NEW YORK, Sept. 15 /PRNewswire-FirstCall/ -- Lexington Realty Trust ("Lexington") , a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced that it declared a regular common share dividend for the quarter ending September 30, 2009 of $0.18 per common share payable on October 16, 2009 to common shareholders of record on September 25, 2009. The dividend will be paid in a combination of cash, not to exceed 10% in the aggregate, and common shares. Lexington estimates that it will retain approximately $18.8 million of additional liquidity by paying 90% of this quarterly common share dividend in common shares.
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In accordance with Internal Revenue Service procedure, common shareholders will be asked to make an election to receive this dividend all in cash or all in common shares. To the extent that more than 10% cash is elected, the cash portion will be prorated. Common shareholders who do not make an election will receive 10% in cash and 90% in common shares. Common shares will be priced at the volume weighted average trading prices of Lexington's common shares on the New York Stock Exchange on October 12 and 13, 2009. Lexington expects the dividend to be taxable to its common shareholders. Lexington reserves the right to pay the dividend entirely in cash.
An information letter and election form will be mailed to common shareholders of record promptly after September 25, 2009. The properly completed election form to receive cash or common shares must be received by Lexington's transfer agent prior to 5:00 p.m. (EST) on October 12, 2009. Registered shareholders with questions regarding the dividend election may call BNY Mellon Shareowner Services, Lexington's transfer agent, at (201) 680-6578. If your common shares are held through a bank, broker or nominee, and you have questions regarding the dividend election please contact such bank, broker or nominee, who will also be responsible for distributing to you the letter and election form and submitting the election form on your behalf.
Lexington also declared cash dividends of $0.503125 per Series B Cumulative Redeemable Preferred Share, $0.8125 per Series C Cumulative Convertible Preferred Share, and $0.471875 per Series D Cumulative Redeemable Preferred Share. The Series B and Series C Preferred Share dividends are payable on November 16, 2009, to shareholders of record of the Series B and Series C Preferred Shares as of October 30, 2009. The Series D Preferred Share dividend is payable October 15, 2009, to shareholders of record of the Series D Preferred Shares as of September 30, 2009.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in, 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 shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at http://www.lxp.com/ or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.
This release may contain 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. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in Lexington's Annual Report on Form 10-K filed with the Securities and Exchange Commission (" SEC") on March 2, 2009 and other periodic reports filed with the SEC. Copies of the periodic reports Lexington files with the SEC are available on Lexington's website at http://www.lxp.com/. 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.
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Lexington Realty Trust
CONTACT: Patrick Carroll, CFO of Lexington Realty Trust,
+1-212-692-7200, pcarroll@lxp.com
Web Site: http://www.lxp.com/