NEW YORK, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Lexington Realty Trust ("Lexington") (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter ended December 31, 2012.
Fourth Quarter 2012 Highlights
- Generated Company Funds From Operations, as adjusted ("Company FFO, as adjusted"), of $48.2 million, or $0.25 per diluted common share.
- Executed 17 new and extended leases, totaling 2.4 million square feet. Overall portfolio occupancy of 97.3% at quarter end.
- Closed property acquisitions of $114.9 million, invested $27.1 million in on-going build-to-suit projects and agreed to fund up to $41.4 million for the construction of new build-to-suit projects.
- Raised $24.7 million of gross proceeds from dispositions.
- Raised net proceeds of approximately $156.3 million through a public offering of common shares.
- Satisfied $211.7 million of borrowings, including through the conversion of $31.1 million original principal amount of 6.00% Convertible Guaranteed Notes into common equity.
- Expanded seven-year term loan facility by $40.0 million and obtained a $59.5 million secured non-recourse mortgage.
Subsequent to Quarter End Transaction Activity
- Refinanced its secured credit facility with a new credit facility consisting of a four-year $300.0 million unsecured revolving loan and a five-year $250.0 million unsecured term loan.
- Obtained a $40.0 million 15-year secured non-recourse mortgage and a joint venture investment obtained a $15.3 million five-year secured non-recourse mortgage.
- Retired $21.0 million of secured debt and gave notice to prepay $137.9 million of secured debt at par in first quarter.
- Issued 3.4 million common shares and raised gross proceeds of $36.9 million through an At-The-Market offering program.
- Converted $35.0 million of original principal amount of 6.00% Convertible Guaranteed Notes into common equity.