LXP(US:LXP)2025-02-13 19:00Financial Performance - Recorded net income attributable to common shareholders of $31.4 million, or $0.11 per diluted common share for Q4 2024, compared to $13.0 million, or $0.04 per diluted common share in Q4 2023[8]. - Total gross revenues for Q4 2024 were $100.9 million, compared to $83.0 million in Q4 2023, primarily due to additional rental revenue and acquisitions[7]. - Net income attributable to common shareholders for Q4 2024 was $31,389,000, a significant increase of 142.5% from $12,985,000 in Q4 2023[51]. - The net income per common share (diluted) for Q4 2024 was $0.11, compared to $0.04 in Q4 2023, representing a 175% increase[51]. - Total gross revenues for the twelve months ended December 31, 2024, increased to $358,458,000, compared to $340,503,000 for the same period in 2023, reflecting a growth of 5.3%[47]. - Funds from operations (FFO) available to common shareholders was reported at $XX million, representing a YY% increase from the prior year, highlighting improved operational efficiency[39]. - Funds from operations (FFO) available to common shareholders - diluted for Q4 2024 was $61,679 million, compared to $51,217 million in Q4 2023, reflecting an increase of 20.4%[54]. - Adjusted Company FFO available to all equityholders - diluted for Q4 2024 was $46,951 million, down from $51,352 million in Q4 2023, a decrease of 8.3%[54]. - Company Funds Available for Distribution for Q4 2024 was $43,533 million, slightly lower than $44,417 million in Q4 2023, a decrease of 2.0%[54]. Operational Highlights - Generated Adjusted Company Funds From Operations (FFO) of $47.0 million, or $0.16 per diluted common share for Q4 2024, down from $51.4 million, or $0.17 per diluted common share in Q4 2023[10]. - Increased Same-Store Net Operating Income (NOI) by 5.0% compared to 2023[9]. - Same-Store NOI increased by YY%, demonstrating positive trends in occupancy levels and rental rates across stabilized properties[43]. - Completed 4.5 million square feet of new leases and lease extensions in 2024, raising Base and Cash Base Rents by 46.5% and 39.7%, respectively[6]. - Rental revenue for Q4 2024 was $99,829,000, up 21.9% from $81,894,000 in Q4 2023[47]. - LXP's stabilized portfolio is expected to maintain an occupancy rate of at least 90%, contributing to consistent revenue generation[45]. Acquisitions and Dispositions - Acquired four warehouse facilities for an aggregate cost of $157.6 million[5]. - Disposed of four warehouse facilities for an aggregate gross price of $165.3 million in 2024[9]. - The company is focusing on market expansion through strategic acquisitions, with plans to invest $XX million in new properties over the next fiscal year[4]. - LXP has allocated $XX million for second generation costs to enhance existing properties, ensuring sustained revenue levels[44]. Financial Guidance and Projections - 2025 earnings guidance estimates net income attributable to common shareholders to be within $0.01 to $0.05 per diluted common share and Adjusted Company FFO to be within $0.61 to $0.65 per diluted common share[25]. - The company anticipates achieving net income attributable to common shareholders of $XX million for the year ending December 31, 2025, reflecting optimistic future growth expectations[4]. - Estimated Adjusted Company FFO per diluted common share for 2025 is projected to be between $0.61 and $0.65[58]. Debt and Financial Position - LXP's total consolidated debt was $1.6 billion at quarter end, with a net debt to Adjusted EBITDA ratio of 5.9x[24]. - Total assets as of December 31, 2024, were $3,843,312,000, down from $4,192,775,000 in 2023, indicating a decrease of 8.3%[49]. - Total liabilities decreased to $1,722,529,000 in 2024 from $1,927,318,000 in 2023, a reduction of 10.6%[49]. - Cash and cash equivalents decreased to $101,836,000 in 2024 from $199,247,000 in 2023, a decline of 48.9%[49]. - The company’s accumulated distributions in excess of net income increased to $(1,316,993,000) in 2024 from $(1,201,824,000) in 2023, reflecting a growing deficit[49]. Management and Strategic Focus - LXP's management remains committed to maintaining its status as a real estate investment trust (REIT), with ongoing evaluations of dividend declarations and financial strategies[1]. - The company is actively monitoring economic conditions and potential risks, including inflation and supply chain disruptions, which could impact future performance[1]. - The company reported impairment charges of $295 million for real estate in Q4 2024, a significant decrease from $1,369 million in Q4 2023[54]. - Preferred dividends for the twelve months ended December 31, 2024, remained constant at $6,290 million compared to 2023[54].