Summary: Lexington Realty Trust

Midsized net-lease REIT largely comprising office and industrial properties in low barrier markets; Adequate geographic and tenant diversity; and Long weighted average lease term from growing portion of built-to-suit industrial assets. Improved leverage measures and reduced usage of secured debt; Capital structure largely consisting of bank debt; and Relatively long weighted average debt maturity. S&P Global Ratings' stable outlook on Lexington Realty Trust reflects our expectation for credit protection measures to remain in line with current levels as we anticipate stable cash flow generation. We also expect Lexington to finance development in the industrial segment primarily with asset sale proceeds. Over the next two years, we expect debt to EBITDA to be maintained in the high-5x to low-6x area, with

...Outlook: Stable S&P Global Ratings' stable outlook on Lexington Realty Trust reflects our expectation for credit protection measures to remain in line with current levels as we anticipate stable cash flow generation. We also expect Lexington to finance development in the industrial segment primarily with asset sale proceeds. Over the next two years, we expect debt to EBITDA to be maintained in the high-5x to low-6x area, with fixed-charge coverage (FCC) in the mid- to high-2x area, as the company uses asset-sale proceeds to further reduce secured debt....

Summary