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.
LeasingDuring 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:
|Location||Prior Term||Lease Expiration Date||Sq. Ft.|
|7||Total office/multi-tenant lease extensions||1,301,330|
|3||Total industrial lease extensions||938,552|
|3||Total retail lease extensions||89,010|
|13||TOTAL EXTENDED LEASES||2,328,892|
|Location||Lease Expiration Date||Sq. Ft.|
|4||Palm Beach Gardens||FL||06/2018||6,410|
|4||TOTAL NEW LEASES||25,327|
|17||TOTAL NEW AND EXTENDED LEASES||2,354,219|