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

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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): February 20, 2020

 

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)

 

N/A

(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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Name of each exchange on which registered Ticker symbol
Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock New York Stock Exchange LXP
6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share New York Stock Exchange LXPPRC

 

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 February 20, 2020, we issued a press release announcing our financial results for the quarter ended December 31, 2020. 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 February 20, 2020, we made available supplemental information, which we refer to as the “Quarterly Supplemental Information, Fourth Quarter 2019,” a copy of which is furnished herewith as Exhibit 99.1.

 

Also on February 20, 2020, 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, Fourth Quarter 2019.
99.2 February 20, 2020 Conference Call Transcript.

 

 

 

  

SIGNATURES

 

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

 

 

  Lexington Realty Trust
     
     
Date: February 20, 2020 By: /s/ Beth Boulerice  
    Beth Boulerice
    Chief Financial Officer

   

 
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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit 99.1

 

 

 

 

 

LEXINGTON REALTY TRUST

QUARTERLY SUPPLEMENTAL INFORMATION

December 31, 2019

 

Table of Contents

 

Section   Page
     
Fourth Quarter 2019 Earnings Press Release   3
     
Portfolio Data    
Investments / Capital Recycling Summary   15
Development Projects   16
Financing Summary   17
Leasing Summary   18
Other Revenue Data   20
Portfolio Detail by Asset Class   22
Portfolio Composition   23
Components of Net Asset Value   24
Portfolio Concentration   25
Tenant Industry Diversification   29
Top 15 Tenants   30
Lease Rollover Schedules   31
Property Leases and Vacancies   33
Select Credit Metrics Summary   43
Financial Covenants   44
Mortgages and Notes Payable   45
Debt Maturity Schedule   46
Selected Balance Sheet Account Data   47
Non-GAAP Measures – Definitions   48
Reconciliation of Non-GAAP Measures   50
Investor Information   54

 

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 equity holders and unitholders – diluted for the year ending December 31, 2020, (3) the successful consummation of any lease, acquisition, build-to-suit, development project, 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 FOURTH QUARTER 2019 RESULTS

 

New York, NY - February 20, 2020 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant industrial real estate investments, today announced results for the fourth quarter and year ended December 31, 2019.

 

Fourth Quarter 2019 Highlights

 

Generated Net Income attributable to common shareholders of $83.6 million, or $0.33 per diluted common share.

Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $52.4 million, or $0.20 per diluted common share.

Raised net proceeds of approximately $71.0 million by issuing approximately 6.6 million common shares through the ATM program.

Disposed of 10 properties for an aggregate gross sale price of $172.7 million.

Acquired six industrial properties for an aggregate cost of $264.1 million.

Invested an aggregate of approximately $15.0 million in three new industrial development projects.

Completed 2.2 million square feet of new leases and lease extensions.

Declared a quarterly common share/unit dividend/distribution of $0.105 per share/unit, an increase of 2.4%.

Increased industrial portfolio to 81.5% of gross real estate assets.

 

Full Year 2019 Highlights

 

Generated Net Income attributable to common shareholders of $273.2 million, or $1.15 per diluted common share.

Generated Adjusted Company FFO of $196.6 million, or $0.80 per diluted common share.

Disposed of 22 properties for an aggregate gross sale price of $621.6 million.

Acquired 17 industrial properties for an aggregate cost of $703.8 million.

Invested an aggregate of $18.5 million in industrial development projects.

Increased total gross book value attributable to industrial assets from 71.2% to 81.5%.

Satisfied $199.2 million of secured debt at a weighted-average interest rate of 4.4%.

Extended the maturity of the revolving credit facility to 2023 and 2021 term loan to 2025, lowered the applicable margin rate and increased the commitment on the revolving credit facility, and swapped the LIBOR portion of the term loan interest rate to obtain a current fixed interest rate of 2.732% per annum.

Completed 6.4 million square feet of new leases and lease extensions, raising renewal Base Rents by 7.5%.

 

3

 

 

Subsequent Events

 

Acquired four industrial properties for an aggregate gross cost of approximately $195.0 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 “Our excellent fourth quarter execution raised overall 2019 investment activity to more than $700 million of high-quality industrial assets. Further, property sales exceeded $620 million, and leasing volume was approximately six million square feet. Adding to our growth opportunities, we invested approximately $15 million during the quarter in three new development projects. We were also active on the capital markets front during the quarter, raising net proceeds of $71 million through our ATM program.

 

We continue to focus on becoming a single-tenant industrial REIT, having made tremendous progress thus far in repositioning our portfolio. At year-end, our industrial exposure represented nearly 82% of gross book value, and we are well-positioned to grow our industrial portfolio to 90% or more of gross book value by year-end 2020. As a result of all of these positive developments, we announced early in the fourth quarter an increase in our annualized dividend to $0.42 per share, with the intent of raising it steadily each year moving forward, subject to Board approval.”

 

FINANCIAL RESULTS

 

Revenues

 

For the quarter ended December 31, 2019, total gross revenues were $83.0 million, compared with total gross revenues of $88.2 million for the quarter ended December 31, 2018. The decrease was primarily attributable to a decrease in revenue due to property sales, partially offset by 2019 and 2018 property acquisitions.

 

Net Income Attributable to Common Shareholders

 

For the quarter ended December 31, 2019, net income attributable to common shareholders was $83.6 million, or $0.33 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2018 of $23.8 million, or $0.10 per diluted share.

 

Adjusted Company FFO

 

For the quarter ended December 31, 2019, Lexington generated Adjusted Company FFO of $52.4 million, or $0.20 per diluted share, compared to Adjusted Company FFO for the quarter ended December 31, 2018 of $53.7 million, or $0.22 per diluted share.

 

4

 

 

Dividends/Distributions

 

As previously announced, during the fourth quarter of 2019, Lexington declared its quarterly common share/unit dividend/distribution for the quarter ended December 31, 2019 of $0.105 per common share/unit, an increase of 2.4%, which was paid on January 15, 2020 to common shareholders/unitholders of record as of December 31, 2019. Lexington previously declared a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended December 31, 2019, which was paid February 18, 2020 to Series C Preferred shareholders of record as of January 31, 2020.

 

TRANSACTIONS

 

ACQUISITION TRANSACTIONS

 

Property Type  Market  Sq. Ft.   Initial Basis
($000)
   Approximate
Lease Term
(Yrs)
 
Industrial - warehouse/distribution  Greenville/Spartanburg, SC   196,000   $16,817    5 
Industrial - warehouse/distribution  Greenville/Spartanburg, SC   177,320    15,583    6 
Industrial - warehouse/distribution  Phoenix, AZ   186,336    21,020    7 
Industrial - warehouse/distribution  Phoenix, AZ   801,424    67,079    11 
Industrial - warehouse/distribution  Chicago, IL   1,034,200    49,348    10 
Industrial - warehouse/distribution  Greenville/Spartanburg, SC   1,318,680    94,233    15 
       3,713,960   $264,080      

 

Including fourth quarter acquisition activity, consolidated 2019 acquisition activity totaled $703.8 million at aggregate weighted-average GAAP and cash capitalization rates of 5.8% and 5.4%, respectively.

 

DEVELOPMENT PROJECTS

 

Project (% owned)  Market  Property
Type
 

Estimated
Sq. Ft.

  

Estimated
Project Cost
($000)

   GAAP
Investment
Balance as of
12/31/2019
($000)(1)
  

Lexington
Amount
Funded as of
12/31/2019
($000)

  

Estimated
Completion
Date

Consolidated:                             
Fairburn (90%)  Atlanta, GA  Industrial   910,000   $53,812   $10,088   $7,687   4Q 20
Rickenbacker (100%)  Columbus, OH  Industrial   320,000    20,300    3,225    2,805   1Q 21
     

 

 

       $74,112   $13,313   $10,492    
                              
Non-consolidated:                             
ETNA Park 70 (90%)(2)  Columbus, OH  Industrial   TBD    TBD   $8,352   $8,644   TBD
ETNA Park 70 East (90%)(2)  Columbus, OH  Industrial   TBD    TBD    4,310    4,351   TBD
                   $12,662   $12,995    

 

1.GAAP investment balance is in real estate under construction for consolidated projects and in investments in non-consolidated entities for non-consolidated projects.
2.Plans and specifications for completion have not been completed and the estimated square footage, project cost and completion date cannot be determined.

 

5

 

 

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

 
Home Depot  Danville, VA  Other  $4,650   $205   $276    October    100%
Vacant  Watertown, NY  Other   500    (240)   (244)   October    0%
Multi-Tenant  Indianapolis, IN  Office   8,640    1,212    1,665    November    21%
Multi-Tenant  Farmers Branch, TX  Office   30,874    844    1,777    November    88%
Vacant  Fairlea, WV  Other   390    (85)   (86)   November    0%
Faurecia  Auburn Hills, MI  Office   48,363    1,695    3,361    December    100%
Multi-Tenant  Houston, TX  Office   20,041    (613)   (477)   December    66%
Cummins  Columbus, IN  Office   46,915    2,413    4,868    December    100%
Mimeo  Memphis, TN  Industrial   4,050    398    459    December    77%
Alstom Power  Midlothian, VA  Office   8,300    1,654    1,881    December    100%
         $172,723   $7,483   $13,480           

 

1.Generally, quarterly period prior to sale annualized, excluding impairment charges.

 

Including fourth quarter disposition activity, consolidated 2019 property disposition volume totaled $621.6 million at aggregate weighted-average GAAP and cash capitalization rates of 6.4% and 5.6%, respectively.

 

LEASING

 

During the fourth quarter of 2019, Lexington executed the following new and extended leases:

 

   LEASE EXTENSIONS             
                 
   Location  Primary Tenant(1) 

Prior

Term

 

Lease

Expiration Date

  Sq. Ft. 
   Industrial             
1  Antioch  TN  Wirtgen  12/2019  12/2021   73,500 
2  Laurens  SC  Michelin  03/2020  01/2021   1,164,000 
3  Austell  GA  Mars Wrigley  05/2020  05/2025   604,852 
3  Total industrial lease extensions               1,842,352 

 

  NEW LEASES                 
                     
   Location         Lease
Expiration Date
  Sq. Ft. 
   Industrial              
1  Tampa  FL   RC Moore     02/2023   229,605 
1  Total industrial new leases                229,605 
                      
   Office              
1  Phoenix  AZ   Valor IT     07/2025   10,785 
2  Lenexa  KS   Quest Diagnostics     06/2030   77,484 
2  Total office new leases                88,269 
                      
3  Total new leases                317,874 
                      
6  TOTAL NEW AND EXTENDED LEASES                2,160,226 

 

1.Leases greater than 10,000 square feet.

 

As of December 31, 2019, Lexington's portfolio was 97.0% leased.

 

6

 

 

BALANCE SHEET/CAPITAL MARKETS

 

In the fourth quarter of 2019, Lexington issued approximately 6.6 million common shares under its ATM program raising net proceeds of approximately $71.0 million.

 

In the fourth quarter of 2019, Lexington satisfied $22.0 million of non-recourse debt. In addition, Lexington assumed $41.9 million of non-recourse debt in connection with the acquisition of a property in the Phoenix, Arizona market. The non-recourse debt has a fixed interest rate of 4.29% and matures in 2031.

 

As of December 31, 2019, Lexington did not have an outstanding balance under its unsecured revolving credit facility.

 

2020 EARNINGS GUIDANCE

 

Lexington estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2020 will be within an expected range of $0.95 to $0.98. Lexington estimates that its Adjusted Company FFO for the year ended December 31, 2020 will be within an expected range of $0.74 to $0.77 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

 

FOURTH QUARTER 2019 CONFERENCE CALL

 

Lexington will host a conference call today February 20, 2020, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2019. 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 May 20, 2020, 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 10138613. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

 

7

 

 

 ABOUT LEXINGTON REALTY TRUST

 

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. Lexington seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects 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: [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, (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, 2020, (3) the successful consummation of any lease, acquisition, build-to-suit, development project, 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.

 

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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.

 

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 (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.” 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), 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.

 

# # #

 

9

 

 

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

   Three months ended December 31,   Twelve months ended December 31, 
   2019   2018   2019   2018 
Gross revenues:                    
Rental revenue  $81,564   $87,251   $320,622   $395,339 
Other revenue   1,472    932    5,347    1,632 
Total gross revenues   83,036    88,183    325,969    396,971 
Expense applicable to revenues:                    
Depreciation and amortization   (35,977)   (38,498)   (147,594)   (168,191)
Property operating   (11,052)   (9,614)   (42,018)   (42,675)
General and administrative   (7,133)   (7,763)   (30,785)   (31,662)
Non-operating income   335    893    2,262    1,859 
Interest and amortization expense   (14,380)   (16,656)   (65,095)   (79,880)
Debt satisfaction gains (charges), net   10    (368)   (4,517)   (2,596)
Impairment charges   (2,974)   (4,953)   (5,329)   (95,813)
Gains on sales of properties   74,227    13,336    250,889    252,913 
Income before provision for income taxes and  equity in earnings (losses) of non-consolidated entities   86,092    24,560    283,782    230,926 
Provision for income taxes   (271)   (402)   (1,379)   (1,728)
Equity in earnings (losses) of non-consolidated entities   (398)   1,516    2,890    1,708 
Net income   85,423    25,674    285,293    230,906 
Less net income attributable to noncontrolling interests   (192)   (266)   (5,383)   (3,491)
Net income attributable to Lexington Realty Trust shareholders   85,231    25,408    279,910    227,415 
Dividends attributable to preferred shares – Series C   (1,572)   (1,572)   (6,290)   (6,290)
Allocation to participating securities   (85)   (40)   (395)   (287)
Net income attributable to common shareholders  $83,574   $23,796   $273,225   $220,838 
Net income attributable to common shareholders – per common share basic  $0.34   $0.10   $1.15   $0.93 
Weighted-average common shares outstanding – basic   248,943,975    233,963,608    237,642,048    236,666,375 
Net income attributable to common shareholders – per common share diluted  $0.33   $0.10   $1.15   $0.93 
Weighted-average common shares outstanding – diluted   252,939,590    238,292,912    237,934,515    240,810,990 

 

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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31,

(In thousands, except share and per share data)

 

   2019   2018 
  (unaudited)      
Assets:          
Real estate, at cost  $3,320,574   $3,090,134 
Real estate - intangible assets   409,756    419,612 
Investments in real estate under construction   13,313     
Real estate, gross   3,743,643    3,509,746 
Less: accumulated depreciation and amortization   887,629    954,087 
Real estate, net   2,856,014    2,555,659 
Assets held for sale       63,868 
Operating lease right-of-use assets, net   38,133     
Cash and cash equivalents   122,666    168,750 
Restricted cash   6,644    8,497 
Investments in non-consolidated entities   57,168    66,183 
Deferred expenses, net   18,404    15,937 
Rent receivable – current   3,229    3,475 
Rent receivable – deferred   66,294    58,692 
Other assets   11,708    12,779 
Total assets  $3,180,260   $2,953,840 
           
Liabilities and Equity:          
Liabilities:          
Mortgages and notes payable, net  $390,272   $570,420 
Term loans payable, net   297,439    298,733 
Senior notes payable, net   496,870    496,034 
Trust preferred securities, net   127,396    127,296 
Dividends payable   32,432    48,774 
Liabilities held for sale       386 
Operating lease liabilities   39,442     
Accounts payable and other liabilities   29,925    30,790 
Accrued interest payable   7,897    4,523 
Deferred revenue - including below market leases, net   20,350    20,531 
Prepaid rent   13,518    9,675 
Total liabilities   1,455,541    1,607,162 
           
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, 254,770,719 and 235,008,554 shares issued and outstanding in 2019 and 2018, respectively   25    24 
Additional paid-in-capital   2,976,670    2,772,855 
Accumulated distributions in excess of net income   (1,363,676)   (1,537,100)
Accumulated other comprehensive income (loss)   (1,928)   76 
Total shareholders’ equity   1,705,107    1,329,871 
Noncontrolling interests   19,612    16,807 
Total equity   1,724,719    1,346,678 
Total liabilities and equity  $3,180,260   $2,953,840 

  

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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
December 31,
   Twelve Months Ended
December 31,
 
   2019   2018   2019   2018 
EARNINGS PER SHARE:                    
                     
Basic:                    
Net income attributable to common shareholders  $83,574   $23,796   $273,225   $220,838 
                     
Weighted-average common shares outstanding - basic   248,943,975    233,963,608    237,642,048    236,666,375 
                     
Net income attributable to common shareholders - per common share basic  $0.34   $0.10   $1.15   $0.93 
                     
Diluted:                    
Net income attributable to common shareholders - basic  $83,574   $23,796   $273,225   $220,838 
Impact of assumed conversions   (34)   21        2,528 
Income from continuing operations attributable to common shareholders  $83,540   $23,817   $273,225   $223,366 
                     
Weighted-average common shares outstanding - basic   248,943,975    233,963,608    237,642,048    236,666,375 
Effect of dilutive securities:                    
Unvested share-based payment awards and options   639,178    723,120    292,467    528,495 
Operating Partnership Units   3,356,437    3,606,184        3,616,120 
Weighted-average common shares outstanding - diluted   252,939,590    238,292,912    237,934,515    240,810,990 
                     
Net income attributable to common shareholders - per common share diluted  $0.33   $0.10   $1.15   $0.93 

 

  

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LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

ADJUSTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION

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

 

   Three Months Ended December 31,   Twelve Months Ended December 31, 
   2019   2018   2019   2018 
FUNDS FROM OPERATIONS:                    
Basic and Diluted:                    
Net income attributable to common shareholders  $83,574   $23,796   $273,225   $220,838 
Adjustments:                    
Depreciation and amortization   35,323    37,819    144,792    164,261 
Impairment charges - real estate   2,974    4,953    5,329    95,813 
Noncontrolling interests - OP units   (34)   22    4,376    2,528 
Amortization of leasing commissions   654    679    2,802    3,930 
Joint venture and noncontrolling interest adjustment   2,249    2,567    9,449    4,063 
Gains on sales of properties, including non-consolidated entities and net of tax   (74,211)   (14,821)   (255,048)   (254,269)
FFO available to common shareholders and unitholders - basic   50,529    55,015    184,925    237,164 
Preferred dividends   1,572    1,572    6,290    6,290 
Amount allocated to participating securities   85    40    395    287 
FFO available to all equityholders and unitholders - diluted   52,186    56,627    191,610    243,741 
Debt satisfaction (gains) charges, net, including non-consolidated entities        (9)   368    4,773    2,596 
Other(1)   202    (3,305)   202    (10,038)
Adjusted Company FFO available to all equityholders and unitholders - diluted   52,379    53,690    196,585    236,299 
                     
FUNDS AVAILABLE FOR DISTRIBUTION:                    
Adjustments:                    
Straight-line rents   (3,656)   (4,722)   (14,502)   (20,968)
Lease incentives   293    227    1,191    1,686 
Amortization of above/below market leases   (269)   (28)   (443)   285 
Lease termination payments, net   25    (309)   (1,095)   (1,234)
Non-cash interest, net   563    854    2,709    4,209 
Non-cash charges, net   1,577    1,611    6,410    6,810 
Tenant improvements   (2,885)   (1,608)   (7,817)   (8,271)
Lease costs   (3,743)   (1,448)   (14,367)   (4,522)
Joint venture and non-controlling interest adjustment   (63)   (449)   (3,794)   (505)
Company Funds Available for Distribution  $44,221   $47,818   $164,877   $213,789 
                     
Per Common Share and Unit Amounts                    
Basic:                    
FFO  $0.20   $0.23   $0.77   $0.99 
                     
Diluted:                    
FFO  $0.20   $0.23   $0.78   $0.99 
Adjusted Company FFO  $0.20   $0.22   $0.80   $0.96 
                     
Weighted-Average Common Shares                    
Basic:                    
Weighted-average common shares outstanding - basic EPS   248,943,975    233,963,608    237,642,048    236,666,375 
Operating partnership units(2)   3,356,437    3,606,184    3,490,147    3,616,120 
Weighted-average common shares outstanding - basic FFO   252,300,412    237,569,792    241,132,195    240,282,495 
                     
Diluted:                    
Weighted-average common shares outstanding - diluted EPS   252,939,590    238,292,912    237,934,515    240,810,990 
Unvested share-based payment awards   36,516        22,813     
Operating partnership units(1)           3,490,147     
Preferred shares - Series C   4,710,570    4,710,570    4,710,570    4,710,570 
Weighted-average common shares outstanding - diluted FFO   257,686,676    243,003,482    246,158,045    245,521,560 

 

(1)"Other" primarily consisted of transaction related costs in 2019 and the acceleration of below-market lease intangible accretion in 2018.

(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

(UNAUDITED)

 

2020 EARNINGS GUIDANCE      

 

   Twelve Months Ended
December 31, 2020
 
   Range 
Estimated:        
Net income attributable to common shareholders per diluted common share(1)  $0.95   $0.98 
Depreciation and amortization   0.62    0.62 
Impact of capital transactions   (0.83)   (0.83)
Estimated Adjusted Company FFO per diluted common share  $0.74   $0.77 

 

(1)Assumes all convertible securities are dilutive.

 

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LEXINGTON REALTY TRUST

2019 Fourth Quarter Investments / Capital Recycling Summary

 

PROPERTY INVESTMENTS

 

    Property Type  Market  Square Feet   Initial Basis ($000)  Month Closed  Primary Lease Expiration  
1   Industrial - Warehouse/distribution  Greenville/Spartanburg  SC   196,000   $16,817   October   01/2024  
2   Industrial - Warehouse/distribution  Greenville/Spartanburg  SC   177,320    15,583   October   04/2025  
3   Industrial - Warehouse/distribution  Phoenix  AZ   186,336    21,020   October   09/2026  
4   Industrial - Warehouse/distribution  Phoenix  AZ   801,424    67,079   November   09/2030  
5   Industrial - Warehouse/distribution  Chicago  IL   1,034,200    49,348   December   09/2029  
6   Industrial - Warehouse/distribution  Greenville/Spartanburg  SC   1,318,680    94,233   December   12/2034  
6   TOTAL PROPERTY INVESTMENTS         3,713,960   $264,080          

 

CAPITAL RECYCLING

 

PROPERTY DISPOSITIONS

 

   Primary Tenant  Location  Property Type  Gross
Disposition Price
($000)
  Annualized Net Income ($000) (1)  Annualized NOI ($000)(1)(2)  Month of Disposition  % Leased   Gross Disposition Price PSF 
1  Home Depot  Danville  VA  Other  $4,650  $205  $276  October  100%  $- 
2  Vacant  Watertown  NY  Other    500   (240)  (244) October  0%   4.14 
3  Multi-Tenant  Indianapolis  IN  Office   8,640   1,212   1,665  November  21%   61.26 
4  Multi-Tenant  Farmers Branch  TX  Office   30,874   844   1,777  November  88%   170.50 
5  Vacant  Fairlea  WV  Other   390   (85)  (86) November  0%   4.29 
6  Faurecia  Auburn Hills  MI  Office   48,363   1,695   3,361  December  100%   173.97 
7  Multi-Tenant  Houston  TX  Office   20,041   (613)  (477) December  66%   128.96 
8  Cummins  Columbus  IN  Office   46,915   2,413   4,868  December  100%   120.26 
9  Mimeo  Memphis  TN  Industrial   4,050   398   459  December  77%   28.91 
10  Alstom Power  Midlothian  VA  Office   8,300   1,654   1,881  December  100%   83.79 
10  TOTAL PROPERTY DISPOSITIONS           $172,723  $7,483  $13,480            

 

Footnotes
(1)Generally, quarterly period prior to sale annualized, excluding impairment charges.
(2)See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

 

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LEXINGTON REALTY TRUST

DEVELOPMENT PROJECTS

12/31/2019

 

  DEVELOPMENT PROJECTS                        

  

                   GAAP  Lexington   
                Estimated  Investment Balance  Amount Funded  Estimated
   Project     Property   Estimated  Project Cost  as of 12/31/19  as of 12/31/19  Completion
   (% owned)  Market  Type   Sq. Ft.  ($000)  ($000) (1)  ($000)  Date
    Consolidated 
1  Fairburn (90%)  Atlanta, GA  Industrial   910,000  $53,812  $10,088  $7,687  4Q 2020
2  Rickenbacker (100%)  Columbus, OH  Industrial   320,000   20,300   3,225   2,805  1Q 2021
2  Total Consolidated Development      $74,112  $13,313  $10,492   
                             
    Non - Consolidated                      
1  Etna Park 70 (90%) (2)  Columbus, OH  Industrial   TBD     TBD   $8,352  $8,644  TBD
2  Etna Park 70 East (90%) (2)  Columbus, OH  Industrial   TBD     TBD    4,310   4,351  TBD
2  Total Non-Consolidated Development          $12,662  $12,995   
                             
4  Total Development Projects             $25,975  $23,487   

 

Footnotes
(1)GAAP  investment balance is in real estate under construction for consolidated projects and in investments in non-consolidated entities for non-consolidated projects.
(2)Plans and specifications for completion have not been completed and the estimated square footage, project cost and completion date cannot be determined.

 

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LEXINGTON REALTY TRUST

2019 Fourth Quarter Financing Summary

 

DEBT RETIRED

 

   Location  Tenant  Property Type  Face / Satisfaction
($000)
  Rate   Maturity Date
1  Oakland, ME  T-Mobile USA  Office  $7,939   5.930%  10/2020
2  Lenexa, KS  Quest Diagnostics  Office   7,777   6.270%  12/2019
3  Lavonia, GA  TI Automotive  Industrial   6,297   5.460%  12/2020
                      
3  Total Mortgage Debt        $22,013        

 

PROPERTY LEVEL FINANCING (1)

 

Location  Tenant (3)  Property Type   Face ($000)    Fixed Rate   Maturity Date
Goodyear, AZ (2)  Undisclosed  Industrial  $41,877    4.290%  08/2031

 

Footnotes
(1)Also, a 20% owned joint venture incurred an additional $7.3 million of secured debt.
(2)Assumed mortgage at acquisition.
(3)Lease restricts certain disclosures.

 

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LEXINGTON REALTY TRUST

2019 Fourth Quarter Leasing Summary

 

LEASE EXTENSIONS 

 

   Tenant (1)  Location  Prior
Term
  Lease Expiration Date  Sq. Ft.  New Base Rent Per Annum ($000)(2)(3)  Prior Base Rent Per Annum ($000)   New Cash Base Rent Per Annum ($000)(2)(3)  Prior Cash Base Rent Per Annum ($000)(3) 
   Industrial                             
1  Wirtgen  Antioch  TN  12/2019  12/2021  73,500  $184  $216   $184  $216 
2  Michelin  Laurens  SC  03/2020  01/2021  1,164,000   3,594   3,594    3,594   3,594 
3  Mars Wrigley  Austell  GA  05/2020  05/2025  604,852   4,406   2,590    4,235   3,587 
                                     
3  Total Industrial Lease Extensions              1,842,352  $8,184  $6,400   $8,013  $7,397 
                                     
3  TOTAL EXTENDED LEASES              1,842,352  $8,184  $6,400   $8,013  $7,397 

  

NEW LEASES         

 

   Tenant (1)  Location  Lease
Expiration
 Date
  Sq. Ft.  New Base Rent Per Annum ($000)(2)(3)  New Cash Base Rent Per Annum
($000)(2)(3)
 
   Industrial                   
1  RC Moore (4)  Tampa  FL  02/2023   229,605  $1,152  $1,160 
                          
1  Total Industrial New Leases            229,605  $1,152  $1,160 
                          
   Office                      
1  Valor IT  Phoenix  AZ  07/2025   10,785  $215  $187 
2  Quest Diagnostics (5)  Lenexa  KS  06/2030   77,484   1,013   1,103 
                          
2  Total Office New Leases            88,269  $1,228  $1,290 
                          
3  TOTAL NEW LEASES            317,874  $2,380  $2,450 
                          
6  TOTAL NEW AND EXTENDED LEASES            2,160,226  $10,564  $10,463 

 

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LEXINGTON REALTY TRUST

2019 Fourth Quarter Leasing Summary

 

NEW VACANCY (6)                      

 

         Prior Lease      2019   2019 
         Expiration      Base Rent   Cash Rent 
Former Tenant  Location  Date  Sq. Ft.   ($000)(3)   ($000)(3) 
Industrial                        
Michelin  Moody  AL  12/2019   595,346   $1,408   $1,450 

 

  Footnotes
(1)Leases greater than 10,000 square feet.
(2)Assumes twelve months rent from the later of 1/1/20 or lease commencement/extension, excluding free rent periods as applicable.
(3)See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
(4)Prior tenant terminated lease 12/11/19; new tenant (RC Moore) will lease building effective 1/1/20.
(5)Previous tenant lease expired and sub-lease tenant (Quest Diagnostics) entered into a direct lease.
(6)Excludes multi-tenant properties, disposed properties and non-consolidated investments.

 

 19 

 

 

 

LEXINGTON REALTY TRUST

Other Revenue Data

12/31/2019

($000)

 

Other Revenue Data

 

   Base Rent 
  Twelve months ended 
Asset Class  12/31/19 (1)   12/31/19
Percentage
   12/31/18
Percentage
 
Industrial  $194,485    75.5%   65.4%
Office/Other   63,274    24.5%   34.6%
   $257,759    100.0%   100.0%

 

   Base Rent 
  Twelve months ended 
Credit Ratings  (2)  12/31/19 (1)   12/31/19
Percentage
   12/31/18
Percentage
 
Investment Grade  $125,509    48.7%   39.1%
Non-Investment Grade   60,016    23.3%   19.0%
Unrated   72,234    28.0%   41.9%
   $257,759    100.0%   100.0%

 

Weighted-Average Lease Term - Cash Basis  As of 12/31/19  As of 12/31/18
  8.4 years  8.9 years

 

Rent Estimates for Current Assets

 

Year  Base Rent  (3)   Cash Base
Rent (3)
   Difference 
2020  $279,385   $265,202   $(14,183)
2021   259,213    250,661    (8,552)

 

Footnotes

(1)Twelve months ended 12/31/2019 Base Rent recognized for consolidated properties owned as of 12/31/2019.
(2)Credit ratings are based upon either tenant, guarantor or parent/ultimate parent. Historical comparison was not adjusted for subsequent tenant entity changes and multi-tenant was generally reflected as unrated.
(3)Amounts assume (1) lease terms for non-cancellable periods only, (2) no new or renegotiated leases are entered into after 12/31/2019, and (3) no properties are sold or acquired after 12/31/2019.

 

20

 

 

LEXINGTON REALTY TRUST

Other Revenue Data (Continued)

12/31/2019

($000)

 

Same-Store NOI (1)

 

   Twelve months ended December 31, 
   2019   2018 
Total Cash Base Rent  $214,081   $216,563 
Tenant Reimbursements   22,044    17,791 
Property Operating Expenses   (28,226)   (22,924)
Same-Store NOI  $207,899   $211,430 
           
Change in Same-Store NOI (2)   (1.7)%     

 

Same-Store Percent Leased (3)  As of 12/31/19   As of 12/31/18 
   96.7%   98.5%

 

Lease Escalation Data (4)

 

 

 

Footnotes

(1)NOI is on a consolidated cash basis excluding properties acquired and sold in 2019 and 2018 and properties subject to mortgage loans in default at December 31, 2019.
See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
(2)Change in Same-Store NOI was breakeven excluding single-tenant property vacancies.
(3)Excludes properties acquired or sold in 2019 and 2018 and properties subject to mortgage loans in default at December 31, 2019.
(4)Based on twelve months consolidated Cash Base Rents for single-tenant leases (properties greater than 50% leased to a single tenant) owned as of December 31, 2019. Excludes parking operations and rents from prior tenants.

 

21

 

 

LEXINGTON REALTY TRUST

Portfolio Detail By Asset Class

12/31/2019

($000, except square footage)

 

Asset Class  YE 2017 (1)   YE 2018 (1)(2)   YE 2019 
Industrial               
% of Cost (3)   49.3%   71.2%   81.5%
% of ABR (4)   44.3%   65.4%   75.5%
% Leased   99.9%   96.3%   97.9%
Wtd. Avg. Lease Term (5)   10.5    9.7    8.3 
Mortgage Debt  $193,529   $206,006   $109,939 
% Investment Grade (4)   28.4%   31.6%   45.9%
Square Feet   36,071,422    41,447,962    48,742,014 
                
Office/Other               
% of Cost (3)   50.7%   28.8%   18.5%
% of ABR (4)(6)   55.7%   34.6%   24.5%
% Leased   96.0%   87.1%   85.8%
Wtd. Avg. Lease Term (5)   7.9    7.2    8.5 
Mortgage Debt  $503,539   $369,508   $283,933 
% Investment Grade (4)   49.4%   53.2%   57.3%
Square Feet   12,542,640    6,111,588    3,876,294 
                
Construction in progress (7)  $4,219   $1,840   $15,208 

 

Footnotes

(1)Office and Other properties combined.
(2)Pataskala, Ohio property reclassed to Industrial from Office/Other.
(3)Based on gross book value of real estate assets; excludes held for sale assets.
(4)Percentage of Base Rent, for consolidated properties owned as of each respective period.
(5)Cash basis.
(6)YE 2018 excludes the acceleration of below-market lease intangible accretion on one Kmart asset.
(7)Includes development classified as real estate under construction on a consolidated basis.

 

22

 

 

LEXINGTON REALTY TRUST

Portfolio Composition

12/31/2019

 

As a Percent of Gross Book Value (1) 

 

 

 

Portfolio Composition (2)

  

 

Footnotes

(1)Based on gross book value of real estate assets as of 12/31/2019.
(2)Based on gross book value of real estate assets as of 12/31/2019, 12/31/2018 and 12/31/2017, as applicable and excludes held for sale assets.

 

23

 

 

LEXINGTON REALTY TRUST

Components of Net Asset Value

12/31/2019

($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 twelve month net operating income (NOI) (1)     
Industrial  $167,797 
Office/Other   57,891 
Total Net Operating Income  $225,688 
      
Lexington's share of non-consolidated twelve month NOI (1)     
NNN OFFICE JV     
Office  $10,312 
OTHER JV     
Other  $1,490 
      
Other income     
Advisory fees  $3,918 
      
      
In service assets not fairly valued by capitalized NOI method (1)     
Wholly-owned assets acquired in 2019  $690,720 
Wholly-owned assets less than 70% leased  $42,391 
      
Add other assets:     
Construction in progress  $1,895 
Developable land   12,995 
Development investment at cost incurred   10,492 
Cash and cash equivalents   122,666 
Restricted cash   6,644 
Accounts receivable   3,229 
Other assets   11,708 
Total other assets  $169,629 
      
Liabilities:     
Corporate level debt (face amount)  $929,120 
Mortgages and notes payable (face amount)   393,872 
Dividends payable   32,432 
Accounts payable, accrued expenses and other liabilities   51,340 
Preferred stock, at liquidation value   96,770 
Lexington's share of non-consolidated mortgages (face amount)   89,418 
Total deductions  $1,592,952 
      
Common shares & OP units at 12/31/2019   257,956,216 

 

Footnotes

(1)NOI for the existing property portfolio at December 31, 2019, 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 2019. 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.

 

24

 

 

 

LEXINGTON REALTY TRUST

Consolidated Portfolio Concentration

12/31/2019

 

   Markets (1)  Percent of Base Rent
as of
12/31/19  (2)
 
1  Houston, TX   11.4%
2  Memphis, TN   7.1%
3  New York, NY   4.3%
4  Atlanta, GA   4.1%
5  Detroit, MI   4.0%
6  Nashville, TN   3.8%
7  Dallas, TX   3.5%
8  Philadelphia, PA   2.9%
9  San Jose, CA   2.6%
10  Jackson, MS   2.4%
11  St. Louis, MO   2.4%
12  Phoenix, AZ   2.2%
13  Cincinnati, OH   2.1%
14  Columbus, OH   1.9%
15  Kansas City, MO   1.7%
16  Champaign, IL   1.6%
17  Charlotte, NC   1.6%
18  Spartanburg, SC   1.6%
19  Jackson, TN   1.5%
20  Richmond, VA   1.5%
   Total Consolidated Portfolio Concentration (3)   64.1%

 

Footnotes
(1) Markets are based on a Core Based Statistical Area, which 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.
(2) Twelve months ended 12/31/2019 Base Rent recognized for consolidated properties owned as of 12/31/2019.
(3) Total shown may differ from detailed amounts due to rounding.

 

25

 

 

LEXINGTON REALTY TRUST

Portfolio Concentration - Industrial

12/31/2019

 

   Markets (1)  Percent of Base Rent
as of
12/31/19  (2)
 
1  Memphis, TN   9.5%
2  Houston, TX   7.4%
3  Detroit, MI   5.3%
4  Atlanta, GA   5.1%
5  Nashville, TN   5.0%
6  Jackson, MS   3.2%
7  St. Louis, MO   3.2%
8  Cincinnati, OH   2.7%
9  New York, NY   2.6%
10  Dallas, TX   2.6%
11  Columbus, OH   2.5%
12  Champaign, IL   2.2%
13  Spartanburg, SC   2.1%
14  Jackson, TN   2.0%
15  Richmond, VA   2.0%
16  Winchester, VA   2.0%
17  Greenville, SC   1.9%
18  Chicago, IL   1.9%
19  Indianapolis, IN   1.8%
20  Shreveport, LA   1.8%
   Total Industrial Portfolio Concentration (3)   66.7%

 

Footnotes
(1) Markets are based on a Core Based Statistical Area, which 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.
(2) Twelve months ended 12/31/2019 Base Rent recognized for consolidated industrial properties owned as of 12/31/2019.
(3) Total shown may differ from detailed amounts due to rounding.

 

26

 

 

LEXINGTON REALTY TRUST

Portfolio Concentration - Office/Other

12/31/2019

 

   Markets (1)  Percent of Base Rent
as of
12/31/19  (2)
 
1  Houston, TX   23.6%
2  San Jose, CA   10.5%
3  Philadelphia, PA   10.1%
4  New York, NY   9.3%
5  Charlotte, NC   6.5%
6  Dallas, TX   6.3%
7  Washington, DC   4.9%
8  Kansas City, MO   4.8%
9  Phoenix, AZ   3.9%
10  Miami, FL   3.5%
11  Sarasota, FL   3.0%
12  Baton Rouge, LA   1.8%
13  McAllen, TX   1.6%
14  Augusta, ME   1.5%
15  Orlando, FL   1.4%
16  Knoxville, TN   1.4%
17  Atlanta, GA   1.3%
18  Baltimore, MD   1.0%
19  Florence, SC   0.9%
20  Tucson, AZ   0.9%
   Total Office/Other Portfolio Concentration (3)   98.3%

 

Footnotes
(1) Markets are based on a Core Based Statistical Area, which 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.
(2) Twelve months ended 12/31/2019 Base Rent recognized for consolidated office/other properties owned as of 12/31/2019.
(3) Total shown may differ from detailed amounts due to rounding.

 

27

 

 

LEXINGTON REALTY TRUST

Tenant Industry Diversification - Industrial Assets (1)

12/31/2019

 

 

 

Footnotes

(1)Twelve months ended 12/31/2019 Base Rent recognized for consolidated properties owned as of 12/31/2019.

 

28

 

 

LEXINGTON REALTY TRUST

Tenant Industry Diversification - Office/Other Assets (1)

12/31/2019

 

 

 

Footnotes

(1)Twelve months ended 12/31/2019 Base Rent recognized for consolidated properties owned as of 12/31/2019.

 

29

 

 

LEXINGTON REALTY TRUST

Top 15 Tenants

12/31/2019

 

Top 15 Tenants  

 

Tenants (1)  Property Type  Lease Expirations  Number
of Leases
  Sq. Ft.
Leased
   Sq. Ft. Leased
as a Percent of
Consolidated
Portfolio (2)(3)
   Base Rent
as of
12/31/2019
($000)
   Percent of Base
Rent as of
12/31/2019
($000) (2)(4)
 
Dow   Office  2036  1   664,100    1.3%  $14,850    5.9%
Nissan  Industrial  2027  2   2,971,000    5.8%   12,760    5.0%
Dana  Industrial  2021-2026  7   2,053,359    4.0%   9,941    3.9%
Undisclosed (5)  Industrial  2031-2035  3   1,090,383    2.1%   7,139    2.8%
Watco  Industrial  2038  1   132,449    0.3%   6,773    2.7%
Xerox  Office  2023  1   202,000    0.4%   6,642    2.6%
Morgan Lewis (6)  Office  2024  1   289,432    0.6%   5,655    2.2%
Amazon  Industrial  2026-2030  3   2,515,492    4.9%   5,637    2.2%
Undisclosed (5)  Industrial  2023-2027  3   2,132,290    4.2%   5,527    2.2%
FedEx  Industrial  2023 & 2028  2   292,021    0.6%   5,479    2.2%
Hamilton Beach  Industrial  2021 & 2026  2   1,645,436    3.2%   4,948    2.0%
Asics  Industrial  2030  1   855,878    1.7%   4,388    1.7%
Spitzer  Industrial  2035  2   449,895    0.9%   4,344    1.7%
Vista Outdoor  Industrial  2034  1   813,126    1.6%   4,195    1.7%
Wells Fargo  Office  2024  2   338,301    0.7%   4,101    1.6%
         32   16,445,162    32.2%  $102,379    40.5%

 

Footnotes
(1) Tenant, guarantor or parent.
(2) Total shown may differ from detailed amounts due to rounding.
(3) Excludes vacant square feet.
(4) Twelve months ended 12/31/2019 Base Rent recognized for consolidated properties owned as of 12/31/2019, excluding rent from prior tenants.
(5) Lease restricts certain disclosures.
(6)  Includes parking operations.

 

30

 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Industrial Properties

12/31/2019

($000)

 

Year  Number of
Leases
Expiring
   Base Rent as of
12/31/2019
   Percent of Base
Rent as of
12/31/2019
   Percent of Base
Rent as of
12/31/2018
 
2020   4   $5,363    2.8%   6.2%
2021   13    18,136    9.4%   6.3%
2022   2    1,907    1.0%   0.7%
2023   8    7,468    3.9%   1.1%
2024   16    19,168    9.9%   7.0%
2025   13    15,476    8.0%   6.7%
2026   11    18,392    9.5%   7.2%
2027   9    25,835    13.4%   13.4%
2028   4    11,855    6.2%   6.4%
2029   3    4,507    2.3%   2.0%
Thereafter   25    64,634    33.5%   39.6%
Total (1)   108   $192,741    100.0%     

 

 

 

 

Footnotes

(1)Total shown may differ from detailed amounts due to rounding.

 

31

 

 

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Office/Other Properties

12/31/2019

($000)

 

Year  Number of
Leases
Expiring
   Base Rent as of
12/31/2019
   Percent of Base
Rent as of
12/31/2019
   Percent of Base
Rent as of
12/31/2018
 
2020   30   $2,643    4.3%   4.8%
2021   9    7,451    12.1%   16.6%
2022   3    4,837    7.9%   5.3%
2023   3    7,201    11.7%   8.4%
2024   5    9,180    14.9%   13.0%
2025   5    3,320    5.4%   3.7%
2026   0    -    0.0%   1.2%
2027   3    1,956    3.2%   6.4%
2028   0    -    0.0%   1.3%
2029   1    881    1.4%   6.8%
Thereafter   8    24,053    39.1%   21.0%
Total (1)   67   $61,522    100.0%     

 

 

 

 

Footnotes

(1)Total shown may differ from detailed amounts due to rounding and does not include parking operations.

 

32

 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2019

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant, Guarantor, or Parent  Sq. Ft.
Leased or
Available (1)
   Base Rent
as of
12/31/2019
($000) (2)
   Cash
Base Rent
as of
12/31/2019($000) (2)
   12/31/2019
Debt Balance
($000)
   Debt
Maturity
 
INDUSTRIAL PROPERTIES                                  
Single-tenant                                  
2020  6/30/2020  1650-1654 Williams Rd.  Columbus  OH  --  ODW Logistics   772,450    1,347    1,347    -    - 
   12/19/2020  1901 Ragu Dr.  Owensboro  KY  5  Unilever   443,380    1,493    1,288    -    - 
   12/31/2020  2203 Sherrill Dr.  Statesville  NC  --  Geodis America   639,800    2,493    2,537    -    - 
2021  1/31/2021  101 Michelin Dr.  Laurens  SC  --  Michelin   1,164,000    3,745    3,745    -    - 
   3/31/2021  2455 Premier Row  Orlando  FL  --  Walgreen Co.   205,016    786    508    -    - 
   5/31/2021  291 Park Center Dr.  Winchester  VA  --  Kraft Heinz   344,700    1,422    1,451    -    - 
   6/30/2021  11624 S. Distribution Cv.  Olive Branch  MS  --  Hamilton Beach   1,170,218    3,789    3,189    -    - 
   9/30/2021  3820 Micro Dr.  Millington  TN  --  Ingram Micro   701,819    1,812    1,874    -    - 
   10/25/2021  6938 Elm Valley Dr.  Kalamazoo  MI  --  Dana   150,945    1,747    2,027    -    - 
   11/30/2021  2880 Kenny Biggs Rd.  Lumberton  NC  --  Quickie Manufacturing   423,280    1,356    1,459    -    - 
   12/31/2021  191 Arrowhead Dr.  Hebron  OH  --  Owens Corning   250,410    573    573    -    - 
      200 Arrowhead Dr.  Hebron  OH  --  Owens Corning   400,522    916    916    -    - 
      3686 South Central Ave.  Rockford  IL  --  Pierce Packaging   93,000    321    321    -    - 
2022  3/31/2022  5417 Campus Dr.  Shreveport  LA  --  Tire Rack   257,849    1,343    1,403    -    - 
   8/31/2022  50 Tyger River Dr.  Duncan  SC  --  Plastic Omnium   221,833    564    336    -    - 
2023  2/28/2023  3102 Queen Palm Dr.  Tampa  FL  8  RC Moore   229,605    1,081    1,303    -    - 
      7670 Hacks Cross Rd.  Olive Branch  MS  --  MAHLE Industries   268,104    906    902    -    - 
   5/31/2023  6495 Polk Ln.  Olive Branch  MS  13  Undisclosed   151,691    344    330    -    - 
   8/31/2023  10535 Red Bluff Rd.  Pasadena  TX  --  Unis   257,835    1,231    1,199    -    - 
      3737 Duncanville Rd.  Dallas  TX  --  Owens Corning   510,440    1,175    1,134    -    - 
   10/31/2023  493 Westridge Pkwy.  McDonough  GA  --  Carlstar   676,000    1,777    1,694    -    - 
   12/31/2023  120 Southeast Pkwy. Dr.  Franklin  TN  --  United Technologies   289,330    735    735    -    - 
      675 Gateway Blvd.  Monroe  OH  --  Blue Buffalo   143,664    219    209    -    - 
2024  1/31/2024  1285 W. State Road 32  Lebanon  IN  --  Continental Tire   741,880    2,286    2,383    -    - 
      6495 Polk Ln.  Olive Branch  MS  13  Undisclosed   118,211    291    276    -    - 
      70 Tyger River Dr.  Duncan  SC  --  BMW   408,000    1,367    1,310    -    - 

 

 33 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2019

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant, Guarantor, or Parent  Sq. Ft.
Leased or
Available (1)
   Base Rent
as of
12/31/2019
($000) (2)
   Cash
Base Rent
as of
12/31/2019($000) (2)
   12/31/2019
Debt Balance
($000)
   Debt
Maturity
 
INDUSTRIAL PROPERTIES                                  
2024  1/31/2024  231 Apple Valley Road  Duncan  SC  13  Undisclosed   120,680    141    133    -    - 
   3/31/2024  1520 Lauderdale Memorial Hwy.  Cleveland  TN  --  General Electric   851,370    2,658    2,648    -    - 
   4/30/2024  113 Wells St.  North Berwick  ME  --  United Technologies   993,685    1,798    1,739    -    - 
      11555 Silo Dr.  Olive Branch  MS  --  Olam Cotton   927,742    1,681    1,258    -    - 
   5/31/2024  901 East Bingen Point Way  Bingen  WA  --  Boeing   124,539    2,636    2,637    -    - 
      7225 Goodson Rd.  Union City  GA  --  Interface Americas   370,000    745    698    -    - 
   7/31/2024  5795 North Blackstock Road  Spartanburg  SC  --  Wal-Mart   341,660    1,672    1,623    -    - 
      231 Apple Valley Road  Duncan  SC  13  Undisclosed   75,320    88    88    -    - 
   9/30/2024  1621 Veterans Memorial Pkwy. E  Lafayette  IN  --  Caterpillar   309,400    1,215    1,204    -    - 
   10/31/2024  43955 Plymouth Oaks Blvd.  Plymouth  MI  --  Tower Automotive   311,612    1,591    1,542    -    - 
      2115 East Belt Line Rd.  Carrollton  TX  --  L.E. Klein   58,202    229    153    -    - 
   12/31/2024  749 Southrock Dr.  Rockford  IL  --  Jacobson Warehouse   150,000    638    600    -    - 
2025  4/30/2025  235 Apple Valley Road  Duncan  SC  13  Undisclosed   177,320    219    205    -    - 
   5/31/2025  7875 White Road SW  Austell  GA  --  Mars Wrigley   604,852    1,407    1,853    -    - 
   6/30/2025  10000 Business Blvd.  Dry Ridge  KY  --  Dana   336,350    1,346    1,346    -    - 
      4010 Airpark Dr.  Owensboro  KY  --  Metalsa / Dana   211,598    1,208    1,208    -    - 
      730 North Black Branch Rd.  Elizabethtown  KY  --  Metalsa / Dana   167,770    537    537    -    - 
      750 North Black Branch Rd.  Elizabethtown  KY  --  Metalsa / Dana   539,592    2,838    2,838    -    - 
      301 Bill Bryan Blvd.  Hopkinsville  KY  --  Metalsa / Dana   424,904    1,687    1,687    -    - 
   7/14/2025  590 Ecology Ln.  Chester  SC  --  Boral Limited   420,597    1,798    2,391    5,763    08/2025 
   7/31/2025  7005 Cochran Rd.  Glenwillow  OH  --  Royal Appliance   458,000    2,061    2,101    -    - 
      5352 Performance Way  Whitestown  IN  --  LaCrosse   380,000    1,250    1,091    -    - 
   12/31/2025  1700 47th Ave North  Minneapolis  MN  --  Owens Corning   18,620    550    550    -    - 
2026  3/30/2026  121 Technology Dr.  Durham  NH  12  Heidelberg   500,500    2,537    2,479    -    - 
   3/31/2026  633 Garrett Pkwy.  Lewisburg  TN  --  Calsonic Kansei   310,000    1,288    1,286    -    - 
   4/30/2026  16811 W. Commerce Dr.  Goodyear  AZ  --  Blue Buffalo   540,349    2,444    1,161    -    - 
   6/30/2026  351 Chamber Dr.  Chillicothe  OH  16  Kitchen Collection   475,218    1,159    1,164    -    - 

  

 34 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2019

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant, Guarantor, or Parent  Sq. Ft.
Leased or
Available (1)
   Base Rent
as of
12/31/2019
($000) (2)
   Cash
Base Rent
as of
12/31/2019($000) (2)
   12/31/2019
Debt Balance
($000)
   Debt
Maturity
 
INDUSTRIAL PROPERTIES                                  
2026  9/30/2026  900 Industrial Blvd.  Crossville  TN  --  Dana   222,200    578    578    -    - 
      3931 Lakeview Corporate Dr.  Edwardsville  IL  --  Amazon.com   769,500    2,696    2,588    -    - 
      9494 W. Buckeye Rd.  Tolleson  AZ  --  CHEP   186,336    236    218    -    - 
   10/31/2026  10345 Philipp Pkwy.  Streetsboro  OH  --  L'Oreal USA   649,250    2,725    2,788    -    - 
      5001 Greenwood Rd.  Shreveport  LA  --  Libbey   646,000    2,165    2,229    -    - 
   11/30/2026  250 Rittenhouse Cir.  Bristol  PA  --  Estée Lauder   241,977    1,146    1,182    -    - 
      736 Addison Rd.  Erwin  NY  --  Corning   408,000    1,418    1,425    -    - 
2027  1/31/2027  27200 West 157th St.  New Century  KS  --  Amazon.com   446,500    1,240    1,090    -    - 
   2/28/2027  554 Nissan Pkwy.  Canton  MS  --  Nissan   1,466,000    6,200    6,037    -    - 
   4/30/2027  16407 Applewhite Rd.  San Antonio  TX  13  Undisclosed   849,275    2,994    2,822    -    - 
      200 Sam Griffin Rd.  Smyrna  TN  --  Nissan   1,505,000    6,560    6,325    -    - 
   6/30/2027  1501 Nolan Ryan Expy.  Arlington  TX  --  Arrow Electronics   74,739    406    405    -    - 
   8/31/2027  600 Gateway Blvd.  Monroe  OH  --  Hayneedle   994,013    1,227    1,004    -    - 
   9/30/2027  1550 Hwy 302  Byhalia  MS  --  McCormick   615,600    2,451    2,416    -    - 
   10/31/2027  201 James Lawrence Rd.  Jackson  TN  --  Kellogg   1,062,055    3,944    3,753    -    - 
   12/31/2027  10590 Hamilton Ave.  Cincinnati  OH  --  Hillman Group   264,598    813    813    -    - 
2028  1/31/2028  490 Westridge Pkwy.  McDonough  GA  --  Georgia-Pacific   1,121,120    3,737    3,458    -    - 
   3/31/2028  29-01-Borden Ave./29-10 Hunters Point Ave.  Long Island City  NY  --  FedEx   140,330    5,135    5,128    36,449    03/2028 
   8/31/2028  1420 Greenwood Rd.  McDonough  GA  --  United States Cold Storage   296,972    2,170    2,160    -    - 
   9/30/2028  904 Industrial Rd.  Marshall  MI  --  Tenneco   246,508    813    743    -    - 
2029  7/31/2029  8500 Nail Rd.  Olive Branch  MS  --  Sephora   716,080    2,751    2,603    -    - 
   9/30/2029   6255 East Minooka Road  Minooka  IL  --  Kellogg   1,034,200    16    14    -    - 
   11/24/2029  318 Pappy Dunn Blvd.  Anniston  AL  --  IAC Group   276,782    1,740    1,671    -    - 
2030  3/31/2030  549 Wingo Rd.  Byhalia  MS  --  Asics   855,878    4,388    4,174    -    - 
   5/31/2030  359 Gateway Dr.  Lavonia  GA  --  TI Automotive   133,221    799    997    -    - 
      4015 Lakeview Corporate Dr.  Edwardsville  IL  --  Spectrum   1,017,780    3,460    2,739    -    - 
   6/30/2030  2601 Bermuda Hundred Rd.  Chester  VA  14  Philip Morris   1,034,470    3,851    3,807    -    - 

 

 35 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2019

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant, Guarantor, or Parent  Sq. Ft.
Leased or
Available (1)
   Base Rent
as of
12/31/2019
($000) (2)
   Cash
Base Rent
as of
12/31/2019
($000) (2)
   12/31/2019
Debt Balance
($000)
   Debt
Maturity
 
INDUSTRIAL PROPERTIES                                  
2030  6/30/2030  700 Gateway  Blvd.  Monroe  OH  --  Amazon.com   1,299,492    1,701    1,535    -    - 
   9/30/2030  255 143rd Ave.  Goodyear  AZ  13  Undisclosed   801,424    389    351    41,877    08/2031 
2031  10/31/2031  1020 W. Airport Rd.  Romeoville  IL  --  ARYZTA   188,166    3,640    3,463    -    - 
   12/18/2031  80 Tyson Dr.  Winchester  VA  13  Undisclosed   400,400    2,368    2,109    -    - 
2032  4/30/2032  13930 Pike Rd.  Missouri City  TX  --  Vulcan   -    2,123    1,995    -    - 
   8/24/2032  16950 Pine Dr.  Romulus  MI  13  Undisclosed   500,023    2,567    2,424    -    - 
   10/31/2032  27255 SW 95th Ave.  Wilsonville  OR  --  Pacific Natural Foods   508,277    3,120    2,687    -    - 
      26700 Bunert Rd.  Warren  MI  --  Lipari   260,243    3,883    3,499    25,850    11/2032 
2033  12/31/2033  2115 East Belt Line Rd.  Carrollton  TX  --  Teasdale   298,653    1,297    1,021    -    - 
2034  9/30/2034  5625 North Sloan Ln.  North Las Vegas  NV  --  Nicholas   180,235    2,557    2,328    -    - 
   10/31/2034  1001 Innovation Rd.  Rantoul  IL  --  Vista Outdoor   813,126    4,195    3,774    -    - 
   12/31/2034  27 Inland Pkwy.  Greer  SC  13  Undisclosed   1,318,680    15    -    -    - 
2035  3/31/2035  13863 Industrial Rd.  Houston  TX  --  Spitzer   187,800    2,434    2,159    -    - 
      7007 F.M. 362 Rd.  Brookshire  TX  --  Spitzer   262,095    1,910    1,694    -    - 
   6/30/2035  111 West Oakview Pkwy.  Oak Creek  WI  --  Stella & Chewy's   164,007    2,098    1,907    -    - 
   10/22/2035  2860 Clark Street  Detroit  MI  13  Undisclosed   189,960    2,204    2,204    -    - 
2036  5/31/2036  671 Washburn Switch Rd.  Shelby  NC  --  Clearwater Paper   673,425    2,786    2,487    -    - 
2037  3/31/2037  4005 E I-30  Grand Prairie  TX  --  O'Neal  Industries   215,000    1,872    1,592    -    - 
2038  3/31/2038  13901/14035 Industrial Rd.  Houston  TX  --  Watco   132,449    6,773    5,925    -    - 
2042  5/31/2042  4801 North Park Dr.  Opelika  AL  --  Golden State Enterprises   165,493    3,244    2,590    -    - 
2067  12/31/2067  10201 Schuster Way  Pataskala  OH  --  Kohl's   -    960    434    -    - 
SINGLE TENANT INDUSTRIAL TOTAL            47,067,194   $190,335   $180,014   $109,939      

 

 36 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2019

 

Year of Lease
Expiration
  Date of Lease
Expiration
  Property Location  City  State  Note  Primary Tenant, Guarantor, or Parent  Sq. Ft.
Leased or Available
(1)
   Base Rent
as of
12/31/2019
($000) (2)
   Cash
Base Rent
as of
12/31/2019
($000) (2)
   12/31/2019
Debt Balance
($000)
   Debt
Maturity
 
INDUSTRIAL PROPERTIES                             
Multi-tenant / Vacancy (7)(11)                                  
   Various  6050 Dana Way  Antioch  TN  3 (97%)  Multi-Tenant   674,528    2,406    2,342    -    - 
   Vacancy  2415 US Hwy. 78 East  Moody  AL  8  (Available for Lease)   595,346    1,408    1,450    -    - 
   Vacancy  1133 Poplar Creek Rd.  Henderson  NC  --  (Available for Lease)   196,946    -    -    -    - 
   Vacancy  3301 Stagecoach Rd. NE  Thomson  GA  8  (Available for Lease)   208,000    336    616    -    - 
MULTI-TENANT/VACANCY INDUSTRIAL TOTAL            1,674,820   $4,150   $4,408   $-      
INDUSTRIAL TOTAL/WEIGHTED AVERAGE        97.9% Leased   48,742,014   $194,485   $184,422   $109,939      

 

 37 

 

 

 

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2019

 

Year of Lease
Expiration
  Date of Lease
 Expiration
  Property Location   City   State   Note   Primary Tenant, Guarantor, or Parent   Sq.Ft.
Leased or
Available (1)
    Base Rent
as of
12/31/2019 
($000) (2)
    Cash
Base Rent
as of
12/31/2019
($000) (2)
    12/31/2019
Debt Balance
($000)
    Debt
Maturity
OFFICE PROPERTIES                                                        
Single-tenant                                                      
2020   2/14/2020   5600 Broken Sound Blvd.   Boca Raton   FL   --   Oce - USA Holding     143,290       2,244       2,500       18,465     02/2020
2021   3/31/2021   1701 Market St.   Philadelphia   PA   --   Prime Communications     1,220       62       62       -     -
    6/30/2021   1415 Wyckoff Rd.   Wall   NJ   15   NJ Natural Gas     157,511       3,774       3,774       5,576     01/2021
        2050 Roanoke Rd.   Westlake   TX   --   Charles Schwab     130,199       2,068       2,200       -     -
    8/31/2021   3500 North Loop Rd.   McDonough   GA   --   Global Payments     62,218       848       848       -     -
    10/31/2021   1401 Nolan Ryan Expy.   Arlington   TX   --   Butler America Aerospace     4,979       85       85       -     -
2022   5/30/2022   13651 McLearen Rd.   Herndon   VA   --   United States of America     159,644       3,128       3,220       -     -
    7/31/2022   1440 E 15th St.   Tucson   AZ   --   CoxCom     28,591       544       544       -     -
    10/31/2022   4455 American Way   Baton Rouge   LA   17   New Cingular Wireless     70,100       1,165       1,148       -     -
2023   9/30/2023   1701 Market St.   Philadelphia   PA   --   CBC Restaurant     8,070       243       243       -     -
    12/14/2023   3333 Coyote Hill Rd.   Palo Alto   CA   --   Xerox     202,000       6,642       7,070       26,301     12/2023
2024   1/31/2024   1701 Market St.   Philadelphia   PA   --   Morgan Lewis     289,432       4,226       4,576       -     -
    2/14/2024   1362 Celebration Blvd.   Florence   SC   --   Change Healthcare     32,000       573       588       -     -
    5/31/2024   3476 Stateview Blvd.   Fort Mill   SC   --   Wells Fargo     169,083       2,014       1,953       -     -
        3480 Stateview Blvd.   Fort Mill   SC   --   Wells Fargo     169,218       2,087       1,954       -     -
2025   1/31/2025   1401 Nolan Ryan Expy.   Arlington   TX   --   Triumph Group     111,409       1,617       1,777       -</