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Lexington Realty Trust Sells $50 Million in Assets

NEW YORK, June 13, 2016 (GLOBE NEWSWIRE) -- Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced that it has sold one office and two industrial assets for aggregate gross proceeds of approximately $49.6 million at a weighted-average capitalization rate of 7.6%. Approximately $21.1 million of mortgage debt was satisfied in connection with these sales.

PropertyLocationGross
Proceeds
($MM)
Square
Footage
SectorPrimary TenantRemaining
Lease Term
(approx. yrs.)
147 Milk StreetBoston, MA$33.3 52,337OfficeAtrius Health, Inc.6.5
7500 Chavenelle RoadDubuque, IA$8.6 330,988IndustrialThe McGraw-Hill Companies, Inc.1.0
477 Distribution Parkway Collierville, TN $7.7 126,213 Industrial Federal Express Corporation/FedEx Techconnect, Inc.5.0

“We continue to make good headway on our disposition program with the most recent sales bringing our total wholly-owned disposition volume to approximately $166 million at an average cap rate of 6.4%. These dispositions remain consistent with our capital recycling objectives of reducing our exposure to short term-leases and exiting office markets where we do not have a significant presence,” said T. Wilson Eglin, Chief Executive Officer and President of Lexington.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust (NYSE:LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity and debt investments in single-tenant net-leased commercial properties and land across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and acquisitions. Additional information about Lexington can be found by visiting www.lxp.com.

Contact: Investor or Media Inquiries for Lexington Realty Trust: Heather Gentry, Senior Vice President of Investor Relations Lexington Realty Trust Phone: (212) 692-7200 E-mail: hgentry@lxp.com

Source:Lexington Realty Trust