Welcome to our dedicated page for Lxp Industrial Trust news (Ticker: LXP), a resource for investors and traders seeking the latest updates and insights on Lxp Industrial Trust stock.
LXP Industrial Trust reports recurring developments as a publicly traded REIT focused on Class A warehouse and distribution real estate investments. Its updates center on rental revenue, Adjusted Company FFO, same-store NOI, leasing spreads, portfolio occupancy and activity in target Sunbelt and Midwest markets.
Company news also covers development projects, build-to-suit and sale/leaseback activity, property dispositions outside target markets, quarterly common and Series C preferred dividends, debt refinancing, senior note activity, share repurchases and the completed one-for-five reverse share split. Leasing announcements often relate to large warehouse facilities and distribution projects, including new leases and lease extensions.
Lexington Realty Trust (LXP) announced a public offering of $400 million in 2.375% senior unsecured notes due October 1, 2031, priced at 99.758% of the principal amount, yielding 2.402%. The interest will be paid semi-annually starting April 1, 2022. The offering, expected to close on August 30, 2021, aims to pay down its revolving credit facility and redeem some outstanding 4.25% senior notes due 2023. Proceeds may also fund future acquisitions. The offering is managed by several leading financial institutions and is part of an existing SEC shelf registration.
Lexington Realty Trust (NYSE:LXP) reported strong Q2 2021 results, with net income of $71 million, or $0.26 per diluted share. Adjusted Company Funds From Operations (FFO) were $52.2 million, or $0.18 per diluted share. The company completed 1.1 million square feet in new leases, raising industrial renewal cash base rents by 6.9%. It also acquired seven properties for $205.5 million and commenced new development projects totaling 1.1 million square feet. The industrial portfolio now comprises 93.9% of gross real estate assets, positioning Lexington towards a 100% industrial focus.
Lexington Realty Trust (NYSE: LXP) announced it will release its second quarter 2021 financial results on August 5, 2021. A conference call and webcast will be held on the same day at 8:30 a.m. Eastern Time to discuss these results. Stakeholders can participate by calling the designated numbers or accessing through the provided webcast link. A replay of the call will be available until November 5, 2021. Lexington Realty Trust is focused on single-tenant industrial real estate investments and aims to expand its portfolio through various acquisition strategies.
Lexington Realty Trust (NYSE:LXP) declared a $0.1075 dividend for the quarter ending June 30, 2021, payable on July 15, 2021, to shareholders recorded by June 30, 2021. Additionally, a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock was announced for the same period, payable on August 16, 2021, to shareholders of record as of July 30, 2021. Lexington specializes in single-tenant industrial real estate across the U.S. and aims to grow its portfolio through various investment strategies.
Lexington Realty Trust (NYSE:LXP) has appointed Elizabeth Noe to its Board of Trustees and the Audit Committee, effective May 18, 2021. Noe, a retired partner from Paul Hastings LLP, is recognized for her expertise in securities regulation and capital markets. Chairman and CEO T. Wilson Eglin expressed enthusiasm about Noe's contributions as Lexington transitions to an industrial REIT. The company boasts 43% female membership on its Board and aims to diversify further with a member from the racial or LGBTQ community by the end of 2022.
Lexington Realty Trust (NYSE:LXP) has announced a public offering of 16,000,000 common shares, aiming for gross proceeds of approximately $195.2 million. The underwriters, Wells Fargo, J.P. Morgan, and KeyBanc Capital Markets, have an option to purchase an additional 2,400,000 shares. Proceeds from future settlements of forward sale agreements will support working capital and general corporate needs, including ongoing development projects. The offering's expected close date is May 13, 2021.
Lexington Realty Trust (NYSE:LXP) has announced an underwritten public offering of 16 million common shares, with an option for underwriters to purchase an additional 2.4 million shares. The offering is facilitated by Wells Fargo Securities, J.P. Morgan, and KeyBanc Capital Markets. Proceeds will be used for working capital and corporate purposes, including ongoing development projects. Lexington will not receive immediate proceeds from the forward purchasers but intends to deliver shares by May 11, 2022. The offering is registered under an effective shelf registration statement.
Lexington Realty Trust (NYSE:LXP) reported strong Q1 2021 results, with net income of $39.4 million ($0.14/share) and Adjusted Company Funds From Operations (FFO) of $63.7 million ($0.22/share). Revenue increased to $92.6 million, up from $80.8 million year-over-year, driven by acquisitions and termination income. The company completed 1.5 million square feet of leases, raised cash renewal rents by 5.4%, and acquired three properties for $50.8 million. Its industrial portfolio now comprises 91.3% of gross book value. Future guidance suggests net income between $0.74 and $0.77/share for 2021.
Lexington Realty Trust (NYSE:LXP) is set to release its first quarter 2021 financial results on May 7, 2021, at 8:30 a.m. ET. A conference call and webcast will follow to discuss the results. Investors can join the call at 1-844-825-9783 for the US, or via international and Canadian numbers. The webcast can be accessed through this link. A replay of the call will be available via telephone and webcast for one year. Lexington specializes in single-tenant industrial real estate investments and aims to grow its portfolio through various strategic transactions.
Lexington Realty Trust (NYSE:LXP) declared a $0.1075 dividend per common share for Q1 2021, payable on April 15, 2021, to shareholders on record as of March 31, 2021. Additionally, a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock will be distributed on May 17, 2021, to shareholders of record by April 30, 2021. The company focuses on single-tenant industrial real estate investments and aims to expand its portfolio through various transactions.