Lexington Realty Trust (LXP) Reports Q4 Activity
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Lexington Realty Trust (NYSE: LXP) announced the following update on fourth quarter transaction activity, some of which was previously announced:
Leasing: During the fourth quarter of 2011, Lexington executed 12 new and extended leases for approximately 0.4 million square feet and ended the year with overall portfolio occupancy of approximately 96.0%. Overall, Lexington executed new and extended leases totaling approximately 4.8 million square feet in 2011.
Capital Recycling Sales: During the fourth quarter of 2011, Lexington disposed of its interests in three properties to unrelated parties for an aggregate gross sales price of approximately $22.7 million. Total disposition activity for 2011 was approximately $160.1 million at a weighted-average cap rate of 7.4%.
Investment Activity Property Acquisitions: On October 5, 2011, Lexington acquired a 475,000 square foot distribution facility in Chillicothe, Ohio for approximately $12.1 million (8.2% initial cap rate). The facility is net-leased to a single tenant for approximately 15 years.
Build-to-Suit Projects: Lexington continues to fund the construction of the previously announced build-to-suit projects in (1) Huntington, West Virginia (9.4% initial rap rate), (2) Saint Joseph, Missouri (9.5% initial cap rate), (3) Florence, South Carolina (10.0% initial cap rate), (4) Shreveport, Louisiana (9.5% initial cap rate), (5) Long Island City, New York (8.5% initial cap rate), and (6) Jessup, Pennsylvania (9.2% initial cap rate). The aggregate estimated cost of these six projects is approximately $116.7 million of which approximately $35.9 million was funded as of December 31, 2011.
Balance Sheet: Lexington reduced its consolidated debt during the fourth quarter of 2011 by approximately $39.0 million. This includes four mortgages that were to mature in 2012 totaling approximately $34.0 million. Overall indebtedness was reduced by approximately $119.0 million in 2011.
Leasing: During the fourth quarter of 2011, Lexington executed 12 new and extended leases for approximately 0.4 million square feet and ended the year with overall portfolio occupancy of approximately 96.0%. Overall, Lexington executed new and extended leases totaling approximately 4.8 million square feet in 2011.
Capital Recycling Sales: During the fourth quarter of 2011, Lexington disposed of its interests in three properties to unrelated parties for an aggregate gross sales price of approximately $22.7 million. Total disposition activity for 2011 was approximately $160.1 million at a weighted-average cap rate of 7.4%.
Investment Activity Property Acquisitions: On October 5, 2011, Lexington acquired a 475,000 square foot distribution facility in Chillicothe, Ohio for approximately $12.1 million (8.2% initial cap rate). The facility is net-leased to a single tenant for approximately 15 years.
Build-to-Suit Projects: Lexington continues to fund the construction of the previously announced build-to-suit projects in (1) Huntington, West Virginia (9.4% initial rap rate), (2) Saint Joseph, Missouri (9.5% initial cap rate), (3) Florence, South Carolina (10.0% initial cap rate), (4) Shreveport, Louisiana (9.5% initial cap rate), (5) Long Island City, New York (8.5% initial cap rate), and (6) Jessup, Pennsylvania (9.2% initial cap rate). The aggregate estimated cost of these six projects is approximately $116.7 million of which approximately $35.9 million was funded as of December 31, 2011.
Balance Sheet: Lexington reduced its consolidated debt during the fourth quarter of 2011 by approximately $39.0 million. This includes four mortgages that were to mature in 2012 totaling approximately $34.0 million. Overall indebtedness was reduced by approximately $119.0 million in 2011.
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