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NEW YORK CITY-”We’re executing on all cylinders,” Lexington Corporate Properties Trust CEO Will Eglin tells GlobeSt.com. As part of that effort, the locally based REIT expects to launch its fourth investment program some time in the third quarter. The fund will focus on “high-yield activities and special-purpose properties,” he adds. After launch, Eglin anticipates that within 12 to 15 months the fund will have a purchasing capability of between $500 million and $600 million.

“It’s been a really good quarter for us–a record one,” Eglin says, noting that the REIT experienced a 13.6% growth over last year. Much of that growth can be attributed to acquisitions. In the quarter, Lexington closed on 33 investments for an aggregate capitalized cost of $945.6 million, including $393.1 million in joint ventures.

Eglin expects the REIT will have another $100 million of acquisitions closed by the end of the third quarter. He says it’s on track to have a total $1.2 billion to $1.3 billion on investments by the end of the year, including those with joint venture partners. “We will continue to grow on the acquisition front even in this highly competitive market that makes it harder to uncover assets.”

Funds from operations were $34 million, or $0.57 per diluted share/unit, compared to $22.7 million, or $0.43 per diluted share/unit, for the second quarter of 2004. Rental revenues for the quarter totaled $46.2 million, compared to rental revenues of $34.7 million for the same period last year. For the six months ended June 30, FFO were $57.1 million, while rental revenues totaled $83 million. During the quarter the REIT also obtained $615.1 million of non-recourse financing at an average fixed rate of 5.19%.


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