Barclays Maintains an 'Equalweight' on Lexington Realty Trust (LXP); Investment Pipeline Builds

Barclays maintains an 'Equalweight' on Lexington Realty Trust (NYSE: LXP) price target of $8.00.

Barclays analyst says, "Key Takeaway: LXP expects net move-outs through the end of 2012; however, the impact is relatively benign (about 200bps) in light of the macroeconomic backdrop. In addition, LXP has been able to partially offset some of the expected lost rental income with additional investment activity. Since the end of the second quarter, LXP has acquired $18 million of assets and committed $73 million of capital to new build-to-suit projects; initial unlevered returns are expected to be 9-10%. Although we do not anticipate a positive inflection in earnings until 2014, we think that the current cash flow profile of the company more than supports current valuation levels with an option on future investment potential."

"Lexington narrowed its 2011 operating FFO per share guidance to $0.91-$0.93 from $0.90-$0.93; our 2011 operating FFO per share estimate of $0.91 falls at the low end of guidance."

For an analyst ratings summary and ratings history on Lexington Realty Trust click here. For more ratings news on Lexington Realty Trust click here.

Shares of Lexington Realty Trust closed at $7.78 yesterday.

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