LXP Industrial Trust Q1 FFO Falls; Reaffirms FY22 Outlook

(RTTNews) - LXP Industrial Trust (LXP), a real estate investment trust, on Thursday posted a decline in funds from operations or FFO for the first quarter, reflecting decreased revenue which is primarily attributable to termination fee income of $10.9 million recognized in the first quarter of 2021. In addition, the company's earnings beat the Street view.

Separately, for the full year, the company has reaffirmed its guidance.

For the quarter ended in March, the New York headquartered firm reported a FFO of $46.84 million or $0.16 per share, compared with $63.65 million or $0.22 per share, reported for the same period a year ago.

On adjusted basis, FFO was $48.11 million or $0.16 per share as against $63.66 million or $0.22 per share, reported previous year.

The Group's net income for the period declined to $8.98 million or $0.03 per share, from $39.40 million or $0.14 per share, on year-on-year basis.

Three analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $0.01. Analysts' estimates typically exclude one-time items.

For the March quarter, LXP declared a cash dividend of $0.8125 per share for Series C Cumulative Convertible Preferred Stock, which is expected to be paid on May 16, to Series C Preferred shareholders of record as of April 29.

Looking ahead, for the fiscal 2022, the company expects its net income to be in the range of $0.43 - $0.47 per share. Analysts', on average, expect the company to report earnings per share of $0.04. For the full year, it also reaffirms adjusted FFO to be in the range of $0.64 - $0.68 per share.