NEW YORK (AP) _ Lexington Realty Trust (LXP) reported on Tuesday a key measure of profitability in its third quarter. Results exceeded Wall Street expectations.
New York-based real estate investment trust said it had operating funds of $ 58.2 million, or 24 cents per share, in the period.
The average estimate of five analysts investigated by Zacks Investment Research was for operating funds of 23 cents per share.
Operations funds are a very effective measure in the REIT industry. It takes net income and adds items such as depreciation and amortization.
The company said it had a net profit of 216.2 million dollars, or 90 cents per share.
Trust in real estate investors posted revenues of $ 100 million in the period, losing street forecasts. Three analysts surveyed by Zacks were expecting $ 101.4 million.
The company's shares have dropped 18 percent since the beginning of the year. Stock fell 22 percent 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 action report on LXP at https://www.zacks.com/ap/LXP