Lexington Realty Trust Reports Fourth Quarter 2010 Results
NEW YORK, Feb. 24, 2011 /PRNewswire/ -- Lexington Realty Trust ("Lexington") (NYSE: LXP), a real estate investment trust focused on single-tenant real estate investments, today announced results for the fourth quarter ended December 31, 2010.
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Fourth Quarter 2010 Highlights
- Generated Company Funds From Operations ("Company FFO") of $37.5 million or $0.24 per diluted common share/unit, adjusted for certain items.
- Executed 17 new and renewal leases, totaling approximately 1.9 million square feet.
- Reduced overall consolidated debt by $149.4 million, bringing debt reduction for the year to $300.3 million.
- Sold three properties for an aggregate gross sales price of $9.1 million.
- Issued 11.5 million common shares, raising net proceeds of $87.1 million.
- Acquired a 105,000 square foot office property in Columbus, Ohio for $16.7 million.
Subsequent to Quarter End Highlights
- Disposed of five properties for $78.4 million.
- Refinanced existing secured revolving credit facility with a $300.0 million secured revolving credit facility increasing the availability by $80.0 million and extending the maturity for three years.
- Executed eight new and renewal leases, totaling approximately 1.1 million square feet.
T. Wilson Eglin, President and Chief Executive Officer of Lexington, stated, "We are pleased with our fourth quarter results and our many achievements in 2010. We reduced debt by $300.3 million, signed 4.1 million square feet of leases, and raised overall portfolio occupancy from 92.0% to 93.4%. We had great success with our disposition program, monetizing 13 non-core properties for $158.1 million at a weighted-average cap rate of 4.2%. So far in 2011, we continued our capital recycling strategy by disposing of five properties for $78.4 million at a weighted-average cap rate of 5.9%, further evidencing our commitment to non-core asset sales as a primary source of capital to retire maturing debt and fund new core investments that we believe will grow our cash flow and enhance our portfolio."
FINANCIAL RESULTS
Revenues
For the quarter ended December 31, 2010, total gross revenues were $85.7 million, compared with total gross revenues of $85.8 million for the quarter ended December 31, 2009.
Company FFO Attributable to Common Shareholders/Unitholders
The following presents in tabular form the items excluded from Company FFO for the periods presented (in millions, except for per diluted share/unit data):
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2010 | Per Diluted Share/Unit | 2009 | Per Diluted Share/Unit | 2010 | Per Diluted Share/Unit | 2009 | Per Diluted Share/Unit | ||||||||||
Reported Company FFO(A) | $ | 39.2 | $ | 0.24 | $ | (17.0) | $ | (0.13) | $ | 110.6 | $ | 0.71 | $ | (56.4) | $ | (0.47) | |
Debt satisfaction, net | (0.5) | (7.0) | (3.1) | (28.5) | |||||||||||||
Forward equity commitment | (3.5) | (4.6) | (8.9) | (7.2) | |||||||||||||
Impairment losses – real estate | 1.9 | 60.8 | 56.9 | 99.6 | |||||||||||||
Impairment losses – real estate noncontrolling interests | (0.1) | -- | (9.7) | -- | |||||||||||||
Impairment losses – consolidated debt investments | -- | -- | -- | 1.6 | |||||||||||||
Impairment losses/reserves – Concord debt investments | -- | -- | -- | 71.4 | |||||||||||||
Impairment loss – Concord equity investment | -- | -- | -- | 68.2 | |||||||||||||
Impairment loss – JV | -- | -- | -- | 6.5 | |||||||||||||
Lease termination/ | -- | -- | -- | (3.2) | |||||||||||||
Land transaction income, net | -- | -- | -- | (1.3) | |||||||||||||
Other | 0.5 | -- | 0.2 | 1.1 | -- | 1.3 | |||||||||||
Company FFO, as adjusted | $ | 37.5 | $ | 0.24(B) | $ | 32.4 | $ | 0.25(B) | $ | 146.9 | $ | 0.96 (B) | $ | 152.0 | $ | 1.29(B) | |
(A) | A reconciliation of GAAP net income (loss) to Company FFO is provided later in this press release. | |
(B) | Per diluted share/unit reflects the impact of estimated net common shares retired upon the assumed settlement of the forward equity commitment of (3,412,567), (3,162,470), (3,312,724) and (2,356,328) for the three months ended December 31, 2010 and 2009 and the twelve months ended December 31, 2010 and 2009, respectively. | |
Net Income (Loss) Attributable to Common Shareholders
For the quarter ended December 31, 2010, net income attributable to common shareholders was $5.3 million, or income of $0.04 per diluted share, compared with net loss attributable to common shareholders for the quarter ended December 31, 2009 of ($52.3) million, or a loss of ($0.43) per diluted share.
Capital Activities and Balance Sheet Update
During the fourth quarter, Lexington issued 11.5 million common shares, raising net proceeds of $87.1 million. The proceeds are expected to be used for general corporate purposes, including debt repayment and acquisitions.
Overall consolidated debt was reduced in the fourth quarter by $149.4 million and by $300.3 million for the year. During the fourth quarter, Lexington fully satisfied the $18.8 million balance on the secured revolving credit facility outstanding at September 30, 2010, retired $111.0 million in non-recourse mortgage debt on four properties and paid off a $14.5 million contract right payable.
Subsequent to quarter end, Lexington refinanced its existing $220.0 million secured revolving credit facility which was scheduled to mature in February 2011, with a $300.0 million secured revolving credit facility, which matures in January 2014 but can be extended to January 2015 at Lexington's option. The new credit facility is secured by ownership interest pledges and guarantees by certain of Lexington's subsidiaries that in the aggregate own, as of today, interests in a borrowing base consisting of 79 properties. With the consent of the lenders, Lexington can increase the size of the secured revolving credit facility by $225.0 million, for a total facility size of $525.0 million.
As a result of these fourth quarter activities, Lexington's 2011 scheduled debt maturities were reduced from $68.7 million to $12.9 million.
Common Share Dividend/Distribution
On November 3, 2010, Lexington declared a regular quarterly dividend/distribution for the quarter ended December 31, 2010 of $0.115 per common share/unit, which was paid on January 14, 2011 to common shareholders/unitholders of record as of December 31, 2010. This quarterly dividend of $0.115 per common share/unit represents a 15% increase and, subject to quarterly authorization by Lexington's Board of Trustees, an expected annualized dividend of $0.46 per common share/unit.
OPERATING ACTIVITIES
Capital Recycling
During the fourth quarter of 2010, Lexington sold three properties to unrelated parties for an aggregate gross sales price of $9.1 million, representing a cap rate of -4.3%. During 2010, Lexington monetized 13 properties for an aggregate price of $158.1 million at a weighted-average cap rate of 4.2%. Subsequent to quarter end, Lexington disposed of five properties for $78.4 million at a weighted-average cap rate of 5.9%.
Investments
During the fourth quarter of 2010, Lexington acquired an interest in a 105,000 square foot Class A office property for $16.7 million (9.1% cap rate, 10.4% on a GAAP basis). The property is located in Columbus, Ohio and is net-leased for a 16-year term.
Leasing Activity
For the quarter ended December 31, 2010, 17 new and renewal leases for 1.9 million square feet were executed in Lexington's portfolio. At December 31, 2010, Lexington's overall portfolio was 93.4% leased.
2011 EARNINGS GUIDANCE
Lexington estimates that Company FFO guidance will be $0.90 to $0.93 per diluted share for the year ended December 31, 2011. This guidance is forward looking, excludes the impact of certain items and is based on current expectations.
FOURTH QUARTER 2010 CONFERENCE CALL
Lexington will host a conference call today, Thursday, February 24, 2011, at 11:00 a.m. Eastern Time, to discuss its results for the quarter ended December 31, 2010. Interested parties may participate in this conference call by dialing (877) 397-0272 or (719) 325-4781. A replay of the call will be available through March 10, 2011, at (877) 870-5176 or (858) 384-5517, pin: 8079941. A live webcast of the conference call will be available at www.lxp.com within the Investor Relations section.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in, and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, One Penn Plaza, Suite 4015, New York, New York 10119-4015, Attention: Investor Relations.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in Lexington's periodic reports filed with the Securities and Exchange Commission, including risks related to: (1) the authorization by Lexington's Board of Trustees of future dividend declarations to achieve an annualized dividend paid in 2011 of $0.46 per common share, (2) Lexington's ability to achieve its estimate of Company FFO for the year ended December 31, 2011, (3) the failure to continue to qualify as a real estate investment trust, (4) changes in general business and economic conditions, including the impact of the current global financial and credit crisis, (5) competition, (6) increases in real estate construction costs, (7) changes in interest rates, or (8) changes in accessibility of debt and equity capital markets. Copies of the periodic reports Lexington files with the Securities and Exchange Commission are available on Lexington's web site at www.lxp.com. Forward-looking statements, which are based on certain assumptions and describe Lexington's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects", "is optimistic" or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.
References to Lexington refer to Lexington Realty Trust and its consolidated subsidiaries. All interests in properties are held through special purpose entities, which are separate and distinct legal entities, but consolidated for financial statement purposes and/or disregarded for income tax purposes.
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three and twelve months ended December 31, 2010 and 2009 (Unaudited and in thousands, except share and per share data) | ||||||||||||||
Three months ended | Twelve months ended | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||
Gross revenues: | ||||||||||||||
Rental | $ | 77,058 | $ | 75,715 | $ | 307,713 | $ | 315,493 | ||||||
Advisory and incentive fees | 239 | 388 | 1,108 | 1,822 | ||||||||||
Tenant reimbursements | 8,385 | 9,707 | 34,034 | 39,001 | ||||||||||
Total gross revenues | 85,682 | 85,810 | 342,855 | 356,316 | ||||||||||
Expense applicable to revenues: | ||||||||||||||
Depreciation and amortization | (40,823) | (40,083) | (163,355) | (164,968) | ||||||||||
Property operating | (18,627) | (18,597) | (71,907) | (75,026) | ||||||||||
General and administrative | (6,682) | (5,613) | (22,487) | (23,425) | ||||||||||
Non-operating income | 3,873 | 1,145 | 11,855 | 8,021 | ||||||||||
Interest and amortization expense | (29,523) | (31,188) | (123,115) | (127,793) | ||||||||||
Debt satisfaction gains, net | 982 | 155 | 208 | 17,023 | ||||||||||
Change in value of forward equity commitment | 3,506 | 4,586 | 8,906 | 7,182 | ||||||||||
Impairment charges and loan losses | -- | (3,598) | (6,879) | (5,174) | ||||||||||
Loss before benefit (provision) for income taxes, equity in earnings (losses) of non-consolidated entities and discontinued operations | (1,612) | (7,383) | (23,919) | (7,844) | ||||||||||
Benefit (provision) for income taxes | 140 | (727) | (1,556) | (2,374) | ||||||||||
Equity in earnings (losses) of non-consolidated entities | 5,675 | 7,637 | 21,741 | (123,176) | ||||||||||
Income (loss) from continuing operations | 4,203 | (473) | (3,734) | (133,394) | ||||||||||
Discontinued operations: | ||||||||||||||
Income (loss) from discontinued operations | 316 | (958) | (1,139) | (2,410) | ||||||||||
Provision for income taxes | (1) | (9) | (16) | (81) | ||||||||||
Debt satisfaction gains (charges), net | (458) | 6,864 | 2,927 | 11,471 | ||||||||||
Gains on sales of properties | 12,091 | 2,854 | 14,613 | 9,134 | ||||||||||
Impairment charges | (1,874) | (57,205) | (50,061) | (95,992) | ||||||||||
Total discontinued operations | 10,074 | (48,454) | (33,676) | (77,878) | ||||||||||
Net income (loss) | 14,277 | (48,927) | (37,410) | (211,272) | ||||||||||
Less net loss (income) attributable to noncontrolling interests | (2,703) | 2,960 | 4,450 | 1,120 | ||||||||||
Net income (loss) attributable to Lexington Realty Trust shareholders | 11,574 | (45,967) | (32,960) | (210,152) | ||||||||||
Dividends attributable to preferred shares – Series B | (1,590) | (1,590) | (6,360) | (6,360) | ||||||||||
Dividends attributable to preferred shares – Series C | (1,702) | (1,702) | (6,809) | (7,218) | ||||||||||
Dividends attributable to preferred shares – Series D | (2,926) | (2,926) | (11,703) | (11,703) | ||||||||||
Dividends attributable to non-vested common shares | (83) | (65) | (264) | (449) | ||||||||||
Conversion dividend – Series C | -- | -- | -- | (6,994) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 5,273 | $ | (52,250) | $ | (58,096) | $ | (242,876) | ||||||
Income (loss) per common share – basic and diluted: | ||||||||||||||
Loss from continuing operations | $ | (0.03) | $ | (0.06) | $ | (0.25) | $ | (1.53) | ||||||
Income (loss) from discontinued operations | 0.07 | (0.37) | (0.19) | (0.69) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 0.04 | $ | (0.43) | $ | (0.44) | $ | (2.22) | ||||||
Weighted average common shares outstanding – basic and diluted | 135,432,527 | 120,530,087 | 130,985,809 | 109,280,955 | ||||||||||
Amounts attributable to common shareholders: | ||||||||||||||
Loss from continuing operations | $ | (3,726) | $ | (6,986) | $ | (33,357) | $ | (167,880) | ||||||
Income (loss) from discontinued operations | 8,999 | (45,264) | (24,739) | (74,996) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 5,273 | $ | (52,250) | $ | (58,096) | $ | (242,876) | ||||||
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
December 31, 2010 and December 31, 2009 | ||||||
(Unaudited and in thousands, except share and per share data) | ||||||
2010 | 2009 | |||||
Assets: | ||||||
Real estate, at cost | $ | 3,363,586 | $ | 3,552,806 | ||
Less: accumulated depreciation and amortization | 601,239 | 537,406 | ||||
2,762,347 | 3,015,400 | |||||
Property held for sale – discontinued operations | 7,316 | -- | ||||
Intangible assets, net | 203,495 | 267,161 | ||||
Cash and cash equivalents | 52,644 | 53,865 | ||||
Restricted cash | 26,644 | 21,519 | ||||
Investment in and advances to non-consolidated entities | 83,738 | 55,985 | ||||
Deferred expenses, net | 39,912 | 38,245 | ||||
Loans receivable, net | 88,937 | 60,567 | ||||
Rent receivable – current | 7,498 | 11,463 | ||||
Rent receivable – deferred | 6,293 | 12,529 | ||||
Other assets | 56,172 | 43,111 | ||||
Total assets | $ | 3,334,996 | $ | 3,579,845 | ||
Liabilities and Equity: | ||||||
Liabilities: | ||||||
Mortgages and notes payable | $ | 1,481,216 | $ | 1,857,909 | ||
Exchangeable notes payable | 61,438 | 85,709 | ||||
Convertible notes payable | 103,211 | - | ||||
Trust preferred securities | 129,120 | 129,120 | ||||
Contract right payable | -- | 15,252 | ||||
Dividends payable | 23,071 | 18,412 | ||||
Liabilities – discontinued operations | 3,876 | -- | ||||
Accounts payable and other liabilities | 51,292 | 43,629 | ||||
Accrued interest payable | 13,989 | 11,068 | ||||
Deferred revenue - below market leases, net | 96,490 | 107,535 | ||||
Prepaid rent | 15,164 | 13,975 | ||||
1,978,867 | 2,282,609 | |||||
Commitments and contingencies | ||||||
Equity: | ||||||
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, | ||||||
Series B Cumulative Redeemable Preferred, liquidation preference $79,000, 3,160,000 shares issued and outstanding | 76,315 | 76,315 | ||||
Series C Cumulative Convertible Preferred, liquidation preference $104,760, 2,095,200 shares issued and outstanding | 101,778 | 101,778 | ||||
Series D Cumulative Redeemable Preferred, liquidation preference $155,000, 6,200,000 shares issued and outstanding | 149,774 | 149,774 | ||||
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 146,552,589 and 121,943,258 shares issued and outstanding in 2010 and 2009, respectively | 15 | 12 | ||||
Additional paid-in-capital | 1,937,942 | 1,750,979 | ||||
Accumulated distributions in excess of net income | (985,562) | (870,862) | ||||
Accumulated other comprehensive income (loss) | (106) | 673 | ||||
Total shareholders' equity | 1,280,156 | 1,208,669 | ||||
Noncontrolling interests | 75,973 | 88,567 | ||||
Total equity | 1,356,129 | 1,297,236 | ||||
Total liabilities and equity | $ | 3,334,996 | $ | 3,579,845 | ||
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES COMPANY FUNDS FROM OPERATIONS PER SHARE (Unaudited and in thousands, except share and per share data) | ||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||
COMPANY FUNDS FROM OPERATIONS: (1) | ||||||||||||
Basic and Diluted: | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 5,273 | $ | (52,250) | $ | (58,096) | $ | (242,876) | ||||
Adjustments: | ||||||||||||
Depreciation and amortization | 39,953 | 41,597 | 163,759 | 178,000 | ||||||||
Noncontrolling interests - OP units | 2,040 | (2,903) | 3,482 | (1,970) | ||||||||
Amortization of leasing commissions | 870 | 794 | 3,491 | 3,063 | ||||||||
Joint venture and noncontrolling interest adjustment | (894) | (1,106) | (2,872) | 4,279 | ||||||||
Gain on sale of joint venture investment | -- | (2,000) | -- | (2,003) | ||||||||
Preferred dividends - Series C | 1,702 | 1,702 | 6,809 | 14,212 | ||||||||
Gains on sales of properties | (12,091) | (2,854) | (14,613) | (9,134) | ||||||||
Gain on sale of marketable securities | -- | -- | -- | (19) | ||||||||
Interest and amortization on 6.00% Convertible Notes | 2,327 | -- | 8,610 | -- | ||||||||
Company FFO | $ | 39,180 | $ | (17,020) | $ | 110,570 | $ | (56,448) | ||||
Basic: | ||||||||||||
Weighted average common shares outstanding - EPS | 135,432,527 | 120,530,087 | 130,985,809 | 109,280,955 | ||||||||
6.00% Convertible Notes | 16,230,905 | -- | 15,084,397 | -- | ||||||||
Non-vested share-based payment awards | 92,207 | 9,757 | 75,675 | 540 | ||||||||
Operating Partnership Units | 5,001,173 | 5,442,773 | 5,200,191 | 5,447,974 | ||||||||
Preferred Shares – Series C | 5,099,507 | 5,099,507 | 5,099,507 | 5,370,135 | ||||||||
Weighted average common shares outstanding | 161,856,319 | 131,082,124 | 156,445,579 | 120,099,604 | ||||||||
Company FFO per common share - Basic | $ | 0.24 | $ | (0.13) | $ | 0.71 | $ | (0.47) | ||||
Diluted: | ||||||||||||
Weighted average common shares outstanding - EPS | 135,432,527 | 120,530,087 | 130,985,809 | 109,280,955 | ||||||||
6.00% Convertible Notes | 16,230,905 | -- | 15,084,397 | -- | ||||||||
Non-vested share-based payment awards | 92,207 | 9,757 | 75,675 | 540 | ||||||||
Operating Partnership Units | 5,001,173 | 5,442,773 | 5,200,191 | 5,447,974 | ||||||||
Preferred Shares – Series C | 5,099,507 | 5,099,507 | 5,099,507 | 5,370,135 | ||||||||
Options – Incremental shares | 272,140 | -- | -- | -- | ||||||||
Weighted average common shares outstanding | 162,128,459 | 131,082,124 | 156,445,579 | 120,099,604 | ||||||||
Company FFO per common share - Diluted | $ | 0.24 | $ | (0.13) | $ | 0.71 | $ | (0.47) | ||||
LEXINGTON REALTY TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE (Unaudited and in thousands, except share and per share data) | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
2010 | 2009 | 2010 | 2009 | |||||||
EARNINGS PER SHARE: | ||||||||||
Basic and Diluted: | ||||||||||
Loss from continuing operations attributable to common shareholders | $ | (3,726) | $ | (6,986) | $ | (33,357) | $ | (167,880) | ||
Income (loss) from discontinued operations attributable to common shareholders | 8,999 | (45,264) | (24,739) | (74,996) | ||||||
Net income (loss) attributable to common shareholders | $ | 5,273 | $ | (52,250) | $ | (58,096) | $ | (242,876) | ||
Weighted average number of common shares outstanding | 135,432,527 | 120,530,087 | 130,985,809 | 109,280,955 | ||||||
Income (loss) per common share: | ||||||||||
Loss from continuing operations | $ | (0.03) | $ | (0.06) | $ | (0.25) | $ | (1.53) | ||
Income (loss) from discontinued operations | 0.07 | (0.37) | (0.19) | (0.69) | ||||||
Net income (loss) attributable to common shareholders | $ | 0.04 | $ | (0.43) | $ | (0.44) | $ | (2.22) | ||
(1) Lexington believes that Funds from Operations ("FFO") is a widely recognized and appropriate measure of the performance of an equity REIT. Lexington presents FFO because it considers FFO an important supplemental measure of Lexington's operating performance. Lexington believes FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude generally accepted accounting principles ("GAAP") historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income.
FFO is determined in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT"). FFO is defined by NAREIT as "net income (or loss) computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow as a measure of liquidity.
Lexington includes in its calculation of FFO, which Lexington refers to as the "Company's funds from operations" or "Company FFO," Lexington's operating partnership units, Lexington's Series C Cumulative Convertible Preferred Shares, and Lexington's 6.00% Convertible Notes because these securities are convertible, at the holder's option, into Lexington's common shares. Management believes this is appropriate and relevant to securities analysts, investors and other interested parties because Lexington presents Company FFO on a company-wide basis as if all securities that are convertible, at the holder's option, into Lexington's common shares, are converted. Since others do not calculate FFO in a similar fashion, Company FFO may not be comparable to similarly titled measures as reported by others.
SOURCE Lexington Realty Trust
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