Lexington Realty TrustNYSE
An Inflection Point Suggests 67% Upside And A 7.8% Yield At Lexington Realty
Dane Bowler • 24 Comments
Dane Bowler • 24 Comments
Fri, Dec. 2, 11:51 AM
- The financial sector is taking a breather from its staggering post-election run, with a post-jobs report dip in rates a good enough excuse for satiated bulls to cash in some chips.
- XLF -1%, KBE -0.7%, KRE -0.7%.
- Individual issues: Bank of America (BAC -1.8%), Morgan Stanley (MS -1.2%), Citigroup (C -1.9%), M&T (MTB -1.1%), Flagstar (FBC -1.7%), Fifth Third (FITB -1.6%), PNC Financial (PNC -1.4%), Prudential (PRU -1.1%), Lincoln National (LNC -1.9%), Schwab (SCHW -2.1%), State Street (STT -1.8%)
- No longer part of the financial sector as far as the GICS classification, REITs are enjoying the respite in rates. IYR +1.6%, VNQ +1.6%
- Realty Income (O +4.1%), Vereit (VER +3%), Omega Healthcare (OHI +3.2%), Welltower (HCN +3.5%), HCP (HCP +2.7%), Universal Health (UHT +4.4%), W.P. Carey (WPC +2%), Lexington Realty (LXP +2.5%), Essex Property (ESS +1.2%), Aimco (AIV +1.5%), General Growth (GGP +2.6%), Brixmor (BRX +1.6%), Federal Realty (FRT +1.8%), Kimco (KIM +1.2%), Public Storage (PSA +1.4%), Life Storage (LSI +1.4%), Boston Properties (BXP +1.2%), Stag Industrial (STAG +2.4%).
Mon, Nov. 14, 3:07 PM
- With interest rates shooting higher today, the REIT selloff resumed this morning, but there's been a major reversal, with the VNQ now up 2.5% and IYR +2% vs, the S&P 500's flat performance.
- Among the movers: Vereit (VER +1.4%), Omega Healthcare (OHI +3.5%), HCP (HCP +4.7%), Lexington Realty (LXP +4.8%), UDR (UDR +3.4%), General Growth (GGP +3.6%), CubeSmart (CUBE +1%), Host Hotels (HST +5.1%), Gramercy Property (GPT +3.2%).
Fri, Nov. 11, 12:53 PM
- Surging interest rates this week had investors pulling money from income favorites like REITs and utilities, and rotating into yield-starved banks, insurance companies, and brokerages.
- With the bond market closed for Veteran's Day, rates are taking the day off, and REITs and utilities (XLU +0.3%) are seeing a sizable bounce. VNQ +1.1%, IYR +0.9%
- Retails rates are thought to be more exposed than most to rising rates, and they were among the hardest hit. Today: Realty Income (O +1.6%), Vereit (VER +4.3%), National Retail (NNN +1%), Store Capital (STOR +4.3%)
- Other equity REITs: Omega (OHI +0.5%), LTC Properties (LTC +2%), Healthcare Trust (HTA +2.2%), Gramercy Property (GPT +3%), Gladstone Commercial (GOOD +4.3%), Lexington Realty (LXP +2.4%), General Growth (GGP +1%), Simon Property (SPG +1%), Retail Opportunity (ROIC +2.5%), Life Storage (LSI +1.4%), First Potomac (FPO +7.5%), Stag Industrial (STAG +1.5%)
Thu, Nov. 3, 6:03 AM
Wed, Nov. 2, 5:30 PM
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Fri, Sep. 30, 7:14 AM
- The gross sales price of $338.2M makes for a GAAP cap rate of 13.6% and a cash cap rate of 4.6%. The buyer assumed $213.1M of mortgage debt.
- CEO T. Wilson Eglin says the sale came in at better than hoped pricing. Proceeds will be used to pay down debt and fund other opportunities.
- Lexington (NYSE:LXP) expects to book a non-cash impairment charge of about $65M in Q3 as a result of the sale.
Fri, Sep. 16, 9:28 AM
Tue, Aug. 9, 7:56 AM
- Q2 adjusted FFO of $71.8M or $0.29 per share vs. $67M and $0.27 one year ago. Dividend is $0.17.
- Sold six properties, including a land investment in NYC, for $107.2M. Property dispositions to date are $171M at a 5.9% weighted average cap rate, putting company on target to complete $600M-$700M in sales at a better than expected cap rate range of 5.5-6.25%.
- Full-year AFFO guidance is lifted to $1.07-$1.10 per share vs. $1.03-$1.08 previously.
- CC at 8:30 ET
- Previously: Lexington Realty Trust beats by $0.02, beats on revenue (Aug. 9)
- LXP flat premarket
Tue, Aug. 9, 6:06 AM
Mon, Aug. 8, 5:30 PM
- ACM, AER, AMAG, AMRC, AMSC, ARES, BDSI, BERY, BITA, BR, CECE, CHTR, CNK, COH, CORE, EGRX, ENZY, EVEP, EXC, GLPI, GWPH, HCP, HHS, HPT, HRI, HWCC, INCY, IONS, IPXL, JEC, LABL, LAMR, LGIH, LNCE, LNG, LRN, LXP, MCC, MPAA, MWW, NCLH, NCT, NRG, NXST, NYLD, OCUL, PDCE, PMC, PPL, RDNT, RRGB, RSTI, SATS, SNI, SSH, STE, TDG, TESO, TGH, TLP, TRCO, UNVR, VRTU, VRX, W, WAC, WPRT, WWAV, ZBRA
Wed, Jul. 20, 12:04 PM
- The company closes a $197.2M non-recourse first mortgage secured by its build-to-suit project in Lake Jackson, TX. Lexington (LXP +0.1%) had committed to fund up to $166.2M for the development in 2014, and has an investment balance of $83.9M as of June 30.
- The project is expected to be completed in Q4, and is net-leased to Dow Chemical for 20 years upon completion.
- The 20-year loan has a fixed rate of 4.04%.
- Proceeds will be used to retire credit facility financings, and extend the company's weighted average debt maturity.
Wed, Jun. 15, 4:29 PM
- Lexington Realty Trust (NYSE:LXP) declares $0.17/share quarterly dividend, in line with previous.
- Forward yield 6.98%
- Payable July 15; for shareholders of record June 30; ex-div June 28.
Mon, Jun. 13, 4:38 PM
- Continuing to execute on its plan to reduce exposure to short-term leases and exiting office markets where the company doesn't have a significant presence, Lexington Realty Trust (NYSE:LXP) sells one office property in Boston and two industrial assets, one in Iowa and one in Tennessee.
- Total gross procees were $49.6M, and the weighted-average cap rate was 7.6%. About $21.1M of mortgage debt was paid off at the sales.
Thu, May 5, 6:07 AM
- Lexington Realty Trust (NYSE:LXP): Q1 FFO of $0.30 beats by $0.03.
- Revenue of $111.6M (+2.9% Y/Y) beats by $4.57M.
Wed, May 4, 5:30 PM
- AAC, AAON, AAWW, ABC, ACIW, ACRE, ACTA, AGIO, AMCX, AMRC, AMRN, ANIP, ANSS, APA, APO, AVP, AXLL, BABA, BCRX, BDX, BR, CBB, CCC, CCOI, CDK, CHD, CHK, CLDT, CNAT, CNNX, CNSL, COT, CVC, CWEI, DDD, DIN, DISCA, DNR, EAC, ENOC, EPAM, ESNT, EVA, FIG, FLDM, G, GCAP, GWPH, HII, HL, HWCC, ICON, IT, ITG, ITT, JEC, JMBA, K, LAMR, LFUS, LINC, LIOX, LMOS, LQDT, LXP, MBLY, MDC, MFC, MGA, MGLN, MGM, MITL, MLM, MMS, MRK, MWW, NICE, NILE, NRG, NTCT, NYLD, OGE, ONE, OXY, PGNX, PGTI, PRFT, PRIM, PWR, RDEN, RDUS, REGN, RFP, RGEN, RLGY, RSTI, RWLK, SBH, SEAS, SFM, SHLX, SNH, SNI, SNR, SNSS, SPH, SQBG, STOR, TDC, TDY, TE, THS, TIME, TLP, TWI, UNT, USAC, USAK, USCR, VER, VG, VLP, WIN, WPC, WRLD
Mon, Apr. 4, 4:31 PM
- Sold was one specialty/retail property and two suburban office assets for gross proceeds of $58.2M at an average cap rate of 6.5%. These sales were included in LXP's plan to unload $600M-$700M of properties this year.
- In other news, the company completed 1.7M of leasing volume in Q1, with early extensions comprising the majority of that volume.