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Mar 31, 2021
Lexington Realty Q1 2021 Earnings Report
Lexington Realty Trust reported first quarter results, showing increased revenues and net income attributable to common shareholders.
Key Takeaways
Lexington Realty Trust reported strong first quarter results, with revenues increasing to $92.6 million and net income attributable to common shareholders reaching $39.4 million, or $0.14 per diluted share. Adjusted Company FFO was $63.7 million, or $0.22 per diluted share. The company also completed a development project and purchased income-producing properties, while progressing with its capital recycling plan.
Total gross revenues were $92.6 million, compared to $80.8 million for the quarter ended March 31, 2020.
Net income attributable to common shareholders was $39.4 million, or $0.14 per diluted share, compared to $16.5 million, or $0.06 per diluted share for the same quarter last year.
Adjusted Company FFO was $63.7 million, or $0.22 per diluted share, compared to $49.3 million, or $0.19 per diluted share last year.
The company completed a development project in the Columbus market and purchased $51 million of income producing properties.
Lexington Realty
Lexington Realty
Forward Guidance
Lexington estimates net income attributable to common shareholders for the year ended December 31, 2021, will be within the range of $0.74 to $0.77 per diluted common share. Additionally, Lexington is increasing the low end of its Adjusted Company FFO guidance range for the year ended December 31, 2021 by a penny, to a revised range of $0.73 to $0.76 per diluted common share.