Lexington Realty Trust (NYSE: LXP) reported Q2 EPS of $0.06, $0.03 better than the analyst estimate of $0.03.

Second Quarter 2020 Highlights

• Recorded Net Income attributable to common shareholders of $17.3 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 $51.4 million, or $0.19 per diluted common share.
• Acquired six industrial properties for an aggregate cost of $164.3 million.
• Disposed of three properties for an aggregate gross price of $44.4 million.
• Collected 99.5% of Cash Base Rents due during the second quarter.
• Raised net proceeds of approximately $201.0 million through an underwritten equity offering and the ATM program.
• Repaid $90.0 million, net on the revolving credit facility.
• Completed 3.0 million square feet of new leases and lease extensions, increasing industrial renewal Cash Base Rents by 21.6%.
• Increased industrial portfolio to 84.5% of gross book value of real estate assets, excluding held for sale assets.

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.”

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