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Section 1: 8-K (FORM 8-K)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report Pursuant

to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 8, 2018

 

LEXINGTON REALTY TRUST
(Exact name of registrant as specified in its charter)

 

Maryland 1-12386 13-3717318

(State or other jurisdiction
of incorporation)

(Commission File Number) (IRS Employer
Identification No.)

 

One Penn Plaza, Suite 4015, New York, New York 10119-4015
(Address of principal executive offices) (Zip Code)

 

(212) 692-7200

(Registrant's telephone number, including area code)

 

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02.Results of Operations and Financial Condition.

 

On August 8, 2018, we issued a press release announcing our financial results for the quarter ended June 30, 2018. A copy of the press release is furnished herewith as part of Exhibit 99.1.

 

The information furnished pursuant to this “Item 2.02 - Results of Operations and Financial Condition”, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, which we refer to as the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.

 

Item 7.01.Regulation FD Disclosure.

 

On August 8, 2018, we made available supplemental information, which we refer to as the “Quarterly Supplemental Information, Second Quarter 2018,” a copy of which is furnished herewith as Exhibit 99.1.

 

Also on August 8, 2018, our management discussed our financial results and certain aspects of our business plan on a conference call with analysts and investors. A transcript of the conference call is furnished herewith as Exhibit 99.2.

 

The information furnished pursuant to this “Item 7.01 - Regulation FD Disclosure”, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing. Information contained on our web site is not incorporated by reference into this Current Report on Form 8-K.

 

Item 9.01.Financial Statements and Exhibits.

 

(d)Exhibits

 

99.1 Quarterly Supplemental Information, Second Quarter 2018.
   
99.2 August 8, 2018 Conference Call Transcript.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Lexington Realty Trust
     
Date: August 9, 2018 By: /s/ Patrick Carroll
    Patrick Carroll
    Chief Financial Officer

 

 

 

 

Exhibit Index

 

99.1 Quarterly Supplemental Information, Second Quarter 2018.
   
99.2 August 8, 2018 Conference Call Transcript.

 

 

 

(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit 99.1

 

 

 

LEXINGTON REALTY TRUST

QUARTERLY SUPPLEMENTAL INFORMATION

June 30, 2018

 

Table of Contents

 

Section   Page
     
Second Quarter 2018 Earnings Press Release   3
     
Portfolio Data    
Investment / Capital Recycling Summary   14
Financing Summary   15
Leasing Summary   16
Other Revenue Data   18
Portfolio Detail by Asset Class   20
Portfolio Composition   21
Components of Net Asset Value   22
Top Markets   23
Single-Tenant Office Markets   24
Tenant Industry Diversification   25
Top 10 Tenants or Guarantors   26
Lease Rollover Schedules – GAAP Basis   27
Property Leases and Vacancies   29
Select Credit Metrics Summary   37
Financial Covenants   38
Mortgages and Notes Payable   39
Debt Maturity Schedule   41
Selected Balance Sheet Account Data   42
Non-GAAP Measures – Definitions   43
Reconciliation of Non-GAAP Measures   45
Investor Information   49

 

This Quarterly Earnings Press Release and Quarterly Supplemental Information 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 and its subsidiaries 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, but not limited to, risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO available to all equityholders and unitholders – diluted for the year ending December 31, 2018, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction on the terms described herein or at all, (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 revise those forward-looking statements 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 SECOND QUARTER 2018 RESULTS

 

New York, NY - August 8, 2018 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the second quarter ended June 30, 2018.

 

Second Quarter 2018 Highlights

 

Generated Net Loss attributable to common shareholders of $3.3 million, or $(0.01) per diluted common share.
Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $62.4 million, or $0.25 per diluted common share.
Acquired three industrial properties for an aggregate cost of $136.8 million.
Sold three non-industrial properties for an aggregate of $65.6 million.
Financed an industrial property generating initial gross proceeds of $25.9 million.
Repurchased and retired 130,000 common shares at an average price of $7.87 per share.
Borrowed $95.0 million, net, under its unsecured revolving credit facility.
Completed 331,000 square feet of new leases and lease extensions with portfolio 97.3% leased at quarter end.

 

Subsequent Events

 

Sold three non-industrial properties for an aggregate of $46.6 million.

 

Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.

 

T. Wilson Eglin, Chief Executive Officer and President of Lexington Realty Trust, commented, “To date, we have added $137 million of new industrial assets to our portfolio and disposed of $175 million of office and other non-core assets.  We remain committed to our business strategy of repositioning our portfolio so that it consists primarily of single-tenant net-leased industrial assets.  Considerable progress has been made on reducing our office exposure and we continue to focus on accelerating our disposition efforts in this area of our business.”

 

 3 

 

 

FINANCIAL RESULTS

 

Revenues

 

For the quarter ended June 30, 2018, total gross revenues were $105.5 million, compared with total gross revenues of $95.7 million for the quarter ended June 30, 2017. The increase was primarily attributable to revenue generated from 2018 and 2017 property acquisitions and new leases, partially offset by property sales and lease expirations.

 

Net Income (Loss) Attributable to Common Shareholders

 

For the quarter ended June 30, 2018, net loss attributable to common shareholders was $3.3 million, or $(0.01) per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2017 of $5.5 million, or $0.02 per diluted share. The change between periods relates primarily to the timing of gains on sales and impairments recognized on real estate.

 

Adjusted Company FFO

 

For the quarter ended June 30, 2018, Lexington generated Adjusted Company FFO of $62.4 million, or $0.25 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2017 of $57.0 million, or $0.23 per diluted share. The increase was primarily attributable to the items discussed above under “Revenues”.

 

Dividends/Distributions

 

As previously announced, during the second quarter of 2018, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended June 30, 2018 of $0.1775 per common share/unit, which was paid on July 16, 2018 to common shareholders/unitholders of record as of June 29, 2018. Lexington previously declared a cash dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended June 30, 2018, which is expected to be paid on August 15, 2018 to Series C Preferred Shareholders of record as of July 31, 2018.

 

TRANSACTION ACTIVITY

 

ACQUISITION TRANSACTIONS

 

Tenant  Location  Sq. Ft.   Property Type  Initial Basis
($000)
   Approximate
Lease Term
(Yrs)
Sephora USA, Inc.  Olive Branch, MS   716,080   Industrial  $44,090   11
Hamilton Beach Brands, Inc.  Olive Branch, MS   1,170,218   Industrial   48,575   3
Spectrum Brands Pet Group, Inc.  Edwardsville, IL   1,017,780   Industrial   44,178   12
       2,904,078      $136,843    

 

The above were acquired at aggregate weighted-average GAAP and cash capitalization rates of 7.3% and 5.8%, respectively.

 

 4 

 

 

PROPERTY DISPOSITIONS

 

Primary Tenant  Location  Property Type 

Gross
Disposition

Price

($000)

   Annualized
Net Income
(Loss)(1)
($000)
  

Annualized

NOI(1)

($000)

   Month of
Disposition
  %
Leased
 
Vacant  Lawrence, IN  Other  $550   $(200)  $(185)  May   0%
Mighty Dollar, LLC  Thomasville, NC  Other   600    66    86   June   100%
CopperPoint Mutual Insurance Company  Phoenix, AZ  Office   64,499    2,991    4,173   June   100%
         $65,649   $2,857   $4,074         

 

(1)Quarterly period prior to sale annualized.

 

These dispositions resulted in aggregate gain on sales of $14.4 million.

 

LEASING

 

   LEASE EXTENSIONS           
                     
   Location  Primary Tenant(1) 

Prior

Term

 

Lease
Expiration Date

   Sq. Ft. 
   Office                     
1  Pascagoula  MS  Huntington Ingalls Incorporated  10/2018   10/2023     94,841 
2  Tempe  AZ  Versum Materials US, LLC  06/2022   12/2033     95,133 
2  Total office lease extensions                   189,974 
                         
   NEW LEASES                
                    
   Location        Lease
Expiration Date
  Sq. Ft.
   Office/Multi-Tenant                    
1  Irving  TX  Nissan Motor Acceptance Corporation     03/2023    43,396
2  Redmond  OR  Consumer Cellular, Incorporated     07/2029    77,260
3  Phoenix  AZ  HealthPlanOne, LLC     02/2024    20,164
3  Total new office leases                  140,820
                       
5  TOTAL NEW AND EXTENDED LEASES                             330,794

 

(1)Leases greater than 10,000 square feet.

 

As of June 30, 2018, Lexington's portfolio was 97.3% leased.

 

 5 

 

 

BALANCE SHEET/CAPITAL MARKETS

 

In the second quarter of 2018, Lexington repurchased and retired 130,000 common shares at an average price of $7.87 per share under its repurchase authorization announced on July 2, 2015 in the amount of 10.0 million common shares. As of June 30, 2018, there were approximately 5.7 million common shares remaining to be repurchased under the authorization.

 

Also, in the second quarter, Lexington obtained $25.9 million in non-recourse financing on an industrial property in Warren, Michigan. The loan matures in November 2032, bears interest at a fixed rate of 5.4% and is interest only through November 2027.

 

2018 EARNINGS GUIDANCE

 

Lexington now estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2018 will be within an expected range of $0.24 to $0.27. Lexington is reaffirming that its Adjusted Company FFO for the year ended December 31, 2018 is expected to be within a range of $0.95 to $0.98 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

 

SECOND QUARTER 2018 CONFERENCE CALL

 

Lexington will host a conference call today, August 8, 2018, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2018. Interested parties may participate in this conference call by dialing 1-844-825-9783 (U.S.), 1-412-317-5163 (International) or 1-855-669-9657 (Canada). A replay of the call will be available through November 8, 2018, at 1-877-344-7529 (U.S.), 1-412-317-0088 (International) or 1-855-669-9658 (Canada), pin code for all replay numbers is 10122347. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

 

 6 

 

 

ABOUT LEXINGTON REALTY TRUST

 

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions. For more information, including Lexington's Quarterly Supplemental Information package, or to follow Lexington on social media, visit www.lxp.com.

 

Contact:

Investor or Media Inquiries for Lexington Realty Trust:

Heather Gentry, Senior Vice President of Investor Relations

Lexington Realty Trust

Phone: (212) 692-7200 E-mail: hgentry@lxp.com

 

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, (2) Lexington's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2018, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, 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, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

 

 7 

 

 

Non-GAAP Financial Measures - Definitions

 

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures.

 

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable measures under generally accepted accounting principles (“GAAP”), reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington's financial performance or cash flow from operating, investing or financing activities or liquidity.

 

Cash Rent: Cash Rent is calculated by making adjustments to GAAP rent to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents relating to free rent periods and contractual rent increases. Cash Rent excludes lease termination income. Lexington believes Cash Rent provides a meaningful indication of an investment's ability to fund cash needs.

 

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for tenant improvements, and (8) cash paid for lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“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.

 

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, 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, or 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 non-consolidated 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 FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington's real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.

 

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) divided by the acquisition/completion cost (or sale) price.

 

Net Operating Income (“NOI”): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), tenant reimbursements and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington's NOI may not be comparable to other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

 

# # #

 

 8 

 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands, except share and per share data)

 

   Three months ended June 30,   Six months ended June 30, 
   2018   2017   2018   2017 
Gross revenues:                    
Rental  $97,649   $87,565   $192,171   $176,219 
Tenant reimbursements   7,844    8,119    15,959    15,564 
Total gross revenues   105,493    95,684    208,130    191,783 
Expense applicable to revenues:                    
Depreciation and amortization   (45,440)   (42,320)   (91,977)   (85,211)
Property operating   (10,906)   (12,974)   (22,383)   (25,090)
General and administrative   (7,421)   (8,141)   (16,417)   (17,598)
Non-operating income   354    1,371    900    3,992 
Interest and amortization expense   (21,734)   (19,216)   (42,065)   (38,941)
Debt satisfaction charges, net       (46)       (46)
Impairment charges and loan loss   (35,269)   (13,599)   (88,318)   (21,591)
Gains on sales of properties   14,432    10,240    37,206    44,433 
Income (loss) before provision for income taxes and equity in earnings (losses) of non-consolidated entities   (491)   10,999    (14,924)   51,731 
Provision for income taxes   (379)   (377)   (882)   (799)
Equity in earnings (losses) of non-consolidated entities   75    (3,257)   188    (1,347)
Net income (loss)   (795)   7,365    (15,618)   49,585 
Less net income attributable to noncontrolling interests   (899)   (213)   (391)   (393)
Net income (loss) attributable to Lexington Realty Trust shareholders   (1,694)   7,152    (16,009)   49,192 
Dividends attributable to preferred shares – Series C   (1,573)   (1,573)   (3,145)   (3,145)
Allocation to participating securities   (60)   (60)   (130)   (131)
Net income (loss) attributable to common shareholders  $(3,327)  $5,519   $(19,284)  $45,916 
                     
Net income (loss) attributable to common shareholders - per common share basic  $(0.01)  $0.02   $(0.08)  $0.19 
Weighted-average common shares outstanding – basic   237,312,726    237,720,198    237,690,306    237,451,355 
                     
Net income (loss) attributable to common shareholders - per common share diluted  $(0.01)  $0.02   $(0.08)  $0.19 
Weighted-average common shares outstanding – diluted   237,312,726    241,531,313    237,690,306    241,310,529 

 

 9 

 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share and per share data)

 

   June 30, 2018   December 31, 2017 
Assets:          
Real estate, at cost  $3,650,121   $3,936,459 
Real estate - intangible assets   523,097    599,091 
    4,173,218    4,535,550 
Less: accumulated depreciation and amortization   1,139,865    1,225,650 
Real estate, net   3,033,353    3,309,900 
Assets held for sale   171,550    2,827 
Cash and cash equivalents   75,373    107,762 
Restricted cash   71,564    4,394 
Investment in and advances to non-consolidated entities   17,199    17,476 
Deferred expenses, net   29,472    31,693 
Rent receivable – current   4,712    5,450 
Rent receivable – deferred   52,861    52,769 
Other assets   20,107    20,749 
Total assets  $3,476,191   $3,553,020 
           
Liabilities and Equity:          
Liabilities:          
Mortgages and notes payable, net  $701,774   $689,810 
Revolving credit facility borrowings   195,000    160,000 
Term loans payable, net   597,251    596,663 
Senior notes payable, net   495,616    495,198 
Trust preferred securities, net   127,246    127,196 
Dividends payable   48,474    49,504 
Liabilities held for sale   2,333     
Accounts payable and other liabilities   26,207    38,644 
Accrued interest payable   6,069    5,378 
Deferred revenue - including below market leases, net   33,736    33,182 
Prepaid rent   13,189    16,610 
Total liabilities   2,246,895    2,212,185 
           
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   94,016    94,016 
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 239,888,688 and 240,689,081 shares issued and outstanding in 2018 and 2017, respectively   24    24 
Additional paid-in-capital   2,811,981    2,818,520 
Accumulated distributions in excess of net income   (1,693,165)   (1,589,724)
Accumulated other comprehensive income   1,098    1,065 
Total shareholders’ equity   1,213,954    1,323,901 
Noncontrolling interests   15,342    16,934 
Total equity   1,229,296    1,340,835 
Total liabilities and equity  $3,476,191   $3,553,020 

 

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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2018   2017   2018   2017 
EARNINGS PER SHARE:                    
                     
Basic:                    
Net income (loss) attributable to common shareholders  $(3,327)  $5,519   $(19,284)  $45,916 
                     
Weighted-average number of common shares outstanding - basic   237,312,726    237,720,198    237,690,306    237,451,355 
                     
Net income (loss) attributable to common shareholders - per common share basic  $(0.01)  $0.02   $(0.08)  $0.19 
                     
Diluted:                    
Net income (loss) attributable to common shareholders - basic  $(3,327)  $5,519   $(19,284)  $45,916 
Impact of assumed conversions               (19)
Net income (loss) attributable to common shareholders  $(3,327)  $5,519   $(19,284)  $45,897 
                     
Weighted-average common shares outstanding - basic   237,312,726    237,720,198    237,690,306    237,451,355 
Effect of dilutive securities:                    
Share options       86,653        111,252 
Operating partnership units       3,724,462        3,747,922 
Weighted-average common shares outstanding - diluted   237,312,726    241,531,313    237,690,306    241,310,529 
                     
Net income (loss) attributable to common shareholders - per common share diluted  $(0.01)  $0.02   $(0.08)  $0.19 

 

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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
FUNDS FROM OPERATIONS:                    
Basic and Diluted:                    
Net income (loss) attributable to common shareholders  $(3,327)  $5,519   $(19,284)  $45,916 
Adjustments:                    
Depreciation and amortization   44,225    41,076    89,379    82,618 
Impairment charges - real estate   35,269    17,111    88,318    19,809 
Noncontrolling interests - OP units   649        (80)   (19)
Amortization of leasing commissions   1,215    1,244    2,598    2,593 
Joint venture and noncontrolling interest adjustment   258    265    516    605 
Gains on sales of properties, including non-consolidated entities   (14,432)   (10,240)   (37,206)   (45,885)
FFO available to common shareholders and unitholders - basic   63,857    54,975    124,241    105,637 
Preferred dividends   1,573    1,573    3,145    3,145 
Amount allocated to participating securities   60    60    130    131 
FFO available to all equityholders and unitholders - diluted   65,490    56,608    127,516    108,913 
Debt satisfaction charges, net       46        46 
Loan loss               5,294 
Other(1)   (3,120)   302    (3,120)   488 
Adjusted Company FFO available to all equityholders and unitholders - diluted   62,370    56,956    124,396    114,741 
                     
FUNDS AVAILABLE FOR DISTRIBUTION:                    
Adjustments:                    
Straight-line adjustments   (6,013)   (5,641)   (10,879)   (8,550)
Lease incentives   519    510    1,055    941 
Amortization of above/below market leases   246    346    224    860 
Lease termination payments, net   (309)   (530)   (617)   (295)
Non-cash interest, net   1,299    497    2,324    652 
Non-cash charges, net   1,625    1,987    3,564    4,133 
Tenant improvements   (662)   (4,233)   (6,594)   (5,995)
Lease costs   (1,192)   (1,385)   (1,801)   (3,056)
Company Funds Available for Distribution  $57,883   $48,507   $111,672   $103,431 
                     
Per Common Share and Unit Amounts                    
Basic:                    
FFO  $0.27   $0.23   $0.51   $0.44 
                     
Diluted:                    
FFO  $0.27   $0.23   $0.52   $0.44 
Adjusted Company FFO  $0.25   $0.23   $0.50   $0.47 
                     
Basic:                    
Weighted-average common shares outstanding - basic EPS   237,312,726    237,720,198    237,690,306    237,451,355 
Operating partnership units(2)   3,619,315    3,724,462    3,624,228    3,747,922 
Weighted-average common shares outstanding - basic FFO   240,932,041    241,444,660    241,314,534    241,199,277 
                     
Diluted:                    
Weighted-average common shares outstanding - diluted EPS   237,312,726    241,531,313    237,690,306    241,310,529 
Operating partnership units(2)   3,619,315        3,624,228     
Unvested share-based payment awards and options   445,283    606,934    503,461    648,810 
Preferred shares - Series C   4,710,570    4,710,570    4,710,570    4,710,570 
Weighted-average common shares outstanding - diluted FFO   246,087,894    246,848,817    246,528,565    246,669,909 

 

(1)"Other" primarily consisted of the acceleration of below-market lease intangible accretion in 2018 and transaction related costs in 2017.
(2)Includes OP units other than OP units held by Lexington.

 

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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES

 

2018 EARNINGS GUIDANCE

 

   Twelve Months Ended
December 31, 2018
 
   Range 
Estimated:          
Net income attributable to common shareholders per diluted common share(1)  $0.24   $0.27 
Depreciation and amortization   0.73    0.73 
Impact of capital transactions   (0.02)   (0.02)
Estimated Adjusted Company FFO per diluted common share  $0.95   $0.98 

 

(1)Assumes all convertible securities are dilutive.

 

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LEXINGTON REALTY TRUST

2018 Second Quarter Investment / Capital Recycling Summary 

 

PROPERTY INVESTMENTS

 

   Primary Tenant  Location  Square Feet
(Approx.)
  Property
Type
  Initial Basis ($000)   Month
Closed
  Primary
Lease
Expiration
        
1  Sephora USA, Inc.  Olive Branch  MS  716,000  Industrial  $44,090   April  07/2029            
2  Hamilton Beach Brands, Inc.  Olive Branch  MS  1,170,000  Industrial   48,575   April  06/2021          
3  Spectrum Brands Pet Group, Inc.  Edwardsville  IL  1,018,000  Industrial   44,178   June  05/2030          
                                     
3  TOTAL PROPERTY INVESTMENTS        2,904,000     $136,843                 

 

CAPITAL RECYCLING

 

PROPERTY DISPOSITIONS

 

  

   Primary Tenant  Location  Property Type  Gross
Sale Price
($000)
   Annualized  Net
Income (Loss)
($000) (1)
   Annualized
NOI
($000)(1)(2)
   Month of
Disposition
  % Leased   Gross Sale
Price PSF
 
1  Vacant  Lawrence  IN  Other  $550   $(200)  $(185)  May   0%  $15.39 
2  Mighty Dollar, LLC  Thomasville  NC  Other   600    66    86   June   100%   25.25 
3  Copperpoint Mutual Insurance Company  Phoenix  AZ  Office   64,499    2,991    4,173   June   100%   255.54 
3  TOTAL PROPERTY DISPOSITIONS           $65,649   $2,857   $4,074              

  

Footnotes

(1)Quarterly period prior to sale annualized.
(2)See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

 

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LEXINGTON REALTY TRUST

2018 Second Quarter Financing Summary

 

PROPERTY LEVEL FINANCING

 

Location  Primary Tenant  Property Type  Face
($000)
   Fixed Rate   Maturity
Date
Consolidated Mortgage Debt:                 
Warren, MI (1)  Lipari Foods Operating Company, LLC  Industrial  $25,850    5.380%  11/2032
                    
CORPORATE LEVEL FINANCING          
                    
   Quarterly Activity, Net
($000)
                
Revolving Credit Facility  $              95,000 borrowing                

 

Footnotes

(1)Loan is interest-only through November 2027.

  

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LEXINGTON REALTY TRUST

2018 Second Quarter Leasing Summary

 

LEASE EXTENSIONS

 

   Tenant (3)  Location  Prior
Term
  Lease
Expiration
Date
  Sq. Ft.   New GAAP
Rent Per
Annum
($000)(1)
   Prior
GAAP
Rent Per
Annum
($000)
   New Cash
Rent Per
Annum
($000)(1)(2)
   Prior Cash
Rent Per
Annum
($000)(2)
 
                                    
   Office                                     
                                         
1  Huntington Ingalls Incorporated  Pascagoula  MS  10/2018  10/2023   94,841   $593   $593   $593   $593 
2  Versum Materials US, LLC  Tempe  AZ  06/2022  12/2033   95,133    1,803    1,750    1,574    1,691 
                                         
2  Total office lease extensions               189,974   $2,396   $2,343   $2,167   $2,284 
                                         
            `                            
2  TOTAL EXTENDED LEASES               189,974   $2,396   $2,343   $2,167   $2,284 
                                         
NEW LEASES                         
                                         
   Tenant (Guarantor)(3)  Location      Lease
Expiration
 Date
  Sq. Ft.   New GAAP
Rent Per
Annum
($000)(1)
           New Cash
Rent Per
Annum
($000)(1)(2)
       
   Office / Multi-tenant Office                                          
1  Nissan Motor Acceptance Corporation (Nissan North America, Inc.) (4)  Irving  TX       03/2023   43,396   $641           $736       
2  Consumer Cellular, Incorporated (5)  Redmond  OR      07/2029   77,260    920            843       
3  HealthPlanOne, LLC(6)   Phoenix  AZ      02/2024   20,164    347            403       
                                              
3  Total office new leases                140,820   $1,908           $1,982       
                                              
3  TOTAL NEW LEASES                140,820   $1,908           $1,982       
                                              
5  TOTAL NEW AND EXTENDED LEASES                330,794   $4,304           $4,149       

 

 

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LEXINGTON REALTY TRUST

2018 Second Quarter Leasing Summary (Continued)

 

NEW VACANCY (7)

 

Tenant  Location  Lease
Expiration
 Date
  Sq. Ft.   2017
GAAP
Rent
($000)
    2017
Cash Rent
($000)(2)
 
Office                        
3M Company  Wallingford  CT  06/2018   44,400   $507   $528 

 

Footnotes 

(1)Assumes twelve months rent from the later of 7/1/18 or lease commencement/extension, excluding free rent periods as applicable.
(2)See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
(3)Leases greater than 10,000 square feet.
(4)Previous tenant lease expired 5/31/2018 and provided for annual GAAP and cash rents of $0.8 million and $0.9 million, respectively.
(5)Current lease with T-Mobile USA expires 1/31/2019. Consumer Cellular lease commences 2/1/2019. T-Mobile USA lease has annual GAAP and cash rent of $1.5 million and $1.8 million, respectively.
(6)Previous tenant lease expires 7/31/2018 and provided for annual GAAP and cash rents of $408 thousand and $423 thousand, respectively.
(7)Excludes multi-tenant properties and non-consolidated investments.

 

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LEXINGTON REALTY TRUST

Other Revenue Data

6/30/2018

($000)

 

Other Revenue Data

 

   GAAP  Rent 
Asset Class  Six months ended 
   6/30/18 (1)(4)   6/30/18
Percentage
   6/30/17
Percentage
 
Industrial  $89,767    48.6%   41.2%
Office   86,008    46.6%   53.3%
Other               
Multi-tenant   5,497    3.0%   2.6%
Specialty   1,931    1.0%   1.1%
Retail   1,488    0.8%   1.8%
   $184,691    100.0%   100.0%

 

 

   GAAP  Rent 
Credit Ratings  (2)  Six months ended 
   6/30/18 (1)(4)   6/30/18
Percentage
   6/30/17
Percentage
 
Investment Grade  $79,219    42.9%   39.2%
Non-Investment Grade   27,565    14.9%   15.9%
Unrated   77,907    42.2%   44.9%
   $184,691    100.0%   100.0%

 

Weighted-Average Lease Term - Cash Basis As of 6/30/18   As of 6/30/17
  8.8 years   9.0 years

 

Rent Estimates for Current Assets

 

Year  GAAP (3)(4)   Cash (3)   Difference 
2018 - remaining  $185,653   $175,312   $(10,341)
2019   347,345    335,170    (12,175)

 

Footnotes

(1)Six months ended 6/30/2018 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 6/30/2018.
(2)Credit ratings are based upon either tenant, guarantor or parent. Generally, multi-tenant assets are included in unrated.
(3)Amounts assume (1) lease terms for non-cancellable periods only, (2) no new or renegotiated leases are entered into after 6/30/2018, and (3) no properties are sold or acquired after 6/30/2018.
(4)Excludes the acceleration of below-market lease intangible accretion on three Kmart assets.

 

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LEXINGTON REALTY TRUST

Other Revenue Data (Continued)

6/30/2018

($000)

 

Same-Store NOI (1)

 

   Six months ended June 30, 
   2018   2017 
Total Cash  Rent  $153,401   $152,878 
Tenant Reimbursements   14,616    13,599 
Property Operating Expenses   (20,386)   (19,752)
Same-Store NOI  $147,631   $146,725 
           
Change in Same-Store NOI   0.6%     
           
Same-Store Percent Leased (2)  As of 6/30/18   As of 6/30/17 
    96.4%   98.7%

 

Lease Escalation Data (3)

 

 

Footnotes

(1)NOI is on a consolidated cash basis for all consolidated properties except properties acquired and sold in 2018 and 2017. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
(2)Excludes properties acquired or sold in 2018 and 2017.
(3)Based on six months consolidated cash rents for single-tenant leases (properties greater than 70% leased) owned as of June 30, 2018. Excludes parking operations and rents from prior tenants.

 

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LEXINGTON REALTY TRUST

Portfolio Detail By Asset Class

6/30/2018

($000, except square footage)

 

Asset Class  YE 2015   YE 2016   YE 2017   Q2 2018 
                 
Industrial                    
% of ABR (1)   30.5%   39.7%   43.6%   48.6%
LTL (5)   47.4%   50.8%   47.1%   42.7%
STL (6)   52.6%   49.2%   52.9%   57.3%
Leased   99.6%   99.9%   99.9%   99.9%
Wtd. Avg. Lease Term (2)   10.1    10.4    10.6    10.1 
Mortgage Debt  $292,293   $240,790   $193,529   $216,148 
% Investment Grade (1)   27.9%   26.2%   28.9%   36.2%
Square Feet   25,693,585    27,476,653    35,396,894    37,462,265 
                     
Office                    
% of ABR (1)   49.6%   52.9%   51.8%   46.6%
LTL (5)   23.2%   26.9%   30.1%   29.5%
STL (6)   76.8%   73.1%   69.9%   70.5%
Leased   99.6%   99.6%   99.2%   99.1%
Wtd. Avg. Lease Term (2)   7.2    7.2    7.7    7.2 
Mortgage Debt  $329,696   $490,948   $495,842   $485,266 
% Investment Grade (1)   48.0%   48.1%   52.0%   52.9%
Square Feet   12,847,877    11,569,940    10,881,264    10,214,003 
                     
Other                    
% of ABR (1)(7)   19.9%   7.4%   4.6%   4.8%
LTL (5)   74.7%   20.9%   26.1%   27.7%
STL (6)   25.3%   79.1%   73.9%   72.3%
Leased   64.7%   60.5%   81.8%   59.0%
Wtd. Avg. Lease Term (2)(3)   15.3    9.5    10.1    11.6 
Mortgage Debt  $269,336   $13,435   $7,697   $7,636 
% Investment Grade (1)   8.4%   16.0%   12.9%   14.2%
Square Feet   3,728,561    4,277,704    2,335,904    3,054,572 
                     
Loans Receivable  $95,871   $94,210   $-   $- 
Construction in progress (4)  $103,954   $111,771   $4,219   $1,122 

 

Footnotes

(1) Percentage of GAAP rent, excluding termination income, for consolidated properties owned as of each respective period.

(2) Cash basis.

(3) Cash basis adjusted to reflect NY land leases to the first purchase option date, as applicable.

(4) Includes development classified as real estate under construction on a consolidated basis.

(5) Long-term leases ("LTL") are defined as leases having a remaining term of ten years or longer.

(6) Short-term leases ("STL") are defined as leases having a remaining term of less than ten years.

(7) Excludes the acceleration of below-market lease intangible accretion on three Kmart assets in Q2 2018.

 

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LEXINGTON REALTY TRUST
Portfolio Composition
6/30/2018

 

 

 

 

Footnotes

(1) Based on gross book value of real estate assets and real estate under construction as of 6/30/2018; excludes held for sale assets.

(2) Based on respective period GAAP rent, excluding termination income.

(3) Excludes the acceleration of below-market lease intangible accretion on three Kmart assets in Q2 2018. 

 

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LEXINGTON REALTY TRUST

Components of Net Asset Value

6/30/2018

($000)

 

The purpose of providing the following information is to enable readers to derive their own estimates of net asset value. This information is not intended to be an asset-by-asset or enterprise valuation.

 

Consolidated properties six month net operating income (NOI) (1)     
Industrial  $81,748 
Office   74,518 
Other     
Multi-Tenant   1,335 
Specialty   1,082 
Retail   329 
Total Net Operating Income  $159,012 
      
Lexington's share of non-consolidated six month NOI (1)     
Office  $215 
Other   908 
   $1,123 
Other income     
Advisory fees  $364 
      
      
In service assets not fairly valued by capitalized NOI method (1)     
Wholly-owned assets acquired in 2018  $135,548 
Wholly-owned assets less than 70% leased  $36,951 
      
Add other assets:     
Assets held for sale  $171,550 
Construction in progress   1,122 
Developable land   6,018 
Cash and cash equivalents   75,373 
Restricted cash   71,564 
Accounts receivable, net   4,712 
Other assets   20,107 
Total other assets  $350,446 
      
Liabilities:     
Corporate level debt (face amount)  $1,424,120 
Mortgages and notes payable (face amount)   708,946 
Dividends payable   48,474 
Liabilities held for sale   2,333 
Accounts payable, accrued expenses and other liabilities   45,465 
Preferred stock, at liquidation value   96,770 
Lexington's share of non-consolidated mortgages   20,749 
Total deductions  $2,346,857 
      
Common shares & OP units at 6/30/2018   243,498,791 

 

Footnotes

(1)NOI for the existing property portfolio at June 30, 2018, excludes NOI related to assets undervalued by a capitalized NOI method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70% and assets acquired in 2018. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, Lexington's net book value has been used. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

 

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LEXINGTON REALTY TRUST

Top Markets

6/30/2018

 

   Core Based Statistical Area (2)  Percent of
GAAP Rent as of
6/30/18  (1)(4)
 
1  Houston-Sugar Land-Baytown, TX   10.2%
2  Memphis, TN-MS-AR   6.0%
3  Dallas-Fort Worth-Arlington, TX   5.6%
4  Kansas City, MO-KS   4.2%
5  Detroit-Warren-Livonia, MI   3.7%
6  Kennewick-Pasco-Richland, WA   3.6%
7  New York-Northern New Jersey-Long Island, NY-NJ-PA   3.4%
8  Richmond, VA   3.1%
9  Charlotte-Concord-Gastonia, NC-SC   2.7%
10  Nashville-Davidson-Murfreesboro-Franklin, TN   2.6%
11  Atlanta-Sandy Springs-Marietta, GA   2.3%
12  Chicago-Naperville-Joliet, IL-IN-WI   2.2%
13  Philadelphia-Camden-Wilmington, PA-NJ-DE-MD   2.2%
14  Denver-Aurora, CO   2.2%
15  Las Vegas-Paradise, NV   1.8%
16  San Jose-Sunnyvale-Santa Clara, CA   1.8%
17  Jackson, MS   1.7%
18  Columbus, OH   1.6%
19  San Antonio, TX   1.3%
20  Indianapolis-Carmel, IN   1.3%
   Total Top Markets (3)   63.4%

 

Footnotes

(1)Six months ended 6/30/2018 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 6/30/2018.
(2)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.
(4)Excludes the acceleration of below-market lease intangible accretion on three Kmart assets.

  

 23 

 

 

LEXINGTON REALTY TRUST

Single-Tenant Office Markets (1)(2)

6/30/2018

 

 

Footnotes

(1)Six months ended 6/30/2018 GAAP rent, excluding termination income, recognized for consolidated single-tenant office properties owned as of 6/30/2018.
(2)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.

 

 24 

 

 

 

LEXINGTON REALTY TRUST

Tenant Industry Diversification (1)(2)

6/30/2018

 

 

Footnotes

(1)Six months ended 6/30/2018 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 6/30/2018.
(2)Excludes the acceleration of below-market lease intangible accretion on three Kmart assets.

 

 25 

 

 

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

6/30/2018

 

Top 10 Tenants or Guarantors - GAAP Basis

 

Tenants or Guarantors  Number
of Leases
   Sq. Ft.
Leased
   Sq. Ft.
Leased as a
Percent of
Consolidated
Portfolio (2)
   GAAP
Rent as of
6/30/2018
($000) (1)(4)
   Percent of
GAAP Rent as
of 6/30/2018
($000) (1) (2) (4)
 
Nissan North America, Inc.  3   3,239,445    6.4%  $8,142    4.4%
The Dow Chemical Company  1   664,100    1.3%   7,425    4.0%
Preferred Freezer Services of Richland, LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)  1   456,412    0.9%   6,566    3.6%
FedEx Corporation / Federal Express Corporation  2   661,616    1.3%   6,075    3.3%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)  7   2,053,359    4.0%   4,970    2.7%
United States of America  3   398,214    0.8%   4,771    2.6%
Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation  2   476,123    0.9%   4,050    2.2%
McGuireWoods LLP  1   224,537    0.4%   3,592    1.9%
Undisclosed (3)  3   1,090,383    2.1%   3,570    1.9%
Watco Dock & Rail III, L.L.C. (Watco Companies, L.L.C.)  1   132,449    0.3%   3,386    1.8%
   24   9,396,638    18.5%  $52,547    28.5%

 

Footnotes

(1)Six months ended 6/30/2018 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 6/30/2018.
(2)Total shown may differ from detailed amounts due to rounding.
(3)Tenant is a domestic subsidiary of an international automaker.
(4)Excludes the acceleration of below-market lease intangible accretion on three Kmart assets.

 

 26 

 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis

6/30/2018

($000)

 

Year  Number
of
Leases
Expiring
   GAAP
Rent as of
6/30/2018
   Percent of
GAAP Rent
as of
6/30/2018
   Percent of
GAAP Rent
as of
6/30/2017
 
2018 - remaining   5   $4,391    2.5%   4.5%
2019   19    14,861    8.3%   9.6%
2020   13    9,673    5.4%   4.8%
2021   14    12,454    7.0%   6.6%
2022   5    5,416    3.0%   3.5%
2023   11    7,482    4.2%   4.1%
2024   13    10,175    5.7%   5.5%
2025   16    14,764    8.3%   9.6%
2026   11    7,704    4.3%   5.5%
2027   16    19,212    10.8%   7.5%
Thereafter   48    72,021    40.4%   36.5%
                     
Total (1)   171   $178,153    100.0%     

 

 

 

 

Footnotes

(1)Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties, parking operations, lease termination income and the acceleration of below-market lease intangible accretion on three Kmart assets.

 

 27 

 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Properties GAAP Basis

6/30/2018

($000)

 

Year  Number
of
Leases

Expiring
   GAAP
Rent as of
6/30/2018
   Percent of
GAAP
Rent

as of
6/30/2018
 
2018 - remaining   36   $5,233    2.9%
2019   28    15,211    8.3%
2020   20    9,753    5.3%
2021   20    13,986    7.7%
2022   5    5,416    3.0%
2023   12    7,482    4.1%
2024   15    10,431    5.7%
2025   18    15,458    8.5%
2026   11    7,704    4.2%
2027   16    19,212    10.5%
Thereafter   50    72,596    39.8%
                
Total (1)   231   $182,482    100.0%

 

 

 

Footnotes

(1)Total shown may differ from detailed amounts due to rounding and does not include parking operations, lease termination income and the acceleration of below-market lease intangible accretion on three Kmart assets.

 

 28 

 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2018

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note   Primary Tenant or Guarantor (19)  Sq. Ft.
Leased or
Available (1)
   GAAP
Rent
as of
6/30/2018
($000) (3)
   Cash
Rent
as of
6/30/2018
($000) (2)
   6/30/2018
Debt Balance
($000)
   Debt Maturity
INDUSTRIAL PROPERTIES                                  
2018  9/30/2018  50 Tyger River Dr.  Duncan  SC      Plastic Omnium   221,833    512    512    -   -
   12/31/2018  1133 Poplar Creek Rd.  Henderson  NC      Staples   196,946    434    443    -   -
      2935 Van Vactor Dr.  Plymouth  IN      Bay Valley Foods   300,500    428    428    -   -
      749 Southrock Dr.  Rockford  IL      Jacobson Warehouse   150,000    236    270    -   -
2019  10/17/2019  10345 Philipp Pkwy.  Streetsboro  OH      L'Oreal USA   649,250    1,305    1,409    16,778   09/2019
   12/31/2019  191 Arrowhead Dr.  Hebron  OH      Owens Corning   250,410    284    284    -   -
      200 Arrowhead Dr.  Hebron  OH      Owens Corning   400,522    454    454    -   -
      2415 US Hwy. 78 East  Moody  AL      Michelin   595,346    704    725    -   -
2020  1/31/2020  101 Michelin Dr.  Laurens  SC      Michelin   1,164,000    1,724    1,724    -   -
   5/31/2020  359 Gateway Dr.  Lavonia  GA      TI Automotive   133,221    476    600    6,831   12/2020
   6/30/2020  1650-1654 Williams Rd.  Columbus  OH      ODW Logistics   772,450    671    674    -   -
      3102 Queen Palm Dr.  Tampa  FL      Time   229,605    617    669    -   -
   9/30/2020  3350 Miac Cove Rd.  Memphis  TN      Mimeo.com   107,400    209    224    -   -
   12/19/2020  1901 Ragu Dr.  Owensboro  KY   6   Unilever   443,380    746    644    -   -
   12/31/2020  2203 Sherrill Dr.  Statesville  NC      Geodis America   639,800    1,247    1,232    -   -
2021  3/31/2021  2455 Premier Row  Orlando  FL      Walgreen Co.   205,016    393    254    -   -
   5/31/2021  291 Park Center Dr.  Winchester  VA      Kraft Heinz   344,700    710    700    -   -
   6/30/2021  11624 S. Distribution Cv.  Olive Branch  MS      Hamilton Beach   1,170,218    865    671    -   -
   9/30/2021  3820 Micro Dr.  Millington  TN      Ingram Micro   701,819    906    937    -   -
   10/25/2021  6938 Elm Valley Dr.  Kalamazoo  MI      Dana   150,945    873    1,014    -   -
   11/30/2021  2880 Kenny Biggs Rd.  Lumberton  NC      Quickie Manufacturing   423,280    678    718    -   -
   12/31/2021  3686 South Central Ave.  Rockford  IL      Pierce Packaging   93,000    158    158    -   -
2022  3/31/2022  5417 Campus Dr.  Shreveport  LA      Tire Rack   257,849    671    702    -   -
2023  2/28/2023  7670 Hacks Cross Rd.  Olive Branch  MS      MAHLE Industries   268,104    453    445    -   -
   12/31/2023  120 Southeast Pkwy. Dr.  Franklin  TN      United Technologies   289,330    369    369    -   -
2024  1/31/2024  1285 W. State Road 32  Lebanon  IN      Continental Tire   741,880    1,140    1,073    -   -
   3/31/2024  1520 Lauderdale Memorial Hwy.  Cleveland  TN      General Electric   851,370    1,284    1,303    -   -
   4/30/2024  113 Wells St.  North Berwick  ME      United Technologies   993,685    899    981    1,256   04/2019
   5/31/2024  901 East Bingen Point Way  Bingen  WA      Boeing   124,539    1,318    1,297    -   -

 

 29 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2018 

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note   Primary Tenant or Guarantor (19)  Sq. Ft.
Leased or
Available (1)
   GAAP
Rent
as of
6/30/2018
($000) (3)
   Cash
Rent
as of
6/30/2018
($000) (2)
   6/30/2018
Debt Balance
($000)
   Debt Maturity
INDUSTRIAL PROPERTIES                                  
2024  9/30/2024  1621 Veterans Memorial Pkwy. E  Lafayette  IN      Caterpillar   309,400    607    602    -   -
   10/31/2024  43955 Plymouth Oaks Blvd.  Plymouth  MI      Tower Automotive   311,612    796    758    -   -
2025  6/30/2025  10000 Business Blvd.  Dry Ridge  KY      Dana   336,350    673    673    -   -
      301 Bill Bryan Rd.  Hopkinsville  KY      Metalsa / Dana   424,904    844    844    -   -
      4010 Airpark Dr.  Owensboro  KY      Metalsa / Dana   211,598    604    604    -   -
      730 North Black Branch Rd.  Elizabethtown  KY      Metalsa / Dana   167,770    268    268    -   -
      750 North Black Branch Rd.  Elizabethtown  KY      Metalsa / Dana   539,592    1,419    1,419    -   -
   7/14/2025  590 Ecology Ln.  Chester  SC      Boral Limited   420,597    870    1,167    6,956   08/2025
   7/31/2025  7005 Cochran Rd.  Glenwillow  OH      Royal Appliance   458,000    1,031    1,051    -   -
   12/31/2025  1700 47th Ave North  Minneapolis  MN      Owens Corning   18,620    275    275    -   -
2026  3/30/2026  121 Technology Dr.  Durham  NH   15   Heidelberg   500,500    1,269    2,303    -   -
   3/31/2026  633 Garrett Pkwy.  Lewisburg  TN      Calsonic Kansei   310,000    649    603    -   -
   6/30/2026  351 Chamber Dr.  Chillicothe  OH      Kitchen Collection   475,218    580    568    -   -
   9/30/2026  900 Industrial Blvd.  Crossville  TN      Dana   222,200    289    289    -   -
      3931 Lakeview Corporate Dr.  Edwardsville  IL      Amazon.com   769,500    1,341    1,269    -   -
   10/31/2026  5001 Greenwood Rd.  Shreveport  LA      Libbey   646,000    1,083    1,094    -   -
   11/30/2026  250 Rittenhouse Cir.  Bristol  PA      Estée Lauder   241,977    573    578    -   -
      736 Addison Rd.  Erwin  NY      Corning   408,000    692    696    6,756   10/2018
2027  1/31/2027  27200 West 157th St.  New Century  KS      Amazon.com   446,500    620    533    -   -
   2/28/2027  554 Nissan Pkwy.  Canton  MS      Nissan   1,466,000    3,150    3,016    -   -
   4/30/2027  16407 Applewhite Rd.  San Antonio  TX   18   Undisclosed / HVAC   849,275    1,497    1,374    -   -
      200 Sam Griffin Rd.  Smyrna  TN      Nissan   1,505,000    3,280    3,113    -   -
   6/30/2027  1501 Nolan Ryan Expy.  Arlington  TX      Arrow Electronics   74,739    203    196    -   -
   9/30/2027  1550 Hwy 302  Byhalia  MS      McCormick   615,600    1,233    875    -   -
   10/31/2027  201 James Lawrence Rd.  Jackson  TN      Kellogg   1,062,055    1,972    1,844    -   -
   12/31/2027  10590 Hamilton Ave.  Cincinnati  OH      Hillman Group   264,598    406    406    -   -
2028  1/31/2028  490 Westridge Pkwy.  McDonough  GA      Georgia-Pacific   1,121,120    1,868    1,636    -   -
   3/31/2028  29-01-Borden Ave./29-10 Hunters Point Ave.  Long Island City  NY      FedEx   140,330    2,568    2,474    41,721   03/2028
   8/31/2028  1420 Greenwood Rd.  McDonough  GA      United States Cold Storage   296,972    1,085    1,065    -   -

 

 30 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2018

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note   Primary Tenant or Guarantor (19)  Sq. Ft.
Leased or
Available (1)
   GAAP
Rent
as of
6/30/2018
($000) (3)
   Cash
Rent
as of
6/30/2018
($000) (2)
   6/30/2018
Debt Balance
($000)
   Debt Maturity
INDUSTRIAL PROPERTIES                                  
2028  9/30/2028  904 Industrial Rd.  Marshall  MI      Tenneco   246,508    341    421    -   -
2029  7/31/2029  8500 Nail Rd.  Olive Branch  MS      Sephora   716,080    619    307    -   -
   11/24/2029  318 Pappy Dunn Blvd.  Anniston  AL      IAC Group   276,782    870    822    -   -
2030  3/31/2030  549 Wingo Rd.  Byhalia  MS      Asics   855,878    2,194    2,037    -   -
   5/31/2030  3301 Stagecoach Rd. NE  Thomson  GA      Hollander   208,000    465    432    -   -
      4015 Lakeview Corporate Drive  Edwardsville  IL      Spectrum   1,017,780    52    45    -   -
2031  10/31/2031  1020 W. Airport Rd.  Romeoville  IL      ARYZTA   188,166    1,793    1,687    -   -
   12/18/2031  80 Tyson Dr.  Winchester  VA   16   Undisclosed / Automaker   400,400    1,184    1,033    -   -
2032  4/30/2032  13930 Pike Rd.  Missouri City  TX      Vulcan   -    1,062    971    -   -
   8/24/2032  16950 Pine Dr.  Romulus  MI   16   Undisclosed / Automaker   500,023    1,284    1,195    -   -
   10/31/2032  27255 SW 95th Ave.  Wilsonville  OR      Pacific Natural Foods   508,277    1,560    1,289    -   -
      26700 Bunert Road  Warren  MI      Lipari   260,243    1,942    1,715    25,850   11/2032
2034  9/30/2034  5625 North Sloan Ln.  North Las Vegas  NV      Nicholas   180,235    1,278    1,135    -   -
   10/31/2034  1001 Innovation Rd.  Rantoul  IL      Vista Outdoor   813,126    2,098    1,844    -   -
2035  3/31/2035  13863 Industrial Rd.  Houston  TX      Spitzer   187,800    1,217    1,053    -   -
      7007 F.M. 362 Rd.  Brookshire  TX      Spitzer   262,095    955    826    -   -
   6/30/2035  111 West Oakview Pkwy.  Oak Creek  WI      Stella & Chewy's   164,007    1,049    933    -   -
   8/31/2035  2800 Polar Way  Richland  WA   9   Preferred Freezer   456,412    6,566    5,614    110,000   01/2026
   10/22/2035  2860 Clark St.  Detroit  MI   16   Undisclosed / Automaker   189,960    1,102    1,102    -   -
2036  5/31/2036  671 Washburn Switch Rd.  Shelby  NC      Clearwater Paper   673,425    1,393    1,209    -   -
   6/30/2036  100 Ryobi Drive  Anderson  SC   26   One World Technologies   1,327,022    2,223    1,867    -   -
2037  3/31/2037  4005 E I-30  Grand Prairie  TX      O'Neal  Industries   215,000    936    777    -   -
2038  3/31/2038  13901/14035 Industrial Rd.  Houston  TX      Watco   132,449    3,386    2,890    -   -
2042  5/31/2042  4801 North Park Dr.  Opelika  AL      Golden State Enterprises   165,493    1,689    1,313    -   -
N/A  Vacancy  3350 Miac Cove Rd.  Memphis  TN      (Available for Lease)   32,679    -    -    -   -
INDUSTRIAL TOTAL/WEIGHTED AVERAGE          99.9% Leased   37,462,265   $89,767   $85,024   $216,148    

 

 31 

 

 

LEXINGTON REALTY TRUST 

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2018 

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note   Primary Tenant or Guarantor (19)  Sq.Ft.
Leased or
Available (1)
   GAAP
Rent
as of
6/30/2018
($000) (3)
   Cash
Rent
as of
6/30/2018
($000) (2)
   6/30/2018
Debt Balance
($000)
   Debt Maturity
OFFICE PROPERTIES                                  
2018  12/22/2018  5200 Metcalf Ave.  Overland Park  KS      Swiss Re   320,198    2,781    2,769    32,411   05/2019
2019  1/31/2019  820 Gears Rd.  Houston  TX      Ricoh   78,895    589    588    -   -
   2/28/2019  10475 Crosspoint Blvd.  Indianapolis  IN      DMC Insurance   3,764    36    36    -   -
   4/1/2019  9201 Stateline Rd.  Kansas City  MO      Swiss Re   155,925    1,269    1,269    15,473   05/2019
   6/19/2019  3965 Airways Blvd.  Memphis  TN   26   Federal Express   521,286    3,507    3,551    -   -
   6/30/2019  3265 East Goldstone Dr.  Meridian  ID      T-Mobile USA   77,484    553    740    8,195   08/2019
   7/15/2019  19019 North 59th Ave.  Glendale  AZ   27   Honeywell   252,300    951    987    -   -
   7/31/2019  500 Jackson St.  Columbus  IN      Cummins   390,100    2,270    2,381    9,584   07/2019
   10/31/2019  10475 Crosspoint Blvd.  Indianapolis  IN      John Wiley   123,416    1,135    1,173    -   -
      9601 Renner Blvd.  Lenexa  KS      T-Mobile USA   77,484    571    758    8,375   12/2019
2020  2/14/2020  5600 Broken Sound Blvd.  Boca Raton  FL      Oce - USA Holding   143,290    1,122    1,250    18,935   02/2020
   5/31/2020  2401 Cherahala Blvd.  Knoxville  TN      CaremarkPCS   59,748    387    390    -   -
   6/30/2020  3711 San Gabriel  Mission  TX       T-Mobile West   75,016    494    493    -   -
   7/31/2020  13775 McLearen Rd.  Herndon  VA   12   Equant   132,617    839    926    -   -
   8/31/2020  133 First Park Dr.  Oakland  ME      T-Mobile USA   78,610    573    751    8,265   10/2020
   9/30/2020  9200 South Park Center Loop  Orlando  FL      ECMC Group   59,927    568    595    -   -
2021  1/31/2021  1701 Market St.  Philadelphia  PA      Morgan Lewis   289,432    2,150    2,250    -   -
   3/31/2021  1701 Market St.  Philadelphia  PA      Car-Tel   1,220    31    31    -   -
   6/30/2021  1415 Wyckoff Rd.  Wall  NJ      NJ Natural Gas   157,511    1,887    1,887    10,409   01/2021
      2050 Roanoke Rd.  Westlake  TX      Charles Schwab   130,199    1,034    1,051    -   -
   8/31/2021  3500 North Loop Rd.  McDonough  GA   13   Litton Loan / TSYS   62,218    509    699    -   -
   11/30/2021  29 South Jefferson Rd.  Whippany  NJ      CAE   123,734    1,168    1,307    12,434   11/2021
   12/31/2021  2800 Waterford Lake Dr.  Midlothian  VA      Alstom Power   99,057    1,092    1,179    -   -
2022  5/30/2022  13651 McLearen Rd.  Herndon  VA      United States of America   159,644    1,571    1,610    -   -
   7/31/2022  1440 E 15th St.  Tucson  AZ      CoxCom   28,591    280    280    -   -
   10/31/2022  4455 American Way  Baton Rouge  LA      New Cingular Wireless   70,100    583    561    -   -

 

 32 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2018

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note   Primary Tenant or Guarantor (19)  Sq.Ft.
Leased or
Available (1)
   GAAP
Rent
as of
6/30/2018
($000) (3)
   Cash
Rent
as of
6/30/2018
($000) (2)
   6/30/2018
Debt Balance
($000)
   Debt Maturity
OFFICE PROPERTIES                                  
2022  12/31/2022  231 N. Martingale Rd.  Schaumburg  IL      Career Education Corporation   317,198    2,311    2,287    -   -
2023  2/28/2023  1315 West Century Dr.  Louisville  CO      Rogue Wave Software   20,000    177    150    -   -
   3/31/2023  8900 Freeport Pkwy.  Irving  TX   11   Nissan   268,445    2,039    2,257    -   -
   6/30/2023  420 Riverport Rd.  Kingsport  TN      Kingsport Power   42,770    64    155    -   -
   8/31/2023  400 Butler Farm Rd.  Hampton  VA   7   Nextel / Wisconsin Physicians Service Insurance   100,632    503    531    -   -
   9/30/2023  1701 Market St.  Philadelphia  PA      CBC Restaurant   8,070    102    112    -   -
   10/31/2023  3943 Denny Ave.  Pascagoula  MS      Huntington Ingalls   94,841    296    296    -   -
   12/14/2023  3333 Coyote Hill Rd.  Palo Alto  CA      Xerox   202,000    3,321    3,535    35,045   12/2023
2024  2/14/2024  1362 Celebration Blvd.  Florence  SC      MED3000   32,000    287    287    -   -
   5/31/2024  3476 Stateview Blvd.  Fort Mill  SC      Wells Fargo   169,083    975    957    -   -
      3480 Stateview Blvd.  Fort Mill  SC      Wells Fargo   169,218    1,013    958    -   -
   8/31/2024  10475 Crosspoint Blvd.  Indianapolis  IN      HQ Global Workplaces   14,236    153    153    -   -
   10/31/2024  1409 Centerpoint Blvd.  Knoxville  TN      Alstom Power   84,404    627    620    -   -
   11/30/2024  6200 Northwest Pkwy.  San Antonio  TX   25, 26   United HealthCare   142,500    979    897    -   -
2025  1/31/2025  1401 Nolan Ryan Expy.  Arlington  TX      Triumph Group   111,409    825    880    -   -
   2/28/2025  6555 Sierra Dr.  Irving  TX      TXU   247,254    1,402    1,563    -   -
      1401 Nolan Ryan Expy.  Arlington  TX      Infotech Enterprise   13,590    102    104    -   -
   3/14/2025  601 & 701 Experian Pkwy.  Allen  TX      Experian Holdings   292,700    1,483    1,537    -   -
   5/31/2025  1701 Market St.  Philadelphia  PA      TruMark Financial   2,641    125    125    -   -
   6/30/2025  2500 Patrick Henry Pkwy.  McDonough  GA      Georgia Power   111,911    711    690    -   -
   9/30/2025  10001 Richmond Ave.  Houston  TX      Schlumberger   554,385    3,019    2,794    -   -
   12/31/2025  4001 International Pkwy.  Carrollton  TX      Motel 6   138,443    1,113    1,130    -   -
2026  3/31/2026  500 Olde Worthington Rd.  Westerville  OH      inVentiv Health   97,000    555    582    -   -
   4/30/2026  800 East Canal St.  Richmond  VA   5   Richmond Belly Ventures   2,568    39    39    -   -
   11/30/2026  500 Kinetic Dr.  Huntington  WV      Amazon.com   68,693    634    567    -   -
2027  1/31/2027  1701 Market St.  Philadelphia  PA      Drybar   1,975    70    53    -   -
   2/28/2027  800 East Canal St.  Richmond  VA   5   Sumitomo   8,503    70    70    -   -

 

 33 

 

 

LEXINGTON REALTY TRUST 

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2018

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note   Primary Tenant or Guarantor (19)  Sq.Ft.
Leased or
Available (1)
   GAAP
Rent
as of
6/30/2018
($000) (3)
   Cash
Rent
as of
6/30/2018
($000) (2)
   6/30/2018
Debt Balance
($000)
   Debt Maturity
OFFICE PROPERTIES                                  
2027  4/30/2027  1315 West Century Dr.  Louisville  CO      GHX Ultimate Parent   86,877    644    628    -   -
   6/30/2027  3902 Gene Field Rd.  St. Joseph  MO      Boehringer Ingelheim USA   98,849    997    950    -   -
   7/6/2027  2221 Schrock Rd.  Columbus  OH      MS Consultants   42,290    320    309    -   -
   8/7/2027  25 Lakeview Dr.  Jessup  PA      TMG Health   150,000    1,250    1,054    -   -
   10/31/2027  11201 Renner Blvd.  Lenexa  KS      United States of America   169,585    2,450    2,364    32,482   11/2027
   11/30/2027  1700 Millrace Dr.  Eugene  OR   10   Oregon Research Institute   80,011    1,050    916    -   -
2028  4/30/2028  9655 Maroon Cir.  Englewood  CO      TriZetto   166,912    1,922    1,858    -   -
2029  1/31/2029  6226 West Sahara Ave.  Las Vegas  NV      Nevada Power   282,000    2,126    1,545    -   -
   3/31/2029  2800 High Meadow Cir.  Auburn Hills  MI      Faurecia   278,000    1,773    1,637    -   -
   7/31/2029  2999 Southwest 6th St.  Redmond  OR   24   T-Mobile USA / Consumer Cellular   77,260    734    891    -   -
   12/31/2029  333 Mt. Hope Ave.  Rockaway  NJ      Atlantic Health   92,326    618    658    -   -
2030  8/31/2030  800 East Canal St.  Richmond  VA      McGuireWoods   224,537    3,592    3,404    57,500   02/2031
   9/30/2030  800 East Canal St.  Richmond  VA   5   The Riverstone Group   25,707    346    329    -   -
2031  1/10/2031  810 Gears Rd.  Houston  TX      United States of America   68,985    750    713    -   -
   3/1/2031  800 East Canal St.  Richmond  VA   5   Towne Bank   26,047    389    345    -   -
2032  4/30/2032  1210 AvidXchange Ln.  Charlotte  NC      AvidXchange   201,450    2,975    2,598    45,900    12/2022; 01/2033
   10/31/2032  143 Diamond Ave.  Parachute  CO      Alenco   49,024    642    547    -   -
2033  3/31/2033  9201 East Dry Creek Rd.  Centennial  CO      Arrow Electronics   128,500    1,281    594    -   -
   11/30/2033  1331 Capitol Ave.  Omaha  NE   26   The Gavilon Group   127,810    1,655    1,499    -   -
   12/31/2033  8555 South River Pkwy.  Tempe  AZ      Versum   95,133    877    845    -   -
2036  10/31/2036  270 Abner Jackson Pkwy.  Lake Jackson  TX      Dow   664,100    7,425    6,186    190,258   10/2036
2088  8/8/2088  800 East Canal St.  Richmond  VA   5   The City of Richmond, Virginia   -    206    206    -   -
N/A  N/A  1701 Market St.  Philadelphia  PA      Parking Operations   -    1,041    1,041    -   -
   Vacancy  1701 Market St.  Philadelphia  PA      (Available for Lease)   699    -    -    -   -
      810 Gears Rd.  Houston  TX      (Available for Lease)   9,910    -    -    -   -
      1401 Nolan Ryan Expy.  Arlington  TX      (Available for Lease)   36,809    -    -    -   -
      800 East Canal St.  Richmond  VA   5   (Available for Lease)   42,947    -    -    -   -
OFFICE TOTAL/WEIGHTED AVERAGE          99.1% Leased   10,214,003   $86,008   $83,958   $485,266    

 

 34 

 

 

LEXINGTON REALTY TRUST 

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2018

  

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note   Primary Tenant or Guarantor (19)  Sq.Ft.
Leased or
Available (1)
   GAAP
Rent
as of
6/30/2018
($000) (3)
   Cash
Rent
as of
6/30/2018
($000) (2)
   6/30/2018
Debt Balance
($000)
   Debt Maturity
OTHER PROPERTIES                                  
Retail                                           
2019  1/31/2019  1150 West Carl Sandburg Dr.  Galesburg  IL   25, 26   Kmart   94,970    148    5    104   07/2018
      12080 Carmel Mountain Rd.  San Diego  CA   17   Kmart   107,210    2,840    6    118   07/2018
      21082 Pioneer Plaza Dr.  Watertown  NY   17   Kmart   120,727    500    8    174   07/2018
      255 Northgate Dr.  Manteca  CA   17   Kmart   107,489    979    9    185   07/2018
      97 Seneca Trail  Fairlea  WV      Kmart   90,933    173    6    122   07/2018
   6/30/2019  1600 East 23rd St.  Chattanooga  TN      K-VA-T   42,130    65    65    -   -
2023  2/28/2023  733 East Main St.  Jefferson  NC      Delhaize   34,555    78    80    -   -
   7/1/2023  1053 Mineral Springs Rd.  Paris  TN      Kroger   31,170    80    80    -   -
2024  3/31/2024  B.E.C. 45th St./Lee Blvd.  Lawton  OK      Safeway   30,757    97    93    -   -
N/A  Vacancy  832 N. Westover Blvd .  Albany  GA      (Available for Lease)   45,554    -    -    -   -
Specialty                                      -   -
2029  1/31/2029  175 Holt Garrison Pkwy.  Danville  VA      Home Depot   -    108    130    -   -
2043  2/28/2043  1237 W. Sherman Ave.  Vineland  NJ   25, 26   Encompass Health   39,287    585    585    -   -
2048  12/31/2048  30 Light St.  Baltimore  MD      30 Charm City   -    149    149    -   -
2055  1/31/2055  499 Derbyshire Dr.  Venice  FL      Littlestone Brotherhood   31,180    954    668    -   -
2112  8/31/2112  201-215 N. Charles St.  Baltimore  MD      201 NC Leasehold   -    135    135    -   -
Multi-tenant (4)(8)(14)                             -   -
   Various  100 Barnes Rd.  Wallingford  CT   4, 11   Vacant   44,400    254    270    -   -
   Various  11511 Luna Rd.  Farmers Branch  TX   4 (90%)   IBM   181,072    1,262    621    -   -
   Various  1311 Broadfield Blvd.  Houston  TX   4 (35%)   Saipem   155,407    358    189    -   -
   Various  13430 North Black Canyon Fwy.  Phoenix  AZ   4 (65%)   Multi-Tenant   138,940    568    778    -   -
   Various  1460 Tobias Gadson Blvd.  Charleston  SC   4 (64%)   Vallen Distribution   50,247    195    195    6,933   02/2021
   Various  2210 Enterprise Dr.  Florence  SC   4 (21%)   Caliber Funding   176,557    346    384    -   -
   Various  3456 Meyers Ave.  Memphis  TN   4, 11   Vacant   780,000    1,031    504    -   -
   Various  6050 Dana Way  Antioch  TN   4 (97%)   Multi-Tenant   674,528    1,146    1,129    -   -
   Various  King St./1042 Fort St. Mall  Honolulu  HI   4 (48%)   Multi-Tenant   77,459    337    337    -   -
OTHER TOTAL/WEIGHTED AVERAGE          59.0% Leased   3,054,572   $12,388   $6,426   $7,636    
                                            
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE          97.3% Leased   50,730,840   $188,163   $175,408   $709,050    

 

 35 

 

 

LEXINGTON REALTY TRUST 

Property Leases and Vacancies - Non-consolidated Portfolio - 6/30/2018

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note   Primary Tenant or Guarantor (19)  Sq.Ft.
Leased or
Available (1)
   LXP %
Ownership
   GAAP
Rent
as of
6/30/2018
($000) (3)
   Cash
Rent
as of
6/30/2018
($000) (2)
   6/30/2018
Debt Balance
($000)
   Debt Maturity (21)
NON-CONSOLIDATED PROPERTIES                                       
2029  1/31/2029  18839 McKay Blvd.  Humble  TX      RehabCare Group   55,646    15%   1,366    1,282    13,746   05/2019
2033  10/31/2033  607 & 611 Lumsden Professional Ct.  Brandon  FL   20   BluePearl   8,500    15%   103    103    -   -
      4525 Ulmerton Rd.  Clearwater  FL