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.
- The building in the symbol is designed to be a simple and recognizable shape, with clean lines and minimalistic details.
- Lexington Realty Trust’s branding strategy is focused on delivering a consistent message across all channels and touchpoints, creating a cohesive and recognizable brand identity that resonates with its customers.
- 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 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.
- The Lexington Realty Trust symbol is a simple yet powerful design that represents the company’s values and mission.
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.
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 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.
This one-time event will give a boost to REITs
They can evoke emotions, create associations, and establish a connection with customers. The current Lexington Realty Trust volatility is 5.50%, representing the average percentage change in the investments’s value, either up or down over the past month. J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) Forex trading for beginners LLC and U.S. 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. The offering is subject to the satisfaction of customary closing conditions and is expected to close on August 30, 2021.
- We have substantially completed LXP’s transformation to a single-tenant industrial REIT, while driving strong leasing results and maintaining balance sheet and financial flexibility.
- We made a decision to transition from a diversified net-lease REIT (with office as our largest asset class) to a pure-play, single-tenant industrial REIT because we were, and remain, confident that within our demonstrated areas of expertise, industrial properties are the most attractive platform for income growth and capital appreciation for shareholders.
- 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 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.
- In today’s competitive landscape, businesses must find ways to stand out and differentiate themselves from the competition.
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.
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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.
Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” “may,” “plans,” “predicts,” “will,” “will likely result” or similar expressions. Readers should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. As a result of undertaking a transition to industrial, there have been short-term costs, in particular to our earnings and Funds from Operations (FFO) growth, which have been impacted by the sale of non-core assets at higher capitalization rates and the redeployment of proceeds into higher-quality, higher-growth industrial properties.
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Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity. Lexington will not initially receive any proceeds from the sale of common shares by the forward purchasers or their affiliates in the offering. Lexington intends to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreements for https://investmentsanalysis.info/ working capital and general corporate purposes, including, without limitation, to fund its ongoing and future development projects. Pending the application of such net proceeds, Lexington may repay future amounts outstanding under its unsecured credit facility, which amounts may be re-borrowed from time to time. LXP’s new name and logo reflect its focus on industrial real estate investments as the Company completes its transition from a diversified net-lease REIT into a primarily single-tenant industrial REIT focused on high-quality warehouse and distribution assets in key U.S. logistics markets.
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.
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.
Real Estate Development
All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. In the real estate industry, symbols play a crucial role in establishing a brand’s identity and creating a sense of trust and reliability. A well-designed symbol can help a real estate company stand out in a crowded market and communicate its values and mission in a compelling way. A symbol that reflects a company’s commitment to quality, innovation, and customer service can help build a strong brand that resonates with customers and creates long-term loyalty. This website does not constitute an offer to purchase any real estate properties.
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.
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.