LEXINGTON REALTY TRUST
2020
ANNUAL LETTER TO SHAREHOLDERS
DALLAS MARKET
LEXINGTON REALTY TRUST
2020 ANNUAL LETTER TO SHAREHOLDERS
Table of Contents | |
2020 NOTABLE HIGHLIGHTS ................................................................................................................ | 1 |
ATTRACTIVE PORTFOLIO COMPOSITION...................................................................................... | 2 |
STRONG ASSET GROWTH...................................................................................................................... | 4 |
FOCUSED INDUSTRIAL INVESTMENT STRATEGY...................................................................... | 5 |
COMPLEMENTARY GROWTH OPPORTUNITIES........................................................................... | 6 |
STRONG INDUSTRIAL RENTAL GROWTH....................................................................................... | 7 |
RESILIENT PORTFOLIO OPERATIONS.............................................................................................. | 8 |
OPPORTUNISTIC CAPITAL MARKETS ACTIVITY.......................................................................... | 9 |
IMPECCABLE BALANCE SHEET........................................................................................................... | 9 |
CONSISTENT ANNUALIZED DIVIDEND............................................................................................ | 9 |
INCREASED ESG EFFORTS.................................................................................................................. | 10 |
2020 FINANCIAL RESULTS................................................................................................................... | 12 |
CORPORATE INFORMATION............................................................................................................... | 13 |
I
M E N U
CompanyOverview
Since 1993, Lexington Realty Trust (NYSE: LXP) has been a market leader in acquiring, owning, and operating high-qualitysingle-tenant commercial properties in the United States. We seek to generate superior risk-adjusted returns through purchasing and developing premium industrial real estate in key U.S. logistics markets with high growth potential.
DALLAS MARKET
DearFellowShareholders
Lexington Realty Trust had an outstanding 2020, delivering excellent results across our respective business lines. While the year brought unexpected uncertainty due to Covid-19, our portfolio and our operations each proved exceptionally resilient. Successful execution of our business plan in 2020 moved us closer to our goal of becoming a 100% industrial REIT. Notable highlights from 2020 that added to our overall success included:
- Attractive Portfolio Composition - Increased industrial exposure to 91% of overall portfolio1
- Strong Asset Growth - Purchased $612 million of high-quality industrial assets in target growth markets and invested $60 million in new development projects
- Focused Capital Recycling Strategy - Disposed of $433 million of primarily non-coreassets
- Resilient Portfolio Operations - Collected 99.8% of Cash Base rents and leased 5.2 million square feet
I
M E N U
2020 Notable Highlights
$612MILLION
INDUSTRIAL PROPERTIES ACQUIRED
$60MILLION
INDUSTRIAL DEVELOPMENT FUNDED
$433MILLION
PROPERTIES SOLD
99.8%
RENTAL COLLECTIONS
91%
INDUSTRIAL EXPOSURE 1
5.2MILLION
SQUARE FEET LEASED
- Opportunistic Capital Markets Activity - Raised $225 million of equity and issued $400 million of bonds
- Impeccable Balance Sheet - Low leverage of 4.8x Net Debt to Adjusted EBITDA and strong cash position at year-end
- Consistent Dividend Growth - Increased annualized dividend/ distribution 2.4% to $0.43 per diluted common share
- Increased ESG Efforts2 - Continued building out ESG platform and increased disclosure related to ESG
High-Quality Industrial Portfolio Has Emerged1
29%
42% 58%
71%
$225MILLION
EQUITY RAISED
$400MILLION
DEBT ISSUANCE
2.4%
ANNUALIZED DIVIDEND INCREASE
9%
91%
2016 | 2018 | 2020 |
- Industrial n Office/Other
1Based on gross book value of consolidated real estate assets, excluding held for sale assets, as of 12/31/2020. 2ESG - Environmental, Social, and Governance.
LXP 2020 1
Attachments
- Original document
- Permalink
Disclaimer
Lexington Realty Trust published this content on 08 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2021 21:11:02 UTC.