NEW YORK, Feb. 20, 2014 (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 fourth quarter ended December 31, 2013.
Fourth Quarter 2013 Highlights
- 12% increase in Funds From Operations, as adjusted ("Company FFO, as adjusted"), to $0.28 per diluted common share.
- Increased quarterly common share dividend by 10% to $0.165 per share.
- Closed property acquisitions of $405.9 million.
- Invested $19.9 million in current build-to-suit projects and entered into an agreement to acquire an industrial property upon completion for $12.8 million.
- Agreed to lend $85.0 million for a build-to-suit construction project.
- Executed 0.5 million square feet of new and extended leases with overall portfolio 97.6% leased.
- Sold properties for an aggregate disposition price of $46.8 million.
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "The successful execution of our business plan in 2013 has positioned us for strong growth in funds from operations per share in 2014. This growth will be driven by the $717.6 million of investments made in 2013 and our ongoing commitment to lowering our cost of capital which resulted in the Company reducing its financing costs to 4.7% while extending its weighted-average debt maturity to 7.0 years. With a deep pipeline of additional investment opportunities, a flexible balance sheet with substantial credit line capacity and numerous capital recycling opportunities, we believe Lexington is well positioned to create additional shareholder value."FINANCIAL RESULTS Revenues For the quarter ended December 31, 2013, total gross revenues were $109.6 million, compared with total gross revenues of $92.1 million for the quarter ended December 31, 2012. The increase is primarily due to property acquisitions.