Lexington Realty Trust (LXP) Misses Q2 EPS by 7c, Revenues Beat; Offers FY18 EPS Outlook

Lexington Realty Trust (NYSE: LXP) reported Q2 EPS of ($0.01), $0.07 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $105.49 million versus the consensus estimate of $100.27 million.

• Generated Net Loss attributable to common shareholders of $3.3 million, or $(0.01) per diluted common share.
• Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $62.4 million, or $0.25 per diluted common share.
• Acquired three industrial properties for an aggregate cost of $136.8 million.
• Sold three non-industrial properties for an aggregate of $65.6 million.
• Financed an industrial property generating initial gross proceeds of $25.9 million.
• Repurchased and retired 130,000 common shares at an average price of $7.87 per share.
• Borrowed $95.0 million, net, under its unsecured revolving credit facility.
• Completed 331,000 square feet of new leases and lease extensions with portfolio 97.3% leased at quarter end.

T. Wilson Eglin, Chief Executive Officer and President of Lexington Realty Trust, commented, “To date, we have added $137 million of new industrial assets to our portfolio and disposed of $175 million of office and other non-core assets. We remain committed to our business strategy of repositioning our portfolio so that it consists primarily of single-tenant net-leased industrial assets. Considerable progress has been made on reducing our office exposure and we continue to focus on accelerating our disposition efforts in this area of our business.”

GUIDANCE:

Lexington Realty Trust sees FY2018 EPS of $0.24-$0.27, versus the consensus of $0.10.

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

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