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 met Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $48.3 million, or 20 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 20 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 $21.7 million, or 9 cents per share.
The real estate investment trust posted revenue of $80.1 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $79.3 million.
Lexington Realty expects full-year funds from operations in the range of 76 cents to 80 cents per share.
The company’s shares have climbed 16% since the beginning of the year. The stock has climbed 7% in the last 12 months.