This increased ownership comes just 13 months after Lexington formed the investment company to expand its own acquisition opportunities through direct and indirect investment in a variety of properties. At the time, according to a company statement, Lexington held 32% ownership. The new firm was expected to produce higher yields than Lexington's core investments. Currently, LSAC has 12 properties and one mortgage loan, with an additional three properties due to be acquired by the end of 2007. With these acquisitions, the company will own $178.9 million of assets.

Shareholders will vote to approve Lexington's merger with Newkirk Realty Trust Inc. on November 20, as reported by GlobeSt.com. The value of the merger is estimated at $4.6 billion and will include 350 properties totaling 57 million sf. The merger was first made public in July.

CEO Will Eglin did not return morning phone calls and an analyst for the company declined to comment.