LEXINGTON BUYS INLAND AMERICAN'S INTEREST IN JV FUND FOR $480M

NEW YORK CITY — Lexington Realty Trust is acquiring Inland American (Net Lease) Sub LLC's interest in Net Lease Strategic Assets Fund (NLS), a joint venture between New York City-based Lexington and Inland. The transaction is valued at $480 million. The joint venture was intially formed in 2007 and the current deal will expand Lexington's asset base and consolidate the company's ownership of the portfolio. The portfolio is 98.7 percent leased and includes 26 office properties, 13 industrial properties and two specialty properties in 23 states. Tenants include Northrop Grumman and Honeywell. Inland previously held an 85 percent common equity interest in NLS, while Lexington held a 15 percent common equity interest and a 100 percent preferred equity interest.