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NEW YORK CITY-Locally based REIT Lexington Corporate Properties Trust, is selling 2.5 million common shares at $24.36 per share. LXP officials expect to raise approximately $60.7 million which will be used to repay indebtedness, fund acquisitions as well as for general corporate purposes.

The price represents a nearly 3.3% discount from the New York Stock Exchange closing price of $25.19 per share on July 12. The offering is being underwritten by Wachovia Securities. Lexington did not grant the underwriter an over-allotment option. All common shares will be offered under Lexington’s existing shelf registration statement.

LXP’s board of trustees then declared a dividend of $0.36 per common share payable on Aug. 15 to shareholders of record of common shares as of July 29. The board also declared dividends of $0.503125 per Series B Cumulative Redeemable Preferred Share and $0.8125 per Series C Cumulative Convertible Preferred Share. The Series B and Series C Preferred Share dividends are also payable on Aug. 15 shareholders of record of Series B and Series C Preferred Shares as of July 29. Lexington pays an annualized dividend of $1.44 per share.

Lexington, which owns and manages office, industrial and retail properties net-leased to major corporations throughout the US and provides investment advisory and asset management services to investors in the net lease area, will announce its quarterly results before the market opens on Aug. 2. In its most recent transaction, LXP acquired five industrial/manufacturing facilities described in further detail below in a $78.5-million sale-leaseback transaction with Dana Commercial Credit Corp. Each property remains net leased to Dana through June 2025.

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