Lexington Realty Q4 Earnings Top Estimates; Guides FY24 Earnings Above Estimates

(RTTNews) - Lexington Realty Trust (LXP) reported Thursday that third-quarter funds from operations or FFO increased to $51.22 million or $0.17 per share from last year's $80.01 million or $0.28 per share.

Adjusted Company FFO for the quarter was $51.35 million, or $0.17 per share, compared to $47.95 million, or $0.17 per share in the year-ago quarter.

Net income attributable to common shareholders was $12.99 million or $0.04 per share, sharply lower than last year's $36.89 million or $0.13 per share.

On average, three analysts polled by Thomson Reuters expected the company to report $0.00 per share for the quarter. Analysts' estimates typically exclude special items.

Total gross revenues for the quarter grew to $82.96 million from $81.10 million in the same quarter last year. Analysts expected revenues of $83.83 million for quarter.

Looking ahead to fiscal 2024, Lexington now projects between a loss of $0.02 and earnings of $0.02 per share and adjusted Company FFO in a range of $0.61 to $0.65 per share.

The Street is looking for a loss of $0.03 per share for the year.

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