WEST PALM BEACH, Fla., Oct. 01, 2025 (GLOBE NEWSWIRE) -- LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced the sale of two vacant development projects, totaling 2,138,640 square feet, located in Ocala, Florida and Indianapolis, Indiana for an aggregate gross price of $175 million. The closing of the sale occurred on September 30, 2025. The gross sale price represents a 20% premium, or $29 million, to ...

Core Insights - LXP Industrial Trust reported solid financial performance for Q2 2025, with significant growth in funds from operations (FFO) and same-store net operating income (NOI) [3][4][6] - The company achieved a milestone by leasing a 1.1 million square foot facility, expected to contribute approximately $3.7 million to FFO in 2025 [3] - LXP sold an industrial asset at a 4.3% cash capitalization rate and used part of the proceeds to repurchase $28 million of floating-rate Trust Preferred Securities at a 5% discount to par value, enhancing its financial position [3][4] Financial Results - Total gross revenues for Q2 2025 were $87.7 million, up from $85.8 million in Q2 2024, driven by acquisitions, rent increases, and stabilized development projects [4] - Net income attributable to common shareholders was $27.5 million, or $0.09 per diluted share, compared to $3.8 million, or $0.01 per diluted share in the same quarter last year [5] - Adjusted Company FFO for Q2 2025 was $47.3 million, or $0.16 per diluted share, slightly up from $46.9 million, or $0.16 per diluted share in Q2 2024 [6] Dividends - LXP declared a regular quarterly common share dividend of $0.135 per share for Q2 2025, paid on July 15, 2025 [7] - A cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock was also declared, expected to be paid on August 15, 2025 [8] Leasing Activity - The company executed new leases totaling 1.1 million square feet and extended leases for 1.3 million square feet, with significant increases in Base and Cash Base Rents of 41.5% and 46.2%, respectively [15][16] - As of June 30, 2025, LXP's stabilized portfolio was 94.1% leased, and 98.4% leased excluding first-generation space available for lease [16] Balance Sheet and Debt Management - LXP ended the quarter with a net debt to Adjusted EBITDA ratio of 5.8x and total consolidated debt of $1.5 billion, with a weighted-average interest rate of 3.9% [17][18] - The company repurchased $28.1 million of Trust Preferred Securities at a 5% discount to par value, further reducing leverage [17] 2025 Earnings Guidance - LXP estimates net income attributable to common shareholders for the year ending December 31, 2025, to be in the range of $0.13 to $0.15 per diluted common share [19] - The company tightened its estimated Adjusted Company FFO for the year to a range of $0.62 to $0.64 per diluted common share [19]

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]