Lexington Realty Trust (NYSE:LXP) Q2 2016 Earnings Conference Call - Preliminary Transcript

Aug 09, 2016 • 08:30 am ET


Lexington Realty Trust (NYSE:LXP) Q2 2016 Earnings Conference Call - Preliminary Transcript


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Good morning and welcome to the Lexington Realty Trust Second Quarter Earnings 2016 Webcast and Conference Call. All participants will be in listen only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note that this event is being recorded.I would now like to turn the conference over to Heather Gentry. Please go ahead.

Heather Gentry

Thank you. Hello and welcome to the Lexington Reality Trust second quarter 2016 conference call. The earnings press release was distributed this morning. And the release and supplemental disclosure package will be furnished on a Form-8K. In the press release and supplemental package Lexington has reconciled on non GAAP financial measures to the most directly comparable GAAP measure in accordance with REIT [Phonetic] requirements. If you did not receive a copy, these documents are available on Lexington website at www.lxp.com in the investors section.

Additionally, we are hosting a live webcast of today's call, which you can access in the same section. At this time, we would like to inform you that certain statements made during this call, which are not historical may constitute forward looking statements within the meaning of the private securities litigation Reform Act of 1995. Although Lexington believes the expectations reflected in any forward looking statements are based unreasonable assumptions, Lexington can give no assurance that its expectations will be obtained.

Factors and risks that could cause actual results to differ materially from those expressed or implied by forward looking statements are detailed in today's press release, and from time to time and Lexington filings with the SEC, and include the successful consummation of any lease acquisition, build to suit financings, disposition or other transactions or the final terms of any such transaction. Accepted required by law, Lexington does not undertake a duty to update any forward looking statements.

References to adjusted company FFO refer to adjusted company FFO available to all equity holders and unit holders on a fully diluted basis. This was previously referred to as company FFO in the most recent earnings press release an earnings conference call. Operating performance measures of an individual investments are not presented or intended to be viewed as liquidity or performance measures that present a numerical measure of Lexington historical or future financial performance, financial position or cash flow.Joining me today to discuss Lexington second quarter 2016 results are Will Eglin, Chief Executive Officer; Pat Carroll, Chief Financial Officer and other executive members of management. With that I will now turn the call over to Will.

Wilson Eglin

Thanks, Heather. Good morning, everyone. And thank you for joining our call today. We delivered solid performance during the second quarter as we continue to remain very active in all areas of our business, particularly with our sales programme and leasing activity. Net income for the quarter was $0.20 per diluted share. And adjusted company FFO was $0.29 per diluted share for the quarter, representing more than 7% increase year-over-year. We sold approximately $107 million in assets and an