Exhibit 99.2
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the nine months ended September 30, 2004
Table of Contents
Income Statements....................................................... 1
Balance Sheets.......................................................... 2
Third Quarter Transaction Summary....................................... 3
Second Quarter Transaction Summary...................................... 4
First Quarter Transaction Summary....................................... 5
Property Holdings....................................................... 6
Properties by Location.................................................. 16
Lease Rollover Schedules................................................ 17
Mortgages and Notes Payable............................................. 19
Revenue by Tenant Industry.............................................. 23
Other Revenue Data...................................................... 24
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,
2004 2003 2004 2003
---- ---- ---- ----
Gross revenues:
Rental $ 35,662 $ 27,409 $ 101,605 $ 78,926
Advisory fees 1,448 184 3,174 690
Tenant reimbursements 1,396 1,106 4,270 3,439
--------- --------- --------- ---------
Total gross revenues 38,506 28,699 109,049 83,055
Expense applicable to revenues:
Depreciation and amortization (11,198) (7,093) (28,264) (20,203)
Property operating (2,999) (2,193) (8,076) (6,037)
General and administrative (3,969) (2,617) (9,990) (7,291)
Non-operating income 1,815 789 2,586 1,303
Interest and amortization expense (12,578) (8,314) (34,254) (27,425)
Debt satisfaction charges -- -- -- (7,685)
--------- --------- --------- ---------
Income before provision for income taxes, minority interests and
equity in earnings of joint ventures 9,577 9,271 31,051 15,717
Provision for income taxes (243) -- (1,497) --
Minority interests (766) (1,512) (2,985) (2,390)
Equity in earnings of joint ventures 1,862 1,414 5,383 4,156
--------- --------- --------- ---------
Income from continuing operations 10,430 9,173 31,952 17,483
--------- --------- --------- ---------
Discontinued operations, net of minority interest:
Income from discontinued operations 1,295 789 4,516 2,582
Impairment charge (562) -- (2,775) --
Gains on sales of properties -- -- 4,065 1,143
--------- --------- --------- ---------
Total discontinued operations 733 789 5,806 3,725
--------- --------- --------- ---------
Net income 11,163 9,962 37,758 21,208
Dividends attributable to preferred shares - Series B (1,590) (1,590) (4,770) (1,802)
--------- --------- --------- ---------
Net income allocable to common shareholders $ 9,573 $ 8,372 $ 32,988 $ 19,406
Depreciation and amortization 11,014 7,109 27,874 20,330
Minority interests-OP Units 771 1,603 2,880 2,704
Amortization of leasing commissions 184 206 549 606
Joint venture adjustment-depreciation 2,029 978 4,902 2,867
Gains on sales of properties -- -- (4,065) (1,143)
--------- --------- --------- ---------
Funds from operations(2) $ 23,571 $ 18,268 $ 65,128 $ 44,770
========= ========= ========= =========
Rent below GAAP revenue(1) $ 1,111 $ 868 $ 2,860 $ 3,018
========= ========= ========= =========
Per share/unit
Basic net income $ 0.20 $ 0.24 $ 0.72 $ 0.60
Diluted net income $ 0.19 $ 0.24 $ 0.71 $ 0.58
Funds from operations(2)-basic $ 0.44 $ 0.46 $ 1.27 $ 1.18
Funds from operations(2)-diluted $ 0.44 $ 0.45 $ 1.26 $ 1.18
1
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
9/30/04 12/31/03
------- --------
Real estate, at cost $ 1,335,650 $ 1,162,395
Accumulated depreciation (180,660) (160,623)
Investment in joint ventures 123,574 69,225
Properties held for sale - discontinued operations 39,327 36,478
Intangible assets, net 27,464 14,736
Cash and cash equivalents 106,123 15,923
Deferred expenses, net 9,232 10,013
Accounts receivable 136 -
Rent receivable - deferred 25,313 24,069
Other assets 44,057 35,195
------------- --------------
$ 1,530,216 $ 1,207,411
============= ==============
Mortgages and notes payable $ 725,845 $ 551,385
Other liabilities 16,282 10,667
Prepaid rent 5,508 2,482
Minority interests 58,538 59,220
Shareholders' equity 724,043 583,657
------------- --------------
$ 1,530,216 $ 1,207,411
============= ==============
Common shares 48,464,996 40,682,001
Preferred shares-Series B 3,160,000 3,160,000
Operating partnership units 5,328,858 5,430,454
------------- --------------
56,953,854 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
Third Quarter Transaction Summary
Investments ($000's)
Average Scheduled
Property Capitalized Annual GAAP Lease
Tenant/Guarantor Location Type Costs Rent, net Yield Term
- ---------------- -------- ---- ----- --------- ----- ----
T-Mobile USA, Inc. (1) Meridian, ID Office $ 13,970 $ 1,320 9.4% 06/19
Cadence Design Systems, Inc. Chelmsford, MA Office 12,193 1,065 8.7% 09/13
Steelcase, Inc. High Point, NC Industrial 13,232 1,087 8.2% 09/17
Wells Fargo Bank, N.A. Fort Mill, SC Office 29,171 2,501 8.6% 05/14
Harcourt Brace San Antonio, TX Industrial 41,882 3,429 8.2% 03/16
Veritas DGC, Inc. (2) Houston, TX Office 39,904 3,249 8.1% 09/15
Circuit City Stores, Inc. (2) Weston, FL Industrial 12,605 1,047 8.3% 02/17
Hagemeyer Foods (N.A.), Inc. (2) Weston, FL Industrial 18,210 1,609 8.8% 12/12
L'Oreal USA, Inc. (1) Streetsboro, OH Industrial 29,224 2,518 8.6% 10/19
Specialty Laboratories, Inc. (2) Santa Clarita, CA Office 47,118 3,563 7.6% 08/24
------- ------ ---
$ 257,509 $ 21,388 8.3%
=========== ========== ===
Dispositions ($000's)
Tenant/Guarantor Location Property Net Sale Net
- ---------------- -------- Type Price Book Value
---- ----- ----------
Lockheed Martin Corp. Marlborough, MA Office $ 11,307 $ 13,556
IKON Office Solutions, Inc. Milford, CT Office 2,348 2,698
----- -----
$ 13,655 $ 16,254
=========== ==========
Lease Extensions (3) ($000's)
Property Previous Extended Extension Rent
Tenant/Guarantor Location Type Term Term Per Annum
- ---------------- -------- ---- ---- ---- ---------
Federated Department Stores, Inc. Laguna Hills, CA Retail 01/06 04/14 $ 350
Heidelberg Web Systems, Inc. (4) Durham, NH Industrial 12/21 12/26 NOTE 5
Harbor Freight Tools USA, Inc. Dillon, SC Industrial 12/16 12/21 1,919
New Financings ($000's)
Tenant/Guarantor Location Amount Rate Term
- ---------------- -------- ------ ---- ----
Specialty Laboratories, Inc. (2) Santa Clarita, CA $ 28,200 4.75% 10/09
Wells Fargo Bank, N.A. Fort Mill, SC 20,300 5.37% 05/14
L'Oreal USA, Inc. (1) Streetsboro, OH 20,200 5.29% 09/19
T-Mobile USA, Inc. (1) Meridian, ID 10,460 6.01% 08/19
------ ----
$ 79,160 5.21%
========= ====
Assumed Financings ($000's)
Tenant/Guarantor Location Amount Rate Term
- ---------------- -------- ------ ---- ----
Harcourt Brace San Antonio, TX $ 30,211 6.08% 10/12
Steelcase, Inc. High Point, NC 8,883 5.75% 10/09
----------- ----
$ 39,094 6.01%
=========== ====
1. Lexington has a 25% interest in this property.
2. Lexington has a 30% interest in this property.
3. All extensions were option renewal exercises.
4. Lexington has a 33 1/3% interest in this property.
5. Rent will be the greater of fair market value or the previous year's
rent which will be determined on 9/30/11 based on interest rates at
that time.
3
LEXINGTON CORPORATE PROPERTIES TRUST
Second Quarter Transaction Summary
Investments ($000's)
Average Scheduled
Property Capitalized Annual GAAP Lease
Tenant/Guarantor Location Type Costs Rent Yield Term
- ---------------- -------- ---- ----- ---- ----- ----
ING USA Annuity and Life West Chester, PA Office $ 19,400 $ 2,038 10.5% 05/10
Insurance Company(1)
Federal-Mogul Corporation Southfield, MI Office 12,796 1,057 8.3% 01/15
Principal Life Insurance Company Clive, IA Office 9,292 774 8.3% 01/12
Dana Corporation (1) Antioch, TN Office 25,400 2,585 10.2% 10/21
Equant N.V. (1) Herndon, VA Office 20,773 2,011 9.7% 04/15
Kirkland's, Inc. Jackson, TN Industrial 15,714 1,398 8.9% 05/19
Carlson Restaurants Carrollton, TX Office 19,800 1,975 9.0% 12/18
Worldwide, Inc. (2) ----------- ---------- ---
$ 123,175 $ 11,838 9.4%
=========== ========== ===
Dispositions ($000's)
Tenant/Guarantor Location Property Net Sale Net
- ---------------- -------- Type Price Book Value
---- ----- ----------
The Home Depot USA, Inc. Bethesda, MD Retail $ 7,183 $ 2,315
Comp USA, Inc. Reno, NV Retail 3,873 2,377
----------- ---------
$ 11,056 $ 4,692
=========== =========
Lease Extensions ($000's)
Tenant/Guarantor Location Property Previous Extended Extension Rent
- ---------------- -------- Type Term Term Per Annum
---- ---- ---- ---------
Bally Total Fitness Corporation Countryside, IL Retail 6/07 6/17 $ 513
Kelsey-Hayes Company Livonia, MI Office 4/07 4/14 838
Kelsey-Hayes Company Livonia, MI Industrial 4/07 4/14 1,124
Delray Farms, LLC Gainesville, GA Retail 2/09 1/14 209
Tenneco Automotive, Inc. Marshall, MI Industrial 8/05 8/10 605
New Financings ($000's)
Tenant/Guarantor Location Amount Rate Term
- ---------------- -------- ------ ---- ----
Equant N.V. (1) Herndon, VA $ 12,450 5.92% 4/15
Kirkland's, Inc. Jackson, TN 10,400 5.93% 7/14
Employers Reinsurance Corporation Overland Park, KS 37,620 5.83% 5/19
Employers Reinsurance Corporation Kansas City, MO 17,950 5.83% 5/19
Bell South Corporation(1) Baton Rouge, LA 6,955 4.90% 10/12
Linens-n-Things, Inc. (1) Logan Township, NJ 7,690 4.76% 4/14
---------- ----
$ 93,065 5.70%
========== ====
Assumed Financings ($000's)
Tenant/Guarantor Location Amount Rate Term
- ---------------- -------- ------ ---- ----
ING USA Annuity and Life Insurance West Chester, PA $ 11,379 6.75% 7/19
Company(1)
Federal-Mogul Corporation Southfield, MI 11,629 4.55% 2/15
Dana Corporation(1) Antioch, TN 14,900 7.94% 10/11
---------- ----
$ 37,908 6.54%
========== ====
1. Lexington has a 30% interest in this property.
2. Lexington currently has a $19.8 million convertible mortgage on this
property with an option to acquire the property by making an
additional payment of $2.2 million.
4
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, Inc. Moody, AL Industrial 11,559 1,054 9.1% 1/14
(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 properties) Houston, TX Office (3) 131,231 13,230 10.1% 9/15
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
Siemens Dematic Postal Automation,
LP.(2) Arlington, TX 22,000 5.81% 2/14
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
------------ ----
$ 91,415 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%.
5
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
9/30/04
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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. $ 6,580 $ 6,580 295,000 1982
Salt Lake City, UT
10001 Richmond Avenue Baker Hughes, Inc. 2,590 3,808 554,385 1976/1984
Houston, TX
1600 Viceroy Drive VarTec Telecom, Inc. 2,584 2,614 249,452 1986
Dallas, TX
3476 Stateview Boulevard Wells Fargo Home 2,073 2,242 169,083 2002
Fort Mill, SC Mortgage (4) (5)
9950 Mayland Drive Circuit City Stores, Inc. 2,145 2,094 288,562 1990
Richmond, VA
1415 Wyckoff Road New Jersey Natural Gas Co. (10) 1,939 1,939 157,511 1983
Wall Township, NJ
2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 1,764 1,916 109,281 1985/2001
Valley Forge, PA
1301 California Circle Artesyn North America, Inc. 2,171 1,911 100,026 1985
Milpitas, CA (Balfour Beatty plc)
700 Oakmont Lane North American Van Lines, Inc. 1,719 1,887 269,715 1989
Westmont, IL (SIRVA, Inc.)(3)
2211 South 47th Street Avnet, Inc. 1,914 1,852 176,402 1997
Phoenix, AZ
13651 McLearen Road Boeing North American 1,966 1,836 159,664 1987
Herndon, VA Services, Inc.
(The Boeing Company)
5600 Broken Sound Blvd Oce Printing Systems USA, Inc. 1,509 1,684 143,290 1983/2002
Boca Raton, FL
4200 RCA Boulevard The Wackenhut Corp.(6) 1,621 1,625 114,518 1996
Palm Beach Gardens, FL
701 Brookfield Parkway Verizon Wireless (7) 1,449 1,550 192,884 2000/2001
Greenville, SC
19019 No. 59th Avenue Honeywell, Inc. 1,502 1,485 252,300 1985
Glendale, AZ
26210 and 26220 Enterprise Court Apria Healthcare Group, Inc. 1,237 1,344 100,012 2001
Lake Forest, CA
200 Executive Blvd. S Hartford Fire Insurance Co. 1,624 1,277 153,364 1983
Southington, CT
1600 Eberhardt Road Nextel of Texas 1,038 1,169 108,800 2001
Temple, TX
9275 S.W. Peyton Lane Hollywood Entertainment 1,101 1,149 122,853 1980/1998
Wilsonville, OR Corp.
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Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
9/30/04
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
160 Clairemont Avenue Allied Holdings, Inc. 1,191 1,147 112,248 1983
Decatur, GA
10419 North 30th Street Time Customer Service, Inc. 1,053 1,057 132,981 1986
Tampa, FL (Time, Inc.)
250 Rittenhouse Circle Jones Apparel Group 949 1,039 255,019 1982
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.) (1)
12645 W. Airport Road Baker Hughes, Inc. 692 1,003 165,836 1997
Sugar Land, TX
2999 SW 6th St. Voice Stream PCS I LLC 848 985 77,484 2004
Redmond, OR (T-Mobile USA, Inc.)
400 Butler Farm Road Nextel Communications of 948 977 100,632 1999
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
6455 State Hwy 303 NE Nextel West Corporation 726 835 60,200 2001
Bremerton, WA
13430 N. Black Canyon Freeway Bull HN Information 823 814 137,058 1985/1994
Systems, Inc.
Phoenix, AZ
2210 Enterprise Drive Washington Mutual 789 767 177,747 1998
Florence, SC Home Loan, Inc.
180 Rittenhouse Circle Jones Apparel Group 672 728 96,000 1998
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.)
3711 San Gabriel Voice Stream PCS II LLC 641 697 75,016 2004
Mission, TX (T-Mobile USA, Inc.)
16275 Technology Drive Cymer, Inc. 643 666 65,755 1989
San Diego, CA (Hewlett-Packard)
2401 Cherahala Boulevard Advance PCS, Inc. 589 616 59,748 2002
Knoxville, TN
12000 Tech Center Drive Kelsey-Hayes Company 552 569 80,230 1988
Livonia, MI
421 Butler Farm Road Nextel Communications of 532 541 56,515 2000
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
100 Barnes Road Minnesota Mining and 403 454 44,400 1978/1985
Wallingford, CT Manufacturing Company
2529 West Thorns Drive Baker Hughes, Inc. 422 437 65,500 1981/1999
Houston, TX
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Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
9/30/04
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
26555 Northwestern Highway Federal-Mogul Corporation 290 366 187,163 1963/1965
Southfield, MI
1440 East 15th Street Cox Communications, Inc. 321 342 28,591 1988
Tucson, AZ
3480 Stateview Blvd. Wells Fargo Bank N.A. (13) 302 334 169,218 2004
Fort Mill, SC
250 Turnpike Road Honeywell Consumer 324 324 57,698 1984
Southborough, MA Products
2300 Litton Lane VACANT (9) 1,199 322 81,744 1987
Hebron, KY
270 Billerica Road Cadence Design Systems(14) 196 206 100,000 1985
Chelmsford, MA
1275 NW 128th Street Principal Life Insurance 196 196 61,180 2004
Clive, IA Company(12)
3615 North 27th Avenue VACANT -- -- 179,280 1960/1979
Phoenix, AZ
------------------------------------------------------------------------------------
Subtotal $ 53,827 $ 55,384 6,344,345
------------------------------------------------------------------------------------
Industrial
- ----------
541 Perkins Jones Road Kmart Corp. $ 7,020 $ 6,699 1,700,000 1982
Warren, OH
2425 Highway 77 North James Hardie Building 2,550 2,550 425,816 1996/1997
Waxahachie, TX Products, Inc.
(James Hardie Industries NV)
3501 West Avenue H Michaels Stores, Inc. 2,428 2,478 762,775 1998/2002
Lancaster, CA
8305 SE 58th Avenue Associated Grocers of 1,550 1,679 668,034 1976
Ocala, FL Florida, Inc.
6345 Brackbill Boulevard Exel Logistics, Inc. 1,528 1,589 507,000 1985/1991
Mechanicsburg, PA (NFC plc)
9110 Grogans Mill Road Baker Hughes, Inc. 1,681 1,583 275,750 1992
Houston, TX
159 Farley Drive Harbor Freight Tools 1,231 1,395 474,473 2001
Dillon, SC (Central Purchasing, Inc.)
590 Ecology Lane Owens Corning 1,214 1,214 193,891 2001
Chester, SC
4425 Purks Road Lear Technologies LLC 1,054 1,024 183,717 1989/1998
Auburn Hills, MI (Lear Corporation)
(General Motors Corp.)
6 Doughten Road Exel Logistics, Inc. 1,115 1,012 330,000 1989
New Kingston, PA (NFC plc)
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Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
9/30/04
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
6500 Adelaide Court Anda Pharmaceuticals, Inc. 845 905 354,676 2002
Groveport, OH (Andrx Corporation)
7500 Chavenelle Road The McGraw-Hill Companies, Inc. 773 873 330,988 2002
Dubuque, IA
12025 Tech Center Drive Kelsey-Hayes Company 762 794 100,000 1987/1988
Livonia, MI
3102 Queen Palm Drive Time Customer Service, Inc. 733 757 229,605 1986
Tampa, FL (Time, Inc.)
2280 Northeast Drive Ryder Integrated 748 753 276,480 1996/1997
Waterloo, IA Logistics, Inc.
(Ryder Systems, Inc.)
245 Salem Church Road Exel Logistics, Inc. 827 750 252,000 1985
Mechanicsburg, PA (NFC plc)
200 Arrowhead Drive Owens Corning 717 739 400,522 1999
Hebron, OH
3600 Southgate Drive Sygma Network, Inc. 700 700 149,500 2000
Danville, IL
46600 Port Street Johnson Controls, Inc. 662 662 134,160 1996
Plymouth, MI
Moody Commuter & Tech Park TNT Logistics North 624 624 595,346 2004
America, Inc.
Moody, AL (TPG N.V.)
19500 Bulverde Road Harcourt Brace 548 618 559,258 2001
San Antonio, TX
1133 Poplar Creek Road Corporate Express Office 566 607 196,946 1998
Henderson, NC Products, Inc.
(Buhrmann, N.V.)
431 Smith Lane Kirkland's, Inc. (11) 535 535 771,127 2004
Jackson, TN
450 Stern Street Johnson Controls, Inc. 501 501 111,160 1996
Oberlin, OH
222 Tappan Drive North The Gerstenslager Company 505 500 296,720 1970
Mansfield, OH (Worthington Industries)
34 East Main Street Exel Logistics, Inc. 540 490 179,200 1981
New Kingston, PA
191 Arrowhead Drive Owens Corning 433 470 250,410 2000
Hebron, OH
904 Industrial Road Tenneco Automotive 442 444 195,640 1968/1972
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
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Supplemental Reporting Package
Property Holdings
9/30/04
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
109 Stevens Street Unisource Worldwide, Inc. 417 441 168,800 1958/1969
Jacksonville, FL
128 Crews Drive Stone Container Corporation 406 428 185,961 1968/1998
Columbia, SC
1700 47th Avenue North Owens Corning 403 403 18,620 2003
Minneapolis, MN
7150 Exchequer Drive Corporate Express Office 260 276 65,043 1998
Baton Rouge, LA Products, Inc.
(Buhrmann, N.V.)
324 Industrial Park Road SKF USA, Inc. 272 272 72,868 1996
Franklin, NC
187 Spicer Drive Dana Corporation 259 256 148,000 1983/1985
Gordonsville, TN
250 Swathmore Avenue Steelcase, Inc. (15) 218 234 244,851 2002
High Point, NC
300 McCormick Road Ameritech Services, Inc. 191 191 20,000 1990
Columbus, OH
1601 Pratt Avenue Tenneco Automotive 125 123 53,600 1979
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
3350 Miac Cove Road Mimeo.com, Inc. (8) 131 113 141,359 1987
Memphis, TN
---------------------------------------------------------------------------------
Subtotal $ 35,514 $ 35,682 12,024,296
---------------------------------------------------------------------------------
Retail
- ------
2655 Shasta Way Fred Meyer, Inc. $ 757 $ 757 178,204 1986
Klamath Falls, OR
Fort Street Mall, King Street Liberty House, Inc. 722 729 85,610 1980
Honolulu, HI
150 N.E. 20th Street Fred Meyer, Inc. 620 620 118,179 1986
Newport, OR
6475 Dobbin Road Offenbacher Aquatics, Inc 120 140 17,100 1983
Columbia, MD Haverty Furniture Companies, -- 474 46,724
Inc.
35400 Cowan Road Sam's Real Estate 565 565 102,826 1987/1997
Westland, MI Business Trust
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Supplemental Reporting Package
Property Holdings
9/30/04
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
12235 N. Cave Creek Bally's Health & Tennis 631 553 36,556 1988
Phoenix, AZ Corporation
4733 Hills & Dales Road Scandinavian Health Spa, Inc. 535 514 37,214 1987
Canton, OH (Bally Total Fitness Corp.)
1160 White Horse Road Physical Fitness Centers of 615 504 31,750 1987
Voorhees, NJ Philadelphia, Inc.
(Bally Total Fitness Corp.)
5917 S. La Grange Road Bally Total Fitness Corp. 495 458 25,250 1987
Countryside, IL
24100 Laguna Hills Mall Federated Department 507 451 160,000 1974
Laguna Hills, CA Stores, Inc.
4831 Whipple Avenue, N.W. Best Buy Co., Inc. 349 349 46,350 1995
Canton, OH
3711 Gateway Drive Kohl's Dept. Stores, Inc. 343 347 76,164 1994
Eau Claire, WI
12535 S.E. 82nd Avenue Toys "R" Us, Inc. 323 318 42,842 1981
Clackamas, OR
399 Peach Wood Centre Drive Best Buy Co., Inc. 296 296 45,800 1996
Spartanburg, SC
18601 Alder Wood Mall Toys "R" Us, Inc. 298 293 43,105 1981
Boulevard
Lynwood, WA
7272 55th Street Circuit City Stores, Inc. 316 282 45,308 1988
Sacramento, CA
6910 S. Memorial Highway Toys "R" Us, Inc. 273 268 43,123 1981
Tulsa, OK
9580 Livingston Road GFS Realty, Inc. 188 202 107,337 1976
Oxon Hill, MD (Giant Food, Inc.)
2275 Browns Bridge Road Wal-Mart Stores, Inc. 163 163 89,199 1984
Gainesville, GA
121 South Center Street Greyhound Lines, Inc. 153 153 17,000 1968
Stockton, CA
2401 Wooton Parkway GFS Realty, Inc. 168 114 51,682 1977
Rockville, MD (Giant Food, Inc.)
A1 21 South Wal-Mart Real Estate 110 110 56,132 1983
Jacksonville, AL Business Trust
2832 Chandler Mountain Road Circuit City Stores,Inc. 76 76 9,300 1986
Lynchburg, VA
------------------------------------------------------------------------------------------
Subtotal $ 8,623 $ 8,736 1,512,755
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Grand Total $ 97,964 $ 99,802 19,881,396
------------------------------------------------------------------------------------------
11
(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) This is a modified gross lease. Annual net operating expense for which the
Company is responsible approximates $494.
(7) Expense stop on this property is $112 per annum.
(8) Tenant occupies 35,000 square feet and is responsible for all operating
expenses.
(9) Tenant exercised termination option effective on 4/30/04.
(10) Tenant can cancel lease for uneconomic obsolescence on or after 12/22/05
and pay an amount as stipulated in lease.
(11) Tenant can cancel lease on 5/30/14 for a payment equal to the remaining 5
years rent discounted at 150 bps over the then 5 year U.S. Treasury rate.
(12) Tenant can cancel lease on 2/1/09 with twelve months notice and a payment
equal to one year rent and operating costs.
(13) Expense stop in this property is $948.
(14) Tenant can cancel lease on 9/30/10 with twelve months notice and a payment
of $965.
(15) Tenant may terminate the lease during the last year if damage occurs and is
greater than $500 or 50% of cost to replace building.
12
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
Office
- ------
389-399 Interpace Highway Aventis Pharmaceuticals, Inc $ 5,883 $ 6,365 340,240 2000
Morris Corporate Center IV (Pharma Holdings GmbH)(A)
Parsippany, NJ
17 Technology Circle Blue Cross Blue Shield 4,811 5,198 456,304 1999/2001
Columbia, SC of South Carolina Inc.(B)
100 Wood Hollow Drive Greenpoint Mortgage 3,201 3,647 124,600 2001
Novato, CA Funding, Inc. (E)(F)
6555 Sierra Drive True North Communications 3,007 3,187 247,254 1999
Irving, TX Inc.(A)
5200 Metcalf Avenue Employers Reinsurance 2,881 2,881 320,198 1980/1990/
Overland Park, KS Corporation(H) 2003
15375 Memorial Drive Vastar Resources, Inc.(A) 2,578 2,578 327,325 1985
Houston, TX
10300 Kincaid Drive Bank One Indiana, N.A.(A)(D) 2,388 2,465 193,000 1999
Fishers, IN
600 International Parkway First USA Management 2,150 2,191 125,155 1997
Lake Mary, FL Services, Inc.(A)(C)
550 International Parkway First USA Management 2,073 2,115 125,920 1999
Lake Mary, FL Services, Inc.(A)(C)
2000 Eastman Drive Structural Dynamic 2,030 2,092 212,836 1991
Milford, OH Research Corp.(A)
3701 Corporate Drive Motorola, Inc.(A) (J) 2,035 2,035 119,829 2001
Farmington Hills, MI
1401 & 1501 Nolan Ryan Parkway Siemens Dematic Postal 1,700 1,806 233,783 2003
Arlington, TX Automation, L.P. (H)
70 Valley Stream Parkway IKON Office Solutions, Inc(E)(I) 1,443 1,497 106,855 1987
Malvern, PA
14040 Park Center Road NEC America, Inc.(A) 1,437 1,490 108,000 1987
Herndon, VA
9201 East Dry Creek Road The Shaw Group, Inc. (E) (K) 997 1,383 128,500 2001/2002
Centennial, CO
9201 Stateline Employers Reinsurance 1,375 1,375 166,641 1963/1985/
Kansas City, MO Corporation(H) 2003
1110 Bayfield Drive Honeywell International, Inc.(A) 1,151 1,228 166,575 1980/2002
Colorado Springs, CO
27027 Tourney Road Specialty Laboratories, Inc.(E) 1,081 1,081 187,262 2004
Santa Clarita, CA
13775 McLearen Road Equant N.V. (E) (M) 782 894 125,293 1984/1988/
Herndon, VA 1992
13
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
9/30/04
- ------------------------------------------------------------------------------------------------------------------------------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------------------
4455 American Way Bell South Mobility, Inc. (E) 741 815 70,100 1997
Baton Rouge, LA
6050 Dana Way Dana Corporation (E) (L) 618 530 677,400 1999
Antioch, TN
1475 Dunwoody Drive ING USA Annuity and Life 487 521 125,000 1998/1999
West Chester, PA Insurance Company (E)
10300 Town Park Drive Veritas DGC, Inc. (E) 291 341 218,641 2000
Houston, TX
East Goldstone Drive T-Mobile USA, Inc. (H) 200 231 77,483 2004
Meridian, ID
--------------------------------------------------
Subtotal Office $ 45,340 $ 47,946 4,984,194
--------------------------------------------------
Industrial
- ----------
101 Michelin Drive TNT Logistics North $ 2,327 $ 2,420 1,164,000 1991/1993
Laurens, SC America, Inc.
(TPG N.V.) (A)
7111 Crabb Road TNT Logistics North 1,558 1,621 752,000 1978/1993
Temperance, MI America, Inc.
(TPG N.V.) (A)
121 Technology Drive Heidelberg Web Systems, 1,582 1,501 500,500 1986/2003
Durham, NH Inc. (A) (G)
43955 Plymouth Oaks Tower Automotive Products 1,415 1,415 290,133 1996/1998
Boulevard Company
Plymouth, MI (Tower Automotive, Inc.) (E)
2400 West Haven Avenue Michaels Stores Procurement 1,353 1,353 693,000 2004
New Lenox, IL Company, Inc.
(Michaels Stores, Inc.) (E)
291 Park Center Drive Kraft Foods North 1,065 1,136 344,700 2001
Winchester, VA America, Inc. (A)
1109 Commerce Boulevard Linens-n-Things, Inc. (E) 944 939 262,644 1998
Logan Township, NJ
Philipp Parkway L'Oreal USA, Inc. (H) - 242 649,250 2004
Streetsboro, OH
3225 Meridian Parkway Hagemeyer Foods, Inc. (E) 155 168 201,845 1995
Weston, FL
3245 Meridian Parkway Circuit City Stores, Inc. (E) 110 125 230,600 1995
Weston, FL
---------------------------------------------------
Subtotal Industrial $ 10,509 $ 10,920 5,088,672
---------------------------------------------------
$ 55,849 $ 58,866 10,072,866
===================================================
14
(A) The Company has a 33 1/3 % economic interest in this property.
(B) The Company has a 40% economic interest in this property.
(C) Cumulative expense stop on these properties is $1,264 per annum.
(D) Expense stop on this property is $768 per annum.
(E) The Company has a 30% economic interest in this property.
(F) Expense stop on this property is $945 per annum.
(G) Tenant can cancel lease anytime after 9/30/11 with 365 days notice and
payment currently of $25,259.
(H) The Company has a 25% economic interest in this property.
(I) Tenant can cancel lease anytime after 9/30/10 with a payment equal to the
present value of all remaining lease payments, including operating
expenses, discounted at 6%.
(J) Tenant can cancel lease on 12/28/11 with 18 months notice and a payment
equal to two years rent and two years of unamortized tenant allowance.
(K) Tenant can cancel lease on 5/1/13 and 3/1/15 for a payment of $2,850 and
$1,500, respectively.
(L) Tenant can cancel lease between 11/1/08 through 10/30/18 with 120 days
notice and a stipulated payment which is in excess of debt balance.
(M) Tenant can cancel lease no earlier than 4/30/13 with 12 months notice and a
payment equal to the net present value of remaining rent discounted at 12%.
15
The Lexington Corporate Properties Trust
Supplemental Reporting Package
Properties by Location
9/30/04
Historical 9-Months
Ended September 30, 2004
------------------------
No. of Number of Percent Base Rent Percent of
Locations Location Properties(3) Leased Square Feet(2 ($000's)(1) Base Rent
- ------------------ --------------------- ----------------- ----------------- ----------------- -------------------------------------
1 Texas 13 100% 3,506,816 $ 16,954 13.6%
2 Ohio 11 100 4,079,138 11,626 9.3
3 South Carolina 10 100 3,229,361 11,111 8.9
4 Florida 9 100 2,140,748 8,766 7.0
5 California 9 100 1,562,738 8,703 7.0
6 Pennsylvania 9 100 1,960,355 8,129 6.5
7 Virginia 8 100 1,192,666 6,668 5.4
8 Utah 1 100 295,000 6,580 5.3
9 Michigan 11 100 2,199,298 6,269 5.0
10 Arizona 6 78 810,187 5,046 4.1
11 New Jersey 4 100 792,145 4,846 3.9
12 Oregon 5 100 539,562 3,829 3.1
13 Illinois 4 100 1,137,465 3,451 2.8
14 Kansas 1 100 320,198 2,541 2.0
15 Connecticut 3 100 197,764 1,942 1.6
16 Iowa 3 100 668,648 1,822 1.5
17 Massachusetts 3 100 157,698 1,777 1.4
18 Tennessee 5 94 1,797,634 1,679 1.3
19 Georgia 3 100 201,447 1,463 1.2
20 Colorado 2 100 295,075 1,348 1.1
21 Missouri 1 100 166,641 1,212 1.0
22 Maryland 4 100 222,843 1,136 0.9
23 Washington 2 100 103,305 1,128 0.9
24 North Carolina 3 100 514,665 1,113 0.9
25 Louisiana 2 100 135,143 898 0.7
26 Indiana 1 100 193,000 822 0.7
27 Alabama 2 100 651,478 734 0.6
28 Hawaii 1 100 85,610 729 0.6
29 New Hampshire 1 100 500,500 500 0.4
30 Minnesota 1 100 18,620 403 0.3
31 Wisconsin 1 100 76,164 347 0.3
32 Kentucky 1 - 81,744 322 0.3
33 Oklahoma 1 100 43,123 268 0.2
34 Idaho 1 100 77,483 58 --
35 Nevada 1 - - 132 0.1
36 New York 1 - - 73 0.1
--------------------- ----------------- ----------------- ----------------- -------------------- ----------------
Total 144 98.8% 29,954,262 $ 124,425 100.0%
--------------------- ----------------- ----------------- ----------------- -------------------- ----------------
(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, 2004.
(3) Includes operating properties owned during the nine months ended September
30, 2004.
16
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule by Property Type - Cash Basis
9/30/04
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 $ - $ - $ - $ - $ - $ -
2005 6,225 15.94 1,095 2.96 - -
2006 2,386 8.82 6,199 5.21 1,283 9.28
2007 4,512 15.63 9,714 5.26 820 25.82
2008 6,248 13.57 - - 2,209 8.47
2009 14,947 16.37 2,207 3.49 2,090 7.99
2010 12,021 17.26 2,436 3.61 - -
2011 6,129 20.78 536 4.67 826 6.99
2012 5,277 14.39 8,354 3.93 - -
2013 8,913 12.10 412 6.34 226 13.50
2014 4,418 13.26 3,522 3.65 1,346 3.68
2015 19,537 11.99 4,081 9.19 469 6.15
2016 4,509 21.42 3,663 6.55 - -
2017 - - 2,754 4.32 645 8.39
2018 961 12.00 2,519 3.77 860 9.33
2019 2,619 15.94 5,519 3.49 - -
2020 2,500 17.44 5,019 8.10 - -
2021 4,234 26.88 2,994 4.23 - -
2022 - - - - - -
2023 - - - - - -
2024 1,069 19.02 568 2.73 821 17.57
2025 - - - - - -
2026 - - 427 2.56 - -
(1) Includes proportionate share of joint venture investments.
17
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule - GAAP Basis
9/30/04
($000's)
Percentage of
Total
Number of Total Annualized
Year Leases Expiring Annualized Base Rent (1) Base Rent
- --------------------- --------------------------------------------- ------------------------------ ---------------------------------
2004 0 $ 0 0%
2005 6 7,341 4.2
2006 12 11,306 6.4
2007 5 13,813 7.9
2008 6 7,777 4.4
2009 15 19,392 11.0
2010 11 13,488 7.7
2011 6 8,067 4.6
2012 12 12,435 7.1
2013 10 9,204 5.2
2014 11 9,760 5.6
2015 14 25,272 14.4
2016 5 7,463 4.3
2017 5 3,229 1.8
2018 4 4,059 2.3
2019 6 7,718 4.4
2020 3 7,264 4.1
2021 3 5,280 3.0
2022 0 0 0
2023 0 0 0
2024 3 2,269 1.3
2025 0 0 0
2026 1 447 0.3
--------------------------------------------- ------------------------------ ---------------------------------
Total 138 $ 175,584 100.0%
============================================= ============================== =================================
(1) Includes proportionate share of joint venture investments.
18
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
9/30/04
($000's)
- ------------------------------ ------------------------ ------------------ ------------------ ---------------------- ---------------
Current
Estimated
Debt Annual Debt Balloon
Property - Fixed Rate Balance Interest Rate Maturity Service Payment
- ------------------------------ ------------------------ ------------------ ------------------ ---------------------- ---------------
Warren, OH $ 18,833 7.000% Oct-07 $ 6,160 $ --
Bristol, PA 9,652 7.400 Feb-08 831 9,262
Boca Raton, FL(f) 15,275 5.250 Mar-08 802 15,275
Decatur, GA 6,596 6.720 Jun-08 579 6,049
Phoenix, AZ 13,991 7.890 Jun-08 1,434 12,591
Palm Beach Gardens, FL 11,206 7.010 Jun-08 970 10,418
Dubuque, IA 7,239 4.890 Aug-08 513 6,588
Canton, OH 3,271 7.150 Aug-08 313 2,936
Spartanburg, SC 2,716 7.150 Aug-08 260 2,438
Hebron, KY 5,285 7.000 Oct-08 451 4,935
Gainesville, GA(e) 805 7.500 Jan-09 218 --
Florence, SC 9,279 7.500 Feb-09 869 8,443
Ocala, FL 12,729 7.250 Feb-09 1,332 10,700
Canton, OH 1,394 9.490 Feb-09 388 --
Baton Rouge, LA 1,846 7.375 Mar-09 208 1,478
Bristol, PA 5,951 7.250 Apr-09 571 5,228
Livonia, MI 10,937 7.800 Apr-09 992 10,236
Henderson, NC 4,341 7.390 May-09 417 3,854
Westland, MI 2,647 10.500 Sep-09 683 --
Salt Lake City, UT 11,972 7.610 Oct-09 2,901 --
High Point, NC 8,835 5.750 Oct-09 695 7,741
Richmond, VA 16,350 8.100 Feb-10 1,511 15,257
Hampton, VA 4,439 8.260 Apr-10 415 4,144
Hampton, VA 7,239 8.270 Apr-10 677 6,758
Tampa, FL 8,277 6.930 Aug-10 674 7,603
Tampa, FL 5,987 6.880 Aug-10 485 5,495
Herndon, VA 18,687 8.180 Dec-10 1,723 17,301
San Diego, CA 4,181 7.500 Jan-11 411 3,420
Tucson, AZ 2,414 7.500 Jan-11 226 2,076
Columbia, SC 3,377 7.540 Jan-11 317 2,905
Valley Forge, PA 12,900 7.120 Feb-11 1,166 10,927
Glendale, AZ 14,662 7.400 Apr-11 1,258 13,365
Auburn Hills, MI 7,096 7.010 Jun-11 637 5,918
Plymouth, MI 4,717 7.960 Jul-11 463 3,949
Newport, OR 6,923 5.030 Aug-11 470 5,980
Greenville, SC 13,719 4.415 Jan-12 841 11,806
New Kingston, PA 7,187 7.790 Jan-12 678 6,101
Mechanicsburg, PA 5,305 7.780 Jan-12 500 4,503
New Kingston, PA 3,424 7.780 Jan-12 323 2,906
Lake Forest, CA 10,753 7.260 Feb-12 901 9,708
Groveport, OH (c) 7,765 6.030 Oct-12 563 6,860
San Antonio, TX 30,115 6.080 Oct-12 2,260 26,025
Dallas, TX 21,025 7.490 Dec-12 2,020 16,030
Fort Mill, SC 11,431 6.000 Jan-13 839 9,904
Waterloo, IA 6,607 5.610 Feb-13 672 3,505
Lancaster, CA (first) 10,501 7.020 Sep-13 900 8,637
Lancaster, CA (second) 8,821 5.920 Sep-13 642 7,518
Knoxville, TN 5,248 5.950 Sep-13 381 4,496
Moody, AL 7,623 4.978 Jan-14 493 6,350
Mechanicsburg, PA 13,743 5.730 Mar-14 1,045 10,538
Redmond, OR 10,050 5.616 Apr-14 697 8,484
Fort Mill, SC(g) 20,300 5.373 May-14 1,106 18,311
Eau Claire, WI 2,115 8.000 Jul-14 313 --
Jackson, TN 10,372 5.930 Jul-14 743 8,820
Southfield, MI 11,454 4.550 Feb-15 1,058 4,454
Franklin, NC 1,875 8.500 Apr-15 271 --
Mission, TX 6,533 5.780 Jun-15 462 5,371
19
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
9/30/04
($000's)
------------------------- ---------------------- ------------------ ---------------- ---------------------- ------------------
Current
Estimated
Debt Annual Balloon
Property Balance Interest Rate Maturity Debt Service(h) Payment
------------------------- ---------------------- ------------------ ---------------- ---------------------- ------------------
Houston, TX 27,488 6.250 Sep-15 2,050 6,985
Houston, TX 7,788 6.250 Sep-15 658 2,222
Sugar Land, TX 18,050 6.250 Sep-15 1,606 6,286
Houston, TX 68,163 6.250 Sep-15 6,470 18,318
Southborough, MA 2,043 7.500 Sep-15 275 --
Danville, IL 6,548 9.000 Jan-16 692 4,578
Temple, TX 9,133 6.090 Jan-16 668 7,446
Bremerton, WA 6,750 6.090 Apr-16 494 5,465
Dillon, SC 11,876 7.900 Dec-16 1,263 5,273
Westmont, IL 15,950 6.210 Mar-18 1,292 9,662
Wall Township, NJ 29,899 6.250 Jan-21 2,013 --
------ ----- ----- --
$ 711,703 6.637% $ 67,209 469,832
------- ------ ------ -------
Property-Variable Rate
Milpitas, CA (a) (b) $ 14,142 5.170% July-05 $ 2,027 $ 12,643
------ ------ ----- ------
Corporate
Credit Facility (d) $ -- --% Aug-06 $ -- $ --
------ ------ ----- ------
Total $ 725,845 6.609% $ 69,236 $ 482,475
======= ====== ====== =======
- --------------------------
(a) Floating rate debt, 30 day LIBOR plus 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 was accrual only through 01/31/04. Commencing 02/01/04 annual debt
service of $218 is due.
(f) Interest only through maturity.
(g) Interest only through 10/1/07. Commencing 11/1/07 annual debt service of
$1,364 is due.
(h) Remaining payments for debt with less than 12 months to maturity.
20
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages Payable
9/30/04
($000's)
- ------------------------ ------------------- ------------------ ------------- ----------------- ------------------- ----------------
Current
LXP Estimated
Debt Proportionate Interest Annual Debt Balloon
Joint Venture Property Balance Share Rate Maturity Service Payment
- ------------------------ ------------------- ------------------ ------------- ----------------- ------------------- ----------------
Columbia, SC1 $ 24,198 $ 9,679 7.850% Oct-09 $ 2,196 $ 22,586
Houston, TX2 20,926 6,975 7.580 Oct-09 2,032 18,229
Santa Clarita, CA3 28,200 8,460 4.750 Oct-09 1,285 28,200
Fishers, IN2 14,869 4,956 8.190 Apr-10 1,499 12,960
Herndon, VA2 11,428 3,809 7.600 Sep-10 1,107 9,769
Lake Mary, FL2 13,129 4,376 7.880 Oct-10 1,181 12,118
Lake Mary, FL2 13,091 4,364 7.880 Oct-10 1,178 12,082
Irving, TX2 26,356 8,785 8.160 Oct-10 2,432 24,454
Parsippany, NJ2 40,659 13,553 7.350 Mar-11 3,472 37,047
Novato, CA3 22,600 6,780 5.750 Jul-11 1,600 20,307
Winchester, VA2 10,682 3,561 7.330 Aug-11 908 9,675
Antioch, TN3 14,807 4,442 7.940 Oct-11 1,580 11,177
Milford, OH2 16,815 5,605 8.170 Feb-12 1,724 12,686
Temperance, MI2 11,659 3,886 6.000 Sep-12 936 9,400
Laurens, SC2 17,393 5,798 6.000 Sep-12 1,396 14,022
Farmington Hills, MI2 21,062 7,021 5.420 Sep-12 1,500 17,724
Baton Rouge, LA3 6,924 2,077 4.900 Oct-12 443 5,943
Plymouth, MI3 12,599 3,780 6.220 Dec-12 1,026 10,026
Colorado Springs, CO2 11,770 3,923 6.250 Dec-12 887 10,272
Centennial, CO3 15,790 4,737 6.150 Feb-13 1,177 13,555
Malvern, PA3 13,275 3,983 5.530 Jan-14 916 11,236
Arlington, TX4 21,849 5,462 5.810 Feb-14 1,551 18,605
New Lenox, IL3 17,400 5,220 5.510 Feb-14 972 17,400
Logan Township, NJ3 7,690 2,307 4.760 Apr-14 371 6,784
Herndon, VA3 12,416 3,725 5.920 Apr-15 888 10,371
Overland Park, KS4 37,620 9,405 5.830 May-19 2,224 31,819
Kansas City, MO4 17,950 4,488 5.830 May-19 1,061 15,182
West Chester, PA3 11,269 3,381 6.750 Jul-19 1,204 --
Boise, ID4 10,451 2,613 6.010 Aug-19 753 7,670
Streetsboro, OH4 20,200 5,050 5.285 Sept-19 1,082 16,338
Durham, NH2 19,182 6,394 6.730 Mar-21 1,312 --
------------ --------------- ----- ------------ ---------------
$ 544,259 $ 168,595 6.525% $ 41,893 $ 447,637
============ =============== ===== ============ ===============
- -------------------------
1 The Company has a 40% economic interest in this property.
2 The Company has a 33 1/3% economic interest in this property.
3 The Company has a 30% economic interest in this property.
4 The Company has a 25% economic interest in this property.
21
Lexington Corporate Properties Trust
Supplemental Reporting Package
Debt Maturity Schedule
9/30/04
($000's)
Consolidated properties
- ------------------------------------------------------------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments Average Interest Rate
------------ -------- ---------------------
2004 - remaining $ 5,361 $ - -
2005 21,570 12,643(1) 5.17%
2006 22,147 - -
2007 27,253 - -
2008 21,162 70,492(2) 6.62%
-------------- ----------- -----
$ 97,493 $ 83,135 6.40%
============== =========== =====
Joint venture properties - LXP proportionate share
- ------------------------------------------------------------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments Average Interest Rate
------------ -------- ---------------------
2004 - remaining $ 464 - -
2005 2,038 - -
2006 2,197 - -
2007 2,392 - -
2008 2,586 - -
-------------- ------ ------
$ 9,677 - -
============== ====== ======
- ------------------------
(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).
22
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue By Tenant Industry
9/30/04
- --------------------------------------------------------------- --------------------------------------------
Percentage of Historical
Tenant Industry 9 Month Base Rent (1)
- --------------------------------------------------------------- --------------------------------------------
Energy 13.1%
Finance/Insurance 11.6
Telecommunications 9.5
Transportation/Logistics 7.7
Retail-Department/ Discount Store 7.4
Technology 6.1
Construction Materials 5.7
Healthcare 5.5
Retail-Specialty 5.4
Automotive 4.3
Aerospace/Defense 4.3
Food 3.6
Media/Advertising 2.8
Retail-Electronics 2.6
Consumer Products 2.6
Printing/Production 2.5
Health/Fitness 1.7
Apparel 1.4
Security 1.4
Paper/Containers/Packaging 0.8
-----
100%
(1) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through date of sale.
23
Lexington Corporate Properties Trust
Supplemental Reporting Package
Other Revenue Data
9/30/04
Revenue by Property Type Historical 9-Month Base Rent ($000's)(A) Percentage
- ---------------------------------------- -------------------------------------------- ----------------------------------------------
Office $ 75,879 61.0%
Industrial 39,246 31.5
Retail 9,300 7.5
---------------- ------
$ 124,425 100.0%
================ ======
Revenue by Credit Rating(C)
Investment Grade $ 59,720 48.0%
Non-Investment Grade 25,705 20.7
Unrated 39,000 31.3
---------------- ------
$ 124,425 100.0%
================ ======
Percentage of
Base Rent for 9
Number of Months
Top 15 Tenants/Guarantors Properties(B) Property Type Ended 9/30/04(A)
- ---------------------------------------- --------------------- ------------------------------------------------ --------------------
Baker Hughes, Inc. 4 Office (3)/Industrial (1) 5.5%
Kmart Corporation 1 Industrial 5.4
Northwest Pipeline Corp. 1 Office 5.3
Exel Logistics, Inc.(NFC plc) 4 Industrial 3.1
Employers Reinsurance Corp. 2 Office 3.0
Nextel Finance Company 4 Office 2.8
Honeywell, Inc. 3 Office 2.8
Michaels Stores, Inc. 2 Industrial 2.3
Owens Corning 4 Industrial 2.3
VarTec Telecom, Inc. 1 Office 2.1
Wells Fargo Home Mortgage, Inc. 2 Office 2.1
James Hardie Building Products, Inc. 1 Industrial 2.0
(James Hardie Industries N.V.)
Circuit City Stores, Inc. 4 Office(1)/Retail(2)/Industrial (1) 2.0
Aventis Pharmaceuticals, Inc. 1 Office 1.7
Bally Total Fitness Corp. 4 Retail 1.7
- ---
38 44.1%
== =====
(A) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through the date of sale.
(B) As of September 30, 2004.
(C) As of October 6, 2004.
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