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Lexington Realty Trust Announces Recent Transaction Activity

NEW YORK, June 06, 2017 (GLOBE NEWSWIRE) -- Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced recent transaction and leasing activity which included $59.1 million of asset sales, the acquisition of an industrial facility for $34.4 million and office lease extensions of approximately 288,000 square feet.

Disposition Activity

Lexington has disposed of the following six properties in the second quarter to date.

Property Location Gross Proceeds ($MM) Square Footage Sector Tenant % Leased
7111 Crabb Road Temperance, MI $19.0 756,856 Multi-Tenant Industrial Hollingsworth Logistics Group 52%
3600 Army Post Road Des Moines, IA $15.6 405,000 Industrial MARKETLINK, Inc. 6%
2424 Alpine Road Eau Claire, WI $13.6 159,000 Industrial Silver Springs Foods 100%
5350 Leavitt Road Lorain, OH $6.3 193,193 Retail Kmart Corporation 100%
26555 Northwestern Hwy Southfield, MI $3.5 359,645 Multi-Tenant Office Vacant 0%
3165 McKelvey Road Bridgeton, MO $1.1 51,067 Multi-Tenant Office BJC Health System 50%
Total   $59.1 1,924,761     41%

           
Consistent with Lexington’s investment strategy to further simplify its portfolio, the assets sold included short-term leased industrial, retail, multi-tenanted and vacant properties. Average lease duration for the sold properties was approximately five years and annual net operating income (NOI) totaled approximately $1.6 million at the time of sale. Year to date, Lexington has sold approximately $158 million of its stated $250-$300 million 2017 property disposition plan.

Investment Activity

During the second quarter, Lexington acquired an 851,000 square foot industrial facility for $34.4 million at estimated GAAP and cash capitalization rates of 7.2% and 7.1%, respectively.  Located in Cleveland, Tennessee directly off of I-75, the property is 100% net leased to General Electric Company for an approximate 7-year lease term.  The purchase of well-located industrial assets remains a targeted focus for Lexington’s investment strategy.

Also during the second quarter, Lexington completed the 201,000 square foot office property located in Charlotte, North Carolina, which is 100% net leased to AvidXchange, Inc. through April 2032.  The property was completed for a capitalized cost of $61.3 million at estimated GAAP and cash capitalization rates of 9.7% and 8.4%, respectively.

Leasing Activity

Lexington signed the following office lease extensions in the second quarter to date.  

Property Location Tenant Square Footage % Leased Lease Extension (Approx.)
9201 East Dry Creek Road Centennial, CO Arrow Electronics, Inc. 128,500 100% 15.5 Years
13651 McLearen Road Herndon, VA United States of America 159,644 100% 4.0 Years


ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust (NYSE:LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and acquisitions.  For more information or to follow Lexington on social media, visit www.lxp.com.

Contact:
                    Investor or Media Inquiries for Lexington Realty Trust:
                    Heather Gentry, Senior Vice President of Investor Relations
                    Lexington Realty Trust
                    Phone: (212) 692-7200 E-mail: hgentry@lxp.com

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