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Lexington Realty Trust Message Board

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  • eotruba eotruba Mar 12, 2010 7:26 PM Flag

    Coverage initiated--Outperform

    All things being equal they should increase the divvy by 15% up to 11.5 cts. I know you will want to know how I arrived at this figure. They got rid of all the crap (except Lt St.). Lt st is a gold mine if they could rent it. I think they are starting this year as clean as they could get. They should increase diivy ea Q of this year + one special divvy. If im going to bullshit I may as well make it good. Oh by the way im down 13 points on this stock.

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    • eo-

      They also have a 355,000 sf office property that was recently vacated by Harcourt Brace in Orlando. Per lxp, it has high visibility from sea world. Like light st, it is 25 yrs old with a fully amortized mtge.

      So orlando and light st (downtown baltimore) are the two office biggies with upside potential in the long run but will have renovation, buildout and carry in the short to intermediate term. Looks like they are interested in selling their multitenanted buildings so they can focus on single tenant occupied bldgs so orlando and light st will likely be flipped when leased.

      Subsequent to 4Q, it looks like they sold 3 bldgs for cash proceeds of $1.8m and the buyers assumed $40.2m in debt. One property appears to be a netherlands property with was highly leveraged. Given the amt of cash they received, it is likely that they will be recognizing some losses in 1Q if they were not recognized as impairment charges of in 09.

      In any event, they dumped a lot of unwanted stuff last year and took big writeoffs for impairments. Hopefully, that covers some of the retail that they are trying to dump.

    • I think you're dreaming. They just cut the dividend last quarter when they went to all cash. They want to preserve cask, having just borrowed over $100mm. There is no chance they borrowed money just to pay it out via an incresed dividend. I expect the dividend to be kept flat this year and hope more visibility will lead to ann increase next year.

 
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