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Lexington Realty Trust Announces 2012 Fourth Quarter Activity

Stocks in this article: LXP

Lexington issued 17.25 million common shares in a public offering, raising net proceeds of approximately $156.3 million. The net proceeds were primarily used to satisfy (1) $93.0 million of outstanding debt on Lexington's secured credit facility and (2) $57.5 million to satisfy a portion of the debt assumed in the NLS acquisition. In addition, Lexington repaid $24.8 million in non-recourse mortgage debt which had a weighted-average interest rate of 5.7%.

In connection with a conversion, Lexington issued the 4.5 million common shares underlying an aggregate of $31.1 million original principal amount of 6.00% Convertible Guaranteed Notes due 2030. In addition, Lexington made an aggregate cash payment of approximately $2.4 million plus accrued and unpaid interest on the notes.

In total, Lexington's debt declined by approximately $108.0 million in the fourth quarter of 2012.

Leasing

During the fourth quarter of 2012, Lexington executed 17 new and extended leases for approximately 2.4 million square feet. Expected annual cash rents on these new and extended leases total approximately $15.3 million. The following details the 2012 fourth quarter leasing activity:

       
  LEASE EXTENSIONS    
  Location Prior Term Lease Expiration Date Sq. Ft.
         
  Office/Multi-Tenant      
1 Honolulu HI MTM 09/2015 565
2 Knoxville TN 05/2013 05/2020 59,748
3 Florence SC 06/2013 10/2013 179,300
4 Hebron KY 07/2013 07/2018 34,402
5 Livonia MI 04/2014 12/2024 180,230
6 Houston TX 09/2015 09/2025 554,385
7 Allen TX 03/2018 03/2025 292,700
7 Total office/multi-tenant lease extensions     1,301,330
           
  Industrial        
1 Hebron OH 05/2013 05/2014 400,522
2 Franklin TN 12/2013 12/2018 289,330
3 Cincinnati OH 08/2016 12/2027 248,700
3 Total industrial lease extensions     938,552
      `    
  Retail        
1 Paris TN 07/2013 07/2018 31,170
2 Lawrence IN 10/2013 10/2018 28,721
3 Franklin OH 10/2013 10/2014 29,119
3 Total retail lease extensions     89,010
13 TOTAL EXTENDED LEASES     2,328,892
           
  NEW LEASES    
  Location   Lease Expiration Date Sq. Ft.
         
  Office/Multi-Tenant      
1 Glen Allen VA   01/2015 5,980
2 Orlando FL   11/2017 8,261
3 Glen Allen VA   12/2017 4,676
4 Palm Beach Gardens FL   06/2018 6,410
4 TOTAL NEW LEASES     25,327
17 TOTAL NEW AND EXTENDED LEASES     2,354,219

Overall in 2012, Lexington executed new and extended leases totaling approximately 7.4 million square feet and ended the year with overall portfolio occupancy of approximately 97.2%.

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