NEW YORK, April 1, 2015 (GLOBE NEWSWIRE) -- Lexington Realty Trust (NYSE:LXP) ("Lexington") today announced that it closed on a total of five property acquisitions during the first quarter.
The five properties were acquired for an aggregate of $197.3 million, at initial cash and estimated GAAP yields of 6.9% and 8.1%, respectively, on a weighted-average basis. The properties have a weighted-average lease term of approximately 17 years. In addition, Lexington entered into a forward commitment to acquire an industrial property in Detroit, Michigan for approximately $29.7 million, which is expected to be acquired in the first quarter of 2016 and will be subject to a 20-year net lease.
T. Wilson Eglin, Chief Executive Officer and President of Lexington commented, "The five properties acquired in the first quarter include a newly constructed office property we committed to acquire last year, one land investment and three industrial properties. As opposed to build-to-suit transactions, these properties provide immediate accretion to our quarterly earnings for the balance of this year."
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land. Lexington seeks to expand its portfolio through acquisitions, sale-leaseback transactions, build-to-suit arrangements and other transactions. A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears all or substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington's common shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line by contacting Lexington Realty Trust, Investor Relations, at www.lxp.com.