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 $21.1 million of mortgage debt was satisfied in connection with these sales.
| Property | Location | Gross Proceeds ($MM) |
Square Footage |
Sector | Primary Tenant | Remaining Lease Term (approx. yrs.) |
||
| 147 Milk Street | Boston, MA | $ | 33.3 | 52,337 | Office | Atrius Health, Inc. | 6.5 | |
| 7500 Chavenelle Road | Dubuque, IA | $ | 8.6 | 330,988 | Industrial | The 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
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