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 (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.
Lexington Realty Trust (LXP) reported strong fourth-quarter results for 2020, with net income of $102.7 million ($0.37/share) and Adjusted Company FFO of $55.0 million ($0.19/share). The company collected 99.8% of cash base rents, disposed of eight properties for $292.3 million, and acquired four for $182 million. The industrial portfolio rose to 90.8% of total assets. In 2020, net income was $176.8 million ($0.66/share), with rental renewals increasing by 17.5%. The company has healthy leverage at 4.8x and expects 2021 diluted income of $0.58-$0.62/share.
Lexington Realty Trust (NYSE: LXP) will release its fourth quarter 2020 financial results on February 18, 2021, in the morning. A conference call will follow at 8:30 a.m. Eastern Time to discuss the results. Participants can join the call by dialing US: 1-844-825-9783 or accessing the webcast via this link. A telephone replay will be available until May 18, 2021. Lexington focuses on single-tenant industrial real estate investments and aims to grow its portfolio through various transactions.
Lexington Realty Trust (LXP) announced its final 2020 dividend income allocations for common and preferred shares. The dividend distributions per common share totaled $0.105 for Q4 2019 and repeated through Q3 2020, contributing to a consistent dividend income stream. Preferred shares received a distribution of $0.8125 on January 31, April 30, July 31, and October 30, 2020. Tax reporting requirements were fulfilled with details provided on Form 1099-DIV and Form 8937, accessible on Lexington's website.
Lexington Realty Trust (NYSE:LXP) has sold its interest in a Texas office property leased to Dow Chemical for $192 million, recognizing an anticipated $57 million gain. Additionally, the company has acquired a 201,784 square foot warehouse in Phoenix, Arizona for $88 million, fully leased to a leading e-commerce company until March 2033. These transactions align with Lexington's strategy to expand its industrial portfolio through focused acquisitions and real estate investments.
Lexington Realty Trust (NYSE:LXP) reported Q3 2020 earnings with net income of $40.3 million ($0.15/share) and Adjusted Company FFO of $53.8 million ($0.19/share). Total revenues rose to $84.5 million, up from $81.6 million in Q3 2019. The company secured 99.9% of cash base rents and expanded its industrial portfolio to 88.5% of total assets. A quarterly dividend of $0.1075 per common share was declared, marking a 2.4% increase. Lexington also acquired properties worth $70.1 million and disposed of assets totaling $66.5 million during the quarter.
Lexington Realty Trust (NYSE:LXP) will release its Q3 2020 financial results on November 5, 2020, followed by a conference call at 8:30 a.m. ET. The call will be accessible via US at 1-844-825-9783 and internationally at 1-412-317-5163. Participants can also join through a webcast available on their investor relations website. A replay will be available until February 5, 2021. Lexington specializes in single-tenant industrial real estate, seeking growth through various investment strategies.
On September 14, 2020, Lexington Realty Trust announced the expiration of cash tender offers for its 4.25% Senior Notes due 2023 and 4.40% Senior Notes due 2024, with a maximum combined principal amount of $300 million. The offers concluded on September 11, 2020, allowing for the purchase of $155,000 and $150,000 of the respective notes. A total of 24.50% and 20.43% of the principal amounts of each series were tendered. Tender offers were managed by Wells Fargo Securities, with final settlement expected on September 15, 2020.
Lexington Realty Trust (NYSE: LXP) announced early tender results for cash tender offers totaling up to $300 million for its outstanding Senior Notes: $250 million of 4.25% Notes due 2023 and $250 million of 4.40% Notes due 2024. As of August 27, 2020, valid tendered amounts are $61.09 million (2023) and $50.92 million (2024). Payments will be made on August 31, 2020, with a total consideration of $1,071.25 per $1,000 for the 2023 Notes and $1,093.75 for the 2024 Notes. The tender offers expire on September 11, 2020.