Lexington Realty (LXP) cuts dividend on mix shift.

Included with Lexington Realty Trust's 4Q'18 earnings release was an announcement that the dividend was being cut from $0.1775/quarter to $0.1025 (42% decrease), starting with the 1Q'19 quarterly dividend.  The move is being made in response to a shift in portfolio mix toward industrial properties, which have a lower initial yield, and LXP's decision to retain more cash flow for debt reduction.  The new dividend rate will approximate LXP's taxable income for 2019.

Based on the 2/27/19 closing stock price of $9.38, LXP has a forward dividend yield of 4.4%.