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LXP Industrial Trust (LXP)
NYSE:LXP
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Earnings Data
Report Date
Feb 13, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.02Last Year’s EPS
$0.04Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: -10.44%
|Next Earnings Date:Feb 13, 2025
Earnings Call Sentiment|Positive
The earnings call conveyed a strong performance in leasing and strategic asset sales, with capital reinvestment in target markets. Despite challenges such as rising industrial market vacancy and one-time costs, the company's financial strategies and growth opportunities were positive.Company Guidance
In the third quarter of 2024, LXP Industrial Trust reported strong financial and operational performance. The company achieved a same-store NOI growth of 5.4%, with second-generation leasing volume totaling approximately 490,000 square feet, resulting in a 38% increase in base rent and a 22% increase in cash base rent. LXP successfully leased up a 250,000 square foot development project in Columbus, Ohio, and is progressing with its 1.1 million square foot Ocala, Florida development project. The company sold a property in Cleveland for $29 million and three industrial facilities in Chicago for gross sales proceeds of $137 million, while acquiring a $34 million industrial facility in Savannah. LXP's balance sheet remains strong with a fixed or swapped debt percentage of approximately 94% for 2025 and 2026, and the company announced an annualized dividend increase of $0.02 per common share, marking a 3.8% increase over the prior dividend. The focus remains on expanding in the Sun Belt and Lower Midwest markets, leveraging strong demographic trends, and enhancing internal growth through leasing and rent increases.Strong Leasing Performance
Achieved same-store NOI growth of 5.4% and notable leasing outcomes with base rental increases of approximately 38% and cash base rental increases of 22%.
Successful Asset Sales and Reinvestment
Sold several assets outside of target markets for $166 million, reinvesting proceeds into Sun Belt markets, including acquiring a $34 million industrial facility in Savannah.
High Lease-Up Success
Leased a 250,000 square foot development project in Columbus, Ohio, to a logistics provider with a stabilized cash yield of 8.5%.
Financial Strength and Dividend Increase
Increased fixed or swapped debt to approximately 94% with a weighted average interest rate of 3.9%. Announced a 3.8% dividend increase.
Significant Mark-to-Market Opportunities
Current rents estimated to be approximately 23% below market through 2029, providing opportunities for future rent increases.
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LXP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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LXP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $9.29 | $9.73 | +4.74% |
| Jul 31, 2024 | $10.33 | $10.17 | -1.55% |
| May 02, 2024 | $8.22 | $8.37 | +1.82% |
| Feb 15, 2024 | $8.45 | $8.39 | -0.71% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does LXP Industrial Trust (LXP) report earnings?
LXP Industrial Trust (LXP) is schdueled to report earning on Feb 13, 2025, TBA Not Confirmed.
What is LXP Industrial Trust (LXP) earnings time?
LXP Industrial Trust (LXP) earnings time is at Feb 13, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is LXP EPS forecast?
LXP EPS forecast for the fiscal quarter 2024 (Q4) is -$0.02.
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