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Lexington Realty Trust Buys Five Properties

NEW YORK CITY—The firm picked up the assets throughout the first quarter and it already has agreed to purchase another one next year.

By Rayna Katz | Updated on April 02, 2015

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.

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