Lexington Realty Trust (LXP) has grown to be the largest position in the Against the Sky Portfolio. Given its recent rise, now is a good time to take a look at their most recent quarter, determine if they are executing their strategy, and double-check their valuation. (more…)
I understand that the commercial real estate market looks ugly, especially from a financing perspective. CMBS lending is done. Institutional lenders continue to demand significantly more equity than a couple of years ago, and banks remain mostly in capital preservation mode. This lack of financing plus additional tenant risks has driven up cap rates, which in turn has sent real estate values down. With this understanding, I’m still excited about where shares of Lexington Realty Trust (NYSE: LXP) are today.
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On a day when the Dow is down over 250 points and worry about the banking sector is increasing, Lexington Realty Trust (NYSE: LXP) announced today that they have secured financing for close to $200 million in debt maturing in 2009. As of last quarter, Lexington reported that they had $267 million in maturities for 2009.
The first REIT that I’m taking a closer look at is Lexington Realty Trust (NYSE: LXP). Lexington Realty Trust owns 288 properties totaling 48.8 million square feet in 44 states. The company focuses on triple-net leased properties, which would normally suggest a high percentage of retail properties. However, Lexington’s portfolio is 74% office, 18% industrial, and 8% retail. At the end of their most recent quarter, their portfolio was 93.8% leased.
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