Lexington Realty Trust (LXP) Misses Q3 EPS by 5c, Beats on Revenues; Offers FY17 EPS Guidance Above Consensus

Lexington Realty Trust (NYSE: LXP) reported Q3 EPS of $0.02, $0.05 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $97.69 million versus the consensus estimate of $96.55 million.

2017 EARNINGS GUIDANCE

Lexington now estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2017 will be within an expected range of $0.35 to $0.37. Lexington is narrowing its Adjusted Company FFO for the year ended December 31, 2017 to be within an expected range of $0.95 to $0.97 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

Third Quarter 2017 Highlights

• Generated Net Income attributable to common shareholders of $3.9 million, or $0.02 per diluted common share.
• Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $60.7 million, or $0.25 per diluted common share.
• Acquired four industrial properties for an aggregated cost of $266.1 million and completed the Opelika, AL industrial build-to-suit project for $37.3 million.
• Disposed of 12 properties for $42.0 million.
• Amended the revolving credit facility, together with the related term loans, increasing the capacity by $200.0 million.
• Retired $25.2 million of secured debt.
• Completed 1.2 million square feet of new leases and lease extensions with portfolio 97.9% leased at quarter end.

GUIDANCE:

Lexington Realty Trust sees FY2017 EPS of $0.35-$0.37, versus the consensus of $0.33.

For earnings history and earnings-related data on Lexington Realty Trust (LXP) click here.

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