NEW YORK, Nov. 5, 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 third quarter ended September 30, 2013.
Third Quarter 2013 Highlights
- Generated Company Funds From Operations, as adjusted ("Company FFO, as adjusted"), of $56.1 million, or $0.25 per diluted common share.
- Executed 2.7 million square feet of new and extended leases, raising renewal rents by 4.3% and overall portfolio occupancy to 98.1%.
- Invested $46.5 million in current build-to-suit projects and other investments and entered into an agreement to fund a new build-to-suit project of $98.6 million.
- Produced $22.4 million of gross proceeds from dispositions.
Subsequent to Quarter End Highlights
- Increased our quarterly common share dividend by 10% to $0.165 per share for the quarter ended December 31, 2013.
- Acquired three land parcels in New York, New York which are net leased for a 99-year term for an aggregate $302.0 million and arranged, on a non-binding basis, to obtain a 13-year, $213.5 million non-recourse secured financing at a fixed interest rate of 4.66%.
- Agreed to lend $85.0 million for a build-to-suit construction project at a fixed interest rate of 9.0%.
- Issued 11.5 million common shares in a public offering raising gross proceeds of $126.3 million.
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