LEXINGTON CORPORATE PROPERTIES TRUST
SUPPLEMENTAL REPORTING PACKAGE
For the three months ended March 31, 2005
Table of Contents
Income Statements.................................................. 1
Balance Sheets..................................................... 2
First Quarter Transaction Summary.................................. 3
Property Holdings.................................................. 4
Properties by Location.............................................15
Lease Rollover Schedules...........................................16
Mortgages and Notes Payable........................................18
Revenue by Tenant Industry.........................................22
Revenue by MSA.....................................................23
Other Revenue Data.................................................25
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
March 31,
2005 2004
---- ----
Gross revenues:
Rental $ 37,459 $ 31,311
Advisory fees 634 950
Tenant reimbursements 549 1,512
---------- ----------
Total gross revenues 38,642 33,773
Expense applicable to revenues:
Depreciation and amortization (11,913) (7,284)
Property operating (2,313) (2,287)
General and administrative (4,347) (3,475)
Non-operating income 684 114
Interest and amortization expense (12,671) (9,327)
---------- ----------
Income before provision for income taxes, minority interests,
equity in earnings of non-consolidated entities and
discontinued operations 8,082 11,514
Provision for income taxes (96) (872)
Minority interests (881) (1,239)
Equity in earnings of joint ventures 1,425 1,804
---------- ----------
Income from continuing operations 8,530 11,207
---------- ----------
Discontinued operations, net of minority interest:
Income from discontinued operations 282 766
Impairment charges (30) (1,732)
Gains on sales of properties 744 1,737
---------- ----------
Total discontinued operations 996 771
---------- ----------
Net income 9,526 11,978
Dividends attributable to preferred shares - Series B (1,590) (1,590)
Dividends attributable to preferred shares - Series C (2,519) --
---------- ----------
Net income allocable to common shareholders $ 5,417 $ 10,388
Depreciation and amortization 11,789 7,752
Minority interests - OP Units 857 928
Amortization of leasing commissions 124 181
Joint venture adjustment - depreciation 3,148 1,314
Preferred share dividend - Series C 2,519 --
Gains on sales of properties (744) (1,737)
---------- ----------
Funds from operations(2) $ 23,110 $ 18,826
========== ==========
Rent below GAAP revenue(1) $ 59 $ 531
========== ==========
Per share/unit
Basic net income $ 0.11 $ 0.24
Diluted net income $ 0.11 $ 0.24
Funds from operations(2)-basic $ 0.39 $ 0.39
Funds from operations(2)-diluted $ 0.39 $ 0.39
1
LEXINGTON CORPORATE PROPERTIES TRUST
AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
3/31/05 12/31/04
------- --------
Real estate, at cost $ 1,414,201 $ 1,407,872
Accumulated depreciation (190,643) (180,610)
Investment in joint ventures 132,526 132,738
Properties held for sale - discontinued operations 17,162 13,216
Intangible assets, net 54,280 54,736
Cash and cash equivalents 150,551 146,957
Deferred expenses, net 8,346 7,860
Rent receivable 421 4,123
Rent receivable - deferred 23,516 23,923
Due from affiliates - 45,800
Other assets 93,983 40,472
------------------- -------------------
$ 1,704,343 $ 1,697,087
=================== ===================
Mortgages and notes payable $ 758,487 $ 765,144
Liabilities - discontinued operations 959 1,688
Other liabilities 20,000 22,388
Prepaid rent 7,702 3,818
Minority interests 55,449 56,759
Shareholders' equity 861,746 847,290
------------------- -------------------
$ 1,704,343 $ 1,697,087
=================== ===================
Common shares 49,133,925 48,621,273
Preferred shares - Series B 3,160,000 3,160,000
Preferred shares - Series C 3,100,000 2,700,000
Operating partnership units 5,374,499 5,408,699
------------------- -------------------
60,768,424 59,889,972
=================== ===================
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
2005 First Quarter Transaction Summary
Acquisitions ($000's) Average
Property Capitalized Annual Average Lease
Tenant/Guarantor Location Type Costs Rent net Yield Term
- ---------------- -------- ---- ----- -------- ----- ----
Alstom Power, Inc. Knoxville, TN Office $ 12,012 $ 1,140 9.5% 10/14
Dispositions ($000's)
Tenant/Guarantor Location Property Net Sale Net
- ---------------- -------- Type Price Book Value
---- ----- ----------
Wal-Mart, Inc. Gainesville, GA Retail $ 3,089 $ 2,564
Circuit City Stores, Inc. Lynchburg, VA Retail 986 761
---------------- ------------
$ 4,075 $ 3,325
================ ============
Lease Extensions ($000's)
Tenant/Guarantor Location Property Previous Extended Extension Rent
- ---------------- -------- Type Term Term Per Annum
---- ---- ---- ---------
Ameritech Services, Inc. Columbus, OH Industrial 05/05 05/15 $ 138
Hartford Fire Insurance Company Southington, CT Office 12/05 12/12 1,570
Cadbury Adams (1) Parsippany, NJ Office 01/10 06/15 4,009
New Financings ($000's)
Tenant/Guarantor Location Amount Rate Maturity Date
- ---------------- -------- ------ ---- -------------
Spacelabs Medical, Inc. Issaquah, WA $ 32,800 5.00% 12/14
(OSI Systems, Inc.) (2) 2 properties
Verizon Wireless (2) Wilmington, NC 13,000 5.19% 03/17
---------- -----
$ 45,800 5.05%
========= =====
(1) Lexington has a 33 1/3% interest in this property.
(2) Lexington has a 25% interest in this property.
3
Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/05
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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. $ 2,193 $ 2,193 295,000 1982
Salt Lake City, UT
10001 Richmond Avenue Baker Hughes, Inc. 1,996 1,843 554,385 1976/1984
Houston, TX
3480 Stateview Blvd. Wells Fargo Bank N.A. (13) 781 862 169,218 2004
Fort Mill, SC
33 Commercial Street Invensys Systems, Inc. (18) 795 795 164,689 1982
Foxboro, MA (Siebe, Inc.)
3476 Stateview Boulevard Wells Fargo Home 702 755 169,083 2002
Fort Mill, SC Mortgage (4) (5)
9950 Mayland Drive Circuit City Stores, Inc. 715 698 288,562 1990
Richmond, VA
1415 Wyckoff Road New Jersey Natural Gas Co. (10) 646 646 157,511 1983
Wall Township, NJ
2750 Monroe Boulevard Quest Diagnostics, Inc.(2) 597 639 109,281 1985/2001
Valley Forge, PA
1301 California Circle Artesyn North America, Inc. 724 637 100,026 1985
Milpitas, CA (Balfour Beatty plc)
700 Oakmont Lane North American Van Lines, Inc. 590 629 269,715 1989
Westmont, IL (SIRVA, Inc.)(3)
13651 McLearen Road Boeing North American 666 619 159,664 1987
Herndon, VA Services, Inc.
(The Boeing Company)
2211 South 47th Street Avnet, Inc. 638 617 176,402 1997
Phoenix, AZ
70 Mechanic Street Invensys Systems, Inc. (18) 704 612 251,914 1965/1988
Foxboro, MA (Siebe, Inc.)
5600 Broken Sound Blvd Oce Printing Systems USA, Inc. 503 561 143,290 1983/2002
Boca Raton, FL
4200 RCA Boulevard The Wackenhut Corp.(6) 545 542 114,518 1996
Palm Beach Gardens, FL
701 Brookfield Parkway Verizon Wireless (7) 491 517 192,884 2000/2001
Greenville, SC
19019 No. 59th Avenue Honeywell, Inc. 501 495 252,300 1985
Glendale, AZ
4201 Marsh Lane Carlson Resturants Worldwide, 451 494 130,000 2003
Carrollton, TX Inc. (16)
12645 W. Airport Road Baker Hughes, Inc. 478 486 165,836 1997
Sugar Land, TX
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Property Holdings
3/31/05
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed/
Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated
- -------------------------------- ------------------------- --------------- ------------- -------------- --------------
26210 and 26220 Apria Healthcare Group, 422 448 100,012 2001
Enterprise Court Inc.
Lake Forest, CA
2210 Enterprise Drive Washington Mutual 437 425 177,747 1998
Florence, SC Home Loan, Inc.
200 Executive Blvd. S Hartford Fire 541 406 153,364 1983
Southington, CT Insurance Co.
1600 Eberhardt Road Nextel of Texas 346 390 108,800 2001
Temple, TX
2999 SW 6th St. Voice Stream PCS I LLC 334 388 77,484 2004
Redmond, OR (T-Mobile USA, Inc.)
9275 S.W. Peyton Lane Hollywood Entertainment 367 383 122,853 1980/1998
Wilsonville, OR Corp.
160 Clairemont Avenue Allied Holdings, Inc. 408 382 112,248 1983
Decatur, GA
27016 Media Center Drive Playboy Enterprises, Inc. 312 314 63,049 2000
Los Angeles, CA Sony Electronics, Inc. (17) 64 68 20,203
26555 Northwestern Highway Federal-Mogul 290 355 187,163 1963/1965
Southfield, MI Corporation
10419 North 30th Street Time Customer Service, Inc. 358 352 132,981 1986
Tampa, FL (Time, Inc.)
250 Rittenhouse Circle Jones Apparel Group 316 346 255,019 1982
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.) (1)
400 Butler Farm Road Nextel Communications 322 326 100,632 1999
Hampton, VA of the Mid-Atlantic, Inc.
(Nextel Finance Company)
6455 State Hwy 303 NE Nextel West Corporation 242 278 60,200 2001
Bremerton, WA
270 Billerica Road Cadence Design 254 266 100,000 1985
Chelmsford, MA Systems(14)
180 Rittenhouse Circle Jones Apparel Group 229 243 96,000 1998
Bristol, PA USA, Inc.
(Jones Apparel Group, Inc.)
16275 Technology Drive Cymer, Inc. 214 222 65,755 1989
San Diego, CA (Hewlett-Packard)
2529 West Thorns Drive Baker Hughes, Inc. 189 212 65,500 1981/1999
Houston, TX
12000 Tech Center Drive Kelsey-Hayes Company 191 206 80,230 1988
Livonia, MI
2401 Cherahala Boulevard Advance PCS, Inc. 196 205 59,748 2002
Knoxville, TN
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Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/05
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed/
Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated
- ------------------------------- ------------------------ ---------------- ------------- ---------------- -------------
1275 NW 128th Street Principal Life 194 194 61,180 2003
Clive, IA Insurance
Company(12)
13430 N. Black Canyon Freeway Bull HN Information 281 189 137,058 1985/1994
Phoenix, AZ Systems, Inc.
421 Butler Farm Road Nextel Communications 180 180 56,515 2000
Hampton, VA of the Mid-Atlantic, Inc.
(Nextel Finance Company)
100 Barnes Road Minnesota Mining and 140 151 44,400 1978/1985
Wallingford, CT Manufacturing Company
1440 East 15th Street Cox Communications, 107 114 28,591 1988
Tucson, AZ Inc.
250 Turnpike Road Honeywell Consumer 108 108 57,698 1984
Southborough, MA Products
1409 Centerpoint Blvd Alstom Power, Inc. 64 74 84,404 2001
Knoxville, TN (19) (20)
2300 Litton Lane VACANT - - 81,744 1987
Hebron, KY
3615 North 27th Avenue VACANT - - 179,280 1960/1979
Phoenix, AZ
1600 Viceroy Drive VACANT - - 249,452 1986
Dallas, TX
------------------------ ---------------- ------------- ----------------
Subtotal $ 21,822 $ 21,865 6,983,588
------------------------ ---------------- ------------- ----------------
Industrial
- ----------
541 Perkins Jones Road Kmart Corp. $ 2,340 $ 2,233 1,700,000 1982
Warren, OH
19500 Bulverde Road Harcourt Brace 757 857 559,258 2001
San Antonio, TX
2425 Highway 77 North James Hardie Building 850 850 425,816 1996/1997
Waxahachie, TX Products, Inc.
(James Hardie
Industries NV)
3501 West Avenue H Michaels Stores, Inc. 809 826 762,775 1998/2002
Lancaster, CA
9110 Grogans Mill Road Baker Hughes, Inc. 531 766 275,750 1992
Houston, TX
8305 SE 58th Avenue Associated Grocers of 517 560 668,034 1976
Ocala, FL Florida, Inc.
159 Farley Drive Harbor Freight Tools 410 480 474,473 2001
Dillon, SC (Central Purchasing,
Inc.)
6345 Brackbill Boulevard Exel Logistics, Inc. 509 463 507,000 1985/1991
Mechanicsburg, PA (NFC plc)
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Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/05
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed/
Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated
- ------------------------------- ----------------------- ------------------ ------------ ---------------- -------------
590 Ecology Lane Owens Corning 405 405 193,891 2001
Chester, SC
431 Smith Lane Kirkland's, Inc. (11) 352 352 771,127 2004
Jackson, TN
4425 Purks Road Lear Technologies LLC 351 341 183,717 1989/1998
Auburn Hills, MI (Lear Corporation)
(General Motors Corp.)
6 Doughten Road Exel Logistics, Inc. 372 337 330,000 1989
New Kingston, PA (NFC plc)
6500 Adelaide Court Anda Pharmaceuticals, Inc. 306 302 354,676 2002
Groveport, OH (Andrx Corporation)
7500 Chavenelle Road The McGraw-Hill 258 291 330,988 2002
Dubuque, IA Companies, Inc.
12025 Tech Center Drive Kelsey-Hayes Company 262 285 100,000 1987/1988
Livonia, MI
250 Swathmore Avenue Steelcase, Inc. (15) 256 272 244,851 2002
High Point, NC
Moody Commuter & Tech Park TNT Logistics North 263 263 595,346 2004
Moody, AL America, Inc.
(TPG N.V.)
3102 Queen Palm Drive Time Customer 250 252 229,605 1986
Tampa, FL Service, Inc.
(Time, Inc.)
2280 Northeast Drive Ryder Integrated 249 251 276,480 1996/1997
Waterloo, IA Logistics, Inc.
(Ryder Systems, Inc.)
245 Salem Church Road Exel Logistics, Inc. 276 250 252,000 1985
Mechanicsburg, PA (NFC plc)
200 Arrowhead Drive Owens Corning 257 246 400,522 1999
Hebron, OH
3600 Southgate Drive Sygma Network, Inc. 233 233 149,500 2000
Danville, IL
46600 Port Street Johnson Controls, Inc. 231 231 134,160 1996
Plymouth, MI
1133 Poplar Creek Road Corporate Express Office 194 202 196,946 1998
Henderson, NC Products, Inc.
(Buhrmann, N.V.)
450 Stern Street Johnson Controls, Inc. 175 175 111,160 1996
Oberlin, OH
222 Tappan Drive North The Gerstenslager 168 167 296,720 1970
Mansfield, OH Company
(Worthington
Industries)
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Lexington Corporate Properties Trust
Supplemental Reporting Package
Property Holdings
3/31/05
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed/
Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated
- ---------------------------- --------------------------- ----------------- -------------- --------------- ------------
34 East Main Street Exel Logistics, Inc. 180 163 179,200 1981
New Kingston, PA
7670 Hacks Cross Road Dana Corporation 151 158 168,104 1989
Olive Branch, MS
191 Arrowhead Drive Owens Corning 151 157 250,410 2000
Hebron, OH
904 Industrial Road Tenneco Automotive 144 150 195,640 1968/1972
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
109 Stevens Street Unisource Worldwide, Inc. 143 147 168,800 1958/1969
Jacksonville, FL
128 Crews Drive Stone Container 135 143 185,961 1968/1998
Columbia, SC Corporation
1700 47th Avenue North Owens Corning 136 136 18,620 2003
Minneapolis, MN
7150 Exchequer Drive Corporate Express Office 98 98 79,086 1998
Baton Rouge, LA Products, Inc.
(Buhrmann, N.V.)
324 Industrial Park Road SKF USA, Inc. 91 91 72,868 1996
Franklin, NC
187 Spicer Drive Dana Corporation 86 85 148,000 1983/1985
Gordonsville, TN
300 McCormick Road Ameritech Services, Inc. (9) 64 63 20,000 1990
Columbus, OH
3350 Miac Cove Road Mimeo.com, Inc. (8) 48 42 141,359 1987
Memphis, TN
1601 Pratt Avenue Tenneco Automotive 42 41 53,600 1979
Marshall, MI Operating Company, Inc.
(Tenneco Automotive, Inc.)
--------------------------- ----------------- -------------- ---------------
Subtotal $ 13,050 $ 13,364 12,206,443
--------------------------- ----------------- -------------- ---------------
Retail
- ------
2655 Shasta Way Fred Meyer, Inc. $ 252 $ 252 178,204 1986
Klamath Falls, OR
Fort Street Mall, Liberty House, Inc. 241 243 85,610 1980
King Street
Honolulu, HI
150 N.E. 20th Street Fred Meyer, Inc. 207 207 118,179 1986
Newport, OR
6475 Dobbin Road Offenbacher Aquatics, Inc. 41 47 17,100 1983
Columbia, MD Haverty Furniture 140 158 46,724
Companies, Inc.
35400 Cowan Road Sam's Real Estate 188 188 102,826 1987/1997
Westland, MI Business Trust
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Property Holdings
3/31/05
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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 210 178 36,556 1988
Phoenix, AZ Corporation
4733 Hills & Dales Road Scandinavian Health Spa, Inc. 182 171 37,214 1987
Canton, OH (Bally Total Fitness Corp.)
1160 White Horse Road Physical Fitness Centers of 205 168 31,750 1987
Voorhees, NJ Philadelphia, Inc.
(Bally Total Fitness Corp.)
5917 S. La Grange Road Bally Total Fitness Corp. 165 129 25,250 1987
Countryside, IL
4831 Whipple Avenue, N.W. Best Buy Co., Inc. 116 116 46,350 1995
Canton, OH
3711 Gateway Drive Kohl's Dept. Stores, Inc. 117 116 76,164 1994
Eau Claire, WI
12535 S.E. 82nd Avenue Toys "R" Us, Inc. 108 106 42,842 1981
Clackamas, OR
399 Peach Wood Centre Drive Best Buy Co., Inc. 99 99 45,800 1996
Spartanburg, SC
18601 Alder Wood Mall Toys "R" Us, Inc. 99 98 43,105 1981
Boulevard
Lynwood, WA
6910 S. Memorial Highway Toys "R" Us, Inc. 91 89 43,123 1981
Tulsa, OK
24100 Laguna Hills Mall Federated Department 169 87 160,000 1974
Laguna Hills, CA Stores, Inc.
9580 Livingston Road GFS Realty, Inc. 51 68 107,337 1976
Oxon Hill, MD (Giant Food, Inc.)
121 South Center Street Greyhound Lines, Inc. 52 52 17,000 1968
Stockton, CA
2401 Wooton Parkway GFS Realty, Inc. 47 38 51,682 1977
Rockville, MD (Giant Food, Inc.)
--------------------------- ----------------- -------------- ---------------
Subtotal $ 2,780 $ 2,610 1,312,816
--------------------------- ----------------- -------------- ---------------
--------------------------- ----------------- -------------- ---------------
Grand Total $ 37,652 $ 37,839 20,502,847
--------------------------- ----------------- -------------- ---------------
9
(1) Tenant can cancel lease on 03/26/08 with 12 months notice and payment
of $1,392.
(2) Expense stop on this property is $393 per annum.
(3) Tenant can cancel lease on 11/30/13 with 12 months notice and a payment
of $1,300.
(4) Expense stop on this property is $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 $517. 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 can cancel lease on 6/1/10 with 6 months notice and a payment of
$102
(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 can cancel 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) Expense stop on this property is $481.
(20) Tenant can cancel lease on 6/30/12 with 12 months notice and a payment
of approximately $1,100.
10
Lexington Corporate Properties Trust
Supplemental Reporting Package
Joint Venture Property Holdings
3/31/05
- ---------------------------- --------------------------- ----------------- -------------- --------------- ------------
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 $ 2,156 $ 2,122 340,240 2000
Morris Corporate Center IV (Pharma Holdings GmbH)(A)
Parsippany, NJ
17 Technology Circle Blue Cross Blue Shield 1,844 1,733 456,304 1999/2001
Columbia, SC of South Carolina Inc.(B)
100 Wood Hollow Drive Greenpoint Mortgage 1,099 1,216 124,600 2001
Novato, CA Funding, Inc. (E)(F)
6555 Sierra Drive True North Communications 1,078 1,062 247,254 1999
Irving, TX Inc.(A)
5200 Metcalf Avenue Employers Reinsurance 989 989 320,198 1980/1990/
Overland Park, KS Corporation(H) 2003
101 East Erie Building Foote, Cone & Belding 959 960 203,376 1986
Chicago, IL (Interpublic Group of
Companies, Inc.) (E)
Higgins Development Partners(E) 27 27 19,089 1986
VACANT(E) - - 2,100 1986
27027 Tourney Road Specialty Laboratories, 891 891 187,262 2004
Santa Clarita, CA Inc.(E)
15375 Memorial Drive Vastar Resources, Inc.(A) 859 859 327,325 1985
Houston, TX
10300 Kincaid Drive Bank One Indiana, N.A.(A)(D) 845 822 193,000 1999
Fishers, IN
10300 Town Park Drive Veritas DGC, Inc. (E) 694 812 218,641 2000
Houston, TX
600 International Parkway First USA Management 731 730 125,155 1997
Lake Mary, FL Services, Inc.(A)(C)
550 International Parkway First USA Management 705 705 125,920 1999
Lake Mary, FL Services, Inc.(A)(C)
10940 White Rock Road Progressive Casualty 661 701 158,582 2002
10929 Disk Drive Insurance Company(E)
Rancho Cordova, CA
2000 Eastman Drive Structural Dynamic 683 697 212,836 1991
Milford, OH Research Corp.(A)
3701 Corporate Drive Motorola, Inc.(A) (J) 678 678 119,829 2001
Farmington Hills, MI
1401 & 1501 Nolan Siemens Dematic Postal 596 633 233,783 2003
Ryan Parkway Automation, L.P. (H)
Arlington, TX
9201 East Dry Creek Road The Shaw Group, Inc. (E) (K) 508 627 128,500 2001/2002
Centennial, CO
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- ---------------------------- --------------------------- ----------------- -------------- --------------- --------------
YTD YTD
Base Cash Base GAAP Square Year
Revenue Revenue Constructed/
Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated
- ---------------------------- --------------------------- ----------------- -------------- --------------- --------------
1475 Dunwoody Drive ING USA Annuity and Life 477 510 125,000 1998/1999
West Chester, PA Insurance Company (E)
13775 McLearen Road Equant N.V. (E) (M) 451 503 125,293 1984/1988/
Herndon, VA 1992
14040 Park Center Road NEC America, Inc.(A) 477 500 108,000 1987
Herndon, VA
70 Valley Stream Parkway IKON Office Solutions, 481 499 106,855 1987
Malvern, PA Inc(E)(I)
5150 220th Avenue South Spacelabs Medical, Inc 467 487 106,944 1992
Issaquah, WA (OSI Systems, Inc.)(H)
9201 Stateline Employers Reinsurance 458 458 166,641 1963/1985/
Kansas City, MO Corporation(H) 2003
22011 SE 51st Street Spacelabs Medical, Inc 423 417 95,600 1987
Issaquah, WA (OSI Systems, Inc.)(H)
1110 Bayfield Drive Honeywell International, 384 409 166,575 1980/2002
Colorado Springs, CO Inc.(A)
3601 Converse Drive Verizon Wireless(H) 383 406 160,500 2004
Wilmington, NC
275 Technology Drive ANSYS, Inc.(E) 310 338 107,872 1996
Canonsburg, PA
Renner Blvd. Voicestream PCS II 293 338 77,484 2004
Lenexa, KS Corporation
(T-Mobile USA, Inc.) (H)
East Goldstone Drive T-Mobile USA, Inc. (H) 286 330 77,483 2004
Meridian, ID
4455 American Way Bell South Mobility, 253 272 70,100 1997
Baton Rouge, LA Inc. (E)
3711 San Gabriel Voice Stream PCS II LLC 225 246 75,016 2004
Mission, TX (T-Mobile USA, Inc.) (E)
--------------------------- ----------------- -------------- ---------------
Subtotal Office $ 21,371 $ 21,977 5,313,357
--------------------------- ----------------- -------------- ---------------
Industrial
- ----------
101 Michelin Drive TNT Logistics North 776 $ 807 1,164,000 1991/1993
Laurens, SC America, Inc.
(TPG N.V.) (A)
Philipp Parkway L'Oreal USA, Inc. (H) 573 630 649,250 2004
Streetsboro, OH
7111 Crabb Road TNT Logistics North 519 540 752,000 1978/1993
Temperance, MI America, Inc.
(TPG N.V.) (A)
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3/31/05
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YTD YTD
Base Cash Base GAAP Year
Revenue Revenue Square Constructed/
Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated
------------------------- --------------------------- ----------------- -------------- --------------- --------------
6050 Dana Way Dana Corporation (E) (L) 611 535 677,400 1999
Antioch, TN
2400 West Haven Avenue Michaels Stores Procurement 486 486 693,000 2004
New Lenox, IL Company, Inc.
(Michaels Stores, Inc.) (E)
43955 Plymouth Oaks Tower Automotive Products 471 471 290,133 1996/1998
Boulevard Company (E)
Plymouth, MI (Tower Automotive, Inc.)
121 Technology Drive Heidelberg Web Systems, 339 462 500,500 1986/2003
Durham, NH Inc. (A) (G)
3225 Meridian Parkway Hagemeyer Foods, Inc. (E) 371 402 201,845 1995
Weston, FL
291 Park Center Drive Kraft Foods North 355 379 344,700 2001
Winchester, VA America, Inc. (A)
1109 Commerce Boulevard Linens-n-Things, Inc. (E) 315 313 262,644 1998
Logan Township, NJ
3245 Meridian Parkway Circuit City Stores, Inc. (E) 262 292 230,600 1995
Weston, FL
--------------------------- ----------------- -------------- ---------------
Subtotal Industrial $ 5,078 $ 5,317 5,766,072
--------------------------- ----------------- -------------- ---------------
Retail
------
12080 Carmel Kmart Corporation (E) (N) $ 50 $ 245 107,210 1993
Mountain Road
San Diego, CA
5350 Leavitt Road Kmart Corporation (E) (N) 110 182 193,193 1993
Lorain, OH
255 Northgate Drive Kmart Corporation (E) (N) 78 129 107,489 1993
Manteca, CA
21082 Pioneer Kmart Corporation (E) (N) 73 121 120,727 1993
Plaza Drive
Watertown, NY
US 219 Kmart Corporation (E) (N) 51 77 90,933 1993
Fairlea, WV
1150 West Carl Kmart Corporation (E) (N) 44 72 94,970 1992
Sandburg Drive
Galesburg, IL
--------------------------- ----------------- -------------- ---------------
Subtotal Retail $ 406 $ 826 714,522
--------------------------- ----------------- -------------- ---------------
--------------------------- ----------------- -------------- ---------------
Grand Total $ 26,855 $ 28,120 11,793,951
--------------------------- ----------------- -------------- ---------------
13
(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 3/30/11 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.
14
The Lexington Corporate Properties Trust
Supplemental Reporting Package
Properties by Location
3/31/05
Historical 3-Months
Ended March 31, 2005
--------------------
No. of Number 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 $ 7,014 15.0%
2 South Carolina 10 100 3,229,361 4,648 10.0
3 Ohio 12 100 4,272,331 4,074 8.8
4 California 12 100 1,973,963 3,609 7.7
5 Florida 9 100 2,140,748 3,101 6.6
6 Pennsylvania 10 100 2,068,227 2,845 6.1
7 Michigan 11 100 2,199,298 2,344 5.0
8 Virginia 8 100 1,183,366 2,278 4.9
9 Utah 1 100 295,000 2,193 4.7
10 Massachusetts 4 100 574,301 1,781 3.8
11 New Jersey 4 100 792,145 1,615 3.5
12 Arizona 6 78 810,187 1,593 3.4
13 Illinois 6 100 1,457,000 1,455 3.1
14 Oregon 5 100 539,562 1,336 2.9
15 Tennessee 6 94 1,882,038 919 2.0
16 Iowa 3 100 668,648 736 1.6
17 North Carolina 4 100 675,165 667 1.5
18 Washington 4 100 305,849 602 1.3
19 Connecticut 2 100 197,764 557 1.2
20 Georgia 2 100 112,248 405 0.9
21 Kansas 2 100 397,682 332 0.7
22 Colorado 2 100 295,075 324 0.7
23 Maryland 3 100 222,843 311 0.7
24 Indiana 1 100 193,000 274 0.6
25 Alabama 1 100 595,346 263 0.6
26 Hawaii 1 100 85,610 243 0.5
27 Louisiana 2 100 149,186 180 0.4
28 Mississippi 1 100 168,104 158 0.3
29 New Hampshire 1 100 500,500 154 0.3
30 Minnesota 1 100 18,620 136 0.2
31 Wisconsin 1 100 76,164 116 0.2
32 Missouri 1 100 166,641 114 0.2
33 Oklahoma 1 100 43,123 88 0.2
34 Idaho 1 100 77,483 83 0.2
35 New York 1 100 120,727 36 0.1
36 West Virginia 1 100 90,933 23 0.1
37 Kentucky 1 - 81,744 - -
----------------- ------------ ------------ ------------ -------------- ---------------
Total 155 98.1% 32,296,798 $ 46,607 100.0%
----------------- ------------ ------------ ------------ -------------- ---------------
(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 March 31, 2005.
(3) Includes operating properties owned during the three months ended March
31, 2005.
15
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule by Property Type - Cash Basis
3/31/05
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 $ 2,895 $ 28.94 $ 840 $ 2.40 $ - $ -
2006 2,386 8.82 6,199 5.21 1,183 9.16
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 11,388 15.48 2,436 3.61 - -
2011 6,129 20.78 536 4.67 826 6.99
2012 9,386 13.25 8,988 3.93 - -
2013 8,219 11.31 483 6.11 226 13.24
2014 11,557 15.32 3,522 3.65 1,137 3.74
2015 19,715 13.47 4,232 9.12 469 6.15
2016 4,939 17.82 3,663 6.55 - -
2017 694 17.99 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 - -
Weighted Average $ 15.35 $ 4.35 $ 5.80
======= ======= ========
(1) Includes proportionate share of joint venture investments.
16
Lexington Corporate Properties Trust
Supplemental Reporting Package
Lease Rollover Schedule - GAAP Basis
3/31/05
($000's)
Percentage of
Total Total
Number of Annualized Annualized
Year Leases Expiring Base Rent (1) Base Rent
- ---------------- -------------------------------- ---------------------- ----------------------------------
2005 3 $ 2,929 1.6%
2006 11 11,338 6.1
2007 5 13,944 7.6
2008 5 7,417 4.0
2009 15 19,537 10.6
2010 11 12,908 7.0
2011 6 8,100 4.4
2012 16 16,916 9.2
2013 9 8,994 4.9
2014 17 16,649 9.0
2015 16 25,353 13.7
2016 6 6,468 3.5
2017 6 3,966 2.1
2018 11 6,495 3.5
2019 7 8,020 4.3
2020 3 7,264 3.9
2021 3 5,406 2.9
2022 0 0 -
2023 0 0 -
2024 3 2,269 1.3
2025 0 0 -
2026 1 617 0.4
-------------------------------- ---------------------- ----------------------------------
Total 154 $ 184,590 100.0%
================================ ====================== ==================================
(1) Includes proportionate share of joint venture investments.
17
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
3/31/05
($000's)
- --------------------------------- ------------------ -------------- ------------- ---------------- --------------------
Current
Estimated
Debt Interest Annual Balloon
Property - Fixed Rate Balance Rate Maturity Debt Service(g) Payment
- --------------------------------- ------------------ -------------- ------------- ---------------- --------------------
Warren, OH(c) $ 16,412 7.000% Oct-07 $ 6,160 $ --
Bristol, PA 9,597 7.400 Feb-08 831 9,262
Boca Raton, FL(e) 15,275 5.250 Mar-08 802 15,275
Decatur, GA 6,539 6.720 Jun-08 579 6,049
Phoenix, AZ 13,823 7.890 Jun-08 1,434 12,591
Palm Beach Gardens, FL 11,113 7.010 Jun-08 970 10,418
Dubuque, IA 7,159 4.890 Aug-08 513 6,588
Canton, OH 3,231 7.150 Aug-08 313 2,936
Spartanburg, SC 2,683 7.150 Aug-08 260 2,438
Florence, SC 9,193 7.500 Feb-09 869 8,443
Ocala, FL 12,521 7.250 Feb-09 1,332 10,700
Canton, OH 1,264 9.490 Feb-09 388 --
Baton Rouge, LA 1,809 7.375 Mar-09 208 1,478
Bristol, PA 5,880 7.250 Apr-09 571 5,228
Livonia, MI 10,869 7.800 Apr-09 992 10,236
Henderson, NC 4,294 7.390 May-09 417 3,854
Westland, MI 2,441 10.500 Sep-09 683 --
Salt Lake City, UT 10,967 7.610 Oct-09 2,901 --
High Point, NC 8,737 5.750 Oct-09 695 7,741
Richmond, VA 16,275 8.100 Feb-10 1,511 15,257
Hampton, VA 4,420 8.260 Apr-10 415 4,144
Hampton, VA 7,207 8.270 Apr-10 677 6,758
Tampa, FL 8,228 6.930 Aug-10 674 7,603
Tampa, FL 5,951 6.880 Aug-10 485 5,495
Herndon, VA 18,592 8.180 Dec-10 1,723 17,301
San Diego, CA 4,131 7.500 Jan-11 411 3,420
Tucson, AZ 2,392 7.500 Jan-11 226 2,076
Columbia, SC 3,346 7.540 Jan-11 317 2,905
Valley Forge, PA 12,775 7.120 Feb-11 1,166 10,927
Glendale, AZ 14,581 7.400 Apr-11 1,258 13,365
Auburn Hills, MI 7,026 7.010 Jun-11 637 5,918
Plymouth, MI 4,672 7.960 Jul-11 463 3,949
Newport, OR 6,863 5.030 Aug-11 470 5,980
Greenville, SC 13,622 4.415 Jan-12 841 11,806
New Kingston, PA 7,129 7.790 Jan-12 678 6,101
Mechanicsburg, PA 5,262 7.780 Jan-12 500 4,503
New Kingston, PA 3,397 7.780 Jan-12 323 2,906
Lake Forest, CA 10,704 7.260 Feb-12 901 9,708
Groveport, OH 7,718 6.030 Oct-12 563 6,860
San Antonio, TX 29,908 6.080 Oct-12 2,260 26,025
Dallas, TX 20,798 7.490 Dec-12 2,020 16,030
Fort Mill, SC 11,344 6.000 Jan-13 839 9,904
Foxboro, MA(c) 19,099 6.000 Jan-13 2,762 --
Waterloo, IA 6,456 5.610 Feb-13 672 3,505
Lancaster, CA (first) 10,422 7.020 Sep-13 900 8,637
Lancaster, CA (second) 8,764 5.920 Sep-13 642 7,518
Knoxville, TN 5,215 5.950 Sep-13 381 4,496
Foxboro, MA(c) 23,438 6.000 Jan-14 2,639 --
Moody, AL 7,567 4.978 Jan-14 493 6,350
Mechanicsburg, PA 13,613 5.730 Mar-14 1,045 10,538
Redmond, OR 9,985 5.616 Apr-14 697 8,484
Fort Mill, SC(f) 20,300 5.373 May-14 1,106 18,311
Eau Claire, WI 2,042 8.000 Jul-14 313 --
Jackson, TN 10,320 5.930 Jul-14 743 8,820
Carrollton, TX 14,488 5.530 Jan-15 993 12,022
Southfield, MI 11,182 4.550 Feb-15 1,058 4,454
Franklin, NC 1,818 8.500 Apr-15 271 --
Houston, TX(c) 27,292 6.250 Sep-15 2,050 6,985
Houston, TX(c) 7,652 6.250 Sep-15 658 2,222
18
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages and Notes Payable
3/31/05
($000's)
--------------------------------- ------------------- ------------ -------------- ---------------- -------------------
Current
Estimated
Debt Interest Annual Balloon
Property Balance Rate Maturity Debt Service(g) Payment
--------------------------------- ------------------- ------------ -------------- ---------------- -------------------
Sugar Land, TX(c) 17,652 6.250 Sep-15 1,606 6,286
Houston, TX(c) 66,233 6.250 Sep-15 6,470 18,318
Southborough, MA 1,982 7.500 Sep-15 275 --
Danville, IL 6,496 9.000 Jan-16 692 4,578
Temple, TX 9,078 6.090 Jan-16 668 7,446
Bremerton, WA 6,710 6.090 Apr-16 494 5,465
Dillon, SC 11,710 7.900 Dec-16 1,263 5,273
Westmont, IL 15,797 6.210 Mar-18 1,292 9,662
Wall Township, NJ(c) 29,828 6.250 Jan-21 2,013 --
---------- ----- ------------ ------------
$ 745,287 6.590% $ 72,472 $ 471,548
------------- ------ ------------ ------------
Property-Variable Rate
----------------------
Milpitas, CA (a) (b) $ 13,200 6.090% July-05 $ 676 $ 12,732
------------- ----- ------------ ------------
Corporate
Credit Facility (d) -- --% Aug-06 -- --
------------- ----- ------------ ------------
Total $ 758,487 6.581% $ 73,148 $ 484,280
============= ===== ============= ============
_______________________
(a) Floating rate debt, 30 day LIBOR plus 350 bps; in April 05 Company
exercised 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) Debt balances based upon imputed interest rates.
(d) Floating rate debt, 30/60/90 day LIBOR plus 150 to 250 bps.
(e) Interest only through maturity.
(f) Interest only through 10/1/07. Commencing 11/1/07 annual debt service
of $1,364 is due.
(g) Remaining payments for debt with less than 12 months to maturity.
19
Lexington Corporate Properties Trust
Supplemental Reporting Package
Mortgages Payable
3/31/05
(000's)
- -----------------------------------------------------------------------------------------------------------------------------------
LXP Current
Debt Proportionate Interest Estimated Annual Balloon
Joint Venture Property Balance Share Rate Maturity Debt Service Payment
- -----------------------------------------------------------------------------------------------------------------------------------
Columbia, SC(1) $ 24,058 $ 9,623 7.850 Oct-09 $ 2,196 $ 22,586
Houston, TX(2) 20,700 6,900 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) 14,726 4,909 8.190 Apr-10 1,499 12,960
Watertown, NY(3),(5) 2,688 806 6.000 Jul-10 596 --
San Diego, CA(3),(5) 1,821 546 6.000 Jul-10 404 --
Lorain, OH(3),(5) 4,046 1,214 6.000 Jul-10 898 --
Galesburg, IL(3),(5) 1,604 481 6.000 Jul-10 356 --
Fairlea, WV(3),(5) 1,888 566 6.000 Jul-10 419 --
Manteca, CA(3),(5) 2,858 857 6.000 Jul-10 634 --
Herndon, VA(2) 11,312 3,770 7.600 Sep-10 1,107 9,769
Lake Mary, FL(2) 13,058 4,353 7.880 Oct-10 1,181 12,118
Lake Mary, FL(2) 13,019 4,340 7.880 Oct-10 1,178 12,082
Irving, TX(2) 26,243 8,748 8.160 Oct-10 2,432 24,454
Parsippany, NJ(2) 40,422 13,474 7.350 Mar-11 3,472 37,047
Novato, CA(3) 22,477 6,743 5.750 Jul-11 1,600 20,307
Winchester, VA(2) 10,632 3,544 7.330 Aug-11 908 9,675
Antioch, TN(3) 14,604 4,381 7.940 Oct-11 1,580 11,177
Milford, OH(2) 16,637 5,545 8.170 Feb-12 1,751 12,686
Temperance, MI(2) 11,562 3,854 6.000 Sep-12 936 9,400
Laurens, SC(2) 17,247 5,748 6.000 Sep-12 1,396 14,022
Farmington Hills, MI(2) 20,888 6,962 5.420 Sep-12 1,500 17,724
Baton Rouge, LA(3) 6,872 2,062 4.900 Oct-12 443 5,943
Plymouth, MI(3) 12,476 3,743 6.220 Dec-12 1,026 10,026
Colorado Springs, CO(2) 11,695 3,898 6.250 Dec-12 887 10,272
Centennial, CO(3) 15,686 4,706 6.150 Feb-13 1,177 13,555
Malvern, PA(3) 13,187 3,956 5.530 Jan-14 916 11,236
Arlington, TX(4) 21,711 5,428 5.810 Feb-14 1,551 18,588
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) 18,801 5,640 6.000 Sept-14 1,457 14,646
Weston, FL(3) 10,811 3,243 5.420 Nov-14 733 9,066
Canonsburg, PA(3) 9,095 2,729 5.377 Dec-14 489 9,095
Issaquah, WA(4) 32,800 8,200 5.001 Dec-14 1,663 30,388
Chicago, IL(3) 29,900 8,970 5.105 Jan-15 1,548 29,900
Herndon, VA(3) 12,343 3,703 5.920 Apr-15 888 10,359
Mission, TX(3) 6,491 1,947 5.780 Jun-15 462 5,371
Houston, TX(3) 23,910 7,173 5.410 Oct-15 1,311 21,846
Wilmington, NC(4) 13,000 3,250 5.190 Mar-17 684 11,580
Weston, FL(3) 7,467 2,240 5.520 Nov-17 512 5,758
Watertown, NY(3),(5) 989 297 6.000 Jul-18 72 --
San Diego, CA(3),(5) 671 201 6.000 Jul-18 49 --
Lorain, OH(3),(5) 1,489 447 6.000 Jul-18 108 --
Galesburg, IL(3),(5) 590 177 6.000 Jul-18 43 --
Fairlea, WV(3),(5) 695 209 6.000 Jul-18 51 --
Manteca, CA(3),(5) 1,052 316 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) 11,006 3,302 6.750 Jul-19 1,204 --
Meridian, ID(4) 10,381 2,595 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) 10,430 2,608 6.270 Dec-19 774 7,755
Durham, NH(2) 19,182 6,394 6.730 Mar-21 1,312 --
------------ ----------- ---------- --------- --------------
$ 724,280 $ 219,728 6.255% $ 55,315 $ 593,001
============ =========== =========== ========= ==============
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.
20
Lexington Corporate Properties Trust
Supplemental Reporting Package
Debt Maturity Schedule
3/31/05
($000's)
Consolidated properties
- ------------------------------------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments(1) Average Interest Rate
------------ -------- ---------------------
2005 - remaining $ 17,215 $ 12,732(3) 6.09%
2006 25,694 - -
2007 31,105 - -
2008 25,266 65,557 6.60
2009 25,989 47,680 7.18
------------------ ------------------ -------------------
$ 125,269 $ 125,969 6.77%
================== ================== ====================
Joint venture properties - LXP proportionate share
- ------------------------------------------------------------------------------------------------------------
Scheduled Balloon Balloon Weighted
Amortization Payments(2) Average Interest Rate
------------ -------- ---------------------
2005 - remaining $ 2,416 $ - -%
2006 3,228 - -
2007 3,487 - -
2008 3,749 - -
2009 4,215 23,571 6.67%
------------------ ----------------- --------------------
$ 17,095 $ 23,571 6.67%
================== ================= ====================
(1) Properties encompassing totals are detailed on pages 18 and 19.
(2) Properties encompassing totals are detailed on page 20.
(3) Subsequent to March 31, 2005 the maturity date of the loan was extended
to July 2006.
21
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue By Tenant Industry
3/31/05
- ----------------------------------------------- --------------------------------
Percentage of Historical
Tenant Industry 3 Month Base Rent (1)
- ----------------------------------------------- --------------------------------
Energy 14.5%
Finance/Insurance 11.2
Technology 9.7
Transportation/Logistics 6.8
Telecommunications 6.8
Retail-Department/ Discount Store 6.7
Media/Advertising 5.3
Retail-Specialty 5.0
Automotive 5.0
Healthcare 4.9
Construction Materials 4.8
Food 4.5
Consumer Products 3.0
Aerospace/Defense 2.9
Printing/Production 2.2
Retail-Electronics 2.2
Health/Fitness 1.4
Apparel 1.3
Security 1.2
Paper/Containers/Packaging 0.6
-----
100.0%
======
(1) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through date of sale.
22
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue by MSA
3/31/05
Percent of
Base Rent for 3
Months Ended
3/31/05
1 Houston-TX 8.2%
2 Youngstown-Warren-OH 4.8%
3 Salt Lake City-UT 4.7%
4 Detroit-MI 4.6%
5 Los Angeles-Orange County-CA 4.3%
6 Boston-MA 4.1%
7 Dallas-Fort Worth-TX 4.0%
8 Philadelphia-PA 3.8%
9 Charlotte-NC 3.5%
10 Phoenix-AZ 3.2%
11 New York-NY 2.9%
12 Washington-Baltimore-DC-MD 2.7%
13 Harrisburg-PA 2.6%
14 Chicago-IL 2.6%
15 West Palm Beach-Boca Raton-FL 2.4%
16 San Francisco-CA 2.1%
17 Columbia-SC 1.9%
18 San Antonio-TX 1.8%
19 Columbus-OH 1.6%
20 Richmond-VA 1.5%
21 Greenville-Spartanburg-SC 1.3%
22 Tampa-FL 1.3%
23 Seattle-WA 1.3%
24 Ocala-FL 1.2%
25 Norfolk-VA 1.1%
26 Dillon, SC 1.0%
27 Orlando-FL 1.0%
28 Kansas City-MO-KS 0.9%
29 Florence-SC 0.9%
30 Cleveland-OH 0.9%
31 Hartford-CT 0.9%
32 Atlanta-GA 0.9%
33 Chester, SC 0.9%
34 Killeen-Temple-TX 0.8%
35 Redmond, OR 0.8%
36 Portland-OR 0.8%
37 Jackson-TN 0.8%
38 Dubuque-IA 0.6%
39 Canton-Massillon-OH 0.6%
40 Knoxville-TN 0.6%
41 Indianapolis-IN 0.6%
42 Greensboro-NC 0.6%
43 Laurens, SC 0.6%
44 Birmingham-AL 0.6%
45 San Diego-CA 0.6%
46 Klamath Falls, OR 0.5%
47 Waterloo-IA 0.5%
23
Lexington Corporate Properties Trust
Supplemental Reporting Package
Revenue by MSA
3/31/05
Percent of
Base Rent for 3
Months Ended
3/31/05
48 Honolulu-HI 0.5%
49 Danville, IL 0.5%
50 Cincinnati-OH 0.5%
51 Sacramento-CA 0.5%
52 Miami-Fort Lauderdale-FL 0.5%
53 Newport, OR 0.4%
54 Henderson, NC 0.4%
55 Memphis-TN 0.4%
56 Des Moines-IA 0.4%
57 Kalamazoo-Battle Creek-MI 0.4%
58 Denver-CO 0.4%
59 Baton Rouge-LA 0.4%
60 Mansfield-OH 0.4%
61 Nashville-TN 0.3%
62 New Haven-CT 0.3%
63 Jacksonville-FL 0.3%
64 Colorado Springs-CO 0.3%
65 Minneapolis-St. Paul-MN 0.3%
66 Winchester, VA 0.3%
67 Stockton-CA 0.3%
68 Wilmington-NC 0.3%
69 Eau Claire-WI 0.3%
70 Tucson-AZ 0.2%
71 Clackamas, OR 0.2%
72 Pittsburgh-PA 0.2%
73 Franklin, NC 0.2%
74 Tulsa-OK 0.2%
75 Gordonsville, TN 0.2%
76 Boise City-ID 0.2%
77 McAllen-TX 0.2%
78 Watertown, NY 0.1%
79 Lewisburg, WV 0.0%
80 Galesburg, IL 0.0%
81 Lynchburg-VA 0.0%
- ------- ---------------------------------------------------- -------------------
Totals 100.00%
24
Lexington Corporate Properties Trust
Supplemental Reporting Package
Other Revenue Data
3/31/05
Historical 3-Month Base Rent
Revenue by Property Type ($000's)(A) Percentage
- ---------------------------------------------------- -------------------------------- ------------------------------
Office $ 28,715 61.6%
Industrial 15,001 32.2
Retail 2,891 6.2
---------- -------
$ 46,607 100.0%
========== =======
Revenue by Credit Rating(C)
- ---------------------------
Investment Grade $ 22,529 48.4%
Non-Investment Grade 9,237 19.8
Unrated 14,841 31.8
------------ -------
$ 46,607 100.0%
============ =======
Percentage of
Base Rent for 3
Number of Months
Top 15 Tenants/Guarantors Properties(B) Property Type Ended 3/31/05(A)
- ---------------------------------------------------- ---------------- ---------------------------------- --------------------
Baker Hughes, Inc. 4 Office (3)/Industrial (1) 7.1%
Kmart Corporation 7 Industrial(1)/Retail (6) 5.3
Northwest Pipeline Corp. 1 Office 4.7
Wells Fargo Home Mortgage, Inc. 2 Office 3.5
Invensys Systems, Inc. (Siebe, Inc.) 2 Office 3.0
Exel Logistics, Inc.(NFC plc) 4 Industrial 2.6
Nextel Finance Company 4 Office 2.5
Michaels Stores, Inc. 2 Industrial 2.1
Owens Corning 4 Industrial 2.0
Harcourt Brace 1 Industrial 1.8
James Hardie Building Products, Inc. 1 Industrial 1.8
(James Hardie Industries N.V.)
Circuit City Stores, Inc. 2 Office(1)/Industrial (1) 1.7
Honeywell, Inc. 3 Office 1.6
Blue Cross Blue Shield of South Carolina, Inc. 1 Office 1.6
TNT Logistics North America, Inc. (TPG N.V) 3 Industrial 1.5
- ---
41 42.8%
== =====
(A) Includes proportionate share of joint venture investments and rental
revenue recognized from properties sold through the date of sale.
(B) As of March 31, 2005.
(C) As of April 25, 2005
25