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 ...

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. LXP Industrial, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $85.79 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.70%. This compares to year-ago revenues of $87.05 million. The company has topped consensus revenue estimates just once over the last four quarter ...

T. Wilson Eglin, Chairman and Chief Executive Officer of LXP, commented, "Our excellent second quarter results were driven by nearly three million square feet of leasing volume with strong leasing spreads and same-store NOI growth of 5%. This quarter also marked the completion of our portfolio transformation as we sold our final two consolidated office assets. We remain focused on executing internal growth opportunities, including marking current rents to market and leasing our remaining development pipelin ...

Leslie Moore, SVP, Director of ESG and Corporate Operations, commented, "We are excited to add another solar installation to our portfolio to further enhance LXP's sustainability initiatives. Our partnership with Wunder provided us with an end-to-end solution without any capital outlay from LXP. We are appreciative of Wunder's expertise and persistence in completing this project." ABOUT LXP INDUSTRIAL TRUST ABOUT WUNDER This release contains certain forward-looking statements which involve known and unknown ...

Dividend investing doesn't have to be a popularity contest and sometimes, the best values can be found in underfollowed stocks that are flying under the radar for most investors. Layering into these dividend payers can be a bonus for value investors due to their attractive prices and higher yield, especially if they are well-positioned in a growth industry. This brings me to LXP Industrial (NYSE:LXP), which I last covered in March, highlighting its transformation and strong portfolio fundamentals. The stock ...

A telephone replay of the call will be available through October 29, 2024 and via webcast for one year by accessing: LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on Class A warehouse and distribution investments in target markets across the Sunbelt and Midwest. LXP seeks to expand its portfolio through acquisitions, development projects, and build-to-suit and sale/leaseback transactions. For more information, including LXP's Quarterly Supplemental Informa ...