Search
 

Merger Creates $5B Net Lease REIT

Michelle Napoli is editor of Net Lease forum, from which this article is excerpted. New York City—One of the most established net lease REITs and one of the newest plan to merge into a more diversified company with what the two pin down as a business enterprise value of $4.6 billion. When Lexington Corporate Properties Trust of New York City and Newkirk Realty Trust Inc. of Boston and Jericho, NY, combine, the newly created Lexington Realty…

By Michelle Napoli | Updated on August 04, 2006

Michelle Napoli is editor of Net Lease forum, from which this article is excerpted.

New York City—One of the most established net lease REITs and one of the newest plan to merge into a more diversified company with what the two pin down as a business enterprise value of $4.6 billion. When Lexington Corporate Properties Trust of New York City and Newkirk Realty Trust Inc. of Boston and Jericho, NY, combine, the newly created Lexington Realty Trust will be second among public net lease REITs by that same business enterprise value measure. Only American Financial Realty Trust of Jenkintown, PA edges it out at $4.7 billion. Realty Income Corp. of Escondido, CA is in third place with a value of $2.9 billion.

The deal appears to have originated on the LXP side of the table. In response to a question, Newkirk chairman and CEO Michael L. Ashner told analysts and others participating in a July 24 conference call that the transaction was not contemplated before Newkirk went public just last November.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.