LXP(LXP)2025-02-13 18:58Debt and Interest Rates - As of December 31, 2024, the company's consolidated aggregate principal variable-rate indebtedness not subject to interest rate swaps was 1.5 billion as of December 31, 2024, representing 97.1% of total indebtedness[312]. - If the weighted-average interest rate had been 100 basis points higher, interest expense would have increased by 1.4 billion as of December 31, 2024[313]. - The company had 11 interest rate swap agreements in place as of December 31, 2024, with expiration dates ranging from January 2025 to October 2027[314]. - The Company utilizes interest rate swap agreements to manage interest rate risk, with fair values recorded on the balance sheet[389]. - The total interest expense recorded in the consolidated statements of operations was 46,389 for 2023[474]. Financial Performance - Total gross revenues for 2024 increased to 340.503 million in 2023[340]. - Rental revenue rose to 334.220 million in 2023, reflecting a growth of 6.0%[340]. - Net income attributable to common shareholders for 2024 was 23.863 million in 2023[340]. - Comprehensive income attributable to LXP Industrial Trust shareholders for 2024 was 22.177 million in 2023, an increase of 85.7%[343]. - The company reported a depreciation and amortization expense of 183.524 million in 2023[340]. - Basic earnings per share for 2024 was 0.08 in 2023[404]. - The Company recognized sales-type lease income of 7,427,000 in 2023, reflecting a growth of 196.5%[441]. Assets and Liabilities - Total assets decreased to 4.193 billion in 2023, a decline of 8.3%[338]. - Total liabilities reduced to 1.927 billion in 2023, representing a decrease of 10.6%[338]. - The company's total shareholders' equity decreased to 2.232 billion in 2023, a decline of 6.0%[338]. - The total assets of consolidated variable interest entities (VIEs) were 626,442 in 2023, representing a decrease of approximately 37.3%[362]. - Total liabilities for consolidated VIEs decreased to 19,549 in 2023, a reduction of approximately 56.0%[362]. Shareholder Information - The company declared dividends of 164.084 million in 2024[346]. - The company declared dividends/distributions of 160,470,000 for 2023[351]. - Total dividends per share increased to 0.50 in 2023 and 3.25 per share[483]. - The Company did not repurchase any common shares during 2024 and 2023, with 6,874,241 shares remaining available for repurchase under the authorization[482]. Real Estate and Investments - The company had ownership interests in approximately 119 consolidated real estate properties located in 17 states as of December 31, 2024[356]. - The Company capitalizes direct and indirect project costs associated with property construction until the property is stabilized, which is defined as 90% occupancy or one year from major construction cessation[380]. - The Company evaluates the carrying value of real estate assets for possible impairment when events indicate that the carrying value may not be recoverable[374]. - The Company recognized no impairment charges in 2024, while it recorded impairment charges of 3,037 in 2023 and 2022, respectively[418]. - The total cost of real estate investments in 2024 amounted to 4,488,862 in 2023, indicating an increase of about 2.1%[406]. Taxation - The provision for income taxes for 2024 was (703,000) in 2023[504]. - The total income tax provision for 2024 is (703) million in 2023 and 77 million, compared to 18 million in 2022[505]. - The estimated net operating loss carry forward for income tax reporting purposes is 423 million in 2023[506]. Cash Flow and Capital Expenditures - Cash provided by operating activities for 2023 was 209,446,000 in 2022[353]. - The company reported a net cash used in investing activities of 183,451,000 in 2022[353]. - The company made capital expenditures of 17,937,000 in 2022[353]. - The Company incurred $5,947 related to infrastructure development costs at the Reems & Olive project, recorded in investments in real estate under construction[414]. Miscellaneous - The Company operates in one segment focused on single-tenant real estate assets[399]. - As of December 31, 2024, the Company was not aware of any environmental matters that would materially impact the consolidated financial statements[398]. - The Company has made an election to qualify as a REIT for federal income tax purposes, generally avoiding federal income tax[392]. - The Company adopted ASC 326 on January 1, 2020, which requires measuring and recording current expected credit losses for investments[385].