Lexington Realty Trust Rebrands and Changes Name to LXP

For the quarter ended June 30, 2021, net income attributable to common shareholders was $71.0 million, or $0.26 per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2020 of $17.3 million, or $0.06 per diluted share. The Lexington Realty Trust logo has undergone several changes over the years, reflecting the company’s growth and evolution. The first version of the logo, introduced in the early 1990s, featured a more complex design, with a stylized image of a building surrounded by a circle. The font used for the company’s name was also different, with a more traditional and formal feel. Lexington Realty Capital is a privately-owned real estate investment firm focused on the purchase and development of multifamily and mixed use properties in New York City, Los Angeles, and other select US cities.

• Bancorp Investments, Inc. are acting as joint book-running managers of the offering and Mizuho Securities USA LLC, Stifel, Nicolaus & Company, Incorporated, Truist Securities, Inc., FHN Financial Securities Corp. and Samuel A. Ramirez & Company, Inc. are acting as co-managers of the offering.
• As of June 30, 2021, Lexington had an aggregate of $285.2 million under unsettled forward common share sales contracts, including outstanding contracts under its ATM program, which are subject to adjustment in accordance with the forward sales contracts.
• By year-end 2022, we expect to complete the full transition of LXP’s portfolio to 100% industrial assets.
• As previously announced, during the second quarter of 2021, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended June 30, 2021 of $0.1075 per common share/unit, which was paid on July 15, 2021 to common shareholders/unitholders of record as of June 30, 2021.
• Lexington presents FFO available to common shareholders and unitholders – basic and also presents FFO available to all equityholders and unitholders – diluted on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted at the beginning of the period.

The building in the symbol is designed to be a simple and recognizable shape, with clean lines and minimalistic details. The font used for the company’s name is bold and easy to read, with a modern and professional feel. Discover the significance of the symbol of Lexington Realty Trust and its role in the company’s Forex divergence branding strategy. Morgan maintained a Hold rating on LXP Industrial Trust (LXP – Research Report), with a price target of $11.00. As of June 30, 2021, Lexington had $125.0 million outstanding under its unsecured revolving credit facility and ended the quarter with net debt to Adjusted EBITDA at 4.9x.

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Recent performance has proven that LXP’s leadership made the right call to deliver long-term growth and superior returns for shareholders, despite short-term dilution. LXP now has a more valuable portfolio, exciting growth prospects, a stronger balance sheet, and a more diverse and experienced Board. You may be aware that as of June 30, 2021, Land & Buildings (“L&B”) disclosed a 0.7% ownership position in LXP. Members of the LXP Board and management team have each recently met with representatives of L&B.

Lexington Realty Trust is a real estate investment trust (REIT) that specializes in the acquisition, development, and management of single-tenant real estate properties. The company’s portfolio comprises over 200 properties, with a total of approximately 43 million square feet of space. Wells Fargo Securities, J.P. Morgan and KeyBanc Capital Markets are acting as underwriters for the offering. In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 16,000,000 common shares (or an aggregate of 18,400,000 common shares if the underwriters exercise their option to purchase additional shares in full) that will be delivered in this offering.

LXP Overview

Lexington Realty Trust reports have an aggregate usefulness score of 4.8 based on 107 reviews. We are excited to provide an update on our progress on ESG initiatives in the near future as ESG continues to be a top objective for our Board and management. For the quarter ended June 30, 2021, Lexington generated Adjusted Company FFO of $52.2 million, or $0.18 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2020 of $51.4 million, or $0.19 per diluted share. In today’s fast-paced world, customers are bombarded with information from all directions. In this highly competitive landscape, businesses must find ways to stand out and differentiate themselves from the competition. The information contained herein does not constitute investment advice and made available for educational purposes only.

The underwriters may offer the common shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices at the time of sale or at negotiated prices. Certain Information and Where to Find ItLexington, its trustees and certain of its executive officers and other employees may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Solicitation. Information relating to the foregoing can also be found in Lexington’s definitive proxy statement for its 2021 annual meeting of shareholders (the “2021 Proxy Statement”), filed with the SEC on April 8, 2021.

CAPITAL

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures. Additionally, Lexington is increasing the low and high end of its Adjusted https://investmentsanalysis.info/ Company FFO guidance range for the year ended December 31, 2021 by a penny, to a revised range of $0.74 to $0.77 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

Lexington Realty Capital DBA The Beverly Group is a Los Angeles and New York City real estate developer, founded by Jeffrey Schleider, with a focus on multifamily and mixed use properties. Supported by world-class markets data from Dow Jones and FactSet, and partnering with Automated Insights, MarketWatch Automation brings you the latest, most pertinent content at record speed and with unparalleled accuracy. As always, we will keep you informed of our progress and look forward to our continuing dialogue with shareholders. For more information and updates, please visit our website at and follow us on social media. With the support and oversight of our Board, we committed to building an ESG platform in 2019 and accelerated our efforts in 2020. Our Board and management have built an impressive ESG program centered on enhancing stakeholder value, reducing the Company’s environmental impact, attracting and retaining top talent, engaging and strengthening tenant relationships, and providing transparency to our stakeholders.

In the early 2000s, the logo underwent a significant redesign, with a simplified design that reflected the company’s focus on single-tenant properties. The building became the central element of the logo, with the company’s name written in bold letters underneath it. The font used for the name was also changed to a more modern and professional style, reflecting the company’s commitment to innovation and excellence. A logo is a symbol that communicates a company’s identity, values, and personality. It is the face of the company and the first impression that customers have of the brand. NEW YORK (MarketWatch) — Vornado Realty Trust said Tuesday that it will buy 8 million common shares of Lexington Realty Trust for $5.60 a share.

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A well-designed symbol can help a brand stand out, build trust, and create a lasting impression on customers’ minds. In 2016, the logo underwent another minor change, with the font of the company’s name being slightly modified to create a more cohesive and balanced design. The changes to the logo over the years reflect the company’s commitment to staying relevant and up-to-date, while still maintaining its core values and mission. The Lexington Realty Trust logo is a symbol of the company’s strength, reliability, and commitment to excellence in the real estate industry. Your Board of Trustees and executive management team are confident that by continuing to manage and grow LXP’s portfolio, and by allocating capital prudently with a view to maximizing returns to shareholders, LXP will continue to be rewarded in the marketplace. As previously announced, during the second quarter of 2021, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended June 30, 2021 of $0.1075 per common share/unit, which was paid on July 15, 2021 to common shareholders/unitholders of record as of June 30, 2021.

Since September 2015, we have added five new independent trustees with expertise in equity REIT investing and analysis, real estate finance and investing, capital markets, investor relations, public accounting, real estate tax law, and public company governance. We have significantly increased the Board’s diversity, adding three female trustees in that time, including the addition of Nancy Elizabeth Noe, a corporate governance expert, in May 2021. LXP’s ISS Governance Quality Score is a 1, the highest possible, and LXP’s average independent trustee tenure of 5.7 years as of June 30, 2021 is well below the S&P average of 7.9 yearsvii. We believe our portfolio is well-positioned to continue driving substantial, sustained value creation.

As we do with all shareholder feedback, we will carefully consider and evaluate L&B’s suggestions, along with any potential trustee candidates. Rest assured that we will remain sharply focused on completing the successful transformation of LXP, building upon our progress, capitalizing on momentum in the industrial real estate market and delivering the best possible results for shareholders. LXP Industrial Trust is a real estate investment trust, which engages in financing, acquisition, and ownership of portfolio of single-tenant commercial properties. Shares of LXP Industrial Trust dropped 6.6% in premarket trading Friday, after the real estate investment trust, focused on single-tenant warehouse and distribution investments, said it has decided to suspend its evaluati… LXP continues to strengthen its Board composition and governance, with a focus on creating a diverse and experienced Board and tailoring LXP’s Board and governance to align with the Company’s strategic plan. We have a track record of refreshing our Board with diverse candidates who bring the right skills and experience for our Company.

• LXP has a strong management team, as demonstrated by its track record in executing the transformation and delivering sector-leading results.
• In 2016, the logo underwent another minor change, with the font of the company’s name being slightly modified to create a more cohesive and balanced design.
• Your Board of Trustees and executive management team are confident that by continuing to manage and grow LXP’s portfolio, and by allocating capital prudently with a view to maximizing returns to shareholders, LXP will continue to be rewarded in the marketplace.

These factors include, but are not limited to, those factors and risks detailed in Lexington’s periodic filings with the SEC. Except as required by law, 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. These factors include, but are not limited to, those factors and risks detailed in Lexington’s periodic filings with the Securities and Exchange Commission. LXP has a strong management team, as demonstrated by its track record in executing the transformation and delivering sector-leading results.

We are able to capitalize on exceptionally strong demand for well-located industrial warehouse and distribution facilities and command strong re-leasing rates. Most recently, in the second quarter of 2021, we increased industrial Base and Cash Base rents by 13% and 7%, respectively, as part of four lease extensions. We remain proactive in our portfolio management and seek opportunities to extend leases or re-lease to new tenants, as we recently did with a 2023 lease expiration, in which we replaced a move-out risk with a new 10.5 year lease term, growing the Base and Cash Base rent by approximately 32% and 27%, respectively.

To the extent holdings of Lexington’s securities by such potential participants (or the identity of such participants) have changed since the information printed in the 2021 Proxy Statement, such information has been or will be reflected on Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You may obtain free copies of these documents using the sources indicated above. By year-end 2022, we expect to complete the full transition of LXP’s portfolio to 100% industrial assets. This will allow LXP to fully capitalize on increased demand for logistics-focused real estate.