Lexington Realty Trust Provides Business Update - Seite 2

As of April 13, 2020, Lexington has already received rent relief requests from certain tenants and Lexington expects to receive more in the near term.  The relief requests have substantially all been in the form of a request to defer rents for varying periods of time.  Lexington’s executive management has proactively formed a new committee to evaluate anticipated tenant relief requests.

Lexington believes the rent relief requests generally fall into two categories:

1. Tenants whose operations have been impacted and Lexington believes will require some form of relief to continue their operations (requested relief as of April 13, 2020 represents approximately 1%, or approximately $3 million, of 2019 actual cash base rent); and
2. Large and/or creditworthy tenants who have made what appear to be opportunistic relief requests.

For those tenants that require rent relief, Lexington expects to grant deferrals (and possibly forgiveness for a small group) and intends to seek extended lease term, increased rent and/or favorable lease modifications as consideration in granting relief.  However, Lexington can give no assurances on the outcomes of the negotiation of relief packages, the success of any tenant’s financial prospects or the amount of relief requests that it will ultimately receive or grant.

Lexington also announced that since January 1, 2020, it:

• acquired four warehouse/distribution properties for an aggregate purchase price of $195 million. The aggregate purchase price was funded in cash from a combination of borrowings under Lexington’s revolving credit facility and cash on hand. As of April 13, 2020, Lexington has one warehouse/distribution property under contract for a purchase price of approximately $35 million. As the acquisition of this property is subject to customary closing conditions, Lexington can give no assurance that it will acquire this property;
• disposed of two office properties for an aggregate amount of $30 million;
• issued 1,559,714 common shares at an average gross price of $11.24 per share under its At-the-Market offering program; and
• repurchased 1,329,940 common shares at an average price of $8.28 per share under its repurchase program most recently authorized in 2018.

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