275 Browns Bridge Road Wal-Mart Stores, Inc. 55 55 89,199 1984
Gainesville, GA
121 South Center Street Greyhound Lines, Inc. 51 51 17,000 1968
Stockton, CA
2401 Wooton Parkway GFS Realty, Inc. 56 38 51,682 1977
Rockville, MD (Giant Food, Inc.)
A1 21 South Wal-Mart Real Estate 37 37 56,132 1983
Jacksonville, AL Business Trust
2832 Chandler Mountain Road Circuit City Stores,Inc. 25 25 9,300 1986
Lynchburg, VA
------------------------------ ----------------- --------------- -----------------
Subtotal $ 3,174 $ 3,138 1,639,155
------------------------------ ----------------- --------------- -----------------
------------------------------ ----------------- --------------- -----------------
Grand Total $ 32,025 $ 32,574 18,576,051
------------------------------ ----------------- --------------- -----------------
9
(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) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment
of $1,300.
(4) Expense stop on this property is $808.
(5) 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.
(6) The Company has a 33.85% economic interest in this property.
(7) This is a modified gross lease. Annual net operating expenses for which
the Company is responsible approximate $494.
(8) Expense stop on this property is $112 per annum.
(9) Tenant occupies 35,000 square feet and is responsible for all operating
expenses.
(10) Tenant exercised termination option effective 4/30/04.
10
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
3/31/04
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
Office
- ------
389-399 Interpace Aventis $ 1,961 $ 2,122 340,240 2000
Highway Pharmaceuticals, Inc
Morris Corporate (Pharma Holdings
Center IV GmbH)(11)
Parsippany, NJ
17 Technology Circle Blue Cross Blue Shield 1,604 1,733 456,304 1999/2001
Columbia, SC of South Carolina
Inc.(12)
100 Wood Hollow Drive Greenpoint Mortgage 1,058 1,216 124,600 2001
Novato, CA Funding, Inc. (16)(17)
6555 Sierra Drive True North 1,002 1,062 247,254 1999
Irving, TX Communications
Inc.(11)
15375 Memorial Drive Vastar Resources, 859 859 327,325 1985
Houston, TX Inc.(11)
10300 Kincaid Drive Bank One Indiana, 796 822 193,000 1999
Fishers, IN N.A.(11)(14)
600 International First USA Management 717 730 125,155 1997
Parkway Services, Inc.(11)(13)
Lake Mary, FL
550 International First USA Management 691 705 125,920 1999
Parkway Services, Inc.(11)(13)
Lake Mary, FL
2000 Eastman Drive Structural Dynamic 669 697 212,836 1991
Milford, OH Research Corp.(11)
3701 Corporate Drive Motorola, Inc.(11) (22) 678 678 119,829 2001
Farmington Hills, MI
1401 & 1501 Nolan Siemens Dematic 522 555 233,783 2003
Ryan Parkway Postal Automation,
Arlington, TX L.P. (19)
14040 Park Center Road NEC America, Inc.(11) 468 506 108,000 1987
Herndon, VA
70 Valley Stream IKON Office Solutions, 481 499 106,855 1987
Parkway Inc(16) (20)
Malvern, PA
2210 Enterprise Drive Washington Mutual 437 425 177,747 1998
Florence, SC Home Loan, Inc.(15)
1110 Bayfield Drive Honeywell 384 409 166,575 1980/2002
Colorado Springs, CO International,
Inc.(11)
27027 Tourney Road Specialty Labs(16) (21) 70 70 187,262 2004
Santa Clarita, CA
------------------------------ ----------------- --------------- -----------------
Subtotal Office $ 12,397 $ 13,088 3,252,685
------------------------------ ----------------- --------------- -----------------
11
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
3/31/04
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- -------------------------------- ------------------------------ ----------------- --------------- ----------------- --------------
Industrial
- ----------
101 Michelin Drive TNT Logistics North $ 776 $ 807 1,164,000 1991/1993
Laurens, SC America, Inc.
(TPG N.V.) (11)
121 Technology Drive Heidelberg Web 419 577 500,500 1986/2003
Durham, NH Systems,
Inc. (11) (18)
7111 Crabb Road TNT Logistics North 519 540 752,000 1978/1993
Temperance, MI America, Inc.
(TPG N.V.) (11)
43955 Plymouth Oaks Tower Automotive 471 471 290,133 1996/1998
Boulevard Products
Plymouth, MI Company
(Tower Automotive,
Inc.) (16)
2400 West Haven Avenue Michaels Stores 407 407 693,000 2004
New Lenox, IL Procurement
Company, Inc.
(Michaels Stores,
Inc.)(16)
291 Park Center Drive Kraft Foods North 355 379 344,700 2001
Winchester, VA America, Inc. (11)
1109 Commerce Boulevard Linens-n-Things, 315 313 262,644 1998
Logan Township, NJ Inc. (16)
----------------- --------------- -----------------
Subtotal Industrial $ 3,262 $ 3,494 4,006,977
----------------- --------------- -----------------
$ 15,659 $ 16,582 7,259,662
================= =============== =================
(11) The Company has a 33 1/3% economic interest in this property.
(12) The Company has a 40% economic interest in this property.
(13) Cumulative expense stop on these properties is $1,264 per annum.
(14) Expense stop on this property is $768 per annum.
(15) The Company has a 22.73% economic interest in this property.
(16) The Company has a 30% economic interest in this property.
(17) Expense stop on this property is $922 per annum.
(18) Tenant can cancel lease anytime after 9/30/11 with 365 days notice and
payment currently of $23,433.
(19) The Company has a 25% economic interest in this property.
(20) Tenant can cancel lease anytime after 9/30/10 with a payment equal to
the present value of all remaining lease payments, including expenses,
discounted at 6%.
(21) Property is currently being constructed.
(22) Tenant can cancel lease on 12/28/11 with 18 months notice and a payment
equal to 2 years rent and 2 years of unamortized tenant improvement
allowance.
12
The Lexington Corporate Properties Trust
Supplemental Reporting Package
Properties by Location
3/31/04
Historical 3-Months
Ended March 31, 2004
--------------------
No. of Number of Percent Square Base Rent Percent of
Locations Location Properties(3) Leased Feet(2) ($000's)(1) Base Rent
- ----------- -------------- ------------- ------- ------- ----------- ---------
1 Ohio 10 100% 3,429,888 3,856 10.1%
2 South 9 100 3,060,143 3,406 8.9
Carolina
3 Texas 11 100 2,728,917 3,348 8.7
4 Florida 7 100 1,708,303 2,893 7.5
5 California 8 100 1,562,738 2,832 7.4
6 Pennsylvania 8 100 1,835,355 2,591 6.8
7 Utah 1 100 295,000 2,193 5.7
8 Virginia 7 100 1,067,373 2,143 5.6
9 Michigan 10 100 2,012,135 1,973 5.1
10 Arizona 6 78 810,187 1,693 4.4
11 New Jersey 4 100 792,145 1,615 4.2
12 Oregon 5 100 539,562 1,158 3.0
13 Illinois 4 100 1,137,465 1,119 2.9
14 Kansas 1 100 320,198 961 2.5
15 Connecticut 3 100 225,124 737 1.9
16 Georgia 3 100 201,447 590 1.5
17 Massachusetts 2 100 183,698 575 1.5
18 Iowa 2 100 607,468 542 1.4
19 Missouri 1 100 166,641 458 1.2
20 Maryland 4 100 317,843 443 1.2
21 Washington 2 100 103,305 376 1.0
22 Louisiana 2 100 135,143 363 0.9
23 Tennessee 3 70 349,107 326 0.9
24 North 2 100 269,814 293 0.8
Carolina
25 Indiana 1 100 193,000 274 0.7
26 Colorado 2 100 295,075 273 0.7
27 Hawaii 1 100 85,610 243 0.6
28 Kentucky 1 100 81,744 241 0.6
29 New Hampshire 1 100 500,500 192 0.5
30 Alabama 2 100 651,478 134 0.4
31 Minnesota 1 100 18,620 133 0.4
32 Wisconsin 1 100 76,164 116 0.4
33 Oklahoma 1 100 43,123 89 0.2
34 Nevada 1 100 31,400 81 0.2
35 New York 1 - - 73 0.2
-------------- ---------- ---------- ----------- -------- ------
Total 128 98.9% 25,835,713 $ 38,333 100.0%
-------------- ---------- ---------- ----------- --------- ------
(1) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through date of sale.
(2) Includes properties owned and under development as of March 31, 2004.
(3) Includes operating properties owned during the three months ended March 31,
2004.
13
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule by Property Type - Cash Basis
3/31/04
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 1,480 25.96
2008 4,896 13.57 - - 2,573 8.81
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 4.67 826 6.99
2012 5,441 14.99 7,838 3.67 - -
2013 9,424 12.22 412 6.34 226 13.50
2014 663 11.34 2,292 2.65 847 5.88
2015 16,740 11.64 4,072 9.17 469 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 3,616 14.81 3,417 4.48 - -
2020 2,500 17.44 5,003 8.07 - -
2021 2,117 13.44 427 2.56 - -
2022 - - - - - -
2023 - - - - - -
2024 - - 631 2.73 821 17.57
(1) Includes proportionate share of joint venture investments.
14
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule - GAAP Basis
3/31/04
($000's)
Percentage of
Total Total
Number of Annualized Base Annualized
Year Leases Expiring Rent(1) Base Rent
- ---- --------------- ----------------- --------------
2004 2 $ 659 0.4%
2005 7 7,924 4.7
2006 15 14,528 8.6
2007 8 16,123 9.6
2008 7 6,789 4.0
2009 16 19,720 11.8
2010 9 12,272 7.3
2011 6 8,067 4.8
2012 10 11,937 7.1
2013 9 9,831 5.9
2014 6 3,849 2.3
2015 11 22,636 13.5
2016 5 5,846 3.5
2017 2 1,316 0.8
2018 4 6,940 4.1
2019 3 6,688 4.0
2020 3 7,264 4.3
2021 2 3,032 1.8
2022 - - -
2023 - - -
2024 3 2,269 1.5
--------------- ----------------- --------------
Total 128 $ 167,690 100.0%
================ ================= ==============
(1) Includes proportionate share of joint venture investments.
15
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
3/31/04
($000's)
- -----------------------------------------------------------------------------------------------------------------------
Current
Estimated
Debt Annual Balloon
Property - Fixed Rate Balance Interest Rate Maturity Debt Service Payment
- -----------------------------------------------------------------------------------------------------------------------
Bethesda, MD $ 1,355 9.250 May-06 $ 669 $ --
Warren, OH 21,172 7.000 Oct-07 6,160 --
Bristol, PA 9,704 7.400 Feb-08 831 9,262
Boca Raton, FL(f) 15,275 5.250 Mar-08 802 15,275
Decatur, GA 6,663 6.720 Jun-08 579 6,049
Phoenix, AZ 14,152 7.890 Jun-08 1,434 12,591
Palm Beach Gardens, FL 11,297 7.010 Jun-08 970 10,418
Dubuque, IA 7,314 4.890 Aug-08 513 6,588
Canton, OH 3,307 7.150 Aug-08 313 2,936
Spartanburg, SC 2,746 7.150 Aug-08 260 2,438
Hebron, KY 5,321 7.000 Oct-08 451 4,935
Gainesville, GA (e) 882 7.500 Jan-09 200 --
Ocala, FL 12,929 7.250 Feb-09 1,332 10,700
Canton, OH 1,519 9.490 Feb-09 388 --
Baton Rouge, LA 1,881 7.375 Mar-09 208 1,478
Bristol, PA 6,019 7.250 Apr-09 571 5,228
Livonia, MI 10,995 7.800 Apr-09 992 10,236
Henderson, NC 4,392 7.390 May-09 417 3,854
Westland, MI 2,844 10.500 Sep-09 683 --
Salt Lake City, UT 12,939 7.610 Oct-09 2,901 --
Richmond, VA 16,442 8.100 Feb-10 1,511 15,257
Hampton, VA 4,463 8.260 Apr-10 415 4,144
Hampton, VA 7,277 8.270 Apr-10 677 6,758
Tampa, FL 8,320 6.930 Aug-10 674 7,603
Tampa, FL 6,018 6.880 Aug-10 485 5,495
Herndon, VA 18,765 8.180 Dec-10 1,723 17,301
San Diego, CA 4,229 7.500 Jan-11 411 3,420
Tucson, AZ 2,434 7.500 Jan-11 226 2,076
Columbia, SC 3,405 7.540 Jan-11 317 2,905
Valley Forge, PA 13,021 7.120 Feb-11 1,166 10,927
Glendale, AZ 14,738 7.400 Apr-11 1,258 13,365
Auburn Hills, MI 7,165 7.010 Jun-11 637 5,918
Plymouth, MI 4,760 7.960 Jul-11 463 3,949
Newport, OR 6,989 5.030 Aug-11 470 5,980
Greenville, SC 13,830 4.415 Jan-12 841 11,806
New Kingston, PA 7,238 7.790 Jan-12 678 6,101
Mechanicsburg, PA 5,344 7.780 Jan-12 500 4,503
New Kingston, PA 3,449 7.780 Jan-12 323 2,906
Lake Forest, CA 10,805 7.260 Feb-12 901 9,708
Groveport, OH (c) 7,800 6.030 Oct-12 535 6,860
Dallas, TX 21,242 7.490 Dec-12 2,020 16,030
Fort Mill, SC 11,499 6.000 Jan-13 839 9,904
Waterloo, IA 6,775 5.610 Feb-13 672 3,505
Centennial, CO 15,891 6.150 Feb-13 1,177 13,555
Lancaster, CA (first) 10,575 7.020 Sep-13 900 8,637
Lancaster, CA (second) 8,876 5.920 Sep-13 642 7,518
Knoxville, TN 5,280 5.950 Sep-13 381 4,496
Moody, AL 7,675 4.978 Jan-14 493 6,350
Mechanicsburg, PA 13,870 5.730 Mar-14 1,045 10,501
Redmond, OR 10,100 5.616 Apr-14 697 8,484
Eau Claire, WI 2,186 8.000 Jul-14 313 --
Franklin, NC 1,929 8.500 Apr-15 263 --
Mission, TX 6,570 5.780 Jun-15 462 5,371
Houston, TX(g) 27,621 6.250 Sep-15 2,052 6,985
Houston, TX(g) 7,825 6.250 Sep-15 662 2,222
Sugar Land, TX(g) 18,139 6.250 Sep-15 1,618 6,286
16
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
3/31/04
($000's)
- ------------------------------------------------------------------------------------------------------------------
Current
Estimated
Debt Interest Annual Balloon
Property Balance Rate Maturity Debt Service Payment
- -------- ------- ---- -------- ------------ -------
Houston, TX(g) 68,496 6.250 Sep-15 6,534 18,318
Southborough, MA 2,103 7.500 Sep-15 275 --
Danville, IL 6,607 9.000 Jan-16 692 4,578
Temple, TX 9,182 6.090 Jan-16 668 7,446
Bremerton, WA 6,787 6.090 Apr-16 494 5,465
Dillon, SC 12,034 7.900 Dec-16 1,263 5,273
Westmont, IL 16,097 6.210 Mar-18 1,292 9,662
Wall Township, NJ(h) 29,969 6.250 Jan-21 2,013 --
------------ ------ -------- ---------
$ 646,526 6.751% $ 62,352 $ 409,556
============ ====== ======== =========
Property-Variable Rate
- ----------------------
Milpitas, CA (a)(b) $ 15,151 4.068% July-05 $ 2,703 $ 12,491
------------ ------ -------- ---------
Corporate
- ---------
Credit Facility (d) $ -- --% Aug-06 $ -- $ --
------------ ------ -------- ---------
Total $ 661,677 6.689% $ 65,055 $ 422,047
============ ====== ======== =========
- --------------------
(a) Floating rate debt, 30 day LIBOR plus 297 bps until 7/1/04 when spread
increases to 350 bps; option to extend maturity to 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) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps.
(e) Mortgage is accrual only through 01/31/04. Commencing 02/01/04 annual debt
service of $218 is due.
(f) Interest only through maturity.
(g) Aggregate face amount of debt is $109,721 with a fixed interest rate of
8.04%.
(h) Face amount of debt is $27,500 with a fixed interest rate of 7.32%.
17
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages Payable
3/31/04
($000's)
- -------------------------------- ---------------- -------------- -------------- -------------- ----------------------
Current
Estimated
Debt Interest Annual Balloon
Joint Venture Property Balance Rate Maturity Debt Service Payment
- -------------------------------- ---------------- -------------- -------------- -------------- ----------------------
Florence, SC(3) $ 9,356 7.500% Feb-09 $ 869 $ 8,443
Columbia, SC(1) 24,327 7.850 Oct-09 2,196 22,586
Houston, TX(2) 21,144 7.580 Oct-09 2,032 18,229
Fishers, IN(2) 15,007 8.190 Apr-10 1,499 12,960
Herndon, VA(2) 11,538 7.600 Sep-10 1,107 9,769
Lake Mary, FL(2) 13,181 7.880 Oct-10 1,181 12,118
Lake Mary, FL(2) 13,142 7.880 Oct-10 1,178 12,082
Irving, TX(2) 26,475 8.160 Oct-10 2,432 24,454
Parsippany, NJ(2) 40,863 7.350 Mar-11 3,472 37,047
Novato, CA(4) 22,737 5.750 Jul-11 1,600 20,307
Winchester, VA(2) 10,737 7.330 Aug-11 908 9,675
Milford, OH(2) 16,986 8.170 Feb-12 1,724 12,686
Temperance, MI(2) 11,787 6.000 Sep-12 936 9,400
Laurens, SC(2) 17,582 6.000 Sep-12 1,396 14,022
Farmington Hills, MI(2) 21,255 5.420 Sep-12 1,500 17,724
Plymouth, MI(4) 12,718 6.220 Dec-12 1,026 10,026
Colorado Springs, CO(2) 11,836 6.250 Dec-12 887 10,272
Malvern, PA(4) 13,358 5.530 Jan-14 916 11,236
Arlington, TX(5) 21,974 5.810 Feb-14 1,551 18,605
New Lenox, IL(4) 17,400 5.510 Feb-14 972 17,400
Durham, NH(2) 19,182 6.730 Mar-21 1,312 --
---------- ----- --------- ----------
$ 372,585 6.911% $ 30,694 $ 309,041
---------- ----- --------- ----------
- ------------------------
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
5 The Company has a 25% economic interest in this property
18
Lexington Corporate Properties Trust
Supplemental Reporting Package
Debt Maturity Schedule
3/31/04
($000's)
Consolidated properties
- -----------------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments Average Interest Rate
------------ -------- ---------------------
2004 - remaining $ 14,771 $ - -
2005 21,007 12,491(1) 4.07%
2006 21,095 - -
2007 25,811 - -
2008 19,425 70,492(2) 6.62%
---------- --------- -------------
$ 102,109 $ 82,983 6.24%
========== ========= =============
Joint venture properties - LXP proportionate share
- -----------------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments Average Interest Rate
------------ -------- ---------------------
2004 - remaining $ 1,136 - -
2005 1,647 - -
2006 1,776 - -
2007 1,919 - -
2008 2,051 - -
----------- --------- -------------
$ 8,529 - -
========== ========= =============
- --------------------
(1) Milpitas, CA property.
(2) 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).
19
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue By Tenant Industry
3/31/04
- --------------------------------------- --------------------------
Percentage of Historical
Tenant Industry 3 Month Base Rent (1)
- --------------------------------------- --------------------------
Finance/Insurance 12.5%
Telecommunications 9.8
Energy 8.8
Retail-Department/ Discount Store 8.3
Transportation/Logistics 7.9
Technology 6.2
Healthcare 6.0
Construction Materials 5.7
Retail-Specialty 5.5
Aerospace/Defense 4.8
Automotive 4.3
Food 3.9
Retail-Electronics 2.9
Printing/Production 2.8
Consumer Products 2.6
Media/Advertising 2.5
Health/Fitness 1.9
Apparel 1.5
Security 1.4
Paper/Containers/Packaging 0.7
-----
100.0%
=====
(1) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through date of sale.
20
Lexington Corporate Properties Trust
Supplemental Reporting Package
Other Revenue Data
3/31/04
Historical 3-Month Base
Revenue by Property Type Rent ($000's)(A) Percentage
- ------------------------------------------- -------------------------- --------------------------
Office $ 23,022 60.1%
Industrial 11,947 31.2
Retail 3,364 8.7
---------- ------
$ 38,333 100.0%
========== ======
Revenue by Credit Rating(C)
Investment Grade $ 16,973 44.3%
Non Investment Grade 7,723 20.1
Unrated 13,637 35.6
---------- ------
$ 38,333 100.0%
========== ======
Percentage of
Base Rent for 3
Number of Months
Top 15 Tenants/Guarantors Properties(B) Property Type Ended 3/31/04(A)
- ------------------------------------------------- ------------ -------------------- ----------------
Kmart Corporation 1 Industrial 5.8%
Northwest Pipeline Corp. 1 Office 5.7
Employers Reinsurance Corp. 2 Office 3.7
Exel Logistics, Inc.(NFC plc) 4 Industrial 3.2
Honeywell, Inc. 4 Office 3.1
Nextel Finance Company 4 Office 3.1
Michaels Stores, Inc. 2 Industrial 2.5
Owens Corning 4 Industrial 2.5
VarTec Telecom, Inc. 1 Office 2.3
James Hardie Building Products, Inc. 1 Industrial 2.2
(James Hardie Industries NV)
Circuit City Stores, Inc. 3 Office(1)/Retail(2) 2.1
Bally Total Fitness Corp. 4 Retail 1.9
Wells Fargo Home Mortgage, Inc. 1 Office 1.9
Aventis Pharmaceuticals, Inc. 1 Office 1.8
Blue Cross Blue Shield of South Carolina Inc. 1 Office 1.8
-- -----
34 43.6%
== =====
(A) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through the date of sale.
(B) As of March 31, 2004. (C) As of April 27, 2004.
(C) As of April 27, 2004.
21