UPDATE 1-Lexington Realty Q3 FFO down 15 pct

* Q3 FFO $0.30/shr vs yr-ago $0.39

* Occupancy at 91.3 percent

* Cuts 2009 FFO view, reflects issuance of new shares

Nov 5 (Reuters) - Lexington Realty Trust's (LXP.N) third-quarter funds from operations fell 15 percent as occupancy fell, and the real estate investment trust cut its full-year FFO view to include the effect of new shares issued. Lexington, which owns and manages office, industrial and retail properties, said third-quarter FFO was $36.8 million, or 30 cents a share, compared with $43.3 million, or 39 cents a share, a year-ago.

Analysts were expecting FFO of 30 cents a share, according to Thomson Reuters I/B/E/S.

Overall occupancy at the end of the quarter was 91.3 percent, lower than year-ago 93.8 percent.

Lexington now expects full-year FFO of $1.26 to $1.28 a share, down from its prior view of $1.29 to $1.34.

The REIT cut its 2009 FFO outlook to partly reflect the impact of its share repurchase program and the issuance of 7.2 million shares as part of its quarterly dividend payout.

Shares of the REIT were trading down at $3.98 Thursday before the bell. They closed at $4.02 Wednesday on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Himani Sarkar)