 Collected 99.5 of Second Quarter Cash Base Rents and Increased Industrial Renewal Cash Base Rents by 21.6NEW YORK, Aug. 06, 2020 GLOBE NEWSWIRE -- Lexington Realty Trust Lexington NYSE:LXP, a real estate investment trust focused on single-tenant industrial real estate investments, today announced results for the second quarter ended June 30, 2020.Second Quarter 2020 Highlights Recorded Net Income attributable to common shareholders of 17.3 million, or 0.06 per diluted common share. Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted Adjusted Company FFO of 51.4 million, or 0.19 per diluted common share. Acquired six industrial properties for an aggregate cost of 164.3 million. Disposed of three properties for an aggregate gross price of 44.4 million. Collected 99.5 of Cash Base Rents due during the second quarter. Raised net proceeds of approximately 201.0 million through an underwritten equity offering and the ATM program. Repaid 90.0 million, net on the revolving credit facility. Completed 3.0 million square feet of new leases and lease extensions, increasing industrial renewal Cash Base Rents by 21.6. Increased industrial portfolio to 84.5 of gross book value of real estate assets, excluding held for sale assets.Subsequent Events Collected 99.4 of Cash Base Rents due in July 2020. Disposed of three properties for an aggregate gross price of 67.0 million.Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.T. Wilson Eglin, Chairman and Chief Executive Officer of Lexington Realty Trust, commented, We posted strong second quarter results, and we continue to make progress in our transition to an industrial REIT, with industrial exposure at quarter-end representing almost 85 of our gross real estate assets. Our rent collections have been excellent, averaging over 99.5 in the second quarter. We capitalized on investment opportunities during the quarter and acquired 164 million of high-quality industrial real estate product at average GAAP and cash capitalization rates of 5.6 and 5.3, respectively. Industrial renewal rents increased by nearly 22 and our overall portfolio leased of 97.3 is slightly up when compared to last quarter.FINANCIAL RESULTSRevenuesFor the quarter ended June 30, 2020, total gross revenues were 81.8 million, compared with total gross revenues of 80.1 million for the quarter ended June 30, 2019. The increase is primarily attributable to acquisitions, partially offset by property sales and a decrease in fee and parking income.Net Income Attributable to Common ShareholdersFor the quarter ended June 30, 2020, net income attributable to common shareholders was 17.3 million, or 0.06 per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2019 of 21.7 million, or 0.09 per diluted share.Adjusted Company FFOFor the quarter ended June 30, 2020, Lexington generated Adjusted Company FFO of 51.4 million, or 0.19 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2019 of 48.3 million, or 0.20 per diluted share.DividendsDistributionsAs previously announced, during the second quarter of 2020, Lexington declared a regular quarterly common shareunit dividenddistribution for the quarter ended June 30, 2020 of 0.1050 per common shareunit, which was paid on July 15, 2020 to common shareholdersunitholders of record as of June 30, 2020. Lexington also declared a cash dividend of 0.8125 per share on its Series C Cumulative Convertible Preferred Stock Series C Preferred for the quarter ended June 30, 2020, which is expected to be paid on August 17, 2020 to Series C Preferred Shareholders of record as of July 31, 2020.TRANSACTION ACTIVITYACQUISITION TRANSACTIONS Property Type Market Sq. Ft. Initial Basis 000 Approximate Lease Term Yrs Industrial-Warehousedistribution Savannah, GA 499,500 34,753 7 Industrial-Warehousedistribution Dallas, TX 120,960 10,731 10 Industrial-Warehousedistribution Savannah, GA 355,527 30,448 5 Industrial-Warehousedistribution Savannah, GA 88,503 9,130 5 Industrial-Warehousedistribution Houston, TX 248,240 20,949 5 Industrial-Warehousedistribution Ocala, FL 617,055 58,283 10 1,929,785 164,294 The above properties were acquired at aggregate weighted-average GAAP and Cash capitalization rates of 5.6 and 5.3, respectively. Year to date total 2020 acquisition activity was 359.7 million at aggregate weighted-average GAAP and Cash capitalization rates of 5.4 and 5.0, respectively.DEVELOPMENT PROJECTS Project owned Market Property Type Estimated Sq. Ft. Estimated Project Cost 000 GAAP Investment Balance as of 6302020 0001 Lexington Amount Funded as of 6302020 000 Estimated Completion Date Consolidated: Fairburn 90 Atlanta, GA Industrial 910,000 53,812 20,535 15,806 1Q 21 Rickenbacker 100 Columbus, OH Industrial 320,000 20,300 5,891 4,390 1Q 21 74,112 26,426 20,196 Non-consolidated: ETNA Park 70 902 Columbus, OH Industrial TBD TBD 10,229 10,569 TBD ETNA Park 70 East 902 Columbus, OH Industrial TBD TBD 5,148 5,188 TBD 15,377 15,757 1.GAAP investment balance is in real estate under construction for consolidated projects and investments in non-consolidated entities for non-consolidated projects. 2.Plans and specifications have not been completed and the estimated square footage, project cost and completion date cannot be determined. PROPERTY DISPOSITIONS1 Primary Tenant Location Property Type Gross Disposition Price 000 Annualized Net Income2 000 Annualized NOI2 000 Month of Disposition Leased T-Mobile USA Oakland, ME Office 10,700 477 1,562 April 100 Caremark PCS Knoxville, TN Office 9,183 545 807 May 100 Stella Chewys Oak Creek, WI Industrial 24,511 1,218 1,922 June 100 44,394 2,240 4,291 1.In addition, Lexington sold a vacant parcel of land for 65 thousand. 2.Quarterly period prior to sale, annualized. As of June 30, 2020, total consolidated property disposition volume was 74.1 million at weighted-average GAAP and Cash capitalization rates of 7.6 and 8.0, respectively. LEASING LEASE EXTENSIONS Location Primary TenantGuarantor1 Prior Term Lease Expiration Date Sq. Ft. Industrial 1 LaurensSC Michelin 012021 052021 1,164,000 2 OwensboroKY Unilever 122020 122025 443,380 3 DuncanSC Undisclosed 012024 012026 120,680 4 ColumbusOH ODW Logistics 062020 062025 772,450 5 WinchesterVA Kraft Heinz 052021 052026 344,700 5 Total industrial lease extensions 2,845,210 NEW LEASES Location Lease Expiration Date Sq. Ft. IndustrialMulti-tenant 1 ChillicotheOH Adena Health System 022021 23,270 2 ChillicotheOH Consolidated Metco 062026 136,495 2 Total industrialmulti-tenant leases 159,765 OfficeMulti-tenant 1 ArlingtonTX Arrow Electronics 092024 23,228 1 Total officemulti-tenant leases 23,228 3 Total New Leases 182,993 8 TOTAL NEW AND EXTENDED LEASES 3,028,203 1Leases greater than 10,000 square feet. As of June 30, 2020, Lexingtons portfolio was 97.3 leased.BALANCE SHEETCAPITAL MARKETSDuring the second quarter of 2020, Lexington issued 21 million common shares through an underwritten equity offering and its ATM program raising net proceeds of approximately 201.0 million. During the second quarter, Lexington repaid 90.0 million, net, on its unsecured revolving credit facility. As of the date of this earnings release, Lexington has 560 million of availability under its unsecured revolving credit facility subject to covenant compliance.2020 EARNINGS GUIDANCELexington now estimates that its net income attributable to common shareholders for the year ended December 31, 2020 will be within an expected range of 0.78 to 0.80 per diluted common share.Additionally, Lexington is tightening its Adjusted Company FFO guidance for the year ended December 31, 2020 to be within a range of 0.74 to 0.76 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.SECOND QUARTER 2020 CONFERENCE CALLLexington will host a conference call today, August 6, 2020, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2020. Interested parties may participate in this conference call by dialing 1-844-825-9783 U.S., 1-412-317-5163 International or 1-855-669-9657 Canada. A replay of the call will be available through November 6, 2020, at 1-877-344-7529 U.S., 1-412-317-0088 International or 1-855-669-9658 Canada, pin code for all replay numbers is 10146388. A link to a live webcast of the conference call is available at within the Investors section.Lexington Realty Trust NYSE: LXP is a publicly traded real estate investment trust REIT that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its industrial portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions. For more information, including Lexingtons Quarterly Supplemental Information package, or to follow Lexington on social media, visit 