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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) 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.
Lexington Realty Trust (NYSE: LXP) announced it will release its second quarter 2020 financial results on August 6, 2020, and host a conference call at 8:30 a.m. ET. Participants can join via telephone or webcast. Lexington focuses on single-tenant industrial real estate investments and aims to expand its portfolio through various transactions, including build-to-suit and acquisition. The company encourages participants to access the call 15 minutes early for software installation.
Lexington Realty Trust (NYSE:LXP) declared a quarterly common share/unit dividend of $0.105 per share, payable on or about July 15, 2020, to shareholders of record as of June 30, 2020. Additionally, it announced a cash dividend of $0.8125 per share for its Series C Cumulative Convertible Preferred Stock, payable on or about August 17, 2020, to shareholders of record as of July 31, 2020. Lexington aims to expand its industrial real estate portfolio through various investment strategies.
Lexington Realty Trust (NYSE: LXP) announced the full exercise of underwriters' option to purchase an additional 2,250,000 common shares, bringing the total offering to 17,250,000 shares. The closing took place on June 3, 2020, generating approximately $164.3 million in net proceeds for working capital and general corporate purposes, including potential future acquisitions. The offering was executed under a currently effective shelf registration statement with the SEC. Morgan Stanley and BofA Securities acted as underwriters for this transaction.
Lexington Realty Trust (NYSE:LXP) has appointed Joe Bonventre as Chief Operating Officer, while he continues his role as Executive Vice President, General Counsel, and Secretary. Brendan Mullinix has been named Chief Investment Officer, in addition to his position as Executive Vice President. CEO T. Wilson Eglin emphasized that these appointments signify the advancement of Lexington's leadership team, crucial for its transition to an industrial-focused REIT. The management change aims to strengthen operations and investment strategies in the single-tenant industrial real estate sector.
Lexington Realty Trust (NYSE:LXP) has priced its public offering of 15 million common shares at $9.60 per share, aiming for gross proceeds of approximately $144 million. The offering is expected to close on May 14, 2020, and underwriters have a 30-day option to purchase an additional 2.25 million shares. Proceeds will be used for working capital, corporate purposes, and potential acquisitions. Morgan Stanley and BofA Securities are the underwriters for this transaction, which is conducted under an effective shelf registration statement.
Lexington Realty Trust (NYSE: LXP) has announced an underwritten public offering of 15 million common shares, with an option for underwriters to purchase an additional 2.25 million shares. The proceeds will be utilized for working capital, general corporate purposes, and potential acquisitions. This offering is part of a shelf registration statement previously filed with the SEC, and Morgan Stanley and BofA Securities are acting as underwriters. A preliminary prospectus supplement will be filed with regulatory authorities.
Lexington Realty Trust (NYSE:LXP) reported its Q1 2020 results, showing net income of $16.5 million ($0.06 per diluted share) and Adjusted Company Funds From Operations (FFO) of $49.3 million ($0.19 per diluted share). The company acquired four industrial properties for $195.5 million and sold two office properties for $29.6 million. As of May 2020, 99.8% of April rental payments were collected. Despite minor tenant rent relief requests, Lexington anticipates minimal impact on revenues. The company projects net income for 2020 to be between $0.77 and $0.80 per diluted share.
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