Lexington Realty Raises Capital After Big Share Gains

BofA/Merrill Lynch, Wells Fargo Securities, Jefferies and Barclays were fingered as the joint book-running managers for this secondary offering; co-lead managers named were J.P. Morgan and KeyBanc Capital Markets. Lexington also has granted this underwriting group a 30-day option to purchase up to an additional 3,000,000 common shares at the same terms as the offering.

Lexington closed at $12.05 on Monday against a 52-week range of $7.82 to $12.19. As far as the gross proceeds of $234 million, its pre-secondary market cap was $2.28 billion.

This trust pays roughly a 5% dividend yield to its investors as of the close, although that will be slightly higher as shares are down 2.7% at $11.72 this morning.