Lexington Corporate Properties Trust Announces Columbia, South Carolina Property Expansion

Apr 18, 2001, 01:00 ET from Lexington Corporate Properties Trust

    NEW YORK, April 18 /PRNewswire/ -- Lexington Corporate Properties Trust
 (NYSE:   LXP) ("Lexington"), a real estate investment trust, today announced
 that a joint venture it formed with a private investor has entered into an
 agreement to develop a 107,894 square foot expansion of its
 348,410 square foot office building in Columbia, South Carolina.  The
 property, net-leased to Blue Cross Blue Shield of South Carolina, was acquired
 by the joint venture in 1999 for $42.5 million.  The estimated cost of the
 expansion is $10.5 million.
     The two-story expansion, expected to be completed by October 2001, will be
 leased to the tenant for eight years.  Initial annual net rent payable during
 the eight-year lease is expected to equal 16.95% of construction cost, which
 will increase to 19.50% of construction cost in year four. During the
 construction, Lexington's joint venture will earn interest on amounts advanced
 at 9.00% per annum.  Under the terms of the joint venture, Lexington's partner
 will contribute 60% of the construction cost and cash flow will generally be
 allocated 40% to Lexington and 60% to the joint venture partner.
     Richard J. Rouse, Vice Chairman and Co-Chief Executive Officer, commented,
 "This expansion represents an opportunity for us to satisfy the growing space
 needs of our tenant while providing our shareholders with an attractive return
 on our capital investment.  Moreover, we expect that we can finance a portion
 of the construction cost at an attractive interest rate.  This positive
 leverage would further enhance our return on equity."
     Lexington Corporate Properties Trust is a real estate investment trust
 that owns and manages office, industrial and retail properties net-leased to
 major corporations throughout the United States.  Lexington common shares
 closed April 18, 2001 at $13.17 per share.   Lexington Realty Advisors, Inc.,
 an affiliate of Lexington, provides investment advisory and asset management
 services to investors in the net lease area.  Lexington pays an annualized
 dividend of $1.28 per share and has approximately 25.1 million convertible
 preferred shares, common shares and convertible operating partnership units
 outstanding.  Additional information about Lexington is available at
 http://www.lxp.com .
     This release contains certain forward-looking statements which involve
 known and unknown risks, uncertainties or other factors not under the
 Company's control which may cause actual results, performance or achievements
 of the Company to be materially different from the results, performance, or
 other expectations implied by these forward-looking statements.  These factors
 include, but are not limited to, those detailed in the Company's periodic
 filings with the Securities and Exchange Commission.
 
     FOR MORE INFORMATION ON LEXINGTON CORPORATE PROPERTIES TRUST, VIA FAX AT
 NO COST, SIMPLY DIAL 1-800-PRO-INFO AND ENTER THE TICKER SYMBOL LXP.
 
 

SOURCE Lexington Corporate Properties Trust
    NEW YORK, April 18 /PRNewswire/ -- Lexington Corporate Properties Trust
 (NYSE:   LXP) ("Lexington"), a real estate investment trust, today announced
 that a joint venture it formed with a private investor has entered into an
 agreement to develop a 107,894 square foot expansion of its
 348,410 square foot office building in Columbia, South Carolina.  The
 property, net-leased to Blue Cross Blue Shield of South Carolina, was acquired
 by the joint venture in 1999 for $42.5 million.  The estimated cost of the
 expansion is $10.5 million.
     The two-story expansion, expected to be completed by October 2001, will be
 leased to the tenant for eight years.  Initial annual net rent payable during
 the eight-year lease is expected to equal 16.95% of construction cost, which
 will increase to 19.50% of construction cost in year four. During the
 construction, Lexington's joint venture will earn interest on amounts advanced
 at 9.00% per annum.  Under the terms of the joint venture, Lexington's partner
 will contribute 60% of the construction cost and cash flow will generally be
 allocated 40% to Lexington and 60% to the joint venture partner.
     Richard J. Rouse, Vice Chairman and Co-Chief Executive Officer, commented,
 "This expansion represents an opportunity for us to satisfy the growing space
 needs of our tenant while providing our shareholders with an attractive return
 on our capital investment.  Moreover, we expect that we can finance a portion
 of the construction cost at an attractive interest rate.  This positive
 leverage would further enhance our return on equity."
     Lexington Corporate Properties Trust is a real estate investment trust
 that owns and manages office, industrial and retail properties net-leased to
 major corporations throughout the United States.  Lexington common shares
 closed April 18, 2001 at $13.17 per share.   Lexington Realty Advisors, Inc.,
 an affiliate of Lexington, provides investment advisory and asset management
 services to investors in the net lease area.  Lexington pays an annualized
 dividend of $1.28 per share and has approximately 25.1 million convertible
 preferred shares, common shares and convertible operating partnership units
 outstanding.  Additional information about Lexington is available at
 http://www.lxp.com .
     This release contains certain forward-looking statements which involve
 known and unknown risks, uncertainties or other factors not under the
 Company's control which may cause actual results, performance or achievements
 of the Company to be materially different from the results, performance, or
 other expectations implied by these forward-looking statements.  These factors
 include, but are not limited to, those detailed in the Company's periodic
 filings with the Securities and Exchange Commission.
 
     FOR MORE INFORMATION ON LEXINGTON CORPORATE PROPERTIES TRUST, VIA FAX AT
 NO COST, SIMPLY DIAL 1-800-PRO-INFO AND ENTER THE TICKER SYMBOL LXP.
 
 SOURCE  Lexington Corporate Properties Trust