Lexington Realty Q4 Results Top Estimates; Guides FY23 Adj. FFO Above Estimates

(RTTNews) - Lexington Realty Trust (LXP) reported Thursday that third-quarter funds from operations or FFO increased to $80.01 million or $0.28 per share from last year's $51.72 million or $0.18 per share.

Adjusted Company FFO for the quarter was $47.95 million, or $0.17 per share, compared to $53.82 million, or $0.18 per share in the year-ago quarter.

Net income attributable to common shareholders was $36.89 million or $0.13 per share, sharply lower than last year's $262.31 million or $0.90 per share.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Total gross revenues for the quarter declined to $81.10 from $86.48 million in the same quarter last year. Analysts expected revenues of $77.67 million for quarter.

Looking ahead to fiscal 2023, Lexington now projects earnings in a range of $0.35 to $0.39 per share and adjusted Company FFO in a range of $0.66 to $0.70 per share.

The Street is looking for a loss of $0.01 per share for the year.

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