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Lexington Realty Trust Reports First Quarter 2014 Results

NEW YORK, May 8, 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 first quarter ended March 31, 2014.

First Quarter 2014 Highlights
  • Company Funds From Operations, as adjusted ("Company FFO, as adjusted"), grew 12% to $0.28 per diluted common share.
  • Closed property acquisitions of $79.6 million.
  • Entered into an agreement for a four building build-to-suit project for $166.2 million.
  • Invested $62.2 million in on-going build-to-suit projects and loan investments.
  • Committed to acquire a newly built office property for $40.0 million.
  • Executed 1.7 million square feet of new and extended leases with overall portfolio 97.2% leased.
  • Repaid $19.5 million of secured debt with an interest rate of 6.2%.

Recent Highlights
  • Sold four office properties for an aggregate price of $41.1 million, retiring $18.6 million of secured debt.
  • Financed an office property for $27.8 million for five years at a fixed interest rate of 2.2%.
  • Executed 0.7 million square feet of new and extended leases for vacant or 2014 lease expirations.

T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "Our first quarter was characterized by strong leasing and investment activity and our per share company funds from operations, as adjusted, increased by 12% compared to the same period last year. Subsequent to quarter end, we continued to execute on our leasing opportunities and have made good progress on our capital recycling program with four office properties sold for $41.1 million."

FINANCIAL RESULTS

Revenues

For the quarter ended March 31, 2014, total gross revenues were $112.2 million, compared with total gross revenues of $92.7 million for the quarter ended March 31, 2013. The increase is primarily due to property acquisitions.

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