NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) — Lexington Realty Trust (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant industrial real estate investments, today announced that it has commenced an underwritten public offering of 16,000,000 common shares in connection with the forward sale agreements described below. In connection with the offering, Lexington intends to grant the underwriters a 30-day option to purchase up to an additional 2,400,000 common shares to cover over-allotments, if any.
Wells Fargo Securities, J.P. Morgan and KeyBanc Capital Markets are acting as underwriters for the offering. Lexington expects to enter into forward sale agreements with Wells Fargo Bank, National Association and JPMorgan Chase Bank, National Association, or their affiliates (together, the “forward purchasers”) with respect to 16,000,000 of its common shares (or an aggregate of 18,400,000 common shares if the underwriters exercise their option to purchase additional shares in full). In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 16,000,000 common shares (or an aggregate of 18,400,000 common shares if the underwriters exercise their option to purchase additional shares in full) that will be delivered in this offering. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, Lexington intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Lexington occurring no later than May 11, 2022, an aggregate of 16,000,000 common shares (or an aggregate of 18,400,000 common shares if the underwriters exercise their option to purchase additional shares in full) to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the public offering price, less applicable expenses, and will be subject to certain adjustments as provided in the forward sale agreements.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. Lexington seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions.
