LEXINGTON REALTY TRUST - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - LEXINGTON REALTY TRUST	v446407_8k.htm
EX-99.2 - EXHIBIT 99.2 - LEXINGTON REALTY TRUST	v446407_ex99-2.htm

Exhibit 99.1

LEXINGTON REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

June 30, 2016

Table of Contents

Section		Page

Second Quarter 2016 Earnings Press Release		3

Portfolio Data
2016 Second Quarter Investment/Capital Recycling Summary		14
Build-To-Suit Projects		15
2016 Second Quarter Financing Summary		16
2016 Second Quarter Leasing Summary		17
Other Revenue Data		19
Portfolio Detail By Asset Class		21
Portfolio Composition		22
Components of Net Asset Value		23
Top Markets		24
Single-Tenant Office Markets		25
Tenant Industry Diversification		26
Top 10 Tenants or Guarantors		27
Lease Rollover Schedules – GAAP Basis		28
Property Leases and Vacancies – Consolidated Portfolio		30
Select Credit Metrics Summary		38
Financial Covenants		39
Mortgages and Notes Payable		40
Debt Maturity Schedule		43
Mortgage Loans Receivable		44
Selected Balance Sheet and Income Statement Account Data		45
Non-GAAP Measures – Definitions		46
Reconciliation of Non-GAAP Measures		48
Investor Information		52

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, (2) Lexington’s ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO available to all equityholders and unitholders – diluted for the year ending December 31, 2016, (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 SECOND QUARTER 2016 RESULTS

New York, NY - Tuesday, August 9, 2016 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the second quarter ended June 30, 2016.

Second Quarter 2016 Highlights

•

Generated Net Income attributable to common shareholders of $46.8 million, or $0.20 per diluted common share.

•

Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $71.8 million, or $0.29 per diluted common share.

•

Disposed of six properties, including a land investment in New York City, for aggregate gross disposition proceeds of $107.2 million.

•

Completed an industrial build-to-suit property with a cost of $61.3 million.

•

Invested $39.5 million in on-going build-to-suit projects, including a recent commitment for a $37.0 million industrial build-to-suit project in Opelika, Alabama.

•

Completed 1.4 million square feet of new leases and lease extensions with overall portfolio 96.2% leased at quarter end.

•

Retired $80.0 million of secured debt and $24.5 million of unsecured borrowings.

Subsequent Events

•

Obtained $197.2 million 20-year non-recourse financing, which bears interest at a 4.04% fixed rate and is secured by the build-to-suit project in Lake Jackson, Texas.

•

Disposed of two properties for aggregate gross proceeds of $4.4 million.

•

Converted the remaining $11.9 million original principal amount of 6.00% Convertible Guaranteed Notes for 1.9 million common shares.

Adjusted Company FFO is a non-GAAP financial measure and in the first quarter 2016 earnings release was referred to as Company FFO. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, commented “Our second quarter activity was strong, particularly in sales and leasing, with Adjusted Company FFO of $0.29 per share, representing a 7% increase year-over-year. Strong progress has been made on our sales program and to date, consolidated property dispositions total $171 million at a 5.9% weighted-average cap rate.”

“As we enter the second half of the year, we believe we are on target to complete our sales program of $600-$700 million at a better than expected cap rate range of 5.5%-6.25%, and by year end, reduce our net debt to adjusted EBITDA ratio while maintaining ample cash on the balance sheet. We expect that all of these factors should position us to further grow our portfolio and continue to improve the quality of our holdings and cash flow.”

FINANCIAL RESULTS

Revenues

For the quarter ended June 30, 2016, total gross revenues were $109.6 million, a 0.7% decrease compared with total gross revenues of $110.3 million for the quarter ended June 30, 2015. The decrease is primarily attributable to 2015 and 2016 property sales and lease expirations, substantially offset by revenue generated from property acquisitions and new leases signed.

Net Income Attributable to Common Shareholders

For the quarter ended June 30, 2016, net income attributable to common shareholders was $46.8 million, or $0.20 per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2015 of $47.7 million, or $0.20 per diluted share.

Adjusted Company FFO

For the quarter ended June 30, 2016, Lexington generated Adjusted Company FFO of $71.8 million, or $0.29 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2015 of $67.0 million, or $0.27 per diluted share.

Dividends/Distributions

Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended June 30, 2016 of $0.17 per common share/unit, which was paid on July 15, 2016 to common shareholders/unitholders of record as of June 30, 2016. Lexington also declared a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”), which is payable on November 15, 2016 to Series C Preferred Shareholders of record as of October 31, 2016.

OPERATING ACTIVITIES

During the quarter, Lexington acquired the following build-to-suit property:

ACQUISITIONS

Tenant (Guarantor)

Location

Property
Type

Initial
Basis
($000)

Initial
Estimated
Annualized
GAAP Rent
($000)

Initial
Estimated
Annualized
Cash
Rent ($000)

Estimated
GAAP
Yield

Initial
Estimated
Cash

Yield

Approximate
Lease
Term (Yrs)

One World Technologies, Inc.
(Techtronic Industries Co. Ltd.)

Anderson, SC

Industrial

61,347

4,446

3,660

7.2

6.0

During the quarter, Lexington funded $39.5 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 6/30/2016 ($000)		Estimated Acquisition/ Completion Date	Estimated GAAP Yield			Estimated Initial Cash Yield
Lake Jackson, TX		664,000	Office	20	$	166,164	$	83,887	4Q 16		8.9	%		7.3	%
Charlotte, NC		201,000	Office	15		62,445		24,166	1Q 17		9.5	%		8.3	%
Opelika, AL		165,000	Industrial	25		37,000		710	2Q 17		9.0	%		7.1	%
Houston, TX⁽¹⁾		274,000	Retail/Specialty	20		86,491		63,848	3Q 16		7.5	%		7.5	%
		1,304,000			$	352,100	$	172,611

(1)

Lexington had a 25% interest as of June 30, 2016. Lexington is providing construction financing up to $56.7 million to the joint venture of which $33.9 million had been funded as of June 30, 2016. The related lease provides for annual CPI increases.

During the quarter, Lexington sold the following properties:

PROPERTY DISPOSITIONS ⁽⁴⁾
Primary Tenant	Location	Property Type	Gross Sale Price ($000)			Annualized Net Income⁽¹⁾ ($000)			Annualized NOI⁽¹⁾ ($000)			Month of Disposition
ZE-45 Ground Tenant LLC	New York, NY	Land	$	37,500		$	3,194		$	1,525		April
Apria Healthcare, Inc.	Lake Forest, CA	Office		19,000	⁽²⁾		775			1,366		May
Federal Express Corporation	Collierville, TN	Industrial		7,740			294			817		June
Atrius Health, Inc.	Boston, MA	Office		33,250			370			1,700		June
The McGraw-Hill Companies, Inc.	Dubuque, IA	Industrial		8,575	⁽³⁾		326			1,260		June
Vacant	Franklin, NC	Industrial		1,100			(158	)		(113	)	June
			$	107,165		$	4,801		$	6,555

(1)

Quarterly period prior to sale annualized.

(2)

A future rent credit of $1.7 million was credited to the buyer at closing.

(3)

Excludes a $1.0 million lease termination payment from the tenant.

(4)

In addition, Lexington sold certain land parcels for $1.0 million, which land parcels generated annualized net income and annualized NOI of $45 thousand.

LEASING

As of June 30, 2016, Lexington's overall portfolio was 96.2% leased, excluding properties subject to secured mortgage loans currently in default.

During the second quarter of 2016, Lexington executed the following new and extended leases:

LEASE EXTENSIONS

Location

Primary Tenant⁽¹⁾

Prior
Term

Lease
Expiration Date

Sq. Ft.

Office/Multi-Tenant

1-8

Honolulu

N/A

2016

2018

13,863

Tampa

Time Customer Service, Inc. / Time, Inc.

06/2017

06/2026

132,981

Total office lease extensions

146,844

Industrial/Multi-Tenant

Plymouth

Tower Automotive Operations USA I, LLC

10/2017

10/2024

290,133

Rantoul

Bell Sports, Inc.

10/2033

10/2034

813,126

Antioch

Cimetra, LLC

07/2016

08/2021

67,200

Total industrial lease extensions

1,170,459

Total lease extensions

1,317,303

NEW LEASES

Location

Lease
Expiration Date

Sq. Ft.

Industrial

Arlington

Arrow Electronics, Inc.

02/2027

74,739

Total new industrial leases

74,739

TOTAL NEW AND EXTENDED LEASES

1,392,042

(1)

Leases greater than 10,000 square feet.

BALANCE SHEET/CAPITAL MARKETS

During the second quarter of 2016, Lexington satisfied $80.0 million of secured debt with a weighted-average interest rate of 4.9%.

In April 2016, $0.5 million original principal amount of Lexington's 6.00% Convertible Guaranteed Notes due 2030 were satisfied for cash of $0.7 million, which reduced the aggregate outstanding balance of this note issuance to $11.9 million. Subsequent to June 30, 2016, the remaining $11.9 million outstanding was converted for 1,892,269 common shares.

Subsequent to June 30, 2016, Lexington obtained a $197.2 million 20-year non-recourse financing on its build-to-suit project in Lake Jackson, Texas. The loan bears interest at a fixed rate of 4.04% and matures in October 2036.

2016 EARNINGS GUIDANCE

Lexington estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2016 will be within an expected range of $0.52 to $0.61. Lexington is increasing its Adjusted Company FFO guidance for the year ended December 31, 2016 to an expected range of $1.07 to $1.10 per diluted common share from a range of $1.03 to $1.08 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

SECOND QUARTER 2016 CONFERENCE CALL

Lexington will host a conference call today, Tuesday, August 9, 2016, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2016. Interested parties may participate in this conference call by dialing 888-317-6016 (U.S.), 412-317-6016 (International) or 855-669-9657 (Canada). A replay of the call will be available through November 9, 2016, at 877-344-7529 (U.S.), 412-317-0088 (International) or 855-669-9658 (Canada), pin code for all replay numbers is 10090297. 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 (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity and debt investments in single-tenant net-leased commercial properties and land across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions. For more information, including Lexington's Quarterly Earnings and Supplemental Operating and Financial Data information package, or to follow Lexington on social media, visit www.lxp.com.

Contact:

Investor or Media Inquiries for Lexington Realty Trust:

Heather Gentry, Senior Vice President of Investor Relations

Lexington Realty Trust

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

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations, (2) Lexington's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2016, (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. The assets and credit of each special purpose entity with a property subject to a mortgage loan (a “property owner subsidiary”) are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary, but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's general partner's, member's or managing member's creditors).

Non-GAAP Financial Measures - Definitions

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

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

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

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for tenant improvements, and (8) cash paid for lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as “net income (or loss) computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for non-consolidated partnerships and joint ventures.” NAREIT clarified its computation of FFO to exclude impairment charges on depreciable real estate owned directly or indirectly. FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

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

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

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

# # #

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Gross revenues:
Rental	$	101,647		$	102,440		$	205,206		$	202,456
Tenant reimbursements		7,930			7,893			15,987			16,319
Total gross revenues		109,577			110,333			221,193			218,775
Expense applicable to revenues:
Depreciation and amortization		(41,272	)		(41,808	)		(84,399	)		(82,083	)
Property operating		(11,293	)		(15,534	)		(23,371	)		(32,116	)
General and administrative		(7,747	)		(7,971	)		(15,522	)		(15,792	)
Non-operating income		3,553			3,084			6,420			5,698
Interest and amortization expense		(22,679	)		(23,339	)		(45,572	)		(46,342	)
Debt satisfaction gains (charges), net		(3,194	)		3,776			(3,356	)		14,151
Impairment charges		(3,014	)		(113	)		(3,014	)		(1,252	)
Gains on sales of properties		25,326			21,426			42,341			21,574
Income before benefit (provision) for income taxes, equity in earnings of non-consolidated entities and discontinued operations		49,257			49,854			94,720			82,613
Benefit (provision) for income taxes		(224	)		52			(637	)		(389	)
Equity in earnings of non-consolidated entities		312			306			6,054			672
Income from continuing operations		49,345			50,212			100,137			82,896
Discontinued operations:
Income (loss) from discontinued operations		—			(1	)		—			109
Provision for income taxes		—			(4	)		—			(4	)
Gain on sale of property		—			—			—			1,577
Total discontinued operations		—			(5	)		—			1,682
Net income		49,345			50,207			100,137			84,578
Less net income attributable to noncontrolling interests		(869	)		(875	)		(1,892	)		(1,741	)
Net income attributable to Lexington Realty Trust shareholders		48,476			49,332			98,245			82,837
Dividends attributable to preferred shares – Series C		(1,573	)		(1,573	)		(3,145	)		(3,145	)
Allocation to participating securities		(73	)		(105	)		(163	)		(192	)
Net income attributable to common shareholders	$	46,830		$	47,654		$	94,937		$	79,500
Income per common share – basic:
Income from continuing operations	$	0.20		$	0.20		$	0.41		$	0.33
Income (loss) from discontinued operations		—			—			—			0.01
Net income attributable to common shareholders	$	0.20		$	0.20		$	0.41		$	0.34
Weighted-average common shares outstanding – basic		232,592,998			233,812,062			232,617,901			233,172,422
Income per common share – diluted:
Income from continuing operations	$	0.20		$	0.20		$	0.41		$	0.33
Income (loss) from discontinued operations		—			—			—			0.01
Net income attributable to common shareholders	$	0.20		$	0.20		$	0.41		$	0.34
Weighted-average common shares outstanding – diluted		239,046,004			239,903,370			238,970,754			239,559,842
Amounts attributable to common shareholders:
Income from continuing operations	$	46,830		$	47,659		$	94,937		$	77,818
Income (loss) from discontinued operations		—			(5	)		—			1,682
Net income attributable to common shareholders	$	46,830		$	47,654		$	94,937		$	79,500

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

	June 30, 2016			December 31, 2015
Assets:
Real estate, at cost	$	3,721,461		$	3,789,711
Real estate - intangible assets		688,749			692,778
Investments in real estate under construction		108,763			95,402
		4,518,973			4,577,891
Less: accumulated depreciation and amortization		1,207,434			1,179,969
Real estate, net		3,311,539			3,397,922
Assets held for sale		21,045			24,425
Cash and cash equivalents		59,776			93,249
Restricted cash		12,767			10,637
Investment in and advances to non-consolidated entities		55,245			31,054
Deferred expenses, net		39,656			42,000
Loans receivable, net		95,829			95,871
Rent receivable – current		9,146			7,193
Rent receivable – deferred		102,195			87,547
Other assets		17,535			18,505
Total assets	$	3,724,733		$	3,808,403

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	838,385		$	872,643
Revolving credit facility borrowings		123,000			177,000
Term loans payable, net		500,584			500,076
Senior notes payable, net		493,944			493,526
Convertible guaranteed notes payable, net		11,763			12,126
Trust preferred securities, net		127,046			126,996
Dividends payable		46,052			45,440
Liabilities held for sale		515			8,405
Accounts payable and other liabilities		43,054			41,479
Accrued interest payable		9,857			8,851
Deferred revenue - including below market leases, net		43,021			42,524
Prepaid rent		16,395			16,806
Total liabilities		2,253,616			2,345,872

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, 235,075,048 and 234,575,225 shares issued and outstanding in 2016 and 2015, respectively		24			23
Additional paid-in-capital		2,775,468			2,776,837
Accumulated distributions in excess of net income		(1,413,504	)		(1,428,908	)
Accumulated other comprehensive loss		(7,520	)		(1,939	)
Total shareholders’ equity		1,448,484			1,440,029
Noncontrolling interests		22,633			22,502
Total equity		1,471,117			1,462,531
Total liabilities and equity	$	3,724,733		$	3,808,403

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
EARNINGS PER SHARE:

Basic:
Income from continuing operations attributable to common shareholders	$	46,830	$	47,659		$	94,937	$	77,818
Income (loss) from discontinued operations attributable to common shareholders		—		(5	)		—		1,682
Net income attributable to common shareholders	$	46,830	$	47,654		$	94,937	$	79,500

Weighted-average number of common shares outstanding - basic		232,592,998		233,812,062			232,617,901		233,172,422

Income per common share:
Income from continuing operations	$	0.20	$	0.20		$	0.41	$	0.33
Income (loss) from discontinued operations		—		—			—		0.01
Net income attributable to common shareholders	$	0.20	$	0.20		$	0.41	$	0.34

Diluted:
Income from continuing operations attributable to common shareholders - basic	$	46,830	$	47,659		$	94,937	$	77,818
Impact of assumed conversions		963		764			2,023		1,633
Income from continuing operations attributable to common shareholders		47,793	$	48,423			96,960		79,451
Income (loss) from discontinued operations attributable to common shareholders - basic		—		(5	)		—		1,682
Impact of assumed conversions		—		—			—		—
Income (loss) from discontinued operations attributable to common shareholders		—		(5	)		—		1,682
Net income attributable to common shareholders	$	47,793	$	48,418		$	96,960	$	81,133

Weighted-average common shares outstanding - basic		232,592,998		233,812,062			232,617,901		233,172,422
Effect of dilutive securities:
Share options		273,920		296,501			204,783		369,079
6.00% Convertible Guaranteed Notes		1,878,445		1,941,833			1,909,841		2,165,367
Operating Partnership Units		3,818,805		3,852,974			3,819,498		3,852,974
Non-vested shares		481,836		—			418,731		—
Weighted-average common shares outstanding - diluted		239,046,004		239,903,370			238,970,754		239,559,842

Income per common share:
Income from continuing operations	$	0.20	$	0.20		$	0.41	$	0.33
Income (loss) from discontinued operations		—		—			—		0.01
Net income attributable to common shareholders	$	0.20	$	0.20		$	0.41	$	0.34

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders	$	46,830		$	47,654		$	94,937		$	79,500
Adjustments:
Depreciation and amortization		39,688			40,467			80,881			79,389
Impairment charges - real estate		3,014			113			3,014			1,252
Noncontrolling interests - OP units		648			540			1,395			1,090
Amortization of leasing commissions		1,584			1,341			3,518			2,693
Joint venture and noncontrolling interest adjustment		222			437			458			758
Gains on sales of properties, including non-consolidated entities		(25,326	)		(21,426	)		(47,719	)		(23,151	)
Tax on sales of properties		—			—			50			—
FFO available to common shareholders and unitholders - basic		66,660			69,126			136,534			141,531
Preferred dividends		1,573			1,573			3,145			3,145
Interest and amortization on 6.00% Convertible Notes		233			224			485			543
Amount allocated to participating securities		73			105			163			192
FFO available to all equityholders and unitholders - diluted		68,539			71,028			140,327			145,411
Debt satisfaction (gains) charges, net, including non-consolidated entities		3,194			(3,712	)		3,356			(14,087	)
Transaction costs/other		68			(294	)		214			174
Adjusted Company FFO available to all equityholders and unitholders - diluted		71,801			67,022			143,897			131,498

FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
Straight-line adjustments		(13,241	)		(17,034	)		(24,380	)		(22,343	)
Lease incentives		419			488			842			945
Amortization of above/below market leases		499			177			955			(444	)
Lease termination payments, net		5,183			(595	)		2,434			(1,401	)
Non-cash interest, net		(632	)		1,753			(1,014	)		1,118
Non-cash charges, net		2,403			2,147			4,610			4,403
Tenant improvements		601			(1,541	)		(119	)		(2,622	)
Lease costs		(3,477	)		(1,756	)		(4,707	)		(3,176	)
Company Funds Available for Distribution	$	63,556		$	50,661		$	122,518		$	107,978

Per Common Share and Unit Amounts
Basic:
FFO	$	0.28		$	0.29		$	0.58		$	0.60

Diluted:
FFO	$	0.28		$	0.29		$	0.58		$	0.60
Adjusted Company FFO	$	0.29		$	0.27		$	0.59		$	0.54

Basic:
Weighted-average common shares outstanding - basic EPS		232,592,998			233,812,062			232,617,901			233,172,422
Operating partnership units⁽¹⁾		3,818,805			3,852,974			3,819,498			3,852,974
Weighted-average common shares outstanding - basic FFO		236,411,803			237,665,036			236,437,399			237,025,396

Diluted:
Weighted-average common shares outstanding - diluted EPS		239,046,004			239,903,370			238,970,754			239,559,842
Unvested share-based payment awards		—			83,635			—			109,194
Preferred shares - Series C		4,710,570			4,710,570			4,710,570			4,710,570
Weighted-average common shares outstanding - diluted FFO		243,756,574			244,697,575			243,681,324			244,379,606

(1)

Includes OP units other than OP units held by Lexington.

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

2016 EARNINGS GUIDANCE

	Twelve Months Ended December 31, 2016
	Low			High
Estimated:
Net income attributable to common shareholders per diluted common share⁽¹⁾	$	0.52		$	0.61
Depreciation and amortization		0.67			0.68
Impact of capital transactions		(0.12	)		(0.19	)
Estimated Adjusted Company FFO per diluted common share	$	1.07		$	1.10

(1)

Assumes all convertible securities are dilutive.

LEXINGTON REALTY TRUST

2016 Second Quarter Investment / Capital Recycling Summary

PROPERTY INVESTMENTS

	Primary Tenant (Guarantor)	Location		Property Type	Initial Basis ($000)		Initial Estimated Annualized GAAP Rent ($000)		Initial Estimated Annualized Cash Rent (1) ($000)		Initial Estimated GAAP Yield (1)			Initial Estimated Cash Yield (1)			Month Closed	Primary Lease Expiration
1	One World Technologies, Inc. (Techtronic Industries Co. Ltd.)	Anderson	SC	Industrial	$	61,347	$	4,446	$	3,660		7.2	%		6.0	%	June	06/2036
1	TOTAL PROPERTY INVESTMENT

CAPITAL RECYCLING

PROPERTY DISPOSITIONS⁽³⁾

	Primary Tenant (Guarantor)	Location		Property Type	Gross Sale Price ($000)		Annualized Net Income (2) ($000)			Annualized NOI (1)(2) ($000)			Month of Disposition	% Leased			Gross Sale Price PSF
1	ZE-45 Ground Tenant LLC	New York	NY	Land / Infrastructure	$	37,500	$	3,194		$	1,525		April		100	%		N/A
2	Apria Healthcare, Inc. (Apria Healthcare Group, Inc.) (4)	Lake Forest	CA	Office		19,000		775			1,366		May		100	%	$	189.98
3	Federal Express Corporation / FedEx Techconnect, Inc.	Collierville	TN	Industrial		7,740		294			817		June		100	%	$	61.32
4	Atrius Health, Inc.	Boston	MA	Office		33,250		370			1,700		June		100	%	$	635.31
5	The McGraw-Hill Companies, Inc. (5)	Dubuque	IA	Industrial		8,575		326			1,260		June		100	%	$	25.91
6	Vacant	Franklin	NC	Industrial		1,100		(158	)		(113	)	June		0	%	$	15.10

6	TOTAL PROPERTY DISPOSITIONS				$	107,165	$	4,801		$	6,555

Footnotes

(1)

See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(2)

1Q 2016 annualized.

(3)

In addition, Lexington sold certain land parcels for $1.0 million, which land parcels generated annualized net income and annualized NOI of $45 thousand.

(4)

A future rent credit of $1.7 million was credited to the buyer at closing.

(5)

Excludes a $1.0 million lease termination payment from the tenant.

LEXINGTON REALTY TRUST

BUILD-TO-SUIT PROJECTS

6/30/2016

BUILD-TO-SUIT PROJECTED CONSTRUCTION FUNDING SCHEDULE (1)

	Location		Sq. Ft		Asset Type	Lease Term (Years)		Maximum Commitment/ Estimated Completion Cost ($000)		Investment balance as of 6/30/16 ($000)		Estimated Cash Investment Next 12 Months ($000)								Estimated Completion/ Acquisition Date	Estimated GAAP Yield (5)			Estimated Initial Cash Yield (5)
												Q3 2016		Q4 2016		Q1 2017		Q2 2017
1	Lake Jackson (2)	TX		664,000	Office		20	$	166,164	$	83,887	$	-	$	-	$	-	$	-	4Q 16		8.9	%		7.3	%
2	Charlotte	NC		201,000	Office		15		62,445		24,166		11,372		11,372		11,372		3,791	1Q 17		9.5	%		8.3	%
3	Opelika	AL		165,000	Industrial		25		37,000		710		7,713		10,579		10,579		7,053	2Q 17		9.0	%		7.1	%

3	TOTAL CONSOLIDATED BUILD-TO-SUIT PROJECTS (3)							$	265,609	$	108,763	$	19,085	$	21,951	$	21,951	$	10,844

1	Houston (4)	TX		274,000	Retail/Specialty		20	$	86,491	$	63,848	$	9,696	$	9,696	$	-	$	-	3Q 16		7.5	%		7.5	%

1	TOTAL NON-CONSOLIDATED BUILD-TO-SUIT PROJECTS							$	86,491	$	63,848	$	9,696	$	9,696	$	-	$	-

4	TOTAL BUILD-TO-SUIT PROJECTS							$	352,100	$	172,611	$	28,781	$	31,647	$	21,951	$	10,844

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 or, if completed, will perform to Lexington's expectations.

(2)

Subsequent to June 30, 2016, Lexington obtained $197.2 million of non-recourse financing. The loan bears interest at a fixed rate of 4.04%.

The estimated remaining costs to fund the project of $71.6 million were escrowed at closing.

(3)

Investment balance in accordance with GAAP included in investment in real estate under construction.

Aggregate equity invested is $112.8 million.

(4)

Lexington has a 25% interest as of June 30, 2016. Lexington is providing construction financing up to $56.7 million to the joint venture, of which $33.9 million has been funded as of June 30, 2016. Estimated cash investments for the next 12 months are Lexington's estimated loan amounts. Lease contains annual CPI increases.

(5)

See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

LEXINGTON REALTY TRUST

2016 Second Quarter Financing Summary

DEBT RETIRED

Location	Tenant (Guarantor)	Property Type	Face / Satisfaction ($000)		Fixed Rate			Maturity Date

Consolidated Mortgage Debt:
Omaha, NE	Wipro Data Center and Cloud Services, Inc. (Infocrossing, Inc.)	Office	$	7,560		5.610	%	04/2016
Tempe, AZ	Wipro Data Center and Cloud Services, Inc. (Infocrossing, Inc.)	Office		7,140		5.610	%	04/2016
Byhalia, MS	Asics America Corporation (Asics Corporation)	Industrial		15,000		4.710	%	06/2016
Dubuque, IA	The McGraw-Hill Companies, Inc.	Industrial		8,934		5.402	%	06/2017
Boston, MA	Atrius Health, Inc.	Office		12,178		6.100	%	12/2018
New York, NY	ZE-45 Ground Tenant LLC	Land / Infrastructure		29,193		4.100	%	01/2025
			$	80,005

CORPORATE LEVEL DEBT

		Quarterly Activity, Net ($000)
Revolving Credit Facility		$24,000 satisfaction
6.00% Convertible Guaranteed Notes		$500 satisfaction (cash payment $672)

LEXINGTON REALTY TRUST

2016 Second Quarter Leasing Summary

LEASE EXTENSIONS

	Tenant (Guarantor)	Location		Prior Term	Lease Expiration Date		Sq. Ft.		New GAAP Rent Per Annum ($000)(1)		Prior GAAP Rent Per Annum ($000)		New Cash Rent Per Annum ($000)(1)(3)		Prior Cash Rent Per Annum ($000)(3)

	Office / Multi-Tenant Office
1-8	Various	Honolulu	HI	2016		2018		13,863	$	261	$	255	$	261	$	255
9	Time Customer Service, Inc. / Time Incorporated	Tampa	FL	06/2017		06 /2026		132,981		1,132		1,354		1,103		1,513

9	Total office lease extensions							146,844	$	1,393	$	1,609	$	1,364	$	1,768

	Industrial / Multi-Tenant Industrial
1	Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.)	Plymouth	MI	10/2017		10/2024		290,133	$	1,447	$	1,474	$	1,378	$	1,378
2	Bell Sports, Inc. (Vista Outdoor, Inc.)	Rantoul	IL	10/2033		10/2034		813,126		4,195		4,146		5,063		4,963
3	Cimetra LLC	Antioch	TN	07/2016		08/2021		67,200		211		141		202		178

3	Total industrial lease extensions							1,170,459	$	5,853	$	5,761	$	6,643	$	6,519
				`
12	TOTAL EXTENDED LEASES							1,317,303	$	7,246	$	7,370	$	8,007	$	8,287

NEW LEASES

	Tenant	Location		Lease Expiration Date	Sq. Ft.		New GAAP Rent Per Annum ($000)(1)		New Cash Rent Per Annum ($000)(1)(3)
	Industrial
1	Arrow Electronics, Inc.	Arlington	TX	02/2027		74,739	$	406	$	392

1	Total industrial new lease					74,739	$	406	$	392

1	TOTAL NEW LEASE					74,739	$	406	$	392

13	TOTAL NEW AND EXTENDED LEASES					1,392,042	$	7,652	$	8,399

LEXINGTON REALTY TRUST

2016 Second Quarter Leasing Summary (Continued)

LEASE NON-RENEWALS (2)

	Tenant (Guarantor)	Location		Lease Expiration Date	Sq. Ft.		1Q 2016 GAAP Rent ($000)		1Q 2016 Cash Rent ($000)(3)
	Office
1	Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)	Farmers Branch	TX	04/2016		114,489	$	506	$	393
2	Raytheon Company	Garland	TX	05/2016		278,759		406		377

2	TOTAL LEASE NON-RENEWALS					393,248	$	912	$	770

Footnotes

(1)

Assumes twelve months rent from the later of 7/1/16 or lease commencement/extension, excluding free rent periods as applicable.

(2)

Excludes multi-tenant properties.

(3)

See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

LEXINGTON REALTY TRUST

Other Revenue Data

6/30/2016

($000)

Other Revenue Data

	GAAP Rent
Asset Class	Six months ended
	6/30/16 (1)		6/30/16 Percentage			6/30/15 Percentage
Office	$	99,104		49.7	%		48.0	%
Industrial		61,298		30.7	%		25.6	%
Land / Infrastructure		28,719		14.4	%		15.4	%
Multi-tenant		5,614		2.8	%		7.9	%
Retail/Specialty		4,866		2.4	%		3.1	%
	$	199,601		100.0	%		100.0	%

	GAAP Rent
Credit Ratings ⁽²⁾	Six months ended
	6/30/16 (1)		6/30/16 Percentage			6/30/15 Percentage
Investment Grade	$	67,197		33.7	%		35.8	%
Non-Investment Grade		28,766		14.4	%		13.8	%
Unrated		103,638		51.9	%		50.4	%
	$	199,601		100.0	%		100.0	%

Weighted-Average Lease Term - Cash Basis		As of 6/30/16				As of 6/30/15
			12.5 years				12.2 years

Weighted-Average Lease Term - Cash Basis - Adjusted⁽³⁾		As of 6/30/16				As of 6/30/15
			9.3 years				8.7 years

Rent Estimates for Current Assets

Year	GAAP ⁽⁴⁾		Cash ⁽⁴⁾		Projected Straight-line / GAAP Rent Adjustments
2016 - remaining	$	196,861	$	171,427	$	(25,434	)
2017	$	377,830	$	335,225	$	(42,605	)

Footnotes

(1)

Six months ended 6/30/2016 GAAP rent recognized for consolidated properties owned as of 6/30/2016.

(2)

Credit ratings are based upon either tenant, guarantor or parent. Generally, multi-tenant assets are included in unrated.

(3)

Adjusted to reflect NY land leases to the first purchase option date.

(4)

Amounts assume (1) lease terms for non-cancellable periods only, (2) no new or renegotiated leases are entered into after 6/30/2016, and (3) no properties are sold or acquired after 6/30/2016.

LEXINGTON REALTY TRUST

Other Revenue Data (Continued)

6/30/2016

($000)

Same-Store NOI (1)

	Six months ended June 30,
	2016			2015
Total Cash Rent	$	150,705		$	154,706
Tenant Reimbursements		13,071			13,804
Property Operating Expenses		(19,472	)		(22,676	)
Same-Store NOI	$	144,304		$	145,834

Change in Same-Store NOI		(1.0	)%

Same-Store Percent Leased (2)		As of 6/30/16				As of 6/30/15
			96.6	%			97.1	%

Lease Escalation Data (3)

Footnotes

(1)

NOI is on a consolidated cash basis for all consolidated properties except properties acquired/expanded and sold in 2016 and 2015 and properties subject to secured mortgage loans in default at June 30, 2016. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(2)

Excludes properties acquired or sold in 2016 and 2015 and properties subject to secured mortgage loans in default as of 6/30/2016.

(3)

Based on six months consolidated cash rents for single-tenant leases (properties greater than 70% leased) owned as of June 30, 2016.

Excludes parking operations and rents from prior tenants.

LEXINGTON REALTY TRUST

Portfolio Detail By Asset Class

6/30/2016

( $000, except square footage)

Asset Class	YE 2013			YE 2014			YE 2015			2Q 2016

Office
% of ABR (1)		61.3	%		51.4	%		50.1	%		49.7	%
LTL (5)		26.8	%		31.8	%		23.4	%		28.5	%
STL (6)		73.2	%		68.2	%		76.6	%		71.5	%
Leased		99.0	%		98.6	%		99.6	%		99.6	%
Wtd. Avg. Lease Term (2)		7.2			7.4			7.2			7.2
Mortgage Debt	$	692,460		$	426,635		$	329,696		$	325,704
% Investment Grade (1)		57.2	%		53.7	%		48.7	%		47.3	%
Square Feet		15,316,875			13,264,134			12,847,877			12,021,184

Industrial
% of ABR (1)		23.2	%		23.0	%		27.9	%		30.7	%
LTL (5)		35.2	%		42.8	%		43.1	%		49.1	%
STL (6)		64.8	%		57.2	%		56.9	%		50.9	%
Leased		99.8	%		99.7	%		99.6	%		99.9	%
Wtd. Avg. Lease Term (2)		7.2			7.9			9.5			9.9
Mortgage Debt	$	206,209		$	177,951		$	292,293		$	264,904
% Investment Grade (1)		34.1	%		29.3	%		30.3	%		27.9	%
Square Feet		21,473,994			22,612,691			25,561,136			26,622,831

Land/Infrastructure
% of ABR (1)		4.9	%		14.3	%		16.0	%		14.4	%
LTL (5)		100.0	%		100.0	%		100.0	%		100.0	%
STL (6)		0.0	%		0.0	%		0.0	%		0.0	%
Leased		100.0	%		100.0	%		100.0	%		100.0	%
Wtd. Avg. Lease Term (2)		72.7			73.1			70.3			68.2
Wtd. Avg. Lease Term Adjusted (3)		23.7			22.8			22.8			23.0
Mortgage Debt	$	213,500		$	213,475		$	242,494		$	213,151
% Investment Grade (1)		0.2	%		0.4	%		0.4	%		4.1	%

Multi-Tenant
% of ABR (1)		7.9	%		8.7	%		3.0	%		2.8	%
Leased		66.4	%		53.9	%		44.1	%		38.1	%
Wtd. Avg. Lease Term (2)		7.0			6.9			3.4			3.4
Mortgage Debt	$	71,754		$	116,763		$	14,118		$	39,946
% Investment Grade (1)		34.5	%		19.3	%		36.9	%		18.8	%
Square Feet		2,259,189			2,414,889			2,301,864			2,700,126

Retail/Specialty
% of ABR (1)		2.7	%		2.6	%		3.0	%		2.4	%
LTL (5)		21.0	%		28.1	%		34.7	%		25.4	%
STL (6)		79.0	%		71.9	%		65.3	%		74.6	%
Leased		98.5	%		94.3	%		97.9	%		97.8	%
Wtd. Avg. Lease Term (2)		7.2			9.1			8.4			7.5
Mortgage Debt	$	13,566		$	13,170		$	12,724		$	4,320
% Investment Grade (1)		18.7	%		22.4	%		16.4	%		20.0	%
Square Feet		1,489,267			1,447,724			1,395,517			1,318,441

Loans Receivable	$	99,443		$	105,635		$	95,871		$	95,829
Construction in progress (4)	$	78,656		$	121,184		$	103,954		$	109,306

Footnotes

(1) Percentage of GAAP rent.

(2) Cash basis.

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

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

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

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

LEXINGTON REALTY TRUST

Portfolio Composition

6/30/2016

Footnotes

(1) Based on gross book value of real estate assets, real estate under construction, and loans receivable as of 6/30/2016.

(2) Based on six months GAAP rent as of 6/30/2016.

LEXINGTON REALTY TRUST

Components of Net Asset Value

6/30/2016

($000)

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

Consolidated properties six month net operating income (NOI) (1)
Office	$	88,530
Industrial		57,625
Land/ Infrastructure		12,501
Multi-Tenant		1,724
Retail/Specialty		2,972
Total Net Operating Income	$	163,352

Lexington's share of non-consolidated six month NOI (1)
Office	$	531
Retail/Specialty		600
	$	1,131
Other income
Advisory fees	$	406


In service assets not fairly valued by capitalized NOI method (1)
Wholly-owned assets less than 70% leased	$	96,466
Wholly-owned assets acquired in 2016	$	90,304

Add other assets:
Assets held for sale	$	21,045
Loans receivable		95,829
Development investment at cost incurred		155,294
Cash and cash equivalents		59,776
Restricted cash		12,767
Accounts receivable, net		9,146
Other assets		17,535
Total other assets	$	371,392

Liabilities:
Corporate level debt (face amount)	$	1,269,020
Mortgages and notes payable (face amount)		848,025
Liabilities held for sale		515
Dividends payable		46,052
Accounts payable, accrued expenses and other liabilities		69,306
Preferred stock, at liquidation value		96,770
Lexington's share of non-consolidated mortgages		8,532
Total deductions	$	2,338,220

Common shares & OP units at 6/30/2016		238,890,887

Footnotes

(1)

Six months ended June 30, 2016 NOI for the existing property portfolio at June 30, 2016, excludes NOI related to assets undervalued by a capitalized NOI method and assets held for sale. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70% and assets acquired in 2016. For assets in this category an NOI capitalization approach is not appropriate and accordingly the company's net book value has been used. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

LEXINGTON REALTY TRUST

Top Markets

6/30/2016

	Core Based Statistical Area ⁽²⁾	Percent of GAAP Rent as of 6/30/16 (1)
1	New York-Northern New Jersey-Long Island, NY-NJ-PA		14.8	%
2	Houston-Sugar Land-Baytown, TX		7.0	%
3	Dallas-Fort Worth-Arlington, TX		6.4	%
4	Memphis, TN-MS-AR		4.2	%
5	Kansas City, MO-KS		3.7	%
6	Phoenix-Mesa-Scottsdale, AZ		3.7	%
7	Kennewick-Pasco-Richland, WA		3.3	%
8	Richmond, VA		3.0	%
9	Detroit-Warren-Livonia, MI		2.8	%
10	Denver-Aurora, CO		2.2	%
11	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		2.2	%
12	Indianapolis-Carmel, IN		2.1	%
13	Columbus, OH		1.9	%
14	Las Vegas-Paradise, NV		1.7	%
15	San Jose-Sunnyvale-Santa Clara, CA		1.7	%
16	Charlotte-Gastonia-Rock Hill, NC-SC		1.6	%
17	Jackson, MS		1.6	%
18	Chicago-Naperville-Joliet, IL-IN-WI		1.5	%
19	Orlando-Kissimmee, FL		1.4	%
20	Atlanta-Sandy Springs-Marietta, GA		1.4	%
	Total Top Markets ⁽³⁾		68.0	%

Footnotes

(1)

Six months ended 6/30/2016 GAAP rent recognized for consolidated properties owned as of 6/30/2016.

(2)

A Core Based Statistical Area is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget (OMB) in 2000. These standards are used to replace the definitions of metropolitan areas that were defined in 1990.

(3)

Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Single-Tenant Office Markets

6/30/2016

Footnotes

(1)

Six months ended 6/30/2016 GAAP rent recognized for consolidated single-tenant office properties owned as of 6/30/2016.

(2)

LEXINGTON REALTY TRUST

Tenant Industry Diversification

6/30/2016

Footnotes

(1)

Six months ended 6/30/2016 GAAP rent recognized for consolidated properties owned as of 6/30/2016.

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

6/30/2016

Top 10 Tenants or Guarantors - GAAP Basis
Tenants or Guarantors	Number of Leases		Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)			GAAP Rent as of 6/30/2016 ($000) (1)		Percent of GAAP Rent as of 6/30/2016 ($000) (1) (2)
SM Ascott LLC		1		0		0.0	%	$	8,686		4.4	%
Tribeca Ascott LLC		1		0		0.0	%		7,445		3.7	%
AL-Stone Ground Tenant LLC		1		0		0.0	%		6,795		3.4	%
Preferred Freezer Services of Richland, LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)		1		456,412		1.1	%		6,566		3.3	%
FedEx Corporation / Federal Express Corporation		2		661,616		1.5	%		6,075		3.0	%
United States of America		3		398,214		0.9	%		5,460		2.7	%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		7		2,053,359		4.8	%		4,970		2.5	%
Nissan North America, Inc.		2		1,691,049		3.9	%		4,813		2.4	%
Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation		2		476,123		1.1	%		3,830		1.9	%
McGuireWoods LLP		1		224,537		0.5	%		3,592		1.8	%
		21		5,961,310		13.9	%	$	58,232		29.2	%

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 Rent as of 6/30/2016 ($000) (3)		Percent of Cash Rent as of 6/30/2016 ($000) (2) (3)
FedEx Corporation / Federal Express Corporation		2		661,616		1.5	%	$	5,892		3.4	%
Preferred Freezer Services of Richland, LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)		1		456,412		1.1	%		5,396		3.1	%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		7		2,053,359		4.8	%		5,111		3.0	%
Nissan North America, Inc.		2		1,691,049		3.9	%		4,701		2.7	%
United States of America		3		398,214		0.9	%		4,289		2.5	%
Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation		2		476,123		1.1	%		3,814		2.2	%
Morgan, Lewis & Bockius LLP		1		289,432		0.7	%		3,571		2.1	%
Xerox Corporation		1		202,000		0.5	%		3,535		2.0	%
Michelin North America, Inc.		3		2,503,916		5.8	%		3,534		2.0	%
T-Mobile USA, Inc. / T-Mobile West Corporation		5		386,078		0.9	%		3,512		2.0	%
		27		9,118,199		21.3	%	$	43,355		25.1	%

Footnotes

(1)

Six months ended 6/30/2016 GAAP rent recognized for consolidated properties owned as of 6/30/2016.

(2)

Total shown may differ from detailed amounts due to rounding.

(3)

Six months ended 6/30/2016 cash rent recognized for consolidated properties owned as of 6/30/2016. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis

6/30/2016

($000)

Year	Number of Leases Expiring		GAAP Rent as of 6/30/2016		Percent of GAAP Rent as of 6/30/2016			Percent of GAAP Rent as of 6/30/2015
2016 - remaining		5	$	2,986		1.6	%		1.8	%
2017		15		12,600		6.5	%		5.7	%
2018		30		11,909		6.2	%		7.5	%
2019		22		15,300		7.9	%		8.1	%
2020		15		11,292		5.9	%		7.7	%
2021		11		11,358		5.9	%		6.0	%
2022		5		4,913		2.6	%		3.5	%
2023		6		5,839		3.0	%		3.6	%
2024		9		6,848		3.6	%		3.9	%
2025		19		16,303		8.5	%		9.0	%
Thereafter		71		93,245		48.4	%		39.9	%

Total ⁽¹⁾		208	$	192,593		100.0	%

Footnotes

(1)

Total shown may differ from detailed amounts due to rounding and does not include multi-tenant properties and parking operations.

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Properties GAAP Basis

6/30/2016

($000)

Year	Number of Leases Expiring		GAAP Rent as of 6/30/2016		Percent of GAAP Rent as of 6/30/2016
2016 - remaining		28	$	3,246		1.7	%
2017		25		12,836		6.5	%
2018		43		13,054		6.6	%
2019		25		15,774		8.0	%
2020		16		11,335		5.8	%
2021		17		12,866		6.5	%
2022		5		4,913		2.5	%
2023		6		5,839		3.0	%
2024		9		6,848		3.5	%
2025		20		16,508		8.4	%
Thereafter		71		93,245		47.5	%

Total ⁽¹⁾		265	$	196,464		100.0	%

Footnotes

(1)

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

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2016

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note		Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 6/30/2016 ($000) (3)		Cash Rent as of 6/30/2016 ($000) (2)		6/30/2016 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
2016	7/8/2016	1460 Tobias Gadson Blvd.	Charleston	SC		13	Hagemeyer North America, Inc.		29,652		592		258		7,138	02/2021
	7/14/2016	1400 Northeast McWilliams Rd.	Bremerton	WA		4	Nextel West Corporation (Nextel Finance Company)		60,200		608		608		5,479	N/A
	10/31/2016	104 & 110 South Front St.	Memphis	TN		—	Hnedak Bobo Group, Inc.		37,229		251		259		3,520	01/2017
2017	1/31/2017	10300 Kincaid Dr.	Fishers	IN		16	Roche Diagnostics Operations, Inc.		193,000		2,748		1,785		-	-
		1311 Broadfield Blvd.	Houston	TX		5	Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)		155,040		2,909		1,318		-	-
	3/31/2017	1701 Market St.	Philadelphia	PA		—	Car-Tel Communications, Inc.		1,220		28		28		-	-
	9/30/2017	9201 East Dry Creek Rd.	Centennial	CO		—	Arrow Electronics, Inc.		128,500		1,516		1,383		-	-
	10/31/2017	4455 American Way	Baton Rouge	LA		—	New Cingular Wireless PCS, LLC		70,100		529		539		-	-
		5201 West Barraque St.	Pine Bluff	AR		—	Entergy Services, Inc.		27,189		160		194		-	-
	11/30/2017	6200 Northwest Pkwy.	San Antonio	TX		—	United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC		142,500		933		1,004		-	-
	12/1/2017	800 East Canal St.	Richmond	VA		—	CRG-Richmond Tenant, LLC		51,450		301		301		-	-
2018	1/31/2018	820 Gears Rd.	Houston	TX		—	Ricoh Americas Corporation		78,895		577		549		-	-
	2/28/2018	850-950 Warrenville Rd.	Lisle	IL		—	Flexible Steel Lacing Company, d/b/a Flexco, Inc.		7,535		71		71		-	-
	5/30/2018	13651 McLearen Rd.	Herndon	VA		—	United States of America		159,644		1,701		1,826		-	-
	5/31/2018	8900 Freeport Pkwy.	Irving	TX		—	Pacific Union Financial, LLC.		43,396		392		445		-	-
	6/30/2018	100 Barnes Rd.	Wallingford	CT		—	3M Company		44,400		254		258		-	-
		420 Riverport Rd.	Kingsport	TN		—	Kingsport Power Company		42,770		64		155		-	-
	8/31/2018	2706 Media Center Dr.	Los Angeles	CA		—	Sony Electronics Inc.		20,203		91		91		-	-
		3500 North Loop Rd.	McDonough	GA		—	Litton Loan Servicing LP		62,218		475		665		-	-
	9/30/2018	1701 Market St.	Philadelphia	PA		—	CBC Restaurant Corp.		8,070		106		112		-	-
	10/31/2018	3943 Denny Ave.	Pascagoula	MS		—	Huntington Ingalls Incorporated		94,841		296		296		-	-
	12/22/2018	5200 Metcalf Ave.	Overland Park	KS		—	Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation		320,198		2,625		2,609		33,823	05/2019
2019	1/31/2019	2999 Southwest 6th St.	Redmond	OR		—	VoiceStream PCS I, LLC / T-Mobile West Corporation (T-Mobile USA, Inc.)		77,484		734		881		-	-
	4/1/2019	9201 Stateline Rd.	Kansas City	MO		—	Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation		155,925		1,205		1,205		16,122	05/2019
	6/19/2019	3965 Airways Blvd.	Memphis	TN		—	Federal Express Corporation		521,286		3,507		3,507		-	-
	6/30/2019	3265 East Goldstone Dr.	Meridian	ID		—	VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)		77,484		553		711		9,104	08/2019
		1460 Tobias Gadson Blvd.	Charleston	SC		—	Hagemeyer North America, Inc.		20,424		408		177		-	-
	7/15/2019	19019 North 59th Ave.	Glendale	AZ		—	Honeywell International Inc.		252,300		951		949		-	-
	7/31/2019	500 Jackson St.	Columbus	IN		—	Cummins, Inc.		390,100		2,270		2,381		18,830	07/2019
	10/31/2019	10475 Crosspoint Blvd.	Indianapolis	IN		—	John Wiley & Sons, Inc.		123,416		1,135		1,142		-	-
		9601 Renner Blvd.	Lenexa	KS		—	VoiceStream PCS II Corporation (T-Mobile USA, Inc.)		77,484		571		729		9,261	12/2019
	12/31/2019	400 Butler Farm Rd.	Hampton	VA		—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)		100,632		503		506		-	-
		850-950 Warrenville Rd.	Lisle	IL		4	National-Louis University / James J. Benes & Associates, Inc.		91,879		783		789		9,377	N/A
2020	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL		—	Canon Solutions America, Inc. (Oce - USA Holding, Inc.)		143,290		1,122		1,221		19,497	02/2020
	5/31/2020	2401 Cherahala Blvd.	Knoxville	TN		—	AdvancePCS, Inc. / CaremarkPCS, L.L.C.		59,748		387		375		-	-
	6/30/2020	3711 San Gabriel	Mission	TX		—	VoiceStream PCS II Corporation / T-Mobile West Corporation		75,016		495		469		-	-
	7/31/2020	13775 McLearen Rd.	Herndon	VA		12	Orange Business Services U.S., Inc. (Equant N.V.)		132,617		831		882		-	-
	8/31/2020	133 First Park Dr.	Oakland	ME		—	Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)		78,610		573		722		8,740	10/2020
	9/30/2020	600 Business Center Dr.	Lake Mary	FL		—	JPMorgan Chase Bank, National Association		125,155		879		834		-	-
		9200 South Park Center Loop	Orlando	FL		—	Zenith Education Group, Inc. (ECMC Group, Inc.)		59,927		568		572		9,397	02/2017
		550 International Parkway	Lake Mary	FL		—	JPMorgan Chase Bank, National Association		125,920		881		839		-	-
	10/31/2020	12209 West Markham St.	Little Rock	AR		—	Entergy Arkansas, Inc.		36,311		119		119		-	-
2021	1/31/2021	1701 Market St.	Philadelphia	PA		—	Morgan, Lewis & Bockius LLP		289,432		2,148		2,177		-	-
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ		—	New Jersey Natural Gas Company		157,511		1,887		1,887		16,198	01/2021
		2050 Roanoke Rd.	Westlake	TX		11, 18	Charles Schwab & Co, Inc.		130,199		1,171		289		-	-
	8/31/2021	333 Three D Systems Cir.	Rock Hill	SC		—	3D Systems Corporation		80,028		344		335		-	-

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2016

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note		Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 6/30/2016 ($000) (3)		Cash Rent as of 6/30/2016 ($000) (2)		6/30/2016 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
	11/30/2021	29 South Jefferson Rd.	Whippany	NJ		—	CAE SimuFlite, Inc. (CAE INC.)		123,734		1,164		1,266		13,463	11/2021
	12/31/2021	2800 Waterford Lake Dr.	Midlothian	VA		—	Alstom Power, Inc.		99,057		1,092		1,128		-	-
2022	6/30/2022	8555 South River Pkwy.	Tempe	AZ		—	DA Nanomaterials L.L.C./ Air Products and Chemicals, Inc.		95,133		863		811		-	-
	7/31/2022	1440 E 15th Street	Tucson	AZ		—	CoxCom, LLC		28,591		280		280		-	-
	11/30/2022	4201 Marsh Ln.	Carrollton	TX		—	Carlson Restaurants Inc. (Carlson, Inc.)		130,000		933		1,080		-	-
	12/31/2022	231 N. Martingale Rd.	Schaumburg	IL		—	CEC Educational Services, LLC (Career Education Corporation)		317,198		2,167		2,199		-	-
2023	2/28/2023	1315 West Century Dr.	Louisville	CO		—	Rogue Wave Software, Inc.		20,000		120		93		-	-
	3/31/2023	8900 Freeport Pkwy.	Irving	TX		—	Nissan Motor Acceptance Corporation (Nissan North America, Inc.)		225,049		1,713		1,822		-	-
	12/14/2023	3333 Coyote Hill Rd.	Palo Alto	CA		—	Xerox Corporation		202,000		3,321		3,535		45,924	12/2023
2024	2/14/2024	1362 Celebration Blvd.	Florence	SC		—	MED3000, Inc.		32,000		287		276		-	-
	5/31/2024	3476 Stateview Blvd.	Fort Mill	SC		—	Wells Fargo Bank, N.A.		169,083		976		920		-	-
		3480 Stateview Blvd.	Fort Mill	SC		—	Wells Fargo Bank, N.A.		169,218		1,013		921		-	-
	8/31/2024	10475 Crosspoint Blvd.	Indianapolis	IN		—	RGN-Indianapolis I, LLC		14,236		146		146		-	-
	10/31/2024	1409 Centerpoint Blvd.	Knoxville	TN		—	Alstom Power, Inc.		84,404		627		572		-	-
	12/31/2024	12000 & 12025 Tech Center Dr.	Livonia	MI		—	Kelsey-Hayes Company (TRW Automotive Inc.)		180,230		845		803		-	-
2025	1/31/2025	1401 Nolan Ryan Expy.	Arlington	TX		—	Triumph Aerostructures, LLC (Triumph Group, Inc.)		111,409		809		836		-	-
	2/28/2025	6555 Sierra Dr.	Irving	TX		—	TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)		247,254		1,402		1,503		-	-
		1401 Nolan Ryan Expy.	Arlington	TX		—	Cyient, Inc. (Infotech Enterprise Limited)		13,590		99		102		-	-
	3/14/2025	601 & 701 Experian Pkwy.	Allen	TX		—	Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)		292,700		1,483		1,537		-	-
	3/31/2025	2706 Media Center Dr.	Los Angeles	CA		—	Bank of America, National Association		62,323		455		442		-	-
	5/31/2025	1701 Market St.	Philadelphia	PA		—	TruMark Financial Credit Union		2,641		119		119		-	-
	6/30/2025	2500 Patrick Henry Pkwy.	McDonough	GA		—	Georgia Power Company		111,911		711		664		-	-
	9/30/2025	10001 Richmond Ave.	Houston	TX		—	Schlumberger Holdings Corp.		554,385		3,019		2,633		-	-
	11/30/2025	11707 Miracle Hills Dr.	Omaha	NE		—	Wipro Data Center and Cloud Services, Inc. (Infocrossing, Inc.)		85,200		583		583		-	-
	12/31/2025	2005 East Technology Cir.	Tempe	AZ		—	Wipro Data Center and Cloud Services, Inc. (Infocrossing, Inc.)		60,000		564		564		-	-
		4001 International Pkwy.	Carrollton	TX		—	Motel 6 Operating, LP		138,443		1,113		1,065		-	-
2026	3/31/2026	500 Olde Worthington Rd.	Westerville	OH		—	InVentiv Communications, Inc.		97,000		553		281		-	-
	4/30/2026	2000 Eastman Dr.	Milford	OH		—	Siemens Real Estate		221,215		1,289		1,238		-	-
		800 East Canal St.	Richmond	VA		—	Richmond Belly Ventures, LLC (David Duke, Lauren Duke, Terrence Kee, Cara Kee and John Bokel)		2,568		13		13		-	-
	6/30/2026	10419 North 30th St.	Tampa	FL		9	Time Customer Service, Inc. / Time Incorporated		132,981		416		689		-	-
	8/31/2026	2211 South 47th St.	Phoenix	AZ		—	Avnet, Inc.		176,402		1,336		1,102		-	-
	11/30/2026	500 Kinetic Dr.	Huntington	WV		—	AMZN WVCS LLC (Amazon.com, Inc.)		68,693		634		545		6,500	02/2017
	12/29/2026	5500 New Albany Rd.	Columbus	OH		—	Evans, Mechwart, Hambleton & Tilton, Inc.		104,807		869		822		-	-
2027	1/31/2027	1701 Market St.	Philadelphia	PA		—	Drybar Holdings LLC		1,975		-		-		-	-
	4/30/2027	1315 West Century Dr.	Louisville	CO		—	Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)		86,877		644		593		-	-
	6/30/2027	3902 Gene Field Rd.	St. Joseph	MO		—	Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)		98,849		996		911		-	-
	7/6/2027	2221 Schrock Rd.	Columbus	OH		—	MS Consultants, Inc.		42,290		320		297		-	-
	8/7/2027	25 Lakeview Dr.	Jessup	PA		—	TMG Health, Inc.		150,000		1,250		1,014		-	-
	10/31/2027	11201 Renner Blvd.	Lenexa	KS		—	United States of America		169,585		3,050		2,175		35,831	11/2027
	11/30/2027	1700 Millrace Dr.	Eugene	OR		10	Oregon Research Institute / Educational Policy Improvement Center		80,011		1,042		863		-	-
	12/31/2027	333 Mt. Hope Ave.	Rockaway	NJ		—	Atlantic Health System, Inc.		92,326		597		658		-	-
2028	4/30/2028	9655 Maroon Cir.	Englewood	CO		—	TriZetto Corporation		166,912		1,922		1,777		-	-
2029	1/31/2029	6226 West Sahara Ave.	Las Vegas	NV		—	Nevada Power Company		282,000		2,126		1,544		-	-
	3/31/2029	2800 High Meadow Cir.	Auburn Hills	MI		—	Faurecia USA Holdings, Inc.		278,000		1,773		1,573		-	-

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2016

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note		Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 6/30/2016 ($000) (3)		Cash Rent as of 6/30/2016 ($000) (2)		6/30/2016 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
2030	7/31/2030	3940 South Teller St.	Lakewood	CO		22	Addenbrooke Classical Academy		68,165		174		192		-	-
	8/31/2030	800 East Canal St.	Richmond	VA		—	McGuireWoods LLP		224,537		3,592		3,247		57,500	02/2031
	9/30/2030	800 East Canal St.	Richmond	VA		—	CCA Industries, Inc. (The Riverstone Group, LLC),		25,707		346		329		-	-
2031	1/10/2031	810 Gears Rd.	Houston	TX		—	United States of America		68,985		709		288		-	-
	3/1/2031	800 East Canal St.	Richmond	VA		—	Towne Bank		26,047		446		220		-	-
2032	10/31/2032	143 Diamond Ave.	Parachute	CO		—	Encana Oil and Gas (USA) Inc. (Alenco Inc.)		49,024		642		547		-	-
	12/31/2032	3030 North 3rd St.	Phoenix	AZ		—	CopperPoint Mutual Insurance Company		252,400		2,528		2,069		-	-
2033	11/30/2033	1331 Capitol Ave.	Omaha	NE		—	The Gavilon Group, LLC		127,810		1,655		1,441		-	-
	12/31/2033	3000 Busch Lake Blvd.	Tampa	FL		—	BluePearl Holdings, LLC		17,000		252		252		-	-
		2910 Busch Lake Blvd.	Tampa	FL		—	BluePearl Holdings, LLC		2,500		28		28		-	-
		2950 Busch Lake Blvd.	Tampa	FL		—	BluePearl Holdings, LLC		8,000		80		80		-	-
		19311 SH 249	Houston	TX		—	BluePearl Holdings, LLC		12,622		113		113		-	-
2039	3/31/2039	854 Paragon Way	Rock Hill	SC		—	Physicians Choice Laboratory Services, LLC		104,497		946		964		-	-
2088	8/8/2088	800 East Canal St.	Richmond	VA		—	The City of Richmond, Virginia		-		213		213		-	-
N/A	N/A	1701 Market St.	Philadelphia	PA		—	Parking Operations		-		1,394		1,394		-	-
	Vacancy	10475 Crosspoint Blvd.	Indianapolis	IN		—	(Available for Lease)		3,764		-		-		-	-
		1701 Market St.	Philadelphia	PA		—	(Available for Lease)		699		-		-		-	-
		810 Gears Rd.	Houston	TX		—	(Available for Lease)		9,910		-		-		-	-
		1401 Nolan Ryan Expy.	Arlington	TX		—	(Available for Lease)		36,809		-		-		-	-
OFFICE TOTAL/WEIGHTED AVERAGE							99.6% Leased		12,021,184		99,104		91,824		325,704

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2016

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq. Ft. Leased or Available (1)		GAAP Rent as of 6/30/2016 ($000) (3)		Cash Rent as of 6/30/2016 ($000) (2)		6/30/2016 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2016	7/31/2016	7111 Crabb Rd.	Temperance	MI	—	Michelin North America, Inc.		744,570		1,143		1,143		-	-
	12/31/2016	2935 Van Vactor Dr.	Plymouth	IN	—	Bay Valley Foods, LLC		300,500		392		413		5,745	09/2016
2017	4/30/2017	3600 Army Post Rd.	Des Moines	IA	—	HP Enterprise Services, LLC		405,000		1,026		1,325		-	-
	5/31/2017	191 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		250,410		278		278		-	-
		200 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		400,522		445		445		-	-
	9/30/2017	250 Swathmore Ave.	High Point	NC	—	Steelcase Inc.		244,851		543		571		-	-
	12/31/2017	2203 Sherrill Dr.	Statesville	NC	—	Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)		639,800		958		1,029		-	-
2018	6/30/2018	1133 Poplar Creek Rd.	Henderson	NC	—	Staples, Inc.		196,946		430		419		-	-
		1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics, Inc.		772,450		671		673		-	-
	9/30/2018	50 Tyger River Dr.	Duncan	SC	—	Plastic Omnium Auto Exteriors, LLC		221,833		512		512		-	-
		904 Industrial Rd.	Marshall	MI	—	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)		246,508		349		421		-	-
	12/31/2018	120 Southeast Pkwy. Dr.	Franklin	TN	—	Essex Group, Inc. (United Technologies Corporation)		289,330		367		367		-	-
		749 Southrock Dr.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)		150,000		236		263		-	-
2019	10/17/2019	10345 Philipp Pkwy.	Streetsboro	OH	—	L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)		649,250		1,305		1,409		17,467	09/2019
	12/31/2019	2415 US Hwy. 78 East	Moody	AL	—	Michelin North America, Inc.		595,346		704		697		-	-
		3686 South Central Ave.	Rockford	IL	—	Pierce Packaging Co.		93,000		153		153		-	-
2020	1/31/2020	101 Michelin Dr.	Laurens	SC	—	Michelin North America, Inc.		1,164,000		1,694		1,694		-	-
	3/31/2020	2425 Hwy. 77 North	Waxahachie	TX	—	James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV)		335,610		1,700		1,700		-	-
	5/31/2020	359 Gateway Dr.	Lavonia	GA	—	TI Group Automotive Systems, LLC (TI Automotive Ltd.)		133,221		476		600		7,517	12/2020
	6/30/2020	3102 Queen Palm Dr.	Tampa	FL	—	Time Customer Service, Inc. (Time Incorporated)		229,605		617		643		-	-
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com, Inc.		107,400		204		219		-	-
	12/19/2020	1901 Ragu Dr.	Owensboro	KY	6	Unilever Supply Chain, Inc. (Unilever United States, Inc.)		443,380		746		598		-	-
2021	3/31/2021	2455 Premier Row	Orlando	FL	—	Walgreen Co. / Walgreen Eastern Co.		205,016		393		254		-	-
	5/31/2021	291 Park Center Dr.	Winchester	VA	—	Kraft Heinz Foods Company		344,700		702		658		-	-
	9/30/2021	3820 Micro Dr.	Millington	TN	—	Ingram Micro L.P. (Ingram Micro Inc.)		701,819		906		846		-	-
	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)		150,945		873		1,014		-	-
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing Corporation		423,280		678		697		-	-
2022	3/31/2022	5417 Campus Dr.	Shreveport	LA	—	The Tire Rack, Inc.		257,849		670		638		-	-
2023	2/28/2023	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated)		268,104		453		450		-	-
	12/31/2023	1601 Pratt Ave.	Marshall	MI	—	Autocam Corporation		58,707		154		154		-	-
2024	4/30/2024	113 Wells St.	North Berwick	ME	—	United Technologies Corporation		993,685		902		984		4,124	04/2019
	5/31/2024	901 East Bingen Point Way	Bingen	WA	—	The Boeing Company		124,539		1,318		1,267		-	-
	10/31/2024	43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.)		290,133		734		689		-	-
2025	6/30/2025	10000 Business Blvd.	Dry Ridge	KY	—	Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)		336,350		673		673		-	-
		301 Bill Bryan Rd.	Hopkinsville	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		424,904		844		844		-	-
		4010 Airpark Dr.	Owensboro	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		211,598		604		604		-	-
		730 North Black Branch Rd.	Elizabethtown	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		167,770		268		268		-	-
		750 North Black Branch Rd.	Elizabethtown	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		539,592		1,419		1,419		-	-
	7/14/2025	590 Ecology Ln.	Chester	SC	—	Boral Stone Products LLC (Boral Limited)		420,597		832		1,129		8,402	08/2025
	7/31/2025	7005 Cochran Rd.	Glenwillow	OH	—	Royal Appliance Mfg. Co.		458,000		1,031		1,051		15,156	09/2016
	12/31/2025	1700 47th Ave North	Minneapolis	MN	—	Owens Corning Roofing and Asphalt, LLC		18,620		275		275		-	-
2026	3/30/2026	121 Technology Dr.	Durham	NH	15	Heidelberg Americas, Inc. (Heidelberger Druckmaschinen AG) / Goss International Americas, Inc. (Goss International Corporation)		500,500		1,269		2,166		-	-
	3/31/2026	633 Garrett Pkwy.	Lewisburg	TN	—	Calsonic Kansei North America, Inc.		310,000		644		597		-	-
	6/30/2026	351 Chamber Dr.	Chillicothe	OH	—	The Kitchen Collection, Inc.		475,218		580		545		-	-
	9/30/2026	900 Industrial Blvd.	Crossville	TN	—	Dana Commercial Vehicle Products, LLC		222,200		289		289		-	-
	10/31/2026	5001 Greenwood Rd.	Shreveport	LA	—	Libbey Glass Inc. (Libbey Inc.)		646,000		1,083		1,065		19,000	07/2017
	11/30/2026	250 Rittenhouse Cir.	Bristol	PA	—	Northtec LLC (The Estée Lauder Companies Inc.)		241,977		573		556		-	-

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2016

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq. Ft. Leased or Available (1)		GAAP Rent as of 6/30/2016 ($000) (3)		Cash Rent as of 6/30/2016 ($000) (2)		6/30/2016 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
		736 Addison Rd.	Erwin	NY	—	Corning Property Management Corporation		408,000		616		667		7,669	10/2018
2027	2/28/2027	3456 Meyers Ave.	Memphis	TN	—	Sears, Roebuck and Co. / Sears Logistics Services		780,000		847		796		-	-
		1501 Nolan Ryan Expy.	Arlington	TX	—	Arrow Electronics, Inc.		74,739		-		-		-	-
		554 Nissan Pkwy.	Canton	MS	—	Nissan North America, Inc.		1,466,000		3,100		2,879		-	-
	4/30/2027	2424 Alpine Rd.	Eau Claire	WI	20	Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)		159,000		501		535		-	-
	12/31/2027	10590 Hamilton Ave.	Cincinnati	OH	—	The Hillman Group, Inc.		264,598		406		391		-	-
2028	3/31/2028	29-01-Borden Ave./29-10 Hunters Point Ave.	Long Island City	NY	—	FedEx Ground Package System, Inc. (FedEx Corporation)		140,330		2,568		2,385		47,749	03/2028
	8/31/2028	1420 Greenwood Rd.	McDonough	GA	11, 19	United States Cold Storage, Inc		296,972		1,086		794		22,075	11/2017
2029	11/24/2029	318 Pappy Dunn Blvd.	Anniston	AL	—	International Automotive Components Group North America, Inc.		276,782		870		798		-	-
2030	3/31/2030	549 Wingo Rd.	Byhalia	MS	—	Asics America Corporation (Asics Corporation)		855,878		2,174		1,939		-	-
	5/31/2030	3301 Stagecoach Rd. NE	Thomson	GA	—	Hollander Sleep Products, LLC (Hollander Home Fashions Holdings)		208,000		465		419		-	-
2031	5/31/2031	671 Washburn Switch Rd.	Shelby	NC	—	Clearwater Paper Corporation		673,518		1,300		1,162		-	-
2034	9/30/2034	5625 North Sloan Ln.	North Las Vegas	NV	—	Nicholas and Co., Inc.		180,235		1,278		1,091		-	-
	10/31/2034	1001 Innovation Rd.	Rantoul	IL	—	Bell Sports, Inc. (Vista Outdoor, Inc.)		813,126		2,085		1,772		-	-
2035	3/31/2035	13863 Industrial Rd.	Houston	TX	—	Curtis Kelly, Inc. (Spitzer Industries, Inc.)		187,800		1,218		1,012		-	-
		7007 F.M. 362 Rd.	Brookshire	TX	—	Orizon Industries, Inc. (Spitzer Industries, Inc.)		262,095		955		794		-	-
	6/30/2035	111 West Oakview Pkwy.	Oak Creek	WI	—	Stella & Chewy's, LLC		164,007		1,049		933		-	-
	8/31/2035	2800 Polar Way	Richland	WA	21	Preferred Freezer Services of Richland, LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)		456,412		6,566		5,396		110,000	01/2026
	10/22/2035	2860 Clark St.	Detroit	MI	—	FCA US LLC (f/k/a Chrysler Group LLC)		190,003		1,072		1,072		-	-
2036	6/30/2036	100 Ryobi Drive	Anderson	SC	—	One World Technologies, Inc. (Techtronic Industries Co. Ltd.)		1,327,022		26		21		-	-
N/A	Vacancy	3350 Miac Cove Rd.	Memphis	TN	—	(Available for Lease)		32,679		-		-		-	-
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						99.9% Leased		26,622,831		61,298		59,560		264,904

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2016

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 6/30/2016 ($000) (3)		Cash Rent as of 6/30/2016 ($000) (2)		6/30/2016 Debt Balance ($000)		Debt Maturity
LAND AND INFRASTRUCTURE PROPERTIES
2029	1/31/2029	175 Holt Garrison Pkwy.	Danville	VA	—	Home Depot USA, Inc.		-		108		130		-	-
2032	4/30/2032	13930 Pike Rd.	Missouri City	TX	—	Vulcan Construction Materials, LP (Vulcan Materials Company)		-		1,061		934		-	-
2038	3/31/2038	13901/14035 Industrial Rd.	Houston	TX	—	Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC)		132,449		3,386		2,778		-	-
2048	12/31/2048	30 Light St	Baltimore	MD	—	30 Charm City, LLC		-		149		149		-	-
2055	1/31/2055	499 Derbyshire Dr.	Venice	FL	—	Littlestone Brotherhood LLC		31,180		954		642		-	-
2112	8/31/2112	201-215 N. Charles St.	Baltimore	MD	—	201 NC Leasehold LLC		-		135		135		-	-
	10/31/2112	350 and 370-372 Canal St.	New York	NY	—	Tribeca Ascott LLC		-		7,445		2,514		69,217	01/2027
		309-313 West 39th St.	New York	NY	—	SM Ascott LLC		-		8,686		2,933		80,761	01/2027
		8-12 Stone St.	New York	NY	—	AL-Stone Ground Tenant LLC		-		6,795		2,295		63,173	01/2027
LAND AND INFRASTRUCTURE TOTAL/WEIGHTED AVERAGE						100.0% Leased		163,629		28,719		12,510		213,151

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2016

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft.	Percentage Leased			GAAP Rent as of 6/30/2016 ($000) (3)		Cash Rent as of 6/30/2016 ($000) (2)		6/30/2016 Debt Balance ($000)		Debt Maturity
MULTI-TENANT PROPERTIES (8,14)
		11511 Luna Rd.	Farmers Branch	TX	11	International Business Machines Corporation	180,507		37	%		1,239		992		18,365		07/2016
		1200 Jupiter Rd.	Garland	TX		Available for lease	278,759		0	%		676		627		-		-
		13430 North Black Canyon Fwy.	Phoenix	AZ	—	Multi-Tenant	138,940		92	%		1,158		1,128		-		-
		1600 Eberhardt Rd.	Temple	TX	4	Nextel of Texas, Inc. (Nextel Finance Company)	108,800		50	%		431		472		7,463		N/A
		2210 Enterprise Dr.	Florence	SC	11	Caliber Funding, LLC	176,557		21	%		355		379		-		-
		26555 Northwestern Pkwy.	Southfield	MI	—	Available for lease	359,645		0	%		-		-		-		-
		275 Technology Dr.	Canonsburg	PA	—	Available for lease	107,872		0	%		-		-		-		-
		33 Commercial St. A	Foxborough	MA	—	Available for lease	84,441		0	%		-		-		-		-
		33 Commercial St. B	Foxborough	MA	7	Multi-Tenant	76,278		11	%		75		75		-		-
		3165 McKelvey Rd.	Bridgeton	MO	—	BJC Health System	51,067		50	%		201		217		-		-
		6050 Dana Way	Antioch	TN	—	Multi-Tenant	674,528		98	%		1,121		1,115		-		-
		700 US Hwy. Route 202-206	Bridgewater	NJ	4	Available for lease	115,558		0	%		-		-		14,118		N/A
		700 Oakmont Ln.	Westmont	IL	—	Available for lease	269,715		0	%		-		-		-		-
		King St./1042 Fort St. Mall	Honolulu	HI	—	Multi-Tenant	77,459		62	%		358		358		-		-
MULTI-TENANT TOTAL/WEIGHTED AVERAGE						38.1% Leased	2,700,126				$	5,614	$	5,363	$	39,946

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 6/30/2016

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		GAAP Rent as of 6/30/2016 ($000) (3)		Cash Rent as of 6/30/2016 ($000) (2)		6/30/2016 Debt Balance ($000)		Debt Maturity
RETAIL/SPECIALTY PROPERTIES
2017	6/30/2017	1600 East 23rd St.	Chattanooga	TN	—	BI-LO, LLC		42,130		64		64		-	-
	12/31/2017	11411 North Kelly Ave.	Oklahoma City	OK	—	American Golf Corporation		13,924		162		237		-	-
2018	2/26/2018	4831 Whipple Ave., NW	Canton	OH	—	Best Buy Co., Inc.		46,350		233		233		-	-
	2/28/2018	291 Talbert Blvd.	Lexington	NC	—	Food Lion, LLC / Delhaize America, Inc.		23,000		69		69		-	-
		2411 West Beverly St.	Staunton	VA	—	Food Lion, LLC / Delhaize America, Inc.		23,000		83		83		-	-
	7/1/2018	1053 Mineral Springs Rd.	Paris	TN	—	The Kroger Co.		31,170		84		80		-	-
	9/30/2018	835 Julian Ave.	Thomasville	NC	—	Mighty Dollar, LLC		23,767		40		40		-	-
	10/31/2018	130 Midland Ave.	Port Chester	NY	—	St Anthony Supermarket Corp. (Anthony Pena, Marina Pena, Anthony Corona and Robert Corona)		59,613		488		229		-	-
		5104 North Franklin Rd.	Lawrence	IN	—	Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC		28,721		97		97		-	-
	12/31/2018	1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		94,970		164		21		465	07/2018
		12080 Carmel Mountain Rd.	San Diego	CA	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		107,210		376		24		528	07/2018
		21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		120,727		241		36		779	07/2018
		255 Northgate Dr.	Manteca	CA	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		107,489		278		38		828	07/2018
		5350 Leavitt Rd.	Lorain	OH	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		193,193		366		54		1,173	07/2018
		97 Seneca Trail	Fairlea	WV	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		90,933		173		25		547	07/2018
2019	3/31/2019	B.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Associated Wholesale Grocers, Inc. / Safeway, Inc.		30,757		94		93		-	-
	12/31/2019	1066 Main St.	Forest Park	GA	—	Bank of America, N.A. (Bank of America Corporation)		14,859		99		99		-	-
		1698 Mountain Industrial Blvd.	Stone Mountain	GA	—	Bank of America, N.A. (Bank of America Corporation)		5,704		48		48		-	-
		201 West Main St.	Cumming	GA	—	Bank of America, N.A. (Bank of America Corporation)		14,208		99		99		-	-
		2223 North Druid Hills Rd.	Atlanta	GA	—	Bank of America, N.A. (Bank of America Corporation)		6,260		56		56		-	-
		4545 Chamblee – Dunwoody Rd.	Dunwoody	GA	—	Bank of America, N.A. (Bank of America Corporation)		4,565		44		44		-	-
		825 Southway Dr.	Jonesboro	GA	—	Bank of America, N.A. (Bank of America Corporation)		4,894		39		39		-	-
		956 Ponce de Leon Ave.	Atlanta	GA	—	Bank of America, N.A. (Bank of America Corporation)		3,900		39		39		-	-
2023	2/28/2023	733 East Main St.	Jefferson	NC	—	Food Lion, LLC / Delhaize America, Inc.		34,555		78		80		-	-
2026	5/31/2026	6910 South Memorial Hwy.	Tulsa	OK	—	Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.		43,123		118		118		-	-
2028	8/31/2028	9803 Edmonds Way	Edmonds	WA	—	Puget Consumers Co-op d/b/a PCC Natural Markets		35,459		323		323		-	-
	11/30/2028	832 N. Westover Blvd .	Albany	GA	—	Gander Mountain Company		45,554		347		314		-	-
2043	2/28/2043	1237 W. Sherman Ave.	Vineland	NJ	—	HealthSouth Rehabilitation Hospital of South Jersey, LLC (HealthSouth Corporation)		39,287		564		564		-	-
N/A	Vacancy	1084 East Second St.	Franklin	OH	7	(Available for Lease)		29,119		-		-		-	-
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE						97.8% Leased		1,318,441		4,866		3,246		4,320

TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE						95.8% Leased (17)		42,826,211		199,601		172,503		848,025

Footnotes
1	Square foot leased or available.
2	Six months ended 6/30/2016 cash rent. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.
3	Six months ended 6/30/2016 GAAP rent.
4	Mortgage encumbering the property is in default.
5	Tenant terminated its lease effective 1/31/2017 for a cash payment of $3.5 million received in 2015.
6	Lexington has a 71.1% interest in this property.
7	Property sold subsequent to 6/30/2016.
8	Multi-tenant properties are properties less than 50% leased to a single tenant.
9	Tenant terminated its lease effective 6/30/2017 for a cash payment of $0.4 million received in 2015; however, termination rescinded and lease extended in 2Q 2016.
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	21,365 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 received in 2015.
14	The multi-tenanted properties incurred approximately $3.1 million in operating expenses, net for the six months ended 6/30/2016.
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	Consolidated portfolio is 96.2% leased, excluding properties owned subject to mortgages in default.
18	TD Auto Finance LLC lease terminated effective 2/29/2016 for a payment of $7.7 million, which was paid in April 2016. New lease with Charles Schwab & Co. Inc. commenced 3/1/2016.
19	Americold Logistics, LLC lease terminated effective 4/15/2016 for $1.0 million to be paid over an 18 month period. New lease with United States Cold Storage, Inc. commenced 4/16/2016.
20	Tenant exercised purchase option for $13.6 million. Property classified as held for sale.
21	ConAgra Foods, Inc. provides credit support.
22	Tenant exercised purchase option for $11.5 million. Property classified as held for sale.

LEXINGTON REALTY TRUST

Select Credit Metrics Summary (1)

		6/30/2016

Adjusted Company FFO Payout Ratio		57.6%

Unencumbered Assets (2)		$3.28 billion

Unencumbered NOI		69.7%

(Debt + Preferred) / Gross Assets		44.2%

Debt/Gross Assets		42.3%

Secured Debt / Gross Assets		16.9%

Net Debt / Adjusted EBITDA		6.2x

(Net Debt + Preferred) / Adjusted EBITDA		6.5x

Credit Facilities Availability (3)		$277.0 million

Development / Gross Assets		2.2%

Footnotes

(1) See page 51 for reconciliations of non-GAAP measures. Lexington believes these credit metrics provide investors with additional information to evaluate its liquidity and performance.

(2) Includes loans receivable.

(3) Subject to covenant compliance.

LEXINGTON REALTY TRUST

FINANCIAL COVENANTS (1)

Corporate Level Debt

	Must be:	6/30/2016
Bank Loans:

Maximum Leverage	< 60%	46.6%
Fixed Charge Coverage	> 1.5X	2.7X
Recourse Secured Indebtedness Ratio	< 10% cap value	0.0%
Secured Indebtedness Ratio	< 45%	19.0%
Unsecured Debt Service Coverage	> 2.0X	4.9X
Unencumbered Leverage	< 60%	39.5%

Bonds:

Debt to Total Assets	< 60%	43.5%
Secured Debt to Total Assets	< 40%	17.4%
Debt Service Coverage	> 1.5X	4.1X
Unencumbered Assets to Unsecured Debt	> 150%	271.7%

Footnotes
(1)	The following is a summary of the key financial covenants for Lexington's credit facility and term loans and senior
	notes, as defined and calculated per the terms of the credit facility and term loans and senior notes, as applicable.
	These calculations are presented to show Lexington's compliance with such covenants only and are not measures
	of Lexington's liquidity or performance.

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

6/30/2016

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)	Current Estimated Annual Debt Service ($000) (c)		Balloon Payment ($000)
Mortgages with Balloons
Temple, TX	(b)	$	7,463		6.090	%	N/A	$	-	$	7,463
Bridgewater, NJ	(b)		14,118		5.732	%	N/A		-		14,118
Bremerton, WA	(b)		5,479		6.090	%	N/A		-		5,479
Lisle, IL	(b)		9,377		6.500	%	N/A		-		9,377
Farmers Branch, TX	(g)		18,365		5.939	%	07/2016		93		18,363
Glenwillow, OH			15,156		6.130	%	09/2016		183		15,132
Plymouth, IN			5,745		6.315	%	09/2016		114		5,723
Memphis, TN			3,520		5.710	%	01/2017		155		3,484
Huntington, WV			6,500		4.150	%	02/2017		181		6,500
Orlando, FL			9,397		5.722	%	02/2017		452		9,309
Shreveport, LA			19,000		5.690	%	07/2017		1,096		19,000
McDonough, GA			22,075		6.110	%	11/2017		1,674		21,651
Erwin, NY			7,669		5.910	%	10/2018		728		6,637
Overland Park, KS			33,823		5.891	%	05/2019		2,657		31,812
Kansas City, MO			16,122		5.883	%	05/2019		1,268		15,179
Columbus, IN			18,830		2.210	%	07/2019		4,757		4,993
Meridian, ID			9,104		6.010	%	08/2019		753		7,675
Streetsboro, OH			17,467		5.749	%	09/2019		1,344		16,338
Lenexa, KS			9,261		6.270	%	12/2019		774		7,770
Boca Raton, FL			19,497		6.470	%	02/2020		1,542		18,414
Oakland, ME			8,740		5.930	%	10/2020		750		7,660
Lavonia, GA			7,517		5.460	%	12/2020		741		5,895
Charleston, SC			7,138		5.850	%	02/2021		520		6,632
Whippany, NJ			13,463		6.298	%	11/2021		1,344		10,400
Chester, SC			8,402		5.380	%	08/2025		1,144		362
Richland, WA			110,000		4.000	%	01/2026		4,400		99,492
New York, NY	(d)		213,151		4.660	%	01/2027		10,329		200,632
Lenexa, KS			35,831		3.700	%	11/2027		3,025		10,000
Richmond, VA			57,500		5.191	%	02/2031		3,026		53,176
Subtotal/Wtg. Avg./Years Remaining ⁽ⁱ⁾		$	729,710		5.005	%	7.2	$	43,050	$	638,666

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

6/30/2016

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)	Current Estimated Annual Debt Service ($000) (c)		Balloon Payment ($000)
Full Amortizing Mortgages
Lorain, OH			1,173		7.750	%	07/2018		481		-
Manteca, CA			828		7.750	%	07/2018		339		-
Watertown, NY			779		7.750	%	07/2018		319		-
Fairlea, WV			547		7.750	%	07/2018		224		-
San Diego, CA			528		7.750	%	07/2018		216		-
Galesburg, IL			465		7.750	%	07/2018		191		-
North Berwick, ME			4,124		3.560	%	04/2019		1,532		-
Wall, NJ			16,198		6.250	%	01/2021		3,774		-
Palo Alto, CA			45,924		3.970	%	12/2023		7,059		-
Long Island City, NY			47,749		3.500	%	03/2028		4,538		-

Subtotal/Wtg. Avg./Years Remaining ⁽ⁱ⁾		$	118,315		4.216	%	8.4	$	18,673	$	-

Subtotal/Wtg. Avg./Years Remaining ⁽ⁱ⁾		$	848,025		4.895	%	7.4	$	61,723	$	638,666

Corporate (h)
Revolving Credit Facility	(l)	$	123,000		1.455	%	08/2019	$	1,815	$	123,000
Term Loan	(j)		250,000		2.192	%	08/2020		5,556		250,000
Term Loan	(k)		255,000		2.523	%	01/2021		6,523		255,000
Senior Notes			250,000		4.250	%	06/2023		10,625		250,000
Senior Notes			250,000		4.400	%	06/2024		11,000		250,000
Convertible Notes	(f)		11,900		6.000	%	01/2030		714		11,900
Trust Preferred Notes	(e)		129,120		6.804	%	04/2037		8,785		129,120
Subtotal/Wtg. Avg./Years Remaining ⁽ⁱ⁾		$	1,269,020		3.532	%	7.0	$	45,018	$	1,269,020
Total/Wtg. Avg./Years Remaining ⁽ⁱ⁾	(m)	$	2,117,045		4.078	%	7.2	$	106,741	$	1,907,686

Footnotes
(a)	Subtotal and total based on weighted-average term to maturity (or put dates) shown in years based on debt balance.
(b)	Loan is in default.
(c)	Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.
(d)	Loan is cross-collateralized on three properties.
(e)	Rate fixed through 04/2017; thereafter, LIBOR plus 170 bps.
(f)	Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25. Subsequent to 6/30/2016, loan fully satisfied through common share issuances.
(g)	Loan satisfied subsequent to 6/30/16.
(h)	Unsecured.
(i)	Total shown may differ from detailed amounts due to rounding.
(j)	Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.09% through February 2018 via interest rate swap agreements.
(k)	Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.42% through January 2019 via interest rate swap agreements.
(l)	Rate ranges from LIBOR plus 0.85% and 1.55%.
(m)	See page 48 for a reconciliation to GAAP reported amounts.

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

6/30/2016

Joint Venture	Debt Balance ($000)		LXP Proportionate Share ($000) ⁽³⁾		Interest Rate (%)			Maturity	Current Estimated Annual Debt Service ($000) ⁽⁴⁾		Balloon Payment ($000)		Proportionate Share Balloon Payment ($000) ⁽³⁾
Rehab Humble Lessee	$	14,220	$	2,133		4.700	%	05/2017	$	846	$	13,982	$	2,097
Gan Palm Beach Lessee		14,320		3,580		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⁾	$	47,331	$	8,532		4.052	%	1.7	$	2,452	$	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.
(4)	Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.

LEXINGTON REALTY TRUST

Debt Maturity Schedule

6/30/2016

($000)

Consolidated Properties
Year	Mortgage Scheduled Amortization		Mortgage Balloon Payments		Corporate Debt
2016 - remaining	$	13,478	$	75,655	$	-
2017		26,460		59,944		11,900	(2)
2018		26,246		6,637		-
2019		22,580		83,767		123,000	(3)
2020		18,787		31,969		250,000
	$	107,551	$	257,972	$	384,900

Non-Consolidated Investments - LXP Proportionate Share
Year	Mortgage Scheduled Amortization		Mortgage Balloon Payments
2016 - remaining	$	59	$	-
2017		94		2,097
2018		21		6,261
2019		-		-
2020		-		-
	$	174	$	8,358

Footnotes

(1)

Percentage denotes weighted-average interest rate.

(2)

Subsequent to June 30, 2016, debt satisfied through the issuance of common shares.

(3)

Subsequent to June 30, 2016, $80.0 million repaid.

LEXINGTON REALTY TRUST

Mortgage Loans Receivable

6/30/2016

Collateral
	City	State	Loan Balance ($000)(1)		Interest Rate			Maturity Date	Current Estimated Annual Debt Service ($000)(2)		Balloon Payment ($000)
Office	Oklahoma City (3)	OK	$	8,501		11.50	%	N/A	$	-	$	8,420
Retail	Various	Various		819		8.00	%	02/2021		219		-
	Various	Various		388		8.00	%	12/2021		94		-
	Various	Various		516		8.00	%	03/2022		112		-
Hospital	Kennewick	WA		85,605		9.00	%	05/2022		7,438		87,245
	Total Mortgage Loans Receivable		$	95,829					$	7,863	$	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. Loan is in default.

LEXINGTON REALTY TRUST

Selected Balance Sheet and Income Statement Account Data

6/30/2016

($000)

Balance Sheet

Other assets	$	17,535

The components of other assets are:

Deposits	$	362
Equipment		661
Prepaids		2,859
Other receivables		598
Deferred lease incentives		12,929
Other		126

Accounts payable and other liabilities

The components of accounts payable and other liabilities are:	$	43,054

Accounts payable and accrued expenses	$	12,211
CIP accruals and other		931
Taxes		498
Deferred lease and loan costs		4,790
Deposits		834
Escrows		1,069
Transaction / build-to-suit costs		15,201
Interest rate swap derivative liability		7,520

Income Statement - Six months ended June 30, 2016

Non-cash interest expense, net	$	(49	)

LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS

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

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

Definitions:

Adjusted EBITDA: Adjusted EBITDA represents EBITDA (earnings before interest, taxes, depreciation and amortization) modified to include other adjustments to GAAP net income for gains on sales of properties, impairment charges, debt satisfaction gains (charges), net, non-cash charges, net, straight-line adjustments and adjustments for pro-rata share of non-wholly owned entities. Lexington’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Lexington believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA.

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

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity real estate investment trust (“REIT”). Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

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

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

LEXINGTON REALTY TRUST

NON-GAAP MEASURES

DEFINITIONS (CONTINUED)

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

Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned and included in our portfolio for two comparable reporting periods excluding properties encumbered by mortgage loans in default and the revenue associated with the expansion of properties. As Same-Store NOI excludes the change in NOI from acquired and disposed of properties and certain other properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same-Store NOI, and accordingly, Lexington’s Same-Store NOI may not be comparable to other REITs. Management believes that Same-Store NOI is a useful supplemental measure of Lexington’s operating performance. However, Same-Store NOI should not be viewed as an alternative measure of Lexington ’s financial performance since it does not reflect the operations of Lexington’s entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of Lexington's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact Lexington’s results from operations. Lexington believes that net income is the most directly comparable GAAP measure to Same-Store NOI.

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES

($000)

	Six months ended June 30, 2016

Cash Rent Reconciliation:

Rental revenue as reported	$	205,206

Rental revenue from sold properties		(5,605	)

GAAP rent per supplement		199,601

GAAP rent adjustments: ⁽¹⁾
Straight-line adjustments		(23,461	)
Lease incentives		806
Amortization of above/below market leases		926
Lease termination income		(5,369	)

Cash rent per supplement	$	172,503

Consolidated debt reconciliation June 30, 2016:

	GAAP Balance		Deferred Loan Costs, net		Discounts		Gross Balance

Mortgages and notes payable⁽²⁾	$	838,385	$	9,640	$	-	$	848,025
Revolving credit facility borrowings ⁽³⁾		123,000		-		-		123,000
Term loans payable ⁽³⁾		500,584		4,416		-		505,000
Senior notes payable⁽³⁾		493,944		4,140		1,916		500,000
Convertible guaranteed notes payable ⁽³⁾		11,763		27		110		11,900
Trust preferred securities ⁽³⁾		127,046		2,074		-		129,120
Consolidated debt	$	2,094,722	$	20,297	$	2,026	$	2,117,045

Footnotes

(1) Individual items are adjusted for sold properties, which are previously reflected in the reconciliation.

(2) Secured

(3) Unsecured

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Same-Store NOI Reconciliation:

	Six months
	June 30, 2016			June 30, 2015

Net Income	$	100,137		$	84,578

Interest and amortization expense		45,572			46,395
Provision for income taxes		637			393
Depreciation and amortization		84,399			82,083
General and administrative		15,522			15,793
Transaction costs		214			714
Non-operating income		(6,420	)		(5,698	)
Gains on sales of properties		(42,341	)		(23,151	)
Impairment charges		3,014			1,252
Debt satisfaction (gains) charges, net		3,356			(14,151	)
Equity in earnings of non-consolidated entities		(6,054	)		(672	)
Lease termination income		(6,386	)		(1,190	)
Straight-line adjustments		(24,380	)		(22,343	)
Lease incentives		842			945
Amortization of above/below market leases		955			(444	)

Net Operating Income - ("NOI")		169,067			164,504

Less NOI:
Disposed of properties		(3,612	)		(12,272	)
Acquired properties		(18,587	)		(3,982	)
Expansion revenue		(793	)		(530	)
Properties in default		(1,771	)		(1,886	)

Same-Store NOI	$	144,304		$	145,834

NOI for NAV:

	Six months
	June 30, 2016

NOI per above	$	169,067
Less NOI:
Disposed of properties		(3,612	)
Assets held for sale		(478	)
Assets acquired in 2016		(1,091	)
Assets less than 70% leased / Other		(534	)
NOI for NAV	$	163,352

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Reconciliation to Adjusted EBITDA:

	Three months ended
	6/30/2016			3/31/2016			12/31/2015			9/30/2015			Trailing 12 Months

Net income (loss) attributable to Lexington Realty Trust shareholders	$	48,476		$	49,769		$	34,850		$	(5,984	)	$	127,111
Interest and amortization expense		22,679			22,893			21,466			21,931			88,969
Provision for income taxes		224			413			104			75			816
Depreciation and amortization		41,272			43,127			41,403			39,712			165,514
Straight-line adjustments		(13,241	)		(11,139	)		(12,460	)		(12,899	)		(49,739	)
Lease incentives		419			423			387			212			1,441
Amortization of above/below market leases		499			456			418			287			1,660
Gains on sales of properties		(25,326	)		(17,015	)		-			(1,733	)		(44,074	)
Impairment charges		3,014			-			2,762			32,818			38,594
Debt satisfaction (gains) charges, net		3,194			162			(11,397	)		398			(7,643	)
Non-cash charges, net		2,403			2,207			2,213			2,205			9,028

Pro-rata share adjustments:
Non-consolidated entities adjustment		254			(5,106	)		52			609			(4,191	)
Noncontrolling interests' adjustment		661			761			470			465			2,357

Adjusted EBITDA	$	84,528		$	86,951		$	80,268		$	78,096		$	329,843

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Reconciliation of Select Credit Metrics:

Adjusted Company FFO Payout:	Six months ended June 30, 2016
Common share dividends per share	$	0.34
Adjusted Company FFO per diluted share	$	0.59
Adjusted Company FFO payout ratio		57.6	%

Unencumbered Assets:
Real estate, at cost	$	4,518,973
held for sale real estate, at cost		29,467
less encumbered real estate, at cost		(1,360,303	)
Loans receivable, net		95,829
Unencumbered assets	$	3,283,966

Unencumbered NOI:
NOI	$	169,067
Disposed of properties NOI		(3,612	)
Termination income		5,369
Adjusted NOI		170,824
less encumbered adjusted NOI		(51,779	)
Unencumbered adjusted NOI	$	119,045
Unencumbered NOI %		69.7	%

Net Debt / Adjusted EBITDA:
Adjusted EBITDA	$	329,843

Consolidated debt	$	2,094,722
less cash and cash equivalents		(59,776	)
Net debt	$	2,034,946

Net debt / Adjusted EBITDA		6.2	x

(Net Debt + Preferred) / Adjusted EBITDA:
Adjusted EBITDA	$	329,843

Net debt	$	2,034,946
Preferred shares liquidation preference		96,770
Net debt + preferred	$	2,131,716

(Net Debt + Preferred) / Adjusted EBITDA		6.5	X

(Debt + Preferred) / Gross Assets:	Six months ended June 30, 2016
Consolidated debt	$	2,094,722
Preferred shares liquidation preference		96,770
Debt and preferred	$	2,191,492

Total assets	$	3,724,733
Plus depreciation and amortization:
Real estate		1,207,434
Deferred lease costs		22,879

Gross assets	$	4,955,046

(Debt + Preferred) / Gross Assets		44.2	%

Debt / Gross Assets:
Consolidated debt	$	2,094,722

Gross assets	$	4,955,046

Debt / Gross assets		42.3	%

Secured Debt / Gross Assets:
Mortgages and notes payable	$	838,385

Gross assets	$	4,955,046

Secured Debt / Gross Assets		16.9	%

Development / Gross Assets:
Investment in real estate under construction	$	108,763
Construction in progress		543
Development	$	109,306

Gross assets	$	4,955,046

Development / Gross Assets		2.2	%

Investor Information

Transfer Agent

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

Investor Relations

Heather Gentry

Senior Vice President, Investor Relations

Telephone (direct)	(212) 692-7219
Facsimile (main)	(212) 594-6600
E-mail	hgentry@lxp.com

Research Coverage

Bank of America/Merrill Lynch		KeyBanc Capital Markets Inc.
James Feldman	(646) 855-5808	Craig Mailman	(917) 368-2316

Barclays Capital		Ladenburg Thalmann & Co., Inc.
Ross L. Smotrich	(212) 526-2306	Daniel P. Donlan	(212) 409-2056

Evercore Partners		Stifel Nicolaus
Sheila K. McGrath	(212) 497-0882	John W. Guinee	(443) 224-1307

J.P. Morgan Chase		Wells Fargo Securities, LLC
Anthony Paolone	(212) 622-6682	Todd J. Stender	(562) 637-1371

Jeffries & Company, Inc.
Jon Peterson	(212) 284-1705

LEXINGTON REALTY TRUST

One Penn Plaza, Suite 4015 | New York, NY 10119-4015 | (212) 692-7200 | www.lxp.com

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