NEW YORK CITY—Lexington Realty Trust closed on a total of five property acquisitions during the first quarter. In addition, the firm entered into a forward commitment to acquire an industrial property next year.
The five properties were acquired for an aggregate of $197 million at initial cash and estimated GAAP yields of 6.9% and 8.1%, respectively, on a weighted-average basis. The properties have a weighted-average lease term of approximately 17 years. Meanwhile, Lexington agreed to buy an industrial property in Detroit for approximately $30 million in the first quarter of 2016. The property will be subject to a 20-year net lease.
T. Wilson Eglin, CEO and president of Lexington says, "The five properties acquired in the first quarter include a newly constructed office property we committed to acquire last year, one land investment and three industrial properties.
“As opposed to build-to-suit transactions,” he continues, “these properties provide immediate accretion to our quarterly earnings for the balance of this year."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
