Lexington Realty Trust (LXP) Tops Q1 EPS by 8c; Provides FY19 EPS Views

Lexington Realty Trust (NYSE: LXP) reported Q1 EPS of $0.11, $0.08 better than the analyst estimate of $0.03. Revenue for the quarter came in at $81.2 million versus the consensus estimate of $81.29 million.

First Quarter 2019 Highlights

• Recorded Net Income attributable to common shareholders of $26.4 million, or $0.11 per diluted common share.
• Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $47.2 million, or $0.20 per diluted common share.
• Disposed of one industrial property for a gross sales price of $79.3 million.
• Acquired two industrial properties for an aggregate cost of $58.0 million.
• Replaced its revolving credit facility and the 2021 term loan with a new revolving credit facility and the continuation of the 2021 term loan, which extended the maturity of the revolving credit facility to February 2023 and reduced the applicable margin rates on the revolving credit facility and 2021 term loan.
• Repurchased and retired 441,581 common shares at an average price of $8.13 per share.
• Completed 1.5 million square feet of new leases and lease extensions.

Subsequent Events

• Disposed of three consolidated properties for an aggregate gross disposition price of $32.6 million.
• Acquired two industrial properties for an aggregate cost of approximately $61.0 million.
• Satisfied $15.2 million in property non-recourse mortgage debt.
• Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.

T. Wilson Eglin, Chairman, Chief Executive Officer and President of Lexington Realty Trust, commented, “We continued making progress on our repositioning efforts in the first quarter, and we are on pace to complete approximately $400-$500 million or more of non-core, primarily office, dispositions by year end. We acquired two industrial distribution facilities during the quarter and purchased an additional $61 million subsequently. Our industrial exposure currently represents more than 72% of our gross book value and we remain focused on adding high-quality industrial product to our portfolio while reducing our remaining office exposure.”

GUIDANCE:

Lexington Realty Trust sees FY2019 EPS of $1.11-$1.15, versus the consensus of $0.11.

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

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