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Lexington Realty Trust Reports Third Quarter 2013 Results

Stocks in this article: LXP

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.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "Our portfolio continues to perform well as evidenced by our robust leasing volume and high occupancy. We believe recent investment activity, together with year-to-date leasing progress and refinancing activity have created good visibility with respect to projected growth in funds from operations per share for the year ahead. These were important considerations in the Board's recent decision to increase our quarterly common share dividend by 10%."

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