Lexington Corporate Properties Trust Announces 4.7% Increase in Quarterly Funds From Operations Per Share

Apr 25, 2001, 01:00 ET from Lexington Corporate Properties Trust

    NEW YORK, April 25 /PRNewswire/ -- Lexington Corporate Properties Trust
 (NYSE:   LXP), a real estate investment trust, today announced results for its
 first quarter ended March 31, 2001.
 
     Quarterly Results
     Funds from operations were $12.12 million, or $0.45 per diluted share/unit
 for the first quarter of 2001, a 4.7% per share increase compared to
 $10.70 million, or $0.43 per diluted share/unit, for the first quarter of
 2000.  The number of shares used to calculate the Company's funds from
 operations per diluted share/unit includes operating partnership units,
 convertible notes, convertible preferred shares and common share options.
     Revenues for the quarter totaled $20.23 million, compared with revenues of
 $19.61 million for the same period last year.  Net income was $4.58 million in
 the first quarter of 2001 compared to $4.47 million for the same period last
 year.
 
     Quarterly Dividend Declared
     The Company has declared a dividend of $0.32 per share for the first
 quarter of 2001, payable on May 15, 2001 to shareholders of record on
 April 30, 2001. The declared dividend per share is approximately 71.1% of
 diluted funds from operations per share for the quarter.
 
     Conference Call
     Management will discuss the financial results on a conference call today
 at 2 p.m. Eastern Time.  The toll-free dial in number is 877-282-0743.  The
 replay of the call will be available through May 2, 2001.  The toll-free
 telephone number for the replay is 888-266-2086, passcode 5105747.  The
 conference call can also be accessed on the internet at www.lxp.com and
 www.streetevents.com .  A supplemental reporting package can also be found in
 the Company Profile section at www.lxp.com .
 
     Comments from Management
     T. Wilson Eglin, Lexington's President and Chief Operating Officer, said,
 "We are pleased to announce another quarter of strong operating results.
 Funds from operations were impacted positively by several factors, including
 joint venture investments made last year and lower interest rates.  These
 operating results and our confidence in future growth enabled Lexington to
 increase its quarterly dividend for the fifth time in five years.  In the last
 four months we have completed several important financings and raised
 $66.6 million.  As a result, we have created balance sheet flexibility that
 positions the Company to be an active investor over the remainder of the year
 and in 2002."
 
     Lexington Corporate Properties Trust is a real estate investment trust
 that owns and manages a portfolio of office, industrial and retail properties
 net-leased to major corporations throughout the United States. Lexington
 Realty Advisors, an affiliate of Lexington, provides investment advisory
 services to institutional investors in the net lease area. Lexington common
 shares closed Tuesday, April 24, 2001 at $13.30 per share.  Lexington, which
 pays an annualized dividend of $1.28 per share, has approximately 25.1 million
 convertible preferred shares, common shares and operating partnership units
 outstanding, which are exchangeable into common shares on a one-for-one basis
 at certain points in the future.
 
     FOR MORE INFORMATION ON LEXINGTON CORPORATE PROPERTIES TRUST, VIA FAX AT
 NO COST, SIMPLY DIAL 1-800-PRO-INFO AND ENTER THE TICKER SYMBOL LXP.
 
     This release contains certain forward-looking statements which involve
 known and unknown risks, uncertainties or other factors not under the
 Company's control which may cause actual results, performance or achievements
 of the Company 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 detailed in the Company's periodic
 filings with the Securities and Exchange Commission.
 
 
                      LEXINGTON CORPORATE PROPERTIES TRUST
                         AND CONSOLIDATED SUBSIDIARIES
 
                       CONSOLIDATED STATEMENTS OF INCOME
                  (dollars in thousands except per share data)
 
                                                          Quarter Ended
                                                             March 31,
 
                                                       2001            2000
 
     Revenues:
       Rental                                         $19,363        $19,020
       Joint venture income                               610            402
       Interest and other                                 260            188
                                                       20,233         19,610
     Expenses:
       Interest                                         7,632          7,434
       Depreciation                                     4,357          4,426
       Amortization                                       348            293
       Property operating                                 371            369
       General and administrative                       1,242          1,286
                                                       13,950         13,808
 
     Income before minority interests
       and extraordinary item                           6,283          5,802
     Minority interests                                 1,435          1,331
     Extraordinary item                                   270             --
 
     Net income                                        $4,578         $4,471
       Depreciation                                     4,357          4,426
       Extraordinary item                                 270             --
       Minority interests -- OP Units                   1,346          1,286
       Amortization of leasing commissions                191             33
       Deemed conversion of notes payable (e)             500             82
       Joint venture adjustment                           881            397
     Funds from operations                            $12,123        $10,695
 
     Rent below GAAP revenue (a)                         $652           $687
 
     Per share/unit
     Basic net income                                   $0.23          $0.23
     Diluted net income                                 $0.23          $0.23
     Funds from operations (b,c)-basic                  $0.46          $0.43
     Funds from operations (b,c)-diluted                $0.45          $0.43
 
     Weighted average shares outstanding (d)       19,086,939     18,923,635
     Weighted average OP units outstanding          5,632,293      5,720,161
     Weighted average convertible notes (e)         1,923,077        316,991
     Dilutive common share options                    241,864         64,743
     Total weighted average shares and units       26,884,173     25,025,530
 
 
                      LEXINGTON CORPORATE PROPERTIES TRUST
                         AND CONSOLIDATED SUBSIDIARIES
                             (dollars in thousands)
 
                          CONSOLIDATED BALANCE SHEETS
 
 
                                                     3/31/01        12/31/00
 
     Real estate, net                                $581,098       $584,198
     Investment in joint ventures                      47,428         40,836
     Cash                                               1,637          4,792
     Restricted cash                                    1,718          1,598
     Deferred assets                                    8,715          7,958
     Rent receivable                                    3,246          1,557
     Other assets                                      28,750         27,438
                                                     $672,592       $668,377
 
 
     Mortgages and notes payable                     $393,855       $387,326
     Accounts payable and accrued expenses             11,672         13,176
     Shareholders' equity and
      minority interests                              267,065        267,875
                                                     $672,592       $668,377
 
     Common shares outstanding                     17,565,270     17,151,282
     Preferred shares outstanding                   2,000,000      2,000,000
     Operating partnership units
      outstanding                                   5,513,568      5,711,453
     Total outstanding shares/units                25,078,838     24,862,735
 
 
     (a) Equal to the difference between rents collected and straight-line
         rental income recognized under generally accepted accounting
         principles.
     (b) Funds from operations is defined in the NAREIT "White Paper," which
         was most recently updated in October 1999, as follows: net income (or
         loss) (computed in accordance with generally accepted accounting
         principles), excluding gains (or losses) from sales of property, plus
         real estate depreciation and amortization and after adjustments for
         unconsolidated partnerships and joint ventures.
     (c) Per common and preferred shares, operating partnership units and
         convertible notes (basic) plus common share options (diluted).
     (d) Includes 2,000,000 preferred shares outstanding.  These amounts are
         used by the Company in calculating funds from operations only and
         differ from amounts used in calculating earnings per share under
         generally accepted accounting principles.
     (e) Relates to the deemed conversion of the Company's outstanding
         $25 million exchangeable notes. The notes are convertible into
         1,923,077 common shares commencing March 17, 2000.
 
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SOURCE Lexington Corporate Properties Trust
    NEW YORK, April 25 /PRNewswire/ -- Lexington Corporate Properties Trust
 (NYSE:   LXP), a real estate investment trust, today announced results for its
 first quarter ended March 31, 2001.
 
     Quarterly Results
     Funds from operations were $12.12 million, or $0.45 per diluted share/unit
 for the first quarter of 2001, a 4.7% per share increase compared to
 $10.70 million, or $0.43 per diluted share/unit, for the first quarter of
 2000.  The number of shares used to calculate the Company's funds from
 operations per diluted share/unit includes operating partnership units,
 convertible notes, convertible preferred shares and common share options.
     Revenues for the quarter totaled $20.23 million, compared with revenues of
 $19.61 million for the same period last year.  Net income was $4.58 million in
 the first quarter of 2001 compared to $4.47 million for the same period last
 year.
 
     Quarterly Dividend Declared
     The Company has declared a dividend of $0.32 per share for the first
 quarter of 2001, payable on May 15, 2001 to shareholders of record on
 April 30, 2001. The declared dividend per share is approximately 71.1% of
 diluted funds from operations per share for the quarter.
 
     Conference Call
     Management will discuss the financial results on a conference call today
 at 2 p.m. Eastern Time.  The toll-free dial in number is 877-282-0743.  The
 replay of the call will be available through May 2, 2001.  The toll-free
 telephone number for the replay is 888-266-2086, passcode 5105747.  The
 conference call can also be accessed on the internet at www.lxp.com and
 www.streetevents.com .  A supplemental reporting package can also be found in
 the Company Profile section at www.lxp.com .
 
     Comments from Management
     T. Wilson Eglin, Lexington's President and Chief Operating Officer, said,
 "We are pleased to announce another quarter of strong operating results.
 Funds from operations were impacted positively by several factors, including
 joint venture investments made last year and lower interest rates.  These
 operating results and our confidence in future growth enabled Lexington to
 increase its quarterly dividend for the fifth time in five years.  In the last
 four months we have completed several important financings and raised
 $66.6 million.  As a result, we have created balance sheet flexibility that
 positions the Company to be an active investor over the remainder of the year
 and in 2002."
 
     Lexington Corporate Properties Trust is a real estate investment trust
 that owns and manages a portfolio of office, industrial and retail properties
 net-leased to major corporations throughout the United States. Lexington
 Realty Advisors, an affiliate of Lexington, provides investment advisory
 services to institutional investors in the net lease area. Lexington common
 shares closed Tuesday, April 24, 2001 at $13.30 per share.  Lexington, which
 pays an annualized dividend of $1.28 per share, has approximately 25.1 million
 convertible preferred shares, common shares and operating partnership units
 outstanding, which are exchangeable into common shares on a one-for-one basis
 at certain points in the future.
 
     FOR MORE INFORMATION ON LEXINGTON CORPORATE PROPERTIES TRUST, VIA FAX AT
 NO COST, SIMPLY DIAL 1-800-PRO-INFO AND ENTER THE TICKER SYMBOL LXP.
 
     This release contains certain forward-looking statements which involve
 known and unknown risks, uncertainties or other factors not under the
 Company's control which may cause actual results, performance or achievements
 of the Company 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 detailed in the Company's periodic
 filings with the Securities and Exchange Commission.
 
 
                      LEXINGTON CORPORATE PROPERTIES TRUST
                         AND CONSOLIDATED SUBSIDIARIES
 
                       CONSOLIDATED STATEMENTS OF INCOME
                  (dollars in thousands except per share data)
 
                                                          Quarter Ended
                                                             March 31,
 
                                                       2001            2000
 
     Revenues:
       Rental                                         $19,363        $19,020
       Joint venture income                               610            402
       Interest and other                                 260            188
                                                       20,233         19,610
     Expenses:
       Interest                                         7,632          7,434
       Depreciation                                     4,357          4,426
       Amortization                                       348            293
       Property operating                                 371            369
       General and administrative                       1,242          1,286
                                                       13,950         13,808
 
     Income before minority interests
       and extraordinary item                           6,283          5,802
     Minority interests                                 1,435          1,331
     Extraordinary item                                   270             --
 
     Net income                                        $4,578         $4,471
       Depreciation                                     4,357          4,426
       Extraordinary item                                 270             --
       Minority interests -- OP Units                   1,346          1,286
       Amortization of leasing commissions                191             33
       Deemed conversion of notes payable (e)             500             82
       Joint venture adjustment                           881            397
     Funds from operations                            $12,123        $10,695
 
     Rent below GAAP revenue (a)                         $652           $687
 
     Per share/unit
     Basic net income                                   $0.23          $0.23
     Diluted net income                                 $0.23          $0.23
     Funds from operations (b,c)-basic                  $0.46          $0.43
     Funds from operations (b,c)-diluted                $0.45          $0.43
 
     Weighted average shares outstanding (d)       19,086,939     18,923,635
     Weighted average OP units outstanding          5,632,293      5,720,161
     Weighted average convertible notes (e)         1,923,077        316,991
     Dilutive common share options                    241,864         64,743
     Total weighted average shares and units       26,884,173     25,025,530
 
 
                      LEXINGTON CORPORATE PROPERTIES TRUST
                         AND CONSOLIDATED SUBSIDIARIES
                             (dollars in thousands)
 
                          CONSOLIDATED BALANCE SHEETS
 
 
                                                     3/31/01        12/31/00
 
     Real estate, net                                $581,098       $584,198
     Investment in joint ventures                      47,428         40,836
     Cash                                               1,637          4,792
     Restricted cash                                    1,718          1,598
     Deferred assets                                    8,715          7,958
     Rent receivable                                    3,246          1,557
     Other assets                                      28,750         27,438
                                                     $672,592       $668,377
 
 
     Mortgages and notes payable                     $393,855       $387,326
     Accounts payable and accrued expenses             11,672         13,176
     Shareholders' equity and
      minority interests                              267,065        267,875
                                                     $672,592       $668,377
 
     Common shares outstanding                     17,565,270     17,151,282
     Preferred shares outstanding                   2,000,000      2,000,000
     Operating partnership units
      outstanding                                   5,513,568      5,711,453
     Total outstanding shares/units                25,078,838     24,862,735
 
 
     (a) Equal to the difference between rents collected and straight-line
         rental income recognized under generally accepted accounting
         principles.
     (b) Funds from operations is defined in the NAREIT "White Paper," which
         was most recently updated in October 1999, as follows: net income (or
         loss) (computed in accordance with generally accepted accounting
         principles), excluding gains (or losses) from sales of property, plus
         real estate depreciation and amortization and after adjustments for
         unconsolidated partnerships and joint ventures.
     (c) Per common and preferred shares, operating partnership units and
         convertible notes (basic) plus common share options (diluted).
     (d) Includes 2,000,000 preferred shares outstanding.  These amounts are
         used by the Company in calculating funds from operations only and
         differ from amounts used in calculating earnings per share under
         generally accepted accounting principles.
     (e) Relates to the deemed conversion of the Company's outstanding
         $25 million exchangeable notes. The notes are convertible into
         1,923,077 common shares commencing March 17, 2000.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X39350316
 
 SOURCE  Lexington Corporate Properties Trust