Lexington Realty: 2Q Earnings Snapshot
NEW YORK (AP) _ Lexington Realty Trust (LXP) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $62.4 million, or 25 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 24 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 a loss of $3.3 million, or 1 cent per share.
The real estate investment trust posted revenue of $105.5 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $103.3 million.
Lexington Realty expects full-year funds from operations in the range of 95 cents to 98 cents per share.
The company’s shares have declined slightly more than 7 percent since the beginning of the year. The stock has dropped 11 percent in the last 12 months.