LXP Industrial Trust ( (LXP) ) has released its Q3 earnings. Here is a breakdown of the information LXP Industrial Trust presented to its investors.
LXP Industrial Trust is a publicly traded real estate investment trust (REIT) specializing in Class A warehouse and distribution properties across the Sunbelt and Midwest regions. The trust focuses on expanding its portfolio through various strategic real estate transactions.
In its third-quarter 2024 earnings report, LXP Industrial Trust announced a modest net income of $4.7 million, or $0.02 per diluted share, alongside an adjusted company funds from operations (FFO) of $46.7 million, translating to $0.16 per diluted share. The board approved a 3.8% increase in the dividend, signaling confidence in the trust’s future performance.
Key financial highlights for the quarter include a 5.4% increase in same-store net operating income (NOI) and a significant rise in base and cash base rents by 38.3% and 22.5%, respectively, as a result of new leases and extensions. Additionally, LXP successfully leased a speculative development facility in Columbus, Ohio, contributing to its strategic growth in target markets. The trust also entered forward interest rate swap agreements to mitigate interest expense increases, fixing rates for a significant portion of its debt.
Looking ahead, management remains optimistic about LXP Industrial Trust’s growth prospects, underscored by its strategic asset recycling efforts and development projects in key markets. The trust’s focus on enhancing its portfolio and stabilizing its financial performance positions it well for future growth, as reflected in its tightened guidance for adjusted company FFO per share for the year 2024.
