NEW YORK, NY – February 19, 2015 – (RealEstateRama) — (GLOBE NEWSWIRE) — Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter ended December 31, 2014.
Fourth Quarter 2014 Highlights
- Generated Company Funds From Operations (“Company FFO”) of $66.3 million, or $0.27 per diluted common share.
- Acquired three properties for $70.4 million.
- Invested $24.5 million in on-going build-to-suit projects and loan investments.
- Generated gross disposition proceeds of $167.2 million from the sale of four office buildings.
- Received $32.8 million from maturing loan investment.
- Retired $59.0 million of debt.
- Completed 1.9 million square feet of new leases and lease extensions, raising cash and GAAP renewal rents by 4.6%.
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated “The execution of our stated strategies in 2014 has resulted in a strong balance sheet with a large cash position, which we believe positions us to capitalize on growth opportunities in 2015. We are already committed to fund approximately $325 million in growth initiatives this year. We believe our pipeline remains strong with additional opportunities for growth as the year progresses. We also expect to continue to take advantage of refinancing opportunities in 2015, to reduce interest expense and extend our debt maturities.”
FINANCIAL RESULTS
Revenues
For the quarter ended December 31, 2014, total gross revenues were $108.0 million, compared with total gross revenues of $100.5 million for the quarter ended December 31, 2013. The increase is primarily due to property acquisitions.
Company FFO
For the quarter ended December 31, 2014, Lexington generated Company FFO of $66.3 million, or $0.27 per diluted share, compared to Company FFO for the quarter ended December 31, 2013 of $65.7 million, or $0.28 per diluted share. The calculation of Company FFO and a reconciliation to net income (loss) attributable to common shareholders is included later in this press release.
Dividends/Distributions
Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended December 31, 2014 of $0.17 per common share/unit, which was paid on January 15, 2015 to common shareholders/unitholders of record as of December 31, 2014, and a dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred Shares”), which was paid on February 17, 2015 to Series C Preferred Shareholders of record as of January 30, 2015.
Net Income (Loss) Attributable to Common Shareholders
For the quarter ended December 31, 2014, net income attributable to common shareholders was $35.7 million, or $0.15 per diluted share, compared with net loss attributable to common shareholders for the quarter ended December 31, 2013 of $(8.9) million, or $(0.04) per diluted share.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land. Lexington seeks to expand its portfolio through acquisitions, sale-leaseback transactions, build-to-suit arrangements and other transactions. A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears all or substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington common shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line atwww.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.
