, President and Chief Executive Officer of , stated, “Our strong operating results represent evidence of the ongoing progress we are making in executing our business plan. We will continue to pursue our strategy of monetizing non-core assets, reducing our debt and selectively redeploying our capital into assets with long-term leases, as we seek to increase value for shareholders.”. In the first quarter, we disposed of six non-core properties for , reduced our consolidated debt by , executed new and renewal leases for 1.7 million square feet and raised overall portfolio occupancy 190 basis points to 95.3%. Since the end of the quarter, we closed an additional of accretive external growth opportunities.
For the quarter ended , net loss attributable to common shareholders was , or a loss of per diluted share, compared with net loss attributable to common shareholders for the quarter ended of , or a loss of per diluted share.
The new credit facility is secured by ownership interest pledges and guarantees by certain of ‘s subsidiaries. During the quarter, refinanced its existing secured revolving credit facility which was scheduled to mature in , with a secured revolving credit facility, which matures in but can be extended to at ‘s option. With the consent of the lenders, can increase the size of the secured revolving credit facility by , for a total facility size of . As of quarter end, no borrowings were outstanding under the facility.
During the first quarter of 2011, agreed (1) to lend up to approximately to fund the construction of a 99,000 square foot office property in and (2) to acquire the property upon completion of construction and commencement of the tenant lease, which is expected to occur in the second quarter of 2012. The property will be net-leased for a term of 15 years. No assurance can be provided that construction will be completed or the acquisition will be consummated.
Interested parties may participate in this conference call by dialing (888) 438-5525 or (719) 457-2683. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section. will host a conference call today, , at , to discuss its results for the quarter ended . A replay of the call will be available through , at (877) 870-5176 or (858) 384-5517, pin: 5936868.
Additional information about is available on-line at www.lxp.com or by contacting Lexington Realty Trust, , Suite 4015, 10119-4015, Attention: Investor Relations. shares are traded on the New York Stock Exchange under the symbol “LXP”. 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 and provides investment advisory and asset management services to investors in the net lease area.
Copies of the periodic reports files with the Securities and Exchange Commission are available on ‘s web site at www.lxp.com. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in ‘s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by ‘s Board of Trustees of future dividend declarations to achieve an annualized dividend paid in 2011 of per common share, (2) ‘s ability to achieve its estimate of Company FFO for the year ended , (3) the failure to continue to qualify as a real estate investment trust, (4) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (5) competition, (6) increases in real estate construction costs, (7) changes in interest rates, or (8) changes in accessibility of debt and equity capital markets. This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under ‘s control which may cause actual results, performance or achievements of to be materially different from the results, performance, or other expectations implied by these forward-looking statements. undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Forward-looking statements, which are based on certain assumptions and describe ‘s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “is optimistic” or similar expressions. Accordingly, there is no assurance that ‘s expectations will be realized.
believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. Historically, however, real estate values have risen or fallen with market conditions. (1) believes that Funds from Operations (“FFO”) is a widely recognized and appropriate measure of the performance of an equity REIT. presents FFO because it considers FFO an important supplemental measure of ‘s operating performance. FFO is intended to exclude generally accepted accounting principles (“GAAP”) historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.
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