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LXP Industrial Trust reported first quarter 2024 results, showing a net loss of $(1.9) million but generated Adjusted Company FFO of $48.8 million. They increased Industrial Same-Store NOI by 6.5%, completed lease extension amendments, acquired a land parcel, and invested in development activities. They placed in service a warehouse and announced future development projects. LXP also completed lease extensions raising industrial Cash Base Rents by 26.9%. The CEO expects profitable long-term growth from development leasing and mark-to-market opportunities.
Financially, LXP saw an increase in total gross revenues to $86.3 million, but a net loss compared to the same quarter in 2023. Adjusted Company FFO was $48.8 million. They declared dividends and provided guidance for 2024 earnings, estimating net income within $0.08 to $0.12 per diluted common share and Adjusted Company FFO between $0.61 and $0.65 per share.
LXP Industrial Trust reported a net loss of $(1.9) million in the first quarter of 2024, with Adjusted Company FFO of $48.8 million. The company increased Industrial Same-Store NOI by 6.5% and completed a lease extension raising rents by 28.0%. Additionally, LXP acquired a land parcel for $3.4 million for development. The company expects industrial same-store NOI growth of 4.0% to 5.0% for 2024.
