NEW YORK (AP) _ Lexington Realty Trust (LXP) on Wednesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $47.2 million, or 20 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 21 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 $26.4 million, or 11 cents per share.
The real estate investment trust posted revenue of $81.2 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $82.5 million.
Lexington Realty expects full-year funds from operations in the range of 75 cents to 79 cents per share.
The company's shares have climbed 10% since the beginning of the year. The stock has increased 7% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LXP at https://www.zacks.com/ap/LXP