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 (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.
Lexington Realty Trust (NYSE:LXP) reported its Q1 2020 results, showing net income of $16.5 million ($0.06 per diluted share) and Adjusted Company Funds From Operations (FFO) of $49.3 million ($0.19 per diluted share). The company acquired four industrial properties for $195.5 million and sold two office properties for $29.6 million. As of May 2020, 99.8% of April rental payments were collected. Despite minor tenant rent relief requests, Lexington anticipates minimal impact on revenues. The company projects net income for 2020 to be between $0.77 and $0.80 per diluted share.