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 (NYSE: LXP) is a real estate investment trust (REIT) focused on Class A warehouse and distribution real estate investments in 12 target markets across the Sunbelt and the Midwest or lower Midwest. The LXP news feed highlights how the trust acquires, develops, redevelops, finances and recycles industrial properties in these logistics-oriented markets.
News about LXP Industrial Trust often covers its quarterly earnings results, portfolio performance and leasing activity. The trust issues press releases and 8-K filings describing metrics such as leased percentages in its stabilized portfolio, new and extended leases across millions of square feet, redevelopment projects in markets like Central Florida and Richmond, and land held for industrial development in areas including Phoenix, Indianapolis, Atlanta and Columbus.
Another recurring theme in LXP’s news is capital structure and financing activity. Recent items include the entry into a Third Amended and Restated Credit Agreement with a $600 million senior unsecured revolving credit facility and a $250 million unsecured term loan, as well as tender offers and pricing announcements related to its 6.750% Notes due 2028. The trust has also reported on a one-for-five reverse split of its common shares and related adjustments to equity plans and preferred stock conversion rates.
Investors and analysts following LXP’s news can review updates on dividends, debt management, property acquisitions and sales, and development progress. The news stream provides context on how LXP manages its industrial real estate portfolio, its balance sheet and its shareholder distributions over time.
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.
Lexington Realty Trust (NYSE: LXP) has priced a public offering of $400 million in 2.700% senior unsecured notes due September 15, 2030, at 99.233% of the principal amount. The offering is expected to close on August 28, 2020, pending customary conditions. Proceeds will fund the tender offers for up to $300 million of outstanding senior notes due 2023 and 2024, with remaining funds allocated for general corporate purposes, including debt repayment and potential acquisitions.
Lexington Realty Trust (NYSE: LXP) announced cash tender offers to purchase up to $300 million of its 4.25% Senior Notes due 2023 and 4.40% Senior Notes due 2024. The offers will expire at 11:59 p.m. ET on September 11, 2020. Holders who tender by 5:00 p.m. ET on August 27, 2020, are eligible for an early tender premium. Settlement dates are expected for August 31, 2020 and September 15, 2020. The tender offers are contingent on a public offering of senior debt securities.
Lexington Realty Trust (NYSE:LXP) reported strong financial results for Q2 2020, with net income of $17.3 million ($0.06 per diluted share) and Adjusted Company FFO of $51.4 million ($0.19 per diluted share). The company collected 99.5% of Cash Base Rents and increased industrial renewal Cash Base Rents by 21.6%. During the quarter, Lexington acquired six industrial properties for $164.3 million and disposed of three for $44.4 million. The portfolio's overall leased rate is 97.3%, reflecting robust lease activity. Proceeds from an equity offering reached $201 million.
Lexington Realty Trust (NYSE: LXP) announced it will release its second quarter 2020 financial results on August 6, 2020, and host a conference call at 8:30 a.m. ET. Participants can join via telephone or webcast. Lexington focuses on single-tenant industrial real estate investments and aims to expand its portfolio through various transactions, including build-to-suit and acquisition. The company encourages participants to access the call 15 minutes early for software installation.
Lexington Realty Trust (NYSE:LXP) declared a quarterly common share/unit dividend of $0.105 per share, payable on or about July 15, 2020, to shareholders of record as of June 30, 2020. Additionally, it announced a cash dividend of $0.8125 per share for its Series C Cumulative Convertible Preferred Stock, payable on or about August 17, 2020, to shareholders of record as of July 31, 2020. Lexington aims to expand its industrial real estate portfolio through various investment strategies.
Lexington Realty Trust (NYSE: LXP) announced the full exercise of underwriters' option to purchase an additional 2,250,000 common shares, bringing the total offering to 17,250,000 shares. The closing took place on June 3, 2020, generating approximately $164.3 million in net proceeds for working capital and general corporate purposes, including potential future acquisitions. The offering was executed under a currently effective shelf registration statement with the SEC. Morgan Stanley and BofA Securities acted as underwriters for this transaction.
Lexington Realty Trust (NYSE:LXP) has appointed Joe Bonventre as Chief Operating Officer, while he continues his role as Executive Vice President, General Counsel, and Secretary. Brendan Mullinix has been named Chief Investment Officer, in addition to his position as Executive Vice President. CEO T. Wilson Eglin emphasized that these appointments signify the advancement of Lexington's leadership team, crucial for its transition to an industrial-focused REIT. The management change aims to strengthen operations and investment strategies in the single-tenant industrial real estate sector.
Lexington Realty Trust (NYSE:LXP) has priced its public offering of 15 million common shares at $9.60 per share, aiming for gross proceeds of approximately $144 million. The offering is expected to close on May 14, 2020, and underwriters have a 30-day option to purchase an additional 2.25 million shares. Proceeds will be used for working capital, corporate purposes, and potential acquisitions. Morgan Stanley and BofA Securities are the underwriters for this transaction, which is conducted under an effective shelf registration statement.
Lexington Realty Trust (NYSE: LXP) has announced an underwritten public offering of 15 million common shares, with an option for underwriters to purchase an additional 2.25 million shares. The proceeds will be utilized for working capital, general corporate purposes, and potential acquisitions. This offering is part of a shelf registration statement previously filed with the SEC, and Morgan Stanley and BofA Securities are acting as underwriters. A preliminary prospectus supplement will be filed with regulatory authorities.