Total gross revenues for Q4 increased 9% to $55.2 million, compared to $50.7 million for 2005's Q4. Overall total gross revenue increased 13% to $207.4 million, compared to $183.5 million for 2005.
In 2006, Lexington disposed of eight non-core assets for $94 million, according to CEO T. Wilson Eglin during a conference call to announce the year's results. It gained 160 properties through the merger with Newkirk, and roughly 25 additional buildings in other acquisition deals. The company now owns a 375-property portfolio in 44 states.
In addition to significantly growing its portfolio, a deal Eglin told GlobeSt.com was a diversification play, Lexington brought the entire portfolio to 98% occupied, signing 13 significant leases in Q4.
For 2007, Eglin says the company plans $500 million in property acquisitions and $400 million in debt investments. Maintaining the almost 100% occupancy level is another goal for this year.
"Looking ahead, we believe the fundamentals of our business remain sound and we continue to be active on the leasing front with five new leases and nine lease extensions signed since the start of 2007," Eglin said during the conference.
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