Exhibit 99.3
LEXINGTON REALTY TRUST TRADED: NYSE: LXP
ONE PENN PLAZA, SUITE 4015
NEW YORK NY 10119-4015
Contact:
Investor or Media Inquiries, Carol Merriman, VP Investor Relations & Corporate Development
Lexington Realty Trust
Phone: (212) 692-7264 E-mail: cmerriman@lxp.com
FOR IMMEDIATE RELEASE
May 2, 2007
LEXINGTON REALTY TRUST ANNOUNCES
ACQUISITION OF JOINT VENTURE PARTNER’S INTEREST
IN INSTITUTIONAL JOINT VENTURE PROGRAM
New York, NY – May 2, 2007 – Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, announced that it acquired an additional 70% interest in Triple Net Investment Company LLC, its former joint venture investment program with an institutional investor advised by AEW Capital Management L.P. Lexington is now the sole owner of the former joint venture investment program’s 15 primarily single tenant net leased properties. Lexington acquired the interest for a cash payment of approximately $82.7 million and the assumption of approximately $156.6 million of non-recourse first mortgage financing, which bears interest at a weighted-average fixed rate of 5.9%. The transaction values the assets of the joint venture investment program at approximately $277.4 million.
The following table contains selected information about the 15 primarily single tenant net leased properties.
Property Location |
Tenant/(Guarantor) | Net Rentable Square Feet | Current Term Lease Expiration | Estimated 2007 Rent |
8900 Freeport Parkway Irving, Texas
| Nissan Motor Acceptance Corporation/(Nissan North America, Inc.)
| 268,445 | 03/31/13 | $ 4,610,695 |
2050 Roanoke Road Westlake, Texas
| Chrysler Financial Company LLC | 130,290 | 12/31/11 | 3,659,846 |
3600 Army Post Road Des Moines, Iowa
| EDS Information Services LLC/ (Electronic Data Systems Corporation)
| 405,000 | 04/30/12 | 2,743,191 |
9201 East Dry Creek Road Centennial, Colorado
| The Shaw Group, Inc. | 128,500 | 09/30/17 | 2,062,425 |
275 Technology Drive Canonsburg, Pennsylvania
| ANSYS, Inc. | 107,872 | 12/31/14 | 1,240,524 |
736 Addison Road Erwin, New York
| Corning, Inc. | 408,000 | 11/30/16 | 1,094,671 |
4455 American Way Baton Rouge, Louisiana
| Bell South Mobility, Inc. | 70,100 | 10/31/12 | 1,060,788 |
3711 San Gabriel Mission, Texas
| Voice Stream PCS II Corporation/ (T-Mobile USA, Inc.)
| 75,016 | 06/30/15 | 900,192 |
6050 Dana Way Antioch, Tennessee
| WM Wright Company Comprehensive Logistics Inc. VACANT
| 338,700 228,700 / 80,000 30,000
| 03/31/21 8/31/07 / 12/31/07 --
| 1,016,100 941,832 --
|
Lexington Realty Trust | Page 2 of 2 |
5350 Leavitt Road Lorain, Ohio
| Kmart Corporation | 193,193 | 12/31/18 | 1,010,873 |
255 Northgate Drive Manteca, California
| Kmart Corporation | 107,489 | 12/31/18 | 714,109 |
21082 Pioneer Plaza Drive Watertown, New York
| Kmart Corporation | 120,727 | 12/31/18 | 671,560 |
97 Seneca Trail Fairlea, West Virginia
| Kmart Corporation | 90,933 | 12/31/18 | 471,669 |
12080 Carmel Mountain Road San Diego, California
| Kmart Corporation | 107,210 | 12/31/18 | 455,117 |
1150 West Carl Sandburg Drive Galesburg, Illinois | Kmart Corporation | 94,970 | 12/31/18 | 400,757 |
| Totals | 2,985,145 |
| $23,054,349 |
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 www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.
# # #
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 most recent annual report on Form 10-K filed with the SEC on March 1, 2007 (the "Form 10-K") and other periodic reports filed with the SEC, including risks related to, (i) the failure to integrate our operations and properties with those of Newkirk Realty Trust, (ii) the failure to continue to qualify as a real estate investment trust, (iii) changes in general business and economic conditions, (iv) competition, (v) increases in real estate construction costs, (vi) changes in interest rates, or (vii) changes in accessibility of debt and equity capital market. Copies of the Form 10-K and the other periodic reports Lexington files with the SEC are available on Lexington’s website at 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.