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LXP(LXP) - 2020 Q4 - Earnings Call Presentation
2021-02-26 20:29
00C 1 , ■ LEXING REALTY TRUST Investor Presentation Fourth Quarter 2020 Disclosure This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve known and unknown risks, uncertainties or other factors not under Lexington Realty Trust's ("Lexington" or "LXP") control which may cause actual results, performance or achievements of Lexington to be materia ...
LXP(LXP) - 2020 Q4 - Annual Report
2021-02-18 21:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LEXINGTON REALTY TRUST (Exact name of registrant as specified in its charter) (State or other ...
LXP(LXP) - 2020 Q4 - Earnings Call Transcript
2021-02-18 17:00
Lexington Realty Trust (NYSE:LXP) Q4 2020 Results Conference Call February 18, 2021 8:30 AM ET Company Participants Heather Gentry - SVP, IR Will Eglin - Chairman and CEO Beth Boulerice - CFO Brendan Mullinix - CIO Lara Johnson - EVP James Dudley - EVP Conference Call Participants Anthony Paolone - JP Morgan Sheila McGrath - Evercore Craig Mailman - KeyBanc Capital Markets Jamie Feldman - Bank of America Merrill Lynch John Massocca - Ladenburg Thalmann Todd Stender with - Wells Fargo Operator Good day and w ...
LXP(LXP) - 2020 Q3 - Quarterly Report
2020-11-05 20:55
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2020. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LEXINGTON REALTY TRUST (Exact name of registrant as specified in its charter) (State ...
LXP(LXP) - 2020 Q3 - Earnings Call Transcript
2020-11-05 19:53
Lexington Realty Trust (NYSE:LXP) Q3 2020 Earnings Conference Call November 5, 2020 8:00 AM ET Company Participants Heather Gentry - Investor Relations Will Eglin - Chairman, Chief Executive Office & President Beth Boulerice - Executive Vice President & Chief Financial Officer Lara Johnson - Executive Vice President Conference Call Participants Elvis Rodriguez - Bank of America Merrill Lynch Craig Mailman - KeyBanc Capital Market Jon Petersen - Jefferies Operator Good morning and welcome to the Lexington Re ...
LXP(LXP) - 2020 Q2 - Quarterly Report
2020-08-06 19:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LEXINGTON REALTY TRUST (Exact name of registrant as specified in its charter) (State or o ...
LXP(LXP) - 2020 Q2 - Earnings Call Transcript
2020-08-06 17:41
Financial Data and Key Metrics Changes - The company reported adjusted company FFO for the quarter at approximately $51 million or $0.19 per diluted common share, maintaining a conservative adjusted company FFO payout ratio of 55.3% [23] - Revenues for the second quarter were approximately $82 million, reflecting a 2% increase compared to the same period in 2019 [23] - Cash-based rent collections for the second quarter were over 99.5%, with 99.4% of July collections received to date [11][24] Business Line Data and Key Metrics Changes - The company leased over 3 million square feet during the quarter, raising industrial renewal cash base rents nearly 22% [12] - Overall portfolio leased was 97.3% at quarter end, showing a slight increase compared to the previous quarter [12] - The company disposed of approximately $45 million of assets during the quarter, contributing to a year-to-date total of $141 million in consolidated property disposals [14][15] Market Data and Key Metrics Changes - The company closed on $164 million of new warehouse distribution purchases in select target markets, with average GAAP and cash cap rates of 5.6% and 5.3% respectively [12] - The average age of the industrial portfolio improved to 12.2 years following the acquisition of six warehouse distribution properties totaling 1.9 million square feet [18] Company Strategy and Development Direction - The company is focused on completing its transition to an industrial REIT and capitalizing on external growth opportunities [10] - The portfolio mix has improved, increasing industrial exposure to almost 85% of gross real estate assets [16] - The company plans to dispose of or market for sale up to $500 million of primarily office properties, with some closings likely pushed into 2021 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong balance sheet, favorable liquidity position, and robust investment pipeline despite market uncertainties due to COVID-19 [16] - The company tightened its 2020 adjusted company FFO guidance to a range of $0.74 to $0.76 per common share, mainly due to balance sheet deleveraging [16] Other Important Information - The company raised over $201 million through an equity offering and strategic use of its ATM program during the quarter [13] - The company has no significant debt maturities before 2023, with consolidated debt outstanding at approximately $1.3 billion and a weighted average interest rate of approximately 3.7% [27] Q&A Session Summary Question: Is the $164 million per quarter acquisition pace something to expect for the remainder of the year? - Management indicated that while the market opportunity is large, only a $29 million asset is currently under contract, suggesting a cautious outlook on acquisition pace [31] Question: Did the company update the bad debt guidance? - Management confirmed that 150 basis points of bad debt is still included in the guidance [33] Question: What are the sources of capital going forward? - Management noted that disposition proceeds will be an important source of capital, along with the availability of the credit line and potential use of the ATM program [35] Question: Can you provide an update on the $500 million office sales? - Management mentioned that there are roughly $55 million of assets with accepted offers, but timing for other sales may be less predictable due to COVID-19 [38] Question: How is the current cost of capital compared to yields? - Management stated that the cost of capital has improved significantly, making external growth easier, with market opportunities ranging between 4.5% and 5.5% [42] Question: Has the company changed its approach to property acquisitions? - Management affirmed that the logistics-oriented focus remains strong, with expectations to benefit from structural demand drivers in the current environment [46]
LXP(LXP) - 2020 Q1 - Earnings Call Presentation
2020-05-07 18:27
LEXINGTO REALTY TRUST Quarterly Supplemental Information 2. 3. with Production Co.o. First Quarter 2020 LEXINGTON REALTY TRUST QUARTERLY SUPPLEMENTAL INFORMATION March 31, 2020 Table of Contents | --- | --- | |---------------------------------------------|-------| | Section Page | | | First Quarter 2020 Earnings Press Release 3 | | | Portfolio Data | | | Investments / Capital Recycling Summary 14 | | | Development Projects 15 | | | Financing Summary 16 | | | Leasing Summary 17 | | | Other Revenue Data 19 | ...
LXP(LXP) - 2020 Q1 - Quarterly Report
2020-05-07 16:12
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2020. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LEXINGTON REALTY TRUST (Exact name of registrant as specified in its charter) (State or ...
LXP(LXP) - 2019 Q4 - Annual Report
2020-02-20 20:53
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to ________________ Commission File Number 1-12386 LEXINGTON REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 13-3717 ...