Lexington Realty Trust Q1 FFO Rises, Tops View; Raises FY21 Adjusted Company FFO View

(RTTNews) - Lexington Realty Trust (LXP) reported Friday that its first-quarter funds from operations or FFO increased to $63.65 million or $0.22 per share from last year's $50.63 million or $0.19 per share.

Adjusted Company FFO was $63.66 million or $0.22 per share, compared to $49.28 million or $0.19 per share a year ago.

For the quarter, net income attributable to common shareholders was $39.40 million or $0.14 per share, compared to last year's $16.54 million or $0.06 per share.

On average, five analysts polled by Thomson Reuters expected earnings of $0.04 per share. Analysts' estimates typically exclude special items. . Total gross revenues were $92.56 million, compared to $80.83 million last year. Analysts expected revenues of $81.67 billion.

The increase was primarily attributable to acquisitions and a $10.8 million increase in termination income, partially offset by property sales and a decrease in fee income.

Looking ahead for fiscal 2021, Lexington now estimates net income attributable to common shareholders to be within an expected range of $0.74 to $0.77 per share.

Additionally, Lexington increased the low end of its Adjusted Company FFO guidance range for the year by a penny, to a revised range of $0.73 to $0.76 per share.