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Lexington Realty Sells Office & Industrial Assets for $50M

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Lexington Realty TrustLXP has announced the sale of two industrial and one office assets for gross proceeds of around $50 million. This disposition is in sync with the New York-based real estate investment trust's ("REIT") strategy of capital recycling and limiting its exposure to short-term leases. Further, the company is aiming at closing its operations in the office markets where it does not have a strong presence.

Notably, Lexington Realty sold its Boston, MA-based office property - 147 Milk Street - for a gross proceed of $33.3 million. Also, the company sold 7500 Chavenelle Road, the Dubuque, IA-based industrial property for $8.6 million and 477 Distribution Parkway, another industrial property, based in Collierville, TN for $7.7 million.

Lexington Realty is engaged in the ownership, operation and management of a diverse portfolio of real properties. A leader in single-tenant market, the REIT has expertise in sale-leaseback deals and provides construction financing of up to 100% to developers. Further, the long-term net lease deals with increase in rents per the contracts, maintain its cash flow momentum.

Zacks Rank & Stocks to Consider

The stock presently has a Zacks Rank #3 (Hold).

However, investors interested in the REIT sector can consider stocks like CoreSite Realty Corporation COR , Summit Hotel Properties, Inc. INN and W. P. Carey Inc. WPC . Each of these stocks sports a Zacks Rank #1 (Strong Buy).

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WP CAREY INC (WPC): Free Stock Analysis Report

SUMMIT HOTEL PR (INN): Free Stock Analysis Report

CORESITE REALTY (COR): Free Stock Analysis Report

LEXINGTON PPTY (LXP): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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