Commenting on this undertaking, T. Wilson Eglin, president and COO of LCP, notes that the firm is "implementing a business plan to transform Lexington from a company viewed as having only a buy-and-hold strategy to one that is able to deliver superior returns to shareholders by actively managing its portfolio."
Over the past 15 months the firm has developed an asset-management business expected to produce approximately $1 million in annual profits by the end of 2001. Including its recent joint venture with an institutional investor, LCP has $380 million to invest in net-lease properties over the next two years, which will bring its total assets owned or under management to $1.4 billion.
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