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Lexington Realty Trust Reports Second Quarter 2020 Results

August 6, 2020 6:00 AM

Collected 99.5% of Second Quarter Cash Base Rents and Increased Industrial Renewal Cash Base Rents by 21.6%

NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Lexington Realty Trust (“Lexington”) (NYSE: LXP), a real estate investment trust focused on single-tenant industrial real estate investments, today announced results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

Subsequent Events

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 and Chief Executive Officer of Lexington Realty Trust, commented, “We posted strong second quarter results, and we continue to make progress in our transition to an industrial REIT, with industrial exposure at quarter-end representing almost 85% of our gross real estate assets. Our rent collections have been excellent, averaging over 99.5% in the second quarter. We capitalized on investment opportunities during the quarter and acquired $164 million of high-quality industrial real estate product at average GAAP and cash capitalization rates of 5.6% and 5.3%, respectively. Industrial renewal rents increased by nearly 22% and our overall portfolio leased of 97.3% is slightly up when compared to last quarter.”

FINANCIAL RESULTS

Revenues

For the quarter ended June 30, 2020, total gross revenues were $81.8 million, compared with total gross revenues of $80.1 million for the quarter ended June 30, 2019. The increase is primarily attributable to acquisitions, partially offset by property sales and a decrease in fee and parking income.

Net Income Attributable to Common Shareholders

For the quarter ended June 30, 2020, net income attributable to common shareholders was $17.3 million, or $0.06 per diluted share, compared with net income attributable to common shareholders for the quarter ended June 30, 2019 of $21.7 million, or $0.09 per diluted share.

Adjusted Company FFO

For the quarter ended June 30, 2020, Lexington generated Adjusted Company FFO of $51.4 million, or $0.19 per diluted share, compared to Adjusted Company FFO for the quarter ended June 30, 2019 of $48.3 million, or $0.20 per diluted share.

Dividends/Distributions

As previously announced, during the second quarter of 2020, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended June 30, 2020 of $0.1050 per common share/unit, which was paid on July 15, 2020 to common shareholders/unitholders of record as of June 30, 2020. Lexington also declared a cash dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended June 30, 2020, which is expected to be paid on August 17, 2020 to Series C Preferred Shareholders of record as of July 31, 2020.

TRANSACTION ACTIVITY

ACQUISITION TRANSACTIONS
Property Type Market Sq. Ft. Initial Basis ($000) Approximate Lease Term (Yrs)
Industrial-Warehouse/distribution Savannah, GA 499,500 $34,753 7
Industrial-Warehouse/distribution Dallas, TX 120,960 10,731 10
Industrial-Warehouse/distribution Savannah, GA 355,527 30,448 5
Industrial-Warehouse/distribution Savannah, GA 88,503 9,130 5
Industrial-Warehouse/distribution Houston, TX 248,240 20,949 5
Industrial-Warehouse/distribution Ocala, FL 617,055 58,283 10
1,929,785 $164,294

The above properties were acquired at aggregate weighted-average GAAP and Cash capitalization rates of 5.6% and 5.3%, respectively. Year to date total 2020 acquisition activity was $359.7 million at aggregate weighted-average GAAP and Cash capitalization rates of 5.4% and 5.0%, respectively.

DEVELOPMENT PROJECTS
Project (% owned) Market Property Type Estimated Sq. Ft. Estimated Project Cost ($000) GAAP Investment Balance as of 6/30/2020 ($000)(1) Lexington Amount Funded as of 6/30/2020 ($000) Estimated Completion Date
Consolidated:
Fairburn (90%) Atlanta, GA Industrial 910,000 $53,812 $20,535 $15,806 1Q 21
Rickenbacker (100%) Columbus, OH Industrial 320,000 20,300 5,891 4,390 1Q 21
$74,112 $26,426 $20,196
Non-consolidated:
ETNA Park 70 (90%)(2) Columbus, OH Industrial TBD TBD $10,229 $10,569 TBD
ETNA Park 70 East (90%)(2) Columbus, OH Industrial TBD TBD 5,148 5,188 TBD
$15,377 $15,757

1.GAAP investment balance is in real estate under construction for consolidated projects and investments in non-consolidated entities for non-consolidated projects.
2.Plans and specifications have not been completed and the estimated square footage, project cost and completion date cannot be determined.

PROPERTY DISPOSITIONS(1)
Primary Tenant Location Property Type Gross Disposition Price ($000) Annualized Net Income(2) ($000) Annualized NOI(2) ($000) Month of Disposition % Leased
T-Mobile USA Oakland, ME Office $10,700 $477 $1,562 April 100%
Caremark PCS Knoxville, TN Office 9,183 545 807 May 100%
Stella & Chewy's Oak Creek, WI Industrial 24,511 1,218 1,922 June 100%
$44,394 $2,240 $4,291

1.In addition, Lexington sold a vacant parcel of land for $65 thousand.
2.Quarterly period prior to sale, annualized.

As of June 30, 2020, total consolidated property disposition volume was $74.1 million at weighted-average GAAP and Cash capitalization rates of 7.6% and 8.0%, respectively.

LEASING
LEASE EXTENSIONS
Location Primary Tenant/Guarantor(1) Prior Term Lease Expiration Date Sq. Ft.
Industrial
1 LaurensSC Michelin 01/2021 05/2021 1,164,000
2 OwensboroKY Unilever 12/2020 12/2025 443,380
3 DuncanSC Undisclosed 01/2024 01/2026 120,680
4 ColumbusOH ODW Logistics 06/2020 06/2025 772,450
5 WinchesterVA Kraft Heinz 05/2021 05/2026 344,700
5 Total industrial lease extensions 2,845,210

NEW LEASES
Location Lease Expiration Date Sq. Ft.
Industrial/Multi-tenant
1 ChillicotheOH Adena Health System 02/2021 23,270
2 ChillicotheOH Consolidated Metco 06/2026 136,495
2 Total industrial/multi-tenant leases 159,765
Office/Multi-tenant
1 ArlingtonTX Arrow Electronics 09/2024 23,228
1 Total office/multi-tenant leases 23,228
3 Total New Leases 182,993
8 TOTAL NEW AND EXTENDED LEASES 3,028,203

(1)Leases greater than 10,000 square feet.

As of June 30, 2020, Lexington's portfolio was 97.3% leased.

BALANCE SHEET/CAPITAL MARKETS

During the second quarter of 2020, Lexington issued 21 million common shares through an underwritten equity offering and its ATM program raising net proceeds of approximately $201.0 million.

During the second quarter, Lexington repaid $90.0 million, net, on its unsecured revolving credit facility. As of the date of this earnings release, Lexington has $560 million of availability under its unsecured revolving credit facility subject to covenant compliance.

2020 EARNINGS GUIDANCE

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 $0.78 to $0.80 per diluted common share.

Additionally, Lexington is tightening its Adjusted Company FFO guidance for the year ended December 31, 2020 to be within a range of $0.74 to $0.76 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

SECOND QUARTER 2020 CONFERENCE CALL

Lexington will host a conference call today, August 6, 2020, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended June 30, 2020. Interested parties may participate in this conference call by dialing 1-844-825-9783 (U.S.), 1-412-317-5163 (International) or 1-855-669-9657 (Canada). A replay of the call will be available through November 6, 2020, at 1-877-344-7529 (U.S.), 1-412-317-0088 (International) or 1-855-669-9658 (Canada), pin code for all replay numbers is 10146388. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its industrial portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions. For more information, including Lexington's Quarterly Supplemental Information package, or to follow Lexington on social media, visit www.lxp.com.

Contact:Investor or Media Inquiries for Lexington Realty Trust:Heather Gentry, Senior Vice President of Investor RelationsLexington Realty Trust Phone: (212) 692-7200 E-mail: [email protected]

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the potential adverse impact on Lexington or its tenants from the novel coronavirus (COVID-19); (2) the authorization by Lexington's Board of Trustees of future dividend declarations, (3) Lexington's ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2020, (4) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (5) the failure to continue to qualify as a real estate investment trust, (6) changes in general business and economic conditions, including the impact of any legislation, (7) competition, (8) increases in real estate construction costs, (9) changes in interest rates, (10) changes in accessibility of debt and equity capital markets, and (11) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.

References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary's (or its general partner's, member's or managing member's) creditors.

Non-GAAP Financial Measures - Definitions

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures.

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable measures under generally accepted accounting principles (“GAAP”), reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington's financial performance or cash flow from operating, investing or financing activities or liquidity

Cash Base Rent: Cash Base Rent is calculated by making adjustments to GAAP rental revenue to remove the impact of GAAP required adjustments to rental income such as adjustments for straight-line rents related to free rent periods and contractual rent increases. Cash Base Rent excludes billed tenant reimbursements and lease termination income and includes ancillary income. Lexington believes Cash Base Rent provides a meaningful indication of an investments ability to fund cash needs.

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for tenant improvements, and (8) cash paid for lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as “net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.” FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

Lexington presents FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington's real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) divided by the acquisition/completion cost (or sale) price.

Net Operating Income (“NOI”): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington's historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington's NOI may not be comparable to other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited and in thousands, except share and per share data)

Three months ended June 30, Six months ended June 30,
2020 2019 2020 2019
Gross revenues:
Rental revenue$81,094 $78,758 $159,829 $158,733
Other revenue698 1,377 2,790 2,650
Total gross revenues81,792 80,135 162,619 161,383
Expense applicable to revenues:
Depreciation and amortization(39,805) (36,811) (80,314) (74,406)
Property operating(10,276) (9,788) (20,552) (20,355)
General and administrative(7,555) (7,334) (15,380) (15,861)
Non-operating income84 914 274 1,395
Interest and amortization expense(14,166) (17,026) (28,961) (34,234)
Debt satisfaction gains (charges), net— — 1,393 (103)
Impairment charges(1,617) (1,094) (1,617) (1,682)
Gains on sales of properties11,193 15,244 20,998 36,201
Income before provision for income taxes and equity in earnings (losses) of non-consolidated entities19,650 24,240 38,460 52,338
Provision for income taxes(422) (430) (1,075) (867)
Equity in earnings (losses) of non-consolidated entities(97) (41) 166 578
Net income19,131 23,769 37,551 52,049
Less net income attributable to noncontrolling interests(265) (436) (531) (689)
Net income attributable to Lexington Realty Trust shareholders18,866 23,333 37,020 51,360
Dividends attributable to preferred shares – Series C(1,573) (1,573) (3,145) (3,145)
Allocation to participating securities(39) (39) (85) (85)
Net income attributable to common shareholders$17,254 $21,721 $33,790 $48,130
Net income attributable to common shareholders - per common share basic$0.07 $0.09 $0.13 $0.21
Weighted-average common shares outstanding – basic264,785,583 232,635,137 258,911,872 232,587,083
Net income attributable to common shareholders - per common share diluted$0.06 $0.09 $0.13 $0.20
Weighted-average common shares outstanding – diluted269,088,631 236,299,878 263,217,352 236,221,330

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data)

June 30, 2020 December 31, 2019
(unaudited)
Assets:
Real estate, at cost$3,586,861 $3,320,574
Real estate - intangible assets420,583 409,756
Investments in real estate under construction26,426 13,313
Real estate, gross4,033,870 3,743,643
Less: accumulated depreciation and amortization928,334 887,629
Real estate, net3,105,536 2,856,014
Assets held for sale9,817 —
Operating lease right-of-use assets, net36,633 38,133
Cash and cash equivalents67,043 122,666
Restricted cash16,791 6,644
Investments in non-consolidated entities56,040 57,168
Deferred expenses, net18,256 18,404
Rent receivable – current1,841 3,229
Rent receivable – deferred70,258 66,294
Other assets11,318 11,708
Total assets$3,393,533 $3,180,260
Liabilities and Equity:
Liabilities:
Mortgages and notes payable, net$373,681 $390,272
Revolving credit facility borrowings40,000 —
Term loan payable, net297,691 297,439
Senior notes payable, net497,288 496,870
Trust preferred securities, net127,445 127,396
Dividends payable34,161 32,432
Liabilities held for sale1,716 —
Operating lease liabilities37,815 39,442
Accounts payable and other liabilities49,747 29,925
Accrued interest payable9,548 7,897
Deferred revenue - including below market leases, net18,749 20,350
Prepaid rent13,506 13,518
Total liabilities1,501,347 1,455,541
Commitments and contingencies
Equity:
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares:
Series C Cumulative Convertible Preferred, liquidation preference $96,770; 1,935,400 shares issued and outstanding94,016 94,016
Common shares, par value $0.0001 per share; authorized 400,000,000 shares,
276,267,259 and 254,770,719 shares issued and outstanding in 2020 and 2019, respectively28 25
Additional paid-in-capital3,185,458 2,976,670
Accumulated distributions in excess of net income(1,386,001) (1,363,676)
Accumulated other comprehensive loss(20,730) (1,928)
Total shareholders’ equity1,872,771 1,705,107
Noncontrolling interests19,415 19,612
Total equity1,892,186 1,724,719
Total liabilities and equity$3,393,533 $3,180,260

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
EARNINGS PER SHARE
(Unaudited and in thousands, except share and per share data)
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
EARNINGS PER SHARE:
Basic:
Net income attributable to common shareholders $17,254 $21,721 $33,790 $48,130
Weighted-average number of common shares outstanding - basic 264,785,583 232,635,137 258,911,872 232,587,083
Net income attributable to common shareholders - per common share basic $0.07 $0.09 $0.13 $0.21
Diluted:
Net income attributable to common shareholders - basic $17,254 $21,721 $33,790 $48,130
Impact of assumed conversions 77 165 184 166
Net income attributable to common shareholders $17,331 $21,886 $33,974 $48,296
Weighted-average common shares outstanding - basic 264,785,583 232,635,137 258,911,872 232,587,083
Effect of dilutive securities:
Unvested share-based payment awards and options 1,210,241 129,810 1,185,016 91,637
Operating partnership units 3,092,807 3,534,931 3,120,464 3,542,610
Weighted-average common shares outstanding - diluted 269,088,631 236,299,878 263,217,352 236,221,330
Net income attributable to common shareholders - per common share diluted $0.06 $0.09 $0.13 $0.20

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
ADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited and in thousands, except share and per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2020 2019 2020 2019
FUNDS FROM OPERATIONS:
Basic and Diluted:
Net income attributable to common shareholders $17,254 $21,721 $33,790 $48,130
Adjustments:
Depreciation and amortization 39,030 36,065 78,747 72,932
Impairment charges - real estate 1,617 1,094 1,617 1,682
Noncontrolling interests - OP units 77 165 184 166
Amortization of leasing commissions 775 746 1,567 1,474
Joint venture and noncontrolling interest adjustment 2,155 2,400 4,369 4,933
Gains on sales of properties, including non-consolidated entities (11,193) (15,513) (21,547) (37,118)
FFO available to common shareholders and unitholders - basic 49,715 46,678 98,727 92,199
Preferred dividends 1,573 1,573 3,145 3,145
Amount allocated to participating securities 39 39 85 85
FFO available to all equityholders and unitholders - diluted 51,327 48,290 101,957 95,429
Transaction costs 59 — 80 —
Debt satisfaction (gains) charges, net, including non-consolidated entities — — (1,372) 103
Adjusted Company FFO available to all equityholders and unitholders - diluted 51,386 48,290 100,665 95,532
FUNDS AVAILABLE FOR DISTRIBUTION:
Adjustments:
Straight-line adjustments (4,810) (4,355) (6,229) (6,685)
Lease incentives 249 307 518 580
Amortization of above/below market leases (380) (26) (675) (32)
Lease termination payments, net (211) (256) 281 (1,000)
Non-cash interest, net 360 773 788 1,579
Non-cash charges, net 1,663 1,552 3,321 3,279
Tenant improvements (5,630) (2,557) (7,122) (3,552)
Lease costs (468) (3,549) (4,419) (4,673)
Joint venture and noncontrolling interest adjustment (73) (460) (184) (636)
Company Funds Available for Distribution $42,086 $39,719 $86,944 $84,392
Per Common Share and Unit Amounts
Basic:
FFO $0.19 $0.20 $0.38 $0.39
Diluted:
FFO $0.19 $0.20 $0.38 $0.40
Adjusted Company FFO $0.19 $0.20 $0.38 $0.40
Basic:
Weighted-average common shares outstanding - basic EPS 264,785,583 232,635,137 258,911,872 232,587,083
Operating partnership units(1) 3,092,807 3,534,931 3,120,464 3,542,610
Weighted-average common shares outstanding - basic FFO 267,878,390 236,170,068 262,032,336 236,129,693
Diluted:
Weighted-average common shares outstanding - diluted EPS 269,088,631 236,299,878 263,217,352 236,221,330
Unvested share-based payment awards 14,028 15,927 19,272 16,280
Preferred shares - Series C 4,710,570 4,710,570 4,710,570 4,710,570
Weighted-average common shares outstanding - diluted FFO 273,813,229 241,026,375 267,947,194 240,948,180

(1)Includes OP units other than OP units held by Lexington.

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
2020 EARNINGS GUIDANCE
Twelve Months Ended December 31, 2020
Range
Estimated:
Net income attributable to common shareholders per diluted common share(1)$0.78 $0.80
Depreciation and amortization0.62 0.62
Impact of capital transactions(0.66) (0.66)
Estimated Adjusted Company FFO per diluted common share$0.74 $0.76

(1)Assumes all convertible securities are dilutive.

Source: Lexington Realty Trust

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