NEW YORK ( TheStreet) -- This weekend March Madness comes to an end. Although I hated to see my beloved Tar Heels drop out of the Final Four round, I'm excited to see some hoops in Atlanta.

Speaking of hoops, I wanted to tell you about a real estate investment trust (REIT) that invests in "nothing but net." That is, net leased properties that are differentiated from the other REITs because they have long-term contractual leases and the tenants pay for the taxes, insurance and maintenance.

Since 1973, Lexington Realty Trust ( LXP) has been a leading adviser in single-tenant commercial properties net leased to major corporations. The company commenced operations as a REIT in 1993 (its IPO was Oct. 12, 1993) and has since been a market leader in providing owners and/or users with creative financial and occupancy solutions in the core areas of sale-leaseback financing and build-to-suit transactions.

Lexington is a sharp shooter that has originated an impressive portfolio of properties leased to numerous small, medium, and large companies operating in a broad range of industries including energy, finance, insurance, technology, automotive, health care, telecommunications, retail, media, consumer products and aerospace/defense.

None of Lexington's tenants comprise more than 5% of overall revenue. The largest of Lexington's tenants is Bank of America ( BAC), with around 3% of gross revenue. Other major tenants include Metalsa Structural, Baker Hughes ( BHI), FedEx ( FDX) and Swiss Re America.

By focusing on larger individual transactions, and due to the company's focused "value creation" strategy (primarily sale-leasebacks and build-to-suits), Lexington has been able to pay out some rather attractive dividends. Starting with the triple-net REITs, Lexington pays a current dividend yield of 5.12%.

A week or so ago, Lexington declared a regular common share dividend for the quarter ending March 31 of 15 cents per common share payable on or about April 15. The trend for dividend growth is evident as Lexington has increased it every year since the cut in 2009.

Source: SNL Financial

Earlier this week I caught up with Lexington's CEO, Will Eglin, and you can watch the exclusive video on the The Street above.

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