Lexington Realty (LXP) has a terrible track record of weak shareholder returns. There have been times, including the present, when it appears to be a value play, but I fear that value will quickly be eroded. Management is making large mistakes that are destroying shareholder value and I will be avoiding the stock. To gain perspective on these mistakes, let us examine the landscape of hybrid triple-net REITs.
Office/Industrial NNN REITs
A clear preference for industrial over office has developed among REIT investors. Industrial REITs trade at a higher multiple and capital is