UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) April 13, 2005
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Lexington Corporate Properties Trust
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(Exact Name of Registrant as Specified in Its Charter)
Maryland
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(State or Other Jurisdiction of Incorporation)
1-12386 13-3717318
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(Commission File Number) (IRS Employer Identification No.)
One Penn Plaza, Suite 4015
New York, New York 10119-4015
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(Address of Principal Executive Offices) (Zip Code)
(212) 692-7200
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(Registrant's Telephone Number, Including Area Code)
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(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. below):
|_| 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 2.01. Completion of Acquisition or Disposition of Assets.
Acquisition of Real Estate Properties
On April 13, 2005, Lexington Corporate Properties Trust (the "Trust"), through
its subsidiaries and joint venture programs, completed the acquisition of
twenty-seven (27) properties (the "Properties") from affiliates of Wells Real
Estate Investment Trust, Inc. (the "Sellers").
None of the Sellers are affiliated in any way with the Trust. The portfolio
consists of twenty-four (24) office properties, two (2) industrial properties
and one (1) office/research and development property.
The Trust assigned its rights to purchase the properties to its subsidiaries and
affiliates including certain existing joint venture programs. The Trust's
existing joint venture programs purchased six (6) of the properties, with an
aggregate purchase price of $296.1 million.
To finance the acquisition, the Trust obtained $540.8 million of non-recourse
first mortgage loans (the "Loans") from JPMorgan Chase Bank, N.A., secured by
individual first mortgages on each of the Properties and on four (4) other
properties which the Trust previously owned free and clear. The Loans bear
interest at a weighted average fixed rate of 5.21%. The Loans will mature in six
(6) to ten (10) years with a weighted average maturity of approximately eight
(8) years, three (3) months.
The balance of the purchase price was funded from $73.6 million from equity
contributions of existing joint venture partners, $167.6 million from the
Trust's cash balances and $4.0 million in borrowings under its $100.0 million
unsecured revolving credit facility with Bank of America, N.A. (as
successor-in-interest to Fleet National Bank), as administrative agent, and
Wachovia Bank, National Association, as syndication agent. The Trust's $100
million unsecured revolving credit facility is filed as Exhibit 99.2 to the
Trust's Current Report on Form 8-K dated September 9, 2003.
Description of Real Estate Properties
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Year
Est. 1st Yr. Lease Square Constructed/
Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated
------------------------------ ----------------------------- ------------ ------------ ------------ ------------
Office
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275 South Valencia Ave. Bank of America $ 7,574 06/12 637,503 1983
Los Angeles, CA(1)
6303 Barfield Road & Internet Security Systems, 5,398 05/13 289,000 2001
859 Mount Vernon Hwy. Inc. 2003
Atlanta, GA(2)
8900 Freeport Pkwy. Nissan North America, Inc. 4,427 03/13 268,445 2002
Dallas, TX(1)
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Year
Est. 1st Yr. Lease Square Constructed/
Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated
------------------------------ ----------------------------- ------------ ------------ ------------ ------------
601 & 701 Experian Pkwy. TRW Inc./Experian 3,579 10/10 292,700 1981
Dallas, TX Information Solutions, Inc. 1983
110, 120, & 130 E. Shore Dr. Capital One Services, Inc. 2,800 03/10 68,500 2000
Richmond, VA(1, 3) 05/06 77,045 1998
02/10 79,675 2000
2050 Roanoke Road Chrysler Financial Company LLC 2,390 12/11 130,290 2001
Ft. Worth, TX(1)
27404 Drake Road Dana Corporation 2,331 10/21 112,480 1999
Farmington Hills, MI
1311 Broadfield Blvd. Transocean, Inc. 2,233 03/11 103,260 2000
Houston, TX Newpark Resources, Inc. 08/09 52,731
810-820 Gears Road IKON Office Solutions, Inc. 2,211 01/13 157,790 2000
Houston, TX
200 Lucent Lane Lucent Technologies, Inc. 1,996 09/11 120,000 1999
Raleigh, NC(1)
8555 South River Pkwy. ASM Lithography Holding NV 1,939 06/13 95,133 1998
Tempe, AZ
10475 Crosspoint Blvd. John Wiley & Sons, Inc. 1,825 10/09 141,047 1999
Fishers, IN
3201 Quail Springs Pkwy. AT&T Wireless Services, Inc. 1,656 08/10 103,500 1999
Oklahoma City, OK Jordan Associates, Inc. 12/08 25,000
16676 Northcase Dr. Kerr-McGee Corporation 1,545 07/14 101,111 2003
Houston, TX
6200 Northwest Pkwy. PacifiCare Health Systems, 1,528 11/10 142,500 2000
San Antonio, TX Inc.
2550 Interstate Dr. AT&T Wireless Services, Inc. 1,412 11/08 81,859 1998
Harrisburg, PA
15501 North Dial Blvd. The Dial Corporation 1,388 08/08 129,689 1998
Phoenix, AZ
2310 Village Square Pkwy. AmeriCredit Corporation 1,330 06/11 85,000 2001
Jacksonville, FL
4848 129th East Ave. Metris Companies, Inc. 1,307 01/10 101,100 2000
Tulsa, OK
4000 Johns Creek Pkwy. Kraft Foods North America, Inc. 1,214 01/12 73,264 2001
Atlanta, GA PerkinElmer Instruments LLC 11/16 13,955
2800 Waterford Lake Dr. Alstom Power, Inc. 1,175 10/14 99,057 2000
Richmond, VA
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Year
Est. 1st Yr. Lease Square Constructed/
Property Location Tenants or Guarantors NOI ($000) Exps. Footage Renovated
------------------------------ ----------------------------- ------------ ------------ ------------ ------------
3940 South Teller St. Travelers Express Company, 1,091 03/12 68,165 2002
Lakewood, CO Inc.
5757 Decatur Blvd. Allstate Insurance Company 1,075 08/12 84,200 2002
Indianapolis, IN Holladay Property Services 09/06 5,756
Midwest Inc.
12600 Gateway Blvd. Gartner, Inc. 981 01/13 62,400 1997
Ft. Meyers, FL
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Subtotal - Office $ 54,405 3,802,155
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Industrial
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3820 Micro Drive Ingram Micro Inc. $ 2,035 09/11 701,819 1997
Memphis, TN
Office/R & D
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6938 Elm Valley Dr. Dana Corporation 1,843 10/21 150,945 1999
Kalamazoo, MI
Warehouse/Office
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3600 Army Post Rd. Electronic Data Systems 2,605 04/12 405,000 2002
Des Moines, IA(1) Corp.
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Grand Total $ 60,888 5,059,919
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1 Received preliminary commitment from one of our joint venture partners
to purchase in an existing joint venture program.
2 Three buildings - buildings one and two were constructed in 2001, and
building three was constructed in 2003.
3 Three buildings.
On April 13, 2005, the Trust issued a press release (the "Press Release")
announcing the completion of the acquisition of the Properties, a copy of the
Press Release is attached herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(a) The Trust will file any financial statements required by this
item by amendment not later than 71 calendar days after the date
that this Current Report on Form 8-K must be filed.
(b) The Trust will file any pro forma financial information
required by this item by amendment not later than 71 calendar days
after the date that this Current Report on Form 8-K must be filed.
(c) Exhibits
99.1 Press Release issued April 13, 2005.
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 Corporate Properties Trust
Date: April 19, 2005 By:/s/ T. Wilson Eglin
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T. Wilson Eglin
Chief Executive Officer
Exhibit Index
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Exhibit Number Description
99.1 Press Release issued April 13, 2005.