NEW YORK, June 06, 2017 (GLOBE NEWSWIRE) -- Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced recent transaction and leasing activity which included $59.1 million of asset sales, the acquisition of an industrial facility for $34.4 million and office lease extensions of approximately 288,000 square feet.

Disposition Activity

Lexington has disposed of the following six properties in the second quarter to date.

Property	Location	Gross Proceeds ($MM)		Square Footage	Sector	Tenant	% Leased
7111 Crabb Road	Temperance, MI	$19.0		756,856	Multi-Tenant Industrial	Hollingsworth Logistics Group	52%
3600 Army Post Road	Des Moines, IA	$15.6		405,000	Industrial	MARKETLINK, Inc.	6%
2424 Alpine Road	Eau Claire, WI	$13.6		159,000	Industrial	Silver Springs Foods	100%
5350 Leavitt Road	Lorain, OH	$6.3		193,193	Retail	Kmart Corporation	100%
26555 Northwestern Hwy	Southfield, MI	$3.5		359,645	Multi-Tenant Office	Vacant	0%
3165 McKelvey Road	Bridgeton, MO	$1.1		51,067	Multi-Tenant Office	BJC Health System	50%
Total		$59.1		1,924,761			41%

           
Consistent with Lexington’s investment strategy to further simplify its portfolio, the assets sold included short-term leased industrial, retail, multi-tenanted and vacant properties. Average lease duration for the sold properties was approximately five years and annual net operating income (NOI) totaled approximately $1.6 million at the time of sale. Year to date, Lexington has sold approximately $158 million of its stated $250-$300 million 2017 property disposition plan.

Investment Activity

During the second quarter, Lexington acquired an 851,000 square foot industrial facility for $34.4 million at estimated GAAP and cash capitalization rates of 7.2% and 7.1%, respectively.  Located in Cleveland, Tennessee directly off of I-75, the property is 100% net leased to General Electric Company for an approximate 7-year lease term.  The purchase of well-located industrial assets remains a targeted focus for Lexington’s investment strategy.

Also during the second quarter, Lexington completed the 201,000 square foot office property located in Charlotte, North Carolina, which is 100% net leased to AvidXchange, Inc. through April 2032.  The property was completed for a capitalized cost of $61.3 million at estimated GAAP and cash capitalization rates of 9.7% and 8.4%, respectively.

Leasing Activity

Lexington signed the following office lease extensions in the second quarter to date.  

Property	Location	Tenant	Square Footage	% Leased		Lease Extension (Approx.)
9201 East Dry Creek Road	Centennial, CO	Arrow Electronics, Inc.	128,500	100%		15.5 Years
13651 McLearen Road	Herndon, VA	United States of America	159,644	100%		4.0 Years

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 investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and acquisitions.  For more information or to follow Lexington on social media, visit 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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