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.
JON C. OGG