Lexington Realty Trust a Maryland REIT was incorporated in the state of Delaware in October 1993. Its predecessor, Lexington Corporate Properties, Inc., was organized in the state of Delaware and upon the combination of two investment programs, Lepercq Corporate Income Fund L.P., LCIF, and Lepercq Corporate Income Fund II L.P., LCIF II, which were formed to acquire net-lease real estate assets providing current income. The Company's predecessor was merged into Lexington Corporate Properties Trust, a Maryland statutory REIT, on December 31, 1997. On December 31, 2006, Lexington Corporate Properties Trust changed its name to Lexington Realty Trust and was the successor in a merger with Newkirk Realty Trust, or Newkirk, referred to as the Newkirk Merger. The Company acquires, owns, and manages a geographically diversified portfolio of net leased office, industrial and retail properties and provides investment advisory and asset management services to investors in the net lease area. As of December 31, 2013, the Company had equity ownership interests in approximately 220 consolidated real estate properties, located in 41 states. A majority of the properties in which the Company had an interest are generally subject to net leases or similar leases where the tenant pays all or substantially all of the cost and/or cost increases for real estate taxes, insurance, utilities and ordinary maintenance of the property. The Company grows its portfolio by: (1) buying properties and leasing them back to the sellers under net leases, (2) acquiring properties already subject to net leases, (3) making mortgage and mezzanine loans secured by single tenant buildings and (4) engaging in, or providing capital to developers who are engaged in, "build-to-suit" projects for corporate users. The Company monitors the financial, property maintenance and other lease obligations of its tenants through a variety of means, including periodic reviews of financial statements and physical inspections of the properties. The Company's competitors include other REITs, pension funds, banks, private companies and individuals.
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