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.
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