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LXP(LXP) - 2021 Q4 - Annual Report
2022-02-24 20:39
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, 2021 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 LXP INDUSTRIAL TRUST (Exact name of registrant as specified in its charter) (State or other ju ...
LXP(LXP) - 2021 Q4 - Earnings Call Transcript
2022-02-24 19:55
LXP Industrial Trust (NYSE:LXP) Q4 2021 Earnings Conference Call February 24, 2022 8:30 AM ET Company Participants Heather Gentry – Senior Vice President, Investor Relations Will Eglin – Chairman and Chief Executive Officer Brendan Mullinix – Chief Investment Officer Beth Boulerice – Chief Financial Officer Conference Call Participants Craig Mailman – KeyBanc Capital Markets John Massocca – Landenburg Thalmann Jon Petersen – Jefferies Heather Gentry Thank you, operator. Welcome to LXP Industrial Trust’s Fou ...
LXP(LXP) - 2021 Q3 - Quarterly Report
2021-11-04 20:49
Leasing and Property Management - In Q3 2021, Lexington Realty Trust entered into new leases and lease extensions covering 2.6 million square feet, with average fixed rent increasing from $4.78 to $5.07 per square foot[130]. - The company disposed of three consolidated properties for a total gross disposition price of $35.4 million and ten properties for an aggregate gross disposition price of $218.8 million during the nine months ended September 30, 2021[131][136]. - Lexington Realty Trust acquired five industrial properties for a total cost of $134.8 million and invested $57.1 million in six consolidated development projects[134]. - As of September 30, 2021, the company had six consolidated development projects in process with an estimated total cost of $484.0 million, with remaining funding obligations of approximately $291.5 million[136]. - Same-store net operating income (NOI) for the nine months ended September 30, 2021, was $165.9 million, a 0.7% increase from $164.8 million in the same period of 2020[171]. - The company’s same-store square footage leased was 98.7% as of September 30, 2021, down from 99.8% in the same period of 2020, indicating a slight decrease in occupancy[171]. Financial Performance - Cash flows from operations increased to $167.4 million for the nine months ended September 30, 2021, compared to $152.5 million for the same period in 2020[140]. - Total gross revenues increased by $10.4 million for the nine months ended September 30, 2021, primarily due to a $13.4 million increase in termination income, offset by a $2.3 million decrease in rental revenue[162]. - The company reported a net income attributable to common shareholders of $122.3 million for the nine months ended September 30, 2021, compared to $81.2 million for the same period in 2020, indicating a significant increase of 50.8%[174]. - Net income attributable to common shareholders for Q3 2021 was $5.028 million, a decrease of 87.5% from $40.285 million in Q3 2020[178]. - Funds from Operations (FFO) available to common shareholders and unitholders for Q3 2021 was $38.668 million, down 44.5% from $69.741 million in Q3 2020[178]. - Adjusted Company FFO available to all equityholders and unitholders for Q3 2021 was $53.564 million, compared to $53.839 million in Q3 2020, reflecting a slight decrease of 0.5%[178]. Debt and Financing - The company issued $400.0 million of 2.375% Senior Notes due 2031 and repurchased $188.8 million of 4.25% Senior Notes due 2023[134]. - The company incurred a debt satisfaction loss of $12.9 million related to the redemption of the 2023 Senior Notes during the three months ended September 30, 2021[153]. - The company reported a weighted-average interest rate of 1.4% for variable-rate indebtedness in Q3 2021, down from 2.0% in Q3 2020[183]. - Total fixed-rate debt as of September 30, 2021, was $1.4 billion, representing 91.6% of the aggregate principal consolidated indebtedness[183]. - The company had $129.1 million in variable-rate indebtedness not subject to interest rate swaps, accounting for 8.4% of total indebtedness as of September 30, 2021[183]. - The company guaranteed obligations for certain non-consolidated entities with respect to $395.2 million of non-recourse debt, with a low likelihood of payment[180]. - The fair value of fixed-rate indebtedness was estimated at $1.4 billion as of September 30, 2021, reflecting the interest rate environment at that time[184]. - The company had four interest rate swap agreements in place as of September 30, 2021, to manage interest rate risk[185]. Cash and Dividends - At September 30, 2021, cash on hand was $150.1 million, and the company had a borrowing capacity of $600.0 million under its unsecured revolving credit facility[139]. - The company generated net proceeds of $13.9 million from the issuance of 1.1 million common shares under its At-the-Market offering program[134]. - Dividends paid to common and preferred shareholders were $95.9 million for the nine months ended September 30, 2021, compared to $88.0 million for the same period in 2020, reflecting an increase of approximately 2.1%[148]. - The company declared a quarterly dividend of $0.1075 per common share for the three months ended September 30, 2021, up from $0.105 per common share in the same period of 2020, representing a 1.9% increase[149].
LXP(LXP) - 2021 Q3 - Earnings Call Transcript
2021-11-04 15:40
Lexington Realty Trust (NYSE:LXP) Q3 2021 Earnings Conference Call November 4, 2021 8:30 AM ET Company Participants Heather Gentry - Senior Vice President, Investor Relations Wilson Eglin - Chairman, Chief Executive Officer and President Brendan Mullinix - Executive Vice President and Chief Investment Officer Beth Boulerice - Executive Vice President, Chief Financial Officer and Treasurer James Dudley - Executive Vice President and Director of Asset Management Lara Johnson - Executive Vice President Confere ...
LXP(LXP) - 2021 Q1 - Earnings Call Presentation
2021-08-06 14:28
00C 1 | 日 LEXIN REALTY TRUST Investor Presentation First Quarter 2021 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 materiall ...
LXP(LXP) - 2021 Q2 - Earnings Call Transcript
2021-08-05 18:52
Lexington Realty Trust (NYSE:LXP) Q2 2021 Earnings Conference Call August 5, 2021 8:30 AM ET Company Participants Heather Gentry - Senior Vice President of Investor Relations Will Eglin - Chairman & Chief Executive Officer Brendan Mullinix - Chief Investment Officer Beth Boulerice - Chief Financial Officer Conference Call Participants Elvis Rodriguez - Bank of America Anthony Paolone - JPMorgan Craig Mailman - KeyBanc Capital Markets Jon Petersen - Jefferies John Massocca - Ladenburg Thalmann Wendy Ma - Eve ...
LXP(LXP) - 2021 Q2 - Quarterly Report
2021-08-05 17:39
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, 2021. 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) - 2021 Q1 - Quarterly Report
2021-05-07 20:18
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2021. or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) 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) - 2021 Q1 - Earnings Call Transcript
2021-05-07 18:47
Lexington Realty Trust (NYSE:LXP) Q1 2021 Earnings Conference Call May 7, 2021 8:30 AM ET Company Participants Heather Gentry - Senior Vice President, Investor Relations Will Eglin - Chairman & Chief Executive Officer Brendan Mullinix - Chief Investment Officer Beth Boulerice - Chief Financial Officer James Dudley - Executive Vice President Conference Call Participants Anthony Paolone - JPMorgan Sheila McGrath - Evercore Craig Mailman - KeyBanc Capital Markets Elvis Rodriguez - Bank of America Jon Petersen ...
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 ...