RTTNews | Nov 4, 2021 09:32AM EDT

09:32 Thursday, November 4, 2021 (RTTNews.com) - Lexington Realty Trust (LXP) reported Thursday that third-quarter funds from operations or FFO increased to $40.28 million or $0.14 per share from last year's $71.36 million or $0.25 per share.

Adjusted Company FFO for the quarter was $53.6 million, or $0.19 per share, compared to $53.8 million, or $0.19 per share in the year-ago quarter.

Net income attributable to common shareholders was $5.03 million or $0.02 per share, sharply lower than last year's $40.29 million or $0.15 per share.

On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

Total gross revenues for the quarter edged down to $83.41 from $84.51 million in the same quarter last year. Analysts expected revenues of $81.85 million for quarter.

Looking ahead to fiscal 2021, Lexington now projects earnings in a range of $0.52 to $0.55 per share and adjusted Company FFO in a range of $0.75 to $0.78 per share.

Previously, the company expected earnings in a range of $0.65 to $0.68 per share and adjusted Company FFO in a range of $0.74 to $0.77 per share.

The Street is looking for earnings of $0.42 per share for the year.

LXP also declared a 11.6 percent higher regular quarterly common share/unit dividend/distribution for the quarter ending December 31, 2021 of $0.12 per common share/unit, payable on January 18, 2022 to common shareholders/unitholders of record as of December 31, 2021.

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