See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Crown Castle Inc. (CCI) - free report >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Crown Castle Inc. (CCI) - free report >>
Image: Bigstock
Lexington (LXP) Sells Land Investments for $338 Million
Lexington Realty Trust (LXP - Free Report) has announced the sale of three remaining New York City land investments for a gross price of around $338.2 million. This disposition has turned out to be a successful one as it has generated strong cash flow and capital appreciation for the shareholders. Further, price at which the sale was made was higher than the expected pricing.
The buyer assumed around $213.1 million of debt in relation to the sale. Due to this disposition, Lexington is expected to incur an estimated non-cash impairment charge of around $65 million in the third-quarter 2016.
Lexington Realty is engaged in the ownership, operation and management of a diverse portfolio of real properties. Lexington Realty currently has a Zacks Rank #3 (Hold).
LEXINGTON PPTY Price
LEXINGTON PPTY Price | LEXINGTON PPTY Quote
Some better-ranked stocks in the same space include CorEnergy Infrastructure Trust, Inc. , Crown Castle International Corp. (CCI - Free Report) and Seritage Growth Properties (SRG - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Current-quarter estimates for both Crown Castle International and Seritage Growth Properties moved up over the past one month.
CorEnergy Infrastructure Trust’s current-quarter estimates remained stable over the last month.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>