T. Wilson Eglin, Lexington's Chief Executive Officer, commented, "This transaction is highly beneficial to Lexington. This portfolio of 41 office, industrial and specialty assets in 23 states is leased to a high quality roster of tenants including Northrop Grumman, Siemens, Owens Corning and Honeywell. These are assets we have owned and/or managed since before NLS was formed, we know very well, and we are acquiring at what we believe is an attractive price. We believe we can create significant value for our shareholders by extending lease terms, recycling capital through asset sales and refinancing the underlying debt over time."Referring to today's additional announcements, Eglin continued, "We are very pleased to announce an upward revision to our 2012 guidance and a substantial increase in our quarterly common share dividend. These reflect not only the accretion from the acquisition, but also the cumulative impact of (i) reinvesting our excess cash flow to reduce debt, (ii) recycling our capital into higher yielding new investment opportunities, (iii) refinancing our maturing debts at substantially lower rates and (iv) raising portfolio occupancy from 92.0% to 97.7% over the last few years. Even with this 20% dividend increase, we believe our payout ratio in relation to Company FFO, as adjusted, remains conservative."
Lexington Realty Trust To Acquire Net Lease Strategic Assets Fund
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