8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant

to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 23, 2016

LEXINGTON REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland	1-12386	13-3717318
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Penn Plaza, Suite 4015, New York, New York 10119-4015

(Address of principal executive offices) (Zip Code)

(212) 692-7200

(Registrant's telephone number, including area code)

 (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On February 23, 2016, we issued a press release announcing our financial results for the quarter ended December 31, 2015. A copy of the press release is furnished herewith as part of Exhibit 99.1.

The information furnished pursuant to this “Item 2.02 - Results of Operations and Financial Condition”, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or Securities Act of 1933, as amended, which we refer to as the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On February 23, 2016, we made available supplemental information, which we refer to as the Quarterly Earnings and Supplemental Operating and Financial Data, December 31, 2015, a copy of which is furnished herewith as Exhibit 99.1.

Also on February 23, 2016, our management discussed our financial results and certain aspects of our business plan on a conference call with analysts and investors. A transcript of the conference call is furnished herewith as Exhibit 99.2.

On February 24, 2016, we made available a presentation entitled “Lexington Realty Trust, Investor Presentation, February 2016” on the “Investor Relations” section of our web site (www.LXP.com). A copy of the presentation is furnished as Exhibit 99.3 to this Current Report and is incorporated herein by reference solely for purposes of this Item 7.01 disclosure.

The information furnished pursuant to this “Item 7.01 - Regulation FD Disclosure”, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by us under the Exchange Act or the Securities Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in such a filing. Information contained on our web site is not incorporated by reference into this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1	Quarterly Earnings and Supplemental Operating and Financial Data, December 31, 2015.
99.2	February 23, 2016 Conference Call Transcript.
99.3	Lexington Realty Trust, Investor Presentation, February 2016

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Lexington Realty Trust
Date: February 24, 2016	By:	/s/ Patrick Carroll
		Patrick Carroll
		Chief Financial Officer

Exhibit Index

99.1	Quarterly Earnings and Supplemental Operating and Financial Data, December 31, 2015.
99.2	February 23, 2016 Conference Call Transcript.
99.3	Lexington Realty Trust, Investor Presentation, February 2016

EX-99.1

Exhibit 99.1 

Quarterly Earnings and

Supplemental Operating and Financial Data

December 31, 2015

LEXINGTON REALTY TRUST

SUPPLEMENTAL REPORTING PACKAGE

December 31, 2015

Table of Contents

Section	Page
Fourth Quarter 2015 Earnings Press Release	3
Portfolio Data
2015 Fourth Quarter Investment/Capital Recycling Summary	13
Build-To-Suit Projects/Forward Commitments	14
2015 Fourth Quarter Financing Summary	15
2015 Fourth Quarter Leasing Summary	16
Other Revenue Data	17
Portfolio Detail By Asset Class	19
Portfolio Composition	20
Components of Net Asset Value	21
Top Markets	22
Single-Tenant Office Markets	23
Tenant Industry Diversification	24
Top 10 Tenants or Guarantors	25
Lease Rollover Schedules – GAAP Basis	26
Property Leases and Vacancies – Consolidated Portfolio	28
Select Credit Metrics Summary	36
Financial Covenants	37
Mortgages and Notes Payable	38
Debt Maturity Schedule	41
Mortgage Loans Receivable	42
Partnership Interests	43
Selected Balance Sheet and Income Statement Account Data	44
Investor Information	45

This Quarterly Earnings Release and Supplemental Reporting Package contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the control of Lexington Realty Trust “Lexington”, which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization of Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimate of Company FFO for the year ending December 31, 2016, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any new legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

LEXINGTON REALTY TRUST

TRADED: NYSE: LXP

ONE PENN PLAZA, SUITE 4015

NEW YORK, NY 10119-4015

FOR IMMEDIATE RELEASE

LEXINGTON REALTY TRUST REPORTS FOURTH QUARTER 2015 RESULTS

New York, NY - Tuesday, February 23, 2016 - 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 ended December 31, 2015.

Fourth Quarter 2015 Highlights

• Generated Company Funds From Operations (“Company FFO”) of $69.6 million, or $0.29 per diluted common share.

• Acquired/completed two build-to-suit properties for an aggregate initial basis of $253.5 million.

• Invested $45.4 million in on-going build-to-suit projects and commenced funding an office build-to-suit project for $62.4 million.

• Completed 0.9 million square feet of new leases and lease extensions with overall portfolio 96.8% leased at quarter end.

• Obtained $110.0 million 10-year non-recourse financing, which bears interest at a 4.0% fixed interest rate and is secured by the Richland, Washington property.

• Repurchased 0.9 million common shares at an average price of $8.12 per share.

Full Year 2015 Highlights

• Generated Company FFO of $268.0 million, or $1.10 per diluted common share.

• Acquired/completed nine properties for an aggregate initial basis of $483.0 million.

• Disposed of nine properties for gross proceeds of $265.2 million.

• Completed 4.0 million square feet of new leases and lease extensions.

• Refinanced $616 million of debt, extended weighted-average maturity to 7.2 years and lowered average borrowing cost by 50 bps to 4.01%.

• Repurchased over 2.2 million common shares at an average price of $8.29 per share.

Subsequent Events

• Acquired one industrial property for $29.7 million.

• Renewed 0.7 million square feet of leases.

• Closed on $57.5 million, 15-year, 5.2% fixed rate mortgage on newly-constructed Gateway Plaza property in Richmond, Virginia.

• Repurchased approximately 1.0 million common shares at an average price of $7.48 per share.

3

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated “We finished off 2015 on a strong note with good execution in all aspects of our business.  During the quarter we closed on two substantial build-to-suit transactions for $253 million and subsequently obtained favorable financing on both, bringing our total acquisitions for the year to $483 million at an average cap rate of 7.4%. At year end, our overall portfolio was 96.8% leased as leasing volume remained strong at nearly one million square feet during the fourth quarter of 2015. We continue to believe our own shares represent an uncommon value and continued to execute on our share repurchase plan in the fourth quarter and into 2016.”

Mr. Eglin added, “In 2015, we executed a highly successful capital recycling program and disposed of $265 million of properties at an average cap rate of 6.3%. We expect our disposition volume in 2016 will be even more robust as we look to monetize our New York City land investments and certain other properties. The proceeds will be used primarily to fund new build-to-suit projects, retire short-term debt, and repurchase common shares. We have made good progress on leasing as we begin 2016, extending 700,000 square feet of leases to date.  Elevated leasing velocity and investment volume have produced high levels of occupancy, balanced lease expirations and a longer weighted-average lease term with more secure cash flow. As a result, we expect underlying cash flows to remain strong in 2016. ”

FINANCIAL RESULTS

Revenues

For the quarter ended December 31, 2015, total gross revenues were $106.6 million, a 1.1% decrease compared with total gross revenues of $107.8 million for the quarter ended December 31, 2014. The decrease is primarily due to 2015 property sales and lease expirations, partially offset by revenue generated from property acquisitions and new leases signed.

Company FFO

For the quarter ended December 31, 2015, Lexington generated Company FFO of $69.6 million, or $0.29 per diluted share, compared to Company FFO for the quarter ended December 31, 2014 of $66.3 million, or $0.27 per diluted share. The calculation of Company FFO and a reconciliation to net income attributable to common shareholders is included later in this press release.

Dividends/Distributions

Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended December 31, 2015 of $0.17 per common share/unit, which was paid on January 15, 2016 to common shareholders/unitholders of record as of December 31, 2015. Lexington also declared a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”), which is payable on May 16, 2016 to Series C Preferred Shareholders of record as of April 29, 2016.

Net Income Attributable to Common Shareholders

For the quarter ended December 31, 2015, net income attributable to common shareholders was $33.2 million, or $0.14 per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2014 of $35.7 million, or $0.15 per diluted share.

4

OPERATING ACTIVITIES

During the quarter ended December 31, 2015, Lexington completed the following build-to-suit projects:

COMPLETED BUILD-TO-SUIT PROJECTS

Primary Tenant	Location	Property Type	Initial Basis ($000)		Initial Annualized Cash Rent ($000)		Initial Cash Yield			Estimated GAAP Yield			Lease Term (Yrs)
Preferred Freezer Services of Richland LLC(1)	Richland, WA	Industrial	$	152,000	$	10,792		7.1	%		8.6	%	20
McGuireWoods LLP(2)	Richmond, VA	Office		101,489		8,701		8.2	%		9.0	%	15
			$	253,489	$	19,493		7.6	%		8.8	%

1. ConAgra Foods, Inc. provides credit support. Guarantors are Preferred Freezer Services LLC and Preferred Freezer Services Operating LLC.

2. Property is 100% leased. McGuireWoods LLP is primary tenant with 68% of the space. Initial basis does not include $8.1 million for estimated earnout lease payments for developer leased space. Initial yields include $4.0 million of earnout lease payments earned but not yet paid as of December 31, 2015.

Lexington funded $45.4 million of the projected costs of the following projects:

ON-GOING BUILD-TO-SUIT PROJECTS

Location	Sq. Ft.		Property Type	Lease Term (Years)		Maximum Commitment/ Estimated Completion Cost ($000)		GAAP Investment Balance as of 12/31/2015 ($000)		Estimated Acquisition/ Completion Date	Estimated Initial Cash Yield			Estimated GAAP Yield
Anderson, SC		1,325,000	Industrial		20	$	70,012	$	23,826	2Q 16		5.9	%		7.3	%
Lake Jackson, TX		664,000	Office		20		166,164		62,353	4Q 16		7.3	%		8.9	%
Charlotte, NC		201,000	Office		15		62,445		9,223	1Q 17		8.3	%		9.5	%
Houston, TX(1)		274,000	Retail/Specialty		20		86,491		38,367	3Q 16		7.5	%		7.5	%
		2,464,000				$	385,112	$	133,769

1. Lexington has a 25% interest as of December 31, 2015. Lexington is providing construction financing up to $56.7 million to the joint venture of which $8.5 million has been funded as of December 31, 2015. Lease contains annual CPI increases.

In addition, Lexington was committed to acquire, and subsequently acquired in January 2016, the following property:

FORWARD COMMITMENT

Location	Property Type	Estimated Acquisition Cost ($000)		Acquisition Date	Estimated Initial Cash Yield			Estimated GAAP Yield			Lease Term (Years)
Detroit, MI	Industrial	$	29,680	1Q 16		7.4	%		7.4	%	20

PROPERTY DISPOSITIONS

Tenant	Location	Property Type	Gross Disposition Price ($000)		Annualized NOI ($000)		Month of Disposition
Vacant(1)	Rochester, NY	Office	$	17,234	$	—	December

1. Conveyed in foreclosure.

5

LEASING

As of December 31, 2015, Lexington's portfolio was 96.8% leased, excluding a property subject to a mortgage in default.

During the fourth quarter of 2015, Lexington executed the following new and extended leases:

	LEASE EXTENSIONS
	Location		Primary Tenant(1)	Prior Term	Lease Expiration Date	Sq. Ft.
	Office/Multi-Tenant
1-3	Various	HI	N/A	2015	2016-2018		886
3	Total office lease extensions						886
	Industrial
1	Rockford	IL	Jacobson Warehouse Company, Inc.	12/2015	12/2018		150,000
2	Olive Branch	MS	MAHLE Aftermarket Inc.	02/2016	02/2023		268,104
2	Total industrial lease extensions						418,104
5	Total lease extensions						418,990

	NEW LEASES
	Location			Lease Expiration Date	Sq. Ft.
	Office/Multi-Tenant
1	Westlake	TX	Charles Schwab & Co., Inc.	06/2021		130,199
2	Florence	SC	United States of America	01/2016		12,851
3	Farmers Branch	TX	International Business Machines Corporation	04/2021		66,018
4	Honolulu	HI	N/A	12/2017		379
4	Total new office leases					209,447
	Industrial
1	McDonough	GA	United States Cold Storage, Inc.	08/2028		296,972
1	Total new industrial leases					296,972
5	Total new leases					506,419
10	TOTAL NEW AND EXTENDED LEASES					925,409

(1) Leases greater than 10,000 square feet.

BALANCE SHEET/CAPITAL MARKETS

In December 2015, Lexington financed its industrial property in Richland, Washington with a $110.0 million non-recourse secured mortgage. The loan bears interest at a fixed rate of 4.0% and matures in 2026.

During 2015, Lexington announced a 10.0 million common share repurchase authorization. In the fourth quarter of 2015, Lexington repurchased 910,499 common shares at an average price of $8.12 per share, bringing the total common shares repurchased in 2015 to 2,216,799 common shares at an average price of $8.29 per share.

In 2016, Lexington acquired an additional 951,792 common shares at an average price of $7.48 per share. To date, we have repurchased a total of 3.2 million shares at an average share price of $8.05 per share

6

2016 EARNINGS GUIDANCE

Lexington is estimating that its Company FFO guidance for the year ended December 31, 2016 would be within the range of $1.00 to $1.10 per diluted share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

FOURTH QUARTER 2015 CONFERENCE CALL

Lexington will host a conference call today, Tuesday, February 23, 2016, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2015. Interested parties may participate in this conference call by dialing 877-407-0789 or 201-689-8562. A replay of the call will be available through March 8, 2016, at 877-870-5176 or 858-384-5517, pin: 13629156. A live webcast of the conference call will be available at www.lxp.com within the Investors section.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land. Lexington seeks to expand its portfolio through acquisitions, sale-leaseback transactions, build-to-suit arrangements and other transactions. A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears all or substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington common shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.

Contact:

Investor or Media Inquiries 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 estimate of Company FFO, as adjusted, for the year ending December 31, 2016, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.

References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held through special purpose entities, which are separate and distinct legal entities, some of which are consolidated for financial statement purposes and/or disregarded for income tax purposes.

7

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,
	2015			2014			2015			2014
Gross revenues:
Rental	$	98,934		$	99,610		$	399,485		$	392,480
Tenant reimbursements		7,692			8,173			31,354			31,338
Total gross revenues		106,626			107,783			430,839			423,818
Expense applicable to revenues:
Depreciation and amortization		(41,403	)		(40,105	)		(163,198	)		(154,837	)
Property operating		(14,055	)		(17,039	)		(59,655	)		(63,673	)
General and administrative		(6,750	)		(7,221	)		(29,276	)		(28,255	)
Non-operating income		3,216			4,136			11,429			14,505
Interest and amortization expense		(21,466	)		(23,847	)		(89,739	)		(97,303	)
Gains on sales of financial assets, net		—			855			—			855
Debt satisfaction gains (charges), net		11,397			(1,505	)		25,150			(9,452	)
Impairment charges and loan loss		(2,762	)		(18,469	)		(36,832	)		(37,333	)
Gains on sales of properties		—			—			23,307			—
Income before provision for income taxes, equity in earnings of non-consolidated entities and discontinued operations		34,803			4,588			112,025			48,325
Provision for income taxes		(104	)		(162	)		(568	)		(1,109	)
Equity in earnings of non-consolidated entities		814			380			1,752			626
Income from continuing operations		35,513			4,806			113,209			47,842
Discontinued operations:
Income from discontinued operations		—			651			109			6,252
Provision for income taxes		—			(8	)		(4	)		(59	)
Debt satisfaction charges, net		—			(14	)		—			(312	)
Gains on sales of properties		—			35,455			1,577			57,507
Impairment charges		—			(2,705	)		—			(13,767	)
Total discontinued operations		—			33,379			1,682			49,621
Net income		35,513			38,185			114,891			97,463
Less net income attributable to noncontrolling interests		(663	)		(822	)		(3,188	)		(4,359	)
Net income attributable to Lexington Realty Trust shareholders		34,850			37,363			111,703			93,104
Dividends attributable to preferred shares – Series C		(1,572	)		(1,572	)		(6,290	)		(6,290	)
Allocation to participating securities		(49	)		(91	)		(313	)		(490	)
Net income attributable to common shareholders	$	33,229		$	35,700		$	105,100		$	86,324
Income per common share – basic:
Income from continuing operations	$	0.14		$	0.01		$	0.44		$	0.17
Income from discontinued operations		—			0.14			0.01			0.21
Net income attributable to common shareholders	$	0.14		$	0.15		$	0.45		$	0.38
Weighted-average common shares outstanding – basic		233,448,100			230,830,905			233,455,056			228,966,253
Income per common share – diluted:
Income from continuing operations	$	0.14		$	0.01		$	0.44		$	0.17
Income from discontinued operations		—			0.14			0.01			0.21
Net income attributable to common shareholders	$	0.14		$	0.15		$	0.45		$	0.38
Weighted-average common shares outstanding – diluted		239,411,055			231,239,828			233,751,775			229,436,708
Amounts attributable to common shareholders:
Income from continuing operations	$	33,229		$	2,322		$	103,418		$	37,652
Income from discontinued operations		—			33,378			1,682			48,672
Net income attributable to common shareholders	$	33,229		$	35,700		$	105,100		$	86,324

8

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31,

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

	2015			2014
Assets:
Real estate, at cost	$	3,789,711		$	3,671,560
Real estate - intangible assets		692,778			705,566
Investments in real estate under construction		95,402			106,238
		4,577,891			4,483,364
Less: accumulated depreciation and amortization		1,179,969			1,196,114
Real estate, net		3,397,922			3,287,250
Assets held for sale		24,425			3,379
Cash and cash equivalents		93,249			191,077
Restricted cash		10,637			17,379
Investment in and advances to non-consolidated entities		31,054			19,402
Deferred expenses, net		63,832			65,860
Loans receivable, net		95,871			105,635
Rent receivable – current		7,193			6,311
Rent receivable – deferred		87,547			61,372
Other assets		18,505			20,229
Total assets	$	3,830,235		$	3,777,894
Liabilities and Equity:
Liabilities:
Mortgages and notes payable	$	882,952		$	945,216
Credit facility borrowings		177,000			—
Term loans payable		505,000			505,000
Senior notes payable		497,947			497,675
Convertible notes payable		12,180			15,664
Trust preferred securities		129,120			129,120
Dividends payable		45,440			42,864
Liabilities held for sale		8,405			2,843
Accounts payable and other liabilities		41,479			37,740
Accrued interest payable		8,851			8,301
Deferred revenue - including below market leases, net		42,524			68,215
Prepaid rent		16,806			16,336
Total liabilities		2,367,704			2,268,974
Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding		94,016			94,016
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 234,575,225 and 233,278,037 shares issued and outstanding in 2015 and 2014, respectively		23			23
Additional paid-in-capital		2,776,837			2,763,374
Accumulated distributions in excess of net income (loss)		(1,428,908	)		(1,372,051	)
Accumulated other comprehensive income (loss)		(1,939	)		404
Total shareholders’ equity		1,440,029			1,485,766
Noncontrolling interests		22,502			23,154
Total equity		1,462,531			1,508,920
Total liabilities and equity	$	3,830,235		$	3,777,894

9

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,
	2015		2014		2015		2014
EARNINGS PER SHARE:
Basic:
Income from continuing operations attributable to common shareholders	$	33,229	$	2,322	$	103,418	$	37,652
Income from discontinued operations attributable to common shareholders		—		33,378		1,682		48,672
Net income attributable to common shareholders	$	33,229	$	35,700	$	105,100	$	86,324
Weighted-average number of common shares outstanding		233,448,100		230,830,905		233,455,056		228,966,253
Income per common share:
Income from continuing operations	$	0.14	$	0.01	$	0.44	$	0.17
Income from discontinued operations		—		0.14		0.01		0.21
Net income attributable to common shareholders	$	0.14	$	0.15	$	0.45	$	0.38
Diluted:
Income from continuing operations attributable to common shareholders - basic	$	33,229	$	2,322	$	103,418	$	37,652
Impact of assumed conversions		711		—		—		—
Income from continuing operations attributable to common shareholders		33,940		2,322		103,418		37,652
Income from discontinued operations attributable to common shareholders - basic		—		33,378		1,682		48,672
Impact of assumed conversions		—		—		—		—
Income from discontinued operations attributable to common shareholders		—		33,378		1,682		48,672
Net income attributable to common shareholders	$	33,940	$	35,700	$	105,100	$	86,324
Weighted-average common shares outstanding - basic		233,448,100		230,830,905		233,455,056		228,966,253
Effect of dilutive securities:
Share options		220,125		408,923		296,719		470,455
Operating Partnership Units		3,834,962		—		—		—
6.00% Convertible Guaranteed Notes		1,907,868		—		—		—
Weighted-average common shares outstanding		239,411,055		231,239,828		233,751,775		229,436,708
Income per common share:
Income from continuing operations	$	0.14	$	0.01	$	0.44	$	0.17
Income from discontinued operations		—		0.14		0.01		0.21
Net income attributable to common shareholders	$	0.14	$	0.15	$	0.45	$	0.38

10

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES

COMPANY FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION

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

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2015			2014			2015			2014
FUNDS FROM OPERATIONS: (1)
Basic and Diluted:
Net income attributable to common shareholders	$	33,229		$	35,700		$	105,100		$	86,324
Adjustments:
Depreciation and amortization		39,708			39,546			157,644			157,537
Impairment charges - real estate, including non-consolidated entities		2,762			18,673			36,832			49,529
Noncontrolling interests - OP units		457			434			1,999			2,990
Amortization of leasing commissions		1,695			1,426			5,554			5,932
Joint venture and noncontrolling interest adjustment		453			335			1,788			2,068
Gains on sales of properties, including non-consolidated entities		(487	)		(36,374	)		(25,371	)		(58,426	)
FFO available to common shareholders and unitholders - basic		77,817			59,740			283,546			245,954
Preferred dividends		1,572			1,572			6,290			6,290
Interest and amortization on 6.00% Convertible Notes		253			472			1,048			2,090
Amount allocated to participating securities		49			91			313			490
FFO available to common shareholders and unitholders - diluted		79,691			61,875			291,197			254,824
Debt satisfaction (gains) charges, net, including non-consolidated entities		(11,397	)		1,519			(25,086	)		9,764
Impairment loss - loan receivable		—			2,500			—			2,500
Transaction costs/Other		1,285			368			1,864			1,882
Company FFO available to common shareholders and unitholders - diluted		69,579			66,262			267,975			268,970
FUNDS AVAILABLE FOR DISTRIBUTION: (2)
Adjustments:
Straight-line rents		(12,460	)		(16,170	)		(47,702	)		(47,227	)
Lease incentives		387			386			1,544			1,490
Amortization of below/above market leases		418			233			261			1,136
Lease termination payments, net		2,420			(1,227	)		3,086			1,571
Non-cash interest, net		(638	)		1,294			(118	)		(2,892	)
Non-cash charges, net		2,213			2,141			8,821			8,704
Tenant improvements		(7,242	)		(5,435	)		(20,426	)		(11,395	)
Lease costs		(2,439	)		(2,070	)		(6,681	)		(10,484	)
Company Funds Available for Distribution	$	52,238		$	45,414		$	206,760		$	209,873
Per Common Share and Unit Amounts
Basic:
FFO	$	0.33		$	0.25		$	1.19		$	1.06
Diluted:
FFO	$	0.33		$	0.25		$	1.19		$	1.05
Company FFO	$	0.29		$	0.27		$	1.10		$	1.11
Company FAD	$	0.21		$	0.19		$	0.85		$	0.87
Weighted-Average Common Shares:
Basic(3)		237,283,062			234,688,921			237,303,490			232,838,280
Diluted		244,121,625			243,398,807			244,355,734			241,967,017

11

¹ Lexington believes that Funds from Operations (“FFO”), which is not a measure under generally accepted accounting principles (“GAAP”), is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

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

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

² Company Funds Available for Distribution ("FAD") is calculated by making adjustments to Company FFO for (1) straight-line rent revenue, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) 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 REITs, Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

³ Includes OP units other than OP units held by us.

# # #

12

LEXINGTON REALTY TRUST

2015 Fourth Quarter Investment / Capital Recycling Summary

PROPERTY INVESTMENTS

	Primary Tenant (Guarantor)	Location		Property Type	Initial Basis ($000)		Initial Annualized Cash Rent ($000)		Initial Cash Yield			Initial GAAP Yield			Month Closed	Primary Lease Expiration
1	Preferred Freezer Services of Richland LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC) (1)	Richland	WA	Industrial	$	152,000	$	10,792		7.1	%		8.6	%	November	08/2035
2	McGuireWoods LLP (2)	Richmond	VA	Office		101,489		8,701		8.2	%		9.0	%	December	08/2030
2	TOTAL PROPERTY INVESTMENT				$	253,489	$	19,493		7.6	%		8.8	%

CAPITAL RECYCLING

PROPERTY DISPOSITIONS

Tenant

Location

Property Type

Gross Disposition Price ($000)

Annualized NOI ($000)

Month of Disposition

% Leased

Gross Disposition Price PSF

1

Vacant (3)

Rochester

NY

Office

$

17,234

$

-

December

0

%

$

76.26

	Footnotes
(1)	ConAgra Foods Inc. provides credit support.
(2)	Property is 100% leased. McGuireWoods LLP is primary tenant with 68% of the space. Initial basis does not include $8.1 million for estimated earnout lease payments for developer leased space. Initial yields include $4.0 million of earnout lease payments earned but not yet paid as of 12/31/2015.
(3)	Property conveyed through foreclosure.

13

LEXINGTON REALTY TRUST

BUILD-TO-SUIT PROJECTS / FORWARD PURCHASE COMMITMENTS

12/31/2015

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

	Location		Sq. Ft		Asset Type	Lease Term (Years)	Maximum Commitment/ Estimated Completion Cost ($000)		Investment balance as of 12/31/15 ($000)		Estimated Cash Investment Next 12 Months ($000)								Estimated Completion/ Acquisition Date	Estimated Initial Cash Yield			Estimated GAAP Yield
											Q1 2016		Q2 2016		Q3 2016		Q4 2016
1	Anderson	SC		1,325,000	Industrial	20	$	70,012	$	23,826	$	21,088	$	24,536	$	-	$	-	2Q16		5.9	%		7.3	%
2	Lake Jackson	TX		664,000	Office	20		166,164		62,353		300		33,818		50,577		16,859	4Q 16		7.3	%		8.9	%
3	Charlotte	NC		201,000	Office	15		62,445		9,223		8,425		11,130		11,130		11,130	1Q 17		8.3	%		9.5	%
3	TOTAL CONSOLIDATED BUILD-TO-SUIT PROJECTS (2)						$	298,621	$	95,402	$	29,813	$	69,484	$	61,707	$	27,989
1	Houston (3)	TX		274,000	Retail/Specialty	20	$	86,491	$	38,367	$	15,269	$	15,269	$	15,269	$	-	3Q 16		7.5	%		7.5	%
1	TOTAL NON-CONSOLIDATED BUILD-TO-SUIT PROJECTS						$	86,491	$	38,367	$	15,269	$	15,269	$	15,269	$	-
4	TOTAL BUILD-TO-SUIT PROJECTS						$	385,112	$	133,769	$	45,082	$	84,753	$	76,976	$	27,989

FORWARD PURCHASE COMMITMENTS (1)

Tenant

Location

Property Type

Sq. Ft.

Estimated Acquisition Cost ($000)

Estimated Completion/ Acquisition Date

Estimated Initial Cash Yield

Estimated GAAP Yield

Lease Term

1

FCA US LLC (F/K/A Chrysler Group LLC) (4)

Detroit, MI

Industrial

189,960

$

29,680

1Q 16

7.4

%

7.4

%

20 yrs

1

TOTAL FORWARD PURCHASE COMMITMENTS

BUILD-TO-SUIT NOI (5)
	2011		2012		2013		2014		2015
Net operating income ($000)	$	1,156	$	5,268	$	11,920	$	21,438	$	27,462

Footnotes

(1) Lexington can give no assurance that any of the build-to-suit projects or other potential investments that are under commitment or contract or in process will be completed.

(2) Investment balance in accordance with GAAP included in investment in real estate under construction. Aggregate equity invested is $98.2 million.

(3) Lexington has a 25% interest as of December 31, 2015. Lexington is providing construction financing up to $56.7 million to the joint venture, of which $8.5 million has been funded as of December 31, 2015. Estimated cash investments for the next 12 months are Lexington's estimated loan amounts. Lease contains annual CPI increases.

(4) Lexington funded a $2.5 million deposit. Property acquired January 2016.

(5) Net operating income generated from completed build-to-suit projects funded by Lexington beginning in 2010.

14

LEXINGTON REALTY TRUST

2015 Fourth Quarter Financing Summary

DEBT RETIRED
Location	Tenant (Guarantor)	Property Type	Face / Satisfaction ($000)		Fixed Rate			Maturity Date
Consolidated Mortgage Debt:
Rochester, NY (1)	Vacant	Office	$	17,234		6.21	%	08/2016

PROPERTY LEVEL FINANCING

Location	Tenant (Guarantor)	Property Type		Face ($000)	Fixed Rate		Maturity Date
Richland, WA	Preferred Freezer Services of Richland LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)	Industrial	$	110,000	4.00	%	01/2026

Footnotes

(1) Property conveyed through foreclosure.

15

LEXINGTON REALTY TRUST

2015 Fourth Quarter Leasing Summary

LEASE EXTENSIONS

	Tenant (Guarantor)	Location		Prior Term	Lease Expiration Date	Sq. Ft.		New Cash Rent Per Annum ($000)(1)		Prior Cash Rent Per Annum ($000)		New GAAP Rent Per Annum ($000)(1)		Prior GAAP Rent Per Annum ($000)
	Office / Multi-Tenant
1-3	Various	Honolulu	HI	2015	2016-2018		886	$	10	$	10	$	10	$	10
3	Total office lease extensions						886	$	10	$	10	$	10	$	10
	Industrial
1	MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated)	Olive Branch	MS	02/2016	02/2023		268,104	$	871	$	954	$	906	$	905
2	Jacobson Warehouse Company, Inc.	Rockford	IL	12/2015	12/2018		150,000		525		476		471		488
2	Total industrial lease extensions						418,104	$	1,396	$	1,430	$	1,377	$	1,393
5	TOTAL EXTENDED LEASES						418,990	$	1,406	$	1,440	$	1,387	$	1,403

NEW LEASES

	Tenant	Location		Lease Expiration  Date	Sq. Ft.		New Cash Rent Per Annum ($000)(1)		New GAAP Rent Per Annum ($000)(1)
	Office / Multi-Tenant Office
1	Charles Schwab & Co, Inc.	Westlake	TX	06/2021		130,199	$	2,018	$	3,476
2	United States of America (2)	Florence	SC	01/2016		12,851		257		257
3	International Business Machines Corporation	Farmers Branch	TX	04/2021		66,018		988		1,056
4	Valdeshia Kelly and Corinthian Kelly	Honolulu	HI	12/2017		379		8		8
4	Total office new leases					209,447	$	3,271	$	4,797
	Industrial
1	United States Cold Storage, Inc.	McDonough	GA	08/2028		296,972	$	2,109	$	2,251
1	Total industrial new lease					296,972	$	2,109	$	2,251
5	TOTAL NEW LEASES					506,419	$	5,380	$	7,048
10	TOTAL NEW AND EXTENDED LEASES					925,409	$	6,786	$	8,435

Footnotes

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

(2) Tenant lease has expired, and tenant has vacated.

16

LEXINGTON REALTY TRUST

Other Revenue Data

12/31/2015

($000)

Other Revenue Data

	GAAP  Rent
Asset Class	Twelve months ended
		12/31/15 (1)	12/31/15 Percentage		12/31/14 Percentage
Office	$	192,863	50.1	%	51.4	%
Industrial		107,263	27.9	%	23.0	%
Land / Infrastructure		61,534	16.0	%	14.3	%
Multi-tenant		11,450	3.0	%	8.7	%
Retail/Specialty		11,879	3.0	%	2.6	%
	$	384,989	100.0	%	100.0	%

	GAAP  Rent
Credit Ratings  (2)	Twelve months ended
		12/31/15 (1)	12/31/15 Percentage		12/31/14 Percentage
Investment Grade	$	132,787	34.5	%	36.6	%
Non-Investment Grade		57,419	14.9	%	12.4	%
Unrated		194,783	50.6	%	51.0	%
	$	384,989	100.0	%	100.0	%

Weighted-Average Lease Term - Cash Basis	As of 12/31/15	As of 12/31/14
	12.6  years	12.1 years

Weighted-Average Lease Term - Cash Basis - Adjusted (3)	As of 12/31/15	As of 12/31/14
	9.1 years	8.6 years

Rent Estimates for Current Assets                  

Year	Cash  (4)		GAAP  (4)		Projected Straight-line / GAAP Rent Adjustment
2016	$	355,680	$	401,712	$	(46,032	)
2017	$	331,210	$	372,673	$	(41,463	)

Footnotes

(1) Twelve months ended 12/31/2015 GAAP rent recognized for consolidated properties owned as of 12/31/2015.

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

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

(4) Amounts assume (1) lease terms for non-cancellable periods only, (2) no new or renegotiated leases are entered into after 12/31/2015, and (3) no properties are sold or acquired after 12/31/2015.

17

LEXINGTON REALTY TRUST

Other Revenue Data (Continued)

12/31/2015

($000)

Same-Store NOI (1)(2)            

	Twelve months ended December 31,
	2015			2014
Total Base Rent	$	302,827		$	303,495
Tenant Reimbursements		28,637			28,109
Property Operating Expenses		(47,578	)		(47,416	)
Same-Store NOI	$	283,886		$	284,188
Change in Same-Store NOI		(0.1	)%

Same-Store Percent Leased (2)

As of 12/31/15			As of 12/31/14
	97.6	%		98.0	%

Lease Escalation Data (3)

Footnotes

(1)	NOI is on a consolidated cash basis for all consolidated properties except properties acquired/expanded and sold in 2015 and 2014and excludes lease termination payments.
(2)	Adjusted for potential foreclosure on the Bridgewater, NJ property.
(3)	Based on twelve months consolidated cash base rents for single-tenant leases.  Excludes parking operations and $7.8 million in step-down leases.

18

LEXINGTON REALTY TRUST

Portfolio Detail By Asset Class

12/31/2015

( $000, except square footage)

Asset Class	YE 2012			YE 2013			YE 2014			YE 2015
Office
% of ABR (1)		64.3	%		61.3	%		51.4	%		50.1	%
LTL (5)		22.4	%		26.8	%		31.8	%		23.4	%
STL (6)		77.6	%		73.2	%		68.2	%		76.6	%
Leased		98.6	%		99.0	%		98.6	%		99.6	%
Wtd. Avg. Lease Term (2)		6.6			7.2			7.4			7.2
Mortgage Debt	$	1,078,345		$	692,460		$	426,635		$	329,696
% Investment Grade (1)		62.1	%		57.2	%		53.7	%		48.7	%
Square Feet		15,726,609			15,316,875			13,264,134			12,847,877
Cash Base Rent	$	198,183		$	214,774		$	192,865		$	183,249
Industrial
% of ABR (1)		22.9	%		23.2	%		23.0	%		27.9	%
LTL (5)		33.7	%		35.2	%		42.8	%		43.1	%
STL (6)		66.3	%		64.8	%		57.2	%		56.9	%
Leased		99.6	%		99.8	%		99.7	%		99.6	%
Wtd. Avg. Lease Term (2)		7.5			7.2			7.9			9.5
Mortgage Debt	$	221,055		$	206,209		$	177,951		$	292,293
% Investment Grade (1)		23.1	%		34.1	%		29.3	%		30.3	%
Square Feet		21,317,359			21,473,994			22,612,691			25,561,136
Cash Base Rent	$	70,600		$	84,039		$	89,991		$	105,032
Land/Infrastructure
% of ABR (1)		0.5	%		4.9	%		14.3	%		16.0	%
LTL (5)		100.0	%		100.0	%		100.0	%		100.0	%
STL (6)		0.0	%		0.0	%		0.0	%		0.0	%
Leased		100.0	%		100.0	%		100.0	%		100.0	%
Wtd. Avg. Lease Term (2)		19.1			72.7			73.1			70.3
Wtd. Avg. Lease Term Adjusted (3)		19.1			23.7			22.8			22.8
Mortgage Debt	$	-		$	213,500		$	213,475		$	242,494
% Investment Grade (1)		0.0	%		0.2	%		0.4	%		0.4	%
Cash Base Rent	$	1,219		$	9,259		$	22,717		$	25,651
Multi-Tenant
% of ABR (1)		9.0	%		7.9	%		8.7	%		3.0	%
Leased		67.4	%		66.4	%		53.9	%		44.1	%
Wtd. Avg. Lease Term (2)		7.1			7.0			6.9			3.4
Mortgage Debt	$	102,582		$	71,754		$	116,763		$	14,118
% Investment Grade (1)		33.2	%		34.5	%		19.3	%		36.9	%
Square Feet		2,396,631			2,259,189			2,414,889			2,301,864
Cash Base Rent	$	25,169		$	27,941		$	34,458		$	11,425
Retail/Specialty
% of ABR (1)		3.3	%		2.7	%		2.6	%		3.0	%
LTL (5)		15.3	%		21.0	%		28.1	%		34.7	%
STL (6)		84.7	%		79.0	%		71.9	%		65.3	%
Leased		99.3	%		98.5	%		94.3	%		97.9	%
Wtd. Avg. Lease Term (2)		8.0			7.2			9.1			8.4
Mortgage Debt	$	13,979		$	13,566		$	13,170		$	12,724
% Investment Grade (1)		22.0	%		18.7	%		22.4	%		16.4	%
Square Feet		1,755,608			1,489,267			1,447,724			1,395,517
Cash Base Rent	$	8,186		$	7,947		$	8,948		$	9,557
Loans Receivable	$	72,540		$	99,443		$	105,635		$	95,871
Construction in progress (4)	$	71,634		$	78,656		$	121,184		$	103,954

Footnotes

(1) Percentage of GAAP rent.

(2) Cash basis.

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

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

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

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

19

LEXINGTON REALTY TRUST

Portfolio Composition

12/31/2015

 As a Percent of Gross Book Value ⁽¹⁾

 

Portfolio Composition ⁽²⁾

 

Footnotes

(1) Based on gross book value of assets as of 12/31/2015.

(2) Based on twelve months GAAP rent as of 12/31/2015.

20

LEXINGTON REALTY TRUST

Components of Net Asset Value

12/31/2015

($000)

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

Consolidated properties twelve month cash net operating income (NOI) (1)
Office	$	178,659
Industrial		116,682
Land/ Infrastructure		25,949
Multi-Tenant		3,072
Retail/Specialty		7,640
Total Net Operating Income	$	332,002
Lexington's share of non-consolidated twelve month NOI (1)
Land/Infrastructure	$	244
Office		2,218
Retail/Specialty		1,213
	$	3,675
Other income
Advisory fees	$	547

In service assets not fairly valued by capitalized NOI method (1)
Wholly-owned assets	$	82,156
Add other assets:
Assets held for sale	$	24,425
Loans receivable		95,871
Development investment at cost incurred		119,924
Cash and cash equivalents		93,249
Restricted cash		10,637
Accounts receivable, net		7,193
Other assets		18,505
Total other assets	$	369,804
Liabilities:
Corporate level debt	$	1,321,247
Mortgages and notes payable		882,952
Liabilities held for sale		8,405
Dividends payable		45,440
Accounts payable, accrued expenses and other liabilities		67,136
Preferred stock, at liquidation value		96,770
Lexington's share of non-consolidated mortgages		8,591
Total deductions	$	2,430,541
Common shares & OP units at 12/31/2015		238,395,417

Footnotes

(1) Twelve months ended December 31, 2015 Cash NOI for the existing property portfolio excludes straight-line income, other GAAP adjustments, minority interests' share of NOI and NOI related to assets undervalued by a capitalized NOI method. Assets undervalued by a capitalized NOI method are identified generally by occupancies under 70%. For assets in this category an NOI capitalization approach is not appropriate and accordingly the company's net book value has been used. NOI has been adjusted for acquisitions, divestitures, and changes in occupancy during the period, as applicable.

21

LEXINGTON REALTY TRUST

Top Markets

12/31/2015

	Core Based Statistical Area (2)	Percent of GAAP Rent as of 12/31/15  (1)
1	New York-Northern New Jersey-Long Island, NY-NJ-PA		16.5	%
2	Dallas-Fort Worth-Arlington, TX		6.7	%
3	Houston-Sugar Land-Baytown, TX		6.4	%
4	Memphis, TN-MS-AR		4.4	%
5	Kansas City, MO-KS		3.8	%
6	Phoenix-Mesa-Scottsdale, AZ		3.8	%
7	Denver-Aurora, CO		2.3	%
8	Detroit-Warren-Livonia, MI		2.2	%
9	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		2.2	%
10	Boston-Cambridge-Quincy, MA-NH		2.1	%
11	Columbus, OH		2.0	%
12	Indianapolis-Carmel, IN		1.9	%
13	Charlotte-Gastonia-Rock Hill, NC-SC		1.8	%
14	Las Vegas-Paradise, NV		1.8	%
15	San Jose-Sunnyvale-Santa Clara, CA		1.7	%
16	Chicago-Naperville-Joliet, IL-IN-WI		1.6	%
17	Atlanta-Sandy Springs-Marietta, GA		1.5	%
18	Orlando-Kissimmee, FL		1.4	%
19	Cincinnati-Middletown, OH-KY-IN		1.4	%
20	Washington-Arlington-Alexandria, DC-VA-MD-WV		1.3	%
	Total Top Markets (3)		66.8	%

Footnotes

(1) Twelve months ended 12/31/2015 GAAP rent recognized for consolidated properties owned as of 12/31/2015.

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

(3) Total shown may differ from detailed amounts due to rounding.

22

LEXINGTON REALTY TRUST

Single-Tenant Office Markets

12/31/2015

Footnotes

(1) Twelve months ended 12/31/2015 GAAP rent recognized for consolidated office properties owned as of 12/31/2015.

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

23

LEXINGTON REALTY TRUST

Tenant Industry Diversification

12/31/2015

Footnotes

(1) Twelve months ended 12/31/2015 GAAP rent recognized for consolidated properties owned as of 12/31/2015.

24

LEXINGTON REALTY TRUST

Top 10 Tenants or Guarantors

12/31/2015

Top 10 Tenants or Guarantors - Cash Basis

Tenants or Guarantors	Number of Leases	Sq. Ft. Leased		Sq. Ft. Leased as a Percent of Consolidated Portfolio (2)			Cash Rent as of 12/31/2015 ($000) (1)		Percent of Cash Rent as of 12/31/2015 ($000) (1) (2)
FedEx Corporation / Federal Express Corporation	3		787,829		1.9	%	$	12,569		3.8	%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)	7		2,053,359		4.9	%		10,221		3.1	%
United States of America	4		411,065		1.0	%		7,997		2.4	%
Nissan North America, Inc.	2		1,691,049		4.0	%		7,895		2.4	%
Swiss Re America Holding Corporation / Westport Insurance Corporation	2		476,123		1.1	%		7,512		2.2	%
Xerox Corporation	1		202,000		0.5	%		7,070		2.1	%
Michelin North America, Inc.	3		2,503,916		5.9	%		7,039		2.1	%
T-Mobile USA, Inc. / T-Mobile West Corporation	5		386,078		0.9	%		6,920		2.1	%
SM Ascott  LLC	1		-		0.0	%		5,771		1.7	%
Industrial Terminals Management, LLC (Maritime Holdings (Delaware) LLC)	1		132,449		0.3	%		5,473		1.6	%
	29		8,643,868		20.4	%	$	78,467		23.4	%

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 12/31/2015 ($000) (3)		Percent of GAAP Rent as of 12/31/2015 ($000) (3) (2)
SM Ascott  LLC	1		-		0.0	%	$	17,373		4.5	%
FC-Canal Ground Tenant LLC	1		-		0.0	%		14,890		3.9	%
AL-Stone Ground Tenant LLC	1		-		0.0	%		13,590		3.5	%
FedEx Corporation / Federal Express Corporation	3		787,829		1.9	%		12,897		3.3	%
Metalsa Structural Products, Inc. / Dana Structural Products, LLC (Dana Holding Corporation and Dana Limited)	7		2,053,359		4.9	%		9,941		2.6	%
United States of America	4		411,065		1.0	%		9,559		2.5	%
Nissan North America, Inc.	2		1,691,049		4.0	%		8,092		2.1	%
Swiss Re America Holding Corporation / Westport Insurance Corporation	2		476,123		1.1	%		7,544		2.0	%
Michelin North America, Inc.	3		2,503,916		5.9	%		7,081		1.8	%
Industrial Terminals Management, LLC (Maritime Holdings (Delaware) LLC)	1		132,449		0.3	%		6,773		1.8	%
	25		8,055,790		19.1	%	$	107,740		28.0	%

Footnotes

(1) Twelve months ended 12/31/2015 cash rent recognized for consolidated properties owned as of 12/31/2015.

(2) Total shown may differ from detailed amounts due to rounding.

(3) Twelve months ended 12/31/2015 GAAP rent recognized for consolidated properties owned as of 12/31/2015.

25

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Single-Tenant Properties GAAP Basis

12/31/2015

($000)

Year	Number of Leases Expiring		GAAP Rent as of 12/31/2015		Percent of GAAP Rent as of 12/31/2015			Percent of GAAP Rent as of 12/31/2014
2016		11	$	14,312		3.9	%		5.1	%
2017		19		26,134		7.1	%		5.6	%
2018		31		24,936		6.7	%		7.1	%
2019		20		29,459		8.0	%		8.3	%
2020		16		22,760		6.2	%		7.8	%
2021		13		22,828		6.2	%		5.9	%
2022		8		12,840		3.5	%		3.5	%
2023		7		14,104		3.8	%		4.8	%
2024		8		12,243		3.3	%		3.6	%
2025		20		33,495		9.1	%		10.4	%
Thereafter		65		156,952		42.4	%		35.0	%
Total (1)		218	$	370,063		100.0	%

Footnotes

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

26

LEXINGTON REALTY TRUST

Lease Rollover Schedule - Consolidated Properties GAAP Basis

12/31/2015

($000)

Year	Number of Leases Expiring		GAAP Rent as of 12/31/2015		Percent of GAAP Rent as of 12/31/2015
2016		45	$	15,240		4.0	%
2017		30		26,566		7.0	%
2018		37		27,092		7.2	%
2019		26		30,889		8.2	%
2020		18		23,092		6.1	%
2021		16		24,551		6.5	%
2022		9		12,916		3.4	%
2023		8		14,385		3.8	%
2024		8		12,243		3.2	%
2025		21		33,605		8.9	%
Thereafter		65		156,952		41.6	%
Total (1)		283	$	377,531		100.0	%

Footnotes

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

27

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2015

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2015 ($000) (2)		GAAP Rent as of 12/31/2015 ($000) (3)		12/31/2015 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
2016	1/31/2016	1600 Eberhardt Rd.	Temple	TX	—	Nextel of Texas, Inc. (Nextel Finance Company)		54,683		842		451		7,463	01/2016
	4/30/2016	11511 Luna Rd.	Farmers Branch	TX	—	Haggar Clothing Co. (Texas Holding Clothing Corporation and Haggar Corp.)		114,489		1,563		2,023		18,380	07/2016
	5/31/2016	1200 Jupiter Rd.	Garland	TX	—	Raytheon Company		278,759		1,506		1,731		-	-
	7/8/2016	1460 Tobias Gadsen Blvd.	Charleston	SC	13	Hagemeyer North America, Inc.		50,076		860		1,395		7,185	02/2021
	7/14/2016	1400 Northeast McWilliams Rd.	Bremerton	WA	—	Nextel West Corporation (Nextel Finance Company)		60,200		1,215		1,215		5,534	04/2016
	9/30/2016	2000 Eastman Dr.	Milford	OH	—	Siemens Corporation		221,215		2,486		2,318		-	-
	10/31/2016	104 & 110 South Front St.	Memphis	TN	—	Hnedak Bobo Group, Inc.		37,229		519		501		3,555	01/2017
2017	1/31/2017	10300 Kincaid Dr.	Fishers	IN	16	Roche Diagnostics Operations, Inc.		193,000		3,530		4,410		-	-
		1311 Broadfield Blvd.	Houston	TX	5	Transocean Offshore Deepwater Drilling, Inc. (Transocean Sedco Forex, Inc.)		155,040		2,636		2,657		-	-
	3/31/2017	1701 Market St.	Philadelphia	PA	—	Car-Tel Communications, Inc.		1,220		56		56		-	-
	6/30/2017	10419 North 30th St.	Tampa	FL	9	Time Customer Service, Inc.  (Time Incorporated)		132,981		1,499		1,437		-	-
	9/30/2017	9201 East Dry Creek Rd.	Centennial	CO	—	Arrow Electronics, Inc.		128,500		2,732		3,032		-	-
	10/31/2017	4455 American Way	Baton Rouge	LA	—	New Cingular Wireless PCS, LLC		70,100		1,061		1,058		-	-
		5201 West Barraque St.	Pine Bluff	AR	—	Entergy Services, Inc.		27,189		225		277		-	-
	11/30/2017	800 East Canal St.	Richmond	VA	—	CRG-Richmond Tenant, LLC		51,450		64		64		-	-
		6200 Northwest Pkwy.	San Antonio	TX	—	United HealthCare Services, Inc. / PacifiCare Healthsystems, LLC		142,500		1,971		1,866		-	-
2018	1/31/2018	820 Gears Rd.	Houston	TX	—	Ricoh Americas Corporation		78,895		1,062		1,154		-	-
	2/28/2018	850-950 Warrenville Rd.	Lisle	IL	—	Flexible Steel Lacing Company, d/b/a Flexco, Inc.		7,535		116		116		-	-
	5/30/2018	13651 McLearen Rd.	Herndon	VA	—	United States of America		159,644		3,589		3,402		-	-
	5/31/2018	8900 Freeport Pkwy.	Irving	TX	—	Pacific Union Financial, LLC.		43,396		879		784		-	-
	6/30/2018	100 Barnes Rd.	Wallingford	CT	—	3M Company		44,400		502		507		-	-
		420 Riverport Rd.	Kingsport	TN	—	Kingsport Power Company		42,770		310		128		-	-
	8/31/2018	2706 Media Center Dr.	Los Angeles	CA	—	Sony Electronics Inc.		20,203		214		214		-	-
		3500 North Loop Rd.	McDonough	GA	—	Litton Loan Servicing LP		62,218		1,309		928		-	-
	9/30/2018	1701 Market St.	Philadelphia	PA	—	CBC Restaurant Corp.		8,070		224		211		-	-
	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		320,198		5,122		5,154		34,134	05/2019
	12/31/2018	2550 Interstate Dr.	Harrisburg	PA	—	AT&T Services, Inc.		61,766		1,171		1,265		-	-
2019	1/31/2019	2999 Southwest 6th St.	Redmond	OR	—	VoiceStream PCS I, LLC / T-Mobile West Corporation (T-Mobile USA, Inc.)		77,484		1,658		1,469		-	-
	4/1/2019	9201 Stateline Rd.	Kansas City	MO	—	Swiss Re America Holding Corporation / Westport Insurance Corporation		155,925		2,390		2,390		16,271	05/2019
	6/19/2019	3965 Airways Blvd.	Memphis	TN	—	Federal Express Corporation		521,286		6,974		7,013		-	-
	6/30/2019	3265 East Goldstone Dr.	Meridian	ID	—	VoiceStream PCS Holding, LLC / T-Mobile PCS Holdings, LLC (T-Mobile USA, Inc.)		77,484		1,409		1,105		9,322	08/2019
	7/15/2019	19019 North 59th Ave.	Glendale	AZ	—	Honeywell International Inc.		252,300		1,878		1,902		-	-
	7/31/2019	500 Jackson St.	Columbus	IN	—	Cummins, Inc.		390,100		4,661		4,540		20,986	07/2019
	10/31/2019	10475 Crosspoint Blvd.	Indianapolis	IN	—	John Wiley & Sons, Inc.		123,416		2,257		2,269		-	-
		9601 Renner Blvd.	Lenexa	KS	—	VoiceStream PCS II Corporation (T-Mobile USA, Inc.)		77,484		1,434		1,142		9,463	12/2019
	12/31/2019	400 Butler Farm Rd.	Hampton	VA	—	Nextel Communications of the Mid-Atlantic, Inc. (Nextel Finance Company)		100,632		986		1,006		-	-
		850-950 Warrenville Rd.	Lisle	IL	—	National-Louis University / James J. Benes & Associates, Inc.		91,879		1,549		1,566		9,449	06/2016
2020	2/14/2020	5600 Broken Sound Blvd.	Boca Raton	FL	—	Canon Solutions America, Inc. (Oce - USA Holding, Inc.)		143,290		2,325		2,244		19,624	02/2020
	5/31/2020	2401 Cherahala Blvd.	Knoxville	TN	—	AdvancePCS, Inc. / CaremarkPCS, L.L.C.		59,748		740		773		-	-
	6/30/2020	3711 San Gabriel	Mission	TX	—	VoiceStream PCS II Corporation /  T-Mobile West Corporation		75,016		994		900		-	-
	7/31/2020	13775 McLearen Rd.	Herndon	VA	12	Orange Business Services U.S., Inc. (Equant N.V.)		132,677		1,722		1,729		-	-
	8/31/2020	133 First Park Dr.	Oakland	ME	—	Omnipoint Holdings, Inc. (T-Mobile USA, Inc.)		78,610		1,425		1,147		8,850	10/2020
	9/30/2020	600 Business Center Dr.	Lake Mary	FL	—	JPMorgan Chase Bank, National Association		125,155		1,637		1,757		-	-
		9200 South Park Center Loop	Orlando	FL	—	Zenith Education Group, Inc. (ECMC Group, Inc.)		59,927		1,128		1,136		9,471	02/2017
		550 International Parkway	Lake Mary	FL	—	JPMorgan Chase Bank, National Association		125,920		1,647		1,762		-	-
	10/31/2020	12209 West Markham St.	Little Rock	AR	—	Entergy Arkansas, Inc.		36,311		237		237		-	-

28

LEXINGTON REALTY TRUST

Property Leases and Vacancies - Consolidated Portfolio - 12/31/2015

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2015 ($000) (2)		GAAP Rent as of 12/31/2015 ($000) (3)		12/31/2015 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
		2550 Interstate Dr.	Harrisburg	PA	—	AXA Equitable Life Insurance Company		2,417		37		159		-	-
2021	1/31/2021	1600 Eberhardt Rd.	Temple	TX	—	Nextel of Texas, Inc. (Nextel Finance Company)		54,117		833		447		-	-
		1701 Market St.	Philadelphia	PA	—	Morgan, Lewis & Bockius LLP		289,432		4,287		4,298		-	-
	4/30/2021	11511 Luna Rd.	Farmers Branch	TX	11	International Business Machines Corporation		66,018		902		1,166		-	-
	6/30/2021	1415 Wyckoff Rd.	Wall	NJ	—	New Jersey Natural Gas Company		157,511		3,543		3,543		17,536	01/2021
	8/31/2021	333 Three D Systems Circle	Rock Hill	SC	—	3D Systems Corporation		80,028		669		688		-	-
	9/30/2021	2050 Roanoke Rd.	Westlake	TX	18	TD Auto Finance LLC / Charles Schwab & Co, Inc.		130,199		1,696		1,725		-	-
	11/30/2021	29 South Jefferson Rd.	Whippany	NJ	—	CAE SimuFlite, Inc. (CAE INC.)		123,734		2,498		2,327		13,700	11/2021
	12/31/2021	2800 Waterford Lake Dr.	Midlothian	VA	—	Alstom Power, Inc.		99,057		2,206		2,184		-	-
2022	1/31/2022	26210 and 26220 Enterprise Court	Lake Forest	CA	—	Apria Healthcare, Inc. (Apria Healthcare Group, Inc.)		100,012		1,333		1,199		-	-
	4/30/2022	4400 Northcorp Pkwy.	Palm Beach Gardens	FL	—	The Weiss Group, LLC		18,500		246		246		-	-
	6/30/2022	8555 South River Pkwy.	Tempe	AZ	—	DA Nanomaterials L.L.C./ Air Products and Chemicals, Inc.		95,133		1,606		1,707		-	-
	7/31/2022	1440 E 15th Street	Tucson	AZ	—	CoxCom, LLC		28,591		517		517		-	-
	11/30/2022	4201 Marsh Ln.	Carrollton	TX	—	Carlson Restaurants Inc. (Carlson, Inc.)		130,000		2,030		1,866		-	-
	12/31/2022	147 Milk St.	Boston	MA	—	Atrius Health, Inc.		52,337		1,701		1,661		12,302	12/2018
		231 N. Martingale Rd.	Schaumburg	IL	—	CEC Educational Services, LLC (Career Education Corporation)		317,198		4,312		4,305		-	-
2023	2/28/2023	1315 West Century Dr.	Louisville	CO	—	Rogue Wave Software, Inc.		20,000		4		26		-	-
		2211 South 47th St.	Phoenix	AZ	23	Avnet, Inc.		176,402		2,203		2,697		-	-
	3/31/2023	8900 Freeport Pkwy.	Irving	TX	—	Nissan Motor Acceptance Corporation (Nissan North America, Inc.)		225,049		3,603		3,425		-	-
	12/14/2023	3333 Coyote Hill Rd.	Palo Alto	CA	—	Xerox Corporation		202,000		7,070		6,642		48,512	12/2023
2024	2/14/2024	1362 Celebration Blvd.	Florence	SC	—	MED3000, Inc.		32,000		543		573		-	-
	5/31/2024	3476 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank, N.A.		169,083		1,804		1,948		-	-
		3480 Stateview Blvd.	Fort Mill	SC	—	Wells Fargo Bank, N.A.		169,218		1,805		2,026		-	-
	8/31/2024	10475 Crosspoint Blvd.	Indianapolis	IN	—	RGN-Indianapolis I, LLC		14,236		288		287		-	-
	10/31/2024	1409 Centerpoint Blvd.	Knoxville	TN	—	Alstom Power, Inc.		84,404		1,106		1,255		-	-
	12/31/2024	12000 & 12025 Tech Center Dr.	Livonia	MI	—	Kelsey-Hayes Company (TRW Automotive Inc.)		180,230		1,574		1,691		-	-
2025	1/31/2025	1401 Nolan Ryan Expy.	Arlington	TX	—	Triumph Aerostructures, LLC (Triumph Group, Inc.)		111,409		1,649		1,618		-	-
	2/28/2025	6555 Sierra Dr.	Irving	TX	—	TXU Energy Retail Company, LLC (Texas Competitive Electric Holdings Company, LLC)		247,254		3,000		2,825		-	-
		1401 Nolan Ryan Expy.	Arlington	TX	—	Cyient, Inc. (Infotech Enterprise Limited)		13,590		173		166		-	-
	3/14/2025	601 & 701 Experian Pkwy.	Allen	TX	—	Experian Information Solutions, Inc. / TRW, Inc.(Experian Holdings, Inc.)		292,700		3,073		2,966		-	-
	3/31/2025	2706 Media Center Dr.	Los Angeles	CA	—	Bank of America, National Association		62,323		-		910		-	-
	5/31/2025	1701 Market St.	Philadelphia	PA	—	TruMark Financial Credit Union		2,641		139		139		-	-
	6/30/2025	2500 Patrick Henry Pkwy.	McDonough	GA	—	Georgia Power Company		111,911		1,306		1,328		-	-
	9/30/2025	10001 Richmond Ave.	Houston	TX	11	Schlumberger Holdings Corp.		554,385		7,406		7,030		-	-
	11/30/2025	11707 Miracle Hills Dr.	Omaha	NE	—	Infocrossing, Inc.		85,200		1,167		1,167		7,608	04/2016
		2550 Interstate Dr.	Harrisburg	PA	—	Crump Life Insurance Services Inc.		23,535		8		8		-	-
	12/31/2025	2005 East Technology Cir.	Tempe	AZ	—	Infocrossing, Inc.		60,000		1,128		1,128		7,185	04/2016
		4001 International Pkwy.	Carrollton	TX	—	Motel 6 Operating, LP		138,443		2,068		2,226		-	-
2026	3/31/2026	500 Olde Worthington Rd.	Westerville	OH	—	InVentiv Communications, Inc.		97,000		836		1,219		-	-
	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		-		-		-	-
	11/30/2026	500 Kinetic Dr.	Huntington	WV	—	AMZN WVCS LLC (Amazon.com, Inc.)		68,693		1,070		1,268		6,500	02/2017
	12/29/2026	5500 New Albany Rd.	Columbus	OH	—	Evans, Mechwart, Hambleton & Tilton, Inc.		104,807		1,613		1,737		-	-
2027	4/30/2027	1315 West Century Dr.	Louisville	CO	—	Global Healthcare Exchange, Inc. (Global Healthcare Exchange, LLC)		86,877		1,153		1,321		-	-
	6/30/2027	3902 Gene Field Rd	St. Joseph	MO	—	Boehringer Ingelheim Vetmedica, Inc. (Boehringer Ingelheim USA Corporation)		98,849		1,803		1,993		-	-
	7/6/2027	2221 Schrock Rd.	Columbus	OH	—	MS Consultants, Inc.		42,290		589		641		-	-
	8/7/2027	25 Lakeview Dr.	Jessup	PA	—	TMG Health, Inc.		150,000		2,004		2,501		-	-

29

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Property Leases and Vacancies - Consolidated Portfolio - 12/31/2015

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2015 ($000) (2)		GAAP Rent as of 12/31/2015 ($000) (3)		12/31/2015 Debt Balance ($000)		Debt Maturity
OFFICE PROPERTIES
	10/31/2027	11201 Renner Blvd.	Lenexa	KS	—	United States of America		169,585		4,353		6,102		36,666	11/2027
	11/30/2027	1700 Millrace Dr.	Eugene	OR	10	Oregon Research Institute / Educational Policy Improvement Center		80,011		1,681		2,079		-	-
	12/31/2027	333 Mt. Hope Ave.	Rockaway	NJ	—	Atlantic Health System, Inc.		92,326		329		1,156		-	-
2028	4/30/2028	9655 Maroon Circle	Englewood	CO	—	TriZetto Corporation		166,912		3,495		3,843		-	-
2029	1/31/2029	6226 West Sahara Ave.	Las Vegas	NV	—	Nevada Power Company		282,000		3,089		4,253		-	-
	3/31/2029	2800 High Meadow Circle	Auburn Hills	MI	—	Faurecia USA Holdings, Inc.		278,000		2,513		2,870		-	-
2030	7/31/2030	3940 South Teller St.	Lakewood	CO	11	Addenbrooke Classical Academy		68,165		406		664		-	-
	8/31/2030	800 East Canal St.	Richmond	VA	—	McGuireWoods LLP		224,537		524		580		-	-
	9/30/2030	810 Gears Rd.	Houston	TX	—	United States of America		68,985		-		-		-	-
		800 East Canal St.	Richmond	VA	—	CCA Industries, Inc. (The Riverstone Group, LLC),		25,707		35		56		-	-
		800 East Canal St.	Richmond	VA	—	Towne Bank		26,047		-		-		-	-
2032	10/31/2032	143 Diamond Avenue	Parachute	CO	—	Encana Oil and Gas (USA) Inc. (Alenco Inc.)		49,024		1,029		1,284		-	-
	12/31/2032	3030 North 3rd St.	Phoenix	AZ	—	CopperPoint Mutual Insurance Company		252,400		4,017		4,951		-	-
2033	11/30/2033	1331 Capitol Ave.	Omaha	NE	—	The Gavilon Group, LLC		127,810		2,830		3,311		-	-
	12/31/2033	3000 Busch Lake Blvd.	Tampa	FL	—	BluePearl Holdings, LLC		17,000		489		489		-	-
		2910 Busch Lake Blvd.	Tampa	FL	—	BluePearl Holdings, LLC		2,500		55		55		-	-
		2950  Busch Lake Blvd.	Tampa	FL	—	BluePearl Holdings, LLC		8,000		155		155		-	-
		19311  SH 249	Houston	TX	—	BluePearl Holdings, LLC		12,622		219		219		-	-
2039	3/31/2039	854 Paragon Way	Rock Hill	SC	—	Physicians Choice Laboratory Services, LLC		104,497		1,898		2,339		-	-
2088	7/8/2088	800 East Canal St.	Richmond	VA	—	The City of Richmond, Virginia		-		33		33		-	-
N/A	N/A	1701 Market St.	Philadelphia	PA	—	Parking Operations		-		2,545		2,545		-	-
	Vacancy	10475 Crosspoint Blvd.	Indianapolis	IN	—	(Available for Lease)		3,764		-		-		-	-
		1701 Market St.	Philadelphia	PA	—	(Available for Lease)		2,674		-		-		-	-
		810 Gears Rd.	Houston	TX	—	(Available for Lease)		9,910		-		-		-	-
		1401 Nolan Ryan Expy.	Arlington	TX	—	(Available for Lease)		36,809		46		46		-	-
OFFICE TOTAL/WEIGHTED AVERAGE						99.6% Leased		12,847,877	$	183,249	$	192,863	$	329,696

30

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Property Leases and Vacancies - Consolidated Portfolio - 12/31/2015

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq. Ft. Leased or Available (1)		Cash Rent as of 12/31/2015 ($000) (2)		GAAP Rent as of 12/31/2015 ($000) (3)		12/31/2015 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
2016	5/31/2016	291 Park Center Dr.	Winchester	VA	7	Kraft Foods Group, Inc.		344,700		1,295		1,289		-	-
	7/31/2016	7111 Crabb Rd.	Temperance	MI	—	Michelin North America, Inc.		744,570		2,286		2,286		-	-
	12/31/2016	2935 Van Vactor Dr.	Plymouth	IN	—	Bay Valley Foods, LLC		300,500		834		801		5,807	09/2016
		3686 South Central Ave.	Rockford	IL	24	Pierce Packaging Co.		93,000		302		302		-	-
2017	2/28/2017	3456 Meyers Ave.	Memphis	TN	—	Sears, Roebuck and Co. / Sears Logistics Services		780,000		1,592		1,694		-	-
	4/30/2017	3600 Army Post Rd.	Des Moines	IA	—	HP Enterprise Services, LLC		405,000		2,616		2,052		-	-
	5/31/2017	191 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		250,410		554		554		-	-
		200 Arrowhead Dr.	Hebron	OH	—	Owens Corning Insulating Systems, LLC		400,522		886		884		-	-
	6/30/2017	7500 Chavenelle Rd.	Dubuque	IA	—	The McGraw-Hill Companies, Inc.		330,988		1,286		1,164		9,055	06/2017
	9/30/2017	250 Swathmore Ave.	High Point	NC	—	Steelcase Inc.		244,851		1,134		1,087		-	-
	10/31/2017	43955 Plymouth Oaks Blvd.	Plymouth	MI	—	Tower Automotive Operations USA I, LLC  / Tower Automotive Products Inc. (Tower Automotive, Inc.)		290,133		1,378		1,474		-	-
	12/31/2017	2203 Sherrill Dr.	Statesville	NC	—	Ozburn-Hessey Logistics, LLC (OHH Acquisition Corporation)		639,800		2,029		1,916		-	-
2018	6/30/2018	1133 Poplar Creek Rd.	Henderson	NC	—	Staples, Inc.		196,946		825		815		-	-
		1650-1654 Williams Rd.	Columbus	OH	—	ODW Logistics, Inc.		772,450		1,347		1,342		-	-
	9/30/2018	50 Tyger River Dr.	Duncan	SC	—	Plastic Omnium Auto Exteriors, LLC		221,833		1,025		1,025		-	-
		904 Industrial Rd.	Marshall	MI	—	Tenneco Automotive Operating Company, Inc. (Tenneco, Inc.)		246,508		841		698		-	-
	12/31/2018	120 Southeast Pkwy. Dr.	Franklin	TN	—	Essex Group, Inc. (United Technologies Corporation)		289,330		735		735		-	-
		749 Southrock Dr.	Rockford	IL	—	Jacobson Warehouse Company, Inc. (Jacobson Distribution Company, Inc. and Jacobson Transportation Company, Inc.)		150,000		476		485		-	-
2019	10/17/2019	10345 Philipp Pkwy.	Streetsboro	OH	—	L'Oreal USA S/D, Inc. (L’Oreal USA, Inc.)		649,250		2,817		2,611		17,626	09/2019
	12/31/2019	2415 US Hwy. 78 East	Moody	AL	—	Michelin North America, Inc.		595,346		1,366		1,408		-	-
2020	1/31/2020	101 Michelin Dr.	Laurens	SC	—	Michelin North America, Inc.		1,164,000		3,387		3,387		-	-
	3/31/2020	2425 Hwy. 77 North	Waxahachie	TX	—	James Hardie Building Products, Inc. (James Hardie NV & James Hardie Industries NV)		335,610		3,400		3,400		-	-
	5/31/2020	359 Gateway Dr.	Lavonia	GA	—	TI Group Automotive Systems, LLC (TI Automotive Ltd.)		133,221		1,200		952		7,676	12/2020
	6/30/2020	3102 Queen Palm Dr.	Tampa	FL	—	Time Customer Service, Inc. (Time Incorporated)		229,605		1,413		1,276		-	-
	9/30/2020	3350 Miac Cove Rd.	Memphis	TN	—	Mimeo.com, Inc.		107,400		438		409		-	-
	12/19/2020	1901 Ragu Dr.	Owensboro	KY	6	Unilever Supply Chain, Inc. (Unilever United States, Inc.)		443,380		1,196		1,492		-	-
2021	3/31/2021	2455 Premier Dr.	Orlando	FL	—	Walgreen Co. / Walgreen Eastern Co.		205,016		508		786		-	-
	5/31/2021	477 Distribution Pkwy.	Collierville	TN	—	Federal Express Corporation / FedEx Techconnect, Inc.		126,213		825		749		-	-
	9/30/2021	3820 Micro Dr.	Millington	TN	—	Ingram Micro L.P. (Ingram Micro Inc.)		701,819		1,691		1,812		-	-
	10/25/2021	6938 Elm Valley Dr.	Kalamazoo	MI	—	Dana Commercial Vehicle Products, LLC (Dana Holding Corporation and Dana Limited)		150,945		2,027		1,747		-	-
	11/30/2021	2880 Kenny Biggs Rd.	Lumberton	NC	—	Quickie Manufacturing Corporation		423,280		1,374		1,356		-	-
2022	3/31/2022	5417 Campus Dr.	Shreveport	LA	—	The Tire Rack, Inc.		257,849		1,276		1,339		-	-
2023	2/28/2023	7670 Hacks Cross Rd.	Olive Branch	MS	—	MAHLE Aftermarket Inc. (MAHLE Industries, Incorporated)		268,104		954		853		-	-
	12/31/2023	1601 Pratt Ave.	Marshall	MI	—	Autocam Corporation		58,707		305		305		-	-
2024	4/30/2024	113 Wells St.	North Berwick	ME	—	United Technologies Corporation		993,685		1,992		1,827		4,810	04/2019
	5/31/2024	901 East Bingen Point Way	Bingen	WA	—	The Boeing Company		124,539		2,516		2,636		-	-
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		2,240		1,646		8,738	08/2025
	7/31/2025	7005 Cochran Rd.	Glenwillow	OH	—	Royal Appliance Mfg. Co.		458,000		2,065		2,172		15,326	09/2016
	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		2,480		2,537		-	-
	3/31/2026	633 Garrett Pkwy.	Lewisburg	TN	—	Calsonic Kansei North America, Inc.		310,000		1,206		1,299		-	-
	6/30/2026	351 Chamber Dr.	Chillicothe	OH	—	The Kitchen Collection, Inc.		475,218		1,075		1,159		-	-

31

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Property Leases and Vacancies - Consolidated Portfolio - 12/31/2015

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq. Ft. Leased or Available (1)		Cash Rent as of 12/31/2015 ($000) (2)		GAAP Rent as of 12/31/2015 ($000) (3)		12/31/2015 Debt Balance ($000)		Debt Maturity
INDUSTRIAL PROPERTIES
	9/30/2026	900 Industrial Blvd.	Crossville	TN	—	Dana Commercial Vehicle Products, LLC		222,200		578		578		-	-
	10/31/2026	5001 Greenwood Rd.	Shreveport	LA	—	Libbey Glass Inc. (Libbey Inc.)		646,000		2,113		2,165		19,000	07/2017
	11/30/2026	250 Rittenhouse Cir.	Bristol	PA	—	Northtec LLC (The Estée Lauder Companies Inc.)		241,977		1,092		1,146		-	-
		736 Addison Rd.	Erwin	NY	—	Corning Property Management Corporation		408,000		1,320		1,284		7,887	10/2018
2027	2/28/2027	554 Nissan Parkway	Canton	MS	—	Nissan North America, Inc.		1,466,000		4,292		4,667		-	-
	4/30/2027	2424 Alpine Rd.	Eau Claire	WI	20	Silver Spring Foods, Inc. (Huntsinger Farms, Inc.)		159,000		1,070		1,002		-	-
	12/31/2027	10590 Hamilton Ave.	Cincinnati	OH	—	The Hillman Group, Inc.		264,598		781		813		-	-
2028	3/31/2028	29-01-Borden Ave./29-10 Hunters Point Ave.	Long Island City	NY	—	FedEx Ground Package System, Inc. (FedEx Corporation)		140,330		4,770		5,135		49,144	03/2028
	8/31/2028	1420 Greenwood Rd.	McDonough	GA	19	Americold Logistics, LLC / United States Cold Storage, Inc		296,972		2,721		2,541		22,224	11/2017
2029	11/24/2029	318 Pappy Dunn Blvd.	Anniston	AL	—	International Automotive Components Group North America, Inc.		276,782		1,574		1,740		-	-
2030	3/31/2030	549 Wingo Rd.	Byhalia	MS	—	Asics America Corporation (Asics Corporation)		855,878		3,600		4,045		15,000	06/2016
	5/31/2030	3301 Stagecoach Rd. NE	Thomson	GA	—	Hollander Sleep Products, LLC  (Hollander Home Fashions Holdings)		208,000		550		610		-	-
2031	5/31/2031	671 Washburn Switch Rd.	Shelby	NC	—	Clearwater Paper Corporation		673,518		2,297		2,601		-	-
2033	10/31/2033	1001 Innovation Road	Rantoul	IL	—	Easton-Bell Sports, Inc.		813,126		3,487		4,146		-	-
2034	9/30/2034	5625 North Sloan Ln.	North Las Vegas	NV	—	Nicholas and Co., Inc.		180,235		2,151		2,557		-	-
2035	3/31/2035	7007 F.M. 362	Brookshire	TX	—	Orizon Industries, Inc. (Spitzer Industries, Inc.)		262,095		1,201		1,458		-	-
		13863 Industrial Road	Houston	TX	—	Curtis Kelly, Inc. (Spitzer Industries, Inc.)		187,800		1,531		1,859		-	-
	6/30/2035	111 West Oakview Pkwy.	Oak Creek	WI	—	Stella & Chewy's, LLC		164,007		837		942		-	-
	8/31/2035	2800 Polar Way	Richland	WA	21	Preferred Freezer Services of Richland LLC (Preferred Freezer Services, LLC & Preferred Freezer Services Operating, LLC)		456,412		1,559		1,897		110,000	01/2026
N/A	Vacancy	324 Industrial Park Rd.	Franklin	NC	11	(Available for Lease)		72,868		150		150		-	-
		3350 Miac Cove Rd.	Memphis	TN	—	(Available for Lease)		32,679		-		-		-	-
INDUSTRIAL TOTAL/WEIGHTED AVERAGE						99.6% Leased		25,561,136	$	105,032	$	107,263	$	292,293

32

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Property Leases and Vacancies - Consolidated Portfolio - 12/31/2015

Year of Lease Expiration	Date of Lease Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2015 ($000) (2)		GAAP  Rent as of 12/31/2015 ($000) (3)		12/31/2015 Debt Balance ($000)		Debt Maturity
LAND AND INFRASTRUCTURE PROPERTIES
2029	1/31/2029	175 Holt Garrison Pkwy.	Danville	VA	—	Home Depot USA, Inc.		-		260		216		-	-
2032	4/30/2032	13930 Pike Rd.	Missouri City	TX	—	Vulcan Construction Materials, LP (Vulcan Materials Company)		-		1,843		2,123		-	-
2038	3/31/2038	13901/14035 Industrial Rd.	Houston	TX	—	Industrial Terminals Management, L.L.C. (Maritime Holdings (Delaware) LLC)		132,449		5,473		6,773		-	-
2048	12/31/2048	30 Light St	Baltimore	MD	—	30 Charm City, LLC		-		120		120		-	-
2055	1/31/2055	499 Derbyshire Drive	Venice	FL	—	Littlestone Brotherhood LLC		31,180		1,196		1,805		-	-
2112	8/31/2112	201-215 N. Charles St.	Baltimore	MD	—	201 NC Leasehold LLC		-		23		23		-	-
	10/31/2112	350 and 370-372 Canal St.	New York	NY	—	FC-Canal Ground Tenant LLC		-		4,946		14,890		69,265	01/2027
		309-313 West 39th St.	New York	NY	17	SM Ascott LLC		-		5,771		17,373		80,818	01/2027
		8-12 Stone St.	New York	NY	—	AL-Stone Ground Tenant LLC		-		4,514		13,590		63,218	01/2027
2113	10/31/2113	15 West 45th St.	New York	NY	—	ZE-45 Ground Tenant LLC		-		1,505		4,621		29,193	01/2025
LAND AND INFRASTRUCTURE TOTAL/WEIGHTED AVERAGE						100.0% Leased		163,629	$	25,651	$	61,534	$	242,494

33

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Property Leases and Vacancies - Consolidated Portfolio - 12/31/2015

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant	Sq.Ft.		Percentage Leased			Cash Rent as of 12/31/2015 ($000) (2)		GAAP  Rent as of 12/31/2015 ($000) (3)		12/31/2015 Debt  Balance  ($000)		Debt Maturity
MULTI-TENANT PROPERTIES (8,14)
Various	Various	13430 North Black Canyon Fwy.	Phoenix	AZ	—	Multi-Tenant		138,940		92	%		2,392		2,368		-	-
		1501 Nolan Ryan Expy.	Arlington	TX	—	Multi-Tenant		74,739		0	%		0		0		-	-
		2210 Enterprise Dr.	Florence	SC	—	Caliber Funding, LLC		176,557		28	%		787		746		-	-
		26555 Northwestern Pkwy.	Southfield	MI	11	Multi-Tenant		359,645		0	%		97		216		-	-
		275 Technology Dr.	Canonsburg	PA	—	Multi-Tenant		107,872		0	%		0		0		-	-
		33 Commercial St.	Foxborough	MA	11	Multi-Tenant		160,719		5	%		3,797		3,797		-	-
		3165 McKelvey Rd.	Bridgeton	MO	—	BJC Health System		51,067		50	%		434		403		-	-
		4200 Northcorp Pkwy.	Palm Beach Gardens	FL	—	Multi-Tenant		95,065		100	%		1,212		1,231		-	-
		6050 Dana Way	Antioch	TN	—	Multi-Tenant		674,528		98	%		1,947		1,930		-	-
		700 US Hwy. Route 202-206	Bridgewater	NJ	—	Multi-Tenant		115,558		0	%		0		0		14,118	03/2016
		700 Oakmont Ln.	Westmont	IL	—	Multi-Tenant		269,715		0	%		0		0		-	-
		King St./1042 Fort St. Mall	Honolulu	HI	—	Multi-Tenant		77,459		63	%		759		759		-	-
MULTI-TENANT TOTAL/WEIGHTED AVERAGE						44.1% Leased		2,301,864				$	11,425	$	11,450	$	14,118

34

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Property Leases and Vacancies - Consolidated Portfolio - 12/31/2015

Year of Lease Expiration	Date of Lease  Expiration	Property Location	City	State	Note	Primary Tenant (Guarantor)	Sq.Ft. Leased or Available (1)		Cash Rent as of 12/31/2015 ($000) (2)		GAAP  Rent as of 12/31/2015      ($000) (3)		12/31/2015 Debt Balance ($000)		Debt Maturity
RETAIL/SPECIALTY PROPERTIES
2017	6/30/2017	1600 East 23rd St.	Chattanooga	TN	—	BI-LO, LLC /  K-VA-T Food Stores, Inc.		42,130		129		128		-	-
	12/31/2017	11411 North Kelly Ave.	Oklahoma City	OK	—	American Golf Corporation		13,924		475		324		-	-
2018	2/26/2018	4831 Whipple Ave., Northwest	Canton	OH	—	Best Buy Co., Inc.		46,350		465		465		-	-
	2/28/2018	291 Talbert Blvd.	Lexington	NC	—	Food Lion, LLC / Delhaize America, Inc.		23,000		138		138		-	-
		2411 West Beverly St.	Staunton	VA	—	Food Lion, LLC / Delhaize America, Inc.		23,000		166		166		-	-
	7/1/2018	1053 Mineral Springs Rd.	Paris	TN	—	The Kroger Co.		31,170		159		169		-	-
	9/30/2018	835 Julian Ave.	Thomasville	NC	—	Mighty Dollar, LLC		23,767		79		79		-	-
	10/31/2018	130 Midland Ave.	Port Chester	NY	—	St. Anthony Supermarket Corp (Anthony Pena, Marina Pena, Anthony Corona, Robert Corona)		59,613		458		975		-	-
		5104 North Franklin Rd.	Lawrence	IN	—	Marsh Supermarkets, Inc. / Marsh Supermarkets, LLC		28,721		193		193		-	-
	12/31/2018	1150 West Carl Sandburg Dr.	Galesburg	IL	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		94,970		216		329		468	07/2018
		12080 Carmel Mountain Rd.	San Diego	CA	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		107,210		245		751		532	07/2018
		21082 Pioneer Plaza Dr.	Watertown	NY	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		120,727		362		482		785	07/2018
		255 Northgate Dr.	Manteca	CA	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		107,489		385		555		834	07/2018
		5350 Leavitt Rd.	Lorain	OH	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		193,193		545		731		1,181	07/2018
		97 Seneca Trail	Fairlea	WV	—	Kmart Corporation/ Project Bay Exchange LLC (Sears, Roebuck and Co.)		90,933		254		347		551	07/2018
2019	3/31/2019	B.E.C. 45th St./Lee Blvd.	Lawton	OK	—	Associated Wholesale Grocers, Inc. / Safeway, Inc.		30,757		185		189		-	-
	12/31/2019	1066 Main St.	Forest Park	GA	—	Bank of America, N.A. (Bank of America Corporation)		14,859		200		200		-	-
		1698 Mountain Industrial Blvd.	Stone Mountain	GA	—	Bank of America, N.A. (Bank of America Corporation)		5,704		95		95		-	-
		201 West Main St.	Cumming	GA	—	Bank of America, N.A. (Bank of America Corporation)		14,208		198		198		-	-
		2223 North Druid Hills Rd.	Atlanta	GA	—	Bank of America, N.A. (Bank of America Corporation)		6,260		112		112		-	-
		4545 Chamblee – Dunwoody Rd.	Dunwoody	GA	—	Bank of America, N.A. (Bank of America Corporation)		4,565		88		88		-	-
		825 Southway Dr.	Jonesboro	GA	—	Bank of America, N.A. (Bank of America Corporation)		4,894		77		77		-	-
		956 Ponce de Leon Ave.	Atlanta	GA	—	Bank of America, N.A. (Bank of America Corporation)		3,900		79		79		-	-
2023	2/28/2023	733 East Main St.	Jefferson	NC	—	Food Lion, LLC / Delhaize America, Inc.		34,555		160		156		-	-
2026	5/31/2026	6910 South Memorial Hwy.	Tulsa	OK	—	Toys “R” Us, Inc. / Toys "R" Us-Delaware, Inc.		43,123		255		255		-	-
	8/31/2026	25500 State Hwy. 249	Tomball	TX	22	Parkway Chevrolet, Inc. (Jean W. Durdin)		77,076		1,445		1,404		8,373	11/2016
2028	8/31/2028	9803 Edmonds Way	Edmonds	WA	—	Pudget Consumers Co-op d/b/a PCC Natural Markets		35,459		646		646		-	-
	11/30/2028	832 N. Westover Blvd .	Albany	GA	—	Gander Mountain Company		45,554		628		693		-	-
2043	2/28/2043	1237 W. Sherman Avenue	Vineland	NJ	—	HealthSouth Rehabilitation Hospital of South Jersey, LLC (HealthSouth Corporation)		39,287		1,120		1,120		-	-
N/A	Vacancy	1084 East Second St.	Franklin	OH	11	(Available for Lease)		29,119		-		735		-	-
RETAIL/SPECIALTY TOTAL/WEIGHTED AVERAGE						97.9% Leased		1,395,517	$	9,557	$	11,879	$	12,724
TOTAL CONSOLIDATED PORTFOLIO/WEIGHTED AVERAGE						96.5% Leased (4)		42,270,023	$	334,914	$	384,989	$	891,325

Footnotes

1 Square foot leased or available.

2 Twelve months ended 12/31/2015 cash rent.

3 Twelve months ended 12/31/2015 GAAP rent.

4 Consolidated portfolio is 96.8% leased, excluding property owned subject to a mortgage in default.

5 Tenant terminated its lease effective 1/31/2017 for a cash payment of $3.5 million.

6 Lexington has a 71.1% interest in this property.

7 Subsequent to 12/31/2015, lease extended to 05/2021.

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

9 Tenant terminated its lease effective 6/30/2017 for a cash payment of $0.4 million.

10 Educational Policy Improvement Center lease for 10,791 square feet expires 11/2019; however, space is then leased to Oregon Research Institute through 11/2027.

11 Cash and GAAP rent amounts represent/include prior tenant.

12 21,365 square feet is leased to 7/31/2025.

13 Tenant terminated its lease effective 7/8/2016 for a cash payment of $1.5 million.

14 The multi-tenanted properties incurred approximately $6.1 million in operating expenses, net for the twelve months ended 12/31/2015.

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

16 Tenant terminated its lease effective 1/31/2017 for a cash payment of $2.0 million received in July 2015 and an additional $2.0 million is due in 2017.

17 Assignee of LG-39 Ground Tenant LLC.

18 TD Auto Finance LLC lease rent terminated effective 2/29/2016 for a payment estimated to be $7.7 million to be paid by 4/30/2016. New lease with Charles Schwab & Co. Inc. estimated to commence 3/1/2016.

19 Americold Logistics, LLC lease terminated effective 4/15/2016 for $1.0 million to be paid over an 18 month period. New lease with United States Cold Storage, Inc. commences 4/15/2016.

20 Tenant exercised purchase option for $13.6 million. Property classified as held for sale.

21 ConAgra Foods, Inc. provides credit support.

22 Property classified as held for sale.

23 Subsequent to 12/31/2015, lease extended to 08/2026.

24 Subsequent to 12/31/2015, lease extended to 12/2019.

35

LEXINGTON REALTY TRUST

Select Credit Metrics Summary

	2011			2012			2013			2014			2015
Company FFO Payout Ratio		48.5	%		56.1	%		60.3	%		60.8	%		61.8	%
Unencumbered Assets (1)(2)	$	1.15 billion		$	1.76 billion		$	2.59 billion		$	2.87 billion		$	3.30 billion
Unencumbered NOI (1)		25.9	%		34.5	%		55.3	%		59.9	%		69.2	%
(Debt + Preferred) / Gross Assets		48.7	%		46.6	%		43.0	%		44.0	%		45.9	%
Debt/Gross Assets		40.9	%		41.1	%		41.1	%		42.0	%		44.0	%
Market Cap Leverage		52.5	%		46.6	%		45.4	%		43.7	%		52.5	%
Secured Debt / Gross Assets (1)		31.9	%		30.9	%		23.9	%		19.0	%		17.7	%
Net Debt / EBITDA (4)		5.5	x		6.5	x		6.4	x		5.7	x		6.7	x
(Net Debt + Preferred) / EBITDA (4)		6.6	x		7.3	x		6.7	x		6.0	x		7.0	x
Credit Facilities Availability  (3)	$	294.3 million		$	296.3 million		$	443.4 million		$	385.4 million		$	223.0 million
Development / Gross Assets		0.9	%		1.6	%		1.6	%		2.4	%		2.1	%
EBITDA / Revenue (4)		77.0	%		76.5	%		74.4	%		71.8	%		71.8	%
EBITDA / (PrefDiv + Interest Expense) (4)		2.3	x		2.4	x		3.1	x		3.1	x		3.3	x
(JV + Advisory Income or (loss)) / Revenues		8.5	%		4.4	%		0.5	%		0.4	%		0.4	%

Footnotes:

(1) Revolving credit facility and term loans are currently unsecured thus all periods reflect such borrowings as unsecured.

(2) Includes loans receivable.

(3) Subject to covenant compliance.

(4) EBITDA is defined as GAAP net income (loss) adjusted for (i) interest expense, (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) gains and impairments relating to assets, (v) debt satisfaction charges (gains), (vi) the impact of straight-line rent on contractual lease terms, excluding tenant lease termination adjustments, (vii) above and below market lease amortization, (viii) non-cash charges and gains, (ix) minority interests, net, (x) equity in earnings of non-consolidated entities, and (xi) our share of EBITDA for non-consolidated entities calculated in the same manner.

36

LEXINGTON REALTY TRUST

FINANCIAL COVENANTS (1)

Corporate Level Debt

Bank Loans:	Must be:	12/31/2015
Maximum Leverage	< 60%	48.4%
Fixed Charge Coverage	> 1.5X	2.6X
Recourse Secured Indebtedness Ratio	< 10% cap value	0.0%
Secured Indebtedness Ratio	< 45%	20.1%
Unsecured Debt Service Coverage	> 2.0X	4.7X
Unencumbered Leverage	< 60%	40.5%
Bonds:
Debt to Total Assets	< 60%	45.0%
Secured Debt to Total Assets	< 40%	18.1%
Debt Service Coverage	> 1.5X	4.0X
Unencumbered Assets to Unsecured Debt	> 150%	263.5%

Footnotes

(1) As defined in respective loan/bond agreements.

37

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2015

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)	Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Mortgages with Balloons
Temple, TX	(o)	$	7,463		6.090	%	01/2016	$	22	$	7,463
Bridgewater, NJ	(b)		14,118		5.732	%	03/2016		1,443		14,118
Omaha, NE			7,608		5.610	%	04/2016		192		7,560
Bremerton, WA			5,534		6.090	%	04/2016		97		5,479
Tempe, AZ			7,185		5.610	%	04/2016		181		7,140
Byhalia, MS	(j)		15,000		4.710	%	06/2016		361		15,000
Lisle, IL			9,449		6.500	%	06/2016		383		9,377
Farmers Branch, TX			18,380		5.939	%	07/2016		663		18,363
Glenwillow, OH			15,326		6.130	%	09/2016		907		15,132
Plymouth, IN			5,807		6.315	%	09/2016		362		5,723
Tomball, TX			8,373		6.063	%	11/2016		592		8,041
Memphis, TN			3,555		5.710	%	01/2017		275		3,484
Huntington, WV			6,500		4.150	%	02/2017		270		6,500
Orlando, FL			9,471		5.722	%	02/2017		696		9,309
Dubuque, IA			9,055		5.402	%	06/2017		733		8,727
Shreveport, LA			19,000		5.690	%	07/2017		1,099		19,000
McDonough, GA			22,224		6.110	%	11/2017		1,674		21,651
Erwin, NY			7,887		5.910	%	10/2018		728		6,637
Boston, MA			12,302		6.100	%	12/2018		996		11,520
Overland Park, KS			34,134		5.891	%	05/2019		2,657		31,812
Kansas City, MO			16,271		5.883	%	05/2019		1,268		15,179
Columbus, IN			20,986		2.210	%	07/2019		4,757		4,993
Meridian, ID			9,322		6.010	%	08/2019		753		7,675
Streetsboro, OH			17,626		5.749	%	09/2019		1,344		16,338
Lenexa, KS			9,463		6.270	%	12/2019		774		7,770
Boca Raton, FL			19,624		6.470	%	02/2020		1,542		18,414
Oakland, ME			8,850		5.930	%	10/2020		750		7,660
Lavonia, GA			7,676		5.460	%	12/2020		741		5,895
Charleston, SC			7,185		5.850	%	02/2021		520		6,632
Whippany, NJ			13,700		6.298	%	11/2021		1,344		10,400
New York, NY			29,193		4.100	%	01/2025		1,217		29,193
Chester, SC			8,738		5.380	%	08/2025		1,144		362
Richland, WA			110,000		4.000	%	01/2026		4,400		99,492
New York, NY	(e)		213,301		4.660	%	01/2027		10,260		200,632
Lenexa, KS			36,666		3.700	%	11/2027		3,026		10,000
Subtotal/Wtg. Avg./Years Remaining (l)		$	766,972		4.990	%	6.6	$	48,171	$	672,671

38

LEXINGTON REALTY TRUST

Consolidated Properties: Mortgages and Notes Payable

12/31/2015

Property	Footnotes	Debt Balance ($000)		Interest Rate (%)			Maturity (a)	Current Estimated Annual Debt Service ($000) (d)		Balloon Payment ($000)
Full Amortizing Mortgages
Lorain, OH			1,181		7.750	%	07/2018		499		-
Manteca, CA			834		7.750	%	07/2018		353		-
Watertown, NY			785		7.750	%	07/2018		332		-
Fairlea, WV			551		7.750	%	07/2018		233		-
San Diego, CA			532		7.750	%	07/2018		225		-
Galesburg, IL			468		7.750	%	07/2018		198		-
North Berwick, ME			4,810		3.560	%	04/2019		1,532		-
Wall, NJ			17,536		6.250	%	01/2021		3,774		-
Palo Alto, CA			48,512		3.970	%	12/2023		7,059		-
Long Island City, NY			49,144		3.500	%	03/2028		4,538		-
Subtotal/Wtg. Avg./Years Remaining (l)		$	124,353		4.222	%	8.8	$	18,743	$	-
Subtotal/Wtg. Avg./Years Remaining (l)		$	891,325		4.883	%	6.9	$	66,914	$	672,671
Corporate (k)
Revolving Credit Facility	(p)	$	177,000		1.260	%	08/2019	$	2,261	$	177,000
Term Loan	(m)		250,000		2.192	%	08/2020		5,556		250,000
Term Loan	(n)		255,000		2.523	%	01/2021		6,523		255,000
Senior Notes	(h)		250,000		4.250	%	06/2023		10,625		250,000
Senior Notes	(f)		250,000		4.400	%	06/2024		11,000		250,000
Convertible Notes	(i)(c)		12,400		6.000	%	01/2030		744		12,400
Trust Preferred Notes	(g)		129,120		6.804	%	04/2037		8,785		129,120
Subtotal/Wtg. Avg./Years Remaining (l)		$	1,323,520		3.423	%	7.4	$	45,494	$	1,323,520
Total/Wtg. Avg./Years Remaining (l)		$	2,214,845		4.010	%	7.2	$	112,408	$	1,996,191

Footnotes

(a) Subtotal and total based on weighted-average term to maturity (or put dates) shown in years based on debt balance.

(b) Loan is in default.

(c) Represents full payable of notes; discount of $220 excluded from balance.

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

(e) Loan is cross-collateralized on three properties.

(f) Represents full payable of notes; discount of $247 excluded from balance.

(g) Rate fixed through 04/2017; thereafter, LIBOR plus 170 bps.

(h) Represents full payable of notes; discount of $1,806 excluded from balance.

(i) Holders have the right to redeem the notes on 01/15/17, 01/15/20 and 01/15/25.

(j) Property was expanded. Mortgage is recourse during expansion and Lexington was not released from the guaranty as of 12/31/2015.

(k) Unsecured.

(l) Total shown may differ from detailed amounts due to rounding.

(m) Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.09% through February 2018 via interest rate swap agreements.

(n) Rate ranges from LIBOR plus 0.90% to 1.75%. LIBOR rate fixed at 1.42% through January 2019 via interest rate swap agreements.

(o) Subsequent to 12/31/2015, loan is in default.

(p) Rate ranges from LIBOR plus 0.85% and 1.55%.

39

LEXINGTON REALTY TRUST

Non- Consolidated Investments: Mortgages & Notes Payable

12/31/2015

Joint Venture	Debt Balance ($000)		LXP Proportionate Share ($000) (3)		Interest Rate (%)			Maturity		Current Estimated Annual Debt Service ($000)		Balloon Payment ($000)		Proportionate Share Balloon Payment ($000) (3)
Rehab Humble Lessee	$	14,359	$	2,154		4.700	%	05/2017		$	950	$	13,982	$	2,097
Gan Palm Beach Lessee		14,471		3,618		3.700	%	03/2018			842		13,768		3,442
BP Lessee		18,791		2,819		4.010	%	11/2018			764		18,791		2,819
Total/Wtg. Avg. (1)/Years Remaining (2)	$	47,621	$	8,591		4.052	%		2.2	$	2,556	$	46,541	$	8,358

Footnotes

(1) Weighted-average interest rate based on proportionate share.

(2) Weighted-average years remaining on maturities based on proportionate debt balance.

(3) Total balance shown may differ from detailed amounts due to rounding.

40

LEXINGTON REALTY TRUST

Debt Maturity Schedule

12/31/2015

($000)

Consolidated Properties
Year	Mortgage Scheduled  Amortization		Mortgage Balloon Payments		Corporate Debt
2016	$	26,465	$	113,396	$	-
2017		26,834		68,671		12,400
2018		26,507		18,157		-
2019		22,580		83,767		177,000
2020		18,787		31,969		250,000
	$	121,173	$	315,960	$	439,400

Non-Consolidated Investments - LXP Proportionate Share
Year	Mortgage Scheduled  Amortization		Mortgage Balloon Payments
2016	$	118	$	-
2017		94		2,097
2018		21		6,261
2019		-		-
2020		-		-
	$	233	$	8,358

Footnotes

(1) Percentage denotes weighted-average interest rate.

41

LEXINGTON REALTY TRUST

Mortgage Loans Receivable

12/31/2015

Collateral									Current
	City	State	Loan Balance ($000)(1)		Interest Rate			Maturity Date	Estimated Annual Debt Service ($000)(2)		Balloon Payment ($000)
Office	Oklahoma City (3)	OK	$	8,501		11.50	%	03/2016	$	323	$	8,420
Retail	Various	Various		895		8.00	%	02/2021		219		-
	Various	Various		418		8.00	%	12/2021		94		-
	Various	Various		552		8.00	%	03/2022		112		-
Hospital	Kennewick	WA		85,505		9.00	%	05/2022		7,438		87,245
	Total Mortgage Loans Receivable		$	95,871					$	8,186	$	95,665

Footnotes

(1) Includes accrued interest receivable, loan losses, and net origination fees.

(2) Remaining collections for debt less than 12 months to maturity, all others are debt service for next 12 months.

(3) Short-term loan to joint venture partner.

42

LEXINGTON REALTY TRUST

Partnership Interests

Twelve months ended December 31, 2015

($000)

Noncontrolling Interest Properties - Partners' Proportionate Share (1)
EBITDA	$	193
Interest expense	$	23
Depreciation and amortization	$	245
Non-Consolidated Net Leased Real Estate - Lexington's Share
EBITDA	$	3,675
Interest expense	$	510

Footnotes

(1) Excludes OP unit noncontrolling interests.

43

LEXINGTON REALTY TRUST

Selected Balance Sheet and Income Statement Account Data

12/31/2015

($000)

Balance Sheet
Other assets	$	18,505
The components of other assets are:
Deposits	$	2,796
Equipment		727
Prepaids		890
Other receivables		784
Deferred lease incentives		13,120
Deferred tax asset		59
Interest rate swap derivative asset		4
Other		125
Accounts payable and other liabilities
The components of accounts payable and other liabilities are:	$	41,479
Accounts payable and accrued expenses	$	16,883
CIP accruals and other		4,282
Taxes		2,062
Deferred lease and loan costs		4,904
Deposits		1,192
Escrows		1,091
Transaction / build-to-suit costs		9,122
Interest rate swap derivative liability		1,943
Income Statement - Twelve months ended December 31, 2015
Non-cash interest expense, net	$	(1,371	)

44

Investor Information

Transfer Agent

Computershare	Overnight Correspondence:
PO Box 30170	211 Quality Circle, Suite 210
College Station, TX 77842-3170	College Station, TX, 77845
(800) 850-3948
www-us.computershare.com/investor

Investor Relations

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

Research Coverage

Bank of America/Merrill Lynch		Ladenburg Thalmann & Co., Inc.
James Feldman	(646) 855-5808	Daniel P. Donlan	(212) 409-2056
Barclays Capital		Stifel Nicolaus
Ross L. Smotrich	(212) 526-2306	John W. Guinee	(443) 224-1307
Evercore Partners		Wells Fargo Securities, LLC
Sheila K. McGrath	(212) 497-0882	Todd J. Stender	(212) 214-8067
J.P. Morgan Chase		Jeffries & Company, Inc.
Anthony Paolone	(212) 622-6682	Omotayo Okusanya	(212) 336-7076
KeyBanc Capital Markets Inc.
Craig Mailman	(917) 368-2316

45

EX-99.2

Exhibit 99.2

Lexington Realty Trust – UNEDITED TRANSCRIPT

Q4 2015 Earnings Call

Company Participants
T. Wilson Eglin, Chief Executive Officer and President 

E. Robert Roskind, Chairman
Richard J. Rouse, Vice Chairman and Chief Investment Officer

Patrick F. Carroll, Chief Financial Officer

Heather Gentry, Senior Vice President of Investor Relations

Operator:
Greetings and welcome to the Lexington Realty Trust fourth quarter 2015 earnings conference call. (Operator Instructions) I would now like to turn the call over to your host, Heather Gentry, Vice President of Investor Relations at Lexington Realty Trust. Thank you, you may now begin.

Heather Gentry:
Thank you Operator. Good morning and welcome to the Lexington Realty Trust fourth quarter 2015 conference call. The earnings press release was distributed over the wire this morning and the release and supplemental disclosure package will be furnished on a Form 8-K.

In the press release and supplemental disclosure package, Lexington has reconciled all historical non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg. G requirements. If you did not receive a copy, these documents are available on Lexington's website at www.lxp.com in the Investor Relations section. Additionally, we are hosting a live webcast of today's call, which you can access in the same section of our website.

At this time we would like to inform you that certain statements made during this conference call which are not historical may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Lexington believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Lexington can give no assurance that its expectations will be attained.

Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements are detailed in today's press release and from time to time in Lexington's filings with the SEC and include the successful consummation of any lease, acquisition, build to suit, financing, disposition or other transaction for the final terms of any such transaction.

Except as required by law, Lexington does not undertake a duty to update any forward-looking statements. Operating performance measures of an individual investment are not presented or intended to be the liquidity or performance measures that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows.

Joining me today from management are Will Eglin, Chief Executive Officer; Robert Roskind, Chairman; Dick Rouse, Vice Chairman and Chief Investment Officer; Pat Carroll, Chief Financial Officer; Beth Boulerice, Chief Accounting Officer and other members of management. Now I will turn call over to Will.

Will Eglin:
Thanks, Heather, and welcome everyone and thank you for joining the call today.

I would like to begin by reviewing our operating results and accomplishments for the quarter and the full-year. For the fourth quarter of 2015, Company funds from operations were $0.29 per share which brought our total for the year to $1.10 per share. These were very strong results in relation to our guidance of $1.05 to $1.07 per share as updated in November and reflects better than expected execution in all aspects of our business including the early closing of acquisitions, share repurchases and lower general and administrative costs.

We provided initial 2016 Company FFO guidance this morning in the range of $1.00 to $1.10 per share. As you may recall from our third-quarter 2015 call, we discussed the possibility of monetizing our New York City ground investments which generate very high FFO due to GAAP revenue recognition over the life of the 99 year leases. We have begun marketing these assets for sale and the midrange of guidance assumes that they are sold as of June 30, 2016, at a sub 5% cap rate.

While the 2016 Company FFO guidance we initiated today represents a decrease compared to 2015 Company FFO, we expect our underlying cash flows to remain strong in 2016 due to reduced capital expenditures, share repurchases, accretion from investment activity in 2015, the redeployment of sale proceeds from the potential New York City ground sale, scheduled rent escalation and refinancing savings. More details on our underlying guidance assumptions will be discussed later and the call.

Overall we had a good quarter of leasing and executed new leases and lease extensions of approximately 900,000 square feet ending the quarter 96.8% leased. Renewal rents during the quarter were essentially flat on both a cash and GAAP basis. Subsequent to quarter end, we have completed approximately 700,000 square feet of lease extensions.

On the investment front in the fourth quarter we invested approximately $45.4 million in ongoing build to suit projects and $2.1 million for Gateway Plaza, a build to suit in Richmond, Virginia with an initial basis of approximately $101 million. This building which we acquired in December 2015 is the new headquarters for the McGuire Woods Law Firm.

We recently closed on a $57.5 million mortgage on this property at a fixed rate of 5.2% and a 15 year term to maturity. The cash-on-cash yield is expected to be about 12% in the first year and the 15 year financing should generate a very attractive internal rate of return.

During the fourth quarter we also acquired the newly constructed preferred Freezer industrial facility in Washington state for $152 million and obtain $110 million of 10 year mortgage financing at a fixed rate of 4%. Our cash from cash return this year on this investment will be about 15% and we have very strong credit quality underlying the lease on this state-of-the-art facility.

Also during the fourth quarter we committed to acquire and finance the construction of a new six-story 201,000 square-foot class A office property in Charlotte, North Carolina for an estimated maximum cost of approximately $62 million. This property will be the headquarters for Avid Exchange, a fast-growing financial technology provider of accounts payable and payment automation. The going in cap rate on this 15 year lease is expected to be 8.3% and there are annual rent escalations of approximately 2%.

Overall, in 2015 we invested $516 million closing $483 million of investments which will produce approximately $41.7 million of annual GAAP revenue in 2016. The average initial cap rate on these investments is 7.4% with a weighted average lease term of approximately 18 years and rent escalation that averaged 2% per year.

Subsequent to quarter end, we closed on a newly constructed 190,000 square-foot industrial facility in Detroit, Michigan for $29.7 million, with expected cash and estimated GAAP yield of 7.4%. The property is 100% leased for a 20 year term to Fiat Chrysler Automobiles. This adds another strong tenant to our portfolio in an industry that continues to perform well.

We disposed of one property in the quarter which brought our total disposition volume for the year to $265.2 million. This activity remains consistent with our portfolio management and capital recycling objectives which include reducing our exposure to suburban office properties in certain markets, monetizing multi tenant properties upon stabilization of occupancy, selling vacant properties and transitioning the portfolio so that more revenue is derived from long-term leases.

The average cap rate on properties we disposed of in 2015 was 6.3% which proved to be accretive compared to our 2015 acquisition cap rate of 7.4%. We continue to see steady volume of opportunities on the investment front but we remain disciplined and cautious on pricing recognizing that our own shares offer an unusually compelling value at this point in the cycle compared to many other investment choices.

In July we announced a share repurchase program of up to 10 million common shares inclusive of all outstanding prior authorizations. During the fourth quarter approximately 900,000 shares were repurchased at an average price of $8.12 per share. To date we have repurchased approximately 3.2 million shares at an average price of $8.05 per share which includes just under $1 million additional shares repurchased in 2016 at an average price of $7.48 per share. Our plan is to continue to execute on share repurchases in the context of our overall capital plan and to the extent market volatility offers a meaningful disconnect between our share price and net asset value per share as it does now.

We still find build to suit transactions our most attractive property investment option because there is less competition in this market and a corresponding higher probability for us to garner a yield premium. As a result, we could add to our 2017 acquisition pipeline if we find the right opportunity.

Looking at the year ahead, we expect to be a net seller of property in 2016 and we have done considerable work on refining our disposition program to achieve our objectives which include the sale of some vacant and multi tenant buildings, the monetization of our New York City ground parcels in a sale or joint venture, and the sale of other single tenant properties.

Our current sell programs includes up to 30 properties with expected proceeds ranging from $600 million to $700 million and representing an average cap rate range of 5.75% to 6.5%. These properties are encumbered by approximately $300 million of mortgage debt so the 2016 disposition program would net between approximately $300 million and $400 million excluding transaction costs to be used to fund our investment commitments, retire debt, repurchase stock or acquire properties. We can give no assurances that we will meet these objectives or the timeframe to complete the program.

With regard to our leasing outlook, as a result of our proactive approach, our current 2016 expirations comprise just 3.6% of our revenue and total 2.1 million square feet. In addition we have active lease negotiations underway on approximately 1.5 million square feet and expect to be able to report progress throughout the year.

In general, our markets remain strong in terms of the balance of supply and demand and we believe that our negotiating position on most lease renewals is stronger than it was a year ago.

Given the ongoing volatility in the energy industry, I want to give some color on the Houston, Texas market as well as our exposure. General occupancies in Houston for both office and industrial properties is north of 86% although additional supply is coming into the market in 2016 which could cause higher vacancy going forward.

We presently own six office properties, two industrial properties, two infrastructure properties and one specialty property would generate approximately $21.5 million of annual cash revenue and have a weighted average lease term of approximately 13.6 years. In addition we have a joint venture investment involving a build to suit private school in Houston.

We have no leases expiring in 2016 and only one lease expiration in 2017 with Transocean a drilling company who exercised its early termination option in December. This 155,000 square-foot space is currently being marketed for lease and while this could prove challenging, we do not expect any material impact given the size of our portfolio. Other than that, we see no near term risk to occupancy in our Houston portfolio.

At year-end 2015 we had four million square feet of space which is vacant or subject to leases that expire through 2016. We believe that by the end of 2016 we can address roughly 21% of expiring or vacant square footage through disposition and our guidance assumes 19% is addressed through leasing. We continue to manage down our shorter-term leases and extend our weighted average lease term which is now approximately 12.6 years on a cash basis and 9.1 years after adjusting our New York City ground parcels lease term to their first purchase option.

Looking past 2016, we believe our overall lease maturity schedule is well staggered which provides us with cash flow stability. Each of these metrics is an important measure of cash flow stability and we will continue to focus on further improvement. Additionally, approximately 80% of our revenue is from leases with built-in escalations which bodes well for long-term cash flow growth.

We had great success in 2015 taking advantage of opportunities to enhance our balance sheet. As a result, we were able to achieve significant savings from refinancing our bank lending facilities and extending the maturities of our two term loans and revolving credit facility by two years.

Our refinancing efforts have extended our weighted average debt maturity to 7.2 years, lowered our weighted average borrowing cost by 50 basis points to 4% and increased our unencumbered assets to now represent approximately 69% of net operating income.

We continue to focus on maintaining maximum balance sheet flexibility to access which ever source of capital is most advantageous. Our 2016 mortgage maturities total $113 million and a have weighted average interest rate of 5.8% representing further opportunity to unencumber assets and lower our financing cost. We expect to lock in long-term financing this year with the objective of substantially paying down a revolving credit facility which presently has $177 million outstanding.

Before turning the call over to Pat I would like to sum up where we expect to be by year-end. We expect sources of capital from sales and new long-term financing to total between $785 million and $885 million which will be used to retire $375 million of mortgage debt, fund $265 million of investment commitments and pay transaction costs with the balance available to repurchase stock, invest elsewhere or retire bank debt.

We expect portfolio occupancy to stay strong throughout 2016 and we are comfortable with the portfolio percentage lease target for year-end of approximately 96% to 97%. A successful execution of our current plan should reduce our leverage, generate a high level of company funds from operations and company funds from operations per share in relation to our dividend and share price and meaningfully upgrade our portfolio.

Now I'll turn the call over to Pat who will review our financial results in more detail.

Pat Carroll:
Thanks, Will. Prior to discussing our quarterly and annual results, I just want to point out that a new FASB rule went into effect in 2015 so property sales are no longer reclassified to discontinued operations on the income statement. So income statement fluctuations between periods generally relate to this new FASB requirement.

During the quarter we had gross revenues of $106.6 million comprised primarily of lease rents and tenant reimbursements. The decrease compared to the fourth quarter of 2014 of $1.2 million relates primarily to the sales of property and changes in occupancy and lease terms offset in part by acquisition and build to suit projects coming online. For the year revenues increased to $430.8 million compared to $423.8 million in 2014.

As Will mentioned earlier on the call, during the quarter we generated company FFO of $69.6 million or $0.29 per diluted common share compared to $66.3 million or $0.27 per diluted common share for the quarter ended December 31, 2014. For the year, we generated company FFO of $268 million or $1.10 per diluted common share.

Our company FFO 2016 guidance is in the range of $1.00 to $1.10 coming in lower than the 2015 company FFO due to the possible sale of our New York City land investments we are currently marketing. These investments generated $50.5 million of GAAP revenue and $16.7 million of cash revenue in 2015.

The most significant assumptions for guidance include the timing and amount of property sales included in New York City land positions, coupled with the retirement of debt and common share purchases as described by Will in his commentary. We are also projecting that we will complete the $10 million common share repurchase authorization during 2016. Keep in mind this guidance is forward-looking, excludes the impact of certain items and is based on current expectations.

For the quarter ended December 31, 2015, GAAP rents were in excess of cash rents by approximately $11.7 million and for the year ended December 31, 2015, GAAP rents were in excess of cash rents by $45.9 million, $33.8 million of which relates to our New York City land investments. We believe the Company can redeploy cash from the potential New York City land sale and assets at higher initial cap rate so the dilution is not expected to be meaningful and the Company would shed $242 million in mortgage debt in connection with the sale. The New York City land investments currently generate approximately $5.3 million in after debt service cash flow.

On page 17 of the supplement, we have included our estimates of both cash and GAAP rents for 2016 and 2017 for leases in place at December 31, 2015. This disclosure does not assume any tenant releasing of vacant space, tenant lease extension on properties with scheduled lease expirations, property sales or property acquisitions. Property operating costs decreased $3 million in the fourth quarter of 2015 primarily due to the sale of multi tenanted properties.

Interest expense decreased $2.4 million in the fourth quarter of 2015 primarily due to lowering borrowing costs on outstanding debt offset by an increase in capitalized interest. During the fourth quarter of 2015 we incurred impairment charges of $2.8 million relating to an impairment taken on an office property in Garland, Texas and vacant land in Clive, Iowa. The land was sold in the first quarter of 2016 and the Garland property will come off lease in May of 2016.

G&A expenses came in at $29.3 million for 2015 and we are projecting that G&A for 2016 to be comparable at approximately $30 million. For the year ended December 31, 2015, our interest coverage was approximately 3.5 times and net debt to EBITDA was approximately 6.7 times. Debt increased in the fourth quarter of 2015 by $191.1 million, primarily due to $110 million financing in our Richland, Washington acquisition and line borrowing to finance build to suit funding.

The fourth quarter acquisitions contributed $2.6 million in rental revenue due to the timing of the acquisitions during the quarter compared with $22.7 million of rental revenue that would be expected to be realized if the properties were owned for the entire year. In addition build-to-suit fundings provide no rental revenue until the property is closed. While we remain comfortable with our leverage level, we are targeting a net debt to EBITDA of approximately 6.5 times or less at year-end 2016.

Now turning to the balance sheet. Our balance sheet continues to be in good shape. We had $103.9 million of cash at quarter end, including cash classified as restricted. Restricted cash balances relate to money primarily held with lenders as escrow deposits on mortgages. At year-end we had about $2.2 billion of consolidated debt outstanding which had a weighted average interest rate of 4% of which approximately 92% of that fixed rate including debt currently covered by interest rate swap agreements.

We have entered into LIBOR swaps on both the $255 million outstanding on our term loan which matures in 2021 and a $250 million outstanding on our term loan, which materials in 2020. The swaps are effective through January 2019 and February 2018 respectively. The current spread components on both term loans our 1.1%.

In February of 2016, the Company closed on a 15 year mortgage financing on Gateway Plaza in Richmond, Virginia. The loan bears interest at fixed rate of 5.2% and the terms maturity matches the lease term of the McGuire Woods lease which occupies approximately 68% of the property.

As of December 31, 2015, our unencumbered asset base was approximately $3.3 billion or 69.2% of our NOI. We have approximately $113.4 million of mortgage balloon debt at an average interest rate of 5.8% coming due this year which are expected to be retired in connection with dispositions, cash from dispositions and financing proceeds. Over the course of the year we expect to add $175 million to $200 million of long term fixed rate debt to the balance sheet and retire shorter-term maturities including the 2016 maturing mortgage debt and amounts outstanding under our revolving credit facility.

During the quarter ended December 31, 2015, we paid approximately $2.4 million in lease costs and approximately $7.2 million in tenant improvements. For the full year we spent approximately $27.1 million in TIs and leasing costs. Our budget for 2016 for these items is approximately $25 million so we expect see an overall decrease of roughly $2 million.

We have also included on page 14 of the supplement the funding projection our build-to-suit projects and forward commitments along with historical NOI recognized on build-to-suit projects that have come online. For the schedule, the Company has investment commitments this coming year of $265 million as of year-end 2015, of which approximately $48.3 million has already been funded in 2016.

As it relates to build-to-suit projects, since we fund the construction costs and got a take out upon completion, we do not recognize interest income during the construction or any rental revenue until the project is complete and the tenant takes occupancy. Our basis of the project upon completion is the actual cash we spend in the funding plus any capitalized costs we recognize in accordance with GAAP. We capitalize interest using our overall borrowing rate.

Now I would like to turn the back over to Will.

Will Eglin:
Thanks, Pat. Operator, I have no further comments at this time so we are ready for you to conduct the question and answer portion of the call.

Operator
Thank you.

QUESTIONS AND ANSWERS

Operator
(Operator Instructions). Sheila McGrath, Evercore ISI.

Sheila McGrath, Evercore ISI – Analyst:
Yes, good morning. Will, I was wondering if you can give us some insight on where you are in the sale of the ground lease process? What the guidance assumes in terms of timing? And what would make a JV a more desirable outcome, that you mentioned in your remarks?

Will Eglin:
We are marketing the positions as we speak; and our guidance assumes that we have a transaction that closes at June 30. So to the extent that it takes longer to sell them, it adds about a penny to FFO for every month that we hold on to the asset. We are exploring both the sale and a joint venture just to make sure that we have the most options to choose from. But the assumption is that there's a transaction roughly in the middle of the year.

Sheila McGrath:
Okay. Is the interest level and pricing -- does it compare favorably to what you purchased the ground lease positions at?

Will Eglin:
Yes. Our expectation is that we will do well on price. It is certainly, if you recall, we did the first three properties in one transaction and the fourth in a separate transaction a year later. And it is possible that, that fourth transaction would be sold separately and that we will sell the three together. But no, our expectation is that we will do well on the sale.

Sheila McGrath:
Okay. Then just quickly on buyback -- Pat, I think you mentioned by year end you will be at net debt to EBITDA of 6.5. How much buyback is assumed in your guidance? Or how much is feasible given where you want to keep leverage?

Pat Carroll:
We have an authorization for $10 million. We bought back $3.2 million, roughly, through today. So the model assumes the rest of it is acquired.

Sheila McGrath:
Okay. All right, thank you.

Operator:
Craig Mailman, KeyBanc.

Laura Dickson, KeyBanc Capital Markets – Analyst:
Hey, guys, it is actually Laura in for Craig. Just a follow-up on the share buyback program. I guess, if you guys are assuming that you complete it in your guidance, what's the potential for -- would a bigger buyback program be in order once this one is complete?

Will Eglin:
It is certainly possible. We are focused on executing on the initial authorization, and we think the stock is very inexpensive and a great value. So management, which views themselves as long-term investors in the Company, view this honestly as a great opportunity to buy in stock at very good level. It is certainly possible that, after we work through the first authorization, there would be more. But we will have to see how the year progresses.

Laura Dickson:
Okay, great, thanks. Then I guess also on the Manhattan office ground portfolio sale. What percentage of disposition guidance would that represent?

Will Eglin:
Approximately half at the top end.

Laura Dickson:
Okay. Great. Thank you.

Operator:
Anthony Paolone, JPMorgan.

Anthony Paolone, JPMorgan – Analyst:
Thanks, good morning. Will, can you talk about the competitive landscape for the build-to-suits, given the volatility in the capital markets? And whether that competition is pulled back at all? Or how those spreads have looked lately?

Will Eglin:
Sure, Tony. We definitely believe that there will be opportunity to look at 12- to 24-month forwards right now at higher cap rates. If you recall, most of the things that we've closed recently were transactions we committed to a year or two ago, when cap rates were attractive and spreads were wide. As spreads compressed, we slowed down in terms of looking at our pipeline. But we do believe that the competition is less and we are continuing to see some opportunities in the forward commitment space. Obviously, competing with the share buyback, given where the stock is right now, is hard for build-to-suit to measure up, but we are still seeing good transaction flow, and, for sure, cap rates have inched up in that space.

Anthony Paolone:
Can you put any brackets around where a forward yield may need to be, to look more interesting than a share buyback?

Will Eglin:
We committed to one transaction in fourth quarter, which is a 15-year lease at an 8.30% cap rate. And we had felt like, if that transaction was in the market a year ago, it probably would have been 100 basis points lower. So it is not totally an apples to apples comparison, right, comparing the acquisition of newly constructed properties with 15- and 20-year leases to buying in stock. But in terms of this year, we're not particularly interested in any acquisition activity. We find buybacks much more attractive compared to purchasing property in the auction market. But at the same time, there is a spread between where you can sell this year on a cap rate basis and where you might be able to redeploy capital the year or two out. We are still looking at some forward commitments.

Anthony Paolone:
Okay. Can you remind me -- the South Carolina industrial asset, it's got one of the lower yields in the pack. What was, who's the tenant, what's the story on that one?

Will Eglin:
Yes, that was a lower-yield transaction that we committed to quite a while ago. It is a 20-year industrial lease at a price per foot of $52, which we thought was appealing from the standpoint of basis. It has 20 years with annual escalations, but that 5.9% cap rate did represent, in our minds, the low point of capitalization rates on new construction.

Anthony Paolone:
Okay. Thank you.

Operator:
Jon Petersen, Jefferies.

Jon Petersen, Jefferies & Co. – Analyst:
Thank you. I think previously, you had talked about selling a portfolio of suburban office buildings? Can you give us an update on what your plans are in terms of selling things besides the ground leases in Manhattan? And what we should expect going into this year?

Will Eglin:
Yes, the numbers that we put out on this year's disposition program of $600 million to $700 million represent the end result of a process that we went through, looking at a bigger pool of assets inside the Company. And our view is that we can capture the most value by transacting on a one-off basis. So there are some properties that might have been looked at in the context of a portfolio sale in the past, where our plan this year is to execute on individual transactions. It doesn't mean that there may not be portfolio transactions that are considered as we go through the year, but the plan put out today contemplates one-off disposition activity.

Jon Petersen:
Then, I guess along those same lines, clearly there's been volatility in the market, some of the economic indicators have been somewhat weak. So I'm curious, since I know you guys have been active sellers over the last few quarters, if you see anything change from what buyers are willing to buy? If you've seen pricing compressed at all over the last couple months versus what we were seeing a couple quarters ago?

Will Eglin:
We have not. We've done extensive valuation work on the assets that we are interested in selling, consulting with brokers and getting broker estimates of value, that in many cases, have in our minds seemed extremely strong. So we still view this as being a good market to sell into.

Jon Petersen:
Okay, thanks, that's helpful. Then just one more on the new build-to-suit that you guys announced this quarter in Charlotte, 8.3% going in cash yield, obviously very high relative to the other properties you have. Just kind of curious, I know you mentioned being more selective in terms of doing more build-to-suit projects, but what is your minimum yield return threshold, given your current cost of capital?

Will Eglin:
We are not looking at anything, generally 7% to 8.5% are transactions that we are looking at, but that doesn't mean we would be committing to anything toward the low end. If we were, it would probably be only for very high grade credit with high-quality industrial property.

Jon Petersen:
Okay. All right, that's helpful, thank you.

Operator:
John Guinee, Stifel.

John Guinee, Stifel Nicolaus – Analyst:
Thank you. A couple questions, just purely out of curiosity. You did two big loans: Richmond, Virginia, and the State of Washington. What's the amortization schedule on those loans? I.e., what's the principal balance of the debt when the lease matures?

Will Eglin:
In the case of Preferred Freezer, it is a 10-year financing, 5 years of interest-only payments, and 5 years of 30-year amortization. So there's a little bit of amortization at the tail end. And in the case of McGuire Woods, it's ten years of interest-only payments and the last 5 years are on a 30-year schedule. Little bit of amortization, but not a huge amount.

John Guinee:
So, basically, if a lender's lending on the Freezer, they've still got 10 years left on the lease term and then --

Will Eglin:
That's correct.

John Guinee:
With McGuire Woods they also have what, five years left on the lease term?

Pat Carroll:
No, it is exactly match funded to the McGuire Woods lease.

John Guinee:
Okay, what does the basis does the lender have on the McGuire Woods building? At the end of the lease? Are they in it at $250 or $300 a foot still?

Will Eglin:
It is a $57.5 million loan, with a 30-year schedule on the backend, so it is probably like mid-$50 million, $55 million, $54 million.

Pat Carroll:
On the other one, John, on Richland Washington, the balloon is $99.5 million.

John Guinee:
Got you. Okay. The lenders are back, wow. Okay. The second question -- if I'm doing the math right based on Sheila's question, the fall off, quarter over quarter, with the sales of just the ground-lease assets is about $0.03 a share. Is that the right way to look at it?

Will Eglin:
Per quarter, that's about right. It might be $0.035 on a quarterly basis, John.

Pat Carroll:
John, in 2015, the four land parcels generated about $0.16 of FFO.

John Guinee:
Okay. So, essentially, you are talking about the first half of the year maybe $1.10 to $1.15 run rate, and the last half of the year maybe a $0.95 to $0.99 run rate for annualized FFO?

Will Eglin:
We don't give guidance on a quarterly basis, but obviously --

John Guinee:
We are asking you to.

Will Eglin:
(laughter) I understand. But we walked through the FFO impact from the sales, and I think that we would encourage people to focus on the transactions from the standpoint of really looking at our after-debt-service cash flow which is, as Pat said, $5.3 million on a position where we have $242 million of leverage. So for sure we can reinvest the money in a way that provides more current-period accretion. And the key to deleveraging the balance sheet this year, beyond the 6.5 times net debt to EBITDA that Pat mentioned, would be a result of selling the land position.

John Guinee:
Okay. Then, if I'm looking at page 38 and all of your mortgage and notes payable, are we done with asset sales via conveyance back to the lender? Or are there more on this list that would be asset sale versus conveyance back to the lender?

Will Eglin:
No, there are still several that may be conveyed back to lenders, John, as we go forward.

Pat Carroll:
John, on page 38 the footnotes O and footnote B, are two loans that are currently in default, where obviously those are definitely candidates to give back to lenders.

John Guinee:
Any more that we expect to have footnotes O and footnote B in the future?

Pat Carroll:
It is always possible, John. There's a property out in Bremerton, Washington, that I can think of, that potentially could fall into that category.

John Guinee:
Great, okay. Thanks a lot. Thank you.

Operator:
William Seagall, Development Associates Inc.

William Seagall, Development Associates, Inc. – Investor:
Thank you, gentlemen. I've been an investor in your Company for many years and it is certainly an unusual time. And Will I appreciate you getting to what I think is the elephant in the room very quickly in your talk. And in your words, how unusually compelling the value of our own common stock is right now, vis a vis other ways you could deploy your capital. And I think you did a good job of covering it, and some of the analysts cut your, your answers on perhaps buying more than $10 million this year, and that would be up for debate with your Board. Unusual times. Do you retire the stock? Or is it treasury stock?

Pat Carroll: It is retired.

William Seagall:
Okay, all right. Thank you very much for those answers. Number two, thanks for touching on Houston. Any other areas that might be impacted by the fall in oil and hydrocarbons?

Pat Carroll:
No, we discussed the area of the concern, which is Houston. We can't really see any other place where we are. I think we're pretty well-diversified by industry type and markets, so we feel because of that diversification we have a level of safety.

William Seagall:
Okay. I noticed, was surprised when you went into Detroit -- and here again that's just part of this opportunistic diversification that you do -- and you had no hesitation about Detroit or the automobile industry, et cetera?

Will Eglin:
No, in fact automotive has been very strong and suburban Detroit has been doing extremely well. So there are areas in and around Detroit where we think that automotive can be a good play.

William Seagall:
Heard a first-hand report on that the other night and curious, where is the plant? The Detroit property? In other words, is it the outskirts?

Will Eglin: No, it is a few miles from their headquarters.

William Seagall:
Very good. Gentlemen, thank you very much.

Will Eglin:
Thank you.

Operator:
(Operator Instructions). Sheila McGrath, Evercore.

Sheila McGrath:
Yes, I was wondering if you could tell us how the capital expenditures are looking in 2016 versus 2015, not on build-to-suit, but rather on the leasing costs?

Pat Carroll:
Yes, we came in at like $27.1 million in 2015, to TIs and leasing costs, and we project it in 2016 to be about $25 million.

Sheila McGrath:
Okay, great. And then, Will, usually you bump the dividend later in the year. I'm just wondering, often when you announced third-quarter earnings, I'm just wondering how you view a dividend bump versus the stock buyback at this point?

Will Eglin:
Time will tell how things are looking when we get to that point later in the year. Right now we continue to view the buyback as the better use of capital.

Sheila McGrath:
Okay, great.

Operator:
John Guinee, Stifel.

John Guinee:
I had the exact same question Sheila did, thank you.

Operator:
At this time we have no further questions. I will turn the call back to our speakers for closing comments.

Will Eglin:
Great, thanks to all of you again for joining us this morning. We think we're going to have a terrific year and we're looking forward to reporting our results to you every quarter. Thanks again.

Operator:
Thank you. This does conclude the teleconference. You may disconnect your lines at this time. Thank you for your participation. 

EX-99.3

Exhibit 99.3

INVESTOR PRESENTATION FEBRUARY 2016 LEXINGTON REALTY TRUST

Disclosure This presentation contains certain forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended, which involve known and unknown risks, uncertainties or other factors not under Lexington Realty Trust’s (“Lexington” or “LXP”) 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 . These factors include, but are not limited to, those factors and risks detailed in Lexington’s filings with the Securities and Exchange Commission . Except as required by law, Lexington undertakes no obligation to ( 1 ) 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 or ( 2 ) update or supplement forward - looking statements that become untrue because of subsequent events . Accordingly, there is no assurance that Lexington’s expectations will be realized . 2

Company Overview LEXINGTON REALTY TRUST (NYSE: LXP) Long History Portfolio Snapshot Experienced Team Franchise founded in 1973 Public since 1993 Consistent dividend paying company for 22 years Investment grade credit ratings by S&P, Moody’s and Fitch $5.0 billion company (gross book value) 215 properties, including land, across 42.3 million square feet in 40 U.S. states Approximately 97% leased Pay quarterly annualized dividend of $0.68 per common share Seasoned executive management averaging 19 years with LXP Consistently improving portfolio quality Prudent managers of capital Experienced portfolio and asset management teams focused on enhancing operating results As of 12/31/2015. 3

Investment Features Focused Single - Tenant, Net - Lease Strategy Diversified Portfolio Attractive Growth Prospects Active Portfolio Management Consistent Operating Performance Flexible Balance Sheet Strong Dividend with Conservative Payout Ratio 4

Focused Investment Strategy 5 INVESTMENT FOCUS ▪ Build - to - suit and sale - leaseback investments ▪ Long - term net leases, typically 15 - 20 years ▪ Single - tenant properties SECTOR ▪ Industrial, o ffice and select specialty r eal estate PORTFOLIO MANAGEMENT ▪ Originate , operate and sell certain properties with more than 10 years of remaining lease term ▪ Continue to manage and operate properties in “core” markets or which are mission critical facilities ASSET MANAGEMENT PORTFOLIO REPOSITIONING ▪ Reduce multi - tenant exposure ▪ Exit “non - core” office markets ▪ Sales proceeds used for deleveraging and investments that maximize value ▪ Tenant relationship focus ▪ Proactively manage lease expirations and weighted - average lease term ▪ Sustain high levels of occupancy BALANCE SHEET ▪ Maintain modest leverage ▪ Access to secured and investment - grade unsecured debt with balanced maturities ▪ Hold predominately long - term, fixed - rate debt

Investment Strategy Opportunities 6 Build - to - Suit Projects ▪ Ability to originate a transaction for a yield premium ▪ Less competition in market provides more opportunities with attractive pricing ▪ Potential to make favorable returns with less risk by managing exit strategy Sale Leasebacks ▪ Ability to secure a long - term lease with existing tenant ▪ Real estate strategically essential to tenant — could lead to lower tenant default risk ▪ Favorable returns compared to corporate bonds of similar credit risk Net - Lease Properties ▪ Sustained, predictable cash flows ▪ Low inflation risk due to tenant operating expense obligations ▪ High levels of occupancy and lower turnover ▪ Less cap - ex requirements ▪ Long - term leases with rent bumps Long - Term Leases ▪ Total rent payable tends to exceed purchase price ▪ Likelihood of change in tenant needs ▪ Market rents can grow faster than lease escalations ▪ Wide window to optimize exit strategy and maximize returns Advantages

7 Through its focused strategy, Lexington continues to show meaningful progress towards creating a best - in - class net - lease REIT. Portfolio Metrics 2013 (1) 2015 (2) Status Office Exposure (3) 61.3% 50.1% i Multi - Tenant Exposure (3) 7.9% 3.0% i % of Revenue from Long - Term Leases (4) 30.1% 40.8% h Average Lease Duration (years) (5) 11.2 12.6 h Unencumbered Asset Base $2.6 Billion $3.3 Billion h Weighted - Avg . Debt Maturity (years) 7.0 7.2 h Weighted - Avg . Interest Rate 4.71% 4.01% i (1) As of 12/31/13. (2) As of 12/31/15. (3 ) As a percentage of GAAP rent for the respective year ended for consolidated properties owned as of such year end. (4) Leases with remaining term of 10 years or longer. (5) Cash basis for consolidated properties owned as of each respective year end. Not adjusted to reflect NY land leases through the first purchase option date. Portfolio Transformation Continues…

2016 Business Plan Highlights Dispositions ▪ Dispose of approximately $600 - $700 million of office, multi - tenant, and NYC land investments (30 assets) Acquisitions ▪ Committed to $265 million in build - to - suit projects to be primarily funded with disposition proceeds ▪ Potential to acquire additional build - to - suits or sale leasebacks with attractive pricing Balance sheet ▪ Retire approximately $375 million of secured debt with disposition proceeds ▪ Add approximately $175 - $200 million of longer - term debt and pay down bank line ▪ Target net debt to EBITDA of 6.5x or less by end of 2016 Capital Markets ▪ Buy back 6.8 million common shares remaining under share repurchase plan ▪ Do not need to raise equity in 2016 Leasing Costs/TIs ▪ Expected to be approximately $25 million, a $2 million decrease compared to 2015 2016 Company FFO Guidance range of $1.00 to $1.10 per diluted common share. (1) Forward - looking statements; see disclaimer on page 2. (1) 2016 Company FFO guidance assumes NYC land investments sold as of June 30, 2016 at a sub 5% cap rate, the retirement of $ 375 million of secured debt, and the repurchase of 6.8 million shares under the share repurchase plan among other things. Guidance is forward looking, bas ed on current expectations, and excludes the impact of certain items. 8

25.6 12.8 2.3 1.4 0.2 Square Footage (Millions) Industrial Office Multi-Tenant Retail/ Specialty Land/ Infrastructure Well Diversified by Geography/Property Type 9 24 5 7 1 2 2 2 3 3 1 2 3 4 2 3 7 14 13 13 2 2 8 5 9 4 6 15 5 9 10 2 2 8 1 2 1 1 5 2 States with rental revenue greater than $10 million on an annualized GAAP basis. Note: All information as of 12/31/15. Numbers indicated in the individual states represent number of properties owned in each st ate. 96 67 30 12 10 Office Industrial Retail Multi-Tenant Land/Infrastructure Number of Properties 5

Revenue Sources by Property Type 10 3.4% 61.3% 24.6% 7.9% 2.8% 16.0% 50.1% 27.9% 3.0% 3.0% Land/Infrastructure Office Industrial Multi-Tenant Retail/Specialty 2013 (1) 2015 (2) Lexington continues to improve and diversify its revenue sources. (1) GAAP revenue as of 12/31/13. (2) GAAP revenue as of 12/31/15.

Strong Tenant Diversification Top 10 Tenants (1) Revenue by Credit Rating (2) (1) Based on cash rent for the year ended 12/31/15, for consolidated properties owned as of 12/31/15. (2) Based on GAAP rent for the year ended 12/31/15, for consolidated properties owned as of 12/31/15 . (3) Total shown may differ from detailed amounts due to rounding. (4) Credit ratings are based upon either tenant, guarantor or parent entity. 14.9% Non - IG 50.6% Unrated 34.5% Investment Grade 11 Top 10 Tenants/Lease Guarantor Primary Lease Term Expiration Year # of Leases % of Base Rent (3) S&P Moody's FedEx Corporation / Federal Express Corporation 19/21/28 3 3.8% BBB Baa1 Metalsa Structural Products, Inc./ Dana Holding Corporation/ Dana Limited 21/25/26 7 3.1% BB+ Ba3 United States of America 16/18/27/30 4 2.4% AA+ Aaa Nissan North America, Inc. 23/27 2 2.4% A - A3 Swiss RE America Holding Corporation / Westport Insurance Corp. 18/19 2 2.2% A Aa3 Xerox Corporation 2023 1 2.1% BBB Baa2 Michelin North America, Inc. 16/19/20 3 2.1% - - T - Mobile USA, Inc./T - Mobile West Corporation 19/20 5 2.1% - Ba3 SM Ascott LLC 2112 1 1.7% - - Industrial Terminals Mgmt , LLC/Maritime Holdings (Delaware) LLC 2038 1 1.6% - - % of Top10 Tenants 23.4% Strong, brand name tenants with more than half of top 10 tenants investment - grade rated. Credit Rating (4)

Execution: Strong Acquisition Activity (1) Includes 100% of joint venture acquisitions ($39.5 million in 2013, $57.5 million in 2012 and $15.3 million in 2011) and excl ude s the acquisition of NLS on 9/1/2012. $128.2 $247.0 $590.4 $212.3 $483.0 8.8% 8.4% 5.9% 7.6% 7.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 2011 2012 2013 2014 2015 Property Acquisition Volume and Cap Rate (1) 12 Lexington has been able to maintain strong acquisition activity with attractive pricing.

External Growth Prospects - Build - to - Suit Pipeline (1) No assurances can be given that any of these investments will be completed or, if completed, will perform to our expectation s. (2) Forward purchase commitment. Closed in the first quarter of 2016. (3) Lexington has a 25% interest in the joint venture as of the date of this presentation. Detroit, MI (2) Anderson, SC Houston, TX (3) Lake Jackson, TX Charlotte, NC Type Industrial Industrial Private School Office Office Square Feet 189,960 1,325,000 274,000 664,000 201,000 Estimated Completion Cost (millions) $29.7 $70.0 $86.5 $166.2 $62.4 Investment Balance 12/31/15 (millions) -- $23.8 $38.4 $62.4 $9.2 Lease Term 20 years 20 years 20 years 20 years 15 years Initial Cap Rate 7.4% 5.9% 7.5% 7.3% 8.3% Escalations Flat 2% annually Lesser of 2% or 2X CPI increase 2% annually 2% annually Estimated / Completion Date 1Q16 2Q 16 3Q16 4Q16 Q1 2017 13 Future build - to - suit investments are estimated to add annual revenue of $29.9 million to the portfolio. (1)

▪ Acquired in Q4 1015 for approx. $152 million ▪ Attractive cash cap rate of 7.1% and GAAP cap rate of 8.6 % ▪ 456,400 sq. foot state - of - the - art industrial facility located in Washington State ▪ Lease payments backed by strong credit tenant — ConAgra Foods, Inc. ▪ Obtained $110 million 10 - year mortgage financing at a 4% fixed rate ▪ Long - term lease of 20 years ▪ 2016 cash - on - cash return of approximately 15% ▪ Attractive long - term internal rate of returns (IRR): 14 Investment Hold (years ) Exit Cap Rate IRR 10 7.0% 20.3% 10 8.0% 18.3% 10 9.0% 16.4% 10 10.0% 14.6% Build - to - Suit Investment Rationale: Preferred Freezer Note: Initial cash cap rate, IRR, and cash - on - cash return are measures of operating performance used to evaluate the individual performance of an investment. These measures are not presented or intended to be viewed as liquidity or performance measures that present a numerical measu re of Lexington’s historical or future financial performance, financial position or cash flows. Expectations may not be realized.

Build - to - Suit Investment Rationale: McGuireWoods 15 ▪ Acquired in Q4 1015 for approx. $101.5 million (1) ▪ Attractive initial cash cap rate of 8.2% and GAAP cap rate of 9.0% (1) ▪ 330,000 sq. foot new office building in desired Richmond, VA location ▪ Match - funded 15 - year financing with 15 - year lease ▪ 5.2% fixed interest rate, 10 - yr interest only followed by 30 - year ammortization ▪ Significantly reduces residual risk ▪ As is, cash - on - cash returns ranging from 10.5% - 13.6% (life of lease) ▪ Strong tenant, McGuireWoods , occupying majority of building ▪ Ability to lease up 15.6% of space for further value creation Internal Rate of Return (IRR) Scenarios Price/SF Sold $ 250 $ 225 $200 $162 ( Debt Balance) IRR 10.35% 9.79% 9.16% 8.14% Price/SF Sold $ 250 $ 225 $200 $ 162 (Debt Balance) IRR 12.20% 11.76% 11.28% 10.54% Conservative Scenario (2) Lease - up scenario (3) (2) Assumes remaining two floors stay vacant over the hold period. (3) Assumes remaining two floors are leased by July 1, 2016 and McGuireWoods exercises their expansion options for this space in year 5 and 10. Note: Initial cash cap rate, IRR, and cash - on - cash return are measures of operating performance used to evaluate the individual performance of an investment. These measures are not presented or intended to be viewed as liquidity or performance measures that present a numerical measure of Lexington’s historical or future financial performance, financial position or cash flows. Expectations may not be realized. (1) Initial basis does not include $8.1 million for estimated earnout lease payments for developer leased space. Initial yields include $4.0 million of earnout lease payments earned but not yet paid as of 12/31/15.

Portfolio Repositioning Activity 16 Disposition Volume and Cap Rate (1) Lexington has consistently used proceeds from non - core dispositions to recycle capital into higher - quality properties. 7.4% 7.2% 6.5% 3.6% 6.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% $0 $50 $100 $150 $200 $250 $300 2011 2012 2013 2014 2015 Disposition Volume (millions) (1) Includes assets disposed of that were either vacant or not stabilized. (2) Revenue from leases longer than ten years. Based o n c onsolidated GAAP rent. Long - term Lease Revenue (2) 15% 23% 30% 41% 41% 0% 10% 20% 30% 40% 50% 60% 2011 2012 2013 2014 2015

Asset Repositioning Case Study: Sea Harbor Center 17 ▪ Vacated in 2008 ▪ Conversion to multi - tenant ▪ Lexington invested $39 million ▪ Occupancy raised to 99.7% (1) ▪ Sold for $64.7 million in June 2015 Sea Harbor Center Orlando, Florida $(0.4) $(0.8) $(0.8) $(0.6) $2.7 $(2.0) $(1.0) $- $1.0 $2.0 $3.0 2010 2011 2012 2013 2014 Millions Net Operating Income 0.0% 0.0% 74.5% 86.9% 99.7% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2010 2011 2012 2013 2014 Occupancy (1) At closing in June 2015. Note: Net operating income (NOI) is a measure of operating performance used to evaluate the individual performance of an inve stm ent. 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 financi al performance, financial position or cash flows.

Asset Repositioning Case Study: Transamerica Tower ▪ 27% occupancy at the end of 2009 ▪ Lexington invested $55 million (1) ▪ Occupancy raised to 94.2% (2) ▪ NOI grew from $(3.8) million to $8.5 million ▪ Sold for $121.0 million in August 2015 $(3.8) $(1.1) $4.7 $7.5 $8.5 $(6.0) $(4.0) $(2.0) $- $2.0 $4.0 $6.0 $8.0 $10.0 2010 2011 2012 2013 2014 Millions Net Operating Income 74.9% 95.1% 95.4% 95.4% 92.1% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2010 2011 2012 2013 2014 Occupancy Transamerica Tower Baltimore, MD 18 (1) Since single - tenant termination in 2008. Amount is net of $27.0 million termination fee, but includes adjacent garage construction funding since single - tenant termination. (2) Tower only at 6/30/15. Note: Net operating income (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.

Asset Repositioning Case Study: Corporate Center At The Gardens ▪ Vacated in 2011 ▪ Lexington invested $11.6 million ▪ Occupancy raised to 100.0% ▪ NOI expected to grow from $(0.3) million to $1.6 million at forecasted stabilization ▪ Currently under contract to be sold for $30.1 million (1) $(0.3) $(0.4) $(0.1) $0.1 $1.1 $1.6 $(0.5) $- $0.5 $1.0 $1.5 $2.0 2011 2012 2013 2014 2015 2016 Millions Net Operating Income 19.6% 26.4% 36.3% 94.9% 100.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2011 2012 2013 2014 2015 Occupancy Corporate Center At The Gardens Palm Beach Gardens, FL 19 (1) We can provide no assurance that the property will be sold or the stated price achieved. (2) Forecasted based on signed leases. (2) Note: Net operating income (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.

Managing Lease Expirations Balanced rollover with meaningful progress addressing expirations. (1) 0% 10% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Lease Expiration Schedule (By Percentage of GAAP Rent) (2) Q4 2015 Q4 2014 (1) Based on consolidated GAAP rent for the year ended 12/31/15, excluding parking operations. (2) As a percentage of consolidated GAAP rent for the year ended 12/31/15 and 12/31/14, excluding parking operations. 20 26.4% 23.0% 25.0% 25.6% 5% 15% 25% Through 2019 2020-2024 2025-2029 Post 2029 Lease Rollover Distribution(1)

21 64.5% 19.6% 15.9% Annual increases Flat Other scheduled increases 6.9 11.2 12.1 12.6 4.0 6.0 8.0 10.0 12.0 14.0 2012 2013 2014 2015 (1) Cash basis for consolidated properties. As of 12/31/15. (2) Based on consolidated cash rent for the year ended 12/31/15 for single - tenant leases . Excludes parking operations and $7.8 million in step - down lease. (3) Based on GAAP rent for the year ended 12/31/2015. Weighted - Average Lease Term (1) (In Years) Scheduled Rental Increases (2) Stable and Predictable Cash Flows 59.2% 40.8% Leases Under 10 Years Remaining Leases Over 10 Years Remaining Lease Type (3) Approximately 66% of office revenue is derived from long - term leases or leases executed after January 1, 2009.

22 93.4% 95.9% 97.3% 97.6% 96.4% 96.8% 85.0% 90.0% 95.0% 100.0% - 2,000 4,000 6,000 8,000 2010 2011 2012 2013 2014 2015 Leasing Volume SF in 000s Strong Operational Performance Historical Occupancy and Leasing Volume LXP continues to maintain high occupancy through its proactive leasing efforts.

Flexible Capital Structure (1) 23 (1) Data reflects balances at 12/31/15. (2) Data includes OP Units and reflects a common share price of $7.11 at 2/19/16. Debt Amount ($ in Millions) Interest Rate/ Coupon Unsecured Credit Facility – 2019 $ 177.0 L + 100 bps Unsecured Term Loan Due 2020 250.0 2.19% Unsecured Term Loan Due 2021 255.0 2.52% Convertible Guaranteed Notes 12.4 6.00% Unsecured bonds due 2023 250.0 4.25% Unsecured bonds due 2024 250.0 4.40% Mortgages 891.3 4.88% Trust Preferred 129.1 6.80% Total – Debt $ 2,214.8 4.01% Preferred Preferred C $ 96.8 6.50% Total – Preferred $ 96.8 Total – Common equity (2) $1,695.0 Total $4,006.6 Common Equity , 42.3% Unsecured Credit Facility , 4.4% Mortgage Debt , 22.3% Preferred Equity , 2.4% Unsecured Term Debt , 12.6% Trust Preferred , 3.2% Convertible Debt , 0.3% Unsecured Bond Debt , 12.5% Focus on maintaining maximum flexibility to access most advantageous source of capital.

Balance Sheet Strategy 24 Lexington will focus on extending maturities, unencumbering assets, maintaining its investment - grade ratings and selectively utilizing secured financing. LXP Debt Maturity Profile ($000’s ) (1) (1) As of 12/31/2015. Percentage denotes weighted - average interest rate . 5.8% 5.6% 6.0% 5.7% 6.2% 6.1% 4.1% 6.0% 1.3% 2.2% 2.5% 4.3% 4.4% $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual Mortgage Balloon Debt Corporate Debt

Strong Dividend Yield Strong dividend yield relative to its peers, REITs and other equity investments. Current Dividend Yield 25 Source: KeyBanc and Bloomberg as of 2/19/16. LXP’s current dividend yield reflects common share price of $7.11 at 2/19/16. 9.6% 7.0% 4.1% 4.8% 2.7% 2.3% 1.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% LXP Net Lease Off/Ind REITs All REITs Dow Jones S&P 500 Russell 2000

Conservative Payout Ratio LXP believes its low payout ratio relative to its peers could improve growth prospects over time. 26 (1) Source: KeyBanc as of 2/19/16. 2016 Estimated FFO Payout Ratio (1) 63.6% 62.3% 52.6% 74.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% LXP Industrial REITs Office REITs Net-Lease REITs 2016 Estimated AFFO Multiples (1) 8.7x 19.1x 18.2x 11.8x 0.0 5.0 10.0 15.0 20.0 25.0 LXP Industrial REITs Office REITs Net-Lease REITs

Investment Features ▪ Focused Single - Tenant, Net - Lease Strategy ▪ Diversified Portfolio ▪ Attractive Growth Prospects ▪ Active Portfolio Management ▪ Consistent Operating Performance ▪ Flexible Balance Sheet ▪ Strong Dividend with Conservative Payout Ratio 27

LEXINGTON REALTY TRUST A real estate investment trust specializing in single - tenant commercial properties.