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NEW YORK CITY-Effective after the close of the New York Stock Exchange on July 20, Standard & Poor’s will replace Franchise Finance Corp. of America in its S&P REIT Composite Index with Lexington Corporate Properties. Franchise Finance is being acquired by GE Capital.

Lexington, headquartered here, is a self-managed trust that owns and manages a diverse portfolio of 98 US properties in 30 states that are net-leased to major corporations. Its holdings total approximately 15.7 million sf of space.

Separately, Lexington declared a dividend of 32 cents per common share payable on Aug. 14 to shareholders of record as of July 31.

Franchise Finance, based in Scottsdale, AZ, specializes in mortgages and long-term real estate leases, construction and acquisition financing and equipment loans to multi-unit operators of chain restaurants and convenience stores. Its investment/servicing portfolio totals more than 67,400 properties in the US and Canada.

Created in 1997, the S&P REIT Composite Index, which tracks 105 companies, covers 90% of the securitized US real estate market.

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