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Lexington Boosts FFO, Income; Tightens 2012 Guidance

NEW YORK CITY-The REIT’s consolidation of its Net Lease Strategic Asset Fund ownership was key to a major year-over-year improvement in its net operating income profile, Lexington said Tuesday.

By Paul Bubny | Updated on November 06, 2012

NEW YORK CITY-Lexington Realty Trust said Tuesday it generated funds from operations of $45.5 million during the third quarter, up about 10% year over year. The REIT, which focuses on single-tenant investments, also brought its net income from a loss of $37 million in Q3 2011 to a gain of $169 million in the most recent quarter, due mainly to acquiring Inland American (Net Lease) Sub LLC’s share of the Net Lease Strategic Assets Fund joint venture.

That deal, announced just after Labor Day, consolidated LXP’s ownership of a 98.7% leased portfolio that it had owned and/or managed since before NLS was formed.

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