Exhibit 99.3
LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the year ended December 31, 2004
Table of Contents
Income Statements................................................ 1
Balance Sheets................................................... 2
Fourth Quarter Transaction Summary............................... 3
Third Quarter Transaction Summary................................ 4
Second Quarter Transaction Summary............................... 5
First Quarter Transaction Summary................................ 6
Property Holdings................................................ 7
Properties by Location........................................... 18
Lease Rollover Schedules......................................... 19
Mortgages and Notes Payable...................................... 21
Revenue by Tenant Industry....................................... 25
Review by MSA.................................................... 26
Other Revenue Data............................................... 28
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,
2004 2003 2004 2003
---- ---- ---- ----
Gross revenues:
Rental $ 36,452 $ 28,160 $ 140,003 $ 105,057
Advisory fees 1,710 739 4,885 1,429
Tenant reimbursements 2,068 1,059 6,337 4,498
-------------- -------------- -------------- --------------
Total gross revenues 40,230 29,958 151,225 110,984
Expense applicable to revenues:
Depreciation and amortization (12,106) (6,856) (38,930) (25,623)
Property operating (3,269) (2,084) (10,451) (8,107)
General and administrative (3,933) (2,646) (13,939) (9,659)
Write off - tenant bankruptcy (2,884) -- (2,884) --
Non-operating income 711 160 3,276 1,442
Interest and amortization expense (12,230) (8,430) (46,437) (35,793)
Debt satisfaction charges - 226 -- (7,459)
-------------- -------------- -------------- --------------
Income before (provision) benefit for income taxes, minority 6,519 10,328 41,860 25,785
interests and equity in earnings of joint ventures
(Provision) benefit for income taxes 635 17 (1,181) (259)
Minority interests (693) (1,272) (4,196) (3,569)
Equity in earnings of joint ventures 1,811 1,551 7,194 5,707
-------------- -------------- -------------- --------------
Income from continuing operations 8,272 10,624 43,677 27,664
-------------- -------------- -------------- --------------
Discontinued operations, net of minority interest:
Income from discontinued operations 38 770 1,102 3,794
Impairment charges (2,671) -- (5,447) --
Gains on sales of properties 1,410 1,047 5,475 2,191
-------------- -------------- -------------- --------------
Total discontinued operations (1,223) 1,817 1,130 5,985
-------------- -------------- -------------- --------------
Net income 7,049 12,441 44,807 33,649
Dividends attributable to preferred shares - Series B (1,590) (1,590) (6,360) (3,392)
Dividends attributable to preferred shares - Series C (585) -- (585) --
------------- -------------- -------------- --------------
Net income allocable to common shareholders $ 4,874 $ 10,851 $ 37,862 $ 30,257
Depreciation and amortization 12,020 7,304 39,894 27,634
Minority interests - OP Units (311) 1,334 2,570 4,039
Amortization of leasing commissions 98 206 647 812
Joint venture adjustment - depreciation 2,658 1,084 7,559 3,951
Preferred share dividend - Series C 585 -- 585 --
Gains on sales of properties (1,410) (1,047) (5,475) (2,191)
-------------- -------------- -------------- --------------
Funds from operations(2) $ 18,514 $ 19,732 $ 83,642 $ 64,502
============== ============== ============== ==============
Rent below GAAP revenue(1) $ 414 $ 772 $ 3,350 $ 3,790
Per share/unit
Basic net income $ 0.10 $ 0.28 $ 0.81 $ 0.89
Diluted net income $ 0.10 $ 0.28 $ 0.80 $ 0.88
Funds from operations(2)-basic $ 0.34 $ 0.45 $ 1.60 $ 1.64
Funds from operations(2)-diluted $ 0.34 $ 0.45 $ 1.60 $ 1.63
1
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
12/31/04 12/31/03
-------- --------
Real estate, at cost $ 1,407,872 $ 1,162,395
Accumulated depreciation (180,610) (160,623)
Investment in joint ventures 132,738 69,225
Properties held for sale - discontinued operations 13,216 36,478
Intangible assets, net 54,736 14,736
Cash and cash equivalents 146,957 15,923
Deferred expenses, net 7,860 10,013
Rent receivable 4,123 -
Rent receivable - deferred 23,923 24,069
Due from affiliates 45,800 -
Other assets 40,472 35,195
------------------- -------------------
$ 1,697,087 $ 1,207,411
=================== ===================
Mortgages and notes payable $ 765,144 $ 551,385
Liabilities - discontinued operations 1,688 -
Other liabilities 22,388 10,667
Prepaid rent 3,818 2,482
Minority interests 56,759 59,220
Shareholders' equity 847,290 583,657
------------------- -------------------
$ 1,697,087 $ 1,207,411
=================== ===================
Common shares 48,621,273 40,682,001
Preferred shares - Series B 3,160,000 3,160,000
Preferred shares - Series C 2,700,000 -
Operating partnership units 5,408,699 5,430,454
------------------- -------------------
59,889,972 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
Fourth Quarter Transaction Summary
Investments ($000's)
Average Scheduled
Property Capitalized Annual GAAP Lease
Tenant/Guarantor Location Type Costs Rent Yield Term
- ---------------- -------- ---- ----- ---- ----- ----
Spacelabs Medical, Inc. Issaquah, WA - 2 Office $ 50,914 $ 4,053 8.0% 12/14
(OSI Systems, Inc.)(1) locations
Playboy Enterprises, Inc./ Los Angeles, CA Office 18,010 1,258 8.5% 10/12 &
Sony Electronics, Inc. 271 08/09
Foot, Cone & Belding Chicago, IL Office 50,155 3,951 7.9% 03/14
(Interpublic Group of Companies, Inc.) (2)
Dana Corporation Olive Branch, MS Industrial 7,079 632 8.9% 06/12
Voicestream PCS II Corporation (T-Mobile USA, Inc.) (1) Lenexa, KS Office 13,940 1,352 9.7% 10/19
Progressive Casualty Insurance Company (2) Rancho Cordova, CA Office 33,448 2,804 8.4% 07/12
ANSYS, Inc.(2) Canonsburg, PA Office 15,132 1,354 8.9% 12/14
Verizon Wireless(1) Wilmington, NC Office 20,450 1,624 7.9% 12/16
Kmart Corporation(2) 6 locations Retail 27,818 2,685 9.7% 12/18
Invensys Systems, Inc. (Siebe, Inc.) Foxboro, MA Office 29,238 3,365 11.5% 07/15
Invensys Systems, Inc. (Siebe, Inc.) Foxboro, MA Office 24,574 2,593 10.6% 07/14
--------- --------- -----
$ 290,758 $ 25,942 8.9%
========= ========= ====
Dispositions ($000's)
Tenant/Guarantor Location Property Type Net Sale Price Net Book Value
---------------- -------- ------------- --------------- --------------
Wal-Mart, Inc. Jacksonville, AL Retail $ 1,408 $ 1,908
Circuit City Stores, Inc. Sacramento, CA Retail 4,324 2,422
------------ ------------
$ 5,732 $ 4,330
============ ============
Lease Extensions ($000's)
Property Previous Extended Extension Rent
Tenant/Guarantor Location Type Term Term Per Annum
---------------- -------- ---- ---- ---- ---------
Bull Information Systems, Inc. Phoenix, AZ Office 10/05 10/10 $ 704
New Financings ($000's)
Tenant/Guarantor Location Amount Rate Term
---------------- -------- ------ ---- ----
Veritas DGC, Inc. (2) Houston, TX $ 23,910 5.41% 10/15
Hagemeyer Foods (N.A.), Inc. (2) Weston, FL 10,860 5.42 11/14
Circuit City Stores, Inc. (2) Weston, FL 7,500 5.52 11/17
ANSYS, Inc.(2) Canonsburg, PA 9,095 5.38 01/15
Carlson Restaurants Worldwide, Inc. Carrollton, TX 14,520 5.53 12/14
Voicestream PCS II Corporation (T-Mobile USA, Inc.) (1) Lenexa, KS 10,460 6.27 12/19
Foot, Cone & Belding (Interpublic Group of Companies, Inc.) (2) Chicago, IL 29,900 5.11 01/15
------------ ---------
$ 106,245 5.43%
============ ==========
Assumed Financings ($000's)
Tenant/Guarantor Location Amount Rate Term
---------------- -------- ------ ---- ----
Progressive Casualty Insurance(2) Rancho Cordova, CA $18,936(7) 6.00% 09/14
Kmart Corporation(2) 6 locations - Series F 15,064(3) 6.00 07/10
Kmart Corporation(2) 6 locations - Series G 5,521(4) 6.00 07/18
Invensys Systems, Inc. (Siebe, Inc.) Foxboro, MA 23,649(5) 6.00 01/14
Invensys Systems, Inc. (Siebe, Inc.) Foxboro, MA 19,425(6) 6.00 01/13
------ -----
$82,595 6.00%
======= ======
(1) Lexington has a 25% interest in the property.
(2) Lexington has a 30% interest in the property.
(3) Face amount of debt is $13,890 with a stated rate of 8.80%.
(4) Face amount of debt is $4,229 with a stated rate of 9.44%.
(5) Face amount of debt is $20,866 with a stated rate of 8.82%.
(6) Face amount of debt is $18,156 with a stated rate of 7.67%.
(7) Face amount of debt is $17,380 with a stated rate of 7.28%.
3
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.
4
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 Industrial 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 22,776 1,975 8.7% 12/18
Worldwide, Inc. -------- -------- ----
$ 126,151 $ 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)
Property Previous Extended Extension Rent
Tenant/Guarantor Location 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.
5
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%.
6
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/04
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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. $ 8,773 $ 8,773 295,000 1982
Salt Lake City, UT
10001 Richmond Avenue Baker Hughes, Inc. 4,622 5,652 554,385 1976/1984
Houston, TX
1600 Viceroy Drive VACANT(19) 3,445 3,475 249,452 1986
Dallas, TX
3476 Stateview Boulevard Wells Fargo Home 2,766 2,996 169,083 2002
Fort Mill, SC Mortgage (4) (5)
9950 Mayland Drive Circuit City Stores, Inc. 2,859 2,791 288,562 1990
Richmond, VA
1415 Wyckoff Road New Jersey Natural Gas Co. (10) 2,585 2,585 157,511 1983
Wall Township, NJ
2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 2,360 2,554 109,281 1985/2001
Valley Forge, PA
1301 California Circle Artesyn North America, Inc. 2,895 2,548 100,026 1985
Milpitas, CA (Balfour Beatty plc)
700 Oakmont Lane North American Van Lines, Inc. 2,298 2,516 269,715 1989
Westmont, IL (SIRVA, Inc.)(3)
2211 South 47th Street Avnet, Inc. 2,552 2,469 176,402 1997
Phoenix, AZ
13651 McLearen Road Boeing North American 2,633 2,456 159,664 1987
Herndon, VA Services, Inc.
(The Boeing Company)
5600 Broken Sound Blvd Oce Printing Systems USA, 2,012 2,245 143,290 1983/2002
Boca Raton, FL Inc.
4200 RCA Boulevard The Wackenhut Corp.(6) 2,161 2,167 114,518 1996
Palm Beach Gardens, FL
701 Brookfield Parkway Verizon Wireless (7) 1,933 2,067 192,884 2000/2001
Greenville, SC
19019 No. 59th Avenue Honeywell, Inc. 2,002 1,980 252,300 1985
Glendale, AZ
26210 and 26220 Enterprise Apria Healthcare Group, Inc. 1,651 1,792 100,012 2001
Court
Lake Forest, CA
200 Executive Blvd. S Hartford Fire Insurance Co. 2,165 1,780 153,364 1983
Southington, CT
1600 Eberhardt Road Nextel of Texas 1,384 1,559 108,800 2001
Temple, TX
9275 S.W. Peyton Lane Hollywood Entertainment 1,468 1,531 122,853 1980/1998
Wilsonville, OR Corp.
7
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/04
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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. 1,589 1,530 112,248 1983
Decatur, GA
12645 W. Airport Road Baker Hughes, Inc. 1,177 1,489 165,836 1997
Sugar Land, TX
10419 North 30th Street Time Customer Service, Inc. 1,411 1,409 132,981 1986
Tampa, FL (Time, Inc.)
250 Rittenhouse Circle Jones Apparel Group 1,265 1,385 255,019 1982
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.)(1)
2999 SW 6th St. Voice Stream PCS I LLC 1,182 1,373 77,484 2004
Redmond, OR (T-Mobile USA, Inc.)
400 Butler Farm Road Nextel Communications of 1,264 1,302 100,632 1999
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
3480 Stateview Blvd. Wells Fargo Bank N.A. (13) 1,083 1,196 169,218 2004
Fort Mill, SC
2210 Enterprise Drive Washington Mutual 1,227 1,191 177,747 1998
Florence, SC Home Loan, Inc.
6455 State Hwy 303 NE Nextel West Corporation 969 1,113 60,200 2001
Bremerton, WA
13430 N. Black Canyon Bull HN Information 1,104 1,084 137,058 1985/1994
Freeway Systems, Inc.
Phoenix, AZ
180 Rittenhouse Circle Jones Apparel Group 901 970 96,000 1998
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.)
16275 Technology Drive Cymer, Inc. 857 888 65,755 1989
San Diego, CA (Hewlett-Packard)
2401 Cherahala Boulevard Advance PCS, Inc. 786 822 59,748 2002
Knoxville, TN
12000 Tech Center Drive Kelsey-Hayes Company 742 775 80,230 1988
Livonia, MI
421 Butler Farm Road Nextel Communications of 709 721 56,515 2000
Hampton, VA the Mid-Atlantic, Inc.
(Nextel Finance Company)
26555 Northwestern Highway Federal-Mogul Corporation 579 720 187,163 1963/1965
Southfield, MI
2529 West Thorns Drive Baker Hughes, Inc. 613 649 65,500 1981/1999
Houston, TX
100 Barnes Road Minnesota Mining and 538 606 44,400 1978/1985
Wallingford, CT Manufacturing Company
270 Billerica Road Cadence Design Systems(14) 450 472 100,000 1985
Chelmsford, MA
8
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/04
- ------------------------------------------------------------------------------------------------------------------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------
1440 East 15th Street Cox Communications, Inc. 428 457 28,591 1988
Tucson, AZ
250 Turnpike Road Honeywell Consumer 433 433 57,698 1984
Southborough, MA Products
1275 NW 128th Street Principal Life Insurance 389 389 61,180 2003
Clive, IA Company(12)
2300 Litton Lane VACANT (9) 1,199 322 81,744 1987
Hebron, KY
27016 Media Center Drive Playboy Enterprises, Inc. 104 112 63,049 2000
Los Angeles, CA
4201 Marsh Lane Carlson Resturants Worldwide, 78 85 130,000 2003
Carrollton, TX Inc. (16)
27016 Media Center Drive Sony Electronics, Inc. (17) 21 23 20,203 2000
Los Angeles, CA
33 Commercial Street Invensys Systems, Inc. (18) -- -- 164,689 1982
Foxboro, MA (Siebe, Inc.)
70 Mechanic Street Invensys Systems, Inc. (18) -- -- 251,914 1965/1988
Foxboro, MA (Siebe, Inc.)
3615 North 27th Avenue VACANT -- -- 179,280 1960/1979
Phoenix, AZ
---------------------------------------------------------------------------
Subtotal $ 73,662 $ 75,452 6,899,184
---------------------------------------------------------------------------
Industrial
----------
541 Perkins Jones Road Kmart Corp. $ 9,359 $ 8,932 1,700,000 1982
Warren, OH
2425 Highway 77 North James Hardie Building 3,400 3,400 425,816 1996/1997
Waxahachie, TX Products, Inc.
(James Hardie Industries NV)
3501 West Avenue H Michaels Stores, Inc. 3,238 3,304 762,775 1998/2002
Lancaster, CA
9110 Grogans Mill Road Baker Hughes, Inc. 2,213 2,349 275,750 1992
Houston, TX
8305 SE 58th Avenue Associated Grocers of 2,067 2,238 668,034 1976
Ocala, FL Florida, Inc.
6345 Brackbill Boulevard Exel Logistics, Inc. 2,037 2,052 507,000 1985/1991
Mechanicsburg, PA (NFC plc)
159 Farley Drive Harbor Freight Tools 1,642 1,875 474,473 2001
Dillon, SC (Central Purchasing, Inc.)
590 Ecology Lane Owens Corning 1,619 1,619 193,891 2001
Chester, SC
9
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/04
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------
19500 Bulverde Road Harcourt Brace 1,302 1,475 559,258 2001
San Antonio, TX
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. 1,487 1,349 330,000 1989
New Kingston, PA (NFC plc)
6500 Adelaide Court Anda Pharmaceuticals, Inc. 1,151 1,206 354,676 2002
Groveport, OH (Andrx Corporation)
7500 Chavenelle Road The McGraw-Hill 1,031 1,164 330,988 2002
Dubuque, IA Companies, Inc.
12025 Tech Center Drive Kelsey-Hayes Company 1,024 1,078 100,000 1987/1988
Livonia, MI
3102 Queen Palm Drive Time Customer Service, Inc. 983 1,010 229,605 1986
Tampa, FL (Time, Inc.)
2280 Northeast Drive Ryder Integrated 997 1,004 276,480 1996/1997
Waterloo, IA Logistics, Inc.
(Ryder Systems, Inc.)
245 Salem Church Road Exel Logistics, Inc. 1,103 1,000 252,000 1985
Mechanicsburg, PA (NFC plc)
200 Arrowhead Drive Owens Corning 974 985 400,522 1999
Hebron, OH
3600 Southgate Drive Sygma Network, Inc. 933 933 149,500 2000
Danville, IL
431 Smith Lane Kirkland's, Inc. (11) 887 887 771,127 2004
Jackson, TN
Moody Commuter & Tech TNT Logistics North 887 887 595,346 2004
Park America, Inc.
Moody, AL (TPG N.V.)
46600 Port Street Johnson Controls, Inc. 884 884 134,160 1996
Plymouth, MI
1133 Poplar Creek Road Corporate Express Office 754 810 196,946 1998
Henderson, NC Products, Inc.
(Buhrmann, N.V.)
450 Stern Street Johnson Controls, Inc. 669 669 111,160 1996
Oberlin, OH
222 Tappan Drive North The Gerstenslager Company 674 667 296,720 1970
Mansfield, OH (Worthington Industries)
34 East Main Street Exel Logistics, Inc. 721 654 179,200 1981
New Kingston, PA
191 Arrowhead Drive Owens Corning 578 626 250,410 2000
Hebron, OH
10
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/04
- ------------------------------------------------------------------------------------------------------------------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------
904 Industrial Road Tenneco Automotive 586 594 195,640 1968/1972
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
109 Stevens Street Unisource Worldwide, Inc. 560 588 168,800 1958/1969
Jacksonville, FL
128 Crews Drive Stone Container Corporation 541 571 185,961 1968/1998
Columbia, SC
1700 47th Avenue North Owens Corning 538 538 18,620 2003
Minneapolis, MN
250 Swathmore Avenue Steelcase, Inc. (15) 474 505 244,851 2002
High Point, NC
7150 Exchequer Drive Corporate Express Office 350 368 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 345 341 148,000 1983/1985
Gordonsville, TN
300 McCormick Road Ameritech Services, Inc. 255 255 20,000 1990
Columbus, OH
1601 Pratt Avenue Tenneco Automotive 166 163 53,600 1979
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
3350 Miac Cove Road Mimeo.com, Inc. (8) 178 154 141,359 1987
Memphis, TN
7670 Hacks Cross Road Dana Corporation 70 74 168,104 1989
Olive Branch, MS
---------------------------------------------------------------------------
Subtotal $ 48,445 $ 48,936 12,192,400
---------------------------------------------------------------------------
Retail
2655 Shasta Way Fred Meyer, Inc. $ 1,009 $ 1,009 178,204 1986
Klamath Falls, OR
Fort Street Mall, King Liberty House, Inc. 963 971 85,610 1980
Street
Honolulu, HI
150 N.E. 20th Street Fred Meyer, Inc. 826 826 118,179 1986
Newport, OR
6475 Dobbin Road Offenbacher Aquatics, Inc 161 187 17,100 1983
Columbia, MD Haverty Furniture 140 632 46,724
Companies, Inc.
35400 Cowan Road Sam's Real Estate 753 753 102,826 1987/1997
Westland, MI Business Trust
12235 N. Cave Creek Bally's Health & Tennis 842 731 36,556 1988
Phoenix, AZ Corporation
11
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
12/31/04
- ------------------------------------------------------------------------------------------------------------------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------
4733 Hills & Dales Road Scandinavian Health Spa, Inc. 714 685 37,214 1987
Canton, OH (Bally Total Fitness
Corp.)
1160 White Horse Road Physical Fitness Centers of 820 672 31,750 1987
Voorhees, NJ Philadelphia, Inc.
(Bally Total Fitness
Corp.)
5917 S. La Grange Road Bally Total Fitness Corp. 660 587 25,250 1987
Countryside, IL
24100 Laguna Hills Mall Federated Department 677 538 160,000 1974
Laguna Hills, CA Stores, Inc.
4831 Whipple Avenue, N.W. Best Buy Co., Inc. 465 465 46,350 1995
Canton, OH
3711 Gateway Drive Kohl's Dept. Stores, Inc. 460 463 76,164 1994
Eau Claire, WI
12535 S.E. 82nd Avenue Toys "R" Us, Inc. 431 424 42,842 1981
Clackamas, OR
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
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
9580 Livingston Road GFS Realty, Inc. 239 270 107,337 1976
Oxon Hill, MD (Giant Food, Inc.)
121 South Center Street Greyhound Lines, Inc. 204 204 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
---------------------------------------------------------------------------
Subtotal $ 11,174 $ 11,142 1,411,315
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Grand Total $ 133,281 $ 135,530 20,502,899
---------------------------------------------------------------------------
12
(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 $820.
(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 $482. There is a second tenant at this
property encompassing approximately 18,000 square feet.
(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 and paid $899
termination fee.
(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.
(16) Tenant can cancel lease after 12/22/13 with twelve months notice plus
payment equal to one year rent plus unamortized deal costs.
(17) Tenant can cancel lease after 9/1/07 with 180 days notice and payment of 2
months rent plus unamortized tenant improvements and commissions.
(18) Tenant can cancel for uneconomic obsolescence and pay an amount as
stipulated in the lease.
(19) The previous tenant has rejected the lease in its bankruptcy and the
property is currently vacant.
13
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
12/31/04
- ------------------------------------------------------------------------------------------------------------------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------
Office
------
389-399 Interpace Highway Aventis Pharmaceuticals, Inc $ 7,844 $ 8,487 340,240 2000
Morris Corporate Center IV (Pharma Holdings GmbH)(A)
Parsippany, NJ
17 Technology Circle Blue Cross Blue Shield 6,655 6,930 456,304 1999/2001
Columbia, SC of South Carolina Inc.(B)
100 Wood Hollow Drive Greenpoint Mortgage 4,300 4,864 124,600 2001
Novato, CA Funding, Inc. (E)(F)
6555 Sierra Drive True North Communications 4,009 4,249 247,254 1999
Irving, TX Inc.(A)
5200 Metcalf Avenue Employers Reinsurance 3,851 3,851 320,198 1980/1990/
Overland Park, KS Corporation(H) 2003
15375 Memorial Drive Vastar Resources, Inc.(A) 3,437 3,437 327,325 1985
Houston, TX
10300 Kincaid Drive Bank One Indiana, N.A.(A)(D) 3,217 3,287 193,000 1999
Fishers, IN
600 International Parkway First USA Management 2,880 2,921 125,155 1997
Lake Mary, FL Services, Inc.(A)(C)
550 International Parkway First USA Management 2,778 2,820 125,920 1999
Lake Mary, FL Services, Inc.(A)(C)
2000 Eastman Drive Structural Dynamic 2,713 2,790 212,836 1991
Milford, OH Research Corp.(A)
3701 Corporate Drive Motorola, Inc.(A)(J) 2,714 2,714 119,829 2001
Farmington Hills, MI
1401 & 1501 Nolan Ryan Siemens Dematic Postal 2,317 2,461 233,783 2003
Parkway Automation, L.P. (H)
Arlington, TX
9201 East Dry Creek Road The Shaw Group, Inc.(E)(K) 1,505 2,009 128,500 2001/2002
Centennial, CO
70 Valley Stream Parkway IKON Office Solutions, Inc(E)(I) 1,923 1,995 106,855 1987
Malvern, PA
27027 Tourney Road Specialty Laboratories, Inc.(E) 1,972 1,972 187,262 2004
Santa Clarita, CA
14040 Park Center Road NEC America, Inc.(A) 1,885 1,907 108,000 1987
Herndon, VA
9201 Stateline Employers Reinsurance 1,833 1,833 166,641 1963/1985/
Kansas City, MO Corporation(H) 2003
1110 Bayfield Drive Honeywell International, 1,535 1,637 166,575 1980/2002
Colorado Springs, CO Inc.(A)
13775 McLearen Road Equant N.V.(E)(M) 1,222 1,397 125,293 1984/1988/
Herndon, VA 1992
14
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
12/31/04
- ------------------------------------------------------------------------------------------------------------------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------
10300 Town Park Drive Veritas DGC, Inc. (E) 984 1,153 218,641 2000
Houston, TX
4455 American Way Bell South Mobility, Inc. (E) 992 1,087 70,100 1997
Baton Rouge, LA
1475 Dunwoody Drive ING USA Annuity and Life 964 1,030 125,000 1998/1999
West Chester, PA Insurance Company (E)
3711 San Gabriel Voice Stream PCS II LLC 863 943 75,016 2004
Mission, TX (T-Mobile USA, Inc.) (E)
10940 White Rock Road Progressive Casualty Insurance 533 565 158,582 2002
10929 Disk Drive Company(E)
Rancho Cordova, CA
East Goldstone Drive T-Mobile USA, Inc. (H) 486 561 77,483 2004
Meridian, ID
101 East Erie Building Foote, Cone & Belding 416 420 203,376 1986
Chicago, IL (Interpublic Group of
Companies, Inc.) (E)
Higgins Development 19,089 1986
Partners(E)
VACANT(E) 2,100 1986
Renner Blvd. Voicestream PCS II Corporation 166 192 77,484 2004
Lenexa, KS (T-Mobile USA, Inc.) (H)
5150 220th Avenue South Spacelabs Medical, Inc 54 56 106,944 1992
Issaquah, WA (OSI Systems, Inc.)(H)
22011 SE 51st Street Spacelabs Medical, Inc 49 46 95,600 1987
Issaquah, WA (OSI Systems, Inc.)(H)
275 Technology Drive ANSYS, Inc.(E) 33 36 107,872 1996
Canonsburg, PA
3601 Converse Drive Verizon Wireless(H) - 9 160,500 2004
Wilmington, NC
------------------------------------------------
Subtotal Office $ 64,130 $ 67,659 5,313,357
------------------------------------------------
Industrial
----------
101 Michelin Drive TNT Logistics North $ 3,103 $ 3,227 1,164,000 1991/1993
Laurens, SC America, Inc.
(TPG N.V.) (A)
7111 Crabb Road TNT Logistics North 2,078 2,161 752,000 1978/1993
Temperance, MI America, Inc.
(TPG N.V.) (A)
121 Technology Drive Heidelberg Web Systems, 1,912 1,964 500,500 1986/2003
Durham, NH Inc. (A) (G)
43955 Plymouth Oaks Tower Automotive Products 1,886 1,886 290,133 1996/1998
Boulevard Company
Plymouth, MI (Tower Automotive, Inc.) (E)(O)
15
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Chart
12/31/04
- ------------------------------------------------------------------------------------------------------------------------
YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed
Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated
- ------------------------------------------------------------------------------------------------------------------------
2400 West Haven Avenue Michaels Stores Procurement 1,826 1,826 693,000 2004
New Lenox, IL Company, Inc.
(Michaels Stores, Inc.)
(E)
291 Park Center Drive Kraft Foods North 1,420 1,515 344,700 2001
Winchester, VA America, Inc. (A)
1109 Commerce Boulevard Linens-n-Things, Inc. (E) 1,258 1,251 262,644 1998
Logan Township, NJ
6050 Dana Way Dana Corporation (E) (L) 1,229 1,065 677,400 1999
Antioch, TN
Philipp Parkway L'Oreal USA, Inc. (H) 468 871 649,250 2004
Streetsboro, OH
3225 Meridian Parkway Hagemeyer Foods, Inc. (E) 526 571 201,845 1995
Weston, FL
3245 Meridian Parkway Circuit City Stores, Inc. (E) 371 417 230,600 1995
Weston, FL
------------------------------------------------
Subtotal Industrial $ 16,077 $ 16,754 5,766,072
------------------------------------------------
Retail
------
12080 Carmel Mountain Kmart Corporation (E) (N) $ 7 $ 31 107,210 1993
Road
San Diego, CA
5350 Leavitt Road Kmart Corporation (E) (N) 16 8 193,193 1993
Lorain, OH
255 Northgate Drive Kmart Corporation (E) (N) 12 6 107,489 1993
Manteca, CA
21082 Pioneer Plaza Kmart Corporation (E) (N) 11 5 120,727 1993
Drive
Watertown, NY
1150 West Carl Sandburg Kmart Corporation (E) (N) 7 3 94,970 1992
Drive
Galesburg, IL
US 219 Kmart Corporation (E) (N) 8 2 90,933 1993
Fairlea, WV
---------------------------------------------------------------------------
Subtotal Retail $ 61 $ 55 714,522
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Grand Total $ 80,268 $ 84,468 11,793,951
---------------------------------------------------------------------------
16
(A) The Company has a 33?% 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 a
payment as stipulated in the lease.
(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 for economic obsolescence between 11/1/08 through
10/30/18 with 120 days notice and a payment as stipulated in the lease.
(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%.
(N) Tenant can cancel lease at any time for uneconomic obsolescence and pay an
amount as stipulated in the lease.
(O) Tenant declared bankruptcy subsequent to year end.
17
The Lexington Corporate Properties Trust
Supplemental Reporting Package
Properties by Location
12/31/04
Historical 12-Months
Ended December 31, 2004
-----------------------
No. of No. of Percent Square Base Rent Percent of
Locations Location Properties(3) Leased Feet(2) ($000's)(1) Base Rent
- ------------------------------------------------------------------------------------------------------
1 Texas 14 93% 3,636,816 $ 24,436 14.4%
2 South Carolina 10 100 3,229,361 15,757 9.3
3 Ohio 12 100 4,272,331 15,640 9.2
4 California 13 100 1,973,963 12,014 7.1
5 Florida 9 100 2,140,748 11,867 7.0
6 Pennsylvania 10 100 2,068,227 10,882 6.4
7 Virginia 8 100 1,192,666 8,931 5.3
8 Utah 1 100 295,000 8,773 5.2
9 Michigan 11 100 2,199,298 8,601 5.1
10 Arizona 6 78 810,187 6,721 4.0
11 New Jersey 4 100 792,145 6,461 3.8
12 Oregon 5 100 539,562 5,163 3.1
13 Illinois 6 100 1,457,000 4,711 2.8
14 Kansas 2 100 397,682 2,831 1.7
15 Connecticut 3 100 197,764 2,597 1.5
16 Iowa 3 100 668,648 2,557 1.5
17 Tennessee 5 94 1,797,634 2,524 1.5
18 Massachusetts 5 100 574,301 2,137 1.3
19 Georgia 3 100 201,447 2,009 1.2
20 North Carolina 4 100 675,165 1,680 1.0
21 Colorado 2 100 295,075 1,673 1.0
22 Washington 4 100 305,849 1,530 0.9
23 Maryland 4 100 222,843 1,447 0.9
24 Missouri 1 100 166,641 1,327 0.8
25 Indiana 1 100 193,000 1,096 0.6
26 Louisiana 2 100 135,143 1,071 0.6
27 Alabama 2 100 595,346 998 0.6
28 Hawaii 1 100 85,610 971 0.6
29 New Hampshire 1 100 500,500 655 0.4
30 Minnesota 1 100 18,620 538 0.3
31 Wisconsin 1 100 76,164 463 0.3
32 Oklahoma 1 100 43,123 358 0.2
33 Kentucky 1 - 81,744 322 0.2
34 Idaho 1 100 77,483 140 0.1
35 New York 2 100 120,727 75 -
36 Mississippi 1 100 168,104 74 -
37 West Virginia 1 100 90,933 1 -
38 Nevada 1 - 132 0.1
-
---------------------------------------------------------------------------------------
Total 162 98.1% 32,296,850 $ 169,163 100.0%
---------------------------------------------------------------------------------------
(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 December 31, 2004.
(3) Includes operating properties owned during the twelve months ended
December 31, 2004.
18
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule by Property Type - Cash Basis
12/31/04
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
- -------------------------------------------------------------------------------------------------------------
2005 $ 5,060 $ 19.97 $ 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 -- -- 1,788 8.30
2009 15,233 16.34 2,207 3.49 1,943 9.46
2010 12,724 16.90 2,436 3.61 -- --
2011 6,129 20.78 536 4.67 826 6.99
2012 7,707 16.39 8,988 3.93 -- --
2013 8,913 12.10 412 6.34 226 13.50
2014 9,722 14.89 3,522 3.65 1,346 3.68
2015 18,378 12.30 4,081 9.19 469 6.15
2016 4,939 17.82 3,663 6.55 -- --
2017 -- -- 2,754 4.32 645 8.39
2018 3,121 13.33 2,519 3.77 1,175 2.37
2019 3,005 16.72 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.
19
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule -- GAAP Basis
12/31/04
($000's)
Percentage of
Total Total
Number of Annualized Annualized
Year Leases Expiring Base Rent (1) Base Rent
- --------------------------------------------------------------------------------
2005 5 $ 6,255 3.4%
2006 12 11,371 6.1
2007 5 13,813 7.4
2008 5 7,401 4.0
2009 15 19,520 10.5
2010 12 14,243 7.7
2011 6 8,067 4.4
2012 15 15,344 8.3
2013 10 9,204 4.9
2014 17 15,324 8.2
2015 14 24,173 13.0
2016 6 7,950 4.3
2017 5 3,229 1.7
2018 11 6,838 3.7
2019 7 8,056 4.3
2020 3 7,264 3.9
2021 3 5,280 2.8
2022 0 0 --
2023 0 0 --
2024 3 2,269 1.2
2025 0 0 --
2026 1 447 0.2
-------------------------------------------------------------------
Total 155 $ 186,048 100.0%
===================================================================
(1) Includes proportionate share of joint venture investments.
20
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
12/31/04
($000's)
- -----------------------------------------------------------------------------------------------------------------------
Current
Estimated
Debt Interest Annual Balloon
Property -- Fixed Rate Balance Rate Maturity Debt Service(h) Payment
- -----------------------------------------------------------------------------------------------------------------------
Warren, OH(i) $ 16,412 7.000% Oct--07 $ 6,160 $ --
Bristol, PA 9,627 7.400 Feb--08 831 9,262
Boca Raton, FL(f) 15,275 5.250 Mar--08 802 15,275
Decatur, GA 6,562 6.720 Jun--08 579 6,049
Phoenix, AZ 13,907 7.890 Jun--08 1,434 12,591
Palm Beach Gardens, FL 11,160 7.010 Jun--08 970 10,418
Dubuque, IA 7,200 4.890 Aug--08 513 6,588
Canton, OH 3,252 7.150 Aug--08 313 2,936
Spartanburg, SC 2,700 7.150 Aug--08 260 2,438
Gainesville, GA(e) (j) 765 7.500 Jan--09 218 --
Florence, SC 9,237 7.500 Feb--09 869 8,443
Ocala, FL 12,626 7.250 Feb--09 1,332 10,700
Canton, OH 1,330 9.490 Feb--09 388 --
Baton Rouge, LA 1,827 7.375 Mar--09 208 1,478
Bristol, PA 5,916 7.250 Apr--09 571 5,228
Livonia, MI 10,904 7.800 Apr--09 992 10,236
Henderson, NC 4,319 7.390 May--09 417 3,854
Westland, MI 2,545 10.500 Sep--09 683 --
Salt Lake City, UT 11,474 7.610 Oct--09 2,901 --
High Point, NC 8,786 5.750 Oct--09 695 7,741
Richmond, VA 16,311 8.100 Feb--10 1,511 15,257
Hampton, VA 4,432 8.260 Apr--10 415 4,144
Hampton, VA 7,227 8.270 Apr--10 677 6,758
Tampa, FL 8,253 6.930 Aug--10 674 7,603
Tampa, FL 5,970 6.880 Aug--10 485 5,495
Herndon, VA 18,642 8.180 Dec--10 1,723 17,301
San Diego, CA 4,156 7.500 Jan--11 411 3,420
Tucson, AZ 2,404 7.500 Jan--11 226 2,076
Columbia, SC 3,362 7.540 Jan--11 317 2,905
Valley Forge, PA 12,838 7.120 Feb--11 1,166 10,927
Glendale, AZ 14,625 7.400 Apr--11 1,258 13,365
Auburn Hills, MI 7,061 7.010 Jun--11 637 5,918
Plymouth, MI 4,695 7.960 Jul--11 463 3,949
Newport, OR 6,894 5.030 Aug--11 470 5,980
Greenville, SC 13,663 4.415 Jan--12 841 11,806
New Kingston, PA 7,159 7.790 Jan--12 678 6,101
Mechanicsburg, PA 5,285 7.780 Jan--12 500 4,503
New Kingston, PA 3,411 7.780 Jan--12 323 2,906
Lake Forest, CA 10,727 7.260 Feb--12 901 9,708
Groveport, OH (c) 7,742 6.030 Oct--12 563 6,860
San Antonio, TX 30,017 6.080 Oct--12 2,260 26,025
Dallas, TX 20,912 7.490 Dec--12 2,020 16,030
Fort Mill, SC 11,394 6.000 Jan--13 839 9,904
Foxboro, MA(i) 19,425 6.000 Jan--13 2,817 --
Waterloo, IA 6,533 5.610 Feb--13 672 3,505
Lancaster, CA (first) 10,464 7.020 Sep--13 900 8,637
Lancaster, CA (second) 8,794 5.920 Sep--13 642 7,518
Knoxville, TN 5,233 5.950 Sep--13 381 4,496
Foxboro, MA(i) 23,649 6.000 Jan--14 2,676 --
Moody, AL 7,596 4.978 Jan--14 493 6,350
Mechanicsburg, PA 13,679 5.730 Mar--14 1,045 10,538
Redmond, OR 10,018 5.616 Apr--14 697 8,484
Fort Mill, SC(g) 20,300 5.373 May--14 1,106 18,311
Eau Claire, WI 2,079 8.000 Jul--14 313 --
Jackson, TN 10,343 5.930 Jul--14 743 8,820
Carrollton, TX 14,520 5.530 Jan--15 993 12,022
Southfield, MI 11,319 4.550 Feb--15 1,058 4,454
Franklin, NC 1,847 8.500 Apr--15 271 --
21
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
12/31/04
($000's)
- -----------------------------------------------------------------------------------------------------------------------
Current
Estimated
Debt Interest Rate Annual Balloon
Property Balance Maturity Debt Service(h) Payment
- -----------------------------------------------------------------------------------------------------------------------
Houston, TX(i) 27,488 6.250 Sep-15 2,050 6,985
Houston, TX(i) 7,788 6.250 Sep-15 658 2,222
Sugar Land, TX(i) 18,050 6.250 Sep-15 1,606 6,286
Houston, TX(i) 68,163 6.250 Sep-15 6,470 18,318
Southborough, MA 2,013 7.500 Sep-15 275 --
Danville, IL 6,522 9.000 Jan-16 692 4,578
Temple, TX 9,106 6.090 Jan-16 668 7,446
Bremerton, WA 6,731 6.090 Apr-16 494 5,465
Dillon, SC 11,793 7.900 Dec-16 1,263 5,273
Westmont, IL 15,877 6.210 Mar-18 1,292 9,662
Wall Township, NJ(i) 29,899 6.250 Jan-21 2,013 --
------------- ---------- ---------- ----------
$ 752,233 6.582% $ 72,782 $ 471,548
------------- ----------- ---------- ----------
Property--Variable Rate
-----------------------
Milpitas, CA (a) (b) $ 13,676 5.500% July-05 $ 1,352 $ 12,713
------------- ----------- ---------- ----------
Corporate
---------
Credit Facility (d) -- --% Aug-06 $ -- $ --
------------- ----------- ---------- ----------
Total $ 765,909 6.562% $ 74,134 $ 484,261
============= ====== =========== ===========
_______________________________
(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.
(i) Debt balances based upon imputed interest rates.
(j) Debt balance included in discontinued operations on the balance sheet.
22
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages Payable
12/31/04
(000's)
- ------------------------------------------------------------------------------------------------------------------------------------
Current
LXP Estimated
Debt Proportionate Interest Annual Balloon
Joint Venture Property Balance Share Rate Maturity Debt Service Payment
- ------------------------------------------------------------------------------------------------------------------------------------
Columbia, SC(1) $ 24,134 $ 9,654 7.850% Oct-09 $ 2,196 $ 22,586
Houston, TX(2) 20,814 6,938 7.580 Oct-09 2,032 18,229
Santa Clarita, CA(3) 28,200 8,460 4.750 Oct-09 1,340 28,200
Fishers, IN(2) 14,798 4,933 8.190 Apr-10 1,499 12,960
Watertown, NY(3),(5) 2,716 815 6.000 Jul-10 596 --
San Diego, CA(3),(5) 1,841 552 6.000 Jul-10 404 --
Lorain, OH(3),(5) 4,089 1,227 6.000 Jul-10 898 --
Galesburg, IL(3),(5) 1,621 486 6.000 Jul-10 356 --
Fairlea, WV(3),(5) 1,908 572 6.000 Jul-10 419 --
Manteca, CA(3),(5) 2,889 867 6.000 Jul-10 634 --
Herndon, VA(2) 11,373 3,791 7.600 Sep-10 1,107 9,769
Lake Mary, FL(2) 13,086 4,362 7.880 Oct-10 1,181 12,118
Lake Mary, FL(2) 13,047 4,349 7.880 Oct-10 1,178 12,082
Irving, TX(2) 26,297 8,766 8.160 Oct-10 2,432 24,454
Parsippany, NJ(2) 40,545 13,515 7.350 Mar-11 3,472 37,047
Novato, CA(3) 22,531 6,759 5.750 Jul-11 1,600 20,307
Winchester, VA(2) 10,655 3,552 7.330 Aug-11 908 9,675
Antioch, TN(3) 14,708 4,412 7.940 Oct-11 1,580 11,177
Milford, OH(2) 16,727 5,576 8.170 Feb-12 1,751 12,686
Temperance, MI(2) 11,604 3,868 6.000 Sep-12 936 9,400
Laurens, SC(2) 17,310 5,770 6.000 Sep-12 1,396 14,022
Farmington Hills, MI(2) 20,979 6,993 5.420 Sep-12 1,500 17,724
Baton Rouge, LA(3) 6,899 2,070 4.900 Oct-12 443 5,943
Plymouth, MI(3) 12,538 3,761 6.220 Dec-12 1,026 10,026
Colorado Springs, CO(2) 11,734 3,911 6.250 Dec-12 887 10,272
Centennial, CO(3) 15,738 4,721 6.150 Feb-13 1,177 13,555
Malvern, PA(3) 13,233 3,970 5.530 Jan-14 916 11,236
Arlington, TX(4) 21,782 5,446 5.810 Feb-14 1,551 18,605
New Lenox, IL(3) 17,400 5,220 5.510 Feb-14 972 17,400
Logan Township, NJ(3) 7,690 2,307 4.760 Apr-14 371 6,784
Rancho Cordova, CA(3) 18,855 5,657 6.000 Sept-14 1,457 14,646
Weston, FL(3) 10,848 3,254 5.420 Nov-14 733 9,066
Canonsburg, PA(3) 9,095 2,729 5.377 Dec-14 489 9,095
Chicago, IL(3) 29,900 8,970 5.105 Jan-15 1,548 29,900
Herndon, VA(3) 12,382 3,715 5.920 Apr-15 888 10,359
Mission, TX(3) 6,513 1,954 5.780 Jun-15 462 5,371
Houston, TX(3) 23,910 7,173 5.410 Oct-15 1,311 21,846
Weston, FL(3) 7,492 2,248 5.520 Nov-17 512 5,758
Watertown, NY(3),(5) 996 299 6.000 Jul-18 72 --
San Diego, CA(3),(5) 675 203 6.000 Jul-18 49 --
Lorain, OH(3),(5) 1,499 450 6.000 Jul-18 108 --
Galesburg, IL(3),(5) 594 178 6.000 Jul-18 43 --
Fairlea, WV(3),(5) 699 210 6.000 Jul-18 51 --
Manteca, CA(3),(5) 1,059 318 6.000 Jul-18 77 --
Overland Park, KS(4) 37,620 9,405 5.830 May-19 2,224 31,819
Kansas City, MO(4) 17,950 4,488 5.830 May-19 1,061 15,182
West Chester, PA(3) 11,120 3,336 6.750 Jul-19 1,204 --
Meridian, ID(4) 10,413 2,603 6.010 Aug-19 753 7,658
Streetsboro, OH(4) 20,200 5,050 5.285 Sept-19 1,082 16,338
Lenexa, KS(4) 10,452 2,613 6.270 Dec-19 774 7,755
Durham, NH(2) 19,182 6,394 6.730 Mar-21 1,312 --
------------- ------------ ---------- ---------- --------------
$ 680,340 $ 208,870 6.337% $ 52,968 $ 551,050
============ =========== =========== ========== ==============
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.
5 Debt balances based upon imputed rates.
23
Lexington Corporate Properties Trust
Supplemental Reporting Package
Debt Maturity Schedule
12/31/04
($000's)
Consolidated properties
- --------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments(1) Average Interest Rate
------------ -------- ---------------------
2005 $ 24,057 $ 12,713 5.50%
2006 25,873 -- --
2007 31,298 -- --
2008 25,474 65,557 6.60
2009 26,007 47,680 7.18
--------------- --------------- ----------------
$ 132,709 $ 125,950 6.71%
=============== =============== =================
Joint venture properties -- LXP proportionate share
- --------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments(2) Average Interest Rate
------------ -------- ---------------------
2005 $ 3,011 $ -- --
2006 3,228 -- --
2007 3,487 -- --
2008 3,749 -- --
2009 4,216 23,571 6.67%
--------------- --------------- -----------------
$ 17,691 $ 23,571 6.67%
=============== =============== =================
(1) Properties encompassing totals are detailed on page 21 and 22.
(2) Properties encompassing totals are detailed on page 23.
24
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue By Tenant Industry
12/31/04
----------------------------------------------------------------
Percentage of Historical
Tenant Industry 12 Month Base Rent (1)
----------------------------------------------------------------
Energy 13.6%
Finance/Insurance 11.6
Telecommunications 9.3
Transportation/Logistics 7.6
Retail--Department/ Discount Store 7.3
Technology 6.2
Construction Materials 5.5
Healthcare 5.4
Retail--Specialty 5.3
Automotive 4.5
Aerospace/Defense 3.9
Food 3.7
Media/Advertising 3.3
Consumer Products 2.7
Retail--Electronics 2.6
Printing/Production 2.5
Health/Fitness 1.6
Apparel 1.4
Security 1.3
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.
25
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue by MSA
12/31/04
- --------------------------------------------------------------------------------
Metropolitan Statistical Area/Location Percentage
-------------------------------------- ----------
- --------------------------------------------------------------------------------
1 Houston--Galveston--Brazoria--TX 6.9%
2 Dallas--Fort Worth--TX 5.3%
3 Youngstown--Warren--OH 5.3%
4 Salt Lake City--Ogden--UT 5.2%
5 Detroit--Ann Arbor--Flint--MI 4.6%
6 Philadelphia--Wilmington--Atlantic City--PA--NJ--DE--MD 4.1%
7 Los Angeles--Riverside--Orange County--CA 3.8%
8 Phoenix--Mesa--AZ 3.7%
9 New York--Northern New Jersey--Long Island--NY--NJ--CT--PA 3.2%
10 Harrisburg--Lebanon--Carlisle--PA 3.0%
11 Washington--Baltimore--DC--MD--VA--WV 2.9%
12 West Palm Beach--Boca Raton--FL 2.6%
13 Charlotte--Gastonia--Rock Hill--NC--SC 2.5%
14 Kansas City--MO--KS 2.5%
15 San Francisco--Oakland--San Jose--CA 2.4%
16 Chicago--Gary--Kenosha--IL--IN--WI 2.2%
17 Columbia--SC 2.0%
18 Columbus--OH 1.8%
19 Boston--Worcester--Lawrence--MA--NH--ME--CT 1.7%
20 Richmond--Petersburg--VA 1.6%
21 Tampa--St. Petersburg--Clearwater--FL 1.5%
22 Greenville--Spartanburg--Anderson--SC 1.5%
23 Ocala--FL 1.3%
24 Norfolk--Virginia Beach--Newport News--VA--NC 1.2%
25 Orlando--FL 1.1%
26 Dillon--SC 1.1%
27 Hartford--CT 1.1%
28 Atlanta--GA 1.0%
29 Chester--VA 1.0%
30 Killeen--Temple--TX 0.9%
31 Portland--Salem--OR--WA 0.9%
32 Seattle--Tacoma--Bremerton--WA 0.9%
33 San Antonio--TX 0.9%
34 Redmond--OR 0.8%
35 Cincinnati--Hamilton--OH--KY--IN 0.7%
36 Florence--SC 0.7%
37 Dubuque--IA 0.7%
38 Canton--Massillon--OH 0.7%
39 Denver--Boulder--Greeley--CO 0.7%
40 Indianapolis--IN 0.6%
41 Laurens--SC 0.6%
42 Baton Rouge--LA 0.6%
43 Klamath Falls--OR 0.6%
44 Waterloo--Cedar Falls--IA 0.6%
45 Honolulu--HI 0.6%
26
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue by MSA
12/31/04
- --------------------------------------------------------------------------------
Metropolitan Statistical Area/Location Percentage
-------------------------------------- ----------
- --------------------------------------------------------------------------------
46 Danville--IL 0.6%
47 San Diego--CA 0.5%
48 Cleveland--Akron--OH 0.5%
49 Birmingham--AL 0.5%
50 Jackson--TN 0.5%
51 Newport--OR 0.5%
52 Knoxville--TN 0.5%
53 New Haven--West Haven--Bridgeport--CT 0.5%
54 Henderson--NC 0.5%
55 McAllen--Edinburg--Mission--TX 0.5%
56 Kalamazoo--Battle Creek--MI 0.4%
57 Mansfield--OH 0.4%
58 Jacksonville--FL 0.3%
59 Colorado Springs--CO 0.3%
60 Sacramento--Yolo--CA 0.3%
61 Minneapolis--St. Paul--MN--WI 0.3%
62 Greensboro--Winston--Salem--High Point--NC 0.3%
63 Winchester--VA 0.3%
64 Eau Claire--WI 0.3%
65 Tucson--AZ 0.3%
66 Clackamas--OR 0.3%
67 Des Moines--IA 0.2%
68 Franklin--NC 0.2%
69 Tulsa--OK 0.2%
70 Gordonsville--TN 0.2%
71 Nashville--TN 0.2%
72 Miami--Fort Lauderdale--FL 0.1%
73 Memphis--TN--AR--MS 0.1%
74 Gainesville--GA 0.1%
75 Stockton--Lodi--CA 0.1%
76 Boise City--ID 0.1%
77 Reno--NV 0.1%
78 Anniston--AL 0.1%
79 Lynchburg--VA 0.1%
80 Syracuse--NY --
81 Pittsburgh--PA --
82 Wilmington--NC --
83 Watertown--NY --
84 Galesburg--IL --
85 Lewisburg--WV --
================================================================================
Totals 100.0%
================================================================================
27
Lexington Corporate Properties Trust
Supplemental Reporting Package
Other Revenue Data
12/31/04
Historical 12--Month Base Rent
Revenue by Property Type ($000's)(A) Percentage
- --------------------------------------------------------------------------------
Office $ 102,663 60.7%
Industrial 54,292 32.1
Retail 12,208 7.2
---------- -------
$ 169,163 100.0%
========== ========
Revenue by Credit Rating(C)
- ---------------------------
Investment Grade $ 81,663 48.3%
Non--Investment Grade 35,286 20.9
Unrated 52,214 30.8
---------- --------
$ 169,163 100.0%
============ ========
Percentage of
Base Rent for 12
Number of Months
Top 15 Tenants/Guarantors Properties(B) Property Type Ended 12/31/04(A)
- ----------------------------------------------------------------------------------------------------------------------
Baker Hughes, Inc. 4 Office (3)/Industrial (1) 6.0%
Kmart Corporation 7 Industrial(1)/Retail (6) 5.3
Northwest Pipeline Corp. 1 Office 5.2
Exel Logistics, Inc.(NFC plc) 4 Industrial 3.0
Nextel Finance Company 4 Office 2.8
Honeywell, Inc. 3 Office 2.5
Wells Fargo Home Mortgage, Inc. 2 Office 2.5
Employers Reinsurance Corp. 2 Office 2.4
Michaels Stores, Inc. 2 Industrial 2.3
Owens Corning 4 Industrial 2.2
VarTec Telecom, Inc. (D) 1 Office 2.1
James Hardie Building Products, Inc. 1 Industrial 2.0
(James Hardie Industries N.V.)
Circuit City Stores, Inc. 3 Office(1)/Retail(1)/Industrial (1) 2.0
Aventis Pharmaceuticals, Inc. 1 Office 1.7
Blue Cross Blue Shield of South Carolina, Inc. 1 Office 1.5
-- ---
40 43.5%
== =====
(A) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through the date of sale.
(B) As of December 31, 2004.
(C) As of February 7, 2005.
(D) Tenant declared bankruptcy and has rejected the lease.
28