UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 4, 2015
LEXINGTON REALTY TRUST
(Exact name of registrant as specified in
its charter)
Maryland |
1-12386 |
13-3717318 |
(State or other jurisdiction
of incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
One Penn Plaza, Suite 4015, New York, New York |
10119-4015 |
(Address of principal executive offices) |
(Zip Code) |
(212) 692-7200
(Registrant's telephone number, including
area code)
|
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2.):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Results of Operations and Financial Condition. |
On August 4, 2015, we issued a press release
announcing our financial results for the quarter ended June 30, 2015. A copy of the press release is furnished herewith as part
of Exhibit 99.1.
The information furnished pursuant to this
“Item 2.02 - Results of Operations and Financial Condition”, including Exhibit 99.1, shall not be deemed to be “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise
subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us
under the Exchange Act or Securities Act of 1933, as amended, which we refer to as the Securities Act, regardless of any general
incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01. |
Regulation FD Disclosure. |
On August 4, 2015, we made available supplemental
information, which we refer to as the Quarterly Earnings and Supplemental Operating and Financial Data, June 30, 2015, a copy of
which is furnished herewith as Exhibit 99.1.
Also on August 4, 2015, 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.
Item 9.01. |
Financial Statements and Exhibits. |
99.1 |
Quarterly Earnings and Supplemental Operating and Financial Data, June 30, 2015. |
|
|
99.2 |
August 4, 2015 Conference Call Transcript. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Lexington Realty Trust |
|
|
|
Date: August 5, 2015 |
By: |
/s/ Patrick Carroll |
|
|
Patrick Carroll |
|
|
Chief Financial Officer |
Exhibit Index
99.1 |
Quarterly Earnings and Supplemental Operating and Financial Data, June 30, 2015. |
|
|
99.2 |
August 4, 2015 Conference Call Transcript. |
Exhibit 99.1
Quarterly Earnings and
Supplemental Operating and Financial
Data
June 30, 2015
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
June 30, 2015
Table of Contents
Section |
|
Page |
|
|
|
Second Quarter 2015 Earnings Press Release |
|
3 |
|
|
|
Portfolio Data |
|
|
2015 Second Quarter Investment/Capital Recycling Summary |
|
13 |
Build-To-Suit Projects/Forward Commitments |
|
14 |
2015 Second Quarter Financing Summary |
|
15 |
2015 Second Quarter Leasing Summary |
|
16 |
Other Revenue Data |
|
18 |
Portfolio Detail By Asset Class |
|
20 |
Portfolio Composition |
|
21 |
Components of Net Asset Value |
|
22 |
Top Markets |
|
23 |
Single-Tenant Office Markets |
|
24 |
Tenant Industry Diversification |
|
25 |
Top 10 Tenants or Guarantors |
|
26 |
Lease Rollover Schedules – GAAP Basis |
|
27 |
Property Leases and Vacancies – Consolidated Portfolio |
|
29 |
Select Credit Metrics |
|
36 |
Historical Credit Metrics Summary |
|
37 |
Financial Covenants |
|
38 |
Mortgages and Notes Payable |
|
39 |
Debt Maturity Schedule |
|
42 |
Mortgage Loans Receivable |
|
43 |
Partnership Interests |
|
44 |
Selected Balance Sheet and Income Statement Account Data |
|
45 |
Investor Information |
|
46 |
|
|
|
Appendix A – Land, Infrastructure and CTF Group |
|
|
This Quarterly Earnings Release
and Supplemental Reporting Package contains certain forward-looking statements which involve known and unknown risks, uncertainties
or other factors not under the control of Lexington Realty Trust “Lexington”, which may cause actual results, performance
or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking
statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the
headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk
Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related
to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, including those necessary to
achieve an annualized dividend level of $0.68 per common share/unit (2) Lexington’s ability to achieve its estimate of Company
FFO for the year ending December 31, 2015, (3) the successful consummation of any lease, acquisition, build-to-suit, financing
or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business
and economic conditions, including the impact of any new legislation, (6) competition, (7) increases in real estate construction
costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment
charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s
web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s
future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,”
“intends,” “anticipates,” “estimates,” “projects,” may,” “plans,”
“predicts,” “will,” “will likely result,” “is optimistic,” “goal,”
“objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release
the results of any revisions to those 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.
|
LEXINGTON REALTY TRUST |
|
TRADED: NYSE: LXP |
|
ONE PENN PLAZA, SUITE 4015 |
|
NEW YORK, NY 10119-4015 |
FOR IMMEDIATE RELEASE
LEXINGTON REALTY TRUST REPORTS SECOND
QUARTER 2015 RESULTS
Raises Company FFO guidance range to
$1.02 - $1.06 per share
New York, NY - Tuesday, August 4, 2015
- Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate
investments, today announced results for the second quarter ended June 30, 2015.
Second Quarter 2015 Highlights
| • | Generated Company Funds From Operations (“Company FFO”) of $67.0 million, or $0.27 per diluted common share. |
| • | Invested $28.2 million in on-going build-to-suit projects and commenced funding an industrial build-to-suit project for
$70.0 million. |
| • | Completed an industrial build-to-suit property for $10.1 million. |
| • | Disposed of two office buildings for gross disposition proceeds of $77.1 million. |
| • | Retired $30.1 million of secured debt. |
| • | Completed 1.3 million square feet of new leases and lease extensions with overall portfolio 96.3% leased. |
| • | Raised renewal rents by 1.3% on a cash basis and 6.6% on a GAAP basis. |
| • | Announced a 10.0 million common share repurchase authorization subsequent to quarter end. |
T. Wilson Eglin, President and Chief Executive
Officer of Lexington, stated, “We continue to make substantive progress on our capital recycling and portfolio repositioning
initiatives. During the quarter, we sold $77.1 million of office properties, bringing our total for the year to $112.3 million,
with proceeds redeployed primarily into newer, longer-term investments at attractive returns through our build-to-suit projects.
Given the strong investment sales market, we expect disposition activity to remain elevated throughout the balance of 2015. Within
our portfolio, we completed 1.3 million of new leases and lease extensions during the quarter. We expect to make substantial progress
over the balance of this year with respect to leases expiring in 2016 and beyond.”
Mr. Eglin added, “Of particular note
is the cumulative impact that the execution of our capital recycling program has had on our office portfolio. The weighted-average
lease term in this portfolio is over seven years and more than half of our office revenue is from investment-grade rated tenants.
Most importantly, 72% of our office revenue is from long-term leases or leases which have been renewed since the beginning of 2009.
Taken together, our exposure to expiring leases with above market rents has been considerably mitigated.”
FINANCIAL RESULTS
Revenues
For the quarter ended June 30, 2015,
total gross revenues were $110.3 million, a 4.6% increase compared with total gross revenues of $105.4 million for the quarter
ended June 30, 2014. The increase is primarily due to property acquisitions.
Company FFO
For the quarter ended June 30, 2015,
Lexington generated Company FFO of $67.0 million, or $0.27 per diluted share, compared to Company FFO for the quarter ended June 30,
2014 of $67.6 million, or $0.28 per diluted share. The calculation of Company FFO and a reconciliation to net income attributable
to common shareholders is included later in this press release.
Dividends/Distributions
Lexington declared a regular quarterly
common share/unit dividend/distribution for the quarter ended June 30, 2015 of $0.17 per common share/unit, which was paid
on July 15, 2015 to common shareholders/unitholders of record as of June 30, 2015, and a dividend of $0.8125 per share on
its Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”), which will be paid on August 17,
2015 to Series C Preferred Shareholders of record as of July 31, 2015.
Net Income Attributable to Common Shareholders
For the quarter ended June 30, 2015,
net income attributable to common shareholders was $47.7 million, or $0.20 per diluted share, compared with net income attributable
to common shareholders for the quarter ended June 30, 2014 of $12.7 million, or $0.05 per diluted share.
OPERATING ACTIVITIES
Investment Activity
During the quarter, Lexington completed
one build-to-suit project, which is subject to a lease having a term in excess of ten years (an “LTL”).
Acquisition
Tenant | |
Location | |
Property Type | |
Initial Basis ($000) | | |
Initial Annualized Cash
Rent ($000) | | |
Initial Cash Yield | | |
GAAP Yield | | |
Lease Term (Yrs) | |
Hollander Sleep Products, Inc. | |
Thomson, GA | |
LTL - Industrial | |
$ | 10,144 | | |
$ | 836 | | |
| 8.2 | % | |
| 9.2 | % | |
| 15 | |
Lexington also funded $28.2 million of the projected costs of
the following projects:
On-going Build-to-Suit Projects
Location | |
Sq. Ft. | | |
Property Type | |
Lease Term (Years) | |
Maximum Commitment/ Estimated Completion Cost ($000) | | |
GAAP Investment Balance as of 6/30/2015 ($000) | | |
Estimated Completion/ Acquisition Date |
Oak Creek, WI | |
| 164,000 | | |
LTL - Industrial | |
20 | |
$ | 22,609 | | |
$ | 18,444 | | |
3Q 15 |
Richmond, VA | |
| 330,000 | | |
LTL - Office | |
15 | |
| 110,137 | | |
| 89,015 | | |
3Q 15 |
Anderson, SC | |
| 1,325,000 | | |
LTL - Industrial | |
20 | |
| 70,012 | | |
| 7,133 | | |
2Q 16 |
Lake Jackson, TX | |
| 664,000 | | |
LTL - Office | |
20 | |
| 166,164 | | |
| 32,455 | | |
4Q 16 |
Houston, TX(1) | |
| 274,000 | | |
LTL - Retail/Specialty | |
20 | |
| 86,491 | | |
| 21,660 | | |
3Q 16 |
| |
| 2,757,000 | | |
| |
| |
$ | 455,413 | | |
$ | 168,707 | | |
|
| 1. | Lexington has a 25% interest as of June 30, 2015. Lexington may provide construction financing up to $56.7 million to
the joint venture. |
Lexington also invested $8.4 million in
an 11.5% loan that matures in October 2015 to a tenant-in-common. The loan is secured by the tenant-in-common's interest in an
office property in which Lexington has a 40% interest.
In addition, Lexington has committed to
acquire the following properties upon completion of construction.
Forward Commitments
Location | |
Property Type | |
Estimated Acquisition Cost ($000) | | |
Lease Term (Years) | |
Estimated Initial Cash Yield | | |
Estimated GAAP Yield | | |
Estimated Acquisition Date |
Richland, WA | |
LTL - Industrial | |
$ | 155,000 | | |
20 | |
| 7.1 | % | |
| 8.6 | % | |
4Q 15 |
Detroit, MI | |
LTL - Industrial | |
| 29,680 | | |
20 | |
| 7.4 | % | |
| 7.4 | % | |
1Q 16 |
| |
| |
$ | 184,680 | | |
| |
| 7.2 | % | |
| 8.4 | % | |
|
Capital Recycling
Property Dispositions
Tenant | |
Location | |
Property Type | |
Gross Disposition Price ($000) | | |
Annualized NOI ($000) | | |
Month of Disposition |
Alta Resources Corp. | |
Fort Myers, FL | |
Office | |
$ | 12,400 | | |
$ | 901 | | |
April |
Multi-tenant | |
Orlando, FL | |
LTL - Office | |
| 64,675 | | |
| 5,174 | | |
June |
| |
| |
| |
$ | 77,075 | | |
$ | 6,075 | | |
|
Lexington collected $3.5 million in full
satisfaction of the Austin, Texas loan investment, including yield maintenance.
Balance Sheet
During the second quarter of 2015, Lexington
satisfied $30.1 million of consolidated secured debt with a weighted-average interest rate of 5.1%, unencumbering six properties
with estimated 2015 annual net operating income of approximately $8.6 million.
In April 2015, holders converted approximately
$2.8 million original principal amount 6.00% Convertible Guaranteed Notes due 2030 (“6.00% Notes”) for 428,707 common
shares, reducing the outstanding balance of this note issuance to $12.8 million. All common shares that are issuable upon conversion
of the 6.00% Notes are treated as outstanding for diluted Company FFO calculations.
On July 2, 2015, Lexington announced a
new 10.0 million common share repurchase authorization (inclusive of all outstanding prior authorizations). Under this authorization,
150,000 common shares have been purchased at an average price of $8.58 per share. In connection with the authorization, Lexington
declared a cash dividend of $0.8125 per share on its Series C Preferred Shares, which will be paid on November 16, 2015 to Series
C Preferred Shareholders of record as of October 30, 2015.
Leasing
During the second quarter of 2015, Lexington
executed the following new and extended leases:
|
|
LEASE EXTENSIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location |
|
Prior Term |
|
Lease Expiration Date |
|
Sq. Ft. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Office/Multi-Tenant Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
Temple, TX |
|
|
01/2016 |
|
01/2021 |
|
54,117 |
|
2 |
|
Oklahoma City, OK(1) |
|
|
11/2015 |
|
11/2020 |
|
103,500 |
|
3 |
|
Phoenix, AZ |
|
|
12/2029 |
|
12/2032 |
|
252,400 |
|
4-5 |
|
Various |
|
|
2015 |
|
2017 |
|
4,044 |
|
5 |
|
Total office lease extensions |
|
|
|
|
|
414,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial/Multi-Tenant Industrial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
Henderson, NC |
|
|
06/2016 |
|
06/2018 |
|
196,946 |
|
2 |
|
Byhalia, MS |
|
|
03/2026 |
|
03/2030 |
|
513,734 |
|
3-4 |
|
Antioch, TN |
|
|
2015 |
|
2017-2018 |
|
15,696 |
|
4 |
|
Total industrial lease extensions |
|
|
|
|
|
726,376 |
|
|
|
|
|
|
|
|
|
|
|
9 |
|
Total lease extensions |
|
|
|
|
|
1,140,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location |
|
|
|
Lease Expiration Date |
|
Sq. Ft. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Office/Multi-Tenant Office |
|
|
|
|
|
|
1 |
|
Lakewood, CO |
|
|
|
|
07/2030 |
|
68,165 |
|
2-4 |
|
Various |
|
|
|
|
2018-2023 |
|
7,394 |
|
4 |
|
Total new office leases |
|
|
|
|
|
75,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial/Multi-Tenant Industrial |
|
|
|
|
|
|
1 |
|
Antioch, TN |
|
|
|
|
09/2025 |
|
117,600 |
|
1 |
|
Total new industrial leases |
|
|
|
|
|
117,600 |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
Total new leases |
|
|
|
|
|
193,159 |
|
|
|
|
|
|
|
|
|
|
|
14 |
|
TOTAL NEW AND EXTENDED LEASES |
|
|
|
|
|
1,333,596 |
|
(1) Lexington has a 40% interest.
2015 EARNINGS GUIDANCE
Lexington is raising its Company FFO guidance
by $0.01 per share to an expected range of $1.02 to $1.06 per diluted share for the year ended December 31, 2015. This guidance
is forward looking, excludes the impact of certain items and is based on current expectations.
SECOND QUARTER 2015 CONFERENCE CALL
Lexington will host a conference call today,
Tuesday, August 4, 2015, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2015. Interested
parties may participate in this conference call by dialing 877-407-0789 or 201-689-8562. A replay of the call will be available
through August 18, 2015, at 877-870-5176 or 858-384-5517, pin: 13614059. A live webcast of the conference call will be available
at www.lxp.com within the Investors section.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate
investment trust that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land.
Lexington seeks to expand its portfolio through acquisitions, sale-leaseback transactions, build-to-suit arrangements and other
transactions. A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears
all or substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and ordinary
repairs. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington
common shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington
is available on-line at www.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York
10119-4015, Attention: Investor Relations.
Contact:
Investor or Media Inquiries, T. Wilson Eglin, CEO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: tweglin@lxp.com
This release contains certain forward-looking
statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause
actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations
implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited
to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations”
and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks
related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations, including those necessary to
achieve an annualized dividend level of $0.68 per common share/unit, (2) Lexington's ability to achieve its estimate of Company
FFO for the year ending December 31, 2015, (3) the successful consummation of any lease, acquisition, build-to-suit, financing
or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business
and economic conditions, including the impact of any legislation, (6) competition, (7) increases in real estate construction costs,
(8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges.
Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site
at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans,
strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,”
“anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,”
“will,” “will likely result,” “is optimistic,” “goal,” “objective”
or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions
to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated
events. Accordingly, there is no assurance that Lexington's expectations will be realized.
References to Lexington refer to Lexington
Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held through special purpose entities,
which are separate and distinct legal entities, some of which are consolidated for financial statement purposes and/or disregarded
for income tax purposes.
LEXINGTON REALTY TRUST AND CONSOLIDATED
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited and in thousands,
except share and per share data)
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Gross revenues: | |
| | | |
| | | |
| | | |
| | |
Rental | |
$ | 102,440 | | |
$ | 97,564 | | |
$ | 202,456 | | |
$ | 193,929 | |
Tenant reimbursements | |
| 7,893 | | |
| 7,883 | | |
| 16,319 | | |
| 15,534 | |
Total gross revenues | |
| 110,333 | | |
| 105,447 | | |
| 218,775 | | |
| 209,463 | |
Expense applicable to revenues: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| (41,808 | ) | |
| (37,763 | ) | |
| (82,083 | ) | |
| (75,710 | ) |
Property operating | |
| (15,534 | ) | |
| (15,449 | ) | |
| (32,116 | ) | |
| (31,130 | ) |
General and administrative | |
| (7,971 | ) | |
| (6,631 | ) | |
| (15,792 | ) | |
| (14,609 | ) |
Non-operating income | |
| 3,084 | | |
| 3,079 | | |
| 5,698 | | |
| 6,152 | |
Interest and amortization expense | |
| (23,339 | ) | |
| (25,319 | ) | |
| (46,342 | ) | |
| (49,135 | ) |
Debt satisfaction gains (charges), net | |
| 3,776 | | |
| (4,187 | ) | |
| 14,151 | | |
| (7,491 | ) |
Impairment charges | |
| (113 | ) | |
| — | | |
| (1,252 | ) | |
| (16,400 | ) |
Gains on sales of properties | |
| 21,426 | | |
| — | | |
| 21,574 | | |
| — | |
Income before benefit (provision) for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations | |
| 49,854 | | |
| 19,177 | | |
| 82,613 | | |
| 21,140 | |
Benefit (provision) for income taxes | |
| 52 | | |
| (284 | ) | |
| (389 | ) | |
| (875 | ) |
Equity in earnings (losses) of non-consolidated entities | |
| 306 | | |
| (209 | ) | |
| 672 | | |
| 73 | |
Income from continuing operations | |
| 50,212 | | |
| 18,684 | | |
| 82,896 | | |
| 20,338 | |
Discontinued operations: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from discontinued operations | |
| (1 | ) | |
| 1,793 | | |
| 109 | | |
| 4,279 | |
Provision for income taxes | |
| (4 | ) | |
| (19 | ) | |
| (4 | ) | |
| (36 | ) |
Debt satisfaction charges, net | |
| — | | |
| (299 | ) | |
| — | | |
| (299 | ) |
Gains on sales of properties | |
| — | | |
| 3,510 | | |
| 1,577 | | |
| 3,510 | |
Impairment charges | |
| — | | |
| (8,382 | ) | |
| — | | |
| (10,691 | ) |
Total discontinued operations | |
| (5 | ) | |
| (3,397 | ) | |
| 1,682 | | |
| (3,237 | ) |
Net income | |
| 50,207 | | |
| 15,287 | | |
| 84,578 | | |
| 17,101 | |
Less net income attributable to noncontrolling interests | |
| (875 | ) | |
| (837 | ) | |
| (1,741 | ) | |
| (1,765 | ) |
Net income attributable to Lexington Realty Trust shareholders | |
| 49,332 | | |
| 14,450 | | |
| 82,837 | | |
| 15,336 | |
Dividends attributable to preferred shares – Series C | |
| (1,573 | ) | |
| (1,573 | ) | |
| (3,145 | ) | |
| (3,145 | ) |
Allocation to participating securities | |
| (105 | ) | |
| (135 | ) | |
| (192 | ) | |
| (287 | ) |
Net income attributable to common shareholders | |
$ | 47,654 | | |
$ | 12,742 | | |
$ | 79,500 | | |
$ | 11,904 | |
Income (loss) per common share – basic: | |
| | | |
| | | |
| | | |
| | |
Income from continuing operations | |
$ | 0.20 | | |
$ | 0.07 | | |
$ | 0.33 | | |
$ | 0.07 | |
Income (loss) from discontinued operations | |
| — | | |
| (0.02 | ) | |
| 0.01 | | |
| (0.02 | ) |
Net income attributable to common shareholders | |
$ | 0.20 | | |
$ | 0.05 | | |
$ | 0.34 | | |
$ | 0.05 | |
Weighted-average common shares outstanding – basic | |
| 233,812,062 | | |
| 228,368,053 | | |
| 233,172,422 | | |
| 227,765,718 | |
Income (loss) per common share – diluted: | |
| | | |
| | | |
| | | |
| | |
Income from continuing operations | |
$ | 0.20 | | |
$ | 0.07 | | |
$ | 0.33 | | |
$ | 0.07 | |
Income (loss) from discontinued operations | |
| — | | |
| (0.02 | ) | |
| 0.01 | | |
| (0.02 | ) |
Net income attributable to common shareholders | |
$ | 0.20 | | |
$ | 0.05 | | |
$ | 0.34 | | |
$ | 0.05 | |
Weighted-average common shares outstanding – diluted | |
| 239,903,370 | | |
| 228,851,184 | | |
| 239,559,842 | | |
| 228,275,608 | |
Amounts attributable to common shareholders: | |
| | | |
| | | |
| | | |
| | |
Income from continuing operations | |
$ | 47,659 | | |
$ | 16,158 | | |
$ | 77,818 | | |
$ | 15,179 | |
Income (loss) from discontinued operations | |
| (5 | ) | |
| (3,416 | ) | |
| 1,682 | | |
| (3,275 | ) |
Net income attributable to common shareholders | |
$ | 47,654 | | |
$ | 12,742 | | |
$ | 79,500 | | |
$ | 11,904 | |
LEXINGTON REALTY TRUST AND CONSOLIDATED
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except share
and per share data)
| |
June 30, 2015 | | |
December 31, 2014 | |
Assets: | |
| | | |
| | |
Real estate, at cost | |
$ | 3,734,513 | | |
$ | 3,671,560 | |
Real estate - intangible assets | |
| 721,571 | | |
| 705,566 | |
Investments in real estate under construction | |
| 147,047 | | |
| 106,238 | |
| |
| 4,603,131 | | |
| 4,483,364 | |
Less: accumulated depreciation and amortization | |
| 1,220,203 | | |
| 1,196,114 | |
Real estate, net | |
| 3,382,928 | | |
| 3,287,250 | |
Assets held for sale | |
| 33,364 | | |
| 3,379 | |
Cash and cash equivalents | |
| 64,382 | | |
| 191,077 | |
Restricted cash | |
| 12,844 | | |
| 17,379 | |
Investment in and advances to non-consolidated entities | |
| 28,241 | | |
| 19,402 | |
Deferred expenses, net | |
| 63,780 | | |
| 65,860 | |
Loans receivable, net | |
| 108,309 | | |
| 105,635 | |
Rent receivable – current | |
| 8,523 | | |
| 6,311 | |
Rent receivable – deferred | |
| 79,513 | | |
| 61,372 | |
Other assets | |
| 26,113 | | |
| 20,229 | |
Total assets | |
$ | 3,807,997 | | |
$ | 3,777,894 | |
| |
| | | |
| | |
Liabilities and Equity: | |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Mortgages and notes payable | |
$ | 865,860 | | |
$ | 945,216 | |
Credit facility borrowings | |
| 93,000 | | |
| — | |
Term loans payable | |
| 505,000 | | |
| 505,000 | |
Senior notes payable | |
| 497,811 | | |
| 497,675 | |
Convertible notes payable | |
| 12,464 | | |
| 15,664 | |
Trust preferred securities | |
| 129,120 | | |
| 129,120 | |
Dividends payable | |
| 43,628 | | |
| 42,864 | |
Liabilities held for sale | |
| 20,801 | | |
| 2,843 | |
Accounts payable and other liabilities | |
| 43,070 | | |
| 37,740 | |
Accrued interest payable | |
| 9,235 | | |
| 8,301 | |
Deferred revenue - including below market leases, net | |
| 44,328 | | |
| 68,215 | |
Prepaid rent | |
| 16,589 | | |
| 16,336 | |
Total liabilities | |
| 2,280,906 | | |
| 2,268,974 | |
| |
| | | |
| | |
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, 235,940,610 and 233,278,037 shares issued and outstanding in 2015 and 2014, respectively | |
| 24 | | |
| 23 | |
Additional paid-in-capital | |
| 2,784,423 | | |
| 2,763,374 | |
Accumulated distributions in excess of net income | |
| (1,372,170 | ) | |
| (1,372,051 | ) |
Accumulated other comprehensive income (loss) | |
| (2,226 | ) | |
| 404 | |
Total shareholders’ equity | |
| 1,504,067 | | |
| 1,485,766 | |
Noncontrolling interests | |
| 23,024 | | |
| 23,154 | |
Total equity | |
| 1,527,091 | | |
| 1,508,920 | |
Total liabilities and equity | |
$ | 3,807,997 | | |
$ | 3,777,894 | |
LEXINGTON REALTY
TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share
and per share data)
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
EARNINGS PER SHARE: | |
| | | |
| | | |
| | | |
| | |
Basic: | |
| | | |
| | | |
| | | |
| | |
Income from continuing operations attributable to common shareholders | |
$ | 47,659 | | |
$ | 16,158 | | |
$ | 77,818 | | |
$ | 15,179 | |
Income (loss) from discontinued operations attributable to common shareholders | |
| (5 | ) | |
| (3,416 | ) | |
| 1,682 | | |
| (3,275 | ) |
Net income attributable to common shareholders | |
$ | 47,654 | | |
$ | 12,742 | | |
$ | 79,500 | | |
$ | 11,904 | |
Weighted-average number of common shares outstanding | |
| 233,812,062 | | |
| 228,368,053 | | |
| 233,172,422 | | |
| 227,765,718 | |
Income (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
Income from continuing operations | |
$ | 0.20 | | |
$ | 0.07 | | |
$ | 0.33 | | |
$ | 0.07 | |
Income (loss) from discontinued operations | |
| — | | |
| (0.02 | ) | |
| 0.01 | | |
| (0.02 | ) |
Net income attributable to common shareholders | |
$ | 0.20 | | |
$ | 0.05 | | |
$ | 0.34 | | |
$ | 0.05 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Income from continuing operations attributable to common shareholders - basic | |
$ | 47,659 | | |
$ | 16,158 | | |
$ | 77,818 | | |
$ | 15,179 | |
Impact of assumed conversions | |
| 764 | | |
| — | | |
| 1,633 | | |
| — | |
Income from continuing operations attributable to common shareholders | |
| 48,423 | | |
| 16,158 | | |
| 79,451 | | |
| 15,179 | |
Income (loss) from discontinued operations attributable to common shareholders - basic | |
| (5 | ) | |
| (3,416 | ) | |
| 1,682 | | |
| (3,275 | ) |
Impact of assumed conversions | |
| — | | |
| — | | |
| — | | |
| — | |
Income (loss) from discontinued operations attributable to common shareholders | |
| (5 | ) | |
| (3,416 | ) | |
| 1,682 | | |
| (3,275 | ) |
Net income attributable to common shareholders | |
$ | 48,418 | | |
$ | 12,742 | | |
$ | 81,133 | | |
$ | 11,904 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding - basic | |
| 233,812,062 | | |
| 228,368,053 | | |
| 233,172,422 | | |
| 227,765,718 | |
Effect of dilutive securities: | |
| | | |
| | | |
| | | |
| | |
Share options | |
| 296,501 | | |
| 483,131 | | |
| 369,079 | | |
| 509,890 | |
6.00% Convertible Guaranteed Notes | |
| 1,941,833 | | |
| — | | |
| 2,165,367 | | |
| — | |
Operating Partnership Units | |
| 3,852,974 | | |
| — | | |
| 3,852,974 | | |
| — | |
Weighted-average common shares outstanding | |
| 239,903,370 | | |
| 228,851,184 | | |
| 239,559,842 | | |
| 228,275,608 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
Income from continuing operations | |
$ | 0.20 | | |
$ | 0.07 | | |
$ | 0.33 | | |
$ | 0.07 | |
Income (loss) from discontinued operations | |
| — | | |
| (0.02 | ) | |
| 0.01 | | |
| (0.02 | ) |
Net income attributable to common shareholders | |
$ | 0.20 | | |
$ | 0.05 | | |
$ | 0.34 | | |
$ | 0.05 | |
LEXINGTON REALTY TRUST AND CONSOLIDATED
SUBSIDIARIES
COMPANY FUNDS FROM OPERATIONS & FUNDS
AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share
and per share data)
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
FUNDS FROM OPERATIONS: (1) | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted: | |
| | | |
| | | |
| | | |
| | |
Net income attributable to common shareholders | |
$ | 47,654 | | |
$ | 12,742 | | |
$ | 79,500 | | |
$ | 11,904 | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 40,467 | | |
| 39,022 | | |
| 79,389 | | |
| 78,961 | |
Impairment charges - real estate, including non-consolidated entities | |
| 113 | | |
| 9,032 | | |
| 1,252 | | |
| 27,741 | |
Noncontrolling interests - OP units | |
| 540 | | |
| 533 | | |
| 1,090 | | |
| 1,114 | |
Amortization of leasing commissions | |
| 1,341 | | |
| 1,472 | | |
| 2,693 | | |
| 2,926 | |
Joint venture and noncontrolling interest adjustment | |
| 437 | | |
| 605 | | |
| 758 | | |
| 1,238 | |
Gains on sales of properties | |
| (21,426 | ) | |
| (3,510 | ) | |
| (23,151 | ) | |
| (3,510 | ) |
FFO available to common shareholders and unitholders - basic | |
| 69,126 | | |
| 59,896 | | |
| 141,531 | | |
| 120,374 | |
Preferred dividends | |
| 1,573 | | |
| 1,573 | | |
| 3,145 | | |
| 3,145 | |
Interest and amortization on 6.00% Convertible Guaranteed Notes | |
| 224 | | |
| 531 | | |
| 543 | | |
| 1,110 | |
Amount allocated to participating securities | |
| 105 | | |
| 135 | | |
| 192 | | |
| 287 | |
FFO available to common shareholders and unitholders - diluted | |
| 71,028 | | |
| 62,135 | | |
| 145,411 | | |
| 124,916 | |
Debt satisfaction (gains) charges, net, including non-consolidated entities | |
| (3,712 | ) | |
| 4,486 | | |
| (14,087 | ) | |
| 7,790 | |
Other / Transaction costs | |
| (294 | ) | |
| 945 | | |
| 174 | | |
| 1,257 | |
Company FFO available to common shareholders and unitholders - diluted | |
| 67,022 | | |
| 67,566 | | |
| 131,498 | | |
| 133,963 | |
| |
| | | |
| | | |
| | | |
| | |
FUNDS AVAILABLE FOR DISTRIBUTION: (2) | |
| | | |
| | | |
| | | |
| | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Straight-line rents | |
| (17,034 | ) | |
| (17,002 | ) | |
| (22,343 | ) | |
| (17,579 | ) |
Lease incentives | |
| 488 | | |
| 417 | | |
| 945 | | |
| 854 | |
Amortization of below/above market leases | |
| 177 | | |
| 455 | | |
| (444 | ) | |
| 719 | |
Non-cash interest, net | |
| 1,753 | | |
| (1,210 | ) | |
| 1,118 | | |
| (2,362 | ) |
Non-cash charges, net | |
| 2,147 | | |
| 2,148 | | |
| 4,403 | | |
| 4,449 | |
Tenant improvements | |
| (1,541 | ) | |
| (1,580 | ) | |
| (2,622 | ) | |
| (3,999 | ) |
Lease costs | |
| (1,756 | ) | |
| (2,534 | ) | |
| (3,176 | ) | |
| (6,519 | ) |
Company Funds Available for Distribution | |
$ | 51,256 | | |
$ | 48,260 | | |
$ | 109,379 | | |
$ | 109,526 | |
| |
| | | |
| | | |
| | | |
| | |
Per Common Share and Unit Amounts | |
| | | |
| | | |
| | | |
| | |
Basic: | |
| | | |
| | | |
| | | |
| | |
FFO | |
$ | 0.29 | | |
| 0.26 | | |
$ | 0.60 | | |
$ | 0.52 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
FFO | |
$ | 0.29 | | |
$ | 0.26 | | |
$ | 0.60 | | |
$ | 0.52 | |
Company FFO | |
$ | 0.27 | | |
$ | 0.28 | | |
$ | 0.54 | | |
$ | 0.56 | |
Company FAD | |
$ | 0.21 | | |
$ | 0.20 | | |
$ | 0.45 | | |
$ | 0.45 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-Average Common Shares: | |
| | | |
| | | |
| | | |
| | |
Basic(3) | |
| 237,665,036 | | |
| 232,246,465 | | |
| 237,025,396 | | |
| 231,645,370 | |
Diluted | |
| 244,697,575 | | |
| 241,447,640 | | |
| 244,379,606 | | |
| 241,037,724 | |
1 Lexington
believes that Funds from Operations (“FFO”), which is not a measure under generally accepted accounting principles
(“GAAP”), is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO
is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present
FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate
and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate
values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over
year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities,
interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily
be apparent from net income.
The National Association of Real Estate
Investment Trusts, Inc. (“NAREIT”) defines FFO as “net income (or loss) computed in accordance with GAAP, excluding
gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated
partnerships and joint ventures.” NAREIT clarified its computation of FFO to exclude impairment charges on depreciable real
estate owned directly or indirectly. FFO does not represent cash generated from operating activities in accordance with GAAP and
is not indicative of cash available to fund cash needs.
Lexington presents FFO available to common
shareholders and unitholders - basic. Lexington also presents FFO available to common shareholders 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 Company FFO which adjusts FFO for certain items which Management believes
are not indicative of the operating results of its real estate portfolio. Management believes this is an appropriate presentation
as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate funds
from operations in a similar fashion, Company FFO may not be comparable to similarly titled measures as reported by others. Company
FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative
to cash flow as a measure of liquidity.
2 Company Funds Available for
Distribution ("FAD") is calculated by making adjustments to Company FFO for (1) straight-line rent revenue, (2) lease
incentive amortization, (3) amortization of above/below market leases, (4) cash paid for tenant improvements, (5) cash paid for
lease costs, (6) non-cash interest, net and (7) non-cash charges, net. Although FAD may not be comparable to that of other REITs,
Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and
should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows
from operating activities or as a measure of liquidity.
3 Includes OP units.
# # #
LEXINGTON REALTY TRUST
2015 Second Quarter Investment / Capital
Recycling Summary
PROPERTY INVESTMENTS - LONG TERM LEASES ("LTL")(1)
| |
Tenant
(Guarantor) | |
Location | |
Property
Type | |
Initial
Basis ($000) | | |
Initial
Annualized Cash Rent
($000) | | |
Initial
Cash Yield | | |
Initial
GAAP Yield | | |
Month
Closed | |
Lease
Expiration |
1 | |
Hollander Sleep Products, LLC
(Hollander Home Fashions Holdings) | |
Thomson | |
GA | |
LTL - Industrial | |
$ | 10,144 | | |
$ | 836 | | |
| 8.2 | % | |
| 9.2 | % | |
May | |
05/2030 |
| |
EXPANSIONS | |
| |
| |
| |
| | |
| | |
| | |
| | |
| |
|
| |
| |
| |
| |
| |
| | |
| | |
| | |
| | |
| |
|
| |
Tenant
(Guarantor) | |
Location | |
Property
Type | |
Square
Feet | | |
Cost
Basis ($000) | | |
| | |
| | |
| |
|
1 | |
Asics America Corporation (Asics Corporation) | |
Byhalia | |
MS | |
LTL - Industrial | |
| 342,144 | | |
$ | 15,300 | (2) | |
| | | |
| | | |
| |
|
2 | |
United Technologies Corporation | |
North Berwick | |
ME | |
Industrial | |
| 21,060 | | |
$ | 3,262 | | |
| | | |
| | | |
| |
|
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| |
|
2 | |
TOTAL PROPERTY EXPANSIONS | |
| |
| |
| |
| 363,204 | | |
| | | |
| | | |
| | | |
| |
|
LOAN INVESTMENT
| |
Property
Type | |
Location | |
Loan
Amount | | |
Interest
Rate | | |
Maturity
Date | |
| | |
| | |
| |
| |
1 | |
Office | |
Oklahoma City | |
OK | |
$ | 8,420 | | |
| 11.5 | % | |
10/2015 | |
| | | |
| | | |
| |
| | |
CAPITAL RECYCLING
| |
PROPERTY DISPOSITIONS
| |
| |
| |
| |
| | |
| | |
| |
| | |
| | |
|
| |
Tenant | |
Location | |
Property
Type | |
Gross
Disposition Price
($000) | | |
Annualized
NOI ($000) | | |
Month
of Disposition | |
%
Leased | | |
Gross
Disposition Price PSF | | |
|
1 | |
Alta Resources, Corp. | |
Fort Myers | |
FL | |
Office | |
$ | 12,400 | | |
$ | 901 | | |
April | |
| 100.0 | % | |
$ | 196.01 | | |
|
2 | |
Multi-Tenant | |
Orlando | |
FL | |
LTL - Office | |
| 64,675 | | |
| 5,174 | | |
June | |
| 99.7 | % | |
$ | 180.46 | | |
|
| |
| |
| |
| |
| |
| | | |
| | | |
| |
| | | |
| | | |
|
2 | |
TOTAL PROPERTY
DISPOSITIONS | |
| |
| |
| |
$ | 77,075 | | |
$ | 6,075 | | |
| |
| | | |
| | | |
|
| |
LOAN INVESTMENT SATISFACTION | |
| |
| |
| |
| | |
| | |
| | |
| |
| |
| |
| |
| |
| |
| |
| | |
| | |
| | |
| |
| |
| |
Property
Type | |
Location | |
Satisfaction
($000) | |
Month
of
Satisfaction | |
| | |
| | |
| | |
| |
| |
1 | |
Retail (3) | |
Austin | |
TX | |
$ | 3,545 | |
June | |
| | | |
| | | |
| | | |
| |
| | |
Footnotes
| (1) | In addition, Lexington foreclosed on a loan investment
and acquired the vacant office property collateral located in Southfield, MI. Lexington also acquired a 3.5 acre land parcel in
Canonsburg, PA, for $650 thousand. |
| (2) | Expansion substantially complete as of 6/30/2015; however,
additional tenant build-out still in progress. Lexington's maximum cost is $15.3 million. |
| (3) | Includes yield maintenance. |
LEXINGTON REALTY TRUST
BUILD-TO-SUIT PROJECTS / FORWARD COMMITMENTS
6/30/2015
BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE - LONG TERM LEASES (1)
| |
Location | |
Sq.
Ft | | |
Asset
Type | |
Lease
Term (Years) | |
Maximum
Commitment/Estimated Completion
Cost ($000) | | |
Investment
balance as of 6/30/15
($000) | | |
Estimated
Cash Investment Next 12 Months ($000) | | |
Estimated
Completion/ Acquisition
Date | |
Estimated
Initial Cash
Yield | | |
Estimated
GAAP Yield | |
| |
| |
| |
| | |
| |
| |
| | |
| | |
Q3
2015 | | |
Q4
2015 | | |
Q1
2016 | | |
Q2
2016 | | |
| |
| | |
| |
1 | |
Oak Creek | |
WI | |
| 164,000 | | |
LTL - Industrial | |
20 | |
$ | 22,609 | | |
$ | 18,444 | | |
$ | 3,743 | | |
$ | - | | |
$ | - | | |
$ | - | | |
3Q 15 | |
| 8.3 | % | |
| 9.3 | % |
2 | |
Richmond | |
VA | |
| 330,000 | | |
LTL - Office | |
15 | |
| 110,137 | | |
| 89,015 | | |
| 19,134 | | |
| - | | |
| - | | |
| - | | |
3Q 15 | |
| 8.0 | % | |
| 8.6 | % |
3 | |
Anderson | |
SC | |
| 1,325,000 | | |
LTL - Industrial | |
20 | |
| 70,012 | | |
| 7,133 | | |
| 12,605 | | |
| 16,626 | | |
| 16,626 | | |
| 16,626 | | |
2Q16 | |
| 5.9 | % | |
| 7.3 | % |
4 | |
Lake Jackson | |
TX | |
| 664,000 | | |
LTL - Office | |
20 | |
| 166,164 | | |
| 32,455 | | |
| 21,600 | | |
| 24,000 | | |
| 24,000 | | |
| 24,000 | | |
4Q 16 | |
| 7.3 | % | |
| 8.9 | % |
4 | |
TOTAL CONSOLIDATED BUILD-TO-SUIT PROJECTS (2) | |
| |
$ | 368,922 | | |
$ | 147,047 | | |
$ | 57,082 | | |
$ | 40,626 | | |
$ | 40,626 | | |
$ | 40,626 | | |
| |
| | | |
| | |
| |
| |
| |
| | | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | |
1 | |
Houston (3) | |
TX | |
| 274,000 | | |
LTL - Retail/Specialty | |
20 | |
$ | 86,491 | | |
$ | 21,660 | | |
$ | 5,737 | | |
$ | 12,147 | | |
$ | 12,147 | | |
$ | 12,147 | | |
3Q 16 | |
| 7.5 | % | |
| 7.5 | % |
1 | |
TOTAL NON-CONSOLIDATED BUILD-TO-SUIT PROJECTS |
| |
$ | 86,491 | | |
$ | 21,660 | | |
$ | 5,737 | | |
$ | 12,147 | | |
$ | 12,147 | | |
$ | 12,147 | | |
| |
| | | |
| | |
| |
| |
| |
| | | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | |
5 | |
TOTAL BUILD-TO-SUIT PROJECTS | |
| |
$ | 455,413 | | |
$ | 168,707 | | |
$ | 62,819 | | |
$ | 52,773 | | |
$ | 52,773 | | |
$ | 52,773 | | |
| |
| | | |
| | |
FORWARD COMMITMENTS - LONG TERM LEASES (1)
| |
Tenant | |
Location | |
Property
Type | |
Sq.
Ft. | | |
Estimated
Acquisition
Cost ($000) | | |
Estimated
Completion/
Acquisition
Date | |
Estimated
Initial Cash
Yield | | |
Estimated
GAAP Yield | | |
Lease
Term |
1 | |
Preferred Freezer Services of Richland LLC (4) | |
Richland, WA | |
LTL - Industrial | |
| 456,412 | | |
$ | 155,000 | | |
4Q 15 | |
| 7.1 | % | |
| 8.6 | % | |
20 yrs |
2 | |
Chrysler Group LLC (5) | |
Detroit, MI | |
LTL - Industrial | |
| 189,960 | | |
| 29,680 | | |
1Q 16 | |
| 7.4 | % | |
| 7.4 | % | |
20 yrs |
2 | |
TOTAL FORWARD
COMMITMENTS | |
| |
| |
| 646,372 | | |
$ | 184,680 | | |
| |
| 7.2 | % | |
| 8.4 | % | |
|
BUILD-TO-SUIT NOI (6)
| |
2011 | | |
2012 | | |
2013 | | |
2014 | | |
2Q 2015 | |
Net operating income ($000) | |
$ | 1,156 | | |
$ | 5,268 | | |
$ | 11,920 | | |
$ | 21,438 | | |
$ | 12,798 | |
Footnotes
| (1) | Lexington can give no assurance that any of the build-to-suit
projects or other potential investments that are under commitment or contract or in process will be completed. |
| (2) | Investment balance in accordance with GAAP included in
investment in real estate under construction. Aggregate equity invested is $152.3 million. |
| (3) | Lexington has a 25% interest as of June 30, 2015. Lexington
may provide construction financing up to $56.7 million to the joint venture. Estimated cash investments for next 12 months are
Lexington's estimated contributions / loan amounts. Lease contains annual CPI increases. |
| (4) | Lexington provided a $10.0 million letter of credit. |
| (5) | Lexington funded a $2.5 million deposit. |
| (6) | Net operating income generated from completed build-to-suit
projects funded by Lexington beginning in 2010. |
LEXINGTON REALTY TRUST
2015 Second Quarter Financing Summary
DEBT RETIRED
Location | |
Tenant (Guarantor) | |
Property Type | |
Face
/ Satisfaction ($000) | | |
2015
Estimated Property NOI ($000) | | |
Fixed
Rate | | |
Maturity
Date |
| |
| |
| |
| | |
| | |
| | |
|
Consolidated Mortgage Debt: | |
| |
| |
| | | |
| | | |
| | | |
|
Mission, TX | |
VoiceStream PCS II Corporation / T-Mobile West Corporation | |
Office | |
$ | 5,371 | | |
$ | 994 | | |
| 5.783 | % | |
06/2015 |
Owensboro, KY | |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC
(Dana Holding Corporation and Dana Limited) | |
Industrial | |
| 4,702 | | |
| 1,208 | | |
| 4.990 | % | |
07/2015 |
Elizabethtown, KY | |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC
(Dana Holding Corporation and Dana Limited) | |
Industrial | |
| 8,531 | | |
| 2,838 | | |
| 4.990 | % | |
07/2015 |
Elizabethtown, KY | |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC
(Dana Holding Corporation and Dana Limited) | |
Industrial | |
| 1,553 | | |
| 537 | | |
| 4.990 | % | |
07/2015 |
Hopkinsville, KY | |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC
(Dana Holding Corporation and Dana Limited) | |
Industrial | |
| 4,964 | | |
| 1,687 | | |
| 4.990 | % | |
07/2015 |
Dry Ridge, KY | |
Dana Light Axle Products, LLC (Dana Holding
Corporation and Dana Limited) | |
Industrial | |
| 5,008 | | |
| 1,346 | | |
| 4.990 | % | |
07/2015 |
| |
| |
| |
$ | 30,129 | | |
$ | 8,610 | | |
| | | |
|
Corporate Debt: | |
| |
| |
| | | |
| | | |
| | | |
|
6% Convertible Notes | |
N/A | |
N/A | |
$ | 2,828 | | |
| N/A | | |
| 6.000 | % | |
01/2017 |
| |
| |
| |
| | | |
| | | |
| | | |
|
Non-Consolidated Mortgage
Debt: | |
| |
| |
| | | |
| | | |
| | | |
|
Oklahoma City, OK (1) | |
AT&T Corp. / AT&T Services, Inc.
/ New Cingular Wireless Services, Inc. | |
Office | |
$ | 13,673 | | |
$ | 1,528 | | |
| 5.240 | % | |
05/2015 |
Footnotes
| (1) | Lexington has a 40% interest in the property. |
LEXINGTON REALTY TRUST
2015 Second Quarter Leasing Summary
LEASE EXTENSIONS
| |
Tenant
(Guarantor) | |
Location | |
Prior
Term | |
Lease
Expiration Date | |
Sq.
Ft. | | |
New
Cash Rent Per
Annum ($000)(1) | | |
Prior
Cash Rent Per
Annum ($000) | | |
New
GAAP Rent Per
Annum ($000)(1) | | |
Prior
GAAP Rent Per
Annum ($000) | |
| |
| |
| |
| |
| |
| |
| | |
| | |
| | |
| | |
| |
| |
Office / Multi-Tenant Office | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1 | |
Nextel of Texas, Inc. (Nextel Finance Company) | |
Temple | |
TX | |
01/2016 | |
01/2021 | |
| 54,117 | | |
$ | 798 | | |
$ | 833 | | |
$ | 917 | | |
$ | 670 | |
2 | |
AT&T Corp. / AT&T Services, Inc. / New Cingular Wireless
Services, Inc. (2) | |
Oklahoma City | |
OK | |
11/2015 | |
11/2020 | |
| 103,500 | | |
| 1,371 | | |
| 1,294 | | |
| 1,331 | | |
| 1,288 | |
3 | |
CopperPoint Mutual Insurance Company | |
Phoenix | |
AZ | |
12/2029 | |
12/2032 | |
| 252,400 | | |
| 6,075 | | |
| 6,075 | | |
| 5,056 | | |
| 4,845 | |
4-5 | |
Various | |
Various | |
| |
2015 | |
2017 | |
| 4,044 | | |
| 72 | | |
| 90 | | |
| 72 | | |
| 90 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
5 | |
Total office lease
extensions | |
| |
| |
| |
| |
| 414,061 | | |
$ | 8,316 | | |
$ | 8,292 | | |
$ | 7,376 | | |
$ | 6,893 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Industrial / Multi-Tenant Industrial | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1 | |
Staples, Inc. | |
Henderson | |
NC | |
06/2016 | |
06/2018 | |
| 196,946 | | |
$ | 886 | | |
$ | 837 | | |
$ | 860 | | |
$ | 812 | |
2 | |
Asics America Corporation (Asics Corporation) | |
Byhalia | |
MS | |
03/2026 | |
03/2030 | |
| 513,734 | | |
| 3,427 | | |
| 3,360 | | |
| 3,094 | | |
| 2,936 | |
3-4 | |
Various | |
Antioch | |
TN | |
04/2015 | |
2017 - 2018 | |
| 15,696 | | |
| 205 | | |
| 181 | | |
| 205 | | |
| 181 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
4 | |
Total industrial
lease extensions | |
| |
| |
| |
| |
| 726,376 | | |
$ | 4,518 | | |
$ | 4,378 | | |
$ | 4,159 | | |
$ | 3,929 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
9 | |
TOTAL EXTENDED
LEASES | |
| |
| |
| |
| |
| 1,140,437 | | |
$ | 12,834 | | |
$ | 12,670 | | |
$ | 11,535 | | |
$ | 10,822 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
NEW LEASES | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Tenant
(Guarantor) | |
Location | |
| |
Lease
Expiration Date | |
Sq.
Ft. | | |
New
Cash Rent Per
Annum ($000)(1) | | |
| | |
New
GAAP Rent Per
Annum ($000)(1) | | |
| |
| |
Office/Multi-Tenant Office | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1 | |
Addenbrooke Classical Academy | |
Lakewood | |
CO | |
| |
07/2030 | |
| 68,165 | | |
$ | 385 | | |
| | | |
$ | 939 | | |
| | |
2 | |
Garden of Life, LLC (Atrium Innovations, Inc.) | |
Palm Beach Gardens | |
FL | |
| |
04/2023 | |
| 4,604 | | |
| 99 | | |
| | | |
| 95 | | |
| | |
3-4 | |
Various | |
Various | |
HI / PA | |
| |
2018 - 2020 | |
| 2,790 | | |
| 55 | | |
| | | |
| 55 | | |
| | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
4 | |
Total office new
leases | |
| |
| |
| |
| |
| 75,559 | | |
$ | 539 | | |
| | | |
$ | 1,089 | | |
| | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Industrial / Multi-Tenant Industrial | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1 | |
TWB Company LLC | |
Antioch | |
TN | |
| |
09/2025 | |
| 117,600 | | |
$ | 380 | | |
| | | |
$ | 408 | | |
| | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1 | |
Total industrial
new lease | |
| |
| |
| |
| |
| 117,600 | | |
$ | 380 | | |
| | | |
$ | 408 | | |
| | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
5 | |
TOTAL NEW LEASES | |
| |
| |
| |
| |
| 193,159 | | |
$ | 919 | | |
| | | |
$ | 1,497 | | |
| | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
14 | |
TOTAL NEW AND
EXTENDED LEASES | |
| |
| |
| |
| |
| 1,333,596 | | |
$ | 13,753 | | |
| | | |
$ | 13,032 | | |
| | |
LEXINGTON
REALTY TRUST
2015
Second Quarter Leasing Summary (Continued)
LEASE NON-RENEWALS (3)
| |
Tenant
(Guarantor) | |
Location | |
Lease
Expiration Date | |
Sq.
Ft. | | |
2014
Cash Rent ($000) | | |
2014
GAAP Rent ($000) | |
| |
Office | |
| |
| |
| |
| | | |
| | | |
| | |
1 | |
Invensys Systems, Inc. (Siebe, Inc.) | |
Foxboro | |
MA | |
06/2015 | |
| 164,689 | | |
$ | 3,747 | | |
$ | 3,747 | |
2 | |
Nextel of Texas, Inc. (Nextel Finance
Company) (4) | |
Temple | |
TX | |
01/2016 | |
| 54,683 | | |
| 842 | | |
| 677 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | |
| |
Industrial | |
| |
| |
| |
| | | |
| | | |
| | |
3 | |
SKF USA, Inc. | |
Franklin | |
NC | |
06/2015 | |
| 72,868 | | |
| 456 | | |
| 271 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | |
3 | |
TOTAL LEASE NON-RENEWALS | |
| |
| |
| |
| 292,240 | | |
$ | 5,045 | | |
$ | 4,695 | |
Footnotes
| (1) | Assumes
twelve months rent from the later of 7/1/15 or lease commencement/extension, excluding
free rent periods as applicable. |
| (2) | Lexington
has a 40% interest in the property. |
| (3) | Excludes
multi-tenant properties. |
| (4) | The
tenant renewed its lease for only 54,117 square feet out of 108,800 square feet. |
LEXINGTON REALTY TRUST
Other Revenue Data
6/30/2015
($000)
| |
GAAP Base Rent | |
Asset Class | |
Six months ended | |
| |
6/30/15 (1) | | |
6/30/15 Percentage | | |
6/30/14 Percentage | |
Long-Term Leases (2) | |
$ | 80,509 | | |
| 40.5 | % | |
| 39.7 | % |
Office | |
| 67,952 | | |
| 34.1 | % | |
| 38.3 | % |
Industrial | |
| 30,541 | | |
| 15.3 | % | |
| 13.5 | % |
Multi-tenant | |
| 15,676 | | |
| 7.9 | % | |
| 6.6 | % |
Retail/Specialty | |
| 4,376 | | |
| 2.2 | % | |
| 1.9 | % |
| |
$ | 199,054 | | |
| 100.0 | % | |
| 100.0 | % |
| |
GAAP Base Rent | |
Long-Term Leases (2) | |
Six months ended | |
| |
6/30/15 (1) | | |
6/30/15 Percentage | | |
6/30/14 Percentage | |
Land / Infrastructure | |
$ | 30,644 | | |
| 38.1 | % | |
| 34.1 | % |
Office | |
| 27,577 | | |
| 34.2 | % | |
| 41.6 | % |
Industrial | |
| 20,356 | | |
| 25.3 | % | |
| 22.6 | % |
Retail/Specialty | |
| 1,932 | | |
| 2.4 | % | |
| 1.7 | % |
| |
$ | 80,509 | | |
| 100.0 | % | |
| 100.0 | % |
| |
GAAP Base Rent | |
Asset Class (3) | |
Six months ended | |
| |
6/30/15 (1) | | |
6/30/15 Percentage | | |
6/30/14 Percentage | |
Land/ Infrastructure | |
$ | 30,644 | | |
| 15.4 | % | |
| 13.5 | % |
Office | |
| 95,529 | | |
| 48.0 | % | |
| 54.8 | % |
Industrial | |
| 50,897 | | |
| 25.6 | % | |
| 22.5 | % |
Multi-Tenant | |
| 15,676 | | |
| 7.9 | % | |
| 6.6 | % |
Retail/Specialty | |
| 6,308 | | |
| 3.1 | % | |
| 2.6 | % |
| |
$ | 199,054 | | |
| 100.0 | % | |
| 100.0 | % |
| |
GAAP Base Rent | |
Credit Ratings (4) | |
Six months ended | |
| |
6/30/15 (1) | | |
6/30/15 Percentage | | |
6/30/14 Percentage | |
Investment Grade | |
$ | 71,219 | | |
| 35.8 | % | |
| 38.5 | % |
Non-Investment Grade | |
| 27,414 | | |
| 13.8 | % | |
| 11.3 | % |
Unrated | |
| 100,421 | | |
| 50.4 | % | |
| 50.2 | % |
| |
$ | 199,054 | | |
| 100.0 | % | |
| 100.0 | % |
Footnotes
| (1) | Six months ended 6/30/2015 GAAP base rent recognized for consolidated properties owned as of 6/30/2015. |
| (2) | Long-term leases are defined as leases having a term of ten years or longer. |
| (3) | Long-term leases included and reclassified by property type. |
| (4) | Credit ratings are based upon either tenant, guarantor or parent. Generally, multi-tenant assets are included in unrated. |
LEXINGTON REALTY TRUST
Other Revenue Data (Continued)
6/30/2015
($000)
Weighted-Average Lease Term - Cash Basis |
|
As of 6/30/15 |
|
As of 6/30/14 |
|
|
12.2 years |
|
11.3 years |
Weighted-Average Lease Term - Cash Basis - Adjusted (1) | |
As of 6/30/15 | |
As of 6/30/14 |
| |
8.7 years | |
8.4 years |
| |
| |
|
Base Rent Estimates for Current Assets | |
| |
|
Year | |
Cash (2) | | |
GAAP (2) | | |
Projected Straight- line / GAAP Rent Adjustment | |
2015-remaining | |
$ | 171,737 | | |
$ | 196,893 | | |
$ | (25,156 | ) |
2016 | |
$ | 341,009 | | |
$ | 382,894 | | |
$ | (41,885 | ) |
Same-Store NOI (3)(4)
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Total Base Rent | |
$ | 78,564 | | |
$ | 78,217 | | |
$ | 164,241 | | |
$ | 166,319 | |
Tenant Reimbursements | |
| 7,696 | | |
| 7,519 | | |
| 15,818 | | |
| 15,115 | |
Property Operating Expenses | |
| (14,211 | ) | |
| (13,198 | ) | |
| (28,832 | ) | |
| (27,164 | ) |
Same-Store NOI | |
$ | 72,049 | | |
$ | 72,538 | | |
$ | 151,227 | | |
$ | 154,270 | |
| |
| | | |
| | | |
| | | |
| | |
Change in Same-Store NOI | |
| (0.7) | % | |
| | | |
| (2.0) | % | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Same-Store Percent Leased (4) | |
| As of 6/30/15 | | |
| As of 6/30/14 | | |
| | | |
| | |
| |
| 97.2 | % | |
| 98.6 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Lease Escalation Data (5) | |
| | | |
| | | |
| | | |
| | |
Footnotes
| (1) | Adjusted to reflect NY land leases to first purchase option date. |
| (2) | Amounts assume (1) lease terms for non-cancellable periods only and (2) no new or renegotiated leases are entered into after
6/30/2015. |
| (3) | NOI is on a consolidated cash basis. Excludes potential foreclosures. |
| (4) | Excludes potential foreclosures on Rochester, NY and Bridgewater, NJ properties. |
| (5) | Based on six months consolidated Cash base rents for single-tenant leases. Excludes parking operations and $3.1 million in
step-down leases. |
LEXINGTON REALTY TRUST
Portfolio Detail By Asset Class
6/30/2015
( $000, except square footage)
Asset Class | |
YE 2012 | | |
YE 2013 | | |
YE 2014 | | |
2Q 2015 | |
| |
| | | |
| | | |
| | | |
| | |
Office | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 64.3 | % | |
| 61.3 | % | |
| 51.4 | % | |
| 48.0 | % |
LTL | |
| 22.4 | % | |
| 26.8 | % | |
| 31.8 | % | |
| 28.9 | % |
STL | |
| 77.6 | % | |
| 73.2 | % | |
| 68.2 | % | |
| 71.1 | % |
Leased | |
| 98.6 | % | |
| 99.0 | % | |
| 98.6 | % | |
| 98.9 | % |
Wtd. Avg. Lease Term (2) | |
| 6.6 | | |
| 7.2 | | |
| 7.4 | | |
| 7.3 | |
Mortgage Debt | |
$ | 1,078,345 | | |
$ | 692,460 | | |
$ | 426,635 | | |
$ | 338,647 | |
% Investment Grade (1) | |
| 62.1 | % | |
| 57.2 | % | |
| 53.7 | % | |
| 50.2 | % |
Square Feet | |
| 15,726,609 | | |
| 15,316,875 | | |
| 13,264,134 | | |
| 12,701,508 | |
Cash Rent | |
$ | 198,183 | | |
$ | 214,774 | | |
$ | 192,865 | | |
$ | 93,826 | |
| |
| | | |
| | | |
| | | |
| | |
Industrial | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 22.9 | % | |
| 23.2 | % | |
| 23.0 | % | |
| 25.6 | % |
LTL | |
| 33.7 | % | |
| 35.2 | % | |
| 42.8 | % | |
| 40.0 | % |
STL | |
| 66.3 | % | |
| 64.8 | % | |
| 57.2 | % | |
| 60.0 | % |
Leased | |
| 99.6 | % | |
| 99.8 | % | |
| 99.7 | % | |
| 99.6 | % |
Wtd. Avg. Lease Term (2) | |
| 7.5 | | |
| 7.2 | | |
| 7.9 | | |
| 8.2 | |
Mortgage Debt | |
$ | 221,055 | | |
$ | 206,209 | | |
$ | 177,951 | | |
$ | 185,352 | |
% Investment Grade (1) | |
| 23.1 | % | |
| 34.1 | % | |
| 29.3 | % | |
| 30.6 | % |
Square Feet | |
| 21,317,359 | | |
| 21,473,994 | | |
| 22,612,691 | | |
| 25,109,517 | |
Cash Rent | |
$ | 70,600 | | |
$ | 84,039 | | |
$ | 89,991 | | |
$ | 50,930 | |
| |
| | | |
| | | |
| | | |
| | |
Land/Infrastructure | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 0.5 | % | |
| 4.9 | % | |
| 14.3 | % | |
| 15.4 | % |
LTL | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % |
STL | |
| 0.0 | % | |
| 0.0 | % | |
| 0.0 | % | |
| 0.0 | % |
Leased | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % |
Wtd. Avg. Lease Term (2) | |
| 19.1 | | |
| 72.7 | | |
| 73.1 | | |
| 71.0 | |
Wtd. Avg. Lease Term Adjusted (3) | |
| 19.1 | | |
| 23.7 | | |
| 22.8 | | |
| 23.2 | |
Mortgage Debt | |
$ | - | | |
$ | 213,500 | | |
$ | 213,475 | | |
$ | 242,594 | |
% Investment Grade (1) | |
| 0.0 | % | |
| 0.2 | % | |
| 0.4 | % | |
| 0.4 | % |
Cash Rent | |
$ | 1,219 | | |
$ | 9,259 | | |
$ | 22,717 | | |
$ | 12,673 | |
| |
| | | |
| | | |
| | | |
| | |
Multi-Tenant | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 9.0 | % | |
| 7.9 | % | |
| 8.7 | % | |
| 7.9 | % |
Leased | |
| 67.4 | % | |
| 66.4 | % | |
| 53.9 | % | |
| 52.3 | % |
Wtd. Avg. Lease Term (2) | |
| 7.1 | | |
| 7.0 | | |
| 6.9 | | |
| 6.1 | |
Mortgage Debt | |
$ | 102,582 | | |
$ | 71,754 | | |
$ | 116,763 | | |
$ | 86,352 | |
% Investment Grade (1) | |
| 33.2 | % | |
| 34.5 | % | |
| 19.3 | % | |
| 42.2 | % |
Square Feet | |
| 2,396,631 | | |
| 2,259,189 | | |
| 2,414,889 | | |
| 2,738,578 | |
Cash Rent | |
$ | 25,169 | | |
$ | 27,941 | | |
$ | 34,458 | | |
$ | 15,066 | |
| |
| | | |
| | | |
| | | |
| | |
Retail/Specialty | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 3.3 | % | |
| 2.7 | % | |
| 2.6 | % | |
| 3.1 | % |
LTL | |
| 15.3 | % | |
| 21.0 | % | |
| 28.1 | % | |
| 30.6 | % |
STL | |
| 84.7 | % | |
| 79.0 | % | |
| 71.9 | % | |
| 69.4 | % |
Leased | |
| 99.3 | % | |
| 98.5 | % | |
| 94.3 | % | |
| 97.9 | % |
Wtd. Avg. Lease Term (2) | |
| 8.0 | | |
| 7.2 | | |
| 9.1 | | |
| 8.6 | |
Mortgage Debt | |
$ | 13,979 | | |
$ | 13,566 | | |
$ | 13,170 | | |
$ | 12,915 | |
% Investment Grade (1) | |
| 22.0 | % | |
| 18.7 | % | |
| 22.4 | % | |
| 15.4 | % |
Square Feet | |
| 1,755,608 | | |
| 1,489,267 | | |
| 1,447,724 | | |
| 1,395,517 | |
Cash Rent | |
$ | 8,186 | | |
$ | 7,947 | | |
$ | 8,948 | | |
$ | 3,969 | |
| |
| | | |
| | | |
| | | |
| | |
Loans Receivable | |
$ | 72,540 | | |
$ | 99,443 | | |
$ | 105,635 | | |
$ | 108,309 | |
Construction in progress (4) | |
$ | 71,634 | | |
$ | 78,656 | | |
$ | 121,184 | | |
$ | 152,579 | |
Footnotes
(1) Percentage of GAAP base rent.
(2) Cash basis.
(3) Cash basis adjusted to reflect NY land leases to first purchase
option date.
(4) Includes development classified as real estate under construction
on a consolidated basis.
LEXINGTON REALTY TRUST
Portfolio Composition
6/30/2015
Footnotes
(1) Based on gross book value of assets as of 6/30/2015.
(2) Based on six months GAAP base rent as of 6/30/2015.
LEXINGTON REALTY TRUST
Components of Net Asset Value
6/30/2015
($000)
The purpose of providing the following information
is to enable readers to derive their own estimate of net asset value. This information is not intended to be an asset-by-asset
or enterprise valuation.
Consolidated properties six month cash net operating income (NOI) (1) | |
| | |
Land/ Infrastructure | |
$ | 12,703 | |
Office | |
| 87,313 | |
Industrial | |
| 52,350 | |
Multi-Tenant | |
| 5,785 | |
Retail/Specialty | |
| 4,579 | |
Total Net Operating Income | |
$ | 162,730 | |
| |
| | |
Lexington's share of non-consolidated six month NOI (1) | |
| | |
Land/Infrastructure | |
$ | 134 | |
Office | |
| 1,194 | |
Retail/Specialty | |
| 607 | |
| |
$ | 1,935 | |
Other income | |
| | |
Advisory fees | |
$ | 105 | |
In service assets not fairly valued by capitalized NOI method (1) | |
| | |
Wholly-owned assets | |
$ | 116,832 | |
| |
| | |
Add other assets: | |
| | |
Loans receivable | |
$ | 108,309 | |
Development investment at cost incurred | |
| 165,291 | |
Cash and cash equivalents | |
| 64,382 | |
Restricted cash | |
| 12,844 | |
Accounts receivable, net | |
| 8,523 | |
Other assets | |
| 26,113 | |
Total other assets | |
$ | 385,462 | |
| |
| | |
Liabilities: | |
| | |
Corporate level debt | |
$ | 1,237,395 | |
Mortgages and notes payable | |
| 865,860 | |
Dividends payable | |
| 43,628 | |
Accounts payable, accrued expenses and other liabilities | |
| 68,894 | |
Preferred stock, at liquidation value | |
| 96,770 | |
Lexington's share of non-consolidated mortgages | |
| 8,647 | |
Total deductions | |
$ | 2,321,194 | |
| |
| | |
Common shares & OP units at 6/30/2015 | |
| 239,793,584 | |
Footnotes
| (1) | Six months ended June 30, 2015 Cash NOI for the existing property portfolio excludes straight-line income, other GAAP adjustments,
minority interests' share of NOI and NOI related to assets undervalued by a capitalized NOI method. Assets undervalued by a capitalized
NOI method are identified generally by occupancies under 70%. For assets in this category an NOI capitalization approach is not
appropriate and accordingly the company's net book value has been used. NOI has been adjusted for acquisitions, divestitures, and
changes in occupancy during the period, as applicable. |
LEXINGTON REALTY TRUST
Top Markets
6/30/2015
| |
Core Based Statistical Area (2) | |
Percent of GAAP Base Rent as of 6/30/15 (1) | |
1 | |
New York-Northern New Jersey-Long Island, NY-NJ-PA | |
| 15.8 | % |
2 | |
Dallas-Fort Worth-Arlington, TX | |
| 6.6 | % |
3 | |
Houston-Sugar Land-Baytown, TX | |
| 6.0 | % |
4 | |
Memphis, TN-MS-AR | |
| 4.2 | % |
5 | |
Baltimore-Towson, MD | |
| 4.1 | % |
6 | |
Kansas City, MO-KS | |
| 3.7 | % |
7 | |
Phoenix-Mesa-Scottsdale, AZ | |
| 3.7 | % |
8 | |
Boston-Cambridge-Quincy, MA-NH | |
| 2.9 | % |
9 | |
Denver-Aurora, CO | |
| 2.2 | % |
10 | |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | |
| 2.1 | % |
11 | |
Detroit-Warren-Livonia, MI | |
| 2.0 | % |
12 | |
Columbus, OH | |
| 1.9 | % |
13 | |
Orlando-Kissimmee, FL | |
| 1.8 | % |
14 | |
Charlotte-Gastonia-Rock Hill, NC-SC | |
| 1.8 | % |
15 | |
Las Vegas-Paradise, NV | |
| 1.7 | % |
16 | |
San Jose-Sunnyvale-Santa Clara, CA | |
| 1.7 | % |
17 | |
Indianapolis-Carmel, IN | |
| 1.6 | % |
18 | |
Chicago-Naperville-Joliet, IL-IN-WI | |
| 1.5 | % |
19 | |
Cincinnati-Middletown, OH-KY-IN | |
| 1.5 | % |
20 | |
Atlanta-Sandy Springs-Marietta, GA | |
| 1.4 | % |
| |
Total Top Markets (3) | |
| 68.2 | % |
Footnotes
| (1) | Six months ended 6/30/2015 GAAP base rent recognized for consolidated properties owned as of 6/30/2015. |
| (2) | A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000
people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace
the definitions of metropolitan areas that were defined in 1990. |
| (3) | Total shown may differ from detailed amounts due to rounding. |
LEXINGTON REALTY TRUST
Single-Tenant Office Markets
6/30/2015
Footnotes
| (1) | Six months ended 6/30/2015 GAAP base rent recognized for consolidated office properties owned as of 6/30/2015.
Includes long-term office properties. |
| (2) | A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000
people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace
the definitions of metropolitan areas that were defined in 1990. |
LEXINGTON REALTY TRUST
Tenant Industry Diversification
6/30/2015
Footnotes
| (1) | Six months ended 6/30/2015 GAAP base rent recognized for consolidated properties owned as of 6/30/2015. |
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
6/30/2015
Top 10 Tenants or Guarantors - Cash Basis
Tenants or Guarantors | |
Number of Leases | |
Sq. Ft. Leased | | |
Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | | |
Cash Base Rent as of 6/30/2015 ($000) (1) | | |
Percent of Cash Base Rent as of 6/30/2015 ($000) (1) (2) | |
Fed Ex Corporation / Federal Express Corporation | |
3 | |
| 787,829 | | |
| 1.9 | % | |
$ | 6,284 | | |
| 3.6 | % |
Baker Hughes, Inc. (4) | |
1 | |
| 554,385 | | |
| 1.3 | % | |
| 5,613 | | |
| 3.2 | % |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | |
7 | |
| 2,053,359 | | |
| 4.9 | % | |
| 5,111 | | |
| 2.9 | % |
United States of America | |
3 | |
| 398,214 | | |
| 0.9 | % | |
| 4,566 | | |
| 2.6 | % |
Swiss Re America Holding Corporation / Westport Insurance Corporation | |
2 | |
| 476,123 | | |
| 1.1 | % | |
| 3,757 | | |
| 2.1 | % |
Xerox Corporation | |
1 | |
| 202,000 | | |
| 0.5 | % | |
| 3,535 | | |
| 2.0 | % |
Michelin North America, Inc. | |
3 | |
| 2,503,916 | | |
| 5.9 | % | |
| 3,520 | | |
| 2.0 | % |
T-Mobile USA, Inc. / T-Mobile West Corporation | |
5 | |
| 386,078 | | |
| 0.9 | % | |
| 3,475 | | |
| 2.0 | % |
LG-39 Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 2,876 | | |
| 1.6 | % |
Industrial Terminals Management, LLC | |
1 | |
| 132,449 | | |
| 0.3 | % | |
| 2,723 | | |
| 1.5 | % |
| |
| |
| | | |
| | | |
| | | |
| | |
| |
27 | |
| 7,494,353 | | |
| 17.8 | % | |
$ | 41,460 | | |
| 23.5 | % |
Top 10 Tenants or Guarantors - GAAP Basis
Tenants or Guarantors | |
Number of Leases | |
Sq. Ft. Leased | | |
Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | | |
GAAP Base Rent as of 6/30/2015 ($000) (3) | | |
Percent of GAAP Base Rent as of 6/30/2015 ($000) (3) (2) | |
LG-39 Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
$ | 8,686 | | |
| 4.4 | % |
FC-Canal Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 7,445 | | |
| 3.7 | % |
AL-Stone Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 6,795 | | |
| 3.4 | % |
FedEx Corporation / Federal Express Corporation | |
3 | |
| 787,829 | | |
| 1.9 | % | |
| 6,449 | | |
| 3.2 | % |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | |
7 | |
| 2,053,359 | | |
| 4.9 | % | |
| 4,970 | | |
| 2.5 | % |
United States of America | |
3 | |
| 398,214 | | |
| 0.9 | % | |
| 4,752 | | |
| 2.4 | % |
Swiss Re America Holding Corporation / Westport Insurance Corporation | |
2 | |
| 476,123 | | |
| 1.1 | % | |
| 3,773 | | |
| 1.9 | % |
Baker Hughes, Inc. | |
1 | |
| 554,385 | | |
| 1.3 | % | |
| 3,688 | | |
| 1.9 | % |
Michelin North America, Inc. | |
3 | |
| 2,503,916 | | |
| 5.9 | % | |
| 3,541 | | |
| 1.8 | % |
Industrial Terminals Management, L.L.C. | |
1 | |
| 132,449 | | |
| 0.3 | % | |
| 3,387 | | |
| 1.7 | % |
| |
23 | |
| 6,906,275 | | |
| 16.4 | % | |
$ | 53,486 | | |
| 26.9 | % |
Footnotes
(1) Six months ended 6/30/2015 Cash base rent recognized for
consolidated properties owned as of 6/30/2015.
(2) Total shown may differ from detailed amounts due to rounding.
(3) Six months ended 6/30/2015 GAAP base rent recognized for
consolidated properties owned as of 6/30/2015.
(4) Tenant pays rent semi-annually in uneven amounts.
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated
Single-Tenant Properties GAAP Basis
6/30/2015
Year | |
Number of Leases Expiring | | |
GAAP Base Rent as of 6/30/2015 ($000) | | |
Percent of GAAP Base Rent as of 6/30/2015 | | |
Percent of GAAP Base Rent as of 6/30/2014 | |
2015 - remaining | |
| 1 | | |
$ | 244 | | |
| 0.1 | % | |
| 1.8 | % |
2016 | |
| 14 | | |
| 8,720 | | |
| 4.8 | % | |
| 5.8 | % |
2017 | |
| 17 | | |
| 10,243 | | |
| 5.7 | % | |
| 6.9 | % |
2018 | |
| 31 | | |
| 13,585 | | |
| 7.5 | % | |
| 6.8 | % |
2019 | |
| 20 | | |
| 14,729 | | |
| 8.1 | % | |
| 7.5 | % |
2020 | |
| 18 | | |
| 14,036 | | |
| 7.7 | % | |
| 5.3 | % |
2021 | |
| 11 | | |
| 10,868 | | |
| 6.0 | % | |
| 5.6 | % |
2022 | |
| 8 | | |
| 6,388 | | |
| 3.5 | % | |
| 3.3 | % |
2023 | |
| 5 | | |
| 6,613 | | |
| 3.6 | % | |
| 6.8 | % |
2024 | |
| 9 | | |
| 7,055 | | |
| 3.9 | % | |
| 3.3 | % |
2025 - Q1 & Q2 | |
| 11 | | |
| 8,208 | | |
| 4.5 | % | |
| 3.6 | % |
Thereafter | |
| 60 | | |
| 80,509 | | |
| 44.4 | % | |
| 37.6 | % |
| |
| | | |
| | | |
| | | |
| | |
Total (1) | |
| 205 | | |
$ | 181,198 | | |
| 100.0 | % | |
| | |
Footnotes
(1) Total shown may differ from detailed amounts due to rounding
and does not include multi-tenant properties and parking operations.
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated
Properties GAAP Basis
6/30/2015
Year | |
Number of Leases Expiring | | |
GAAP Base Rent as of 6/30/2015 ($000) | | |
Percent of GAAP Base Rent as of 6/30/2015 | |
2015 - remaining | |
| 28 | | |
$ | 682 | | |
| 0.4 | % |
2016 | |
| 32 | | |
$ | 9,627 | | |
| 5.0 | % |
2017 | |
| 24 | | |
$ | 10,427 | | |
| 5.4 | % |
2018 | |
| 36 | | |
$ | 14,664 | | |
| 7.6 | % |
2019 | |
| 31 | | |
$ | 16,471 | | |
| 8.6 | % |
2020 | |
| 20 | | |
$ | 14,198 | | |
| 7.4 | % |
2021 | |
| 14 | | |
$ | 13,911 | | |
| 7.2 | % |
2022 | |
| 9 | | |
$ | 6,418 | | |
| 3.3 | % |
2023 | |
| 6 | | |
$ | 6,678 | | |
| 3.5 | % |
2024 | |
| 11 | | |
$ | 7,172 | | |
| 3.7 | % |
2025 - Q1 & Q2 | |
| 11 | | |
$ | 8,208 | | |
| 4.3 | % |
Thereafter | |
| 63 | | |
$ | 83,788 | | |
| 43.6 | % |
| |
| | | |
| | | |
| | |
Total (1) | |
| 285 | | |
$ | 192,244 | | |
| 100.0 | % |
Footnotes
(1) Total shown may differ from detailed amounts due to rounding
and does not include parking operations.
LEXINGTON REALTY
TRUST
Property Leases
and Vacancies- Consolidated Portfolio - 6/30/2015
Year
of Lease Expiration | |
Date
of Lease Expiration
| |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Property
Type | |
Sq.Ft. Leased
or Available (1)
| | |
Cash Rent as
of 6/30/2015
($000) (2) | | |
GAAP Base
Rent as
of 6/30/2015 ($000)
(3) | | |
6/30/2015 Debt
Balance ($000)
| | |
Debt
Maturity |
LONG-TERM LEASE
PROPERTIES |
2025 | |
7/14/2025 | |
590 Ecology Ln. | |
Chester | |
SC | |
— | |
Boral Stone Products LLC (Boral Limited) | |
Industrial | |
| 420,597 | | |
| 1,111 | | |
| 814 | | |
| 9,012 | | |
08/2025 |
| |
7/31/2025 | |
7005 Cochran Rd. | |
Glenwillow | |
OH | |
— | |
Royal Appliance Mfg. Co. | |
Industrial | |
| 458,000 | | |
| 1,020 | | |
| 1,126 | | |
| 15,466 | | |
09/2016 |
| |
9/30/2025 | |
10001 Richmond Ave. | |
Houston | |
TX | |
18 | |
Baker Hughes Incorporated / Schlumberger Holdings Corp. | |
Office | |
| 554,385 | | |
| 5,613 | | |
| 3,688 | | |
| - | | |
- |
| |
11/30/2025 | |
11707 Miracle Hills Dr. | |
Omaha | |
NE | |
— | |
Infocrossing, Inc. | |
Office | |
| 85,200 | | |
| 583 | | |
| 583 | | |
| 7,684 | | |
04/2016 |
| |
12/31/2025 | |
1700 47th Ave North | |
Minneapolis | |
MN | |
— | |
Owens Corning Roofing and Asphalt, LLC | |
Industrial | |
| 18,620 | | |
| 275 | | |
| 275 | | |
| - | | |
- |
| |
| |
2005 East Technology Cir. | |
Tempe | |
AZ | |
— | |
Infocrossing, Inc. | |
Office | |
| 60,000 | | |
| 564 | | |
| 564 | | |
| 7,257 | | |
04/2016 |
| |
| |
4001 International Pkwy. | |
Carrollton | |
TX | |
— | |
Motel 6 Operating, LP | |
Office | |
| 138,443 | | |
| 1,034 | | |
| 1,113 | | |
| - | | |
- |
2026 | |
3/30/2026 | |
121 Technology Dr. | |
Durham | |
NH | |
15 | |
Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss
International Americas, Inc. (Goss International Corporation) | |
Industrial | |
| 500,500 | | |
| 2,105 | | |
| 1,269 | | |
| - | | |
- |
| |
3/31/2026 | |
500 Olde Worthington Rd. | |
Westerville | |
OH | |
— | |
InVentiv Communications, Inc. | |
Office | |
| 97,000 | | |
| 557 | | |
| 628 | | |
| - | | |
- |
| |
| |
633 Garrett Pkwy. | |
Lewisburg | |
TN | |
— | |
Calsonic Kansei North America, Inc. | |
Industrial | |
| 310,000 | | |
| 609 | | |
| 655 | | |
| - | | |
- |
| |
6/30/2026 | |
333 Mt. Hope Ave. | |
Rockaway | |
NJ | |
— | |
Atlantic Health System, Inc. | |
Office | |
| 60,258 | | |
| 0 | | |
| 376 | | |
| - | | |
- |
| |
| |
351 Chamber Dr. | |
Chillicothe | |
OH | |
— | |
The Kitchen Collection, Inc. | |
Industrial | |
| 475,218 | | |
| 535 | | |
| 580 | | |
| - | | |
- |
| |
8/31/2026 | |
25500 State Hwy. 249 | |
Tomball | |
TX | |
— | |
Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin) | |
Specialty | |
| 77,076 | | |
| 718 | | |
| 702 | | |
| 8,535 | | |
11/2016 |
| |
9/30/2026 | |
900 Industrial Blvd. | |
Crossville | |
TN | |
— | |
Dana Commercial Vehicle Products, LLC | |
Industrial | |
| 222,200 | | |
| 289 | | |
| 289 | | |
| - | | |
- |
| |
10/31/2026 | |
5001 Greenwood Rd. | |
Shreveport | |
LA | |
— | |
Libbey Glass Inc. (Libbey Inc.) | |
Industrial | |
| 646,000 | | |
| 1,051 | | |
| 1,083 | | |
| 19,000 | | |
07/2017 |
| |
11/30/2026 | |
250 Rittenhouse Cir. | |
Bristol | |
PA | |
— | |
Northtec LLC (The Estée Lauder Companies Inc.) | |
Industrial | |
| 241,977 | | |
| 545 | | |
| 573 | | |
| - | | |
- |
| |
| |
500 Kinetic Dr. | |
Huntington | |
WV | |
— | |
AMZN WVCS LLC (Amazon.com, Inc.) | |
Office | |
| 68,693 | | |
| 534 | | |
| 634 | | |
| 6,500 | | |
02/2017 |
| |
12/29/2026 | |
5500 New Albany Rd. | |
Columbus | |
OH | |
— | |
Evans, Mechwart, Hambleton & Tilton, Inc. | |
Office | |
| 104,807 | | |
| 806 | | |
| 869 | | |
| - | | |
- |
2027 | |
2/28/2027 | |
554 Nissan Parkway | |
Canton | |
MS | |
— | |
Nissan North America, Inc. | |
Industrial | |
| 1,466,000 | | |
| 1,441 | | |
| 1,567 | | |
| - | | |
- |
| |
4/30/2027 | |
1315 West Century Dr. | |
Louisville | |
CO | |
5 | |
Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC) | |
Office | |
| 106,877 | | |
| 576 | | |
| 628 | | |
| - | | |
- |
| |
| |
2424 Alpine Rd. | |
Eau Claire | |
WI | |
— | |
Silver Spring Foods, Inc. (Huntsinger Farms, Inc.) | |
Industrial | |
| 159,000 | | |
| 535 | | |
| 501 | | |
| - | | |
- |
| |
6/30/2027 | |
3902 Gene Field Rd | |
St. Joseph | |
MO | |
— | |
Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation) | |
Office | |
| 98,849 | | |
| 892 | | |
| 997 | | |
| - | | |
- |
| |
7/6/2027 | |
2221 Schrock Rd. | |
Columbus | |
OH | |
— | |
MS Consultants, Inc. | |
Office | |
| 42,290 | | |
| 291 | | |
| 320 | | |
| - | | |
- |
| |
8/7/2027 | |
25 Lakeview Dr. | |
Jessup | |
PA | |
— | |
TMG Health, Inc. | |
Office | |
| 150,000 | | |
| 994 | | |
| 1,250 | | |
| - | | |
- |
| |
10/31/2027 | |
11201 Renner Blvd. | |
Lenexa | |
KS | |
— | |
United States of America | |
Office | |
| 169,585 | | |
| 2,794 | | |
| 3,051 | | |
| 37,488 | | |
11/2027 |
| |
11/30/2027 | |
1700 Millrace Dr. | |
Eugene | |
OR | |
17 | |
Oregon Research Institute / Educational Policy Improvement Center | |
Office | |
| 80,011 | | |
| 838 | | |
| 1,039 | | |
| - | | |
- |
| |
12/31/2027 | |
10590 Hamilton Ave. | |
Cincinnati | |
OH | |
— | |
The Hillman Group, Inc. | |
Industrial | |
| 264,598 | | |
| 391 | | |
| 406 | | |
| - | | |
- |
2028 | |
3/31/2028 | |
29-01-Borden Ave./29-10 Hunters Point Ave. | |
Long Island City | |
NY | |
— | |
FedEx Ground Package System, Inc. (FedEx Corporation) | |
Industrial | |
| 140,330 | | |
| 2,385 | | |
| 2,568 | | |
| 50,289 | | |
03/2028 |
| |
4/30/2028 | |
9655 Maroon Circle | |
Englewood | |
CO | |
— | |
TriZetto Corporation | |
Office | |
| 166,912 | | |
| 1,738 | | |
| 1,922 | | |
| - | | |
- |
| |
8/31/2028 | |
9803 Edmonds Way | |
Edmonds | |
WA | |
— | |
Pudget Consumers Co-op d/b/a PCC Natural Markets | |
Retail | |
| 35,459 | | |
| 323 | | |
| 323 | | |
| - | | |
- |
| |
11/30/2028 | |
832 N. Westover Blvd . | |
Albany | |
GA | |
— | |
Gander Mountain Company | |
Retail | |
| 45,554 | | |
| 314 | | |
| 347 | | |
| - | | |
- |
2029 | |
1/31/2029 | |
6226 West Sahara Ave. | |
Las Vegas | |
NV | |
— | |
Nevada Power Company | |
Office | |
| 282,000 | | |
| 1,545 | | |
| 2,126 | | |
| - | | |
- |
| |
| |
175 Holt Garrison Pkwy. | |
Danville | |
VA | |
— | |
Home Depot USA, Inc. | |
Land and Infrastructure | |
| 0 | | |
| 130 | | |
| 108 | | |
| - | | |
- |
| |
3/31/2029 | |
2800 High Meadow Circle | |
Auburn Hills | |
MI | |
— | |
Faurecia USA Holdings, Inc. | |
Office | |
| 278,000 | | |
| 960 | | |
| 1,096 | | |
| - | | |
- |
| |
11/24/2029 | |
318 Pappy Dunn Blvd. | |
Anniston | |
AL | |
— | |
International Automotive Components Group North America, Inc. | |
Industrial | |
| 276,782 | | |
| 786 | | |
| 870 | | |
| - | | |
- |
2030 | |
3/31/2030 | |
459 Wingo Rd. | |
Byhalia | |
MS | |
— | |
Asics America Corporation (Asics Corporation) | |
Industrial | |
| 855,878 | | |
| 1,650 | | |
| 1,838 | | |
| 15,000 | | |
06/2016 |
| |
4/7/2030 | |
810 Gears Rd. | |
Houston | |
TX | |
— | |
United States of America | |
Office | |
| 68,985 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
| |
5/31/2030 | |
3301 Stagecoach Rd. NE | |
Thomson | |
GA | |
— | |
Hollander Sleep Products, LLC (Hollander Home Fashions Holdings) | |
Industrial | |
| 208,000 | | |
| 132 | | |
| 145 | | |
| - | | |
- |
| |
7/31/2030 | |
3940 South Teller St. | |
Lakewood | |
CO | |
11 | |
Addenbrooke Classical Academy | |
Office | |
| 68,165 | | |
| 278 | | |
| 273 | | |
| - | | |
- |
2031 | |
5/31/2031 | |
671 Washburn Switch Rd. | |
Shelby | |
NC | |
— | |
Clearwater Paper Corporation | |
Industrial | |
| 673,518 | | |
| 1,139 | | |
| 1,300 | | |
| - | | |
- |
2032 | |
4/30/2032 | |
13930 Pike Rd. | |
Missouri City | |
TX | |
— | |
Vulcan Construction Materials, LP (Vulcan Materials Company) | |
Land and Infrastructure | |
| 0 | | |
| 915 | | |
| 1,061 | | |
| - | | |
- |
| |
10/31/2032 | |
143 Diamond Avenue | |
Parachute | |
CO | |
— | |
Encana Oil and Gas (USA) Inc. (Alenco Inc.) | |
Office | |
| 49,024 | | |
| 508 | | |
| 642 | | |
| - | | |
- |
| |
12/31/2032 | |
3030 North 3rd St. | |
Phoenix | |
AZ | |
— | |
CopperPoint Mutual Insurance Company | |
Office | |
| 252,400 | | |
| 2,008 | | |
| 2,424 | | |
| - | | |
- |
2033 | |
10/31/2033 | |
1001 Innovation Road | |
Rantoul | |
IL | |
— | |
Easton-Bell Sports, Inc. | |
Industrial | |
| 813,126 | | |
| 1,738 | | |
| 2,073 | | |
| - | | |
- |
| |
11/30/2033 | |
1331 Capitol Ave. | |
Omaha | |
NE | |
— | |
The Gavilon Group, LLC | |
Office | |
| 127,810 | | |
| 1,413 | | |
| 1,656 | | |
| - | | |
- |
| |
12/31/2033 | |
3000 Busch Lake Blvd. | |
Tampa | |
FL | |
— | |
BluePearl Holdings, LLC | |
Office | |
| 17,000 | | |
| 244 | | |
| 244 | | |
| - | | |
- |
| |
| |
2910 Busch Lake Blvd. | |
Tampa | |
FL | |
— | |
BluePearl Holdings, LLC | |
Office | |
| 2,500 | | |
| 27 | | |
| 27 | | |
| - | | |
- |
| |
| |
2950 Busch Lake Blvd. | |
Tampa | |
FL | |
— | |
BluePearl Holdings, LLC | |
Office | |
| 8,000 | | |
| 77 | | |
| 77 | | |
| - | | |
- |
| |
| |
19311 SH 249 | |
Houston | |
TX | |
— | |
BluePearl Holdings, LLC | |
Office | |
| 12,622 | | |
| 109 | | |
| 109 | | |
| - | | |
- |
2034 | |
9/30/2034 | |
5625 North Sloan Ln. | |
North Las Vegas | |
NV | |
— | |
Nicholas and Co., Inc. | |
Industrial | |
| 180,235 | | |
| 1,070 | | |
| 1,278 | | |
| - | | |
- |
LEXINGTON REALTY
TRUST
Property Leases
and Vacancies- Consolidated Portfolio - 6/30/2015
Year
of Lease Expiration | |
Date
of Lease Expiration
| |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Property
Type | |
Sq.Ft. Leased
or Available (1)
| | |
Cash Rent as
of 6/30/2015
($000) (2) | | |
GAAP Base
Rent as
of 6/30/2015 ($000)
(3) | | |
6/30/2015 Debt
Balance ($000)
| | |
Debt
Maturity |
LONG-TERM LEASE PROPERTIES | | |
| | | |
| | | |
| | | |
|
2035 | |
3/31/2035 | |
7007 F.M. 362 | |
Brookshire | |
TX | |
— | |
Orizon Industries, Inc. | |
Industrial | |
| 262,095 | | |
| 415 | | |
| 504 | | |
| - | | |
- |
| |
| |
13863 Industrial Road | |
Houston | |
TX | |
— | |
Curtis Kelly, Inc. | |
Industrial | |
| 187,800 | | |
| 528 | | |
| 642 | | |
| - | | |
- |
2038 | |
3/31/2038 | |
13901/14035 Industrial Rd. | |
Houston | |
TX | |
— | |
Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware)
LLC) | |
Land and Infrastructure | |
| 132,449 | | |
| 2,723 | | |
| 3,387 | | |
| - | | |
- |
2039 | |
3/31/2039 | |
854 Paragon Way | |
Rock Hill | |
SC | |
— | |
Physicians Choice Laboratory Services, LLC | |
Office | |
| 104,497 | | |
| 937 | | |
| 1,241 | | |
| - | | |
- |
2043 | |
2/28/2043 | |
1237 W. Sherman Avenue | |
Vineland | |
NJ | |
— | |
HealthSouth Rehabilitation Hospital of South Jersey, LLC (HealthSouth
Corporation) | |
Specialty | |
| 39,287 | | |
| 560 | | |
| 560 | | |
| - | | |
- |
2055 | |
1/31/2055 | |
499 Derbyshire Drive | |
Venice | |
FL | |
— | |
Littlestone Brotherhood LLC | |
Land and Infrastructure | |
| 31,180 | | |
| 564 | | |
| 851 | | |
| - | | |
- |
2112 | |
10/31/2112 | |
350 and 370-372 Canal St. | |
New York | |
NY | |
— | |
FC-Canal Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 2,465 | | |
| 7,445 | | |
| 69,298 | | |
01/2027 |
| |
| |
309-313 West 39th St. | |
New York | |
NY | |
— | |
LG-39 Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 2,876 | | |
| 8,686 | | |
| 80,856 | | |
01/2027 |
| |
| |
8-12 Stone St. | |
New York | |
NY | |
— | |
AL-Stone Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 2,250 | | |
| 6,795 | | |
| 63,247 | | |
01/2027 |
2113 | |
10/31/2113 | |
15 West 45th St. | |
New York | |
NY | |
— | |
ZE-45 Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 750 | | |
| 2,311 | | |
| 29,193 | | |
01/2025 |
N/A | |
Vacancy | |
333 Mt. Hope Ave. | |
Rockaway | |
NJ | |
— | |
(Available for Lease) | |
Office | |
| 32,068 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
| |
| |
810 Gears Rd. | |
Houston | |
TX | |
— | |
(Available for Lease) | |
Office | |
| 9,910 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
LONG TERM TOTAL/WEIGHTED
AVERAGE | |
| |
99.7% Leased | |
| |
| 12,437,770 | | |
$ | 60,258 | | |
$ | 80,509 | | |
$ | 418,825 | | |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies -
Consolidated Portfolio - 6/30/2015
Year
of Lease Expiration | |
Date
of Lease Expiration
| |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Sq.Ft.
Leased or
Available (1) | | |
Cash
Rent as
of 6/30/2015 ($000) (2) | | |
GAAP
Base Rent as
of 6/30/2015 ($000) (3) | | |
6/30/2015
Debt Balance ($000)
| | |
Debt
Maturity |
OFFICE PROPERTIES | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
|
|
2016 | |
1/31/2016 | |
1600 Eberhardt Rd. | |
Temple | |
TX | |
— | |
Nextel of Texas, Inc. (Nextel Finance
Company) | |
| 54,683 | | |
| 421 | | |
| 304 | | |
| 7,666 | | |
01/2016 |
| |
4/30/2016 | |
11511 Luna Rd. | |
Farmers Branch | |
TX | |
— | |
Haggar Clothing Co. (Texas Holding Clothing
Corporation and Haggar Corp.) | |
| 180,507 | | |
| 1,224 | | |
| 1,594 | | |
| 18,394 | | |
07/2016 |
| |
| |
2000 Eastman Dr. | |
Milford | |
OH | |
— | |
Siemens Corporation | |
| 221,215 | | |
| 1,243 | | |
| 1,159 | | |
| - | | |
- |
| |
5/31/2016 | |
1200 Jupiter Rd. | |
Garland | |
TX | |
— | |
Raytheon Company | |
| 278,759 | | |
| 753 | | |
| 865 | | |
| - | | |
- |
| |
7/14/2016 | |
1400 Northeast McWilliams Rd. | |
Bremerton | |
WA | |
— | |
Nextel West Corporation (Nextel Finance Company) | |
| 60,200 | | |
| 608 | | |
| 608 | | |
| 5,694 | | |
04/2016 |
| |
10/31/2016 | |
104 & 110 South Front St. | |
Memphis | |
TN | |
— | |
Hnedak Bobo Group, Inc. | |
| 37,229 | | |
| 259 | | |
| 251 | | |
| 3,589 | | |
01/2017 |
2017 | |
3/31/2017 | |
1701 Market St. | |
Philadelphia | |
PA | |
4 | |
Car-Tel Communications, Inc. | |
| 1,220 | | |
| 28 | | |
| 28 | | |
| - | | |
- |
| |
9/30/2017 | |
9201 East Dry Creek Rd. | |
Centennial | |
CO | |
— | |
Arrow Electronics, Inc. | |
| 128,500 | | |
| 1,737 | | |
| 1,516 | | |
| - | | |
- |
| |
10/31/2017 | |
4455 American Way | |
Baton Rouge | |
LA | |
— | |
New Cingular Wireless PCS, LLC | |
| 70,100 | | |
| 529 | | |
| 529 | | |
| - | | |
- |
| |
| |
5201 West Barraque St. | |
Pine Bluff | |
AR | |
— | |
Entergy Services, Inc. | |
| 27,189 | | |
| 96 | | |
| 134 | | |
| - | | |
- |
| |
11/30/2017 | |
6200 Northwest Pkwy. | |
San Antonio | |
TX | |
— | |
United HealthCare Services, Inc. / PacifiCare
Healthsystems, LLC | |
| 142,500 | | |
| 984 | | |
| 933 | | |
| - | | |
- |
2018 | |
1/31/2018 | |
820 Gears Rd. | |
Houston | |
TX | |
— | |
Ricoh Americas Corporation | |
| 78,895 | | |
| 529 | | |
| 577 | | |
| - | | |
- |
| |
2/28/2018 | |
850-950 Warrenville Rd. | |
Lisle | |
IL | |
— | |
Flexible Steel Lacing Company, d/b/a Flexco,
Inc. | |
| 7,535 | | |
| 46 | | |
| 46 | | |
| - | | |
- |
| |
4/30/2018 | |
Sandlake Rd./Kirkman Rd. | |
Orlando | |
FL | |
7 | |
Lockheed Martin Corporation | |
| 184,000 | | |
| 480 | | |
| 935 | | |
| - | | |
- |
| |
5/30/2018 | |
13651 McLearen Rd. | |
Herndon | |
VA | |
— | |
United States of America | |
| 159,644 | | |
| 1,772 | | |
| 1,701 | | |
| - | | |
- |
| |
5/31/2018 | |
8900 Freeport Pkwy. | |
Irving | |
TX | |
— | |
Pacific Union Financial, LLC. | |
| 43,396 | | |
| 439 | | |
| 392 | | |
| - | | |
- |
| |
6/30/2018 | |
100 Barnes Rd. | |
Wallingford | |
CT | |
— | |
3M Company | |
| 44,400 | | |
| 251 | | |
| 254 | | |
| - | | |
- |
| |
| |
420 Riverport Rd. | |
Kingsport | |
TN | |
— | |
Kingsport Power Company | |
| 42,770 | | |
| 155 | | |
| 64 | | |
| - | | |
- |
| |
8/31/2018 | |
2706 Media Center Dr. | |
Los Angeles | |
CA | |
— | |
Sony Electronics Inc. | |
| 20,203 | | |
| 115 | | |
| 570 | | |
| - | | |
- |
| |
| |
3500 North Loop Rd. | |
McDonough | |
GA | |
— | |
Litton Loan Servicing LP | |
| 62,218 | | |
| 649 | | |
| 459 | | |
| - | | |
- |
| |
9/30/2018 | |
1701 Market St. | |
Philadelphia | |
PA | |
4 | |
CBC Restaurant Corp. | |
| 8,070 | | |
| 112 | | |
| 106 | | |
| - | | |
- |
| |
10/31/2018 | |
3943 Denny Ave. | |
Pascagoula | |
MS | |
— | |
Huntington Ingalls Incorporated | |
| 94,841 | | |
| 296 | | |
| 296 | | |
| - | | |
- |
| |
12/22/2018 | |
5200 Metcalf Ave. | |
Overland Park | |
KS | |
— | |
Swiss Re America Holding Corporation / Westport
Insurance Corporation | |
| 320,198 | | |
| 2,562 | | |
| 2,578 | | |
| 34,435 | | |
05/2019 |
| |
12/31/2018 | |
2550 Interstate Dr. | |
Harrisburg | |
PA | |
9 | |
AT&T Services, Inc. / AXA Equitable Life
Insurance Company / Crump Life Insurance Services Inc. | |
| 87,718 | | |
| 586 | | |
| 633 | | |
| - | | |
- |
2019 | |
1/31/2019 | |
2999 Southwest 6th St. | |
Redmond | |
OR | |
— | |
VoiceStream PCS I, LLC / T-Mobile West Corporation
(T-Mobile USA, Inc.) | |
| 77,484 | | |
| 829 | | |
| 734 | | |
| - | | |
- |
| |
4/1/2019 | |
9201 Stateline Rd. | |
Kansas City | |
MO | |
— | |
Swiss Re America Holding Corporation / Westport
Insurance Corporation | |
| 155,925 | | |
| 1,195 | | |
| 1,195 | | |
| 16,416 | | |
05/2019 |
| |
6/19/2019 | |
3965 Airways Blvd. | |
Memphis | |
TN | |
— | |
Federal Express Corporation | |
| 521,286 | | |
| 3,486 | | |
| 3,507 | | |
| - | | |
- |
| |
6/28/2019 | |
3265 East Goldstone Dr. | |
Meridian | |
ID | |
— | |
VoiceStream PCS Holding, LLC / T-Mobile PCS
Holdings, LLC (T-Mobile USA, Inc.) | |
| 77,484 | | |
| 698 | | |
| 553 | | |
| 9,535 | | |
08/2019 |
| |
7/15/2019 | |
19019 North 59th Ave. | |
Glendale | |
AZ | |
— | |
Honeywell International Inc. | |
| 252,300 | | |
| 930 | | |
| 951 | | |
| - | | |
- |
| |
7/31/2019 | |
500 Jackson St. | |
Columbus | |
IN | |
— | |
Cummins, Inc. | |
| 390,100 | | |
| 2,295 | | |
| 2,270 | | |
| 23,105 | | |
07/2019 |
| |
10/31/2019 | |
10475 Crosspoint Blvd. | |
Indianapolis | |
IN | |
— | |
John Wiley & Sons, Inc. | |
| 123,416 | | |
| 1,126 | | |
| 1,134 | | |
| - | | |
- |
| |
| |
9601 Renner Blvd. | |
Lenexa | |
KS | |
— | |
VoiceStream PCS II Corporation (T-Mobile USA,
Inc.) | |
| 77,484 | | |
| 715 | | |
| 571 | | |
| 9,660 | | |
12/2019 |
| |
12/31/2019 | |
400 Butler Farm Rd. | |
Hampton | |
VA | |
— | |
Nextel Communications of the Mid-Atlantic,
Inc. (Nextel Finance Company) | |
| 100,632 | | |
| 493 | | |
| 503 | | |
| - | | |
- |
| |
| |
850-950 Warrenville Rd. | |
Lisle | |
IL | |
— | |
National-Louis University / James J. Benes
& Associates, Inc. | |
| 91,879 | | |
| 767 | | |
| 783 | | |
| 9,531 | | |
06/2016 |
2020 | |
1/31/2020 | |
10300 Kincaid Dr. | |
Fishers | |
IN | |
16 | |
Roche Diagnostics Operations, Inc. | |
| 193,000 | | |
| 1,761 | | |
| 1,712 | | |
| - | | |
- |
| |
2/14/2020 | |
5600 Broken Sound Blvd. | |
Boca Raton | |
FL | |
— | |
Canon Solutions America, Inc. (Oce - USA Holding,
Inc.) | |
| 143,290 | | |
| 1,163 | | |
| 1,122 | | |
| 19,747 | | |
02/2020 |
| |
5/31/2020 | |
2401 Cherahala Blvd. | |
Knoxville | |
TN | |
— | |
AdvancePCS, Inc. / CaremarkPCS, L.L.C. | |
| 59,748 | | |
| 367 | | |
| 387 | | |
| - | | |
- |
| |
6/30/2020 | |
10419 North 30th St. | |
Tampa | |
FL | |
— | |
Time Customer Service, Inc. (Time
Incorporated) | |
| 132,981 | | |
| 739 | | |
| 724 | | |
| - | | |
- |
| |
| |
3711 San Gabriel | |
Mission | |
TX | |
— | |
VoiceStream PCS II Corporation / T-Mobile
West Corporation | |
| 75,016 | | |
| 525 | | |
| 405 | | |
| - | | |
- |
| |
7/8/2020 | |
1460 Tobias Gadsen Blvd. | |
Charleston | |
SC | |
19 | |
Hagemeyer North America, Inc. | |
| 50,076 | | |
| 426 | | |
| 420 | | |
| 7,231 | | |
02/2021 |
| |
7/31/2020 | |
13775 McLearen Rd. | |
Herndon | |
VA | |
12 | |
Orange Business Services U.S., Inc. (Equant
N.V.) | |
| 132,617 | | |
| 738 | | |
| 788 | | |
| - | | |
- |
| |
8/31/2020 | |
133 First Park Dr. | |
Oakland | |
ME | |
— | |
Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | |
| 78,610 | | |
| 708 | | |
| 573 | | |
| 8,938 | | |
10/2020 |
| |
9/30/2020 | |
600 Business Center Dr. | |
Lake Mary | |
FL | |
— | |
JPMorgan Chase Bank, National Association | |
| 125,155 | | |
| 814 | | |
| 879 | | |
| - | | |
- |
| |
| |
9200 South Park Center Loop | |
Orlando | |
FL | |
— | |
Zenith Education Group, Inc. (ECMC Group, Inc.) | |
| 59,927 | | |
| 561 | | |
| 568 | | |
| 9,542 | | |
02/2017 |
| |
| |
550 International Parkway | |
Lake Mary | |
FL | |
— | |
JPMorgan Chase Bank, National Association | |
| 125,920 | | |
| 819 | | |
| 881 | | |
| - | | |
- |
| |
10/31/2020 | |
12209 West Markham St. | |
Little Rock | |
AR | |
— | |
Entergy Arkansas, Inc. | |
| 36,311 | | |
| 119 | | |
| 119 | | |
| - | | |
- |
2021 | |
1/31/2021 | |
1600 Eberhardt Rd. | |
Temple | |
TX | |
— | |
Nextel of Texas, Inc. (Nextel Finance Company) | |
| 54,117 | | |
| 416 | | |
| 300 | | |
| - | | |
- |
LEXINGTON REALTY TRUST
Property Leases and Vacancies -
Consolidated Portfolio - 6/30/2015
Year
of Lease Expiration | |
Date
of Lease Expiration
| |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Sq.Ft.
Leased or
Available (1) | | |
Cash
Rent as
of 6/30/2015 ($000) (2) | | |
GAAP
Base Rent as
of 6/30/2015 ($000) (3) | | |
6/30/2015
Debt Balance ($000)
| | |
Debt
Maturity |
OFFICE PROPERTIES | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
|
|
| |
| |
1701 Market St. | |
Philadelphia | |
PA | |
4, 10 | |
Morgan, Lewis & Bockius LLP / TruMark Financial
Credit Union | |
| 289,432 | | |
| 2,161 | | |
| 2,169 | | |
| - | | |
- |
| |
3/31/2021 | |
1311 Broadfield Blvd. | |
Houston | |
TX | |
— | |
Transocean Offshore Deepwater Drilling, Inc.
(Transocean Sedco Forex, Inc.) | |
| 155,040 | | |
| 1,318 | | |
| 1,312 | | |
| - | | |
- |
| |
6/30/2021 | |
1415 Wyckoff Rd. | |
Wall | |
NJ | |
— | |
New Jersey Natural Gas Company | |
| 157,511 | | |
| 1,656 | | |
| 1,656 | | |
| 18,834 | | |
01/2021 |
| |
8/31/2021 | |
333 Three D Systems Circle | |
Rock Hill | |
SC | |
— | |
3D Systems Corporation | |
| 82,669 | | |
| 334 | | |
| 344 | | |
| - | | |
- |
| |
11/30/2021 | |
29 South Jefferson Rd. | |
Whippany | |
NJ | |
— | |
CAE SimuFlite, Inc. (CAE INC.) | |
| 123,734 | | |
| 1,248 | | |
| 1,164 | | |
| 13,929 | | |
11/2021 |
| |
12/31/2021 | |
2800 Waterford Lake Dr. | |
Midlothian | |
VA | |
— | |
Alstom Power, Inc. | |
| 99,057 | | |
| 1,103 | | |
| 1,092 | | |
| - | | |
- |
2022 | |
1/31/2022 | |
26210 and 26220 Enterprise Court | |
Lake Forest | |
CA | |
— | |
Apria Healthcare, Inc. (Apria Healthcare Group,
Inc.) | |
| 100,012 | | |
| 664 | | |
| 600 | | |
| - | | |
- |
| |
4/30/2022 | |
4400 Northcorp Pkwy. | |
Palm Beach Gardens | |
FL | |
— | |
The Weiss Group, LLC | |
| 18,500 | | |
| 76 | | |
| 77 | | |
| - | | |
- |
| |
6/30/2022 | |
8555 South River Pkwy. | |
Tempe | |
AZ | |
— | |
DA Nanomaterials L.L.C./ Air Products and Chemicals,
Inc. | |
| 95,133 | | |
| 795 | | |
| 853 | | |
| - | | |
- |
| |
7/31/2022 | |
1440 E 15th Street | |
Tucson | |
AZ | |
— | |
CoxCom, LLC | |
| 28,591 | | |
| 273 | | |
| 273 | | |
| - | | |
- |
| |
11/30/2022 | |
4201 Marsh Ln. | |
Carrollton | |
TX | |
— | |
Carlson Restaurants Inc. (Carlson, Inc.) | |
| 130,000 | | |
| 1,009 | | |
| 933 | | |
| - | | |
- |
| |
12/31/2022 | |
147 Milk St. | |
Boston | |
MA | |
— | |
Atrius Health, Inc. | |
| 52,337 | | |
| 850 | | |
| 831 | | |
| 12,423 | | |
12/2018 |
| |
| |
231 N. Martingale Rd. | |
Schaumburg | |
IL | |
— | |
CEC Educational Services, LLC (Career Education
Corporation) | |
| 317,198 | | |
| 2,156 | | |
| 2,151 | | |
| - | | |
- |
2023 | |
2/28/2023 | |
2211 South 47th St. | |
Phoenix | |
AZ | |
— | |
Avnet, Inc. | |
| 176,402 | | |
| 1,102 | | |
| 1,348 | | |
| - | | |
- |
| |
3/31/2023 | |
8900 Freeport Pkwy. | |
Irving | |
TX | |
— | |
Nissan Motor Acceptance Corporation (Nissan
North America, Inc.) | |
| 225,049 | | |
| 1,795 | | |
| 1,713 | | |
| - | | |
- |
| |
12/14/2023 | |
3333 Coyote Hill Rd. | |
Palo Alto | |
CA | |
— | |
Xerox Corporation | |
| 202,000 | | |
| 3,535 | | |
| 3,321 | | |
| 51,049 | | |
12/2023 |
2024 | |
2/14/2024 | |
1362 Celebration Blvd. | |
Florence | |
SC | |
— | |
MED3000, Inc. | |
| 32,000 | | |
| 271 | | |
| 287 | | |
| - | | |
- |
| |
5/31/2024 | |
3476 Stateview Blvd. | |
Fort Mill | |
SC | |
— | |
Wells Fargo Bank, N.A. | |
| 169,083 | | |
| 902 | | |
| 975 | | |
| - | | |
- |
| |
| |
3480 Stateview Blvd. | |
Fort Mill | |
SC | |
— | |
Wells Fargo Bank, N.A. | |
| 169,218 | | |
| 903 | | |
| 1,013 | | |
| - | | |
- |
| |
8/31/2024 | |
10475 Crosspoint Blvd. | |
Indianapolis | |
IN | |
— | |
RGN-Indianapolis I, LLC | |
| 14,236 | | |
| 143 | | |
| 143 | | |
| - | | |
- |
| |
10/31/2024 | |
1409 Centerpoint Blvd. | |
Knoxville | |
TN | |
— | |
Alstom Power, Inc. | |
| 84,404 | | |
| 531 | | |
| 609 | | |
| - | | |
- |
| |
11/30/2024 | |
2050 Roanoke Rd. | |
Westlake | |
TX | |
— | |
TD Auto Finance LLC | |
| 77,906 | | |
| 847 | | |
| 937 | | |
| - | | |
- |
| |
12/31/2024 | |
12000 & 12025 Tech Center Dr. | |
Livonia | |
MI | |
— | |
Kelsey-Hayes Company (TRW Automotive Inc.) | |
| 180,230 | | |
| 787 | | |
| 845 | | |
| - | | |
- |
2025 | |
1/31/2025 | |
1401 Nolan Ryan Expy. | |
Arlington | |
TX | |
— | |
Triumph Aerostructures, LLC (Triumph Group,
Inc.) | |
| 111,409 | | |
| 813 | | |
| 809 | | |
| - | | |
- |
| |
2/28/2025 | |
6555 Sierra Dr. | |
Irving | |
TX | |
— | |
TXU Energy Retail Company, LLC (Texas Competitive
Electric Holdings Company, LLC) | |
| 247,254 | | |
| 1,516 | | |
| 1,423 | | |
| - | | |
- |
| |
| |
1401 Nolan Ryan Expy. | |
Arlington | |
TX | |
— | |
Cyient, Inc. (Infotech Enterprise Limited) | |
| 13,590 | | |
| 71 | | |
| 68 | | |
| - | | |
- |
| |
3/14/2025 | |
601 & 701 Experian Pkwy. | |
Allen | |
TX | |
— | |
Experian Information Solutions, Inc. / TRW,
Inc.(Experian Holdings, Inc.) | |
| 292,700 | | |
| 1,537 | | |
| 1,483 | | |
| - | | |
- |
| |
3/31/2025 | |
2706 Media Center Dr. | |
Los Angeles | |
CA | |
— | |
Bank of America, National Association / Sony
Electronics, Inc. | |
| 62,323 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
| |
6/30/2025 | |
2500 Patrick Henry Pkwy. | |
McDonough | |
GA | |
— | |
Georgia Power Company | |
| 111,911 | | |
| 651 | | |
| 617 | | |
| - | | |
- |
N/A | |
N/A | |
1701 Market St. | |
Philadelphia | |
PA | |
4 | |
Parking Operations | |
| 0 | | |
| 1,282 | | |
| 1,282 | | |
| - | | |
- |
| |
Vacancy | |
10475 Crosspoint Blvd. | |
Indianapolis | |
IN | |
— | |
(Available for Lease) | |
| 3,764 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
| |
| |
1701 Market St. | |
Philadelphia | |
PA | |
4 | |
(Available for Lease) | |
| 2,674 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
| |
| |
2050 Roanoke Rd. | |
Westlake | |
TX | |
— | |
(Available for Lease) | |
| 52,293 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
| |
| |
1401 Nolan Ryan Expy. | |
Arlington | |
TX | |
— | |
(Available for Lease) | |
| 36,809 | | |
| 13 | | |
| 13 | | |
| - | | |
- |
OFFICE TOTAL/WEIGHTED AVERAGE | |
| |
| |
| |
99.0% Leased | |
| 9,405,217 | | |
$ | 67,906 | | |
$ | 67,952 | | |
$ | 279,718 | | |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies -
Consolidated Portfolio - 6/30/2015
Year
of Lease Expiration | |
Date
of Lease Expiration
| |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Sq.
Ft. Leased or
Available (1) | | |
Cash
Rent as
of 6/30/2015 ($000) (2) | | |
GAAP
Base Rent as
of 6/30/2015 ($000) (3) | | |
6/30/2015
Debt Balance ($000)
| | |
Debt
Maturity |
INDUSTRIAL PROPERTIES | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2015 | |
12/31/2015 | |
749 Southrock Dr. | |
Rockford | |
IL | |
— | |
Jacobson Warehouse Company, Inc.
(Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.) | |
| 150,000 | | |
| 238 | | |
| 244 | | |
| - | | |
- |
2016 | |
2/28/2016 | |
7670 Hacks Cross Rd. | |
Olive Branch | |
MS | |
— | |
MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated) | |
| 268,104 | | |
| 477 | | |
| 411 | | |
| - | | |
- |
| |
3/31/2016 | |
2455 Premier Dr. | |
Orlando | |
FL | |
— | |
Walgreen Co. / Walgreen Eastern Co. | |
| 205,016 | | |
| 254 | | |
| 393 | | |
| - | | |
- |
| |
5/31/2016 | |
291 Park Center Dr. | |
Winchester | |
VA | |
— | |
Kraft Foods Group, Inc. | |
| 344,700 | | |
| 642 | | |
| 645 | | |
| - | | |
- |
| |
7/31/2016 | |
7111 Crabb Rd. | |
Temperance | |
MI | |
— | |
Michelin North America, Inc. | |
| 744,570 | | |
| 1,143 | | |
| 1,143 | | |
| - | | |
- |
| |
11/30/2016 | |
736 Addison Rd. | |
Erwin | |
NY | |
— | |
Corning, Incorporated | |
| 408,000 | | |
| 659 | | |
| 659 | | |
| 8,065 | | |
10/2018 |
| |
12/31/2016 | |
2935 Van Vactor Dr. | |
Plymouth | |
IN | |
— | |
Bay Valley Foods, LLC | |
| 300,500 | | |
| 421 | | |
| 409 | | |
| 5,868 | | |
09/2016 |
| |
| |
3686 South Central Ave. | |
Rockford | |
IL | |
— | |
Pierce Packaging Co. | |
| 93,000 | | |
| 151 | | |
| 151 | | |
| - | | |
- |
2017 | |
1/31/2017 | |
109 Stevens St. | |
Jacksonville | |
FL | |
7 | |
Wagner Industries, Inc. | |
| 164,526 | | |
| 171 | | |
| 171 | | |
| - | | |
- |
| |
2/28/2017 | |
3456 Meyers Ave. | |
Memphis | |
TN | |
— | |
Sears, Roebuck and Co. / Sears Logistics Services | |
| 780,000 | | |
| 796 | | |
| 847 | | |
| - | | |
- |
| |
4/30/2017 | |
3600 Army Post Rd. | |
Des Moines | |
IA | |
— | |
HP Enterprise Services, LLC | |
| 405,000 | | |
| 1,299 | | |
| 1,026 | | |
| - | | |
- |
| |
5/31/2017 | |
191 Arrowhead Dr. | |
Hebron | |
OH | |
— | |
Owens Corning Insulating Systems, LLC | |
| 250,410 | | |
| 276 | | |
| 276 | | |
| - | | |
- |
| |
| |
200 Arrowhead Dr. | |
Hebron | |
OH | |
— | |
Owens Corning Insulating Systems, LLC | |
| 400,522 | | |
| 441 | | |
| 439 | | |
| - | | |
- |
| |
6/30/2017 | |
7500 Chavenelle Rd. | |
Dubuque | |
IA | |
— | |
The McGraw-Hill Companies, Inc. | |
| 330,988 | | |
| 643 | | |
| 582 | | |
| 9,189 | | |
06/2017 |
| |
9/30/2017 | |
250 Swathmore Ave. | |
High Point | |
NC | |
— | |
Steelcase Inc. | |
| 244,851 | | |
| 566 | | |
| 543 | | |
| - | | |
- |
| |
10/31/2017 | |
1420 Greenwood Rd. | |
McDonough | |
GA | |
— | |
Versacold USA, Inc. | |
| 296,972 | | |
| 1,361 | | |
| 1,298 | | |
| 22,368 | | |
11/2017 |
| |
| |
43955 Plymouth Oaks Blvd. | |
Plymouth | |
MI | |
— | |
Tower Automotive Operations USA I, LLC /
Tower Automotive Products Inc. (Tower Automotive, Inc.) | |
| 290,133 | | |
| 689 | | |
| 737 | | |
| - | | |
- |
| |
12/31/2017 | |
2203 Sherrill Dr. | |
Statesville | |
NC | |
— | |
Ozburn-Hessey Logistics, LLC (OHH Acquisition
Corporation) | |
| 639,800 | | |
| 1,004 | | |
| 958 | | |
| - | | |
- |
2018 | |
6/30/2018 | |
1133 Poplar Creek Rd. | |
Henderson | |
NC | |
— | |
Staples, Inc. | |
| 196,946 | | |
| 406 | | |
| 385 | | |
| - | | |
- |
| |
| |
1650-1654 Williams Rd. | |
Columbus | |
OH | |
— | |
ODW Logistics, Inc. | |
| 772,450 | | |
| 673 | | |
| 671 | | |
| - | | |
- |
| |
9/30/2018 | |
50 Tyger River Dr. | |
Duncan | |
SC | |
— | |
Plastic Omnium Auto Exteriors, LLC | |
| 221,833 | | |
| 512 | | |
| 512 | | |
| - | | |
- |
| |
| |
904 Industrial Rd. | |
Marshall | |
MI | |
— | |
Tenneco Automotive Operating Company, Inc.
(Tenneco, Inc.) | |
| 246,508 | | |
| 421 | | |
| 349 | | |
| - | | |
- |
| |
12/31/2018 | |
120 Southeast Pkwy. Dr. | |
Franklin | |
TN | |
— | |
Essex Group, Inc. (United Technologies Corporation) | |
| 289,330 | | |
| 367 | | |
| 367 | | |
| - | | |
- |
2019 | |
10/17/2019 | |
10345 Philipp Pkwy. | |
Streetsboro | |
OH | |
— | |
L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.) | |
| 649,250 | | |
| 1,409 | | |
| 1,305 | | |
| 17,781 | | |
09/2019 |
| |
12/31/2019 | |
2415 US Hwy. 78 East | |
Moody | |
AL | |
— | |
Michelin North America, Inc. | |
| 595,346 | | |
| 683 | | |
| 704 | | |
| - | | |
- |
2020 | |
1/31/2020 | |
101 Michelin Dr. | |
Laurens | |
SC | |
— | |
Michelin North America, Inc. | |
| 1,164,000 | | |
| 1,694 | | |
| 1,694 | | |
| - | | |
- |
| |
3/31/2020 | |
2425 Hwy. 77 North | |
Waxahachie | |
TX | |
— | |
James Hardie Building Products, Inc. (James
Hardie NV & James Hardie Industries NV) | |
| 335,610 | | |
| 1,700 | | |
| 1,700 | | |
| - | | |
- |
| |
5/31/2020 | |
359 Gateway Dr. | |
Lavonia | |
GA | |
— | |
TI Group Automotive Systems, LLC (TI Automotive
Ltd.) | |
| 133,221 | | |
| 600 | | |
| 476 | | |
| 7,831 | | |
12/2020 |
| |
6/30/2020 | |
3102 Queen Palm Dr. | |
Tampa | |
FL | |
— | |
Time Customer Service, Inc. (Time Incorporated) | |
| 229,605 | | |
| 697 | | |
| 638 | | |
| - | | |
- |
| |
9/30/2020 | |
3350 Miac Cove Rd. | |
Memphis | |
TN | |
— | |
Mimeo.com, Inc. | |
| 107,400 | | |
| 219 | | |
| 204 | | |
| - | | |
- |
| |
12/19/2020 | |
1901 Ragu Dr. | |
Owensboro | |
KY | |
6 | |
Unilever Supply Chain, Inc. (Unilever United
States, Inc.) | |
| 443,380 | | |
| 598 | | |
| 746 | | |
| - | | |
- |
2021 | |
5/31/2021 | |
477 Distribution Pkwy. | |
Collierville | |
TN | |
— | |
Federal Express Corporation / FedEx Techconnect,
Inc. | |
| 126,213 | | |
| 413 | | |
| 374 | | |
| - | | |
- |
| |
9/30/2021 | |
3820 Micro Dr. | |
Millington | |
TN | |
— | |
Ingram Micro L.P. (Ingram Micro Inc.) | |
| 701,819 | | |
| 846 | | |
| 906 | | |
| - | | |
- |
| |
10/25/2021 | |
6938 Elm Valley Dr. | |
Kalamazoo | |
MI | |
— | |
Dana Commercial Vehicle Products, LLC (Dana
Holding Corporation and Dana Limited) | |
| 150,945 | | |
| 1,014 | | |
| 873 | | |
| - | | |
- |
| |
11/30/2021 | |
2880 Kenny Biggs Rd. | |
Lumberton | |
NC | |
— | |
Quickie Manufacturing Corporation | |
| 423,280 | | |
| 686 | | |
| 678 | | |
| - | | |
- |
2022 | |
3/31/2022 | |
5417 Campus Dr. | |
Shreveport | |
LA | |
— | |
The Tire Rack, Inc. | |
| 257,849 | | |
| 638 | | |
| 670 | | |
| - | | |
- |
2023 | |
12/31/2023 | |
1601 Pratt Ave. | |
Marshall | |
MI | |
— | |
Autocam Corporation | |
| 58,707 | | |
| 153 | | |
| 153 | | |
| - | | |
- |
2024 | |
4/30/2024 | |
113 Wells St. | |
North Berwick | |
ME | |
— | |
United Technologies Corporation | |
| 993,685 | | |
| 1,010 | | |
| 928 | | |
| 5,483 | | |
04/2019 |
| |
5/31/2024 | |
901 East Bingen Point Way | |
Bingen | |
WA | |
— | |
The Boeing Company | |
| 124,539 | | |
| 1,252 | | |
| 1,318 | | |
| - | | |
- |
2025 | |
6/30/2025 | |
10000 Business Blvd. | |
Dry Ridge | |
KY | |
— | |
Dana Light Axle Products, LLC (Dana Holding
Corporation and Dana Limited) | |
| 336,350 | | |
| 673 | | |
| 673 | | |
| - | | |
- |
| |
| |
301 Bill Bryan Rd. | |
Hopkinsville | |
KY | |
— | |
Metalsa Structural Products, Inc. / Dana Structural
Products, LLC (Dana Holding Corporation and Dana Limited) | |
| 424,904 | | |
| 844 | | |
| 844 | | |
| - | | |
- |
| |
| |
4010 Airpark Dr. | |
Owensboro | |
KY | |
— | |
Metalsa Structural Products, Inc. / Dana Structural
Products, LLC (Dana Holding Corporation and Dana Limited) | |
| 211,598 | | |
| 604 | | |
| 604 | | |
| - | | |
- |
| |
| |
730 North Black Branch Rd. | |
Elizabethtown | |
KY | |
— | |
Metalsa Structural Products, Inc. / Dana Structural
Products, LLC (Dana Holding Corporation and Dana Limited) | |
| 167,770 | | |
| 268 | | |
| 268 | | |
| - | | |
- |
| |
| |
750 North Black Branch Rd. | |
Elizabethtown | |
KY | |
— | |
Metalsa Structural Products, Inc. / Dana Structural
Products, LLC (Dana Holding Corporation and Dana Limited) | |
| 539,592 | | |
| 1,419 | | |
| 1,419 | | |
| - | | |
- |
N/A | |
Vacancy | |
109 Stevens St. | |
Jacksonville | |
FL | |
7 | |
(Available for Lease) | |
| 4,274 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
| |
| |
324 Industrial Park Rd. | |
Franklin | |
NC | |
11 | |
(Available for Lease) | |
| 72,868 | | |
| 150 | | |
| 150 | | |
| - | | |
- |
| |
| |
3350 Miac Cove Rd. | |
Memphis | |
TN | |
— | |
(Available for Lease) | |
| 32,679 | | |
| 0 | | |
| 0 | | |
| - | | |
- |
INDUSTRIAL TOTAL/WEIGHTED AVERAGE | |
| |
| |
| |
99.3% Leased | |
| 16,329,043 | | |
$ | 31,180 | | |
$ | 30,541 | | |
$ | 76,585 | | |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies -
Consolidated Portfolio - 6/30/2015
Year of Lease
Expiration | |
Date of Lease
Expiration | |
Property Location | |
City | |
State | |
Note | |
Primary Tenant | |
Sq.Ft. | | |
Percentage
Leased | | |
Cash
Rent as
of 6/30/2015 ($000)
(2) | | |
GAAP
Base Rent as
of 6/30/2015 ($000)
(3) | | |
6/30/2015
Debt Balance
($000) | | |
Debt Maturity |
MULTI-TENANT PROPERTIES (8,14) | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
|
|
|
|
|
Various | |
Various | |
100 Light St. | |
Baltimore | |
MD | |
13 | |
Multi-Tenant | |
| 476,459 | | |
| 94 | % | |
| 8,085 | | |
| 8,167 | | |
| 55,000 | | |
06/2023 |
| |
| |
13430 North Black Canyon Fwy. | |
Phoenix | |
AZ | |
— | |
Multi-Tenant | |
| 138,940 | | |
| 92 | % | |
| 1,207 | | |
| 1,203 | | |
| - | | |
- |
| |
| |
1501 Nolan Ryan Expy. | |
Arlington | |
TX | |
— | |
Multi-Tenant | |
| 74,739 | | |
| 0 | % | |
| - | | |
| - | | |
| - | | |
- |
| |
| |
180 South Clinton St. | |
Rochester | |
NY | |
— | |
Multi-Tenant | |
| 226,000 | | |
| 0 | % | |
| - | | |
| - | | |
| 17,234 | | |
08/2016 |
| |
| |
2210 Enterprise Dr. | |
Florence | |
SC | |
— | |
Caliber Funding, LLC | |
| 176,557 | | |
| 21 | % | |
| 362 | | |
| 346 | | |
| - | | |
- |
| |
| |
3165 McKelvey Rd. | |
Bridgeton | |
MO | |
— | |
BJC Health System | |
| 51,067 | | |
| 50 | % | |
| 217 | | |
| 201 | | |
| - | | |
- |
| |
| |
4200 Northcorp Pkwy. | |
Palm Beach Gardens | |
FL | |
— | |
Multi-Tenant | |
| 95,065 | | |
| 100 | % | |
| 527 | | |
| 528 | | |
| - | | |
- |
| |
| |
6050 Dana Way | |
Antioch | |
TN | |
— | |
Multi-Tenant | |
| 674,528 | | |
| 96 | % | |
| 924 | | |
| 911 | | |
| - | | |
- |
| |
| |
700 US Hwy. Route 202-206 | |
Bridgewater | |
NJ | |
— | |
Multi-Tenant | |
| 115,558 | | |
| 0 | % | |
| - | | |
| - | | |
| 14,118 | | |
03/2016 |
| |
| |
275 Technology Dr. | |
Canonsburg | |
PA | |
— | |
Multi-Tenant | |
| 107,872 | | |
| 0 | % | |
| - | | |
| - | | |
| - | | |
- |
| |
| |
King St./1042 Fort St. Mall | |
Honolulu | |
HI | |
— | |
Multi-Tenant | |
| 77,459 | | |
| 64 | % | |
| 377 | | |
| 377 | | |
| - | | |
- |
| |
| |
26555 Northwestern Pkwy. | |
Southfield | |
MI | |
11 | |
Multi-Tenant | |
| 359,645 | | |
| 0 | % | |
| 97 | | |
| 216 | | |
| - | | |
- |
| |
| |
33 Commercial St. | |
Foxboro | |
MA | |
11 | |
Multi-Tenant | |
| 164,689 | | |
| 0 | % | |
| 3,270 | | |
| 3,727 | | |
| - | | |
- |
MULTI-TENANT TOTAL/WEIGHTED
AVERAGE | |
| |
| |
| |
52.3% Leased | |
| 2,738,578 | | |
| | | |
$ | 15,066 | | |
$ | 15,676 | | |
$ | 86,352 | | |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies -
Consolidated Portfolio - 6/30/2015
Year of Lease
Expiration | |
Date of Lease
Expiration | |
Property Location | |
City | |
State | |
Note | |
Primary Tenant (Guarantor) | |
Sq.Ft.
Leased or Available (1) | | |
Cash
Rent as
of 6/30/2015 ($000) (2) | | |
GAAP
Base Rent as
of 6/30/2015 ($000) (3) | | |
6/30/2015
Debt Balance ($000)
| | |
Debt Maturity |
RETAIL/SPECIALTY PROPERTIES | |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
|
|
|
|
2016 | |
5/31/2016 | |
6910 South Memorial Hwy. | |
Tulsa | |
OK | |
— | |
Toys “R” Us, Inc. / Toys "R" Us-Delaware,
Inc. | |
| 43,123 | | |
| 128 | | |
| 128 | | |
| - | | |
- |
2017 | |
6/30/2017 | |
1600 East 23rd St. | |
Chattanooga | |
TN | |
— | |
BI-LO, LLC | |
| 42,130 | | |
| 64 | | |
| 64 | | |
| - | | |
- |
| |
12/31/2017 | |
11411 North Kelly Ave. | |
Oklahoma City | |
OK | |
— | |
American Golf Corporation | |
| 13,924 | | |
| 237 | | |
| 162 | | |
| - | | |
- |
2018 | |
2/26/2018 | |
4831 Whipple Ave., Northwest | |
Canton | |
OH | |
— | |
Best Buy Co., Inc. | |
| 46,350 | | |
| 232 | | |
| 232 | | |
| - | | |
- |
| |
2/28/2018 | |
291 Talbert Blvd. | |
Lexington | |
NC | |
— | |
Food Lion, LLC / Delhaize America, Inc. | |
| 23,000 | | |
| 69 | | |
| 69 | | |
| - | | |
- |
| |
| |
3211 West Beverly St. | |
Staunton | |
VA | |
— | |
Food Lion, LLC / Delhaize America, Inc. | |
| 23,000 | | |
| 83 | | |
| 83 | | |
| - | | |
- |
| |
7/1/2018 | |
1053 Mineral Springs Rd. | |
Paris | |
TN | |
— | |
The Kroger Co. | |
| 31,170 | | |
| 80 | | |
| 84 | | |
| - | | |
- |
| |
9/30/2018 | |
835 Julian Ave. | |
Thomasville | |
NC | |
— | |
Mighty Dollar, LLC | |
| 23,767 | | |
| 39 | | |
| 39 | | |
| - | | |
- |
| |
10/31/2018 | |
130 Midland Ave. | |
Port Chester | |
NY | |
— | |
A&P Real Property, LLC (Pathmark Stores, Inc.) | |
| 59,613 | | |
| 229 | | |
| 488 | | |
| - | | |
- |
| |
| |
5104 North Franklin Rd. | |
Lawrence | |
IN | |
— | |
Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC | |
| 28,721 | | |
| 97 | | |
| 97 | | |
| - | | |
- |
| |
12/31/2018 | |
1150 West Carl Sandburg Dr. | |
Galesburg | |
IL | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 94,970 | | |
| 21 | | |
| 164 | | |
| 471 | | |
07/2018 |
| |
| |
12080 Carmel Mountain Rd. | |
San Diego | |
CA | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 107,210 | | |
| 24 | | |
| 376 | | |
| 535 | | |
07/2018 |
| |
| |
21082 Pioneer Plaza Dr. | |
Watertown | |
NY | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 120,727 | | |
| 36 | | |
| 241 | | |
| 790 | | |
07/2018 |
| |
| |
255 Northgate Dr. | |
Manteca | |
CA | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 107,489 | | |
| 38 | | |
| 278 | | |
| 840 | | |
07/2018 |
| |
| |
5350 Leavitt Rd. | |
Lorain | |
OH | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 193,193 | | |
| 54 | | |
| 366 | | |
| 1,189 | | |
07/2018 |
| |
| |
97 Seneca Trail | |
Fairlea | |
WV | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 90,933 | | |
| 25 | | |
| 173 | | |
| 555 | | |
07/2018 |
2019 | |
3/31/2019 | |
B.E.C. 45th St./Lee Blvd. | |
Lawton | |
OK | |
— | |
Associated Wholesale Grocers, Inc. / Safeway, Inc. | |
| 30,757 | | |
| 93 | | |
| 94 | | |
| - | | |
- |
| |
12/31/2019 | |
1066 Main St. | |
Forest Park | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 14,859 | | |
| 100 | | |
| 100 | | |
| - | | |
- |
| |
| |
1698 Mountain Industrial Blvd. | |
Stone Mountain | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 5,704 | | |
| 48 | | |
| 48 | | |
| - | | |
- |
| |
| |
201 West Main St. | |
Cumming | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 14,208 | | |
| 99 | | |
| 99 | | |
| - | | |
- |
| |
| |
2223 North Druid Hills Rd. | |
Atlanta | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 6,260 | | |
| 56 | | |
| 56 | | |
| - | | |
- |
| |
| |
4545 Chamblee – Dunwoody Rd. | |
Dunwoody | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 4,565 | | |
| 44 | | |
| 44 | | |
| - | | |
- |
| |
| |
825 Southway Dr. | |
Jonesboro | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 4,894 | | |
| 39 | | |
| 39 | | |
| - | | |
- |
| |
| |
956 Ponce de Leon Ave. | |
Atlanta | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 3,900 | | |
| 39 | | |
| 39 | | |
| - | | |
- |
2023 | |
2/28/2023 | |
733 East Main St. | |
Jefferson | |
NC | |
— | |
Food Lion, LLC / Delhaize America, Inc. | |
| 34,555 | | |
| 80 | | |
| 78 | | |
| - | | |
- |
N/A | |
Vacancy | |
1084 East Second St. | |
Franklin | |
OH | |
11 | |
(Available for Lease) | |
| 29,119 | | |
| 0 | | |
| 735 | | |
| - | | |
- |
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE | |
| |
97.6% Leased | |
|
|
|
|
| 1,198,141 | | |
$ | 2,054 | | |
$ | 4,376 | | |
$ | 4,380 | | |
|
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE | |
| |
96.2% Leased | |
|
|
|
|
| 42,108,749 | | |
$ | 176,464 | | |
$ | 199,054 | | |
$ | 865,860 | | |
|
Footnotes
1 |
Square foot leased or available. |
2 |
Six months ended 6/30/2015 cash rent. |
3 |
Six months ended 6/30/2015 GAAP base rent. |
4 |
Lexington has an 87.5% interest in this property and acquired the remaining 12.5% interest subsequent to 6/30/2015. |
5 |
20,000 square feet is leased to 5/31/2023. |
6 |
Lexington has a 71.1% interest in this property. |
7 |
Property disposed subsequent to 6/30/2015. |
8 |
Multi-tenant properties are properties less than 50% leased to a single tenant. |
9 |
Includes 23,535 square feet leased to 10/31/2025. |
10 |
Includes 2,641 square feet leased to TruMark Financial Credit Union through 5/31/2025. |
11 |
Cash and GAAP rent amounts represent/include prior tenant. |
12 |
24,824 square feet is leased to 7/31/2025. |
13 |
Includes parking operations. |
14 |
The multi-tenanted properties incurred approximately $7.2 million in operating expenses, net for the six months ended 6/30/2015. |
15 |
Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026. |
16 |
Subsequent to 6/30/2015, tenant terminated its lease effective 1/31/2017 for a cash payment of $2.0 million received in July 2015 and an additional $2.0 million is due in 2017. |
17 |
Educational Policy Improvement Center lease for 10,791 square feet expires 11/2019; however, space is then leased to Oregon Research Institute through 11/2027. |
18 |
Baker Hughes Incorporated lease expires 09/2015; however, new tenant (Schlumberger Holdings Corp.) lease expires 09/2025. |
19 |
Subsequent to 6/30/2015, tenant terminated its lease effective 7/8/2016 for a cash payment of $1.5 million. |
LEXINGTON REALTY TRUST
Select Credit Metrics
| |
6/30/2014 | | |
6/30/2015 | |
| |
| | |
| |
Company FFO Payout Ratio | |
| 60.7 | % | |
| 63.0 | % |
| |
| | | |
| | |
Unencumbered Assets (1) | |
| $2.94 billion | | |
| $3.26 billion | |
| |
| | | |
| | |
Unencumbered NOI | |
| 59.6 | % | |
| 68.7 | % |
| |
| | | |
| | |
(Debt + Preferred) / Gross Assets | |
| 44.4 | % | |
| 43.6 | % |
| |
| | | |
| | |
Debt/Gross Assets | |
| 42.5 | % | |
| 41.7 | % |
| |
| | | |
| | |
Market Cap Leverage | |
| 44.8 | % | |
| 49.7 | % |
| |
| | | |
| | |
Secured Debt / Gross Assets | |
| 19.8 | % | |
| 17.1 | % |
| |
| | | |
| | |
Net Debt / EBITDA | |
| 6.3 | x | |
| 6.4 | x |
| |
| | | |
| | |
(Net Debt + Preferred) / EBITDA | |
| 6.6 | x | |
| 6.7 | x |
| |
| | | |
| | |
Credit Facilities Availability (2) | |
| $383.9 million | | |
| $297.0 million | |
| |
| | | |
| | |
Development / Gross Assets | |
| 1.2 | % | |
| 3.0 | % |
| |
| | | |
| | |
EBITDA / Revenue | |
| 74.4 | % | |
| 71.2 | % |
| |
| | | |
| | |
EBITDA / (PrefDiv + Interest Expense) | |
| 3.2 | x | |
| 3.2 | x |
| |
| | | |
| | |
(JV + Advisory Income) / Revenues | |
| 0.4 | % | |
| 0.3 | % |
Footnotes
(1) Includes loans receivable.
(2) Subject to covenant compliance.
LEXINGTON REALTY TRUST
Historical Credit Metrics Summary
| |
2011 | | |
2012 | | |
2013 | | |
2014 | |
| |
| | |
| | |
| | |
| |
Company FFO Payout Ratio | |
| 48.5 | % | |
| 56.1 | % | |
| 60.3 | % | |
| 60.8 | % |
| |
| | | |
| | | |
| | | |
| | |
Unencumbered Assets (1)(2) | |
| $1.15 billion | | |
| $1.76 billion | | |
| $2.59 billion | | |
| $2.87 billion | |
| |
| | | |
| | | |
| | | |
| | |
Unencumbered NOI (1) | |
| 25.9 | % | |
| 34.5 | % | |
| 55.3 | % | |
| 59.9 | % |
| |
| | | |
| | | |
| | | |
| | |
(Debt + Preferred) / Gross Assets | |
| 48.7 | % | |
| 46.6 | % | |
| 43.0 | % | |
| 44.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Debt/Gross Assets | |
| 40.9 | % | |
| 41.1 | % | |
| 41.1 | % | |
| 42.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Market Cap Leverage | |
| 52.5 | % | |
| 46.6 | % | |
| 45.4 | % | |
| 43.7 | % |
| |
| | | |
| | | |
| | | |
| | |
Secured Debt / Gross Assets (1) | |
| 31.9 | % | |
| 30.9 | % | |
| 23.9 | % | |
| 19.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Net Debt / EBITDA | |
| 5.5 | x | |
| 6.5 | x | |
| 6.4 | x | |
| 5.7 | x |
| |
| | | |
| | | |
| | | |
| | |
(Net Debt + Preferred) / EBITDA | |
| 6.6 | x | |
| 7.3 | x | |
| 6.7 | x | |
| 6.0 | x |
| |
| | | |
| | | |
| | | |
| | |
Credit Facilities Availability (3) | |
| $294.3 million | | |
| $296.3 million | | |
| $443.4 million | | |
| $385.4 million | |
| |
| | | |
| | | |
| | | |
| | |
Development / Gross Assets | |
| 0.9 | % | |
| 1.6 | % | |
| 1.6 | % | |
| 2.4 | % |
| |
| | | |
| | | |
| | | |
| | |
EBITDA / Revenue | |
| 77.0 | % | |
| 76.5 | % | |
| 74.4 | % | |
| 71.8 | % |
| |
| | | |
| | | |
| | | |
| | |
EBITDA / (PrefDiv + Interest Expense) | |
| 2.3 | x | |
| 2.4 | x | |
| 3.1 | x | |
| 3.1 | x |
| |
| | | |
| | | |
| | | |
| | |
(JV + Advisory Income or (loss)) / Revenues | |
| 8.5 | % | |
| 4.4 | % | |
| 0.5 | % | |
| 0.4 | % |
Footnotes:
(1) Revolving credit facility and term loans are currently
unsecured thus all periods reflect such borrowings as unsecured.
(2) Includes loans receivable.
(3) Subject to covenant compliance.
LEXINGTON REALTY TRUST
FINANCIAL COVENANTS (1)
Corporate Level Debt
Bank Loans: | |
Must be: | |
6/30/2015 |
| |
| |
| |
|
| |
Maximum Leverage | |
< 60% | |
49.7% |
| |
Interest Coverage | |
> 1.5X | |
3.4X |
| |
Fixed Charge Coverage | |
> 1.4X | |
2.3X |
| |
Recourse Secured Indebtedness Ratio | |
< 10% cap value | |
0.4% |
| |
Secured Indebtedness Ratio | |
< 45% | |
20.4% |
| |
Minimum Net Worth | |
> $2.1 billion | |
$2.7 billion |
| |
Distribution Limit | |
< 95% FFO | |
77.3% |
| |
Floating Rate Debt | |
< 35% | |
10.9% |
| |
Unsecured Debt Service Coverage | |
> 2.0X | |
4.4X |
| |
Borrowing Base Assets Leverage | |
< 60% | |
46.2% |
| |
Restricted Payments | |
< $20 million | |
$1.2 million |
| |
| |
| |
|
| |
Permitted Investments: | |
| |
|
A | |
Joint Venture Investments | |
< 25% cap value | |
1.3% |
B | |
Raw Land | |
< 10% cap value | |
0.0% |
C | |
Construction/Development in Process | |
< 15% cap value | |
5.1% |
D | |
Notes Receivable | |
< 10% cap value | |
2.5% |
E | |
Ground Leases | |
< 20% cap value | |
11.4% |
| |
Sum of A through E | |
< 40% cap value | |
20.3% |
| |
Sum of B through D | |
< 25% cap value | |
7.6% |
| |
| |
| |
|
Bonds: |
| |
| |
| |
|
| |
Debt to Total Assets | |
< 60% | |
42.8% |
| |
Secured Debt to Total Assets | |
< 40% | |
17.5% |
| |
Debt Service Coverage | |
> 1.5X | |
3.9X |
| |
Unencumbered Assets to Unsecured Debt | |
> 150% | |
274.5% |
Footnotes
(1) As defined in respective loan/bond agreements.
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and
Notes Payable
6/30/2015
Property | |
Footnotes | |
Debt Balance ($000) | | |
Interest Rate (%) | | |
Maturity (a) | |
Current Estimated Annual Debt Service ($000) (d) | | |
Balloon Payment ($000) | |
Mortgages with Balloons | |
| |
| | | |
| | | |
| |
| | | |
| | |
Temple, TX | |
| |
$ | 7,666 | | |
| 6.090 | % | |
01/2016 | |
$ | 356 | | |
$ | 7,463 | |
Bridgewater, NJ | |
(b) | |
| 14,118 | | |
| 5.732 | % | |
03/2016 | |
| 1,443 | | |
| 13,825 | |
Omaha, NE | |
| |
| 7,684 | | |
| 5.610 | % | |
04/2016 | |
| 450 | | |
| 7,560 | |
Bremerton, WA | |
| |
| 5,694 | | |
| 6.090 | % | |
04/2016 | |
| 344 | | |
| 5,479 | |
Tempe, AZ | |
| |
| 7,257 | | |
| 5.610 | % | |
04/2016 | |
| 425 | | |
| 7,140 | |
Byhalia, MS | |
(j) | |
| 15,000 | | |
| 4.710 | % | |
06/2016 | |
| 714 | | |
| 15,000 | |
Lisle, IL | |
| |
| 9,531 | | |
| 6.500 | % | |
06/2016 | |
| 779 | | |
| 9,377 | |
Farmers Branch, TX | |
| |
| 18,394 | | |
| 5.939 | % | |
07/2016 | |
| 1,139 | | |
| 18,363 | |
Rochester, NY | |
(b) | |
| 17,234 | | |
| 6.210 | % | |
08/2016 | |
| 1,960 | | |
| 16,765 | |
Glenwillow, OH | |
| |
| 15,466 | | |
| 6.130 | % | |
09/2016 | |
| 1,240 | | |
| 15,132 | |
Plymouth, IN | |
| |
| 5,868 | | |
| 6.315 | % | |
09/2016 | |
| 497 | | |
| 5,723 | |
Tomball, TX | |
| |
| 8,535 | | |
| 6.063 | % | |
11/2016 | |
| 683 | | |
| 8,041 | |
Memphis, TN | |
| |
| 3,589 | | |
| 5.710 | % | |
01/2017 | |
| 275 | | |
| 3,484 | |
Huntington, WV | |
| |
| 6,500 | | |
| 4.150 | % | |
02/2017 | |
| 270 | | |
| 6,500 | |
Orlando, FL | |
| |
| 9,542 | | |
| 5.722 | % | |
02/2017 | |
| 696 | | |
| 9,309 | |
Dubuque, IA | |
| |
| 9,189 | | |
| 5.402 | % | |
06/2017 | |
| 733 | | |
| 8,727 | |
Shreveport, LA | |
| |
| 19,000 | | |
| 5.690 | % | |
07/2017 | |
| 1,099 | | |
| 19,000 | |
McDonough, GA | |
| |
| 22,368 | | |
| 6.110 | % | |
11/2017 | |
| 1,674 | | |
| 21,651 | |
Erwin, NY | |
| |
| 8,065 | | |
| 5.910 | % | |
10/2018 | |
| 728 | | |
| 6,637 | |
Boston, MA | |
| |
| 12,423 | | |
| 6.100 | % | |
12/2018 | |
| 996 | | |
| 11,520 | |
Overland Park, KS | |
| |
| 34,435 | | |
| 5.891 | % | |
05/2019 | |
| 2,657 | | |
| 31,812 | |
Kansas City, MO | |
| |
| 16,416 | | |
| 5.883 | % | |
05/2019 | |
| 1,268 | | |
| 15,179 | |
Columbus, IN | |
| |
| 23,105 | | |
| 2.210 | % | |
07/2019 | |
| 4,742 | | |
| 4,993 | |
Meridian, ID | |
| |
| 9,535 | | |
| 6.010 | % | |
08/2019 | |
| 753 | | |
| 7,675 | |
Streetsboro, OH | |
| |
| 17,781 | | |
| 5.749 | % | |
09/2019 | |
| 1,344 | | |
| 16,338 | |
Lenexa, KS | |
| |
| 9,660 | | |
| 6.270 | % | |
12/2019 | |
| 774 | | |
| 7,770 | |
Boca Raton, FL | |
| |
| 19,747 | | |
| 6.470 | % | |
02/2020 | |
| 1,542 | | |
| 18,414 | |
Oakland, ME | |
| |
| 8,938 | | |
| 5.930 | % | |
10/2020 | |
| 750 | | |
| 7,660 | |
Lavonia, GA | |
| |
| 7,831 | | |
| 5.460 | % | |
12/2020 | |
| 741 | | |
| 5,895 | |
Charleston, SC | |
| |
| 7,231 | | |
| 5.850 | % | |
02/2021 | |
| 520 | | |
| 6,632 | |
Whippany, NJ | |
| |
| 13,929 | | |
| 6.298 | % | |
11/2021 | |
| 1,344 | | |
| 10,400 | |
Baltimore, MD | |
| |
| 55,000 | | |
| 4.320 | % | |
06/2023 | |
| 2,443 | | |
| 47,676 | |
New York, NY | |
| |
| 29,193 | | |
| 4.100 | % | |
01/2025 | |
| 1,217 | | |
| 29,193 | |
Chester, SC | |
| |
| 9,012 | | |
| 5.380 | % | |
08/2025 | |
| 1,144 | | |
| 362 | |
New York, NY | |
(e) | |
| 213,401 | | |
| 4.660 | % | |
01/2027 | |
| 10,190 | | |
| 200,632 | |
Lenexa, KS | |
| |
| 37,488 | | |
| 3.700 | % | |
11/2027 | |
| 3,027 | | |
| 10,000 | |
Subtotal/Wtg. Avg./Years Remaining (l) | |
| |
$ | 735,825 | | |
| 5.112 | % | |
6.5 | |
$ | 50,957 | | |
$ | 637,327 | |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and
Notes Payable
6/30/2015
Property | |
Footnotes | |
Debt Balance ($000) | | |
Interest Rate (%) | | |
Maturity (a) | |
Current Estimated Annual Debt Service ($000) (d) | | |
Balloon Payment ($000) | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Full Amortizing Mortgages | |
| |
| | | |
| | | |
| |
| | | |
| | |
Lorain, OH | |
| |
| 1,189 | | |
| 7.750 | % | |
07/2018 | |
| 108 | | |
| - | |
Manteca, CA | |
| |
| 840 | | |
| 7.750 | % | |
07/2018 | |
| 77 | | |
| - | |
Watertown, NY | |
| |
| 790 | | |
| 7.750 | % | |
07/2018 | |
| 72 | | |
| - | |
Fairlea, WV | |
| |
| 555 | | |
| 7.750 | % | |
07/2018 | |
| 51 | | |
| - | |
San Diego, CA | |
| |
| 535 | | |
| 7.750 | % | |
07/2018 | |
| 49 | | |
| - | |
Galesburg, IL | |
| |
| 471 | | |
| 7.750 | % | |
07/2018 | |
| 43 | | |
| - | |
North Berwick, ME | |
| |
| 5,483 | | |
| 3.560 | % | |
04/2019 | |
| 1,532 | | |
| - | |
Wall, NJ | |
| |
| 18,834 | | |
| 6.250 | % | |
01/2021 | |
| 3,774 | | |
| - | |
Palo Alto, CA | |
| |
| 51,049 | | |
| 3.970 | % | |
12/2023 | |
| 7,059 | | |
| - | |
Long Island City, NY | |
| |
| 50,289 | | |
| 3.500 | % | |
03/2028 | |
| 4,538 | | |
| - | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Subtotal/Wtg. Avg./Years Remaining (l) | |
| |
$ | 130,035 | | |
| 4.229 | % | |
9.3 | |
$ | 17,303 | | |
$ | - | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Subtotal/Wtg. Avg./Years Remaining (l) | |
| |
$ | 865,860 | | |
| 4.979 | % | |
6.9 | |
$ | 68,260 | | |
$ | 637,327 | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Corporate (k) | |
| |
| | | |
| | | |
| |
| | | |
| | |
Revolving Credit Facility | |
| |
$ | 93,000 | | |
| 1.336 | % | |
02/2017 | |
$ | 1,260 | | |
$ | 93,000 | |
Term Loan | |
| |
| 250,000 | | |
| 2.442 | % | |
02/2018 | |
| 6,190 | | |
| 250,000 | |
Term Loan | |
| |
| 255,000 | | |
| 3.173 | % | |
01/2019 | |
| 8,204 | | |
| 255,000 | |
Senior Notes | |
(h) | |
| 250,000 | | |
| 4.250 | % | |
06/2023 | |
| 10,625 | | |
| 250,000 | |
Senior Notes | |
(f) | |
| 250,000 | | |
| 4.400 | % | |
06/2024 | |
| 11,000 | | |
| 250,000 | |
Convertible Notes | |
(i)(c) | |
| 12,800 | | |
| 6.000 | % | |
01/2030 | |
| 768 | | |
| 12,800 | |
Trust Preferred Notes | |
(g) | |
| 129,120 | | |
| 6.804 | % | |
04/2037 | |
| 8,785 | | |
| 129,120 | |
Subtotal/Wtg. Avg./Years Remaining (l) | |
| |
$ | 1,239,920 | | |
| 3.760 | % | |
7.0 | |
$ | 46,832 | | |
$ | 1,239,920 | |
Total/Wtg. Avg./Years Remaining (l) | |
| |
$ | 2,105,780 | | |
| 4.261 | % | |
7.0 | |
$ | 115,092 | | |
$ | 1,877,247 | |
Footnotes
| (a) | Subtotal and total based on weighted-average term to maturity (or put dates) shown in years based on debt balance. |
| (c) | Represents full payable of notes; discount of $336 excluded from balance. |
| (d) | Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months. |
| (e) | Loan is cross-collateralized on three properties. |
| (f) | Represents full payable of notes; discount of $261 excluded from balance. |
| (g) | Rate fixed through 04/2017; thereafter, LIBOR plus 170 bps. |
| (h) | Represents full payable of notes; discount of $1,928 excluded from balance. |
| (i) | Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25. |
| (j) | Property was expanded. Mortgage is recourse during expansion and Lexington was not released from the guaranty as of 6/30/2015. |
| (l) | Total shown may differ from detailed amounts due to rounding. |
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages
& Notes Payable
6/30/2015
Joint Venture | |
Debt Balance ($000) | | |
LXP Proportionate Share ($000) (3) | | |
Interest Rate (%) | | |
Maturity | |
Current Estimated Annual Debt Service ($000) | | |
Balloon Payment ($000) | | |
Proportionate Share Balloon Payment ($000) (3) | |
Rehab Humble Lessee | |
$ | 14,495 | | |
$ | 2,174 | | |
| 4.700 | % | |
05/2017 | |
$ | 950 | | |
$ | 13,982 | | |
$ | 2,097 | |
Gan Palm Beach Lessee | |
| 14,618 | | |
| 3,654 | | |
| 3.700 | % | |
03/2018 | |
| 842 | | |
| 13,768 | | |
| 3,442 | |
BP Lessee | |
| 18,791 | | |
| 2,819 | | |
| 4.010 | % | |
11/2018 | |
| 764 | | |
| 18,791 | | |
| 2,819 | |
Total/Wtg. Avg. (1)/Years Remaining (2) | |
$ | 47,904 | | |
$ | 8,647 | | |
| 4.052 | % | |
2.7 | |
$ | 2,556 | | |
$ | 46,541 | | |
$ | 8,358 | |
Footnotes
| (1) | Weighted-average interest rate based on proportionate share. |
| (2) | Weighted-average years remaining on maturities based on proportionate debt balance. |
| (3) | Total balance shown may differ from detailed amounts due to rounding. |
LEXINGTON REALTY TRUST
Debt Maturity Schedule
6/30/2015
($000)
Consolidated Properties |
Year | |
Mortgage Scheduled Amortization | | |
Mortgage Balloon Payments | | |
Corporate Debt | |
2015 - remaining | |
$ | 12,796 | | |
$ | - | | |
$ | - | |
2016 | |
| 27,258 | | |
| 129,868 | | |
| - | |
2017 | |
| 27,774 | | |
| 68,671 | | |
| 105,800 | |
2018 | |
| 27,488 | | |
| 18,157 | | |
| 250,000 | |
2019 | |
| 23,604 | | |
| 83,767 | | |
| 255,000 | |
| |
$ | 118,920 | | |
$ | 300,463 | | |
$ | 610,800 | |
Non-Consolidated Investments - LXP Proportionate Share |
Year | |
Mortgage Scheduled Amortization | | |
Mortgage Balloon Payments | | |
| |
2015 - remaining | |
$ | 56 | | |
$ | - | | |
| | |
2016 | |
| 118 | | |
| - | | |
| | |
2017 | |
| 94 | | |
| 2,097 | | |
| | |
2018 | |
| 21 | | |
| 6,261 | | |
| | |
2019 | |
| - | | |
| - | | |
| | |
| |
$ | 289 | | |
$ | 8,358 | | |
| | |
Footnotes
| (1) | Percentage denotes weighted-average interest rate. |
LEXINGTON REALTY TRUST
Mortgage Loans Receivable
6/30/2015
Collateral | |
| | |
| | |
| |
Current | | |
| | |
| |
| |
City | |
State | |
Loan
Balance ($000)(1) | | |
Interest
Rate | | |
Maturity
Date | |
Estimated
Annual Debt
Service ($000)(2) | | |
Balloon
Payment ($000) | | |
Escrow
Balance ($000) | |
Office | |
Westmont (3) | |
IL | |
$ | 12,469 | | |
| 6.45 | % | |
10/2015 | |
$ | - | | |
$ | 25,731 | | |
$ | 2,555 | |
| |
Oklahoma City (4) | |
OK | |
| 8,474 | | |
| 11.50 | % | |
10/2015 | |
| 315 | | |
| 8,420 | | |
| - | |
Retail | |
Various | |
Various | |
| 968 | | |
| 8.00 | % | |
02/2021 | |
| 219 | | |
| - | | |
| - | |
| |
Various | |
Various | |
| 449 | | |
| 8.00 | % | |
12/2021 | |
| 94 | | |
| - | | |
| - | |
| |
Various | |
Various | |
| 585 | | |
| 8.00 | % | |
03/2022 | |
| 112 | | |
| - | | |
| - | |
Hospital | |
Kennewick | |
WA | |
| 85,364 | | |
| 9.00 | % | |
05/2022 | |
| 7,438 | | |
| 87,245 | | |
| - | |
| |
Total Mortgage
Loans Receivable | |
| |
$ | 108,309 | | |
| | | |
| |
$ | 8,178 | | |
$ | 121,396 | | |
$ | 2,555 | |
Footnotes
(1) Includes accrued interest receivable, loan losses, and net
origination fees.
(2) Remaining collections for debt less than 12 months to maturity,
all others are debt service for next 12 months.
(3) Escrow balance includes $2.5 million in a collateral securities
account maintained by the borrowers. Borrowers are in default, and Lexington commenced foreclosure proceedings. Tenant in property
terminated the lease effective 11/30/2013 for a termination payment of $1.3 million. Loan balance includes $13.9 million loan loss.
(4) Short-term loan to joint venture partner.
LEXINGTON REALTY TRUST
Partnership Interests
Six months ended June 30, 2015
($000)
Noncontrolling Interest Properties - Partners' Proportionate Share (1) | |
| | |
| |
| | |
EBITDA | |
$ | 232 | |
Interest expense | |
$ | 23 | |
Depreciation and amortization | |
$ | 229 | |
| |
| | |
Non-Consolidated Net Leased Real Estate - Lexington's Share | |
| | |
| |
| | |
EBITDA | |
$ | 1,935 | |
Interest expense | |
$ | 330 | |
Footnotes
(1) Excludes discontinued operations and OP unit
noncontrolling interests.
LEXINGTON REALTY TRUST
Selected Balance Sheet and Income Statement
Account Data
6/30/2015
($000)
Balance Sheet | |
| |
| |
| |
Other assets | |
$ | 26,113 | |
| |
| | |
The components of other assets are: | |
| | |
| |
| | |
Deposits | |
$ | 6,839 | |
Equipment | |
| 135 | |
Prepaids | |
| 2,562 | |
Other receivables | |
| 1,245 | |
Deferred lease incentives | |
| 15,147 | |
Deferred tax asset | |
| 61 | |
Other | |
| 124 | |
| |
| | |
Accounts payable and other liabilities | |
| | |
| |
| | |
The components of accounts payable and other liabilities are: | |
$ | 43,070 | |
| |
| | |
Accounts payable and accrued expenses | |
$ | 14,603 | |
CIP accruals and other | |
| 10,553 | |
Taxes | |
| 1,790 | |
Deferred lease and loan costs | |
| 7,062 | |
Subordinated notes | |
| 2,789 | |
Deposits | |
| 1,093 | |
Escrows | |
| 1,387 | |
Transaction / build-to-suit costs | |
| 1,567 | |
Interest rate swap derivative liability | |
| 2,226 | |
| |
| | |
Income Statement - Six months ended June 30, 2015 | |
| | |
| |
| | |
Non-cash interest expense, net | |
$ | (444 | ) |
Investor Information
Computershare |
Overnight Correspondence: |
PO Box 30170 |
211 Quality Circle, Suite 210 |
College Station, TX 77842-3170 |
College Station, TX, 77845 |
(800) 850-3948 |
|
www-us.computershare.com/investor |
|
Patrick Carroll |
|
Executive Vice President and Chief Financial Officer |
Telephone (direct) |
(212) 692-7215 |
Facsimile (main) |
(212) 594-6600 |
E-mail |
pcarroll@lxp.com |
Bank of America/Merrill Lynch |
|
|
KeyBanc Capital Markets Inc. |
|
James Feldman |
(646) 855-5808 |
|
Craig Mailman |
(917) 368-2316 |
|
|
|
|
|
Barclays Capital |
|
|
Ladenburg Thalmann & Co., Inc. |
|
Ross L. Smotrich |
(212) 526-2306 |
|
Daniel P. Donlan |
(212) 409-2056 |
|
|
|
|
|
Evercore Partners |
|
|
Stifel Nicolaus |
|
Sheila K. McGrath |
(212) 497-0882 |
|
John W. Guinee |
(443) 224-1307 |
|
|
|
|
|
J.P. Morgan Chase |
|
|
Wells Fargo Securities, LLC |
|
Anthony Paolone |
(212) 622-6682 |
|
Todd J. Stender |
(212) 214-8067 |
|
|
|
|
|
Jeffries & Company, Inc. |
|
|
|
|
Omotayo Okusanya |
(212) 336-7076 |
|
|
|
Appendix
A
Land, Infrastructure & Credit Tenant
Finance Group
Supplemental Operating and Financial
Data
June 30, 2015
LAND, INFRASTRUCTURE & CREDIT TENANT
FINANCE GROUP
SUPPLEMENTAL REPORTING PACKAGE
June 30, 2015
Table of Contents
Section |
|
Page |
|
|
|
Portfolio Data |
|
|
Balance Sheet, Income Statement and Company FFO/FAD |
|
A-3 |
Select Data |
|
A-4 |
Top 10 Tenants or Guarantors |
|
A-5 |
Property Leases and Vacancies – Consolidated Portfolio |
|
A-6 |
Mortgages and Notes Payable |
|
A-7 |
New York Leased Land Portfolio Projected Cash Flows |
|
A-8 |
LAND, INFRASTRUCTURE, & CREDIT TENANT
FINANCE GROUP
Balance Sheet, Income Statement and Company
FFO/FAD
6/30/2015
($000)
Balance Sheet | |
| | |
| |
| | |
Land | |
$ | 321,448 | |
Buildings, improvements and real estate intangibles, net | |
| 320,199 | |
| |
| | |
Cash | |
| 1,845 | |
Deferred - accounts receivable | |
| 54,837 | |
Other assets | |
| 19,790 | |
Total Assets | |
$ | 718,119 | |
| |
| | |
Mortgages payable | |
$ | 437,377 | |
Other liabilities | |
| 4,862 | |
Total Liabilities | |
| 442,239 | |
| |
| | |
Equity | |
| 275,880 | |
Total Liabilities and Equity | |
$ | 718,119 | |
| |
| | |
Income Statement and Company FFO/FAD | |
| | |
| |
| | |
Revenue: | |
| | |
Rental | |
$ | 45,577 | |
Other | |
| 444 | |
| |
| | |
Expenses: | |
| | |
Depreciation and amortization | |
| (11,081 | ) |
Property operating | |
| (1,090 | ) |
Interest | |
| (9,279 | ) |
Other | |
| (52 | ) |
Net Income | |
| 24,519 | |
| |
| | |
Adjustments: | |
| | |
Depreciation and amortization | |
| 11,081 | |
Other/transaction costs | |
| 172 | |
Company FFO | |
| 35,772 | |
| |
| | |
GAAP to Cash rent adjustment | |
| (17,999 | ) |
Tenant improvements | |
| (8 | ) |
| |
| | |
Company FAD | |
$ | 17,765 | |
LAND, INFRASTRUCTURE, & CREDIT TENANT
FINANCE GROUP
Select Data
6/30/2015
($000)
Other Revenue Data
| |
GAAP Base Rent | |
| |
Six months ended | |
Asset Class
| |
6/30/15 (1) | | |
6/30/15
Percentage | |
Land and Infrastructure | |
$ | 30,644 | | |
| 67.2 | % |
Office | |
| 10,298 | | |
| 22.6 | % |
Industrial | |
| 3,771 | | |
| 8.3 | % |
Specialty | |
| 864 | | |
| 1.9 | % |
| |
$ | 45,577 | | |
| 100.0 | % |
Credit Ratings (2) | |
GAAP Base Rent | |
| |
Six months ended | |
| |
6/30/15 (1) | | |
6/30/15
Percentage | |
Investment Grade | |
$ | 14,177 | | |
| 31.1 | % |
Non-Investment Grade | |
| 1,061 | | |
| 2.3 | % |
Unrated | |
| 30,339 | | |
| 66.6 | % |
| |
$ | 45,577 | | |
| 100.0 | % |
Weighted-Average Lease Term - Cash Basis
|
|
|
|
As of 6/30/15 with
Lease Term End at
First Purchase Option |
|
|
As of 6/30/15 |
|
Date |
|
|
37.5 years |
|
15.5 years |
Base Rent Estimates for Current Assets
Year | |
Cash (3) | | |
GAAP (3) | | |
Projected Straight-Line / GAAP Adjustment | |
2015 - remaining | |
$ | 28,023 | | |
$ | 45,881 | | |
$ | (17,858 | ) |
2016 | |
$ | 56,504 | | |
$ | 91,762 | | |
$ | (35,258 | ) |
Footnotes
| (1) | Six months ended 6/30/2015 GAAP base rent recognized for consolidated properties owned as of 6/30/2015. |
| (2) | Credit ratings are based upon either tenant, guarantor or parent. |
| (3) | Amounts assume (1) lease terms for non-cancellable periods only and (2) no new or renegotiated leases are entered into after
6/30/2015. |
LAND, INFRASTRUCTURE, & CREDIT TENANT
FINANCE GRIOUP
Top 10 Tenants or Guarantors
6/30/2015
Top 10 Tenants or Guarantors - Cash Basis
Tenants or Guarantors | |
Number of Leases | |
Sq. Ft. Leased | | |
Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | | |
Cash Base Rent as of 6/30/2015 ($000) (1) | | |
Percent of Cash Base Rent as of 6/30/2015 ($000) (1) (2) | |
Xerox Corporation | |
1 | |
| 202,000 | | |
| 8.7 | % | |
$ | 3,535 | | |
| 12.8 | % |
LG-39 Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 2,876 | | |
| 10.4 | % |
United States of America | |
1 | |
| 169,585 | | |
| 7.3 | % | |
| 2,794 | | |
| 10.1 | % |
Industrial Terminals Management, L.L.C. | |
1 | |
| 132,449 | | |
| 5.7 | % | |
| 2,723 | | |
| 9.9 | % |
FC-Canal Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 2,465 | | |
| 8.9 | % |
FedEx Corporation | |
1 | |
| 140,330 | | |
| 6.0 | % | |
| 2,385 | | |
| 8.6 | % |
Cummins, Inc. | |
1 | |
| 390,100 | | |
| 16.8 | % | |
| 2,295 | | |
| 8.3 | % |
AL-Stone Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 2,250 | | |
| 8.2 | % |
New Jersey Natural Gas Company | |
1 | |
| 157,511 | | |
| 6.8 | % | |
| 1,656 | | |
| 6.0 | % |
United Technologies Corporation | |
1 | |
| 993,685 | | |
| 42.7 | % | |
| 1,010 | | |
| 3.7 | % |
| |
10 | |
| 2,185,660 | | |
| 93.9 | % | |
$ | 23,989 | | |
| 87.0 | % |
Top 10 Tenants or Guarantors - GAAP Basis
Tenants or Guarantors | |
Number of Leases | |
Sq. Ft. Leased | | |
Sq. Ft. Leased as a Percent of Consolidated Portfolio (2) | | |
GAAP Base Rent as of 6/30/2015 ($000) (3) | | |
Percent of GAAP Base Rent as of 6/30/2015 ($000) (3) (2) | |
LG-39 Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
$ | 8,686 | | |
| 19.1 | % |
FC-Canal Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 7,445 | | |
| 16.3 | % |
AL-Stone Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 6,795 | | |
| 14.9 | % |
Industrial Terminals Management, L.L.C. | |
1 | |
| 132,449 | | |
| 5.7 | % | |
| 3,387 | | |
| 7.4 | % |
Xerox Corporation | |
1 | |
| 202,000 | | |
| 8.7 | % | |
| 3,321 | | |
| 7.3 | % |
United States of America | |
1 | |
| 169,585 | | |
| 7.3 | % | |
| 3,051 | | |
| 6.7 | % |
FedEx Corporation | |
1 | |
| 140,330 | | |
| 6.0 | % | |
| 2,568 | | |
| 5.6 | % |
ZE-45 Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 2,311 | | |
| 5.1 | % |
Cummins, Inc. | |
1 | |
| 390,100 | | |
| 16.8 | % | |
| 2,270 | | |
| 5.0 | % |
New Jersey Natural Gas Company | |
1 | |
| 157,511 | | |
| 6.8 | % | |
| 1,656 | | |
| 3.6 | % |
| |
10 | |
| 1,191,975 | | |
| 51.2 | % | |
| 41,490 | | |
| 91.0 | % |
Footnotes
| (1) | Six months ended 6/30/2015 cash base rent recognized for consolidated properties owned as of 6/30/2015. |
| (2) | Total shown may differ from detailed amounts due to rounding. |
| (3) | Six months ended 6/30/2015 GAAP base rent recognized for consolidated properties owned as of 6/30/2015. |
LAND, INFRASTRUCTURE
AND CREDIT TENANT FINANCE GROUP
Property Leases and Vacancies - Consolidated Portfolio -
6/30/2015
Date
of Lease Expiration
| |
Property
Location | |
City | |
State | |
Note | | |
Primary
Tenant (Guarantor) | |
Property
Type | |
Sq.Ft.
Leased or Available
(1) | | |
Cash
Rent as of
6/30/2015
($000) (2) | | |
GAAP
Base Rent
as of 6/30/2015 ($000)
(3) | | |
6/30/2015
Debt Balance ($000) | |
| |
| |
| |
| |
| | |
| |
| |
| | |
| | |
| | |
| |
12/31/2017 | |
11411 North Kelly Ave. | |
Oklahoma City | |
OK | |
| — | | |
American Golf Corporation | |
Specialty | |
| 13,924 | | |
| 237 | | |
| 162 | | |
| - | |
7/31/2019 | |
500 Jackson St. | |
Columbus | |
IN | |
| — | | |
Cummins, Inc. | |
Office | |
| 390,100 | | |
| 2,295 | | |
| 2,270 | | |
| 23,105 | |
6/30/2021 | |
1415 Wyckoff Rd. | |
Wall | |
NJ | |
| — | | |
New Jersey Natural Gas Company | |
Office | |
| 157,511 | | |
| 1,656 | | |
| 1,656 | | |
| 18,834 | |
12/14/2023 | |
3333 Coyote Hill Rd. | |
Palo Alto | |
CA | |
| — | | |
Xerox Corporation | |
Office | |
| 202,000 | | |
| 3,535 | | |
| 3,321 | | |
| 51,049 | |
4/30/2024 | |
113 Wells St. | |
North Berwick | |
ME | |
| — | | |
United Technologies Corporation | |
Industrial | |
| 993,685 | | |
| 1,010 | | |
| 928 | | |
| 5,483 | |
12/31/2025 | |
1700 47th Ave North | |
Minneapolis | |
MN | |
| — | | |
Owens Corning Roofing and Asphalt, LLC | |
Industrial | |
| 18,620 | | |
| 275 | | |
| 275 | | |
| - | |
8/31/2026 | |
25500 State Hwy. 249 | |
Tomball | |
TX | |
| — | | |
Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin) | |
Specialty | |
| 77,076 | | |
| 718 | | |
| 702 | | |
| 8,535 | |
10/31/2027 | |
11201 Renner Blvd. | |
Lenexa | |
KS | |
| — | | |
United States of America | |
Office | |
| 169,585 | | |
| 2,794 | | |
| 3,051 | | |
| 37,488 | |
3/31/2028 | |
29-01-Borden Ave./29-10 Hunters Point Ave. | |
Long Island City | |
NY | |
| — | | |
FedEx Ground Package System, Inc. (FedEx Corporation) | |
Industrial | |
| 140,330 | | |
| 2,385 | | |
| 2,568 | | |
| 50,289 | |
1/31/2029 | |
175 Holt Garrison Pkwy. | |
Danville | |
VA | |
| — | | |
Home Depot USA, Inc. | |
Land and Infrastructure | |
| 0 | | |
| 130 | | |
| 108 | | |
| - | |
4/30/2032 | |
13930 Pike Rd. | |
Missouri City | |
TX | |
| — | | |
Vulcan Construction Materials, LP (Vulcan Materials Company) | |
Land and Infrastructure | |
| 0 | | |
| 915 | | |
| 1,061 | | |
| - | |
3/31/2038 | |
13901/14035 Industrial Rd. | |
Houston | |
TX | |
| — | | |
Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware)
LLC) | |
Land and Infrastructure | |
| 132,449 | | |
| 2,723 | | |
| 3,387 | | |
| - | |
1/31/2055 | |
499 Derbyshire Drive | |
Venice | |
FL | |
| — | | |
Littlestone Brotherhood LLC | |
Land and Infrastructure | |
| 31,180 | | |
| 564 | | |
| 851 | | |
| - | |
10/31/2112 | |
350 and 370-372 Canal St. | |
New York | |
NY | |
| — | | |
FC-Canal Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 2,465 | | |
| 7,445 | | |
| 69,298 | |
| |
309-313 West 39th St. | |
New York | |
NY | |
| — | | |
LG-39 Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 2,876 | | |
| 8,686 | | |
| 80,856 | |
| |
8-12 Stone St. | |
New York | |
NY | |
| — | | |
AL-Stone Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 2,250 | | |
| 6,795 | | |
| 63,247 | |
10/31/2113 | |
15 West 45th St. | |
New York | |
NY | |
| — | | |
ZE-45 Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 750 | | |
| 2,311 | | |
| 29,193 | |
| |
| |
| |
| |
| | | |
100% Leased | |
| |
| 2,326,460 | | |
$ | 27,578 | | |
$ | 45,577 | | |
$ | 437,377 | |
Footnotes
(1) Square feet leased or available.
(2) Six months ended 6/30/2015 cash rent.
(3) Six months ended 6/30/2015 GAAP rent.
LAND, INFRASTRUCTURE & CREDIT TENANT
FINANCE GROUP
Mortgages and Notes Payable
6/30/2015
Property | |
Footnotes | |
Debt Balance ($000) | | |
Interest Rate (%) | | |
Maturity (a) | |
Current Estimated Annual Debt Service ($000) | | |
Balloon Payment ($000) | |
Tomball, TX | |
| |
$ | 8,535 | | |
| 6.063 | % | |
11/2016 | |
$ | 683 | | |
$ | 8,041 | |
North Berwick, ME | |
| |
| 5,483 | | |
| 3.560 | % | |
04/2019 | |
| 1,532 | | |
| - | |
Columbus, IN | |
| |
| 23,105 | | |
| 2.210 | % | |
07/2019 | |
| 4,742 | | |
| 4,993 | |
Wall, NJ | |
| |
| 18,834 | | |
| 6.250 | % | |
01/2021 | |
| 3,774 | | |
| - | |
Palo Alto, CA | |
| |
| 51,049 | | |
| 3.970 | % | |
12/2023 | |
| 7,059 | | |
| - | |
New York, NY | |
| |
| 29,193 | | |
| 4.100 | % | |
01/2025 | |
| 1,217 | | |
| 29,193 | |
New York, NY | |
(b) | |
| 213,401 | | |
| 4.660 | % | |
01/2027 | |
| 10,190 | | |
| 200,632 | |
Lenexa, KS | |
| |
| 37,488 | | |
| 3.700 | % | |
11/2027 | |
| 3,027 | | |
| 10,000 | |
Long Island City, NY | |
| |
| 50,289 | | |
| 3.500 | % | |
03/2028 | |
| 4,538 | | |
| - | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Total/Wtg. Avg./Years Remaining (c) | |
| |
$ | 437,377 | | |
| 4.279 | % | |
10.3 | |
$ | 36,762 | | |
$ | 252,859 | |
Footnotes
| (a) | Total based on weighted-average term to maturity shown in years based on debt balance. |
| (b) | Loan is cross-collateralized on three properties. |
| (c) | Total shown may differ from detailed amounts due to rounding. |
LAND, INFRASTRUCTURE & CREDIT TENANT
FINANCE GROUP
New York Leased Land Portfolio (1)
Projected Cash Flows ($000)
Aggregate Acquisition Cost: | |
$ | 332,426 | | |
Rent Escalations: | |
| 2 | % |
| |
| | | |
| |
| | |
Aggregate Financing (2): | |
$ | 242,693 | | |
Assumed CPI: | |
| 2 | % |
| |
| | | |
| |
| | |
Initial Equity: | |
$ | 89,733 | | |
| |
| | |
Year | |
Annual Cash Rent | | |
Debt Service (3) | | |
Net Cash Flow | | |
Yield on Equity | |
| |
| | |
| | |
| | |
| |
1 | |
$ | 16,383 | | |
$ | 10,867 | | |
$ | 5,516 | | |
| 6.1 | % |
2 | |
| 16,711 | | |
| 11,336 | | |
| 5,375 | | |
| 6.0 | % |
3 | |
| 17,045 | | |
| 11,473 | | |
| 5,572 | | |
| 6.2 | % |
4 | |
| 17,386 | | |
| 11,610 | | |
| 5,776 | | |
| 6.4 | % |
5 | |
| 17,733 | | |
| 11,743 | | |
| 5,990 | | |
| 6.7 | % |
6 | |
| 18,088 | | |
| 11,874 | | |
| 6,214 | | |
| 6.9 | % |
7 | |
| 18,450 | | |
| 11,995 | | |
| 6,455 | | |
| 7.2 | % |
8 | |
| 18,819 | | |
| 12,115 | | |
| 6,704 | | |
| 7.5 | % |
9 | |
| 19,195 | | |
| 12,230 | | |
| 6,965 | | |
| 7.8 | % |
10 | |
| 19,579 | | |
| 12,343 | | |
| 7,236 | | |
| 8.1 | % |
11 | |
| 19,971 | | |
| 12,692 | | |
| 7,279 | | |
| 8.1 | % |
12 | |
| 20,370 | | |
| 12,793 | | |
| 7,577 | | |
| 8.4 | % |
13 | |
| 20,778 | | |
| 12,888 | | |
| 7,890 | | |
| 8.8 | % |
14 | |
| 21,193 | | |
| 11,490 | | |
| 9,703 | | |
| 10.8 | % |
15 | |
| 21,617 | | |
| 11,491 | | |
| 10,126 | | |
| 11.3 | % |
16 | |
| 22,049 | | |
| 11,491 | | |
| 10,558 | | |
| 11.8 | % |
17 | |
| 22,490 | | |
| 11,491 | | |
| 10,999 | | |
| 12.3 | % |
18 | |
| 22,940 | | |
| 11,491 | | |
| 11,449 | | |
| 12.8 | % |
19 | |
| 23,399 | | |
| 11,491 | | |
| 11,908 | | |
| 13.3 | % |
20 | |
| 23,867 | | |
| 11,491 | | |
| 12,376 | | |
| 13.8 | % |
21 | |
| 24,344 | | |
| 11,491 | | |
| 12,853 | | |
| 14.3 | % |
22 | |
| 24,831 | | |
| 11,491 | | |
| 13,340 | | |
| 14.9 | % |
23 | |
| 25,328 | | |
| 11,491 | | |
| 13,837 | | |
| 15.4 | % |
24 | |
| 25,834 | | |
| 11,491 | | |
| 14,343 | | |
| 16.0 | % |
25 | |
| 26,351 | | |
| 11,491 | | |
| 14,860 | | |
| 16.6 | % |
| |
| | | |
| | | |
| | | |
| | |
Residual Value (4) | |
| | | |
| | | |
| 491,537 | | |
| | |
TOTAL | |
$ | 524,751 | | |
$ | 293,850 | | |
$ | 722,438 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Leveraged Internal Rate of Return | | |
| | | |
|
|
|
|
| 11.3 | % |
Footnotes
| (1) | Includes four long-term leased land properties located in New York City. |
| (2) | The properties are encumbered with an initial aggregate $242.7 million of non-recourse mortgages. $213.5 million at 4.66% matures
January 2027 and $29.2 million at 4.1% matures January 2025. |
| (3) | Debt assumed refinanced at 5% interest only. |
| (4) | Purchase option less projected debt. |
LAND, INFRASTRUCTURE & CREDIT TENANT
FINANCE GROUP
New York Leased Land Portfolio (1)
Projected Cash Flows ($000)
Aggregate Acquisition Cost: | |
$ | 332,426 | | |
Rent Escalations: | |
| 2 | % |
| |
| | | |
| |
| | |
Aggregate Financing (2): | |
$ | 242,693 | | |
Assumed CPI: | |
| 3 | % |
| |
| | | |
| |
| | |
Initial Equity: | |
$ | 89,733 | | |
| |
| | |
Year | |
Annual Cash Rent | | |
Debt Service (3) | | |
Net Cash Flow | | |
Yield on Equity | |
| |
| | |
| | |
| | |
| |
1 | |
| 16,383 | | |
| 10,867 | | |
| 5,516 | | |
| 6.1 | % |
2 | |
| 16,711 | | |
| 11,336 | | |
| 5,375 | | |
| 6.0 | % |
3 | |
| 17,045 | | |
| 11,473 | | |
| 5,572 | | |
| 6.2 | % |
4 | |
| 17,386 | | |
| 11,610 | | |
| 5,776 | | |
| 6.4 | % |
5 | |
| 17,733 | | |
| 11,743 | | |
| 5,990 | | |
| 6.7 | % |
6 | |
| 18,088 | | |
| 11,874 | | |
| 6,214 | | |
| 6.9 | % |
7 | |
| 18,450 | | |
| 11,995 | | |
| 6,455 | | |
| 7.2 | % |
8 | |
| 18,819 | | |
| 12,115 | | |
| 6,704 | | |
| 7.5 | % |
9 | |
| 19,195 | | |
| 12,230 | | |
| 6,965 | | |
| 7.8 | % |
10 | |
| 19,579 | | |
| 12,343 | | |
| 7,236 | | |
| 8.1 | % |
11 | |
| 22,017 | | |
| 12,692 | | |
| 9,325 | | |
| 10.4 | % |
12 | |
| 22,458 | | |
| 12,793 | | |
| 9,665 | | |
| 10.8 | % |
13 | |
| 22,907 | | |
| 12,888 | | |
| 10,019 | | |
| 11.2 | % |
14 | |
| 23,365 | | |
| 11,490 | | |
| 11,875 | | |
| 13.2 | % |
15 | |
| 23,832 | | |
| 11,491 | | |
| 12,341 | | |
| 13.8 | % |
16 | |
| 24,309 | | |
| 11,491 | | |
| 12,818 | | |
| 14.3 | % |
17 | |
| 24,795 | | |
| 11,491 | | |
| 13,304 | | |
| 14.8 | % |
18 | |
| 25,291 | | |
| 11,491 | | |
| 13,800 | | |
| 15.4 | % |
19 | |
| 25,797 | | |
| 11,491 | | |
| 14,306 | | |
| 15.9 | % |
20 | |
| 26,313 | | |
| 11,491 | | |
| 14,822 | | |
| 16.5 | % |
21 | |
| 29,590 | | |
| 11,491 | | |
| 18,099 | | |
| 20.2 | % |
22 | |
| 30,181 | | |
| 11,491 | | |
| 18,690 | | |
| 20.8 | % |
23 | |
| 30,785 | | |
| 11,491 | | |
| 19,294 | | |
| 21.5 | % |
24 | |
| 31,401 | | |
| 11,491 | | |
| 19,910 | | |
| 22.2 | % |
25 | |
| 32,029 | | |
| 11,491 | | |
| 20,538 | | |
| 22.9 | % |
| |
| | | |
| | | |
| | | |
| | |
Residual Value (4) | |
| | | |
| | | |
| 410,428 | | |
| | |
TOTAL | |
$ | 574,459 | | |
$ | 293,850 | | |
$ | 691,037 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Leveraged Internal Rate of Return | | |
| | | |
|
|
|
|
| 11.4 | % |
Footnotes
| (1) | Includes four long-term leased land properties located in New York. |
| (2) | The properties are encumbered with an initial aggregate $242.7 million of non-recourse mortgages. $213.5 million at 4.66% matures
January 2027 and $29.2 million at 4.1% matures January 2025. |
| (3) | Debt assumed refinanced at 5% interest only. |
| (4) | Purchase option less projected debt. |
Exhibit 99.2
Lexington Realty Trust Participants:
Gabriela Reyes -
Lexington Realty Trust - Investor Relations
Will
Eglin - Lexington Realty Trust - CEO,
Patrick
Carroll - Lexington Realty Trust - CFO
Third-Party Participants:
Sheila McGrath
- Evercore ISI - Analyst
Tony
Paolone - JPMorgan - Analyst
Craig
Mailman - Keybanc Capital Markets - Analyst
John
Guinee - Stifel Nicolaus & Company - Analyst
Scott
Freitag - BOFA Merrill Lynch - Analyst
Jon
Petersen - Jefferies - Analyst
John
Massocca - Ladenburg Thalmann - Analyst
Bill
Segal - Development Associates Inc. – Private Investor
LEXINGTON REALTY TRUST PRESENTATION
Operator
Greetings
and welcome to Lexington Realty Trust Second Quarter 2015 Earnings Conference Call. (Operator Instructions) As a reminder, this
conference is being recorded.
It
is now my pleasure to introduce your host, Ms. Gabriela Reyes, Investor Relations for Lexington Realty Trust. Thank you. You may
begin.
Gabriela
Reyes - Lexington Realty Trust - Investor Relations
Hello,
and welcome to the Lexington Realty Trust Second Quarter 2015 Conference Call. The earnings press release was distributed over
the wire this morning and the release and supplemental disclosure package will be furnished on a Form 8-K.
In
the press release and supplemental disclosure package, Lexington has reconciled all historical non-GAAP financial measures to the
most directly comparable GAAP measure in accordance with Reg G requirements. If you did not receive a copy, these documents are
available on Lexington's website at www.LXP.com in the Investors section. Additionally, we are hosting a live webcast of today's
call, which you can access in the same section.
At
this time, we would like to inform you that certain statements made during this conference call which are not historical may constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Lexington believes
that expectations reflected in any forward-looking statements are based on reasonable assumptions, Lexington can give no assurance
that its expectations will be attained.
Factors
and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are
detailed in today's press release and from time to time, in Lexington's filings with the SEC and include the successful confirmation
of any lease, acquisition, build-to-suit, financing or other transaction, or the final term of any such transaction. Except as
required by law Lexington does not undertake a duty to update any forward-looking statements.
Joining
me today from management are Will Eglin, Chief Executive Officer, Robert Roskind, Chairman, Richard Rouse, Vice Chairman and Chief
Investment Officer, Patrick Carroll, Chief Financial Officer, and other members of management.
Now
I will turn the call over to Will.
Will
Eglin - Lexington Realty Trust - CEO,
Thanks,
Gabby. Welcome, everyone, and thank you for joining the call today. I'd like to begin by discussing our operating results and
accomplishments for the quarter. For the second quarter of 2015 our company funds from operations were $0.27 per share, a $0.01
increase from the previous quarter. During the quarter we continued to make good progress in the key areas of our business that
effect our performance and as a result we raised our company funds from operations guidance for 2015 by $0.01 at both ends of
the range to a new range of $1.02 to $1.06 per share.
On
the investment front, in the second quarter we invested approximately $28.2 million in ongoing build-to-suit projects, completed
one industrial build-to-suit for approximately $10.1 million and began one new industrial $70 million build-to-suit project. We
disposed of two office properties for approximately $77.1 million consistent with our portfolio management and capital recycling
objectives. These objectives include reducing our exposure to suburban office properties in certain markets, monetizing multi-tenant
properties upon stabilization of occupancy and transitioning the portfolio so that more revenue is derived from long-term leases.
We are pleased to report that as of quarter end, our weighted average lease term was 12.2 years and approximately 73% of our revenue
was derived from leases expiring after 2019.
We
had a strong quarter of leasing, executing leases and lease extensions totaling approximately 1.3 million square feet and ending
the quarter with 96.3% of our square footage leased which reflects two leases which expired at the end of the quarter and were
not renewed and one lease which was renewed for 50% of the property. We believe that occupancy is likely to improve over the balance
of the year and that our portfolio's percentage leased rate at year end will be between 96.5% and 97%. Renewal rents increased
6.6% on a GAAP basis and 1.3% on a cash basis, both of which were solid results.
While
office fundamentals continue to be a concern in some markets, as of quarter end, approximately 72% of our single-tenant office
revenue comes from long-term leases or leases signed since the beginning of 2009. In other words the significant majority of our
office revenue comes from leases that are longer than ten years or which have been marked to market since the financial crisis.
We believe that our office portfolio is considerably undervalued and has many favorable attributes, including a weighted-average
lease term that is now in excess of seven years and strong credit quality in our tenancy with more than half of our office revenue
from investment grade rated tenants.
We
also want to highlight the ongoing progress with respect to our refinancing strategy as we continue to work unencumbered net operating
income and extend our weighted average debt maturity while lowering our borrowing costs. During the quarter we retired $30.1 million
of consolidated mortgage debt, unencumbering six properties with an estimated annual net operating income of $8.6 million. At quarter
end our weighted average maturity was seven years and our weighted average debt cost was 4.3%. We have no debt maturing this year
and $129.9 million of mortgage debt maturing in 2016.
Looking
ahead, we believe our current single tenant investment pipeline continues to contain an attractive mix of forward purchase commitments
and build-to-suit projects and we're looking forward to the assets under construction coming online and contributing to revenue
as construction is completed over the next six quarters.
Based
on transactions under contract we expect purchases third-party total approximately $350 million for the full year, including the
$197 million completed in the first half. Further, we expect to fund approximately $116 million in underway build-to-suit projects,
bringing the total to $166 million for the year, including $50 million funded in the first half. While we continue to see a sizable
volume of opportunities, we remain disciplined and cautious on pricing and recognize that our own shares represent a compelling
value at this point in the cycle. Accordingly, in July, the board authorized a share repurchase program of up to 10 million shares
inclusive of all outstanding prior authorizations. Thus far the company has repurchased 150,000 shares at an average price of $8.58
per share.
Private
investors who were able to take full advantage of leverage in many cases have an overall cost of capital advantage compared to
us. As a result dispositions continue to be attractive to us while supporting our portfolio management goals and providing capital
to fund our investment pipeline and retire debt. So far this year we have disposed of five office properties for $112.3 million
including a great success with Sea Harbor Center in Orlando, Florida. When this property was vacated in 2009 we estimated its value
to be approximately $6 million. We invested $39 million in a comprehensive redevelopment initiative, raised occupancy to almost
100% and sold it in the second quarter for $64.7 million. Over the balance of the year we are primarily focused on realizing values
in our multi-tenant portfolio including Transamerica Tower in Baltimore, now under contract for $121 million and Corporate Center
at the Gardens in Palm Beach Gardens, Florida.
Secondarily,
we are focused on reducing our single tenant suburban office portfolio as we continue to rationalize our office footprint. In July
we sold a small industrial property for $1.9 million and one suburban office property with a lease expiring in April 2018 for $12.8
million. While we have not adjusted our projected 2015 total disposition activity of $300 million to $350 million at this time,
we intend to take further advantage of market demand and pricing to market more assets for sale and continue to upgrade our portfolio,
further reduce our exposure to office properties and accelerate our transition to a company with far more revenue from long-term
leases and a more concentrated office footprint that we can manage more efficiently.
As
a result, assets we are presently marketing for sale are well in excess of current disposition guidance and would address our capital
needs for debt maturities and acquisitions through 2016 and potentially additional share repurchases. Such capital recycling can
have a near-term dilutive impact on funds from operations but it should result in the creation of long-term growth and value for
shareholders and improve the company's valuation and lower its cost of capital by reducing risk and improving overall asset quality.
With
regards to our leasing we had a very good quarter and looking ahead there's negligible lease rollover through the balance of the
year. We have one remaining single tenant lease expiring in 2015 on an industrial property and we are in discussions with most
of our tenants with leases expiring next year. We are hopeful that this will result in steady progress this year and our 2016 single
tenant office lease expirations now represent just 2.4% of our revenue. Overall, we have active lease negotiations underway on
approximately 2.7 million square feet and expect to have positive news to report throughout the balance of the year. In general,
we believe that our negotiating position on most lease renewals is stronger than it was a year ago.
As
of June 30, 2015 we had 5.2 million square feet of space which is vacant or subject to leases that expire through 2016. We believe
that by the end of 2016 we can address roughly 65% of such expiring or vacant square footage primarily through dispositions and
secondarily through releasing. Our single tenant lease rollover through 2019 has been reduced to 26.2% of revenue from 28.8% of
revenue one year ago and we no longer have concentrated risk of lease rollover in any one year. By any measure we have made very
good progress in managing down our shorter-term leases and extending our weighted average lease term which is now approximately
12.2 years on a cash basis. Each of these metrics is an important measure of cash flow stability and we will continue to be focused
on further improvement. Overall more than 75% of our single tenant revenue is from leases with built-in escalations which bodes
well for long-term cash flow growth.
As
a result of our leasing activity and new investments, as of quarter end, over 40% of our rental revenue came from leases of ten
years or longer and we continue to make good progress toward achieving our interim goal of deriving at least half of our revenue
from leases of ten years or longer. With a weighted average lease term in our acquisition pipeline of approximately 19 years, reaching
our portfolio goals will become more visible as we add these new assets to our portfolio. Our acquisition strategy will continue
to focus on properties subject to long-term leases where, one, total rents receivable under the lease generally exceed our purchase
price which provides a high degree of downside protection, two, the opportunity to use positive leverage to enhance cash on cash
returns, and three, a long period of time to optimize our exit strategy to achieve the highest possible return.
About
90% of our revenue comes from office and industrial properties and land subject to net leases. These asset classes will continue
to be our main investment focus and the balance of our holdings in retail and multi-tenant properties will shrink over time as
these assets are sold off. From time to time the company may invest in other asset types but will generally seek joint venture
partners for these non-core investments or plan to sell them well in advance of lease expiration.
The
position of our balance sheet continued to improve during the quarter and we've included details in our supplemental disclosure
package on pages 36 and 37 showing our credit metrics. With $3.3 billion of unencumbered assets and 68.7% of our net operating
income unencumbered, we've achieved our target of having 65% to 70% of our assets unencumbered. Our secured debt is now 17.1% of
gross assets and is likely to fluctuate between 15% to 20% of gross assets in the near-term.
Our
company has no debt maturing for the remainder of 2015. Approximately $86 million of secured balloon debt is expected to leave
the balance sheet during the remainder of this year in connection with potential dispositions. In addition, we will retire approximately
$12.8 million of secured debt through regular principle amortization. We have approximately $129.9 million of balloon mortgage
maturities next year which are expected to be refinanced with unsecured debt or retired in connection with dispositions or cash
from dispositions or financing proceeds. Our 2016 mortgage maturities have a weighted average interest rate of 5.9% representing
a further opportunity to refinance and lower our financing costs. While we continue to unencumbered assets, from time to time we
may access secured financing when we believe it is advantageous to do so. Particularly in connection with ground sale lease backed
transactions or on certain large single tenant buildings as a means of recapturing equity or were we to effectively monetize the
remaining revenue from the assets such as in a credit tenant lease financing.
We
expect to finance fewer and fewer properties with mortgages but when we do we will seek to maximize proceeds and take full advantage
of market opportunities when they are favorable. The balance sheet strategy has been specifically and clearly designed to allow
the company maximum flexibility to access whichever debt markets are most advantageous.
In
appendix A to our supplemental disclosure package we have added separate disclosure with respect to our Land, Infrastructure and
Credit Tenant Finance Group. This aspect of our portfolio includes our ground lease investments, other property types where land
constitutes the primary component of value, and properties which have been monetized with credit tenant lease financing whereby
virtually all the rent is applied to interest and principle, be that they're financed entirely with secured debt and utilize higher
leverage than in the rest of our business. Because of its unique return characteristics, we believe that warrants additional and
separate disclosure. Half of our remaining secured debt is on these assets which constitute about $820 million of gross asset value.
Turning
to guidance, we raised our guidance range of company funds from operations per share by $0.01 at both ends of the range so that
the new range is $1.02 to $1.06 per share for 2015 which reflects the solid second quarter of operating results and the generally
more optimistic outlook. We continue to be very positive about our prospects and believe the year ahead will reflect additional
progress as we manage the company with a focus on growing net asset value per share, reducing risk, and enhancing our prospects
for long-term cash flow growth.
Now
I'll turn the call over to Pat who will take you through our results in more detail.
Patrick
Carroll - Lexington Realty Trust - CFO
Thanks,
Will. During the quarter, Lexington had gross revenues of $110.3 million comprised primarily of lease rents and tenant reimbursements.
The increase compared to second quarter of 2014 of $4.9 million relates primarily to acquisition and build-to-suit projects coming
online, offset in part by sales of properties. The quarter ended June 30, 2015, GAAP rents were in excess of cash rents by approximately
$16.4 million and for the six months ended June 30, 2015, GAAP rents were in excess of cash rents by $21.8 million. On page 19
of the supplement, we have included our estimates of both cash and GAAP rents for the remainder of 2015 and for the full year
of 2015 for leases in place at June 30, 2015. This disclosure does not assume any tenant releasing of vacant space or tenant lease
extension on properties with schedule lease expirations. We also have included same store data and the weighted average lease
term of our portfolio as of June 30, 2015 and 2014 on page 19 of the supplemental.
General
and administrative costs increased $1.3 million primarily for legal costs incurred and personnel costs. The change in debt satisfaction
gains charges net of $8 million relates primarily to the timing of debt payoffs.
During
the second quarter of 2015 we incurred a slight impairment charge on one property and recorded gains on sales of properties of
$21.4 million. On page 44 of the supplement we have disclosed selected income statement data for our consolidated but non-wholly-owned
properties and our joint venture investments. We have also included a net non-cash interest recognized for the six months ended
June 30, 2015 on page 45 of the supplement. Finally, for the six months ended June 30, 2015, our interest coverage was approximately
3.4 times and net debt to EBITDA was approximately 6.4 times.
Now
turning to the balance sheet, we believe our balance sheet is strong as we continue to increase our financial flexibility and capacity.
We had $77.2 million of cash at quarter end including cash classified as restricted. Restricted cash balances relate primarily
to money held with lenders as escrow deposits on mortgages. At year end we had about $2.1 billion of consolidated debt outstanding
which had a weighted average interest of 4.3% of which 96% are at fixed rates. We have entered into LIBOR swaps on both the $255
million outstanding on our term loan which matures in 2019 and the $250 million outstanding on our term loan which matures in 2018.
The current spread components on our 2019 term loan can range from 1.5% to 2.25% and is currently 1.75% and on the 2018 term loan,
it can range from 1.1% to 2.1% and is currently 1.35%. A significant component of other assets and liabilities are included on
page 45 of the supplement.
During
the quarter ended June 30, 2015 we paid approximately $1.8 million in lease costs and approximately $1.5 million in tenant improvements.
For the remainder of 2015, we project to spend approximately $24 million in these costs. We have also included on page 14 of the
supplemental the funding projections for our current build-to-suit projects and our forward commitments along with the historical
NOI recognized on build-to-suit projects that have come online.
As
it relates to the build-to-suit projects, since we fund the construction costs and have the take out upon completion, we do not
recognize interest income during the construction period nor any rental revenue until the project is complete and the tenant takes
occupancy. Our basis in the project upon completion is the actual cash we spend in the funding plus any capital we recognize in
accordance with GAAP. We capitalize interest using our overall borrowing rate.
Now
I'll turn the call back over to Will.
Will
Eglin - Lexington Realty Trust - CEO,
Thanks,
Pat. Operator, we have no further comments at this time, so we are ready for you to conduct the question and answer portion of
the call.
QUESTION AND ANSWER
Operator
(Operator
Instructions) Sheila McGrath, Evercore.
Sheila
McGrath - Evercore ISI - Analyst
Yes.
Will, I was wondering if you could talk a little bit about the stock buyback plan? How much is really doable if you want to keep
leverage neutral is the first part of the question, and also how much time was the stock buyback in effect in July before you
went into earnings blackout?
Will
Eglin - Lexington Realty Trust - CEO,
Sure.
You know, we would like for there to be a meaningful share repurchase here given that the share trade at what we think is a meaningful
discount to net asset value. We have to look at that in the context of what our funding obligations are through next year and
if you add up what's in the acquisition pipeline under contracts and our debt maturities, it's about $600 million. Now, we're
going to have a fair amount of cash coming into the company from the sale of Transamerica Tower and other dispositions that we're
working on and we may finance a couple of the larger acquisitions with secured debt. So, we do want to make provision for a more
meaningful share repurchase going forward.
With
respect to how long we were active in the market, we got the authorization for the share repurchase but pretty shortly thereafter
we were in a black out for earnings so we were probably -- we probably had four days where we were repurchasing stock in early
July.
Sheila
McGrath - Evercore ISI - Analyst
Okay.
Great. And one other question. In terms of asset sales that you're considering, I'm just wondering your through process on potentially
entertaining joint venture partners for the ground leases since they're much lower yielding assets?
Will
Eglin - Lexington Realty Trust - CEO,
It's
not something that we're actively working on right now. I mean, if we build that platform up a little bit bigger that may be something
that we look at. We think the ground leases are tremendous total return vehicles. We've actually added to the back of the supplement
two pages of cash flow analysis for our Manhattan ground lease portfolio showing the annual cash flow and internal rates of return
on the 25 year hold through the repurchase options which generates an IRR to us of more than 11%.
So,
they are a little bit low yielding up front but overall the total return is very compelling, especially when you consider that
these assets are unlikely to ever have vacancy or require heavy CapEx which other types of real estate properties obviously can
have in the single tenant area. A joint venture of that portfolio would have the effect of reducing our consolidated debt which
may be desirable.
Overall
we've been running the company sort of between 6 and 6.5 times net debt to EBITDA and just to touch on your first question there
may be some quarters as we go forward where debt is sort of in the 6.5 to 7 times range temporarily which we don't think is a big
deal in view of the vastly reduced lease rollover risk and much longer weighted average lease term that we've got in the portfolio.
Sheila
McGrath - Evercore ISI - Analyst
Okay.
Thank you.
Operator
Tony
Paolone^, JPMorgan.
Tony
Paolone - JPMorgan - Analyst
Thanks.
Good morning. Just wanted to make sure I've got this right. In terms of the back half of the year, the presale and the build-to-suit
commitments I think is about $270 million? And I think you kind of talked through that and it's in the supplemental. Is there
anything in the acquisition pipeline beyond this, beyond presale commitments?
Will
Eglin - Lexington Realty Trust - CEO,
Not
right now, Tony. We're still very active in the market but we have pushed our yield requirements up considerably higher compared
to earlier in the year because lets face it, acquisitions have to compete with share repurchases on a yield and overall total return
potential. So, we're still active in the market but we're bidding, especially on forward commitments, at much higher yield points
than we were earlier this year.
Tony
Paolone - JPMorgan - Analyst
Okay.
And then in terms of sources of funds in the back half of the year, I guess you'll get the $120 million from the Baltimore sale
and you mentioned just a lot more in the market. How much is in the market and how does that compare to what you have dialed into
guidance right now?
Will
Eglin - Lexington Realty Trust - CEO,
We're
doing price exploration on over $500 million worth of assets right now. But we haven't changed our guidance because we're still
relatively early in the process but we do have a couple of million dollars of acquisition committed to for next year in addition
to debt reduction. So, we have that in our mind as well. So, Light Street is a big sale. We think we'll do well at Corporate Center
at The Gardens, in Palm Beach Gardens, Florida. That probably puts total dispositions for the year sort of in the $280 million
range once we get through that and then there will be a few other one-offs that we sort of have good visibility on that will push
us over $300 million.
Tony
Paolone - JPMorgan - Analyst
But
in that $500 million that you're exploring, that excludes Light Street and a couple of -- ?
Will
Eglin - Lexington Realty Trust - CEO,
It
does.
Tony
Paolone - JPMorgan - Analyst
Okay.
And what do you think -- it sounds like you're exploring it, so what do you think is the cap rate you would need to see on that
grouping for it to be interesting to go forward with?
Will
Eglin - Lexington Realty Trust - CEO,
Well,
time will tell, Tony. We don't have specific guidance to give out at this time but what we're trying to do overall is to shape
the portfolio so that our suburban office portfolio ends up in a concentration of markets that's reduced from what it is right
now. So, we would be trying to vastly improve the suburban office component of the company. That would be sort of the I guess principle
focus of the next phase of capital recycling for us. And even though we've been disappointed with the share price performance this
year, having shares to repurchase at these levels would make any disposition activity candidly less dilutive than it might've been
earlier this year.
Tony
Paolone - JPMorgan - Analyst
Okay.
And just a last question I think for Pat probably. What's the expected CapEx, leasing CapEx for full year estimated to be?
Patrick
Carroll - Lexington Realty Trust - CFO
For
the rest of the year, we said about $24 million in TI and leasing commissions for the remainder of the year and so far this year
we spent about -- in lease commissions, about $3.2 million and about $2.6 million in tenant improvements.
Tony
Paolone - JPMorgan - Analyst
Okay.
That was $3.2 million and what was the second number?
Patrick
Carroll - Lexington Realty Trust - CFO
$2.6
million.
Tony
Paolone - JPMorgan - Analyst
That
was for the first half?
Patrick
Carroll - Lexington Realty Trust - CFO
That's
right.
Tony
Paolone - JPMorgan - Analyst
Okay.
So, about $30 million all in for the full year?
Patrick
Carroll - Lexington Realty Trust - CFO
Right.
Tony
Paolone - JPMorgan - Analyst
Thank
you.
Will
Eglin - Lexington Realty Trust - CEO,
Thank
you.
Operator
Craig
Mailman, Keybanc Capital Markets.
Craig
Mailman - Keybanc Capital Markets - Analyst
I
just want to follow up on the land question from earlier. I get that these are great IRR buys. But maybe not best suited for a
public company. Is there a possibility that you guys would maybe look to sell these to a private IRR buyer and redeploy that capital
into buybacks or a portion of that into buybacks?
Patrick
Carroll - Lexington Realty Trust - CFO
Craig,
it is possible that that would be a smart thing for us to do with the assets but there's nothing imminent. But we do understand
that some investors have had a hard time looking at these assets as accretive from an IRR standpoint even though they might not
be as accretive to a current AFFO analysis. So, we get that and under the right circumstances it could be a sensible thing for
us to do.
Craig
Mailman - Keybanc Capital Markets - Analyst
Okay.
And just turning to Light Street, that looked like a sub-7 for you guys on the sale there. Were there any -- could you just talk
a little bit about the process there and the mix and were there any buyers that were willing to pay more than LXP?
Will
Eglin - Lexington Realty Trust - CEO,
We
ran a very thorough process. I think we had a total of about 90 potential buyers look at the asset. We had several rounds of bidding
and corporate office was the strongest candidate to acquire the asset and closed in accordance with the pricing that we agreed
to.
Craig
Mailman - Keybanc Capital Markets - Analyst
Okay.
And you guys had put, what? $75 million into that asset over the last couple years?
Patrick
Carroll - Lexington Realty Trust - CFO
It
was leased to USF&G and sublet to Legg. Legg moved out in September of 2009 and since Legg moved out we put about $53 million
into the building. So, since 10-1-09, we've put about $53 million into the building.
Will
Eglin - Lexington Realty Trust - CEO,
Which
if you'll recall we then recovered that capital with the first mortgage financing we did for about $55 million to sort of cash
out of the CapEx and leasing component of the redevelopment plan.
Craig
Mailman - Keybanc Capital Markets - Analyst
And
then just lastly, could you guys, the $70 million build-to-suit on the industrial, is that cold storage? Or is that -- ? Can you
just -- ? What is that?
Will
Eglin - Lexington Realty Trust - CEO,
No.
It's warehouse and distribution, about 40 foot clear height. So, it's just a big building. I think about $52 a foot. So, it's not
high price per foot space like you'd see in cold storage.
Craig
Mailman - Keybanc Capital Markets - Analyst
All
right. Great, guys. Thanks.
Will
Eglin - Lexington Realty Trust - CEO,
Thanks,
Craig.
Operator
John
Guinee, Stifel.
John
Guinee - Stifel Nicolaus & Company - Analyst
Great.
Okay. First, Pat, thank you for dialing down from a 78 RPM to a 45 RPM. Much easier to understand. Looks to me like Transamerica
is something like a $40 million, $50 million, $60 million, $80 million write-down next quarter? Is that a good number?
Patrick
Carroll - Lexington Realty Trust - CFO
No.
It's not, John. It's $28 million.
John
Guinee - Stifel Nicolaus & Company - Analyst
$28
million? Okay. Great. Second, if I go to page A8 which is a good one to look at, what's the math to get to the residual value of
$491 million for the ground lease deals in Manhattan?
Patrick
Carroll - Lexington Realty Trust - CFO
That
assumes -- the $491 million assumes that rents have a 2% escalator. And every ten years then have a catch-up to CPI up to 3%. This
assumes that CPI stays at 2% so therefore there is no catch-up. Rents escalates at 2% a year and the purchase option is a price
that would provide us with an unlevered 7.5% IRR. That's how the math works.
John
Guinee - Stifel Nicolaus & Company - Analyst
But
what's -- to get to $491 million, is it, say, $710 million minus $220 million of outstanding principle balance? What's the math?
Patrick
Carroll - Lexington Realty Trust - CFO
Yes.
That's right.
John
Guinee - Stifel Nicolaus & Company - Analyst
Is
it $710 million minus $220 million?
Patrick
Carroll - Lexington Realty Trust - CFO
The
mortgage balances would be the balloons -- yeah. That's about right I think. I'd have to double check the exact mortgage balloon
balances but that sounds about right. We assume that we refinance the mortgages at interest only so the balloons on those two deals,
on the bigger deal is about $200 million -- yeah. It's about $230 million in balloon debt, John.
John
Guinee - Stifel Nicolaus & Company - Analyst
So,
then if the ground, lessee, has -- I'm just trying to the math here. If the ground lessee has a $720 million purchase option, is
that a one-way option? Or is that a two-way option?
Patrick
Carroll - Lexington Realty Trust - CFO
One-way.
John
Guinee - Stifel Nicolaus & Company - Analyst
So,
what's happening then is they can buy you out of fee essentially for $720 million but at the time they're paying an annual cash
rent of $26.3 million?
Patrick
Carroll - Lexington Realty Trust - CFO
Let
me -- I just lost the page. Yeah. About $26.3 million. That's correct.
John
Guinee - Stifel Nicolaus & Company - Analyst
What
happens is they've got -- the quick math is they've got a $720 million option which is basically a 3.6 cap rate on the $26.3 million?
I'm just trying to figure out the likelihood of these guys doing that.
Will
Eglin - Lexington Realty Trust - CEO,
Time
will tell. In 25 years, tell me what rental rates are in New York City hotels.
John
Guinee - Stifel Nicolaus & Company - Analyst
Okay.
And then sort of the big issue here is when you buy high cap rate deals, the question is what's the residual worth? And if I look
at -- I'm just looking at page 14 which is a couple of your big deals, Richmond, Virginia office, $110 million, looks like about
$330 a foot. Lake Jackson, $166 million, probably about $250 a foot. And then the freezer deal, looks like about $155 million,
looks like about $340 a foot. How are you guys valuing the residual on these deals? How are you guys doing it? And can you give
us comfort that there's value there at the end of the day?
Will
Eglin - Lexington Realty Trust - CEO,
Look,
we've run our IRRs at very residual values, John, which take into account the potential downside of any of these investments. In
a situation like Preferred Freezer, you're right to point out that it's $155 million which seems like it's very expensive on a
per foot basis but it's seven story freezer space. So, per cubic foot it's probably not that bad a price point. The other thing
I would point out is that for that $155 million, we get probably $266 million of rent from ConAgra over the 20 years. So, there's
a huge amount of value embedded in that bond.
So,
there's a lot of cash flow. We would probably finance Preferred Freezer and have positive leverage to enhance our equity recovery
and our cash on cash. Some of these assets, as we've talked about before we'll seek to exit. Maybe we'll exit after a ten year
hold while there's still ten years of lease term. But the smartest thing you can do or a part of the strategy is to make sure that
you're not distributing all your cash flow. So, you're reinvesting cash flow so that you have strong -- other assets that are generating
income.
So,
there's different strategies. Some of these investments that are high yielding we will seek to exit before we get to the residual
value and there will be -- as we've talked about before, a component of the portfolio, part of our thinking on these ground investments
is that we have a piece of the portfolio that is continually appreciating in value with growing NOI with little risk of disruption
to cash flow and that a piece of the portfolio should also always be financed with fully amortizing debt. So, we have equity building
up to sort of hedge against the potential for an erosion in NOI when we have renewals.
John
Guinee - Stifel Nicolaus & Company - Analyst
Would
you guys be in a position in order to help everyone get comfortable, maybe give a four or five year forward guidance on FFO?
Will
Eglin - Lexington Realty Trust - CEO,
No.
John
Guinee - Stifel Nicolaus & Company - Analyst
Okay.
Just asking. Thanks.
Will
Eglin - Lexington Realty Trust - CEO,
We'll
give guidance on FFO in accordance with our current policies.
John
Guinee - Stifel Nicolaus & Company - Analyst
Last
question, historically when have you addressed the dividend and what are you thinking this go around?
Will
Eglin - Lexington Realty Trust - CEO,
Typically
we've discussed the dividend in the context of third quarter earnings and that would be my expectations this time as well.
John
Guinee - Stifel Nicolaus & Company - Analyst
Great.
Thank you.
Operator
Jamie
Feldman, Bank of America Merrill Lynch.
Scott
Freitag - BOFA Merrill Lynch - Analyst
Thank
you and good morning. This is Scott Freitag here with Jamie Feldman. I just have a quick follow up on the stock buyback. I was
wondering how do you guys think about the share repurchases versus increasing your dividend rate or paying down more debt?
Will
Eglin - Lexington Realty Trust - CEO,
Well,
my own personal view is that we would be better served utilizing cash flow to the company to retire stock rather than increase
the dividend obligation. That seems to be the best use of our capital right now. But that will be subject to a discussion at the
board level and that doesn't necessarily represent the thoughts of everybody that will be involved in the decision making process
but clearly the stock is at a good value point right now.
Scott
Freitag - BOFA Merrill Lynch - Analyst
Okay.
And I guess just following up -- and also paying down more debt?
Will
Eglin - Lexington Realty Trust - CEO,
Well,
we don't have any -- we have some line outstandings right now which are pretty inexpensive and the rest of the debt, if you look
at the debt maturities next year, there's yield maintenance, penalties associated with retiring them. We would be more inclined
to utilize the free cash flow of the company to retire shares.
Scott
Freitag - BOFA Merrill Lynch - Analyst
Okay.
Great. And just one more follow up for me. How much fire power or I guess dry powder do you guys currently have on had to fund
acquisitions?
Patrick
Carroll - Lexington Realty Trust - CFO
Well,
we have several hundred million dollars of line capacity right now. The Transamerica Tower sale will bring in about $65 million
of cash. There are assets that we can finance while still maintaining full availability on our credit line and as we talked about
earlier we have a fair amount of assets in the market that could potentially be sold.
Scott
Freitag - BOFA Merrill Lynch - Analyst
All
right. Great. That's it for me. Thanks, guys.
Operator
Omotayo
Okusanya, Jefferies.
Jon
Petersen - Jefferies - Analyst
Hey,
guys. It's actually Jon Petersen here. I wanted to ask you about the build-to-suit portfolio. I think you mentioned that your hurdle
rate is a little bit higher, especially now that you have the stock buy back in place. But just in general, as you guys are out
there, obviously actively in the market looking at deals, how have you seen the yields on those build-to-suit trend over the past
few quarters? Has it gotten more competitive?
Will
Eglin - Lexington Realty Trust - CEO,
I
think the market is pretty consistent with where it's been the last couple of quarters. Obviously people got spooked about interest
rates given what happened with the spike in treasury yields but now that the ten year yield has come down 30 basis points in the
last couple of weeks, overall I would say that pricing has been fairly similar over the last couple of quarters.
Jon
Petersen - Jefferies - Analyst
How
competitive have you guys been in that process? Do you feel like you're missing more deals now because of where rates are or not?
Will
Eglin - Lexington Realty Trust - CEO,
Where
I think we miss deals, we're choosing to miss them. We have a couple hundred million dollars that are committed for the pipeline
next year. This year if we don't do anything more it will end up being about a $500 million year. And we're going to take our time
here and see what the opportunity is to repurchase shares and see what the market has over the next six to nine months.
Jon
Petersen - Jefferies - Analyst
And
then obviously in terms of the buyback program, it seems like that's where you feel the best dollars are allocated to your current
share price. But I just wanted to ask about the size of it. It's only 10 million shares, it's about 4% of your shares outstanding,
about $80 million relative to the $500 million you're investing in your pipeline. Is this something that we should expect to be
increased as you use it up? Was there kind of push and pull between the board on how much you guys could do? I mean, what thoughts
went into how large the buyback program was going to be?
Patrick
Carroll - Lexington Realty Trust - CFO
I
think we'd rather come out with a modest share repurchase authorization and execute rather than be one of these companies that
announces a giant share buyback and does nothing hoping the announcement pushes up their share price. That was the thinking but
in terms of how it executes and the pace at which we execute it, that will be subject to market opportunities going forward.
Jon
Petersen - Jefferies - Analyst
Okay.
That's great. Thank you.
Operator
John
Massocca, Ladenburg Thalmann.
John
Massocca - Ladenburg Thalmann - Analyst
Good
morning, everyone. I just have a quick question on the two expansions you completed in the quarter. Were those generally in kind
of yield or were those basically just to -- the A6 one, was that just to get the lease, as part of the lease agreement, the new
lease agreement?
Patrick
Carroll - Lexington Realty Trust - CFO
We
generally get a lease extension and then we obviously get a return on the monies that we've spent.
John
Massocca - Ladenburg Thalmann - Analyst
Okay.
So, that contributes? And what was the yield generally that you're getting on those extensions then? Or expansions?
Patrick
Carroll - Lexington Realty Trust - CFO
Unfortunately
I don't have it in front of me. I'll have to get back to you on those two.
Will
Eglin - Lexington Realty Trust - CEO,
Usually
8% or better on expansion capital.
John
Massocca - Ladenburg Thalmann - Analyst
Okay.
And then with the one lease that's going to be maturing in Rockford, Illinois, can you give us a little detail or color on the
progress you guys are having with that tenant?
Will
Eglin - Lexington Realty Trust - CEO,
It's
a little too early to tell there. They're utilizing the building so, we're optimistic that they'll want to stay in place but beyond
that there's nothing really specific that we can comment on.
John
Massocca - Ladenburg Thalmann - Analyst
Thanks
very much. That's all from me.
Operator
Bill
Segal, Development Associates Incorporated.
Bill
Segal - Development Associates Inc. - Analyst
Thank
you. Congrats, gents, on the share buyback. I think the shareholders love it and I think it's a great investment for the company.
I guess as you move over the $9.50 towards $10 you start looking at other opportunities as well and there has been some discussion
about the dividend, how that would effect the dividend and based on your traditional payout ratios, $1.02 to $1.06 this year, I
would imagine you're probably not looking at any dividend increase for the next two to three quarters. Would that be correct?
Will
Eglin - Lexington Realty Trust - CEO,
Time
will tell. We will revisit this discussion with the board as we head to our third quarter earnings announcement and have some discussion
and news around that. To the extent that we do increase the dividend this year I think it would be relatively modest but there's
certainly a school of thought that would be in favor of giving the shareholders modest dividend growth just to continue to have
a track record of growing the dividend and we'll balance that against our other uses of capital including the share repurchase
program.
Bill
Segal - Development Associates Inc. - Analyst
Great
call and it showed a lot of balance. Thanks, gentlemen.
Will
Eglin - Lexington Realty Trust - CEO,
Thank
you.
Operator
Thank
you. It appears there are no additional questions at this time so I'd like to turn the floor back over to management for any additional
concluding comments.
Will
Eglin - Lexington Realty Trust - CEO,
Thank
you, a lot, again for joining us this morning. We continue to be very excited about our prospects for this year and going forward.
And as always, we appreciate your participation and support. If you would like to receive our quarterly supplemental package, please
contact Gabriela Reyes or you can find additional information on the company on our website at www.LXP.com and in addition, as
always, you may contact me or the other members of our senior management team with any questions. Thanks again for joining us today.
Operator
Thank
you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation and you may disconnect
your lines.
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