Lexington Realty Trust adjusts conversion price of 6% convertibles

By Tali David

Minneapolis, Oct. 1 - Lexington Realty Trust increased the conversion rate of its 6% convertible guaranteed notes, according to an 8-K filing with the Securities and Exchange Commission.

Effective Sept. 29, the conversion rate of the notes was adjusted to 144.2599 common shares per $1,000 principal amount of the notes, representing a conversion price of $6.93 per common share.

Lexington Realty said the increase is due to a dividend increase to $0.15 per common share from $0.125 per common share.

Lexington Realty is a New York-based real estate investment trust that acquires, owns and manages a portfolio of office, industrial and retail properties net-leased to corporate tenants.

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