Lexington Realty Trust (LXP) Tops Q1 EPS by 10c, Revenues Beat

Lexington Realty Trust (NYSE: LXP) reported Q1 EPS of $0.14, $0.10 better than the analyst estimate of $0.04. Revenue for the quarter came in at $92.6 million versus the consensus estimate of $81.67 million.

T. Wilson Eglin, Chairman and Chief Executive Officer of Lexington Realty Trust, commented, “Our industrial portfolio continued to benefit in the first quarter from strong market fundamentals with property values increasing, same store rent growth of 1.5%, and cash renewal rents increasing by 5.4%. During the quarter, we completed a development project in the Columbus market, which was fully leased prior to completion, and purchased another $51 million of income producing properties in our target markets. In addition, we made good progress in our capital recycling plan with $58 million of sales and we expect office sales to accelerate over the balance of the year as the pandemic eases.”

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

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