NEW YORK, Dec. 2 /PRNewswire-FirstCall/ -- Lexington Realty Trust ("Lexington") , a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced that it sold a 456,304 square foot office facility located in Columbia, South Carolina, which was leased to Blue Cross/Blue Shield of South Carolina, Inc. through September 30, 2010, for gross proceeds of approximately $36.5 million. The property was encumbered by a first mortgage with a balance of approximately $22.7 million which was satisfied at closing. Lexington held a 40% interest in the property and received net proceeds upon the sale of approximately $12.3 million.
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T. Wilson Eglin, Chief Executive Officer of Lexington Realty Trust, commented, "We believe this disposition successfully mitigated our exposure to a potential vacancy in 2010 while providing us and our partner with a solid return on our investment over the holding period. In addition to the Columbia, South Carolina facility, we have sold 3 properties since September 30, 2009 for approximately $5.4 million. We expect to strategically dispose of non-core assets including retail, vacant and multi-tenant properties to improve our operating efficiencies and use the proceeds primarily to reduce our unsecured indebtedness."
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: Investor or Media Inquiries, Patrick Carroll, CFO of Lexington
Realty Trust, +1-212-692-7200, pcarroll@lxp.com
Web Site: http://www.lxp.com/
