This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs