NEW YORK, April 24, 2012 (GLOBE NEWSWIRE) -- Lexington Realty Trust ("Lexington") (NYSE:LXP), a real estate investment trust (REIT), announced today that one of its subsidiaries closed on the acquisition of an industrial property for $23.0 million. The property is a 152.25-acre parcel abutting a Union Pacific Railroad Line in Missouri City, Texas (Houston-Sugarland-Baytown, TX – CBSA). At the closing, the property was net leased to Vulcan Construction Materials, LP, a subsidiary of Vulcan Materials Company, for a term of 20 years. The base rent under the lease increases by 2% each year during the term of the lease. The average rent during the lease term is approximately 9.2% of the purchase price. The obligations of the tenant are unconditionally guaranteed by Vulcan Materials Company.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in and manages single-tenant office, industrial and retail properties leased to major corporations throughout the United States. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington's common shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.
CONTACT: Investor or Media Inquiries for Lexington Realty Trust:
Patrick Carroll, CFO
Lexington Realty Trust
Phone: (212) 692-7200 E-mail: pcarroll@lxp.com
Source: Lexington Realty Trust