New York -- Paul Hastings, a leading global law firm, announced today that the firm advised Lexington Realty Trust (LXP), a real estate investment trust focused on single-tenant industrial real estate investments, in connection with the implementation of a new at-the-market (ATM) securities offering program. LXP filed a prospectus supplement to their shelf registration statement on November 27, 2019 for a new $300 million ATM program, which includes what is commonly referred to as a “registered forward facility” feature.
The registered forward facility feature provides flexibility for the ATM program to be utilized in conjunction with forward sale transactions between LXP and certain bank counterparties relating to LXP common shares. The registered forward facility feature has been gaining popularity in recent years, particularly with REIT issuers. The registered forward facility allows the issuer to both lock in favorable stock price and optimize the timing of its stock issuances, thereby minimizing the dilutive impact of its equity-raise.
The Paul Hastings team that advised LXP was led by Corporate partners Elizabeth Noe, Derivatives partner Joyce Sophia Xu, Tax partner Joseph Opich; Derivatives of counsel Diona Park; Corporate associate Jacob Stewart and Tax associate Joshua Milgrom.
At Paul Hastings, our purpose is clear—to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.