LXP Industrial Trust (NYSE:LXP) Q1 2025 Earnings Conference Call May 1, 2025 8:30 AM ET Company Participants Heather Gentry - Investor Relations Will Eglin - Chief Executive Officer Brendan Mullinix - Chief Investment Officer James Dudley - Executive Vice President Nathan Brunner - CFO Conference Call Participants James Kammert - Evercore John Petersen - Jefferies James Kammert - Evercore ISI Operator Good morning. My name is Aaron, and I will be your conference operator for today. At this time, I would lik ...

Financial Performance - Total gross revenues for Q1 2025 were $88.9 million, up from $86.3 million in Q1 2024, representing a growth of 3.0%[5] - Net income attributable to common shareholders was $17.3 million, or $0.06 per diluted share, compared to a net loss of $(1.9) million, or $(0.01) per diluted share in Q1 2024[7] - Adjusted Company Funds From Operations (FFO) for Q1 2025 were $46.4 million, or $0.16 per diluted share, compared to $48.8 million, or $0.16 per diluted share in Q1 2024[8] - LXP's 2025 earnings guidance estimates net income attributable to common shareholders to be in the range of $0.12 to $0.16 per diluted share[18] - Net income attributable to common shareholders for Q1 2025 was $17,279,000, compared to a loss of $1,931,000 in Q1 2024, resulting in a basic and diluted earnings per share of $0.06[45] - Funds from operations (FFO) available to common shareholders for Q1 2025 was $44,363,000, down from $47,141,000 in Q1 2024, with diluted FFO per share at $0.16, unchanged from the previous year[47] Operational Metrics - Same-store Net Operating Income (NOI) increased by 5.2% compared to the same period in 2024[6] - The stabilized portfolio was 93.3% leased as of March 31, 2025, with 99.5% leased excluding first-generation space[16] - Same-Store NOI is used to highlight operating trends such as occupancy levels and rental rates, excluding changes from acquired or disposed properties[37] Real Estate Transactions - A 540,000 square foot lease extension was completed, increasing Base and Cash Base Rents by 52.5% and 58.9%, respectively[6] - LXP disposed of one warehouse facility for gross proceeds of $35.0 million and another for $39.6 million[6][12] - LXP reported a gain on the sale of real estate amounting to $24.635 million in Q1 2025[41] - The company reported a gain on the sale of real estate of $(24,635,000) in Q1 2025, with no such gain reported in Q1 2024[47] Financial Position - Cash and cash equivalents decreased to $70.935 million as of March 31, 2025, down from $101.836 million at the end of 2024[43] - Real estate, net value as of March 31, 2025, was $3.479 billion, a decrease from $3.536 billion at the end of 2024[43] - Total liabilities decreased to $1.663 billion as of March 31, 2025, from $1.723 billion at the end of 2024[43] - The company repaid $50.0 million of its $300.0 million term loan, with total consolidated debt at $1.5 billion[17] Shareholder Information - The weighted-average common shares outstanding increased to 291.706 million in Q1 2025 from 291.288 million in Q1 2024[41] - The weighted-average number of common shares outstanding for basic FFO was 291,706,064 in Q1 2025, compared to 291,288,383 in Q1 2024[47] - The company allocated $1,572,000 for preferred dividends in both Q1 2025 and Q1 2024[47] Future Projections - The estimated adjusted company FFO per diluted common share for the twelve months ending December 31, 2025, is projected to be between $0.61 and $0.65[49] - The company expects the impact of capital transactions to be $(0.19) per diluted common share for the year ending December 31, 2025[49] Depreciation and Amortization - Depreciation and amortization for real estate increased to $48,822,000 in Q1 2025 from $46,208,000 in Q1 2024[47] - The allowance for credit loss was reported as $0 in Q1 2025, compared to a loss of $(5,000) in Q1 2024[47]

Real Estate Portfolio - As of March 31, 2025, the company had equity ownership interests in approximately 118 consolidated real estate properties, totaling approximately 57.3 million square feet of rentable space, with a lease rate of approximately 93.3%[106]. - The company entered into lease extensions encompassing 1.1 million square feet, with an average fixed rent increase from $6.37 to $7.85 per square foot[109]. - Same-store square footage leased was 99.2% as of March 31, 2025, compared to 98.9% in 2024[137]. Financial Performance - Cash flows from operations for the three months ended March 31, 2025, were $39.0 million, a slight increase from $38.9 million in the same period in 2024, primarily due to increased rental revenue[116]. - Dividends paid to common and preferred shareholders were $41.0 million for the three months ended March 31, 2025, compared to $39.5 million in the same period in 2024[122]. - Net income attributable to common shareholders for the three months ended March 31, 2025, was $17.279 million, compared to a net loss of $1.931 million in 2024[146]. Revenue and Expenses - The increase in rental revenue of $2.7 million was primarily due to properties placed in service and acquisitions, offset by a decrease of $5.7 million due to property sales and vacancies[131]. - Same-store net operating income (NOI) increased by 5.2% for the three months ended March 31, 2025, compared to the same period in 2024, reaching $63.586 million, driven by an increase in cash base rents[137]. - Total cash base rent for the three months ended March 31, 2025, was $64.080 million, up from $60.992 million in 2024[137]. Debt Management - The company repaid $50.0 million of its $300.0 million term loan, resulting in a loss on debt satisfaction of $0.4 million[112][124]. - The company had secured debt of $53.6 million as of March 31, 2025, down from $54.9 million at the end of 2024[115]. - The company's aggregate principal variable-rate indebtedness not subject to interest rate swaps was $46.6 million as of March 31, 2025, representing 3.0% of total indebtedness[150]. - The weighted-average interest rate on variable-rate indebtedness was 6.3% for the three months ended March 31, 2025[150]. - The fair value of the company's fixed-rate indebtedness was estimated at $1.4 billion as of March 31, 2025[151]. Other Financial Activities - The company disposed of one facility for a gross sale price of $35.0 million in a non-target market[111]. - The company did not sell any shares under its At-The-Market offering program during the three months ended March 31, 2025[119]. - Interest and amortization expense decreased by $0.7 million, primarily due to a $2.2 million decrease in interest expense related to the 2024 Senior Notes that were repaid in full[134]. - The company expects to incur approximately $41.0 million in additional costs for its consolidated development project commitments[129]. - The company guaranteed obligations for certain non-consolidated entities with respect to $432.3 million of non-recourse debt[147].

LXP Industrial Trust (LXP) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Good morning. My name is Aaron, and I will be your conference operator for today. At this time, I would like to welcome everyone to the LXP Industrial Trust First Quarter twenty twenty five Earnings Call and Webcast. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be a question and answer session. With that, I'm pleased to turn our call over to Heather Gentry, Ex ...

LXP Industrial (LXP) came out with quarterly funds from operations (FFO) of $0.16 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.16 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.16 per share when it actually produced FFO of $0.16, delivering no surprise.Over the last four quarters, the company has not been able to surpass consensus FFO estimates.LXP Industri ...

INVESTOR PRESENTATION All company names are trademarks , registered® trademarks or service marks of their respective holders. Use of them does not imply any affiliation with or endorsement of them. 2 LXPINDUSTRIAL TRUST FIRST QUARTER 2025 LXPINDUSTRIAL TRUST Forward-Looking Statements and Other Disclosure This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended ...

WEST PALM BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) -- LXP Industrial Trust (“LXP”) (NYSE:LXP), a real estate investment trust focused on Class A warehouse and distribution real estate investments, today announced results for the quarter ended March 31, 2025. First Quarter 2025 Highlights Recorded Net Income attributable to common shareholders of $17.3 million, or $0.06 per diluted common share.Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO” ...

WEST PALM BEACH, Fla., April 03, 2025 (GLOBE NEWSWIRE) -- LXP Industrial Trust (NYSE: LXP) (“LXP”), a real estate investment trust (REIT) focused on Class A warehouse and distribution real estate investments, today announced it will release its first quarter 2025 financial results the morning of Thursday, May 1, 2025. LXP will host its conference call and webcast that same day at 8:30 a.m., Eastern Time to discuss these results. Participants may access the call and webcast by the following: Conference Call: ...

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Financial Performance - Recorded net income attributable to common shareholders of $31.4 million, or $0.11 per diluted common share for Q4 2024, compared to $13.0 million, or $0.04 per diluted common share in Q4 2023[8]. - Total gross revenues for Q4 2024 were $100.9 million, compared to $83.0 million in Q4 2023, primarily due to additional rental revenue and acquisitions[7]. - Net income attributable to common shareholders for Q4 2024 was $31,389,000, a significant increase of 142.5% from $12,985,000 in Q4 2023[51]. - The net income per common share (diluted) for Q4 2024 was $0.11, compared to $0.04 in Q4 2023, representing a 175% increase[51]. - Total gross revenues for the twelve months ended December 31, 2024, increased to $358,458,000, compared to $340,503,000 for the same period in 2023, reflecting a growth of 5.3%[47]. - Funds from operations (FFO) available to common shareholders was reported at $XX million, representing a YY% increase from the prior year, highlighting improved operational efficiency[39]. - Funds from operations (FFO) available to common shareholders - diluted for Q4 2024 was $61,679 million, compared to $51,217 million in Q4 2023, reflecting an increase of 20.4%[54]. - Adjusted Company FFO available to all equityholders - diluted for Q4 2024 was $46,951 million, down from $51,352 million in Q4 2023, a decrease of 8.3%[54]. - Company Funds Available for Distribution for Q4 2024 was $43,533 million, slightly lower than $44,417 million in Q4 2023, a decrease of 2.0%[54]. Operational Highlights - Generated Adjusted Company Funds From Operations (FFO) of $47.0 million, or $0.16 per diluted common share for Q4 2024, down from $51.4 million, or $0.17 per diluted common share in Q4 2023[10]. - Increased Same-Store Net Operating Income (NOI) by 5.0% compared to 2023[9]. - Same-Store NOI increased by YY%, demonstrating positive trends in occupancy levels and rental rates across stabilized properties[43]. - Completed 4.5 million square feet of new leases and lease extensions in 2024, raising Base and Cash Base Rents by 46.5% and 39.7%, respectively[6]. - Rental revenue for Q4 2024 was $99,829,000, up 21.9% from $81,894,000 in Q4 2023[47]. - LXP's stabilized portfolio is expected to maintain an occupancy rate of at least 90%, contributing to consistent revenue generation[45]. Acquisitions and Dispositions - Acquired four warehouse facilities for an aggregate cost of $157.6 million[5]. - Disposed of four warehouse facilities for an aggregate gross price of $165.3 million in 2024[9]. - The company is focusing on market expansion through strategic acquisitions, with plans to invest $XX million in new properties over the next fiscal year[4]. - LXP has allocated $XX million for second generation costs to enhance existing properties, ensuring sustained revenue levels[44]. Financial Guidance and Projections - 2025 earnings guidance estimates net income attributable to common shareholders to be within $0.01 to $0.05 per diluted common share and Adjusted Company FFO to be within $0.61 to $0.65 per diluted common share[25]. - The company anticipates achieving net income attributable to common shareholders of $XX million for the year ending December 31, 2025, reflecting optimistic future growth expectations[4]. - Estimated Adjusted Company FFO per diluted common share for 2025 is projected to be between $0.61 and $0.65[58]. Debt and Financial Position - LXP's total consolidated debt was $1.6 billion at quarter end, with a net debt to Adjusted EBITDA ratio of 5.9x[24]. - Total assets as of December 31, 2024, were $3,843,312,000, down from $4,192,775,000 in 2023, indicating a decrease of 8.3%[49]. - Total liabilities decreased to $1,722,529,000 in 2024 from $1,927,318,000 in 2023, a reduction of 10.6%[49]. - Cash and cash equivalents decreased to $101,836,000 in 2024 from $199,247,000 in 2023, a decline of 48.9%[49]. - The company’s accumulated distributions in excess of net income increased to $(1,316,993,000) in 2024 from $(1,201,824,000) in 2023, reflecting a growing deficit[49]. Management and Strategic Focus - LXP's management remains committed to maintaining its status as a real estate investment trust (REIT), with ongoing evaluations of dividend declarations and financial strategies[1]. - The company is actively monitoring economic conditions and potential risks, including inflation and supply chain disruptions, which could impact future performance[1]. - The company reported impairment charges of $295 million for real estate in Q4 2024, a significant decrease from $1,369 million in Q4 2023[54]. - Preferred dividends for the twelve months ended December 31, 2024, remained constant at $6,290 million compared to 2023[54].