NEW YORK, June 5 /PRNewswire-FirstCall/ -- Lexington Corporate Properties Trust ("Lexington") , a real estate investment trust, today announced that one of its joint venture investment programs acquired a distribution facility in Corning, New York for a purchase price of approximately $12.7 million.
The facility is a built-to-suit single-story distribution center containing approximately 408,000 square feet on a 65 acre site. The facility is net-leased to Corning, Inc., a diversified technology company, through May 2016.
In connection with the acquisition, Lexington's joint venture investment program has arranged for non-recourse first mortgage financing in the original principal amount of $9.5 million. The loan will bear interest at a fixed rate of 5.91% and have a term of 12 years from funding.
REITWeek 2006 NAREIT Investor Forum
Lexington also announced that on Tuesday, June 6, 2006, at 11:45 a.m. Eastern Time, at the REITWeek 2006 NAREIT Investor Forum, management will give a general overview of Lexington followed by a question and answer session. The audio-only live webcast of this event can be accessed at Lexington's website at http://www.lxp.com/ , under the Investor Relations section. If you are unable to participate during the live webcast, audio from the conference will be available on Lexington's website, http://www.lxp.com/ . To access the replay, click on Investor Relations.
About Lexington
Lexington Corporate Properties Trust is a real estate investment trust that owns 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 currently pays an annualized dividend of $1.46 per common share. Additional information about Lexington is available at http://www.lxp.com/ .
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. These factors include, but are not limited to, those factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. 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.
