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LXP

Lexington Realty

$9.99

0.045 (0.45%)

08:37
09/11/19
09/11
08:37
09/11/19
08:37

Lexington Realty acquires three property industrial portfolio for $180M

Lexington Realty Trust announced that it has acquired a 2.4M square foot e-commerce industrial portfolio from Atlanta-based developer and manager IDI Logistics for approximately $180M. The portfolio consists of three recently constructed, Class A warehouse/distribution facilities located within Park North at Monroe, an established logistics park developed by IDI Logistics along Interstate 75 in a strong industrial submarket of Cincinnati, Ohio. Each property is 100% net-leased to nationally recognized tenants/guarantors, consisting of Amazon, Hayneedle/Wal-Mart, and Blue Buffalo. The portfolio has a weighted-average lease term of approximately 9.3 years and average annualized rental escalations of approximately 2%. This portfolio transaction is consistent with Lexington's investment strategy of purchasing well-located, high-quality industrial assets as it transitions to a 100% industrial-focused net-lease REIT. To date, 2019 investment activity totals approximately $440M at estimated GAAP and cash capitalization rates of approximately 5.6% and 5.4%, respectively. At acquisition, these investments had a weighted-average remaining lease term of 6.0 years. Additionally, Lexington has approximately $170M of warehouse/distribution properties under an accepted offer or contract.

LXP Lexington Realty
$9.99

0.045 (0.45%)

05/28/19
STFL
05/28/19
UPGRADE
Target $9.5
STFL
Hold
Lexington Realty upgraded to Hold from Sell at Stifel
Stifel analyst John Guinee upgraded Lexington Realty Trust to Hold from Sell and raised his price target for the shares to $9.50 from $8. The analyst's forward net asset value analysis yields an attractive valuation for Lexington.
05/28/19
05/28/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Activision Blizzard (ATVI) upgraded to Conviction Buy from Neutral at Goldman Sachs with analyst Michael Ng saying the recent release of new content to improve engagement for core titles, the upcoming release of Diablo Immortal and Call of Duty Mobile, and the potential for new content from "several undermonetized" Blizzard franchises in 2020 and beyond represent a potential inflection in Activision Blizzard's earnings trajectory. 2. iStar (STAR) upgraded to Outperform from Market Perform at Raymond James with analyst Stephen Laws citing the company's progress in resolving its legacy assets, the impact of its recent investments, and his view of a "significant discount" in its valuation relative to the adjusted book value on the stock. 3. Federal Realty (FRT) upgraded to Outperform from Market Perform at Raymond James with analyst Collin Mings citing the "relative value opportunity" for REIT investors given the relative-to-peers year-to-date lag in its stock price. 4. Fiat Chrysler (FCAU) and Renault (RNLSY) were upgraded to Outperform from In Line at Evercore ISI. 5. Rio Tinto (RIO) upgraded to Buy from Neutral at Goldman Sachs with analyst Paul Young saying Rio is generating $8B-$9B of free cash flow while improving margins and returns. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/19
STFL
08/07/19
UPGRADE
Target $11
STFL
Buy
Lexington Realty upgraded to Buy from Hold at Stifel
Stifel analyst John Guinee upgraded Lexington Realty to Buy and raised his price target to $11 from $9.50. The analyst cites the company's FY19 FFO guidance raise along with the anticipated proceeds coming from its $630M in asset dispositions over the next 3 quarters.
08/26/19
WELS
08/26/19
DOWNGRADE
Target $10.5
WELS
Market Perform
Lexington Realty downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Todd Stender downgraded Lexington Realty Trust to Market Perform from Outperform with an unchanged price target of $10.50. The analyst cites valuation for the downgrade with the shares reaching his price target.

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