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Lexington Realty Trust Message Board

  • alindallas2000 alindallas2000 Sep 8, 2011 1:41 PM Flag

    Next week

    Anyone think there will be any change in the dividend or will that happen next quarter?

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    • Emory-

      Light street is projected to throw off net income of $7.5-$8m so it lxp waits for a great market it should sell for $140-160m. That is some $80m below its current book value.

      I believe light street came with the newkirk merger so in the allocation of values between all of the acquired properties-this one was high and most likely reflected the hope and the original tenant would remain in occupancy.

      Lxp also spun off some properties into a joint venture with Inland. There is a buy-sell scheduled for 2/20/12. If lxp is outbid it will receive $185m for its stake of which $135m will be profit.

      But as long as light street is filled with tenants with long term leases the best reason for selling would be to spin it off at a 5-6% cap rate and use the $ to buy some of the build to suits they are currrently acquiring.

      Lxp has sold a lot of its multitenanted bldgs, given some bldgs that didnt pencil out back to the lender and has taken big impairment costs in 2011 so that their balance sheet and portfolio will continue to upgrade in future years. So the book values shown appear to be very conservative-IMO.

    • Looks like they will sell Light Street. Since they have the huge lease for 2013. Should get premium price the closer it gets until occupancy. Then special divvy or purchase of occupied space with postive cash flows.

    • Fritz: Put down the mirror and look at reality in the form of an increase in the dividend next week. The pig with lipstick on is your own reflection. The important questions are: (1) when will we see the increase in FFO from Light St. (or a sale that drops cash into the cofers to be redeployed in higher yielding opportunities); and (2) how much of their non-core properties will still be on the books at YE. My guess is that there will be little left of the non-core properties by year end and that FFO will allow and profits will require a decent increase in the dividend next year.

    • Wow I actually agree with some of what you said here, but there is one point you neglect to point out, the banks are punished with monetary losses. Their losses were due to the bad choices made by the borrower so in my opinion, 7 years of bad credit is reasonable because creditors should be worried about lending to someone who makes bad business choices even if another creditor was compliant.

      The banks did weasel their way out of their losses but a loss is a loss and no one can say that BofA, Chase or C are the same as they were before despite CEO compensation. The investors of those banks are the ones who shouldered the burden of the borrower who "gave back" the property. So long story short, the middle class is destroying the middle class while the rich continue to leech from both without remorse... after all... its all legal... they lobbied for it ;-/ Lol.

    • Fritz-

      Are you hitting the bottle again or just delusional???

      You sound like an insider. Did you dream this post up before or after a mystery cocktail?????

      The yield on the last 11m lxp shares was 5%.

      The yield on the last shares issued by cwh was in excess of 8%.

      I know numbers are difficult for you to understand but-in this instance-higher is not better. Same for your personal habits.

      Good luck. Nice to hear from you. Keep learning even if you run out of fingers and toes on the arithmetic lessons.

    • corky

      Lipstick on a pig,you can't change it with your rantings.
      Its either investment grade or junk.
      To date LXP fits both PIG without lipstick and JUNK.
      When you can't even get an unsecured LOC,your JUNK and when you have to pay at least 100 basis points higher than companies like CWH your JUNK
      As you said lenders make decisions,in this case they have decided to not lend at all

    • Per the last conference call, it is likely that an increase in the dividend will be announced on the 3Q conference call somewhere around the first week in november.

      I sold half of my common because I think that the EU problem is going to cause some serious problems and all small cap stocks will be collateral damage-ie sold to raise money for margin calls, etc.

      I am hoping to buy the stock back at a lower price before the x dividend date and am hoping that the pop the stock gets with a dividend increase will more than offset the losses from the EU problems in the short term.

      However, I think the EU problem is going to get a lot worse and is going to be with us for the next year or two and create a lot of damage to the global economy and the US stock mkt.

      The upside is-lxp is steadily improving its portfolio by selling the poor performers, taking a hit on writedowns and persuing new properties on long term leases.

      So-short to medium term pain due to the EU but longer term better than average performance for a reit.

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