Lexington Realty Trust Announces First Quarter Investment Activity
April 01 2015 - 5:05PM
Lexington Realty Trust (NYSE:LXP) ("Lexington") today announced
that it closed on a total of five property acquisitions during the
first quarter.
The five properties were acquired for an aggregate of $197.3
million, at initial cash and estimated GAAP yields of 6.9% and
8.1%, respectively, on a weighted-average basis. The properties
have a weighted-average lease term of approximately 17
years. In addition, Lexington entered into a forward
commitment to acquire an industrial property in Detroit, Michigan
for approximately $29.7 million, which is expected to be acquired
in the first quarter of 2016 and will be subject to a 20-year net
lease.
T. Wilson Eglin, Chief Executive Officer and President of
Lexington commented, "The five properties acquired in the first
quarter include a newly constructed office property we committed to
acquire last year, one land investment and three industrial
properties. As opposed to build-to-suit transactions, these
properties provide immediate accretion to our quarterly earnings
for the balance of this year."
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's common shares are
traded on the New York Stock Exchange under the symbol "LXP".
Additional information about Lexington is available on-line by
contacting Lexington Realty Trust, Investor Relations, at
www.lxp.com.
CONTACT: Investor Relations or
Patrick Carroll, CFO
212-692-7200
pcarroll@lxp.com
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