Lexington Realty Trust Q1 FFO Down; Confirms FY19 Adjusted Company FFO View

(RTTNews) - Lexington Realty Trust (LXP) reported Wednesday that its first-quarter Funds From Operations or FFO declined to $47.139 million from last year's $62.026 million.

Adjusted company FFO was $47.242 million or $0.20 per share, compared to last year's $62.0 million or $0.25 per share.

For the quarter, net income attributable to common shareholders was $26.4 million or $0.11 per share, compared with a net loss of $16.0 million, or $0.07 per share a year ago.

Total gross revenues were $81.2 million, down from $102.8 million. The decrease was primarily attributable to property sales and lease expirations, partially offset by revenue generated from property acquisitions and new leases.

Looking ahead for fiscal 2019, Lexington estimates that attributable net income per share would be within an expected range of $1.11 to $1.15. The company previously expected earnings in a range of $1.36 to $1.40 per share.

Further, Lexington reaffirmed its adjusted Company FFO of $0.75 to $0.79 per share.