Lexington Realty Trust Provides Business Update

NEW YORK, April 14, 2020 (GLOBE NEWSWIRE) -- Lexington Realty Trust (NYSE:LXP) (“Lexington”), a real estate investment trust (REIT) focused on single-tenant industrial real estate investments, provided an update on its business in light of the market volatility related to the global COVID-19 pandemic.  Lexington efficiently executed its business continuity plan and quickly transitioned to a work-from-home arrangement for all employees.  Lexington’s executive management team remains healthy and continues to manage operations.

Lexington’s management continues to monitor events and is taking steps to mitigate the potential impact and risks to Lexington.  While Lexington is currently unable to estimate the impact COVID-19 will have on its financial condition, as of the date of this press release, Lexington believes that the impact will be mitigated because of its focus on warehouse and distribution industrial properties and the diversity of its tenant base, both geographically and by industry exposure.

The following is a summary of Lexington’s March 2020 and April 2020 consolidated cash base rent collections as of April 13, 2020:

• All cash base rent required to be paid in March has been collected.
• Approximately 85% of April cash base rent has been paid and collected and approximately 6% of April cash base rent is due later in April after April 13, 2020 or is paid semi-annually and is not due in the month of April.

Of the 9% of the April 2020 cash base rent that is due and not collected as of April 13, 2020, Lexington believes, based on its outreach efforts to tenants, that approximately 5% of the April cash base rent has not been collected primarily due to logistical issues resulting from the closure of its New York and Dallas offices and the corresponding delay in forwarding mail.  The remaining approximately 4% of April 2020 cash base rent is accounted for by tenants who have not yet paid their April cash base rent and have request relief from Lexington.  The information provided regarding March and April 2020 cash base rent collections should not be considered an indication of expected future rent collections.