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OFFON

LEXINGTON REALTY TRUST

(LXP)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe BZX - 04/16 03:25:48 pm
11.675 USD   -0.04%
04/08LEXINGTON REALTY TRUST  : 2020 Annual Letter to Shareholders
PU
03/30LEXINGTON REALTY TRUST : Ex-dividend day for
FA
03/15Lexington Realty Trust Announces Quarterly Common Share Dividend
GL
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Lexington Realty Trust : 2020 Annual Letter to Shareholders

04/08/2021 | 05:12pm EDT

LEXINGTON REALTY TRUST

2020

ANNUAL LETTER TO SHAREHOLDERS

DALLAS MARKET

LEXINGTON REALTY TRUST

2020 ANNUAL LETTER TO SHAREHOLDERS

Table of Contents

2020 NOTABLE HIGHLIGHTS ................................................................................................................

1

ATTRACTIVE PORTFOLIO COMPOSITION......................................................................................

2

STRONG ASSET GROWTH......................................................................................................................

4

FOCUSED INDUSTRIAL INVESTMENT STRATEGY......................................................................

5

COMPLEMENTARY GROWTH OPPORTUNITIES...........................................................................

6

STRONG INDUSTRIAL RENTAL GROWTH.......................................................................................

7

RESILIENT PORTFOLIO OPERATIONS..............................................................................................

8

OPPORTUNISTIC CAPITAL MARKETS ACTIVITY..........................................................................

9

IMPECCABLE BALANCE SHEET...........................................................................................................

9

CONSISTENT ANNUALIZED DIVIDEND............................................................................................

9

INCREASED ESG EFFORTS..................................................................................................................

10

2020 FINANCIAL RESULTS...................................................................................................................

12

CORPORATE INFORMATION...............................................................................................................

13

I

M E N U

CompanyOverview

Since 1993, Lexington Realty Trust (NYSE: LXP) has been a market leader in acquiring, owning, and operating high-qualitysingle-tenant commercial properties in the United States. We seek to generate superior risk-adjusted returns through purchasing and developing premium industrial real estate in key U.S. logistics markets with high growth potential.

DALLAS MARKET

DearFellowShareholders

Lexington Realty Trust had an outstanding 2020, delivering excellent results across our respective business lines. While the year brought unexpected uncertainty due to Covid-19, our portfolio and our operations each proved exceptionally resilient. Successful execution of our business plan in 2020 moved us closer to our goal of becoming a 100% industrial REIT. Notable highlights from 2020 that added to our overall success included:

  • Attractive Portfolio Composition - Increased industrial exposure to 91% of overall portfolio1
  • Strong Asset Growth - Purchased $612 million of high-quality industrial assets in target growth markets and invested $60 million in new development projects
  • Focused Capital Recycling Strategy - Disposed of $433 million of primarily non-coreassets
  • Resilient Portfolio Operations - Collected 99.8% of Cash Base rents and leased 5.2 million square feet

I

M E N U

2020 Notable Highlights

$612MILLION

INDUSTRIAL PROPERTIES ACQUIRED

$60MILLION

INDUSTRIAL DEVELOPMENT FUNDED

$433MILLION

PROPERTIES SOLD

99.8%

RENTAL COLLECTIONS

91%

INDUSTRIAL EXPOSURE 1

5.2MILLION

SQUARE FEET LEASED

  • Opportunistic Capital Markets Activity - Raised $225 million of equity and issued $400 million of bonds
  • Impeccable Balance Sheet - Low leverage of 4.8x Net Debt to Adjusted EBITDA and strong cash position at year-end
  • Consistent Dividend Growth - Increased annualized dividend/ distribution 2.4% to $0.43 per diluted common share
  • Increased ESG Efforts2 - Continued building out ESG platform and increased disclosure related to ESG

High-Quality Industrial Portfolio Has Emerged1

29%

42% 58%

71%

$225MILLION

EQUITY RAISED

$400MILLION

DEBT ISSUANCE

2.4%

ANNUALIZED DIVIDEND INCREASE

9%

91%

2016

2018

2020

  • Industrial n Office/Other

1Based on gross book value of consolidated real estate assets, excluding held for sale assets, as of 12/31/2020. 2ESG - Environmental, Social, and Governance.

LXP 2020 1

Disclaimer

Lexington Realty Trust published this content on 08 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2021 21:11:02 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 324 M - -
Net income 2021 43,4 M - -
Net Debt 2021 1 225 M - -
P/E ratio 2021 82,8x
Yield 2021 3,70%
Capitalization 3 242 M 3 242 M -
EV / Sales 2021 13,8x
EV / Sales 2022 14,1x
Nbr of Employees 56
Free-Float 97,1%
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 12,50 $
Last Close Price 11,68 $
Spread / Highest target 19,9%
Spread / Average Target 7,02%
Spread / Lowest Target -10,1%
EPS Revisions
Managers and Directors
NameTitle
T. Wilson Eglin Chairman, President & Chief Executive Officer
Beth Boulerice Chief Financial Officer, Treasurer & Executive VP
Joseph S. Bonventre COO, Secretary, Executive VP & General Counsel
Brendan P. Mullinix Chief Investment Officer & Executive VP
Richard S. Frary Lead Independent Trustee
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