Speaking at Nareit's REITWeek 2007, CEO T. Wilson Eglin saidLexington has identified 109 retail buildings--worth a total $350million--and 31 other assets--worth $850 million--it intends toplace on the selling block. The total disposition reaches $1.2billion.Lexington acquired most of the 109 retail assets as aresult of its $4.6-billion merger with Newkirk, which closed in thefourth quarter of 2006. Eglin explained he expects to sell most ofthe properties with cap rates in the 6s, with higher cap rates insmaller markets.
The REIT also earmarked several specialty assets, including callcenters and distribution facilities, it wants to move off balancesheet in a joint venture, Eglin added. He expects the company toventure with a single investor as opposed to multiple investors, headded.
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