Lexington Realty Trust (LXP) Reports Q3 EPS of $0.90, Revenues Beat

Lexington Realty Trust (NYSE: LXP) reported Q3 EPS of $0.90, versus $0.11 reported last year. Revenue for the quarter came in at $100 million versus the consensus estimate of $96.16 million.

T. Wilson Eglin, Chief Executive Officer and President of Lexington Realty Trust, commented, “Our repositioning efforts during the third quarter led to the successful disposition of $839 million of non-industrial assets, which included a $726 million office portfolio sold to a newly-formed joint venture. Disposition and reinvestment initiatives this year have increased industrial revenues to over 60% of our overall portfolio while significantly reducing our office exposure. During the quarter, we acquired $71 million of high-quality industrial assets, retired $346 million of corporate debt and repurchased and retired 0.9 million common shares. We are extremely pleased with our third quarter execution, and, as we look ahead, we remain committed to disposing of non-industrial assets so our portfolio consists of primarily single-tenant, net-leased industrial assets.”

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

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