Lexington Realty Trust Announces Joint Venture Investment in Humble, Texas
NEW YORK, May 7, 2012 (GLOBE NEWSWIRE) -- Lexington Realty Trust (LXP) ("Lexington") (NYSE:LXP), a real estate investment trust (REIT), announced today that a joint venture with an 85% equity partner closed on the acquisition of an inpatient rehabilitation hospital in Humble, Texas for $27.8 million. The hospital contains approximately 55,650 square feet and is net leased to SRP Triumph NE Houston, LP for a remaining term of approximately 17 years. The base rent under the lease increases by 2.5% each year during the term of the lease. The obligations of the tenant under the lease are unconditionally guaranteed by RehabCare Group, Inc. and Kindred Healthcare, Inc. The initial and average annual rent during the lease term is approximately 8.0% and 9.85%, respectively, of the purchase price.
The acquisition was partially funded by a $15.3 million non-recourse mortgage with a 4.7% interest rate and maturity date in May 2017.
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: firstname.lastname@example.orgSource: Lexington Realty Trust 2012 GlobeNewswire, Inc.