LXP(US:LXP)2025-10-30 17:24Real Estate Holdings - As of September 30, 2025, the company had equity ownership interests in approximately 112 consolidated real estate properties, totaling approximately 54.2 million square feet of rentable space, which were approximately 96.8% leased[116] - The company sold its interest in five facilities for $198.3 million, including two vacant development projects totaling 2,138,640 square feet for a gross aggregate price of $174.6 million[118] - The company acquired one warehouse facility in Atlanta, Georgia for $30.0 million, totaling 157,371 square feet with a weighted-average lease term of 3.9 years[119] Financial Performance - Cash flows from operations for the nine months ended September 30, 2025, were $146.8 million, an increase from $142.0 million for the same period in 2024, primarily due to increased rental revenue from acquired properties[124] - For the three months ended September 30, 2025, net income attributable to common shareholders increased by $29.9 million compared to the same period in 2024[138] - Net income attributable to common shareholders for Q3 2025 was $34.6 million, a significant increase from $4.7 million in Q3 2024[160] Revenue and Income - Rental revenue increased by $1.3 million for the three months ended September 30, 2025, driven by a $5.0 million increase from properties placed in service and acquisitions, partially offset by a $3.7 million decrease from property sales and vacancies[139] - Same-store net operating income (NOI) increased by 2.0% for the three months ended September 30, 2025, and by 4.0% for the nine months ended September 30, 2025, primarily due to an increase in cash base rents[151] - The company reported a total cash base rent of $63.157 million for the three months ended September 30, 2025, compared to $61.722 million for the same period in 2024[151] Dividends - Dividends paid to common and preferred shareholders were $123.2 million for the nine months ended September 30, 2025, compared to $118.6 million for the same period in 2024[130] - The company declared a quarterly dividend of $0.135 per common share for the three months ended September 30, 2025, an increase of $0.005 from the previous year[131] Debt and Financing - As of September 30, 2025, the company's secured debt was $50.9 million, down from $54.9 million at December 31, 2024[123] - The company has an unsecured credit agreement with a revolving credit facility of up to $600.0 million, with no borrowings as of September 30, 2025[135] - As of September 30, 2025, the company had $1.5 billion in aggregate principal consolidated fixed-rate debt, representing 98.8% of total indebtedness[165] Cash Flow and Investments - Net cash provided by investing activities totaled $201.3 million for the nine months ended September 30, 2025, compared to $64.4 million for the same period in 2024[125] - The company had consolidated development and redevelopment project costs of $37.9 million, with an expected additional cost of approximately $29.1 million for remaining project commitments[137] Operational Efficiency - The decrease in general and administrative expenses for the three months ended September 30, 2025, was $1.7 million, primarily due to severance expenses from the previous year's portfolio transformation[140] - The company had a historical same-store square footage leased of 96.9% as of September 30, 2025, down from 99.0% in 2024[151] Performance Metrics - Funds from Operations (FFO) is presented as a key performance measure, excluding GAAP historical cost depreciation and amortization of real estate[154] - FFO per common share (diluted) for Q3 2025 was $0.16, consistent with Q3 2024[160] - Funds from Operations (FFO) available to common shareholders for Q3 2025 was $45.0 million, compared to $43.5 million in Q3 2024, representing a growth of 3.5%[160] - Adjusted Company FFO available to all equityholders for Q3 2025 was $46.7 million, slightly down from $46.7 million in Q3 2024[160] Interest Rate and Risk Management - The company reported a weighted-average interest rate of 6.3% on variable-rate indebtedness for both Q3 2025 and Q3 2024[165] - The company’s variable-rate indebtedness not subject to interest rate swaps was $18.5 million as of September 30, 2025, down from $129.1 million in 2024[165] - The company may enter into derivative financial instruments to mitigate interest rate risk, as part of its risk management strategy[167]