LXP Industrial Trust

Latest Results (07.08.2024):

Net Income

LXP Industrial Trust reported net income attributable to common shareholders of $3.8 million, or $0.01 per diluted share, for the second quarter of 2024. This is a significant improvement compared to the net loss of $(9.7) million, or $(0.03) per diluted share, reported in the same quarter of 2023.

Revenues

For the second quarter of 2024, LXP Industrial Trust recorded total gross revenues of $85.8 million. This represents a slight decrease from the $87.1 million in total gross revenues reported for the second quarter of 2023, primarily due to property sales and a decrease in other revenue, offset by revenue from market rent increases and stabilized development projects.

Adjusted Company FFO

LXP Industrial Trust generated Adjusted Company Funds From Operations (FFO) of $46.9 million, or $0.16 per diluted share, in the second quarter of 2024. This is a decrease from the $52.7 million, or $0.18 per diluted share, reported in the same period of the previous year.

Dividends

LXP Industrial Trust declared a regular quarterly common share dividend of $0.13 per common share for the second quarter of 2024, which was paid on July 15, 2024. Additionally, a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock was declared, expected to be paid on August 15, 2024.

Leasing Activity

During the second quarter of 2024, LXP Industrial Trust completed new leases and lease extensions totaling 2.7 million square feet. This leasing activity resulted in an increase in Base and Cash Base Rents by 44.5% and 44.0%, respectively, excluding tenant improvement reimbursements as part of the expiring rent in one lease.