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Lexington (LXP) Sells Land Investments for $338 Million

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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).

Some better-ranked stocks in the same space include CorEnergy Infrastructure Trust, Inc. (CORR - Free Report) , 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.

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