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Lexington Realty Trust (LXP - Snapshot Report), a real estate investment trust (REIT), recently announced that one of its subsidiaries has acquired a warehouse and distribution facility in Shreveport, Louisiana for around $13.0 million.

The acquired property is a recently constructed building spanning 258,000 square foot and the subsidiary of Lexington Realty had financed $2.5 million for the construction of the facility, which the developer of the facility fully repaid at the time of the acquisition.

The property is net leased to The Tire Rack, Inc. and the lease term will end in March 2022. During the lease term, the average rent of the property is approximately 10.0% of the acquisition price.

South Bend, Indiana-based Tire Rack, Inc. engages in the distribution of automotive tires and wheels in Indiana, Nevada, Connecticut, Delaware, Louisiana, and Georgia. The company also offers other products like suspension products, brakes, accessories, as well as installation and upgrade services.

The facility acquisition is a part of the company’s long-term strategy to focus on improving the quality of its portfolio by divesting non-core assets and acquiring strategic assets. This portfolio management effort is expected to free funds for further investments and rewarding shareholders.

Recently, another joint venture partner of Lexington Realty acquired a 55,650 square feet in-patient rehabilitation hospital in Humble, Texas for $27.8 million. Further, one of the subsidiaries of Lexington Realty also acquired a Texas-based 152 acres industrial property for $23.0 million.

New York City-based Lexington Realty owns, invests and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area.

Lexington Realty, which competes with the likes of Boston Properties Inc. (BXP - Analyst Report) and Cousins Properties Inc. (CUZ - Analyst Report), will likely release its second quarter 2012 earnings on July 30, 2012. The Zacks Consensus Estimate for second quarter 2012 FFO per share (fund from operations) is pegged at 23 cents. We presently have long-term Neutral recommendation and a Zacks #2 Rank for the company, implying a short-term Buy rating.

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