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Lexington Plans Issue of 9.5M Shares

NEW YORK CITY-The REIT bumped up the size of the offering from seven million shares; it will use the proceeds to pay down debt.

By Paul Bubny | Updated on March 26, 2010

NEW YORK CITY-Lexington Realty Trust on Friday said it has bumped up a common stock offering from the originally announced seven million shares to 9.5 million. The REIT expects to realize approximately $61.5 million of net proceeds after expenses, which it will use for general corporate purposes, to include paying down debt.

Wells Fargo Securities is acting as sole underwriter for the offering. The underwriter has been granted a 30-day option to purchase up to an additional 1.425 million shares to cover over-allotments, if any, according to a release.

Earlier this month, Lexington and Houston-based Means Knauss Partners announced an asset-management joint venture in which Means Knauss will perform property management and oversee leasing and development for approximately 12 million square feet of Lexington’s 45.9-million-square-foot portfolio of single-tenant properties. Phase one of the JV covers properties in 48 cities in 19 states.

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