This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Jan. 5, 2012 /PRNewswire/ -- Lexington Realty Trust ("
Lexington") (NYSE: LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, announced the following update on fourth quarter transaction activity, some of which was previously announced:
LeasingDuring the fourth quarter of 2011,
Lexington executed 12 new and extended leases for approximately 0.4 million square feet and ended the year with overall portfolio occupancy of approximately 96.0%. Overall,
Lexington executed new and extended leases totaling approximately 4.8 million square feet in 2011.
Capital RecyclingSalesDuring the fourth quarter of 2011,
Lexington disposed of its interests in three properties to unrelated parties for an aggregate gross sales price of approximately
$22.7 million. Total disposition activity for 2011 was approximately
$160.1 million at a weighted-average cap rate of 7.4%.
November 18, 2011,
$11.5 million, in full satisfaction of a
$10.0 million original principal amount mezzanine loan made in June, 2011, which included
$1.5 million in accrued interest and a yield maintenance premium. This investment generated an annualized yield of approximately 36.5%.
December 30, 2011,
$9.5 million, plus accrued interest, in full satisfaction of a mezzanine loan made in the first quarter of 2010. This investment generated an annualized yield of approximately 23.0%.
Joint Venture InvestmentsDuring the fourth quarter of 2011,
Lexington received approximately
$7.9 million as a distribution from a joint venture upon the satisfaction of the joint venture's sole asset, an interest in a mezzanine loan.
Lexington invested approximately
$5.8 million in the joint venture in June, 2011. This investment generated an annualized yield of approximately 79.5%.