LXP(US:LXP)2025-10-30 17:29Financial Performance - LXP reported net income attributable to common shareholders of $34.6 million, or $0.12 per diluted share, compared to $4.7 million, or $0.02 per diluted share in Q3 2024[8]. - Total gross revenues for Q3 2025 were $86.9 million, up from $85.6 million in Q3 2024, driven by stabilized development projects and rent increases[7]. - Adjusted Company FFO for Q3 2025 was $46.7 million, or $0.16 per diluted share, consistent with Q3 2024[9]. - Net income attributable to common shareholders for the three months ended September 30, 2025, was $34.616 million, compared to $4.689 million in 2024, representing a significant increase of 638%[52]. - Net income per common share (basic) for the three months ended September 30, 2025, was $0.12, compared to $0.02 in 2024, marking a 500% increase[52]. - Funds from operations (FFO) available to all equityholders - diluted for Q3 2025 was $46.678 million, compared to $45.129 million in Q3 2024, reflecting a growth of 3.4%[54]. - Company Funds Available for Distribution for Q3 2025 was $47.769 million, up from $44.138 million in Q3 2024, indicating a year-over-year increase of 6.0%[54]. - Adjusted Company FFO available to all equityholders - diluted for the nine months ended September 30, 2025, was $140.367 million, slightly down from $142.409 million in the same period of 2024[54]. - Estimated Adjusted Company FFO per diluted common share for the twelve months ending December 31, 2025, is projected to be between $0.63 and $0.64[57]. Portfolio and Operations - LXP increased its stabilized portfolio leased percentage to 96.8% and extended 1.8 million square feet of leases year-to-date, raising Base and Cash Base Rents by 30.8% and 30.1%, respectively[6]. - The company sold two vacant development projects totaling 2.1 million square feet for $175 million, representing a 20% premium over the gross book value[6]. - LXP completed 1.1 million square feet of new and extended leases post-quarter, increasing Cash Base Rents by 27.7%[20]. - LXP Industrial Trust focuses on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and lower Midwest[28]. - The company aims to expand its portfolio through acquisitions, build-to-suit transactions, and sale-leaseback transactions[28]. - LXP's portfolio is considered stabilized upon reaching 90% occupancy or one year after major construction activities cease[46]. Financial Metrics and Ratios - The company reduced net debt to Adjusted EBITDA to 5.2x and total consolidated debt was $1.5 billion with a weighted-average interest rate of 3.9%[22]. - The company emphasizes the importance of Cash Base Rent as a measure of its ability to fund cash needs, excluding non-cash adjustments[36]. - The company defines Net Operating Income (NOI) as operating revenues less property operating expenses, providing insight into the performance of its investments[43]. - Same-Store NOI is used to highlight operating trends by excluding changes from acquired or disposed properties, focusing on properties owned since January 1, 2024[44]. - Basic FFO per common share for Q3 2025 remained stable at $0.15, consistent with Q3 2024[54]. - The weighted-average common shares outstanding for diluted FFO in Q3 2025 was 297,391,472, compared to 296,311,564 in Q3 2024[54]. Shareholder Returns and Dividends - LXP announced a 3.7% increase in the quarterly common share dividend to $0.14 per share, payable January 15, 2026[10]. - Preferred dividends for Q3 2025 were $1.573 million, unchanged from Q3 2024[54]. Assets and Liabilities - Total assets as of September 30, 2025, were $3.709 billion, down from $3.843 billion as of December 31, 2024, reflecting a decrease of 3.5%[50]. - Total liabilities decreased to $1.635 billion as of September 30, 2025, from $1.723 billion at the end of 2024, a reduction of 5.1%[50]. - Cash and cash equivalents increased to $229.737 million as of September 30, 2025, compared to $101.836 million at the end of 2024, indicating a growth of 125.5%[50]. - The company’s total shareholders' equity as of September 30, 2025, was $2.061 billion, down from $2.098 billion at the end of 2024, a decrease of 1.8%[50]. Gains and Non-Operating Income - The company reported a gain on the sale or disposal of real estate of $46.159 million for the three months ended September 30, 2025, compared to $11.050 million in 2024, an increase of 318%[48]. - The company recorded non-operating income of $605,000 for the three months ended September 30, 2025, compared to $642,000 in 2024, a slight decrease of 5.8%[48]. Risks and Compliance - The company is subject to various risks, including economic conditions, competition, and supply chain disruptions, which may impact its performance[30]. - LXP's financial reports are filed with the Securities and Exchange Commission, providing transparency and regulatory compliance[29]. Stock and Share Structure - A reverse stock split at a ratio of 1-for-5 is expected to take place on November 10, 2025, reducing outstanding shares from approximately 295.8 million to 59.2 million[23][24].