NEW YORK, March 27 /PRNewswire-FirstCall/ -- Lexington Realty Trust
("Lexington") (NYSE: LXP), a real estate investment trust (REIT) focused on
single-tenant real estate investments, today announced that its co-investment
program with Inland American Real Estate Trust, Inc. closed on the acquisition
of an additional 11 primarily single-tenant net leased assets from Lexington
and its subsidiaries for an aggregate purchase price of $270.2 million,
including the assumption of non-recourse first mortgage financing secured by
certain of the assets. The 11 properties contain an aggregate of more than
2.0 million net rentable square feet, and are located in 6 states.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070205/LAM022LOGO)
Selected information about the 11 primarily single tenant net leased
assets is set forth in Lexington's Current Report on Form 8-K filed with the
Securities and Exchange Commission on February 21, 2008.
As previously announced, the co-investment program is under contract to
acquire a property in Garland, Texas and a property in The Woodlands, Texas
from Lexington and its subsidiaries. Closing on these two additional
properties is expected to occur during the second quarter of 2008.
The acquisition of these two assets by the co-investment program is
subject to satisfaction of conditions precedent to closing, including
obtaining additional ownership interests in one of the properties, obtaining
lender consents, obtaining certain other consents and waivers, the continuing
financial solvency of the tenants, and certain other customary conditions.
Accordingly, neither Lexington nor the Partnership can provide any assurance
that the acquisition by the co-investment program will be completed.
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.
ABOUT INLAND AMERICAN REAL ESTATE TRUST, INC.
Inland American Real Estate Trust, Inc. is a real estate investment trust
focused on acquiring and owning a diversified portfolio, including retail,
office, multi-family and industrial/distribution and hospitality properties
within the United States and Canada, either directly, or indirectly through
joint ventures, or by acquiring REITs or other "real estate operating
companies." As of December 31, 2007, the company's portfolio consisted of 641
wholly owned and joint venture interests in properties, located in 33 states
for a total of approximately 34.3 million gross leasable square feet. The
company also owned 76 hotels totaling 10,411 rooms as of year-end 2007.
Inland American is one of four REITs that are, or have been, sponsored by
affiliates of The Inland Real Estate Group of Companies, Inc. For further
information regarding Inland American, please refer to the company website at
http://www.inland-american.com or contact the following:
George A. Pandaleon, President Joel CunninghamInland Institutional CapitalThe Inland Real Estate GroupPartners Corporation (Investors) of Companies, Inc. (Media)
(630)-368-2247 (630) 218-8000 Ext. 4897
E-mail: pandaleon@inlandgroup.com E-mail: cunninghamj@inlandgroup.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. 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 periodic reports filed with the SEC, including risks related to
the failure to complete the sale of any of the two additional assets to the
co-investment program. Copies of the periodic reports Lexington files with
the SEC are available on Lexington's website at http://www.lxp.com.
Forward-looking statements, which are based on certain assumptions and
describe the Company's future plans, strategies and expectations, are
generally identifiable by use of the words "believes," "expects," "intends,"
"anticipates," "estimates," "projects" or similar expressions. 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.
SOURCE Lexington Realty Trust
Contact: T. Wilson Eglin, Chief Executive Officer of Lexington Realty Trust, +1-212-692-7200, tweglin@lxp.com; or George A. Pandaleon, President of Inland Institutional Capital Partners Corporation, +1-630-368-2247, pandaleon@inlandgroup.com; or Joel Cunningham of The Inland Real Estate Group of Companies, Inc., +1-630-218-8000, ext. 4897, cunninghamj@inlandgroup.com