Group 1: Financial Performance - LXP Industrial reported quarterly funds from operations (FFO) of $0.16 per share, matching the Zacks Consensus Estimate, but down from $0.17 per share a year ago [1] - The company posted revenues of $100.85 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 19.25%, compared to $82.96 million in the same quarter last year [2] - The current consensus FFO estimate for the upcoming quarter is $0.16 on revenues of $85.94 million, and for the current fiscal year, it is $0.63 on revenues of $348.97 million [7] Group 2: Market Performance and Outlook - LXP Industrial shares have increased by approximately 0.6% since the beginning of the year, while the S&P 500 has gained 2.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] - The outlook for the REIT and Equity Trust - Residential industry is currently in the bottom 22% of over 250 Zacks industries, which may impact LXP Industrial's stock performance [8] Group 3: Estimate Revisions and Trends - The estimate revisions trend for LXP Industrial is mixed, and changes in these estimates could affect stock performance following the earnings report [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, which investors can track [5]

Core Insights - LXP Industrial Trust reported strong financial performance for the fourth quarter and full year of 2024, driven by significant leasing activity and same-store growth [4][6][22]. Financial Performance - For Q4 2024, total gross revenues reached $100.9 million, up from $83.0 million in Q4 2023, primarily due to increased rental revenue and acquisitions [6]. - Net income attributable to common shareholders for Q4 2024 was $31.4 million, or $0.11 per diluted share, compared to $13.0 million, or $0.04 per diluted share in Q4 2023 [7]. - Adjusted Company Funds From Operations (FFO) for Q4 2024 was $47.0 million, or $0.16 per diluted share, down from $51.4 million, or $0.17 per diluted share in Q4 2023 [8]. Leasing Activity - LXP completed 4.5 million square feet of leasing throughout 2024, with Base and Cash Base rents increasing by approximately 46% and 40%, respectively [4][21]. - The stabilized portfolio was 93.6% leased as of December 31, 2024, reflecting strong demand in the market [21]. Acquisitions and Developments - The company acquired four Class A properties for a total cost of $157.6 million and completed a 625,238 square foot build-to-suit facility in South Carolina [4][11][12]. - Total acquisition and build-to-suit activity for 2024 amounted to approximately $232.0 million [13]. Balance Sheet and Debt Management - LXP ended 2024 with a net debt to Adjusted EBITDA ratio of 5.9x, with total consolidated debt of $1.6 billion [22]. - The weighted-average interest rate on total consolidated debt was 3.68% as of December 31, 2024 [22]. Future Guidance - For the year ending December 31, 2025, LXP estimates net income attributable to common shareholders will range from $0.01 to $0.05 per diluted share, and Adjusted Company FFO is expected to be between $0.61 and $0.65 per diluted share [23].

Core Viewpoint - LXP Industrial Trust has announced its final 2024 dividend income allocations for both common and preferred shares, detailing the distributions and tax reporting requirements [1]. Common Shares - The total dividend per share for common shares is $0.130000, with specific allocations for ordinary dividends ($0.072340), qualified dividends ($0.000000), capital gain distributions ($0.054050), unrecaptured Section 1250 gain ($0.021230), and nondividend distributions ($0.003610) [2]. - The record and payable dates for the common shares are as follows: - December 29, 2023, payable on January 16, 2024 - March 28, 2024, payable on April 15, 2024 - June 28, 2024, payable on July 15, 2024 - September 30, 2024, payable on October 15, 2024 [2]. Preferred Shares - The total dividend per share for Series C Cumulative Convertible Preferred Stock is $0.812500, with allocations for ordinary dividends ($0.465030), capital gain distributions ($0.347470), and unrecaptured Section 1250 gain ($0.136500) [3]. - The record and payable dates for the preferred shares are as follows: - January 31, 2024, payable on February 15, 2024 - April 30, 2024, payable on May 15, 2024 - July 31, 2024, payable on August 15, 2024 - October 31, 2024, payable on November 15, 2024 [3]. Tax Reporting - 9.41% of the amounts for preferred shares are reported as Section 897 ordinary dividends attributable to dispositions of U.S. Real Property Interests [3]. - Qualified dividends and Section 199A dividends are included in the total ordinary dividends reported [4]. - Total capital gain distributions are from sales of assets that generated Section 1231 gains, with unrecaptured Section 1250 gain being a subset of the total capital gain distribution [5]. Company Overview - LXP Industrial Trust is a publicly traded REIT focused on Class A warehouse and distribution investments in target markets across the Sunbelt and Midwest, aiming to expand its portfolio through acquisitions and development projects [8].

Group 1 - LXP Industrial Trust will release its fourth quarter 2024 financial results on February 13, 2025 [1] - A conference call and webcast will be held on the same day at 8:30 a.m. Eastern Time to discuss the results [1] - Participants can access the conference call via specific phone numbers and a conference ID [1] Group 2 - LXP Industrial Trust is a publicly traded REIT focused on Class A warehouse and distribution investments in the Sunbelt and Midwest regions [3] - The company aims to expand its portfolio through acquisitions, development projects, and various transaction types [3] - Additional information can be found on LXP's official website [3]

Financial Performance - LXP reported net income attributable to common shareholders of $4.7 million, or $0.02 per diluted share, down from $11.0 million, or $0.04 per diluted share in Q3 2023[6]. - Adjusted Company FFO for Q3 2024 was $46.7 million, or $0.16 per diluted share, compared to $51.9 million, or $0.18 per diluted share in Q3 2023[7]. - The company reported a net income of $5.613 million for Q3 2024, significantly lower than $12.901 million in Q3 2023, reflecting a decrease in overall profitability[43]. - The company’s net income attributable to common shareholders for the nine months ended September 30, 2024, was $6.533 million, compared to $10.878 million for the same period in 2023, reflecting ongoing operational challenges[45]. - Net income attributable to common shareholders for the three months ended September 30, 2024, was $4.689 million, a decrease from $11.039 million in the same period of 2023[46]. - Funds from operations (FFO) available to common shareholders and unitholders - basic was $43.472 million for the three months ended September 30, 2024, compared to $50.299 million in the prior year, reflecting a decline of approximately 13.5%[46]. - Adjusted Company FFO available to all equityholders and unitholders - diluted was $46.707 million for the three months ended September 30, 2024, down from $51.926 million in the same period of 2023[46]. - Company Funds Available for Distribution for the three months ended September 30, 2024, was $44.138 million, compared to $47.078 million in the prior year, indicating a decrease of about 4%[46]. - Estimated Adjusted Company FFO per diluted common share for the twelve months ending December 31, 2024, is projected to be between $0.63 and $0.64[47]. - FFO diluted per share for the three months ended September 30, 2024, was $0.15, down from $0.17 in the same period of 2023[46]. Revenue and Leasing Activity - Total gross revenues for Q3 2024 were $85.6 million, a slight increase from $85.4 million in Q3 2023, primarily due to market rent increases[5]. - Rental revenue for Q3 2024 was $84.549 million, a slight increase from $83.844 million in Q3 2023, while total gross revenues reached $85.570 million compared to $85.422 million in the same period last year[43]. - Same-store NOI increased by 5.4% in Q3 2024 compared to the same period in 2023, driven by 39.1% cash rental increases on second generation leases[4]. - LXP completed new leases and lease extensions totaling 0.7 million square feet, raising Base and Cash Base Rents by 38.3% and 22.5%, respectively[2]. Asset Management and Portfolio - The company disposed of three facilities for approximately $136.7 million and acquired one facility for about $34.1 million during the quarter[3]. - LXP's stabilized portfolio was 93.2% leased as of September 30, 2024, with a total of 3.6 million square feet of new and extended leases executed[17]. - Total assets decreased to $3.854 billion as of September 30, 2024, from $4.193 billion at the end of 2023, primarily due to a reduction in cash and cash equivalents[44]. - Total liabilities decreased to $1.728 billion as of September 30, 2024, from $1.927 billion at the end of 2023, indicating improved financial leverage[44]. - The company recorded gains on sales of properties amounting to $11.050 million in Q3 2024, compared to $7.154 million in Q3 2023, showcasing effective asset management strategies[43]. Debt and Financial Strategy - LXP's total consolidated debt was $1.6 billion with a weighted-average interest rate of 3.804% as of September 30, 2024[20]. - LXP entered into forward interest rate swap agreements for $250.0 million of term loans at an average interest rate of 4.31% and $82.5 million of Trust Preferred Securities at 5.20%[18][19]. - The company emphasizes the importance of Cash Base Rent as an indicator of its ability to fund cash needs[31]. Risks and Uncertainties - Future performance may be impacted by various risks including economic conditions, competition, and supply chain disruptions[24]. - LXP's ability to achieve estimates of net income and Adjusted Company FFO for the year ending December 31, 2024, is uncertain[24]. Operational Costs - Depreciation and amortization expenses increased to $48.387 million in Q3 2024 from $45.570 million in Q3 2023, indicating rising costs associated with asset management[43]. - Non-recurring costs for the three months ended September 30, 2024, amounted to $1.538 million[46]. - The company reported no impairment charges for real estate during the three months ended September 30, 2024, compared to $16.490 million in the same period of 2023[46]. - Cash and cash equivalents dropped to $54.971 million as of September 30, 2024, down from $199.247 million at the end of 2023, highlighting liquidity challenges[44]. Investor Relations - The company has a dedicated Investor Relations team for inquiries and further information[24].

Financial Data and Key Metrics Changes - The company reported total gross revenues of approximately $86 million for Q3 2024, with property operating expenses of about $15 million, resulting in adjusted company FFO of $0.16 per diluted common share or approximately $47 million [28][29] - Same-store NOI increased by 5.4% compared to the same period in 2023, with the same-store portfolio being 99.2% leased at quarter end [30] - The company tightened its 2024 adjusted company FFO guidance to a new range of $0.63 to $0.64 per diluted common share [29] Business Line Data and Key Metrics Changes - The company achieved second-generation leasing volume of approximately 490,000 square feet, with Base and Cash Base rental increases of approximately 38% and 22%, respectively [7] - The lease-up of a 250,000 square foot facility in Columbus, Ohio, was completed, with a stabilized cash yield estimated at 8.5% [15][19] - The company sold a 458,000 square foot industrial facility in Cleveland for approximately $29 million and a 2.2 million square foot portfolio in Chicago for $137 million [9][18] Market Data and Key Metrics Changes - The national industrial market saw a vacancy rate increase to 6.4% in Q3 2024, up from 6.1% in Q2 2024 [22] - U.S. net absorption for Q3 was 29.4 million square feet, down from over 46.3 million square feet in Q2, with significant negative absorption in California and the Northeastern U.S. [22][23] - The company's top 10 markets reported over 25 million square feet of positive absorption, demonstrating relative strength compared to the broader market [23] Company Strategy and Development Direction - The company continues to focus on enhancing its internal growth profile through the lease-up of 4 million square feet available for lease and capturing mark-to-market opportunities [13] - The company is redeploying capital from asset sales into the Sun Belt markets, where it has scale and market expertise, with over 70% of its portfolio now located in these regions [9][46] - The company is also interested in build-to-suit opportunities and acquisitions that align with its target markets [20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding leasing activity, noting an increase in tenant activity and RFP traffic [24][49] - The company anticipates cash flow increases of approximately 40% on remaining 2024 lease expirations, with a tenant retention rate of approximately 94% [25][30] - Management commented on the potential impact of government spending programs on manufacturing support, indicating a consistent focus across political parties [41] Other Important Information - The company announced an annualized dividend increase of $0.02 per common share, representing a 3.8% increase over the prior dividend [12] - The company executed interest rate swaps to increase the percentage of fixed or swapped debt to approximately 94% for 2025 and 2026, reducing future projected interest expenses [11][32] Q&A Session Summary Question: Details on Ocala full building user and Greenville/Spartanburg properties - Management is still working with a tenant in Ocala and is optimistic about progress, while Greenville is seeing increased interest [36][37] Question: Update on Phoenix land purchase option and remaining acreage - The cash cap rate on the ground lease is about 6%, with ongoing build-to-suit inquiries on the remaining site [38] Question: Leasing spread expectations for 2025 and 2026 - Known move-outs include a 124,000 square foot lease and a 1 million square foot lease in Richmond, with remaining expirations projected to be 34% below market for 2025 [40] Question: Non-core asset sales and remaining assets - The company has a few assets in non-core markets that may be monetized over time, including properties in Kansas City and Philadelphia [42] Question: Thoughts on retiring trust preferred securities - Management indicated that the trust preferred securities are covenant-light and have value, but discussions for potential retirement at a discount are ongoing [43] Question: Clarification on Sun Belt exposure and market scale - The company is redeploying capital into the Sun Belt but still values lower Midwest markets, with over 70% of rents now from the Sun Belt [46] Question: Activity in larger leases - There has been an increase in activity for larger leases, with expectations for several deals to be signed soon [48]

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 $0.18 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 ...

WEST PALM BEACH, Fla., Oct. 08, 2024 (GLOBE NEWSWIRE) -- LXP Industrial Trust (NYSE: LXP) ("LXP"), a real estate investment trust (REIT) focused on Class A warehouse and distribution real estate investments, today announced it will release its third quarter 2024 financial results the morning of Wednesday, November 6, 2024. LXP will host its conference call and webcast that same day at 8:30 a.m., Eastern Time to discuss these results. Participants may access the call and webcast by the following: Conference ...

LXP Industrial Trust (NYSE: LXP ) owns and operates single-tenant industrial real estate across the U.S., with key markets in Phoenix, Arizona, Greenville, South Carolina, and Atlanta, Georgia. Collectively, these markets account for approximately 30% of their annualized base rents. Major tenants of LXP include prominent names such Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 ...

FORM 10-Q For the transition period from _________________ to ________________ LXP INDUSTRIAL TRUST (Exact name of registrant as specified in its charter) Maryland 13-3717318 (State or other jurisdiction of incorporation of organization) (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For ...