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Lexington Realty Trust Reports First Quarter 2013 Results

Stocks in this article: LXP

NEW YORK, May 2, 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 first quarter ended March 31, 2013.

First Quarter 2013 Highlights

  • Generated Company Funds From Operations, as adjusted ("Company FFO, as adjusted"), of $51.9 million, or $0.25 per diluted common share.
  • Executed 10 new and extended leases with overall portfolio occupancy of 97.4%.
  • Closed property acquisitions of $123.3 million, invested $11.2 million in current build-to-suit projects, entered into an agreement to fund a new build-to-suit project for $20.8 million and committed to purchase another property upon completion of construction for $39.1 million.
  • Refinanced secured credit facility with a new unsecured credit facility consisting of a four-year $300.0 million unsecured revolving loan and a five-year $250.0 million unsecured term loan.
  • Retired $168.6 million of secured debt, which had a weighted-average fixed interest rate of 5.5%.
  • Raised $294.0 million of common equity.
  • Converted $42.8 million original principal amount of 6.00% Convertible Guaranteed Notes into common equity.

Subsequent to Quarter End Highlights

  • Retired $176.6 million of secured debt, which had a weighted-average fixed interest rate of 6.0% and gave notice to prepay an additional $16.7 million of secured debt with a fixed interest rate of 6.3%.
  • Redeemed all outstanding shares of 7.55% Series D Cumulative Redeemable Preferred Stock, at par.
  • Swapped the LIBOR component on $64.0 million of five-year unsecured term loan borrowings at 0.73% for a current fixed interest rate of 2.43%.
  • Sold vacant Honolulu, Hawaii retail store and garage for $25.9 million.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "Our operating results continue to be strong in all areas of our business. We have maintained high levels of occupancy, capitalized on opportunities to lower our cost of capital and added long-term net leases to our portfolio. Over the balance of the year, we expect to take advantage of opportunities to extend our debt maturities while interest rates are at attractive levels, add long-term net leases to our portfolio in order to extend our weighted-average lease term and make substantial progress addressing our 2014-2015 lease rollovers. We believe these steps will result in greater cash flow from a higher quality portfolio."

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