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 specialized real estate investment trust (REIT) that focuses on single-tenant warehouse and distribution centers across the United States. Headquartered in New York, the company is dedicated to owning and managing high-quality industrial properties that are net leased to major corporations.
The majority of LXP's revenue is derived from rental income, showcasing the stability and recurring nature of its business model. As of June 30, 2023, LXP's stabilized industrial portfolio was impressively 99.5% leased. In the first half of 2023 alone, the company successfully negotiated leases covering 4.2 million square feet, with base and cash base rents increasing by 40.8% and 25.8%, respectively.
Recent milestones highlight LXP's robust performance and strategic growth. In the third quarter of 2023, the Board authorized a 4% increase in dividends, reflecting the company's strong financial health and commitment to shareholder value. Additionally, LXP continues to expand its footprint with significant projects and acquisitions, including the partial completion of the South Shore development project and strategic land purchases for future industrial developments.
LXP also provides investment advisory and asset management services to investors in the net lease sector, further diversifying its revenue streams and leveraging its expertise in the real estate market. The company is known for its disciplined and strategic approach to capital allocation, ensuring long-term value creation for its stakeholders.
For investors seeking a reliable and growth-oriented player in the industrial real estate sector, LXP Industrial Trust represents a compelling opportunity. With a consistent track record of high occupancy rates, strategic lease agreements, and a strong focus on industrial properties, LXP is well-positioned to capitalize on the growing demand for warehouse and distribution spaces in the U.S.
For more detailed information and the latest updates on LXP Industrial Trust's performance, financials, and strategic initiatives, interested parties can contact Heather Gentry, Senior Vice President of Investor Relations, at (212) 692-7200 or via email at hgentry@lxp.com.
LXP Industrial Trust (NYSE: LXP) announced a recapitalization of a 22-property special purpose industrial portfolio valued at $550 million in a joint venture with Davidson Kempner Capital Management. This move aims to reposition LXP as a pure-play single-tenant industrial REIT. The transaction is expected to generate approximately $487 million in net proceeds for debt reduction and further investments in warehouse and distribution facilities. The joint venture also includes a $381 million mortgage loan and a $250 million equity commitment for future acquisitions.
Lexington Realty Trust (NYSE:LXP) has responded to Land & Buildings Investment Management, LLC's nomination of two trustee candidates for LXP's 2022 Annual Meeting. The company values dialogue with shareholders and emphasizes its commitment to corporate governance. LXP's Board has been refreshed with five new independent trustees since 2015, improving diversity and expertise. The transformation to a predominantly single-tenant industrial REIT has resulted in a portfolio comprising 95% industrial properties as of Q3 2021, leading to a total shareholder return of 96% since 2018.
Land & Buildings Investment Management has raised concerns about LXP's performance under CEO T. Wilson Eglin, citing a 60% decline in FFO and a 62% cut in dividends since 2003. They argue that the company is trading at a significant discount to its net asset value due to poor capital allocation and lack of a coherent strategy. The firm calls for a board refresh and CEO succession planning to improve shareholder value. A webcast presentation details these issues and offers a framework for moving forward.
Lexington Realty Trust (LXP) reported a substantial portfolio transformation with 95% of gross assets now industrial. For Q3 2021, net income attributed to common shareholders was $5.0 million ($0.02 per diluted share), a decrease from $40.3 million the previous year. Total revenues slightly fell to $83.4 million. LXP declared a 11.6% increase in its common share dividend for Q4 2021, raising it to $0.12 per share. The company acquired five properties for $134.8 million and increased its industrial portfolio to 94.9% of total assets. Guidance for net income has been adjusted to $0.52-$0.55 per share for 2021.
Lexington Realty Trust (NYSE:LXP) announced a top ranking in the 2021 GRESB Assessment for industrial listed companies in the U.S., highlighting its commitment to ESG standards. CEO T. Wilson Eglin emphasized the company's progress in building a robust ESG platform. LXP will publish its first sustainability report by the end of 2021, aligned with SASB standards. Year-to-date achievements include increased green building certifications and the incorporation of ESG metrics in executive incentives. The board is committed to sustainability aligned with shareholder expectations.
Lexington Realty Trust (NYSE:LXP) will release its third quarter 2021 financial results on November 4, 2021. A conference call and webcast will be held at 8:30 a.m. Eastern Time that day to discuss the results. Participants can join via phone at US: 1-844-200-6205 or internationally at 1-929-526-1599 using access code 583435. A replay will be available until April 2, 2022. Lexington Realty Trust specializes in single-tenant industrial real estate investments and aims to grow its portfolio through various strategies.
Lexington Realty Trust (NYSE:LXP) highlights its successful transformation into a leading single-tenant industrial REIT. The transition, with 94% of its portfolio now industrial assets, has generated an impressive 82% total shareholder return over the last three years. The company’s strategic shift, including the divestment of non-core properties and the acquisition of high-quality industrial assets, aims to enhance long-term financial performance. Notably, LXP has reduced its leverage ratio from 6.7x to 4.9x while returning approximately $855 million to shareholders.
Lexington Realty Trust (NYSE:LXP) announced a quarterly common share dividend of $0.1075 per share, payable on or about October 15, 2021, to shareholders of record as of September 30, 2021. Additionally, a cash dividend of $0.8125 per share of Series C Cumulative Convertible Preferred Stock will be paid on or about November 15, 2021, to shareholders of record as of October 29, 2021. Lexington focuses on single-tenant industrial real estate investments across the U.S.
Lexington Realty Trust (LXP) announced a public offering of $400 million in 2.375% senior unsecured notes due October 1, 2031, priced at 99.758% of the principal amount, yielding 2.402%. The interest will be paid semi-annually starting April 1, 2022. The offering, expected to close on August 30, 2021, aims to pay down its revolving credit facility and redeem some outstanding 4.25% senior notes due 2023. Proceeds may also fund future acquisitions. The offering is managed by several leading financial institutions and is part of an existing SEC shelf registration.
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