Lexington Acquires Net Lease Strategic Assets Fund for $480M

Lexington Realty Trust

, a real estate investment trust focused on single-tenant real estate investments, announced today that it has entered into a definitive agreement to acquire, from Inland American (Net Lease) Sub, LLC ("Inland"), Inland's interest in Net Lease Strategic Assets Fund L.P. ("NLS"), an existing joint venture between Inland and Lexington formed in 2007, in a transaction valued at approximately $480.0 million. This transaction expands Lexington's asset base and consolidates Lexington's ownership of a 98.7% leased portfolio, which Lexington owned and/or managed since before NLS was formed. The cash component of Lexington's purchase price is approximately $1.3 million, net of NLS cash balances of $8.1 million at August 31, 2012. In addition, at August 31, 2012, NLS had approximately $258.0 million of consolidated debt.