Exhibit 99.2
LEXINGTON REALTY TRUST
TABLE OF CONTENTS
March 31, 2021
| PAGE | PAGE | |||||
| SUMMARY / HIGHTLIGHTS | 3 | TENANT DATA | ||||
| TOP 15 TENANTS | 21 | |||||
| FINANCIAL DATA | QUARTERLY LEASING SUMMARY | 22 | ||||
| CONSOLIDATED BALANCE SHEETS | 4 | LEASE ROLLOVER SCHEDULES | 23 | |||
| CONSOLIDATED STATEMENTS OF OPERATIONS | 5 | PROPERTY LEASES AND VACANCIES | 25 | |||
| NON-GAAP FINANCIAL DATA | 6 | |||||
| SELECT CREDIT METRICS SUMMARY | 10 | DEBT | ||||
| OTHER FINANCIAL DATA | 11 | MORTGAGES AND NOTES PAYABLE | 36 | |||
| DEBT MATURITY SCHEDULE | 38 | |||||
| CAPITAL DEPLOYMENT / RECYCLING | DEBT COVENANTS | 39 | ||||
| QUARTERLY INVESTMENTS / CAPITAL RECYCLING | 12 | |||||
| ON-GOING DEVELOPMENT SUMMARY | 13 | COMPONENTS OF NET ASSET VALUE | 40 | |||
| CAPITAL EXPENDITURES AND LEASING COSTS | 14 | |||||
| NON-GAAP MEASURES DEFINITIONS | 41 | |||||
| PORTFOLIO DATA | ||||||
| PORTFOLIO DATA | 15 | INVESTOR INFORMATION | 45 | |||
| SAME STORE DATA | 16 | |||||
| PORTFOLIO DETAIL BY ASSET CLASS | 17 | |||||
| PORTFOLIO COMPOSITION | 18 | |||||
| INDUSTRIAL MARKET AND INDUSTRIES | 19 | |||||
| INDUSTRIAL PORTFOLIO DETAIL | 20 | |||||
This 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 potential adverse impact on Lexington or its tenants from the novel coronavirus (COVID-19), (2) the authorization of Lexington’s Board of Trustees of future dividend declarations, (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.
See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
LEXINGTON REALTY TRUST
SUMMARY / HIGHLIGHTS
March 31, 2021
Lexington is a real estate investment trust (“REIT”) focused on single-tenant industrial real estate investments. Lexington has been a publicly traded REIT since 1993 (NYSE: LXP). Lexington’s investment strategy is focused on the acquisition and development of high quality and well-located industrial warehouse and distribution facilities. Lexington currently pays an annualized dividend of $0.43 per common share.
| Quarterly Highlights | Portfolio Statistics | |||
| - Net Income - $0.14 per diluted common share | # of Properties: | 132 | ||
| - Adjusted Company FFO - $0.22 per diluted common share (1) | # of States: | 28 | ||
| - Completed 1.5 million square feet of new leases and lease extensions | Square Footage: | 55.9 million | ||
| - Acquired three warehouse/distribution properties for an aggregate cost of $50.8 million | On-going Development Projects: | 5 | ||
| - Substantially completed and placed into service a 320,190 square foot warehouse/distribution property in the Columbus, OH market, at an initial cost of $18.4 million | Stabilized Portfolio % Leased: | 97.8% | ||
| - Commenced development of a 1.1 million square foot warehouse/distribution property in the Central Florida market | # of Leases: | 156 | ||
| - Invested an aggregate of $24.0 million in five on-going development projects | % Industrial: | 91.3% | ||
| - Disposed of four properties for an aggregate gross disposition price of $58.1 million | Weighted-Average Lease Term (Cash Basis): | 7.3 years | ||
| - Net Debt to Adjusted EBITDA ratio is 4.6x | Weighted-Average Age: | 12.1 years | ||
(1) Includes $10.9 million of termination income.
3
LEXINGTON REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| March 31, 2021 | December 31, 2020 | |||||||
| (unaudited) | ||||||||
| Assets: | ||||||||
| Real estate, at cost | $ | 3,523,641 | $ | 3,514,564 | ||||
| Real estate - intangible assets | 399,394 | 409,293 | ||||||
| Investments in real estate under construction | 88,374 | 75,906 | ||||||
| Real estate, gross | 4,011,409 | 3,999,763 | ||||||
| Less: accumulated depreciation and amortization | 891,448 | 884,465 | ||||||
| Real estate, net | 3,119,961 | 3,115,298 | ||||||
| Assets held for sale | 18,383 | 16,530 | ||||||
| Right-of-use assets, net | 30,500 | 31,423 | ||||||
| Cash and cash equivalents | 142,074 | 178,795 | ||||||
| Restricted cash | 28,101 | 626 | ||||||
| Investments in non-consolidated entities | 54,185 | 56,464 | ||||||
| Deferred expenses, net | 16,730 | 15,901 | ||||||
| Rent receivable - current | 2,954 | 2,899 | ||||||
| Rent receivable - deferred | 66,680 | 66,959 | ||||||
| Other assets | 10,665 | 8,331 | ||||||
| Total assets | $ | 3,490,233 | $ | 3,493,226 | ||||
| Liabilities and Equity: | ||||||||
| Liabilities: | ||||||||
| Mortgages and notes payable, net | $ | 131,849 | $ | 136,529 | ||||
| Term loan payable, net | 298,069 | 297,943 | ||||||
| Senior notes payable, net | 779,607 | 779,275 | ||||||
| Trust preferred securities, net | 127,520 | 127,495 | ||||||
| Dividends payable | 33,317 | 35,401 | ||||||
| Liabilities held for sale | 6 | 790 | ||||||
| Operating lease liabilities | 31,508 | 32,515 | ||||||
| Accounts payable and other liabilities | 45,018 | 55,208 | ||||||
| Accrued interest payable | 7,221 | 6,334 | ||||||
| Deferred revenue - including below market leases, net | 16,680 | 17,264 | ||||||
| Prepaid rent | 14,112 | 13,335 | ||||||
| Total liabilities | 1,484,907 | 1,502,089 | ||||||
| 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 issues and outstanding | 94,016 | 94,016 | ||||||
| Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 277,614,856 and 277,152,450 shares issued and outstanding in 2021 and 2020, respectively | 28 | 28 | ||||||
| Additional paid-in-capital | 3,193,023 | 3,196,315 | ||||||
| Accumulated distributions in excess of net income | (1,292,051 | ) | (1,301,726 | ) | ||||
| Accumulated other comprehensive loss | (12,617 | ) | (17,963 | ) | ||||
| Total shareholders’ equity | 1,982,399 | 1,970,670 | ||||||
| Noncontrolling interests | 22,927 | 20,467 | ||||||
| Total equity | 2,005,326 | 1,991,137 | ||||||
| Total liabilities and equity | $ | 3,490,233 | $ | 3,493,226 | ||||
4
LEXINGTON REALTY TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share data)
| Three months ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Gross revenues: | ||||||||
| Rental revenue | $ | 91,645 | $ | 78,735 | ||||
| Other revenue | 912 | 2,092 | ||||||
| Total gross revenues | 92,557 | 80,827 | ||||||
| Expenses applicable to revenues: | ||||||||
| Depreciation and amortization | (42,176 | ) | (40,509 | ) | ||||
| Property operating | (10,934 | ) | (10,276 | ) | ||||
| General and administrative | (8,420 | ) | (7,825 | ) | ||||
| Non-operating income | 477 | 190 | ||||||
| Interest and amortization expense | (11,486 | ) | (14,795 | ) | ||||
| Debt satisfaction gains, net | - | 1,393 | ||||||
| Gains on sales of properties | 21,919 | 9,805 | ||||||
| Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities | 41,937 | 18,810 | ||||||
| Provision for income taxes | (372 | ) | (653 | ) | ||||
| Equity in earnings (losses) of non-consolidated entities | (90 | ) | 263 | |||||
| Net income | 41,475 | 18,420 | ||||||
| Less net income attributable to noncontrolling interests | (433 | ) | (266 | ) | ||||
| Net income attributable to Lexington Realty Trust shareholders | 41,042 | 18,154 | ||||||
| Dividends attributable to preferred shares - Series C | (1,572 | ) | (1,572 | ) | ||||
| Allocation to participating securities | (69 | ) | (46 | ) | ||||
| Net income attributable to common shareholders | $ | 39,401 | $ | 16,536 | ||||
| Net income attributable to common shareholders - per common share basic | $ | 0.14 | $ | 0.07 | ||||
| Weighted-average common shares outstanding - basic | 275,416,327 | 253,038,161 | ||||||
| Net income attributable to common shareholders - per common share diluted | $ | 0.14 | $ | 0.06 | ||||
| Weighted-average common shares outstanding - diluted | 279,053,697 | 257,347,277 | ||||||
5
LEXINGTON REALTY TRUST
NON-GAAP FINANCIAL DATA
(Unaudited and in thousands, except share and per share data)
| Three months ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| FUNDS FROM OPERATIONS: | ||||||||
| Basic and Diluted: | ||||||||
| Net income attributable to common shareholders | $ | 39,401 | $ | 16,536 | ||||
| Adjustments: | ||||||||
| Depreciation and amortization | 41,478 | 39,717 | ||||||
| Noncontrolling interest - OP units | 239 | 107 | ||||||
| Amortization of leasing commissions | 698 | 792 | ||||||
| Joint venture and noncontrolling interest adjustment | 2,115 | 2,214 | ||||||
| Gain on sales of properties, including non-consolidated entities | (21,919 | ) | (10,354 | ) | ||||
| FFO available to common shareholders and unitholders - basic | 62,012 | 49,012 | ||||||
| Preferred dividends | 1,572 | 1,572 | ||||||
| Amount allocated to participating securities | 69 | 46 | ||||||
| FFO available to common equityholders and unitholders - diluted | 63,653 | 50,630 | ||||||
| Transaction costs | 11 | 21 | ||||||
| Debt satisfaction gains, net, including non-consolidated entities | - | (1,372 | ) | |||||
| Adjusted Company FFO available to all equityholders and unitholders - diluted | $ | 63,664 | $ | 49,279 | ||||
| Per Common Share and Unit Amounts: | ||||||||
| Basic: | ||||||||
| FFO | $ | 0.22 | $ | 0.19 | ||||
| Diluted: | ||||||||
| FFO | $ | 0.22 | $ | 0.19 | ||||
| Adjusted Company FFO | $ | 0.22 | $ | 0.19 | ||||
| Weighted-Average Common Shares: | ||||||||
| Basic: | ||||||||
| Weighted-average common shares outstanding - basic EPS | 275,416,327 | 253,038,161 | ||||||
| Operating partnership units (1) | 2,852,419 | 3,148,122 | ||||||
| Weighted-average common shares outstanding - basic FFO | 278,268,746 | 256,186,283 | ||||||
| Diluted: | ||||||||
| Weighted-average common shares outstanding - diluted. EPS | 279,053,697 | 257,347,277 | ||||||
| Unvested share-based payments awards | 9,125 | 24,799 | ||||||
| Preferred shares - Series C | 4,710,570 | 4,710,570 | ||||||
| Weighted-average common shares outstanding - diluted FFO | 283,773,392 | 262,082,646 | ||||||
(1) Includes OP units other than OP units held by Lexington.
6
LEXINGTON REALTY TRUST
NON-GAAP FINANCIAL DATA (CONTINUED)
(Unaudited and in thousands)
| Three months ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Adjusted Company FFO available to all equityholders and unitholders - diluted | $ | 63,664 | $ | 49,279 | ||||
| FUNDS AVAILABLE FOR DISTRIBUTION | ||||||||
| Adjustments: | ||||||||
| Straight-line adjustments | (2,020 | ) | (1,419 | ) | ||||
| Lease incentives | 219 | 269 | ||||||
| Amortization of above/below market leases | (460 | ) | (295 | ) | ||||
| Lease termination payments, net | 2,204 | 492 | ||||||
| Non-cash interest, net | 127 | 428 | ||||||
| Non-cash charges, net | 1,764 | 1,658 | ||||||
| Tenant improvements | (19 | ) | (1,492 | ) | ||||
| Lease costs | (2,232 | ) | (3,951 | ) | ||||
| Joint venture and non-controlling interest adjustment | (173 | ) | (111 | ) | ||||
| Company Funds Available for Distribution | $ | 63,074 | $ | 44,858 | ||||
7
LEXINGTON REALTY TRUST
NON-GAAP FINANCIAL DATA (CONTINUED)
($000)
Net Operating Income (“NOI”):
| Three months ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Net income | $ | 41,475 | $ | 18,420 | ||||
| Interest and amortization expense | 11,486 | 14,795 | ||||||
| Provision for income taxes | 372 | 653 | ||||||
| Depreciation and amortization | 42,176 | 40,509 | ||||||
| General and administrative | 8,420 | 7,825 | ||||||
| Transaction costs | 11 | 21 | ||||||
| Non-operating/advisory fee income | (1,230 | ) | (1,889 | ) | ||||
| Gains on sales of properties | (21,919 | ) | (9,805 | ) | ||||
| Debt satisfaction gains, net | - | (1,393 | ) | |||||
| Equity in (earnings) losses of non-consolidated entities | 90 | (263 | ) | |||||
| Lease termination income | (10,941 | ) | (141 | ) | ||||
| Straight-line adjustments | (2,020 | ) | (1,419 | ) | ||||
| Lease incentives | 219 | 269 | ||||||
| Amortization of above/below market leases | (460 | ) | (295 | ) | ||||
| NOI | 67,679 | 67,287 | ||||||
| Less NOI: | ||||||||
| Acquisitions and dispositions | (8,160 | ) | (8,099 | ) | ||||
| Same-Store NOI | $ | 59,519 | $ | 59,188 | ||||
8
LEXINGTON REALTY TRUST
NON-GAAP FINANCIAL DATA (CONTINUED)
($000)
Adjusted EBITDA:
| 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | Trailing 12 Months | ||||||||||||||||
| Net income attributable to Lexington Realty Trust shareholders | $ | 41,042 | $ | 104,378 | $ | 41,904 | $ | 18,866 | $ | 206,190 | ||||||||||
| Interest and amortization expense | 11,486 | 12,591 | 13,649 | 14,166 | 51,892 | |||||||||||||||
| Provision for income taxes | 372 | 223 | 286 | 422 | 1,303 | |||||||||||||||
| Depreciation and amortization | 42,176 | 40,723 | 40,555 | 39,805 | 163,259 | |||||||||||||||
| Straight-line adjustments | (2,020 | ) | (3,430 | ) | (3,995 | ) | (4,810 | ) | (14,255 | ) | ||||||||||
| Lease incentives | 219 | 189 | 214 | 249 | 871 | |||||||||||||||
| Amortization of above/below market leases | (460 | ) | (470 | ) | (435 | ) | (380 | ) | (1,745 | ) | ||||||||||
| Gains on sales of properties | (21,919 | ) | (97,163 | ) | (20,878 | ) | (11,193 | ) | (151,153 | ) | ||||||||||
| Impairment charges | - | 6,668 | 6,175 | 1,617 | 14,460 | |||||||||||||||
| Debt satisfaction gains, net | - | (2,502 | ) | (17,557 | ) | - | (20,059 | ) | ||||||||||||
| Non-cash charges, net | 1,764 | 1,690 | 1,663 | 1,663 | 6,780 | |||||||||||||||
| Pro-rata share adjustments: | ||||||||||||||||||||
| Non-consolidated entities adjustment | 2,839 | 2,925 | 2,825 | 2,928 | 11,517 | |||||||||||||||
| Noncontrolling interests adjustment | 252 | 617 | 1,485 | 52 | 2,406 | |||||||||||||||
| Adjusted EBITDA | $ | 75,751 | $ | 66,439 | $ | 65,891 | $ | 63,385 | $ | 271,466 | ||||||||||
9
LEXINGTON REALTY TRUST
SELECT CREDIT METRICS SUMMARY (1)
| 12/31/2018 | 12/31/2019 | 12/31/2020 | 3/31/2021 | |||||
| Adjusted Company FFO Payout Ratio | 74.0% | 51.6% | 55.6% | 48.9% | ||||
| Unencumbered Assets | $2.8 billion | $3.3 billion | $3.8 billion | $3.8 billion | ||||
| Unencumbered NOI | 71.5% | 84.1% | 89.3% | 91.4% | ||||
| (Debt + Preferred) / Gross Assets | 40.3% | 34.5% | 32.5% | 32.5% | ||||
| Debt/Gross Assets | 37.8% | 32.1% | 30.4% | 30.3% | ||||
| Secured Debt / Gross Assets | 14.5% | 9.6% | 3.1% | 3.0% | ||||
| Net Debt / Adjusted EBITDA | 4.7x | 4.9x | 4.8x | 4.6x | ||||
| (Net Debt + Preferred) / Adjusted EBITDA | 5.0x | 5.3x | 5.1x | 5.0x | ||||
| Credit Facilities Availability (2) | $505.0 million | $600.0 million | $600.0 million | $600.0 million | ||||
| Unsecured Debt / Unencumbered NOI | 4.9x | 4.6x | 5.3x | 5.2x |
| Footnotes | |
| (1) | Lexington believes these credit metrics provide investors with additional information to evaluate its liquidity and performance. |
| (2) | Subject to covenant compliance. |
10
LEXINGTON REALTY TRUST
OTHER FINANCIAL DATA
3/31/2021
($000)
| Rent Estimates for Current Assets |
| Year | Base Rent (1) | Cash Base Rent (1) | Difference | ||||||||||
| 2021 - remaining | $ | 209,915 | $ | 199,040 | $ | (10,875 | ) | ||||||
| 2022 | 263,363 | 256,208 | (7,155 | ) | |||||||||
| Balance Sheet | ||||
| Other assets | $ | 10,665 | ||
| The components of other assets are: | ||||
| Deposits | $ | 703 | ||
| Equipment | 391 | |||
| Prepaids | 4,343 | |||
| Other receivables | 400 | |||
| Deferred lease incentives | 4,828 | |||
| Accounts payable and other liabilities | ||||
| The components of accounts payable and other liabilities are: | $ | 45,018 | ||
| Accounts payable and accrued expenses | $ | 10,669 | ||
| CIP accruals and other | 12,632 | |||
| Taxes | 508 | |||
| Deferred lease costs | 3,861 | |||
| Deposits | 3,405 | |||
| Escrows | 1,264 | |||
| Transaction costs | 62 | |||
| Derivative liability | 12,617 |
| Footnote | |
| (1) | Amounts assume (i) lease terms for non-cancellable periods only, (ii) no new or renegotiated leases are entered into after 3/31/2021, and (iii) no properties are sold or acquired after 3/31/2021. |
11
LEXINGTON REALTY TRUST
QUARTERLY INVESTMENTS / CAPITAL RECYCLING SUMMARY
3/31/2021
PROPERTY ACQUISITIONS AND COMPLETED DEVELOPMENTS
| Property Type | Market | Square Feet | Initial Basis ($000) | Month Closed/ Completed | Primary Lease Expiration | Percent Leased | ||||||||||||||||||
| 1 | Industrial - Warehouse/distribution | Indianapolis | IN | 149,072 | $ | 14,310 | January | 12/2024 | 100 | % | ||||||||||||||
| 2 | Industrial - Warehouse/distribution | Indianapolis | IN | 149,072 | 14,120 | January | 08/2025 | 100 | % | |||||||||||||||
| 3 | Industrial - Warehouse/distribution | Central Florida | 222,134 | 22,358 | January | 05/2031 | 53 | % | ||||||||||||||||
| 4 | Industrial - Warehouse/distribution | Columbus (1) | OH | 320,190 | 18,435 | March | 03/2024 | 100 | % | |||||||||||||||
| 4 | TOTAL PROPERTY INVESTMENTS | 840,468 | $ | 69,223 | ||||||||||||||||||||
| Footnotes | |
| (1) | Completed development project. The initial basis at 3/31/2021 does not include certain remaining costs. |
CAPITAL RECYCLING
| Primary Tenant | Location | Property Type | Gross Disposition Price ($000) | Annualized Net Income ($000) (1) | Annualized NOI ($000)(1) | Month of Disposition | % Leased | Gross Disposition Price PSF | |||||||||||||||||||||||
| 1 | Vacant | Houston | TX | Office | $ | 2,550 | $ | (427 | ) | $ | (427 | ) | January | 0 | % | $ | 32.32 | ||||||||||||||
| 2 | Charles Schwab | Westlake | TX | Office | 17,693 | 982 | 2,294 | January | 100 | % | 135.89 | ||||||||||||||||||||
| 3 | ODW Logistics | Columbus | OH | Industrial | 27,849 | 1,930 | 2,153 | March | 100 | % | 36.05 | ||||||||||||||||||||
| 4 | Multi-Tenant | Honolulu | HI | Other | 10,000 | (254 | ) | (232 | ) | March | 29 | % | 129.10 | ||||||||||||||||||
| 4 | TOTAL PROPERTY DISPOSITIONS | $ | 58,092 | $ | 2,231 | $ | 3,788 | ||||||||||||||||||||||||
| Footnotes | |
| (1) | Generally, quarterly period prior to sale annualized, excluding impairment charges. |
12
LEXINGTON REALTY TRUST
ON-GOING DEVELOPMENT SUMMARY
3/31/2021
| GAAP | Lexington | |||||||||||||||||||||||||
| Estimated | Investment Balance | Amount Funded | Estimated | Approximate | % Leased | |||||||||||||||||||||
| Project | Property | Estimated | Project Cost | as of 3/31/2021 | as of 3/31/2021 | Completion | Lease Term | as of | ||||||||||||||||||
| (% owned) | Market | Type | Sq. Ft. | ($000) | ($000) (1) | ($000) | Date | (Yrs) | 3/31/2021 | |||||||||||||||||
| Consolidated | ||||||||||||||||||||||||||
| 1 | Fairburn (87%) (2) | Atlanta, GA | Industrial | 910,000 | $ | 53,812 | $ | 45,322 | $ | 40,376 | 2Q 2021 | TBD | 0 | % | ||||||||||||
| 2 | KeHE Distributors BTS (100%) | Phoenix, AZ | Industrial | 468,182 | 72,000 | 31,165 | 26,301 | 3Q 2021 | 15 | 100 | % | |||||||||||||||
| 3 | Ocala (80%)(2) | Central Florida | Industrial | 1,085,280 | 80,900 | 11,887 | 7,682 | 1Q 2022 | TBD | 0 | % | |||||||||||||||
| 3 | Total Consolidated Development Projects | $ | 206,712 | $ | 88,374 | $ | 74,359 | |||||||||||||||||||
| Non - Consolidated | ||||||||||||||||||||||||||
| 1 | ETNA Park 70 (90%) (3) | Columbus, OH | Industrial | TBD | TBD | $ | 12,791 | $ | 13,208 | TBD | TBD | 0 | % | |||||||||||||
| 2 | ETNA Park 70 East (90%) (3) | Columbus, OH | Industrial | TBD | TBD | 7,716 | 7,868 | TBD | TBD | 0 | % | |||||||||||||||
| 2 | Total Non-Consolidated Development Projects | $ | 20,507 | $ | 21,076 | |||||||||||||||||||||
| 5 | Total Development Projects | $ | 108,881 | $ | 95,435 | |||||||||||||||||||||
| 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) | Estimated project cost excludes potential developer partner promote. |
| (3) | Plans and specifications have not been completed and the square footage, project cost and completion date cannot be estimated. |
13
LEXINGTON REALTY TRUST
CAPITAL EXPENDITURES AND LEASING COSTS (1)
3/31/2021
($000)
| Three months ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Tenant Improvements | ||||||||
| Industrial | $ | — | $ | 1,469 | ||||
| Office/Other | 19 | 36 | ||||||
| Total Tenant Improvements | $ | 19 | $ | 1,505 | ||||
| Leasing Costs | ||||||||
| Industrial | $ | 1,893 | $ | 516 | ||||
| Office/Other | 339 | 3,435 | ||||||
| Total Leasing Costs | $ | 2,232 | $ | 3,951 | ||||
| Building Improvements | ||||||||
| Industrial | $ | 988 | $ | 322 | ||||
| Office/Other | 296 | 556 | ||||||
| Total Building Improvements | $ | 1,284 | $ | 878 | ||||
| Total Capital Expenditures and Leasing Costs | $ | 3,535 | $ | 6,334 | ||||
| Footnote | |
| (1) | Consolidated costs on a cash basis. Leasing costs includes payments for lease incentives, if any. |
14
LEXINGTON REALTY TRUST
PORTFOLIO DATA
3/31/2021
($000)
| Base Rent | ||||||||||||
| Asset Class | Three months ended | |||||||||||
| 3/31/2021 (1) | 3/31/2021 Percentage | 3/31/2020 Percentage | ||||||||||
| Industrial | $ | 62,346 | 88.3 | % | 79.3 | % | ||||||
| Office/Other | 8,275 | 11.7 | % | 20.7 | % | |||||||
| $ | 70,621 | 100.0 | % | 100.0 | % | |||||||
| Base Rent | ||||||||||||
| Credit Ratings (2) | Three months ended | |||||||||||
| 3/31/2021 (1) | 3/31/2021 Percentage | 3/31/2020 Percentage | ||||||||||
| Investment Grade | $ | 35,438 | 50.2 | % | 51.6 | % | ||||||
| Non-Investment Grade | 13,229 | 18.7 | % | 22.1 | % | |||||||
| Unrated | 21,954 | 31.1 | % | 26.3 | % | |||||||
| $ | 70,621 | 100.0 | % | 100.0 | % | |||||||
| Weighted-Average Lease Term - Cash Basis | As of 3/31/2021 | As of 3/31/2020 | ||
| 7.3 years | 8.3 years |
Lease Escalation Data (3)
| Footnotes | |
| (1) | Three months ended 3/31/2021 Base Rent recognized for consolidated properties owned as of 3/31/2021. |
| (2) | Credit ratings are based upon either tenant, guarantor or parent/ultimate parent. |
| (3) | Based on three months consolidated Cash Base Rents for single-tenant leases (properties greater than 50% leased to a single tenant) owned as of 3/31/2021. Excludes parking operations and rents from prior tenants. |
15
LEXINGTON REALTY TRUST
SAME STORE DATA
3/31/2021
($000)
| Same-Store NOI (1) | Same-Store NOI by Components (1) | |||||||||||||||||||||||
| Consolidated | Industrial | Office/Other | ||||||||||||||||||||||
| Three months ended March 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Total Cash Base Rent | $ | 60,695 | $ | 60,375 | $ | 51,895 | $ | 51,174 | $ | 8,800 | $ | 9,201 | ||||||||||||
| Tenant Reimbursements | 7,258 | 6,732 | 5,292 | 4,774 | 1,966 | 1,958 | ||||||||||||||||||
| Property Operating Expenses | (8,434 | ) | (7,919 | ) | (5,857 | ) | (5,355 | ) | (2,577 | ) | (2,564 | ) | ||||||||||||
| Same-Store NOI | $ | 59,519 | $ | 59,188 | $ | 51,330 | $ | 50,593 | $ | 8,189 | $ | 8,595 | ||||||||||||
| Change in Same-Store NOI(2) | 0.6 | % | 1.5 | % | -4.7 | % | ||||||||||||||||||
| Same-Store Statistics (3) | Same-Store Statistics by Components (3) | |||||||||||||||||||||||
| Consolidated | Industrial | Office/Other | ||||||||||||||||||||||
| As of 3/31/2021 | As of 3/31/2020 | As of 3/31/2021 | As of 3/31/2020 | As of 3/31/2021 | As of 3/31/2020 | |||||||||||||||||||
| Same-Store # of Properties | 112 | 112 | 95 | 95 | 17 | 17 | ||||||||||||||||||
| Same-Store Percent Leased | 97.5 | % | 99.4 | % | 97.6 | % | 99.5 | % | 94.2 | % | 96.3 | % | ||||||||||||
| Footnotes | |
| (1) | NOI is on a consolidated cash basis excluding properties acquired and sold in 2021 and 2020. |
| (2) | Excluding single-tenant vacancies same-store NOI was 1.7% consolidated and 2.8% industrial. |
| (3) | At March 31, 2021, excludes properties acquired or sold in 2021 and 2020. |
16
LEXINGTON REALTY TRUST
PORTFOLIO DETAIL BY ASSET CLASS
3/31/2021
($000, except square footage)
| Asset Class | YE 2018 (1) | YE 2019 | YE 2020 | 3/31/2021 | ||||||||||||
| Industrial | ||||||||||||||||
| % of Cost (2) | 71.2 | % | 81.5 | % | 90.8 | % | 91.3 | % | ||||||||
| % of ABR (3) | 65.4 | % | 75.5 | % | 86.3 | % | 88.3 | % | ||||||||
| % Leased (4) | 96.3 | % | 97.9 | % | 98.7 | % | 97.9 | % | ||||||||
| Wtd. Avg. Lease Term (5) | 9.7 | 8.3 | 7.4 | 7.2 | ||||||||||||
| Mortgage Debt | $ | 206,006 | $ | 109,939 | $ | 105,419 | $ | 104,261 | ||||||||
| % Investment Grade (3) | 31.6 | % | 45.9 | % | 50.8 | % | 51.7 | % | ||||||||
| Square Feet | 41,447,962 | 48,742,014 | 53,938,155 | 54,006,173 | ||||||||||||
| Office/Other | ||||||||||||||||
| % of Cost (2) | 28.8 | % | 18.5 | % | 9.2 | % | 8.7 | % | ||||||||
| % of ABR (3)(6) | 34.6 | % | 24.5 | % | 13.7 | % | 11.7 | % | ||||||||
| % Leased | 87.1 | % | 85.8 | % | 89.3 | % | 94.2 | % | ||||||||
| Wtd. Avg. Lease Term (5) | 7.2 | 8.5 | 7.2 | 7.4 | ||||||||||||
| Mortgage Debt | $ | 369,508 | $ | 283,933 | $ | 32,993 | $ | 29,392 | ||||||||
| % Investment Grade (3) | 53.2 | % | 57.3 | % | 42.0 | % | 38.8 | % | ||||||||
| Square Feet | 6,111,588 | 3,876,294 | 2,171,633 | 1,885,080 | ||||||||||||
| Construction in progress (7) | $ | 1,840 | $ | 15,208 | $ | 79,022 | $ | 90,259 | ||||||||
| Footnotes | |
| (1) | Certain amounts reclassified to reflect the current presentation. |
| (2) | Based on gross book value of real estate assets; excludes held for sale assets. |
| (3) | Percentage of Base Rent, for consolidated properties owned as of each respective period. |
| (4) | 2021 is for Stabilized Portfolio. |
| (5) | Cash basis. |
| (6) | YE 2018 excludes the acceleration of below-market lease intangible accretion on one asset subsequently sold. |
| (7) | Includes development classified as real estate under construction on a consolidated basis. |
17
LEXINGTON REALTY TRUST
PORTFOLIO COMPOSITION
3/31/2021
As a Percent of Gross Book Value (1)
Portfolio Composition (2)
| Footnotes | |
| (1) | Based on gross book value of real estate assets as of 3/31/2021, excludes held for sale assets. |
| (2) | Based on gross book value of real estate assets as of 3/31/2021, 12/31/2020, 12/31/2019, 12/31/2018 and 12/31/2017, as applicable and excludes held for sale assets. |
18
LEXINGTON REALTY TRUST
INDUSTRIAL MARKETS AND INDUSTRIES
3/31/2021
| Markets (1) | Percent of Base Rent as of 3/31/2021 (2) | |||
| Memphis, TN | 7.7 | % | ||
| Greenville/Spartanburg, SC | 6.7 | % | ||
| Houston, TX | 6.3 | % | ||
| Dallas/Ft Worth, TX | 5.8 | % | ||
| Atlanta, GA | 5.5 | % | ||
| Phoenix, AZ | 5.2 | % | ||
| Chicago, IL | 5.0 | % | ||
| Cincinnati/Dayton, OH | 5.0 | % | ||
| Nashville, TN | 4.5 | % | ||
| Detroit, MI | 4.1 | % | ||
| Savannah, GA | 2.7 | % | ||
| Jackson, MS | 2.5 | % | ||
| St. Louis, MO | 2.5 | % | ||
| DC/Baltimore, MD | 2.3 | % | ||
| Central Florida | 2.2 | % | ||
| New York/New Jersey | 2.1 | % | ||
| Cleveland, OH | 2.0 | % | ||
| Charlotte, NC | 1.9 | % | ||
| Indianapolis, IN | 1.8 | % | ||
| Champaign-Urbana, IL | 1.7 | % | ||
| Total Industrial Portfolio Concentration (3) | 77.4 | % | ||
| Industries | Percent of Base Rent as of 3/31/2021 (2) | |||
| Consumer Products | 23.4 | % | ||
| Automotive | 20.8 | % | ||
| Food | 15.3 | % | ||
| E-Commerce | 14.1 | % | ||
| Transportation/Logistics | 10.0 | % | ||
| Construction/Materials | 8.6 | % | ||
| Apparel | 2.3 | % | ||
| Specialty | 1.6 | % | ||
| Technology | 1.2 | % | ||
| Aerospace/Defense | 1.1 | % | ||
| Printing/Production | 1.0 | % | ||
| Other | 0.6 | % | ||
| Total Industrial Portfolio Concentration (3) | 100.0 | % | ||
| Footnotes | |
| (1) | Based on CoStar.com inventory data. |
| (2) | Three months ended 3/31/2021 Base Rent recognized for consolidated industrial properties owned as of 3/31/2021. |
| (3) | Total shown may differ from detailed amounts due to rounding. |
19
LEXINGTON REALTY TRUST
INDUSTRIAL PORTFOLIO DETAIL(1)
3/31/2021
| Warehouse/ Distribution | Cold Storage | Heavy Manufacturing | Light Manufacturing | |||||
| # of Properties | 89 | 4 | 13 | 9 | ||||
| Square Feet | 46,032,958 | 925,616 | 4,751,345 | 2,296,254 | ||||
| % of Industrial Base Rent(2) | 81% | 5% | 8% | 6% | ||||
| Weighted-Average Age (Years)(3) | 9.8 | 8.7 | 26.1 | 21.0 | ||||
| Weighted-Average Cash Base Rent per SF(4) | $4.24 | $12.72 | $4.39 | $5.91 | ||||
| Weighted-Average Lease Term (Cash Basis - Years) | 6.9 | 10.9 | 6.3 | 9.8 | ||||
| Average Annual Rent Escalation(5) | 2.4% | 1.4% | 1.7% | 1.9% | ||||
| Average Building Size (SF) | 517,224 | 231,404 | 365,488 | 255,139 | ||||
| Average Clear Height (Feet)(6) | 32.5 | 36.9 | 35.4 | 28.1 | ||||
| % Top 25 Markets(7) | 67.4% | 79.2% | 37.5% | 37.9% | ||||
| % Top 50 Markets(7) | 88.4% | 100.0% | 49.1% | 50.2% |
| Footnotes | |
| (1) | For industrial properties owned as of 3/31/2021. |
| (2) | Percent of Base Rent for consolidated industrial properties owned as of 3/31/2021. |
| (3) | Weighting based on square footage. |
| (4) | Excludes vacant square footage. |
| (5) | Based on Cash Base Rents for single-tenant leases (properties greater than 50% leased to a single tenant) owned as of 3/31/2021. Excludes rents from prior tenants. |
| (6) | Based on internal and external sources. |
| (7) | Percent of Base Rent based upon CoStar.com inventory data. |
20
LEXINGTON REALTY TRUST
TOP 15 TENANTS
3/31/2021
| 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 3/31/2021 ($000) | Percent of Base Rent as of 3/31/2021 ($000) (2)(4) | |||||||||||||||||
| Amazon | Industrial | 2026-2033 | 5 | 3,334,331 | 6.1 | % | $ | 4,242 | 6.1 | % | ||||||||||||||
| Nissan | Industrial | 2027 | 2 | 2,971,000 | 5.4 | % | 3,190 | 4.6 | % | |||||||||||||||
| Dana | Industrial | 2021-2031 | 7 | 2,053,359 | 3.8 | % | 2,566 | 3.7 | % | |||||||||||||||
| Kellogg | Industrial | 2027-2029 | 3 | 2,801,916 | 5.1 | % | 2,433 | 3.5 | % | |||||||||||||||
| Undisclosed (5) | Industrial | 2031-2035 | 3 | 1,090,383 | 2.0 | % | 1,785 | 2.6 | % | |||||||||||||||
| Watco | Industrial | 2038 | 1 | 132,449 | 0.2 | % | 1,693 | 2.4 | % | |||||||||||||||
| Xerox | Office | 2023 | 1 | 202,000 | 0.4 | % | 1,660 | 2.4 | % | |||||||||||||||
| FedEx | Industrial | 2023 & 2028 | 2 | 292,021 | 0.5 | % | 1,430 | 2.1 | % | |||||||||||||||
| Wal-Mart | Industrial | 2024 & 2027 | 2 | 1,335,673 | 2.4 | % | 1,404 | 2.0 | % | |||||||||||||||
| Undisclosed (5) | Industrial | 2034 | 1 | 1,318,680 | 2.4 | % | 1,386 | 2.0 | % | |||||||||||||||
| Morgan Lewis (6) | Office | 2024 | 1 | 289,432 | 0.5 | % | 1,224 | 1.8 | % | |||||||||||||||
| Unis | Industrial | 2023-2027 | 3 | 1,005,575 | 1.8 | % | 1,137 | 1.6 | % | |||||||||||||||
| Mars Wrigley | Industrial | 2025 | 1 | 604,852 | 1.1 | % | 1,101 | 1.6 | % | |||||||||||||||
| Asics | Industrial | 2030 | 1 | 855,878 | 1.6 | % | 1,097 | 1.6 | % | |||||||||||||||
| Spitzer | Industrial | 2035 | 2 | 449,895 | 0.8 | % | 1,087 | 1.6 | % | |||||||||||||||
| 35 | 18,737,444 | 34.3 | % | $ | 27,435 | 39.4 | % | |||||||||||||||||
| Footnotes | |
| (1) | Tenant, guarantor or parent. |
| (2) | Total shown may differ from detailed amounts due to rounding. |
| (3) | Excludes vacant square feet. |
| (4) | Three months ended 3/31/2021 Base Rent recognized for consolidated properties owned as of 3/31/2021, excluding rent from prior tenants. |
| (5) | Lease restricts certain disclosures. |
| (6) | Includes parking operations. |
21
LEXINGTON REALTY TRUST
QUARTERLY LEASING SUMMARY
3/31/2021
LEASE EXTENSIONS
| Tenant/Guarantor (1) | Location | Prior Term | Lease Expiration Date | Sq. Ft. | New Base Rent Per Annum ($000)(2) | Prior Base Rent Per Annum ($000) | New Cash Base Rent Per Annum ($000)(2) | Prior Cash Base Rent Per Annum ($000) | ||||||||||||||||||||||
| Industrial | ||||||||||||||||||||||||||||||
| 1 | Kraft Heinz(3) | Winchester | VA | 05/2021 | 05/2031 | 344,700 | $ | 1,726 | $ | 1,421 | $ | 1,586 | $ | 1,499 | ||||||||||||||||
| 2 | Ingram Micro | Millington | TN | 09/2021 | 09/2024 | 701,819 | 1,985 | 1,812 | 1,965 | 1,874 | ||||||||||||||||||||
| 3 | Adena Health | Chillicothe | OH | 02/2021 | 02/2022 | 23,270 | 129 | 117 | 129 | 117 | ||||||||||||||||||||
| 3 | TOTAL EXTENDED LEASES | 1,069,789 | $ | 3,840 | $ | 3,350 | $ | 3,680 | $ | 3,490 | ||||||||||||||||||||
NEW LEASES
| Tenant/Guarantor (1) | Location | Lease Expiration Date | Sq. Ft. | New Base Rent Per Annum ($000)(2) | New Cash Base Rent Per Annum ($000)(2) | ||||||||||||||||
| Industrial / Multi-tenant Industrial | |||||||||||||||||||||
| 1 | Southerland | Antioch | TN | 06/2031 | 334,503 | $ | 1,413 | $ | 1,290 | ||||||||||||
| 2 | American Logistics Services | Antioch | TN | 05/2028 | 50,400 | 309 | 290 | ||||||||||||||
| 3 | University of New Hampshire(4) | Durham | NH | 03/2026 | 45,168 | 258 | 258 | ||||||||||||||
| 3 | TOTAL NEW LEASES | 430,071 | 1,980 | 1,838 | |||||||||||||||||
| 6 | TOTAL NEW AND EXTENDED LEASES | 1,499,860 | $ | 5,820 | $ | 5,518 | |||||||||||||||
NEW VACANCY (5)
| Former Tenant | Location | Prior Lease Expiration Date | Sq. Ft. | 2020 Base Rent ($000) | 2020 Cash Rent ($000) | |||||||||||||||
| Industrial | ||||||||||||||||||||
| Heidelburg | Durham | NH | 03/2026 | 455,332 | $ | 2,308 | $ | 1,686 | ||||||||||||
| Footnotes | |
| (1) | Leases greater than 10,000 square feet. |
| (2) | Assumes twelve months rent from the later of 4/1/2021 or lease commencement/extension, excluding free rent periods as applicable. |
| (3) | Five-year extension option to 05/2026 exercised in second quarter 2020. While determining fair market value rent, lease amended for ten-year extension during first quarter of 2021. Prior Base Rent and Cash Base Rent reflect rental rates prior to initial five-year extension. |
| (4) | Prior tenant terminated is lease for 500,500 square feet prior to its lease expiration date of March 2026. Lexington entered into a direct lease with subtenant for a portion of the vacancy. |
| (5) | Excludes multi-tenant properties, disposed properties and non-consolidated investments. |
22
LEXINGTON REALTY TRUST
LEASE ROLLOVER SCHEDULE - INDUSTRIAL
3/31/2021
($000)
| Year | Number of Leases Expiring | Base Rent as of 3/31/2021 | Percent of Base Rent as of 3/31/2021 | Percent of Base Rent as of 3/31/2020 | ||||||||||||
| 2021 - remaining | 8 | $ | 2,892 | 4.7 | % | 5.4 | % | |||||||||
| 2022 | 5 | 988 | 1.6 | % | 1.0 | % | ||||||||||
| 2023 | 8 | 2,467 | 4.0 | % | 4.1 | % | ||||||||||
| 2024 | 21 | 7,107 | 11.6 | % | 9.9 | % | ||||||||||
| 2025 | 17 | 6,149 | 10.0 | % | 8.9 | % | ||||||||||
| 2026 | 15 | 4,787 | 7.8 | % | 8.0 | % | ||||||||||
| 2027 | 10 | 7,655 | 12.5 | % | 12.5 | % | ||||||||||
| 2028 | 6 | 2,973 | 4.8 | % | 5.2 | % | ||||||||||
| 2029 | 6 | 4,173 | 6.8 | % | 6.1 | % | ||||||||||
| 2030 | 8 | 6,629 | 10.8 | % | 9.6 | % | ||||||||||
| Thereafter | 25 | 15,591 | 25.4 | % | 24.3 | % | ||||||||||
| Total (1) | 129 | $ | 61,411 | 100.0 | % | |||||||||||
| Footnotes | |
| (1) | Total shown may differ from detailed amounts due to rounding. |
23
LEXINGTON REALTY TRUST
LEASE ROLLOVER SCHEDULE - OFFICE/OTHER
3/31/2021
($000)
| Year | Number of Leases Expiring | Base Rent as of 3/31/2021 | Percent of Base Rent as of 3/31/2021 | Percent of Base Rent as of 3/31/2020 | ||||||||||||
| 2021 - remaining | 4 | $ | 304 | 3.8 | % | 5.8 | % | |||||||||
| 2022 | 2 | 379 | 4.7 | % | 6.5 | % | ||||||||||
| 2023 | 3 | 1,759 | 21.7 | % | 12.8 | % | ||||||||||
| 2024 | 6 | 2,411 | 29.8 | % | 16.1 | % | ||||||||||
| 2025 | 4 | 511 | 6.3 | % | 6.6 | % | ||||||||||
| 2026 | 1 | 56 | 0.7 | % | 0.0 | % | ||||||||||
| 2027 | 2 | 667 | 8.2 | % | 3.3 | % | ||||||||||
| 2028 | 0 | — | 0.0 | % | 0.0 | % | ||||||||||
| 2029 | 0 | — | 0.0 | % | 1.5 | % | ||||||||||
| 2030 | 0 | — | 0.0 | % | 1.8 | % | ||||||||||
| Thereafter | 5 | 2,015 | 24.9 | % | 43.0 | % | ||||||||||
| Total (1) | 27 | $ | 8,102 | 100.0 | % | |||||||||||
| Footnotes | |
| (1) | Total shown may differ from detailed amounts due to rounding. |
24
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||
| INDUSTRIAL PROPERTIES | ||||||||||||||||||||||||||
| SINGLE TENANT | ||||||||||||||||||||||||||
| WAREHOUSE/DISTRIBUTION | ||||||||||||||||||||||||||
| 2021 | 6/30/2021 | Memphis, TN | 11624 S. Distribution Cv. | Olive Branch | MS | -- | 1,170,218 | 947 | 892 | |||||||||||||||||
| 10/25/2021 | West Michigan | 6938 Elm Valley Dr. | Kalamazoo | MI | -- | 150,945 | 472 | 507 | ||||||||||||||||||
| 11/30/2021 | Greenville/Spartanburg, SC | 101 Michelin Dr. | Laurens | SC | 14 | 1,164,000 | 898 | 898 | ||||||||||||||||||
| 12/31/2021 | Chicago, IL | 3686 South Central Ave. | Rockford | IL | -- | 93,000 | 83 | 83 | ||||||||||||||||||
| Columbus, OH | 351 Chamber Drive | Chillicothe | OH | -- | 42,264 | 53 | 53 | |||||||||||||||||||
| 2022 | 2/28/2022 | Columbus, OH | 351 Chamber Drive | Chillicothe | OH | -- | 23,270 | 30 | 30 | |||||||||||||||||
| 3/31/2022 | Columbus, OH | 191 Arrowhead Dr. | Hebron | OH | -- | 250,410 | 146 | 146 | ||||||||||||||||||
| Columbus, OH | 200 Arrowhead Dr. | Hebron | OH | -- | 400,522 | 234 | 234 | |||||||||||||||||||
| Shreveport/Bossier City, LA | 5417 Campus Dr. | Shreveport | LA | -- | 257,849 | 336 | 351 | |||||||||||||||||||
| 2023 | 2/28/2023 | Central Florida | 3102 Queen Palm Dr. | Tampa | FL | -- | 229,605 | 288 | 299 | |||||||||||||||||
| 5/31/2023 | Memphis, TN | 6495 Polk Ln. | Olive Branch | MS | -- | 151,691 | 146 | 144 | ||||||||||||||||||
| 8/31/2023 | Houston, TX | 10535 Red Bluff Rd. | Pasadena | TX | -- | 257,835 | 308 | 300 | ||||||||||||||||||
| Dallas/Ft Worth, TX | 3737 Duncanville Rd. | Dallas | TX | -- | 510,400 | 428 | 425 | |||||||||||||||||||
| 10/31/2023 | Atlanta, GA | 493 Westridge Pkwy. | McDonough | GA | -- | 676,000 | 508 | 506 | ||||||||||||||||||
| 12/31/2023 | Shreveport/Bossier City, LA | 5001 Greenwood Rd. | Shreveport | LA | -- | 646,000 | 427 | 427 | ||||||||||||||||||
| Cincinnati/Dayton, OH | 675 Gateway Blvd. | Monroe | OH | -- | 143,664 | 178 | 176 | |||||||||||||||||||
| 2024 | 1/31/2024 | Indianapolis, IN | 1285 W. State Road 32 | Lebanon | IN | -- | 741,880 | 570 | 615 | |||||||||||||||||
| Memphis, TN | 6495 Polk Ln. | Olive Branch | MS | -- | 118,211 | 124 | 123 | |||||||||||||||||||
| Greenville/Spartanburg, SC | 70 Tyger River Dr. | Duncan | SC | -- | 408,000 | 500 | 496 | |||||||||||||||||||
| 3/31/2024 | Cleveland, TN | 1520 Lauderdale Memorial Hwy. | Cleveland | TN | -- | 851,370 | 664 | 673 | ||||||||||||||||||
| Indianapolis, IN | 4600 Albert S. White Dr. | Whitestown | IN | -- | 53,240 | 54 | 56 | |||||||||||||||||||
| Columbus, OH | 2155 Rohr Rd. | Lockbourne | OH | 11 | 320,190 | - | - | |||||||||||||||||||
| 4/30/2024 | Memphis, TN | 11555 Silo Dr. | Olive Branch | MS | -- | 927,742 | 714 | 719 | ||||||||||||||||||
| 5/31/2024 | Atlanta, GA | 7225 Goodson Rd. | Union City | GA | -- | 370,000 | 361 | 348 | ||||||||||||||||||
25
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||
| INDUSTRIAL PROPERTIES | ||||||||||||||||||||||||||
| WAREHOUSE/DISTRIBUTION | ||||||||||||||||||||||||||
| 2024 | 7/31/2024 | Greenville/Spartanburg, SC | 5795 North Blackstock Rd. | Spartanburg | SC | -- | 341,660 | 418 | 422 | |||||||||||||||||
| Greenville/Spartanburg, SC | 231 Apple Valley Rd. | Duncan | SC | -- | 75,320 | 96 | 96 | |||||||||||||||||||
| 9/30/2024 | Lafayette, IN | 1621 Veterans Memorial Pkwy. E | Lafayette | IN | -- | 309,400 | 304 | 301 | ||||||||||||||||||
| Memphis, TN | 3820 Micro Dr. | Millington | TN | -- | 701,819 | 456 | 468 | |||||||||||||||||||
| 10/31/2024 | Dallas/Ft Worth, TX | 2115 East Belt Line Rd. | Carrollton | TX | -- | 58,202 | 58 | 60 | ||||||||||||||||||
| Dallas/Ft Worth, TX | 17505 Interstate Hwy 35W | Northlake | TX | -- | 500,556 | 567 | 546 | |||||||||||||||||||
| 11/30/2024 | DC/Baltimore, MD | 150 Mercury Way | Winchester | VA | -- | 324,535 | 429 | 409 | ||||||||||||||||||
| 12/31/2024 | Chicago, IL | 749 Southrock Dr. | Rockford | IL | -- | 150,000 | 159 | 158 | ||||||||||||||||||
| Indianapolis, IN | 4600 Albert S. White Dr. | Whitestown | IN | -- | 95,832 | 92 | 85 | |||||||||||||||||||
| 2025 | 4/30/2025 | Greenville/Spartanburg, SC | 235 Apple Valley Rd. | Duncan | SC | -- | 177,320 | 234 | 224 | |||||||||||||||||
| Houston, TX | 10565 Red Bluff Rd. | Pasadena | TX | -- | 248,240 | 309 | 295 | |||||||||||||||||||
| 5/31/2025 | Atlanta, GA | 7875 White Road SW | Austell | GA | -- | 604,852 | 1,101 | 1,059 | ||||||||||||||||||
| 6/30/2025 | Savannah, GA | 1319 Dean Forest Rd. | Savannah | GA | -- | 355,527 | 450 | 422 | ||||||||||||||||||
| 7/31/2025 | Cleveland, OH | 7005 Cochran Rd. | Glenwillow | OH | -- | 458,000 | 515 | 541 | ||||||||||||||||||
| Indianapolis, IN | 5352 Performance Way | Whitestown | IN | -- | 380,000 | 319 | 315 | |||||||||||||||||||
| 8/31/2025 | Savannah, GA | 1315 Dean Forest Rd. | Savannah | GA | -- | 88,503 | 131 | 127 | ||||||||||||||||||
| Indianapolis, IN | 4900 Albert S. White Dr. | Whitestown | IN | -- | 85,232 | 82 | 77 | |||||||||||||||||||
| 12/31/2025 | Minneapolis/St Paul, MN | 1700 47th Ave North | Minneapolis | MN | -- | 18,620 | 151 | 151 | ||||||||||||||||||
| Phoenix, AZ | 4455 N. Cotton Ln. | Goodyear | AZ | -- | 160,140 | 252 | 246 | |||||||||||||||||||
| 2026 | 1/31/2026 | Greenville/Spartanburg, SC | 231 Apple Valley Rd. | Duncan | SC | -- | 120,680 | 150 | 148 | |||||||||||||||||
| 3/31/2026 | Lewisburg, TN | 633 Garrett Pkwy. | Lewisburg | TN | -- | 310,000 | 322 | 329 | ||||||||||||||||||
| Central Florida | 2455 Premier Row | Orlando | FL | -- | 205,016 | 196 | 127 | |||||||||||||||||||
| 4/30/2026 | Phoenix, AZ | 16811 W. Commerce Dr. | Goodyear | AZ | -- | 540,349 | 611 | 571 | ||||||||||||||||||
| 6/30/2026 | Columbus, OH | 351 Chamber Drive | Chillicothe | OH | -- | 136,495 | 149 | 149 | ||||||||||||||||||
| Columbus, OH | 351 Chamber Drive | Chillicothe | OH | -- | 276,112 | 321 | 317 | |||||||||||||||||||
26
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||
| INDUSTRIAL PROPERTIES | ||||||||||||||||||||||||||
| WAREHOUSE/DISTRIBUTION | ||||||||||||||||||||||||||
| 2026 | 7/31/2026 | Savannah, GA | 1004 Trade Center Pkwy. | Savannah | GA | -- | 270,252 | 359 | 330 | |||||||||||||||||
| 8/31/2026 | Savannah, GA | 1004 Trade Center Pkwy. | Savannah | GA | -- | 149,415 | 205 | 193 | ||||||||||||||||||
| 9/30/2026 | St. Louis, MO | 3931 Lakeview Corporate Dr. | Edwardsville | IL | -- | 769,500 | 674 | 664 | ||||||||||||||||||
| Phoenix, AZ | 9494 W. Buckeye Rd. | Tolleson | AZ | -- | 186,336 | 277 | 264 | |||||||||||||||||||
| 10/31/2026 | Cleveland, OH | 10345 Philipp Pkwy. | Streetsboro | OH | -- | 649,250 | 721 | 690 | ||||||||||||||||||
| 11/30/2026 | Philadelphia, PA | 250 Rittenhouse Cir. | Bristol | PA | -- | 241,977 | 287 | 307 | ||||||||||||||||||
| Erwin, NY | 736 Addison Rd. | Erwin | NY | -- | 408,000 | 370 | 372 | |||||||||||||||||||
| 2027 | 1/31/2027 | Kansas City, MO | 27200 West 157th St. | New Century | KS | -- | 446,500 | 310 | 282 | |||||||||||||||||
| 2/28/2027 | Jackson, MS | 554 Nissan Pkwy. | Canton | MS | -- | 1,466,000 | 1,550 | 1,543 | ||||||||||||||||||
| 4/30/2027 | San Antonio, TX | 16407 Applewhite Rd. | San Antonio | TX | -- | 849,275 | 748 | 724 | ||||||||||||||||||
| Nashville, TN | 200 Sam Griffin Rd. | Smyrna | TN | -- | 1,505,000 | 1,640 | 1,606 | |||||||||||||||||||
| 6/30/2027 | Dallas/Ft Worth, TX | 1501 Nolan Ryan Expy. | Arlington | TX | -- | 74,739 | 102 | 104 | ||||||||||||||||||
| 7/31/2027 | Savannah, GA | 335 Morgan Lakes Industrial Blvd. | Pooler | GA | -- | 499,500 | 520 | 512 | ||||||||||||||||||
| 8/31/2027 | Cincinnati/Dayton, OH | 600 Gateway Blvd. | Monroe | OH | -- | 994,013 | 986 | 831 | ||||||||||||||||||
| 9/30/2027 | Memphis, TN | 1550 Hwy 302 | Byhalia | MS | -- | 615,600 | 610 | 613 | ||||||||||||||||||
| 10/31/2027 | Jackson, TN | 201 James Lawrence Rd. | Jackson | TN | -- | 1,062,055 | 986 | 964 | ||||||||||||||||||
| 2028 | 1/31/2028 | Atlanta, GA | 490 Westridge Pkwy. | McDonough | GA | -- | 1,121,120 | 934 | 903 | |||||||||||||||||
| 3/31/2028 | New York/New Jersey | 29-01-Borden Ave./29-10 Hunters Point Ave. | Long Island City | NY | -- | 140,330 | 1,284 | 1,282 | ||||||||||||||||||
| 8/31/2028 | Indianapolis, IN | 4900 Albert S. White Dr. | Whitestown | IN | -- | 63,840 | - | - | ||||||||||||||||||
| 2029 | 7/31/2029 | Memphis, TN | 8500 Nail Rd. | Olive Branch | MS | -- | 716,080 | 688 | 666 | |||||||||||||||||
| 8/31/2029 | Dallas/Ft Worth, TX | 8601 E. Sam Lee Ln. | Northlake | TX | -- | 1,214,526 | 1,069 | 990 | ||||||||||||||||||
| 9/30/2029 | Chicago, IL | 6225 E. Minooka Rd. | Minooka | IL | -- | 1,034,200 | 733 | 682 | ||||||||||||||||||
| 11/30/2029 | Chicago, IL | 1460 Cargo Court | Minooka | IL | -- | 705,661 | 714 | 669 | ||||||||||||||||||
| 12/31/2029 | Chicago, IL | 200 International Pkwy S | Minooka | IL | -- | 473,280 | 534 | 489 | ||||||||||||||||||
| 2030 | 1/31/2030 | Dallas/Ft Worth, TX | 3201 N. Houston School Rd. | Lancaster | TX | -- | 468,300 | 417 | 294 | |||||||||||||||||
27
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||
| INDUSTRIAL PROPERTIES | ||||||||||||||||||||||||||
| WAREHOUSE/DISTRIBUTION | ||||||||||||||||||||||||||
| 2030 | 3/31/2030 | Memphis, TN | 549 Wingo Rd. | Byhalia | MS | -- | 855,878 | 1,097 | 1,070 | |||||||||||||||||
| 5/31/2030 | St. Louis, MO | 4015 Lakeview Corporate Dr. | Edwardsville | IL | -- | 1,017,780 | 865 | 709 | ||||||||||||||||||
| 6/30/2030 | Richmond, VA | 2601 Bermuda Hundred Rd. | Chester | VA | 12 | 1,034,470 | 963 | 973 | ||||||||||||||||||
| Cincinnati/Dayton, OH | 700 Gateway Blvd. | Monroe | OH | -- | 1,299,492 | 1,379 | 1,269 | |||||||||||||||||||
| Dallas/Ft Worth, TX | 1704 S. I-45 | Hutchins | TX | -- | 120,960 | 154 | 141 | |||||||||||||||||||
| 8/31/2030 | Central Florida | 3400 NW 35th St. | Ocala | FL | -- | 617,055 | 754 | 686 | ||||||||||||||||||
| 9/30/2030 | Phoenix, AZ | 255 143rd Ave. | Goodyear | AZ | -- | 801,424 | 1,000 | 920 | ||||||||||||||||||
| 2031 | 2/28/2031 | Greenville/Spartanburg, SC | 1021 Tyger Lake Rd. | Spartanburg | SC | -- | 213,200 | 261 | 118 | |||||||||||||||||
| 5/31/2031 | DC/Baltimore, MD | 291 Park Center Dr. | Winchester | VA | -- | 344,700 | 430 | 375 | ||||||||||||||||||
| 12/18/2031 | DC/Baltimore, MD | 80 Tyson Dr. | Winchester | VA | -- | 400,400 | 592 | 549 | ||||||||||||||||||
| 2032 | 4/30/2032 | Houston, TX | 13930 Pike Rd. | Missouri City | TX | -- | - | 531 | 512 | |||||||||||||||||
| 8/24/2032 | Detroit, MI | 16950 Pine Dr. | Romulus | MI | -- | 500,023 | 642 | 616 | ||||||||||||||||||
| 10/31/2032 | Portland, OR | 27255 SW 95th Ave. | Wilsonville | OR | -- | 508,277 | 780 | 700 | ||||||||||||||||||
| 2033 | 3/31/2033 | Phoenix, AZ | 3405 S. McQueen Rd. | Chandler | AZ | -- | 201,784 | 1,125 | 1,001 | |||||||||||||||||
| 2034 | 4/30/2034 | Raleigh, NC | 1133 Poplar Creek Rd. | Henderson | NC | -- | 147,448 | 137 | - | |||||||||||||||||
| 10/31/2034 | Champaign-Urbana, IL | 1001 Innovation Rd. | Rantoul | IL | -- | 813,126 | 1,049 | 978 | ||||||||||||||||||
| 12/31/2034 | Greenville/Spartanburg, SC | 27 Inland Pkwy. | Greer | SC | -- | 1,318,680 | 1,386 | 791 | ||||||||||||||||||
| 2035 | 10/22/2035 | Detroit, MI | 2860 Clark St. | Detroit | MI | -- | 189,960 | 551 | 551 | |||||||||||||||||
| 2036 | 5/31/2036 | Charlotte, NC | 671 Washburn Switch Rd. | Shelby | NC | -- | 673,425 | 696 | 639 | |||||||||||||||||
| 2038 | 3/31/2038 | Houston, TX | 13901/14035 Industrial Rd. | Houston | TX | -- | 132,449 | 1,693 | 1,518 | |||||||||||||||||
| WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - SINGLE TENANT | 43,995,996 | $ | 49,144 | $ | 46,234 | |||||||||||||||||||||
| WAREHOUSE/DISTRIBUTION - NOT STABILIZED (13) | ||||||||||||||||||||||||||
| 2031 | 5/31/2031 | Central Florida | 5275 Dranefield Rd. | Lakeland | FL | -- | 117,440 | 118 | - | |||||||||||||||||
| Vacancy | Central Florida | 5275 Dranefield Rd. | Lakeland | FL | -- | 104,694 | - | - | ||||||||||||||||||
| WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - NOT STABILIZED | 222,134 | $ | 118 | $ | - | |||||||||||||||||||||
28
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||
| INDUSTRIAL PROPERTIES | ||||||||||||||||||||||||||
| MULTI-TENANT / VACANCY (7)(10) | ||||||||||||||||||||||||||
| WAREHOUSE/DISTRIBUTION | ||||||||||||||||||||||||||
| Various | Nashville, TN | 6050 Dana Way | Antioch | TN | 3, 8 (97%) | 674,528 | 557 | 562 | ||||||||||||||||||
| Vacancy | Charlotte, NC | 2203 Sherrill Dr. | Statesville | NC | -- | 639,800 | - | - | ||||||||||||||||||
| Various | Boston, MA | 121 Technology Dr. | Durham | NH | 3, 8, 15 (9%) | 500,500 | 626 | 1,240 | ||||||||||||||||||
| WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL - MULT-TENANT/VACANCY | 1,814,828 | $ | 1,183 | $ | 1,802 | |||||||||||||||||||||
| WAREHOUSE/DISTRIBUTION INDUSTRIAL SUBTOTAL | 46,032,958 | $ | 50,445 | $ | 48,036 | |||||||||||||||||||||
| SINGLE TENANT | ||||||||||||||||||||||||||
| COLD STORAGE | ||||||||||||||||||||||||||
| 2028 | 8/31/2028 | Atlanta, GA | 1420 Greenwood Rd. | McDonough | GA | -- | 296,972 | 542 | 549 | |||||||||||||||||
| 2031 | 10/31/2031 | Chicago, IL | 1020 W. Airport Rd. | Romeoville | IL | -- | 188,166 | 918 | 890 | |||||||||||||||||
| 2032 | 10/31/2032 | Detroit, MI | 26700 Bunert Rd. | Warren | MI | -- | 260,243 | 971 | 903 | |||||||||||||||||
| 2034 | 9/30/2034 | Las Vegas, NV | 5625 North Sloan Ln. | North Las Vegas | NV | -- | 180,235 | 639 | 602 | |||||||||||||||||
| COLD STORAGE INDUSTRIAL SUBTOTAL | 925,616 | $ | 3,070 | $ | 2,944 | |||||||||||||||||||||
| SINGLE TENANT | ||||||||||||||||||||||||||
| HEAVY MANUFACTURING | ||||||||||||||||||||||||||
| 2023 | 12/31/2023 | Nashville, TN | 120 Southeast Pkwy. Dr. | Franklin | TN | -- | 289,330 | 184 | 184 | |||||||||||||||||
| 2024 | 4/30/2024 | Portland/South Portland, ME | 113 Wells St. | North Berwick | ME | -- | 993,685 | 450 | 407 | |||||||||||||||||
| 10/31/2024 | Detroit, MI | 43955 Plymouth Oaks Blvd. | Plymouth | MI | -- | 311,612 | 398 | 396 | ||||||||||||||||||
| 2025 | 6/30/2025 | Owensboro, KY | 4010 Airpark Dr. | Owensboro | KY | -- | 211,598 | 302 | 302 | |||||||||||||||||
| Elizabethtown-Fort Knox, KY | 730 North Black Branch Rd. | Elizabethtown | KY | -- | 167,770 | 134 | 134 | |||||||||||||||||||
| Elizabethtown-Fort Knox, KY | 750 North Black Branch Rd. | Elizabethtown | KY | -- | 539,592 | 710 | 710 | |||||||||||||||||||
| Nashville, TN | 301 Bill Bryan Blvd. | Hopkinsville | KY | -- | 424,904 | 422 | 422 | |||||||||||||||||||
| 7/14/2025 | Charlotte, NC | 590 Ecology Ln. | Chester | SC | -- | 420,597 | 464 | 613 | ||||||||||||||||||
| 12/19/2025 | Owensboro, KY | 1901 Ragu Dr. | Owensboro | KY | 5 | 443,380 | 470 | 483 | ||||||||||||||||||
| 2026 | 9/30/2026 | Crossville, TN | 900 Industrial Blvd. | Crossville | TN | -- | 222,200 | 144 | 144 | |||||||||||||||||
| 2029 | 11/24/2029 | Anniston-Oxford, AL | 318 Pappy Dunn Blvd. | Anniston | AL | -- | 276,782 | 435 | 430 | |||||||||||||||||
29
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||
| INDUSTRIAL PROPERTIES | ||||||||||||||||||||||||||
| HEAVY MANUFACTURING | ||||||||||||||||||||||||||
| 2035 | 3/31/2035 | Houston, TX | 13863 Industrial Rd. | Houston | TX | -- | 187,800 | 609 | 553 | |||||||||||||||||
| Houston, TX | 7007 F.M. 362 Rd. | Brookshire | TX | -- | 262,095 | 478 | 434 | |||||||||||||||||||
| HEAVY MANUFACTURING INDUSTRIAL SUBTOTAL | 4,751,345 | $ | 5,200 | $ | 5,212 | |||||||||||||||||||||
| SINGLE TENANT | ||||||||||||||||||||||||||
| LIGHT MANUFACTURING | ||||||||||||||||||||||||||
| 2021 | 11/30/2021 | Lumberton, NC | 2880 Kenny Biggs Rd. | Lumberton | NC | 16 | 423,280 | 339 | 375 | |||||||||||||||||
| 2022 | 8/31/2022 | Greenville/Spartanburg, SC | 50 Tyger River Dr. | Duncan | SC | -- | 221,833 | 242 | 260 | |||||||||||||||||
| 2024 | 5/31/2024 | Bingen, WA | 901 East Bingen Point Way | Bingen | WA | -- | 124,539 | 659 | 671 | |||||||||||||||||
| 2027 | 12/31/2027 | Cincinnati/Dayton, OH | 10590 Hamilton Ave. | Cincinnati | OH | -- | 264,598 | 203 | 203 | |||||||||||||||||
| 2028 | 9/30/2028 | West Michigan | 904 Industrial Rd. | Marshall | MI | -- | 246,508 | 203 | 192 | |||||||||||||||||
| 2031 | 6/30/2031 | Cincinnati/Dayton, OH | 10000 Business Blvd. | Dry Ridge | KY | -- | 336,350 | 382 | 351 | |||||||||||||||||
| 2033 | 12/31/2033 | Dallas/Ft Worth, TX | 2115 East Belt Line Rd. | Carrollton | TX | -- | 298,653 | 324 | 265 | |||||||||||||||||
| 2037 | 3/31/2037 | Dallas/Ft Worth, TX | 4005 E I-30 | Grand Prairie | TX | -- | 215,000 | 468 | 408 | |||||||||||||||||
| 2042 | 5/31/2042 | Columbus, GA | 4801 North Park Dr. | Opelika | AL | -- | 165,493 | 811 | 665 | |||||||||||||||||
| LIGHT MANUFACTURING INDUSTRIAL SUBTOTAL | 2,296,254 | $ | 3,631 | $ | 3,390 | |||||||||||||||||||||
| INDUSTRIAL TOTAL/WEIGHTED AVERAGE | 97.9% Leased (6) | 54,006,173 | $ | 62,346 | $ | 59,582 | ||||||||||||||||||||
30
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||
| OFFICE PROPERTIES | ||||||||||||||||||||||||||
| SINGLE TENANT | ||||||||||||||||||||||||||
| 2021 | 4/30/2021 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | 18 | 1,220 | 16 | 16 | |||||||||||||||||
| 8/31/2021 | Atlanta, GA | 3500 North Loop Rd. | McDonough | GA | -- | 62,218 | 223 | 223 | ||||||||||||||||||
| 11/30/2021 | Dallas/Ft Worth, TX | 1401 Nolan Ryan Expy. | Arlington | TX | 17 | 4,979 | 24 | 24 | ||||||||||||||||||
| 2022 | 1/31/2022 | Dallas/Ft Worth, TX | 1401 Nolan Ryan Expy. | Arlington | TX | 4 | 111,409 | 235 | 464 | |||||||||||||||||
| 7/31/2022 | Tucson, AZ | 1440 E 15th St. | Tucson | AZ | -- | 28,591 | 144 | 144 | ||||||||||||||||||
| 2023 | 9/30/2023 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | -- | 8,070 | - | - | |||||||||||||||||
| 12/14/2023 | South Bay/San Jose, CA | 3333 Coyote Hill Rd. | Palo Alto | CA | -- | 202,000 | 1,660 | 1,768 | ||||||||||||||||||
| 2024 | 1/31/2024 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | -- | 289,432 | 1,065 | 1,087 | |||||||||||||||||
| 2/14/2024 | Florence, SC | 1362 Celebration Blvd. | Florence | SC | -- | 32,000 | 143 | 151 | ||||||||||||||||||
| 5/31/2024 | Charlotte, NC | 3476 Stateview Blvd. | Fort Mill | SC | -- | 169,083 | 503 | 508 | ||||||||||||||||||
| Charlotte, NC | 3480 Stateview Blvd. | Fort Mill | SC | -- | 169,218 | 522 | 508 | |||||||||||||||||||
| 9/30/2024 | Dallas/Ft Worth, TX | 1401 Nolan Ryan Expy. | Arlington | TX | -- | 23,228 | 88 | 83 | ||||||||||||||||||
| 2025 | 2/28/2025 | Dallas/Ft Worth, TX | 1401 Nolan Ryan Expy. | Arlington | TX | -- | 13,590 | 54 | 55 | |||||||||||||||||
| 5/31/2025 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | -- | 2,641 | 67 | 67 | ||||||||||||||||||
| 6/30/2025 | McAllen/Edinburg/Pharr, TX | 3711 San Gabriel | Mission | TX | -- | 75,016 | 257 | 259 | ||||||||||||||||||
| 2027 | 1/31/2027 | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | -- | 1,975 | - | - | |||||||||||||||||
| 5/31/2027 | DC/Baltimore, MD | 13651 McLearen Rd. | Herndon | VA | -- | 159,644 | 667 | 718 | ||||||||||||||||||
| 2031 | 11/30/2031 | New York/New Jersey | 4 Apollo Drive | Whippany | NJ | -- | 123,734 | 510 | 507 | |||||||||||||||||
| 2037 | 6/30/2037 | New York/New Jersey | 1415 Wyckoff Rd. | Wall | NJ | -- | 157,511 | 873 | 1,058 | |||||||||||||||||
| N/A | Vacancy | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | -- | 699 | - | - | |||||||||||||||||
| Dallas/Ft Worth, TX | 1401 Nolan Ryan Expy. | Arlington | TX | -- | 8,602 | - | - | |||||||||||||||||||
| N/A | Philadelphia, PA | 1701 Market St. | Philadelphia | PA | -- | - | 159 | 159 | ||||||||||||||||||
| SINGLE TENANT OFFICE TOTAL | 1,644,860 | $ | 7,210 | $ | 7,799 | |||||||||||||||||||||
31
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||
| OFFICE PROPERTIES | ||||||||||||||||||||||||||
| MULTI-TENANT / VACANCY (7)(10) | ||||||||||||||||||||||||||
| Various | Baton Rouge, LA | 4455 American Way | Baton Rouge | LA | 3, 8 (34%) | 70,100 | 99 | 101 | ||||||||||||||||||
| Various | Phoenix, AZ | 13430 North Black Canyon Fwy. | Phoenix | AZ | 3 (61%) | 138,940 | 334 | 392 | ||||||||||||||||||
| MULTI-TENANT/VACANCY OFFICE TOTAL | 209,040 | $ | 433 | $ | 493 | |||||||||||||||||||||
| OFFICE SUBTOTAL/WEIGHTED AVERAGE | 94.1% Leased | 1,853,900 | $ | 7,643 | $ | 8,292 | ||||||||||||||||||||
32
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent
as of 3/31/2021 ($000) (2) | |||||||||||||||||
| OTHER PROPERTIES | ||||||||||||||||||||||||||
| SINGLE TENANT | ||||||||||||||||||||||||||
| SPECIALTY | ||||||||||||||||||||||||||
| 2048 | 12/31/2048 | DC/Baltimore, MD | 30 Light St. | Baltimore | MD | -- | - | 78 | 78 | |||||||||||||||||
| 2055 | 1/31/2055 | Central Florida | 499 Derbyshire Dr. | Venice | FL | -- | 31,180 | 477 | 353 | |||||||||||||||||
| 2112 | 8/31/2112 | DC/Baltimore, MD | 201-215 N. Charles St. | Baltimore | MD | -- | - | 77 | 77 | |||||||||||||||||
| SINGLE TENANT OTHER TOTAL | 31,180 | $ | 632 | $ | 508 | |||||||||||||||||||||
| OTHER SUBTOTAL/WEIGHTED AVERAGE | 100% Leased | 31,180 | $ | 632 | $ | 508 | ||||||||||||||||||||
| TOTAL OFFICE & OTHER/WEIGHTED AVERAGE | 94.2% Leased | 1,885,080 | $ | 8,275 | $ | 8,800 | ||||||||||||||||||||
| TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE | 97.8% Leased (6) | 55,891,253 | $ | 70,621 | $ | 68,382 | ||||||||||||||||||||
33
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | LXP % Ownership | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||||||
| NON-CONSOLIDATED PROPERTIES | |||||||||||||||||||||||||||||||
| NNN OFFICE JV PROPERTIES | |||||||||||||||||||||||||||||||
| 2022 | 12/31/2022 | Chicago, IL | 231 N. Martingale Rd. | Schaumburg | IL | -- | 317,198 | 20 | % | 1,150 | 1,213 | ||||||||||||||||||||
| 2023 | 3/31/2023 | Dallas/Ft Worth, TX | 8900 Freeport Pkwy. | Irving | TX | -- | 268,445 | 20 | % | 1,232 | 1,162 | ||||||||||||||||||||
| 2025 | 3/14/2025 | Dallas/Ft Worth, TX | 601 & 701 Experian Pkwy. | Allen | TX | -- | 292,700 | 20 | % | 810 | 768 | ||||||||||||||||||||
| 6/30/2025 | Atlanta, GA | 2500 Patrick Henry Pkwy. | McDonough | GA | -- | 111,911 | 20 | % | 407 | 366 | |||||||||||||||||||||
| 12/31/2025 | Dallas/Ft Worth, TX | 4001 International Pkwy. | Carrollton | TX | -- | 138,443 | 20 | % | 634 | 617 | |||||||||||||||||||||
| 2026 | 3/31/2026 | Columbus, OH | 500 Olde Worthington Rd. | Westerville | OH | -- | 97,000 | 20 | % | 336 | 309 | ||||||||||||||||||||
| 4/30/2026 | Richmond, VA | 800 East Canal St. | Richmond | VA | -- | 2,568 | 20 | % | 14 | 14 | |||||||||||||||||||||
| 2027 | 2/28/2027 | Richmond, VA | 800 East Canal St. | Richmond | VA | -- | 8,503 | 20 | % | 52 | 38 | ||||||||||||||||||||
| 6/30/2027 | Kansas City, MO | 3902 Gene Field Rd. | St. Joseph | MO | -- | 98,849 | 20 | % | 529 | 506 | |||||||||||||||||||||
| 7/6/2027 | Columbus, OH | 2221 Schrock Rd. | Columbus | OH | -- | 42,290 | 20 | % | 171 | 164 | |||||||||||||||||||||
| 8/7/2027 | Philadelphia, PA | 25 Lakeview Dr. | Jessup | PA | -- | 150,000 | 20 | % | 583 | 559 | |||||||||||||||||||||
| 2030 | 8/31/2030 | Richmond, VA | 800 East Canal St. | Richmond | VA | -- | 224,537 | 20 | % | 1,748 | 1,829 | ||||||||||||||||||||
| 9/30/2030 | Richmond, VA | 800 East Canal St. | Richmond | VA | -- | 25,707 | 20 | % | 193 | 167 | |||||||||||||||||||||
| 10/31/2030 | Richmond, VA | 800 East Canal St. | Richmond | VA | -- | 4,235 | 20 | % | 23 | 23 | |||||||||||||||||||||
| 2031 | 1/10/2031 | Houston, TX | 810 Gears Rd. | Houston | TX | -- | 68,985 | 20 | % | 300 | 356 | ||||||||||||||||||||
| 3/1/2031 | Richmond, VA | 800 East Canal St. | Richmond | VA | -- | 26,047 | 20 | % | 211 | 183 | |||||||||||||||||||||
| 9/30/2031 | Richmond, VA | 800 East Canal St. | Richmond | VA | -- | 7,105 | 20 | % | 1 | 1 | |||||||||||||||||||||
| 2032 | 4/30/2032 | Charlotte, NC | 1210 AvidXchange Ln. | Charlotte | NC | -- | 201,450 | 20 | % | 1,506 | 1,370 | ||||||||||||||||||||
| 9/30/2032 | Houston, TX | 10001 Richmond Ave. | Houston | TX | -- | 554,385 | 20 | % | 1,480 | 1,526 | |||||||||||||||||||||
| 2035 | 2/28/2035 | Dallas/Ft Worth, TX | 6555 Sierra Dr. | Irving | TX | -- | 247,254 | 20 | % | 1,241 | 974 | ||||||||||||||||||||
| 4/30/2035 | Parachute, CO | 143 Diamond Ave. | Parachute | CO | -- | 49,024 | 20 | % | 289 | 295 | |||||||||||||||||||||
| 2088 | 8/8/2088 | Richmond, VA | 800 East Canal St. | Richmond | VA | -- | - | 20 | % | 89 | 105 | ||||||||||||||||||||
| N/A | Vacancy | Houston, TX | 810 Gears Rd. | Houston | TX | -- | 9,910 | 20 | % | - | - | ||||||||||||||||||||
| Richmond, VA | 800 East Canal St. | Richmond | VA | -- | 31,607 | 20 | % | - | - | ||||||||||||||||||||||
| NNN OFFICE JV TOTAL/WEIGHTED AVERAGE | 98.6% Leased | 2,978,153 | $ | 12,999 | $ | 12,545 | |||||||||||||||||||||||||
34
LEXINGTON REALTY TRUST
PROPERTY LEASES AND VACANCIES - CONSOLIDATED PORTFOLIO - 3/31/2021
| Year of Lease Expiration | Date of Lease Expiration | CoStar Market(9) | Property Location | City | State | Note | Sq. Ft. Leased or Available (1) | LXP % Ownership | Base Rent as of 3/31/2021 ($000) (2) | Cash Base Rent as of 3/31/2021 ($000) (2) | |||||||||||||||||||||
| OTHER NON-CONSOLIDATED PROPERTIES | |||||||||||||||||||||||||||||||
| 2036 | 8/31/2036 | Houston, TX | 2203 North Westgreen Blvd. | Katy | TX | -- | 274,000 | 25 | % | 1,709 | 1,709 | ||||||||||||||||||||
| OTHER NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE | 100% Leased | 274,000 | $ | 1,709 | $ | 1,709 | |||||||||||||||||||||||||
| NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE | 98.7% Leased | 3,252,153 | $ | 14,708 | $ | 14,254 | |||||||||||||||||||||||||
| Footnotes | |
| 1 | Square footage leased or available. |
| 2 | Three months ended 3/31/2021 Base Rent and Cash Base Rent. |
| 3 | Represents percent leased as of 3/31/2021. |
| 4 | Tenant exercised termination option effective January 2022 with a $2.6 million termination payment. |
| 5 | Lexington has a 71.1% interest in this property. |
| 6 | Percent leased is for Stabilized Portfolio at 3/31/2021. |
| 7 | Multi-tenant properties are properties less than 50% leased to a single tenant. |
| 8 | Base Rent and Cash Base Rent amounts represent/include prior tenant. |
| 9 | Based on CoStar.com inventory data. |
| 10 | The multi-tenanted / vacant properties incurred approximately $372 thousand in operating expenses, net for the three months ended 3/31/2021. |
| 11 | Development project placed into service at 3/31/2021. Rent commences 4/1/2021. |
| 12 | Property includes four warehouses (252,351 square feet each) and one other property (25,066 square feet). |
| 13 | Property not in Stabilized Portfolio at 3/31/2021. |
| 14 | Property held for sale at 3/31/2021 and property was sold subsequent to 3/31/2021. |
| 15 | Primary tenant terminated its lease effective 3/30/2021 for a $10.5 million payment. |
| 16 | Subsequent to 3/31/2021, lease extended to 11/30/2026. |
| 17 | Subsequent to 3/31/2021, lease extended to 11/30/2023. |
| 18 | Subsequent to 3/31/2021, lease extended to 3/31/2022. |
| 19 | Subsequent to 3/31/2021, property disposed. |
35
LEXINGTON REALTY TRUST
MORTGAGES AND NOTES PAYABLE
3/31/2021
| Property | Footnotes | Debt Balance ($000) | Interest Rate (%) | Maturity (a) | Current Estimated Annual Debt Service ($000) (b) | Balloon Payment ($000) | ||||||||||||||||||
| INDUSTRIAL | ||||||||||||||||||||||||
| Chester, SC | $ | 4,692 | 5.380 | % | 08/2025 | $ | 1,144 | $ | 362 | |||||||||||||||
| Long Island City, NY | 31,842 | 3.500 | % | 03/2028 | 4,879 | - | ||||||||||||||||||
| Goodyear, AZ | 41,877 | 4.290 | % | 08/2031 | 2,197 | 33,399 | ||||||||||||||||||
| Warren, MI | 25,850 | 5.380 | % | 11/2032 | 1,391 | 22,037 | ||||||||||||||||||
| Industrial Subtotal/Wtg. Avg./Years Remaining (c) | $ | 104,261 | 4.368 | % | 9.3 | $ | 9,611 | $ | 55,798 | |||||||||||||||
| OFFICE | ||||||||||||||||||||||||
| Whippany, NJ | $ | 10,786 | 6.298 | % | 11/2021 | $ | 840 | $ | 10,400 | |||||||||||||||
| Palo Alto, CA | 18,606 | 3.970 | % | 12/2023 | 7,059 | - | ||||||||||||||||||
| Office Subtotal/Wtg. Avg./Years Remaining (c) | $ | 29,392 | 4.824 | % | 1.9 | $ | 7,899 | $ | 10,400 | |||||||||||||||
| Subtotal/Wtg. Avg./Years Remaining (c) | $ | 133,653 | 4.468 | % | 7.7 | $ | 17,510 | $ | 66,198 | |||||||||||||||
| CORPORATE (e) | ||||||||||||||||||||||||
| Revolving Credit Facility | (g) | $ | - | - | 02/2023 | $ | - | $ | - | |||||||||||||||
| Senior Notes | 188,756 | 4.250 | % | 06/2023 | 8,022 | 188,756 | ||||||||||||||||||
| Senior Notes | 198,932 | 4.400 | % | 06/2024 | 8,753 | 198,932 | ||||||||||||||||||
| Senior Notes | 400,000 | 2.700 | % | 09/2030 | 10,800 | 400,000 | ||||||||||||||||||
| Term Loan | (h) | 300,000 | 2.732 | % | 01/2025 | 8,310 | 300,000 | |||||||||||||||||
| Trust Preferred Notes | (i) | 129,120 | 1.905 | % | 04/2037 | 2,494 | 129,120 | |||||||||||||||||
| Subtotal/Wtg. Avg./Years Remaining (c) | $ | 1,216,808 | 3.142 | % | 6.6 | $ | 38,379 | $ | 1,216,808 | |||||||||||||||
| Total/Wtg. Avg./Years Remaining (c) | (d) | $ | 1,350,461 | 3.273 | % | 6.7 | $ | 55,889 | $ | 1,283,006 | ||||||||||||||
36
LEXINGTON REALTY TRUST
MORTGAGES AND NOTES PAYABLE (CONTINUED)
3/31/2021
($000)
| GAAP Balance | Deferred Loan Costs, net | Discounts | Gross Balance | |||||||||||||
| Mortgages and notes payable (f) | $ | 131,849 | $ | 1,804 | $ | - | $ | 133,653 | ||||||||
| Revolving credit facility borrowings (e) | - | - | - | - | ||||||||||||
| Term loans payable (e) | 298,069 | 1,931 | - | 300,000 | ||||||||||||
| Senior notes payable(e) | 779,607 | 4,718 | 3,363 | 787,688 | ||||||||||||
| Trust preferred securities (e) | 127,520 | 1,600 | - | 129,120 | ||||||||||||
| Consolidated debt | $ | 1,337,045 | $ | 10,053 | $ | 3,363 | $ | 1,350,461 | ||||||||
| Footnotes | |
| (a) | Subtotal and total based on weighted-average term to maturity shown in years based on debt balance. |
| (b) | Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. |
| (c) | Total shown may differ from detailed amounts due to rounding. |
| (d) | See reconciliations of non-GAAP measures in this document. |
| (e) | Unsecured. |
| (f) | Secured. |
| (g) | Rate ranges from LIBOR plus 0.775% to 1.45%. |
| (h) | Rate ranges from LIBOR plus 0.85% to 1.65%. LIBOR rate was fixed at 1.732% through January 2025 via interest rate swap agreements. |
| (i) | Rate is three month LIBOR plus 170 bps. |
37
LEXINGTON REALTY TRUST
DEBT MATURITY SCHEDULE 3/31/2021
($000)
| Consolidated Properties | |||||||||||||
| Year | Mortgage Scheduled Amortization | Mortgage Balloon Payments | Corporate Debt | ||||||||||
| 2021 - remaining | $ | 8,960 | $ | 10,400 | $ | - | |||||||
| 2022 | 12,224 | - | - | ||||||||||
| 2023 | 13,267 | - | 188,756 | ||||||||||
| 2024 | 6,431 | - | 198,932 | ||||||||||
| 2025 | 6,214 | 362 | 300,000 | ||||||||||
| $ | 47,096 | $ | 10,762 | $ | 687,688 | ||||||||
Debt Maturity Profile (1)
| Footnotes | |
| (1) | Percentage denotes weighted-average interest rate. |
38
LEXINGTON REALTY TRUST
DEBT COVENANTS (1)
| CORPORATE LEVEL DEBT | ||||||||
| MUST BE: | 3/31/2021 | |||||||
| Bank Loans: | ||||||||
| Maximum Leverage | < 60% | 34.2 | % | |||||
| Fixed Charge Coverage | > 1.5x | 3.5 | ||||||
| Recourse Secured Indebtedness Ratio | < 10% cap value | 0.0 | % | |||||
| Secured Indebtedness Ratio | < 40% | 5.7 | % | |||||
| Unsecured Debt Service Coverage | > 2.0x | 6.1 | x | |||||
| Unencumbered Leverage | < 60% | 30.7 | % | |||||
| Bonds: | ||||||||
| Debt to Total Assets | < 60% | 31.1 | % | |||||
| Secured Debt to Total Assets | < 40% | 3.1 | % | |||||
| Debt Service Coverage | > 1.5x | 5.5 | x | |||||
| Unencumbered Assets to Unsecured Debt | > 150% | 331.8 | % |
| Footnotes | |
| (1) | The above is a summary of the key financial covenants for Lexington’s credit facility and term loan and senior notes, as of March 31, 2021 and as defined and calculated per the terms of the credit facility and term loan and senior notes, as of such date and applicable. These calculations are presented to show Lexington’s compliance with such covenants only and are not measures of Lexington’s liquidity or performance. |
39
LEXINGTON REALTY TRUST
COMPONENTS OF NET ASSEST VALUE 3/31/2021
($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 three-month net operating income (NOI) (1) | ||||
| Industrial | $ | 56,895 | ||
| Office/Other | 7,913 | |||
| Total Net Operating Income | $ | 64,808 | ||
| Lexington’s share of non-consolidated three-month NOI (1) | ||||
| NNN OFFICE JV | ||||
| Office | $ | 2,477 | ||
| OTHER JV | ||||
| Other | $ | 387 | ||
| Other income | ||||
| Advisory fees | $ | 754 |
| Three months ended | ||||
| NOI for NAV Reconciliation: | 3/31/2021 | |||
| NOI as reported | $ | 67,679 | ||
| Less NOI: | ||||
| Disposed of properties | (463 | ) | ||
| Held for sale assets | (897 | ) | ||
| Assets acquired in 2021 | (158 | ) | ||
| Assets less than 70% leased / Other | (1,353 | ) | ||
| NOI for NAV | $ | 64,808 | ||
| In service assets not fairly valued by capitalized NOI method (1) | ||||
| Wholly-owned assets acquired/completed in 2021 | $ | 68,816 | ||
| Wholly-owned assets less than 70% leased | $ | 29,345 | ||
| Add other assets: | ||||
| Assets held for sale - consolidated | $ | 18,383 | ||
| Construction in progress | 1,885 | |||
| Developable land | 21,076 | |||
| Development investment at cost incurred | 74,359 | |||
| Cash and cash equivalents | 142,074 | |||
| Restricted cash | 28,101 | |||
| Accounts receivable | 2,954 | |||
| Other assets | 10,665 | |||
| Total other assets | $ | 299,497 | ||
| Liabilities: | ||||
| Corporate level debt (face amount) | $ | 1,216,808 | ||
| Mortgages and notes payable (face amount) | 133,653 | |||
| Dividends payable | 33,317 | |||
| Liabilities held for sale - consolidated | 6 | |||
| Accounts payable, accrued expenses and other liabilities | 66,351 | |||
| Preferred stock, at liquidation value | 96,770 | |||
| Lexington’s share of non-consolidated mortgages (face amount) | 81,688 | |||
| Total deductions | $ | 1,628,593 | ||
| Common shares & OP units at 3/31/2021 | 280,412,763 | |||
| Footnotes | |
| (1) | NOI for the existing property portfolio at March 31, 2021, 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%, assets placed into service and assets acquired in 2021. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, Lexington’s net book value has been used. |
40
LEXINGTON REALTY TRUST
NON-GAAP MEASURES
DEFINITIONS
Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Supplemental Information 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 Generally Accepted Accounting Principles (“GAAP”) measures, 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 operations. 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.
Definitions:
Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, impairment charges, debt satisfaction gains (charges), net, non-cash charges, net, straight-line adjustments, non-recurring charges and adjustments for pro-rata share of non-wholly owned entities. Lexington’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Lexington believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA.
Base Rent: Base Rent is calculated by making adjustments to GAAP rental revenue to exclude billed tenant reimbursements and lease termination income and to include ancillary income. Base Rent excludes reserves/write-offs of deferred rent receivable, as applicable. Lexington believes Base Rent provides a meaningful measure due to the net lease structure of leases in the portfolio. The following is a reconciliation of rental revenue to Base Rent.
| Three months ended | ||||
| 3/31/2021 ($000) | ||||
| Rental revenue as reported | $ | 91,645 | ||
| Base Rent from sold properties | (658 | ) | ||
| Lease termination income | (10,941 | ) | ||
| Ancillary revenue | 159 | |||
| Reimbursements | (9,584 | ) | ||
| Base Rent per supplement | $ | 70,621 | ||
41
LEXINGTON REALTY TRUST
NON-GAAP MEASURES
DEFINITIONS
Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements and lease termination income and includes ancillary income. Lexington believes Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs. The following is a reconciliation of Base Rent to Cash Base Rent.
| Three months ended | ||||
| 3/31/2021($000) | ||||
| Base Rent per supplement | $ | 70,621 | ||
| Straight-line adjustments | (1,997 | ) | ||
| Lease incentive | 218 | |||
| Amortization of above/below market leases | (460 | ) | ||
| Cash Base Rent per supplement | $ | 68,382 | ||
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 real estate investment trust (“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.
42
LEXINGTON REALTY TRUST
NON-GAAP MEASURES
DEFINITIONS
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 that of 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.
Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned and included in our portfolio for two comparable reporting periods. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, Lexington’s Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of Lexington’s operating performance. However, Same-Store NOI should not be viewed as an alternative measure of Lexington ‘s financial performance since it does not reflect the operations of Lexington’s entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of Lexington’s properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact Lexington’s results from operations. Lexington believes that net income is the most directly comparable GAAP measure to Same-Store NOI.
Stabilized Portfolio: All real estate properties other than acquired or developed properties that have not achieved 90% occupancy within one-year of acquisition or substantial completion.
43
LEXINGTON REALTY TRUST
SELECT CREDIT METRICS DEFINITIONS
($000)
| Adjusted Company FFO Payout: | Three months ended March 31, 2021 | (Debt + Preferred) / Gross Assets: | Three months ended March 31, 2021 | |||||||
| Common share dividends per share | $ | 0.1075 | Consolidated debt | $ | 1,337,045 | |||||
| Adjusted Company FFO per diluted share | 0.22 | Preferred shares liquidation preference | 96,770 | |||||||
| Adjusted Company FFO payout ratio | 48.9 | % | Debt and preferred | $ | 1,433,815 | |||||
| Unencumbered Assets: | Total assets | $ | 3,490,233 | |||||||
| Real estate, at cost | $ | 4,011,409 | Plus depreciation and amortization: | |||||||
| held for sale real estate, at cost | 35,392 | Real estate | 891,448 | |||||||
| less encumbered real estate, at cost | (245,493 | ) | Deferred lease costs | 11,191 | ||||||
| Unencumbered assets | $ | 3,801,308 | Held for sale assets | 17,419 | ||||||
| Unencumbered NOI: | Gross assets | $ | 4,410,291 | |||||||
| NOI | $ | 67,679 | ||||||||
| Disposed of properties NOI | (463 | ) | (Debt + Preferred) / Gross Assets | 32.5 | % | |||||
| Adjusted NOI | 67,216 | |||||||||
| less encumbered adjusted NOI | (5,789 | ) | Debt / Gross Assets: | |||||||
| Unencumbered adjusted NOI | $ | 61,427 | Consolidated debt | $ | 1,337,045 | |||||
| Unencumbered NOI % | 91.4 | % | Gross assets | $ | 4,410,291 | |||||
| Net Debt / Adjusted EBITDA: | Debt / Gross assets | 30.3 | % | |||||||
| Adjusted EBITDA | $ | 271,466 | ||||||||
| Secured Debt / Gross Assets: | ||||||||||
| Consolidated debt | $ | 1,337,045 | Total Secure Debt | $ | 131,849 | |||||
| less consolidated cash and cash equivalents (1) | (169,059 | ) | ||||||||
| Non-consolidated debt, net | 80,398 | Gross assets | $ | 4,410,291 | ||||||
| Net debt | $ | 1,248,384 | ||||||||
| Secured Debt / Gross Assets | 3.0 | % | ||||||||
| Net debt / Adjusted EBITDA | 4.6 | x | ||||||||
| Unsecured Debt / Unencumbered NOI: | ||||||||||
| (Net Debt + Preferred) / Adjusted EBITDA: | Consolidated debt | $ | 1,337,045 | |||||||
| Adjusted EBITDA | $ | 271,466 | less mortgages and notes payable | (131,849 | ) | |||||
| Unsecured Debt | $ | 1,205,196 | ||||||||
| Net debt | $ | 1,248,384 | ||||||||
| Preferred shares liquidation preference | 96,770 | Unencumbered adjusted NOI (Annual) | $ | 232,455 | ||||||
| Net debt + preferred | $ | 1,345,154 | ||||||||
| Unsecured Debt / Unencumbered NOI | 5.2 | x | ||||||||
| (Net Debt + Preferred) / Adjusted EBITDA | 5.0 | x | ||||||||
| For the 12/31/2020, 12/31/2019 and 12/31/2018 Select Credit Metric reconciliation see corresponding period Quarterly Supplemental Information. |
| (1) Includes funds held at 1031 exchange intermediaries. |
44
| Investor Information |
| Transfer Agent |
| Computershare | Overnight Correspondence: |
| PO Box 505000 | 462 South 4th Street, Suite 1600 |
| Louisville, KY 40233 | Louisville, KY 40202 |
| (800) 850-3948 | |
| www-us.computershare.com/investor |
| Investor Relations |
| Heather Gentry | |
| Senior Vice President, Investor Relations | |
| Telephone (direct) | (212) 692-7219 |
| [email protected] | |
| Research Coverage |
| Bank of America/Merrill Lynch | ||||
| James Feldman | (646) 855-5808 | |||
| KeyBanc Capital Markets Inc. | ||||
| Evercore Partners | Craig Mailman | (917) 368-2316 | ||
| Sheila K. McGrath | (212) 497-0882 | |||
| Ladenburg Thalmann & Co., Inc. | ||||
| J.P. Morgan Chase | John Massocca | (212) 409-2543 | ||
| Anthony Paolone | (212) 622-6682 | |||
| Wells Fargo Securities, LLC | ||||
| Jeffries & Company, Inc. | Todd J. Stender | (562) 637-1371 | ||
| Jon Peterson | (212) 284-1705 | |||
45
One Penn Plaza, Suite 4015 | New York, NY 10119-4015 | (212) 692-7200 | www.lxp.com