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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."
ACQUISITIONS AND COMPLETED BUILD-TO-SUIT TRANSACTIONS
Initial Basis ($000)
Initial Annualized Cash Rent ($000)
Initial Cash Yield
Various – 3 properties
New York, NY
Home Depot USA, Inc.
BluePearl Holdings, Inc. 1
BluePearl Holdings, Inc. 2
Gander Mountain, Inc.
The Gavilon Group, LLC
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
Maximum Commitment/Estimated Completion Cost($000)
GAAP InvestmentBalance as of12/31/2013($000)
Estimated Completion Date
Las Vegas, NV
Estimated Acquisition Cost($000)
Estimated Completion Date
Estimated Initial Cash Yield
Lease Term (Years)
Calsonic Kansei NA, Inc.
Estimated Loan Amount ($000)
Funded as of 12/31/13($000)
The Kennewick Public Hospital District
Gross Sale Price ($000)
Annualized NOI ($000)
Month of Disposition
Moran Foods, Inc.
Port Orchard, WA
1. Purchaser acquired parent entity and, as a result, assumed a $40.4 million non-recourse mortgage.
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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