Quarterly Earnings and
Supplemental Operating and Financial Data
September 30, 2014
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
September 30, 2014
Table of Contents
Section
Third Quarter 2014 Earnings Press Release
Page
3
Portfolio Data
2014 Third Quarter Capital Recycling Summary
Build-To-Suit Projects/Forward Commitments
2014 Third Quarter Leasing Summary
Other Data
Top 20 Markets
Tenant Industry Diversification
Top 10 Tenants or Guarantors
Select Credit Metrics
Historical Credit Metrics Summary
Financial Covenants
Lease Rollover Schedule – GAAP Basis
Lease Rollover Schedule – Cash Basis
Property Leases and Vacancies – Consolidated Portfolio
Mortgages and Notes Payable
Debt Maturity Schedule
Mortgage Loans Receivable
Partnership Interests
Selected Balance Sheet and Income Statement Account Data
13
14
15
17
19
21
22
23
24
25
26
28
29
36
39
40
41
42
Investor Information
43
This Quarterly Earnings Release and Supplemental Reporting Package contains certain forward-looking statements
which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust
“Lexington”, which may cause actual results, performance or achievements of Lexington to be materially different from
the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, those discussed under the headings “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic
reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization of
Lexington’s Board of Trustees of future dividend declarations, including those necessary to achieve an annualized
dividend level of $0.68 per common share/unit (2) Lexington’s ability to achieve its estimate of Company FFO, as
adjusted, for the year ending December 31, 2014, (3) the successful consummation of any lease, acquisition, build-tosuit, financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in
general business and economic conditions, including the impact of any new legislation, (6) competition, (7) increases in
real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital
markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and
Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are
based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally
identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” may,”
“plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as
required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forwardlooking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events.
Accordingly, there is no assurance that Lexington’s expectations will be realized.
LEXINGTON REALTY TRUST
TRADED: NYSE: LXP
ONE PENN PLAZA, SUITE 4015
NEW YORK, NY 10119-4015
FOR IMMEDIATE RELEASE
LEXINGTON REALTY TRUST REPORTS THIRD QUARTER 2014 RESULTS
New York, NY - Friday, November 7, 2014 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real
estate investment trust focused on single-tenant real estate investments, today announced results for the third
quarter ended September 30, 2014.
Third Quarter 2014 Highlights
•
•
•
•
•
•
•
Generated Company Funds From Operations, as adjusted (“Company FFO, as adjusted”),
of $68.7 million, or $0.28 per diluted common share.
Invested $51.0 million in on-going build-to-suit projects and loan investments and
commenced funding a new $10.2 million industrial build-to-suit project.
Committed to acquire a to-be-built industrial property for $155.0 million.
Disposed of five properties for an aggregate disposition price of $52.6 million.
Executed 0.5 million square feet of new and extended leases with overall portfolio 97.6%
leased.
Received $10.3 million for the payoff of the Homestead, Florida loan investment.
Revenue from leases of ten years or longer increased to 40.9% from 28.5% of revenue.
Subsequent to Quarter End Highlights
•
Acquired two properties for $49.5 million.
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated “We are pleased to report strong
operating results for our third quarter, with active leasing throughout our portfolio. We continue to make
progress with respect to executing our capital recycling strategy, by selling five non-core properties for $52.6
million, and building our investment pipeline, by committing to acquire a property for $155.0 million upon
completion of construction next year. The addition of long-term net-leased properties to our portfolio
continues to lengthen our weighted-average lease term and improve our prospects for growth in net operating
income going forward.”
FINANCIAL RESULTS
Revenues
For the quarter ended September 30, 2014, total gross revenues were $109.5 million, compared with total
gross revenues of $93.1 million for the quarter ended September 30, 2013. The increase is primarily due to
property acquisitions.
3
Company FFO, As Adjusted
For the quarter ended September 30, 2014, Lexington generated Company FFO, as adjusted, of $68.7 million,
or $0.28 per diluted share, compared to Company FFO, as adjusted, for the quarter ended September 30,
2013 of $56.1 million, or $0.25 per diluted share. The calculation of Company FFO, as adjusted, and a
reconciliation to net income attributable to Lexington Realty Trust shareholders is included later in this press
release.
Dividends/Distributions
Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended
September 30, 2014 of $0.17 per common share/unit, which was paid on October 15, 2014 to common
shareholders/unitholders of record as of September 30, 2014, and a dividend of $0.8125 per share on its
Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”), which will be paid on
November 17, 2014 to Series C Preferred Shareholders of record as of October 31, 2014.
Net Income Attributable to Common Shareholders
For the quarter ended September 30, 2014, net income attributable to common shareholders was $38.7 million,
or $0.17 per diluted share, compared with net income attributable to common shareholders for the quarter
ended September 30, 2013 of $3.0 million, or $0.01 per diluted share.
OPERATING ACTIVITIES
Investment Activity
On-going Build-to-Suit Projects
Location
Oak Creek, WI
Richmond, VA
Lake Jackson, TX
Thomson, GA
Sq. Ft.
164,000
330,000
664,000
208,000
1,366,000
Property
Type
Industrial
Office
Office/R&D
Industrial
Lease
Term
(Years)
20
15
20
15
Maximum
Commitment/
Estimated
Completion Cost
($000)
$
22,609
110,137
166,164
10,245
$
309,155
GAAP
Investment
Balance as of
9/30/2014
($000)
$
5,263
52,792
27,498
830
$
86,383
Estimated
Completion
Date
2Q 15
3Q 15
4Q 16
2Q 15
Forward Commitments
Location
Auburn Hills, MI
Richland, WA
Property
Type
Office
Industrial
Estimated
Acquisition
Cost
($000)
$
40,025
$
155,000
$
195,025
Estimated
Completion
Date
1Q 15
4Q 15
4
Estimated
Initial
Cash Yield
7.9%
7.1%
Estimated
GAAP
Yield
9.0%
8.6%
Lease
Term
(Years)
14
20
Loan Investments
Lexington collected $10.3 million in full satisfaction of the Homestead, Florida loan investment.
Subsequent to September 30, 2014 Acquisitions
Tenant/Guarantor
ZE-45 Ground Tenant LLC
HealthSouth Corp.
Initial
Basis
Location
Property Type
($000)
New York, NY
Land
$ 30,426
Vineland, NJ Rehab Hospital
19,100
$ 49,526
Initial
Annualized
Cash Rent
($000)
$
1,500
1,113
$
2,613
Initial
Cash
Yield
4.9%
5.8%
Estimated
GAAP
Yield
15.2%
5.8%(1)
Lease
Term
99 yrs
28 yrs
(1) Lease contains annual CPI increases.
Capital Recycling
Dispositions
Tenant
Multi-tenant
Elsevier STM Inc.
Malone's Food Stores, LTD
Safeway, Inc.
Vacant
Location
Johnson City, TN
San Antonio, TX
Dallas, TX
Billings, MT
Allentown, PA
Property
Type
Office
Industrial
Retail
Retail
Office
Gross Disposition
Price
($000)
$
4,000
41,000
3,300
1,475
2,800
$
52,575
Annualized
NOI
($000)
$
174
3,652
358
185
—
$
4,369
Month of
Disposition
Jul-14
Jul-14
Aug-14
Sept-14
Sept-14
Leasing
During the third quarter of 2014, Lexington executed 10 new and extended leases for 0.5 million square feet
and ended the quarter with its overall portfolio 97.6% leased.
Lease Extensions
Location
Prior
Term
Lease
Expiration Date
Sq. Ft.
1
2
3
3
Office
Lake Mary
Lake Mary
Louisville
Total office lease extensions
FL
FL
CO
09/2015
09/2015
04/2017
09/2020
09/2020
04/2027
125,155
125,920
86,877
337,952
1
2
2
Industrial
Franklin
Minneapolis
Total industrial lease extensions
NC
MN
12/2014
06/2015
06/2015
12/2025
72,868
18,620
91,488
5
Total lease extensions
429,440
5
New Leases
Lease
Expiration Date
Location
1-3
4
5
5
Office
Various
Orlando
Houston
Total new leases
10
TOTAL NEW AND EXTENDED LEASES
2015-2025
10/2025
10/2014
FL
TX
Sq. Ft.
2,504
44,752
33,456
80,712
510,152
2014 EARNINGS GUIDANCE
Lexington is revising its expectations for Company FFO, as adjusted, to an expected range of $1.09 to $1.11
per diluted share for the year ended December 31, 2014, as compared to prior guidance of $1.08 to $1.11 per
diluted share. This guidance is forward looking, excludes the impact of certain items and is based on current
expectations.
THIRD QUARTER 2014 CONFERENCE CALL
Lexington will host a conference call today, Friday, November 7, 2014, at 11:00 a.m. Eastern Time, to discuss
its results for the quarter ended September 30, 2014. Interested parties may participate in this conference call
by dialing 877-407-0789 or 201-689-8562. A replay of the call will be available through November 21, 2014,
at 877-870-5176 or 858-384-5517, pin: 13593658. A live webcast of the conference call will be available at
www.lxp.com within the Investors section.
6
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns a diversified portfolio of equity and debt
interests in single-tenant commercial properties and land. Lexington seeks to expand its portfolio through
acquisitions, sale-leaseback transactions, build-to-suit arrangements and other transactions. A majority of
these properties and all land interests are subject to net or similar leases, where the tenant bears all or
substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and
ordinary repairs. Lexington also provides investment advisory and asset management services to investors
in the single-tenant area. Lexington common shares are traded on the New York Stock Exchange under the
symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting
Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor
Relations.
Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: [email protected]
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors
not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different
from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and
Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the
Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future
dividend declarations, including those necessary to achieve an annualized dividend level of $0.68 per common share/unit, (2)
Lexington's ability to achieve its estimate of Company FFO, as adjusted, for the year ending December 31, 2014, (3) the successful
consummation of any lease, acquisition, build-to-suit, financing or other transaction, (4) the failure to continue to qualify as a
real estate investment trust, (5) changes in general business and economic conditions, including the impact of any legislation, (6)
competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and
equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and
Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on
certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the
words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely
result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation
to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or
circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will
be realized.
References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are
held through special purpose entities, which are separate and distinct legal entities, some of which are consolidated for financial
statement purposes and/or disregarded for income tax purposes.
7
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share data)
Three months ended September 30,
2014
Gross revenues:
Rental
Advisory and incentive fees
Tenant reimbursements
Total gross revenues
Expense applicable to revenues:
Depreciation and amortization
Property operating
General and administrative
Non-operating income
Interest and amortization expense
Debt satisfaction charges, net
Impairment charges
Income before provision for income taxes, equity in earnings
(losses) of non-consolidated entities and discontinued
operations
Provision for income taxes
Equity in earnings (losses) of non-consolidated entities
Income (loss) from continuing operations
Discontinued operations:
Income (loss) from discontinued operations
Provision for income taxes
Debt satisfaction gains (charges), net
Gains on sales of properties
Impairment charges
Total discontinued operations
Net income
Less net income attributable to noncontrolling interests
Net income attributable to Lexington Realty Trust
shareholders
Dividends attributable to preferred shares – Series C
Dividends attributable to preferred shares – Series D
Allocation to participating securities
Deemed dividend – Series D
Net income (loss) attributable to common shareholders
Income (loss) per common share – basic:
Income (loss) from continuing operations
Income from discontinued operations
Net income (loss) attributable to common shareholders
Weighted-average common shares outstanding – basic
Income (loss) per common share – diluted:
Income (loss) from continuing operations
Income from discontinued operations
Net income (loss) attributable to common shareholders
Weighted-average common shares outstanding – diluted
Amounts attributable to common shareholders:
Income (loss) from continuing operations
Income from discontinued operations
Net income (loss) attributable to common shareholders
$
$
85,643
98
7,311
93,052
Nine months ended September 30,
2014
2013
$
302,314
383
24,535
327,232
$
254,317
426
22,315
277,058
(40,387)
(16,383)
(6,394)
5,438
(24,967)
(455)
(2,464)
(41,136)
(14,629)
(6,355)
2,147
(22,055)
(2,967)
—
(119,538)
(49,651)
(21,043)
11,692
(75,382)
(7,946)
(18,864)
(123,407)
(43,609)
(20,105)
5,478
(66,455)
(25,396)
(2,413)
23,901
(80)
173
23,994
8,057
(2,433)
(737)
4,887
46,500
(964)
246
45,782
1,151
(2,963)
(397)
(2,209)
19
(7)
—
18,542
(371)
18,183
42,177
(1,772)
(264)
(792)
(3)
2,129
(802)
268
5,155
(460)
2,839
(34)
(299)
22,052
(11,062)
13,496
59,278
(3,537)
708
(1,987)
8,954
14,935
(9,537)
13,073
10,864
(2,057)
$
40,405
(1,573)
—
(112)
—
38,720 $
$
0.09
0.08
$
0.17
229,463,522
$
0.01
—
$
0.01
213,649,374
$
0.17
0.05
$
0.22
228,337,871
(0.09)
0.06
(0.03)
$
204,923,085
$
4,695
(1,573)
—
(144)
—
2,978 $
55,741
(4,718)
—
(399)
—
50,624 $
8,807
(4,718)
(3,543)
(482)
(5,230)
(5,166)
$
$
$
$
0.09
0.08
$
0.17
229,922,110
0.01
—
$
0.01
214,406,065
0.17
0.05
$
0.22
228,830,020
(0.09)
0.06
(0.03)
$
204,923,085
$
$
$
$
$
8
101,680
135
7,698
109,513
2013
21,448
17,272
38,720
$
2,691
287
2,978
$
38,076
12,548
50,624
$
(17,682)
12,516
(5,166)
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except share and per share data)
Assets:
Real estate, at cost
Real estate - intangible assets
Investments in real estate under construction
Less: accumulated depreciation and amortization
Real estate, net
Cash and cash equivalents
Restricted cash
Investment in and advances to non-consolidated entities
Deferred expenses, net
Loans receivable, net
Rent receivable – current
Rent receivable – deferred
Other assets
Total assets
September 30, 2014
December 31, 2013
$
3,786,106
755,784
86,883
4,628,773
1,271,228
3,357,545
109,337
61,732
16,619
67,820
133,077
7,301
47,240
38,955
3,839,626
$
1,005,205
—
505,000
497,607
23,820
129,120
42,315
34,233
14,431
71,719
16,201
2,339,651
$
$
Liabilities and Equity:
Liabilities:
Mortgages and notes payable
Credit facility borrowings
Term loans payable
Senior notes payable
Convertible notes payable
Trust preferred securities
Dividends payable
Accounts payable and other liabilities
Accrued interest payable
Deferred revenue - including below market leases, net
Prepaid rent
Total liabilities
$
Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400
shares issued and outstanding
Common shares, par value $0.0001 per share; authorized 400,000,000 shares,
231,461,102 and 228,663,022 shares issued and outstanding in 2014 and 2013,
respectively
Additional paid-in-capital
Accumulated distributions in excess of net income
Accumulated other comprehensive income
Total shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity
$
9
$
94,016
23
2,747,265
(1,368,185)
3,305
1,476,424
23,551
1,499,975
3,839,626 $
3,812,294
762,157
74,350
4,648,801
1,223,381
3,425,420
77,261
19,953
18,442
66,827
99,443
10,087
19,473
35,375
3,772,281
1,197,489
48,000
406,000
247,707
27,491
129,120
40,018
39,642
9,627
69,667
18,037
2,232,798
94,016
23
2,717,787
(1,300,527)
4,439
1,515,738
23,745
1,539,483
3,772,281
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)
Three Months Ended
September 30,
2014
Nine Months Ended
September 30,
2013
2014
2013
EARNINGS PER SHARE:
Basic:
Income (loss) from continuing operations attributable to
common shareholders
$
21,448 $
Income from discontinued operations attributable to common
shareholders
Net income (loss) attributable to common shareholders
17,272
$
Weighted-average number of common shares outstanding
38,720 $
229,463,522
2,691 $
287
2,978 $
213,649,374
38,076 $
(17,682)
12,548
12,516
50,624 $
(5,166)
228,337,871
204,923,085
Income (loss) per common share:
Income (loss) from continuing operations
$
0.09 $
$
0.17 $
0.01 $
0.22 $
(0.03)
$
21,448 $
2,691 $
38,076 $
(17,682)
Income from discontinued operations
Net income (loss) attributable to common shareholders
0.08
0.01 $
—
0.17 $
0.05
(0.09)
0.06
Diluted:
Income (loss) from continuing operations attributable to
common shareholders - basic
Impact of assumed conversions:
Share options
—
—
—
—
Income (loss) from continuing operations attributable to
common shareholders
21,448
2,691
38,076
(17,682)
Income from discontinued operations attributable to common
shareholders - basic
17,272
287
12,548
12,516
—
—
—
—
12,548
12,516
50,624 $
(5,166)
Impact of assumed conversions:
Share options
Income from discontinued operations attributable to common
shareholders
Net income (loss) attributable to common shareholders
17,272
$
Weighted-average common shares outstanding - basic
38,720 $
287
2,978 $
229,463,522
213,649,374
228,337,871
204,923,085
458,588
756,691
492,149
—
229,922,110
214,406,065
228,830,020
204,923,085
Effect of dilutive securities:
Share options
Weighted-average common shares outstanding
Income (loss) per common share:
Income (loss) from continuing operations
$
0.09 $
$
0.17 $
Income from discontinued operations
Net income (loss) attributable to common shareholders
0.08
10
0.01 $
—
0.01 $
0.17 $
0.05
0.22 $
(0.09)
0.06
(0.03)
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)
Three Months Ended
September 30,
2014
Nine Months Ended
September 30,
2013
2014
2013
FUNDS FROM OPERATIONS: (1)
Basic and Diluted:
Net income attributable to Lexington Realty Trust shareholders
$
40,405 $
4,695 $
55,741 $
8,807
Adjustments:
Depreciation and amortization
39,030
43,227
117,991
131,343
Impairment charges - real estate, including nonconsolidated joint
venture real estate
3,115
1,727
30,856
12,875
Noncontrolling interests - OP units
1,442
202
2,556
1,286
Amortization of leasing commissions
1,580
1,445
4,506
4,124
495
554
1,733
—
—
—
Joint venture and noncontrolling interest adjustment
Preferred dividends - Series D
Gains on sales of properties, net of tax
(18,542)
Interest and amortization on 6.00% Convertible Guaranteed Notes
Reported Company FFO
Debt satisfaction charges, net
Other / Transaction costs
Company FFO, as adjusted
1,675
(3,543)
556
(22,052)
(11,325)
508
642
1,618
2,534
68,033
53,048
192,949
147,776
455
2,970
8,245
16,442
257
59
1,514
603
68,745
56,077
202,708
164,821
(13,478)
(6,361)
(31,057)
(9,281)
1,104
1,032
FUNDS AVAILABLE FOR DISTRIBUTION: (2)
Adjustments:
Straight-line rents
Lease incentives
250
Amortization of below/above market leases
184
Non-cash interest, net
(1,824)
402
34
(185)
903
(4,186)
(136)
(532)
Non-cash charges, net
2,114
2,009
6,563
5,601
Tenant improvements
(1,961)
(2,441)
(5,960)
(30,590)
Lease costs
(1,895)
(5,038)
(8,414)
$
52,135 $
44,497 $
161,661 $
120,958
Reported Company FFO
$
0.28 $
0.23 $
0.80 $
0.67
Company FFO, as adjusted
$
0.28 $
0.25 $
0.84 $
0.75
Company FAD
$
0.22 $
0.20 $
0.67 $
0.55
Reported Company FFO
$
0.28 $
0.23 $
0.80 $
0.67
Company FFO, as adjusted
$
0.28 $
0.25 $
0.84 $
0.75
Company FAD
$
0.22 $
0.19 $
0.67 $
0.55
Reported Company Funds Available for Distribution
(9,957)
Per Share Amounts
Basic:
Diluted:
11
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
REPORTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)
(Unaudited and in thousands, except share and per share data)
Basic:
Weighted-average common shares outstanding - EPS basic
6.00% Convertible Guaranteed Notes
Non-vested share-based payment awards
Operating Partnership Units
Preferred Shares - Series C
Weighted-average common shares outstanding - basic
Three Months Ended
September 30,
Nine Months Ended
September 30,
2014
2013
2014
2013
229,463,522
213,649,374
228,337,871
204,923,085
3,758,546
4,684,069
3,946,334
6,029,067
111,448
487,237
123,446
494,937
3,871,038
4,110,748
3,876,749
4,165,362
4,710,570
4,710,570
4,710,570
4,710,570
241,915,124
227,641,998
240,994,970
220,323,021
241,915,124
227,641,998
240,994,970
220,323,021
458,588
756,691
492,149
876,738
242,373,712
228,398,689
241,487,119
221,199,759
Diluted:
Weighted-average common shares outstanding - basic
Options - Incremental shares
Weighted-average common shares outstanding - diluted
1
Lexington believes that Funds from Operations (“FFO”), which is not a measure under generally accepted accounting principles (“GAAP”),
is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities
analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is
intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real
estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides
a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating
costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that
may not necessarily be apparent from net income.
The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO as “net income (or loss) computed in accordance with
GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated
partnerships and joint ventures.” NAREIT clarified its computation of FFO to exclude impairment charges on depreciable real estate owned
directly or indirectly. FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash
available to fund cash needs.
Lexington presents “Reported Company funds from operations” or “Reported Company FFO,” which differs from FFO because it includes
Lexington's operating partnership units, Lexington's 6.50% Series C Cumulative Convertible Preferred Shares, and Lexington's 6.00% Convertible
Guaranteed Notes due 2030 because these securities are convertible, at the holder's option, into Lexington's common shares. Management believes
this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Reported Company FFO
on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington's common shares, are converted. Lexington
also presents “Company funds from operations, as adjusted” or “Company FFO, as adjusted,” which adjusts Reported Company FFO for certain
items which Management believes are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate
presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds from
operations in a similar fashion, Reported Company FFO and Company FFO, as adjusted, may not be comparable to similarly titled measures as
reported by others. Reported Company FFO and Company FFO, as adjusted, should not be considered as an alternative to net income as an
indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.
2
Reported Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO, as adjusted, for (1)
straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements,
(5) cash paid for lease costs, (6) non-cash interest, net and (7) non-cash charges, net. Although FAD may not be comparable to that of other
REITs, Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should
not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities
or as a measure of liquidity.
###
12
LEXINGTON REALTY TRUST
2014 Third Quarter Capital Recycling Summary
CAPITAL RECYCLING
PROPERTY DISPOSITIONS
Tenants (Guarantors)
1
2
3
4
5
Multi-tenant
Elsevier STM Inc. (Reed Elsevier Inc.)
Malone's Food Stores, Ltd.
Safeway, Inc.
Vacant
Location
Johnson City
San Antonio
Dallas
Billings
Allentown
TN
TX
TX
MT
PA
Property
Type
Multi-tenant
Industrial
Retail
Retail
Multi-tenant
5 TOTAL PROPERTY DISPOSITIONS
13
Gross
Sale Price
($000)
$
4,000
$
41,000
$
3,300
$
1,475
$
2,800
Annualized NOI
($000)
$
174
$
3,652
$
358
$
185
$
-
$
$
52,575
4,369
Month of
Disposition
July
July
August
September
September
LEXINGTON REALTY TRUST
BUILD-TO-SUIT PROJECTS / FORWARD COMMITMENTS
9/30/2014
BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE (1)
Lease
Term (Years)
Sq. Ft
Location
Maximum
Commitment/Estimated
Completion Cost ($000)
Investment balance
as of 9/30/14
($000)(2)
Estimated
Completion Date
Estimated Cash Investment Next 12 Months ($000)
Q4 2014
Q1 2015
Q2 2015
Q3 2015
1 Oak Creek
WI
164,000
20
$
22,609
$
5,263
$
6,455
$
6,455
$
4,303
$
-
2Q 15
2 Richmond
VA
330,000
15
$
110,137
$
52,792
$
13,074
$
13,074
$
13,074
$
13,074
3Q 15
3 Lake Jackson
TX
664,000
20
$
166,164
$
27,498
$
350
$
16,700
$
16,700
$
16,700
4Q 16
4 Thomson
GA
208,000
15
$
10,245
$
830
$
2,700
$
4,000
$
2,700
$
-
2Q 15
$
309,155
$
86,383
$
22,579
$
40,229
$
36,777
$
29,774
4 TOTAL BUILD-TO-SUIT PROJECTS
FORWARD COMMITMENTS (1)
Tenants
Property Type
Location
1 Faurecia USA Holdings, Inc. (3)
Auburn Hills, MI
2 Preferred Freezer Services of Richland LLC (4)
Richland, WA
Office
Industrial
2 TOTAL FORWARD COMMITMENTS
Estimated Acquisition
Cost ($000)
$
$
40,025
155,000
$
195,025
Estimated
Completion Date
2011
$
2012
1,156
$
$
11,920
$
Footnotes
(1) Lexington can give no assurance that any of the build-to-suit projects or other potential investments that
are under commitment or contract or in process will be completed.
(2) Investment balance in accordance with GAAP included in investment in real estate under construction.
Aggregate equity invested is $89,586
(3) Lexington funded a $500 deposit and $2.5 million letter of credit.
(4) Lexington funded a $10.0 million letter of credit.
(5) Net operating income generated from completed build-to-suit projects funded by Lexington beginning in 2010.
14
Lease Term
7.9%
9.0%
14 yrs
4Q 15
7.1%
8.6%
20 yrs
7.3%
8.7%
9 mo. 2014
2013
5,268
Estimated GAAP
Yield
1Q 15
BUILD-TO-SUIT NOI (5)
Net operating income ($000)
Estimated Initial
Cash Yield
15,103
LEXINGTON REALTY TRUST
2014 Third Quarter Leasing Summary
LEASE EXTENSIONS
Tenants (Guarantors)
Prior
Term
Location
Office
1 JPMorgan Chase Bank, National Association
2 JPMorgan Chase Bank, National Association
Lake Mary
Lake Mary
FL
FL
3 Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)
Louisville
CO
Lease Expiration
Date
2015 Extensions
09/2015
09/2015
2017 Extension
04/2017
09/2020
09/2020
04/2027
3 Total office lease extensions
Industrial
1 SKF USA, Inc.
Franklin
NC
2 Owens Corning Roofing and Asphalt, LLC
Minneapolis
MN
2014 Extension
12/31/2014
2015 Extension
06/2015
06/2015
12/2025
2 Total industrial lease extensions
Sq. Ft.
125,155
125,920
New Cash
Rent Per
Annum
($000)(1)
Prior
Cash Rent
Per Annum
($000)
$
$
1,627
1,637
$
$
1,885
1,965
New GAAP
Rent Per
Annum
($000)(1)
$
$
1,757
1,762
Prior GAAP
Rent Per
Annum
($000)
$
$
2,050
2,096
86,877
$
1,145
$
1,369
$
1,256
$
1,335
337,952
$
4,409
$
5,219
$
4,775
$
5,481
72,868
$
300
$
456
$
300
$
271
656
18,620
$
550
$
656
$
550
$
91,488
$
850
$
1,112
$
850
$
927
429,440
$
5,259
$
6,331
$
5,625
$
6,408
`
5 TOTAL EXTENDED LEASES
NEW LEASES
Tenants (Guarantors)
Office/Multi-tenant
1 Freeport-McMoran Oil & Gas LLC
2 Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation)
3-5 Various
Lease
Expiration
Date
Location
Houston
Orlando
Baltimore/Honolulu
TX
FL
MD/HI
10/2014
10/2025
2015-2025
5 TOTAL NEW LEASES
10 TOTAL NEW AND EXTENDED LEASES
15
Sq. Ft.
New Cash
Rent Per
Annum
($000)(1)
New GAAP
Rent Per
Annum
($000)(1)
33,456
44,752
2,504
$
$
$
1,171
997
41
$
$
$
1,171
1,048
41
80,712
$
2,209
$
2,260
510,152
$
7,468
$
7,885
LEXINGTON REALTY TRUST
2014 Third Quarter Leasing Summary (Continued)
LEASE NON-RENEWALS (2) / TERMINATIONS
Tenants (Guarantors)
Office
1 Kerr-McGee Oil & Gas Corporation (Kerr-McGee Corporation) (4)
2 BASF Corporation
3 Global Health Exchange, Inc. (Global Health Exchange, LLC)
Location
Houston
Rockaway
Louisville
TX
NJ
CO
Lease
Expiration /
Termination
Date
07/2014
07/2014
08/2014
2014 Cash
Rent (3)
($000)
2014 GAAP
Rent (3)
($000)
101,111
32,068
20,000
$
$
$
999
390
-
$
$
$
949
358
-
153,179
$
1,389
$
1,307
Sq. Ft.
Industrial
4 Wagner Industries, Inc. (5)
Jacksonville
FL
09/2014
20,000
$
17
$
17
Retail
5 Kingswere Furniture, LLC (6)
Port Richey
FL
07/2014
53,820
$
218
$
218
226,999
$
1,624
$
1,542
5 TOTAL LEASE NON-RENEWALS
Footnotes
(1) Assumes twelve months rent from the later of 10/1/14 or lease commencement/extension.
(2) Excludes non-renewal space that was leased to new tenants.
(3) Represents 2014 Cash and GAAP rents excluding termination payments, if any.
(4) Lexington released 33,456 square feet through 10/31/2014.
(5) Subsequent to 9/30/2014, tenant further contracted an additional 10,000 square feet.
(6) Lexington received a $1.3 million termination fee.
16
LEXINGTON REALTY TRUST
Other Data
9/30/2014
($000)
Other Revenue Data
GAAP Base Rent
9 months ended
9/30/14 (1)
Asset Class
9/30/14
Percentage
9/30/13
Percentage
Long-Term Leases (2)
Office
$
123,614
40.9%
28.5%
$
114,723
38.0%
46.3%
Industrial
$
38,546
12.7%
15.4%
Multi-tenant
$
20,248
6.7%
7.4%
Retail/Specialty
$
5,145
1.7%
2.4%
$
302,276
100.0%
100.0%
Long-Term Leases (2)
GAAP Base Rent
9 months ended
9/30/14 (1)
9/30/14
Percentage
9/30/13
Percentage
Office
$
51,733
41.9%
Land / Infrastructure
$
41,222
33.3%
6.6%
Industrial
$
28,608
23.1%
29.0%
Retail/Specialty
$
2,051
1.7%
2.0%
$
123,614
100.0%
100.0%
Credit Ratings
(3)
9/30/14 (1)
Investment Grade
$
115,757
Non-Investment Grade
$
34,335
Unrated
GAAP Base Rent
9 months ended
9/30/14
Percentage
$
152,184
38.3%
11.4%
50.3%
$
302,276
100.0%
62.4%
9/30/13
Percentage
Footnotes
(1) Nine months ended 9/30/2014 GAAP base rent recognized for consolidated properties
owned as of 9/30/2014.
(2) Long-term leases are defined as leases having a term of ten years or longer.
(3) Credit ratings are based upon either tenant, guarantor or parent. Generally, multi-tenant assets
are included in unrated.
17
48.2%
100.0%
13.9%
37.9%
LEXINGTON REALTY TRUST
Other Data (Continued)
9/30/2014
($000)
As of
9/30/14
11.4 years
Weighted-Average Lease Term - Cash Basis
As of
9/30/13
7.3 years
Base Rent Estimates for Current Assets
Year
2014 - remaining
2015
2016
2017
2018
Same-Store NOI
(2)
Total Base Rent
Tenant Reimbursements
Property Operating Expenses
Same-Store NOI
$
$
$
$
$
Cash (1)
84,977
347,293
331,729
302,018
275,944
Three months ended September 30,
2014
2013
$
80,127
$
79,850
6,850
7,311
(14,676)
(14,587)
$
72,301
$
72,574
Change in Same-Store NOI
Footnotes
(1)
(0.4%)
Amounts assume (1) lease terms for non-cancellable periods only and (2) no new or
renegotiated leases are entered into after 9/30/2014.
(2)
$
$
$
$
$
GAAP (1)
99,469
386,395
364,904
332,217
304,557
NOI is on a consolidated cash basis.
18
Nine months ended September 30,
2014
2013
$ 239,800
$
237,891
20,484
21,909
(42,724)
(42,669)
$ 217,560
$
217,131
0.2%
LEXINGTON REALTY TRUST
Top 20 Markets
9/30/2014
Percent of
GAAP Base
Rent as of
9/30/14 (1)
15.2%
1
Core Based Statistical Area (2)
New York-Northern New Jersey-Long Island, NY-NJ-PA
2
Dallas-Fort Worth-Arlington, TX
6.5%
3
Houston-Sugar Land-Baytown, TX
5.9%
4
Baltimore-Towson, MD
4.0%
5
Memphis, TN-MS-AR
4.0%
6
Phoenix-Mesa-Scottsdale, AZ
3.6%
7
Kansas City, MO-KS
3.6%
8
Orlando-Kissimmee, FL
3.6%
9
Los Angeles-Long Beach-Santa Ana, CA
2.7%
10
Denver-Aurora, CO
2.1%
11
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2.0%
12
Boston-Cambridge-Quincy, MA-NH
2.0%
13
Columbus, OH
1.9%
14
Chicago-Naperville-Joliet, IL-IN-WI
1.8%
15
Detroit-Warren-Livonia, MI
1.7%
16
San Jose-Sunnyvale-Santa Clara, CA
1.6%
17
Charlotte-Gastonia-Rock Hill, NC-SC
1.6%
18
Indianapolis-Carmel, IN
1.5%
19
Las Vegas-Paradise, NV
1.4%
20
Atlanta-Sandy Springs-Marietta, GA
1.4%
Total Top 20 Markets
(3)
68.0%
Footnotes
(1)
(2)
Nine months ended 9/30/2014 GAAP base rent recognized for consolidated properties owned as of 9/30/2014.
A Core Based Statistical Area is the official term for a functional region based around an urban center
of at least 10,000 people, based on standards published by the Office of Management and Budget
(OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were
defined in 1990.
(3)
Total shown may differ from detailed amounts due to rounding.
19
LEXINGTON REALTY TRUST
Top 20 Markets - Single Tenant Office Portfolio
9/30/2014
Percent of
GAAP Base
Rent as of
9/30/14 (1)
10.2%
Core Based Statistical Area (2)
1
Dallas-Fort Worth-Arlington, TX
2
Kansas City, MO-KS
6.6%
3
Orlando-Kissimmee, FL
6.1%
4
Phoenix-Mesa-Scottsdale, AZ
5.4%
5
Houston-Sugar Land-Baytown, TX
5.4%
6
Los Angeles-Long Beach-Santa Ana, CA
4.8%
7
New York-Northern New Jersey-Long Island, NY-NJ-PA
4.2%
8
Denver-Aurora, CO
3.9%
9
Memphis, TN-MS-AR
3.4%
10
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
3.1%
11
San Jose-Sunnyvale-Santa Clara, CA
3.0%
12
Charlotte-Gastonia-Rock Hill, NC-SC
2.9%
13
Chicago-Naperville-Joliet, IL-IN-WI
2.7%
14
Indianapolis-Carmel, IN
2.6%
15
Boston-Cambridge-Quincy, MA-NH
2.4%
16
Washington-Arlington-Alexandria, DC-VA-MD-WV
2.2%
17
Columbus, IN
2.0%
18
Omaha-Council Bluffs, NE-IA
2.0%
19
Las Vegas-Paradise, NV
1.9%
20
Seattle-Tacoma-Bellevue, WA
1.9%
Total Top 20 Markets - Single Tenant Office Portfolio
(3)
Footnotes
(1)
(2)
(3)
Nine months ended 9/30/2014 GAAP base rent recognized for consolidated office properties owned as of 9/30/2014.
Includes long-term office properties.
A Core Based Statistical Area is the official term for a functional region based around an urban center of
at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in
2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990.
Total shown may differ from detailed amounts due to rounding.
20
76.8%
LEXINGTON REALTY TRUST
Tenant Industry Diversification
9/30/2014
Percent of
GAAP Base
Rent as of
9/30/2014 (1) (2)
Industry Category
Service
20.8%
Finance/Insurance
11.0%
Technology
9.8%
Transportation/Logistics
8.0%
Automotive
7.8%
Energy
7.3%
Healthcare
6.0%
Consumer Products
5.8%
Telecommunications
4.2%
Construction/Materials
3.3%
Aerospace/Defense
3.1%
Food
3.0%
Printing/Production
2.1%
Education
2.0%
Apparel
1.5%
Retail Department
1.3%
Retail Specialty
1.1%
Media/Advertising
1.0%
Real Estate
0.6%
Retail Electronics
0.1%
100.0%
Footnotes
(1) Nine months ended 9/30/2014 GAAP base rent recognized for
consolidated properties owned as of 9/30/2014.
(2) Total shown may differ from detailed amounts due to rounding.
21
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
9/30/2014
Top 10 Tenants or Guarantors - Cash Basis
Tenants or Guarantors
Federal Express Corporation
Baker Hughes, Inc.
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
US Government
Bank of America, National Association
Swiss Re America Holding Corporation / Westport Insurance Corporation
Xerox Corporation
Michelin North America, Inc.
T-Mobile USA, Inc.
Morgan, Lewis & Bockius LLP
Number of
Leases
3
2
7
3
9
2
1
3
5
1
36
Sq. Ft.
Leased
787,829
619,885
2,053,359
398,214
754,216
476,123
202,000
2,503,916
386,078
289,432
8,471,052
Percent of
Cash Base
Rent as of
9/30/2014
($000) (1) (2)
3.4%
3.3%
2.8%
2.5%
2.4%
2.0%
1.9%
1.9%
1.9%
1.8%
24.1%
Sq. Ft. Leased
as a Percent
of
Consolidated
Portfolio (2)
1.9%
1.5%
5.0%
1.0%
1.9%
1.2%
0.5%
6.2%
0.9%
0.7%
20.8%
Cash Base
Rent as of
9/30/2014
($000) (1)
$
9,396
$
9,092
$
7,665
$
6,783
$
6,605
$
5,547
$
5,303
$
5,257
$
5,158
$
4,960
$ 65,766
Sq. Ft. Leased
as a Percent
of
Consolidated
Portfolio (2)
0.0%
0.0%
0.0%
1.9%
1.9%
5.0%
1.0%
1.5%
1.2%
6.2%
18.7%
Percent of
GAAP Base GAAP Base
Rent as of
Rent as of
9/30/2014
9/30/2014
($000) (3) ($000) (3) (2)
$ 13,030
4.3%
$ 11,167
3.7%
$ 10,192
3.4%
$
9,673
3.2%
$
7,600
2.5%
$
7,455
2.5%
$
7,120
2.4%
$
6,020
2.0%
$
5,571
1.8%
$
5,288
1.7%
$ 83,116
27.5%
Top 10 Tenants or Guarantors - GAAP Basis
Tenants or Guarantors
LG-39 Ground Tenant LLC - New York City land
FC-Canal Ground Tenant LLC - New York City land
AL-Stone Ground Tenant LLC - New York City land
Federal Express Corporation
Bank of America, National Association
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
US Government
Baker Hughes, Inc.
Swiss Re America Holding Corporation / Westport Insurance Corporation
Michelin North America, Inc.
Footnotes
(1) Nine months ended 9/30/2014 Cash base rent recognized for consolidated properties owned as of 9/30/2014.
(2) Total shown may differ from detailed amounts due to rounding.
(3) Nine months ended 9/30/2014 GAAP base rent recognized for consolidated properties owned as of 9/30/2014.
22
Number of
Leases
1
1
1
3
9
7
3
2
2
3
32
Sq. Ft.
Leased
0
0
0
787,829
754,216
2,053,359
398,214
619,885
476,123
2,503,916
7,593,542
LEXINGTON REALTY TRUST
Select Credit Metrics
9/30/2013
9/30/2014
60.8%
60.1%
$2.48 billion
$2.93 billion
Unencumbered NOI
55.9%
59.9%
(Debt + Preferred) / Gross Assets
40.8%
44.1%
Debt/Gross Assets
38.7%
42.2%
Market Cap Leverage
41.5%
47.4%
Secured Debt / Gross Assets
21.9%
19.6%
Net Debt / EBITDA
5.7x
6.2x
(Net Debt + Preferred) / EBITDA
6.1x
6.5x
Credit Facilities Availability
$511.4 million
$383.9 million
Development / Gross Assets
1.4%
1.8%
EBITDA / Revenue
77.0%
73.4%
EBITDA / (PrefDiv + Interest Expense)
3.0x
3.2x
(JV + Advisory Income) / Revenues
0.3%
0.4%
Company FFO Payout Ratio
Unencumbered Assets (1)
Footnotes
(1) Includes loans receivable.
23
LEXINGTON REALTY TRUST
Historical Credit Metrics Summary
2009
2010
2011
2012
2013
Company FFO Payout Ratio
49.6%
43.2%
48.5%
56.1%
60.3%
Unencumbered Assets (1)(2)
$1.36 billion
$1.49 billion
$1.15 billion
$1.76 billion
$2.59 billion
Unencumbered NOI (1)
21.0%
22.9%
25.9%
34.5%
55.3%
(Debt + Preferred) / Gross Assets
54.5%
49.4%
48.7%
46.6%
43.0%
Debt/Gross Assets
46.9%
41.5%
40.9%
41.1%
41.1%
Market Cap Leverage
65.3%
53.7%
52.5%
46.6%
45.4%
Secured Debt / Gross Assets (1)
36.8%
33.0%
31.9%
30.9%
23.9%
Net Debt / EBITDA
6.1x
5.6x
5.5x
6.5x
6.4x
(Net Debt + Preferred) / EBITDA
7.1x
6.7x
6.6x
7.3x
6.7x
Credit Facilities Availability
$96.6 million
$215.9 million
$294.3 million
$296.3 million
$443.4 million
Development / Gross Assets
0.3%
0.7%
0.9%
1.6%
1.6%
EBITDA / Revenue
81.4%
80.1%
77.0%
76.5%
74.4%
EBITDA / (PrefDiv + Interest Expense)
2.2x
2.2x
2.3x
2.4x
3.1x
(JV + Advisory Income or (loss)) / Revenues
N/A
5.9%
8.5%
4.4%
0.5%
Common equity, net
$20.0
$166.7
$99.7
$162.7
$434.9
Preferred equity, net
$0.0
$0.0
($15.5)
($70.0)
($155.0)
Unsecured debt, gross (1)
$46.0
$82.5
$0.0
$190.4
$443.3
Secured debt, gross
($291.9)
($305.3)
($121.3)
($198.3)
($128.1)
Property dispositions net proceeds
$113.1
$80.2
$124.0
$155.2
$75.5
Capital Raised (Retired), net (millions):
Footnotes:
(1) Revolving credit facility and term loans are currently unsecured thus all periods reflect such borrowings as unsecured.
(2) Includes loans receivable.
24
LEXINGTON REALTY TRUST
FINANCIAL COVENANTS (1)
Corporate Level Debt
Bank Loans:
A
B
C
D
E
Must be:
9/30/2014
Maximum Leverage
Interest Coverage
Fixed Charge Coverage
Recourse Secured Indebtedness Ratio
Secured Indebtedness Ratio
Minimum Net Worth
Floating Rate Debt
Unsecured Debt Service Coverage
Borrowing Base Assets Leverage
Restricted Payments
< 60%
> 1.5X
> 1.4X
< 10% cap value
< 45%
> $2.1 billion
< 35%
> 2.0X
< 60%
< $20 million
51.3%
3.2X
2.3X
0.4%
23.8%
$2.8 billion
6.6%
4.2X
48.6%
$1.1 million
Permitted Investments:
Joint Venture Investments
Raw Land
Construction/Development in Process
Notes Receivable
Ground Leases
Sum of A through E
Sum of B through D
< 25% cap value
< 10% cap value
< 15% cap value
< 10% cap value
< 20% cap value
< 40% cap value
< 25% cap value
1.5%
0.0%
5.1%
3.1%
9.3%
19.1%
8.2%
< 60%
< 40%
> 1.5X
> 150%
43.1%
19.9%
3.5X
273.9%
Bonds:
Debt to Total Assets
Secured Debt to Total Assets
Debt Service Coverage
Unencumbered Assets to Unsecured Debt
Footnotes
(1) As defined in respective loan/bond agreements.
25
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis
9/30/2014
Year
2014 - remaining
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024 - Q1-Q3
Thereafter
Total (1)
Number of
Leases
Expiring
GAAP Base
Rent as of
9/30/2014
($000)
Percent of
Percent of
GAAP Base Rent GAAP Base Rent
as of
as of
9/30/2014
9/30/2013
6
11
14
18
29
19
15
10
8
8
5
64
$
$
$
$
$
$
$
$
$
$
$
$
8,165
8,236
13,693
18,155
18,851
21,113
18,083
15,823
9,421
19,482
5,359
123,256
2.9%
2.9%
4.9%
6.5%
6.7%
7.5%
6.5%
5.7%
3.4%
7.0%
1.9%
44.1%
207
$
279,637
100.0%
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include multi-tenant
properties and parking operations.
26
4.2%
6.2%
8.3%
7.6%
8.4%
8.5%
6.1%
6.4%
2.6%
7.4%
2.5%
26.5%
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated Properties GAAP Basis
9/30/2014
Year
2014 - remaining
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024 - Q1-Q3
Thereafter
Total (1)
GAAP Base
Rent as of
9/30/2014
($000)
Number of
Leases
Expiring
Percent of
GAAP Base
Rent
as of
9/30/2014
31
33
30
19
33
29
17
12
8
9
5
67
$
$
$
$
$
$
$
$
$
$
$
$
9,602
8,952
15,217
18,164
20,599
23,604
18,157
20,260
9,421
19,482
5,359
128,163
3.2%
3.0%
5.1%
6.1%
6.9%
7.9%
6.1%
6.8%
3.2%
6.6%
1.8%
43.2%
293
$
296,980
100.0%
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include parking
operations.
27
LEXINGTON REALTY TRUST
Lease Rollover Schedule by Property Type - Cash Basis
9/30/2014
Net
Rentable
Area
Year
2014 - remaining
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024 - Q1-Q3
Thereafter
Total/Weighted Average
651,974
721,033
886,710
342,320
1,107,733
1,940,380
1,105,324
904,802
741,771
1,551,469
370,301
4,231,031
(1)
Office
Industrial
Cash Rent
as of
9/30/2014
($000)
Cash Rent
as of
9/30/2014
($000)
Annual
Rent
PSF (2)
$
$
$
$
$
$
$
$
$
$
$
$
8,334
8,316
7,359
4,365
11,586
19,568
12,317
11,380
8,592
18,638
3,598
47,356
$
$
$
$
$
$
$
$
$
$
$
$
17.04
13.22
11.07
17.00
13.95
13.45
14.86
16.77
15.44
16.02
12.96
14.54
14,554,848 $
161,409
$
14.57
Net
Rentable
Area
523,368
2,260,336
5,508,022
1,530,121
649,250
1,249,216
1,402,257
257,849
58,707
1,097,164
7,717,867
Year
212,125
65,305
142,272
423
118,137
144,320
$
$
$
$
$
$
1,437
688
1,573
9
1,627
2,505
2020
2021
2022
2023
2024 - Q1-Q3
Thereafter
62,693
491,639
23,354
185,436
$
$
$
$
$
$
1,445,704
$
Total/Weighted Average (1)
Cash Rent
as of
9/30/2014
($000)
Net
Rentable
Area
Annual
Rent
PSF (2)
1,326
5,629
14,192
2,961
1,889
5,695
4,424
957
110
1,997
28,250
$
$
$
$
$
$
$
$
$
$
$
$
3.38
3.32
3.44
2.58
3.88
6.08
4.21
4.95
2.50
3.68
4.99
29,119
43,123
56,054
949,530
30,757
34,555
158,089
$
$
$
$
$
$
$
$
$
$
$
$
84
192
450
2,347
139
120
2,008
$
$
$
$
$
$
$
$
$
$
$
$
3.85
5.94
10.70
3.86
6.03
4.63
16.94
22,254,157 $
67,430
$
4.14
1,301,227 $
5,340
$
5.65
Land / Infrastructure
Cash Rent
as of
9/30/2014
($000)
2014 - remaining
2015
2016
2017
2018
2019
Annual
Rent
PSF (2)
$
$
$
$
$
$
$
$
$
$
$
$
Multi-Tenant
Net
Rentable
Area
Retail/Specialty
Annual
Rent
PSF (2)
Net
Rentable
Area (Acres)
Cash Rent
as of
9/30/2014
($000)
9.03
14.05
14.74
28.37
18.36
23.14
1.49
12.67
17.00
34.28
-
$
$
$
$
$
$
-
70
4,672
4,767
$
$
$
$
$
$
$
$
$
$
$
$
255.03
$
$
$
$
$
$
17,348
$
16.00
255.03
$
Footnotes
(1) Total shown may differ from detailed amounts due to rounding and does not include parking operations.
(2) For properties acquired cash rents are annualized.
28
Annual
Rent
Per Acre
($000) (2)
16,728
$
$
$
$
$
$
$
$
$
$
$
$
87.46
16,728
$
87.46
LEXINGTON REALTY TRUST
Long-Term Leases- Consolidated Portfolio - 9/30/2014
Year of
Lease
Expiration
Date of Lease
Expiration
City
Property Location
State
Note
Primary Tenant (Guarantor)
Property Type
Sq.Ft.
Leased or
Available (1)
Cash
Rent
as of
9/30/2014 ($000) (2)
GAAP
Base Rent
as of 9/30/2014
($000) (3)
LONG-TERM LEASE PROPERTIES
2024
10/31/2024 1409 Centerpoint Blvd.
Knoxville
TN
--
Alstom Power, Inc.
Office
84,404
1,377
1,349
11/30/2024 2050 Roanoke Rd.
Westlake
TX
--
TD Auto Finance LLC
Office
77,906
1,164
1,339
12/31/2024 12000 & 12025 Tech Center Dr.
2025
Livonia
MI
--
Kelsey-Hayes Company (TRW Automotive Inc.)
Office
180,230
1,157
1,159
1/31/2025 1401 Nolan Ryan Pkwy.
Arlington
TX
--
Triumph Aerostructures, LLC (Triumph Group, Inc.)
Office
111,409
0
1,169
2/28/2025 1401 Nolan Ryan Pkwy.
Arlington
TX
--
Infotech Enterprises America, Inc. (Infotech Enterprises Limited)
Office
13,590
0
0
3/14/2025 601 & 701 Experian Pkwy.
Allen
TX
--
Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)
Office
292,700
2,305
2,225
3/31/2025 2706 Media Center Dr.
Los Angeles
CA
5
Bank of America, National Association / Sony Electronics, Inc.
Office
6/30/2025 10000 Business Blvd.
Dry Ridge
KY
--
Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
McDonough
GA
--
Georgia Power Company
Office
111,911
957
926
Hopkinsville
KY
--
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
424,904
1,266
1,266
4010 Airpark Dr.
Owensboro
KY
--
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
211,598
906
906
730 North Black Branch Rd.
Elizabethtown
KY
--
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
167,770
402
402
Elizabethtown
KY
--
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)
Industrial
539,592
2,129
2,129
7/14/2025 590 Ecology Ln.
Chester
SC
--
Boral Stone Products LLC (Boral Limited)
Industrial
420,597
1,648
1,203
7/31/2025 7005 Cochran Rd.
Glenwillow
OH
--
Royal Appliance Mfg. Co.
Industrial
458,000
1,530
1,688
9/30/2025 10001 Richmond Ave.
Houston
TX
18
Baker Hughes Incorporated / Schlumberger Holdings Corp.
Office
554,385
8,163
5,531
10/31/2025 6277 Sea Harbor Dr.
Orlando
FL
19
Wyndham Vacation Ownership, Inc. (Wyndham Worldwide Corporation)
Office
357,166
4,359
4,862
11/30/2025 11707 Miracle Hills Dr.
Omaha
NE
--
Infocrossing, Inc.
Office
85,200
875
875
12/31/2025 1700 47th Ave North
Minneapolis
MN
--
Owens Corning / Owens Corning Roofing and Asphalt, LLC
Industrial
18,620
462
462
2005 East Technology Cir.
Tempe
AZ
--
Infocrossing, Inc.
Office
60,000
846
846
4001 International Pkwy.
Carrollton
TX
--
Motel 6 Operating, LP
Office
138,443
1,004
1,669
3/30/2026 121 Technology Dr.
Durham
NH
15
Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc. (Goss International Corporation)
Industrial
500,500
3,596
1,903
3/31/2026 459 Wingo Rd.
Byhalia
MS
--
Asics America Corporation (Asics Corporation)
Industrial
513,734
2,010
2,202
633 Garrett Pkwy.
Lewisburg
TN
--
Calsonic Kansei North America, Inc.
Industrial
310,000
456
491
6/30/2026 333 Mt. Hope Ave.
Rockaway
NJ
11
Atlantic Health System, Inc.
Office
60,258
732
861
Chillicothe
OH
--
The Kitchen Collection, Inc.
Industrial
475,218
789
869
1,053
8/31/2026 25500 State Hwy. 249
Tomball
TX
--
Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin)
Specialty
77,076
1,058
9/30/2026 900 Industrial Blvd.
Crossville
TN
--
Dana Commercial Vehicle Products, LLC
Industrial
222,200
433
433
10/31/2026 5001 Greenwood Rd.
Shreveport
LA
--
Libbey Glass Inc. (Libbey Inc.)
Industrial
646,000
1,559
1,624
11/30/2026 250 Rittenhouse Cir.
Bristol
PA
--
Northtec LLC (The Estée Lauder Companies Inc.)
Industrial
241,977
802
860
Huntington
WV
--
AMZN WVCS LLC (Amazon.com, Inc.)
Office
68,693
786
951
Columbus
OH
--
Evans, Mechwart, Hambleton & Tilton, Inc.
Office
104,807
1,186
1,303
Louisville
CO
--
Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)
Office
Eau Claire
WI
--
Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)
Industrial
6/30/2027 3902 Gene Field Rd
St. Joseph
MO
--
Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)
7/6/2027 2221 Schrock Rd.
Columbus
OH
--
MS Consultants, Inc.
8/7/2027 25 Lakeview Dr.
Jessup
PA
--
TMG Health, Inc.
500 Kinetic Dr.
12/29/2026 5500 New Albany Rd.
4/30/2027 1315 West Century Dr.
2424 Alpine Rd.
2028
86,877
840
942
159,000
802
752
Office
98,849
1,320
1,495
Office
42,290
432
481
Office
150,000
1,468
1,876
10/31/2027 11201 Renner Blvd.
Lenexa
KS
--
United States of America
Office
169,585
4,181
4,568
11/30/2027 1700 Millrace Dr.
Eugene
OR
17
Oregon Research Institute / Educational Policy Improvement Center
Office
80,011
1,221
1,554
12/31/2027 10590 Hamilton Ave.
Cincinnati
OH
--
The Hillman Group, Inc.
Industrial
264,598
586
610
3/31/2028 29-01-Borden Ave./29-10 Hunters Point Ave. Long Island City
NY
--
FedEx Ground Package System, Inc. (Federal Express Corporation)
Industrial
140,330
3,576
3,850
4/30/2028 9655 Maroon Circle
Englewood
CO
--
TriZetto Corporation
Office
166,912
1,994
2,893
8/31/2028 9803 Edmonds Way
Edmonds
WA
--
Pudget Consumers Co-op d/b/a PCC Natural Markets
Retail
35,459
485
485
Albany
GA
--
Gander Mountain Company
Retail
45,554
465
513
Las Vegas
NV
--
Nevada Power Company
Office
282,000
2,732
3,190
11/30/2028 832 N. Westover Blvd .
2029
403
1,009
301 Bill Bryan Rd.
351 Chamber Dr.
2027
173
1,009
2500 Patrick Henry Pkwy.
750 North Black Branch Rd.
2026
82,526
336,350
1/31/2029 6226 West Sahara Ave.
29
LEXINGTON REALTY TRUST
Long-Term Leases- Consolidated Portfolio - 9/30/2014
Year of
Lease
Expiration
Date of Lease
Expiration
City
Property Location
State
Note
Primary Tenant (Guarantor)
Property Type
Cash
Rent
as of
9/30/2014 ($000) (2)
Sq.Ft.
Leased or
Available (1)
GAAP
Base Rent
as of 9/30/2014
($000) (3)
LONG-TERM LEASE PROPERTIES
175 Holt Garrison Pkwy.
12/31/2029 400 East Stone Ave.
3030 North 3rd St.
2030
4/7/2030 810 Gears Rd.
2031
2032
2033
VA
--
Home Depot USA, Inc.
Land and Infrastructure
0
195
SC
9
Canal Insurance Company
Office
128,041
743
0
Phoenix
AZ
--
CopperPoint Mutual Insurance Company
Office
252,400
2,925
3,633
Houston
TX
--
United States of America
Office
5/31/2031 671 Washburn Switch Rd.
Shelby
NC
--
Clearwater Paper Corporation
Industrial
4/30/2032 13930 Pike Rd.
Missouri City
TX
--
Vulcan Construction Materials, LP (Vulcan Materials Company)
Land and Infrastructure
10/31/2032 143 Diamond Avenue
Parachute
CO
--
Encana Oil and Gas (USA) Inc. (Alenco Inc.)
Office
10/31/2033 1001 Innovation Road
Rantoul
IL
--
Easton-Bell Sports, Inc.
162
68,985
0
0
673,518
1,685
1,950
1,592
0
1,352
49,024
683
863
Industrial
813,126
2,473
3,009
11/30/2033 1331 Capitol Ave.
Omaha
NE
--
The Gavilon Group, LLC
Office
127,810
2,077
2,483
12/31/2033 3000 Busch Lake Blvd.
Tampa
FL
--
BluePearl Holdings, LLC
Office
17,000
356
356
2910 Busch Lake Blvd.
Tampa
FL
--
BluePearl Holdings, LLC
Office
2,500
40
40
2950 Busch Lake Blvd.
Tampa
FL
--
BluePearl Holdings, LLC
Office
8,000
113
113
19311 SH 249
Houston
TX
--
BluePearl Holdings, LLC
Office
12,622
159
159
Rock Hill
SC
--
Physicians Choice Laboratory Services, LLC
Office
104,497
988
1,261
--
Nicholas and Co., Inc.
Industrial
180,235
131
990
--
Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC)
Land and Infrastructure
132,449
4,018
5,079
2034
3/31/2034 854 Paragon Way
9/30/2034 5625 North Sloan Ln.
North Las Vegas
NV
2038
3/31/2038 13901/14035 Industrial Rd.
Houston
TX
2112
10/31/2112 350 and 370-372 Canal St.
New York
NY
--
FC-Canal Ground Tenant LLC
Land and Infrastructure
0
3,625
11,167
New York
NY
--
LG-39 Ground Tenant LLC
Land and Infrastructure
0
4,230
13,030
10,192
309-313 West 39th St.
N/A
Danville
Greenville
Vacant
8-12 Stone St.
New York
NY
--
AL-Stone Ground Tenant LLC
Land and Infrastructure
0
3,308
1315 West Century Dr.
Louisville
CO
--
(Available for Lease)
Office
20,000
0
0
2050 Roanoke Rd.
Westlake
TX
--
(Available for Lease)
Office
52,293
0
0
358
333 Mt. Hope Ave.
Rockaway
NJ
11
(Available for Lease)
Office
32,068
390
6277 Sea Harbor Dr.
Orlando
FL
--
(Available for Lease)
Office
1,215
0
0
810 Gears Rd.
Houston
TX
--
(Available for Lease)
Office
9,910
0
0
1401 Nolan Ryan Pkwy.
Arlington
TX
--
(Available for Lease)
Office
LONG TERM TOTAL/WEIGHTED AVERAGE
98.8% Leased
36,809
12,391,731
30
0
$
94,732
0
$
123,614
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014
Year of Lease Date of Lease
Expiration
Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Sq.Ft.
Leased or
Available (1)
Cash
Rent
as of
9/30/2014 ($000)
(2)
GAAP
Base Rent
as of 9/30/2014
($000) (3)
OFFICE PROPERTIES
2014
10/31/2014 700 US Hwy. Route 202-206
Bridgewater
NJ
--
Biovail Pharmaceuticals, Inc. (Valeant Pharmaceuticals International, Inc.)
115,558
1,526
1,591
12/14/2014 22011 Southeast 51st St.
Issaquah
WA
--
Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)
95,600
1,640
1,486
Issaquah
WA
--
Spacelabs Medical, Inc. / OSI Systems, Inc. (Instrumentarium Corporation)
106,944
1,820
1,677
Rochester
NY
--
Frontier Corporation
226,000
2,276
2,271
Canonsburg
PA
--
ANSYS, Inc.
107,872
1,072
1,033
Southfield
MI
--
Federal-Mogul Holdings Corp.
187,163
869
1,064
3/31/2015 3940 South Teller St.
Lakewood
CO
--
MoneyGram Payment Systems, Inc.
68,165
826
818
6/30/2015 33 Commercial St.
Foxboro
MA
--
Invensys Systems, Inc. (Siebe, Inc.)
164,689
3,747
2,811
5150 220th Ave.
12/31/2014 180 South Clinton St.
275 Technology Dr.
2015
1/31/2015 26555 Northwestern Hwy.
Mission
TX
--
VoiceStream PCS II Corporation / T-Mobile USA, Inc. / T-Mobile West Corporation
75,016
788
632
9/27/2015 2529 West Thorne Dr.
3711 San Gabriel
Houston
TX
--
Baker Hughes Incorporated
65,500
929
489
9/30/2015 500 Olde Worthington Rd.
Westerville
OH
--
InVentiv Communications, Inc.
97,000
835
942
10/31/2015 12209 West Markham St.
Little Rock
AR
20
Entergy Arkansas, Inc.
36,311
178
178
Pine Bluff
AR
21
Entergy Arkansas, Inc.
27,189
144
106
Temple
TX
--
Nextel of Texas, Inc. (Nextel Finance Company)
108,800
1,256
1,010
5201 West Barraque St.
2016
1/31/2016 1600 Eberhardt Rd.
4/30/2016 11511 Luna Rd.
Farmers Branch
TX
--
Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)
180,507
1,808
2,391
Milford
OH
--
Siemens Corporation
221,215
1,865
1,739
5/31/2016 1200 Jupiter Rd.
Garland
TX
--
Raytheon Company
278,759
1,130
1,298
7/14/2016 1400 Northeast McWilliams Rd.
Bremerton
WA
--
Nextel West Corporation (Nextel Finance Company)
60,200
911
911
Memphis
TN
--
Hnedak Bobo Group, Inc.
37,229
389
376
3/31/2017 1701 Market St.
Philadelphia
PA
4
Car-Tel Communications, Inc.
1,220
42
42
9/30/2017 9201 East Dry Creek Rd.
Centennial
CO
11
Arrow Electronics, Inc.
128,500
2,098
1,771
Baton Rouge
LA
--
New Cingular Wireless PCS, LLC
San Antonio
TX
--
United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC
1/31/2018 820 Gears Rd.
Houston
TX
--
Ricoh Americas Corporation
2/28/2018 850-950 Warrenville Rd.
Lisle
IL
--
Flexible Steel Lacing Company, d/b/a Flexco, Inc.
4/30/2018 Sandlake Rd./Kirkman Rd.
Orlando
FL
--
5/30/2018 13651 McLearen Rd.
Herndon
VA
5/31/2018 8900 Freeport Pkwy.
Irving
TX
6/30/2018 100 Barnes Rd.
Wallingford
2000 Eastman Dr.
10/31/2016 104 & 110 South Front St.
2017
10/31/2017 4455 American Way
6200 Northwest Pkwy.
2018
420 Riverport Rd.
8/31/2018 3500 North Loop Rd.
2019
70,100
778
832
142,500
1,447
1,400
78,895
766
866
7,535
107
107
Lockheed Martin Corporation
184,000
720
1,402
--
United States of America
159,644
2,602
2,552
--
Pacific Union Financial, LLC.
43,396
594
549
CT
--
3M Company
44,400
368
380
Kingsport
TN
--
Kingsport Power Company
42,770
233
96
McDonough
GA
--
Litton Loan Servicing LP
62,218
952
667
9/30/2018 1701 Market St.
Philadelphia
PA
4
CBC Restaurant Corp.
10/31/2018 3943 Denny Ave.
Pascagoula
MS
--
Huntington Ingalls Incorporated
12/22/2018 5200 Metcalf Ave.
Overland Park
KS
--
Swiss Re America Holding Corporation / Westport Insurance Corporation
12/31/2018 2550 Interstate Dr.
Harrisburg
PA
--
AT&T Services, Inc.
Redmond
OR
--
VoiceStream PCS I, LLC / T-Mobile West Corporation (T-Mobile USA, Inc.)
1/31/2019 2999 Southwest 6th St.
4/1/2019 9201 Stateline Rd.
8,070
168
158
94,841
447
447
320,198
3,772
3,796
61,766
857
949
77,484
1,243
1,101
Kansas City
MO
--
Swiss Re America Holding Corporation / Westport Insurance Corporation
155,925
1,775
1,775
6/19/2019 3965 Airways Blvd.
Memphis
TN
--
Federal Express Corporation
521,286
5,199
5,260
6/28/2019 3265 East Goldstone Dr.
Meridian
ID
--
VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)
77,484
1,033
829
7/15/2019 19019 North 59th Ave.
Glendale
AZ
--
Honeywell International Inc.
252,300
1,376
1,426
7/31/2019 500 Jackson St.
10/31/2019 10475 Crosspoint Blvd.
9601 Renner Blvd.
12/31/2019 1066 Main St.
1698 Mountain Industrial Blvd.
Columbus
IN
--
Cummins, Inc.
390,100
3,442
3,405
Indianapolis
IN
16
John Wiley & Sons, Inc.
141,416
1,726
1,761
Lenexa
KS
--
VoiceStream PCS II Corporation (T-Mobile USA, Inc.)
77,484
1,051
857
Forest Park
GA
--
Bank of America, N.A. (Bank of America Corporation)
14,859
149
149
Stone Mountain
GA
--
Bank of America, N.A. (Bank of America Corporation)
5,704
71
71
31
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014
Year of Lease Date of Lease
Expiration
Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Cash
Rent
as of
9/30/2014 ($000)
(2)
Sq.Ft.
Leased or
Available (1)
GAAP
Base Rent
as of 9/30/2014
($000) (3)
OFFICE PROPERTIES
2020
201 West Main St.
Cumming
GA
--
Bank of America, N.A. (Bank of America Corporation)
14,208
149
2223 North Druid Hills Rd.
Atlanta
GA
--
Bank of America, N.A. (Bank of America Corporation)
6,260
84
84
400 Butler Farm Rd.
Hampton
VA
--
Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)
100,632
998
794
4545 Chamblee – Dunwoody Rd.
Dunwoody
GA
--
Bank of America, N.A. (Bank of America Corporation)
4,565
66
66
825 Southway Dr.
Jonesboro
GA
--
Bank of America, N.A. (Bank of America Corporation)
4,894
58
58
850-950 Warrenville Rd.
Lisle
IL
--
National-Louis University / James J. Benes & Associates, Inc.
91,879
1,089
1,169
956 Ponce de Leon Ave.
Atlanta
GA
--
Bank of America, N.A. (Bank of America Corporation)
3,900
59
59
Fishers
IN
--
Roche Diagnostics Operations, Inc.
193,000
2,606
2,568
143,290
1,744
1,683
59,748
543
580
132,981
1,089
1,085
1/31/2020 10300 Kincaid Dr.
2/14/2020 5600 Broken Sound Blvd.
Boca Raton
FL
--
Canon Solutions America, Inc. (Oce - USA Holding, Inc.)
5/31/2020 2401 Cherahala Blvd.
Knoxville
TN
--
AdvancePCS, Inc. / CaremarkPCS, L.L.C.
6/30/2020 10419 North 30th St.
Tampa
FL
--
Time Customer Service, Inc. (Time Incorporated)
Charleston
SC
--
Hagemeyer North America, Inc.
Herndon
VA
12
Orange Business Services U.S., Inc. (Equant N.V.)
7/8/2020 1460 Tobias Gadsen Blvd.
7/31/2020 13775 McLearen Rd.
2021
630
1,157
Oakland
ME
--
Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)
78,610
1,043
860
Lake Mary
FL
--
JPMorgan Chase Bank, National Association
125,920
1,482
1,530
125,155
1,419
1,499
59,927
825
852
600 Business Center Dr.
Lake Mary
FL
--
JPMorgan Chase Bank, National Association
9200 South Park Center Loop
Orlando
FL
--
Corinthian Colleges, Inc.
1/31/2021 1701 Market St.
Philadelphia
PA
4
Morgan, Lewis & Bockius LLP
289,432
3,187
3,224
3/31/2021 1311 Broadfield Blvd.
Houston
TX
--
Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)
155,040
1,744
1,967
6/30/2021 1415 Wyckoff Rd.
Wall
NJ
--
New Jersey Natural Gas Company
157,511
2,484
2,484
8/31/2021 333 Three D Systems Circle
Rock Hill
SC
--
3D Systems Corporation
80,028
502
516
Whippany
NJ
--
CAE SimuFlite, Inc. (CAE INC.)
123,734
1,845
1,745
Midlothian
VA
--
Alstom Power, Inc.
1/31/2022 26210 and 26220 Enterprise Court
Lake Forest
CA
--
Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)
3/14/2022 4400 Northcorp Pkwy.
Palm Beach Gardens
FL
11
6/30/2022 8555 South River Pkwy.
Tempe
AZ
--
7/31/2022 1440 E 15th Street
99,057
1,618
1,638
100,012
954
899
Office Suites Plus Properties, Inc. / The Weiss Group, LLC
18,500
92
15
DA Nanomaterials L.L.C./ Air Products and Chemicals, Inc.
95,133
1,176
1,270
Tucson
AZ
--
CoxCom, LLC
11/30/2022 4201 Marsh Ln.
Carrollton
TX
--
Carlson Restaurants Inc. (Carlson, Inc.)
12/31/2022 147 Milk St.
Boston
MA
--
Harvard Vanguard Medical Associates, Inc.
Schaumburg
IL
--
CEC Educational Services, LLC (Career Education Corporation)
2/28/2023 2211 South 47th St.
Phoenix
AZ
--
Avnet, Inc.
3/31/2023 6555 Sierra Dr.
Irving
TX
--
Irving
TX
--
231 N. Martingale Rd.
8900 Freeport Pkwy.
6/30/2023 12600 Gateway Blvd.
7/1/2023 275 South Valencia Ave.
12/14/2023 3333 Coyote Hill Rd.
2024
629
937
9/30/2020 550 Business Center Dr.
12/31/2021 2800 Waterford Lake Dr.
2023
50,076
136,617
8/31/2020 133 First Park Dr.
11/30/2021 29 South Jefferson Rd.
2022
149
28,591
410
410
130,000
1,513
1,399
52,337
1,276
1,246
317,198
3,171
3,177
176,402
1,652
1,844
TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)
247,254
2,386
2,214
Nissan Motor Acceptance Corporation (Nissan North America, Inc.)
225,049
2,659
2,755
Fort Myers
FL
--
Alta Resources Corp.
63,261
669
727
Brea
CA
--
Bank of America, National Association
637,503
5,969
6,734
202,000
5,303
4,981
32,000
399
430
Palo Alto
CA
--
Xerox Corporation
2/14/2024 1362 Celebration Blvd.
Florence
SC
--
MED3000, Inc.
5/31/2024 3476 Stateview Blvd.
Fort Mill
SC
--
Wells Fargo Bank, N.A.
169,083
1,427
1,462
169,218
1,772
1,519
0
1,773
1,773
0
3480 Stateview Blvd.
Fort Mill
SC
--
Wells Fargo Bank, N.A.
N/A
N/A
1701 Market St.
Philadelphia
PA
4
Parking Operations
N/A
Vacant
1701 Market St.
Philadelphia
PA
4
(Available for Lease)
5,315
0
2550 Interstate Dr.
Harrisburg
PA
--
(Available for Lease)
27,584
0
OFFICE TOTAL/WEIGHTED AVERAGE
99.7% Leased
10,356,716
32
$
115,826
0
$
114,723
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014
Year of Lease Date of Lease
Expiration
Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Sq. Ft.
Leased or
Available (1)
Cash
Rent
as of
9/30/2014 ($000)
(2)
GAAP
Base Rent
as of 9/30/2014
($000) (3)
INDUSTRIAL PROPERTIES
2015
6/30/2015 2935 Van Vactor Dr.
324 Industrial Park Rd.
12/31/2015 749 Southrock Dr.
2016
--
Bay Valley Foods, LLC
NC
--
SKF USA, Inc.
300,500
627
627
72,868
342
203
366
Rockford
IL
--
Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)
150,000
357
Olive Branch
MS
--
MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated)
268,104
716
687
3/31/2016 2455 Premier Dr.
Orlando
FL
--
Walgreen Co. / Walgreen Eastern Co.
205,016
381
589
5/31/2016 291 Park Center Dr.
Winchester
VA
--
Kraft Foods Global, Inc.
344,700
950
967
6/30/2016 1133 Poplar Creek Rd.
Henderson
NC
--
Staples, Inc. / Corporate Express, Inc.
196,946
591
609
1,714
Temperance
MI
--
Michelin North America, Inc.
744,570
1,714
11/30/2016 736 Addison Rd.
Erwin
NY
--
Corning, Incorporated
408,000
974
974
12/31/2016 3686 South Central Ave.
Rockford
IL
7
Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) / Pierce Packaging Co.
93,000
303
236
Laurens
SC
--
Michelin North America, Inc.
1,164,000
2,540
2,540
Jacksonville
FL
10
Wagner Industries, Inc.
110,000
182
182
Memphis
TN
--
Sears, Roebuck and Co. / Sears Logistics Services
780,000
1,194
1,271
1/31/2017 101 Michelin Dr.
109 Stevens St.
2/28/2017 3456 Meyers Ave.
4/30/2017 3600 Army Post Rd.
Des Moines
IA
--
HP Enterprise Services, LLC
405,000
1,919
1,539
5/31/2017 191 Arrowhead Dr.
Hebron
OH
--
Owens Corning Insulating Systems, LLC
250,410
343
343
200 Arrowhead Dr.
Hebron
OH
--
Owens Corning Insulating Systems, LLC
400,522
686
686
6/30/2017 7500 Chavenelle Rd.
Dubuque
IA
--
The McGraw-Hill Companies, Inc.
330,988
930
873
9/30/2017 250 Swathmore Ave.
High Point
NC
--
Steelcase Inc.
244,851
840
815
McDonough
GA
--
Versacold USA, Inc.
296,972
2,041
1,947
Plymouth
MI
--
Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.)
290,133
1,034
1,106
Statesville
NC
--
Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)
639,800
1,480
1,437
Moody
AL
--
Michelin North America, Inc.
595,346
1,003
1,034
6/30/2018 1650-1654 Williams Rd.
Columbus
OH
--
ODW Logistics, Inc.
772,450
1,010
1,007
9/30/2018 50 Tyger River Dr.
Duncan
SC
--
Plastic Omnium Auto Exteriors, LLC
221,833
769
769
Marshall
MI
--
Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)
246,508
631
523
12/31/2018 120 Southeast Pkwy. Dr.
Franklin
TN
--
Essex Group, Inc. (United Technologies Corporation)
289,330
551
551
2019
10/17/2019 10345 Philipp Pkwy.
Streetsboro
OH
--
L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)
649,250
1,889
1,958
2020
3/31/2020 2425 Hwy. 77 North
Waxahachie
TX
--
James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV)
335,610
2,550
2,550
5/31/2020 359 Gateway Dr.
Lavonia
GA
--
TI Group Automotive Systems, LLC (TI Automotive Ltd.)
133,221
900
714
6/30/2020 3102 Queen Palm Dr.
Tampa
FL
--
Time Customer Service, Inc. (Time Incorporated)
229,605
1,027
957
9/30/2020 3350 Miac Cove Rd.
Memphis
TN
--
Mimeo.com, Inc.
107,400
321
299
Owensboro
KY
6
Unilever Supply Chain, Inc. (Unilever United States, Inc.)
443,380
897
1,119
5/31/2021 477 Distribution Pkwy.
Collierville
TN
--
Federal Express Corporation / FedEx Techconnect, Inc.
126,213
621
563
9/30/2021 3820 Micro Dr.
Millington
TN
--
Ingram Micro L.P. (Ingram Micro Inc.)
701,819
1,269
1,359
10/31/2017 1420 Greenwood Rd.
43955 Plymouth Oaks Blvd.
12/31/2017 2203 Sherrill Dr.
2415 US Hwy. 78 East
2018
904 Industrial Rd.
12/19/2020 1901 Ragu Dr.
2021
2022
N/A
IN
Franklin
2/28/2016 7670 Hacks Cross Rd.
7/31/2016 7111 Crabb Rd.
2017
Plymouth
10/25/2021 6938 Elm Valley Dr.
Kalamazoo
MI
--
Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)
150,945
1,520
1,310
11/30/2021 2880 Kenny Biggs Rd.
Lumberton
NC
--
Quickie Manufacturing Corporation
423,280
1,014
1,017
Shreveport
LA
--
The Tire Rack, Inc.
257,849
957
1,005
Marshall
MI
--
Autocam Corporation
58,707
110
110
--
United Technologies Corporation
972,625
1,152
1,048
3/31/2022 5417 Campus Dr.
2023
12/31/2023 1601 Pratt Ave.
2024
4/30/2024 113 Wells St.
North Berwick
ME
5/31/2024 901 East Bingen Point Way
Vacant
Bingen
WA
--
The Boeing Company
124,539
845
900
109 Stevens St.
Jacksonville
FL
11
(Available for Lease)
58,800
42
42
3350 Miac Cove Rd.
Memphis
TN
--
(Available for Lease)
32,679
0
INDUSTRIAL TOTAL/WEIGHTED AVERAGE
14,627,769 $
99.4% Leased
33
39,222
0
$
38,546
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014
Year of Lease Date of Lease
Expiration
Expiration
Property Location
City
State
Note
Primary Tenant
Cash
Rent
as of
9/30/2014
($000) (2)
Percentage
Leased
Sq.Ft.
GAAP
Base Rent
as of
9/30/2014
($000) (3)
Debt
Balance
($000)
MULTI-TENANT PROPERTIES (8,14)
Various
Various 100 Light St.
Baltimore
MD
13
Multi-Tenant
476,459
95%
12,165
12,070
55,000
101 East Erie St.
Chicago
IL
11
Multi-Tenant
230,704
0%
860
1,078
29,847
13430 North Black Canyon Fwy.
Phoenix
AZ
--
Multi-Tenant
138,940
100%
2,023
1,988
0
1501 Nolan Ryan Pkwy.
Arlington
TX
--
Multi-Tenant
74,739
0%
0
0
0
16676 Northchase Dr.
Houston
TX
11
Multi-Tenant
101,111
33%
1,194
1,144
11,486
2210 Enterprise Dr.
Florence
SC
--
Multi-Tenant
176,557
70%
1,281
1,263
0
3165 McKelvey Rd.
Bridgeton
MO
--
Multi-Tenant
51,067
50%
144
302
0
4200 Northcorp Pkwy.
Palm Beach Gardens
FL
--
Multi-Tenant
95,065
74%
393
393
0
6050 Dana Way
Antioch
TN
--
Multi-Tenant
672,629
81%
1,386
1,371
0
King St./1042 Fort St. Mall
Honolulu
HI
--
Multi-Tenant
77,459
72%
639
639
0
MULTI-TENANT TOTAL/WEIGHTED AVERAGE
69.0% Leased
2,094,730
34
$
20,085
$
20,248
$
96,333
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated Portfolio - 9/30/2014
Year of Lease Date of Lease
Expiration
Expiration
Property Location
City
State
Note
Primary Tenant (Guarantor)
Sq.Ft.
Leased or
Available (1)
Cash
Rent
GAAP
as of
Base Rent
9/30/2014 ($000) as of 9/30/2014
(2)
($000) (3)
RETAIL/SPECIALTY PROPERTIES
2014
2016
2017
10/31/2014 1084 East Second St.
Franklin
OH
--
Marsh Supermarkets, LLC / Crystal Food Services, LLC
29,119
84
107
5/31/2016 6910 South Memorial Hwy.
Tulsa
OK
--
Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.
43,123
192
192
6/30/2017 1600 East 23rd St.
Chattanooga
TN
--
BI-LO, LLC
42,130
94
94
Oklahoma City
OK
--
American Golf Corporation
13,924
356
243
2/26/2018 4831 Whipple Ave., Northwest
Canton
OH
--
Best Buy Co., Inc.
46,350
349
349
2/28/2018 291 Talbert Blvd.
Lexington
NC
--
Food Lion, LLC / Delhaize America, Inc.
23,000
104
104
Staunton
VA
--
Food Lion, LLC / Delhaize America, Inc.
23,000
124
124
Paris
TN
--
The Kroger Co.
31,170
119
126
9/30/2018 835 Julian Ave.
Thomasville
NC
--
Mighty Dollar, LLC
23,767
58
58
10/31/2018 130 Midland Ave.
Port Chester
NY
--
A&P Real Property, LLC (Pathmark Stores, Inc.)
59,000
344
731
12/31/2017 11411 North Kelly Ave.
2018
3211 West Beverly St.
7/1/2018 1053 Mineral Springs Rd.
5104 North Franklin Rd.
Lawrence
IN
--
Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC
28,721
145
145
Galesburg
IL
--
Kmart Corporation
94,970
119
247
12080 Carmel Mountain Rd.
San Diego
CA
--
Kmart Corporation
107,210
135
563
21082 Pioneer Plaza Dr.
Watertown
NY
--
Kmart Corporation
120,727
199
361
255 Northgate Dr.
Manteca
CA
--
Kmart Corporation
107,489
211
416
5350 Leavitt Rd.
Lorain
OH
--
Kmart Corporation
193,193
300
548
97 Seneca Trail
Fairlea
WV
--
Kmart Corporation
90,933
140
260
12/31/2018 1150 West Carl Sandburg Dr.
2019
3/31/2019 B.E.C. 45th St./Lee Blvd.
Lawton
OK
--
Associated Wholesale Grocers, Inc. / Safeway, Inc.
30,757
139
142
2023
2/28/2023 733 East Main St.
Jefferson
NC
--
Food Lion, LLC / Delhaize America, Inc.
34,555
120
117
Port Richey
FL
11
(Available for Lease)
53,820
218
N/A
Vacant
10340 U.S. 19
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE
95.5% Leased
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE
97.6% Leased
Footnotes
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
1,196,958 $
40,667,904
Square foot leased or available.
Nine months ended 9/30/2014 cash rent.
Nine months ended 9/30/2014 GAAP base rent.
Lexington has an 87.5% interest in this property.
Sony Electronics, Inc. lease for 20,203 square feet expires 08/31/2015.
Lexington has a 71.1% interest in this property.
Jacobson Warehouse Company, Inc. lease expires 12/31/2014; however, new tenant (Pierce Packaging Co.) lease expires 12/31/2016.
Multi-tenant properties are properties less than 50% leased to a single tenant.
Property is classified as a capital lease for GAAP, accordingly $748 of income is included in non-operating income. Tenant exercised purchase option within lease for $11.55 million, closing anticipated by 12/31/2014.
Tenant contracted to 100,000 square feet subsequent to 9/30/2014.
Cash and GAAP rent amounts represent/include prior tenant.
24,824 square feet is leased to 7/31/2025.
Includes parking operations.
The multi-tenanted properties incurred approximately $7.9 million in operating expenses, net for the nine months ended 9/30/2014.
Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.
RGN-Indianapolis I, LLC lease for 14,236 square feet expires 07/2024. McGrady Hill LLC lease for 3,764 square feet expires 11/2017.
Educational Policy Improvement Center lease for 10,791 square feet expires 11/2019; however, space is then leased to Oregon Research Institute through 11/2027.
Baker Hughes Incorporated lease expires 09/2015; however, new tenant (Schlumberger Holdings Corp.) lease expires 09/2025.
Aramark Corporation lease for 8,261 square feet expires 11/2017 and Orlando /Orange County Convention & Visitor Bureau, Inc. lease for 44,752 square feet expires 09/2024.
Subsequent to 9/30/2014, lease extended to 10/2020.
Subsequent to 9/30/2014, lease extended to 10/2017.
35
$
218
3,550
$
5,145
273,415
$
302,276
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2014
Property
Issaquah, WA
Canonsburg, PA
Chicago, IL
Franklin, NC
Kalamazoo, MI
Houston, TX
Los Angeles, CA
Harrisburg, PA
McDonough, GA
Mission, TX
Carrollton, TX
Elizabethtown, KY
Hopkinsville, KY
Dry Ridge, KY
Owensboro, KY
Elizabethtown, KY
Houston, TX
Houston, TX
Temple, TX
Bridgewater, NJ
Omaha, NE
Bremerton, WA
Tempe, AZ
Byhalia, MS
Lisle, IL
Farmers Branch, TX
Rochester, NY
Glenwillow, OH
Plymouth, IN
Tomball, TX
Memphis, TN
Huntington, WV
Orlando, FL
Dubuque, IA
Shreveport, LA
McDonough, GA
Lorain, OH
Manteca, CA
Watertown, NY
Lewisburg, WV
San Diego, CA
Galesburg, IL
Erwin, NY
Boston, MA
North Berwick, ME
Overland Park, KS
Kansas City, MO
Columbus, IN
Footnotes
(b)
(b)
(b)
(b)
(j)
(i)
(i)
(j)
(b)
(n)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
(b)
Debt
Balance
($000)
$
30,448
9,095
29,847
132
15,449
11,486
9,903
7,905
11,524
5,468
18,922
12,281
7,176
2,699
2,279
2,308
23,393
2,778
7,964
14,137
7,834
5,958
7,399
15,000
9,653
18,415
17,331
15,648
5,947
8,822
3,633
6,500
9,635
9,340
19,000
22,582
1,197
846
795
559
539
475
8,380
12,598
6,471
34,878
16,630
26,132
36
Interest
Rate
(%)
5.665%
5.426%
5.639%
8.500%
5.411%
5.210%
5.110%
5.110%
5.212%
5.783%
5.725%
4.990%
4.990%
4.990%
4.990%
4.990%
6.250%
8.036%
6.090%
5.732%
5.610%
6.090%
5.610%
4.710%
6.500%
5.939%
6.210%
6.130%
6.315%
6.063%
5.710%
4.150%
5.722%
5.402%
5.690%
6.110%
7.750%
7.750%
7.750%
7.750%
7.750%
7.750%
5.910%
6.100%
3.560%
5.891%
5.883%
2.210%
Maturity (a)
12/2014
12/2014
01/2015
04/2015
05/2015
05/2015
05/2015
05/2015
06/2015
06/2015
07/2015
07/2015
07/2015
07/2015
07/2015
07/2015
09/2015
09/2015
01/2016
03/2016
04/2016
04/2016
04/2016
06/2016
06/2016
07/2016
08/2016
09/2016
09/2016
11/2016
01/2017
02/2017
02/2017
06/2017
07/2017
11/2017
07/2018
07/2018
07/2018
07/2018
07/2018
07/2018
10/2018
12/2018
04/2019
05/2019
05/2019
07/2019
Current
Estimated
Annual Debt
Balloon
Service
Payment
($000)
($000) (d)
$
479 $
30,388
82
9,095
517
29,900
135
740
15,087
705
11,282
479
9,760
382
7,792
627
11,349
335
5,371
1,119
18,710
784
12,002
458
7,014
191
2,619
163
2,209
147
2,256
7,099
18,161
886
2,203
668
7,463
1,035
13,825
621
7,560
494
5,479
586
7,140
707
15,000
9,377
793
1,136
18,363
16,765
1,383
1,240
15,132
497
5,723
683
8,041
275
3,484
270
6,500
696
9,309
733
8,725
1,096
19,000
1,674
21,651
108
77
72
51
49
43
728
6,637
996
11,520
1,532
2,657
31,867
1,268
15,182
4,613
4,993
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes Payable
9/30/2014
Property
Meridian, ID
Streetsboro, OH
Lenexa, KS
Boca Raton, FL
Oakland, ME
Lavonia, GA
Wall, NJ
Charleston, SC
Whippany, NJ
Baltimore, MD
Palo Alto, CA
Chester, SC
New York, NY
Lenexa, KS
Debt
Balance
($000)
9,850
18,008
9,950
19,930
9,112
8,033
19,870
7,299
14,262
55,000
54,761
9,544
213,500
38,695
Interest
Rate
(%)
6.010%
5.749%
6.270%
6.470%
5.930%
5.460%
6.250%
5.850%
6.298%
4.320%
3.970%
5.380%
4.660%
3.700%
Maturity (a)
08/2019
09/2019
12/2019
02/2020
10/2020
12/2020
01/2021
02/2021
11/2021
06/2023
12/2023
08/2025
01/2027
11/2027
$
1,005,205
5.186%
5.9
$
77,109
$
$
250,000
255,000
250,000
250,000
24,786
129,120
1,158,906
2,164,111
2.442%
3.173%
4.250%
4.400%
6.000%
6.804%
3.977%
4.539%
02/2018
01/2019
06/2023
06/2024
01/2030
04/2037
8.2
7.1
$
6,190
8,204
10,625
11,000
1,487
8,785
46,291
123,400
$
Footnotes
(b)
(b)
(e)
Remaining (l)
Corporate (k)
Term Loan
Term Loan
Senior Notes
(h)
Senior Notes
(f)
Convertible Notes
(m)(c)
Trust Preferred Notes
(g)
Subtotal/Wtg. Avg./Years Remaining (l)
Total/Wtg. Avg./Years Remaining (l)
Current
Estimated
Annual Debt
Service
($000) (d)
753
1,344
774
1,542
750
741
3,543
520
1,344
2,376
7,059
1,144
10,083
3,027
$
$
Footnotes
(a)
Subtotal and total based on weighted-average term to maturity (or put dates) shown in years based on debt balance.
(b) Debt balances based upon imputed interest rates.
(c)
Represents full payable of notes; discount of $966 excluded from balance.
(d) Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.
(e)
Loan is cross-collateralized on three properties.
(f)
Represents full payable of notes; discount of $283 excluded from balance.
(g) Rate fixed through 04/2017; thereafter, LIBOR plus 170 bps.
(h) Represents full payable of notes; discount of $2,110 excluded from balance.
(i)
Properties are cross-collateralized.
(j)
Properties are cross-collateralized.
(k) Unsecured.
(l)
Total shown may differ from detailed amounts due to rounding.
(m) Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25.
(n) Property is currently being expanded. Mortgage is recourse during expansion.
37
$
$
Balloon
Payment
($000)
7,675
16,338
7,770
18,414
7,660
5,895
6,632
10,400
47,676
362
200,632
10,000
803,388
250,000
255,000
250,000
250,000
24,786
129,120
$ 1,158,906
$ 1,962,294
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages & Notes Payable
9/30/2014
Joint Venture
Oklahoma TIC
One Summit (5)
One Summit (5)
Rehab Humble Lessee
Gan Palm Beach Lessee
BP Lessee
Total/Wtg. Avg. (1)/Years Remaining (2)
Debt
Balance
($000)
$
13,818
6,230
4,317
14,692
14,836
18,791
$
72,684
LXP
Proportionate
Share
($000) (3)
$
5,527
$
1,870
$
1,295
$
2,204
$
3,709
$
2,819
$
17,424
Interest
Rate
(%)
5.240%
9.375%
10.625%
4.700%
3.700%
4.010%
5.49%
Footnotes
(1)
(2)
(3)
(4)
(5)
Weighted-average interest rate based on proportionate share.
Weighted-average years remaining on maturities based on proportionate debt balance.
Total balance shown may differ from detailed amounts due to rounding.
Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.
Property sold and debt satisfied subsequent to 9/30/2014.
38
Maturity
05/2015
10/2016
11/2016
05/2017
03/2018
11/2018
2.3
Current
Estimated Annual
Balloon
Debt Service
Payment
($000) (4)
($000)
$
629 $
13,673
3,344
2,239
950
13,982
842
13,768
764
18,791
$
8,768 $
60,214
Proportionate
Share Balloon
Payment
($000) (3)
$
5,469
2,097
3,442
2,819
$
13,827
LEXINGTON REALTY TRUST
Debt Maturity Schedule
9/30/2014
($000)
Consolidated Properties
Year
2014
2015
2016
2017
2018
$
$
$
$
$
$
Real Estate
Scheduled
Amortization
5,737
29,532
24,432
24,800
24,140
108,641
Real Estate
Balloon Payments
$
39,483
$
155,715
$
129,868
$
68,669
$
18,157
$
411,892
Non-Consolidated Investments - LXP Proportionate Share
Year
2014
2015
2016
2017
2018
$
$
$
$
$
$
Real Estate
Scheduled
Amortization
397
1,608
1,477
94
21
3,597
Real Estate
Balloon Payments
$
$
5,469
$
$
2,097
$
6,261
$
13,827
39
$
$
$
$
$
$
Corporate Debt
24,786
250,000
274,786
LEXINGTON REALTY TRUST
Mortgage Loans Receivable
9/30/2014
Current
Estimated
Annual
Debt Service
($000)(2)
Collateral
Office
Retail
Hospital
Loan Balance
($000)(1)
Interest
Rate
Maturity
Date
Balloon Payment Escrow Balance
($000)
($000)
City
State
Norwalk (3)
CT
$
32,472
7.50%
11/2014
$
204
$
32,472
$
-
Southfield
MI
$
6,005
4.55%
02/2015
$
342
$
5,810
$
-
Westmont (4)
IL
$
12,326
6.45%
10/2015
$
2,090
$
25,731
$
3,228
Austin
TX
$
2,691
16.00%
10/2018
$
-
$
5,104
$
-
Various
Various
$
1,072
8.00%
02/2021
$
219
$
-
$
-
Various
Various
$
491
8.00%
12/2021
$
94
$
-
$
-
Various
Various
$
633
8.00%
03/2022
$
112
$
-
$
-
Kennewick (5)
WA
$
77,387
9.00%
05/2022
$
7,438
$
77,387
$
-
$
133,077
$
10,499
$
146,504
$
3,228
Total Mortgage Loans Receivable
Footnotes
(1) Includes accrued interest receivable, loan losses, and net origination fees.
(2) Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months.
(3) Subsequent to 9/30/2014, Lexington extended the maturity date of the loan to December 1, 2014 and increased the interest rate to 12.5%.
(4) Escrow balance includes $2.5 million in a collateral securities account maintained by the borrower. Tenant in property terminated the lease effective 11/30/2013
for a termination payment of $1.3 million. Borrower is delinquent on debt service payments. Loan balance includes $13.9 million loan loss.
(5) Lexington is committed to lend up to a maximum of $85.0 million.
40
LEXINGTON REALTY TRUST
Partnership Interests
Nine months ended September 30, 2014
($000)
Noncontrolling Interest Properties - Partners' Proportionate Share (1)
EBITDA
$
463
Interest expense
$
335
Depreciation and amortization
$
463
EBITDA
$
3,954
Interest expense
$
757
Non-Consolidated Net Leased Real Estate - Lexington's Share
Footnotes
(1) Excludes discontinued operations and OP unit noncontrolling interests.
41
LEXINGTON REALTY TRUST
Selected Balance Sheet and Income Statement Account Data
9/30/2014
($000)
Balance Sheet
Other assets
$
38,955
The components of other assets are:
Deposits
$
Investments- capital lease
1,833
10,717
Equipment
231
Prepaids
5,281
Other receivables
1,479
Deferred lease incentives
15,973
Interest rate swap derivative asset
3,305
Other
136
Accounts payable and other liabilities
$
34,233
$
14,748
The components of accounts payable and other liabilities are:
Accounts payable and accrued expenses
CIP accruals and other
4,022
Taxes
658
Deferred tax liability
21
Deferred lease and loan costs
7,261
Subordinated notes
2,571
Deposits
1,431
Escrows
1,128
Transaction / build-to-suit costs
2,393
Income Statement - Nine months ended September 30, 2014
Non-cash interest expense, net
$
42
1,303
Investor Information
Transfer Agent
Computershare
PO Box 30170
College Station, TX 77842-3170
(800) 850-3948
www-us.computershare.com/investor
Overnight Correspondence:
211 Quality Circle, Suite 210
College Station, TX, 77845
Investor Relations
Patrick Carroll
Executive Vice President and Chief Financial Officer
Telephone (direct)
(212) 692-7215
Facsimile (main)
(212) 594-6600
E-mail
[email protected]
Research Coverage
Bank of America/Merrill Lynch
James Feldman
(646) 855-5808
KeyBanc Capital Markets Inc.
Craig Mailman
(917) 368-2316
Barclays Capital
Ross L. Smotrich
(212) 526-2306
Ladenburg Thalmann & Co., Inc.
Daniel P. Donlan
(212) 409-2056
Evercore Partners
Sheila K. McGrath
(212) 497-0882
Stifel Nicolaus
John W. Guinee
(443) 224-1307
J.P. Morgan Chase
Anthony Paolone
(212) 622-6682
Wells Fargo Securities, LLC
Todd J. Stender
(212) 214-8067
Jeffries & Company, Inc.
Omotayo Okusanya
(212) 336-7076
43

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