Key Developments: Lexington Realty Trust (LXP)
12.83USD
23 May 2013
$-0.41 (-3.10%)
$13.24
$13.07
$13.09
$12.74
3,002,642
2,173,386
$13.82
$7.82
Latest Key Developments (Source: Significant Developments)
Lexington Realty Trust Reaffirms FY 2013 FFO Guidance
Lexington Realty Trust estimates that its Company FFO, as adjusted, guidance will be an expected range of $1.01 to $1.04 per diluted share for fiscal 2013. Full Article
Lexington Realty Trust's Subsidiary Completes Industrial Facility Sale/Leaseback
Lexington Realty Trust's Subsidiary announced that it has closed on the acquisition of an industrial facility in Houston, Texas for a capitalized cost of approximately $81.4 million. The facility consists of a deepwater intermodal industrial terminal with 2,055 feet of deep water berths and existing structures encompassing 132,000 square feet on over 90 acres on the Houston Ship Channel. Upon acquisition, the facility was net-leased to Industrial Terminals Management L.L.C. for a 25-year term. The obligations of the tenant are guaranteed by Maritime Holdings (Delaware) LLC. The average rent during the lease term is approximately 8.3% of the purchase price. Full Article
Lexington Realty Trust Announces Quarterly Dividend Of $0.15 Per Common Share
Lexington Realty Trust announced that it declared a regular common share dividend for the quarter ending March 31, 2013 of $0.15 per common share payable on or about April 15, 2013 to common shareholders of record on March 29, 2013. Lexington also declared cash dividends of $0.8125 per share of Series C Cumulative Convertible Preferred Stock and $0.471875 per share of Series D Cumulative Redeemable Preferred Stock. The Series C Cumulative Convertible Preferred Stock dividend is payable on or about May 15, 2013 to shareholders of record of the Series C Cumulative Convertible Preferred Stock as of April 30, 2013. The Series D Cumulative Redeemable Preferred Stock dividend is payable on or about April 15, 2013 to shareholders of record of the Series D Cumulative Redeemable Preferred Stock as of March 29, 2013. Full Article
Lexington Realty Trust Announces Public Offering Of Common Shares
Lexington Realty Trust announced that it has commenced an underwritten registered public offering of 15,000,000 common shares. In connection with the offering, Lexington intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 2,250,000 common shares. Lexington expects to use approximately $137.9 million of the net proceeds of the offering to repay all of the outstanding borrowings under its unsecured revolving credit facility and the balance for general corporate purposes, including, without limitation, unspecified acquisitions. BofA Merrill Lynch, Wells Fargo Securities, Jefferies and Barclays are acting as joint book-running managers for the offering. J.P. Morgan and KeyBanc Capital Markets are acting as co-lead managers. Full Article
Lexington Realty Trust Issues FY 2013 FFO Guidance In Line With Analysts' Estimates
Lexington Realty Trust estimates that its Company FFO, as adjusted, guidance will be an expected range of $1.01 to $1.04 per diluted share for fiscal 2013. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO per share of $1.03 for fiscal 2013. Full Article
Lexington Realty Trust Announces Financings
Lexington Realty Trust announced that it refinanced its existing secured credit facility with a senior unsecured credit facility, consisting of a revolving loan of up to $300.0 million and a term loan of up to $250.0 million. In addition, Lexington announced a $40.0 million mortgage financing secured by its property in Lenexa, Kansas and a $15.3 mortgage financing of a property in Palm Beach Gardens, Florida owned by a joint venture. Full Article
Lexington Realty Trust Raises Low End Of Prior FY 2012 FFO Guidance To A Range In Line With Analysts' Estimates
Lexington Realty Trust announced that for fiscal 2012, it expects FFO to an expected range of $0.96 - $0.98 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.96 for fiscal 2012. Full Article
Lexington Realty Trust Announces Pricing Of Public Offering Of Common Shares
Lexington Realty Trust announced that it priced an underwritten registered public offering of 15,000,000 common shares at a public offering price of $9.45 per share. Lexington also granted the underwriters a 30-day option to purchase up to an additional 2,250,000 common shares to cover over-allotments, if any. The offering is expected to close on or about October 15, 2012, subject to customary closing conditions. Lexington expects to use the net proceeds of the offering to repay the amounts outstanding on its secured credit facility and a portion of the indebtedness assumed in the Net Lease Strategic Assets Fund L.P. acquisition and the balance for general corporate purposes, including, without limitation, acquisitions from time to time. Wells Fargo Securities, BofA Merrill Lynch, Jefferies and KeyBanc Capital Markets are acting as joint book-running managers for the offering. Barclays is acting as lead manager for the offering. RBC Capital Markets and Stifel Nicolaus Weisel are acting as co-managers. Full Article
Lexington Realty Trust Announces Public Offering Of Common Shares
Lexington Realty Trust announced that it has commenced an underwritten registered public offering of 15,000,000 common shares. In connection with the offering, Lexington intends to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 common shares to cover over-allotments, if any. Wells Fargo Securities, BofA Merrill Lynch, Jefferies and KeyBanc Capital Markets will act as joint book-running managers for the offering. Full Article
Lexington Realty Trust To Acquire Net Lease Strategic Assets Fund
Lexington Realty Trust announced that it has entered into a definitive agreement to acquire, from Inland American (Net Lease) Sub, LLC, Inland's interest in Net Lease Strategic Assets Fund L.P. (NLS), an existing joint venture between Inland and Lexington formed in 2007, in a transaction valued at approximately $480.0 million. This transaction expands Lexington's asset base and consolidates Lexington's ownership of a 98.7% leased portfolio, which Lexington owned and/or managed since before NLS was formed. The cash component of Lexington's purchase price is approximately $1.3 million, net of NLS cash balances of $8.1 million at August 31, 2012. In addition, at August 31, 2012, NLS had approximately $258.0 million of consolidated debt. Lexington also declared a regular quarterly dividend/distribution for the quarter ended September 30, 2012, of $0.15 per common share, a 20% increase from the prior quarterly rate of $0.125 per common share/unit. The dividend is payable on October 15, 2012, to common shareholders/unitholders of record as of September 28, 2012. In addition, Lexington declared dividends of $0.8125 per share of 6.50% Series C Cumulative Convertible Preferred Stock and $0.471875 per share of 7.55% Series D Cumulative Redeemable Preferred Stock. The Series C dividend is payable on or about November 15, 2012 to shareholders of record as of October 31, 2012. The Series D dividend is payable on October 15, 2012 to shareholders of record as of September 28, 2012. Full Article
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