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Jun 30, 2021
Lexington Realty Q2 2021 Earnings Report
Reported strong second quarter results driven by warehouse/distribution properties and increased industrial rents.
Key Takeaways
Lexington Realty Trust reported strong second quarter results, with a focus on industrial portfolio growth. The company closed on $205 million of warehouse/distribution properties and increased industrial base and cash base rents. They have nearly completed their portfolio transition to a 100% industrial REIT.
Closed on $205 million of high-quality warehouse/distribution properties.
Increased industrial Base and Cash Base rents 13% and 7%, respectively.
Achieved 1.7% same store NOI growth in industrial portfolio.
Increased the low and high-ends of 2021 Adjusted Company FFO guidance range by a penny.
Lexington Realty
Lexington Realty
Forward Guidance
Lexington increased the low and high end of its Adjusted Company FFO guidance range for the year ended December 31, 2021 by a penny, to a revised range of $0.74 to $0.77 per diluted common share. Net income attributable to common shareholders for the year ended December 31, 2021 will be within an expected range of $0.65 to $0.68 per diluted common share.
Positive Outlook
- Revised Adjusted Company FFO guidance range to $0.74 to $0.77 per diluted common share.
- Net income attributable to common shareholders expected range of $0.65 to $0.68 per diluted common share.