LXP delivers 2.6% FFO growth, boosts rents over 24% on 0.7M sq ft leases
LXP Industrial Trust posted a $1.9 million Q1 net loss and generated adjusted FFO of $47.3 million ($0.80 per share), marking a 2.6% year-over-year rise alongside a 2.0% same-store NOI gain. The REIT executed 0.7 million square feet of leases lifting rents by over 24%.
1. Q1 Financial Results
LXP Industrial Trust reported Q1 total gross revenues of $85.9 million, down from $88.9 million due to property dispositions. The REIT posted a net loss of $1.9 million, or $0.03 per diluted share, while delivering adjusted Company FFO of $47.3 million, or $0.80 per diluted share, up 2.6% year-over-year, and achieved a 2.0% increase in same-store net operating income.
2. Leasing Performance
During the quarter, LXP executed 0.7 million square feet of new and renewed leases, driving base rents up 34.1% and cash base rents by 24.3%. It extended a 1.1 million square foot Greenville/Spartanburg lease through 2031 and achieved 96.6% portfolio occupancy, with over seven million square feet in its active leasing pipeline.
3. Development and Financing Updates
LXP commenced a 1.2 million square foot speculative development in Phoenix and advanced projects totaling 1.8 million square feet under development or redevelopment. The trust refinanced its $600 million unsecured revolver and $250 million term loan at lower pricing and repurchased approximately 325,000 shares at an average of $48.70 per share.