Lexington Realty Trust (LXP, Financial) filed Annual Report for the period ended 2010-12-31.
Lexington Realty Trust has a market cap of $1.24 billion; its shares were traded at around $9.23 with a P/E ratio of 9.52 and P/S ratio of 3.63. The dividend yield of Lexington Realty Trust stocks is 4.98%.Hedge Fund Gurus that owns LXP: Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Tom Russo of Gardner Russo & Gardner, George Soros of Soros Fund Management LLC. Mutual Fund and Other Gurus that owns LXP: Chuck Royce of Royce& Associates.
At December 31, 2010, Inland NLS owned 85%, and we owned 15% of NLS s common equity, and we owned 100% of NLS s preferred equity. LRA is the asset manager for NLS pursuant to a management agreement.
Concord Debt Holdings LLC and CDH CDO LLC. On December 31, 2006 in connection with the Newkirk Merger, we acquired a 50% interest in a co-investment program, Concord, which owns bonds and loans secured, directly and indirectly, by real estate assets. The other 50% interest in Concord was held by Winthrop. We and Winthrop each contributed our interest in Concord to Lex-Win Concord LLC, which we refer to as Lex-Win Concord. During 2008, Inland Concord was admitted to Concord as a preferred member. During the third quarter of 2010, Concord was restructured upon the effectiveness of a settlement agreement with Inland Concord. As a result of the restructuring (i) Lex-Win Concord was dissolved and (ii) Concord and a new entity, CDH CDO, are now owned equally by subsidiaries of us, Winthrop and Inland Concord. The new entity purchased Concord Real Estate CDO 2006-1 LTD, which we refer to as CDO-1, from Concord with funds contributed by Inland Concord. CDH CDO is also owned equally by subsidiaries of us, Winthrop and Inland Concord. The Company has made no additional contributions and it has not recognized any income or loss as a result of the restructuring. The Company s investment in these ventures is valued at zero. Each of Concord s and CDH CDO s obligations are non-recourse to us, and we have no obligation to fund the operations of Concord or CDH CDO, unless we receive management fees and then only to the extent of such management fees.
Other Equity Method Investment Limited Partnerships. We are a partner in five other partnerships with ownership percentages ranging between 27% and 35%, which own primarily net-leased properties. All profits, losses and cash flows are distributed in accordance with the respective partnership agreements. As of December 31, 2010, the partnerships had $25.4 million in non-recourse mortgage debt (our proportionate share was $7.6 million) with interest rates ranging from 9.4% to 11.5%, a weighted-average rate of 9.9% and maturity dates ranging from 2011 to 2016.
Corporate Level Borrowings. We also use corporate-level borrowings, such as revolving loans and term loans, as needed, and when other forms of financing are not available or appropriate. On January 28, 2011, we refinanced our $220.0 million secured revolving credit facility, which was scheduled to expire in February 2011, but could have been extended to February 2012 at our option, with a $300.0 million secured revolving credit facility with KeyBank National Association, which we refer to as KeyBank, as agent. The new facility bears interest at 2.50% plus LIBOR if our leverage ratio, as defined, is less than 50%, 2.85% plus LIBOR if our leverage ratio is between 50% and 60% and 3.10% plus LIBOR if our leverage ratio exceeds 60%. The new facility matures in January 2014 but can be extended until January 2015 at our option. With the consent of the lenders, we can increase the size of the revolving loan by $225.0 million for a total facility size of $525.0 million by adding properties to the borrowing base or admitting additional lenders. The secured revolving credit facility is secured by ownership interest pledges and guarantees by certain of our subsidiaries that in the aggregate own interests in a borrowing base currently consisting of 79 properties. The borrowing availability of the facility is based upon the net operating income of the properties comprising the borrowing base as defined in the facility. No amounts are currently outstanding under the secured revolving credit facility.
Affiliated Investors. Through LRA, we provide advisory services to NLS. In exchange for providing advisory services to NLS, LRA receives (1) a management fee of 0.375% of the equity capital, as defined, (2) a property management fee of up to 3.0% of actual gross revenues from certain assets for which the landlord is obligated to provide property management services (contingent upon the recoverability of such fees from the tenant under the applicable lease) and (3) an acquisition fee of 0.5% of the gross purchase price of each asset acquired by NLS.
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Lexington Realty Trust has a market cap of $1.24 billion; its shares were traded at around $9.23 with a P/E ratio of 9.52 and P/S ratio of 3.63. The dividend yield of Lexington Realty Trust stocks is 4.98%.Hedge Fund Gurus that owns LXP: Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Tom Russo of Gardner Russo & Gardner, George Soros of Soros Fund Management LLC. Mutual Fund and Other Gurus that owns LXP: Chuck Royce of Royce& Associates.
Highlight of Business Operations:
In addition to our shares of beneficial interests, par value $0.0001 per share, classified as common stock, which we refer to as common shares, we have three outstanding classes of beneficial interests classified as preferred stock, which we refer to as preferred shares: (1) 8.05% Series B Cumulative Redeemable Preferred Stock, which we refer to as our Series B Preferred Shares, (2) 6.50% Series C Cumulative Convertible Preferred Stock, which we refer to as our Series C Preferred Shares and (3) 7.55% Series D Cumulative Redeemable Preferred Stock, which we refer to as our Series D Preferred Shares. Our common shares, Series B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares are traded on the New York Stock Exchange, or NYSE, under the symbols “LXP”, “LXP pb”, “LXP pc” and “LXP pd”, respectively.At December 31, 2010, Inland NLS owned 85%, and we owned 15% of NLS s common equity, and we owned 100% of NLS s preferred equity. LRA is the asset manager for NLS pursuant to a management agreement.
Concord Debt Holdings LLC and CDH CDO LLC. On December 31, 2006 in connection with the Newkirk Merger, we acquired a 50% interest in a co-investment program, Concord, which owns bonds and loans secured, directly and indirectly, by real estate assets. The other 50% interest in Concord was held by Winthrop. We and Winthrop each contributed our interest in Concord to Lex-Win Concord LLC, which we refer to as Lex-Win Concord. During 2008, Inland Concord was admitted to Concord as a preferred member. During the third quarter of 2010, Concord was restructured upon the effectiveness of a settlement agreement with Inland Concord. As a result of the restructuring (i) Lex-Win Concord was dissolved and (ii) Concord and a new entity, CDH CDO, are now owned equally by subsidiaries of us, Winthrop and Inland Concord. The new entity purchased Concord Real Estate CDO 2006-1 LTD, which we refer to as CDO-1, from Concord with funds contributed by Inland Concord. CDH CDO is also owned equally by subsidiaries of us, Winthrop and Inland Concord. The Company has made no additional contributions and it has not recognized any income or loss as a result of the restructuring. The Company s investment in these ventures is valued at zero. Each of Concord s and CDH CDO s obligations are non-recourse to us, and we have no obligation to fund the operations of Concord or CDH CDO, unless we receive management fees and then only to the extent of such management fees.
Other Equity Method Investment Limited Partnerships. We are a partner in five other partnerships with ownership percentages ranging between 27% and 35%, which own primarily net-leased properties. All profits, losses and cash flows are distributed in accordance with the respective partnership agreements. As of December 31, 2010, the partnerships had $25.4 million in non-recourse mortgage debt (our proportionate share was $7.6 million) with interest rates ranging from 9.4% to 11.5%, a weighted-average rate of 9.9% and maturity dates ranging from 2011 to 2016.
Corporate Level Borrowings. We also use corporate-level borrowings, such as revolving loans and term loans, as needed, and when other forms of financing are not available or appropriate. On January 28, 2011, we refinanced our $220.0 million secured revolving credit facility, which was scheduled to expire in February 2011, but could have been extended to February 2012 at our option, with a $300.0 million secured revolving credit facility with KeyBank National Association, which we refer to as KeyBank, as agent. The new facility bears interest at 2.50% plus LIBOR if our leverage ratio, as defined, is less than 50%, 2.85% plus LIBOR if our leverage ratio is between 50% and 60% and 3.10% plus LIBOR if our leverage ratio exceeds 60%. The new facility matures in January 2014 but can be extended until January 2015 at our option. With the consent of the lenders, we can increase the size of the revolving loan by $225.0 million for a total facility size of $525.0 million by adding properties to the borrowing base or admitting additional lenders. The secured revolving credit facility is secured by ownership interest pledges and guarantees by certain of our subsidiaries that in the aggregate own interests in a borrowing base currently consisting of 79 properties. The borrowing availability of the facility is based upon the net operating income of the properties comprising the borrowing base as defined in the facility. No amounts are currently outstanding under the secured revolving credit facility.
Affiliated Investors. Through LRA, we provide advisory services to NLS. In exchange for providing advisory services to NLS, LRA receives (1) a management fee of 0.375% of the equity capital, as defined, (2) a property management fee of up to 3.0% of actual gross revenues from certain assets for which the landlord is obligated to provide property management services (contingent upon the recoverability of such fees from the tenant under the applicable lease) and (3) an acquisition fee of 0.5% of the gross purchase price of each asset acquired by NLS.
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