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.
Lexington Realty Trust (NYSE: LXP) will release its fourth quarter 2020 financial results on February 18, 2021, in the morning. A conference call will follow at 8:30 a.m. Eastern Time to discuss the results. Participants can join the call by dialing US: 1-844-825-9783 or accessing the webcast via this link. A telephone replay will be available until May 18, 2021. Lexington focuses on single-tenant industrial real estate investments and aims to grow its portfolio through various transactions.
Lexington Realty Trust (LXP) announced its final 2020 dividend income allocations for common and preferred shares. The dividend distributions per common share totaled $0.105 for Q4 2019 and repeated through Q3 2020, contributing to a consistent dividend income stream. Preferred shares received a distribution of $0.8125 on January 31, April 30, July 31, and October 30, 2020. Tax reporting requirements were fulfilled with details provided on Form 1099-DIV and Form 8937, accessible on Lexington's website.
Lexington Realty Trust (NYSE:LXP) has sold its interest in a Texas office property leased to Dow Chemical for $192 million, recognizing an anticipated $57 million gain. Additionally, the company has acquired a 201,784 square foot warehouse in Phoenix, Arizona for $88 million, fully leased to a leading e-commerce company until March 2033. These transactions align with Lexington's strategy to expand its industrial portfolio through focused acquisitions and real estate investments.
Lexington Realty Trust (NYSE:LXP) reported Q3 2020 earnings with net income of $40.3 million ($0.15/share) and Adjusted Company FFO of $53.8 million ($0.19/share). Total revenues rose to $84.5 million, up from $81.6 million in Q3 2019. The company secured 99.9% of cash base rents and expanded its industrial portfolio to 88.5% of total assets. A quarterly dividend of $0.1075 per common share was declared, marking a 2.4% increase. Lexington also acquired properties worth $70.1 million and disposed of assets totaling $66.5 million during the quarter.
Lexington Realty Trust (NYSE:LXP) will release its Q3 2020 financial results on November 5, 2020, followed by a conference call at 8:30 a.m. ET. The call will be accessible via US at 1-844-825-9783 and internationally at 1-412-317-5163. Participants can also join through a webcast available on their investor relations website. A replay will be available until February 5, 2021. Lexington specializes in single-tenant industrial real estate, seeking growth through various investment strategies.
On September 14, 2020, Lexington Realty Trust announced the expiration of cash tender offers for its 4.25% Senior Notes due 2023 and 4.40% Senior Notes due 2024, with a maximum combined principal amount of $300 million. The offers concluded on September 11, 2020, allowing for the purchase of $155,000 and $150,000 of the respective notes. A total of 24.50% and 20.43% of the principal amounts of each series were tendered. Tender offers were managed by Wells Fargo Securities, with final settlement expected on September 15, 2020.
Lexington Realty Trust (NYSE: LXP) announced early tender results for cash tender offers totaling up to $300 million for its outstanding Senior Notes: $250 million of 4.25% Notes due 2023 and $250 million of 4.40% Notes due 2024. As of August 27, 2020, valid tendered amounts are $61.09 million (2023) and $50.92 million (2024). Payments will be made on August 31, 2020, with a total consideration of $1,071.25 per $1,000 for the 2023 Notes and $1,093.75 for the 2024 Notes. The tender offers expire on September 11, 2020.
Lexington Realty Trust (NYSE: LXP) has priced a public offering of $400 million in 2.700% senior unsecured notes due September 15, 2030, at 99.233% of the principal amount. The offering is expected to close on August 28, 2020, pending customary conditions. Proceeds will fund the tender offers for up to $300 million of outstanding senior notes due 2023 and 2024, with remaining funds allocated for general corporate purposes, including debt repayment and potential acquisitions.
Lexington Realty Trust (NYSE: LXP) announced cash tender offers to purchase up to $300 million of its 4.25% Senior Notes due 2023 and 4.40% Senior Notes due 2024. The offers will expire at 11:59 p.m. ET on September 11, 2020. Holders who tender by 5:00 p.m. ET on August 27, 2020, are eligible for an early tender premium. Settlement dates are expected for August 31, 2020 and September 15, 2020. The tender offers are contingent on a public offering of senior debt securities.
Lexington Realty Trust (NYSE:LXP) reported strong financial results for Q2 2020, with net income of $17.3 million ($0.06 per diluted share) and Adjusted Company FFO of $51.4 million ($0.19 per diluted share). The company collected 99.5% of Cash Base Rents and increased industrial renewal Cash Base Rents by 21.6%. During the quarter, Lexington acquired six industrial properties for $164.3 million and disposed of three for $44.4 million. The portfolio's overall leased rate is 97.3%, reflecting robust lease activity. Proceeds from an equity offering reached $201 million.
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