Lexington Corporate Properties Trust Web Site - July 23, 2006
Lexington Corporate Properties Trust (NYSE: LXP - News) and Newkirk Realty Trust, Inc. (NYSE: NKT - News) announced today that they have entered into a definitive merger agreement to create Lexington Realty Trust, the leading real estate investment trust focused on single tenant properties.
The merger will create a combined company which will own interests in more than 350 properties located across 44 states with a presence in the nation's highest growth markets. Based on Friday's closing prices, the combined entity would have an enterprise value of approximately $4.6 billion. Investment grade tenants, in the aggregate, will represent approximately 56% of annualized base rent.
Following the merger, Newkirk shareholders and unitholders will own approximately 46.8% and Lexington shareholders and unitholders will own approximately 53.2% of the combined company assuming no conversion of Lexington's Series C Cumulative Convertible Preferred Stock.
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Sunday, July 23, 2006
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