NEW YORK, June 16, 2014 (GLOBE NEWSWIRE) -- Lexington Realty Trust (NYSE:LXP) ("Lexington") today announced that it declared a regular common share/unit dividend/distribution for the quarter ending June 30, 2014 of $0.17 per common share/unit payable on or about July 15, 2014 to common shareholders/unitholders of record as of June 30, 2014. The dividend/distribution equates to an annualized dividend level of $0.68 per common share/unit.
T. Wilson Eglin, Lexington's Chief Executive Officer, commented, "The increase in our dividend announced today reflects strong execution in leasing, refinancings and investments. We have completed approximately 2.6 million square feet of leasing activity year to date, including several significant suburban office leases which were not in our forecast when the year began, leading us to exceed our projections for 2014. Further, we believe our successful public offering of $250 million of 4.40% Senior Notes in May has addressed our near-term refinancing needs and has reduced our debt service obligations going forward. Finally, the addition of new assets to our portfolio continues to extend our weighted-average lease term and improve our prospects for growth in net operating income."
Lexington also announced that it declared a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock ("Series C Preferred Shares") for the quarter ending June 30, 2014. This Series C Preferred Share dividend is payable on or about August 15, 2014, to shareholders of record of Series C Preferred Shares as of July 31, 2014.
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's common shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line by contacting Lexington Realty Trust, Investor Relations, at www.lxp.com.
Investor Relations or Patrick Carroll, CFO 212-692-7200