LXP(US:LXP) Globenewswire·2025-02-13 11:00Core Insights - LXP Industrial Trust reported strong financial performance for the fourth quarter and full year of 2024, driven by significant leasing activity and same-store growth [4][6][22]. Financial Performance - For Q4 2024, total gross revenues reached $100.9 million, up from $83.0 million in Q4 2023, primarily due to increased rental revenue and acquisitions [6]. - Net income attributable to common shareholders for Q4 2024 was $31.4 million, or $0.11 per diluted share, compared to $13.0 million, or $0.04 per diluted share in Q4 2023 [7]. - Adjusted Company Funds From Operations (FFO) for Q4 2024 was $47.0 million, or $0.16 per diluted share, down from $51.4 million, or $0.17 per diluted share in Q4 2023 [8]. Leasing Activity - LXP completed 4.5 million square feet of leasing throughout 2024, with Base and Cash Base rents increasing by approximately 46% and 40%, respectively [4][21]. - The stabilized portfolio was 93.6% leased as of December 31, 2024, reflecting strong demand in the market [21]. Acquisitions and Developments - The company acquired four Class A properties for a total cost of $157.6 million and completed a 625,238 square foot build-to-suit facility in South Carolina [4][11][12]. - Total acquisition and build-to-suit activity for 2024 amounted to approximately $232.0 million [13]. Balance Sheet and Debt Management - LXP ended 2024 with a net debt to Adjusted EBITDA ratio of 5.9x, with total consolidated debt of $1.6 billion [22]. - The weighted-average interest rate on total consolidated debt was 3.68% as of December 31, 2024 [22]. Future Guidance - For the year ending December 31, 2025, LXP estimates net income attributable to common shareholders will range from $0.01 to $0.05 per diluted share, and Adjusted Company FFO is expected to be between $0.61 and $0.65 per diluted share [23].