NEW YORK, March 16 /PRNewswire-FirstCall/ -- Lexington Corporate
Properties Trust (NYSE: LXP - ), a real estate investment trust, today announced
that it has acquired an office facility in Centennial, Colorado for
The property is a 128,500 square foot, four-story, Class-A office building
constructed in 2001-2002 on 7.5 acres. The property is net-leased to The Shaw
Group, Inc. (NYSE: SGR - ) through September 30, 2017. In connection with the
acquisition, Lexington assumed non-recourse first mortgage financing of
approximately $15.9 million. The loan bears interest at a fixed rate of 6.15%
and matures in February 2013.
Comments From Management
Richard J. Rouse, Vice Chairman and Chief Investment Officer, commented,
"This Class-A office property is an attractive investment due to the long-term
lease to a Fortune 500 tenant and great location near Interstate 25 with easy
access to downtown Denver. We continue to work on numerous investment
opportunities that meet our acquisition parameters for lease term, tenant
credit and total return. Our acquisition volume this year now totals
approximately $125 million and we anticipate that volume for 2004 will exceed
Lexington Corporate Properties Trust is a real estate investment trust
that owns and manages office, industrial and retail properties net leased to
major corporations throughout the United States and provides investment
advisory and asset management services to investors in the net lease area.
Lexington common shares closed Tuesday, March 16, 2004 at $21.07 per share.
Lexington pays an annualized dividend of $1.40 per share. Additional
information about Lexington is available at www.lxp.com .
This release contains certain forward-looking statements which involve
known and unknown risks, uncertainties or other factors not under the
Company's control which may cause actual results, performance or achievements
of the Company to be materially different from the results, performance, or
other expectations implied by these forward-looking statements. These factors
include, but are not limited to, those detailed in the Company's periodic
filings with the Securities and Exchange Commission.