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) 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.