FBR Initiates Coverage of Lexington Corporate Properties Trust

Apr 25, 2001, 01:00 ET from Friedman, Billings, Ramsey Group, Inc.

    ARLINGTON, Va., April 25 /PRNewswire/ -- Friedman, Billings, Ramsey & Co.,
 Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR),
 today initiated coverage of Lexington Corporate Properties Trust (NYSE:   LXP)
 with an "Accumulate" rating and a 12-month price target of $14 per share.
     In the 18-page report, Senior Real Estate Analyst Merrill Ross identified
 Lexington as a highly stable real estate investment trust, poised for multiple
 expansion in the next year due to its geographic diversity, development
 efforts into other lines of business, strong acquisition pipeline, and
 upcoming joint ventures.  Ross said that these joint ventures, in which
 Lexington will invest $300 million in 2001-2002, should fuel growth.
     "LXP shares are trading at about 7 times earnings, whereas three years ago
 they traded at 10 times earnings," Ms. Ross said.  "Since then, the company
 has expanded, diversified into other lines of business, and the interest rate
 environment has improved.  The company also trades at a discount to the
 average of its peer group.  We look for multiple expansion as LXP continues to
 grow through accretive acquisitions in 2001-2002."
     Lexington Properties Corporate Trust is a New York, N.Y.-based REIT that
 owns properties subject to triple-net leases.  The company's predecessor was
 founded in 1973, and LXP became a publicly-traded REIT in October 1993. As of
 year-end 2000, LXP owned 71 industrial, office, and retail properties in 29
 states.  In addition to the core business of owning the net-leased portfolio,
 LXP also has a subsidiary that provides asset management and investment
 advisory services, and it manages an additional portfolio of 25 properties in
 15 states that it plans to acquire during 2001.
     Lexington Properties Corporate Trust closed last night at $13.46 per
 share.
     For a complete copy of this report, please visit http://www.fbr.com, or
 contact your FBR institutional salesperson.
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR), the parent company of
 Friedman, Billings, Ramsey & Co., Inc., is a financial holding company for
 investment banking, institutional brokerage, specialized asset management, and
 banking products and services.  FBR provides capital and financial expertise
 throughout a company's lifecycle and affords investors access to a range of
 proprietary financial products and services.  Headquartered in the Washington
 metropolitan area, FBR has offices in Arlington and Reston, Va., Bethesda,
 Md., Boston, Charlotte, Chicago, Cleveland, Dallas, Irvine, Ca., New York
 City, Portland, Seattle, London, and Vienna.  For more information, see
 http://www.fbr.com .
 
     Additional information on the securities mentioned in this report is
 available upon request.  This report is based on data obtained from sources we
 believe to be reliable, but is not guaranteed as to accuracy and does not
 purport to be complete.  Because of individual client objectives, this report
 should not be construed as advice designed to meet the particular investment
 needs of any investor. Any opinions expressed herein are subject to change.
 This report is not to be construed as an offer or the solicitation of an offer
 to buy or sell the securities herein mentioned.  The analysts in this report
 may at one time have a long or short position in the securities mentioned in
 this report.  From time to time, this firm, its affiliated entities and/or
 their respective directors, officers, employees or members of their immediate
 families may have a long or short position in the securities mentioned in this
 report.  These securities may be sold to or purchased from customers or
 otherwise by this firm, its affiliated entities, and/or its directors,
 officers, employees or members of their immediate families, as principal or
 agent.
 
     Friedman, Billings, Ramsey Group, Inc. is a member of the National
 Association of Securities Dealers, CRD number 25027.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X21301168
 
 

SOURCE Friedman, Billings, Ramsey Group, Inc.
    ARLINGTON, Va., April 25 /PRNewswire/ -- Friedman, Billings, Ramsey & Co.,
 Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR),
 today initiated coverage of Lexington Corporate Properties Trust (NYSE:   LXP)
 with an "Accumulate" rating and a 12-month price target of $14 per share.
     In the 18-page report, Senior Real Estate Analyst Merrill Ross identified
 Lexington as a highly stable real estate investment trust, poised for multiple
 expansion in the next year due to its geographic diversity, development
 efforts into other lines of business, strong acquisition pipeline, and
 upcoming joint ventures.  Ross said that these joint ventures, in which
 Lexington will invest $300 million in 2001-2002, should fuel growth.
     "LXP shares are trading at about 7 times earnings, whereas three years ago
 they traded at 10 times earnings," Ms. Ross said.  "Since then, the company
 has expanded, diversified into other lines of business, and the interest rate
 environment has improved.  The company also trades at a discount to the
 average of its peer group.  We look for multiple expansion as LXP continues to
 grow through accretive acquisitions in 2001-2002."
     Lexington Properties Corporate Trust is a New York, N.Y.-based REIT that
 owns properties subject to triple-net leases.  The company's predecessor was
 founded in 1973, and LXP became a publicly-traded REIT in October 1993. As of
 year-end 2000, LXP owned 71 industrial, office, and retail properties in 29
 states.  In addition to the core business of owning the net-leased portfolio,
 LXP also has a subsidiary that provides asset management and investment
 advisory services, and it manages an additional portfolio of 25 properties in
 15 states that it plans to acquire during 2001.
     Lexington Properties Corporate Trust closed last night at $13.46 per
 share.
     For a complete copy of this report, please visit http://www.fbr.com, or
 contact your FBR institutional salesperson.
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR), the parent company of
 Friedman, Billings, Ramsey & Co., Inc., is a financial holding company for
 investment banking, institutional brokerage, specialized asset management, and
 banking products and services.  FBR provides capital and financial expertise
 throughout a company's lifecycle and affords investors access to a range of
 proprietary financial products and services.  Headquartered in the Washington
 metropolitan area, FBR has offices in Arlington and Reston, Va., Bethesda,
 Md., Boston, Charlotte, Chicago, Cleveland, Dallas, Irvine, Ca., New York
 City, Portland, Seattle, London, and Vienna.  For more information, see
 http://www.fbr.com .
 
     Additional information on the securities mentioned in this report is
 available upon request.  This report is based on data obtained from sources we
 believe to be reliable, but is not guaranteed as to accuracy and does not
 purport to be complete.  Because of individual client objectives, this report
 should not be construed as advice designed to meet the particular investment
 needs of any investor. Any opinions expressed herein are subject to change.
 This report is not to be construed as an offer or the solicitation of an offer
 to buy or sell the securities herein mentioned.  The analysts in this report
 may at one time have a long or short position in the securities mentioned in
 this report.  From time to time, this firm, its affiliated entities and/or
 their respective directors, officers, employees or members of their immediate
 families may have a long or short position in the securities mentioned in this
 report.  These securities may be sold to or purchased from customers or
 otherwise by this firm, its affiliated entities, and/or its directors,
 officers, employees or members of their immediate families, as principal or
 agent.
 
     Friedman, Billings, Ramsey Group, Inc. is a member of the National
 Association of Securities Dealers, CRD number 25027.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X21301168
 
 SOURCE  Friedman, Billings, Ramsey Group, Inc.