Subject: [NEXTEL-1] Lexington Corporate Properties Trust Acquires Nextel Properties

From: [email-masked]
Date: Wed, 22 Oct 2003 12:56:35 -0400

Lexington Corporate Properties Trust Acquires Nextel Properties
October 21, 2003 5:33pm
PR Newswire

NEW YORK, Oct. 21 /PRNewswire-FirstCall/ -- Lexington Corporate Properties Trust
(NYSE: LXP), a real estate investment trust, today announced that it has acquired
two properties for $26.6 million. The properties are located in Temple, Texas and
Bremerton, Washington.

Temple, Texas Property

The Temple, Texas Property, acquired for $15.25 million, is a 108,800 square foot
office facility on 14.3 acres net-leased to Nextel of Texas, Inc. through January
2016. The obligations of the lessee are guaranteed by Nextel Finance Company
("Nextel Finance"), a wholly-owned subsidiary of Nextel Communications, Inc. The
average annual net rent payable during the lease term is $1.56 million, or 10.23%
of the purchase price.

Bremerton, Washington Property

The Bremerton, Washington Property, acquired for $11.35 million, is a 60,200
square foot office facility on 6.9 acres net-leased to Nextel West Corp. through
May 2016. The obligations of the lessee are guaranteed by Nextel Finance. The
average annual net rent payable under the lease is $1.11 million, or 9.78% of the
purchase price.

Comments From Management

Richard J. Rouse, Lexington's Vice Chairman and Chief Investment Officer,
commented, "We are pleased to expand our relationship with Nextel by adding these
two properties to our portfolio of single-tenant properties. Our portfolio now
consists of 110 properties in 31 states containing approximately 20.8 million
square feet. These acquisitions bring our volume for the year to $203.5 million.
We have now exceeded our acquisition volume targets for 2003 and are
well-positioned to exceed our previous record of $277 million."

About Lexington

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 and provides investment advisory and
asset management services to investors in the net lease area. Lexington common
shares closed Tuesday, October 21, 2003 at $20.22 per share. Lexington pays an
annualized dividend of $1.34 per share. Additional information about Lexington is
available at www.lxp.com .

http://www.hoovers.com/free/news/detail.xhtml?ArticleID=NR200310211680.2_7df4000b7c2e051f

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