Lexington Realty: 3Q Earnings Snapshot
NEW YORK (AP) _ Lexington Realty Trust (LXP) on Tuesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $58.2 million, or 24 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 23 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $216.2 million, or 90 cents per share.
The real estate investment trust posted revenue of $100 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $101.4 million.
The company’s shares have fallen 18 percent since the beginning of the year. The stock has decreased 22 percent in the last 12 months.