NEW YORK (AP) _ Lexington Realty Trust (LXP) on Tuesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $60.7 million, or 25 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 24 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 $3.9 million, or 2 cents per share.
The real estate investment trust posted revenue of $97.7 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $95.5 million.
Lexington Realty expects full-year funds from operations in the range of 95 cents to 97 cents per share.
The company's shares have fallen 5 percent since the beginning of the year. The stock has increased slightly more than 8 percent in the last 12 months.