LXP Industrial Trust Reports First Quarter 2025 Results

Core Insights - LXP Industrial Trust reported strong first quarter results for 2025, highlighting a leasing volume of 1.1 million square feet and a same-store NOI growth of 5.2% [3][4] - The company generated total gross revenues of $88.9 million, an increase from $86.3 million in the same quarter of 2024, driven by acquisitions, rent increases, and stabilized development projects [4] - LXP's net income attributable to common shareholders was $17.3 million, or $0.06 per diluted share, a significant recovery from a net loss of $(1.9) million, or $(0.01) per diluted share, in the prior year [5][46] - The company declared a regular quarterly common share dividend of $0.135 per share, paid on April 15, 2025 [7] Financial Performance - Total gross revenues for Q1 2025 were $88.9 million, up from $86.3 million in Q1 2024, primarily due to revenue from acquisitions and rent increases [4] - Net income attributable to common shareholders was $17.3 million, compared to a net loss of $(1.9) million in the same quarter of 2024 [5] - Adjusted Company FFO for Q1 2025 was $46.4 million, or $0.16 per diluted share, slightly down from $48.8 million, or $0.16 per diluted share, in Q1 2024 [6][49] Leasing and Occupancy - LXP achieved a leasing volume of 1.1 million square feet in Q1 2025, with a same-store NOI growth of 5.2% compared to the same period in 2024 [3][9] - The stabilized portfolio was 93.3% leased as of March 31, 2025, with a notable lease extension of 540,000 square feet that increased Base and Cash Base Rents by 52.5% and 58.9%, respectively [16][9] Asset Management and Transactions - The company disposed of a warehouse facility for gross proceeds of $35.0 million and another for $39.6 million, with capitalization rates of 6.9% and 4.5%, respectively [10][11] - LXP is focused on a 12-market investment strategy in the Sunbelt and Lower Midwest, which accounts for 85% of its gross assets [3] Debt and Guidance - LXP ended the quarter with a net debt to Adjusted EBITDA ratio of 5.9x and repaid $50.0 million of its $300.0 million term loan [17] - The company estimates net income attributable to common shareholders for the year ending December 31, 2025, will be in the range of $0.12 to $0.16 per diluted common share, reaffirming its expectation for Adjusted Company FFO to be between $0.61 and $0.65 per diluted common share [18][50]