Lexington Realty Trust Announces Sale Of Dow Chemical Office Property

Rhea-AI Summary

Lexington Realty Trust (NYSE:LXP) has sold its interest in a Texas office property leased to Dow Chemical for $192 million, recognizing an anticipated $57 million gain. Additionally, the company has acquired a 201,784 square foot warehouse in Phoenix, Arizona for $88 million, fully leased to a leading e-commerce company until March 2033. These transactions align with Lexington's strategy to expand its industrial portfolio through focused acquisitions and real estate investments.

Positive

• Realized a gain of $57 million from the sale of the Texas office property.
• Acquired a fully leased warehouse in Phoenix for $88 million, enhancing revenue stability.

Negative

• None.

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Lexington Realty Trust (NYSE:LXP) (“Lexington”), a real estate investment trust (REIT) focused on single-tenant industrial real estate investments, today announced that it sold its interest in the Lake Jackson, Texas office property leased to Dow Chemical for $192 million, including the assumption by the buyer of the first mortgage loan secured by the property, which had an unpaid principal balance of $179 million. In connection with the sale, Lexington anticipates it will recognize a $57 million gain on the sale.

In addition, Lexington acquired a 201,784 square foot warehouse/distribution facility on 48 acres in a logistics submarket of Phoenix, Arizona for $88 million. The facility is 100% leased to a leading e-commerce company through March 2033.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. Lexington seeks to expand its industrial portfolio through build-to-suit transactions, sale-leaseback transactions, development projects and other transactions, including acquisitions. For more information or to follow Lexington on social media, visit www.lxp.com.

Contact:
Investor or Media Inquiries for Lexington Realty Trust:
Beth Boulerice, Chief Financial Officer
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: hgentry@lxp.com

FAQ

What was the sale price of the Texas office property by Lexington Realty Trust?

Lexington Realty Trust sold the Texas office property for $192 million.

What gain does Lexington Realty Trust anticipate from the sale of the Dow Chemical property?

Lexington anticipates a $57 million gain from the sale.

What did Lexington Realty Trust acquire in Phoenix?

Lexington acquired a 201,784 square foot warehouse in Phoenix for $88 million.

Who is the tenant of the new warehouse acquired by Lexington Realty Trust?

The warehouse is 100% leased to a leading e-commerce company until March 2033.