Lexington Realty Trust (LXP) Tops Q4 EPS by 31c, Revenues Beat; Offers FY21 EPS Guidance Above Consensus

Lexington Realty Trust (NYSE: LXP) reported Q4 EPS of $0.37, $0.31 better than the analyst estimate of $0.06. Revenue for the quarter came in at $83.32 million versus the consensus estimate of $82.78 million.

Fourth Quarter 2020 Highlights

• Generated Net Income attributable to common shareholders of $102.7 million, or $0.37 per diluted common share.
• Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $55.0 million, or $0.19 per diluted common share.
• Collected 99.8% of Cash Base Rents due during the fourth quarter.
• Disposed of eight properties for an aggregate gross disposition price of $292.3 million.
• Acquired four warehouse/distribution properties for an aggregate cost of $182.0 million.
• Invested an aggregate of $33.8 million in development projects.
• Increased industrial portfolio to 90.8% of gross real estate assets, excluding held for sale assets.
• Completed 1.7 million square feet of lease extensions.
• Fully leased the 320,190 square foot warehouse/distribution speculative development project located in Rickenbacker, Ohio.
• Declared a quarterly common share/unit dividend/distribution of $0.1075 per share/unit, an increase of 2.4%.
• Satisfied $197.1 million of secured debt with a weighted-average interest rate of 4.3%.

T. Wilson Eglin, Chairman, Chief Executive Officer and President of Lexington, commented “Our fourth quarter results were strong, and we are pleased with 2020 execution in all areas of our business. We remained active on both the acquisition and disposition front during the quarter and our industrial exposure reached 91% of our overall gross real estate assets at year-end. In 2020, we added 6.6 million square feet of high-quality warehouse/distribution product to our industrial portfolio and made progress adding to our development pipeline. Consistent rental collections of over 99% were achieved throughout the year, and industrial renewal rents grew over 3% in the fourth quarter and 17.5% overall in 2020. We are well-positioned heading into 2021 with leverage low at 4.8x Net Debt to Adjusted EBITDA, ample cash on the balance sheet, and a healthy investment pipeline.”

GUIDANCE:

Lexington Realty Trust sees FY2021 EPS of $0.58-$0.62, versus the consensus of $0.26.

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

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