Lexington Realty Files To Raise Cash (LXP)

It has been a rough ride for the former high-flying and now road kill REIT sector.  LEXINGTON REALTY TRUST (NYSE: LXP) has been far from immune from all of the carnage that hit Wall Street and Main Street.  The self-managed and self-administered manager of office, industrial, and retail properties has filed to possibly raise cash.

In the filing, the company filed to sell any combination of common shares, preferred shares, debt securities, depositary shares, warrants, subscription rights and units.  It is potentially including $500,000,000 of its unsold securities on its S-3 from on November 21, 2008.

The use of funds is for the “general corporate purposes” which may include the repayment of debt, the improvement of certain properties already in our portfolio, or the acquisition of additional properties.

Lexington closed down almost 7% at $2.17 today, and its 52-week trading range is $1.93 to $17.24.  Its current market cap is listed as $218 million.


Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.