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.
LXP Industrial Trust (NYSE: LXP), a REIT specializing in single-tenant industrial real estate, announced a quarterly dividend for common shares of $0.13. The dividend applies to the quarter ending June 30, 2024, and is payable on or about July 15, 2024, to shareholders on record as of June 28, 2024. Additionally, LXP declared a cash dividend of $0.8125 per share for Series C Cumulative Convertible Preferred Stock for the same period, payable on or about August 15, 2024, to shareholders on record as of July 31, 2024.
LXP Industrial Trust has announced that Beth Boulerice will step down as Chief Financial Officer and Treasurer on March 1, 2025, transitioning to an Executive Vice President role. Nathan Brunner, with extensive experience in real estate investment banking, will join as Executive Vice President of Capital Markets starting September 1, 2024, and will take over as CFO and Treasurer after Boulerice's transition. CEO T. Wilson Eglin praised Boulerice's contributions and expressed confidence in Brunner's ability to lead the finance team. This leadership change reflects LXP's commitment to succession planning and enhancing shareholder value.
LXP Industrial Trust reported first quarter 2024 results, showing a net loss of $(1.9) million but generated Adjusted Company FFO of $48.8 million. They increased Industrial Same-Store NOI by 6.5%, completed lease extension amendments, acquired a land parcel, and invested in development activities. They placed in service a warehouse and announced future development projects. LXP also completed lease extensions raising industrial Cash Base Rents by 26.9%. The CEO expects profitable long-term growth from development leasing and mark-to-market opportunities.
Financially, LXP saw an increase in total gross revenues to $86.3 million, but a net loss compared to the same quarter in 2023. Adjusted Company FFO was $48.8 million. They declared dividends and provided guidance for 2024 earnings, estimating net income within $0.08 to $0.12 per diluted common share and Adjusted Company FFO between $0.61 and $0.65 per share.
LXP Industrial Trust reported a net loss of $(1.9) million in the first quarter of 2024, with Adjusted Company FFO of $48.8 million. The company increased Industrial Same-Store NOI by 6.5% and completed a lease extension raising rents by 28.0%. Additionally, LXP acquired a land parcel for $3.4 million for development. The company expects industrial same-store NOI growth of 4.0% to 5.0% for 2024.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.