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Lexington Realty Trust Reports Second Quarter 2013 Results

Stocks in this article: LXP

NEW YORK, Aug. 7, 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 second quarter ended June 30, 2013.

Second Quarter 2013 Highlights

  • Generated Company Funds From Operations, as adjusted ("Company FFO, as adjusted"), of $56.4 million, or $0.25 per diluted common share.
  • Executed 2.1 million square feet of new and extended leases, raising overall portfolio occupancy to 97.9%, and 2.5 million square feet of new and extended leases subsequent to quarter end.
  • Issued $250.0 million of 4.25% 10-year Senior Notes, which are unsecured and rated investment-grade by Moody's Investors Service, Inc. and Standard & Poor's Rating Services.
  • 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 2.08%.
  • Increased revolving credit facility availability from $300.0 million to $400.0 million.
  • Redeemed, at par, all $155.0 million of outstanding shares of 7.55% Series D Cumulative Redeemable Preferred Stock.
  • Retired $219.4 million of secured debt, which had a weighted-average fixed interest rate of 6.1%.
  • Closed property acquisitions of $47.1 million, invested $7.7 million in current build-to-suit projects and entered into two agreements to fund new build-to-suit projects for an aggregate commitment of $37.0 million.
  • Produced $46.6 million of gross proceeds from dispositions.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "We have made great progress addressing lease rollover, completing 4.6 million square feet of new and extended leases including 43% of our square footage subject to leases expiring in 2014 and 2015 since the beginning of the second quarter and through today. As a result, the weighted-average lease term of our portfolio is 7.7 years, an increase of 18% compared to June 30, 2012, with approximately 30% of our revenue coming from leases ten years or longer, providing the Company with a more stable base of long-term cash flow. In addition, we continued to lower our cost of capital with the completion of our first investment-grade rated notes offering, utilizing the proceeds primarily to retire expensive short-term secured debt."

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