LXP Industrial Trust reports Q3 adjusted EPS 16c, consensus 16c

Reports Q3 revenue $85.6M, consensus $84.22M. Q3 increased Same-Store NOI 5.4% vs.last year. Wilson Eglin, Chairman and CEO of LXP, commented “We posted strong Q3 results with same-store NOI growth of 5.4% driven by 39.1% cash rental increases on second generation leases completed through September 30. We made progress on development leasing, executing a five-year lease at our 250,000 square foot development project in Columbus with a development yield of 8.5% and 3.5% annual rental increases. A more active transaction market supported our efforts to recycle assets outside of our target markets with the proceeds targeted for reinvestment into the Sunbelt. Finally, we acted on an improved short-term interest rate outlook during the quarter and swapped $332.5M of floating-rate debt, increasing our fixed-rate debt to 94% for 2025 and 2026, mitigating previously estimated interest expense increases.”