We spent the morning with Lexington Realty Trust photographing their senior management with two different backdrops. The first plain seamless setup was a "fashion" grey Savage roll and the second was the spectacular view from the CEO's office at One Penn Plaza in New York City.
Ben Hider - Event, Food and Portrait Photographer based in New York City and Westchester
Lexington Realty Trust's predecessor was organized in the state of Delaware in October 1993 upon the combination of two investment programs, Lepercq Corporate Income Fund L.P., which we refer to as LCIF, and Lepercq Corporate Income Fund II L.P., which we refer to as LCIF II, which were formed to acquire net-lease real estate assets providing current income. Lexington's predecessor was merged into Lexington Corporate Properties Trust, a Maryland statutory REIT, on December 31, 1997. On December 31, 2006, Lexington Corporate Properties Trust changed its name to Lexington Realty Trust and was the successor in a merger with Newkirk Realty Trust, or Newkirk. All of Newkirk's operations were conducted, and all of its assets were held, through its master limited partnership, subsequently named The Lexington Master Limited Partnership, which we refer to as the MLP. As of December 31, 2008, the MLP was merged with and into Lexington. As of December 30, 2013, LCIF II was merged with and into LCIF.
Since 1993, Lexington has made quarterly distribution to its shareholders and unit holders without interruption.
Lexington is structured as an umbrella partnership REIT, or UPREIT, as a portion of its business is conducted through its operating partnership subsidiary, LCIF. In addition to LCIF and LCIF II, Lexington had a third operating partnership subsidiary, Net 3, Acquisition L.P., which was merged with and into Lexington on December 31, 2010. The outstanding limited partner interests in LCIF, or OP units, are generally redeemable for Lexington's common shares on a one OP unit for approximately 1.13 common shares basis, or, at Lexington's election in certain instances, cash. Lexington believes that this structure facilitates its ability to raise capital and to acquire portfolio and individual properties by enabling Lexington to structure transactions which may defer tax gains for a contributor of property.