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Lexington Realty Trust Reports Fourth Quarter 2012 Results

Stocks in this article: LXP

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.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "We are very excited about our growth prospects for 2013. We have positioned Lexington to pursue growth opportunities in the coming year, having significantly reduced our debt levels both by accessing the capital markets and the timely and accretive disposition of non-core assets. After completing $247.0 million in new investments in 2012, we believe that investment volume this year will substantially increase. With just 3.0% of single-tenant revenue currently expiring this year and a strong pipeline of accretive investment opportunities, we expect to generate strong growth in our cash flow and funds from operations per share."

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