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Prepared Remarks: Operator Good morning, and welcome to the Lexington Realty Trust's second-quarter earnings conference call and webcast. I would now like to turn the conference over to Heather Gentry, investor relations. Please go ahead.
And how much of the million of assets held for sale is the freezer building?
And we have about eight ground leases that it affects. Could you talk a little bit about the health there? We agreed to lower rental rate in exchange for a longer lease term. The second portfolio transaction is comprised of two state-of-the-art distribution facilities located approximately 20 miles from one another in high demand, bulk distribution submarkets of Atlanta.
It just happened to be that during the first six months of the year, there tended to be more opportunity on the shorter end versus the longer, but it's not a specific change in strategy. We are currently in preliminary discussions with them regarding a longer lease term. Turning to earnings guidance. So we're looking into all the different options for the site of the facility.
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Good morning, everyone. We continue to make good progress on non-core asset sales and still expect the majority of this activity to close late in the third quarter or in the fourth quarter of this year. As a result of this potential sale, together with our other dispositions, we expect overall pricing on dispositions to come in much better than expected and very favorable when compared to the 8.
And the second is we're evaluating our options. If Brendan's comments were oriented toward the pipeline, where we ofol close to 11 years of weighted average lease term on what's coming. Radiologists provide imaging as an extension of the physical exam. So we haven't seen the effects at this point, although hope to benefit from the reduction in interest rates as we're selling longer-term stuff.
We have six -- there are seven assets in total in the held for sale. So the rent is reflected, not paying those costs for the seven-year term. We really haven't seen a dramatic impact. And then maybe you talked about this already, but you have an operating lease liability of about 41 sants.
So I think if we can get a little more details on the couple of industrial renewals you did this quarter, L'Oreal and TI Automotive. Please go ahead. And one more on capex, you mentioned, Will, in that you expect that that will decline meaningfully versus Yeah, active. Our remaining office expirations have been addressed either through sale, future sale or lease. And then you guys talked about the same-store growth. Additionally, we believe there is a strong probability of renewal in the future for both properties.
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We remain extremely active on the disposition front, demand for assets in the marketplace remains strong, and overall pricing has been better than we had anticipated in many cases. Jon Petersen -- Jefferies -- Analyst Great, thanks. Lexungton
Fkol overall impact to FFO is de minimis. In addition to these properties, we purchased two property industrial portfolios in well-located submarkets within Memphis and Atlanta. The preferred sale has obviously created a need to use a lot of acquisitions in the pipeline for that exchange. Don't you -- do you have an expansion going on there before you sell it?
This timing extends to the new assets included in the revised disposition plan that Will discussed earlier. So in terms of the held for sale. In addition to these properties, we are currently reviewing other investments in the marketplace, which includes the expiration of the limited of speculative development opportunities.
Our balance sheet remains in great shape with our capital needs being satisfied primarily through dispositions. This activity aligned well with our stated business objectives of acquiring high-quality industrial assets, disposing of non-core assets and proactively managing lease expirations. I will now turn the call over to the operator, who will conduct the question-and-answer portion of the call.
Given the expected sale of the preferred freezer facility, managing our substantial tax gains is critical. I'll now turn the call over to Lara to discuss dispositions. We are actively working on leasing expirations for and beyond and have begun discussions or in negotiations with many of our tenants.
This is always subject to change due to a variety of factors including the timing of the completion of the improvement. We expect this transaction to close late in the third quarter or early in the fourth quarter of this year.
And if you look at the supplement in the property chart, you'll see which assets they represent.