September 30, 2016
Lexington Realty Trust has disposed of the last of its three New York City land investments, receiving $338.2 in the process. In connection with the sale, approximately $213.1 million of mortgage debt was assumed by the undisclosed buyer.
According to REIT president and CEO T. Wilson Eglin, the transaction generated enough cash to pay off a revolving credit facility’s balance, and for reinvestment purposes. “These investments produced strong cash flow and capital appreciation for our shareholders, and the sale came in at better than the expected pricing,” he added.
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