LXP(US:LXP)2019-11-06 20:24Real Estate Portfolio - As of September 30, 2019, Lexington Realty Trust owned approximately 135 consolidated real estate properties, totaling about 50.5 million square feet, with a lease rate of approximately 97.4%[120] - The percentage of gross book value from industrial assets increased to 77.7% as of September 30, 2019, following the acquisition of 11 industrial assets[122] - During the same period, Lexington Realty Trust acquired three industrial properties for a total cost of $179.8 million[127] Financial Performance - Cash flows from operations for the nine months ended September 30, 2019, were $142.9 million, a decrease from $169.7 million for the same period in 2018, primarily due to property sales and vacancies[132] - Net income attributable to common shareholders decreased by $74.6 million for the three months ended September 30, 2019, compared to the same period in 2018[140] - Total gross revenues decreased by $18.7 million, primarily due to a $19.6 million decrease in rental revenue, partially offset by a $0.9 million increase in other revenue[141] Rental Revenue and Leases - The average fixed rent on new leases and lease extensions during Q3 2019 was $5.79 per square foot, compared to $5.67 per square foot before extension[125] - The company entered into new leases and lease extensions encompassing 1.6 million square feet during Q3 2019[125] - Rental revenue decline was attributed to property sales of $21.5 million and changes in occupancy, with a $3.5 million decrease related to below-market lease intangible accretion[141] Dividends and Shareholder Returns - Dividends paid to common and preferred shareholders were $96.1 million for the nine months ended September 30, 2019, compared to $132.1 million for the same period in 2018[135] - FFO per common share for Q3 2019 was $0.18, down from $0.24 in Q3 2018[160] Debt and Interest Rates - The company extended the maturity of its $300 million term loan to January 2025 and swapped the LIBOR portion of the interest rate to a fixed rate of 2.732% per annum[127] - The weighted-average interest rate for variable-rate indebtedness was 3.6% for Q3 2019, compared to 3.4% for Q3 2018[165] - The aggregate principal consolidated fixed-rate debt was $1.2 billion as of September 30, 2019, accounting for 90.1% of total indebtedness[165] Impairment and Expenses - The decrease in depreciation and amortization expense was $18.1 million, primarily due to property sales and assets classified as held for sale[148] - Impairment charges decreased by $88.5 million, reflecting the timing of impairment charges recognized on certain properties[151] - The company reported impairment charges of $673 thousand related to real estate in Q3 2019, compared to $2.5 million in Q3 2018[160] Funds from Operations (FFO) - Funds from Operations (FFO) is presented as a key performance measure, excluding depreciation and amortization related to real estate[156] - Funds from Operations (FFO) available to common shareholders and unitholders for Q3 2019 was $42.2 million, down 26.8% from $57.8 million in Q3 2018[160] - Adjusted Company FFO available to all equityholders and unitholders for Q3 2019 was $48.7 million, a decrease of 16.5% compared to $58.2 million in Q3 2018[160]