Eli Lilly and Novo Nordisk Battle for India’s Fast-Growing Obesity Drug Market 
Nike Stock Jumps After Apple CEO Tim Cook Buys $2.9M Worth of Shares 
7-Eleven CEO Joe DePinto to Retire After Two Decades at the Helm 
Roche CEO Warns US Drug Price Deals Could Raise Costs of New Medicines in Switzerland 
Moore Threads Unveils New GPUs, Fuels Optimism Around China’s AI Chip Ambitions 
Mexico Antitrust Review of Viva Aerobus–Volaris Deal Signals Growth for Airline Sector 
BP Nears $10 Billion Castrol Stake Sale to Stonepeak 
Sanofi to Acquire Dynavax in $2.2 Billion Deal to Strengthen Vaccines Portfolio 
Warner Bros Discovery Weighs Amended Paramount Skydance Bid as Netflix Takeover Battle Intensifies 
John Carreyrou Sues Major AI Firms Over Alleged Copyrighted Book Use in AI Training 
Bridgewater Associates Plans Major Employee Ownership Expansion in Milestone Year 
Italy Fines Apple €98.6 Million Over App Store Dominance 
Texas App Store Age Verification Law Blocked by Federal Judge in First Amendment Ruling 
Saks Global Weighs Chapter 11 Bankruptcy Amid Debt Pressures and Luxury Retail Slowdown 
Google and Apple Warn U.S. Visa Holders to Avoid International Travel Amid Lengthy Embassy Delays 
BlackRock-Backed Global Ports Deal Faces Uncertainty Amid Cosco Demands 
NEW YORK, April 04, 2016 -- Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced that during the first quarter of 2016, it sold one specialty/retail asset and two suburban office assets for gross proceeds of approximately $58.2 million at a weighted-average capitalization rate of 6.5%. Approximately $8.3 million of mortgage debt was retired in connection with these sales. These properties were included in Lexington’s 2016 disposition plan to sell $600-$700 million of assets.
| Property | Location | Gross Proceeds ($MM) | Square Footage | Sector | Primary Tenant | ||
| 25500 State Hwy. 249 | Tomball, TX | $ | 17.6 | 77,076 | Specialty/ Retail | Parkway Chevrolet, Inc. | |
| 4200/4400 Northcorp Pkway | Palm Beach Gardens, FL | $ | 30.1 | 113,565 | Multi-Tenant/ Office | Multi-Tenant/The Weiss Group, LLC | |
| 2550 Interstate Dr. | Harrisburg, PA | $ | 10.6 | 87,718 | Office | AT&T Services, Inc. | |
Also during the first quarter of 2016, Lexington completed approximately 1.7 million square feet of new leases and lease extensions, with early lease extensions comprising the majority of this volume. Major lease extensions included:
| Tenant | Location | Square Footage | Prior Term | New Lease Expiration | Sector |
| Kraft Heinz Foods Company | Winchester, VA | 344,700 | 05/2016 | 05/2021 | Industrial |
| Siemens Corporation | Milford, OH | 221,215 | 09/2016 | 04/2026 | Office |
| Sears, Roebuck and Co./ Sears Logistics Services | Memphis, TN | 780,000 | 02/2017 | 02/2027 | Industrial |
“All three sales highlight successful execution of our portfolio repositioning strategy, further reducing our short-term office, multi-tenant and specialty/retail exposure. We were also able to achieve favorable sales results by fully stabilizing the suburban office assets. Our disposition plan is fully underway and we will continue to work diligently on the sales under this plan as we look to further improve the quality of our earnings, meaningfully upgrade our portfolio and reduce leverage,” said T. Wilson Eglin, Chief Executive Officer and President of Lexington.
Mr. Eglin further commented, “We are extremely pleased with our leasing volume of approximately 1.7 million square feet for the quarter, and expect portfolio occupancy to remain strong throughout 2016.”
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust (NYSE:LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity and debt investments in single-tenant net-leased commercial properties and land across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and acquisitions. Additional information about Lexington can be found by visiting www.lxp.com.
Contact: Investor or Media Inquiries for Lexington Realty Trust: Heather Gentry, Senior Vice President of Investor Relations Lexington Realty Trust Phone: (212) 692-7200 E-mail: [email protected]
