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):
November 5, 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 November 5, 2015, we issued a press
release announcing our financial results for the quarter ended September 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 November 5, 2015, we made available
supplemental information, which we refer to as the Quarterly Earnings and Supplemental Operating and Financial Data, September
30, 2015, a copy of which is furnished herewith as Exhibit 99.1.
Also on November 5, 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, September 30, 2015. |
|
|
|
|
99.2 |
November 5, 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 |
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|
|
|
|
|
Date: November 6, 2015 |
By: |
/s/ Patrick Carroll |
|
|
Patrick Carroll |
|
|
Chief Financial Officer |
Exhibit Index
|
99.1 |
Quarterly Earnings and Supplemental Operating and Financial Data, September 30, 2015. |
|
|
|
|
99.2 |
November 5, 2015 Conference Call Transcript. |
Exhibit 99.1
Quarterly Earnings and
Supplemental Operating and Financial
Data
September 30, 2015
LEXINGTON REALTY TRUST
SUPPLEMENTAL REPORTING PACKAGE
September 30, 2015
Table of Contents
Section |
|
Page |
|
|
|
Third Quarter 2015 Earnings Press Release |
|
3 |
|
|
|
Portfolio Data |
|
|
2015 Third Quarter Investment/Capital Recycling Summary |
|
13 |
Build-To-Suit Projects/Forward Commitments |
|
14 |
2015 Third Quarter Financing Summary |
|
15 |
2015 Third Quarter Leasing Summary |
|
16 |
Other Revenue Data |
|
17 |
Portfolio Detail By Asset Class |
|
19 |
Portfolio Composition |
|
20 |
Components of Net Asset Value |
|
21 |
Top Markets |
|
22 |
Single-Tenant Office Markets |
|
23 |
Tenant Industry Diversification |
|
24 |
Top 10 Tenants or Guarantors |
|
25 |
Lease Rollover Schedules – GAAP Basis |
|
26 |
Property Leases and Vacancies – Consolidated Portfolio |
|
28 |
Select Credit Metrics |
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35 |
Historical Credit Metrics Summary |
|
36 |
Financial Covenants |
|
37 |
Mortgages and Notes Payable |
|
38 |
Debt Maturity Schedule |
|
41 |
Mortgage Loans Receivable |
|
42 |
Partnership Interests |
|
43 |
Selected Balance Sheet and Income Statement Account Data |
|
44 |
Investor Information |
|
45 |
|
|
|
Appendix A – Land, Infrastructure and Credit Tenant Finance 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,
disposition, financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes
in general business and economic conditions, including the impact of any 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 THIRD
QUARTER 2015 RESULTS
Raises 2015 Company FFO Guidance Range
to $1.05 - $1.07 per Share
New York, NY - Thursday, November 5,
2015 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant
real estate investments, today announced results for the third quarter ended September 30, 2015.
Third Quarter 2015 Highlights
| • | Generated Company Funds From Operations (“Company FFO”) of $66.9 million, or $0.27 per diluted common share. |
| • | Disposed of three properties for gross disposition proceeds of $135.7 million. |
| • | Invested $25.5 million in on-going build-to-suit projects. |
| • | Completed an industrial build-to-suit property for $22.1 million. |
| • | Leased approximately 800,000 square feet with overall portfolio 96.5% leased. |
| • | Retired $55.0 million of secured debt. |
| • | Refinanced credit facility and term loans extending the maturities by two years and reducing interest rates by 15 to 65
basis points. |
| • | Announced a 10.0 million common share repurchase authorization and repurchased 1.6 million common shares, at an average
price of $8.34 per share, as of the date of this press release. |
T. Wilson Eglin, President and Chief Executive
Officer of Lexington, stated, “We are raising our Company FFO guidance for 2015 as a result of strong execution in all aspects
of our business. During the third quarter, same-store rent increased 2.8%, reflecting that approximately 80% of our revenue now
comes from leases with escalating rents. In the fourth quarter, we expect to close on two substantial build-to-suit projects that
are estimated to contribute approximately $22.5 million to revenue next year.”
FINANCIAL RESULTS
Revenues
For the quarter ended September 30,
2015, total gross revenues were $105.4 million, a 1.1% decrease compared with total gross revenues of $106.6 million for the quarter
ended September 30, 2014. The decrease is primarily due to 2015 property sales and lease expirations, partially offset by
revenue generated from property acquisitions and new leases signed.
Company FFO
For the quarter ended September 30,
2015, Lexington generated Company FFO of $66.9 million, or $0.27 per diluted share, compared to Company FFO for the quarter ended
September 30, 2014 of $68.7 million, or $0.28 per diluted share. The calculation of Company FFO and a reconciliation to net
income (loss) 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 September 30, 2015 of $0.17 per common share/unit, which was
paid on October 15, 2015 to common shareholders/unitholders of record as of September 30, 2015. Lexington also declared two
dividends of $0.8125 per share each on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”),
which will be paid on November 16, 2015 and February 16, 2016 to Series C Preferred Shareholders of record as of October 30, 2015
and January 29, 2016, respectively.
Net Income (Loss) Attributable to Common Shareholders
For the quarter ended September 30,
2015, net loss attributable to common shareholders was $(7.6) million, or $(0.03) per diluted share, compared with net income attributable
to common shareholders for the quarter ended September 30, 2014 of $38.7 million, or $0.17 per diluted share.
OPERATING ACTIVITIES
Investment Activity
During the quarter, Lexington completed
the following 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) |
Stella &
Chewy's LLC | |
Oak Creek,
WI | |
LTL - Industrial | |
$ | 22,139 | | |
$ | 1,865 | | |
| 8.4 | % | |
| 9.5 | % | |
20 |
In addition, Lexington acquired a consolidated
joint venture partner's interest in an office property in Philadelphia, Pennsylvania for $4.0 million, raising Lexington's ownership
in the office property from 87.5% to 100.0%.
Lexington also funded $25.5 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 9/30/2015 ($000) | | |
Estimated Completion/ Acquisition Date |
Richmond, VA | |
| 330,000 | | |
LTL - Office | |
15 | |
$ | 110,137 | | |
$ | 97,830 | | |
4Q 15 |
Anderson, SC | |
| 1,325,000 | | |
LTL - Industrial | |
20 | |
| 70,012 | | |
| 12,708 | | |
2Q 16 |
Lake Jackson, TX | |
| 664,000 | | |
LTL - Office | |
20 | |
| 166,164 | | |
| 45,008 | | |
4Q 16 |
Houston, TX(1) | |
| 274,000 | | |
LTL - Retail/Specialty | |
20 | |
| 86,491 | | |
| 28,602 | | |
3Q 16 |
| |
| 2,593,000 | | |
| |
| |
$ | 432,804 | | |
$ | 184,148 | | |
|
| 1. | Lexington has a 25% interest as of September 30, 2015. Lexington may provide construction financing up to $56.7 million
to the joint venture. |
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 | |
$ | 152,000 | | |
20 | |
| 7.1 | % | |
| 8.6 | % | |
4Q 15 |
Detroit, MI | |
LTL - Industrial | |
| 29,680 | | |
20 | |
| 7.4 | % | |
| 7.4 | % | |
1Q 16 |
| |
| |
$ | 181,680 | | |
| |
| 7.2 | % | |
| 8.4 | % | |
|
Capital Recycling
Property Dispositions
Tenant | |
Location | |
Property Type | |
Gross Disposition Price ($000) | | |
Annualized NOI ($000) | | |
Month of
Disposition |
Wagner Industries, Inc. | |
Jacksonville, FL | |
Industrial | |
$ | 1,850 | | |
$ | 313 | | |
July |
Lockheed Martin Corporation | |
Orlando, FL | |
Office | |
| 12,800 | | |
| 955 | | |
July |
Multi-tenant(1) | |
Baltimore, MD | |
Office | |
| 121,000 | | |
| 8,318 | | |
August |
| |
| |
| |
$ | 135,650 | | |
$ | 9,586 | | |
|
| 1. | $55.0 million non-recourse mortgage loan assumed at closing. |
Balance Sheet
On September 1, 2015, Lexington entered
into a new $905.0 million unsecured credit agreement, which replaced Lexington's existing revolving credit facility and term loans.
With lender approval, Lexington can increase the size of the new facility to an aggregate $1.8 billion. A summary of the significant
terms are as follows:
|
Prior
Maturity Date |
|
New
Maturity Date |
|
Prior
Interest Rate |
|
Current
Interest Rate |
$400.0 Million Revolving Credit Facility(1) |
02/2017 |
|
08/2019 |
|
L + 1.15% |
|
L + 1.00% |
$250.0 Million Term Loan(2) |
02/2018 |
|
08/2020 |
|
L + 1.35% |
|
L + 1.10% |
$255.0 Million Term Loan(3) |
01/2019 |
|
01/2021 |
|
L + 1.75% |
|
L + 1.10% |
| 1. | Maturity date can be extended to 08/2020 at Lexington's option. |
| 2. | Lexington previously entered into aggregate interest rate swap agreements, which fix the LIBOR component of this loan at 1.09%
through 02/2018. |
| 3. | Lexington previously entered into aggregate interest rate swap agreements, which fix the LIBOR component of this loan at 1.42%
through 01/2019. |
In July 2015, Lexington announced a new
10.0 million common share repurchase authorization (inclusive of all outstanding prior authorizations). As of the date of this
earnings release, 1,594,644 common shares have been repurchased at an average price of $8.34 per share.
In August 2015, approximately $0.4 million
original principal amount 6.00% Convertible Guaranteed Notes due 2030 (“6.00% Notes”) were satisfied for cash, reducing
the outstanding balance of this note issuance to $12.4 million. All common shares that are issuable upon conversion of the 6.00%
Notes are treated as outstanding for diluted Company FFO calculations.
Leasing
During the third 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 | |
Rockaway, NJ | |
06/2026 | |
12/2027 | |
| 60,258 | |
2-4 | |
Various (AZ, HI) | |
2015 | |
2016-2021 | |
| 34,758 | |
4 | |
Total office lease extensions | |
| |
| |
| 95,016 | |
| |
| |
| |
| |
| | |
| |
Industrial | |
| |
| |
| | |
| |
| |
| |
| |
| | |
1 | |
Erwin, NY | |
11/2016 | |
11/2026 | |
| 408,000 | |
2 | |
Orlando, FL | |
03/2016 | |
03/2021 | |
| 205,016 | |
2 | |
Total industrial lease extensions | |
| |
| |
| 613,016 | |
| |
| |
| |
| |
| | |
| |
Retail | |
| |
| |
| | |
| |
| |
| |
| |
| | |
1 | |
Tulsa, OK | |
05/2016 | |
05/2026 | |
| 43,123 | |
1 | |
Total retail lease extensions | |
| |
| |
| 43,123 | |
| |
| |
| |
| |
| | |
7 | |
Total lease extensions | |
| |
| |
| 751,155 | |
| |
NEW LEASES | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Location | |
| |
Lease Expiration Date | |
Sq. Ft. | |
| |
| |
| |
| |
| |
| |
Office/Multi-Tenant Office | |
| |
| |
| | |
1 | |
Foxboro, MA | |
| |
02/2017 | |
| 8,151 | |
2 | |
Rockaway, NJ | |
| |
12/2027 | |
| 32,068 | |
2 | |
Total new office leases | |
| |
| |
| 40,219 | |
| |
| |
| |
| |
| | |
2 | |
Total new leases | |
| |
| |
| 40,219 | |
| |
| |
| |
| |
| | |
9 | |
TOTAL NEW AND EXTENDED LEASES | |
| |
| |
| 791,374 | |
As of September 30, 2015, Lexington's
portfolio was 96.5% leased, excluding properties owned subject to mortgages in default.
2015 EARNINGS GUIDANCE
Lexington raised its Company FFO guidance
to an expected range of $1.05 to $1.07 from $1.02 to $1.06 to 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.
THIRD QUARTER 2015 CONFERENCE CALL
Lexington will host a conference call today,
Thursday, November 5, 2015, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended September 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 November 19, 2015, at 877-870-5176 or 858-384-5517, pin: 13622695. 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, disposition,
financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general
business and economic conditions, including the impact of any legislation, (6) competition, (7) increases in real estate construction
costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment
charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's
web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future
plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,”
“intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,”
“predicts,” “will,” “will likely result,” “is optimistic,” “goal,”
“objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release
the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the
occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.
References to Lexington refer to Lexington
Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held 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 September 30, | | |
Nine months ended September 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Gross revenues: | |
| | | |
| | | |
| | | |
| | |
Rental | |
$ | 98,095 | | |
$ | 98,941 | | |
$ | 300,551 | | |
$ | 292,870 | |
Tenant reimbursements | |
| 7,343 | | |
| 7,631 | | |
| 23,662 | | |
| 23,165 | |
Total gross revenues | |
| 105,438 | | |
| 106,572 | | |
| 324,213 | | |
| 316,035 | |
Expense applicable to revenues: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| (39,712 | ) | |
| (39,022 | ) | |
| (121,795 | ) | |
| (114,732 | ) |
Property operating | |
| (13,484 | ) | |
| (15,504 | ) | |
| (45,600 | ) | |
| (46,634 | ) |
General and administrative | |
| (6,734 | ) | |
| (6,426 | ) | |
| (22,526 | ) | |
| (21,035 | ) |
Non-operating income | |
| 2,515 | | |
| 4,217 | | |
| 8,213 | | |
| 10,369 | |
Interest and amortization expense | |
| (21,931 | ) | |
| (24,321 | ) | |
| (68,273 | ) | |
| (73,456 | ) |
Debt satisfaction gains (charges), net | |
| (398 | ) | |
| (455 | ) | |
| 13,753 | | |
| (7,946 | ) |
Impairment charges | |
| (32,818 | ) | |
| (2,464 | ) | |
| (34,070 | ) | |
| (18,864 | ) |
Gains on sales of properties | |
| 1,733 | | |
| — | | |
| 23,307 | | |
| — | |
Income (loss) before provision for income taxes, equity in earnings of non-consolidated entities and discontinued operations | |
| (5,391 | ) | |
| 22,597 | | |
| 77,222 | | |
| 43,737 | |
Provision for income taxes | |
| (75 | ) | |
| (72 | ) | |
| (464 | ) | |
| (947 | ) |
Equity in earnings of non-consolidated entities | |
| 266 | | |
| 173 | | |
| 938 | | |
| 246 | |
Income (loss) from continuing operations | |
| (5,200 | ) | |
| 22,698 | | |
| 77,696 | | |
| 43,036 | |
Discontinued operations: | |
| | | |
| | | |
| | | |
| | |
Income from discontinued operations | |
| — | | |
| 1,322 | | |
| 109 | | |
| 5,601 | |
Provision for income taxes | |
| — | | |
| (14 | ) | |
| (4 | ) | |
| (50 | ) |
Debt satisfaction charges, net | |
| — | | |
| — | | |
| — | | |
| (299 | ) |
Gains on sales of properties | |
| — | | |
| 18,542 | | |
| 1,577 | | |
| 22,052 | |
Impairment charges | |
| — | | |
| (371 | ) | |
| — | | |
| (11,062 | ) |
Total discontinued operations | |
| — | | |
| 19,479 | | |
| 1,682 | | |
| 16,242 | |
Net income (loss) | |
| (5,200 | ) | |
| 42,177 | | |
| 79,378 | | |
| 59,278 | |
Less net income attributable to noncontrolling interests | |
| (784 | ) | |
| (1,772 | ) | |
| (2,525 | ) | |
| (3,537 | ) |
Net income (loss) attributable to Lexington Realty Trust shareholders | |
| (5,984 | ) | |
| 40,405 | | |
| 76,853 | | |
| 55,741 | |
Dividends attributable to preferred shares – Series C | |
| (1,573 | ) | |
| (1,573 | ) | |
| (4,718 | ) | |
| (4,718 | ) |
Allocation to participating securities | |
| (72 | ) | |
| (112 | ) | |
| (264 | ) | |
| (399 | ) |
Net income (loss) attributable to common shareholders | |
$ | (7,629 | ) | |
$ | 38,720 | | |
$ | 71,871 | | |
$ | 50,624 | |
Income (loss) per common share – basic: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from continuing operations | |
$ | (0.03 | ) | |
$ | 0.09 | | |
$ | 0.30 | | |
$ | 0.15 | |
Income from discontinued operations | |
| — | | |
| 0.08 | | |
| 0.01 | | |
| 0.07 | |
Net income (loss) attributable to common shareholders | |
$ | (0.03 | ) | |
$ | 0.17 | | |
$ | 0.31 | | |
$ | 0.22 | |
Weighted-average common shares outstanding – basic | |
| 234,018,062 | | |
| 229,463,522 | | |
| 233,457,400 | | |
| 228,337,871 | |
Income (loss) per common share – diluted: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from continuing operations | |
$ | (0.03 | ) | |
$ | 0.09 | | |
$ | 0.30 | | |
$ | 0.15 | |
Income from discontinued operations | |
| — | | |
| 0.08 | | |
| 0.01 | | |
| 0.07 | |
Net income (loss) attributable to common shareholders | |
$ | (0.03 | ) | |
$ | 0.17 | | |
$ | 0.31 | | |
$ | 0.22 | |
Weighted-average common shares outstanding – diluted | |
| 234,018,062 | | |
| 229,922,110 | | |
| 233,776,838 | | |
| 228,830,020 | |
Amounts attributable to common shareholders: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from continuing operations | |
$ | (7,629 | ) | |
$ | 20,151 | | |
$ | 70,189 | | |
$ | 35,330 | |
Income from discontinued operations | |
| — | | |
| 18,569 | | |
| 1,682 | | |
| 15,294 | |
Net income (loss) attributable to common shareholders | |
$ | (7,629 | ) | |
$ | 38,720 | | |
$ | 71,871 | | |
$ | 50,624 | |
LEXINGTON REALTY TRUST AND CONSOLIDATED
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except share
and per share data)
| |
September 30, 2015 | | |
December 31, 2014 | |
Assets: | |
| | | |
| | |
Real estate, at cost | |
$ | 3,586,435 | | |
$ | 3,671,560 | |
Real estate - intangible assets | |
| 669,341 | | |
| 705,566 | |
Investments in real estate under construction | |
| 155,546 | | |
| 106,238 | |
| |
| 4,411,322 | | |
| 4,483,364 | |
Less: accumulated depreciation and amortization | |
| 1,153,841 | | |
| 1,196,114 | |
Real estate, net | |
| 3,257,481 | | |
| 3,287,250 | |
Assets held for sale | |
| — | | |
| 3,379 | |
Cash and cash equivalents | |
| 86,269 | | |
| 191,077 | |
Restricted cash | |
| 12,327 | | |
| 17,379 | |
Investment in and advances to non-consolidated entities | |
| 28,050 | | |
| 19,402 | |
Deferred expenses, net | |
| 62,225 | | |
| 65,860 | |
Loans receivable, net | |
| 95,806 | | |
| 105,635 | |
Rent receivable – current | |
| 9,896 | | |
| 6,311 | |
Rent receivable – deferred | |
| 78,957 | | |
| 61,372 | |
Other assets | |
| 21,614 | | |
| 20,229 | |
Total assets | |
$ | 3,652,625 | | |
$ | 3,777,894 | |
| |
| | | |
| | |
Liabilities and Equity: | |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Mortgages and notes payable | |
$ | 804,238 | | |
$ | 945,216 | |
Credit facility borrowings | |
| 73,000 | | |
| — | |
Term loans payable | |
| 505,000 | | |
| 505,000 | |
Senior notes payable | |
| 497,879 | | |
| 497,675 | |
Convertible notes payable | |
| 12,128 | | |
| 15,664 | |
Trust preferred securities | |
| 129,120 | | |
| 129,120 | |
Dividends payable | |
| 45,307 | | |
| 42,864 | |
Liabilities held for sale | |
| — | | |
| 2,843 | |
Accounts payable and other liabilities | |
| 42,692 | | |
| 37,740 | |
Accrued interest payable | |
| 14,679 | | |
| 8,301 | |
Deferred revenue - including below market leases, net | |
| 43,521 | | |
| 68,215 | |
Prepaid rent | |
| 16,991 | | |
| 16,336 | |
Total liabilities | |
| 2,184,555 | | |
| 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, 235,179,131 and 233,278,037 shares issued and outstanding in 2015 and 2014, respectively | |
| 24 | | |
| 23 | |
Additional paid-in-capital | |
| 2,779,836 | | |
| 2,763,374 | |
Accumulated distributions in excess of net income | |
| (1,422,417 | ) | |
| (1,372,051 | ) |
Accumulated other comprehensive income (loss) | |
| (6,216 | ) | |
| 404 | |
Total shareholders’ equity | |
| 1,445,243 | | |
| 1,485,766 | |
Noncontrolling interests | |
| 22,827 | | |
| 23,154 | |
Total equity | |
| 1,468,070 | | |
| 1,508,920 | |
Total liabilities and equity | |
$ | 3,652,625 | | |
$ | 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 September 30, | | |
Nine Months Ended September 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
EARNINGS PER SHARE: | |
| | | |
| | | |
| | | |
| | |
Basic: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from continuing operations attributable to common shareholders | |
$ | (7,629 | ) | |
$ | 20,151 | | |
$ | 70,189 | | |
$ | 35,330 | |
Income from discontinued operations attributable to common shareholders | |
| — | | |
| 18,569 | | |
| 1,682 | | |
| 15,294 | |
Net income (loss) attributable to common shareholders | |
$ | (7,629 | ) | |
$ | 38,720 | | |
$ | 71,871 | | |
$ | 50,624 | |
Weighted-average number of common shares outstanding | |
| 234,018,062 | | |
| 229,463,522 | | |
| 233,457,400 | | |
| 228,337,871 | |
Income (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from continuing operations | |
$ | (0.03 | ) | |
$ | 0.09 | | |
$ | 0.30 | | |
$ | 0.15 | |
Income from discontinued operations | |
| — | | |
| 0.08 | | |
| 0.01 | | |
| 0.07 | |
Net income (loss) attributable to common shareholders | |
$ | (0.03 | ) | |
$ | 0.17 | | |
$ | 0.31 | | |
$ | 0.22 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from continuing operations attributable to common shareholders - basic | |
$ | (7,629 | ) | |
$ | 20,151 | | |
$ | 70,189 | | |
$ | 35,330 | |
Impact of assumed conversions | |
| — | | |
| — | | |
| — | | |
| — | |
Income (loss) from continuing operations attributable to common shareholders | |
| (7,629 | ) | |
| 20,151 | | |
| 70,189 | | |
| 35,330 | |
Income from discontinued operations attributable to common shareholders - basic | |
| — | | |
| 18,569 | | |
| 1,682 | | |
| 15,294 | |
Impact of assumed conversions | |
| — | | |
| — | | |
| — | | |
| — | |
Income from discontinued operations attributable to common shareholders | |
| — | | |
| 18,569 | | |
| 1,682 | | |
| 15,294 | |
Net income (loss) attributable to common shareholders | |
$ | (7,629 | ) | |
$ | 38,720 | | |
$ | 71,871 | | |
$ | 50,624 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding - basic | |
| 234,018,062 | | |
| 229,463,522 | | |
| 233,457,400 | | |
| 228,337,871 | |
Effect of dilutive securities: | |
| | | |
| | | |
| | | |
| | |
Share options | |
| — | | |
| 458,588 | | |
| 319,438 | | |
| 492,149 | |
Weighted-average common shares outstanding | |
| 234,018,062 | | |
| 229,922,110 | | |
| 233,776,838 | | |
| 228,830,020 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
Income (loss) from continuing operations | |
$ | (0.03 | ) | |
$ | 0.09 | | |
$ | 0.30 | | |
$ | 0.15 | |
Income from discontinued operations | |
| — | | |
| 0.08 | | |
| 0.01 | | |
| 0.07 | |
Net income (loss) attributable to common shareholders | |
$ | (0.03 | ) | |
$ | 0.17 | | |
$ | 0.31 | | |
$ | 0.22 | |
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 September 30, | | |
Nine Months Ended September 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
FUNDS FROM OPERATIONS: (1) | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to common shareholders | |
$ | (7,629 | ) | |
$ | 38,720 | | |
$ | 71,871 | | |
$ | 50,624 | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 38,547 | | |
| 39,030 | | |
| 117,936 | | |
| 117,991 | |
Impairment charges - real estate, including non-consolidated entities | |
| 32,818 | | |
| 3,115 | | |
| 34,070 | | |
| 30,856 | |
Noncontrolling interests - OP units | |
| 452 | | |
| 1,442 | | |
| 1,542 | | |
| 2,556 | |
Amortization of leasing commissions | |
| 1,166 | | |
| 1,580 | | |
| 3,859 | | |
| 4,506 | |
Joint venture and noncontrolling interest adjustment | |
| 577 | | |
| 495 | | |
| 1,335 | | |
| 1,733 | |
Gains on sales of properties | |
| (1,733 | ) | |
| (18,542 | ) | |
| (24,884 | ) | |
| (22,052 | ) |
FFO available to common shareholders and unitholders - basic | |
| 64,198 | | |
| 65,840 | | |
| 205,729 | | |
| 186,214 | |
Preferred dividends | |
| 1,573 | | |
| 1,573 | | |
| 4,718 | | |
| 4,718 | |
Interest and amortization on 6.00% Convertible Guaranteed Notes | |
| 252 | | |
| 508 | | |
| 795 | | |
| 1,618 | |
Amount allocated to participating securities | |
| 72 | | |
| 112 | | |
| 264 | | |
| 399 | |
FFO available to common shareholders and unitholders - diluted | |
| 66,095 | | |
| 68,033 | | |
| 211,506 | | |
| 192,949 | |
Debt satisfaction (gains) charges, net, including non-consolidated entities | |
| 398 | | |
| 455 | | |
| (13,689 | ) | |
| 8,245 | |
Other / Transaction costs | |
| 405 | | |
| 257 | | |
| 579 | | |
| 1,514 | |
Company FFO available to common shareholders and unitholders - diluted | |
| 66,898 | | |
| 68,745 | | |
| 198,396 | | |
| 202,708 | |
| |
| | | |
| | | |
| | | |
| | |
FUNDS AVAILABLE FOR DISTRIBUTION: (2) | |
| | | |
| | | |
| | | |
| | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Straight-line rents | |
| (12,899 | ) | |
| (13,478 | ) | |
| (35,242 | ) | |
| (31,057 | ) |
Lease incentives | |
| 212 | | |
| 250 | | |
| 1,157 | | |
| 1,104 | |
Amortization of below/above market leases | |
| 287 | | |
| 184 | | |
| (157 | ) | |
| 903 | |
Non-cash interest, net | |
| (598 | ) | |
| (1,824 | ) | |
| 520 | | |
| (4,186 | ) |
Non-cash charges, net | |
| 2,205 | | |
| 2,114 | | |
| 6,608 | | |
| 6,563 | |
Tenant improvements | |
| (10,562 | ) | |
| (1,961 | ) | |
| (13,184 | ) | |
| (5,960 | ) |
Lease costs | |
| (1,066 | ) | |
| (1,895 | ) | |
| (4,242 | ) | |
| (8,414 | ) |
Company Funds Available for Distribution | |
$ | 44,477 | | |
$ | 52,135 | | |
$ | 153,856 | | |
$ | 161,661 | |
| |
| | | |
| | | |
| | | |
| | |
Per Common Share and Unit Amounts | |
| | | |
| | | |
| | | |
| | |
Basic: | |
| | | |
| | | |
| | | |
| | |
FFO | |
$ | 0.27 | | |
$ | 0.28 | | |
$ | 0.87 | | |
$ | 0.80 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
FFO | |
$ | 0.27 | | |
$ | 0.28 | | |
$ | 0.87 | | |
$ | 0.80 | |
Company FFO | |
$ | 0.27 | | |
$ | 0.28 | | |
$ | 0.81 | | |
$ | 0.84 | |
Company FAD | |
$ | 0.18 | | |
$ | 0.22 | | |
$ | 0.63 | | |
$ | 0.67 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-Average Common Shares: | |
| | | |
| | | |
| | | |
| | |
Basic(3) | |
| 237,871,036 | | |
| 233,334,560 | | |
| 237,310,374 | | |
| 232,214,620 | |
Diluted | |
| 244,714,549 | | |
| 242,373,712 | | |
| 244,432,218 | | |
| 241,487,119 | |
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 other than
OP units held by us.
# # #
LEXINGTON REALTY TRUST
2015 Third Quarter Investment / Capital Recycling Summary
PROPERTY INVESTMENTS - LONG TERM LEASES
("LTL")(1)
| |
| |
| |
| |
| |
| | |
| | |
| | |
Initial | | |
| |
|
| |
| |
| |
| |
| |
Initial Basis | | |
Initial Annualized | | |
Initial Cash | | |
GAAP | | |
| |
Lease |
| |
Tenant (Guarantor) | |
Location | |
Property Type | |
($000) | | |
Cash Rent ($000) | | |
Yield | | |
Yield | | |
Month Closed | |
Expiration |
1 | |
Stella & Chewy's, LLC
| |
Oak Creek | |
WI | |
LTL - Industrial | |
$ | 22,139 | | |
$ | 1,865 | | |
| 8.4 | % | |
| 9.5 | % | |
July | |
06/2035 |
CAPITAL RECYCLING
| |
PROPERTY DISPOSITIONS | |
| |
| |
| |
| | |
| | |
| |
| | |
| |
| |
| |
| |
| |
| |
Gross | | |
| | |
| |
| | |
| |
| |
| |
| |
| |
| |
Disposition | | |
| | |
| |
| | |
| |
| |
| |
| |
| |
Property | |
Price | | |
Annualized NOI | | |
Month of | |
| | |
Gross Disposition | |
| |
Tenant | |
Location | |
Type | |
($000) | | |
($000) | | |
Disposition | |
% Leased | | |
Price PSF | |
1 | |
Wagner Industries, Inc. | |
Jacksonville | |
FL | |
Industrial | |
$ | 1,850 | | |
$ | 313 | | |
July | |
| 97 | % | |
$ | 10.96 | |
2 | |
Lockheed Martin Corporation | |
Orlando | |
FL | |
Office | |
| 12,800 | | |
| 955 | | |
July | |
| 100 | % | |
$ | 69.57 | |
3 | |
Multi-Tenant | |
Baltimore | |
MD | |
Office | |
| 121,000 | | |
| 8,318 | | |
August | |
| 94 | % | |
$ | 253.96 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
3 | |
TOTAL PROPERTY DISPOSITIONS | |
| |
| |
| |
$ | 135,650 | | |
$ | 9,586 | | |
| |
| | | |
| | |
Footnotes
| (1) | In addition, Lexington foreclosed on a loan investment and acquired the vacant office property collateral located in Westmont,
IL. Lexington also acquired a consolidated joint venture partner's interest in an office property located in Philadelphia,
PA for $4.0 million, raising Lexington's ownership interest in the property from 87.5% to 100.0%. |
LEXINGTON REALTY TRUST
BUILD-TO-SUIT PROJECTS / FORWARD COMMITMENTS
9/30/2015
BUILD-TO-SUIT PROJECTED FUNDING SCHEDULE - LONG TERM LEASES (1)
| |
| |
| |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Estimated | |
| | |
| |
| |
| |
| |
| | |
| |
| |
Maximum | | |
Investment | | |
| | |
| | |
| | |
| | |
Completion/ | |
Estimated | | |
Estimated | |
| |
| |
| |
| | |
| |
Lease | |
Commitment/Estimated | | |
balance as of | | |
| | |
| | |
| | |
| | |
Acquisition | |
Initial | | |
GAAP | |
| |
Location | |
Sq.
Ft | | |
Asset
Type | |
Term
(Years) | |
Completion
Cost ($000) | | |
9/30/15($000) | | |
Estimated
Cash Investment Next 12 Months ($000) | | |
Date | |
Cash
Yield | | |
Yield | |
| |
| |
| |
| | |
| |
| |
| | |
| | |
Q4
2015 | | |
Q1
2016 | | |
Q2
2016 | | |
Q3
2016 | | |
| |
| | |
| |
1 | |
Richmond (7) | |
VA | |
| 330,000 | | |
LTL - Office | |
15 | |
$ | 110,137 | | |
$ | 97,830 | | |
$ | 4,227 | | |
$ | 3,895 | | |
$ | 2,136 | | |
$ | 2,067 | | |
4Q 15 | |
| 8.0 | % | |
| 8.6 | % |
2 | |
Anderson | |
SC | |
| 1,325,000 | | |
LTL - Industrial | |
20 | |
| 70,012 | | |
| 12,708 | | |
| 19,000 | | |
| 19,000 | | |
| 19,000 | | |
| - | | |
2Q16 | |
| 5.9 | % | |
| 7.3 | % |
3 | |
Lake Jackson | |
TX | |
| 664,000 | | |
LTL - Office | |
20 | |
| 166,164 | | |
| 45,008 | | |
| 27,500 | | |
| 27,500 | | |
| 27,500 | | |
| 27,500 | | |
4Q 16 | |
| 7.3 | % | |
| 8.9 | % |
3 | |
TOTAL CONSOLIDATED BUILD-TO-SUIT PROJECTS (2) | | |
| |
| |
$ | 346,313 | | |
$ | 155,546 | | |
$ | 50,727 | | |
$ | 50,395 | | |
$ | 48,636 | | |
$ | 29,567 | | |
| |
| | | |
| | |
| |
| |
| |
| | | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | |
1 | |
Houston (3) | |
TX | |
| 274,000 | | |
LTL - Retail/Specialty | |
20 | |
$ | 86,491 | | |
$ | 28,602 | | |
$ | 13,784 | | |
$ | 13,784 | | |
$ | 13,784 | | |
$ | 13,784 | | |
3Q 16 | |
| 7.5 | % | |
| 7.5 | % |
1 | |
TOTAL NON-CONSOLIDATED BUILD-TO-SUIT PROJECTS | | |
| |
| |
$ | 86,491 | | |
$ | 28,602 | | |
$ | 13,784 | | |
$ | 13,784 | | |
$ | 13,784 | | |
$ | 13,784 | | |
| |
| | | |
| | |
| |
| |
| |
| | | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | |
4 | |
TOTAL BUILD-TO-SUIT PROJECTS | | |
| |
| |
$ | 432,804 | | |
$ | 184,148 | | |
$ | 64,511 | | |
$ | 64,179 | | |
$ | 62,420 | | |
$ | 43,351 | | |
| |
| | | |
| | |
FORWARD COMMITMENTS - LONG TERM LEASES (1)
| |
| |
| |
| |
| | |
| | |
Estimated | |
| | |
| | |
|
| |
| |
| |
| |
| | |
| | |
Completion/ | |
Estimated | | |
| | |
|
| |
| |
| |
| |
| | |
Estimated Acquisition | | |
Acquisition | |
Initial Cash | | |
Estimated | | |
|
| |
Tenant | |
Location | |
Property
Type | |
Sq.
Ft. | | |
Cost
($000) | | |
Date | |
Yield | | |
GAAP
Yield | | |
Lease
Term |
1 | |
Preferred Freezer Services of Richland LLC (4) | |
Richland, WA | |
LTL - Industrial | |
| 456,412 | | |
$ | 152,000 | | |
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 | | |
$ | 181,680 | | |
| |
| 7.2 | % | |
| 8.4 | % | |
|
BUILD-TO-SUIT NOI (6) | |
| | |
| | |
| | |
| | |
| |
| |
2011 | | |
2012 | | |
2013 | | |
2014 | | |
3Q 2015 | |
Net operating income ($000) | |
$ | 1,156 | | |
$ | 5,268 | | |
$ | 11,920 | | |
$ | 21,438 | | |
$ | 19,759 | |
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 $161.2 million. |
| (3) | Lexington has a 25% interest as of September 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. |
| (7) | Funding estimates include fundings for earn-out leases. |
LEXINGTON REALTY TRUST
2015 Third Quarter Financing Summary
DEBT RETIRED
| |
| |
| |
Face / Satisfaction | | |
| | |
|
Location | |
Tenant (Guarantor) | |
Property Type | |
($000) | | |
Fixed Rate | | |
Maturity Date |
| |
| |
| |
| | |
| | |
|
Consolidated Mortgage Debt: | |
| |
| |
| | | |
| | | |
|
Baltimore, MD (1) | |
Multi-Tenant | |
Office | |
$ | 55,000 | | |
| 4.32% | | |
06/2023 |
| |
| |
| |
| | | |
| | | |
|
Corporate Debt: | |
| |
| |
| | | |
| | | |
|
6% Convertible Notes | |
N/A | |
N/A | |
$ | 400 | | |
| 6.00% | | |
01/2017 |
DEBT REPLACEMENT
Lexington entered into a new $905.0 million unsecured credit agreement,
which replaced Lexington's existing revolving credit facility and term loans. (2)
| |
Prior Maturity | |
New Maturity | |
Prior Interest | |
Current Interest | |
Current Fixed |
| |
Date | |
Date | |
Rate | |
Rate | |
Rate |
$400.0 million Revolving Credit Facility (3) | |
02/2017 | |
08/2019 | |
LIBOR +1.15% | |
LIBOR +1.00% | |
N/A |
$250.0 million Term Loan (4) | |
02/2018 | |
08/2020 | |
LIBOR +1.35% | |
LIBOR +1.10% | |
2.192% |
$255.0 million Term Loan (5) | |
01/2019 | |
01/2021 | |
LIBOR +1.75% | |
LIBOR +1.10% | |
2.523% |
Footnotes
(1) Assumed by the buyer at sale.
(2) With lender approval, the facility can be increased to $1.8
billion.
(3) Maturity date can be extended to 08/2020 at Lexington's
option.
(4) Lexington previously entered into aggregate interest rate swap
agreements, which fix the LIBOR component of the loan at 1.09% through 02/2018.
(5) Lexington previously entered into aggregate interest rate swap
agreements, which fix the LIBOR component of the loan at 1.42% through 01/2019.
LEXINGTON REALTY TRUST
2015 Third Quarter Leasing Summary
LEASE EXTENSIONS
| |
| |
| |
| |
| |
| |
| | |
New Cash | | |
Prior Cash | | |
New GAAP | | |
Prior GAAP | |
| |
| |
| |
| |
| |
Lease | |
| | |
Rent Per | | |
Rent Per | | |
Rent Per | | |
Rent Per | |
| |
| |
| |
| |
Prior | |
Expiration | |
| | |
Annum | | |
Annum | | |
Annum | | |
Annum | |
| |
Tenant | |
Location | |
Term | |
Date | |
Sq.
Ft. | | |
($000)(1) | | |
($000) | | |
($000)(1) | | |
($000) | |
| |
| |
| |
| |
| |
| |
| | |
| | |
| | |
| | |
| |
| |
Office / Multi-Tenant Office | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1 | |
Atlantic Health System, Inc. | |
Rockaway | |
NJ | |
06/2026 | |
12/2027 | |
| 60,258 | | |
$ | 859 | | |
$ | 964 | | |
$ | 779 | | |
$ | 753 | |
2-4 | |
Various | |
Various | |
AZ/HI | |
2015 | |
2016-2021 | |
| 34,758 | | |
| 346 | | |
| 444 | | |
| 347 | | |
| 481 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
4 | |
Total office lease extensions | |
| |
| |
| |
| |
| 95,016 | | |
$ | 1,205 | | |
$ | 1,408 | | |
$ | 1,126 | | |
$ | 1,234 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Industrial | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1 | |
Corning Property Management Corporation | |
Erwin | |
NY | |
11/2016 | |
11/2026 | |
| 408,000 | | |
$ | 1,395 | | |
$ | 1,318 | | |
$ | 1,388 | | |
$ | 1,318 | |
2 | |
Walgreen Co. / Walgreen Eastern Co. | |
Orlando | |
FL | |
03/2016 | |
03/2021 | |
| 205,016 | | |
| 508 | | |
| 508 | | |
| 786 | | |
| 786 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
2 | |
Total industrial lease extensions | |
| |
| |
| |
| |
| 613,016 | | |
$ | 1,903 | | |
$ | 1,826 | | |
$ | 2,174 | | |
$ | 2,104 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Retail | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
1 | |
Toys “R” Us, Inc. / Toys "R"
Us-Delaware, Inc. | |
Tulsa | |
OK | |
05/2016 | |
05/2026 | |
| 43,123 | | |
$ | 236 | | |
$ | 255 | | |
$ | 236 | | |
$ | 255 | |
1 | |
Total retail lease extension | |
| |
| |
| |
| |
| 43,123 | | |
$ | 236 | | |
$ | 255 | | |
$ | 236 | | |
$ | 255 | |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
7 | |
TOTAL EXTENDED LEASES | |
| |
| |
| |
| |
| 751,155 | | |
$ | 3,344 | | |
$ | 3,489 | | |
$ | 3,536 | | |
$ | 3,593 | |
NEW LEASES
| |
| |
| |
| |
| |
| | |
| | |
| |
| |
| |
| |
| |
| |
| | |
New Cash | | |
New GAAP | |
| |
| |
| |
| |
Lease | |
| | |
Rent Per | | |
Rent Per | |
| |
| |
| |
| |
Expiration | |
| | |
Annum | | |
Annum | |
| |
Tenant | |
Location | |
Date | |
Sq. Ft. | | |
($000)(1) | | |
($000)(1) | |
| |
Office/Multi-Tenant Office | |
| |
| |
| |
| | |
| | |
| |
1 | |
Kennedy-Donovan Center, Inc. | |
Foxborough | |
MA | |
02/2017 | |
| 8,151 | | |
$ | 149 | | |
$ | 149 | |
2 | |
Atlantic Health System, Inc. | |
Rockaway | |
NJ | |
12/2027 | |
| 32,068 | | |
| 457 | | |
| 415 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | |
2 | |
TOTAL NEW LEASES | |
| |
| |
| |
| 40,219 | | |
$ | 606 | | |
$ | 564 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | |
9 | |
TOTAL NEW AND EXTENDED LEASES | |
| |
| |
| |
| 791,374 | | |
$ | 3,950 | | |
$ | 4,100 | |
Footnotes
(1) Assumes twelve months rent from the later of 10/1/15
or lease commencement/extension, excluding free rent periods as applicable.
LEXINGTON REALTY TRUST
Other Revenue Data
9/30/2015
($000)
Other Revenue Data
| |
GAAP Base Rent | |
Asset Class | |
Nine months ended | |
| |
| | |
9/30/15 | | |
9/30/14 | |
| |
9/30/15 (1) | | |
Percentage | | |
Percentage | |
Long-Term Leases (2) | |
$ | 116,350 | | |
| 40.7 | % | |
| 40.9 | % |
Office | |
| 106,971 | | |
| 37.4 | % | |
| 38.0 | % |
Industrial | |
| 47,409 | | |
| 16.5 | % | |
| 12.7 | % |
Multi-tenant | |
| 9,386 | | |
| 3.3 | % | |
| 6.7 | % |
Retail/Specialty | |
| 6,003 | | |
| 2.1 | % | |
| 1.7 | % |
| |
$ | 286,119 | | |
| 100.0 | % | |
| 100.0 | % |
| |
| | | |
| | | |
| | |
| |
GAAP Base Rent | |
Long-Term Leases (2) | |
Nine months ended | |
| |
| | |
9/30/15 | | |
9/30/14 | |
| |
9/30/15 (1) | | |
Percentage | | |
Percentage | |
Land / Infrastructure | |
$ | 46,062 | | |
| 39.6 | % | |
| 41.9 | % |
Office | |
| 36,561 | | |
| 31.4 | % | |
| 33.3 | % |
Industrial | |
| 30,638 | | |
| 26.3 | % | |
| 23.1 | % |
Retail/Specialty | |
| 3,089 | | |
| 2.7 | % | |
| 1.7 | % |
| |
$ | 116,350 | | |
| 100.0 | % | |
| 100.0 | % |
| |
| | | |
| | | |
| | |
| |
GAAP Base Rent | |
Asset Class (3) | |
Nine months ended | |
| |
| | |
9/30/15 | | |
9/30/14 | |
| |
9/30/15 (1) | | |
Percentage | | |
Percentage | |
Land/ Infrastructure | |
$ | 46,062 | | |
| 16.1 | % | |
| 13.6 | % |
Office | |
| 143,532 | | |
| 50.2 | % | |
| 55.1 | % |
Industrial | |
| 78,047 | | |
| 27.3 | % | |
| 22.2 | % |
Multi-Tenant | |
| 9,386 | | |
| 3.3 | % | |
| 6.7 | % |
Retail/Specialty | |
| 9,092 | | |
| 3.1 | % | |
| 2.4 | % |
| |
$ | 286,119 | | |
| 100.0 | % | |
| 100.0 | % |
| |
| | | |
| | | |
| | |
| |
GAAP Base Rent | |
Credit Ratings (4) | |
Nine months ended | |
| |
| | |
9/30/15 | | |
9/30/14 | |
| |
9/30/15 (1) | | |
Percentage | | |
Percentage | |
Investment Grade | |
$ | 100,033 | | |
| 35.0 | % | |
| 38.3 | % |
Non-Investment Grade | |
| 43,111 | | |
| 15.0 | % | |
| 11.4 | % |
Unrated | |
| 142,975 | | |
| 50.0 | % | |
| 50.3 | % |
| |
$ | 286,119 | | |
| 100.0 | % | |
| 100.0 | % |
Footnotes
(1) Nine months ended 9/30/2015 GAAP base rent recognized for consolidated
properties owned as of 9/30/2015.
(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)
9/30/2015
($000)
Weighted-Average Lease Term - Cash Basis | |
| As of 9/30/15 | | |
| As of 9/30/14 | |
| |
| 12.4 years | | |
| 11.4 years | |
| |
| | | |
| | |
Weighted-Average Lease Term - Cash Basis - Adjusted (1) | |
| As of 9/30/15 | | |
| As of 9/30/14 | |
| |
| 8.7 years | | |
| 8.4 years | |
Base Rent Estimates for Current Assets
| |
| | |
| | |
Projected | |
| |
| | |
| | |
Straight-line / | |
| |
| | |
| | |
GAAP Rent | |
Year | |
Cash (2) | | |
GAAP (2) | | |
Adjustment | |
2015-remaining | |
$ | 84,043 | | |
$ | 95,603 | | |
$ | (11,560 | ) |
2016 | |
$ | 332,673 | | |
$ | 374,063 | | |
$ | (41,390 | ) |
Same-Store NOI (3)(4)
| |
Three months ended September 30, | | |
Nine months ended September 30, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Total Base Rent | |
$ | 78,950 | | |
$ | 77,543 | | |
$ | 231,386 | | |
$ | 232,558 | |
Tenant Reimbursements | |
| 7,114 | | |
| 6,759 | | |
| 22,116 | | |
| 21,047 | |
Property Operating Expenses | |
| (11,305 | ) | |
| (11,610 | ) | |
| (35,540 | ) | |
| (34,579 | ) |
Same-Store NOI | |
$ | 74,759 | | |
$ | 72,692 | | |
$ | 217,962 | | |
$ | 219,026 | |
| |
| | | |
| | | |
| | | |
| | |
Change in Same-Store NOI | |
| 2.8 | % | |
| | | |
| (0.5 | )% | |
| | |
Same-Store Percent Leased (4)
| |
| As of 9/30/15 | | |
| As of 9/30/14 | | |
| | | |
| | |
| |
| 97.3 | % | |
| 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 9/30/2015.
(3) NOI is on a consolidated cash basis. Excludes potential foreclosures.
(4) Adjusted for potential foreclosures on Rochester, NY and Bridgewater,
NJ properties.
(5) Based on nine months consolidated Cash base rents for single-tenant
leases. Excludes parking operations and $6.5 million in step-down leases.
LEXINGTON REALTY TRUST
Portfolio Detail By Asset Class
9/30/2015
($000, except square footage)
Asset Class | |
YE 2012 | | |
YE 2013 | | |
YE 2014 | | |
3Q 2015 | |
| |
| | |
| | |
| | |
| |
Office | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 64.3 | % | |
| 61.3 | % | |
| 51.4 | % | |
| 50.2 | % |
LTL | |
| 22.4 | % | |
| 26.8 | % | |
| 31.8 | % | |
| 25.5 | % |
STL | |
| 77.6 | % | |
| 73.2 | % | |
| 68.2 | % | |
| 74.5 | % |
Leased | |
| 98.6 | % | |
| 99.0 | % | |
| 98.6 | % | |
| 99.2 | % |
Wtd. Avg. Lease Term (2) | |
| 6.6 | | |
| 7.2 | | |
| 7.4 | | |
| 7.1 | |
Mortgage Debt | |
$ | 1,078,345 | | |
$ | 692,460 | | |
$ | 426,635 | | |
$ | 333,554 | |
% Investment Grade (1) | |
| 62.1 | % | |
| 57.2 | % | |
| 53.7 | % | |
| 49.0 | % |
Square Feet | |
| 15,726,609 | | |
| 15,316,875 | | |
| 13,264,134 | | |
| 12,517,508 | |
Cash Rent | |
$ | 198,183 | | |
$ | 214,774 | | |
$ | 192,865 | | |
$ | 139,229 | |
| |
| | | |
| | | |
| | | |
| | |
Industrial | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 22.9 | % | |
| 23.2 | % | |
| 23.0 | % | |
| 27.3 | % |
LTL | |
| 33.7 | % | |
| 35.2 | % | |
| 42.8 | % | |
| 39.3 | % |
STL | |
| 66.3 | % | |
| 64.8 | % | |
| 57.2 | % | |
| 60.7 | % |
Leased | |
| 99.6 | % | |
| 99.8 | % | |
| 99.7 | % | |
| 99.6 | % |
Wtd. Avg. Lease Term (2) | |
| 7.5 | | |
| 7.2 | | |
| 7.9 | | |
| 8.4 | |
Mortgage Debt | |
$ | 221,055 | | |
$ | 206,209 | | |
$ | 177,951 | | |
$ | 183,953 | |
% Investment Grade (1) | |
| 23.1 | % | |
| 34.1 | % | |
| 29.3 | % | |
| 30.8 | % |
Square Feet | |
| 21,317,359 | | |
| 21,473,994 | | |
| 22,612,691 | | |
| 25,104,724 | |
Cash Rent | |
$ | 70,600 | | |
$ | 84,039 | | |
$ | 89,991 | | |
$ | 77,237 | |
| |
| | | |
| | | |
| | | |
| | |
Land/Infrastructure | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 0.5 | % | |
| 4.9 | % | |
| 14.3 | % | |
| 16.1 | % |
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 | | |
| 70.6 | |
Wtd. Avg. Lease Term Adjusted (3) | |
| 19.1 | | |
| 23.7 | | |
| 22.8 | | |
| 23.0 | |
Mortgage Debt | |
$ | - | | |
$ | 213,500 | | |
$ | 213,475 | | |
$ | 242,557 | |
% Investment Grade (1) | |
| 0.0 | % | |
| 0.2 | % | |
| 0.4 | % | |
| 0.4 | % |
Cash Rent | |
$ | 1,219 | | |
$ | 9,259 | | |
$ | 22,717 | | |
$ | 19,107 | |
| |
| | | |
| | | |
| | | |
| | |
Multi-Tenant | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 9.0 | % | |
| 7.9 | % | |
| 8.7 | % | |
| 3.3 | % |
Leased | |
| 67.4 | % | |
| 66.4 | % | |
| 53.9 | % | |
| 39.1 | % |
Wtd. Avg. Lease Term (2) | |
| 7.1 | | |
| 7.0 | | |
| 6.9 | | |
| 3.6 | |
Mortgage Debt | |
$ | 102,582 | | |
$ | 71,754 | | |
$ | 116,763 | | |
$ | 31,352 | |
% Investment Grade (1) | |
| 33.2 | % | |
| 34.5 | % | |
| 19.3 | % | |
| 43.3 | % |
Square Feet | |
| 2,396,631 | | |
| 2,259,189 | | |
| 2,414,889 | | |
| 2,531,834 | |
Cash Rent | |
$ | 25,169 | | |
$ | 27,941 | | |
$ | 34,458 | | |
$ | 9,373 | |
| |
| | | |
| | | |
| | | |
| | |
Retail/Specialty | |
| | | |
| | | |
| | | |
| | |
% of ABR (1) | |
| 3.3 | % | |
| 2.7 | % | |
| 2.6 | % | |
| 3.1 | % |
LTL | |
| 15.3 | % | |
| 21.0 | % | |
| 28.1 | % | |
| 34.0 | % |
STL | |
| 84.7 | % | |
| 79.0 | % | |
| 71.9 | % | |
| 66.0 | % |
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 | | |
$ | 12,822 | |
% Investment Grade (1) | |
| 22.0 | % | |
| 18.7 | % | |
| 22.4 | % | |
| 16.0 | % |
Square Feet | |
| 1,755,608 | | |
| 1,489,267 | | |
| 1,447,724 | | |
| 1,395,517 | |
Cash Rent | |
$ | 8,186 | | |
$ | 7,947 | | |
$ | 8,948 | | |
$ | 6,764 | |
| |
| | | |
| | | |
| | | |
| | |
Loans Receivable | |
$ | 72,540 | | |
$ | 99,443 | | |
$ | 105,635 | | |
$ | 95,806 | |
Construction in progress (4) | |
$ | 71,634 | | |
$ | 78,656 | | |
$ | 121,184 | | |
$ | 165,001 | |
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
9/30/2015
Footnotes
(1) Based on gross book value of assets as of 9/30/2015.
(2) Based on nine months GAAP base rent as of 9/30/2015.
LEXINGTON REALTY TRUST
Components of Net Asset Value
9/30/2015
($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 nine month cash net operating income (NOI) (1) | |
| | |
Land/ Infrastructure | |
$ | 19,082 | |
Office | |
| 128,989 | |
Industrial | |
| 79,906 | |
Multi-Tenant | |
| 2,282 | |
Retail/Specialty | |
| 6,855 | |
Total Net Operating Income | |
$ | 237,114 | |
| |
| | |
Lexington's share of non-consolidated nine month NOI (1) | |
| | |
Land/Infrastructure | |
$ | 200 | |
Office | |
| 1,701 | |
Retail/Specialty | |
| 910 | |
| |
$ | 2,811 | |
Other income | |
| | |
Advisory fees | |
$ | 233 | |
In service assets not fairly valued by capitalized NOI method
(1) | |
| | |
Wholly-owned assets | |
$ | 105,295 | |
| |
| | |
Add other assets: | |
| | |
Loans receivable | |
$ | 95,806 | |
Development investment at cost incurred | |
| 172,453 | |
Cash and cash equivalents | |
| 86,269 | |
Restricted cash | |
| 12,328 | |
Accounts receivable, net | |
| 9,896 | |
Other assets | |
| 21,614 | |
Total other assets | |
$ | 398,366 | |
| |
| | |
Liabilities: | |
| | |
Corporate level debt | |
$ | 1,217,127 | |
Mortgages and notes payable | |
| 804,238 | |
Dividends payable | |
| 45,307 | |
Accounts payable, accrued expenses and other liabilities | |
| 74,363 | |
Preferred stock, at liquidation value | |
| 96,770 | |
Lexington's share of non-consolidated mortgages | |
| 8,619 | |
Total deductions | |
$ | 2,246,424 | |
| |
| | |
Common shares & OP units at 9/30/2015 | |
| 239,032,105 | |
Footnotes
| (1) | Nine months ended September 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
9/30/2015
| |
| |
Percent of | |
| |
| |
GAAP Base | |
| |
| |
Rent as of | |
| |
Core Based Statistical Area (2) | |
9/30/15 (1) | |
1 | |
New York-Northern New Jersey-Long Island, NY-NJ-PA | |
| 16.7 | % |
2 | |
Dallas-Fort Worth-Arlington, TX | |
| 6.8 | % |
3 | |
Houston-Sugar Land-Baytown, TX | |
| 6.5 | % |
4 | |
Memphis, TN-MS-AR | |
| 4.4 | % |
5 | |
Kansas City, MO-KS | |
| 3.9 | % |
6 | |
Phoenix-Mesa-Scottsdale, AZ | |
| 3.9 | % |
7 | |
Boston-Cambridge-Quincy, MA-NH | |
| 2.4 | % |
8 | |
Denver-Aurora, CO | |
| 2.3 | % |
9 | |
Detroit-Warren-Livonia, MI | |
| 2.2 | % |
10 | |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | |
| 2.2 | % |
11 | |
Columbus, OH | |
| 2.0 | % |
12 | |
Charlotte-Gastonia-Rock Hill, NC-SC | |
| 1.9 | % |
13 | |
Las Vegas-Paradise, NV | |
| 1.8 | % |
14 | |
Indianapolis-Carmel, IN | |
| 1.8 | % |
15 | |
San Jose-Sunnyvale-Santa Clara, CA | |
| 1.7 | % |
16 | |
Chicago-Naperville-Joliet, IL-IN-WI | |
| 1.6 | % |
17 | |
Atlanta-Sandy Springs-Marietta, GA | |
| 1.5 | % |
18 | |
Cincinnati-Middletown, OH-KY-IN | |
| 1.4 | % |
19 | |
Orlando-Kissimmee, FL | |
| 1.4 | % |
20 | |
Washington-Arlington-Alexandria, DC-VA-MD-WV | |
| 1.3 | % |
| |
Total Top Markets (3) | |
| 67.6 | % |
Footnotes
| (1) | Nine months ended 9/30/2015 GAAP base rent recognized for consolidated properties owned as of 9/30/2015. |
| (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
9/30/2015
Footnotes
| (1) | Nine months ended 9/30/2015 GAAP base rent recognized for consolidated office properties owned as of 9/30/2015. 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
9/30/2015
Footnotes
(1) Nine months ended 9/30/2015 GAAP base rent recognized for consolidated
properties owned as of 9/30/2015.
LEXINGTON REALTY TRUST
Top 10 Tenants or Guarantors
9/30/2015
Top 10 Tenants or Guarantors - Cash Basis
| |
| |
| | |
Sq. Ft. Leased | | |
| | |
Percent of | |
| |
| |
| | |
as a Percent | | |
Cash Base | | |
Cash Base | |
| |
| |
| | |
of | | |
Rent as of | | |
Rent as of | |
| |
Number of | |
Sq. Ft. | | |
Consolidated | | |
9/30/2015 | | |
9/30/2015 | |
Tenants or Guarantors | |
Leases | |
Leased | | |
Portfolio (2) | | |
($000) (1) | | |
($000) (1) (2) | |
FedEx Corporation / Federal Express Corporation | |
3 | |
| 787,829 | | |
| 1.9 | % | |
$ | 9,427 | | |
| 3.7 | % |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | |
7 | |
| 2,053,359 | | |
| 4.9 | % | |
| 7,666 | | |
| 3.0 | % |
United States of America | |
3 | |
| 398,214 | | |
| 1.0 | % | |
| 6,870 | | |
| 2.7 | % |
Schlumberger Holdings Corp. (4) | |
1 | |
| 554,385 | | |
| 1.3 | % | |
| 6,089 | | |
| 2.4 | % |
Swiss Re America Holding Corporation / Westport Insurance Corporation | |
2 | |
| 476,123 | | |
| 1.1 | % | |
| 5,634 | | |
| 2.2 | % |
Nissan North America, Inc. | |
2 | |
| 1,691,049 | | |
| 4.1 | % | |
| 5,565 | | |
| 2.2 | % |
Xerox Corporation | |
1 | |
| 202,000 | | |
| 0.5 | % | |
| 5,302 | | |
| 2.1 | % |
Michelin North America, Inc. | |
3 | |
| 2,503,916 | | |
| 6.0 | % | |
| 5,279 | | |
| 2.1 | % |
T-Mobile USA, Inc. / T-Mobile West Corporation | |
5 | |
| 386,078 | | |
| 0.9 | % | |
| 5,193 | | |
| 2.1 | % |
SM Ascott LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 4,314 | | |
| 1.7 | % |
| |
28 | |
| 9,052,953 | | |
| 21.7 | % | |
$ | 61,339 | | |
| 24.4 | % |
Top 10 Tenants or Guarantors - GAAP Basis
| |
| |
| | |
Sq. Ft. Leased | | |
| | |
Percent of | |
| |
| |
| | |
as a Percent | | |
GAAP Base | | |
GAAP Base | |
| |
| |
| | |
of | | |
Rent as of | | |
Rent as of | |
| |
Number of | |
Sq. Ft. | | |
Consolidated | | |
9/30/2015 | | |
9/30/2015 | |
Tenants or Guarantors | |
Leases | |
Leased | | |
Portfolio (2) | | |
($000) (3) | | |
($000) (3) (2) | |
SM Ascott LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
$ | 13,030 | | |
| 4.6 | % |
FC-Canal Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 11,167 | | |
| 3.9 | % |
AL-Stone Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 10,192 | | |
| 3.6 | % |
FedEx Corporation / Federal Express Corporation | |
3 | |
| 787,829 | | |
| 1.9 | % | |
| 9,673 | | |
| 3.4 | % |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited) | |
7 | |
| 2,053,359 | | |
| 4.9 | % | |
| 7,456 | | |
| 2.6 | % |
United States of America | |
3 | |
| 398,214 | | |
| 1.0 | % | |
| 7,129 | | |
| 2.5 | % |
Nissan North America, Inc. | |
2 | |
| 1,691,049 | | |
| 4.1 | % | |
| 5,685 | | |
| 2.0 | % |
Swiss Re America Holding Corporation / Westport Insurance Corporation | |
2 | |
| 476,123 | | |
| 1.1 | % | |
| 5,658 | | |
| 2.0 | % |
Schlumberger Holdings Corp. (4) | |
1 | |
| 554,385 | | |
| 1.3 | % | |
| 5,520 | | |
| 1.9 | % |
Michelin North America, Inc. | |
3 | |
| 2,503,916 | | |
| 6.0 | % | |
| 5,310 | | |
| 1.9 | % |
| |
24 | |
| 8,464,875 | | |
| 20.3 | % | |
$ | 80,820 | | |
| 28.2 | % |
Footnotes
| (1) | Nine months ended 9/30/2015 Cash base rent recognized for consolidated properties owned as of 9/30/2015. |
| (2) | Total shown may differ from detailed amounts due to rounding. |
| (3) | Nine months ended 9/30/2015 GAAP base rent recognized for consolidated properties owned as of 9/30/2015. |
| (4) | Primarily rent from former tenant, Baker Hughes, Inc., which was paid semi-annually in uneven amounts. |
LEXINGTON REALTY TRUST
Lease Rollover Schedule - Consolidated Single-Tenant
Properties GAAP Basis
9/30/2015
| |
| |
GAAP Base | | |
Percent of | | |
Percent of | |
| |
Number of | |
Rent as of | | |
GAAP Base Rent | | |
GAAP Base Rent | |
| |
Leases | |
9/30/2015 | | |
as of | | |
as of | |
Year | |
Expiring | |
($000) | | |
9/30/2015 | | |
9/30/2014 | |
2015 - remaining | |
1 | |
$ | 366 | | |
| 0.1 | % | |
| 0.2 | % |
2016 | |
12 | |
| 12,140 | | |
| 4.4 | % | |
| 4.9 | % |
2017 | |
17 | |
| 18,152 | | |
| 6.6 | % | |
| 6.5 | % |
2018 | |
30 | |
| 18,468 | | |
| 6.7 | % | |
| 6.7 | % |
2019 | |
20 | |
| 22,092 | | |
| 8.1 | % | |
| 7.5 | % |
2020 | |
16 | |
| 17,906 | | |
| 6.5 | % | |
| 6.5 | % |
2021 | |
12 | |
| 16,910 | | |
| 6.2 | % | |
| 5.7 | % |
2022 | |
8 | |
| 9,594 | | |
| 3.5 | % | |
| 3.4 | % |
2023 | |
5 | |
| 9,919 | | |
| 3.6 | % | |
| 7.0 | % |
2024 | |
9 | |
| 10,594 | | |
| 3.9 | % | |
| 3.3 | % |
Thereafter | |
76 | |
| 137,783 | | |
| 50.3 | % | |
| 42.7 | % |
| |
| |
| | | |
| | | |
| | |
Total (1) | |
206 | |
$ | 273,924 | | |
| 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
9/30/2015
| |
| |
| | |
Percent of | |
| |
| |
GAAP Base | | |
GAAP Base | |
| |
Number of | |
Rent as of | | |
Rent | |
| |
Leases | |
9/30/2015 | | |
as of | |
Year | |
Expiring | |
($000) | | |
9/30/2015 | |
2015 - remaining | |
22 | |
$ | 646 | | |
| 0.2 | % |
2016 | |
27 | |
| 12,518 | | |
| 4.5 | % |
2017 | |
26 | |
| 18,444 | | |
| 6.6 | % |
2018 | |
35 | |
| 20,084 | | |
| 7.2 | % |
2019 | |
26 | |
| 23,159 | | |
| 8.3 | % |
2020 | |
18 | |
| 18,160 | | |
| 6.5 | % |
2021 | |
15 | |
| 18,217 | | |
| 6.5 | % |
2022 | |
9 | |
| 9,634 | | |
| 3.4 | % |
2023 | |
6 | |
| 10,083 | | |
| 3.6 | % |
2024 | |
9 | |
| 10,594 | | |
| 3.8 | % |
Thereafter | |
77 | |
| 137,790 | | |
| 49.3 | % |
| |
| |
| | | |
| | |
Total (1) | |
270 | |
$ | 279,329 | | |
| 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 - 9/30/2015
| |
| |
| |
| |
| |
| |
| |
| |
| | |
Cash | | |
GAAP | | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
| |
Sq.Ft. | | |
Rent | | |
Base Rent | | |
9/30/2015 | | |
|
Year of Lease | |
Date of Lease | |
| |
| |
| |
| |
| |
| |
Leased or Available | | |
as of | | |
as of 9/30/2015 | | |
Debt Balance | | |
|
Expiration | |
Expiration | |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Property
Type | |
(1) | | |
9/30/2015
($000) (2) | | |
($000)
(3) | | |
($000) | | |
Debt
Maturity |
LONG-TERM LEASE PROPERTIES | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2025 | |
11/30/2025 | |
11707 Miracle Hills Dr. | |
Omaha | |
NE | |
— | |
Infocrossing, Inc. | |
Office | |
| 85,200 | | |
| 875 | | |
| 875 | | |
| 7,639 | | |
04/2016 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2025 | |
1700 47th Ave North | |
Minneapolis | |
MN | |
— | |
Owens Corning Roofing and Asphalt, LLC | |
Industrial | |
| 18,620 | | |
| 413 | | |
| 413 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
2005 East Technology Cir. | |
Tempe | |
AZ | |
— | |
Infocrossing, Inc. | |
Office | |
| 60,000 | | |
| 846 | | |
| 846 | | |
| 7,214 | | |
04/2016 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
4001 International Pkwy. | |
Carrollton | |
TX | |
— | |
Motel 6 Operating, LP | |
Office | |
| 138,443 | | |
| 1,551 | | |
| 1,669 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
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 | | |
| 2,479 | | |
| 1,903 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
3/31/2026 | |
500 Olde Worthington Rd. | |
Westerville | |
OH | |
— | |
InVentiv Communications, Inc. | |
Office | |
| 97,000 | | |
| 835 | | |
| 942 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
633 Garrett Pkwy. | |
Lewisburg | |
TN | |
— | |
Calsonic Kansei North America, Inc. | |
Industrial | |
| 310,000 | | |
| 907 | | |
| 977 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2026 | |
6910 South Memorial Hwy. | |
Tulsa | |
OK | |
— | |
Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc. | |
Retail | |
| 43,123 | | |
| 192 | | |
| 192 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2026 | |
351 Chamber Dr. | |
Chillicothe | |
OH | |
— | |
The Kitchen Collection, Inc. | |
Industrial | |
| 475,218 | | |
| 805 | | |
| 869 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
8/31/2026 | |
25500 State Hwy. 249 | |
Tomball | |
TX | |
— | |
Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin) | |
Specialty | |
| 77,076 | | |
| 1,079 | | |
| 1,053 | | |
| 8,471 | | |
11/2016 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2026 | |
900 Industrial Blvd. | |
Crossville | |
TN | |
— | |
Dana Commercial Vehicle Products, LLC | |
Industrial | |
| 222,200 | | |
| 433 | | |
| 433 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2026 | |
5001 Greenwood Rd. | |
Shreveport | |
LA | |
— | |
Libbey Glass Inc. (Libbey Inc.) | |
Industrial | |
| 646,000 | | |
| 1,580 | | |
| 1,624 | | |
| 19,000 | | |
07/2017 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2026 | |
250 Rittenhouse Cir. | |
Bristol | |
PA | |
— | |
Northtec LLC (The Estée Lauder Companies Inc.) | |
Industrial | |
| 241,977 | | |
| 818 | | |
| 860 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
736 Addison Rd. | |
Erwin | |
NY | |
— | |
Corning Property Management Corporation | |
Industrial | |
| 408,000 | | |
| 989 | | |
| 979 | | |
| 7,995 | | |
10/2018 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
500 Kinetic Dr. | |
Huntington | |
WV | |
— | |
AMZN WVCS LLC (Amazon.com, Inc.) | |
Office | |
| 68,693 | | |
| 801 | | |
| 951 | | |
| 6,500 | | |
02/2017 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/29/2026 | |
5500 New Albany Rd. | |
Columbus | |
OH | |
— | |
Evans, Mechwart, Hambleton & Tilton, Inc. | |
Office | |
| 104,807 | | |
| 1,210 | | |
| 1,303 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2027 | |
2/28/2027 | |
554 Nissan Parkway | |
Canton | |
MS | |
— | |
Nissan North America, Inc. | |
Industrial | |
| 1,466,000 | | |
| 2,866 | | |
| 3,116 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
4/30/2027 | |
1315 West Century Dr. | |
Louisville | |
CO | |
5 | |
Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC) | |
Office | |
| 106,877 | | |
| 869 | | |
| 955 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
2424 Alpine Rd. | |
Eau Claire | |
WI | |
— | |
Silver Spring Foods, Inc. (Huntsinger Farms, Inc.) | |
Industrial | |
| 159,000 | | |
| 802 | | |
| 752 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2027 | |
3902 Gene Field Rd | |
St. Joseph | |
MO | |
— | |
Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation) | |
Office | |
| 98,849 | | |
| 1,348 | | |
| 1,495 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/6/2027 | |
2221 Schrock Rd. | |
Columbus | |
OH | |
— | |
MS Consultants, Inc. | |
Office | |
| 42,290 | | |
| 440 | | |
| 481 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
8/7/2027 | |
25 Lakeview Dr. | |
Jessup | |
PA | |
— | |
TMG Health, Inc. | |
Office | |
| 150,000 | | |
| 1,497 | | |
| 1,876 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2027 | |
11201 Renner Blvd. | |
Lenexa | |
KS | |
— | |
United States of America | |
Office | |
| 169,585 | | |
| 4,190 | | |
| 4,577 | | |
| 37,079 | | |
11/2027 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2027 | |
1700 Millrace Dr. | |
Eugene | |
OR | |
10 | |
Oregon Research Institute / Educational Policy Improvement Center | |
Office | |
| 80,011 | | |
| 1,257 | | |
| 1,559 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2027 | |
10590 Hamilton Ave. | |
Cincinnati | |
OH | |
— | |
The Hillman Group, Inc. | |
Industrial | |
| 264,598 | | |
| 586 | | |
| 610 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
333 Mt. Hope Ave. | |
Rockaway | |
NJ | |
— | |
Atlantic Health System, Inc. | |
Office | |
| 92,326 | | |
| - | | |
| 858 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
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 | | |
| 3,578 | | |
| 3,851 | | |
| 49,833 | | |
03/2028 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
4/30/2028 | |
9655 Maroon Circle | |
Englewood | |
CO | |
— | |
TriZetto Corporation | |
Office | |
| 166,912 | | |
| 2,617 | | |
| 2,883 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
8/31/2028 | |
9803 Edmonds Way | |
Edmonds | |
WA | |
— | |
Pudget Consumers Co-op d/b/a PCC Natural Markets | |
Retail | |
| 35,459 | | |
| 485 | | |
| 484 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2028 | |
832 N. Westover Blvd . | |
Albany | |
GA | |
— | |
Gander Mountain Company | |
Retail | |
| 45,554 | | |
| 471 | | |
| 520 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2029 | |
1/31/2029 | |
6226 West Sahara Ave. | |
Las Vegas | |
NV | |
— | |
Nevada Power Company | |
Office | |
| 282,000 | | |
| 2,317 | | |
| 3,190 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
175 Holt Garrison Pkwy. | |
Danville | |
VA | |
— | |
Home Depot USA, Inc. | |
Land and Infrastructure | |
| - | | |
| 195 | | |
| 162 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
3/31/2029 | |
2800 High Meadow Circle | |
Auburn Hills | |
MI | |
— | |
Faurecia USA Holdings, Inc. | |
Office | |
| 278,000 | | |
| 1,736 | | |
| 1,983 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/24/2029 | |
318 Pappy Dunn Blvd. | |
Anniston | |
AL | |
— | |
International Automotive Components Group North America, Inc. | |
Industrial | |
| 276,782 | | |
| 1,179 | | |
| 1,305 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2030 | |
3/31/2030 | |
549 Wingo Rd. | |
Byhalia | |
MS | |
— | |
Asics America Corporation (Asics Corporation) | |
Industrial | |
| 855,878 | | |
| 2,625 | | |
| 2,942 | | |
| 15,000 | | |
06/2016 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2030 | |
3301 Stagecoach Rd. NE | |
Thomson | |
GA | |
— | |
Hollander Sleep Products, LLC (Hollander Home Fashions Holdings) | |
Industrial | |
| 208,000 | | |
| 340 | | |
| 378 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/31/2030 | |
3940 South Teller St. | |
Lakewood | |
CO | |
11 | |
Addenbrooke Classical Academy | |
Office | |
| 68,165 | | |
| 310 | | |
| 429 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2030 | |
810 Gears Rd. | |
Houston | |
TX | |
— | |
United States of America | |
Office | |
| 68,985 | | |
| - | | |
| - | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2031 | |
5/31/2031 | |
671 Washburn Switch Rd. | |
Shelby | |
NC | |
— | |
Clearwater Paper Corporation | |
Industrial | |
| 673,518 | | |
| 1,718 | | |
| 1,950 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2032 | |
4/30/2032 | |
13930 Pike Rd. | |
Missouri City | |
TX | |
— | |
Vulcan Construction Materials, LP (Vulcan Materials Company) | |
Land and Infrastructure | |
| - | | |
| 1,379 | | |
| 1,592 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2032 | |
143 Diamond Avenue | |
Parachute | |
CO | |
— | |
Encana Oil and Gas (USA) Inc. (Alenco Inc.) | |
Office | |
| 49,024 | | |
| 762 | | |
| 963 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2032 | |
3030 North 3rd St. | |
Phoenix | |
AZ | |
— | |
CopperPoint Mutual Insurance Company | |
Office | |
| 252,400 | | |
| 3,012 | | |
| 3,687 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2033 | |
10/31/2033 | |
1001 Innovation Road | |
Rantoul | |
IL | |
— | |
Easton-Bell Sports, Inc. | |
Industrial | |
| 813,126 | | |
| 2,606 | | |
| 3,110 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2033 | |
1331 Capitol Ave. | |
Omaha | |
NE | |
— | |
The Gavilon Group, LLC | |
Office | |
| 127,810 | | |
| 2,119 | | |
| 2,483 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2033 | |
3000 Busch Lake Blvd. | |
Tampa | |
FL | |
— | |
BluePearl Holdings, LLC | |
Office | |
| 17,000 | | |
| 367 | | |
| 367 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
2910 Busch Lake Blvd. | |
Tampa | |
FL | |
— | |
BluePearl Holdings, LLC | |
Office | |
| 2,500 | | |
| 41 | | |
| 41 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
2950 Busch Lake Blvd. | |
Tampa | |
FL | |
— | |
BluePearl Holdings, LLC | |
Office | |
| 8,000 | | |
| 116 | | |
| 116 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
19311 SH 249 | |
Houston | |
TX | |
— | |
BluePearl Holdings, LLC | |
Office | |
| 12,622 | | |
| 164 | | |
| 164 | | |
| - | | |
- |
LEXINGTON REALTY TRUST
Property Leases and Vacancies- Consolidated
Portfolio - 9/30/2015
| |
| |
| |
| |
| |
| |
| |
| |
| | |
Cash | | |
GAAP | | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
| |
Sq.Ft. | | |
Rent | | |
Base Rent | | |
9/30/2015 | | |
|
Year of Lease | |
Date of Lease | |
| |
| |
| |
| |
| |
| |
Leased or Available | | |
as of | | |
as of 9/30/2015 | | |
Debt Balance | | |
|
Expiration | |
Expiration | |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Property
Type | |
(1) | | |
9/30/2015
($000) (2) | | |
($000)
(3) | | |
($000) | | |
Debt
Maturity |
LONG-TERM LEASE PROPERTIES | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2034 | |
9/30/2034 | |
5625 North Sloan Ln. | |
North Las Vegas | |
NV | |
— | |
Nicholas and Co., Inc. | |
Industrial | |
| 180,235 | | |
| 1,605 | | |
| 1,918 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2035 | |
3/31/2035 | |
7007 F.M. 362 | |
Brookshire | |
TX | |
— | |
Orizon Industries, Inc. (Spitzer Industries, Inc.) | |
Industrial | |
| 262,095 | | |
| 808 | | |
| 981 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
13863 Industrial Road | |
Houston | |
TX | |
— | |
Curtis Kelly, Inc. (Spitzer Industries, Inc.) | |
Industrial | |
| 187,800 | | |
| 1,030 | | |
| 1,250 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2035 | |
111 West Oakview Pkwy. | |
Oak Creek | |
WI | |
— | |
Stella & Chewy's, LLC | |
Industrial | |
| 164,007 | | |
| 371 | | |
| 417 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
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 | | |
| 4,098 | | |
| 5,080 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2039 | |
3/31/2039 | |
854 Paragon Way | |
Rock Hill | |
SC | |
— | |
Physicians Choice Laboratory Services, LLC | |
Office | |
| 104,497 | | |
| 1,418 | | |
| 1,868 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2043 | |
2/28/2043 | |
1237 W. Sherman Avenue | |
Vineland | |
NJ | |
— | |
HealthSouth Rehabilitation Hospital of South Jersey, LLC (HealthSouth
Corporation) | |
Specialty | |
| 39,287 | | |
| 840 | | |
| 840 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2048 | |
12/31/2048 | |
30 Light St | |
Baltimore | |
MD | |
— | |
30 Charm City, LLC | |
Land and Infrastructure | |
| - | | |
| 45 | | |
| 45 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2055 | |
1/31/2055 | |
499 Derbyshire Drive | |
Venice | |
FL | |
— | |
Littlestone Brotherhood LLC | |
Land and Infrastructure | |
| 31,180 | | |
| 880 | | |
| 1,328 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2112 | |
10/31/2112 | |
350 and 370-372 Canal St. | |
New York | |
NY | |
— | |
FC-Canal Ground Tenant LLC | |
Land and Infrastructure | |
| - | | |
| 3,697 | | |
| 11,167 | | |
| 69,286 | | |
01/2027 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
309-313 | |
West 39th St. | |
New York | |
NY | |
17 | |
SM Ascott LLC | |
Land and Infrastructure | |
| - | | |
| 4,314 | | |
| 13,030 | | |
| 80,841 | | |
01/2027 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
8-12 Stone St. | |
New York | |
NY | |
— | |
AL-Stone Ground Tenant LLC | |
Land and Infrastructure | |
| - | | |
| 3,374 | | |
| 10,192 | | |
| 63,237 | | |
01/2027 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2113 | |
10/31/2113 | |
15 West 45th St. | |
New York | |
NY | |
— | |
ZE-45 Ground Tenant LLC | |
Land and Infrastructure | |
| - | | |
| 1,125 | | |
| 3,466 | | |
| 29,193 | | |
01/2025 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
N/A | |
Vacancy | |
810 Gears Rd. | |
Houston | |
TX | |
— | |
(Available for Lease) | |
Office | |
| 9,910 | | |
| - | | |
| - | | |
| - | | |
- |
LONG TERM TOTAL/WEIGHTED AVERAGE | |
| |
| |
99.9% Leased | |
| |
| 11,619,918 | | |
$ | 81,410 | | |
$ | 116,350 | | |
$ | 401,288 | | |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated
Portfolio - 9/30/2015
| |
| |
| |
| |
| |
| |
| |
| | |
Cash | | |
GAAP | | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
Sq.Ft. | | |
Rent | | |
Base Rent | | |
9/30/2015 | | |
|
Year of Lease | |
Date of Lease | |
| |
| |
| |
| |
| |
Leased or | | |
as of | | |
as of 9/30/2015 | | |
Debt Balance | | |
|
Expiration | |
Expiration | |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Available
(1) | | |
9/30/2015
($000) (2) | | |
($000)
(3) | | |
($000) | | |
Debt
Maturity |
OFFICE PROPERTIES | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2016 | |
1/31/2016 | |
1600 Eberhardt Rd. | |
Temple | |
TX | |
— | |
Nextel of Texas, Inc. (Nextel Finance Company) | |
| 54,683 | | |
| 631 | | |
| 377 | | |
| 7,565 | | |
01/2016 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
4/30/2016 | |
11511 Luna Rd. | |
Farmers Branch | |
TX | |
— | |
Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar
Corp.) | |
| 180,507 | | |
| 1,844 | | |
| 2,391 | | |
| 18,387 | | |
07/2016 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
2000 Eastman Dr. | |
Milford | |
OH | |
— | |
Siemens Corporation | |
| 221,215 | | |
| 1,865 | | |
| 1,739 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2016 | |
1200 Jupiter Rd. | |
Garland | |
TX | |
— | |
Raytheon Company | |
| 278,759 | | |
| 1,130 | | |
| 1,298 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/8/2016 | |
1460 Tobias Gadsen Blvd. | |
Charleston | |
SC | |
13 | |
Hagemeyer North America, Inc. | |
| 50,076 | | |
| 995 | | |
| 895 | | |
| 7,209 | | |
02/2021 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/14/2016 | |
1400 Northeast McWilliams Rd. | |
Bremerton | |
WA | |
— | |
Nextel West Corporation (Nextel Finance Company) | |
| 60,200 | | |
| 911 | | |
| 911 | | |
| 5,641 | | |
04/2016 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2016 | |
104 & 110 South Front St. | |
Memphis | |
TN | |
— | |
Hnedak Bobo Group, Inc. | |
| 37,229 | | |
| 389 | | |
| 376 | | |
| 3,566 | | |
01/2017 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2017 | |
1/31/2017 | |
10300 Kincaid Dr. | |
Fishers | |
IN | |
16 | |
Roche Diagnostics Operations, Inc. | |
| 193,000 | | |
| 3,220 | | |
| 3,036 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
3/31/2017 | |
1701 Market St. | |
Philadelphia | |
PA | |
— | |
Car-Tel Communications, Inc. | |
| 1,220 | | |
| 42 | | |
| 42 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2017 | |
9201 East Dry Creek Rd. | |
Centennial | |
CO | |
— | |
Arrow Electronics, Inc. | |
| 128,500 | | |
| 2,623 | | |
| 2,274 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2017 | |
4455 American Way | |
Baton Rouge | |
LA | |
— | |
New Cingular Wireless PCS, LLC | |
| 70,100 | | |
| 793 | | |
| 794 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
5201 West Barraque St. | |
Pine Bluff | |
AR | |
— | |
Entergy Services, Inc. | |
| 27,189 | | |
| 144 | | |
| 202 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2017 | |
6200 Northwest Pkwy. | |
San Antonio | |
TX | |
— | |
United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC | |
| 142,500 | | |
| 1,476 | | |
| 1,400 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2018 | |
1/31/2018 | |
820 Gears Rd. | |
Houston | |
TX | |
— | |
Ricoh Americas Corporation | |
| 78,895 | | |
| 795 | | |
| 866 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
2/28/2018 | |
850-950 Warrenville Rd. | |
Lisle | |
IL | |
— | |
Flexible Steel Lacing Company, d/b/a Flexco, Inc. | |
| 7,535 | | |
| 81 | | |
| 81 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/30/2018 | |
13651 McLearen Rd. | |
Herndon | |
VA | |
— | |
United States of America | |
| 159,644 | | |
| 2,680 | | |
| 2,552 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2018 | |
8900 Freeport Pkwy. | |
Irving | |
TX | |
— | |
Pacific Union Financial, LLC. | |
| 43,396 | | |
| 659 | | |
| 588 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2018 | |
100 Barnes Rd. | |
Wallingford | |
CT | |
— | |
3M Company | |
| 44,400 | | |
| 377 | | |
| 380 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
420 Riverport Rd. | |
Kingsport | |
TN | |
— | |
Kingsport Power Company | |
| 42,770 | | |
| 233 | | |
| 96 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
8/31/2018 | |
2706 Media Center Dr. | |
Los Angeles | |
CA | |
— | |
Sony Electronics Inc. | |
| 20,203 | | |
| 169 | | |
| 269 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
3500 North Loop Rd. | |
McDonough | |
GA | |
— | |
Litton Loan Servicing LP | |
| 62,218 | | |
| 976 | | |
| 691 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2018 | |
1701 Market St. | |
Philadelphia | |
PA | |
— | |
CBC Restaurant Corp. | |
| 8,070 | | |
| 168 | | |
| 158 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2018 | |
3943 Denny Ave. | |
Pascagoula | |
MS | |
— | |
Huntington Ingalls Incorporated | |
| 94,841 | | |
| 445 | | |
| 445 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/22/2018 | |
5200 Metcalf Ave. | |
Overland Park | |
KS | |
— | |
Swiss Re America Holding Corporation / Westport Insurance Corporation | |
| 320,198 | | |
| 3,842 | | |
| 3,866 | | |
| 34,288 | | |
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 | | |
| 878 | | |
| 994 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2019 | |
1/31/2019 | |
2999 Southwest 6th St. | |
Redmond | |
OR | |
— | |
VoiceStream PCS I, LLC / T-Mobile West Corporation (T-Mobile USA,
Inc.) | |
| 77,484 | | |
| 1,244 | | |
| 1,101 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
4/1/2019 | |
9201 Stateline Rd. | |
Kansas City | |
MO | |
— | |
Swiss Re America Holding Corporation / Westport Insurance Corporation | |
| 155,925 | | |
| 1,792 | | |
| 1,792 | | |
| 16,346 | | |
05/2019 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/19/2019 | |
3965 Airways Blvd. | |
Memphis | |
TN | |
— | |
Federal Express Corporation | |
| 521,286 | | |
| 5,230 | | |
| 5,260 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/28/2019 | |
3265 East Goldstone Dr. | |
Meridian | |
ID | |
— | |
VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile
USA, Inc.) | |
| 77,484 | | |
| 1,053 | | |
| 829 | | |
| 9,429 | | |
08/2019 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/15/2019 | |
19019 North 59th Ave. | |
Glendale | |
AZ | |
— | |
Honeywell International Inc. | |
| 252,300 | | |
| 1,403 | | |
| 1,426 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/31/2019 | |
500 Jackson St. | |
Columbus | |
IN | |
— | |
Cummins, Inc. | |
| 390,100 | | |
| 3,471 | | |
| 3,405 | | |
| 22,055 | | |
07/2019 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2019 | |
10475 Crosspoint Blvd. | |
Indianapolis | |
IN | |
— | |
John Wiley & Sons, Inc. | |
| 123,416 | | |
| 1,689 | | |
| 1,701 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
9601 Renner Blvd. | |
Lenexa | |
KS | |
— | |
VoiceStream PCS II Corporation (T-Mobile USA, Inc.) | |
| 77,484 | | |
| 1,072 | | |
| 857 | | |
| 9,562 | | |
12/2019 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2019 | |
400 Butler Farm Rd. | |
Hampton | |
VA | |
— | |
Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance
Company) | |
| 100,632 | | |
| 740 | | |
| 754 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
850-950 Warrenville Rd. | |
Lisle | |
IL | |
— | |
National-Louis University / James J. Benes & Associates, Inc. | |
| 91,879 | | |
| 1,157 | | |
| 1,174 | | |
| 9,491 | | |
06/2016 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2020 | |
2/14/2020 | |
5600 Broken Sound Blvd. | |
Boca Raton | |
FL | |
— | |
Canon Solutions America, Inc. (Oce - USA Holding, Inc.) | |
| 143,290 | | |
| 1,744 | | |
| 1,683 | | |
| 19,688 | | |
02/2020 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2020 | |
2401 Cherahala Blvd. | |
Knoxville | |
TN | |
— | |
AdvancePCS, Inc. / CaremarkPCS, L.L.C. | |
| 59,748 | | |
| 554 | | |
| 580 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2020 | |
10419 North 30th St. | |
Tampa | |
FL | |
— | |
Time Customer Service, Inc. (Time Incorporated) | |
| 132,981 | | |
| 1,119 | | |
| 1,085 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
3711 San Gabriel | |
Mission | |
TX | |
— | |
VoiceStream PCS II Corporation / T-Mobile West Corporation | |
| 75,016 | | |
| 760 | | |
| 652 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/31/2020 | |
13775 McLearen Rd. | |
Herndon | |
VA | |
12 | |
Orange Business Services U.S., Inc. (Equant N.V.) | |
| 132,617 | | |
| 1,162 | | |
| 1,190 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
8/31/2020 | |
133 First Park Dr. | |
Oakland | |
ME | |
— | |
Omnipoint Holdings, Inc. (T-Mobile USA, Inc.) | |
| 78,610 | | |
| 1,064 | | |
| 860 | | |
| 8,886 | | |
10/2020 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2020 | |
600 Business Center Dr. | |
Lake Mary | |
FL | |
— | |
JPMorgan Chase Bank, National Association | |
| 125,155 | | |
| 1,220 | | |
| 1,318 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
9200 South Park Center Loop | |
Orlando | |
FL | |
— | |
Zenith Education Group, Inc. (ECMC Group, Inc.) | |
| 59,927 | | |
| 842 | | |
| 852 | | |
| 9,507 | | |
02/2017 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
550 International Parkway | |
Lake Mary | |
FL | |
— | |
JPMorgan Chase Bank, National Association | |
| 125,920 | | |
| 1,228 | | |
| 1,322 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2020 | |
12209 West Markham St. | |
Little Rock | |
AR | |
— | |
Entergy Arkansas, Inc. | |
| 36,311 | | |
| 178 | | |
| 178 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2021 | |
1/31/2021 | |
1600 Eberhardt Rd. | |
Temple | |
TX | |
— | |
Nextel of Texas, Inc. (Nextel Finance Company) | |
| 54,117 | | |
| 625 | | |
| 374 | | |
| - | | |
- |
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated
Portfolio - 9/30/2015
| |
| |
| |
| |
| |
| |
| |
| | |
Cash | | |
GAAP | | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
Sq.Ft. | | |
Rent | | |
Base Rent | | |
9/30/2015 | | |
|
Year of Lease | |
Date of Lease | |
| |
| |
| |
| |
| |
Leased or | | |
as of | | |
as of 9/30/2015 | | |
Debt Balance | | |
|
Expiration | |
Expiration | |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
Available
(1) | | |
9/30/2015
($000) (2) | | |
($000)
(3) | | |
($000) | | |
Debt
Maturity |
OFFICE PROPERTIES | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
1701 Market St. | |
Philadelphia | |
PA | |
— | |
Morgan, Lewis & Bockius LLP | |
| 289,432 | | |
| 3,214 | | |
| 3,224 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
3/31/2021 | |
1311 Broadfield Blvd. | |
Houston | |
TX | |
— | |
Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex,
Inc.) | |
| 155,040 | | |
| 1,976 | | |
| 1,976 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2021 | |
1415 Wyckoff Rd. | |
Wall | |
NJ | |
— | |
New Jersey Natural Gas Company | |
| 157,511 | | |
| 2,600 | | |
| 2,600 | | |
| 17,536 | | |
01/2021 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
8/31/2021 | |
333 Three D Systems Circle | |
Rock Hill | |
SC | |
— | |
3D Systems Corporation | |
| 80,028 | | |
| 502 | | |
| 516 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2021 | |
29 South Jefferson Rd. | |
Whippany | |
NJ | |
— | |
CAE SimuFlite, Inc. (CAE INC.) | |
| 123,734 | | |
| 1,871 | | |
| 1,745 | | |
| 13,816 | | |
11/2021 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2021 | |
2800 Waterford Lake Dr. | |
Midlothian | |
VA | |
— | |
Alstom Power, Inc. | |
| 99,057 | | |
| 1,655 | | |
| 1,638 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2022 | |
1/31/2022 | |
26210 and 26220 Enterprise Court | |
Lake Forest | |
CA | |
— | |
Apria Healthcare, Inc. (Apria Healthcare Group, Inc.) | |
| 100,012 | | |
| 999 | | |
| 899 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
4/30/2022 | |
4400 Northcorp Pkwy. | |
Palm Beach Gardens | |
FL | |
— | |
The Weiss Group, LLC | |
| 18,500 | | |
| 159 | | |
| 160 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2022 | |
8555 South River Pkwy. | |
Tempe | |
AZ | |
— | |
DA Nanomaterials L.L.C./ Air Products and Chemicals, Inc. | |
| 95,133 | | |
| 1,201 | | |
| 1,280 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/31/2022 | |
1440 E 15th Street | |
Tucson | |
AZ | |
— | |
CoxCom, LLC | |
| 28,591 | | |
| 378 | | |
| 378 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2022 | |
4201 Marsh Ln. | |
Carrollton | |
TX | |
— | |
Carlson Restaurants Inc. (Carlson, Inc.) | |
| 130,000 | | |
| 1,513 | | |
| 1,399 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2022 | |
147 Milk St. | |
Boston | |
MA | |
— | |
Atrius Health, Inc. | |
| 52,337 | | |
| 1,276 | | |
| 1,246 | | |
| 12,363 | | |
12/2018 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
231 N. Martingale Rd. | |
Schaumburg | |
IL | |
— | |
CEC Educational Services, LLC (Career Education Corporation) | |
| 317,198 | | |
| 3,234 | | |
| 3,227 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2023 | |
2/28/2023 | |
2211 South 47th St. | |
Phoenix | |
AZ | |
— | |
Avnet, Inc. | |
| 176,402 | | |
| 1,652 | | |
| 2,023 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
3/31/2023 | |
8900 Freeport Pkwy. | |
Irving | |
TX | |
— | |
Nissan Motor Acceptance Corporation (Nissan North America, Inc.) | |
| 225,049 | | |
| 2,699 | | |
| 2,569 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/14/2023 | |
3333 Coyote Hill Rd. | |
Palo Alto | |
CA | |
— | |
Xerox Corporation | |
| 202,000 | | |
| 5,302 | | |
| 4,981 | | |
| 49,787 | | |
12/2023 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2024 | |
2/14/2024 | |
1362 Celebration Blvd. | |
Florence | |
SC | |
— | |
MED3000, Inc. | |
| 32,000 | | |
| 407 | | |
| 430 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2024 | |
3476 Stateview Blvd. | |
Fort Mill | |
SC | |
— | |
Wells Fargo Bank, N.A. | |
| 169,083 | | |
| 1,353 | | |
| 1,462 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
3480 Stateview Blvd. | |
Fort Mill | |
SC | |
— | |
Wells Fargo Bank, N.A. | |
| 169,218 | | |
| 1,354 | | |
| 1,519 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
8/31/2024 | |
10475 Crosspoint Blvd. | |
Indianapolis | |
IN | |
— | |
RGN-Indianapolis I, LLC | |
| 14,236 | | |
| 215 | | |
| 214 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2024 | |
1409 Centerpoint Blvd. | |
Knoxville | |
TN | |
— | |
Alstom Power, Inc. | |
| 84,404 | | |
| 824 | | |
| 941 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2024 | |
2050 Roanoke Rd. | |
Westlake | |
TX | |
— | |
TD Auto Finance LLC | |
| 77,906 | | |
| 1,270 | | |
| 1,405 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2024 | |
12000 & 12025 Tech Center Dr. | |
Livonia | |
MI | |
— | |
Kelsey-Hayes Company (TRW Automotive Inc.) | |
| 180,230 | | |
| 1,180 | | |
| 1,268 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2025 | |
1/31/2025 | |
1401 Nolan Ryan Expy. | |
Arlington | |
TX | |
— | |
Triumph Aerostructures, LLC (Triumph Group, Inc.) | |
| 111,409 | | |
| 1,231 | | |
| 1,213 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
2/28/2025 | |
6555 Sierra Dr. | |
Irving | |
TX | |
— | |
TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings
Company, LLC) | |
| 247,254 | | |
| 2,258 | | |
| 2,124 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
1401 Nolan Ryan Expy. | |
Arlington | |
TX | |
— | |
Cyient, Inc. (Infotech Enterprise Limited) | |
| 13,590 | | |
| 122 | | |
| 117 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
3/14/2025 | |
601 & 701 Experian Pkwy. | |
Allen | |
TX | |
— | |
Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings,
Inc.) | |
| 292,700 | | |
| 2,305 | | |
| 2,225 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
3/31/2025 | |
2706 Media Center Dr. | |
Los Angeles | |
CA | |
— | |
Bank of America, National Association | |
| 62,323 | | |
| - | | |
| 582 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2025 | |
1701 Market St. | |
Philadelphia | |
PA | |
— | |
TruMark Financial Credit Union | |
| 2,641 | | |
| 79 | | |
| 79 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2025 | |
2500 Patrick Henry Pkwy. | |
McDonough | |
GA | |
— | |
Georgia Power Company | |
| 111,911 | | |
| 976 | | |
| 973 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2025 | |
10001 Richmond Ave. | |
Houston | |
TX | |
11 | |
Schlumberger Holdings Corp. | |
| 554,385 | | |
| 6,089 | | |
| 5,520 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
N/A | |
N/A | |
1701 Market St. | |
Philadelphia | |
PA | |
— | |
Parking Operations | |
| - | | |
| 1,911 | | |
| 1,911 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
Vacancy | |
10475 Crosspoint Blvd. | |
Indianapolis | |
IN | |
— | |
(Available for Lease) | |
| 3,764 | | |
| - | | |
| - | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
1701 Market St. | |
Philadelphia | |
PA | |
— | |
(Available for Lease) | |
| 2,674 | | |
| - | | |
| - | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
2050 Roanoke Rd. | |
Westlake | |
TX | |
— | |
(Available for Lease) | |
| 52,293 | | |
| - | | |
| - | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
1401 Nolan Ryan Expy. | |
Arlington | |
TX | |
— | |
(Available for Lease) | |
| 36,809 | | |
| 13 | | |
| 13 | | |
| - | | |
- |
OFFICE TOTAL/WEIGHTED AVERAGE | |
| |
| |
99.0% Leased | |
| 9,775,602 | | |
$ | 108,531 | | |
$ | 106,971 | | |
$ | 275,122 | | |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated
Portfolio - 9/30/2015
| |
| |
| |
| |
| |
| |
| |
| | |
Cash | | |
| | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
| | |
Rent | | |
GAAP | | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
Sq. Ft. | | |
as of | | |
Base Rent | | |
9/30/2015 | | |
|
Year of Lease | |
Date of Lease | |
| |
| |
| |
| |
| |
Leased or | | |
9/30/2015
($000) | | |
as of 9/30/2015 | | |
Debt Balance | | |
|
Expiration | |
Expiration | |
Property Location | |
City | |
State | |
Note | |
Primary Tenant (Guarantor) | |
Available (1) | | |
(2) | | |
($000) (3) | | |
($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 | | |
| 357 | | |
| 366 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2016 | |
2/28/2016 | |
7670 Hacks Cross Rd. | |
Olive Branch | |
MS | |
7 | |
MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated) | |
| 268,104 | | |
| 716 | | |
| 640 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2016 | |
291 Park Center Dr. | |
Winchester | |
VA | |
— | |
Kraft Foods Group, Inc. | |
| 344,700 | | |
| 969 | | |
| 967 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/31/2016 | |
7111 Crabb Rd. | |
Temperance | |
MI | |
— | |
Michelin North America, Inc. | |
| 744,570 | | |
| 1,714 | | |
| 1,714 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2016 | |
2935 Van Vactor Dr. | |
Plymouth | |
IN | |
— | |
Bay Valley Foods, LLC | |
| 300,500 | | |
| 628 | | |
| 605 | | |
| 5,838 | | |
09/2016 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
3686 South Central Ave. | |
Rockford | |
IL | |
— | |
Pierce Packaging Co. | |
| 93,000 | | |
| 227 | | |
| 227 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2017 | |
2/28/2017 | |
3456 Meyers Ave. | |
Memphis | |
TN | |
— | |
Sears, Roebuck and Co. / Sears Logistics Services | |
| 780,000 | | |
| 1,194 | | |
| 1,271 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
4/30/2017 | |
3600 Army Post Rd. | |
Des Moines | |
IA | |
— | |
HP Enterprise Services, LLC | |
| 405,000 | | |
| 1,958 | | |
| 1,539 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2017 | |
191 Arrowhead Dr. | |
Hebron | |
OH | |
— | |
Owens Corning Insulating Systems, LLC | |
| 250,410 | | |
| 415 | | |
| 415 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
200 Arrowhead Dr. | |
Hebron | |
OH | |
— | |
Owens Corning Insulating Systems, LLC | |
| 400,522 | | |
| 664 | | |
| 662 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2017 | |
7500 Chavenelle Rd. | |
Dubuque | |
IA | |
— | |
The McGraw-Hill Companies, Inc. | |
| 330,988 | | |
| 965 | | |
| 873 | | |
| 9,133 | | |
06/2017 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2017 | |
250 Swathmore Ave. | |
High Point | |
NC | |
— | |
Steelcase Inc. | |
| 244,851 | | |
| 848 | | |
| 815 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2017 | |
1420 Greenwood Rd. | |
McDonough | |
GA | |
— | |
Versacold USA, Inc. | |
| 296,972 | | |
| 2,041 | | |
| 1,947 | | |
| 22,298 | | |
11/2017 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
43955 Plymouth Oaks Blvd. | |
Plymouth | |
MI | |
— | |
Tower Automotive Operations USA I, LLC / Tower Automotive Products
Inc. (Tower Automotive, Inc.) | |
| 290,133 | | |
| 1,034 | | |
| 1,106 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2017 | |
2203 Sherrill Dr. | |
Statesville | |
NC | |
— | |
Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation) | |
| 639,800 | | |
| 1,517 | | |
| 1,437 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2018 | |
6/30/2018 | |
1133 Poplar Creek Rd. | |
Henderson | |
NC | |
— | |
Staples, Inc. | |
| 196,946 | | |
| 615 | | |
| 600 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
1650-1654 Williams Rd. | |
Columbus | |
OH | |
— | |
ODW Logistics, Inc. | |
| 772,450 | | |
| 1,010 | | |
| 1,006 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2018 | |
50 Tyger River Dr. | |
Duncan | |
SC | |
— | |
Plastic Omnium Auto Exteriors, LLC | |
| 221,833 | | |
| 769 | | |
| 769 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
904 Industrial Rd. | |
Marshall | |
MI | |
— | |
Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.) | |
| 246,508 | | |
| 631 | | |
| 523 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2018 | |
120 Southeast Pkwy. Dr. | |
Franklin | |
TN | |
— | |
Essex Group, Inc. (United Technologies Corporation) | |
| 289,330 | | |
| 551 | | |
| 551 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2019 | |
10/17/2019 | |
10345 Philipp Pkwy. | |
Streetsboro | |
OH | |
— | |
L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.) | |
| 649,250 | | |
| 2,113 | | |
| 1,958 | | |
| 17,706 | | |
09/2019 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2019 | |
2415 US Hwy. 78 East | |
Moody | |
AL | |
— | |
Michelin North America, Inc. | |
| 595,346 | | |
| 1,025 | | |
| 1,056 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2020 | |
1/31/2020 | |
101 Michelin Dr. | |
Laurens | |
SC | |
— | |
Michelin North America, Inc. | |
| 1,164,000 | | |
| 2,540 | | |
| 2,540 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
3/31/2020 | |
2425 Hwy. 77 North | |
Waxahachie | |
TX | |
— | |
James Hardie Building Products, Inc. (James Hardie NV & James
Hardie Industries NV) | |
| 335,610 | | |
| 2,550 | | |
| 2,550 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2020 | |
359 Gateway Dr. | |
Lavonia | |
GA | |
— | |
TI Group Automotive Systems, LLC (TI Automotive Ltd.) | |
| 133,221 | | |
| 900 | | |
| 714 | | |
| 7,755 | | |
12/2020 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
6/30/2020 | |
3102 Queen Palm Dr. | |
Tampa | |
FL | |
— | |
Time Customer Service, Inc. (Time Incorporated) | |
| 229,605 | | |
| 1,055 | | |
| 957 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2020 | |
3350 Miac Cove Rd. | |
Memphis | |
TN | |
— | |
Mimeo.com, Inc. | |
| 107,400 | | |
| 329 | | |
| 306 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/19/2020 | |
1901 Ragu Dr. | |
Owensboro | |
KY | |
6 | |
Unilever Supply Chain, Inc. (Unilever United States, Inc.) | |
| 443,380 | | |
| 897 | | |
| 1,119 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2021 | |
3/31/2021 | |
2455 Premier Dr. | |
Orlando | |
FL | |
— | |
Walgreen Co. / Walgreen Eastern Co. | |
| 205,016 | | |
| 381 | | |
| 589 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2021 | |
477 Distribution Pkwy. | |
Collierville | |
TN | |
— | |
Federal Express Corporation / FedEx Techconnect, Inc. | |
| 126,213 | | |
| 619 | | |
| 562 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2021 | |
3820 Micro Dr. | |
Millington | |
TN | |
— | |
Ingram Micro L.P. (Ingram Micro Inc.) | |
| 701,819 | | |
| 1,268 | | |
| 1,359 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/25/2021 | |
6938 Elm Valley Dr. | |
Kalamazoo | |
MI | |
— | |
Dana Commercial Vehicle Products, LLC (Dana Holding Corporation
and Dana Limited) | |
| 150,945 | | |
| 1,520 | | |
| 1,310 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
11/30/2021 | |
2880 Kenny Biggs Rd. | |
Lumberton | |
NC | |
— | |
Quickie Manufacturing Corporation | |
| 423,280 | | |
| 1,030 | | |
| 1,017 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2022 | |
3/31/2022 | |
5417 Campus Dr. | |
Shreveport | |
LA | |
— | |
The Tire Rack, Inc. | |
| 257,849 | | |
| 957 | | |
| 1,005 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2023 | |
12/31/2023 | |
1601 Pratt Ave. | |
Marshall | |
MI | |
— | |
Autocam Corporation | |
| 58,707 | | |
| 229 | | |
| 229 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2024 | |
4/30/2024 | |
113 Wells St. | |
North Berwick | |
ME | |
— | |
United Technologies Corporation | |
| 993,685 | | |
| 1,501 | | |
| 1,378 | | |
| 5,148 | | |
04/2019 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
5/31/2024 | |
901 East Bingen Point Way | |
Bingen | |
WA | |
— | |
The Boeing Company | |
| 124,539 | | |
| 1,884 | | |
| 1,977 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2025 | |
6/30/2025 | |
10000 Business Blvd. | |
Dry Ridge | |
KY | |
— | |
Dana Light Axle Products, LLC (Dana Holding Corporation and Dana
Limited) | |
| 336,350 | | |
| 1,009 | | |
| 1,009 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
301 Bill Bryan Rd. | |
Hopkinsville | |
KY | |
— | |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC
(Dana Holding Corporation and Dana Limited) | |
| 424,904 | | |
| 1,266 | | |
| 1,266 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
4010 Airpark Dr. | |
Owensboro | |
KY | |
— | |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC
(Dana Holding Corporation and Dana Limited) | |
| 211,598 | | |
| 906 | | |
| 906 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
730 North Black Branch Rd. | |
Elizabethtown | |
KY | |
— | |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC
(Dana Holding Corporation and Dana Limited) | |
| 167,770 | | |
| 403 | | |
| 403 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
750 North Black Branch Rd. | |
Elizabethtown | |
KY | |
— | |
Metalsa Structural Products, Inc. / Dana Structural Products, LLC
(Dana Holding Corporation and Dana Limited) | |
| 539,592 | | |
| 2,129 | | |
| 2,129 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/14/2025 | |
590 Ecology Ln. | |
Chester | |
SC | |
— | |
Boral Stone Products LLC (Boral Limited) | |
| 420,597 | | |
| 1,675 | | |
| 1,230 | | |
| 8,849 | | |
08/2025 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/31/2025 | |
7005 Cochran Rd. | |
Glenwillow | |
OH | |
— | |
Royal Appliance Mfg. Co. | |
| 458,000 | | |
| 1,540 | | |
| 1,657 | | |
| 15,398 | | |
09/2016 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
N/A | |
Vacancy | |
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 | | |
| - | | |
| - | | |
| - | | |
- |
INDUSTRIAL TOTAL/WEIGHTED AVERAGE | |
| |
| |
99.4% Leased | |
| 16,630,840 | | |
$ | 48,699 | | |
$ | 47,409 | | |
$ | 92,125 | | |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated
Portfolio - 9/30/2015
| |
| |
| |
| |
| |
| |
| |
| |
| | |
Cash | | |
GAAP | | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
| |
| | |
Rent | | |
Base Rent | | |
9/30/2015 | | |
|
| |
| |
| |
| |
| |
| |
| |
| |
| | |
as of | | |
as of | | |
Debt | | |
|
Year of Lease | |
Date of Lease | |
| |
| |
| |
| |
| |
| |
Percentage | | |
9/30/2015 | | |
9/30/2015 | | |
Balance | | |
|
Expiration | |
Expiration | |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant | |
Sq.Ft. | |
Leased | | |
($000)
(2) | | |
($000)
(3) | | |
($000) | | |
Debt
Maturity |
MULTI-TENANT PROPERTIES (8,14) | |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
Various | |
Various | |
13430 North Black Canyon Fwy. | |
Phoenix | |
AZ | |
— | |
Multi-Tenant | |
138,940 | |
| 92 | % | |
| 1,833 | | |
| 1,788 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
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 | % | |
| 547 | | |
| 518 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
26555 Northwestern Pkwy. | |
Southfield | |
MI | |
11 | |
Multi-Tenant | |
359,645 | |
| 0 | % | |
| 97 | | |
| 216 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
275 Technology Dr. | |
Canonsburg | |
PA | |
— | |
Multi-Tenant | |
107,872 | |
| 0 | % | |
| - | | |
| - | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
33 Commercial St. | |
Foxborough | |
MA | |
11 | |
Multi-Tenant | |
164,689 | |
| 5 | % | |
| 3,759 | | |
| 3,759 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
3165 McKelvey Rd. | |
Bridgeton | |
MO | |
— | |
BJC Health System | |
51,067 | |
| 50 | % | |
| 325 | | |
| 302 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
4200 Northcorp Pkwy. | |
Palm Beach Gardens | |
FL | |
— | |
Multi-Tenant | |
95,065 | |
| 100 | % | |
| 847 | | |
| 858 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
6050 Dana Way | |
Antioch | |
TN | |
— | |
Multi-Tenant | |
674,528 | |
| 96 | % | |
| 1,397 | | |
| 1,377 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
700 US Hwy. Route 202-206 | |
Bridgewater | |
NJ | |
— | |
Multi-Tenant | |
115,558 | |
| 0 | % | |
| - | | |
| - | | |
| 14,118 | | |
03/2016 |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
700 Oakmont Ln. | |
Westmont | |
IL | |
— | |
Multi-Tenant | |
269,715 | |
| 0 | % | |
| - | | |
| - | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
King St./1042 Fort St. Mall | |
Honolulu | |
HI | |
— | |
Multi-Tenant | |
77,459 | |
| 63 | % | |
| 568 | | |
| 568 | | |
| - | | |
- |
MULTI-TENANT TOTAL/WEIGHTED AVERAGE | |
| |
| |
39.1% Leased | |
2,531,834 | |
| | | |
$ | 9,373 | | |
$ | 9,386 | | |
$ | 31,352 | | |
|
LEXINGTON REALTY TRUST
Property Leases and Vacancies - Consolidated
Portfolio - 9/30/2015
| |
| |
| |
| |
| |
| |
| |
| | |
Cash | | |
| | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
| | |
Rent | | |
GAAP | | |
| | |
|
| |
| |
| |
| |
| |
| |
| |
Sq.Ft. | | |
as of | | |
Base Rent | | |
9/30/2015 | | |
|
Year of Lease | |
Date of Lease | |
| |
| |
| |
| |
| |
Leased or Available | | |
9/30/2015
($000) | | |
as of 9/30/2015 | | |
Debt Balance | | |
|
Expiration | |
Expiration | |
Property
Location | |
City | |
State | |
Note | |
Primary
Tenant (Guarantor) | |
(1) | | |
(2) | | |
($000)
(3) | | |
($000) | | |
Debt
Maturity |
RETAIL/SPECIALTY PROPERTIES | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2017 | |
6/30/2017 | |
1600 East 23rd St. | |
Chattanooga | |
TN | |
— | |
BI-LO, LLC | |
| 42,130 | | |
| 96 | | |
| 96 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2017 | |
11411 North Kelly Ave. | |
Oklahoma City | |
OK | |
— | |
American Golf Corporation | |
| 13,924 | | |
| 356 | | |
| 243 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2018 | |
2/26/2018 | |
4831 Whipple Ave., Northwest | |
Canton | |
OH | |
— | |
Best Buy Co., Inc. | |
| 46,350 | | |
| 349 | | |
| 349 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
2/28/2018 | |
291 Talbert Blvd. | |
Lexington | |
NC | |
— | |
Food Lion, LLC / Delhaize America, Inc. | |
| 23,000 | | |
| 104 | | |
| 104 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
3211 West Beverly St. | |
Staunton | |
VA | |
— | |
Food Lion, LLC / Delhaize America, Inc. | |
| 23,000 | | |
| 124 | | |
| 124 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
7/1/2018 | |
1053 Mineral Springs Rd. | |
Paris | |
TN | |
— | |
The Kroger Co. | |
| 31,170 | | |
| 119 | | |
| 126 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
9/30/2018 | |
835 Julian Ave. | |
Thomasville | |
NC | |
— | |
Mighty Dollar, LLC | |
| 23,767 | | |
| 59 | | |
| 59 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
10/31/2018 | |
130 Midland Ave. | |
Port Chester | |
NY | |
— | |
A&P Real Property, LLC (Pathmark Stores, Inc.) | |
| 59,613 | | |
| 344 | | |
| 731 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
5104 North Franklin Rd. | |
Lawrence | |
IN | |
— | |
Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC | |
| 28,721 | | |
| 145 | | |
| 145 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2018 | |
1150 West Carl Sandburg Dr. | |
Galesburg | |
IL | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 94,970 | | |
| 119 | | |
| 247 | | |
| 468 | | |
07/2018 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
12080 Carmel Mountain Rd. | |
San Diego | |
CA | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 107,210 | | |
| 135 | | |
| 563 | | |
| 551 | | |
07/2018 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
21082 Pioneer Plaza Dr. | |
Watertown | |
NY | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 120,727 | | |
| 199 | | |
| 361 | | |
| 1,181 | | |
07/2018 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
255 Northgate Dr. | |
Manteca | |
CA | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 107,489 | | |
| 212 | | |
| 416 | | |
| 834 | | |
07/2018 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
5350 Leavitt Rd. | |
Lorain | |
OH | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 193,193 | | |
| 300 | | |
| 548 | | |
| 532 | | |
07/2018 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
97 Seneca Trail | |
Fairlea | |
WV | |
— | |
Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and
Co.) | |
| 90,933 | | |
| 140 | | |
| 260 | | |
| 785 | | |
07/2018 |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2019 | |
3/31/2019 | |
B.E.C. 45th St./Lee Blvd. | |
Lawton | |
OK | |
— | |
Associated Wholesale Grocers, Inc. / Safeway, Inc. | |
| 30,757 | | |
| 139 | | |
| 142 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
12/31/2019 | |
1066 Main St. | |
Forest Park | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 14,859 | | |
| 150 | | |
| 150 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
1698 Mountain Industrial Blvd. | |
Stone Mountain | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 5,704 | | |
| 71 | | |
| 71 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
201 West Main St. | |
Cumming | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 14,208 | | |
| 149 | | |
| 149 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
2223 North Druid Hills Rd. | |
Atlanta | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 6,260 | | |
| 84 | | |
| 84 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
4545 Chamblee – Dunwoody Rd. | |
Dunwoody | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 4,565 | | |
| 66 | | |
| 66 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
825 Southway Dr. | |
Jonesboro | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 4,894 | | |
| 58 | | |
| 58 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
956 Ponce de Leon Ave. | |
Atlanta | |
GA | |
— | |
Bank of America, N.A. (Bank of America Corporation) | |
| 3,900 | | |
| 59 | | |
| 59 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
2023 | |
2/28/2023 | |
733 East Main St. | |
Jefferson | |
NC | |
— | |
Food Lion, LLC / Delhaize America, Inc. | |
| 34,555 | | |
| 120 | | |
| 117 | | |
| - | | |
- |
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
N/A | |
Vacancy | |
1084 East Second St. | |
Franklin | |
OH | |
11 | |
(Available for Lease) | |
| 29,119 | | |
| - | | |
| 735 | | |
| - | | |
- |
RETAIL/SPECIALTY TOTAL/WEIGHTED
AVERAGE | |
| |
| |
97.5% Leased | |
| 1,155,018 | | |
$ | 3,697 | | |
$ | 6,003 | | |
$ | 4,351 | | |
|
| |
| |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
TOTAL CONSOLIDATED
PORTFOLIO/WEIGHTED AVERAGE | |
| |
| |
95.7% Leased (4) | |
| 41,713,212 | | |
$ | 251,710 | | |
$ | 286,119 | | |
$ | 804,238 | | |
|
Footnotes |
|
1 |
Square foot leased or available. |
2 |
Nine months ended 9/30/2015 cash rent. |
3 |
Nine months ended 9/30/2015 GAAP base rent. |
4 |
Consolidated portfolio is 96.5% leased, excluding properties owned subject to mortgages in default. |
5 |
20,000 square feet is leased to 5/31/2023. |
6 |
Lexington has a 71.1% interest in this property. |
7 |
Subsequent to 9/30/2015, lease extended to 02/2023. |
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 |
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. |
11 |
Cash and GAAP rent amounts represent/include prior tenant. |
12 |
24,824 square feet is leased to 7/31/2025. |
13 |
Tenant terminated its lease effective 7/8/2016 for a cash payment of $1.5 million. |
14 |
The multi-tenanted properties incurred approximately $5.5 million in operating expenses, net for the nine months ended 9/30/2015. |
15 |
Heidelberg Americas, Inc. lease expires 3/30/2021, however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026. |
16 |
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 |
Assignee of LG-39 Ground Tenant LLC. |
LEXINGTON REALTY TRUST
Select Credit Metrics
| |
9/30/2014 | | |
9/30/2015 | |
| |
| | |
| |
Company FFO Payout Ratio | |
| 60.1 | % | |
| 63.0 | % |
| |
| | | |
| | |
Unencumbered Assets (1) | |
$ | 2.93 billion | | |
$ | 3.26
billion | |
| |
| | | |
| | |
Unencumbered NOI (2) | |
| 59.9 | % | |
| 69.9 | % |
| |
| | | |
| | |
(Debt + Preferred) / Gross Assets | |
| 44.1 | % | |
| 43.9 | % |
| |
| | | |
| | |
Debt/Gross Assets | |
| 42.2 | % | |
| 41.9 | % |
| |
| | | |
| | |
Market Cap Leverage | |
| 47.4 | % | |
| 49.9 | % |
| |
| | | |
| | |
Secured Debt / Gross Assets | |
| 19.6 | % | |
| 16.7 | % |
| |
| | | |
| | |
Net Debt / EBITDA | |
| 6.2 | x | |
| 6.2 | x |
| |
| | | |
| | |
(Net Debt + Preferred) / EBITDA | |
| 6.5 | x | |
| 6.5 | x |
| |
| | | |
| | |
Credit Facilities Availability (3) | |
$ | 383.9
million | | |
$ | 317.0
million | |
| |
| | | |
| | |
Development / Gross Assets | |
| 1.8 | % | |
| 3.4 | % |
| |
| | | |
| | |
EBITDA / Revenue | |
| 73.4 | % | |
| 71.5 | % |
| |
| | | |
| | |
EBITDA / (PrefDiv + Interest Expense) | |
| 3.2 | x | |
| 3.2 | x |
| |
| | | |
| | |
(JV + Advisory Income) / Revenues | |
| 0.4 | % | |
| 0.4 | % |
Footnotes |
(1) Includes loans receivable. |
(2) Excludes the NOI from sold properties. |
(3) 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: | |
9/30/2015 |
| |
| |
|
Maximum Leverage | |
< 60% | |
47.1% |
Fixed Charge Coverage | |
> 1.5X | |
2.5X |
Recourse Secured Indebtedness Ratio | |
< 10% cap value | |
0.0% |
Secured Indebtedness Ratio | |
< 45% | |
19.3% |
Unsecured Debt Service Coverage | |
> 2.0X | |
4.6X |
Unencumbered Leverage | |
< 60% | |
39.2% |
| |
| |
|
Bonds: | |
| |
|
| |
| |
|
Debt to Total Assets | |
< 60% | |
43.1% |
Secured Debt to Total Assets | |
< 40% | |
17.0% |
Debt Service Coverage | |
> 1.5X | |
4.0X |
Unencumbered Assets to Unsecured Debt | |
> 150% | |
280.5% |
Footnotes
| (1) | As defined in respective loan/bond agreements. |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes
Payable
9/30/2015
| |
| |
| | |
| | |
| |
Current | | |
| |
| |
| |
| | |
| | |
| |
Estimated | | |
| |
| |
| |
Debt | | |
Interest | | |
| |
Annual Debt | | |
Balloon | |
| |
| |
Balance | | |
Rate | | |
| |
Service ($000) | | |
Payment | |
Property | |
Footnotes | |
($000) | | |
(%) | | |
Maturity (a) | |
(d) | | |
($000) | |
Mortgages with Balloons | |
| |
| | | |
| | | |
| |
| | | |
| | |
Temple, TX | |
| |
$ | 7,565 | | |
| 6.090 | % | |
01/2016 | |
$ | 189 | | |
$ | 7,463 | |
Bridgewater, NJ | |
(b) | |
| 14,118 | | |
| 5.732 | % | |
03/2016 | |
| 1,443 | | |
| 13,825 | |
Omaha, NE | |
| |
| 7,639 | | |
| 5.610 | % | |
04/2016 | |
| 295 | | |
| 7,560 | |
Bremerton, WA | |
| |
| 5,641 | | |
| 6.090 | % | |
04/2016 | |
| 261 | | |
| 5,479 | |
Tempe, AZ | |
| |
| 7,214 | | |
| 5.610 | % | |
04/2016 | |
| 279 | | |
| 7,140 | |
Byhalia, MS | |
(j) | |
| 15,000 | | |
| 4.710 | % | |
06/2016 | |
| 538 | | |
| 15,000 | |
Lisle, IL | |
| |
| 9,491 | | |
| 6.500 | % | |
06/2016 | |
| 581 | | |
| 9,377 | |
Farmers Branch, TX | |
| |
| 18,387 | | |
| 5.939 | % | |
07/2016 | |
| 946 | | |
| 18,363 | |
Rochester, NY | |
(b) | |
| 17,234 | | |
| 6.210 | % | |
08/2016 | |
| 2,164 | | |
| 16,765 | |
Glenwillow, OH | |
| |
| 15,398 | | |
| 6.130 | % | |
09/2016 | |
| 1,217 | | |
| 15,132 | |
Plymouth, IN | |
| |
| 5,838 | | |
| 6.315 | % | |
09/2016 | |
| 486 | | |
| 5,723 | |
Tomball, TX | |
| |
| 8,471 | | |
| 6.063 | % | |
11/2016 | |
| 683 | | |
| 8,041 | |
Memphis, TN | |
| |
| 3,566 | | |
| 5.710 | % | |
01/2017 | |
| 275 | | |
| 3,484 | |
Huntington, WV | |
| |
| 6,500 | | |
| 4.150 | % | |
02/2017 | |
| 270 | | |
| 6,500 | |
Orlando, FL | |
| |
| 9,507 | | |
| 5.722 | % | |
02/2017 | |
| 696 | | |
| 9,309 | |
Dubuque, IA | |
| |
| 9,133 | | |
| 5.402 | % | |
06/2017 | |
| 733 | | |
| 8,727 | |
Shreveport, LA | |
| |
| 19,000 | | |
| 5.690 | % | |
07/2017 | |
| 1,099 | | |
| 19,000 | |
McDonough, GA | |
| |
| 22,298 | | |
| 6.110 | % | |
11/2017 | |
| 1,674 | | |
| 21,651 | |
Erwin, NY | |
| |
| 7,995 | | |
| 5.910 | % | |
10/2018 | |
| 728 | | |
| 6,637 | |
Boston, MA | |
| |
| 12,363 | | |
| 6.100 | % | |
12/2018 | |
| 996 | | |
| 11,520 | |
Overland Park, KS | |
| |
| 34,288 | | |
| 5.891 | % | |
05/2019 | |
| 2,657 | | |
| 31,812 | |
Kansas City, MO | |
| |
| 16,346 | | |
| 5.883 | % | |
05/2019 | |
| 1,268 | | |
| 15,179 | |
Columbus, IN | |
| |
| 22,055 | | |
| 2.210 | % | |
07/2019 | |
| 4,757 | | |
| 4,993 | |
Meridian, ID | |
| |
| 9,429 | | |
| 6.010 | % | |
08/2019 | |
| 753 | | |
| 7,675 | |
Streetsboro, OH | |
| |
| 17,706 | | |
| 5.749 | % | |
09/2019 | |
| 1,344 | | |
| 16,338 | |
Lenexa, KS | |
| |
| 9,562 | | |
| 6.270 | % | |
12/2019 | |
| 774 | | |
| 7,770 | |
Boca Raton, FL | |
| |
| 19,688 | | |
| 6.470 | % | |
02/2020 | |
| 1,542 | | |
| 18,414 | |
Oakland, ME | |
| |
| 8,886 | | |
| 5.930 | % | |
10/2020 | |
| 750 | | |
| 7,660 | |
Lavonia, GA | |
| |
| 7,755 | | |
| 5.460 | % | |
12/2020 | |
| 741 | | |
| 5,895 | |
Charleston, SC | |
| |
| 7,209 | | |
| 5.850 | % | |
02/2021 | |
| 520 | | |
| 6,632 | |
Whippany, NJ | |
| |
| 13,816 | | |
| 6.298 | % | |
11/2021 | |
| 1,344 | | |
| 10,400 | |
New York, NY | |
| |
| 29,193 | | |
| 4.100 | % | |
01/2025 | |
| 1,217 | | |
| 29,193 | |
Chester, SC | |
| |
| 8,849 | | |
| 5.380 | % | |
08/2025 | |
| 1,144 | | |
| 362 | |
New York, NY | |
(e) | |
| 213,364 | | |
| 4.660 | % | |
01/2027 | |
| 10,225 | | |
| 200,632 | |
Lenexa, KS | |
| |
| 37,079 | | |
| 3.700 | % | |
11/2027 | |
| 3,027 | | |
| 10,000 | |
Subtotal/Wtg. Avg./Years Remaining (l) |
|
| |
$ | 677,583 | | |
| 5.180 | % | |
6.2 | |
$ | 47,616 | | |
$ | 589,651 | |
LEXINGTON REALTY TRUST
Consolidated Properties: Mortgages and Notes
Payable
9/30/2015
| |
| |
| | |
| | |
| |
Current | | |
| |
| |
| |
| | |
| | |
| |
Estimated | | |
| |
| |
| |
Debt | | |
Interest | | |
| |
Annual Debt | | |
Balloon | |
| |
| |
Balance | | |
Rate | | |
| |
Service ($000) | | |
Payment | |
Property | |
Footnotes | |
($000) | | |
(%) | | |
Maturity (a) | |
(d) | | |
($000) | |
| |
| |
| | |
| | |
| |
| | |
| |
Full Amortizing Mortgages | |
| |
| | | |
| | | |
| |
| | | |
| | |
Lorain, OH | |
| |
| 1,181 | | |
| 7.750 | % | |
07/2018 | |
| 499 | | |
| - | |
Manteca, CA | |
| |
| 834 | | |
| 7.750 | % | |
07/2018 | |
| 353 | | |
| - | |
Watertown, NY | |
| |
| 785 | | |
| 7.750 | % | |
07/2018 | |
| 332 | | |
| - | |
Fairlea, WV | |
| |
| 551 | | |
| 7.750 | % | |
07/2018 | |
| 233 | | |
| - | |
San Diego, CA | |
| |
| 532 | | |
| 7.750 | % | |
07/2018 | |
| 225 | | |
| - | |
Galesburg, IL | |
| |
| 468 | | |
| 7.750 | % | |
07/2018 | |
| 198 | | |
| - | |
North Berwick, ME | |
| |
| 5,148 | | |
| 3.560 | % | |
04/2019 | |
| 1,532 | | |
| - | |
Wall, NJ | |
| |
| 17,536 | | |
| 6.250 | % | |
01/2021 | |
| 3,774 | | |
| - | |
Palo Alto, CA | |
| |
| 49,787 | | |
| 3.970 | % | |
12/2023 | |
| 7,059 | | |
| - | |
Long Island City, NY | |
| |
| 49,833 | | |
| 3.500 | % | |
03/2028 | |
| 4,538 | | |
| - | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Subtotal/Wtg. Avg./Years Remaining (l) | |
| |
$ | 126,655 | | |
| 4.214 | % | |
9.1 | |
$ | 18,743 | | |
$ | - | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Subtotal/Wtg. Avg./Years Remaining (l) | |
| |
$ | 804,238 | | |
| 5.028 | % | |
6.6 | |
$ | 66,359 | | |
$ | 589,651 | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Corporate (k) | |
| |
| | | |
| | | |
| |
| | | |
| | |
Revolving Credit Facility | |
| |
$ | 73,000 | | |
| 1.197 | % | |
08/2019 | |
$ | 886 | | |
$ | 73,000 | |
Term Loan | |
| |
| 250,000 | | |
| 2.192 | % | |
08/2020 | |
| 5,556 | | |
| 250,000 | |
Term Loan | |
| |
| 255,000 | | |
| 2.523 | % | |
01/2021 | |
| 6,523 | | |
| 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) | |
| 12,400 | | |
| 6.000 | % | |
01/2030 | |
| 744 | | |
| 12,400 | |
Trust Preferred Notes | |
(g) | |
| 129,120 | | |
| 6.804 | % | |
04/2037 | |
| 8,785 | | |
| 129,120 | |
Subtotal/Wtg. Avg./Years Remaining (l) | |
| |
$ | 1,219,520 | | |
| 3.603 | % | |
8.0 | |
$ | 44,119 | | |
$ | 1,219,520 | |
Total/Wtg. Avg./Years Remaining (l) | |
| |
$ | 2,023,758 | | |
| 4.169 | % | |
7.4 | |
$ | 110,478 | | |
$ | 1,809,171 | |
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 $272 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 $254 excluded from balance. |
| (g) | Rate fixed through 04/2017; thereafter, LIBOR plus 170 bps. |
| (h) | Represents full payable of notes; discount of $1,867 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 9/30/2015. |
| (l) | Total shown may differ from detailed amounts due to rounding. |
LEXINGTON REALTY TRUST
Non- Consolidated Investments: Mortgages
& Notes Payable
9/30/2015
| |
| | |
LXP | | |
| | |
| |
Current | | |
| | |
Proportionate | |
| |
Debt | | |
Proportionate | | |
Interest | | |
| |
Estimated Annual | | |
Balloon | | |
Share Balloon | |
| |
Balance | | |
Share | | |
Rate | | |
| |
Debt Service | | |
Payment | | |
Payment | |
Joint Venture | |
($000) | | |
($000) (3) | | |
(%) | | |
Maturity | |
($000) | | |
($000) | | |
($000) (3) | |
Rehab Humble Lessee | |
$ | 14,427 | | |
$ | 2,164 | | |
| 4.700 | % | |
05/2017 | |
$ | 950 | | |
$ | 13,982 | | |
$ | 2,097 | |
Gan Palm Beach Lessee | |
| 14,545 | | |
| 3,636 | | |
| 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) | |
$ | 47,763 | | |
$ | 8,619 | | |
| 4.052 | % | |
2.4 | |
$ | 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
9/30/2015
($000)
Consolidated Properties |
| |
Mortgage | | |
| | |
| |
| |
Scheduled | | |
Mortgage | | |
| |
Year | |
Amortization | | |
Balloon Payments | | |
Corporate Debt | |
2015 - remaining | |
$ | 6,174 | | |
$ | - | | |
$ | - | |
2016 | |
| 26,729 | | |
| 129,868 | | |
| - | |
2017 | |
| 26,835 | | |
| 68,671 | | |
| 12,400 | |
2018 | |
| 26,507 | | |
| 18,157 | | |
| - | |
2019 | |
| 22,580 | | |
| 83,767 | | |
| 73,000 | |
| |
$ | 108,825 | | |
$ | 300,463 | | |
$ | 85,400 | |
Non-Consolidated Investments - LXP Proportionate Share |
| |
Mortgage | | |
| | |
| |
| |
Scheduled | | |
Mortgage | | |
| |
Year | |
Amortization | | |
Balloon Payments | | |
| |
2015 - remaining | |
$ | 28 | | |
$ | - | | |
| | |
2016 | |
| 118 | | |
| - | | |
| | |
2017 | |
| 94 | | |
| 2,097 | | |
| | |
2018 | |
| 21 | | |
| 6,261 | | |
| | |
2019 | |
| - | | |
| - | | |
| | |
| |
$ | 261 | | |
$ | 8,358 | | |
| | |
Footnotes
(1) Percentage denotes weighted-average interest rate.
LEXINGTON REALTY TRUST
Mortgage Loans Receivable
9/30/2015
Collateral | |
| | |
| | |
| |
Current | | |
| |
| |
| |
| |
| | |
| | |
| |
Estimated | | |
| |
| |
| |
| |
| | |
| | |
| |
Annual | | |
| |
| |
| |
| |
Loan Balance | | |
Interest | | |
Maturity | |
Debt Service | | |
Balloon Payment | |
| |
City | |
State | |
($000)(1) | | |
Rate | | |
Date | |
($000)(2) | | |
($000) | |
Office | |
Oklahoma City (3) | |
OK | |
$ | 8,420 | | |
| 11.50 | % | |
12/2015 | |
$ | 258 | | |
$ | 8,420 | |
Retail | |
Various | |
Various | |
| 932 | | |
| 8.00 | % | |
02/2021 | |
| 219 | | |
| - | |
| |
Various | |
Various | |
| 434 | | |
| 8.00 | % | |
12/2021 | |
| 94 | | |
| - | |
| |
Various | |
Various | |
| 569 | | |
| 8.00 | % | |
03/2022 | |
| 112 | | |
| - | |
Hospital | |
Kennewick | |
WA | |
| 85,451 | | |
| 9.00 | % | |
05/2022 | |
| 7,438 | | |
| 87,245 | |
| |
Total Mortgage Loans Receivable | |
| |
$ | 95,806 | | |
| | | |
| |
$ | 8,121 | | |
$ | 95,665 | |
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) Short-term loan to joint venture partner.
LEXINGTON REALTY TRUST
Partnership Interests
Nine months ended September 30, 2015
($000)
Noncontrolling Interest Properties - Partners' Proportionate Share (1) | |
| | |
| |
| | |
EBITDA | |
$ | 186 | |
Interest expense | |
$ | 23 | |
Depreciation and amortization | |
$ | 237 | |
| |
| | |
Non-Consolidated Net Leased Real Estate - Lexington's Share | |
| | |
| |
| | |
EBITDA | |
$ | 2,811 | |
Interest expense | |
$ | 419 | |
Footnotes
(1) Excludes discontinued operations and OP unit noncontrolling
interests.
LEXINGTON REALTY TRUST
Selected Balance Sheet and Income Statement
Account Data
9/30/2015
($000)
Balance Sheet | |
| | |
| |
| | |
Other assets | |
$ | 21,614 | |
| |
| | |
The components of other assets are: | |
| | |
| |
| | |
Deposits | |
$ | 3,553 | |
Equipment | |
| 745 | |
Prepaids | |
| 1,992 | |
Other receivables | |
| 1,193 | |
Deferred lease incentives | |
| 13,941 | |
Deferred tax asset | |
| 67 | |
Other | |
| 123 | |
| |
| | |
Accounts payable and other liabilities | |
| | |
| |
| | |
The components of accounts payable and other liabilities are: | |
$ | 42,692 | |
| |
| | |
Accounts payable and accrued expenses | |
$ | 15,736 | |
CIP accruals and other | |
| 10,682 | |
Taxes | |
| 1,874 | |
Deferred lease and loan costs | |
| 6,178 | |
Deposits | |
| 1,049 | |
Escrows | |
| 814 | |
Transaction / build-to-suit costs | |
| 143 | |
Interest rate swap derivative liability | |
| 6,216 | |
| |
| | |
Income Statement - Nine months ended September 30, 2015 | |
| | |
| |
| | |
Non-cash interest expense, net | |
$ | (908 | ) |
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 |
|
|
Ladenburg Thalmann & Co., Inc. |
|
James Feldman |
(646) 855-5808 |
|
Daniel P. Donlan |
(212) 409-2056 |
|
|
|
|
|
Barclays Capital |
|
|
Stifel Nicolaus |
|
Ross L. Smotrich |
(212) 526-2306 |
|
John W. Guinee |
(443) 224-1307 |
|
|
|
|
|
Evercore Partners |
|
|
Wells Fargo Securities, LLC |
|
Sheila K. McGrath |
(212) 497-0882 |
|
Todd J. Stender |
(212) 214-8067 |
|
|
|
|
|
J.P. Morgan Chase |
|
|
Jeffries & Company, Inc. |
|
Anthony Paolone |
(212) 622-6682 |
|
Omotayo Okusanya |
(212) 336-7076 |
|
|
|
|
|
KeyBanc Capital Markets Inc. |
|
|
|
|
Craig Mailman |
(917) 368-2316 |
|
|
|
Appendix A
Land, Infrastructure & Credit Tenant
Finance Group
Supplemental Operating and Financial
Data
September 30, 2015
LAND, INFRASTRUCTURE & CREDIT TENANT
FINANCE GROUP
SUPPLEMENTAL REPORTING PACKAGE
September 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
9/30/2015
($000)
Balance Sheet | |
| | |
| |
| | |
Land | |
$ | 326,052 | |
Buildings, improvements and real estate intangibles, net | |
| 314,642 | |
| |
| | |
Cash | |
| 984 | |
Deferred - accounts receivable | |
| 64,172 | |
Other assets | |
| 19,156 | |
Total Assets | |
$ | 725,006 | |
| |
| | |
Mortgages payable | |
$ | 432,466 | |
Other liabilities | |
| 7,077 | |
Total Liabilities | |
| 439,543 | |
| |
| | |
Equity | |
| 285,463 | |
Total Liabilities and Equity | |
$ | 725,006 | |
| |
| | |
Income Statement and Company FFO/FAD | |
| | |
| |
| | |
Revenue: | |
| | |
Rental | |
$ | 68,742 | |
Other | |
| 519 | |
| |
| | |
Expenses: | |
| | |
Depreciation and amortization | |
| (16,634 | ) |
Property operating | |
| (1,398 | ) |
Interest | |
| (14,123 | ) |
Other | |
| (285 | ) |
Net Income | |
| 36,821 | |
| |
| | |
Adjustments: | |
| | |
Depreciation and amortization | |
| 16,634 | |
Other/transaction costs | |
| 182 | |
Company FFO | |
| 53,637 | |
| |
| | |
GAAP to Cash rent adjustment | |
| (26,966 | ) |
Tenant improvements | |
| (8 | ) |
| |
| | |
Company FAD | |
$ | 26,663 | |
LAND, INFRASTRUCTURE, & CREDIT TENANT
FINANCE GROUP
Select Data
9/30/2015
($000)
Other Revenue Data
| |
GAAP Base Rent | |
| |
Nine months ended | |
Asset Class | |
9/30/15 (1) | | |
9/30/15 Percentage | |
Land and Infrastructure | |
$ | 46,241 | | |
| 67.3 | % |
Office | |
| 15,563 | | |
| 22.6 | % |
Industrial | |
| 5,642 | | |
| 8.2 | % |
Specialty | |
| 1,296 | | |
| 1.9 | % |
| |
$ | 68,742 | | |
| 100.0 | % |
Credit
Ratings (2) | |
GAAP Base Rent | |
| |
Nine months ended | |
| |
9/30/15 (1) | | |
9/30/15 Percentage | |
Investment Grade | |
$ | 21,367 | | |
| 31.1 | % |
Non-Investment Grade | |
| 1,592 | | |
| 2.3 | % |
Unrated | |
| 45,783 | | |
| 66.6 | % |
| |
$ | 68,742 | | |
| 100.0 | % |
Weighted-Average Lease Term - Cash Basis
|
|
As of 9/30/15 |
|
As of 9/30/15 with
Lease Term End at
First Purchase Option
Date |
|
|
37.1 years |
|
15.3 years |
Base Rent Estimates for Current Assets
Year | |
Cash (3) | | |
GAAP (3) | | |
Projected Straight-Line / GAAP Adjustment | |
2015 - remaining | |
$ | 14,124 | | |
$ | 23,015 | | |
$ | (8,891 | ) |
2016 | |
$ | 56,803 | | |
$ | 92,061 | | |
$ | (35,258 | ) |
Footnotes
| (1) | Nine months ended 9/30/2015 GAAP base rent recognized for
consolidated properties owned as of 9/30/2015. |
| (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 9/30/2015. |
LAND, INFRASTRUCTURE, & CREDIT TENANT
FINANCE GRIOUP
Top 10 Tenants or Guarantors
9/30/2015
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 9/30/2015 ($000) (1) | | |
Percent of Cash Base Rent as of 9/30/2015 ($000) (1) (2) | |
Xerox Corporation | |
1 | |
| 202,000 | | |
| 8.7 | % | |
$ | 5,302 | | |
| 12.7 | % |
SM Ascott LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 4,314 | | |
| 10.3 | % |
United States of America | |
1 | |
| 169,585 | | |
| 7.3 | % | |
| 4,190 | | |
| 10.0 | % |
Industrial Terminals Management, L.L.C. | |
1 | |
| 132,449 | | |
| 5.7 | % | |
| 4,098 | | |
| 9.8 | % |
FC-Canal Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 3,697 | | |
| 8.8 | % |
FedEx Corporation / Federal Express Corporation | |
1 | |
| 140,330 | | |
| 6.0 | % | |
| 3,578 | | |
| 8.6 | % |
Cummins, Inc. | |
1 | |
| 390,100 | | |
| 16.8 | % | |
| 3,471 | | |
| 8.3 | % |
AL-Stone Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 3,374 | | |
| 8.1 | % |
New Jersey Natural Gas Company | |
1 | |
| 157,511 | | |
| 6.8 | % | |
| 2,600 | | |
| 6.2 | % |
United Technologies Corporation | |
1 | |
| 993,685 | | |
| 42.7 | % | |
| 1,501 | | |
| 3.6 | % |
| |
10 | |
| 2,185,660 | | |
| 93.9 | % | |
$ | 36,125 | | |
| 86.5 | % |
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 9/30/2015 ($000) (3) | | |
Percent of GAAP Base Rent as of 9/30/2015 ($000) (3) (2) | |
SM Ascott LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
$ | 13,030 | | |
| 19.0 | % |
FC-Canal Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 11,167 | | |
| 16.2 | % |
AL-Stone Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 10,192 | | |
| 14.8 | % |
Industrial Terminals Management, L.L.C. | |
1 | |
| 132,449 | | |
| 5.7 | % | |
| 5,080 | | |
| 7.4 | % |
Xerox Corporation | |
1 | |
| 202,000 | | |
| 8.7 | % | |
| 4,981 | | |
| 7.2 | % |
United States of America | |
1 | |
| 169,585 | | |
| 7.3 | % | |
| 4,577 | | |
| 6.7 | % |
FedEx Corporation / Federal Express Corporation | |
1 | |
| 140,330 | | |
| 6.0 | % | |
| 3,851 | | |
| 5.6 | % |
ZE-45 Ground Tenant LLC | |
1 | |
| 0 | | |
| 0.0 | % | |
| 3,466 | | |
| 5.0 | % |
Cummins, Inc. | |
1 | |
| 390,100 | | |
| 16.8 | % | |
| 3,405 | | |
| 5.0 | % |
New Jersey Natural Gas Company | |
1 | |
| 157,511 | | |
| 6.8 | % | |
| 2,600 | | |
| 3.8 | % |
| |
10 | |
| 1,191,975 | | |
| 51.2 | % | |
$ | 62,349 | | |
| 90.7 | % |
Footnotes
| (1) | Nine months ended 9/30/2015 cash base rent recognized for
consolidated properties owned as of 9/30/2015. |
| (2) | Total shown may differ from detailed amounts due to rounding. |
| (3) | Nine months ended 9/30/2015 GAAP base rent recognized for
consolidated properties owned as of 9/30/2015. |
LAND, INFRASTRUCTURE AND CREDIT TENANT
FINANCE GROUP
Property Leases and Vacancies - Consolidated
Portfolio - 9/30/2015
Date of Lease
Expiration | |
Property Location | |
City | |
State | |
Primary Tenant (Guarantor) | |
Property Type | |
Sq.Ft.
Leased or Available (1) | | |
Cash Rent
as of 9/30/2015 ($000) (2) | | |
GAAP
Base Rent as of 9/30/2015 ($000) (3) | | |
9/30/2015
Debt
Balance
($000) | |
| |
| |
| |
| |
| |
| |
| | |
| | |
| | |
| |
12/31/2017 | |
11411 North Kelly Ave. | |
Oklahoma City | |
OK | |
American Golf Corporation | |
Specialty | |
| 13,924 | | |
| 356 | | |
| 243 | | |
| - | |
7/31/2019 | |
500 Jackson St. | |
Columbus | |
IN | |
Cummins, Inc. | |
Office | |
| 390,100 | | |
| 3,471 | | |
| 3,405 | | |
| 22,055 | |
6/30/2021 | |
1415 Wyckoff Rd. | |
Wall | |
NJ | |
New Jersey Natural Gas Company | |
Office | |
| 157,511 | | |
| 2,600 | | |
| 2,600 | | |
| 17,536 | |
12/14/2023 | |
3333 Coyote Hill Rd. | |
Palo Alto | |
CA | |
Xerox Corporation | |
Office | |
| 202,000 | | |
| 5,302 | | |
| 4,981 | | |
| 49,787 | |
4/30/2024 | |
113 Wells St. | |
North Berwick | |
ME | |
United Technologies Corporation | |
Industrial | |
| 993,685 | | |
| 1,501 | | |
| 1,378 | | |
| 5,148 | |
12/31/2025 | |
1700 47th Ave North | |
Minneapolis | |
MN | |
Owens Corning Roofing and Asphalt, LLC | |
Industrial | |
| 18,620 | | |
| 413 | | |
| 413 | | |
| - | |
8/31/2026 | |
25500 State Hwy. 249 | |
Tomball | |
TX | |
Parkway Chevrolet, Inc. (Raymond Durdin & Jean W. Durdin) | |
Specialty | |
| 77,076 | | |
| 1,079 | | |
| 1,053 | | |
| 8,471 | |
10/31/2027 | |
11201 Renner Blvd. | |
Lenexa | |
KS | |
United States of America | |
Office | |
| 169,585 | | |
| 4,190 | | |
| 4,577 | | |
| 37,079 | |
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 | | |
| 3,578 | | |
| 3,851 | | |
| 49,833 | |
1/31/2029 | |
175 Holt Garrison Pkwy. | |
Danville | |
VA | |
Home Depot USA, Inc. | |
Land and Infrastructure | |
| 0 | | |
| 195 | | |
| 162 | | |
| - | |
4/30/2032 | |
13930 Pike Rd. | |
Missouri City | |
TX | |
Vulcan Construction Materials, LP (Vulcan Materials Company) | |
Land and Infrastructure | |
| 0 | | |
| 1,379 | | |
| 1,592 | | |
| - | |
3/31/2038 | |
13901/14035 Industrial Rd. | |
Houston | |
TX | |
Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware)
LLC) | |
Land and Infrastructure | |
| 132,449 | | |
| 4,098 | | |
| 5,080 | | |
| - | |
12/31/2048 | |
30 Light St | |
Baltimore | |
MD | |
30 Charm City, LLC | |
Land and Infrastructure | |
| 0 | | |
| 224 | | |
| 224 | | |
| - | |
1/31/2055 | |
499 Derbyshire Drive | |
Venice | |
FL | |
Littlestone Brotherhood LLC | |
Land and Infrastructure | |
| 31,180 | | |
| 880 | | |
| 1,328 | | |
| - | |
10/31/2112 | |
350 and 370-372 Canal St. | |
New York | |
NY | |
FC-Canal Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 3,697 | | |
| 11,167 | | |
| 69,286 | |
| |
309-313 West 39th St. | |
New York | |
NY | |
SM Ascott LLC | |
Land and Infrastructure | |
| 0 | | |
| 4,314 | | |
| 13,030 | | |
| 80,841 | |
| |
8-12 Stone St. | |
New York | |
NY | |
AL-Stone Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 3,374 | | |
| 10,192 | | |
| 63,237 | |
10/31/2113 | |
15 West 45th St. | |
New York | |
NY | |
ZE-45 Ground Tenant LLC | |
Land and Infrastructure | |
| 0 | | |
| 1,125 | | |
| 3,466 | | |
| 29,193 | |
| |
| |
| |
| |
100% Leased | |
| |
| 2,326,460 | | |
$ | 41,776 | | |
$ | 68,742 | | |
$ | 432,466 | |
Footnotes
| (1) | Square feet leased or available. |
| (2) | Nine months ended 9/30/2015 cash rent. |
| (3) | Nine months ended 9/30/2015 GAAP rent. |
LAND, INFRASTRUCTURE & CREDIT TENANT
FINANCE GROUP
Mortgages and Notes Payable
9/30/2015
Property | |
Footnotes | |
Debt Balance ($000) | | |
Interest Rate (%) | | |
Maturity (a) | |
Current
Estimated Annual Debt
Service
($000) | | |
Balloon Payment ($000) | |
Tomball, TX | |
| |
$ | 8,471 | | |
| 6.063 | % | |
11/2016 | |
$ | 683 | | |
$ | 8,041 | |
North Berwick, ME | |
| |
| 5,148 | | |
| 3.560 | % | |
04/2019 | |
| 1,532 | | |
| - | |
Columbus, IN | |
| |
| 22,055 | | |
| 2.210 | % | |
07/2019 | |
| 4,757 | | |
| 4,993 | |
Wall, NJ | |
| |
| 17,536 | | |
| 6.250 | % | |
01/2021 | |
| 3,774 | | |
| - | |
Palo Alto, CA | |
| |
| 49,787 | | |
| 3.970 | % | |
12/2023 | |
| 7,059 | | |
| - | |
New York, NY | |
| |
| 29,193 | | |
| 4.100 | % | |
01/2025 | |
| 1,217 | | |
| 29,193 | |
New York, NY | |
(b) | |
| 213,364 | | |
| 4.660 | % | |
01/2027 | |
| 10,225 | | |
| 200,632 | |
Lenexa, KS | |
| |
| 37,079 | | |
| 3.700 | % | |
11/2027 | |
| 3,027 | | |
| 10,000 | |
Long Island City, NY | |
| |
| 49,833 | | |
| 3.500 | % | |
03/2028 | |
| 4,538 | | |
| - | |
| |
| |
| | | |
| | | |
| |
| | | |
| | |
Total/Wtg. Avg./Years Remaining (c) | |
| |
$ | 432,466 | | |
| 4.281 | % | |
10.1 | |
$ | 36,812 | | |
$ | 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
– UNEDITED TRANSCRIPT
Q3 2015 Earnings Call
Company Participants:
T. Wilson Eglin, Chief Executive Officer
and President
Patrick F. Carroll , Chief Financial Officer
Gabriela Reyes, Investor Relations
Operator:
Greetings and welcome
to the Lexington Realty Trust Third Quarter 2015 Earnings Conference Call. At this time, all participants are in a listen-only
mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference
is being recorded.
With no further ado, I'd like to turn the conference over to your host, Ms. Gabriela Reyes. Thank you,
Ms. Reyes. You may begin.
Gabriela Reyes:
Hello and
welcome to the Lexington Reality Trust third quarter 2015 conference call. The earnings press release was distributed over the
wire this morning, and a 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 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, these include the successful confirmation of any lease, acquisition, build-to-suit, financing,
disposition or other transactions, or the final terms of any such transactions. 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; Patrick Carroll, Chief Financial Officer; Beth Boulerice, Chief Accounting
Officer and other members of management.
Now, I will turn the call over to Will.
T. Wilson Eglin: Thanks, Gabby and
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 third quarter of 2015, company funds from operations were $0.27 per share.
During the quarter, we continued to make good progress in the key areas of our business and as a result we raised our company FFO
guidance range for 2015.
The increase reflects better than expected
results across the board in leasing, finance and investment activities compared to our expectations at the start of the year.
On the investment front, in the third quarter,
we invested approximately $25.5 million in ongoing build-to-suit projects, and $3.7 million to complete an industrial build-to-suit
costing approximately $22.1 million. We sold three properties for approximately $135.7 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 also had a good quarter of leasing, executing leases and lease extensions totaling approximately 800,000
square feet and ending the quarter with 96.5% of our square footage lease excluding properties with mortgage loans that are into
fall totaling 342,000 square feet. We believe that occupancy is likely to stay strong over the balance of the year and are comfortable
with the portfolio percentage lease target for year-end of approximately 96% to 97%.
Annual renewal rents declined $57,000 on
a GAAP basis and $145,000 on a cash basis. And rents on formally vacant space will add $600,000 of cash rent. We had no single-tenant
leases, which expired during the quarter.
While office fundamentals continued to
be a concern in some markets, as of quarter end, approximately, 70% of our single-tenant office revenue comes from long-term leases
or leases signed since the beginning in 2009. In other word, a significant majority of our office revenue comes from leases that
are longer than 10 years all which have been mark-to-market since the financial crisis. Further, our office portfolio has a weighted
average lease term that is now in excess of seven years and strong credit quality with approximately half of our office revenue
from investment grade rated tenants.
Finally, we are pleased to report that
as of quarter end, our weighted average lease term has been increased to 12.4 years with approximately 73% of our revenue derived
from leases expiring after 2009.
With regard to our refinancing strategy,
we have continued to un-encumber net operating income and extend our weighted average debt maturity while lowering our borrowing
costs. During the quarter, as we have reported and we completed a significant refinancing of our bank lending facilities. Extending
the maturities of our two-term loans and revolving credit facility by two years while lowering our borrowing costs. At quarter
end, the weighted average maturity of our debt was 7.4 years and our weighted average interest rate was 4.2%. We have no debt maturing
this year, and $129.9 million of mortgage debt maturing in 2016 at a weighted average interest rate of 5.9%.
Looking ahead, our current single tenant
investment pipeline continues to present an attractive mix of forward purchase commitment, and build-to-suit projects as compelling
return. And we look forward to these assets coming online and contributing to cash flow and net asset value over the next five
quarters.
Based on transactions under contract, we
expect purchases to total approximately $350 million for the full year, including the $197 million completed in the first nine
months. Further, we expect to fund approximately $65 million in underway build-to-suit projects, bringing the total to approximately
$150 million for the year, including the $83 million funded in the first nine months.
While we continue to see a sizable volume
of opportunities, we remain disciplined and cautious on pricing, and recognize that our own shares offer a compelling value at
this point in the cycle compared to many other investment choices. Accordingly, in July, the board authorized a share repurchase
program of up to 10 million common shares, inclusive of all outstanding prior authorizations. Thus far, the company has repurchased
1.6 million shares at an average price of $8.34 per share. And, we will continue to execute on this plan in the context of our
overall capital plan and to the extent market volatility offers a meaningful disconnect between our share price and net asset value
per share. Private investors who are 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 an attractive option to recycle capital and support our goals for portfolio
quality and balance sheet strength. So far this year, we have disposed off eight properties for $248 million, including Transamerica
Tower and Baltimore Maryland, which sold in August for $121 million.
Over the balance of the year and into 2016,
we are focused on realizing value in our multitenant portfolio, including Corporate Center at the Gardens in Palm Beach Gardens,
Florida and several vacant properties, and within a portion of our single-tenant suburban office portfolio, as we continued to
rationalize our office footprint. In addition, we expect to explore options to monetize our Manhattan ground lease portfolio.
While we have not adjusted our projected
2015 total disposition activity range of $300 million to $350 million at this time, it is likely that some disposition activity
may slide into the first quarter of 2016.
In 2016 we expect that disposition activity
will remain elevated. We're presently responding to offers totaling approximately $475 million and are reviewing broker estimates
of value for another $425 million of properties that could be sale candidates. We're 100% committed to taking advantage of market
demand and pricing to market assets for sale which allows us to restructure our portfolio, further reduce our exposure to the suburban
office sector 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.
The pool of assets we are considering for
sale is encumbered by a mortgage debt of approximately $350 million, has a value of approximately $900 million and would address
our capital needs for debt maturities and acquisitions through 2016, and potential additional share repurchases and could create
surplus capital next year as augmented by up to $280 million of new mortgage financing.
As of September 30, 2015, our projected
uses of capital through year end 2016 include $423 million for build to suite funding and $116 million for debt maturities. Bear
in mind that 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 our cost of capital by reducing risk,
improving overall asset quality, and strengthening our future cash flow.
With regard to our leasing, we had a very
good quarter and looking ahead, we have only one remaining single tenant lease expiring in 2015 on an industrial property. Our
2016 single tenant office lease expirations now represent just 2.8% of our revenue and we have active leasing negotiations underway
on approximately 2.9 million square feet and expect to have positive news to report throughout the balance of this year and next.
In general, markets remain strong in terms
of the balance of supply and demand, and we believe that our market position on most lease renewals is stronger than it was a year
ago. As of September 30, 2015, we had 4.7 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 expiring or vacant square footage through dispositions and re-leasing. Our single-tenant lease roll
over through 2019 has been reduced to 25.8% of revenue, and our overall lease maturity schedule is well staggered. We have made
and continue to make great progress in managing down our shorter term leases and extending our weighted average lease term, which
is now approximately 12.4 years on a cash basis.
Each of these metrics is an important measure
of cash flow stability and we will continue to be focus on further improvement. Additionally, almost 80% of our 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 10 years or longer. And we continue to work
towards our interim goal of deriving at least half of our revenue from leases 10 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. And we expect a considerable improvement this quarter with the closing of the Gateway Plaza and Preferred
Freezer build-to-suit.
Our acquisition strategy will continue
to focus on properties subject to long-term net leases, where one, total rents receivable under the lease generally exceed our
purchase price providing a high degree of downside protection; two, the opportunity to use positive leverage to enhance cash-on-cash
returns; and three, exit strategy flexibility which allows us to achieve the highest possible return. As we have discussed about
94% 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 overtime as these
assets are sold off to provide capital for further reinvestment. From time-to-time the company may consider investments in other
asset types, but we'll generally seek above average returns utilize joint venture partners when possible and consider shorter-term
hold periods to reduce risk and drive superior returns for shareholders.
The composition of our balance sheet continued
to improve during the quarter and we've included details in our supplemental disclosure package on pages 35 and 36 showing our
credit metric. With approximately $3.3 billion of unencumbered assets and 69.9% of our net operating income unencumbered, we've
achieved our target of having 65% to 70% of our assets unencumbered. Our secured debt has declined by approximately $140 million
this year and is 16.7% of gross assets and is likely to fluctuate between 15% to 20% gross assets in the near-term. We have approximately
$129.9 million of balloon mortgage maturities next year, which are expected to be refinanced with unsecured debt or satisfied in
connection with dispositions or cash from dispositions or financing proceeds.
As we move forward our balance sheet strategy
is unchanged focusing on maintaining maximum flexibility to access whichever source of capital is most advantageous. 2016 mortgage
maturities have a weighted average interest rate of 5.9%, representing a further opportunity to unencumbered assets and lower our
financing cost. We expect to finance fewer and fewer properties with mortgages, but when we do so, we will seek to maximize proceeds
and take advantage of market opportunities when we believe it is advantageous to do so, particularly on certain large single tenant
building as a means of reducing our equity investment.
As examples, we are currently expecting
to use mortgage financing on the Dow Chemical, Preferred Freezer, and Gateway Plaza transactions in view of their size, and have
lock rate on a financing of the Preferred Freezer transaction for a $110 million, 10-year fixed rate mortgage financing at 4%.
Once closed, our cash-on-cash return on this asset will be in excess of 15% in the first year.
Turning to guidance, we're raising our
guidance for company funds from operations per diluted share as both ends of the range, so that the new range is $1.05 to $1.07
per share for 2015, which reflects the solid third quarter operating and financial results and generally strong execution for the
year-to-date and expected fourth quarter results with few moving pieces that could impact results.
We continue to be very positive about our
prospects and expect the year ahead will reflect additional progress as we continue to execute on our goals to grow net asset value
per share, reduced risk, and enhance our prospects for long-term reliable cash flow growth.
Now, I'll turn the call over to Pat, who
will review our results in more detail.
Patrick F. Carroll: Thanks Will.
During the quarter, Lexington had gross revenues of $105.4 million, comprised primarily of lease rents and tenant reimbursements.
The decrease compared to the third quarter of 2014 of $1.1 million relates primarily to the sales of properties and changes in
occupancy and lease terms, offset in part by acquisition and build-to-suit projects coming online.
For the quarter ended September 30, 2015,
GAAP rents were in excess of cash rents by approximately $12.4 million. And for the nine months ended September 30, 2015, GAAP
rents were in excess of cash rents by about $34.3 million.
On page 18 of the supplement, we have included
our estimates of both cash and GAAP rents for the remainder of 2015 and 2016 for leases in place at September 30, 2015. This disclosure
does not assume any tenant releasing of vacant space or tenant lease extension on properties with scheduled lease expirations.
We also have included same-store data and the weighted average lease term of our portfolio as of September 30, 2015 and 2014 on
page 18 of the supplement.
In comparing the operating results for
the three months ended September 30, 2015 to 2014, property operating cost decreased $2 million primarily due to the sale of multi-tenant
property. Interest expense decreased $2.4 million, primarily due to the lowering borrowing cost and outstanding debt. During the
third quarter of 2015, we incurred an impairment charge on the sale of Light Street of approximately $32.8 million and recorded
gains on sales of properties of $1.7 million.
On page 43 of the supplement, we have disclosed
selected income statement data for consolidated, but non-wholly owned properties and our joint venture investments. We also have
included net non-cash interest recognized for the nine months ended September 30, 2015, on page 44 of the supplement. For the nine
months ended September 30, 2015, our interest coverage was approximately 3.3 times and net debt-to-EBITDA was approximately 6.2
times.
Now turning to the balance sheet, we believe
our balance sheet continues to be in good shape. We had $98.6 million of cash at quarter end, including cash classified as restricted.
Restricted cash balances relate to money primarily held with lenders as escrow deposits on mortgages. At year-end, we had about
$2 billion of consolidated debt outstanding, which had a weighted average interest rate of 4.2% of which approximately 96% of that
fixed rate.
We have entered into LIBOR swaps on both
the $255 million outstanding on our term loan which matures in 2021 and the $250 million outstanding on our term loan, which matures
in 2020. The current LIBOR spread components on both term loans are 1.1%.
The significant components of other assets
and liabilities are included on page 44 of the supplement. During the quarter ended September 30, 2015, we paid approximately $1.1
million in lease costs and approximately $10.6 million in tenant improvement. For the remainder of 2015, we project to spend approximately
$11.5 million in these costs.
We have also include on page 14 of the
supplement, the funding projections for our current build-to-suit projects and our forward commitments, along with the historical
NOI recognize on build-to-suit project that have come online.
As relates to build-to-suit project since
we fund the construction cost and to takeout upon completion, we do not recognize interest income during construction or any rental
revenue until the project is complete and a tenant takes occupancy. Our bases in the project upon completion to the actual cash
we spend in the funding but with any [indiscernible] capitalized we recognize in accordance with GAAP. We capitalized interest
using our overall borrowing rate.
Now, I'll turn the call back over to Will.
T. Wilson Eglin: Thanks, Pat. Operator,
I have no further comments at this time. So we're ready for you to conduct the question-and-answer portion of the call.
Operator: Thank you. We will now
be conducting a question-and-answer session. [Operator Instructions] Our first question comes from the line of Craig Mailman of
KeyBanc Capital Markets. Craig, please proceed with your question.
Craig Mailman: Can you guys hear
me?
Patrick Carroll: Yeah.
Yes.
Now, we can.
Craig Mailman: Okay. Hey, guys.
So, I was just asking well, in the press release the two substantial build-to-suit that you're referring to, could you give a little
bit of color on that?
T. Wilson Eglin: Yeah, one is the
gateway plus transaction. In Richmond, where McGuire Woods is the main tenant and that's one that we've been funding construction
on. And the other one is the Preferred Freezer transaction, which should close shortly. So, that's roughly $260 million or so of
projects that are coming online to revenue producing status. So, for us, that's a big event. So, that should right have a good
contribution to weighted average lease term and long-term revenue growth, et cetera.
So, those are two very good transactions
for us. Preferred Freezer transaction is especially notable because of the great financing that we're going to close on in connection
the transaction, which is as I mentioned in my comments, $110 million of 10-year fixed rate financing at 4%. So, we'll be earning
a current return in year one on our equity investment of about 15, and we think on Gateway Plaza, we'll do very well in the financing
as well.
Craig Mailman: Got you. Apologies
I thought those were incremental to what you guys had in the pipeline. And then just on the disposed, the $900-plus million that
you guys are kind of talking about, could you guys give us some sense of the breakdown of property type on that and maybe kind
of a realistic expectation on potential timing?
T. Wilson Eglin: Well, I would say
that, the Manhattan ground lease portfolio might be around 40% of that total, and that would be something since we're just starting
to wait into that, that's something that would take some time to the extent we do want to move forward and do something with that
position. The balance of what we're looking at -- at selling is single tenant suburban office and some -- a few vacant buildings
and a couple of multi-tenant buildings, as well. So, I would say that anything with the ground leased portfolio would be sort of
toward the end of the process to the extent we could execute on the whole, the whole project.
Craig Mailman: Okay. That's helpful.
Then just two cleanup ones. I guess the TIs in the quarter are a bit elevated when compared to what you guys have kind of done
in the past, any specific transaction that's driving that?
Patrick Carroll: Well, I mean they
were in line with what we disclosed in the last quarter's call for the remainder of 2015, so you really haven't changed that. So,
it is elevated on compared to the prior quarters, but it's one of the leases that we did earlier. I think the end of last year
and beginning of this year, on a lease extension that was the large part of it. But we definitely on the last call disclosed that
that wouldn't be part of our remaining six months of 2015 obligations.
Craig Mailman: Okay. And then just
lastly, the two leases 1460 Tobias and 10300 Kincaid, was the $3.5 million of lease term fees included in the 3Q results?
Patrick Carroll: No, those gets
spread over the remaining lease term. So, no the whole amount have not been included.
Craig Mailman: Okay. Were those
expected, the terminations.?
Patrick Carroll: Well, expected
is an interesting question. It would happened after six months quarter end. So, we disclosed it in last quarter's supplement. It
was disclosed there that they had terminated.
Craig Mailman: Okay.
Patrick Carroll: So, from that standpoint,
yeah.
Craig Mailman: Great. Thanks guys.
Patrick Carroll: Okay.
Operator: Our next question comes
from the line of Jamie Feldman of Bank of America Merrill Lynch. Please proceed with your question.
Jamie Feldman: Thank you. So, I
guess just thinking through expiration through year end 2016. Can you just walk us through what – I think you said 65% of
your expiration going to be renewed or sold. Can you just talk us through what to think about the NOI going through the end of
next year?
T. Wilson Eglin: Well, that would
also – the 65% also represents square footage that we have vacant today.
<Q - Jamie Feldman>: What
are the expected vacancies for next year at this point?
<A>: Yeah, okay. Going through
and don't move out in the industrial portfolio as we I think said before Michelin is leaving in Temperance, Michigan. We've been
showing that property extensively and there is quite a bit of tenant interest. We have a small office building in October in Memphis
where the tenant is likely to move out and that's one where we have a non-recourse loan that's at a very, very high value on a
per-foot basis.
In Farmers Branch, Texas, we have a six-story
office building. We expect it will keep a sub-tenant in two floors and we'll be able to release the balance at higher rates. Raytheon
in Garland, Texas, we expect will be a vacancy as at the end of May. We expect that property will be sold empty.
Kraft in Winchester, Virginia, we think
that they'll stay for a few years. In Bremerton, Washington we have July expiration where we have a sub-tenant in for 70% of the
space, though there is a tenant that would like to renew with us.
In Rockford, Illinois, Pierce Packaging,
we're in discussions with on an extension. We're expecting Bay Valley Foods in Plymouth, Indiana to -- want to extend their lease.
And, we're inching closer to having a 10-year renewal with Siemens and Milford, Ohio. So, overall we've got about 2.8 million feet
in negotiation right now, so things are quite active.
Jamie Feldman: Okay. And, then just
thinking about next year in your investment pipeline, it sounds like you would be -- you think you would be a net buyer or a seller?
T. Wilson Eglin: Well, right now,
we would be -- if we execute on everything possible in the disposition program, we would end up being a net seller. We would end
up along a couple of $100 million of cash. So it's -- it's hard to say what will be the most attractive use of cash if we fully
execute on that program, there may be good acquisition opportunities. There may be good opportunities to repurchase shares. There
may be opportunities to retire debt. We just have to see – we'll have to see what happens as we move through that process.
Jamie Feldman: And then how do you
think about the yields that you'll reselling versus what your lease buying or investing in?
T. Wilson Eglin: Well, overall,
if we execute on the whole plan, I think it probably – we're looking back on it a year from now and we do everything. We've
probably transacted in the mid-7s on a cap rate basis. Obviously, there is a wide disparity, empty buildings have negative cap
rate, some single-tenant. Office buildings and shorter lease term may very well have double-digit cap rate, the Manhattan ground
portfolio, one would think would be clearly a 7.5% cap rate disposition. So, overall, I would think in the mid-7s is a good assumption.
But there is a variety of outcomes.
Jamie Feldman: Do you sell in mid-7
and you buy and develop at kind of 7.5, 8.5?
T. Wilson Eglin: I would think to
the extent, we were looking at forward commitments, deliverable sort of more unlike the 2017 window. I think there will be cases
where we can put the money back out at above 8%. But near term, there is obviously cap rates in the auction market are substantially
lower than that and of considerably less interest to us.
Jamie Feldman: Okay. Is that leasing
higher or lower to that 7 to 8 is still about right or no?
T. Wilson Eglin: Yeah, that's about
right. The big transaction that would come online for us next year is the Dow Chemical build-to-suit, which is a fourth quarter
delivery at about 730 going in, so you know that right now is the largest -- largest project that's in the pipeline.
Jamie Feldman: Okay. And then can
you talk more about the New York land sales, I think you -- I don't think you've been in that business that long and it sounds
like you were -- you were going to grow it, now it sounds like you're getting out. What's the latest thought process there?
T. Wilson Eglin: Well we may get
out Jamie. We're starting to explore what we can do with the position to optimize value for shareholders. We really like the investments
from a long-term IRR standpoint, but we understand that if could put the capital to use in something that creates more yields and
more AFFO that might be a favorable outcome for us, and it is a fairly highly leveraged position – twirling off a fairly
modest amount of current yield. So, having a highly leveraged sub-five cap asset on the balance sheet at a time when our own stock
has been trading at a considerably higher cap rate.
I think that may just be something that's
smarter for us to do with the capital. And we love the asset class, but it has been, been very difficult to find new opportunities
to really try to build that platform up.
Jamie Feldman: Okay. And then finally,
I think you cleared on FAD with our dividend you cleared by about a $0.01 quarter, I know your [indiscernible] were high. How should
we think about dividend coverage for next year based on your current business plan?
T. Wilson Eglin: We think we still
have, have healthy coverage AFFO relative to the dividend. You're right we had heavy capital expenditures this quarter, but since
they sort of peaked in 2013 and 2014 and they will have trended down overall this year and we think probably for next year, there
are plan to being about half of what they were in 2013 and 2014. So the trend for capital expenditures is going to continue to
be down and you know we're having some success obviously transitioning the company to a less – less capital intensive business
model.
Jamie Feldman: So do you think you
will be in a position to bump it next year?
T. Wilson Eglin: Yeah, I mean, I
would think that, we would want to – want o consider increasing the dividend. We obviously for win a dividend increase this
year, you know, simply to retain capital and perhaps put it to use buying stock or investing in new transactions or deleveraging
all of which are beneficial to shareholders.
So, yeah, I would think getting back onto
the path of growing the dividend on a regular basis is something that would happen next year.
Jamie Feldman: Okay. All right.
Thank you. Thanks.
Operator: Our next question comes
from the line of Jon Petersen of Jefferies. Please proceed with your question Mr. Petersen.
Jonathan M. Petersen: Hey, thank
you. I just wanted to get a little more clarity on guidance. I know you generally talked about it was driven by having a strong
quarter and a good outlook for the rest of the year. I'm curious the $0.02 increase to midpoint, I mean, how much of that –
it would seem like a good chuck of that could attributed to the lower interest rates on the credit facility and then also I mean,
did you buyback more shares than you thought you're going to at the last quarter earnings – last quarter's guidance?
Patrick Carroll: Well, I –
from a share buyback standpoint, I think we're on target of where we expected. But yes, the interest savings on the refinancing
of the line that the two term loan excuse me – is a big part of that.
Jonathan M. Petersen: Okay. And
so like, do you think like the majority of the guidance increase is probably related to that?
Patrick Carroll: Well, that is the
timing of sales, it's acquisitions coming online. There is a lot of -- there are a lot of moving parts in guidance, but one thing
that is definitely known is the savings on the interest but happy on -- happening on the facilities that happened on September
1.
Jonathan M. Petersen: Okay. And
then on the buyback so, you guys bought an average price of I think it was $8.34, at $9.07 right now. I'm just curious what your
thoughts are on your current discounts NAV and kind of continue -- I guess continuing to use proceeds from asset sales to buyback
stock?
T. Wilson Eglin: Our view on the
buyback is that, we are not here to provide liquidity to market participants every day, but we are here to take advantage of opportunities
when volatility creates meaningful disconnect between the share price and NAV. So it's safe to say that we were more interested
in retiring stock at less than $8.50 a share. That doesn't mean we're not interested at $9, but we're not in the market buying
stock every day and the truth is that we try to make capital allocation decisions on a daily basis that optimize the outcome for
shareholders.
So time will tell. We're hopeful that the
shares continue to perform well. We're hopeful that the equity market continues to be favorable for REITs and if we have like I
say market situations where our shares are extremely, extremely cheap, we're going to act on this.
Jonathan M. Petersen: Okay. And
then on the asset sales, I assume there is a Manhattan ground lease that would be sold as a portfolio. I don't think it would make
sense to put those out. I'm curious on the remainder of it, which I think is majority kind of a suburban office. How much of that
you guys are currently – it sounds like you are pretty far along in the marketing process, how much of that is seen marketed
as portfolio and what just like roughly are decided of those portfolios, or one large single portfolio? Just trying to figure out
what we speak back in [indiscernible]?
T. Wilson Eglin: I would say about
three quarters of the pool net of the ground positions, we think it's preferable to transact on a portfolio basis.
Jonathan M. Petersen: Okay.
T. Wilson Eglin: But beyond that,
as we have been working on this for quite some time, but beyond that, we're really not in a position to provide any specifics.
Jonathan M. Petersen: Okay. All
right. That's fair. And then, just, you kind of touch on it earlier, but I think you said about 20% of your leases were signed
kind of before the recession that we should still expect roll down that those kind of roll over. Can you give us any sense over
the next like, four quarters to six quarters, how we should expect leasing spreads, the trends, especially for your suburban office
portfolio, which was down 15%-ish this quarter, what should we be expect in over the next few quarters?
T. Wilson Eglin: Yeah. I think through
the end of next year, it's probably about a push, some will be up, some will be down. And you are right, we did have a roll down
net office building, but at the same time, the tenant took another floor in the building. So, if we really think about, those actually
good outcome for us. You're right, we discounted the rent some, but we did got another floor of occupancy. So, we certainly thought
that was a good outcome. So that's our view about next year, that the noise around leasing spread should sort of quiet down compared
to what they've been in the last few years.
Jonathan M. Petersen: Okay. All
right. Great. Thanks for the color.
Operator: Our next question comes
from the line of Gene Nusinzon of JPMorgan. Please proceed with you question.
Gene Nusinzon: Thank you. What's
your capacity to observe gains before needing to their special or increase the dividend?
Patrick Carroll: Right now, we are
distributing just a little bit of above our taxable income. So we think with the projection that we have...
Nabil Andrawis: We're currently
in the line -- with the taxable income on the run rate or the income that excludes any capital transaction.
T. Wilson Eglin: But we will effect
1031 exchange transactions to defer gain.
Gene Nusinzon: Okay. Thank you.
And just what's your perspective on the most risk adjusted opportunities right now that you're looking at given where your pricing
from your assets sale where you possibly buy back stock?
T. Wilson Eglin: The truth is that
the shares have been of very good value for us as a public company to retire equity, we want to retire stock and at as a very wide
discount to NAV. There is a cost to de-capitalizing the company, so we've been happy to have that opportunity. There will be acquisition
opportunities that might compare well with retiring stock. Those who tend to be forward commitments where we can still achieve
-- high going in cap rates and buy newly constructed buildings with long-term leases. So it maybe that there is a mix of both,
it's hard to say with specificity, but to me retiring stock is better than going into the auction market and buying something.
But there – in all likelihood there will be some build-to-suit opportunities for us that compare favorably relative to share
buyback.
Gene Nusizon: Okay. Thank you.
Operator: Our next question comes
from the line of Dan Conlin of Ladenburg Thalmann. Please proceed with your question.
Dan Conlin: Thank you, and good
morning. Will, I was hoping if you can kind of go back to the lease expiration. Just for modeling purposes what percentage of square
footage or maybe debt on a rent basis. What percentage of rent would you expect to retain assuming discounting and maybe what percentage
of rent you expect to obtain [indiscernible].
Patrick Carroll: Dan, we look at
it maybe a little differently. But when we look at the rollovers next year, we think that about 65% of them will be handled through
dispositions and re-leasing. We think that from a re-leasing standpoint as Will said a little earlier that it's kind of a push
at this point of time. And we expect if it all rolls out exactly as planned, we would expect that the occupancy – excuse
me -- the lease level I think end of next year will be comparable to where it is today.
Dan Conlin: Okay. The other 35%
that you're assuming some of that's going to go away, but also maybe some of it you can potentially lease it if you don't have
a good.
T. Wilson Eglin: We just don't have
visibility on it. We just don't have visibility on it right now.
Patrick Carroll: Right. And some
of its vacant today, may save vacant.
T, : Okay, okay. I -- the 35% [indiscernible].
T. Wilson Eglin: Yeah.
Dan Conlin: Okay. And then just
kind of curious on the Manhattan going back to that question as well. So is that more to do with the fact you don't think you're
getting credit for it in your portfolio? Or is that more in terms of reselling that or is it more to the fact that it's just becoming
hard to grow that area up?
T. Wilson Eglin: I think it's a
combination of factors, and certainly a little of both, right. When the company's cost of capital is changed in the two years since
we did that transaction. So that's clearly a factor, and I think the, it will I believe have been a successful haul for us and
one that we will have made some decent money on. But we are mindful of the fact that many shareholders while liking the investment
would prefer us to put our capital to work in a way that creates more current yield.
Dan Conlin: Okay. Understood. And
then as far as the asset sales, and this development piece here, there still seems to be another of net sales activity. How should
we think about that on a going forward basis. Do you think it can be essentially self funding, the asset sales, for several years
to come or how does that show up in this year?
T. Wilson Eglin: Well, look in a
sort of regular environment, we like to think that we try to recycle 3% to 5% of the gross assets of the company every year. Just
to try to continue to upgrade kind of the portfolio, and also to be mindful of selling some buildings when there is still 10 years
of lease term left, that's an important part of the company's go forward strategy. So that sometimes we have more time to exit
a single tenant net lease transaction after 5 year or 10 year hold, while you still have 10 years of lease term. So, you know going
forward as we get to that sort of five year hallmark we'll consider selling some of those buildings.
So, you know as I said $150 million to
$250 million sort of a normal capital recycling target. This year we're at about $250 million already, and we'll do a little bit
more, and next year is likely to, we'll probably continue to be elevated in view of market conditions.
Dan Conlin: Okay. And so, when this
does kind of the, when you get that that five-year whole window, when does that start to kick in your view? Like when do those
sales start to ramp up?
T. Wilson Eglin: That piece of strategy
starts to ramp up beginning with the next year.
Dan Conlin: Okay. Okay. All right.
Thank you. Appreciate.
Operator: Our next question comes
from the line of John Guinee of Stifel. Please proceed with your question.
John W. Guinee: Just sort of help
us understand the, how amortization plays into some of these mortgages, for example, your Freezer building I think you are in for
about $152 million you got a $110 million of loan and 4%, the lease duration on that lease is 20 years, what the term on the loan
and what's the amortization schedule on that loan?
Patrick Carroll: The term on the
loan is 10 years and the amortization is minimal, John. So what happens with on a leverage basis, simply from 10 years of cash
flow will we'll have an internal rate of return of about 10% and depending on what the value of the asset is in year 11, our IRR
should to be 15% or 18%. But it's not alone with heavy amortization if that was your question.
John W. Guinee: Got you. Okay. Is
there amortization on the ground leases in Manhattan?
Patrick Carroll: Yeah. There is
a little amount of amortization in our – you can see in our disclosure in our supplement where we show the mortgages, we
show the debt service by property for the next year in the balloons, so you can see the amount of amortization that comes into
play in those, but it's very small.
John W. Guinee: Got you. Well, over
all problem here appears to me is having that we're all sitting in the seats we've been sitting in for a lot of years, and we've
gotten a little bit smarter, maybe, maybe not. But the 10 years ago, if you told investors that you were buying at a 9% cap and
your cost of capital was at 7%, people would be saying, oh, great that's accretive to net asset value, that's accretive to earnings,
I love this strategy, and now-a-days, when you tell people you buying at a 9%, people say, oh my god, what's wrong with that asset,
it must be a depreciating asset. Have you put together anything that you can kind of walk through in detail as to why these deals
really work for example the freezer deal, and what's that has to be worked in the 10th year to make these numbers look really good?
T. Wilson Eglin: Well, John, if
it's only worth mortgage balance in the 10th year, we will have made an IRR of 10%, right. So we made 10%, and we got our money
back just from the cash flow. So if the building is if you sell at a 9% cap going out right which is basically the undiscounted
cash flow backed by can [indiscernible] for 10 years, your IRR was about 15%. So we think it's a terrific investment given the
credit profile of the tenant, but you're right residual value is a risk that's out there, but that one is going to work out very
well for us.
John W. Guinee: Good. Good. Okay.
And if you look at back of the envelope, I think you paid maybe $332 million for these ground lease deals, levered them up, these
are expected proceeds in the $360 million range, is that a good number to look at?
T. Wilson Eglin: Time will tell,
John. It's too soon to tell, but we have had a couple of years of rent growth and we bought them at a $4.93 cap rate going in and
I would think that the cap rate going out would be somewhere below that. So that's how we're approaching it.
John W. Guinee: So if you sell at
a lower cap rate than you bought that works?
T. Wilson Eglin: Especially if your
rent has grown.
John W. Guinee: All right. Hey,
thanks a lot.
T. Wilson Eglin: Thank you.
Operator: There are no more questions
in the audio portion of this conference. With no further ado, I'd like to turn the conference back over to our CEO and President,
Will Eglin for closing remarks.
T. Wilson Eglin: Thanks again for
joining us this morning. We continue to be very excited about our prospects for this year and beyond 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.
Operator: This concludes today's
teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful rest of the day.
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