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Lexington Realty Trust Reports Fourth Quarter 2012 Results

Stocks in this article: LXP



For the quarter ended December 31, 2012, total gross revenues were $95.5 million, compared with total gross revenues of $79.6 million for the quarter ended December 31, 2011. The increase is primarily due to property acquisitions and an increase in occupancy.

Company FFO, As Adjusted

For the quarter ended December 31, 2012, the Company generated Company FFO, as adjusted, of $48.2 million, or $0.25 per diluted share, compared to Company FFO, as adjusted, for the quarter ended December 31, 2011 of $45.6 million, or $0.25 per diluted share. For the year ended December 31, 2012, the Company generated Company FFO, as adjusted, of $180.6 million, or $0.98 per diluted share, compared to Company FFO, as adjusted, for the year ended December 31, 2011 of $170.0 million, or $0.97 per diluted share. The calculation of Company FFO, as adjusted, and a reconciliation to net income (loss) is included later in this press release.

Net Income (Loss) Attributable to Common Shareholders

For the quarter ended December 31, 2012, net loss attributable to common shareholders was $(7.0) million, or a loss of $(0.04) per diluted share, compared with net income attributable to common shareholders for the quarter ended December 31, 2011 of $7.5 million, or income of $0.05 per diluted share.

Capital Activities and Balance Sheet Update

Lexington financed its office property in Palo Alto, California with a $59.5 million non-recourse mortgage loan which bears interest at a fixed rate of 3.97%. The fully-amortizing loan matures at the end of the tenant lease in December 2023.

In addition, Lexington exercised an accordion feature within its seven-year term loan agreement increasing the term loan to $255.0 million, all of which is currently outstanding. Lexington swapped the LIBOR rate on such borrowings for a weighted-average fixed rate of 3.67% as of the date of this press release.

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