Lexington Realty Trust (NYSE: LXP) reported Q1 EPS of $0.06, $0.03 better than the analyst estimate of $0.03. Revenue for the quarter came in at $80.83 million versus the consensus estimate of $80.59 million.

First Quarter 2020 Highlights

• Recorded Net Income attributable to common shareholders of $16.5 million, or $0.06 per diluted common share.
• Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $49.3 million, or $0.19 per diluted common share.
• Acquired four industrial properties for an aggregate cost of $195.5 million.
• Disposed of two office properties for an aggregate gross price of $29.6 million.
• Raised net proceeds of $17.3 million by issuing approximately 1.6 million common shares through the ATM program at an average price of $11.24 per share.
• Repurchased 1.3 million common shares at an average price of $8.28 per share.
• Completed 337 thousand square feet of new lease and lease extensions.
• Increased industrial portfolio to 83.2% of gross real estate assets.

T. Wilson Eglin, Chairman and Chief Executive Officer of Lexington Realty Trust, commented, “Our portfolio has performed well during the Covid-19 pandemic, demonstrating resilience that is a hallmark of our investment strategy. In this environment, we believe investment opportunities are likely to be more favorable than they have been in the recent past and we plan to use disposition proceeds, retained cash flow, our balance sheet flexibility and access to capital to grow our industrial portfolio. Furthermore, the pandemic has accelerated e-commerce growth, demonstrated the value of more resilient supply chains, and increased the possibility of greater domestic production of goods going forward. These trends bode well for our industrial growth strategy.”

GUIDANCE:

Lexington Realty Trust sees FY2020 EPS of $0.77-$0.80, versus the consensus of $0.12.

• Lexington now estimates that its net income attributable to common shareholders for the year ended December 31, 2020 will be within an expected range of $0.77 to $0.80 per diluted common share.
• Additionally, Lexington is reaffirming that its Adjusted Company FFO for the year ended December 31, 2020 is expected to be within a range of $0.74 to $0.77 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

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