Lexington Realty Trust
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Lexington Realty Trust (NYSE: LXP) is a REIT focusing on single-tenant, net-lease commercial properties throughout 44 states of the United States. It was founded in 1973. It originally sponsored tax-oriented partnerships, but changed its focus in 1986 to invest for current income. It became publicly owned in 1993.
It currently has interests in 311 properties, about 49.3 million square feet. Most tenants are major corporations.
LXP has around 350 tenants, including small, medium and large businesses, in 20 industries. These include energy, finance, insurance, technology, automotive, healthcare, telecommunications, retail, media, consumer products, aerospace and defense. Most properties are 100% owned by Lexington, and some are joint ventures.
Facilities include warehouses, office buildings, retail properties and manufacturing and industrial facilities. Net leases means that the tenant pays all other costs, so this provides financial stability to this company, since they don't have unexpected expenses. They've increased their dividend every year for the past 14 years.
They also provide advisory and asset management services regarding net leases to wealthy families and institutional investors.
They have two basic business strategies. First, they buy properties and then rent them back under net lease agreements. Or by acquiring properties that already have net leases. Plus, they make mortgage and mezzanine loans on single-tenant buildings. They believe in diversification, which is why they invest in so many different kinds of buildings and tenants, and in such diverse geographical areas.
Properties include 255 California Street in San Francisco California, Accor S.A. Office Building in Carrollton Texas, American Electric Power and Bank One in Fort Wayne, Indiana, Apria Healthcare, Inc in Lake Forrest California, Lithia Motors in Fort Collins Colorado, McGraw Hill in Dubuque Iowa, Rock Falls Country Market in Rock Falls Illinois, Safeway, Inc in many locations, and Texas State Bank of Beaumont Texas.
Lexington Realty Trust is a good real estate investment trust because it is so focused on providing current income to shareholders, and is so diversified across the country.
Next: What is the Maguire Properties -- class A office space in Southern California.
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