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

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EX-99.2 - EXHIBIT 99.2 - LEXINGTON REALTY TRUST	tv487182_ex99-2.htm
8-K - FORM 8-K - LEXINGTON REALTY TRUST	tv487182_8k.htm

Exhibit 99.1

LEXINGTON REALTY TRUST

QUARTERLY SUPPLEMENTAL INFORMATION

December 31, 2017

Table of Contents

Section		Page

Fourth Quarter 2017 Earnings Press Release		3

Portfolio Data
Investment / Capital Recycling Summary		15
Financing Summary		16
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
Property Leases and Vacancies – Non-consolidated Portfolio		36
Select Credit Metrics Summary		37
Financial Covenants		38
Mortgages and Notes Payable		39
Debt Maturity Schedule		41
Selected Balance Sheet Account Data		42
Non-GAAP Measures – Definitions		43
Reconciliation of Non-GAAP Measures		45
Investor Information		49

This Quarterly Earnings Press Release and Quarterly Supplemental Information contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust (“Lexington”), which may cause actual results, performance or achievements of Lexington and its subsidiaries to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO available to all equityholders and unitholders – diluted for the year ending December 31, 2018, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction on the terms described herein or at all, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to revise those forward-looking statements to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

LEXINGTON REALTY TRUST

TRADED: NYSE: LXP

One Penn Plaza, Suite 4015

New York, NY 10119-4015

FOR IMMEDIATE RELEASE

LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2017 RESULTS

New York, NY - February 27, 2018 - Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter and year ended December 31, 2017.

Fourth Quarter 2017 Highlights

•

Generated Net Income attributable to common shareholders of $29.2 million, or $0.12 per diluted common share.

•

Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $63.1 million, or $0.26 per diluted common share.

•

Acquired four industrial properties for an aggregate cost of $140.0 million.

•

Formed a joint venture which acquired a 151-acre parcel of developable land to pursue industrial build-to-suit opportunities.

•

Disposed of eight properties for an aggregate of $47.9 million.

•

Completed one million square feet of new leases and lease extensions with portfolio 98.9% leased at quarter end.

•

Collected $49.1 million in full satisfaction of a loan to a joint venture.

•

Financed an office property generating initial gross proceeds of $45.4 million.

•

Repaid $40.0 million on the revolving credit facility and retired an aggregate of $18.4 million of secured debt.

•

Increased the quarterly common share/unit dividend/distribution to $0.1775 per common share/unit.

Full Year 2017 Highlights

•

Generated Net Income attributable to common shareholders of $79.1 million, or $0.33 diluted common share.

•

Generated Adjusted Company FFO of $238.6 million, or $0.97 per diluted common share.

•

Acquired/completed 15 consolidated properties and the last building of the Lake Jackson, Texas build-to-suit project for an aggregate initial basis of $727.6 million.

•

Disposed of 34 consolidated properties for gross proceeds of $241.7 million.

•

Sold a non-consolidated interest in an office property for $6.2 million.

•

Completed 3.8 million square feet of new leases and lease extensions.

•

Retired an aggregate of $63.4 million of secured debt with a weighted-average fixed interest rate of 6.0% and obtained $45.4 million of secured debt with a weighted-average fixed interest rate of 5.2%.

•

Amended the revolving credit facility, together with the related term loans, increasing the capacity by $200.0 million.

•

Collected an aggregate of $138.0 million in full satisfaction of three loan investments.

•

Issued 1.6 million common shares at an average gross price of $10.89 per share under its ATM offering program.

Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.

T. Wilson Eglin, Chief Executive Officer and President of Lexington Realty Trust, commented “We finished off the year strong with fourth quarter Adjusted Company FFO of $0.26 per diluted common share. During 2017, we raised $386 million by monetizing our loan portfolio and disposing of 34 properties while adding 15 properties to our portfolio for $728 million. As a result, we have substantially upgraded the quality of our holdings, shrunk our office footprint and simplified our operations which we expect to lead to lower operating costs. Additionally, strong leasing volume, along with non-core assets sales, brought our overall portfolio to approximately 99% leased at year end.

The guidance we have initiated today in the range of $0.95 to $0.98 per share suggests that our operating results in 2018 will be comparable to 2017 even as we anticipate lengthening our average debt maturity, providing concessions on early lease extensions and continuing with our capital recycling activities. We intend to use proceeds from financings and dispositions to reinvest into industrial acquisitions and build-to-suit opportunities and to pay down debt.”

FINANCIAL RESULTS

Revenues

For the quarter ended December 31, 2017, total gross revenues were $102.2 million, compared with total gross revenues of $95.3 million for the quarter ended December 31, 2016. The increase was primarily attributable to revenue generated from property acquisitions and new leases, partially offset by 2017 property sales and lease expirations.

Net Income Attributable to Common Shareholders

For the quarter ended December 31, 2017, net income attributable to common shareholders was $29.2 million, or $0.12 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2016 of $14.4 million, or $0.06 per diluted share.

Adjusted Company FFO

For the quarter ended December 31, 2017, Lexington generated Adjusted Company FFO of $63.1 million, or $0.26 per diluted share, compared to Adjusted Company FFO for the quarter ended December 31, 2016 of $59.7 million, or $0.24 per diluted share.

Dividends/Distributions

As previously announced, during the fourth quarter of 2017, Lexington increased its quarterly common share/unit dividend/distribution to $0.1775 per common share/unit, which equates to an annualized dividend of $0.71 per common share/unit. The declared quarterly dividend/distribution was paid on January 16, 2018 to common shareholders/unitholders of record as of December 29, 2017. In addition, Lexington declared a dividend of $0.8125 per share on its Series C Preferred, which was paid February 15, 2018 to Series C Preferred Shareholders of record as of January 31, 2018.

Transaction Activity

ACQUISITIONS

Primary Tenant (Guarantor)	Location	Sq. Ft. (Approx.)		Property Type	Initial Basis ($000)		Approximate Lease Term (Yrs)
Caterpillar, Inc.	Lafayette, IN		309,000	Industrial	$	17,450		7
Undisclosed⁽¹⁾	Romulus, MI		500,000	Industrial		38,893		15
Lipari Foods Operating Company, LLC	Warren, MI		260,000	Industrial		46,955		15
Undisclosed⁽¹⁾	Winchester, VA		400,000	Industrial		36,700		14
			1,469,000		$	139,998

Tenant is a domestic subsidiary of an international automaker.

Including fourth quarter acquisition activity, consolidated 2017 acquisition activity totaled $727.6 million at average GAAP and cash capitalization rates of 7.3% and 6.4%, respectively.

In December 2017, Lexington made an initial contribution of $5.8 million for a 90% interest in a newly-formed joint venture with a developer, which will pursue industrial build-to-suit opportunities. The joint venture acquired a parcel of developable land totaling 151 acres in a submarket of Columbus, Ohio.

PROPERTY DISPOSITIONS

Primary Tenant	Location	Property Type	Gross Disposition Price ($000)		Annualized Net Income⁽¹⁾ ($000)			Annualized NOI⁽¹⁾ ($000)			Month of Disposition	% Leased
National-Louis University⁽²⁾	Lisle, IL	Office	$	9,120	$	222		$	1,813		October		100	%
Vacant	High Point, NC	Multi-Tenant Industrial		10,000		508			1,134		October		0	%
Vacant	Fisher, IN	Multi-Tenant Office		9,000		(371	)		(371	)	October		0	%
Vacant⁽³⁾	Pine Bluff, AR	Office		43		311			386		October		0	%
Food Lion, LLC/Delhaize America, Inc.	Staunton, VA	Other		1,688		158			166		November		100	%
Entergy Arkansas, Inc.	Little Rock, AR	Office		3,100		182			237		December		100	%
Time Customer Service, Inc.	Tampa, FL	Office		13,700		722			1,128		December		100	%
Toys "R" Us, Inc./Toys "R" Us-Delaware, Inc.⁽⁴⁾	Tulsa, OK	Other		1,233		3			106		December		100	%
			$	47,884	$	1,735		$	4,599

Quarterly period prior to sale, excluding impairment charges, annualized.

Conveyed to lender in a foreclosure sale.

Property was sold subject to a lease which expired October 31, 2017.

Tenant has declared bankruptcy.

Including fourth quarter disposition activity, consolidated 2017 property disposition volume totaled $241.7 million at average GAAP and cash capitalization rates of 7.5% and 7.7%, respectively.

LOAN INVESTMENTS

Lexington collected $49.1 million in full satisfaction of a loan made to a joint venture that owns a property in Katy, Texas. The joint venture satisfied the loan with proceeds from a new third-party non-recourse mortgage financing in the original principal amount of $50.0 million, which bears interest at an annual rate of 5.1% and matures in December 2022.

Leasing Activity

During the fourth quarter of 2017, Lexington executed the following new and extended leases:

LEASE EXTENSIONS

Location

Primary Tenant⁽¹⁾

Prior
Term

Lease
Expiration Date

Sq. Ft.

Office/Multi-Tenant

Honolulu

N/A

MTM

09/2018

1,900

Total office lease extensions

1,900

Industrial

Statesville

Geodis Logistics LLC

12/2017

12/2020

639,800

Franklin

Essex Group, Inc.

12/2018

12/2023

289,330

Total industrial lease extensions

929,130

Total lease extensions

931,030

NEW LEASES

Location

Lease
Expiration Date

Sq. Ft.

Office/Multi-Tenant

Farmers Branch

Home Point Financial Corporation

09/2025

64,788

Farmers Branch

BBVA Dallas Creation Center, Inc.

07/2028

33,028

Total new office leases

97,816

Total new leases

97,816

TOTAL NEW AND EXTENDED LEASES

1,028,846

Leases greater than 10,000 square feet.

As of December 31, 2017, Lexington's portfolio was 98.9% leased.

BALANCE SHEET/CAPITAL MARKETS

In the fourth quarter, Lexington obtained an aggregate of $45.4 million in non-recourse financing on an office property in Charlotte, North Carolina, consisting of a first mortgage loan and a mezzanine loan. The first mortgage loan in the original principal amount of $37.4 million has a 15-year term, bears interest at a fixed rate of 5.3% per annum and is interest only for the first 10 years. The mezzanine financing in the initial principal amount of $8.0 million has a five-year term, is interest only at a fixed rate of 5.0% per annum and may be increased to $12.0 million upon certain events.

Also, during the fourth quarter, Lexington repaid $40.0 million on its revolving credit facility and satisfied an aggregate of $18.4 million of non-recourse mortgage debt.

2018 EARNINGS GUIDANCE

Lexington estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2018 will be within an expected range of $0.76 to $0.79. Lexington estimates that its Adjusted Company FFO for the year ended December 31, 2018 will be within an expected range of $0.95 to $0.98 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

FOURTH QUARTER 2017 CONFERENCE CALL

Lexington will host a conference call today, Tuesday, February 27, 2018, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2017. Interested parties may participate in this conference call by dialing 1-844-825-9783 (U.S.), 1-412-317-5163 (International) or 1-855-669-9657 (Canada). A replay of the call will be available through May 27, 2018, at 1-877-344-7529 (U.S.), 1-412-317-0088 (International) or 1-855-669-9658 (Canada); pin code for all replay numbers is 10116720. 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 investments in single-tenant net-leased commercial properties 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 Supplemental Information package, or to follow Lexington on social media, visit www.lxp.com.

Contact:

Investor or Media Inquiries for Lexington Realty Trust:

Heather Gentry, Senior Vice President of Investor Relations

Lexington Realty Trust

Phone: (212) 692-7200 E-mail: 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, 2018, (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 REIT, (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 has filed with the Securities and Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.

References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt or other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

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

Net Operating Income (“NOI”): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), 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 December 31,						Twelve months ended December 31,
	2017			2016			2017			2016
Gross revenues:
Rental	$	93,909		$	87,261		$	359,832		$	398,065
Tenant reimbursements		8,260			8,065			31,809			31,431
Total gross revenues		102,169			95,326			391,641			429,496
Expense applicable to revenues:
Depreciation and amortization		(45,262	)		(41,361	)		(173,968	)		(166,048	)
Property operating		(12,410	)		(12,512	)		(49,194	)		(47,355	)
General and administrative		(8,597	)		(8,072	)		(34,158	)		(31,104	)
Litigation settlement		—			—			(2,050	)		—
Non-operating income		5,381			3,543			10,378			13,043
Interest and amortization expense		(20,055	)		(19,459	)		(77,883	)		(88,032	)
Debt satisfaction gains (charges), net		3,818			(157	)		6,196			(975	)
Impairment charges and loan losses		(1,419	)		(24,332	)		(44,996	)		(100,236	)
Gains on sales of properties		8,350			23,097			63,428			81,510
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities		31,975			16,073			89,394			90,299
Provision for income taxes		(743	)		(340	)		(1,917	)		(1,439	)
Equity in earnings (losses) of non-consolidated entities		216			1,196			(848	)		7,590
Net income		31,448			16,929			86,629			96,450
Less net income attributable to noncontrolling interests		(598	)		(928	)		(1,046	)		(826	)
Net income attributable to Lexington Realty Trust shareholders		30,850			16,001			85,583			95,624
Dividends attributable to preferred shares – Series C		(1,572	)		(1,572	)		(6,290	)		(6,290	)
Allocation to participating securities		(43	)		(38	)		(226	)		(225	)
Net income attributable to common shareholders	$	29,235		$	14,391		$	79,067		$	89,109
Net income attributable to common shareholders – per common share basic	$	0.12		$	0.06		$	0.33		$	0.38
Weighted-average common shares outstanding – basic		238,131,814			235,066,967			237,758,408			233,633,058
Net income attributable to common shareholders – per common share diluted	$	0.12		$	0.06		$	0.33		$	0.37
Weighted-average common shares outstanding – diluted		241,821,194			235,204,568			241,537,837			237,679,031

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31,

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

	2017			2016
Assets:
Real estate, at cost	$	3,936,459		$	3,533,172
Real estate - intangible assets		599,091			597,294
Investments in real estate under construction		—			106,652
		4,535,550			4,237,118
Less: accumulated depreciation and amortization		1,225,650			1,208,792
Real estate, net		3,309,900			3,028,326
Assets held for sale		2,827			23,808
Cash and cash equivalents		107,762			86,637
Restricted cash		4,394			31,142
Investment in and advances to non-consolidated entities		17,476			67,125
Deferred expenses, net		31,693			33,360
Loans receivable, net		—			94,210
Rent receivable – current		5,450			7,516
Rent receivable – deferred		52,769			31,455
Other assets		20,749			37,888
Total assets	$	3,553,020		$	3,441,467

Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net	$	689,810		$	738,047
Revolving credit facility borrowings		160,000			—
Term loans payable, net		596,663			501,093
Senior notes payable, net		495,198			494,362
Trust preferred securities, net		127,196			127,096
Dividends payable		49,504			47,264
Liabilities held for sale		—			191
Accounts payable and other liabilities		38,644			59,601
Accrued interest payable		5,378			6,704
Deferred revenue - including below market leases, net		33,182			39,895
Prepaid rent		16,610			14,723
Total liabilities		2,212,185			2,028,976

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, 240,689,081 and 238,037,177 shares issued and outstanding in 2017 and 2016, respectively		24			24
Additional paid-in-capital		2,818,520			2,800,736
Accumulated distributions in excess of net income		(1,589,724	)		(1,500,966	)
Accumulated other comprehensive income (loss)		1,065			(1,033	)
Total shareholders’ equity		1,323,901			1,392,777
Noncontrolling interests		16,934			19,714
Total equity		1,340,835			1,412,491
Total liabilities and equity	$	3,553,020		$	3,441,467

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

EARNINGS PER SHARE

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

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2017		2016		2017		2016
EARNINGS PER SHARE:

Basic:
Net income attributable to common shareholders	$	29,235	$	14,391	$	79,067	$	89,109

Weighted-average number of common shares outstanding - basic		238,131,814		235,066,967		237,758,408		233,633,058

Net income attributable to common shareholders - per common share basic	$	0.12	$	0.06	$	0.33	$	0.38

Diluted:
Net income attributable to common shareholders - basic	$	29,235	$	14,391	$	79,067	$	89,109
Impact of assumed conversions		338		—		147		(159	)
Income from continuing operations attributable to common shareholders	$	29,573	$	14,391	$	79,214	$	88,950

Weighted-average common shares outstanding - basic		238,131,814		235,066,967		237,758,408		233,633,058
Effect of dilutive securities:
Share options		57,731		137,601		86,285		230,352
Operating Partnership Units		3,631,649		—		3,693,144		3,815,621
Weighted-average common shares outstanding - diluted		241,821,194		235,204,568		241,537,837		237,679,031

Net income attributable to common shareholders - per common share diluted	$	0.12	$	0.06	$	0.33	$	0.37

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

ADJUSTED COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION

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

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2017			2016			2017			2016
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders	$	29,235		$	14,391		$	79,067		$	89,109
Adjustments:
Depreciation and amortization		44,050			39,840			168,683			159,363
Impairment charges - real estate, including non-consolidated entities		1,419			24,332			43,214			100,236
Noncontrolling interests - OP units		339			686			147			(159	)
Amortization of leasing commissions		1,212			1,520			5,285			6,684
Joint venture and noncontrolling interest adjustment		257			369			1,121			1,111
Gains on sales of properties, including non-consolidated entities		(8,350	)		(23,729	)		(64,880	)		(87,520	)
Tax on sales of properties		—			2			—			52
FFO available to common shareholders and unitholders - basic		68,162			57,411			232,637			268,876
Preferred dividends		1,572			1,572			6,290			6,290
Interest and amortization on 6.00% Convertible Notes		—			—			—			532
Amount allocated to participating securities		43			38			226			225
FFO available to all equityholders and unitholders - diluted		69,777			59,021			239,153			275,923
Litigation reserve		—			—			2,050			—
Debt satisfaction (gains) charges, net, including non-consolidated entities		(3,796	)		157			(6,174	)		975
Impairment loss - loan receivable		—			—			5,294			—
Unearned contingent acquisition consideration		(3,922	)		—			(3,922	)		—
Transaction costs		1,071			508			2,171			837
Adjusted Company FFO available to all equityholders and unitholders - diluted		63,130			59,686			238,572			277,735

FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
Straight-line rents		(7,232	)		(2,051	)		(19,784	)		(37,748	)
Lease incentives		513			417			1,969			1,673
Amortization of above/below market leases		364			530			1,544			2,057
Lease termination payments, net		(253	)		(1,814	)		(690	)		(8,216	)
Non-cash interest, net		1,018			(387	)		2,465			(1,913	)
Non-cash charges, net		2,119			2,092			8,318			8,998
Tenant improvements		(1,136	)		(665	)		(11,203	)		(1,957	)
Lease costs		(1,242	)		(393	)		(6,526	)		(6,558	)
Company Funds Available for Distribution	$	57,281		$	57,415		$	214,665		$	234,071

Per Common Share and Unit Amounts
Basic:
FFO	$	0.28		$	0.24		$	0.96		$	1.13
Diluted:
FFO	$	0.28		$	0.24		$	0.97		$	1.13
Adjusted Company FFO	$	0.26		$	0.24		$	0.97		$	1.14

Weighted-Average Common Shares
Basic:
Weighted-average common shares outstanding - basic EPS		238,131,814			235,066,967			237,758,408			233,633,058
Operating partnership units⁽¹⁾		3,631,649			3,808,185			3,693,144			3,815,621
Weighted-average common shares outstanding - basic FFO		241,763,463			238,875,152			241,451,552			237,448,679

Diluted:
Weighted-average common shares outstanding - diluted EPS		241,821,194			235,204,568			241,537,837			237,679,031
Unvested share-based payment awards		713,351			674,053			666,127			549,049
6.00% Convertible Guaranteed Notes		—			—			—			1,077,626
Operating partnership units⁽¹⁾		—			3,808,185			—			—
Preferred shares - Series C		4,710,570			4,710,570			4,710,570			4,710,570
Weighted-average common shares outstanding - diluted FFO		247,245,115			244,397,376			246,914,534			244,016,276

(1)

Includes OP units other than OP units held by Lexington.

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

(UNAUDITED)

2018 EARNINGS GUIDANCE

	Twelve Months Ended December 31, 2018
	Range
Estimated:
Net income attributable to common shareholders per diluted common share⁽¹⁾	$	0.76		$	0.79
Depreciation and amortization		0.68			0.68
Impact of capital transactions		(0.49	)		(0.49	)
Estimated Adjusted Company FFO per diluted common share	$	0.95		$	0.98

(1) Assumes all convertible securities are dilutive.

LEXINGTON REALTY TRUST

2017 Fourth Quarter Investment / Capital Recycling Summary

PROPERTY INVESTMENTS

Primary Tenant

Location

Square Feet (Approx.)

Property Type

Initial Basis
($000)

Month
Closed

Primary Lease
Expiration

Caterpillar, Inc.

Lafayette

309,000

Industrial

17,450

October

09/2024

Undisclosed ⁽¹⁾

Romulus

500,000

Industrial

38,893

November

08/2032

Lipari Foods Operating Company, LLC

Warren

260,000

Industrial

46,955

November

10/2032

Undisclosed ⁽¹⁾

Winchester

400,000

Industrial

36,700

December

12/2031

TOTAL PROPERTY INVESTMENTS ⁽²⁾

1,469,000

139,998

CAPITAL RECYCLING

	PROPERTY DISPOSITIONS
	Primary Tenant	Location		Property Type	Gross Sale Price ($000)		Annualized Net Income ($000) ⁽³⁾			Annualized NOI ($000)⁽³⁾⁽⁴⁾			Month of Disposition	% Leased			Gross Sale Price PSF

1	National-Louis University ⁽⁵⁾	Lisle	IL	Office	$	9,120	$	222		$	1,813		October		100	%	$	91.74
2	Vacant	High Point	NC	Multi-tenant - Industrial		10,000		508			1,134		October		0	%		40.84
3	Vacant	Fishers	IN	Multi-tenant - Office		9,000		(371	)		(371	)	October		0	%		46.63
4	Vacant ⁽⁶⁾	Pine Bluff	AR	Office		43		311			386		October		0	%		1.58
5	Food Lion, LLC / Delhaize America, Inc.	Staunton	VA	Other		1,688		158			166		November		100	%		73.39
6	Entergy Arkansas Inc.	Little Rock	AR	Office		3,100		182			237		December		100	%		85.37
7	Time Customer Service, Inc.	Tampa	FL	Office		13,700		722			1,128		December		100	%		103.02
8	Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.⁽⁷⁾	Tulsa	OK	Other		1,233		3			106		December		100	%		28.58
8	TOTAL PROPERTY DISPOSITIONS				$	47,884	$	1,735		$	4,599

Footnotes

(1)

Tenant is a domestic subsidiary of an international automaker.

(2)

The above were acquired at aggregate weighted-average GAAP and cash capitalization rates of 7.2% and 6.5%, respectively. Lexington also made an initial contribution of $5.8 million for a 90% interest in a newly-formed joint venture with a developer.

(3)

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

(4)

Quarterly period prior to sale; excluding impairment charges, annualized.

(5)

Conveyed to lender in a foreclosure sale.

(6)

Property was sold subject to a lease which expired October 31, 2017.

(7)

Tenant has declared bankruptcy.

LEXINGTON REALTY TRUST

2017 Fourth Quarter Financing Summary

DEBT RETIRED

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

	Consolidated Mortgage Debt:
1	Lisle, IL ⁽¹⁾	National-Louis University	Office	$	9,120		6.500	%	N/A
2	Orlando, FL	Zenith Education Group, Inc.	Office		9,309		5.722	%	N/A
				$	18,429

PROPERTY LEVEL FINANCING

	Location	Primary Tenant	Property Type	Face / Satisfaction ($000)		Fixed Rate			Maturity Date
	Consolidated Mortgage Debt:
1	Charlotte, NC	AvidXchange, Inc.	Office	$	37,400		5.298	%	01/2033
2	Charlotte, NC ⁽²⁾	AvidXchange, Inc.	Office		8,000		5.000	%	12/2022
				$	45,400
	Non-Consolidated Mortgage Debt:
1	Houston, TX ⁽³⁾	British Schools of America, LLC	Other	$	50,000		5.130	%	12/2022

CORPORATE LEVEL FINANCING

		Quarterly Activity, Net ($000)
Revolving Credit Facility		$40,000 satisfaction

Footnotes:

(1)

Property conveyed to lender in a foreclosure sale.

(2)

May be increased to $12.0 million upon certain events.

(3)

$49.1 million of proceeds were used to satisfy a loan from Lexington.

LEXINGTON REALTY TRUST

2017 Fourth Quarter Leasing Summary

LEASE EXTENSIONS

	Tenant (Guarantor) ⁽⁴⁾	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	N/A	Honolulu	HI	MTM	09/2018		1,900	$	37	$	36	$	37	$	36

1	Total office lease extension						1,900	$	37	$	36	$	37	$	36

	Industrial
1	Geodis Logistics LLC (Geodis America, Inc.)	Statesville	NC	12/2017	12/2020		639,800	$	2,493	$	1,916	$	2,463	$	2,154
2	Essex Group, Inc. (United Technologies Corporation)	Franklin	TN	12/2018	12/2023		289,330		735		735		735		735

2	Total industrial lease extensions						929,130	$	3,228	$	2,651	$	3,198	$	2,889
				`
3	TOTAL EXTENDED LEASES						931,030	$	3,265	$	2,687	$	3,235	$	2,925

NEW LEASES

	Tenant (Guarantor)	Location		Lease Expiration Date	Sq. Ft.		New GAAP Rent Per Annum ($000)⁽¹⁾		New Cash Rent Per Annum ($000)⁽¹⁾⁽³⁾
	Office/Multi-Tenant Office
1	Home Point Financial Corporation (Home Point Capital Inc.)	Farmers Branch	TX	09/2025		64,788	$	908	$	1,004
2	BBVA Dallas Creation Center, Inc. (BBVA Compass Bancshares, Inc.)	Farmers Branch	TX	07/2028		33,028		521		537

2	Total office new leases					97,816	$	1,429	$	1,541

2	TOTAL NEW LEASES					97,816	$	1,429	$	1,541

5	TOTAL NEW AND EXTENDED LEASES					1,028,846	$	4,694	$	4,776

LEXINGTON REALTY TRUST

2017 Fourth Quarter Leasing Summary (Continued)

LEASE NON-RENEWALS⁽²⁾

Tenant

Location

Lease
Expiration
Date

Sq. Ft.

9 months 2017
GAAP Rent
($000)

9 months 2017
Cash Rent
($000)⁽³⁾

Office

CRG-Richmond Tenant, LLC

Richmond

12/2017

42,947

247

TOTAL LEASE NON-RENEWALS

Footnotes

(1)

Assumes twelve months rent from the later of 1/1/18 or lease commencement/extension, excluding free rent periods as applicable.

(2)

Excludes multi-tenant properties and non-consolidated investments.

(3)

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

(4)

Leases greater than 10,000 square feet.

LEXINGTON REALTY TRUST

Other Revenue Data

12/31/2017

($000)

Other Revenue Data

	GAAP Rent
Asset Class	Twelve months ended
	12/31/17 (1)		12/31/17 Percentage			12/31/16 Percentage
Office	$	179,939		51.8	%		52.9	%
Industrial		151,440		43.6	%		39.7	%
Other
Multi-tenant		8,513		2.5	%		3.8	%
Retail		3,648		1.0	%		2.5	%
Specialty		3,843		1.1	%		1.1	%
	$	347,383		100.0	%		100.0	%

	GAAP Rent
Credit Ratings ⁽²⁾	Twelve months ended
	12/31/17 (1)		12/31/17 Percentage			12/31/16 Percentage
Investment Grade	$	139,336		40.1	%		37.0	%
Non-Investment Grade		53,825		15.5	%		17.0	%
Unrated		154,222		44.4	%		46.0	%
	$	347,383		100.0	%		100.0	%

Weighted-Average Lease Term - Cash Basis	As of 12/31/17		As of 12/31/16
	9.1 years		8.6 years

Rent Estimates for Current Assets

Year	GAAP ⁽³⁾		Cash ⁽³⁾		Difference
2018	$	372,105	$	354,240	$	(17,865	)
2019		344,287		333,463		(10,824	)

Footnotes

(1)

Twelve months ended 12/31/2017 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 12/31/2017.

(2)

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

(3)

Amounts assume (1) lease terms for non-cancellable periods only, (2) no new or renegotiated leases are entered into after 12/31/2017, and (3) no properties are sold or acquired after 12/31/2017.

LEXINGTON REALTY TRUST

Other Revenue Data (Continued)

12/31/2017

($000)

Same-Store NOI ⁽¹⁾

	Twelve months ended December 31,
	2017			2016			2015
Total Cash Rent	$	251,384		$	249,954		$	248,539
Tenant Reimbursements		22,134			22,811			23,930
Property Operating Expenses		(34,697	)		(33,346	)		(37,469	)
Same-Store NOI	$	238,821		$	239,419		$	235,000

Change in Same-Store NOI		(0.2	)%		1.9	%

Same-Store Percent Leased ⁽²⁾		As of 12/31/17				As of 12/31/16				As of 12/31/15
			98.4	%			98.7	%			98.9	%

Lease Escalation Data ⁽³⁾

Footnotes

(1)

NOI is on a consolidated cash basis for all consolidated properties except properties acquired and sold in 2017, 2016 and 2015. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(2)

Excludes properties acquired or sold in 2017, 2016 and 2015.

(3)

Based on twelve months consolidated cash rents for single-tenant leases (properties greater than 70% leased) owned as of December 31, 2017. Excludes parking operations and rents from prior tenants.

LEXINGTON REALTY TRUST

Portfolio Detail By Asset Class

12/31/2017

($000, except square footage)

Asset Class	YE 2015			YE 2016			YE 2017

Office
% of ABR ⁽¹⁾		49.6	%		52.9	%		51.8	%
LTL ⁽⁵⁾		23.2	%		26.9	%		30.1	%
STL ⁽⁶⁾		76.8	%		73.1	%		69.9	%
Leased		99.6	%		99.6	%		99.2	%
Wtd. Avg. Lease Term ⁽²⁾		7.2			7.2			7.7
Mortgage Debt	$	329,696		$	490,948		$	495,842
% Investment Grade ⁽¹⁾		48.0	%		48.1	%		52.0	%
Square Feet		12,847,877			11,569,940			10,881,264

Industrial
% of ABR ⁽¹⁾		30.5	%		39.7	%		43.6	%
LTL ⁽⁵⁾		47.4	%		50.8	%		47.1	%
STL ⁽⁶⁾		52.6	%		49.2	%		52.9	%
Leased		99.6	%		99.9	%		99.9	%
Wtd. Avg. Lease Term ⁽²⁾		10.1			10.4			10.6
Mortgage Debt	$	292,293		$	240,790		$	193,529
% Investment Grade ⁽¹⁾		27.9	%		26.2	%		28.9	%
Square Feet		25,693,585			27,476,653			35,396,894

Other
% of ABR ⁽¹⁾		19.9	%		7.4	%		4.6	%
LTL ⁽⁵⁾		74.7	%		20.9	%		26.1	%
STL ⁽⁶⁾		25.3	%		79.1	%		73.9	%
Leased		64.7	%		60.5	%		81.8	%
Wtd. Avg. Lease Term ⁽²⁾⁽³⁾		15.3			9.5			10.1
Mortgage Debt	$	269,336		$	13,435		$	7,697
% Investment Grade ⁽¹⁾		8.4	%		16.0	%		12.9	%
Square Feet		3,728,561			4,277,704			2,335,904

Loans Receivable	$	95,871		$	94,210		$	-
Construction in progress ⁽⁴⁾	$	103,954		$	111,771		$	4,219

Footnotes

(1)

Percentage of GAAP rent, excluding termination income, for consolidated properties owned as of each respective period.

(2)

Cash basis.

(3)

Cash basis adjusted to reflect NY land leases to the first purchase option date, as applicable.

(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

12/31/2017

Footnotes

(1)

Based on gross book value of real estate assets and real estate under construction as of 12/31/2017; excludes held for sale assets.

(2)

Based on respective period GAAP rent, excluding termination income.

LEXINGTON REALTY TRUST

Components of Net Asset Value

12/31/2017

($000)

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

Consolidated properties twelve month net operating income (NOI) ⁽¹⁾
Office	$	163,974
Industrial		128,253
Other
Multi-Tenant		4,033
Retail		2,215
Specialty		3,291
Total Net Operating Income	$	301,766

Lexington's share of non-consolidated twelve month NOI ⁽¹⁾
Office	$	421
Other		1,775
	$	2,196
Other income
Advisory fees	$	1,049

In service assets not fairly valued by capitalized NOI method ⁽¹⁾
Wholly-owned assets less than 70% leased	$	32,480
Wholly-owned assets acquired in 2017 ⁽²⁾	$	645,212

Add other assets:
Assets held for sale	$	2,827
Construction in progress		4,219
Cash and cash equivalents		107,762
Restricted cash		4,394
Accounts receivable, net		5,450
Other assets		20,749
Total other assets	$	145,401

Liabilities:
Corporate level debt (face amount)	$	1,389,120
Mortgages and notes payable (face amount)		697,068
Dividends payable		49,504
Accounts payable, accrued expenses and other liabilities		60,632
Preferred stock, at liquidation value		96,770
Lexington's share of non-consolidated mortgages		20,886
Total deductions	$	2,313,980

Common shares & OP units at 12/31/2017		244,318,237

Footnotes

(1)

NOI for the existing property portfolio at December 31, 2017, 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 2017. For assets in this category an NOI capitalization approach is not appropriate, and accordingly, Lexington's net book value has been used. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

(2)

Excludes Lake Jackson, TX, which is included in NOI above.

LEXINGTON REALTY TRUST

Top Markets

12/31/2017

	Core Based Statistical Area ⁽²⁾	Percent of GAAP Rent as of 12/31/17 (1)
1	Houston-Sugar Land-Baytown, TX		10.8	%
2	Dallas-Fort Worth-Arlington, TX		5.2	%
3	Memphis, TN-MS-AR		4.8	%
4	Kansas City, MO-KS		4.3	%
5	Kennewick-Pasco-Richland, WA		3.8	%
6	New York-Northern New Jersey-Long Island, NY-NJ-PA		3.6	%
7	Richmond, VA		3.3	%
8	Phoenix-Mesa-Scottsdale, AZ		3.2	%
9	Detroit-Warren-Livonia, MI		2.9	%
10	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		2.5	%
11	Chicago-Naperville-Joliet, IL-IN-WI		2.4	%
12	Charlotte-Concord-Gastonia, NC-SC		2.3	%
13	Denver-Aurora, CO		2.3	%
14	Columbus, OH		2.1	%
15	Las Vegas-Paradise, NV		2.0	%
16	San Jose-Sunnyvale-Santa Clara, CA		1.9	%
17	Jackson, MS		1.8	%
18	Atlanta-Sandy Springs-Marietta, GA		1.8	%
19	Washington-Arlington-Alexandria, DC-VA-MD-WV		1.4	%
20	Nashville-Davidson—Murfreesboro—Franklin, TN		1.4	%
	Total Top Markets ⁽³⁾		63.7	%

Footnotes

(1)

Twelve months ended 12/31/2017 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 12/31/2017.

(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 ⁽¹⁾⁽²⁾

12/31/2017

Footnotes

(1)

Twelve months ended 12/31/2017 GAAP rent, excluding termination income, recognized for consolidated single-tenant office properties owned as of 12/31/2017.

(2)

LEXINGTON REALTY TRUST

Tenant Industry Diversification ⁽¹⁾

12/31/2017

Footnotes

(1)

Twelve months ended 12/31/2017 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 12/31/2017.

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

12/31/2017

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 12/31/2017 ($000) ⁽¹⁾		Percent of GAAP Rent as of 12/31/2017 ($000) ^{(1) (2)}
The Dow Chemical Company	1		664,100		1.4	%	$	14,619		4.2	%
Preferred Freezer Services of Richland, LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)	1		456,412		0.9	%		13,133		3.8	%
FedEx Corporation / Federal Express Corporation	2		661,616		1.4	%		12,148		3.5	%
Nissan North America, Inc.	3		3,196,049		6.6	%		11,338		3.3	%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)	7		2,053,359		4.2	%		9,941		2.9	%
United States of America	3		398,214		0.8	%		9,628		2.8	%
Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation	2		476,123		1.0	%		7,889		2.3	%
McGuireWoods LLP	1		224,537		0.5	%		7,184		2.1	%
Morgan, Lewis & Bockius LLP	1		289,432		0.6	%		6,894		2.0	%
Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC)	1		132,449		0.3	%		6,773		1.9	%
	22		8,552,291		17.6	%	$	99,547		28.7	%

Footnotes

(1)

Twelve months ended 12/31/2017 GAAP rent, excluding termination income, recognized for consolidated properties owned as of 12/31/2017.

(2)

Total shown may differ from detailed amounts due to rounding.

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis

12/31/2017

($000)

Year	Number of Leases Expiring		GAAP Rent as of 12/31/2017		Percent of GAAP Rent as of 12/31/2017			Percent of GAAP Rent as of 12/31/2016
2018		17	$	14,698		4.4	%		7.7	%
2019		17		29,263		8.7	%		9.5	%
2020		13		18,888		5.6	%		7.1	%
2021		11		21,417		6.4	%		6.7	%
2022		6		12,607		3.8	%		3.1	%
2023		10		13,829		4.1	%		4.0	%
2024		13		19,642		5.8	%		4.9	%
2025		17		30,658		9.1	%		10.0	%
2026		12		17,101		5.1	%		4.8	%
2027		17		28,660		8.5	%		7.6	%
Thereafter		45		129,307		38.5	%		30.1	%

Total ⁽¹⁾		178	$	336,070		100.0	%

Footnotes

(1)

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

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Properties GAAP Basis

12/31/2017

($000)

Year	Number of Leases Expiring		GAAP Rent as of 12/31/2017		Percent of GAAP Rent as of 12/31/2017
2018		52	$	16,765		4.9	%
2019		25		30,844		9.0	%
2020		18		19,030		5.5	%
2021		17		24,476		7.1	%
2022		6		12,607		3.7	%
2023		10		13,829		4.0	%
2024		15		19,843		5.8	%
2025		19		31,068		9.0	%
2026		12		17,101		5.0	%
2027		17		28,660		8.3	%
Thereafter		47		129,637		37.7	%

Total ⁽¹⁾		238	$	343,860		100.0	%

Footnotes

(1)

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

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2017

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 12/31/2017 ($000) (3)		Cash Rent as of 12/31/2017 ($000) (2)		12/31/2017 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
2018	5/31/2018	8900 Freeport Pkwy.	Irving	TX	—	Pacific Union Financial, LLC.		43,396		784		911		-	-
	6/30/2018	100 Barnes Rd.	Wallingford	CT	—	3M Company		44,400		507		528		-	-
	8/31/2018	3500 North Loop Rd.	McDonough	GA	—	Litton Loan Servicing LP		62,218		995		1,374		-	-
	9/30/2018	1701 Market St.	Philadelphia	PA	—	CBC Restaurant Corp.		8,070		211		224		-	-
	10/31/2018	3943 Denny Ave.	Pascagoula	MS	—	Huntington Ingalls Incorporated		94,841		593		593		-	-
	12/22/2018	5200 Metcalf Ave.	Overland Park	KS	—	Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation		320,198		5,406		5,374		32,828	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		1,469		1,783		-	-
		820 Gears Rd.	Houston	TX	—	Ricoh USA, Inc.		78,895		1,154		1,141		-	-
	2/28/2019	10475 Crosspoint Blvd.	Indianapolis	IN	—	DMC Insurance Inc.		3,764		70		70		-	-
	4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Swiss Re America Holding Corporation / Westport Insurance Corporation / Swiss Re Management (US) Corporation		155,925		2,483		2,483		15,618	05/2019
	6/19/2019	3965 Airways Blvd.	Memphis	TN	—	Federal Express Corporation		521,286		7,013		7,059		-	-
	6/30/2019	3265 East Goldstone Dr.	Meridian	ID	—	VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)		77,484		1,105		1,466		8,428	08/2019
	7/15/2019	19019 North 59th Ave.	Glendale	AZ	—	Honeywell International Inc.		252,300		1,902		1,954		-	-
	7/31/2019	500 Jackson St.	Columbus	IN	—	Cummins Inc.		390,100		4,540		4,762		11,842	07/2019
	10/31/2019	10475 Crosspoint Blvd.	Indianapolis	IN	—	John Wiley & Sons, Inc.		123,416		2,268		2,319		-	-
		9601 Renner Blvd.	Lenexa	KS	—	VoiceStream PCS II Corporation (T-Mobile USA, Inc.)		77,484		1,142		1,492		8,631	12/2019
2020	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	—	Canon Solutions America, Inc. (Oce - USA Holding, Inc.)		143,290		2,244		2,500		19,088	02/2020
	5/31/2020	2401 Cherahala Blvd.	Knoxville	TN	—	AdvancePCS, Inc. / CaremarkPCS, L.L.C.		59,748		773		771		-	-
	6/30/2020	3711 San Gabriel	Mission	TX	—	VoiceStream PCS II Corporation / T-Mobile West Corporation		75,016		989		973		-	-
	7/31/2020	13775 McLearen Rd.	Herndon	VA	12	Orange Business Services U.S., Inc. (Equant N.V.)		132,617		1,676		1,820		-	-
	8/31/2020	133 First Park Dr.	Oakland	ME	—	Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)		78,610		1,147		1,482		8,370	10/2020
	9/30/2020	9200 South Park Center Loop	Orlando	FL	—	Zenith Education Group, Inc. (ECMC Group, Inc.)		59,927		1,136		1,173		-	-
2021	1/31/2021	1701 Market St.	Philadelphia	PA	—	Morgan, Lewis & Bockius LLP		289,432		4,298		4,432		-	-
	3/31/2021	1701 Market St.	Philadelphia	PA	—	Car-Tel Communications, Inc.		1,220		61		61		-	-
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	New Jersey Natural Gas Company		157,511		3,774		3,774		11,924	01/2021
		2050 Roanoke Rd.	Westlake	TX	—	Charles Schwab & Co., Inc.		130,199		1,647		1,677		-	-
	11/30/2021	29 South Jefferson Rd.	Whippany	NJ	—	CAE SimuFlite, Inc. (CAE INC.)		123,734		2,327		2,571		12,704	11/2021
	12/31/2021	2800 Waterford Lake Dr.	Midlothian	VA	—	Alstom Power, Inc.		99,057		2,184		2,306		-	-
2022	5/30/2022	13651 McLearen Rd.	Herndon	VA	—	United States of America		159,644		3,246		3,437		-	-
	6/30/2022	8555 South River Pkwy.	Tempe	AZ	—	Versum Materials US, LLC		95,133		1,750		1,674		-	-
	7/31/2022	1440 E 15th St.	Tucson	AZ	—	CoxCom, LLC		28,591		561		561		-	-
	10/31/2022	4455 American Way	Baton Rouge	LA	—	New Cingular Wireless PCS, LLC		70,100		1,087		1,104		-	-
	12/31/2022	231 N. Martingale Rd.	Schaumburg	IL	—	CEC Educational Services, LLC (Career Education Corporation)		317,198		4,621		4,485		-	-
2023	2/28/2023	1315 West Century Dr.	Louisville	CO	—	Rogue Wave Software, Inc.		20,000		347		294		-	-
	3/31/2023	8900 Freeport Pkwy.	Irving	TX	—	Nissan Motor Acceptance Corporation (Nissan North America, Inc.)		225,049		3,425		3,713		-	-
	6/30/2023	420 Riverport Rd.	Kingsport	TN	—	Kingsport Power Company		42,770		128		310		-	-
	8/31/2023	400 Butler Farm Rd.	Hampton	VA	7	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) / Wisconsin Physicians Service Insurance Corp.		100,632		1,006		1,037		-	-
	12/14/2023	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox Corporation		202,000		6,642		7,070		37,846	12/2023

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2017

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 12/31/2017 ($000) (3)		Cash Rent as of 12/31/2017 ($000) (2)		12/31/2017 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
2024	2/14/2024	1362 Celebration Blvd.	Florence	SC	—	MED3000, Inc.		32,000		573		565		-	-
	5/31/2024	3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank, N.A.		169,083		1,950		1,877		-	-
		3480 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank, N.A.		169,218		2,026		1,878		-	-
	8/31/2024	10475 Crosspoint Blvd.	Indianapolis	IN	—	RGN-Indianapolis I, LLC (HQ Global Workplaces LLC)		14,236		302		302		-	-
	10/31/2024	1409 Centerpoint Blvd.	Knoxville	TN	—	Alstom Power, Inc.		84,404		1,255		1,199		-	-
	11/30/2024	6200 Northwest Pkwy.	San Antonio	TX	—	United HealthCare Services, Inc.		142,500		1,957		1,877		-	-
	12/31/2024	12000 & 12025 Tech Center Dr.	Livonia	MI	19	Kelsey-Hayes Company (ZF Friedrichshafen AG)		180,230		1,691		1,638		-	-
2025	1/31/2025	1401 Nolan Ryan Expy.	Arlington	TX	—	Triumph Aerostructures, LLC (Triumph Group, Inc.)		111,409		1,637		1,742		-	-
	2/28/2025	6555 Sierra Dr.	Irving	TX	—	TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)		247,254		2,804		3,076		-	-
		1401 Nolan Ryan Expy.	Arlington	TX	—	Cyient, Inc. (Infotech Enterprise Limited)		13,590		203		210		-	-
	3/14/2025	601 & 701 Experian Pkwy.	Allen	TX	—	Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)		292,700		2,966		3,073		-	-
	5/31/2025	1701 Market St.	Philadelphia	PA	—	TruMark Financial Credit Union		2,641		247		247		-	-
	6/30/2025	2500 Patrick Henry Pkwy.	McDonough	GA	—	Georgia Power Company		111,911		1,422		1,358		-	-
	9/30/2025	10001 Richmond Ave.	Houston	TX	—	Schlumberger Holdings Corp.		554,385		6,038		5,465		-	-
	11/30/2025	11707 Miracle Hills Dr.	Omaha	NE	—	Wipro Data Center and Cloud Services, Inc. (Infocrossing, Inc.)		85,200		1,167		1,166		-	-
	12/31/2025	4001 International Pkwy.	Carrollton	TX	—	Motel 6 Operating, LP		138,443		2,226		2,194		-	-
2026	3/31/2026	500 Olde Worthington Rd.	Westerville	OH	—	InVentiv Communications, Inc.		97,000		1,109		1,147		-	-
	4/30/2026	800 East Canal St.	Richmond	VA	—	Richmond Belly Ventures, LLC (David Duke, Lauren Duke, Terrence Kee, Cara Kee and John Bokel)		2,568		77		77		-	-
	11/30/2026	500 Kinetic Dr.	Huntington	WV	—	AMZN WVCS LLC (Amazon.com, Inc.)		68,693		1,268		1,113		-	-
	12/29/2026	5500 New Albany Rd.	Columbus	OH	—	Evans, Mechwart, Hambleton & Tilton, Inc.		104,807		1,737		1,678		-	-
2027	1/31/2027	1701 Market St.	Philadelphia	PA	—	Drybar Holdings LLC		1,975		138		103		-	-
	2/28/2027	800 East Canal St.	Richmond	VA	—	Pacific Summit Energy LLC (Sumitomo Corporation of Americas)		8,503		93		93		-	-
	4/30/2027	1315 West Century Dr.	Louisville	CO	—	Global Healthcare Exchange, Inc. (GHX Ultimate Parent Corporation)		86,877		1,289		1,221		-	-
	6/30/2027	3902 Gene Field Rd.	St. Joseph	MO	—	Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)		98,849		1,993		1,880		-	-
	7/6/2027	2221 Schrock Rd.	Columbus	OH	—	MS Consultants, Inc.		42,290		640		612		-	-
	8/7/2027	25 Lakeview Dr.	Jessup	PA	—	TMG Health, Inc.		150,000		2,501		2,084		-	-
	10/31/2027	11201 Renner Blvd.	Lenexa	KS	—	United States of America		169,585		4,883		4,424		33,212	11/2027
	11/30/2027	1700 Millrace Dr.	Eugene	OR	10	Oregon Research Institute / Educational Policy Improvement Center		80,011		2,093		1,784		-	-
2028	4/30/2028	9655 Maroon Cir.	Englewood	CO	—	TriZetto Corporation		166,912		3,844		3,655		-	-
2029	1/31/2029	6226 West Sahara Ave.	Las Vegas	NV	—	Nevada Power Company		282,000		4,253		3,089		-	-
	3/31/2029	2800 High Meadow Cir.	Auburn Hills	MI	—	Faurecia USA Holdings, Inc.		278,000		3,547		3,220		-	-
	12/31/2029	333 Mt. Hope Ave.	Rockaway	NJ	—	Atlantic Health System, Inc.		92,326		1,219		1,316		-	-
2030	8/31/2030	800 East Canal St.	Richmond	VA	—	McGuireWoods LLP		224,537		7,184		6,702		57,500	02/2031
	9/30/2030	800 East Canal St.	Richmond	VA	—	CCA Industries, Inc. (The Riverstone Group, LLC),		25,707		693		657		-	-
2031	1/10/2031	810 Gears Rd.	Houston	TX	—	United States of America		68,985		1,499		1,425		-	-
	3/1/2031	800 East Canal St.	Richmond	VA	—	Towne Bank		26,047		755		655		-	-
2032	4/30/2032	1210 AvidXchange Ln.	Charlotte	NC	—	AvidXchange, Inc.		201,450		4,017		3,484		45,400	12/2022 & 01/2033
	10/31/2032	143 Diamond Ave.	Parachute	CO	—	Encana Oil and Gas (USA) Inc. / Caerus Piceance LLC (Alenco Inc.)		49,024		1,284		1,094		-	-
	12/31/2032	3030 North 3rd St.	Phoenix	AZ	—	CopperPoint Mutual Insurance Company		252,400		5,056		4,261		-	-
2033	3/31/2033	9201 East Dry Creek Rd.	Centennial	CO	—	Arrow Electronics, Inc.		128,500		2,451		2,144		-	-
	11/30/2033	1331 Capitol Ave.	Omaha	NE	—	The Gavilon Group, LLC		127,810		3,311		2,945		-	-
2036	10/31/2036	270 Abner Jackson Pkwy.	Lake Jackson	TX	—	The Dow Chemical Company		664,100		14,619		12,170		192,451	10/2036
2088	8/8/2088	800 East Canal St.	Richmond	VA	—	The City of Richmond, Virginia		-		411		411		-	-
N/A	N/A	1701 Market St.	Philadelphia	PA	—	Parking Operations		-		2,596		2,596		-	-

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2017

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 12/31/2017 ($000) (3)		Cash Rent as of 12/31/2017 ($000) (2)		12/31/2017 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
N/A	Vacancy	800 East Canal St.	Richmond	VA	5, 11	(Available for Lease)		42,947		204		204		-	-
		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						99.2% Leased		10,881,264	$	179,939	$	174,869	$	495,842

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2017

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 12/31/2017 ($000) (3)		Cash Rent as of 12/31/2017 ($000) (2)		12/31/2017 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2018	9/30/2018	50 Tyger River Dr.	Duncan	SC	—	Plastic Omnium Auto Exteriors, LLC		221,833		1,025		1,025		-	-
	12/31/2018	1133 Poplar Creek Rd.	Henderson	NC	—	Staples, Inc.		196,946		865		886		-	-
		2935 Van Vactor Dr.	Plymouth	IN	—	Bay Valley Foods, LLC		300,500		841		841		-	-
		749 Southrock Dr.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company and Jacobson Transportation Company, Inc.)		150,000		471		533		-	-
2019	10/17/2019	10345 Philipp Pkwy.	Streetsboro	OH	—	L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)		649,250		2,611		2,817		16,931	09/2019
	12/31/2019	191 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		250,410		564		564		-	-
		200 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		400,522		903		903		-	-
		2415 US Hwy. 78 East	Moody	AL	—	Michelin North America, Inc.		595,346		1,408		1,422		-	-
		3686 South Central Ave.	Rockford	IL	—	Pierce Packaging Co.		93,000		312		312		-	-
2020	1/31/2020	101 Michelin Dr.	Laurens	SC	—	Michelin North America, Inc.		1,164,000		3,438		3,438		-	-
	5/31/2020	359 Gateway Dr.	Lavonia	GA	—	TI Group Automotive Systems, LLC (TI Automotive Ltd.)		133,221		952		1,200		7,010	12/2020
	6/30/2020	1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics, Inc. (Nessent Ltd. And Dist-Trans Co, LLC)		772,450		1,342		1,347		-	-
		3102 Queen Palm Dr.	Tampa	FL	—	Time Mailing Services LLC (Time Inc.)		229,605		1,234		1,325		-	-
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com, Inc.		107,400		414		443		-	-
	12/19/2020	1901 Ragu Dr.	Owensboro	KY	6	Unilever Supply Chain, Inc. (Unilever United States, Inc.)		443,380		1,493		1,288		-	-
	12/31/2020	2203 Sherrill Dr.	Statesville	NC	—	Geodis Logistics LLC (Geodis America, Inc.)		639,800		2,050		1,683		-	-
2021	3/31/2021	2455 Premier Row	Orlando	FL	—	Walgreen Co. / Walgreen Eastern Co.		205,016		786		508		-	-
	5/31/2021	291 Park Center Dr.	Winchester	VA	—	Kraft Heinz Foods Company		344,700		1,422		1,382		-	-
	9/30/2021	3820 Micro Dr.	Millington	TN	—	Ingram Micro L.P. (Ingram Micro Inc.)		701,819		1,812		1,874		-	-
	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)		150,945		1,747		2,027		-	-
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing Corporation		423,280		1,359		1,419		-	-
2022	3/31/2022	5417 Campus Dr.	Shreveport	LA	—	The Tire Rack, Inc.		257,849		1,342		1,371		-	-
2023	2/28/2023	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated)		268,104		906		880		-	-
	12/31/2023	120 Southeast Pkwy. Dr.	Franklin	TN	—	Essex Group, Inc. (United Technologies Corporation)		289,330		736		736		-	-
		1601 Pratt Ave.	Marshall	MI	—	Autocam Corporation (NN Inc.)		58,707		310		310		-	-
2024	1/31/2024	1285 W. State Road 32	Lebanon	IN	—	Continental Tire the Americas, LLC		741,880		1,996		1,039		-	-
	3/31/2024	1520 Lauderdale Memorial Hwy.	Cleveland	TN	—	General Electric Company		851,370		1,636		1,649		-	-
	4/30/2024	113 Wells St.	North Berwick	ME	—	United Technologies Corporation		993,685		1,798		1,962		1,992	04/2019
	5/31/2024	901 East Bingen Point Way	Bingen	WA	—	The Boeing Company		124,539		2,636		2,576		-	-
	9/30/2024	1621 Veterans Memorial Pkwy. E	Lafayette	IN	—	Caterpillar Inc.		309,400		291		288		-	-
	10/31/2024	43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive Operations USA I, LLC / Tower Automotive Products Inc. (Tower Automotive, Inc.)		311,612		1,531		1,459		-	-
2025	6/30/2025	10000 Business Blvd.	Dry Ridge	KY	—	Dana Light Axle Products, LLC (Dana Holding Corporation and Dana Limited)		336,350		1,346		1,346		-	-
		301 Bill Bryan Rd.	Hopkinsville	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		424,904		1,687		1,687		-	-
		4010 Airpark Dr.	Owensboro	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		211,598		1,208		1,208		-	-
		730 North Black Branch Rd.	Elizabethtown	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		167,770		537		537		-	-
		750 North Black Branch Rd.	Elizabethtown	KY	—	Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)		539,592		2,838		2,838		-	-
	7/14/2025	590 Ecology Ln.	Chester	SC	—	Boral Stone Products LLC (Boral Limited)		420,597		1,721		2,314		7,271	08/2025
	7/31/2025	7005 Cochran Rd.	Glenwillow	OH	—	Royal Appliance Mfg. Co.		458,000		2,061		2,101		-	-
	12/31/2025	1700 47th Ave North	Minneapolis	MN	—	Owens Corning Roofing and Asphalt, LLC		18,620		550		550		-	-
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		2,537		2,479		-	-
	3/31/2026	633 Garrett Pkwy.	Lewisburg	TN	—	Calsonic Kansei North America, Inc.		310,000		1,293		1,200		-	-
	6/30/2026	351 Chamber Dr.	Chillicothe	OH	—	The Kitchen Collection, LLC		475,218		1,159		1,118		-	-
	9/30/2026	900 Industrial Blvd.	Crossville	TN	—	Dana Commercial Vehicle Products, LLC		222,200		578		578		-	-
		3931 Lakeview Corporate Dr.	Edwardsville	IL	—	AMAZON.COM.DEDC, LLC (Amazon.com, Inc.)		769,500		2,687		2,512		-	-
	10/31/2026	5001 Greenwood Rd.	Shreveport	LA	—	Libbey Glass Inc. (Libbey Inc.)		646,000		2,165		2,170		-	-
	11/30/2026	250 Rittenhouse Cir.	Bristol	PA	—	Northtec LLC (The Estée Lauder Companies Inc.)		241,977		1,146		1,136		-	-
		736 Addison Rd.	Erwin	NY	—	Corning Property Management Corporation		408,000		1,345		1,352		6,991	10/2018

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2017

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 12/31/2017 ($000) (3)		Cash Rent as of 12/31/2017 ($000) (2)		12/31/2017 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2027	1/31/2027	27200 West 157th St.	New Century	KS	—	Amazon.com.ksdc, LLC (Amazon.com, Inc.)		446,500		1,053		893		-	-
	2/28/2027	3456 Meyers Ave.	Memphis	TN	—	Sears, Roebuck and Co. / Sears Logistics Services		780,000		1,676		1,592		-	-
		554 Nissan Pkwy.	Canton	MS	—	Nissan North America, Inc.		1,466,000		6,200		5,860		-	-
	4/30/2027	16407 Applewhite Rd.	San Antonio	TX	18	International Heating, Air-Conditioning and Refrigeration Solutions Company		849,275		1,514		1,380		-	-
		200 Sam Griffin Rd.	Smyrna	TN	—	Nissan North America, Inc.		1,505,000		1,713		1,619		-	-
	6/30/2027	1501 Nolan Ryan Expy.	Arlington	TX	—	Arrow Electronics, Inc.		74,739		406		215		-	-
	9/30/2027	1550 Hwy 302	Byhalia	MS	—	McCormick & Company, Inc.		615,600		625		430		-	-
	10/31/2027	201 James Lawrence Rd.	Jackson	TN	—	Kellogg Sales Company (Kellogg Company)		1,062,055		1,030		958		-	-
	12/31/2027	10590 Hamilton Ave.	Cincinnati	OH	—	The Hillman Group, Inc.		264,598		813		781		-	-
2028	1/31/2028	490 Westridge Pkwy.	McDonough	GA	17	Georgia-Pacific Consumer Products LP (Georgia-Pacific LLC)		1,121,120		1,556		1,133		-	-
	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		5,135		4,770		43,334	03/2028
	8/31/2028	1420 Greenwood Rd.	McDonough	GA	—	United States Cold Storage, Inc.		296,972		2,170		2,117		-	-
	9/30/2028	904 Industrial Rd.	Marshall	MI	—	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)		246,508		675		841		-	-
2029	11/24/2029	318 Pappy Dunn Blvd.	Anniston	AL	—	International Automotive Components Group North America, Inc.		276,782		1,739		1,622		-	-
2030	3/31/2030	549 Wingo Rd.	Byhalia	MS	—	Asics America Corporation (Asics Corporation)		855,878		4,388		4,014		-	-
	5/31/2030	3301 Stagecoach Rd. NE	Thomson	GA	—	Hollander Sleep Products, LLC (Hollander Home Fashions Holdings)		208,000		929		856		-	-
2031	10/31/2031	1020 W. Airport Rd.	Romeoville	IL	—	ARYZTA LLC (ARYZTA AG)		188,166		3,552		3,313		-	-
	12/18/2031	80 Tyson Dr.	Winchester	VA	16	Undisclosed		400,400		70		61		-	-
2032	4/30/2032	13930 Pike Rd.	Missouri City	TX	—	Vulcan Construction Materials, LP (Vulcan Materials Company)		-		2,123		1,917		-	-
	8/24/2032	16950 Pine Dr.	Romulus	MI	16	Undisclosed		500,023		378		352		-	-
	10/31/2032	27255 SW 95th Ave.	Wilsonville	OR	—	Pacific Foods of Oregon, Inc. d/b/a Pacific Natural Foods		508,277		3,120		2,578		-	-
		26700 Bunert Road	Warren	MI	—	Lipari Foods Operating Company, LLC		260,243		572		505		-	-
2034	9/30/2034	5625 North Sloan Ln.	North Las Vegas	NV	—	Nicholas and Co., Inc.		180,235		2,557		2,238		-	-
	10/31/2034	1001 Innovation Rd.	Rantoul	IL	—	Bell Sports, Inc. (Vista Outdoor Inc.)		813,126		4,195		3,628		-	-
2035	3/31/2035	13863 Industrial Rd.	Houston	TX	—	Curtis Kelly, Inc. (Spitzer Industries, Inc.)		187,800		2,434		2,075		-	-
		7007 F.M. 362 Rd.	Brookshire	TX	—	Orizon Industries, Inc. (Spitzer Industries, Inc.)		262,095		1,910		1,628		-	-
	6/30/2035	111 West Oakview Pkwy.	Oak Creek	WI	—	Stella & Chewy's LLC		164,007		2,098		1,865		-	-
	8/31/2035	2800 Polar Way	Richland	WA	9	Preferred Freezer Services of Richland, LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)		456,412		13,133		11,081		110,000	01/2026
	10/22/2035	2860 Clark St.	Detroit	MI	16	Undisclosed		189,960		2,203		2,204		-	-
2036	5/31/2036	671 Washburn Switch Rd.	Shelby	NC	—	Clearwater Paper Corporation		673,425		2,734		2,390		-	-
	6/30/2036	100 Ryobi Drive	Anderson	SC	—	One World Technologies, Inc. (Techtronic Industries Co. Ltd.)		1,327,022		4,446		3,697		-	-
2037	3/31/2037	4005 E I-30	Grand Prairie	TX	—	O'Neal Metals (Texas), L.P. (O'Neal Industries, Inc.)		215,000		988		812		-	-
2038	3/31/2038	13901/14035 Industrial Rd.	Houston	TX	—	Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC)		132,449		6,773		5,694		-	-
2042	5/31/2042	4801 North Park Dr.	Opelika	AL	—	Golden State Foods Corp. (Golden State Enterprises, Inc.)		165,493		1,443		1,739		-	-
N/A	Vacancy	3350 Miac Cove Rd.	Memphis	TN	—	(Available for Lease)		32,679		-		-		-	-
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						99.9% Leased		35,396,894	$	151,440	$	141,491	$	193,529

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2017

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 12/31/2017 ($000) (3)		Cash Rent as of 12/31/2017 ($000) (2)		12/31/2017 Debt Balance ($000)		Debt Maturity
OTHER PROPERTIES
Retail
2018	2/26/2018	4831 Whipple Ave., NW	Canton	OH	13	Best Buy Co., Inc.		46,350		465		465		-	-
	9/30/2018	835 Julian Ave.	Thomasville	NC	—	Mighty Dollar, LLC		23,767		82		82		-	-
	12/31/2018	1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart Stores of Illinois LLC / Kmart Corporation		94,970		318		225		105	07/2018
		12080 Carmel Mountain Rd.	San Diego	CA	—	Sears, Roebuck and Co / Kmart Corporation		107,210		751		256		119	07/2018
		21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart Corporation		120,727		482		378		176	07/2018
		255 Northgate Dr.	Manteca	CA	—	Kmart Corporation		107,489		555		402		187	07/2018
		97 Seneca Trail	Fairlea	WV	—	Kmart Corporation		90,933		347		265		123	07/2018
2019	3/31/2019	B.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Associated Wholesale Grocers, Inc. / Safeway, Inc.		30,757		189		185		-	-
	6/30/2019	1600 East 23rd St.	Chattanooga	TN	—	BI-LO, LLC / K-VA-T Food Stores, Inc.		42,130		130		130		-	-
2023	2/28/2023	733 East Main St.	Jefferson	NC	—	Food Lion, LLC / Delhaize America, Inc.		34,555		156		160		-	-
	7/1/2023	1053 Mineral Springs Rd.	Paris	TN	—	The Kroger Co.		31,170		173		159		-	-
Specialty														-	-
2029	1/31/2029	175 Holt Garrison Pkwy.	Danville	VA	—	Home Depot USA, Inc.		-		216		260		-	-
2043	2/28/2043	1237 W. Sherman Ave.	Vineland	NJ	—	HealthSouth Rehabilitation Hospital of South Jersey, LLC (HealthSouth Corporation)		39,287		1,150		1,150		-	-
2048	12/31/2048	30 Light St.	Baltimore	MD	—	30 Charm City, LLC		-		299		299		-	-
2055	1/31/2055	499 Derbyshire Dr.	Venice	FL	—	Littlestone Brotherhood LLC (Ralph Little)		31,180		1,908		1,313		-	-
2112	8/31/2112	201-215 N. Charles St.	Baltimore	MD	—	201 NC Leasehold LLC		-		270		270		-	-
Multi-tenant (4)(8)(14)														-	-
	Various	11511 Luna Rd.	Farmers Branch	TX	4 (97%)	International Business Machines Corporation		181,072		1,104		1,059		-	-
	Various	1311 Broadfield Blvd.	Houston	TX	4 (35%), 11	Saipem America, Inc. (Saipem S.p.A.)		155,407		810		485		-	-
	Various	13430 North Black Canyon Fwy.	Phoenix	AZ	4 (92%)	Multi-Tenant		138,940		2,328		2,493		-	-
	Various	1460 Tobias Gadson Blvd.	Charleston	SC	4 (41%)	Vallen Distribution, Inc.		50,076		384		384		6,987	02/2021
	Various	2210 Enterprise Dr.	Florence	SC	4 (21%)	Caliber Funding, LLC		176,557		691		761		-	-
	Various	5104 North Franklin Rd.	Lawrence	IN	4 (0%)	Available for lease		35,786		-		-		-	-
	Various	6050 Dana Way	Antioch	TN	4 (97%)	Multi-Tenant		674,528		2,300		2,255		-	-
	Various	832 N. Westover Blvd .	Albany	GA	4 (0%), 11	Available for lease		45,554		200		403		-	-
	Various	King St./1042 Fort St. Mall	Honolulu	HI	4 (48%)	Multi-Tenant		77,459		696		696		-	-
OTHER TOTAL/WEIGHTED AVERAGE						81.8% Leased		2,335,904	$	16,004	$	14,535	$	7,697

TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE						98.9% Leased		48,614,062	$	347,383	$	330,895	$	697,068

Footnotes

Square footage leased or available.

Twelve months ended 12/31/2017 cash rent. See definitions of non-GAAP measures and reconciliations to applicable GAAP measures in this document.

Twelve months ended 12/31/2017 GAAP rent, excluding termination income.

Percent represents % leased as of 12/31/2017.

Part of Richmond, Virginia property, which is primarily leased to McGuireWoods LLP.

Lexington has a 71.1% interest in this property.

Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) lease for 100,632 square feet expires 12/31/2019; however, 71,073 square feet is then leased to Wisconsin Physicians Service Insurance Corp. through 8/31/2023.

Multi-tenant properties are properties less than 50% leased to a single tenant.

ConAgra Foods, Inc. provides credit support.

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.

Cash and GAAP rent amounts represent/include prior tenant.

21,365 square feet is leased to 7/31/2025.

Property classified as held for sale at 12/31/2017.

The multi-tenanted properties incurred approximately $3.9 million in operating expenses, net for the twelve months ended 12/31/2017.

Heidelberg Americas, Inc. lease expires 3/30/2021; however, new tenant (Goss International Americas, Inc.) lease expires 3/30/2026.

Tenant is a domestic subsidiary of an international automaker.

Square footage includes a 220,480 square foot expansion expected to be completed in 2018.

Lease restricts certain disclosures. Guarantor is investment grade.

Property sold subsequent to 12/31/2017.

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Non-consolidated Portfolio - 12/31/2017

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft.		LXP % Ownership			GAAP Rent as of 12/31/2017 ($000) (3)		Cash Rent as of 12/31/2017 ($000) (2)		12/31/2017 Debt Balance ($000)		Debt Maturity ⁽⁴⁾
NON-CONSOLIDATED PROPERTIES
2029	1/31/2029	18839 McKay Blvd.	Humble	TX	—	Triumph Rehabilitation Hospital of Northeast Houston, LLC (RehabCare Group, Inc.)		55,646		15	%		2,733		2,507		13,855	05/2019
2033	10/31/2033	607 & 611 Lumsden Professional Ct.	Brandon	FL	1	BluePearl Holdings, LLC		8,500		15	%		201		201		-	-
		4525 Ulmerton Rd.	Clearwater	FL	1	BluePearl Holdings, LLC		3,000		15	%		120		120		-	-
		455 Abernathy Rd.	Atlanta	GA	1	BluePearl Holdings, LLC		32,000		15	%		1,209		988		-	-
		820 Frontage Rd.	Northfield	IL	1	BluePearl Holdings, LLC		14,000		15	%		467		467		-	-
		4126 Packard Rd.	Ann Arbor	MI	1	BluePearl Holdings, LLC		3,500		15	%		55		55		-	-
		29080 Inkster Rd.	Southfield	MI	1	BluePearl Holdings, LLC		38,000		15	%		1,273		1,117		18,791	11/2018
2036	8/31/2036	2203 North Westgreen Blvd.	Katy	TX		British Schools of America, LLC		274,000		25	%		6,299		6,299		50,000	12/2022
N/A	Vacancy	100 Gander Way	Palm Beach Gardens	FL	5,6	(Available for Lease)		120,000		25	%		2,816		1,865		13,957	03/2018
NON-CONSOLIDATED TOTAL/WEIGHTED AVERAGE						78.1% Leased		548,646				$	15,173	$	13,619	$	96,603

Footnotes

All mortgage notes are cross-collateralized and cross-defaulted.

Twelve months ended 12/31/2017 cash rent.

Twelve months ended 12/31/2017 GAAP rent, excluding termination income.

Interest rates range from 3.7% to 5.1% at 12/31/2017.

Cash and GAAP rent amounts represent/include prior tenant. Tenant declared bankruptcy and rejected the lease.

Loan is in default.

LEXINGTON REALTY TRUST

Select Credit Metrics Summary ⁽¹⁾

	12/31/2017

Adjusted Company FFO Payout Ratio		72.4	%

Unencumbered Assets		$3.5 billion

Unencumbered NOI		72.4	%

(Debt + Preferred) / Gross Assets		45.1	%

Debt/Gross Assets		43.0	%

Secured Debt / Gross Assets		14.4	%

Net Debt / Adjusted EBITDA		6.4	x

(Net Debt + Preferred) / Adjusted EBITDA		6.7	x

Credit Facilities Availability ⁽²⁾		$345.0 million

Unsecured Debt / Unencumbered NOI		6.0	x

Footnotes

(1)

See reconciliations of non-GAAP measures in this document. Lexington believes these credit metrics provide investors with additional information to evaluate its liquidity and performance.

(2)

Subject to covenant compliance.

LEXINGTON REALTY TRUST

FINANCIAL COVENANTS ⁽¹⁾

Corporate Level Debt

	Must be:	12/31/2017
Bank Loans:

Maximum Leverage	< 60%	46.9%
Fixed Charge Coverage	> 1.5x	2.8x
Recourse Secured Indebtedness Ratio	< 10% cap value	0.0%
Secured Indebtedness Ratio	< 45%	16.6%
Unsecured Debt Service Coverage	> 2.0x	6.2x
Unencumbered Leverage	< 60%	37.6%

Bonds:

Debt to Total Assets	< 60%	43.8%
Secured Debt to Total Assets	< 40%	14.6%
Debt Service Coverage	> 1.5x	4.1x
Unencumbered Assets to Unsecured Debt	> 150%	265.8%

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

12/31/2017

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)	Current Estimated Annual Debt Service ($000)^(c)		Balloon Payment ($000)
OFFICE
Overland Park, KS		$	32,828		5.891	%	05/2019	$	2,657	$	31,812
Kansas City, MO			15,618		5.883	%	05/2019		1,268		15,179
Columbus, IN			11,842		2.210	%	07/2019		4,757		4,993
Meridian, ID			8,428		6.010	%	08/2019		753		7,675
Lenexa, KS			8,631		6.270	%	12/2019		774		7,770
Boca Raton, FL			19,088		6.470	%	02/2020		1,542		18,414
Oakland, ME			8,370		5.930	%	10/2020		750		7,660
Wall, NJ			11,924		6.250	%	01/2021		3,774		-
Whippany, NJ			12,704		6.298	%	11/2021		1,344		10,400
Charlotte, NC	(b)		8,000		5.000	%	12/2022		406		8,000
Palo Alto, CA			37,846		3.970	%	12/2023		7,059		-
Lenexa, KS			33,212		3.700	%	11/2027		2,740		10,000
Richmond, VA			57,500		5.191	%	02/2031		3,026		53,176
Charlotte, NC			37,400		5.298	%	01/2033		2,009		34,699
Lake Jackson, TX			192,451		4.040	%	10/2036		12,165		11,305
		$	495,842		4.701	%	11.6	$	45,024	$	221,083
INDUSTRIAL
Erwin, NY		$	6,991		5.910	%	10/2018	$	567	$	6,637
North Berwick, ME			1,992		3.560	%	04/2019		1,532		-
Streetsboro, OH			16,931		5.749	%	09/2019		1,344		16,338
Lavonia, GA			7,010		5.460	%	12/2020		741		5,895
Chester, SC			7,271		5.380	%	08/2025		1,144		362
Richland, WA			110,000		4.000	%	01/2026		4,400		99,492
Long Island City, NY			43,334		3.500	%	03/2028		4,793		-
		$	193,529		4.210	%	7.4	$	14,521	$	128,724
OTHER
Manteca, CA		$	187		7.750	%	07/2018	$	201	$	-
Watertown, NY			176		7.750	%	07/2018		189		-
Fairlea, WV			123		7.750	%	07/2018		133		-
San Diego, CA			119		7.750	%	07/2018		128		-
Galesburg, IL			105		7.750	%	07/2018		113		-
Charleston, SC			6,987		5.850	%	02/2021		520		6,632
		$	7,697		6.025	%	2.8	$	1,284	$	6,632

Subtotal/Wtg. Avg./Years Remaining ⁽ⁱ⁾		$	697,068		4.580	%	10.4	$	60,829	$	356,439

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2017

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity ^(a)	Current Estimated Annual Debt Service ($000)^(c)		Balloon Payment ($000)
Corporate ^(f)
Revolving Credit Facility	(j)	$	160,000		2.552	%	08/2019	$	4,140	$	160,000
Term Loan	(g)		300,000		2.235	%	08/2020		6,798		300,000
Term Loan	(h)		300,000		2.512	%	01/2021		7,641		300,000
Senior Notes			250,000		4.250	%	06/2023		10,625		250,000
Senior Notes			250,000		4.400	%	06/2024		11,000		250,000
Trust Preferred Notes	(d)		129,120		3.078	%	04/2037		4,030		129,120
Subtotal/Wtg. Avg./Years Remaining ⁽ⁱ⁾		$	1,389,120		3.162	%	5.3	$	44,234	$	1,389,120
Total/Wtg. Avg./Years Remaining ⁽ⁱ⁾	(e)	$	2,086,188		3.636	%	7.0	$	105,063	$	1,745,559

Footnotes

(a)

Subtotal and total based on weighted-average term to maturity shown in years based on debt balance.

(b)

Amount may be increased to $12.0 million upon certain events.

(c)

Remaining payments for debt with less than 12 months to maturity, all others are debt service for next 12 months.

(d)

Rate is three month LIBOR plus 170 bps.

(e)

See reconciliations of non-GAAP measures in this document.

(f)

Unsecured.

(g)

Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.09% through February 2018 via interest rate swap agreements on $250.0 million of borrowings.

(h)

Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.42% through January 2019 via interest rate swap agreements on $255.0 million of borrowings.

(i)

Total shown may differ from detailed amounts due to rounding.

(j)

Rate ranges from LIBOR plus 0.85% to 1.55%.

LEXINGTON REALTY TRUST

Debt Maturity Schedule

12/31/2017

($000)

Consolidated Properties
Year	Mortgage Scheduled Amortization		Mortgage Balloon Payments		Corporate Debt
2018	$	29,303	$	6,637	$	-
2019		26,681		83,767		160,000
2020		23,178		31,969		300,000
2021		23,433		17,032		300,000
2022		22,120		8,000		-
	$	124,715	$	147,405	$	760,000

Footnotes

(1)

Percentage denotes weighted-average interest rate.

LEXINGTON REALTY TRUST

Selected Balance Sheet Account Data

12/31/2017

($000)

Balance Sheet

Other assets	$	20,749

The components of other assets are:

Deposits	$	228
Equipment		540
Prepaids		1,198
Other receivables		801
Deferred lease incentives		16,794
Interest rate swap derivative asset		1,065
Other		123

Accounts payable and other liabilities

The components of accounts payable and other liabilities are:	$	38,644

Accounts payable and accrued expenses	$	15,278
CIP accruals and other		8,961
Taxes		420
Deferred lease costs		10,529
Deposits		1,116
Escrows		649
Transaction / build-to-suit costs		1,691

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 Press Release, in this Quarterly Supplemental Information and in other public disclosures.

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable Generally Accepted Accounting Principles (“GAAP”) measures, reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund 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, non-recurring charges and adjustments for pro-rata share of non-wholly owned entities. Lexington’s calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Lexington believes that net income is the most directly comparable GAAP measure to Adjusted EBITDA.

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.

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) 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 that of other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

Same-Store NOI: Same-Store NOI represents the NOI for consolidated properties that were owned and included in our portfolio for two comparable reporting periods excluding properties encumbered by mortgage loans in default and the revenue associated with the expansion of properties, as applicable. 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)

	Twelve months ended December 31, 2017

Cash Rent Reconciliation:

Rental revenue as reported	$	359,832

Rental revenue from sold properties		(9,207	)
Lease termination income		(3,242	)

GAAP rent per supplement		347,383

GAAP rent adjustments: ⁽¹⁾
Straight-line adjustments		(19,738	)
Lease incentives		1,844
Amortization of above/below market leases		1,406

Cash rent per supplement	$	330,895

Consolidated debt reconciliation December 31, 2017:

	GAAP Balance		Deferred Loan Costs, net		Discounts		Gross Balance

Mortgages and notes payable ⁽²⁾	$	689,810	$	7,258	$	-	$	697,068
Revolving credit facility borrowings ⁽³⁾		160,000		-		-		160,000
Term loans payable ⁽³⁾		596,663		3,337		-		600,000
Senior notes payable⁽³⁾		495,198		3,295		1,507		500,000
Trust preferred securities ⁽³⁾		127,196		1,924		-		129,120
Consolidated debt	$	2,068,867	$	15,814	$	1,507	$	2,086,188

Footnotes

(1)

Individual items are adjusted for sold properties, which were previously reflected in the reconciliation.

(2)

Secured.

(3)

Unsecured.

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Same-Store NOI Reconciliation:

	Twelve months ended December 31,
	2017			2016			2015

Net Income	$	86,629		$	96,450		$	114,891

Interest and amortization expense		77,883			88,032			89,792
Provision for income taxes		1,917			1,439			572
Depreciation and amortization		173,968			166,048			163,198
General and administrative		34,158			31,104			29,277
Litigation settlement		2,050			-			-
Transaction costs		2,171			836			2,404
Non-operating income		(10,378	)		(13,043	)		(11,429	)
Gains on sales of properties		(63,428	)		(81,510	)		(24,884	)
Impairment charges and loan losses		44,996			100,236			36,832
Debt satisfaction (gains) charges, net		(6,196	)		975			(25,150	)
Equity in (earnings) losses of non-consolidated entities		848			(7,590	)		(1,752	)
Lease termination income		(3,242	)		(17,363	)		(4,241	)
Straight-line adjustments		(19,784	)		(37,748	)		(47,702	)
Lease incentives		1,969			1,673			1,544
Amortization of above/below market leases		1,544			2,057			261

Net Operating Income - ("NOI")		325,105			331,596			323,613

Less NOI:
Acquisitions and dispositions		(86,284	)		(92,177	)		(88,613	)

Same-Store NOI	$	238,821		$	239,419		$	235,000

NOI for NAV:

	Twelve months ended
	December 31, 2017

NOI per above	$	325,105
Less NOI:
Disposed of properties		(6,260	)
Assets held for sale		(459	)
Assets acquired in 2017 ⁽¹⁾		(16,246	)
Assets less than 70% leased / Other		(374	)
NOI for NAV	$	301,766

Footnotes

(1)

Excludes Lake Jackson, TX.

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Reconciliation to Adjusted EBITDA:

	Year-end December 31, 2017

Net income attributable to
Lexington Realty Trust shareholders	$	85,583
Interest and amortization expense		77,883
Provision for income taxes		1,917
Depreciation and amortization		173,968
Straight-line adjustments		(19,784	)
Lease incentives		1,969
Amortization of above/below market leases		1,544
Gains on sales of properties		(63,428	)
Impairment charges and loan loss		44,996
Debt satisfaction (gains) charges, net		(6,196	)
Litigation settlement		2,050
Unearned contingent acquisition consideration		(3,922	)
Non-cash charges, net		8,318

Pro-rata share adjustments:
Non-consolidated entities adjustment		3,484
Noncontrolling interests adjustment		172

Adjusted EBITDA	$	308,554

LEXINGTON REALTY TRUST

RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)

($000)

Reconciliation of Select Credit Metrics:

Adjusted Company FFO Payout:	Twelve months ended December 31, 2017			(Debt + Preferred) / Gross Assets:	Twelve months ended December 31, 2017
Common share dividends per share	$	0.7025		Consolidated debt	$	2,068,867
Adjusted Company FFO per diluted share		0.97		Preferred shares liquidation preference		96,770
Adjusted Company FFO payout ratio		72.4	%	Debt and preferred	$	2,165,637

Unencumbered Assets:				Total assets	$	3,553,020
Real estate, at cost	$	4,535,550		Plus depreciation and amortization:
held for sale real estate, at cost		2,827		Real estate		1,225,650
less encumbered real estate, at cost		(1,037,266	)	Deferred lease costs		27,521
Unencumbered assets	$	3,501,111
				Gross assets	$	4,806,191
Unencumbered NOI:
NOI	$	325,105		(Debt + Preferred) / Gross Assets		45.1	%
Disposed of properties NOI		(6,260	)
Adjusted NOI		318,845		Debt / Gross Assets:
less encumbered adjusted NOI		(87,983	)	Consolidated debt	$	2,068,867
Unencumbered adjusted NOI	$	230,862
Unencumbered NOI %		72.4	%	Gross assets	$	4,806,191

Net Debt / Adjusted EBITDA:				Debt / Gross assets		43.0	%
Adjusted EBITDA	$	308,554
				Secured Debt / Gross Assets:
Consolidated debt	$	2,068,867		Mortgages and notes payable	$	689,810
less cash and cash equivalents		(107,762	)
Net debt	$	1,961,105		Gross assets	$	4,806,191

Net debt / Adjusted EBITDA		6.4	x	Secured Debt / Gross Assets		14.4	%

(Net Debt + Preferred) / Adjusted EBITDA:				Unsecured Debt / Unencumbered NOI:
Adjusted EBITDA	$	308,554		Consolidated debt	$	2,068,867
				less mortgages and notes payable		(689,810	)
Net debt	$	1,961,105		Unsecured Debt	$	1,379,057
Preferred shares liquidation preference		96,770
Net debt + preferred	$	2,057,875		Unencumbered adjusted NOI	$	230,862

(Net Debt + Preferred) / Adjusted EBITDA		6.7	x	Unsecured Debt / Unencumbered NOI		6.0	x

Investor Information

Transfer Agent

Computershare	Overnight Correspondence:
PO Box 505000	462 South 4^th Street, Suite 1600
Louisville, KY 40233	Louisville, KY 40202
(800) 850-3948
www-us.computershare.com/investor

Investor Relations

Heather Gentry
Senior Vice President, Investor Relations
Telephone (direct)	(212) 692-7219
Facsimile (main)	(212) 594-6600
E-mail	hgentry@lxp.com

Research Coverage

Bank of America/Merrill Lynch		Jeffries & Company, Inc.
James Feldman	(646) 855-5808	Jon Peterson	(212) 284-1705

Barclays Capital		KeyBanc Capital Markets Inc.
Ross L. Smotrich	(212) 526-2306	Craig Mailman	(917) 368-2316

D.A. Davidson		Ladenburg Thalmann & Co., Inc.
Barry Oxford	(212) 240-9871	John Massocca	(212) 409-2543

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

LEXINGTON REALTY TRUST

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