we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.For some time, we avoided preferred stocks due to tight spreads. Recently, spreads have improved, prompting us to reconsider REIT preferreds—especially the safest ones with yields over 6.5%. Today, we look at LXP Industrial Trust (NYSE:Analyst’s Disclosure:I/we have no stock, option or similar derivative position ...

LXP Industrial Trust (LXP) 2025 Conference June 04, 2025 02:00 PM ET Speaker0 Alright. Good afternoon, everybody. My name is John Peterson. I lead our real estate research team at Jefferies. Really happy to have the LXP team here with us today for their formal company presentation. To my right is Will Eglin, CEO, and to his right is James Dudley, EVP and Director of Asset Management for LXP. So why don't we jump in? Will, maybe if you could just give us a brief intro into LXP and talk about how your portfol ...

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WEST PALM BEACH, Fla., May 21, 2025 (GLOBE NEWSWIRE) -- LXP Industrial Trust (“LXP”) (NYSE: LXP), a real estate investment trust (REIT) focused on Class A warehouse and distribution investments, today announced that it executed a lease for its approximately 1.1 million square foot industrial facility in the Greenville/Spartanburg, South Carolina market. The lease to a U.S. subsidiary of a global logistics company commences on June 1, 2025, for a two-year term, with two five-year renewal options, and an init ...

LXP Industrial Trust (NYSE:LXP) Q1 2025 Earnings Conference Call May 1, 2025 8:30 AM ET Company Participants Heather Gentry - Investor Relations Will Eglin - Chief Executive Officer Brendan Mullinix - Chief Investment Officer James Dudley - Executive Vice President Nathan Brunner - CFO Conference Call Participants James Kammert - Evercore John Petersen - Jefferies James Kammert - Evercore ISI Operator Good morning. My name is Aaron, and I will be your conference operator for today. At this time, I would lik ...

Financial Performance - Total gross revenues for Q1 2025 were $88.9 million, up from $86.3 million in Q1 2024, representing a growth of 3.0%[5] - Net income attributable to common shareholders was $17.3 million, or $0.06 per diluted share, compared to a net loss of $(1.9) million, or $(0.01) per diluted share in Q1 2024[7] - Adjusted Company Funds From Operations (FFO) for Q1 2025 were $46.4 million, or $0.16 per diluted share, compared to $48.8 million, or $0.16 per diluted share in Q1 2024[8] - LXP's 2025 earnings guidance estimates net income attributable to common shareholders to be in the range of $0.12 to $0.16 per diluted share[18] - Net income attributable to common shareholders for Q1 2025 was $17,279,000, compared to a loss of $1,931,000 in Q1 2024, resulting in a basic and diluted earnings per share of $0.06[45] - Funds from operations (FFO) available to common shareholders for Q1 2025 was $44,363,000, down from $47,141,000 in Q1 2024, with diluted FFO per share at $0.16, unchanged from the previous year[47] Operational Metrics - Same-store Net Operating Income (NOI) increased by 5.2% compared to the same period in 2024[6] - The stabilized portfolio was 93.3% leased as of March 31, 2025, with 99.5% leased excluding first-generation space[16] - Same-Store NOI is used to highlight operating trends such as occupancy levels and rental rates, excluding changes from acquired or disposed properties[37] Real Estate Transactions - A 540,000 square foot lease extension was completed, increasing Base and Cash Base Rents by 52.5% and 58.9%, respectively[6] - LXP disposed of one warehouse facility for gross proceeds of $35.0 million and another for $39.6 million[6][12] - LXP reported a gain on the sale of real estate amounting to $24.635 million in Q1 2025[41] - The company reported a gain on the sale of real estate of $(24,635,000) in Q1 2025, with no such gain reported in Q1 2024[47] Financial Position - Cash and cash equivalents decreased to $70.935 million as of March 31, 2025, down from $101.836 million at the end of 2024[43] - Real estate, net value as of March 31, 2025, was $3.479 billion, a decrease from $3.536 billion at the end of 2024[43] - Total liabilities decreased to $1.663 billion as of March 31, 2025, from $1.723 billion at the end of 2024[43] - The company repaid $50.0 million of its $300.0 million term loan, with total consolidated debt at $1.5 billion[17] Shareholder Information - The weighted-average common shares outstanding increased to 291.706 million in Q1 2025 from 291.288 million in Q1 2024[41] - The weighted-average number of common shares outstanding for basic FFO was 291,706,064 in Q1 2025, compared to 291,288,383 in Q1 2024[47] - The company allocated $1,572,000 for preferred dividends in both Q1 2025 and Q1 2024[47] Future Projections - The estimated adjusted company FFO per diluted common share for the twelve months ending December 31, 2025, is projected to be between $0.61 and $0.65[49] - The company expects the impact of capital transactions to be $(0.19) per diluted common share for the year ending December 31, 2025[49] Depreciation and Amortization - Depreciation and amortization for real estate increased to $48,822,000 in Q1 2025 from $46,208,000 in Q1 2024[47] - The allowance for credit loss was reported as $0 in Q1 2025, compared to a loss of $(5,000) in Q1 2024[47]

Real Estate Portfolio - As of March 31, 2025, the company had equity ownership interests in approximately 118 consolidated real estate properties, totaling approximately 57.3 million square feet of rentable space, with a lease rate of approximately 93.3%[106]. - The company entered into lease extensions encompassing 1.1 million square feet, with an average fixed rent increase from $6.37 to $7.85 per square foot[109]. - Same-store square footage leased was 99.2% as of March 31, 2025, compared to 98.9% in 2024[137]. Financial Performance - Cash flows from operations for the three months ended March 31, 2025, were $39.0 million, a slight increase from $38.9 million in the same period in 2024, primarily due to increased rental revenue[116]. - Dividends paid to common and preferred shareholders were $41.0 million for the three months ended March 31, 2025, compared to $39.5 million in the same period in 2024[122]. - Net income attributable to common shareholders for the three months ended March 31, 2025, was $17.279 million, compared to a net loss of $1.931 million in 2024[146]. Revenue and Expenses - The increase in rental revenue of $2.7 million was primarily due to properties placed in service and acquisitions, offset by a decrease of $5.7 million due to property sales and vacancies[131]. - Same-store net operating income (NOI) increased by 5.2% for the three months ended March 31, 2025, compared to the same period in 2024, reaching $63.586 million, driven by an increase in cash base rents[137]. - Total cash base rent for the three months ended March 31, 2025, was $64.080 million, up from $60.992 million in 2024[137]. Debt Management - The company repaid $50.0 million of its $300.0 million term loan, resulting in a loss on debt satisfaction of $0.4 million[112][124]. - The company had secured debt of $53.6 million as of March 31, 2025, down from $54.9 million at the end of 2024[115]. - The company's aggregate principal variable-rate indebtedness not subject to interest rate swaps was $46.6 million as of March 31, 2025, representing 3.0% of total indebtedness[150]. - The weighted-average interest rate on variable-rate indebtedness was 6.3% for the three months ended March 31, 2025[150]. - The fair value of the company's fixed-rate indebtedness was estimated at $1.4 billion as of March 31, 2025[151]. Other Financial Activities - The company disposed of one facility for a gross sale price of $35.0 million in a non-target market[111]. - The company did not sell any shares under its At-The-Market offering program during the three months ended March 31, 2025[119]. - Interest and amortization expense decreased by $0.7 million, primarily due to a $2.2 million decrease in interest expense related to the 2024 Senior Notes that were repaid in full[134]. - The company expects to incur approximately $41.0 million in additional costs for its consolidated development project commitments[129]. - The company guaranteed obligations for certain non-consolidated entities with respect to $432.3 million of non-recourse debt[147].

LXP Industrial Trust (LXP) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Good morning. My name is Aaron, and I will be your conference operator for today. At this time, I would like to welcome everyone to the LXP Industrial Trust First Quarter twenty twenty five Earnings Call and Webcast. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be a question and answer session. With that, I'm pleased to turn our call over to Heather Gentry, Ex ...

LXP Industrial Trust (LXP) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Company Participants Heather Gentry - Senior Vice President-Investor RelationsWilson Eglin - Chairman, Chief Executive Officer and PresidentNathan Brunner - EVP, CFO & TreasurerAnthony Paolone - Executive DirectorJames Dudley - Executive Vice President and Director-Asset ManagementBrendan Mullinix - Executive Vice President and Chief Investment OfficerJon Petersen - Managing DirectorJames Kammert - Managing Director Conference Call Pa ...

LXP Industrial (LXP) came out with quarterly funds from operations (FFO) of $0.16 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.16 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.16 per share when it actually produced FFO of $0.16, delivering no surprise.Over the last four quarters, the company has not been able to surpass consensus FFO estimates.LXP Industri ...