Lexington Realty Trust Q3 Profit Declines; Updates FY19 Outlook - Quick Facts

(RTTNews) - Lexington Realty Trust (LXP) on Wednesday reported that its third-quarter net income attributable to common shareholders was $141.6 million or $0.59 per share, down from $216.2 million or $0.90 per share last year.

Adjusted company FFO for the quarter was $48.7 million or $0.20 per share, compared to $58.2 million or $0.24 per share in the prior-year quarter.

Total gross revenues for the quarter declined to $81.6 million from $100.3 million a year ago. The decrease was primarily attributable to property sales and lease expirations, partially offset by revenue generated from property acquisitions and new leases.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share for the quarter on revenues of $79.69 million. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2019, Lexington now forecasts that its net income attributable to common shareholders for the year ended December 31, 2019 will be within an expected range of $1.22 to $1.25 per share. Earlier, the company projected net income for the year within an expected range of $1.28 to $1.32 per share.

Additionally, Lexington tightened its outlook for full-year adjusted company FFO to a range of $0.77 to $0.80 per share from the prior range of $0.76 to $0.80 per share.

The Street expects the company to report earnings of $0.27 per share for the year.

Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ending December 31, 2019 of $0.105 per common share/unit payable on January 15, 2020 to common shareholders/unitholders of record as of December 31, 2019.

This represents an increase of 2.4 percent from the previous quarterly per common share/unit dividend/distribution and equates to an annualized dividend/distribution of $0.42 per common share/unit.