Lexington Realty Trust Announces Repurchase of Exchangeable Notes at Discount

NEW YORK, Oct. 6 /PRNewswire-FirstCall/ -- Lexington Realty Trust (NYSE: LXP) today announced that it recently repurchased an aggregate of $32.5 million original principal amount of the 5.45% Exchangeable Guaranteed Notes issued by its subsidiary The Lexington Master Limited Partnership by paying an aggregate of approximately $5.4 million in cash (plus accrued interest) and issuing an aggregate of 1,620,879 of its common shares (at an average price of approximately $14.50 per share), representing a total value of approximately $28.9 million.

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Year to date, Lexington has repurchased an aggregate of $160.5 million original principal amount of Exchangeable Notes for approximately $141.3 million in cash and its common shares, representing a discount of approximately 12% to the original principal amount.

Following these repurchases, $289.5 million of Exchangeable Notes remain outstanding. The holders of the Exchangeable Guaranteed Notes may require Lexington to repurchase the notes beginning in January 2012.

Since the beginning of 2008, Lexington has retired a total of $256.5 million of senior debt and preferred securities at a discounted cost to Lexington of approximately $204.5 million, and Lexington has issued 5,798,638 of its common shares, at an average price of approximately $14.31 per share, raising approximately $83.0 million.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns, invests in, 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 shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at http://www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.

SOURCE Lexington Realty Trust