KBW Maintains Outperform Rating on Lexington Realty Trust

KBW is maintaining its OP rating on Lexington Realty Trust LXP. “LXP upsized its originally announced 8M share offering to 10M shares priced at $9.45 or just 2% below prior day's close (expected gross proceeds of $108.6M (assuming 1.5M shoe is exercised),” KBW writes. “Although LXP shares have been a big outperformer YTD, the timing of the offering was earlier than we had expected - the acquisition pipeline has picked up significantly in the last six weeks.” Lexington Realty Trust closed Friday at $9.50.