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Lexington Plans Disposition of Non-Core Assets

NEW YORK CITY-Lexington Corporate Properties Trust identifies 15 non-core assets that could be put on the block. The value of the properties could total as much as $150 million.

By Barbara Jarvie | Updated on February 16, 2006

NEW YORK CITY-Lexington Corporate Properties Trust has identified a number of non-core assets that firm officials believe could be put up for sale in the near future. Those properties–as many as 15–could aggregate as much as $150 million, Lexington executives said during a conference call.

“Demand for income-producing properties such as those in our portfolio continues to be exceptionally strong,” said T. Wilson Eglin, the firm’s chief executive officer. “While this has made it difficult to acquire properties that meet our yield parameters, it also means that we have opportunities to sell properties on advantageous terms as evidenced by total gains of $13.3 million in 2005. It’s cyclical and if the opportunities are there… .”

Later in the year, the firm has the intention of having an initial public offering for its recently formed Lexington Strategic Asset Corp. Since its inception, the group has raised $61.7 million in cash and contributed four properties, including mortgages, for a 32.3% interest.

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