LXP Industrial Trust
08/06/2009 | Press release | Archived content
Lexington Realty Trust Reports Second Quarter 2009 Results
NEW YORK, Aug. 6 /PRNewswire-FirstCall/ -- Lexington Realty Trust ("Lexington") (NYSE: LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the second quarter ended June 30, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070205/LAM022LOGO)
Second Quarter 2009 Highlights
-- Generated Company Funds From Operations ("Company FFO") of
$40.7 million or $0.35 per diluted share/unit, excluding certain
items.(A)
-- Executed 26 new and renewal leases, totaling approximately 1.8 million
square feet.
-- Increased availability under its secured credit facility by $40.0
million to a total of $290.0 million.
-- Raised $84.0 million through asset sales and satisfaction of notes
receivable.
-- Reduced overall debt by $111.4 million, including $54.1 million original
principal amount of 5.45% Exchangeable Notes repurchased at an average
discount of 17.6%.
-- Repurchased and retired 503,100 Series C preferred shares with $25.2
million liquidation preference by issuing $11.4 million of common
shares.
-- Recognized $1.3 million in lease deferred maintenance and termination
payments.
-- Recorded (1) debt investment impairment charges and reserves of $90.4
million, related to Concord Debt Holdings reducing our investment to
zero, and (2) non-cash income of $4.2 million, related to a forward
equity commitment to repurchase 3.5 million common shares.
-- Modified 2009 guidance to reflect 7.3 million common shares issued
relating to the quarterly dividend payment and repurchase of Series
C preferred shares.
(A) See the last page of this press release for a reconciliation of GAAP net income to Company FFO.
T. Wilson Eglin, President and Chief Executive Officer of Lexington stated, "We continue to make steady progress in decreasing our overall debt level through accretive debt repurchases, asset sales and collections of notes receivable from our investment portfolio. We believe these efforts have strengthened our balance sheet and enhanced our capital position. Furthermore, as a result of our leasing success we have lowered the number of leases expiring over the next few years. We believe our portfolio continues to perform well with overall occupancy of approximately 92.0%".
FINANCIAL RESULTS
Revenues
For the quarter ended June 30, 2009, total gross revenues were $98.8 million, compared with total gross revenues of $124.6 million for the quarter ended June 30, 2008. The decrease is primarily due to $28.7 million of lease termination payments received, partially offset by $4.1 million in accelerated amortization of above and below market leases, in the second quarter of 2008.
Company FFO Applicable to Common Shareholders/Unitholders
The following presents in tabular form certain items impacting Company FFO for the periods presented:
Three Months Ended Six Months Ended
----------------- ------------------
June 30, Per June 30, Per June 30, Per June 30, Per
2009 Diluted 2008 Diluted 2009 Diluted 2008 Diluted
Millions Share/ Millions Share/ Millions Share/ Millions Share/
(1) Unit (1) Unit (1) Unit (1) Unit
---- ---- ---- ---- ---- ---- ---- ----
Reported
Company
FFO(A) $(38.8) $(0.33) $76.1 $0.71 $(57.5) $(0.50) $116.1 $1.09
====== ===== ====== =====
Severance
charges - - - 2.0
New
accounting
pronounce-
ments 0.5 0.9 0.9 2.0
Formation
costs -
joint
venture - 0.2 - 1.1
Debt
satis-
faction,
net (5.9) (26.0) (12.3) (32.5)
Debt
satisfaction,
net -
Concord - (1.3) - (3.8)
Forward
equity
commitment (4.2) - 4.4 -
Impairment
losses -
real
estate - - 9.5 2.7
Impairment
losses -
investments - - 1.1 -
Impairment
losses/
reserves -
Concord 51.3 26.3 71.4 29.0
Equity
impairment -
Concord 39.1 - 68.2 -
Impairment
loss -
JV - 1.0 - 1.0
Lease
termination/
deferred
maintenance
payments (1.3) (34.9) (1.3) (34.9)
Land
transaction
income, net - - (1.3) -
---- ---- ---- ---- ---- ---- ---- ----
$40.7 $0.35 $42.3 $0.40 $83.1 $0.73 $82.7 $0.78
===== ===== ===== ===== ===== ===== ===== =====
(A) See the last page of this press release for a reconciliation of GAAP
net income (loss) to Company FFO.
Net Income (Loss) Attributable to Common Shareholders - Diluted
For the quarter ended June 30, 2009, net loss attributable to common shareholders was $(90.3) million, or a loss of $(0.87) per diluted share, compared with a net loss attributable to common shareholders for the quarter ended June 30, 2008 of $(5.4) million, or loss of $(0.06) per diluted share.
Financing Activities
During the second quarter, Lexington increased the aggregate availability under its secured credit facility to $290.0 million, of which $200.0 million was outstanding as of June 30, 2009.
Balance Sheet
During the second quarter, Lexington reduced its overall debt by $111.4 million, including $54.1 million original principal amount of 5.45% Exchangeable Notes repurchased at an average discount of 17.6%. Subsequent to June 30, 2009, Lexington repurchased an additional $29.2 million original principal amount of these notes at a 15.0% discount, leaving $105.2 million currently outstanding. At June 30, 2009, the Company had approximately $3.8 billion in total assets, including $75.0 million of cash and restricted cash and $2.2 billion in debt outstanding. As of June 30, 2009, the weighted-average interest rate on the Company's debt was 5.64% with a weighted-average maturity of 5.8 years. Approximately 91.0% of Lexington's debt is subject to fixed interest rates.
In addition, Lexington repurchased and retired 503,100 of its Series C preferred shares in exchange for 2,955,368 common shares. This transaction reduced the liquidation preference of the Company's Series C preferred shares by $25.2 million and lowered Lexington's annual fixed charges by $1.6 million.
Common Share Dividend/Distribution
On June 16, 2009, Lexington announced it declared a regular quarterly dividend/distribution of $0.18 per share/unit, which was paid in a combination of cash and common shares on July 30, 2009 to common shareholders/unitholders of record as of June 30, 2009, and which equated to an annualized dividend of $0.72 per share. Lexington issued approximately 4.3 million common shares on July 30, 2009 and retained approximately $17.7 million of liquidity by paying 90% of the common share dividend in common shares.
OPERATING ACTIVITIES
Sales and Investments
During the quarter ended June 30, 2009, Lexington sold its interest in six properties to third parties for an aggregate gross sales price of $75.4 million, which generated gains on sale of $3.2 million. The weighted-average cap rate on the assets sold was 8.0%. In addition to these asset sales, Lexington received $4.7 million from a land sale/leaseback transaction and collected $3.9 million in full payment for two notes held for investment.
Leasing Activity
At June 30, 2009, Lexington's portfolio was approximately 92.0% leased. For the quarter ended June 30, 2009, Lexington executed 26 leases (new and renewal) for approximately 1.8 million square feet. During the quarter, Lexington recognized an aggregate of $1.3 million in lease deferred maintenance and termination payments.
2009 EARNINGS GUIDANCE
Lexington is reducing its estimated Company FFO guidance to a range of $1.29 to $1.34 per diluted share/unit from $1.30 to $1.37 per diluted share/unit for the year ended December 31, 2009 to reflect the issuance of approximately 7.3 million common shares issued in connection with the quarterly common share dividend and the repurchase and retirement of Series C preferred shares. This guidance excludes the impact of certain items, is based on current expectations and is forward-looking.
2ND( )QUARTER 2009 CONFERENCE CALL
Lexington will host a conference call today, Thursday, August 6, 2009, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2009. Interested parties may participate in this conference call by dialing (800) 930-1353 or (913) 312-1383. A replay of the call will be available through August 20, 2009, at (888) 203-1112, Replay Pin Number: 2245185.
A live web cast of the conference call will be available at https://www.lxp.com within the Investor Relations section. An online replay will also be available through August 6, 2010.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in, and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at https://www.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the failure to continue to qualify as a real estate investment trust, (2) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (3) competition, (4) increases in real estate construction costs, (5) changes in interest rates, or (6) changes in accessibility of debt and equity capital markets. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's website at https://www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects", "is optimistic" or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Six Months ended June 30, 2009 and 2008
(Unaudited and in thousands, except share and per share data)
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
---- ---- ---- ----
Gross Revenues:
Rental $87,934 $114,542 $175,776 $208,189
Advisory and
incentive fees 583 365 1,046 676
Tenant reimbursements 10,247 9,727 20,354 19,164
------ ----- ------ ------
Total gross revenues 98,764 124,634 197,176 228,029
Expense applicable
to revenues:
Depreciation and
amortization (45,405) (83,214) (92,097) (137,451)
Property operating (21,607) (18,652) (42,900) (36,576)
General and administrative (6,214) (7,306) (12,865) (18,350)
Non-operating income 1,500 18,692 5,618 20,796
Interest and amortization
expense (33,711) (39,528) (67,874) (82,564)
Debt satisfaction gains,
net 7,305 26,355 13,716 32,774
Change in value of forward
equity commitment 4,198 (4,435)
Impairment charges and
loan loss reserves (9,476)
Gains on sale-affiliates 8,637 31,806
----- ----- ---- ------
Income (loss) before
provision for income
taxes, equity in earnings
(losses) of
non-consolidated entities and
discontinued operations 4,830 29,618 (13,137) 38,464
Provision for income taxes (332) (641) (1,003) (1,931)
Equity in earnings (losses)
of non-consolidated
entities (83,164) (27,194) (130,288) (21,647)
------- ------- -------- -------
Income (loss) from continuing
operations (78,666) 1,783 (144,428) 14,886
------- ----- -------- ------
Discontinued operations:
Income (loss) from
discontinued operations 532 (240) 552 669
Provision for income taxes (125) (52) (193)
Debt satisfaction charges (1,399) (313) (1,399) (313)
Gains on sales of
properties 3,186 3,925 6,280 4,612
Impairment charge (46) (1,166) (2,694)
--- ---- ------ ------
Total discontinued
operations 2,273 3,247 4,215 2,081
----- ----- ----- -----
Net income (loss) (76,393) 5,030 (140,213) 16,967
Less net (income)
loss attributable
to noncontrolling
interests (715) 9,874 (1,843) 3,580
---- ----- ------ -----
Net income (loss) attributable
to Lexington Realty Trust (77,108) 14,904 (142,056) 20,547
Dividends attributable to
preferred shares-
Series B (1,590) (1,590) (3,180) (3,180)
Dividends attributable to
preferred shares-
Series C (1,703) (2,111) (3,814) (4,630)
Dividends attributable to
preferred shares-
Series D (2,925) (2,925) (5,851) (5,851)
Redemption discount -
Series C 5,678 5,678
Conversion dividend -
Series C (6,994) (6,994)
------ ----- ------ -----
Net income (loss)
attributable to
common shareholders $(90,320) $13,956 $(161,895) $12,564
======== ======= ========== =======
Income (loss) per common
share-basic:
Income (loss) from
continuing operations $(0.89) $0.20 $(1.63) $0.20
Income from discontinued
operations 0.02 0.03 0.04 0.01
---- ---- ---- ----
Net income (loss)
attributable to
common shareholders $(0.87) $0.23 $(1.59) $0.21
====== ===== ====== =====
Weighted average
common shares
outstanding - basic 104,163,378 60,163,396 102,070,600 59,994,988
=========== ========== =========== ==========
Income (loss) per common
share-diluted:
Loss from continuing
operations $(0.89) $(0.09) $(1.63) $(0.03)
Income from discontinued
operations 0.02 0.03 0.04 0.01
---- ---- ---- ----
Net loss attributable to
Common shareholders $(0.87) $(0.06) $(1.59) $(0.02)
====== ====== ====== ======
Weighted average common
Shares outstanding-
diluted 104,163,378 100,554,903 102,070,600 100,556,746
=========== =========== =========== ===========
Amounts attributable to
common shareholders:
Income (loss) from
continuing
operations $(92,189) $12,392 $(165,751) $12,012
Income from
discontinued
operations 1,869 1,564 3,856 552
----- ----- ----- ---
Net income (loss)
attributable to
common shareholders $(90,320) $13,956 $(161,895) $12,564
======== ======= ========== =======
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
CONDENSED BALANCE SHEETS
June 30, 2009 and December 31, 2008
(Unaudited and in thousands, except share and per share data)
June 30, December 31,
2009 2008
---------- --------
Assets:
Real estate, at cost $3,695,818 $3,756,188
Less: accumulated depreciation
and amortization 512,250 461,661
------- -------
3,183,568 3,294,527
Properties held for sale-discontinued
operations 191 8,150
Intangible assets, net 300,024 343,192
Cash and cash equivalents 48,639 67,798
Restricted cash 26,361 31,369
Investment in and advances to
non-consolidated entities 64,479 179,133
Deferred expenses, net 39,522 35,741
Notes receivable, net 62,525 68,812
Rent receivable-current 10,924 19,829
Rent receivable- deferred 16,499 16,499
Other assets 38,211 40,675
------ ------
Total assets $3,790,943 $4,105,725
========== ==========
Liabilities and Equity:
Liabilities:
Mortgage and notes payable $1,952,221 $2,033,854
Exchangeable notes payable 130,706 204,074
Trust preferred securities 129,120 129,120
Contract rights payable 15,491 14,776
Dividends payable 8,187 24,681
Liabilities-discontinued operations 32 6,142
Accounts payable and other liabilities 38,437 33,814
Accrued interest payable 14,401 16,345
Deferred revenue-below market leases,
net 113,192 121,722
Prepaid rent 16,910 20,126
------ ------
2,418,697 2,604,654
--------- ---------
Commitments and contingencies
Equity:
Preferred shares, par value $0.0001
per share; authorized 100,000,000 shares,
Series B Cumulative Redeemable
Preferred, liquidation preference
$79,000, 3,160,000 shares issued
and outstanding 76,315 76,315
Series C Cumulative Convertible
Preferred, liquidation preference
$104,760 and $129,915, respectively,
and 2,095,200 and 2,598,300 shares
issued and outstanding in 2009
and 2008, respectively 101,778 126,217
Series D Cumulative Redeemable
Preferred, liquidation preference
$155,000, 6,200,000 shares issued
and outstanding 149,774 149,774
Common shares, par value $0.0001 per share;
authorized 400,000,000 shares, 109,009,271
and 100,300,238 shares issued and outstanding
in 2009 and 2008, respectively 11 10
Additional paid-in-capital 1,689,452 1,638,540
Accumulated distributions in excess of
net income (739,478) (569,131)
Accumulated other comprehensive income (loss) 313 (15,650)
--- -------
Total shareholders' equity 1,278,165 1,406,075
--------- ---------
Noncontrolling interests 94,081 94,996
------ ------
Total equity 1,372,246 1,501,071
--------- ---------
Total liabilities and equity $3,790,943 $4,105,725
========== ==========
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE AND COMPANY FUNDS FROM OPERATIONS PER SHARE
(Unaudited and in thousands, except share and per share data)
Three Months ended Six Months ended
June 30, June 30,
2009 2008 2009 2008
--- ---- ---- ----
EARNINGS PER SHARE:(1)
Basic:
Income (loss) from continuing
operations attributable to
Lexington $(78,977) $13,340 $(145,912) $19,995
Less preferred dividends (13,212) (948) (19,839) (7,983)
------ ------ ------- ------
Income (loss) attributable to
common shareholders from
continuing operations (92,189) 12,392 (165,751) 12,012
Income from discontinued
operations attributable to
shareholders 1,869 1,564 3,856 552
----- ----- ----- -----
Net income (loss)
attributable to common
shareholders - basic $(90,320) $13,956 $(161,895) $12,564
======= ========== ======= =======
Weighted average number of
common shares
outstanding -
basic 104,163,378 60,163,396 102,070,600 59,994,988
=========== ========== =========== ==========
Income (loss) per common
share - basic:
Income (loss) from continuing
operations $(0.89) $0.20 $(1.63) $0.20
Income from discontinued
operations 0.02 0.03 0.04 0.01
---- ---- ---- ----
Net income (loss)
attributable to
common shareholders $(0.87) $0.23 $(1.59) $0.21
====== ===== ====== =====
Diluted:
Income (loss) attributable
to common shareholders
from continuing
operations -basic $(92,189) $12,392 $(165,751) $12,012
Incremental loss attributed
to assumed conversion
of dilutive securities - (21,019) (14,256)
------ ------- ------ -------
Income (loss) attributable
to common shareholders
from continuing operations (92,189) (8,627) (165,751) (2,244)
Income from discontinued
operations attributable
to shareholders 1,869 3,252 3,856 1,260
----- ----- ----- -----
Net loss attributable to
common shareholders -
diluted $(90,320) $(5,375) $(161,895) $(984)
======== ======= ========== =====
Weighted average number of
common shares used in
calculation of basic
earnings per share 104,163,378 60,163,396 102,070,600 59,994,988
Add incremental shares
representing:
Shares issuable upon
conversion of dilutive
securities 40,391,507 40,561,758
---- ---------- --- ----------
Weighted average number
of common shares
outstanding
- diluted 104,163,378 100,554,903 102,070,600 100,556,746
=========== =========== =========== ===========
Income (loss) per
common share - diluted:
Loss from continuing
operations $(0.89) $(0.09) $(1.63) $(0.03)
Income from discontinued
operations 0.02 0.03 0.04 0.01
---- ---- ---- ----
Net loss attributable to
common shareholders $(0.87) $(0.06) $(1.59) $(0.02)
------ ------ ------ ------
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE AND COMPANY FUNDS FROM OPERATIONS PER SHARE (Continued)
(Unaudited and in thousands, except share and per share data)
Three Months ended Six Months ended
June 30, June 30,
2009 2008 2009 2008
---- ---- ---- ----
COMPANY FUNDS FROM
OPERATIONS: (1)(2)
Basic and Diluted:
Net income attributable
to common
shareholders-basic $(90,320) $13,956 $(161,895) $12,564
Adjustments:
Depreciation and
amortization 44,724 84,785 91,410 140,741
Minority interests-
OP units 624 (13,653) 712 (8,277)
Amortization of leasing
commissions 713 420 1,482 1,012
Joint venture and
noncontrolling
interest adjustment (4) 6,733 6,291 7,521
Preferred dividends-
Series C 8,697 (3,567) 10,808 (1,048)
Gains on sale of
properties (3,186) (12,562) (6,280) (36,418)
------ ------- ------ -------
Company FFO $(38,752) $76,112 $(57,472) $116,095
======== ======= ======== ========
Basic:
Weighted average shares
outstanding-basic EPS 104,163,378 60,163,396 102,070,600 59,994,988
Unvested share based
payment awards 705,482 425,898 707,629 435,483
Operating partnership
units 5,437,194 39,519,599 5,373,650 39,581,887
Preferred Shares-
Series C 5,791,818 6,398,965 5,720,779 6,560,348
--------- --------- --------- ---------
Weighted average shares
outstanding-basic
Company FFO 116,097,872 106,507,858 113,872,658 106,572,706
=========== =========== =========== ===========
Company FFO per share $(0.33) $0.71 $(0.50) $1.09
====== ===== ====== =====
Diluted:
Weighted average shares
outstanding -
diluted EPS 104,163,378 100,554,903 102,070,600 100,556,746
Unvested share based
payment awards 705,482 425,898 707,629 435,483
Operating partnership
units 5,437,194 5,373,650
Preferred Shares-
Series C 5,791,818 5,527,057 5,720,779 5,580,477
--------- --------- --------- ---------
Weighted average shares
outstanding - diluted
Company FFO 116,097,872 106,507,858 113,872,658 106,572,706
=========== =========== =========== ===========
Company FFO per
share $(0.33) $0.71 $(0.50) $1.09
====== ===== ====== =====
(1) Effective January 1, 2009 the Company adopted FASB Staff Position APB
14-1 "Accounting for Convertible Debt Instruments That May Be Settled in
Cash Upon Conversion (Including Partial Cash Settlement) and FASB Staff
Position No. EITF 03-6-1, "Determining Whether Instruments Granted in
Share-Based Payment Transactions Are Participating Securities", both of
which require retrospective application to prior periods. In accordance
with FASB Staff Position EITF 03-6-1, net income attributable to common
shareholders and earnings per common share and accordingly FFO and FFO
per common share are adjusted for an allocation of net income to unvested
share awards. However, net losses will not be allocated to unvested share
awards. The Company's FFO per common share (diluted) and earnings per
common share (diluted) were reduced by the Company's implementation of
these FASB Staff Positions. FFO per common share (diluted) was reduced by
$0.02 for the three months ended June 30, 2008, and $0.06 for the six
months ended June 30, 2008 respectively. Loss per common share (diluted)
was increased by $0.02 for the three months ended June 30, 2008, and
earnings per common share (diluted) was reduced by $0.07 for the six
months ended June 30, 2008.
(2) Lexington believes that Funds from Operations ("FFO") is a widely
recognized and appropriate measure of the performance of an equity REIT.
Lexington presents FFO because it considers FFO an important
supplemental measure of Lexington's operating performance. Lexington
believes FFO is frequently used by securities analysts, investors and
other interested parties in the evaluation of REITs, many of which
present FFO when reporting their results. FFO is intended to exclude
generally accepted accounting principles ("GAAP"), historical cost
depreciation and amortization of real estate and related assets, which
assumes that the value of real estate diminishes ratably over time.
Historically, however, real estate values have risen or fallen with
market conditions. As a result, FFO provides a performance measure that,
when compared year over year, reflects the impact to operations from
trends in occupancy rates, rental rates, operating costs, development
activities, interest costs and other matters without the inclusion of
depreciation and amortization, providing perspective that may not
necessarily be apparent from net income.
Lexington computes FFO in accordance with standards established by the
National Association of Real Estate Investment Trusts, Inc. ("NAREIT").
FFO is defined by NAREIT as "net income (or loss) computed in accordance
with GAAP, excluding gains (or losses) from sales of property, plus real
estate depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures." FFO does not represent
cash generated from operating activities in accordance with GAAP and is
not indicative of cash available to fund cash needs. FFO should not be
considered as an alternative to net income as an indicator of our
operating performance or as an alternative to cash flow as a measure of
liquidity.
Lexington includes in its calculation of FFO, which Lexington refers to as
the "Company's funds from operations" or "Company FFO," Lexington's
operating partnership units and Lexington's Series C Cumulative
Convertible Preferred Shares because these securities are convertible, at
the holder's option, into Lexington's common shares. Management believes
this is appropriate and relevant to securities analysts, investors and
other interested parties because Lexington presents Company FFO on a
company-wide basis as if all securities that are convertible, at the
holder's option, into Lexington's common shares, are converted. Since
others do not calculate FFO in a similar fashion, Company FFO may not be
comparable to similarly titled measures as reported by others.
SOURCE Lexington Realty Trust
Contact: Investor or Media Inquiries, T. Wilson Eglin, CEO, Lexington Realty Trust, +1-212-692-7200, [email protected]
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