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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Lexington Realty Trust Reports First Quarter 2019 Results

May 8, 2019

NEW YORK, May 08, 2019 (GLOBE NEWSWIRE) -- Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust focused on single-tenant industrial real estate investments, today announced results for the first quarter ended March 31, 2019.

First Quarter 2019 Highlights

-- Recorded Net Income attributable to common shareholders of $26.4 million, or $0.11 per diluted common share. -- Generated Adjusted Company Funds From Operations available to all equityholders and unitholders - diluted (“Adjusted Company FFO”) of $47.2 million, or $0.20 per diluted common share. -- Disposed of one industrial property for a gross sales price of $79.3 million. -- Acquired two industrial properties for an aggregate cost of $58.0 million. -- Replaced its revolving credit facility and the 2021 term loan with a new revolving credit facility and the continuation of the 2021 term loan, which extended the maturity of the revolving credit facility to February 2023 and reduced the applicable margin rates on the revolving credit facility and 2021 term loan. -- Repurchased and retired 441,581 common shares at an average price of $8.13 per share. -- Completed 1.5 million square feet of new leases and lease extensions.

Subsequent Events

-- Disposed of three consolidated properties for an aggregate gross disposition price of $32.6 million. -- Acquired two industrial properties for an aggregate cost of approximately $61.0 million. -- Satisfied $15.2 million in property non-recourse mortgage debt.

Adjusted Company FFO is a non-GAAP financial measure. It and certain other non-GAAP financial measures are defined and reconciled later in this press release.

T. Wilson Eglin, Chairman, Chief Executive Officer and President of Lexington Realty Trust, commented, “We continued making progress on our repositioning efforts in the first quarter, and we are on pace to complete approximately $400-$500 million or more of non-core, primarily office, dispositions by year end. We acquired two industrial distribution facilities during the quarter and purchased an additional $61 million subsequently. Our industrial exposure currently represents more than 72% of our gross book value and we remain focused on adding high-quality industrial product to our portfolio while reducing our remaining office exposure.”

FINANCIAL RESULTS

Revenues

For the quarter ended March 31, 2019, total gross revenues were $81.2 million, compared with total gross revenues of $102.8 million for the quarter ended March 31, 2018. The decrease was primarily attributable to property sales and lease expirations, partially offset by revenue generated from property acquisitions and new leases.

Net Income (Loss) Attributable to Common Shareholders

For the quarter ended March 31, 2019, net income attributable to common shareholders was $26.4 million, or $0.11 per diluted share, compared with a net loss attributable to common shareholders for the quarter ended March 31, 2018 of $(16.0) million, or $(0.07) per diluted share.

Adjusted Company FFO

For the quarter ended March 31, 2019, Lexington generated Adjusted Company FFO of $47.2 million, or $0.20 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2018 of $62.0 million, or $0.25 per diluted share.

Dividends/Distributions

As previously announced, during the first quarter of 2019, Lexington declared a regular quarterly common share/unit dividend/distribution for the quarter ended March 31, 2019 of $0.1025 per common share/unit, which was paid on April 15, 2019 to common shareholders/unitholders of record as of March 29, 2019. Lexington also declared a cash dividend of $0.8125 per share on its Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) for the quarter ended March 31, 2019, which is expected to be paid on May 15, 2019 to Series C Preferred Shareholders of record as of April 30, 2019.

TRANSACTION ACTIVITY

ACQUISITION TRANSACTIONS Primary Tenant Market Sq. Ft. Property Type Initial Basis ($000) Approximate Lease Term (Yrs) ------------------ ---------------- ---------- ------------- -------------------- ---------------------- LaCrosse Footwear Indianapolis, IN 380,000 Industrial $ 20,809 7 The Carlstar Group Atlanta, GA 676,000 Industrial 37,182 5 1,056,000 $ 57,991 --------- - ------ -----------

The above properties were acquired at aggregate weighted-average GAAP and cash capitalization rates of 5.7% and 5.3%, respectively.

PROPERTY DISPOSITIONS Primary Property Gross Disposition Annualized Net Annualized Month of % Tenant Location Type Price Income(1) ($000) NOI(1) Disposition Leased ($000) ($000) ------------ ------------ ---------- ----------------- ---------------- ---------- ----------- ------- One World Technologies Anderson, SC Industrial $ 79,300 $ 4,446 $ 3,808 January 100.0 % (2) - ------ -------- - ----- -------- - ----- --

(1) Quarterly period prior to sale, annualized.(2) Build-to-suit property completed in 2016 for a $61.3 million initial cost basis.

In addition, Lexington received $2.3 million from the sale of a non-consolidated rehabilitation hospital.

LEASING LEASE EXTENSIONS Location Primary Tenant(1) Prior Lease Sq. Ft. Term Expiration Date ----------- ------- --------------- ---------- Industrial 1 Richland WA Preferred Freezer 08/2035 08/2040 456,412 2 Rockford IL Jacobson Warehouse MTM 12/2024 150,000 3 Hebron OH Owens Corning 12/2019 12/2021 250,410 4 Hebron OH Owens Corning 12/2019 12/2021 400,522 - -------- -- --------- Total 4 industrial 1,257,344 lease extensions - ----------- --------- Office 1 Oakland ME T-Mobile USA 08/2020 08/2027 78,610 -------- -- Total office 1 lease 78,610 extensions - -------- -- --------- 5 Total lease 1,335,954 extensions - ---------

NEW LEASES Location Lease Expiration Date Sq. Ft. ----------------- --------------------- ---------- Office / Multi-Tenant 1 Houston TX Expro America 08/2033 27,213 2 Farmers Branch TX S&P Global 02/2030 25,384 3 Kansas City MO Burns & McDonnell 04/2031 155,925 -------------- -- Total new office 3 / multi-tenant 208,522 leases - ----------------- ---------- 8 TOTAL NEW AND 1,544,476 EXTENDED LEASES - ----------------- ---------

(1) Leases greater than 10,000 square feet.

As of March 31, 2019, Lexington’s portfolio was 94.9% leased.

BALANCE SHEET/CAPITAL MARKETS

In February 2019, Lexington replaced its revolving credit facility and 2021 term loan with a new revolving credit facility and the continuation of the 2021 term loan, which increased the availability under the revolving credit facility from $505.0 million to $600.0 million, extended the maturity date of the revolving credit facility to February 2023 and lowered the applicable margin rates on both the revolving credit facility and the 2021 term loan.

In the first quarter of 2019, Lexington repurchased and retired 441,581 common shares at an average price of $8.13 per share under its share repurchase authorization. As of March 31, 2019, there were approximately 10,306,255 common shares remaining to be repurchased under the authorization.

2019 EARNINGS GUIDANCE

Lexington estimates that its net income attributable to common shareholders per diluted common share for the year ended December 31, 2019 will be within an expected range of $1.11 to $1.15.

Additionally, Lexington is reaffirming that its Adjusted Company FFO for the year ended December 31, 2019 is expected to be within a range of $0.75 to $0.79 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.

FIRST QUARTER 2019 CONFERENCE CALL

Lexington will host a conference call today, May 8, 2019, at 8:30 a.m. Eastern Time, to discuss its results for the quarter ended March 31, 2019. Interested parties may participate in this conference call by dialing 1-844-825-9783 (U.S.), 1-412-317-5163 (International) or 1-855-669-9657 (Canada). A replay of the call will be available through August 8, 2019, at 1-877-344-7529 (U.S.), 1-412-317-0088 (International) or 1-855-669-9658 (Canada), pin code for all replay numbers is 10130821. A link to a live webcast of the conference call is available at www.lxp.com within the Investors section.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its industrial portfolio through build-to-suit transactions, sale-leaseback transactions and other transactions, including acquisitions. For more information, including Lexington’s Quarterly Supplemental Information package, or to follow Lexington on social media, visit www.lxp.com.

Contact:Investor or Media Inquiries for Lexington Realty Trust:Heather Gentry, Senior Vice President of Investor RelationsLexington Realty TrustPhone: (212) 692-7200 E-mail: hgentry@lxp.com

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Lexington’s periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington’s Board of Trustees of future dividend declarations, (2) Lexington’s ability to achieve its estimates of net income attributable to common shareholders and Adjusted Company FFO for the year ending December 31, 2019, (3) the successful consummation of any lease, acquisition, build-to-suit, disposition, financing or other transaction, (4) the failure to continue to qualify as a real estate investment trust, (5) changes in general business and economic conditions, including the impact of any legislation, (6) competition, (7) increases in real estate construction costs, (8) changes in interest rates, (9) changes in accessibility of debt and equity capital markets, and (10) future impairment charges. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington’s web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington’s future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects”, “may,” “plans,” “predicts,” “will,” “will likely result,” “is optimistic,” “goal,” “objective” or similar expressions. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.

References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes. The assets and credit of each special purpose entity with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other special purpose entity or affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member of managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interests therein which interests are subordinate to the claims of the property owner subsidiary’s (or its general partner’s, member’s or managing member’s) creditors.

Non-GAAP Financial Measures - Definitions

Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures.

Lexington believes that the measures defined below are helpful to investors in measuring our performance or that of an individual investment. Since these measures exclude certain items which are included in their respective most comparable measures under generally accepted accounting principles (“GAAP”), reliance on the measures has limitations; management compensates for these limitations by using the measures simply as supplemental measures that are weighed in balance with other GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating Lexington’s financial performance or cash flow from operating, investing or financing activities or liquidity.

Company Funds Available for Distribution (“FAD”): FAD is calculated by making adjustments to Adjusted Company FFO (see below) for (1) straight-line adjustments, (2) lease incentive amortization, (3) amortization of above/below market leases, (4) lease termination payments, net, (5) non-cash interest, net, (6) non-cash charges, net, (7) cash paid for tenant improvements, and (8) cash paid for lease costs. Although FAD may not be comparable to that of other real estate investment trusts (“REITs”), Lexington believes it provides a meaningful indication of its ability to fund cash needs. FAD is a non-GAAP financial measure and should not be viewed as an alternative measurement of operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of liquidity.

Funds from Operations (“FFO”) and Adjusted Company FFO: Lexington believes that Funds from Operations, or FFO, which is a non-GAAP measure, is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.

The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as “net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sales of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.” FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.

Lexington presents FFO available to common shareholders and unitholders - basic and also presents FFO available to all equityholders and unitholders - diluted on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents Adjusted Company FFO available to all equityholders and unitholders - diluted which adjusts FFO available to all equityholders and unitholders - diluted for certain items which we believe are not indicative of the operating results of Lexington’s real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties. Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity.

GAAP and Cash Yield or Capitalization Rate: GAAP and cash yields or capitalization rates are measures of operating performance used to evaluate the individual performance of an investment. These measures are estimates and are not presented or intended to be viewed as a liquidity or performance measure that present a numerical measure of Lexington’s historical or future financial performance, financial position or cash flows. The yield or capitalization rate is calculated by dividing the annualized NOI (as defined below, except GAAP rent adjustments are added back to rental income to calculate GAAP yield or capitalization rate) the investment is expected to generate (or has generated) divided by the acquisition/completion cost (or sale) price.

Net Operating Income (“NOI”): NOI is a measure of operating performance used to evaluate the individual performance of an investment. This measure is not presented or intended to be viewed as a liquidity or performance measure that presents a numerical measure of Lexington’s historical or future financial performance, financial position or cash flows. Lexington defines NOI as operating revenues (rental income (less GAAP rent adjustments and lease termination income), and other property income) less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly, Lexington’s NOI may not be comparable to other companies. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Lexington believes that net income is the most directly comparable GAAP measure to NOI.

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited and in thousands, except share and per share data)

Three months ended March 31, 2019 2018 ---------- ----------- Gross revenues: Rental revenue $ 79,975 $ 102,637 Other revenue 1,273 184 -------- - --------- - Total gross revenues 81,248 102,821 Expense applicable to revenues: Depreciation and amortization (37,595 ) (46,537 ) Property operating (10,567 ) (11,477 ) General and administrative (8,527 ) (8,996 ) Non-operating income 481 362 Interest and amortization expense (17,208 ) (20,331 ) Debt satisfaction charges, net (103 ) — Impairment charges (588 ) (53,049 ) Gains on sales of properties 20,957 22,774 -------- - --------- - Income (loss) before provision for income taxes and equity in earnings of 28,098 (14,433 ) non-consolidated entities Provision for income taxes (437 ) (503 ) Equity in earnings of non-consolidated entities 619 113 -------- - --------- - Net income (loss) 28,280 (14,823 ) Less net (income) loss attributable to noncontrolling interests (253 ) 508 -------- - --------- - Net income (loss) attributable to Lexington Realty Trust shareholders 28,027 (14,315 ) Dividends attributable to preferred shares – Series C (1,572 ) (1,572 ) Allocation to participating securities (50 ) (70 ) --------- - Net income (loss) attributable to common shareholders $ 26,405 $ (15,957 ) - ------ - - ------- - Net income (loss) attributable to common shareholders - per common share basic $ 0.11 $ (0.07 ) - ------ - - ------- - Weighted-average common shares outstanding – basic 232,538,4 238,072,08 95 1 -------- - --------- - Net income (loss) attributable to common shareholders - per common share diluted $ 0.11 $ (0.07 ) - ------ - - ------- - Weighted-average common shares outstanding – diluted 236,142,1 238,072,08 43 1 -------- - --------- -

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data)

March 31, December 31, 2019 2018 ------------- ------------- (unaudited) Assets: Real estate, at cost $ 3,123,110 $ 3,090,134 Real estate - intangible assets 420,248 419,612 ----------- - ----------- - 3,543,358 3,509,746 Less: accumulated depreciation and amortization 981,809 954,087 ----------- - ----------- - Real estate, net 2,561,549 2,555,659 Assets held for sale 26,316 63,868 Operating lease right-of-use assets, net 40,860 — Cash and cash equivalents 170,289 168,750 Restricted cash 9,287 8,497 Investment in non-consolidated entities 61,464 66,183 Deferred expenses, net 20,609 15,937 Rent receivable – current 2,706 3,475 Rent receivable – deferred 61,068 58,692 Other assets 16,042 12,779 ----------- - ----------- - Total assets $ 2,970,190 $ 2,953,840 - --------- - - --------- - Liabilities and Equity: Liabilities: Mortgages and notes payable, net $ 562,951 $ 570,420 Term loan payable, net 298,792 298,733 Senior notes payable, net 496,243 496,034 Trust preferred securities, net 127,321 127,296 Dividends payable 28,916 48,774 Liabilities held for sale 465 386 Operating lease liabilities 42,004 — Accounts payable and other liabilities 24,563 30,790 Accrued interest payable 11,071 4,523 Deferred revenue - including below market leases, net 20,690 20,531 Prepaid rent 11,840 9,675 ----------- - ----------- - Total liabilities 1,624,856 1,607,162 ----------- - ----------- - Commitments and contingencies Equity: Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares: Series C Cumulative Convertible Preferred, liquidation preference $96,770; 94,016 94,016 1,935,400 shares issued and outstanding Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 234,859,561 and 235,008,554 shares issued and outstanding in 2019 and 2018, 23 24 respectively Additional paid-in-capital 2,769,822 2,772,855 Accumulated distributions in excess of net income (1,534,539 ) (1,537,100 ) Accumulated other comprehensive income — 76 ----------- - ----------- - Total shareholders’ equity 1,329,322 1,329,871 Noncontrolling interests 16,012 16,807 ----------- - ----------- - Total equity 1,345,334 1,346,678 ----------- - ----------- - Total liabilities and equity $ 2,970,190 $ 2,953,840 - --------- - - --------- -

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIESEARNINGS PER SHARE(Unaudited and in thousands, except share and per share data)

Three Months Ended March 31, 2019 2018 --------- ----------- EARNINGS PER SHARE: Basic: Net income (loss) attributable to common shareholders $ 26,405 $ (15,957 ) - ------ - ------- - Weighted-average number of common shares outstanding - basic 232,538,4 238,072,08 95 1 -------- --------- - Net income (loss) attributable to common shareholders - per common share basic $ 0.11 $ (0.07 ) Diluted: Net income (loss) attributable to common shareholders - basic $ 26,405 $ (15,957 ) Impact of assumed conversions 1 — Net income (loss) attributable to common shareholders $ 26,406 $ (15,957 ) - ------ - ------- - Weighted-average common shares outstanding - basic 232,538,4 238,072,08 95 1 Effect of dilutive securities: Unvested share-based payment awards and options 53,274 — Operating partnership units 3,550,374 — Weighted-average common shares outstanding - diluted 236,142,1 238,072,08 43 1 -------- --------- - Net income (loss) attributable to common shareholders - per common share diluted $ 0.11 $ (0.07 ) - ------ - ------- -

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIESADJUSTED COMPANY FUNDS FROM OPERATIONS & COMPANY FUNDS AVAILABLE FOR DISTRIBUTION(Unaudited and in thousands, except share and per share data)

Three Months Ended March 31, 2019 2018 ---------- ----------- FUNDS FROM OPERATIONS: Basic and Diluted: Net income (loss) attributable to common shareholders $ 26,405 $ (15,957 ) Adjustments: Depreciation and amortization 36,867 45,154 Impairment charges - real estate 588 53,049 Noncontrolling interests - OP units 1 (729 ) Amortization of leasing commissions 728 1,383 Joint venture and noncontrolling interest adjustment 2,533 258 Gains on sales of properties, including non-consolidated entities (21,605 ) (22,774 ) FFO available to common shareholders and unitholders - basic 45,517 60,384 Preferred dividends 1,572 1,572 Amount allocated to participating securities 50 70 -------- - --------- - FFO available to all equityholders and unitholders - diluted 47,139 62,026 Debt satisfaction charges, net 103 — Adjusted Company FFO available to all equityholders and unitholders - diluted 47,242 62,026 FUNDS AVAILABLE FOR DISTRIBUTION: Adjustments: Straight-line adjustments (2,330 ) (4,866 ) Lease incentives 273 536 Amortization of above/below market leases (6 ) (22 ) Lease termination payments, net (744 ) (308 ) Non-cash interest, net 806 1,025 Non-cash charges, net 1,727 1,939 Tenant improvements (995 ) (5,932 ) Lease costs (1,124 ) (609 ) Joint venture and noncontrolling interest adjustment (176 ) — Company Funds Available for Distribution $ 44,673 $ 53,789 - ------ - - ------- - Per Common Share and Unit Amounts Basic: FFO $ 0.19 $ 0.25 Diluted: FFO $ 0.20 $ 0.25 Adjusted Company FFO $ 0.20 $ 0.25 Basic: 232,538,4 238,072,08 Weighted-average common shares outstanding - basic EPS 95 1 Operating partnership units(1) 3,550,374 3,629,195 236,088,8 241,701,27 Weighted-average common shares outstanding - basic FFO 69 6 -------- - --------- - Diluted: 236,142,1 238,072,08 Weighted-average common shares outstanding - diluted EPS 43 1 Operating partnership units(1) — 3,629,195 Unvested share-based payment awards and options 16,499 562,084 Preferred shares - Series C 4,710,570 4,710,570 240,869,2 246,973,93 Weighted-average common shares outstanding - diluted FFO 12 0 -------- - --------- -

(1) Includes OP units other than OP units held by Lexington.

LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES 2019 EARNINGS GUIDANCE Twelve Months Ended December 31, 2019 ------------------ Range Estimated: Net income attributable to common shareholders per diluted common share(1) $ 1.11 $ 1.15 Depreciation and amortization 0.65 0.65 Impact of capital transactions (1.01 ) (1.01 ) ------ - Estimated Adjusted Company FFO per diluted common share $ 0.75 $ 0.79 - ---- - - ---- -

(1) Assumes all convertible securities are dilutive.