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Lexington Realty Trust Announces 2013 Fourth Quarter Activity

Stocks in this article: LXP

NEW YORK, Jan. 7, 2014 (GLOBE NEWSWIRE) -- Lexington Realty Trust ("Lexington") (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, announced the following update on fourth quarter transaction activity, some of which was previously announced.

"In the fourth quarter 2013, we saw a meaningful acceleration in acquisition and investment activity, which contributed to strong overall transaction activity of $717.6 million for the year ended December 31, 2013, including on-going build-to-suit and loan investments," stated T. Wilson Eglin, President and Chief Executive Officer of Lexington. "Further, we achieved strong leasing activity throughout the year including approximately 475,000 square feet of office and multi-tenant leases in the fourth quarter, resulting in 97.6% of our portfolio leased at year end. As a result of our investment and leasing activity, almost half of our single-tenant properties have leases with annual escalations."

Investment Activity

ACQUISITIONS AND COMPLETED BUILD-TO-SUIT TRANSACTIONS
Tenant Location Property Type Initial Basis ($000) Initial Annualized Cash Rent ($000) Initial Cash Yield Estimated GAAP Yield Lease Expiration
Various – 3 properties New York, NY Land $302,000 $14,883 4.9% 15.2% 10/2112
Home Depot USA, Inc. Danville, VA Land 4,727 260 5.5% 4.6% 01/2029
BluePearl Holdings, Inc. 1 Various Office 39,456 2,716 6.9% 8.2% 10/2033
BluePearl Holdings, Inc. 2 Various Office 13,144 891 6.8% 6.8% 12/2033
Gander Mountain, Inc. Albany, GA Retail 7,412 671 9.1% 10.0% 11/2028
The Gavilon Group, LLC Omaha, NE Office 39,125 2,770 7.1% 8.5% 11/2033
      $405,864 $22,191 5.5% 13.4%  
1  Lexington has a 15% interest in these six properties.
2  Lexington has a 100% interest in these four properties.  
ON-GOING BUILD-TO-SUIT PROJECTS    
Location Sq. Ft Property Type Lease Term (Years) Maximum Commitment/Estimated Completion Cost ($000) GAAP Investment Balance as of 12/31/2013 ($000) Estimated Completion Date
Rantoul, IL 813,000 Industrial 20 $42,587 $37,437 1Q 14
Bingen, WA 124,000 Industrial 12 18,898 6,186 2Q 14
Las Vegas, NV 180,000 Industrial 20 29,585 14,457 3Q 14
Richmond, VA  279,000 Office 15   98,644  15,632 3Q 15
  1,396,000      $189,714 $73,712  
             
FORWARD COMMITMENTS            
Tenant Location Property Type Estimated Acquisition Cost ($000) Estimated Completion Date Estimated Initial Cash Yield Estimated GAAP Yield Lease Term (Years)
Calsonic Kansei NA, Inc. Lewisburg, TN Industrial $12,767 2Q 14 8.6% 9.3% 12
           
LOAN INVESTMENT          
Tenant Location Property Type Estimated Loan Amount ($000) Funded as of 12/31/13 ($000) Interest  Rate Maturity Date
The Kennewick Public Hospital District Kennewick, WA Hospital $85,000 $35,376 9.0% May 2022

Capital Recycling

PROPERTY DISPOSITIONS        
Tenant Location Property Type Gross Sale Price ($000) Annualized NOI ($000) Month of Disposition
Moran Foods, Inc. Port Orchard, WA Retail $ 100 $ 52 Oct-13
Toys-R-Us, Inc. Lynnwood, WA Retail 1,436 140 Nov-13
Toys-R-Us, Inc. Clackamas, OR Retail 479 49 Nov-13
Various Hebron, KY Multi-office    4,400    228 Dec-13
Various 1 Atlanta, GA Office  40,356   1,081 Dec-13
      $46,771 $1,550  
1. Purchaser acquired parent entity and, as a result, assumed a $40.4 million non-recourse mortgage.

Balance Sheet

In December 2013, Lexington obtained $213.5 million of non-recourse secured financing on the three New York, New York land parcels acquired in the fourth quarter of 2013 and included in the above transaction activity table. The loan bears interest at a fixed rate of 4.66% and matures in 13 years.

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