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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 ...
LXP(LXP) - 2019 Q3 - Quarterly Report
2019-11-06 20:24
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, 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) (State ...